false2024FY0000043920http://fasb.org/us-gaap/2024#AssetImpairmentChargeshttp://fasb.org/us-gaap/2024#AssetImpairmentChargeshttp://fasb.org/us-gaap/2024#AssetImpairmentCharges0.015iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesgef:countryutr:acregef:product_classgef:blockxbrli:puregef:plantgef:employeeiso4217:EURgef:participantgef:class_of_stockgef:segment00000439202023-11-012024-10-310000043920us-gaap:CommonClassAMember2023-11-012024-10-310000043920us-gaap:CommonClassBMember2023-11-012024-10-310000043920us-gaap:CommonClassAMember2024-04-300000043920us-gaap:CommonClassBMember2024-04-300000043920us-gaap:CommonClassAMember2024-12-180000043920us-gaap:CommonClassBMember2024-12-1800000439202022-11-012023-10-3100000439202021-11-012022-10-310000043920us-gaap:CommonClassAMember2022-11-012023-10-310000043920us-gaap:CommonClassAMember2021-11-012022-10-310000043920us-gaap:CommonClassBMember2022-11-012023-10-310000043920us-gaap:CommonClassBMember2021-11-012022-10-3100000439202024-10-3100000439202023-10-3100000439202022-10-3100000439202021-10-310000043920us-gaap:CapitalUnitsMember2021-10-310000043920us-gaap:TreasuryStockCommonMember2021-10-310000043920us-gaap:RetainedEarningsMember2021-10-310000043920us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-310000043920us-gaap:ParentMember2021-10-310000043920us-gaap:NoncontrollingInterestMember2021-10-310000043920us-gaap:RetainedEarningsMember2021-11-012022-10-310000043920us-gaap:ParentMember2021-11-012022-10-310000043920us-gaap:NoncontrollingInterestMember2021-11-012022-10-310000043920us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-11-012022-10-310000043920us-gaap:CapitalUnitsMember2021-11-012022-10-310000043920us-gaap:TreasuryStockCommonMember2021-11-012022-10-310000043920us-gaap:CapitalUnitsMembersrt:ExecutiveOfficerMember2021-11-012022-10-310000043920us-gaap:TreasuryStockCommonMembersrt:ExecutiveOfficerMember2021-11-012022-10-310000043920us-gaap:ParentMembersrt:ExecutiveOfficerMember2021-11-012022-10-310000043920srt:ExecutiveOfficerMember2021-11-012022-10-310000043920us-gaap:CapitalUnitsMembersrt:DirectorMember2021-11-012022-10-310000043920us-gaap:TreasuryStockCommonMembersrt:DirectorMember2021-11-012022-10-310000043920us-gaap:ParentMembersrt:DirectorMember2021-11-012022-10-310000043920srt:DirectorMember2021-11-012022-10-310000043920us-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:RetainedEarningsMember2022-11-012023-10-310000043920us-gaap:ParentMember2022-11-012023-10-310000043920us-gaap:NoncontrollingInterestMember2022-11-012023-10-310000043920us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-11-012023-10-310000043920us-gaap:CapitalUnitsMember2022-11-012023-10-310000043920us-gaap:TreasuryStockCommonMember2022-11-012023-10-310000043920us-gaap:CapitalUnitsMembersrt:DirectorMember2022-11-012023-10-310000043920us-gaap:TreasuryStockCommonMembersrt:DirectorMember2022-11-012023-10-310000043920us-gaap:ParentMembersrt:DirectorMember2022-11-012023-10-310000043920srt:DirectorMember2022-11-012023-10-310000043920us-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:RetainedEarningsMember2023-11-012024-10-310000043920us-gaap:ParentMember2023-11-012024-10-310000043920us-gaap:NoncontrollingInterestMember2023-11-012024-10-310000043920us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-11-012024-10-310000043920us-gaap:CapitalUnitsMember2023-11-012024-10-310000043920us-gaap:TreasuryStockCommonMember2023-11-012024-10-310000043920us-gaap:CapitalUnitsMembersrt:DirectorMember2023-11-012024-10-310000043920us-gaap:TreasuryStockCommonMembersrt:DirectorMember2023-11-012024-10-310000043920us-gaap:ParentMembersrt:DirectorMember2023-11-012024-10-310000043920srt:DirectorMember2023-11-012024-10-310000043920us-gaap:CapitalUnitsMember2024-10-310000043920us-gaap:TreasuryStockCommonMember2024-10-310000043920us-gaap:RetainedEarningsMember2024-10-310000043920us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-10-310000043920us-gaap:ParentMember2024-10-310000043920us-gaap:NoncontrollingInterestMember2024-10-310000043920us-gaap:TrademarksAndTradeNamesMembersrt:MinimumMember2024-10-310000043920us-gaap:TrademarksAndTradeNamesMembersrt:MaximumMember2024-10-310000043920us-gaap:CustomerRelationshipsMembersrt:MinimumMember2024-10-310000043920us-gaap:CustomerRelationshipsMembersrt:MaximumMember2024-10-310000043920us-gaap:DevelopedTechnologyRightsMembersrt:MinimumMember2024-10-310000043920srt:MinimumMemberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2024-10-310000043920srt:MaximumMemberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2024-10-310000043920us-gaap:BuildingMember2024-10-310000043920srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2024-10-310000043920srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2024-10-310000043920srt:MinimumMemberus-gaap:TimberPropertiesMember2024-10-310000043920srt:MaximumMemberus-gaap:TimberPropertiesMember2024-10-310000043920gef:IpackchemAcquisitionMember2024-03-262024-03-260000043920gef:IpackchemAcquisitionMembersrt:ScenarioPreviouslyReportedMember2024-03-262024-03-260000043920gef:IpackchemAcquisitionMembersrt:ScenarioPreviouslyReportedMember2024-03-260000043920gef:IpackchemAcquisitionMember2024-03-260000043920gef:IpackchemAcquisitionMembersrt:RestatementAdjustmentMember2024-03-262024-03-260000043920gef:IpackchemAcquisitionMembersrt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2024-03-260000043920gef:IpackchemAcquisitionMembersrt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2024-03-260000043920gef:IpackchemAcquisitionMembersrt:MinimumMemberus-gaap:EquipmentMember2024-03-260000043920gef:IpackchemAcquisitionMembersrt:MaximumMemberus-gaap:EquipmentMember2024-03-260000043920gef:IpackchemAcquisitionMemberus-gaap:CustomerRelationshipsMember2024-03-262024-03-260000043920gef:IpackchemAcquisitionMemberus-gaap:DevelopedTechnologyRightsMember2024-03-262024-03-260000043920gef:IpackchemAcquisitionMemberus-gaap:TrademarksMember2024-03-262024-03-260000043920gef:IpackchemAcquisitionMember2023-11-012024-10-310000043920gef:IpackchemAcquisitionMember2022-11-012023-10-310000043920gef:IpackchemAcquisitionMemberus-gaap:CommonClassAMember2023-11-012024-10-310000043920gef:IpackchemAcquisitionMemberus-gaap:CommonClassAMember2022-11-012023-10-310000043920gef:IpackchemAcquisitionMemberus-gaap:CommonClassBMember2023-11-012024-10-310000043920gef:IpackchemAcquisitionMemberus-gaap:CommonClassBMember2022-11-012023-10-310000043920gef:ColePakAcquisitionMember2023-08-230000043920gef: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:CenturionContainerLLCMember2023-03-312023-03-310000043920gef:CenturionContainerLLCMembersrt:ScenarioPreviouslyReportedMember2023-03-312023-03-310000043920gef:CenturionContainerLLCMembersrt:ScenarioPreviouslyReportedMember2023-03-310000043920gef:CenturionContainerLLCMembersrt:RestatementAdjustmentMember2023-03-312023-03-310000043920gef:CenturionContainerLLCMemberus-gaap:CustomerRelationshipsMember2023-03-312023-03-310000043920gef:CenturionContainerLLCMemberus-gaap:AboveMarketLeasesMember2023-03-312023-03-310000043920gef:CenturionContainerLLCMemberus-gaap:TrademarksMember2023-03-312023-03-310000043920gef:LeeContainerAcquisitionMember2022-12-152022-12-150000043920gef:LeeContainerAcquisitionMembersrt:ScenarioPreviouslyReportedMember2022-12-152022-12-150000043920gef:LeeContainerAcquisitionMembersrt:RestatementAdjustmentMember2022-12-152022-12-150000043920gef:LeeContainerAcquisitionMembersrt:ScenarioPreviouslyReportedMember2022-12-150000043920gef:LeeContainerAcquisitionMember2022-12-150000043920gef:LeeContainerAcquisitionMembersrt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2022-12-150000043920gef:LeeContainerAcquisitionMembersrt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2022-12-150000043920gef: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:LeeContainerAcquisitionMember2022-11-012023-10-310000043920gef:LeeContainerAcquisitionMemberus-gaap:CommonClassAMember2022-11-012023-10-310000043920gef:LeeContainerAcquisitionMemberus-gaap:CommonClassBMember2022-11-012023-10-310000043920us-gaap:DiscontinuedOperationsDisposedOfBySaleMembergef:DeltaPetroleumCompanyInc.Member2024-05-012024-07-310000043920us-gaap:DiscontinuedOperationsDisposedOfBySaleMembergef:DeltaPetroleumCompanyInc.Member2024-07-310000043920us-gaap:DiscontinuedOperationsDisposedOfBySaleMembergef:TamaDivestitureMember2023-11-012024-01-310000043920us-gaap:DiscontinuedOperationsDisposedOfBySaleMembergef:TamaDivestitureMember2024-01-310000043920gef:GlobalIndustrialPackagingMember2022-10-310000043920gef:PaperPackagingAndServicesMember2022-10-310000043920gef:GlobalIndustrialPackagingMember2022-11-012023-10-310000043920gef:PaperPackagingAndServicesMember2022-11-012023-10-310000043920gef:GlobalIndustrialPackagingMember2023-10-310000043920gef:PaperPackagingAndServicesMember2023-10-310000043920gef:GlobalIndustrialPackagingMember2023-11-012024-10-310000043920gef:PaperPackagingAndServicesMember2023-11-012024-10-310000043920gef:GlobalIndustrialPackagingMember2024-10-310000043920gef:PaperPackagingAndServicesMember2024-10-310000043920us-gaap:TrademarksAndTradeNamesMember2024-10-310000043920us-gaap:CustomerRelationshipsMember2024-10-310000043920us-gaap:TrademarksAndTradeNamesMember2024-10-310000043920us-gaap:DevelopedTechnologyRightsMember2024-10-310000043920us-gaap:OtherIntangibleAssetsMember2024-10-310000043920us-gaap:TrademarksAndTradeNamesMember2023-10-310000043920us-gaap:CustomerRelationshipsMember2023-10-310000043920us-gaap:TrademarksAndTradeNamesMember2023-10-310000043920us-gaap:OtherIntangibleAssetsMember2023-10-310000043920us-gaap:EmployeeSeveranceMember2022-10-310000043920us-gaap:OtherRestructuringMember2022-10-310000043920us-gaap:EmployeeSeveranceMember2022-11-012023-10-310000043920us-gaap:OtherRestructuringMember2022-11-012023-10-310000043920us-gaap:EmployeeSeveranceMember2023-10-310000043920us-gaap:OtherRestructuringMember2023-10-310000043920us-gaap:EmployeeSeveranceMember2023-11-012024-10-310000043920us-gaap:OtherRestructuringMember2023-11-012024-10-310000043920us-gaap:EmployeeSeveranceMember2024-10-310000043920us-gaap:OtherRestructuringMember2024-10-310000043920us-gaap:EmployeeSeveranceMember2021-11-012022-10-310000043920us-gaap:OtherRestructuringMember2021-11-012022-10-310000043920us-gaap:EmployeeSeveranceMembergef:GlobalIndustrialPackagingMember2024-10-310000043920us-gaap:EmployeeSeveranceMembergef:GlobalIndustrialPackagingMember2023-11-012024-10-310000043920us-gaap:OtherRestructuringMembergef:GlobalIndustrialPackagingMember2024-10-310000043920us-gaap:OtherRestructuringMembergef:GlobalIndustrialPackagingMember2023-11-012024-10-310000043920us-gaap:EmployeeSeveranceMembergef:PaperPackagingAndServicesMember2024-10-310000043920us-gaap:EmployeeSeveranceMembergef:PaperPackagingAndServicesMember2023-11-012024-10-310000043920us-gaap:OtherRestructuringMembergef:PaperPackagingAndServicesMember2024-10-310000043920us-gaap:OtherRestructuringMembergef:PaperPackagingAndServicesMember2023-11-012024-10-310000043920gef:A2022CreditAgreementMemberus-gaap:SecuredDebtMember2024-10-310000043920gef:A2022CreditAgreementMemberus-gaap:SecuredDebtMember2023-10-310000043920gef:A2023CreditAgreementMemberus-gaap:SecuredDebtMember2024-10-310000043920gef:A2023CreditAgreementMemberus-gaap:SecuredDebtMember2023-10-310000043920us-gaap:DomesticLineOfCreditMember2024-10-310000043920us-gaap:DomesticLineOfCreditMember2023-10-310000043920gef:A2022CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-10-310000043920gef:A2022CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2023-10-310000043920gef:OtherDebtMember2024-10-310000043920gef:OtherDebtMember2023-10-310000043920us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-03-010000043920gef:MulticurrencyFacilityMemberus-gaap:LineOfCreditMember2022-03-010000043920gef:U.S.DollarFacilityMemberus-gaap:LineOfCreditMember2022-03-010000043920gef:SecuredTermLoanA1FacilityMemberus-gaap:SecuredDebtMember2022-03-010000043920gef:SecuredTermLoanA2FacilityMemberus-gaap:SecuredDebtMember2022-03-010000043920gef:SecuredTermLoanA4FacilityMembergef:TermLoanMemberus-gaap:SecuredDebtMember2024-03-250000043920gef:TermLoanMember2024-03-252024-03-250000043920us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-05-170000043920gef:CreditAgreementMember2024-10-310000043920gef:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-10-310000043920gef:TermLoanMember2024-10-310000043920gef:UnitedStatesTradeAccountsReceivableCreditFacilityMember2022-05-170000043920gef:UnitedStatesTradeAccountsReceivableCreditFacilityMember2024-10-310000043920gef:UnitedStatesTradeAccountsReceivableCreditFacilityMemberus-gaap:DomesticLineOfCreditMember2024-10-310000043920gef:UnitedStatesTradeAccountsReceivableCreditFacilityMemberus-gaap:DomesticLineOfCreditMember2023-10-310000043920gef:NieuwAmsterdamReceivablesPurchaseAgreementMember2024-10-310000043920gef:NieuwAmsterdamReceivablesPurchaseAgreementMembergef:InternationalTradeAccountsReceivableCreditFacilitiesMemberus-gaap:ForeignLineOfCreditMember2024-10-310000043920gef:NieuwAmsterdamReceivablesPurchaseAgreementMembergef:InternationalTradeAccountsReceivableCreditFacilitiesMemberus-gaap:ForeignLineOfCreditMember2023-10-310000043920gef:InternationalTradeAccountsReceivableCreditFacilitiesMember2024-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-10-310000043920us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2024-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-10-310000043920us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2024-10-310000043920us-gaap:FairValueInputsLevel1Membergef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMember2024-10-310000043920us-gaap:FairValueInputsLevel2Membergef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMember2024-10-310000043920us-gaap:FairValueInputsLevel3Membergef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMember2024-10-310000043920us-gaap:FairValueMeasurementsRecurringMembergef:InsuranceAnnuityMember2024-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-10-310000043920us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CrossCurrencyInterestRateContractMember2024-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2023-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2023-10-310000043920us-gaap:FairValueInputsLevel1Membergef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:FairValueInputsLevel2Membergef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:FairValueInputsLevel3Membergef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:FairValueMeasurementsRecurringMembergef:InsuranceAnnuityMember2023-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CrossCurrencyInterestRateContractMember2023-10-310000043920us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-10-310000043920us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-10-310000043920us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-11-012024-10-310000043920us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2022-11-012023-10-310000043920us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2021-11-012022-10-310000043920us-gaap:ForeignExchangeContractMember2024-10-310000043920us-gaap:ForeignExchangeContractMember2023-10-310000043920us-gaap:ForeignExchangeContractMember2023-11-012024-10-310000043920us-gaap:ForeignExchangeContractMember2022-11-012023-10-310000043920us-gaap:ForeignExchangeContractMember2021-11-012022-10-310000043920us-gaap:CrossCurrencyInterestRateContractMember2024-10-310000043920us-gaap:CrossCurrencyInterestRateContractMember2023-10-310000043920us-gaap:CrossCurrencyInterestRateContractMember2023-11-012024-10-310000043920us-gaap:CrossCurrencyInterestRateContractMember2022-11-012023-10-310000043920us-gaap:CrossCurrencyInterestRateContractMember2021-11-012022-10-310000043920us-gaap:FairValueInputsLevel3Membergef:BrokerQuoteIndicativeBidsDiscountedCashFlowValuationTechniqueMemberus-gaap:MachineryAndEquipmentMember2023-11-012024-10-310000043920us-gaap:FairValueInputsLevel3Membergef:BrokerQuoteIndicativeBidsDiscountedCashFlowValuationTechniqueMemberus-gaap:MachineryAndEquipmentMember2022-11-012023-10-310000043920gef:GlobalIndustrialPackagingMember2021-11-012022-10-310000043920gef:PaperPackagingAndServicesMember2021-11-012022-10-310000043920us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembergef:FlexiblePackagingJVMember2021-11-012022-10-3100000439202021-11-012022-01-310000043920gef:A2020LongTermIncentivePlanRestrictedStockMember2023-11-012024-10-310000043920gef:A2020LongTermIncentivePlanRestrictedStockMember2020-11-012021-10-310000043920us-gaap:RestrictedStockUnitsRSUMembergef:A2020LongTermIncentivePlanRestrictedStockMember2020-11-012021-10-310000043920us-gaap:RestrictedStockUnitsRSUMember2023-12-122023-12-120000043920us-gaap:RestrictedStockUnitsRSUMember2022-12-142022-12-140000043920us-gaap:RestrictedStockUnitsRSUMember2021-12-162021-12-160000043920us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonClassAMember2023-11-012024-10-310000043920us-gaap:PhantomShareUnitsPSUsMembergef:A2020LongTermIncentivePlanRestrictedStockMember2019-11-012023-10-310000043920us-gaap:PhantomShareUnitsPSUsMember2023-12-122023-12-120000043920us-gaap:PhantomShareUnitsPSUsMember2022-12-142022-12-140000043920us-gaap:PhantomShareUnitsPSUsMember2021-12-162021-12-160000043920us-gaap:PhantomShareUnitsPSUsMember2023-12-120000043920us-gaap:PhantomShareUnitsPSUsMember2022-12-140000043920us-gaap:PhantomShareUnitsPSUsMember2021-12-1600000439202023-12-122023-12-1200000439202022-12-142022-12-1400000439202021-12-162021-12-160000043920us-gaap:PerformanceSharesMemberus-gaap:CommonClassAMember2023-11-012024-10-310000043920us-gaap:RestrictedStockMembergef:LongTermIncentivePlanRestrictedStockMember2022-11-012023-10-310000043920us-gaap:RestrictedStockMembergef:LongTermIncentivePlanRestrictedStockMember2023-11-012024-10-310000043920us-gaap:RestrictedStockMembergef:LongTermIncentivePlanRestrictedStockMember2021-11-012022-10-310000043920gef:LongTermIncentivePlanRestrictedStockMember2023-11-012024-10-310000043920gef:LongTermIncentivePlanRestrictedStockMember2022-11-012023-10-310000043920gef:LongTermIncentivePlanRestrictedStockMember2021-11-012022-10-310000043920gef:TwoThousandFiveOutsideDirectorsEquityAwardPlanRestrictedStockMember2023-11-012024-10-310000043920gef:TwoThousandFiveOutsideDirectorsEquityAwardPlanRestrictedStockMember2022-11-012023-10-310000043920gef:TwoThousandFiveOutsideDirectorsEquityAwardPlanRestrictedStockMember2021-11-012022-10-310000043920us-gaap:DomesticCountryMember2023-11-012024-10-310000043920us-gaap:DomesticCountryMember2022-11-012023-10-310000043920us-gaap:DomesticCountryMember2021-11-012022-10-310000043920us-gaap:ForeignCountryMember2023-11-012024-10-310000043920us-gaap:ForeignCountryMember2022-11-012023-10-310000043920us-gaap:ForeignCountryMember2021-11-012022-10-310000043920us-gaap:ForeignCountryMember2024-10-310000043920us-gaap:ForeignCountryMember2023-10-310000043920us-gaap:DomesticCountryMember2024-10-310000043920us-gaap:DomesticCountryMember2023-10-310000043920us-gaap:PensionPlansDefinedBenefitMember2023-11-012024-10-310000043920us-gaap:PensionPlansDefinedBenefitMember2022-11-012023-10-310000043920us-gaap:PensionPlansDefinedBenefitMember2021-11-012022-10-310000043920us-gaap:PensionPlansDefinedBenefitMember2024-10-310000043920country:USus-gaap:PensionPlansDefinedBenefitMember2023-11-012024-10-310000043920us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-11-012024-10-310000043920country:USus-gaap:PensionPlansDefinedBenefitMember2022-11-012023-10-310000043920us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-11-012023-10-310000043920country:US2023-10-310000043920country:US2022-11-012023-10-310000043920country:USgef:FlexiblePackagingJVMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-10-310000043920country:USus-gaap:PensionPlansDefinedBenefitMember2021-11-012022-10-310000043920us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2021-11-012022-10-310000043920us-gaap:PensionPlansDefinedBenefitMember2023-10-310000043920country:USus-gaap:PensionPlansDefinedBenefitMember2023-10-310000043920us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-10-310000043920country:USus-gaap:PensionPlansDefinedBenefitMember2024-10-310000043920us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-10-310000043920us-gaap:PensionPlansDefinedBenefitMember2022-10-310000043920country:USus-gaap:PensionPlansDefinedBenefitMember2022-10-310000043920us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-10-310000043920us-gaap:EquitySecuritiesMember2024-10-310000043920us-gaap:EquitySecuritiesMember2023-10-310000043920us-gaap:DebtSecuritiesMember2024-10-310000043920us-gaap:DebtSecuritiesMember2023-10-310000043920us-gaap:OtherDebtSecuritiesMember2024-10-310000043920us-gaap:OtherDebtSecuritiesMember2023-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMember2024-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:MutualFundMember2024-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:MutualFundMember2024-10-310000043920us-gaap:FairValueInputsLevel12And3Memberus-gaap:MutualFundMember2024-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashMember2024-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanCashMember2024-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanCashMember2024-10-310000043920us-gaap:FairValueInputsLevel12And3Memberus-gaap:DefinedBenefitPlanCashMember2024-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2024-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2024-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2024-10-310000043920us-gaap:FairValueInputsLevel12And3Memberus-gaap:CorporateDebtSecuritiesMember2024-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2024-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2024-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2024-10-310000043920us-gaap:FairValueInputsLevel12And3Memberus-gaap:USTreasuryAndGovernmentMember2024-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:OtherAssetsMember2024-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:OtherAssetsMember2024-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMember2024-10-310000043920us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherAssetsMember2024-10-310000043920us-gaap:FairValueInputsLevel1Member2024-10-310000043920us-gaap:FairValueInputsLevel2Member2024-10-310000043920us-gaap:FairValueInputsLevel3Member2024-10-310000043920us-gaap:FairValueInputsLevel12And3Member2024-10-310000043920us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembergef:DefinedBenefitPlanPlanAssetsInsuranceContractsMember2024-10-310000043920us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanEquitySecuritiesCommonStockMember2024-10-310000043920us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CorporateDebtSecuritiesMember2024-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:MutualFundMember2023-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:MutualFundMember2023-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:MutualFundMember2023-10-310000043920us-gaap:FairValueInputsLevel12And3Memberus-gaap:MutualFundMember2023-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashMember2023-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:DefinedBenefitPlanCashMember2023-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanCashMember2023-10-310000043920us-gaap:FairValueInputsLevel12And3Memberus-gaap:DefinedBenefitPlanCashMember2023-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2023-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2023-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-10-310000043920us-gaap:FairValueInputsLevel12And3Memberus-gaap:CorporateDebtSecuritiesMember2023-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2023-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2023-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2023-10-310000043920us-gaap:FairValueInputsLevel12And3Memberus-gaap:USTreasuryAndGovernmentMember2023-10-310000043920us-gaap:FairValueInputsLevel1Memberus-gaap:OtherAssetsMember2023-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:OtherAssetsMember2023-10-310000043920us-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMember2023-10-310000043920us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherAssetsMember2023-10-310000043920us-gaap:FairValueInputsLevel1Member2023-10-310000043920us-gaap:FairValueInputsLevel2Member2023-10-310000043920us-gaap:FairValueInputsLevel3Member2023-10-310000043920us-gaap:FairValueInputsLevel12And3Member2023-10-310000043920us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembergef:DefinedBenefitPlanPlanAssetsInsuranceContractsMember2023-10-310000043920us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanEquitySecuritiesCommonStockMember2023-10-310000043920us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CorporateDebtSecuritiesMember2023-10-310000043920country:US2024-10-310000043920us-gaap:ForeignPlanMember2024-10-310000043920us-gaap:ForeignPlanMember2023-10-310000043920us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-11-012024-10-310000043920us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-11-012023-10-310000043920us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-11-012022-10-310000043920gef:DiamondAlkaliMember2023-10-310000043920gef:DiamondAlkaliMember2024-10-310000043920gef:OtherFacilitiesMember2024-10-310000043920gef:OtherFacilitiesMember2023-10-310000043920us-gaap:CommonClassAMember2024-10-310000043920gef:BoardOfDirectorAuthorizedMember2024-10-310000043920us-gaap:CommonClassBMember2024-10-310000043920us-gaap:CommonClassAMember2023-10-310000043920us-gaap:CommonClassBMember2023-10-310000043920srt:MinimumMember2024-10-310000043920srt:MaximumMember2024-10-310000043920country:USgef:GlobalIndustrialPackagingMember2023-11-012024-10-310000043920us-gaap:EMEAMembergef:GlobalIndustrialPackagingMember2023-11-012024-10-310000043920gef:AsiaPacificAndOtherAmericasMembergef:GlobalIndustrialPackagingMember2023-11-012024-10-310000043920country:USgef:PaperPackagingAndServicesMember2023-11-012024-10-310000043920us-gaap:EMEAMembergef:PaperPackagingAndServicesMember2023-11-012024-10-310000043920gef:AsiaPacificAndOtherAmericasMembergef:PaperPackagingAndServicesMember2023-11-012024-10-310000043920country:USgef:LandManagementMember2023-11-012024-10-310000043920us-gaap:EMEAMembergef:LandManagementMember2023-11-012024-10-310000043920gef:AsiaPacificAndOtherAmericasMembergef:LandManagementMember2023-11-012024-10-310000043920gef:LandManagementMember2023-11-012024-10-310000043920country:US2023-11-012024-10-310000043920us-gaap:EMEAMember2023-11-012024-10-310000043920gef:AsiaPacificAndOtherAmericasMember2023-11-012024-10-310000043920country:USgef:GlobalIndustrialPackagingMember2022-11-012023-10-310000043920us-gaap:EMEAMembergef:GlobalIndustrialPackagingMember2022-11-012023-10-310000043920gef:AsiaPacificAndOtherAmericasMembergef:GlobalIndustrialPackagingMember2022-11-012023-10-310000043920country:USgef:PaperPackagingAndServicesMember2022-11-012023-10-310000043920us-gaap:EMEAMembergef:PaperPackagingAndServicesMember2022-11-012023-10-310000043920gef:AsiaPacificAndOtherAmericasMembergef:PaperPackagingAndServicesMember2022-11-012023-10-310000043920country:USgef:LandManagementMember2022-11-012023-10-310000043920us-gaap:EMEAMembergef:LandManagementMember2022-11-012023-10-310000043920gef:AsiaPacificAndOtherAmericasMembergef:LandManagementMember2022-11-012023-10-310000043920gef:LandManagementMember2022-11-012023-10-310000043920country:US2022-11-012023-10-310000043920us-gaap:EMEAMember2022-11-012023-10-310000043920gef:AsiaPacificAndOtherAmericasMember2022-11-012023-10-310000043920gef:LandManagementMember2021-11-012022-10-310000043920us-gaap:OperatingSegmentsMembergef:GlobalIndustrialPackagingMember2023-11-012024-10-310000043920us-gaap:OperatingSegmentsMembergef:GlobalIndustrialPackagingMember2022-11-012023-10-310000043920us-gaap:OperatingSegmentsMembergef:GlobalIndustrialPackagingMember2021-11-012022-10-310000043920us-gaap:OperatingSegmentsMembergef:PaperPackagingAndServicesMember2023-11-012024-10-310000043920us-gaap:OperatingSegmentsMembergef:PaperPackagingAndServicesMember2022-11-012023-10-310000043920us-gaap:OperatingSegmentsMembergef:PaperPackagingAndServicesMember2021-11-012022-10-310000043920us-gaap:OperatingSegmentsMembergef:LandManagementMember2023-11-012024-10-310000043920us-gaap:OperatingSegmentsMembergef:LandManagementMember2022-11-012023-10-310000043920us-gaap:OperatingSegmentsMembergef:LandManagementMember2021-11-012022-10-310000043920us-gaap:OperatingSegmentsMember2023-11-012024-10-310000043920us-gaap:OperatingSegmentsMember2022-11-012023-10-310000043920us-gaap:OperatingSegmentsMember2021-11-012022-10-310000043920us-gaap:CorporateNonSegmentMember2023-11-012024-10-310000043920us-gaap:CorporateNonSegmentMember2022-11-012023-10-310000043920us-gaap:CorporateNonSegmentMember2021-11-012022-10-310000043920us-gaap:OperatingSegmentsMembergef:GlobalIndustrialPackagingMember2024-10-310000043920us-gaap:OperatingSegmentsMembergef:GlobalIndustrialPackagingMember2023-10-310000043920us-gaap:OperatingSegmentsMembergef:PaperPackagingAndServicesMember2024-10-310000043920us-gaap:OperatingSegmentsMembergef:PaperPackagingAndServicesMember2023-10-310000043920us-gaap:OperatingSegmentsMembergef:LandManagementMember2024-10-310000043920us-gaap:OperatingSegmentsMembergef:LandManagementMember2023-10-310000043920us-gaap:OperatingSegmentsMember2024-10-310000043920us-gaap:OperatingSegmentsMember2023-10-310000043920us-gaap:CorporateNonSegmentMember2024-10-310000043920us-gaap:CorporateNonSegmentMember2023-10-310000043920country:US2024-10-310000043920country:US2023-10-310000043920us-gaap:EMEAMember2024-10-310000043920us-gaap:EMEAMember2023-10-310000043920gef:AsiaPacificAndOtherAmericasMember2024-10-310000043920gef:AsiaPacificAndOtherAmericasMember2023-10-310000043920us-gaap:AccumulatedTranslationAdjustmentMember2022-10-310000043920us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-10-310000043920us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-10-310000043920us-gaap:AccumulatedTranslationAdjustmentMember2022-11-012023-10-310000043920us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-11-012023-10-310000043920us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-11-012023-10-310000043920us-gaap:AccumulatedTranslationAdjustmentMember2023-10-310000043920us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-10-310000043920us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-10-310000043920us-gaap:AccumulatedTranslationAdjustmentMember2023-11-012024-10-310000043920us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-11-012024-10-310000043920us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-11-012024-10-310000043920us-gaap:AccumulatedTranslationAdjustmentMember2024-10-310000043920us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-10-310000043920us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-10-3100000439202024-08-012024-10-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended October 31, 2024


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

Commission file number: 001-00566

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: (740) 549-6000

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

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ No ☒

Indicate by check mark whether the Registrant (1) has filed all reports 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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold as of the last business day of the Registrant’s most recently completed second fiscal quarter was as follows:

Non-voting common equity (Class A Common Stock) $1,531,694,805

Voting common equity (Class B Common Stock) $293,823,122

The number of shares outstanding of each of the Registrant’s classes of common stock, as of December 18, 2024, was as follows:

Class A Common Stock 25,850,270 shares

Class B Common Stock 21,331,127 shares

Listed hereunder are the documents, portions of which are incorporated by reference, and the parts of this Form 10-K into which such portions are incorporated:

1. The Registrant’s Definitive Proxy Statement for use in connection with the Annual Meeting of Stockholders to be held on February 24, 2025 (the “2025 Proxy Statement”), portions of which are incorporated by reference into Parts II and III of this Form 10-K. The 2025 Proxy Statement will be filed within 120 days of October 31, 2024.

Table of Contents

IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

All statements, other than statements of historical facts, included in this Annual Report on Form 10-K of Greif, Inc. and its subsidiaries for the fiscal year ended October 31, 2024 (this “Form 10-K”) or incorporated herein, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected costs, goals, plans and objectives of management for future operations and initiatives, are forward-looking statements within the meaning of 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-K are based on information currently available to our management. Forward-looking statements speak only as of the date the statements were made. 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 actual events or results to differ materially from those expressed in or implied by the statements. For a discussion of the most significant risks and uncertainties that could cause our actual results to differ materially from those projected, see “Risk Factors” in Item 1A of this Form 10-K. The risks described in this Form 10-K are not all inclusive, and given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements made in this Form 10-K 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.

Table of Contents

Index to Form 10-K Annual Report for the Fiscal Year ended October 31, 2024


Item		Description	Page
Part I	1	Business	3
	1A.	Risk Factors	6
	1B.	Unresolved Staff Comments	16
	1C.	Cybersecurity	16
	2	Properties	18
	3	Legal Proceedings	18
	4	Mine Safety Disclosures	19
Part II	5	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	19
	7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
	7A.	Quantitative and Qualitative Disclosures about Market Risk	35
	8	Financial Statements and Supplementary Data	37
		Consolidated Statements of Income	37
		Consolidated Statements of Comprehensive Income	38
		Consolidated Balance Sheets	39
		Consolidated Statements of Cash Flows	41
		Consolidated Statements of Changes in Shareholders’ Equity	43
		Note 1 – Basis of Presentation and Summary of Significant Accounting Policies	44
		Note 2 – Acquisitions and Divestitures	50
		Note 3 – Goodwill and Other Intangible Assets	57
		Note 4 – Restructuring Charges	58
		Note 5 – Long-Term Debt	60
		Note 6 – Financial Instruments and Fair Value Measurements	62
		Note 7 – Stock-Based Compensation	64
		Note 8 – Income Taxes	66
		Note 9 – Post-Retirement Benefit Plans	69
		Note 10 – Contingent Liabilities and Environmental Reserves	77
		Note 11 – Earnings Per Share	77
		Note 12 – Leases	79
		Note 13 – Business Segment Information	80
		Note 14 – Comprehensive Income (Loss)	83
		Note 15 – Redeemable Noncontrolling Interests	84
		Report of Independent Registered Public Accounting Firm	85
	9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosures	87
	9A.	Controls and Procedures	87
		Report of Independent Registered Public Accounting Firm	89
	9B.	Other Information	90
Part III	10	Directors, Executive Officers and Corporate Governance	90
	11	Executive Compensation	90
	12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	90
	13	Certain Relationships and Related Transactions, and Director Independence	91
	14	Principal Accountant Fees and Services	91
Part IV	15	Exhibits and Financial Statement Schedules	92
	16	Form 10-K Summary	97
		Signatures	97

Table of Contents

PART I

ITEM 1. BUSINESS

General Development of Business

We are a leading global producer of industrial packaging products and services with operations in over 35 countries. We offer a comprehensive line of rigid industrial packaging products, such as steel, fibre and plastic drums, rigid intermediate bulk containers, jerrycans and other small plastics, closure systems for industrial packaging products, transit protection products, water bottles and remanufactured and reconditioned industrial containers, and services, such as container life cycle management, logistics, warehousing and other packaging services. We produce and sell containerboard, corrugated sheets, corrugated containers and other corrugated products to customers in North America in industries such as packaging, automotive, food and building products. We also produce and sell coated recycled paperboard and uncoated recycled paperboard, some of which are used to produce and sell industrial products (tubes and cores, construction products and protective packaging). We also produce and sell bulk and specialty partitions made from both containerboard and uncoated recycled paperboard. In addition, we purchase and sell recycled fiber and produce and sell adhesives used in our paperboard products. We sell timber to third parties from our timberland in the southeastern United States that we manage to maximize long-term value. In addition, we sell, from time to time, timberland and special use land, which consists of surplus land, higher and better use (“HBU”) land and development land. Our customers range from Fortune 500 companies to medium and small-sized companies in a cross section of industries.

Through the end of our 2024 fiscal year, our fiscal year began on November 1 and ended on October 31 of the following year. Any references in this Form 10-K 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. However, we are changing our fiscal year end, effective for the 2025 fiscal year. Our 2025 fiscal year will begin on November 1, 2024 and end on September 30, 2025, and accordingly, will consist of eleven months. Our fourth fiscal quarter of 2025 will be the two month period ending September 30, 2025. Thereafter, our fiscal year will begin on October 1 and end on September 30 of the following year.

As used in this Form 10-K, the terms “Greif,” the “Company,” “we,” “us,” and “our” refer to Greif, Inc. and its subsidiaries.

Financial Information about Segments

For fiscal year 2024, we operated in seven operating segments, which are aggregated into three reportable segments: Global Industrial Packaging; Paper Packaging & Services; and Land Management. Information related to our reportable segments is included in Note 13 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K.

Beginning with our first quarter of 2025 we will operate in four operating segments and four reportable segments: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Integrated Solutions.

Narrative Description of Business

Sales

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 industrial packaging products, transit protection products, water bottles and remanufactured and reconditioned industrial containers, and services, such as container life cycle management, logistics, warehousing and other packaging services. We sell our industrial packaging products on a global basis to customers in industries such as chemicals, paints and pigments, food and beverage, petroleum, industrial coatings, agriculture, pharmaceutical and minerals, among others.

In the Paper Packaging & Services reportable segment, we produce and sell containerboard, corrugated sheets, corrugated containers and other corrugated products to customers in North America in industries such as packaging, automotive, food and building products. Our corrugated container products are used to ship such diverse products as home appliances, small machinery, grocery products, automotive components, books and furniture, as well as numerous other applications. We also produce and sell coated recycled paperboard and uncoated recycled paperboard, some of which are used to produce and sell industrial products (tubes and cores, construction products and protective packaging), which ultimately serve both industrial and consumer markets. We produce and sell bulk and specialty partitions made from both containerboard and uncoated recycled board. In addition, we purchase and sell recycled fiber and produce and sell adhesives used in our paperboard products.

In the Land Management reportable segment, we are focused on the active harvesting and regeneration of our United States timber properties to achieve sustainable long-term yields. While timber sales are subject to fluctuations, we seek to maintain a

Table of Contents

consistent cutting schedule, within the limits of market and weather conditions. We also sell, from time to time, timberland and special use land, which consists of surplus land, HBU land and development land. As of October 31, 2024, we owned approximately 175,000 acres of timber properties in the southeastern United States.

Due to the variety of our products, we have many customers buying different types of our products, and due to the scope of our sales, no one customer is considered principal in our total operations.

Markets

The markets in which we sell our products are highly competitive with many participants. Although no single company dominates, we face significant competitors in each of our businesses. Our competitors include large vertically integrated companies as well as numerous smaller companies. The industries in which we compete are particularly sensitive to price fluctuations caused by shifts in industry capacity and other cyclical industry conditions. Other competitive factors include design, quality and service, with varying emphasis depending on product line.

In the global industrial packaging industry, we compete by offering a comprehensive line of products on a global basis. In the containerboard industry, we compete by concentrating on providing value-added, higher-margin corrugated products to niche markets. In our other paper packaging businesses, we compete by offering a comprehensive range of uncoated and coated paperboard products and diverse tube, core, partitions and other specialty products.

In addition, over the past several years we have closed higher cost facilities and otherwise restructured our operations, which we believe has significantly improved our cost competitiveness.

Resources

Steel, resin and containerboard, as well as used industrial packaging for reconditioning, are the principal raw materials for the Global Industrial Packaging reportable segment, and pulpwood, old corrugated containers and recycled coated and uncoated paperboard are the principal raw materials for the Paper Packaging & Services reportable segment. We satisfy most of our needs for these raw materials through purchases on the open market or under short-term and long-term supply agreements. All of these raw materials are purchased in highly competitive, price-sensitive markets, which have historically exhibited price, demand and supply cyclicality. From time to time, some of these raw materials have been in short supply at certain of our manufacturing facilities. In those situations, we ship the raw materials in short supply from one or more of our other facilities with sufficient supply to the facility or facilities experiencing the shortage. To date, raw material shortages have not had a material adverse effect on our financial condition or results of operations.

Government Laws and Regulations

We must comply with extensive laws, rules and regulations in the United States and in each of the countries where we conduct business with respect to a variety of matters, including the compliance with government laws and regulations concerning the environment and health and safety matters. We do not believe that future compliance with government laws and regulations will have a material adverse effect on our capital expenditures, competitive position, results of operations or financial condition.

As to environmental matters, our operations are subject to extensive federal, state, local and international laws, regulations, rules and ordinances relating to pollution, the protection of the environment, the generation, storage, handling, transportation, treatment, disposal and remediation of hazardous substances and waste materials and numerous other environmental laws and regulations. In the ordinary course of business, we are subject to periodic environmental inspections and monitoring by various governmental agencies. In addition, certain of our production facilities require environmental permits that are subject to revocation, modification and renewal. As of the date of filing this Form 10-K, and based on current information, we believe that the probable costs of the remediation of company-owned property will not have a material adverse effect on our financial condition or results of operations. We believe that we have adequately reserved for our liability for these matters as of October 31, 2024.

As to health and safety matters, our manufacturing operations involve the use of heavy equipment, machinery and chemicals and require the performance of activities that create safety exposures. We are subject to extensive federal, state, local and international laws, regulations, rules and ordinances relating to occupational health and safety. We have established safety policies, programs, procedures and training for our manufacturing operations, and our safety programs include measures required for compliance with these government laws and regulations. In addition, our safety programs include the ongoing identification and elimination of workplace exposures that can lead to injuries and sharing of health and safety best practices. We do not believe that future compliance with health and safety laws and regulations will have a material adverse effect on our capital expenditures, results of operations or financial condition.

Table of Contents

We do not believe that compliance with federal, state, local and international laws and regulations that have been enacted or adopted regulating the discharge of materials into the environment, or otherwise relating to the protection of the environment, has had or will have a material adverse effect upon our capital expenditures, competitive position, results of operations or financial condition.

See also Note 10 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K for additional information concerning environmental expenses and cash expenditures for the years ended October 31, 2024, 2023 and 2022, and our reserves for environmental liabilities as of October 31, 2024 and 2023.

Human Capital

Our Company’s values and culture are critical to our ability to attract, hire and retain talented employees for our global businesses. We seek to engage, develop and incentivize our employees to pursue our vision: “Be the best customer service company in the world.” We depend on our employees to provide differentiated customer service and create value for our customers through a solutions-based approach with the goal of earning our customers’ trust and loyalty. We work to accomplish this goal by looking to our purpose, “We create packaging solutions for life’s essentials,” vision and values set forth in “The Greif Way.”

Our “Build to Last” strategy provides a platform to support our strategic growth and development under four key missions: creating thriving communities; delivering legendary customer service; protecting our future; and ensuring financial strength. Each employee has a part in driving these key missions wherever they are located in the world, and ultimately, our success is dependent on all of our employees working together to keep these priorities at the forefront of their activities. Within our “creating thriving communities” mission, we are focused on establishing a foundation for action that supports health and safety; equity and inclusion; and talent development and engagement.

Health and Safety

Safeguarding the health and safety of our employees is our first and foremost priority. We are committed to providing a safe working environment for all our employees with a philosophy of Zero Harm. We have implemented an incident tracking system that we call the LIFE program to assist with identifying global and regional leading indicators that facilitate the creation of programs and safety action plans that may help to reduce conditions and behaviors that lead to at-risk situations and the use of technology and automation to eliminate such conditions. We utilize a global safety scorecard with standardized safety metrics globally to understand, improve and correct safety risk and culture. To promote a continuous focus on safety, we have safety committees that consist of employees and management at all our facilities. We have implemented safety meetings at all levels in the organization from CEO to shop floor, both in the facilities and in office or remote locations creating a safety mindset that everyone is a safety leader regardless of their position, so that our safety culture is understood and practiced every day while developing a behavior commitment culture for each and every employee. We are steadfast in our commitment to employee safety. For example, we hold an annual global safety week focused on Zero Harm by sharing best practices and learnings to mitigate safety risks through interactive activities related to machine safety devices, good housekeeping and safe equipment operations. In addition, we have regular safety communications that target all employees, and we have an annual award that recognizes facilities that have achieved certain criteria for proactive actions and behaviors.

We are also committed to the total well-being of all our employees and their families with a variety of physical, mental and social wellness programs. These programs differ by region and include Company-sponsored or subsidized health care insurances, voluntary health fairs and employee assistance programs to improve mental health and wellness.

Equity and Inclusion

In accordance with our values, we encourage our employees to embrace an inclusive culture of language, location and thought. Our success depends on maintaining a culture where every employee communicates with respect, candor and trust. We rely on the unique qualities and talents of our employees to help us achieve our Build to Last strategy. We strive to create an inclusive and equitable working environment as well as promoting equitable treatment within our workforce, including the support of multiple colleague-led resource groups, fostering an environment where our employees feel valued and appreciated for the distinct voice they bring to our Company. In addition, we strive to compensate our employees fairly and equitably and continue to monitor pay equity data and educate our managers to make objective compensation decisions in line with our Company’s compensation policies.

Table of Contents

Talent Development

Attracting, developing and retaining talented employees is an integral aspect of our human capital strategy and critical to our success. We continuously strive to create learning and development opportunities for all our employees. Our development and training programs are designed to enhance leadership, develop a customer service mindset and improve engagement at all levels within our organization. We utilize Greif University, a centralized training platform offering a variety of learning and development offerings, including recorded internal trainings, on-demand courses, assessments and a learning library. Greif University allows employees to access LinkedIn Learning, an online learning and skill building platform that empowers employees to develop skills to grow their career. We have a performance development review and talent development process in which managers provide regular feedback and coaching to assist with the development of our employees, including the use of individual development plans to assist with career development. To foster employee engagement, we encourage and value feedback from our employees and conduct annual engagement surveys of all our global employees to better understand our employee’s level of engagement and identify areas of improvement to build high performing teams to meet our strategic goals.

Other Information

As of October 31, 2024, our approximately 14,000 full-time employees were located in the following geographic regions: 57% in North America; 26% in Europe, Middle East and Africa; 9% in Asia Pacific; and 8% in Latin America. Our global workforce is 18% female and 82% male, with approximately 38% represented by labor unions.

Financial Information about Geographic Areas

Our operations are located in North and Latin America, Europe, the Middle East, Africa and the Asia Pacific regions. Information related to our geographic areas of operation is included in Note 13 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K.

Available Information

We maintain a website at www.greif.com. We file reports with the United States Securities and Exchange Commission (“SEC”). We make these reports available, free of charge, on or through our website, which include but are not limited to, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy and information statements and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we have electronically filed such material with, or furnished it to, the SEC.

Any of the materials we file with the SEC may also be read and/or copied at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. Information on the operation of the SEC’s Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. The SEC maintains a website that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov.

ITEM 1A. RISK FACTORS

Statements contained in this Form 10-K may be “forward-looking” within the meaning of Section 21E of the Exchange Act. Such forward-looking statements are subject to certain risks and uncertainties that could cause our operating results to differ materially from those projected. The following factors, among others, in some cases have affected, and in the future could affect, our actual financial or operational performance, or both.

Risks Related to Market and Economic Factors

Historically, our Business has been Sensitive to Changes in General Economic or Business Conditions.

Our customers generally consist of other manufacturers and suppliers who purchase industrial packaging products and containerboard and uncoated and coated recycled boxboard and related products for their own containment and shipping purposes. Because we supply a cross section of industries, including chemicals, lubricants, films, paints and pigments, food and beverage, personal care, fragrances, petroleum, industrial coatings, carpeting, agriculture, agrochemical, pharmaceuticals, mineral products, packaging, automotive, construction and building products industries, and have operations in many countries, demand for our products and services has historically corresponded to changes in general economic and business conditions of the industries and countries in which we operate. The overall demand and prices for our products and services could decline as a result of numerous factors outside of our control, including an economic recession, increased labor costs, availability of and increased cost of energy, and disruptions in supply chains to our business, our customers, their end markets and our suppliers, changes in industrial production processes or consumer preference, changes in laws and regulations, inflation, tariffs, changes in published pricing indices, fluctuations in interest rates and currency exchange rates and changes in the fiscal or monetary

Table of Contents

policies of governments in the regions in which we operate. Accordingly, our financial performance is substantially dependent upon the general economic and business conditions existing in these industries and countries where we do business, and any prolonged or substantial economic downturn or geopolitical uncertainty in the markets in which we operate could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Our Global Operations Subject us to Political Risks, Instability and Currency Exchange that Could Adversely Affect our Results of Operations.

We are a global company with operations in over 35 countries with approximately 37% of our fiscal 2024 sales derived from non-U.S. operations. Management of global operations is complex, and our operations outside the United States are subject to additional risks that may not exist, or may not be as significant, with respect to our operations within the United States.

Within our global footprint, we have operations in Europe, Middle East and Asia Pacific. As regards the Eastern Europe region, the length, impact and outcome of the ongoing military conflict in Ukraine is highly unpredictable. The Russian invasion of Ukraine and the ongoing conflict between those two countries have amplified, and may continue to amplify, certain risks to our operations, including increased foreign exchange volatility, disruptions to financial and credit markets, energy supply (specifically in Europe), supply chain disruptions, customer demand, increased risks of cybersecurity incidents, increased costs to ensure compliance with global and local laws and regulations, economic recessions in certain neighboring European countries or globally due to inflationary and other pressures, and delays in the ability, or even the inability, to access cash or earnings from Russia. In addition, the imposition of new or increased sanctions, tariffs, quotas, exchange or price controls, trade barriers or similar restrictions resulting from the conflict between Russia and Ukraine could negatively impact our business and operations.

In the event that our operations in Russia cease for any reason, that event would result in an impairment charge, as we would not likely generate a fair market return on those assets. In addition, the Russian government has implemented strict currency controls that restrict the movement of capital. This includes limits on the amount of money that can be taken out of the country, directly impacting dividend payments. Although we have been able to pay the de minimus dividends permitted by the Russian government, we have been generally unable to transfer money out of Russia, and do not expect that this will change in 2025. We will continue to monitor the effects of this conflict, including risks that may affect our business, and we will adjust our plans accordingly as the situation progresses. As of October 31, 2024 and the fiscal year then ended, our operations in Russia accounted for approximately 3% of our net sales, approximately 9% of our operating profit and approximately 2% of our total assets.

As a result of our general global operations, we are subject to certain risks that could disrupt our operations or force us to incur unanticipated costs or exit a specific country. These risks, which can vary substantially by country, may include economic or political instability, geopolitical events (such as the Russian invasion of Ukraine, Middle East conflicts in Gaza, Lebanon, Iran, Syria, Israel and Yemen, governmental unrest in South Korea, and tensions between China and Taiwan and North Korea and Japan), corruption, social and ethnic unrest, the regulatory environment (including the risks of operating in developing or emerging markets in which there are significant uncertainties regarding the interpretation and enforceability of legal requirements), hyperinflation and fluctuations in the value of local currency versus the U.S. dollar, repatriating cash from foreign countries to the U.S., downturns or changes in economic conditions (including in relation to commodity inflation), adverse tax consequences or rulings, nationalization or any change in social, political or labor conditions in any of these countries, or regions impacting matters such as sustainability, environmental regulations and trade policies and agreements.

We also have indebtedness, agreements to purchase raw materials and agreements to sell finished products that are denominated in Russian Ruble, Euro, Brazilian Real, Hungarian Forint, Turkish Lira, British Pound and other currencies. Our operating performance is affected by fluctuations in currency exchange rates by:

•translations into U.S. dollars for financial reporting purposes of the assets and liabilities of our non-U.S. operations conducted in local currencies; and

•gains or losses from transactions conducted in currencies other than the operation’s functional currency.

The Current and Future Challenging Global Economy and Disruption and Volatility of the Financial and Credit Markets may Adversely Affect our Business.

Current global economic conditions are challenging to our global business operations. Such conditions have had, and may continue to have, a negative impact on our financial results. Future economic downturns, either in the United States, Europe or in other regions in which we do business could negatively affect our business and results of operations. With the volatility in the current global economic climate, inflation and geopolitical events around the world, including the conflict between Russia and Ukraine, various conflicts in the Middle East, governmental unrest in South Korea, and tensions between China and Taiwan and

Table of Contents

North Korea and Japan, it is difficult for us to predict the complete impact of the forgoing matters on our business and results of operations. Due to these current and future economic conditions, our customers may face financial difficulties, disruption in their supply chains and the unavailability of or reduction in commercial credit or increased debt levels that may result in decreased sales by and revenues to our Company. Certain of our customers may cease operations or seek bankruptcy protection, which would reduce our cash flows and adversely impact our results of operations. Our customers that are financially viable and not experiencing economic distress may nevertheless elect to reduce the volume of orders for our products or close facilities in an effort to remain financially stable or as a result of the unavailability of commercial credit which would negatively affect our results of operations. We may experience difficulties in servicing, renewing or repaying our outstanding debt due to continued volatility in the global economy. We may also have difficulty accessing the global credit markets if there is a tightening of commercial credit availability, which would result in decreased ability to fund capital-intensive strategic projects.

Further, we may experience challenges in forecasting revenues and operating results due to these global economic conditions. The difficulty in forecasting revenues and operating results may result in volatility in the market price of our common stock.

In addition, the lenders under our senior secured credit agreement and other borrowing facilities described in Item 7 of this Form 10-K under Liquidity and Capital Resources - Borrowing Arrangements and the counterparties with whom we maintain interest rate swap agreements, currency forward contracts and derivatives and other hedge agreements may be unable to perform their lending or payment obligations in whole or in part, or may cease operations or seek bankruptcy protection, which would negatively affect our cash flows and our results of operations.

The equipment that we use in our manufacturing operations is expensive and requires continued maintenance. We may require significant capital investment to maintain our equipment. If our existing sources of capital prove insufficient, there can be no assurance that we will be able to obtain capital to finance these expenditures on favorable terms, or at all. Any inability by us to maintain our equipment as needed or any inability to obtain capital for expenditures on equipment maintenance on favorable terms could have an adverse effect on our business, financial position and results of operations.

Risks Related to Industry Conditions

The Continuing Consolidation of our Customer Base and Suppliers may Intensify Pricing Pressure.

Over the last few years, many of our large industrial packaging, containerboard and coated and uncoated recycled boxboard and related products customers have acquired, or been acquired by, companies with similar or complementary product lines. In addition, many of our suppliers of raw materials such as steel, resin and paper, have undergone a similar process of consolidation. This consolidation has increased the concentration of our largest customers, resulting, in some cases, in increased pricing pressures from our customers, and in other cases, a decreasing customer base due to customers becoming more vertically integrated. The consolidation of our largest suppliers has resulted in limited sources of supply and increased cost pressures from our suppliers. Any future consolidation of our customer base or our suppliers could negatively impact our business, financial condition, results of operations and cash flows. Furthermore, if one or more of our major customers reduces, delays or cancels substantial orders, if one or more of our major suppliers is unable to timely produce and deliver our orders, or if we are unable to broaden our customer base and increase specialty product offerings to offset the effects of consolidation, our business, financial condition, results of operations and cash flows may be materially and adversely affected, particularly for the period in which the reduction, delay or cancellation occurs and also possibly for subsequent periods.

We Operate in Highly Competitive Industries.

Each of our operating segments operates in highly competitive industries. The most important competitive factors we face are price, quality, customer service and on-time delivery. To the extent any of our competitors become more successful with respect to any of these key competitive factors, we could lose customers and our sales could decline. Moreover, we anticipate that the lower customer demand patterns that we experienced throughout fiscal years 2023 and 2024 will continue on an overall basis through 2025, which may cause our competitors to reduce prices to maintain or increase their sales volumes, which could adversely impact our sales volumes and our margins. In addition, due to the tendency of certain customers to diversify their suppliers, we could be unable to increase or maintain sales volumes with particular customers. Certain of our competitors are substantially larger and have significantly greater financial resources.

In addition, some of our products are made from raw materials that are subject to pronounced and at times, rapid price fluctuations, such as metal, which is used in the manufacture of steel drums and containers and intermediate bulk container (“IBC”) cages, old corrugated containers (“OCC”), which impacts our paper products, and oil, which in turn affects the price of resin for plastic drums and containers, including IBC bottles. Particularly in well-developed markets in Europe and in the United States, any substantial increases in the supply of industrial packaging resulting from capacity increases, the stockpiling of raw materials or other types of opportunistic behavior by our competitors in a period of high raw materials prices, or price

Table of Contents

wars, could adversely affect our margins and the profitability of our business. With many of our customers, we have implemented raw material price adjustment mechanisms based on industrial index pricing, however these price adjustment mechanisms lag market price changes and our ability to pass through costs to our customers could take months to realize which in turn could adversely impact our product margins. Although price is a significant basis of competition in our industry, we also compete on the basis of product reliability, the ability to deliver products on a global scale and our reputation for quality and customer service. If we fail to maintain our current standards for product quality, the scope of our distribution capabilities or our customer relationships, our reputation and business, financial condition, results of operations and cash flows could be adversely affected.

Negative media reports about us or our businesses, whether accurate or inaccurate, could damage our reputation and relationships with our customers and suppliers, cause customers and suppliers to terminate their relationship with us, or impair our ability to effectively compete, which could adversely affect our business, financial condition, results of operations and cash flows.

Our Business is Sensitive to Changes in Industry Demands and Customer Preferences.

Industry demand for certain of our industrial packaging and paper products in our United States operations, and industrial packaging products in European and other international markets has varied in recent years, and more recently related to reduced demand and inflationary pressures, causing competitive pricing for those products. In addition, disruptions within our customers’ labor supply could reduce customer demand and negatively impact our business. As demand decreases, we see an increase in competition on price, which could consequentially impact our sales and margins. We seek to offset the impacts of these pressures by focusing on quality and customer service.

We compete in industries that are capital intensive, which generally leads to continued production as long as prices are sufficient to cover marginal costs. We are making significant capital investments in line with our long-term business strategy, such as investments in new and improved equipment automation and technology to increase capacity, productivity and safety. As a result, changes in industry demands (including any resulting industry over-capacity) and increased new capacity for production of industrial packaging and paper products by competitors, may cause substantial price competition and, in turn, we may not be able to derive the expected return on investment from our strategic investments which could negatively impact our business, financial condition, results of operations and cash flows. Additionally, customer preferences are constantly changing based on, among other factors, cost, convenience, health, environmental and social concerns, and customers may choose to use different packaging products than the products we manufacture as their business models change, or may choose to use alternative, more sustainable materials for their packaging products, or simply forego the packaging of certain products entirely. For example, in the United States, sales of fibre drums continue to decline on a year over year basis as some customers select other packaging solutions for their products. Any shift away from packaging products we manufacture or changes in customer preferences to more sustainable supply chain solutions may adversely affect our business, financial condition, results of operations and cash flows.

Raw Material Shortages, Price Fluctuations, Global Supply Chain Disruptions and High Inflation may Adversely Impact our Results of Operations.

The principal raw materials used in the manufacture of our products are steel, resin, pulpwood, recycled pulp from OCC, recycled coated and uncoated boxboard and containerboard and used industrial packaging for reconditioning, which we purchase or otherwise acquire in highly competitive, price sensitive markets. We have long-term supply contracts in place for obtaining a portion of our principal raw materials. These raw materials have historically exhibited price and demand cyclicality. In addition, the European Union (“EU”)’s Packaging & Packaging Waste Regulation that recently went into force will require post-consumer resin (“PCR”) to be incorporated into plastic products sold in the EU. As such, prices for PCR may increase, and we may also face a shortage of PCR supply necessary to meet regulatory requirements, which could have a material adverse effect on our business, financial condition and results of operations.

In addition, we manufacture certain component parts and other products for our rigid industrial packaging products and adhesives for our paper products, and sell those parts and products to other companies, including competitors. Some of the raw materials, products and component parts have been, and in the future may be, in short supply. For example, the availability of these raw materials, component parts and products and/or our ability to purchase and transport them may be unexpectedly disrupted by adverse weather conditions, natural disasters, man-made disasters, geopolitical conflicts, a substantial economic downturn in the industries that provide any of those raw material requirements, or competition for use of raw materials and component parts in other regions or countries. As a result of inflation and continued economic slowdown, we may continue to incur significant raw material prices increases in the future which would likely have an adverse effect on our operating margins. While we have taken steps to minimize the impact of these increased costs by working closely with our suppliers and customers, there can be no assurances that unforeseen future events in the global supply chain, and our ability to pass on

Table of Contents

inflationary costs on to our customers could have a material adverse effect on our business, financial condition and results of operations.

The disruptions to the global economy starting in 2020 and continuing throughout 2024, which were intensified by the Russian invasion of Ukraine and the ongoing conflict between those two countries, have impeded global supply chains in some regions in which we operate more than others, resulting in longer lead times.

Energy and Transportation Price Fluctuations and Shortages may Adversely Impact our Manufacturing Operations and Costs.

The cost of producing our products is sensitive to the price of energy, including its impact on transport costs. Energy prices, in particular oil and natural gas, have fluctuated in recent years, and specifically in Europe related to the Russian invasion of Ukraine and the ongoing conflict between those two countries, which had a corresponding effect on our operation and production costs and may have the same effect on our customers causing volatility in demand for our products and services. We are currently seeking alternative energy resources in Europe and elsewhere that may take years to fully implement and savings to be realized, if any. Potential legislation, regulatory action and international treaties related to climate change, especially those related to the regulation of greenhouse gases, may result in significant increases in energy costs as well as taxes, and other governmental charges. There can be no assurance that we will be able to recoup any past or future increases in the cost of energy and transportation.

Risks Related to our Operations

We may Encounter Difficulties or Liabilities Arising from Acquisitions or Divestitures.

We have invested a substantial amount of capital in acquisitions, joint ventures and strategic investments and we expect that we will continue to do so in the foreseeable future. We are continually evaluating acquisitions, divestitures and strategic investments that are significant to our business both in the United States and internationally. Acquisitions, joint ventures and strategic investments involve numerous risks, including the failure to identify suitable acquisition candidates, complete acquisitions on acceptable terms and conditions, retain key customers, employees and contracts, the inability to integrate businesses without material disruption, unanticipated costs incurred in connection with integrating businesses, the incurrence of liabilities greater than anticipated or operating results that are less than anticipated, the inability to realize the projected value, and the inability to realize projected synergies. In addition, acquisitions, joint ventures and strategic investments and associated integration activities require time and attention of management and other key personnel. There can be no assurance that any acquisitions, joint ventures and strategic investments will be successfully integrated into our operations, that competition for acquisitions will not intensify or that we will be able to complete such acquisitions, joint ventures and strategic investments on acceptable terms and conditions. The costs of unsuccessful acquisition, joint venture and strategic investment efforts may adversely affect our business, financial condition, results of operations and cash flows.

Additionally, in connection with any acquisitions or divestitures, we may become subject to contingent liabilities or legal claims, including but not limited to third party liability and other tort claims; claims for breach of contract; employment-related claims; environmental, health and safety regulatory actions and liabilities; permitting, regulatory or other legal compliance issues; or tax liabilities. If we become subject to any of these liabilities or claims, and they are not adequately covered by insurance or an enforceable indemnity or similar agreement from a creditworthy counterparty, we may be responsible for significant out-of-pocket expenditures. These liabilities, if they materialize, could have an adverse effect on our business, financial condition, results of operations and cash flows.

We may Incur Additional Rationalization Costs and there is no Guarantee that our Efforts to Reduce Costs will be Successful.

We have reorganized portions of our operations from time to time in recent years, particularly following acquisitions or divestments of businesses, and periods of economic downturn due to local, regional or global economic conditions. For 2025, we have created a new strategic business unit structure based on our products rather than geography. We will continue to implement continuous improvement initiatives necessary or desirable to improve our business portfolio, address underperforming assets and generate additional cash. These initiatives may result in initial inefficiencies as employees and business operations adapt to the new structure. These initiatives may also result in reductions in selling, general and administrative costs throughout our Company and have and will likely continue to result in the rationalization of manufacturing facilities.

The rationalization of our manufacturing facilities may result in temporary constraints upon our ability to manufacture the quantity of products necessary to fill orders and thereby complete sales in a timely manner. In addition, system upgrades at our

Table of Contents

manufacturing facilities that impact ordering, production scheduling and other related manufacturing processes are complex, and could impact or delay production targets. A prolonged delay in our ability to fill orders on a timely basis could affect customer demand for our products and increase the size of our product inventories, causing future reductions in our manufacturing schedules and adversely affecting our results of operations. Moreover, our continuous development and production of new products will often involve the retooling of existing manufacturing facilities. This retooling may limit our production capacity at certain times in the future, which could adversely affect our business, financial condition, results of operations and cash flow. In addition, the expansion and reconfiguration of existing manufacturing facilities could increase the risk of production delays, as well as require significant investments of capital.

While we expect these initiatives to result in significant profit opportunities and savings throughout our organization, our estimated profits and savings are based on assumptions that may prove to be inaccurate, and as a result, there can be no assurance that we will realize these profits and cost savings or that, if realized, these profits and cost savings will be sustained. Failure to achieve or delays in achieving projected levels of efficiencies and cost savings from such measures, or unanticipated inefficiencies resulting from manufacturing and administrative reorganization actions in progress or contemplated, could adversely affect our business, financial condition, results of operations and cash flows and harm our reputation.

Several Operations are Conducted by Joint Ventures that we Cannot Operate Solely for our Benefit.

Several operations, particularly in developing countries, are conducted through joint ventures. In countries that require us to conduct business through a joint venture with a local joint venture partner, the loss of a joint venture partner or a joint venture partner’s loss of its ability to conduct business in such country may impact our ability to conduct business in that country. Sanctions that apply to a partner of a joint venture or to a joint venture’s directors or officers could also impact our ability to conduct business through that joint venture.

In joint ventures, we share ownership with one or more parties who may or may not have the same goals, strategies, priorities or resources as we do. In general, joint ventures are intended to be operated for the benefit of all co-owners, rather than for our exclusive benefit. Operating a business as a joint venture often requires additional organizational formalities as well as time-consuming procedures for sharing information, accounting and making decisions. In certain cases, our joint venture partners must agree in order for the applicable joint venture to take certain actions, including acquisitions, the sale of assets, borrowing money and granting liens on joint venture property. Our inability to take unilateral action that we believe is in our best interest may have an adverse effect on the financial performance of the joint venture and the return on our investment. Finally, we may be required on a legal or practical basis or both, to accept liability for obligations of a joint venture beyond our economic interest, including in cases where our co-owner becomes bankrupt or is otherwise unable to meet its commitments.

Certain of the Agreements that Govern our Joint Ventures Provide our Partners With Put or Call Options.

The agreements that govern certain of our current joint ventures under certain circumstances provide the joint venture partner with the right to sell their participation in the joint venture to us or the right to acquire our participation in the joint venture. Some of the joint venture agreements provide that the joint venture partner can sell its participation for a certain purchase price calculated on the basis of a fixed multiple. Such put and call rights may result in financial risks for us. In addition, such rights could negatively impact our operations if as a result of their exercise we lose access to members of our management teams that are familiar with local markets or distribution and manufacturing channels.

Our Ability to Attract, Develop and Retain Talented and Qualified Employees, Managers and Executives is Critical to our Success.

Our ability to attract, develop and retain talented and qualified employees at all levels within our organization, including production employees, key managers and executives is critical to the success of our business. We need an engaged workforce to serve our customers and meet our business objectives. Competitive pressures and a tight labor market within and outside our industry, may make it more difficult and expensive to attract, hire and effectively onboard qualified employees. Increased turnover of production employees, the retirement of or unforeseen loss of key officers and employees without appropriate succession planning or the ability to develop or hire replacements could make it difficult to manage our business and meet our business objectives, resulting in a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, failing to promote gender equality and provide equal pay for work of equal value can lead to public backlash, legal penalties, brand damage, reduced employee morale and productivity, and failing to address violence and harassment in the workplace can result in internal and external risks, including legal consequences, regulatory penalties, reputational risks, decreased employee morale and productivity, turnover, absenteeism, and loss of revenue.

Table of Contents

Our Business may be Adversely Impacted by Work Stoppages and Other Labor Relations Matters.

We are subject to the risk of work stoppages and other labor relations matters, with approximately 38% of our employees around the world represented by unions. We have experienced work stoppages and strikes in the past, and there may be work stoppages and strikes in the future. Any prolonged work stoppage or strike at any one of our principal manufacturing facilities could have a negative impact on our business, financial condition, results of operations and cash flows. In addition, upon the expiration of existing collective bargaining agreements, we may not reach new agreements without union action and any such new agreements may not be on terms satisfactory to us.

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.

We are self-insured or carry large deductibles for certain types of insurance claims, which includes, but is not limited to, claims made under our employee medical and dental insurance programs and workers’ compensation, auto and general liability claims. We utilize outside actuarial services to establish reserves for estimated costs related to pending claims, administrative fees and claims incurred but not reported. Because establishing reserves is an inherently uncertain process involving estimates, currently established reserves may not be adequate to cover the actual liability for claims made under our employee medical and dental insurance programs and for certain of our workers’ compensation and liability claims. If it is concluded that our estimates are incorrect and our reserves are inadequate for these claims, we will need to increase our reserves, which could adversely affect our financial condition, results of operations and cash flows.

We have comprehensive liability, fire and extended coverage insurance on our facilities and operations, with policy specifications and insured limits customarily carried for similar properties. However, there are certain types of losses, such as losses resulting from wars, acts of terrorism, windstorms, floods, wildfires, earthquakes or other natural disasters, or environmental conditions and pollution, that may be uninsurable or subject to restrictive policy conditions or subject to very large deductibles. In these instances, should a loss occur in excess of insured limits, we could lose capital invested in that property, as well as the anticipated future revenues derived from the manufacturing activities conducted at that property, while remaining obligated for any financial obligations related to the property. Any such loss would adversely impact our business, financial condition, results of operations and cash flows. We purchase insurance policies covering general liability and product liability with substantial policy limits. However, there can be no assurance that any liability claim would be adequately covered by our applicable insurance policies or would not be excluded from coverage based on the terms and conditions of the policy. This could also apply to any applicable contractual indemnity. We also purchase environmental liability policies where legally required and may elect to purchase coverage in other circumstances in order to transfer all or a portion of environmental liability risk through insurance. However, there can be no assurance that any environmental liability claim would be adequately covered by our applicable insurance policies or would not be excluded from coverage based on the terms and conditions of the policy. We do not purchase crop insurance for our timberland holdings, and a forest fire or other event could damage a material amount of timber.

The costs of insurance coverage continue to increase, along with increases in the level of deductibles, and the availability of some insurance coverages is decreasing due to increased and more complex litigation, extensive property damage caused by natural disasters, increased cybersecurity breaches, large jury verdicts and other business and employment litigation and losses. Any substantial increases in our insurance premiums, deductibles or the availability of insurance policies could adversely affect our business, financial condition, results of operations and cash flows.

Our Business Depends on the Uninterrupted Operations of our Facilities, Systems and Business Functions, Including our Information Technology (“IT”) and Other Business Systems.

Our business is dependent upon our ability to execute, in an efficient and uninterrupted fashion, necessary business functions, such as accessing key business data, financial information, order processing, invoicing and the operation of IT dependent manufacturing equipment. A significant portion of the communication between our employees, customers and suppliers around the world depends on the reliability of our IT systems. A significant interruption or major failure of the Internet, a shut-down of or inability to access one or more of our facilities, a power outage, unavailability, obsolescence or a failure of one or more of our IT, telecommunications or other systems would substantially impair our ability to perform daily functions on a timely basis and could result in a material adverse impact on our operations and adversely affect our sales.

Initiatives intended to make our cost structure, business processes and systems more efficient may not achieve the expected benefits and could inadvertently have an adverse effect on our business, operating results, financial condition and cash flows. We continuously seek to make our cost structure and business processes more efficient, including by implementing changes to our business information systems. These efforts may involve a significant investment of financial and human resources and significant changes to our current operating processes.

Table of Contents

We have established a business continuity plan in an effort to ensure the continuation of core business operations in the event that normal operations could not be performed due to a catastrophic event. While we continue to test and assess our business continuity plan to ensure it meets the needs of our core business operations and addresses multiple business interruption events, there is no assurance that core business operations could be performed upon the occurrence of such an event which may have a material adverse effect on our business, financial condition, results of operations and cash flows.

A Cyber-Attack, Security Breach of Customer, Employee, Supplier or Company 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.

In the conduct of our business, we rely extensively on computer systems, including third-party systems, to collect, use, transmit, store and report data on information systems and interact with customers, vendors and employees. Increased global IT security threats and more sophisticated and targeted computer crime and increased ransomware attacks pose a risk to the security of our systems and networks and third-party systems and networks with our data (including employee and customer data), and the confidentiality, availability and integrity of our data. Despite our security measures, our IT systems and infrastructure may be vulnerable to computer viruses, cyber-attacks, and/or security breaches caused by employee error, malfeasance or other disruptions, with heightened risks due to geopolitical conflicts. These threats also may be further enhanced in frequency or effectiveness through threat actors’ use of artificial intelligence technologies, which are becoming more widely adopted and increasingly sophisticated. Any such threat could compromise our networks and the information stored there could be accessed, publicly disclosed, lost or stolen. A security breach of our computer systems or third-party systems with our data could interrupt or damage our operations or harm our reputation, or both. In addition, we could be subject to legal claims or proceedings, liability under laws that protect the privacy of personal information and regulatory penalties if confidential information relating to customers, suppliers, employees or other parties is misappropriated from our computer system or third-party systems with our data. To date, we have seen no material impact on our business or operations from these threats. However, we cannot ensure that our security efforts will prevent unauthorized access or loss of functionality to our or our third-party providers’ systems. For further discussion pertaining to cybersecurity strategy and related roles and responsibilities, see Part I, Item 1C of this Form 10-K.

The regulatory framework for privacy issues continues to evolve worldwide with increased regulatory and enforcement focus on data protection in the U.S. and abroad, and an actual or alleged failure to comply with applicable U.S. or foreign data protection laws, regulations or other data protection standards in the countries in which we do business may expose us to litigation (including in some instances, class action litigation), fines, sanctions or other penalties, which could harm our business reputation, and could have an adverse effect on our financial condition, results of operations and cash flows. The data privacy landscape is continuously expanding and has significantly increased responsibilities for companies collecting, using and processing personal data, as well as significantly increased penalties for noncompliance of security and data breach obligations, specifically in the EU under the General Data Protection Regulation, in China under the Personal Information Protection Law, and in Brazil under the General Personal Data Protection Law, in addition to U.S. privacy laws in numerous states. Many of these regulations are complex and their interpretation, application and enforcement are often uncertain. This regulatory and enforcement environment is increasingly challenging and may present material obligations and risks to our business, including significantly expanded compliance burdens and enforcement risks and could result in substantial costs and a material adverse effect on our business, financial condition, results of operations and cash flows.

Risks Related to Financial Reporting

We Could be Subject to Changes in our Tax Rates, the Adoption of New U.S. or Foreign Tax Legislation or Exposure to Additional Tax Liabilities.

The multinational nature of our business subjects us to taxation in the United States and numerous foreign jurisdictions. Due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change. Our future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretation.

The Organization for Economic Cooperation and Development has issued proposed guidance which establishes a 15% global minimum tax (“Pillar Two tax”). In December 2022, the EU issued a directive requiring member states to enact a 15% minimum tax into their domestic laws effective for fiscal years beginning on or after December 31, 2023. We do not anticipate the Pillar Two global minimum tax to have a material impact to our financial condition, results of operations or cash flows. We will continue to monitor the status of the Pillar Two tax implementation in the jurisdictions in which we operate.

Tax laws are complex and subject to varying interpretations. At this time, we believe we are properly reflecting the provision for taxes on income using all current enacted global tax laws in every jurisdiction in which we operate. However, there can be

Table of Contents

no assurance that our tax positions will not be challenged by relevant tax authorities or that we would be successful in any such challenge.

We have a Significant Amount of Goodwill and Long-lived Assets Which, if Impaired in the Future, Would Adversely Impact our Results of Operations.

At October 31, 2024, the carrying value of our goodwill was $1,953.7 million. We may be required to record future impairments of our long-lived assets as we continue to restructure our business. Decisions to sell or close plants could reduce the estimated useful life of an asset group or indicate that the fair value of the asset group is less than the carrying value. We may also experience declines in particular businesses due to competition or other outside forces indicating our long-lived assets are not recoverable. In addition, certain future events and circumstances, including deterioration of market conditions, higher cost of capital, a decline in actual and expected consumption and demand, could result in changes to those assumptions and judgments. Any resulting impairments will impact net income in the period in which the triggering event, such as permanent or sustaining reduction in cash flows, occurs and could be significant, which could have an adverse effect on our financial condition and results of operations.

Risks Related to Regulatory and Legal Costs

Changing Climate, Global Climate Change Regulations and Greenhouse Gas Effects may Adversely Affect our Operations and Financial Performance.

There is continuing concern that emissions of greenhouse gases (“GHG”) and other human activities have or will cause significant changes in weather patterns and increase the frequency or severity of extreme weather events, including droughts, wildfires and flooding. These types of extreme weather events have and may continue to adversely impact us, our suppliers, our customers and their ability to purchase our products and our ability to timely receive appropriate raw materials to manufacture and transport our products on a timely basis.

We believe it is likely that the scientific and political attention to issues concerning the extent and causes of climate change will continue, with new and more restrictive legislation regulations and focus on environmental, social and governance (“ESG”) initiatives that could affect our financial condition, results of operations and cash flows. Foreign, federal, state and local regulatory and legislative bodies have enacted or proposed various legislative and regulatory measures relating to increased transparency and standardization of reporting related to factors that may include climate change, regulating GHG emissions, recycling of plastic materials, and energy policies, including waste tax, and other governmental charges and mandates. In March 2024, the U.S. Securities and Exchange Commission (the “SEC”) adopted final rules that, among other things, provide a framework for the reporting of climate-related risks. However, the SEC voluntarily stayed implementation of the final rules pending completion of judicial review. The final rules, to the extent they survive ongoing and possibly additional forthcoming legal challenges, will require us to provide certain climate-related information beginning with our disclosures for the fiscal year ending September 30, 2026. As such, the final disclosure requirements and reporting timeline are currently unknown, as is the cost of compliance with the new disclosure requirements in their final form. The State of California has enacted legislation that will require large U.S. companies doing business in California to make broad-based climate-related disclosures starting as early as 2026, and other states are also considering new climate change disclosure requirements. In addition, the EU Corporate Sustainability Reporting Directive (“CSRD”) became effective in 2023. CSRD applies to both EU and non-EU in-scope entities and would require them to provide expansive disclosures on various sustainability topics. Reporting obligations will start for fiscal year 2026 with the first publication in fiscal year 2027. The EU Corporate Sustainability Due Diligence Directive (“CS3D”) became effective in July 2024. We are further assessing our obligations under CSRD and CS3D while developing a compliance strategy and beginning to prepare for compliance and expect that compliance could require substantial effort in the future. We will likely need to be prepared to contend with overlapping, yet distinct, climate-related disclosure requirements in multiple jurisdictions. The compliance with foreign, federal, state and local legislation and regulations concerning climate-related disclosures may result in our Company incurring additional costs and capital expenditures, and the failure to comply with such legislation and regulations could result in fines to our Company and could affect our business, financial condition, results of operations and cash flows. We could also face increased costs related to defending and resolving legal claims and other litigation related to climate change and the alleged impact of our operations on climate change.

We, along with other companies in many business sectors, including our customers, are considering and implementing ESG and sustainability strategies, specifically ways to reduce GHG emissions. As a result, our customers may request that changes be made to our products or facilities, as well as other aspects of our production processes, that increase costs and may require the investment of capital. The failure to comply with these requests could adversely affect our relationships with some customers, which in turn could adversely affect our business, financial condition, results of operations and cash flows.

Table of Contents

We may be Unable to Achieve Our Greenhouse Gas Emission Reduction Target by 2030.

In April 2021, we announced a GHG emission reduction target to reduce our absolute Scope 1 and 2 emissions by 28 percent from a 2019 baseline by 2030 as part of our ESG and sustainability strategy. Achievement of this target depends on our execution of operational strategies relating to investments in energy efficient equipment and options to utilize other alternative energy sources. Execution of these strategies and achievements of our 2030 target is subject to risk and uncertainties, many of which are out of our control. These risks and uncertainties include, but are not limited to our ability to execute our strategies and achieve our goals within the currently projected costs and expected timeframes; availability, use and success of on and off-site renewable energy; availability and cost of zero-emissions electric equipment and vehicles; outcome of research efforts and future technology developments such as growing our post-consumer resin product offerings and downgauging our current portfolio; availability of purchasing high quality recycled materials; growing our life cycle services network; the increased cost and availability of virtual power purchase agreements; the long timeline to complete certain sustainability projects; and the impact of acquisitions and divestitures. There are no assurances that we will be able to successfully execute our strategies and achieve our 2030 target. Failure to achieve our target could damage our reputation, customer and investor relationships or our access to financing. Further, given investors’ increased focus related to environmental, social and governance matters, such a failure could cause stockholders to reduce their ownership holdings, all of which, in turn could adversely affect our business, financial condition, results of operations and cash flows and reduce our stock price.

Legislation/Regulation Related to Environmental and Health and Safety Matters Could Negatively Impact our Operations and Financial Performance.

We must comply with extensive laws, rules and regulations in the United States, Europe and in each of the countries where we conduct business regarding environmental matters, such as air, soil and water quality and waste disposal. We must also comply with extensive laws, rules and regulations regarding safety, health and corporate social responsibility matters. There can be no assurance that compliance with existing and new laws, rules and regulations will not require significant expenditures.

In addition, laws, rules and regulations, as well as the interpretation and administration of such laws and regulations by governmental agencies, can change and restrict or prohibit the manner in which we conduct our current operations, require additional permits to engage in some or all of our current operations, or increase the cost of some or all our operations. For example, the U.S. EPA has indicated potential forthcoming changes to the regulatory framework that may impact our reconditioning business requiring a change to our processes and operations going forward. Such changes could adversely affect our business, financial condition, results of operations and cash flows.

We are also subject to transportation safety regulations promulgated by the U.S. Department of Transportation (“DOT”) and agencies in other jurisdictions. Both the DOT regulations and standards issued by the United Nations and adopted by various jurisdictions outside the United States set forth requirements related to the transportation of both hazardous and nonhazardous materials in some of our packaging products and subject our Company to random inspections and testing to ensure compliance. Failure to comply could result in fines to us and could affect our business, financial condition, results of operations and cash flows.

We are subject to laws, rules and regulations relating to certain raw materials used in our business or present in our products. For example, per- and polyfluoroalkyl substances (“PFAS”) are a group of chemicals that have been manufactured and used in consumer and industrial products since the 1940’s. PFAS compounds do not easily degrade and have been shown to accumulate over time in the environment. In the U.S., Europe and other countries where we operate, there is heightened governmental and regulatory scrutiny on PFAS usage in packaging products and its role in the contamination of soil, air and water. Governmental inquiries or requirements involving PFAS could lead to us incurring liability for damages or other costs, civil proceedings, including personal injury claims, class actions, the imposition of fines and penalties, or other remedies, as well as restrictions on or added costs for our business operations going forward. These laws, rules and regulations, as well as investigations and resulting claims by individuals, including class actions, and other businesses, could adversely affect our reputation with our customers generally, and could adversely affect our business, financial condition, results of operations and cash flows.

At the EU-level, many laws and regulations are designed to protect human health and the environment. For example, Directive 2004/35/EC concerns obligations to remedy damages to the environment, which could require us to remediate contamination identified at sites we own or use. Other EU regulations and directives limit pollution from industrial activities, reduce emissions to air, water and soil, protect water resources, reduce waste, promote recycling, reuse or reduction of materials used, achieving a circular economy, protect employee health and safety and regulate the registration, evaluation, authorization and restriction of chemicals. The European Commission published its “Fit for 55” package in July 2021; a collection of legislative proposals and amendments to existing rules aimed at implementing the EU’s target of cutting greenhouse gas emissions by 55% by 2030. In addition to existing green taxes on energy use, EU plastic taxes have been introduced. Specifically, there is heightened focus and in some cases a requirement by customers and regulators to use PCR to manufacture more sustainable packaging. If we are

Table of Contents

unable to effectively source PCR or innovate our current product offerings to meet this demand, this could negatively affect our business and results of operations. In addition, the EU Packaging & Packaging Waste Regulation that recently went into force is to be implemented over an 18-month period and imposes new requirements in terms of recycled content, recyclability and reuse from 2030 for some of our products. Failure to comply with these and other laws, or a change in the applicable legal framework, for example the increased enforcement of environmental regulations in the U.S., Europe, China and other countries or customer requirements, could affect our business, financial condition, results of operations and cash flows, in addition to those of our customers.

Our customers in the food and pharmaceutical industry are subject to increasing laws, rules and regulations relating to safety. As a result, customers may demand that changes be made to our products or facilities, as well as other aspects of our production processes, that may require the investment of capital. The failure to comply with these requests could adversely affect our relationships with some customers and result in negative effects on our business, financial condition, results of operations and cash flows.

Product Liability Claims and Other Legal Proceedings Could Adversely Affect our Operations and Financial Performance.

We produce packaging products and provide services for our customers’ products, including sensitive products such as food ingredients, pharmaceutical ingredients and hazardous substances. Incidents involving these product types can involve risk of recall, contamination, spillage, leakage, fires, and explosions, which can threaten individual health, impact the environment and cause the breakdown or failure of equipment or processes and the performance of facilities below expected levels of capacity. If any of our customers have such incidents involving our products, they may bring product liability claims against us. While we have built extensive operational processes to ensure that the design and manufacture of our products meet rigorous quality standards, there can be no assurance that we or our customers will not experience operational process failures that could result in potential product, safety, regulatory or environmental claims and associated litigation. We are also subject to a variety of legal proceedings and legal compliance risks in our areas of operation around the globe. Any such claims, whether with or without merit, could be time consuming and expensive to defend and could divert management’s attention and resources. In accordance with customary practice, we maintain insurance against some, but not all, of these potential claims. In the future, we may not be able to maintain insurance at commercially acceptable premium and deductible levels at all. In addition, the levels of insurance we maintain may not be adequate to fully cover any and all losses or liabilities. If any significant judgment or claim is not fully insured or indemnified against, it could have a material adverse impact on our business, financial condition, results of operations and cash flows.

We may Incur Fines or Penalties, 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.

We cannot provide assurance that our internal controls will always protect us from reckless or criminal acts committed by our employees, agents or business partners that would violate U.S. and non-U.S. laws, including anti-bribery, competition, trade sanctions and regulation, and other laws. Any such improper actions could subject us to civil or criminal investigations in the U.S. and in other jurisdictions, could lead to substantial civil or criminal monetary and non-monetary penalties against us or our subsidiaries, and could damage our reputation. Even the allegation or appearance of our employees, agents or business partners acting improperly or illegally could damage our reputation and result in significant expenditures in investigating and responding to such actions.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Risk Management and Strategy

We recognize the importance of effective cybersecurity risk management to our operations and interests. Our cybersecurity program is designed to protect our employees, our customers and our assets through the effective identification and mitigation of cyber risks. The program, led by the Senior Director, Global Information Technology (“IT”) Security under the oversight of the Chief Information and Digital Officer (“CIDO”), encompasses a broad range of preventative, detective and responsive measures relevant to our business needs and designed to reduce our specific risks.

The cybersecurity program is modeled after and assessed against the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”). The NIST CSF is not a certification program and our use does not imply compliance with specific, related standards – the NIST CSF is used as a guide for designing and managing cybersecurity programs.

Table of Contents

Risks and exposures associated with our cybersecurity program are integrated into our overall enterprise risk management program and share common methodologies, reporting channels and governance processes. These processes and the governance for identifying and managing risks apply across our enterprise risk management program to other legal, compliance, strategic, operational and financial risk areas.

Core elements of our cyber program include, but are not limited to:

•Risk assessments to identify cybersecurity risks that may impact us in material ways, including risks associated with our use of third-party service providers;

•Cybersecurity awareness training for our employees and ongoing technical training for cybersecurity personnel;

•Procedural and technical security controls implemented and managed by cross-functional teams;

•An incident response plan that includes procedures for responding to cybersecurity events, including those arising from our use of third-party service providers or partners;

•Periodic evaluation of security controls through system assessments and vulnerability scanning;

•Partnerships with external providers where appropriate to supplement our internal expertise, perform security assessments and penetration testing, consult on best-practices and support incident response activities with forensic analysis.

As of October 31, 2024, we are not aware of any cybersecurity incidents that have materially impacted, or are reasonably likely to materially impact, our operations or financial condition.

Governance and Oversight

Board Oversight

While our Board has responsibility for oversight of risk management on an enterprise-wide basis, it has delegated certain risk oversight responsibilities to its committees. The Audit Committee of our Board of Directors has responsibility for oversight of our cybersecurity risk management program. Full responsibilities of the Audit Committee are set forth in the publicly available Audit Committee Charter on our website. The Committee receives quarterly cybersecurity updates covering risks, mitigation plans, and cybersecurity incidents. The full Board of Directors is provided with periodic cybersecurity updates from the CIDO or the Senior Director, Global IT Security, or both.

In the event of an urgent cybersecurity incident where full Audit Committee or Board involvement is not practical or timely, the Chairperson of the Board of Directors, the Chairperson of the Audit Committee, and the Chief Executive Officer have been appointed as an incident oversight group.

Management Oversight

The Senior Director, Global IT Security has primary responsibility for the management of ongoing cyber risks under the oversight of the CIDO. The Senior Director holds a Certified Information Systems Security Professional certification and has nearly 30 years of experience in technology, including over 10 years in software development and enterprise architecture and over 15 years implementing, maturing and leading cybersecurity programs. The CIDO is responsible for global IT strategy and operations and has nearly 30 years of experience leading enterprise technology organizations. The CIDO and Senior Director, together with others on their teams, are informed about the monitoring, prevention, detection, mitigation and remediation of cybersecurity incidents through their management of and participation in the cybersecurity risk management policies, processes and operations discussed above.

The Company’s management team has designated a Cybersecurity Advisory Council (the “Council”), which consists of members of management, including the Senior Director, Global IT Security and a cross-section of Company leaders. The Council ensures strong alignment within the Company with the objectives of the cyber program, providing input on policy and risk decisions. The Council receives periodic briefings on security status, incidents, and mitigation plans.

Table of Contents

ITEM 2. PROPERTIES

The following are our principal operating locations that are either leased or owned as of October 31, 2024. We consider our operating properties to be in satisfactory condition and adequate to meet our present needs. However, we expect to make further additions, improvements and consolidations of our properties to support our business. Our global headquarters is located in Delaware, Ohio, USA. We utilize two main shared service center locations, with one in North America and the other in Europe.


Location	Global Industrial Packaging	Paper Packaging & Services	Total
Argentina	3	—	3
Belgium	2	—	2
Brazil	9	—	9
Canada	2	4	6
China	10	—	10
France	5	—	5
Germany	4	—	4
Hungary	2	—	2
Israel	1	—	1
Italy	3	—	3
Mexico	2	—	2
Netherlands	5	—	5
Poland	1	—	1
Portugal	1	—	1
Russia	9	—	9
Saudi Arabia	2	—	2
Singapore	1	—	1
South Africa	3	—	3
Spain	3	—	3
Sweden	1	—	1
United Kingdom	4	—	4
United States	41	72	113
Totals	114	76	190


Classification	Global Industrial Packaging	Paper Packaging & Services	Total
Owned	64	40	104
Leased	50	36	86
Totals	114	76	190

We also own a substantial amount of timber properties. Our timber properties consisted of approximately 175,000 acres in the southeastern United States as of October 31, 2024.

ITEM 3. LEGAL PROCEEDINGS

We are not a party to any pending legal proceedings that are material to our business or financial condition.

From time to time, we have been a party to legal proceedings arising at the country, state or local level involving environmental sites to which we have shipped, directly or indirectly, small amounts of toxic waste, such as paint solvents. As of the filing date of this Form 10-K, we have been classified only as a “de minimis” participant in such proceedings. We are not a party to any legal proceedings involving a governmental authority and arising under any federal, state or local provisions that have been enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment and involving potential monetary sanctions in excess of $300,000, other than as described below.

Table of Contents

On February 7, 2023, TPG Plastics (“TPG”), a subsidiary of Ipackchem Group SAS, which we acquired on March 26, 2024, received a letter from the United States Environmental Protection Agency (“U.S. EPA”) informing TPG that the U.S. EPA had determined through testing that certain portable fuel containers (“PFCs”) that were sold between 2018 and 2022 had failed emission testing. TPG also received a letter from The California Air Resources Board (“CARB”), dated November 7, 2023, informing TPG that compliance testing performed by CARB revealed that certain PFCs sold in 2018 to 2022 were noncompliant with California’s PFC performance standards. TPG had already discontinued the manufacture of PFCs that were subject to the U.S. EPA in and CARB letters before the end of 2022.

We have cooperated with the governmental agencies in these investigations and proceedings. As of the filing date of this Form 10-K, no citations have been issued or fines assessed with respect to any of these proceedings. However, we anticipate that monetary sanctions imposed by the U.S. EPA and the CARB will exceed $300,000 (exclusive of interest and costs).

ITEM 4. MINE SAFETY DISCLOSURES

None.

PART II

ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Shares of our Class A and Class B Common Stock are listed on the New York Stock Exchange under the symbols GEF and GEF.B, respectively.

As of December 18, 2024, there were 295 stockholders of record of the Class A Common Stock and 51 stockholders of record of the Class B Common Stock.

We pay quarterly dividends of varying amounts computed on the basis described in Note 11 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K. The annual dividends paid for the last two years are as follows:

2024 Dividends per Share – Class A $2.10; Class B $3.14

2023 Dividends per Share – Class A $2.02; Class B $3.02

The terms of our current secured credit facilities and United States accounts receivable credit facility limit our ability to make restricted payments, which include dividends and purchases, redemptions and acquisitions of our equity interests. The payment of dividends and other restricted payments are subject to the condition that certain defaults do not exist under the terms of our current secured credit facilities and United States accounts receivable credit facility and, in the event that certain defaults exist, are limited in amount by a formula based, in part, on our consolidated net income. See “Liquidity and Capital Resources – Borrowing Arrangements” in Item 7 of this Form 10-K.

Table of Contents

Performance Graph

The following graph compares the performance of shares of our Class A and B Common Stock to that of the Standard and Poor’s 500 (“S&P 500”) Index and the Dow Jones United States Containers and Packaging Index (“DJUSCP”) assuming $100 invested on October 31, 2019 and reinvestment of dividends for each subsequent year. The graph does not purport to represent our value.

Table of Contents

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The terms “Greif,” the “Company,” “we,” “us” and “our” as used in this discussion refer to Greif, Inc. and its subsidiaries.

Greif Business System 2.0

The Greif Business System is a quantitative, systematic and disciplined business process that Greif has utilized for nearly 20 years. Through our focus on continuous improvement on safety, people, mindset and culture, we have accelerated our processes to Greif Business System 2.0. We believe this System increases our ability to quickly scale and implement innovation, initiatives and best practices on a global basis. In turn, we expect this to facilitate improved productivity, efficiency and value creation.

RESULTS OF OPERATIONS

The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The preparation of these consolidated financial statements, in accordance with these principles, require us to make estimates and assumptions that affect the reported amount of assets and liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements.

Historical revenues and earnings may or may not be representative of future operating results due to various economic and other factors. See “Risk Factors” in Item 1A of this Form 10-K.

The non-GAAP financial measures of EBITDA and Adjusted EBITDA are used throughout the following discussion of our results of operations, both for our consolidated and segment results. For our consolidated results, EBITDA is defined as net income, plus interest expense, net, plus debt extinguishment charges, plus income tax expense, plus depreciation, depletion and amortization, and Adjusted EBITDA is defined as EBITDA plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus non-cash pension settlement (income) charges, plus other costs.

Since we do not calculate net income by reportable segment, EBITDA and Adjusted EBITDA by reportable segment are reconciled to operating profit by reportable segment. In that case, EBITDA is defined as operating profit by reportable segment less other (income) expense, net, less non-cash pension settlement (income) charges, less equity earnings of unconsolidated affiliates, net of tax, plus depreciation, depletion and amortization expense for that reportable segment, and Adjusted EBITDA is defined as EBITDA plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus non-cash pension settlement (income) charges, plus other costs, for that reportable segment.

We use EBITDA and Adjusted EBITDA as financial measures to evaluate our historical and ongoing operations and believe that these non-GAAP financial measures are useful to enable investors to perform meaningful comparisons of our historical and current performance. The foregoing non-GAAP financial measures are intended to supplement and should be read together with our financial results. These non-GAAP financial measures should not be considered an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measures.

Change in Fiscal Year

We are changing our fiscal year end, effective for the 2025 fiscal year. Our 2025 fiscal year will begin on November 1, 2024 and end on September 30, 2025, and accordingly, will consist of eleven months. Our fourth fiscal quarter of 2025 will be the two months ending September 30, 2025. Thereafter, our fiscal year will begin on October 1 and end on September 30 of the following year.

Change in Reportable Segments

Information in this Management’s Discussion and Analysis of Financial Condition and Results of Operations includes the financial results in our three reportable segments: Global Industrial Packaging (“GIP”); Paper Packaging & Services; and Land Management. Beginning with our first fiscal quarter of 2025, we implemented changes to our reporting structure, moving to a material solution-based structure. We believe this structure will enable us to more efficiently utilize our robust scale and global network of facilities, align operations to capitalize on our deep subject matter expertise, enable further innovation and growth,

Table of Contents

and optimize cross-selling and margin expansion opportunities. This internal re-alignment has resulted in a change in our reportable segments.

Starting November 1, with the first fiscal quarter of 2025, we will report our financial results in four reportable segments: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Integrated Solutions. The products and services included in each of these reportable segments are as follows:

•Customized Polymer Solutions: Operations in the Customized Polymer Solutions reportable segment involve the production and sale of a comprehensive line of polymer based packaging products, such as plastic drums, rigid intermediate bulk containers and small plastics. Our polymer-based packaging products and services are sold on a global basis to customers in industries such as chemicals, food and beverage, agricultural, pharmaceutical and mineral products, among others.

•Durable Metal Solutions: Operations in the Durable Metal Solutions reportable segment involve the production and sale of metal-based packaging products, including a wide variety of steel drums. Our metal-based packaging products are sold on a global basis to customers in industries such as chemicals, petroleum, agriculture and paints and coatings, among others.

•Sustainable Fiber Solutions: Operations in the Sustainable Fiber Solutions reportable segment involve the production and sale of fiber-based packaging products, including fiber drums, containerboard, corrugated sheets, corrugated containers, tubes and cores and specialty partitions made from both containerboard, uncoated recycled board and coated recycled board. Our fiber-based packaging products are sold in North America in industries such as packaging, automotive, construction, food and beverage and building products. In addition, this reportable segment is involved in the management and sale of timber, timberland and special use properties in the southeastern United States.

•Integrated Solutions: Operations in the Integrated Solutions reportable segment involve the production and sale of complimentary packaging products, such as paints, linings and closure systems for industrial packaging products and related services, such as container life cycle management. In addition, this reportable segment is involved in the purchase and sale of recycled fiber and the production and sale of adhesives used in our paperboard products. These products and services are used internally by us and are also sold to external customers.

Table of Contents

Tabular Financial Results

The following table sets forth the net sales, operating profit, EBITDA and Adjusted EBITDA for each of our reportable segments for 2024, 2023 and 2022:


Year Ended October 31, (in millions)	2024		2023		2022
Net sales:
Global Industrial Packaging	$	3,124.3	$	2,936.8	$	3,652.4
Paper Packaging & Services	2,303.5		2,260.5		2,675.1
Land Management	20.3		21.3		22.0
Total net sales	$	5,448.1	$	5,218.6	$	6,349.5
Operating profit:
Global Industrial Packaging	$	341.1	$	334.3	$	313.7
Paper Packaging & Services	115.6		264.1		298.5
Land Management	7.9		7.1		9.0
Total operating profit	$	464.6	$	605.5	$	621.2
EBITDA:
Global Industrial Packaging	$	454.9	$	415.7	$	383.5
Paper Packaging & Services	253.9		398.8		439.0
Land Management	10.1		9.3		11.8
Total EBITDA	$	718.9	$	823.8	$	834.3
Adjusted EBITDA:
Global Industrial Packaging	$	423.7	$	425.4	$	458.2
Paper Packaging & Services	261.5		387.9		450.5
Land Management	9.1		8.9		8.8
Total Adjusted EBITDA	$	694.3	$	822.2	$	917.5

Table of Contents

The following table sets forth EBITDA and Adjusted EBITDA, reconciled to net income and operating profit, for our consolidated results for 2024, 2023 and 2022:


Year Ended October 31, (in millions)	2024		2023		2022
Net income	$	295.5	$	379.1	$	394.0
Plus: interest expense, net	134.9		96.3		61.2
Plus: debt extinguishment charges	—		—		25.4
Plus: income tax expense	27.2		117.8		137.1
Plus: depreciation, depletion and amortization expense	261.3		230.6		216.6
EBITDA	$	718.9	$	823.8	$	834.3
Net income	$	295.5	$	379.1	$	394.0
Plus: interest expense, net	134.9		96.3		61.2
Plus: non-cash pension settlement charges	—		3.5		—
Plus: debt extinguishment charges	—		—		25.4
Plus: other expense, net	10.1		11.0		8.9
Plus: income tax expense	27.2		117.8		137.1
Plus: equity earnings of unconsolidated affiliates, net of tax	(3.1)		(2.2)		(5.4)
Operating profit	464.6		605.5		621.2
Less: non-cash pension settlement charges	—		3.5		—
Less: other expense, net	10.1		11.0		8.9
Less: equity earnings of unconsolidated affiliates, net of tax	(3.1)		(2.2)		(5.4)
Plus: depreciation, depletion and amortization expense	261.3		230.6		216.6
EBITDA	718.9		823.8		834.3
Plus: acquisition and integration related costs	18.5		19.0		8.7
Plus: restructuring charges	5.4		18.7		13.0

Plus: non-cash asset impairment charges	2.6		20.3		71.0
Plus: gain on disposal of properties, plants and equipment, net	(8.8)		(2.5)		(8.1)
Plus: gain on disposal of businesses, net	(46.0)		(64.0)		(1.4)
Plus: non-cash pension settlement charges	—		3.5		—
Plus: other costs*	3.7		3.4		—
Adjusted EBITDA	$	694.3	$	822.2	$	917.5
*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses

Table of Contents

The following table sets forth EBITDA and Adjusted EBITDA for each of our reportable segments, reconciled to the operating profit for each reportable segment, for 2024, 2023 and 2022:


Year Ended October 31, (in millions)	2024		2023		2022
Global Industrial Packaging
Operating profit	$	341.1	$	334.3	$	313.7
Less: non-cash pension settlement charges	—		3.5		—
Less: other expense, net	11.6		12.6		9.5
Less: equity earnings of unconsolidated affiliates, net of tax	(3.1)		(2.2)		(5.4)
Plus: depreciation and amortization expense	122.3		95.3		73.9
EBITDA	454.9		415.7		383.5
Plus: acquisition and integration related costs	17.2		12.2		0.4
Plus: restructuring charges	(2.8)		4.2		9.1
Plus: non-cash asset impairment charges	1.3		1.9		69.4
Plus: gain on disposal of properties, plants and equipment, net	(2.9)		(4.4)		(2.8)
Plus: gain on disposal of businesses, net	(46.0)		(9.4)		(1.4)
Plus: non-cash pension settlement charges	—		3.5		—
Plus: other costs*	2.0		1.7		—
Adjusted EBITDA	$	423.7	$	425.4	$	458.2
Paper Packaging & Services
Operating profit	$	115.6	$	264.1	$	298.5

Less: other income, net	(1.5)		(1.6)		(0.6)
Plus: depreciation and amortization expense	136.8		133.1		139.9
EBITDA	253.9		398.8		439.0
Plus: acquisition and integration related costs	1.3		6.8		8.3
Plus: restructuring charges	8.2		14.5		3.9
Plus: non-cash asset impairment charges	1.3		18.4		1.6
Plus: (gain) loss on disposal of properties, plants and equipment, net	(4.9)		2.3		(2.3)
Plus: gain on disposal of businesses, net	—		(54.6)		—

Plus: other costs*	1.7		1.7		—
Adjusted EBITDA	$	261.5	$	387.9	$	450.5
Land Management
Operating profit	$	7.9	$	7.1	$	9.0


Plus: depreciation and depletion expense	2.2		2.2		2.8
EBITDA	10.1		9.3		11.8



Plus: gain on disposal of properties, plants and equipment, net	(1.0)		(0.4)		(3.0)



Adjusted EBITDA	$	9.1	$	8.9	$	8.8
*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses

Table of Contents

Year 2024 Compared to Year 2023

Net Sales

Net sales were $5,448.1 million for 2024 compared with $5,218.6 million for 2023. The $229.5 million increase was primarily due to contributions from recent acquisitions and higher volumes across the Global Industrial Packaging segment and the Paper Packaging & Services segment, respectively, partially offset by lower prices in the Paper Packaging & Services segment due to lower published pricing indices. See the “Segment Review” below for additional information on net sales by reportable segment.

Gross Profit

Gross profit was $1,070.8 million for 2024 compared with $1,146.1 million for 2023. The $75.3 million decrease was primarily due to higher raw material costs and higher costs for transportation and manufacturing, partially offset by the same factors that impacted net sales. See the “Segment Review” below for additional information on gross profit by reportable segment. Gross profit margin was 19.7 percent for 2024 compared with 22.0 percent for 2023, primarily impacted by the Paper Packaging & Services segment further explained in the respective segment commentary. The decrease in gross profit margin was primarily due to higher raw material input costs in the Paper Packaging & Services segment due to higher published index purchase prices.

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses were $634.5 million for 2024 compared with $549.1 million for 2023. The $85.4 million increase was primarily due to recent acquisitions, including amortization costs, short-term incentive costs and costs incurred for strategic investments. SG&A expenses were 11.6 percent of net sales for 2024 compared with 10.5 percent of net sales for 2023.

Financial Measures

Operating profit was $464.6 million for 2024 compared with $605.5 million for 2023. Net income was $295.5 million for 2024 compared with $379.1 million for 2023. Adjusted EBITDA was $694.3 million for 2024 compared with $822.2 million for 2023. The reasons for changes in operating profit and Adjusted EBITDA for each reportable segment are described below in the “Segment Review.”

Trends

We anticipate that the multi-year period of industrial contraction will continue into the 2025 fiscal year. We have not identified any compelling demand inflection on the horizon, although there has been increased demand for our containerboard products in the U.S. and some increased demand for industrial packaging in EMEA.

We expect the prices for steel, old corrugated containers, resin and other direct materials, as well as prices for transportation, labor and utilities, to remain relatively stable through the year.

Segment Review

Global Industrial Packaging

Key factors influencing profitability in the Global Industrial Packaging reportable segment are:

•Selling prices, product mix, customer demand and sales volumes;

•Raw material costs, primarily steel, resin, containerboard and used industrial packaging for reconditioning;

•Energy and transportation costs;

•Benefits from executing the Greif Business System 2.0;

•Restructuring charges;

•Acquisition of businesses and facilities;

•Divestiture of businesses and facilities; and

•Impact of foreign currency translation.

Table of Contents

Net sales were $3,124.3 million for 2024 compared with $2,936.8 million for 2023. The $187.5 million increase in net sales was primarily due to contributions from recent acquisitions, higher volumes and higher average selling prices, partially offset by negative foreign currency translation impacts.

Gross profit was $669.4 million for 2024 compared with $634.4 million for 2023. The $35.0 million increase in gross profit was primarily due to contributions from recent acquisitions. Gross profit margin was 21.4 percent for 2024 compared with 21.6 percent for 2023.

Operating profit was $341.1 million for 2024 compared with $334.3 million for 2023. The $6.8 million increase was primarily due to a $46.1 million gain from the divestiture of Delta Petroleum Company, Inc. (the “Delta Divestiture”) during the third quarter of 2024 and the same factors that impacted gross profit, partially offset by higher SG&A expenses related to recent acquisitions, including amortization costs, compensation expenses and costs incurred for strategic investments. Adjusted EBITDA was $423.7 million for 2024 compared with $425.4 million for 2023. The $1.7 million decrease was primarily due to higher SG&A expenses related to recent acquisitions and compensation expenses, offset by the same factors that impacted gross profit.

Paper Packaging & Services

Key factors influencing profitability in the Paper Packaging & Services reportable segment are:

•Selling prices, product mix, customer demand and sales volumes;

•Raw material costs, primarily old corrugated containers;

•Energy and transportation costs;

•Benefits from executing the Greif Business System 2.0;

•Restructuring charges;

•Acquisition of businesses and facilities; and

•Divestiture of businesses and facilities.

Net sales were $2,303.5 million for 2024 compared with $2,260.5 million for 2023. The $43.0 million increase was primarily due to higher volumes and contributions from recent acquisitions, partially offset by lower average selling prices as a result of lower published containerboard and boxboard prices.

Gross profit was $391.6 million for 2024 compared with $502.5 million for 2023. The $110.9 million decrease in gross profit was primarily due to higher raw material costs, transportation and manufacturing costs, partially offset by the same factors that impacted net sales. Gross profit margin was 17.0 percent for 2024 compared with 22.2 percent for 2023. The decrease in gross profit margin was primarily due to higher raw material input costs caused by higher published index purchase prices.

Operating profit was $115.6 million for 2024 compared with $264.1 million for 2023. The $148.5 million decrease in operating profit was primarily due to the same factors that impacted gross profit, a $54.6 million gain from the divestiture of Tama Paperboard, LLC in the Paper Packaging & Services segment (the “Tama Divestiture”) during the first quarter of 2023 and higher SG&A expenses related to recent acquisitions, including amortization costs and short-term incentive costs. Adjusted EBITDA was $261.5 million for 2024 compared with $387.9 million for 2023. The $126.4 million decrease was primarily due to the same factors that impacted gross profit and higher SG&A expenses related to recent acquisitions and short-term incentive costs.

Land Management

As of October 31, 2024, our Land Management reportable segment consisted of approximately 175,000 acres of timber properties in the southeastern United States. Key factors influencing profitability in the Land Management reportable segment are:

•Planned level of timber sales;

•Selling prices and customer demand;

•Gains on timberland sales; and

•Gains on the disposal of development, surplus and HBU properties (“special use property”).

Net sales were $20.3 million for 2024 compared with $21.3 million for 2023.

Table of Contents

Gross profit was $9.8 million for 2024 compared with $9.2 million for 2023.

Operating profit was $7.9 million for 2024 compared with $7.1 million for 2023. Adjusted EBITDA was $9.1 million for 2024 compared with $8.9 million for 2023.

In order to maximize the value of our timber properties, we continue to review our current portfolio and explore the development of certain of these properties. This process has led us to characterize our property as follows:

•Surplus property, meaning land that cannot be efficiently or effectively managed by us, whether due to parcel size, lack of productivity, location, access limitations or for other reasons;

•HBU property, meaning land that in its current state has a higher market value for uses other than growing and selling timber;

•Development property, meaning HBU land that, with additional investment, may have a significantly higher market value than its HBU market value; and

•Core timberland, meaning land that is best suited for growing and selling timber.

We report the sale of core timberland property in timberland gains, the sale of HBU and surplus property in gain on disposal of properties, plants and equipment, net and the sale of timber and development property under net sales and cost of products sold in our consolidated statements of income. All HBU and development property, together with surplus property, is used to productively grow and sell timber until the property is sold.

Whether timberland has a higher value for uses other than growing and selling timber is a determination based upon several variables, such as proximity to population centers, anticipated population growth in the area, the topography of the land, aesthetic considerations, including access to lakes or rivers, the condition of the surrounding land, availability of utilities, markets for timber and economic considerations both nationally and locally. Given these considerations, the characterization of land is not a static process, but requires an ongoing review and re-characterization as circumstances change.

As of October 31, 2024, we estimated that there were 7,500 acres in the United States of special use property, which we expect will be available for sale in the next four to six years.

Income Tax Expense

We had operations in over 35 countries during our fiscal year 2024. Our operations outside the United States are subject to additional risks that may not exist, or be as significant, within the United States. Because of our global operations in numerous countries, we are required to address different and complex tax systems and issues which are constantly changing.

The Organization for Economic Co-operation and Development proposed a global minimum tax of 15% of reported profits (“Pillar 2”) that has been agreed upon in principle by over 140 countries. During 2023, many countries began to incorporate Pillar 2 model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar 2 slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar 2. We do not anticipate the Pillar Two global minimum tax to have a material impact to our financial condition, results of operations or cash flows.

Preparation of our financial statements requires the use of estimates and assumptions that affect the reported amounts of our assets, liabilities, revenues and expenses. The numerous tax jurisdictions in which we operate, along with the variety and complexity of the various tax laws, creates a level of uncertainty and requires judgment when addressing the impact of complex tax issues. Our effective tax rate and the amount of tax expense are dependent upon various factors, including the following: the tax laws of the jurisdictions in which income is earned; the ability to realize deferred tax assets; negotiation and dispute resolution with taxing authorities in the U.S. and international jurisdictions; and changes in tax laws.

The provision for income taxes is computed using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized currently based on the anticipated future tax consequences of changes in the temporary differences between the book and tax bases of assets and liabilities. This method includes an estimate of the future realization of tax benefits associated with tax losses. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those assets are expected to be realized or settled.

Income tax expense for 2024 was $27.2 million on $319.6 million of pretax income and for 2023 was $117.8 million on $494.7 million of pretax income. The $90.6 million decrease in income tax expense for 2024 was primarily attributable to a decrease in pre-tax earnings in 2024 and the recognition of a deferred tax asset related to the onshoring of certain intangible property.

Table of Contents

We analyze potential income tax liabilities related to uncertain tax positions in the United States and international jurisdictions. The analysis of potential income tax liabilities results in estimates recognized for uncertain tax positions following the guidance of Accounting Standards Codification (“ASC”) 740, “Income Taxes.” The estimation of potential tax liabilities related to uncertain tax positions involves significant judgment in evaluating the impact of uncertainties in the application of ASC 740 and complex tax laws. We periodically analyze both potential income tax liabilities and existing liabilities for uncertain tax positions resulting in both new reserves and adjustments to existing reserves in light of changing facts and circumstances. This includes the release of existing liabilities for uncertain tax positions based on the expiration of statutes of limitation. During 2024, the recognition of new uncertain tax position liabilities recorded during the current year were reduced by lapses in the statute of limitations, resulting in an overall net increase in our uncertain tax position liability. The net 2024 activity in uncertain tax positions provided a $0.8 million increase in tax expense over the prior year.

The ultimate resolution of potential income tax liabilities may result in a payment that is materially different from our current estimates. If our estimates recognized under ASC 740 prove to be different than what is ultimately resolved, such resolution could have a material impact on our financial condition and results of operations. While predicting the final outcome or the timing of the resolution of any particular tax matter is subject to various risks and uncertainties, we believe that our tax accounts related to uncertain tax positions are appropriately stated.

See Note 8 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K for further information.

Year 2023 Compared to Year 2022

Results of our fiscal year 2023 compared to our fiscal year 2022 are included in our Annual Report on Form 10-K for the year ended October 31, 2023, File No. 001-00566 (see Item 7 therein).

LIQUIDITY AND CAPITAL RESOURCES

Our primary sources of liquidity are operating cash flows and borrowings under our senior secured credit facilities and proceeds from our trade accounts receivable credit facilities. We use these sources to fund our working capital needs, capital expenditures, cash dividends, debt repayment and acquisitions. We anticipate continuing to fund these items in a like manner. We currently expect that operating cash flows, borrowings under our senior secured credit facilities and proceeds from our trade accounts receivable credit facilities will be sufficient to fund our anticipated working capital, capital expenditures, cash dividends, debt repayment and other liquidity needs for at least 12 months.

Cash Flow


Year Ended October 31, (in millions)	2024		2023
Net cash provided by operating activities	$	356.0	$	649.5
Net cash used in investing activities	(658.3)		(670.2)
Net cash provided by financing activities	324.3		69.7

Effects of exchange rates on cash	(5.2)		(15.2)
Net increase in cash and cash equivalents	16.8		33.8
Cash and cash equivalents at beginning of year	180.9		147.1
Cash and cash equivalents at end of year	$	197.7	$	180.9

Operating Activities

During 2024 and 2023, cash (used in) provided by change in accounts receivable was $(43.4) million and $130.3 million, respectively. The unfavorable change in accounts receivable levels was primarily due to an increase in net sales.

During 2024 and 2023, cash (used in) provided by change in inventories was $(26.4) million and $101.0 million, respectively. The unfavorable change in inventories was primarily due to increases in raw material prices and purchases to meet demand.

During 2024 and 2023, cash (used in) provided by change in accounts payable was $18.9 million and $(79.8) million, respectively. The favorable change in accounts payable levels was primarily due to increase in raw material prices and purchases to meet demand.

Table of Contents

Investing Activities

During 2024 and 2023, we invested $186.5 million and $213.6 million, respectively, of cash in capital expenditures. These investments exclude $5.2 million and $6.0 million of cash purchases and investments in timber properties during 2024 and 2023, respectively.

During 2024, we paid $568.8 million for the purchases of businesses, net of cash acquired, primarily for the acquisition of Ipackchem Group SAS (“Ipackchem”) on March 26, 2024 (“Ipackchem Acquisition”). During 2023, we paid $542.4 million for purchases of businesses, net of cash acquired, primarily for the acquisition of Lee Container Corporate, Inc. (“Lee Container”) on December 15, 2022 (the “Lee Container Acquisition”), the acquisition from approximately 10% to 80% of our ownership interest in Centurion Container LLC (“Centurion”) on March 31, 2023 (the “Centurion Acquisition”), and the acquisition of a 51% ownership interest in ColePak, LLC (“ColePak”) on August 23, 2023 (the “ColePak Acquisition”).

During 2024, we received $89.0 million of cash from sale of businesses, primarily from the Delta Divestiture. During 2023, we received $105.3 million of cash from sale of businesses, primarily from the Tama Divestiture.

Financing Activities

We paid cash dividends to our stockholders in the amount of $121.0 million and $116.5 million for the years ended October 31, 2024 and 2023, respectively. We paid dividends to non-controlling interests in the amount of $25.7 million and $14.2 million for the years ended October 31, 2024 and 2023, respectively, with the increase primarily coming from recent acquisitions.

During 2024 and 2023, we borrowed $497.2 million and $257.0 million of long-term debt, net of payments, respectively.

During 2023, we paid $63.9 million to repurchase Class A Common Stock through an accelerated share repurchase agreement and to repurchase Class A and Class B Common Stock through open market purchases.

Financial Obligations

Borrowing Arrangements

Long-term debt is summarized as follows:


(in millions)	October 31, 2024		October 31, 2023
2022 Credit Agreement - Term Loans	$	1,707.4	$	1,493.8
2023 Credit Agreement - Term Loans	288.8		296.3

Accounts receivable credit facilities	357.9		351.0
2022 Credit Agreement - Revolving Credit Facility	373.7		77.3

Other debt	1.3		—
	2,729.1		2,218.4
Less current portion	95.8		88.3
Less deferred financing costs	7.1		8.7
Long-term debt, net	$	2,626.2	$	2,121.4

2022 Credit Agreement

We and certain of our 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, (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, and (d) as further described below, a $300.0 million incremental secured term loan A-4 facility with quarterly principal installments that commenced on April 30, 2024 and continue through January 31, 2027, with any

Table of Contents

outstanding principal balance of such term loan A-4 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.

On March 25, 2024, the Company and certain of its subsidiaries entered into an incremental term loan agreement (the “Incremental Term Loan A-4 Agreement”) with a syndicate of financial institutions. The Incremental Term Loan A-4 Agreement is an amendment to the 2022 Credit Agreement. The Incremental Term Loan A-4 Agreement provided for a loan in the aggregate principal amount of $300.0 million that was made available in a single draw on March 25, 2024 (the “Incremental Term Loan A-4”). Amounts repaid or prepaid in respect of the Incremental Term Loan A-4 may not be reborrowed. The Incremental Term Loan A-4 amortizes at 2.50% per annum in equal quarterly principal installments, with the remaining outstanding principal balance due on March 1, 2027. The terms and provisions of the Incremental Term Loan A-4 are identical in all material respects to the terms and provisions of the other term loans made under the 2022 Credit Agreement. The Company’s obligations with respect to the Incremental Term Loan A-4 are secured and guaranteed with the other obligations under the 2022 Credit Agreement on a pari passu basis. The Company used the proceeds from the Incremental Term Loan A-4 to repay funds drawn on the revolving credit facility under the 2022 Credit Agreement for the purchase of Ipackchem on March 26, 2024.

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 our leverage ratio. Subject to the terms of the 2022 Credit Agreement, we have an option to add borrowings to the 2022 Credit Agreement with the agreement of the lenders. As of October 31, 2024, we had $426.3 million of available borrowing capacity under the $800.0 million secured revolving credit facility.

The repayment of all borrowings under the 2022 Credit Agreement is secured by a security interest in our personal property and the personal property of certain of our U.S. subsidiaries, including equipment and inventory and certain intangible assets, as well as a pledge of the capital stock of substantially all of our U.S. subsidiaries, and is secured, in part, by the capital stock of the non-U.S. borrowers. However, in the event that we receive and maintain an investment grade rating from either Moody’s Investors Services, Inc. or Standard & Poor’s Financial Services LLC, we may request the release of such collateral.

The 2022 Credit Agreement contains certain covenants, which include financial covenants that require us to maintain a certain leverage ratio and an interest coverage ratio. The leverage ratio generally requires that at the end of any fiscal quarter we will not permit the ratio of (a) our total consolidated indebtedness (less the aggregate amount of our unrestricted cash and cash equivalents), to (b) our consolidated net income plus depreciation, depletion and amortization, interest expense (including capitalized interest), income taxes, and minus certain extraordinary gains and non-recurring gains (or plus certain extraordinary losses and non-recurring losses) and plus or minus certain other items for the preceding twelve months (as used in this paragraph only “EBITDA”) to be greater than 4.00 to 1.00; provided that such leverage ratio is subject to (i) a covenant step-up (as defined in the 2022 Credit Agreement) increase adjustment of 0.50 upon the consummation of, and the following three fiscal quarters after, certain specified acquisitions, and (ii) a collateral release decrease adjustment of 0.25x during any collateral release period (as defined in the 2022 Credit Agreement). The interest coverage ratio generally requires that at the end of any fiscal quarter we will not permit the ratio of (a) our consolidated EBITDA, to (b) our consolidated interest expense to the extent paid or payable, to be less than 3.00 to 1.00, during the applicable preceding twelve month period. As of October 31, 2024, we were in compliance with the covenants and other agreements in the 2022 Credit Agreement.

2023 Credit Agreement

On May 17, 2023, we and Greif Packaging LLC, a direct wholly owned subsidiary of Greif, Inc. entered into a $300.0 million senior secured credit agreement (the “2023 Credit Agreement”) with CoBank, ACB (“CoBank”), who acted as 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 continue through January 31, 2028, with any outstanding principal balance of such term loan being due and payable on maturity on May 17, 2028. We 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 our leverage ratio.

The repayment of all borrowings under the 2023 Credit Agreement is secured by a security interest in certain of our personal property and certain of the personal property of certain of our U.S. subsidiaries, including equipment and inventory and certain intangible assets, as well as a pledge of the capital stock of substantially all of our U.S. subsidiaries. However, in the event that we receive and maintain an investment grade rating from either Moody’s Investors Services, Inc. or Standard & Poor’s

Table of Contents

Financial Services LLC, we may request the release of such collateral. Our obligations under the 2023 Credit Agreement are secured on a pari passu basis with the obligations arising under the 2022 Credit Agreement.

The 2023 Credit Agreement contains covenants, including financial covenants, substantially the same as the covenants in 2022 Credit Agreement, as described above, and a “most favored lender” provision related to the 2022 Credit Agreement. As of October 31, 2024, we were in compliance with the covenants and other agreements in the 2023 Credit Agreement.

United States Trade Accounts Receivable Credit Facility

We have a $300.0 million U.S. Receivables Financing Facility Agreement (the “U.S. RFA”) that matures on May 16, 2025. As of October 31, 2024, there was a $273.7 million ($270.9 million as of October 31, 2023) outstanding balance under the U.S. RFA that is reported as long-term debt in the consolidated balance sheets because we intend to refinance these obligations on a long-term basis and have the intent and ability to consummate a long-term refinancing by renewing the existing agreement or entering into new financing arrangements. The U.S. RFA also contains events of default and covenants that are substantially the same as the covenants under the 2022 Credit Agreement. As of October 31, 2024, we were in compliance with these covenants. Proceeds of the U.S. RFA are available for working capital and general corporate purposes.

International Trade Accounts Receivable Credit Facilities

We have a €100.0 million ($108.2 million as of October 31, 2024) European Receivables Financing Agreement (the “European RFA”) that matures on April 22, 2025. As of October 31, 2024, there was a $84.2 million outstanding balance on the European RFA that is reported as long-term debt in the consolidated balance sheets because we intend to refinance these obligations on a long-term basis and have the intent and ability to consummate a long-term refinancing by renewing the existing agreement or entering into new financing arrangements. As of October 31, 2024, we were in compliance with the covenants that relate to the European RFA. Proceeds of the European RFA are available for working capital and general corporate purposes.

See Note 5 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K for additional information regarding our financial obligations.

Financial Instruments

Interest Rate Derivatives

As of October 31, 2024, we have various interest rate swaps with a total notional amount of $1,400.0 million ($1,300.0 million as of October 31, 2023), amortizing down over the term, in which we receive variable interest rate payments based on SOFR and in return are obligated to pay interest at a weighted average fixed interest rate of 2.97%. These derivatives are designated as cash flow hedges for accounting purposes and will mature between March 1, 2027 and July 16, 2029.

Accordingly, the gain or loss on these derivative instruments are reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transactions and in the same period during which the hedged transaction affects earnings.

Foreign Exchange Hedges

We conduct business in international currencies and are subject to risks associated with changing foreign exchange rates. Our objective is to reduce volatility associated with foreign exchange rate changes to allow management to focus its attention on business operations. Accordingly, we enter 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 October 31, 2024 and 2023, we had outstanding foreign currency forward contracts in the notional amount of $74.1 million and $66.0 million, respectively.

Cross Currency Swaps

We have operations and investments in various international locations and are subject to risks associated with changing foreign exchange rates. We have cross currency interest rate swaps that synthetically swap $447.6 million ($319.3 million as of October 31, 2023) of U.S. fixed rate debt to Euro denominated fixed rate debt. We receive a weighted average rate of 1.27%. These agreements are designated as either net investment hedges or cash flow hedges for accounting purposes and will mature between August 10, 2026 and November 3, 2028.

Table of Contents

Accordingly, the gain or loss on the 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. 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 from 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.

See Note 6 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K for additional disclosures regarding our financial instruments.

Other Liquidity Considerations

Post-Retirement Benefit Plans

We have no near-term post-retirement benefit plan funding obligations. We intend to make a post-retirement benefit plan contribution of $6.6 million during 2025, which we anticipate will consist of $1.2 million of employer contributions and $5.4 million of benefits paid directly by the employer. See Note 9 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K for additional information regarding our post-retirement benefit plans.

Contingent Liabilities and Environmental Reserves

Environmental reserves are estimates based on current remediation plans, and actual liabilities could significantly differ from the reserve estimates. See Note 10 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K for additional information regarding our contingent liabilities and environmental reserves.

Stock Repurchase Program

Our Board of Directors has authorized the repurchase of Class A Common Stock or Class B Common Stock or any combination of the foregoing. As of October 31, 2024, the remaining number of shares that could be repurchased under this authorization was 2,504,836 shares. We did not repurchase any shares of our Class A or Class B Common Stock during 2024.

See Note 11 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K for additional information regarding this program and the repurchase of shares of Class A and B Common Stock.

Critical Accounting Policies

A summary of our significant accounting policies is included in Note 1 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K. We believe that the consistent application of these policies enables us to provide readers of the consolidated financial statements with useful and reliable information about our results of operations and financial condition. The following are the accounting policies that we believe are most important to the portrayal of our results of operations and financial condition and require our most difficult, subjective or complex judgments.

Other items that could have a significant impact on the financial statements include the risks and uncertainties listed in Part I, Item 1A – Risk Factors. Actual results could differ materially using different estimates and assumptions, or if conditions are significantly different in the future.

Business Combinations

Under the acquisition method of accounting, we allocate the fair value of purchase consideration transferred to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the date of the acquisition. The fair values assigned, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants, are based on estimates and assumptions determined by management. The excess purchase consideration over the aggregate fair value of tangible and intangible assets, net of liabilities assumed, is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, we make significant estimates and assumptions, especially with respect to intangible assets. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, not to exceed one year from the date of acquisition, we may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of operations. Acquisition costs, such as legal and consulting fees, are expensed as incurred. See

Table of Contents

Note 2 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K for additional information regarding our acquisitions.

Valuation of Goodwill

We account for goodwill in accordance with ASC 350, “Intangibles – Goodwill and Other.” Under ASC 350, goodwill is not amortized, but instead is tested for impairment either annually on August 1 or when events and circumstances indicate an impairment may have occurred. Our goodwill impairment assessment is performed by reporting unit. A reporting unit is the operating segment, or a business one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. However, components are aggregated as a single reporting unit if they have similar economic characteristics. In conducting the annual impairment tests, the estimated fair value of each of our reporting units is compared to its carrying amount including goodwill. If the estimated fair value exceeds the carrying amount, then no impairment exists. If the carrying amount exceeds the estimated fair value, we record an impairment of goodwill equal to the amount by which the carrying value exceeds the fair value of the reporting unit, not to exceed the recorded amount of goodwill.

The Global Industrial Packaging reportable segment consists of five operating segments: Global Industrial Packaging – North America; Global Industrial Packaging – Latin America; Global Industrial Packaging – Europe, Middle East and Africa; Global Industrial Packaging – Asia Pacific; and Global Industrial Packaging – Ipackchem. Each of these operating segments also qualify as a component that has discrete financial information available that is reviewed by segment management on a regular basis. As such, these components also represent our reporting units for purposes of goodwill impairment testing.

The Paper Packaging & Services reportable segment is also an operating segment. This operating segment consists of multiple components that have discrete financial information available that is reviewed by segment management on a regular basis. We have evaluated those components and concluded that they are economically similar and should be aggregated into single reporting unit. For the purpose of aggregating our components, we review the long-term performance of gross profit margin and operating profit margin. Additionally, we review qualitative factors such as common customers, similar products, similar manufacturing processes, sharing of resources, level of integration and interdependency of processes across components. We place greater weight on the qualitative factors outlined in ASC 280 “Segment Reporting” and consider the guidance in ASC 350 in determining whether two or more components of an operating segment are economically similar and can be aggregated into a single reporting unit.

The estimated fair value of the reporting units utilized in the impairment test is based on a discounted cash flow analysis or income approach and market multiple approach. Under this method, the principal valuation focus is on the reporting unit’s cash-generating capabilities. The discount rates used for impairment testing are based on a market participant’s weighted average cost of capital. The use of alternative estimates, peer groups or changes in the industry, or adjusting the discount rate, earnings before interest, taxes, depreciation, depletion and amortization, multiples or price earnings ratios used could affect the estimated fair value of the assets and potentially result in impairment. Any identified impairment would result in an adjustment to our results of operations.

In performing the test, we first evaluate qualitative factors, such as macroeconomic conditions and our overall financial performance to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We then evaluate how significant each of the identified factors could be to the fair value or carrying amount of a reporting unit and weigh those factors in totality in forming a conclusion of whether or not it is more likely than not that the fair value of a reporting unit is less than its carrying amount (the Step 0 Test). If necessary, the next step in the goodwill impairment test involves comparing the fair value of each of the reporting units to the carrying value of those reporting units. If the carrying value of a reporting unit exceeds the fair value of the reporting unit, an impairment loss would be recognized (not to exceed the carrying amount of goodwill). We performed a Step 0 test on the Global Industrial Packaging – Ipackchem reporting unit in 2024.

For all other reporting units with goodwill balances, we proceeded directly to the quantitative impairment testing and the fair value exceeded carrying value by at least 19%, so no impairment was deemed to exist. Net sales, gross profit margin and operating expense forecasts, as well as the selection of discount rates, are the assumptions that are most sensitive and susceptible to change as they require significant management judgment. In addition, certain future events and circumstances, including deterioration of market conditions, higher cost of capital, a decline in actual and expected consumption and demand, could result in changes to those assumptions and judgments. A revision of those assumptions could cause the fair value of the reporting unit to fall below its respective carrying value. If in future years, our reporting units’ actual results are not consistent with our estimates and assumptions used to calculate fair value, we may be required to recognize material impairments to goodwill.

Table of Contents

The following table summarizes the carrying amount of goodwill by reporting unit for the year ended October 31, 2024 and 2023:


	Goodwill Balance
(in millions)	October 31, 2024		October 31, 2023
Global Industrial Packaging
North America	$	436.2	$	461.6
Europe, Middle East and Africa	341.6		330.0
Asia Pacific	96.7		96.0
Ipackchem	273.8		—
Paper Packaging & Services	805.4		805.4
Total	$	1,953.7	$	1,693.0
*The Global Industrial Packaging: Latin America and Land Management reporting units have no goodwill balance at either reporting period.

Recent Accounting Standards

See Note 1 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K for a detailed description of recently issued and newly adopted accounting standards.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

We are subject to interest rate risk related to our financial instruments that include borrowings under the 2022 Credit Agreement, the 2023 Credit Agreement and proceeds from U.S. RFA and the European RFA and cross currency and interest rate swap agreements. We do not enter into financial instruments for trading or speculative purposes. The interest rate swap agreements have been entered into to manage our exposure to variability in interest rates.

We have various interest rate swaps with a total notional amount of $1,400.0 million, maturing between March 1, 2027 and July 16, 2029. We receive variable interest rate payments based upon one-month U.S. dollar SOFR, and in return are obligated to pay interest at a weighted average fixed interest rate of 2.97%.

Gains (losses) reclassified to earnings under these interest rate swaps were recorded in the amount of $34.8 million, $28.5 million and $(8.4) million for the years ended October 31, 2024, 2023 and 2022, respectively.

We have various cross currency interest rate swaps that synthetically swap $447.6 million of fixed rate debt to Euro denominated fixed rate debt. We receive a weighted average rate of 1.27%. These agreements are designated as either net investment hedges or cash flow hedges for accounting purposes and will mature between August 10, 2026 and November 3, 2028.

The gain or loss on the 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. 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 from 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.

Gains on the cross currency swap agreement was recorded in interest expense for the amount of $6.4 million, $5.1 million and $5.8 million for the years ended October 31, 2024, 2023 and 2022, respectively.

Currency Risk

As a result of our international operations, our operating results are subject to fluctuations in currency exchange rates. The geographic presence of our operations mitigates this exposure to some degree. Additionally, our transaction exposure is somewhat limited because we produce and sell a majority of our products in local currency within most countries in which we operate.

Table of Contents

As of October 31, 2024 and 2023 we had outstanding foreign currency forward contracts in the notional amount of $74.1 million and $66.0 million, respectively. The purpose of these contracts is to hedge our exposure to foreign currency transactions and short-term intercompany loan balances in our international businesses. These contracts resulted in realized gains (losses) recorded in other expense, net of $1.0 million, $1.2 million and $(6.2) million for the years ended October 31, 2024, 2023 and 2022, respectively.

A sensitivity analysis (with respect only to these instruments) to changes in the foreign currencies hedged indicates that if the U.S. dollar strengthened by 10 percent, the fair value of these instruments would increase by $2.3 million to a net asset of $2.3 million. Conversely, if the U.S. dollar weakened by 10 percent, the fair value of these instruments would decrease by $2.5 million to a net liability of $2.4 million.

Commodity Price Risk

We purchase commodities such as steel, resin, containerboard, pulpwood and energy. We do not currently engage in material hedging of these commodities.

Table of Contents

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

GREIF, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF INCOME


Year Ended October 31, (in millions, except per share amounts)	2024		2023		2022
Net sales	$	5,448.1	$	5,218.6	$	6,349.5
Costs of products sold	4,377.3		4,072.5		5,064.1
Gross profit	1,070.8		1,146.1		1,285.4
Selling, general and administrative expenses	634.5		549.1		581.0
Acquisition and integration related costs	18.5		19.0		8.7
Restructuring charges	5.4		18.7		13.0

Non-cash asset impairment charges	2.6		20.3		71.0

Gain on disposal of properties, plants and equipment, net	(8.8)		(2.5)		(8.1)
Gain on disposal of businesses, net	(46.0)		(64.0)		(1.4)
Operating profit	464.6		605.5		621.2
Interest expense, net	134.9		96.3		61.2
Non-cash pension settlement charges	—		3.5		—
Debt extinguishment charges	—		—		25.4
Other expense, net	10.1		11.0		8.9
Income before income tax expense and equity earnings of unconsolidated affiliates, net	319.6		494.7		525.7
Income tax expense	27.2		117.8		137.1
Equity earnings of unconsolidated affiliates, net of tax	(3.1)		(2.2)		(5.4)
Net income	295.5		379.1		394.0
Net income attributable to noncontrolling interests	(26.7)		(19.9)		(17.3)
Net income attributable to Greif, Inc.	$	268.8	$	359.2	$	376.7
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock	$	4.66	$	6.22	$	6.36
Class B common stock	$	6.98	$	9.32	$	9.53
Diluted earnings per share attributed to Greif, Inc. common shareholders:
Class A common stock	$	4.64	$	6.15	$	6.30
Class B common stock	$	6.98	$	9.32	$	9.53

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

GREIF, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


Year Ended October 31, (in millions)	2024		2023		2022
Net income	$	295.5	$	379.1	$	394.0
Other comprehensive income (loss), net of tax:
Foreign currency translation*	2.5		(1.1)		(27.9)
Derivative financial instruments	(37.8)		(1.1)		76.4
Minimum pension liabilities	(4.4)		(11.9)		(1.1)
Other comprehensive (loss) income, net of tax	(39.7)		(14.1)		47.4
Comprehensive income	255.8		365.0		441.4
Comprehensive income attributable to noncontrolling interests	25.6		20.0		10.5
Comprehensive income attributable to Greif, Inc.	$	230.2	$	345.0	$	430.9

*Year ended October 31, 2022 amount includes $113.1 million release of foreign currency translation from business divestment.

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

GREIF, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS


(in millions)	October 31, 2024		October 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$	197.7	$	180.9
Trade accounts receivable, net of allowance	746.9		659.4
Inventories:
Raw materials	299.6		255.8

Finished goods	99.9		82.8

Assets held for sale	3.1		5.0

Prepaid expenses	55.8		46.0
Other current assets	146.4		139.2
	1,549.4		1,369.1
Long-term assets
Goodwill	1,953.7		1,693.0
Other intangible assets, net of amortization	937.1		792.2
Deferred tax assets	36.9		22.9
Pension assets	46.0		36.2
Operating lease right-of-use assets	284.5		290.3
Finance lease right-of-use assets	38.4		30.5
Other long-term assets	149.5		164.0
	3,446.1		3,029.1
Properties, plants and equipment
Timber properties, net of depletion	231.2		229.6
Land	158.0		153.7
Buildings	605.6		544.3
Machinery and equipment	2,308.7		2,138.8
Capital projects in progress	159.6		200.5
	3,463.1		3,266.9
Accumulated depreciation	(1,811.0)		(1,704.3)
	1,652.1		1,562.6
Total assets	$	6,647.6	$	5,960.8

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

GREIF, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS


(in millions)	October 31, 2024		October 31, 2023
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	521.9	$	497.8
Accrued payroll and employee benefits	156.9		137.7
Restructuring reserves	4.9		16.8
Current portion of long-term debt	95.8		88.3
Short-term borrowings	18.6		5.4


Current portion of operating lease liabilities	56.5		53.8
Current portion of finance lease liabilities	5.6		3.4
Other current liabilities	154.2		136.1
	1,014.4		939.3
Long-term liabilities
Long-term debt	2,626.2		2,121.4
Operating lease liabilities	230.2		240.2
Finance lease liabilities	34.2		27.9
Deferred tax liabilities	295.1		325.6
Pension liabilities	59.2		56.3
Post-retirement benefit obligations	5.6		6.2
Contingent liabilities and environmental reserves	19.1		17.3

Long-term income tax payable	11.7		21.2
Other long-term liabilities	104.5		93.8
	3,385.8		2,909.9
Commitments and Contingencies (Note 10)
Redeemable Noncontrolling Interests (Note 15)	129.9		125.3
Equity
Common stock, without par value	230.3		208.4
Treasury stock, at cost	(279.0)		(281.9)
Retained earnings	2,486.2		2,337.9
Accumulated other comprehensive income (loss), net of tax:
Foreign currency translation	(314.1)		(317.7)
Derivative financial instruments	33.9		71.7
Minimum pension liabilities	(74.9)		(70.5)
Total Greif, Inc. shareholders’ equity	2,082.4		1,947.9
Noncontrolling interests	35.1		38.4
Total shareholders’ equity	2,117.5		1,986.3
Total liabilities and shareholders’ equity	$	6,647.6	$	5,960.8

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

GREIF, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS


Year Ended October 31, (in millions)	2024		2023		2022
Cash flows from operating activities:
Net income	$	295.5	$	379.1	$	394.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	261.3		230.6		216.6

Non-cash asset impairment charges	2.6		20.3		71.0
Non-cash pension settlement charges	—		3.5		—
Gain on disposals of properties, plants and equipment, net	(8.8)		(2.5)		(8.1)
Gain on disposals of businesses, net	(46.0)		(64.0)		(1.4)
Unrealized foreign exchange loss (gain)	10.0		12.7		(1.6)
Deferred income tax (benefit) expense	(86.2)		(28.7)		13.4



Debt extinguishment charges	—		—		22.6
Non-cash lease expense	46.6		38.0		35.7
Other, net	3.1		2.2		0.8
Increase (decrease) in cash from changes in certain assets and liabilities, net of impacts from acquisitions:
Trade accounts receivable	(43.4)		130.3		25.1
Inventories	(26.4)		101.0		6.1

Accounts payable	18.9		(79.8)		(40.5)
Restructuring reserves	(11.9)		4.4		(6.6)
Operating leases	(48.1)		(37.3)		(36.9)
Pension and post-retirement benefit liabilities	(11.4)		(26.9)		(24.7)
Other, net	0.2		(33.4)		(8.0)
Net cash provided by operating activities	356.0		649.5		657.5
Cash flows from investing activities:
Acquisitions of companies, net of cash acquired	(568.8)		(542.4)		—

Purchases of properties, plants and equipment	(186.5)		(213.6)		(176.3)
Purchases of and investments in timber properties	(5.2)		(6.0)		(6.7)


Proceeds from the sale of properties, plants, equipment and other assets	14.9		8.6		20.3
Proceeds from the sale of businesses	89.0		105.3		139.2


Payments for deferred purchase price of acquisitions	(1.7)		(22.1)		(4.7)




Net cash used in investing activities	(658.3)		(670.2)		(28.2)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	2,491.2		2,285.6		3,915.8
Payments on long-term debt	(1,994.0)		(2,028.6)		(4,105.2)
Payments on short-term borrowings, net	(12.3)		(0.7)		(36.3)
Proceeds from trade accounts receivable credit facility	348.9		180.2		301.9
Payments on trade accounts receivable credit facility	(344.4)		(145.8)		(365.3)


Dividends paid to Greif, Inc. shareholders	(121.0)		(116.5)		(111.3)
Dividends paid to noncontrolling interests	(25.7)		(14.2)		(17.2)



Payments for debt extinguishment and issuance costs	—		—		(20.8)
Payments for share repurchases	—		(63.9)		(71.1)
Forward contract for accelerated share repurchases	—		—		(15.0)
Tax withholding payments for stock-based awards	(10.6)		(13.7)		—

Table of Contents


Purchases of redeemable and mandatorily redeemable noncontrolling interest	—		(7.3)		(6.5)
Other, net	(7.8)		(5.4)		—

Net cash provided by (used in) financing activities	324.3		69.7		(531.0)

Effects of exchange rates on cash	(5.2)		(15.2)		(75.8)
Net increase in cash and cash equivalents	16.8		33.8		22.5
Cash and cash equivalents at beginning of year	180.9		147.1		124.6
Cash and cash equivalents at end of year	$	197.7	$	180.9	$	147.1


Year Ended October 31, (in millions)	2024		2023		2022
Supplemental information:
Non-cash transactions:
Capital expenditures included in accounts payable	$	16.7	$	29.1	$	24.4
Schedule of interest and income taxes paid:
Cash payments for interest expense	$	157.1	$	112.9	$	70.3
Cash payments for taxes	$	107.5	$	155.2	$	157.0

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

GREIF, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY


	Common Stock			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Greif, Inc. Equity		Non controlling Interests		Total Equity
	Shares	Amount		Shares	Amount
As of October 31, 2021	48,559	$	179.3	28,283	$	(134.1)	$	1,825.6	$	(356.5)	$	1,514.3	$	61.3	1,575.6
Net income							376.7				376.7		17.3		394.0
Other comprehensive income (loss):
Foreign currency translation, net of $113.1 million business divestment release									(21.1)		(21.1)		(6.8)		(27.9)
Derivative financial instruments, net of $25.2 million tax expense									76.4		76.4				76.4
Minimum pension liability adjustment, net of $5.4 million tax expense									(1.1)		(1.1)				(1.1)
Comprehensive income											430.9				441.4
Divestment of noncontrolling interest											—		(23.3)		(23.3)
Current period mark to redemption value of redeemable noncontrolling interest and other							5.5				5.5				5.5
Net income allocated to redeemable noncontrolling interests													(0.1)		(0.1)
Dividends paid to Greif, Inc., Shareholders ($1.88 per Class A share and $2.81 per Class B share)							(111.3)				(111.3)				(111.3)
Dividends paid to noncontrolling interests and other													(15.4)		(15.4)
Dividends earned on RSU shares							(1.3)				(1.3)				(1.3)
Colleague stock purchase plan											—				—
Share repurchases	(1,192)	(15.0)		1,192	(71.1)						(86.1)				(86.1)
Long-term incentive shares issued	51	3.0		(51)	0.1						3.1				3.1
Shared based compensation	—	4.9		—	—						4.9				4.9
Restricted stock, executive	3	0.1		(3)	—						0.1				0.1
Restricted stock, directors	22	1.2		(22)	—						1.2				1.2
As of October 31, 2022	47,443	$	173.5	29,399	$	(205.1)	$	2,095.2	$	(302.3)	$	1,761.3	$	33.0	$	1,794.3
Net income							359.2				359.2		19.9		379.1
Other comprehensive income (loss):
Foreign currency translation									(1.2)		(1.2)		0.1		(1.1)
Derivative financial instruments, net of $0.3 million tax benefit									(1.1)		(1.1)				(1.1)
Minimum pension liability adjustment, net of $4.7 million tax expense									(11.9)		(11.9)				(11.9)
Comprehensive income											345.0				365.0

Current period mark to redemption value of redeemable noncontrolling interest and other							0.1				0.1				0.1
Net income allocated to redeemable noncontrolling interests													(2.7)		(2.7)
Dividends paid to Greif, Inc., Shareholders ($2.02 per Class A share and $3.02 per Class B share)							(116.5)				(116.5)				(116.5)
Dividends paid to noncontrolling interests and other													(11.9)		(11.9)
Dividends earned on RSU shares							(0.1)				(0.1)				(0.1)
Colleague stock purchase plan	—	0.3		—	—						0.3				0.3
Share repurchases	(1,006)	14.5		1,006	(78.9)						(64.4)				(64.4)
Long-term incentive shares issued	350	14.7		(350)	2.0						16.7				16.7
Shared based compensation	—	4.2		—	—						4.2				4.2

Restricted stock, directors	18	1.2		(18)	0.1						1.3				1.3
As of October 31, 2023	46,805	$	208.4	30,037	$	(281.9)	$	2,337.9	$	(316.5)	$	1,947.9	$	38.4	$	1,986.3
Net income							268.8				268.8		26.7		295.5
Other comprehensive income (loss):
Foreign currency translation									3.6		3.6		(1.1)		2.5
Derivative financial instruments, net of $12.9 million tax expense									(37.8)		(37.8)				(37.8)
Minimum pension liability adjustment, net of $0.4 million tax expense									(4.4)		(4.4)				(4.4)
Comprehensive income											230.2				255.8

Current period mark to redemption value of redeemable noncontrolling interest and other							1.0				1.0				1.0
Net income allocated to redeemable noncontrolling interests													(8.5)		(8.5)
Dividends paid to Greif, Inc., Shareholders ($2.10 and $3.14 per Class A share and Class B share, respectively)							(121.0)				(121.0)				(121.0)
Dividends paid to noncontrolling interests and other													(20.4)		(20.4)
Dividends earned on RSU shares							(0.5)				(0.5)				(0.5)
Colleague stock purchase plan	71	4.1		(71)	0.6						4.7				4.7

Long-term incentive shares issued	284	10.6		(284)	2.2						12.8				12.8
Share based compensation	—	6.0		—	—						6.0				6.0

Restricted stock, directors	21	1.2		(21)	0.1						1.3				1.3
As of October 31, 2024	47,181	$	230.3	29,661	$	(279.0)	$	2,486.2	$	(355.1)	$	2,082.4	$	35.1	$	2,117.5

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

GREIF, INC. AND SUBSIDIARY COMPANIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Business

Greif, Inc. and its subsidiaries (collectively, “Greif,” “our,” or the “Company”), principally manufacture rigid industrial packaging products, such as steel, fibre and plastic drums, rigid intermediate bulk containers, jerrycans and other small plastics, closure systems for industrial packaging products, transit protection products, water bottles and remanufactured and reconditioned industrial containers, and services, such as container life cycle management, logistics, warehousing and other packaging services. The Company produces and sells containerboard, corrugated sheets, corrugated containers and other corrugated products to customers in North America in industries such as packaging, automotive, food and building products. The Company also produces and sells coated recycled paperboard and uncoated recycled paperboard, some of which are used to produce and sell industrial products (tubes and cores, construction products and protective packaging). The Company produces and sells bulk and specialty partitions made from both containerboard and uncoated recycled paperboard. In addition, the Company also purchases and sells recycled fiber and produces and sells adhesives used in the Company’s paperboard products. The Company owns timber properties in the southeastern United States which are actively harvested and regenerated. The Company has operations in over 35 countries.

Due to the variety of its products, the Company has many customers buying different products and due to the scope of the Company’s sales, no one customer is considered principal in the total operations of the Company.

The Company supplies a cross section of industries, such as chemicals, paints and pigments, food and beverage, petroleum, industrial coatings, agriculture, pharmaceuticals, minerals, packaging, automotive and building products, and makes spot deliveries on a day-to-day basis as its products are required by its customers. The Company does not operate on a backlog to any significant extent and maintains only limited levels of finished goods. Many customers place their orders weekly for delivery during the same week.

The Company’s raw materials are principally steel, resin, containerboard, old corrugated containers, pulpwood, recycled coated and uncoated paperboard and used industrial packaging for reconditioning.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of Greif, Inc., all wholly owned and majority-owned subsidiaries, joint ventures controlled by the Company or for which the Company is the primary beneficiary and equity earnings of unconsolidated affiliates. All intercompany transactions and balances have been eliminated in consolidation. Investments in unconsolidated affiliates are accounted for using the equity method based on the Company’s ownership interest in the unconsolidated affiliate.

The Company’s consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Certain prior year amounts have been reclassified to conform to the current year presentation.

For the 2024 fiscal year and preceding fiscal years presented herein, the Company’s fiscal year began on November 1 and ended 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 Company is changing its fiscal year end, effective for the 2025 fiscal year. The 2025 fiscal year will begin on November 1, 2024 and end on September 30, 2025, and accordingly, will consist of eleven months. The Company’s fourth fiscal quarter of 2025 will be the two months ending September 30, 2025. Thereafter, the Company’s fiscal year will begin on October 1 and end on September 30 of the following year.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual amounts could differ from estimates. The Company reviews these estimates on an ongoing basis.

Cash and Cash Equivalents

The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying value of cash equivalents approximates fair value.

Table of Contents

Allowance for Doubtful Accounts

The allowance for doubtful accounts totaled $6.7 million and $6.2 million as of October 31, 2024 and 2023, respectively. The Company recognizes allowances for bad debts based on the length of time receivables are past due with allowance percentages, based on its historical experiences, applied on a graduated scale relative to the age of the receivable amounts. If the Company is aware of a specific customer’s inability to meet its financial obligations to the Company, the Company records a specific allowance for bad debts. Amounts deemed uncollectible are written-off against the allowance for doubtful accounts.

Inventory

The Company primarily uses the FIFO method of inventory valuation. Reserves for slow moving and obsolete inventories are provided based on historical experience, inventory aging and product demand. The reserves for slow moving and obsolete inventories totaled $16.5 million and $12.6 million as of October 31, 2024 and 2023, respectively. The Company continuously evaluates the adequacy of these reserves and adjusts these reserves as required.

Goodwill and Indefinite-Lived Intangibles

Goodwill is the excess of the purchase price of an acquired entity over the amounts assigned to tangible and intangible assets and liabilities assumed in the business combination. The Company accounts for goodwill and purchased indefinite-lived intangible assets in accordance with Accounting Standards Codification (“ASC”) 350, “Intangibles – Goodwill and Other.” Under ASC 350, goodwill and purchased intangible assets with indefinite lives are not amortized, but instead are tested for impairment at least annually. The Company tests for impairment of goodwill and indefinite-lived intangible assets as of August 1, or more frequently if certain indicators are present or changes in circumstances suggest that impairment may exist.

In accordance with ASC 350, the Company has the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative test for goodwill impairment. If the Company believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. The quantitative test for goodwill impairment is conducted at the reporting unit level by comparing the carrying value of each reporting unit to the estimated fair value of the unit. If the carrying value of a reporting unit exceeds its estimated fair value, then the goodwill of the reporting unit is impaired. Goodwill impairment is recognized as the amount that the carrying value exceeds the fair value; not to exceed the balance of goodwill attributable to the reporting unit. When a portion of a reporting unit is disposed of, goodwill is allocated to the gain or loss on that disposition based on the relative fair values of the portion of the reporting unit subject to disposition and the portion of the reporting unit that will be retained.

The Company’s determinations of estimated fair value of the reporting units are based on both the market approach and a discounted cash flow analysis utilizing the income approach. Under the market approach, the principal inputs are market prices and valuation multiples for public companies engaged in businesses that are considered comparable to the reporting unit. Under the income approach, the principal inputs are the reporting unit’s cash-generating capabilities and the discount rate. The discount rates used in the income approach are based on a market participant’s weighted average cost of capital. The use of alternative estimates, including different peer groups or changes in the industry, or adjusting the discount rate, earnings before interest, taxes, depreciation, depletion and amortization forecasts or cash flow assumptions used could affect the estimated fair value of the reporting units and potentially result in goodwill impairment. Any identified impairment would result in an expense to the Company’s results of operations. See Note 3 herein for additional information regarding goodwill and other intangible assets.

Other Intangibles

The Company accounts for intangible assets in accordance with ASC 350. Definite lived intangible assets are amortized over their useful lives on a straight-line basis, with amortization expense being recorded on the same basis. The useful lives for definite lived intangible assets vary depending on the type of asset and the terms of contracts or the valuation performed, but generally have the range of:


			Years
Trademarks and trade names			5-15
Customer relationships			5-23
Developed technology			8

Table of Contents

Business Combinations

From time to time, the Company acquires businesses and/or assets that augment and complement its operations. In accordance with ASC 805, “Business Combinations,” these acquisitions are accounted for under the purchase method of accounting. Under this method, the Company allocates the fair value of purchase consideration transferred to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the date of the acquisition. The excess purchase consideration over the aggregate fair value of tangible and intangible assets, net of liabilities assumed, is recorded as goodwill. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.

During the measurement period, not to exceed one year from the date of acquisition, the Company may record adjustments to the assets acquired and liabilities assumed, with a corresponding offset to goodwill if new information is obtained related to facts and circumstances that existed as of the acquisition date. After the measurement period, any subsequent adjustments are reflected in the consolidated statements of income. Acquisition costs, such as legal and consulting fees, are expensed as incurred.

The Company classifies costs incurred in connection with acquisitions and their integration as acquisition and integration related costs. These costs are expensed as incurred and consist primarily of transaction costs, legal and consulting fees, integration costs and changes in the fair value of contingent payments (earn-outs) and are recorded within Acquisition and Integration related Costs line item presented on the consolidated income statement. Acquisition transaction costs are incurred during the initial evaluation of a potential targeted acquisition and primarily relate to costs to analyze, negotiate and consummate the transaction as well as financial and legal due diligence activities. Post-acquisition integration activities are costs incurred to combine the operations of an acquired enterprise into the Company’s operations.

The consolidated financial statements include the results of operations from these business combinations from the date of acquisition.

Internal Use Software

Internal use software is accounted for under ASC 985, “Software.” Internal use software is software that is acquired, internally developed or modified solely to meet the Company’s needs and for which, during the software’s development or modification, a plan does not exist to market the software externally. Costs incurred to acquire and develop the software during the application development stage and for upgrades and enhancements that provide additional functionality are capitalized and then amortized over a 3 to 7 year period.

Long-Lived Assets

Properties, plants and equipment are stated at cost. Depreciation on properties, plants and equipment is provided on the straight-line method over the estimated useful lives of the assets, with general useful lives of the assets as follows:


			Years
Buildings			15-30
Machinery and equipment			5-15

Depreciation expense was $167.9 million, $156.8 million and $138.1 million in 2024, 2023 and 2022, respectively. Expenditures for repairs and maintenance are charged to expense as incurred. When properties are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the asset and related allowance accounts. Gains or losses are credited or charged to income as incurred.

The Company capitalizes interest on long-term fixed asset projects using a rate that approximates the weighted average cost of borrowing.

The Company tests for impairment of properties, plants and equipment if certain indicators are present to suggest that impairment may exist. Long-lived assets are grouped together at the lowest level, generally at the plant level, for which identifiable cash flows are largely independent of cash flows of other groups of long-lived assets. As events warrant, the Company evaluates the recoverability of long-lived assets, other than goodwill and indefinite-lived intangible assets, by assessing whether the carrying value can be recovered over their remaining useful lives through the expected future undiscounted operating cash flows of the underlying business. Future decisions to change the Company’s manufacturing processes, exit certain businesses, reduce excess capacity, temporarily idle facilities and close facilities could also result in

Table of Contents

material impairment losses. Any impairment loss that may be required is determined by comparing the carrying value of the assets to their estimated fair value.

As of October 31, 2024, the Company’s timber properties consisted of approximately 175,000 acres, all of which were located in the southeastern United States. The Company’s land costs are maintained by tract. Upon acquisition of a new timberland tract, the Company records separate amounts for land, merchantable timber and pre-merchantable timber allocated as a percentage of the values being purchased. The Company begins recording pre-merchantable timber costs at the time the site is prepared for planting. Costs capitalized during the establishment period include site preparation by aerial spray, costs of seedlings, including refrigeration rental and trucking, planting costs, herbaceous weed control, woody release and labor and machinery use. The Company does not capitalize interest costs in the process. Property taxes are expensed as incurred. New road construction costs are capitalized as land improvements and depreciated over a 10 to 20 year period. Road repairs and maintenance costs are expensed as incurred. Costs after establishment of the seedlings, including management costs, pre-commercial thinning costs and fertilization costs, are expensed as incurred. Once the timber becomes merchantable, the cost is transferred from the pre-merchantable timber category to the merchantable timber category in the depletion block.

Merchantable timber costs are maintained by five product classes: pine sawtimber, pine chip-n-saw, pine pulpwood, hardwood sawtimber and hardwood pulpwood, within a depletion block, with each depletion block based upon a geographic district or subdistrict. Currently, the Company has five depletion blocks. These same depletion blocks are used for pre-merchantable timber costs. Each year, the Company estimates the volume of the Company’s merchantable timber for the five product classes by each depletion block and depletion costs recognized upon sales are calculated as volumes sold times the unit costs in the respective depletion block. For the years ended October 31, 2024, 2023 and 2022, the Company’s depletion expense was not material.

Leases

Leases are accounted for under ASC 842, “Leases” and are categorized as operating or financing leases at inception. The lease term is also determined at lease inception and generally begins on the date the Company takes possession of the full or partial portions of leased premises. Operating lease right of use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease right of use assets represent the Company’s right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term. For operating leases with variable payments dependent upon an index or rate that commence, the Company applies the active index or rate as of the lease commencement date. Variable lease payments not based on an index or rate are not included in the operating lease liability as they cannot be reasonably estimated and are recognized in the period in which the obligation for those payments is incurred. Leases with a term of twelve months or less upon the commencement date are considered short-term leases, are not included on the Company’s consolidated balance sheets and are expensed over the lease term.

Self-insurance

The Company is self-insured for certain of the claims made under its employee medical and dental insurance programs. The Company had recorded liabilities totaling $7.2 million and $7.0 million for estimated costs related to outstanding claims as of October 31, 2024 and 2023, respectively. These costs include an estimate for expected settlements on pending claims, administrative fees and an estimate for claims incurred but not reported. These estimates are based on management’s assessment of outstanding claims, historical analyses and current payment trends. The Company recorded an estimate for the claims incurred, but not reported using an estimated lag period based upon historical information.

The Company has certain deductibles applied to various insurance policies including general liability, product, vehicle and workers’ compensation. The Company maintains net liabilities totaling $21.1 million and $22.2 million for anticipated costs related to general liability, product, vehicle and workers’ compensation claims as of October 31, 2024 and 2023, respectively. These costs include an estimate for expected settlements on pending claims, defense costs and an estimate for claims incurred but not reported. These estimates are based on the Company’s assessment of its deductibles, outstanding claims, historical analysis, actuarial information and current payment trends.

Income Taxes

Income taxes are accounted for under ASC 740, “Income Taxes.” In accordance with ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying

Table of Contents

amounts of existing assets and liabilities and their respective tax bases, as measured by enacted tax rates that are expected to be in effect in the periods when the deferred tax assets and liabilities are expected to be settled or realized. Valuation allowances are established when management believes it is more likely than not that some portion of the deferred tax assets will not be realized.

The Company’s effective tax rate is impacted by the amount of income generated in each taxing jurisdiction, statutory tax rates and tax planning opportunities available to the Company in the various jurisdictions in which the Company operates. Significant judgment is required in determining the Company’s effective tax rate and in evaluating its tax positions.

Tax benefits from uncertain tax positions are recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The amount recognized is measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement. The Company’s effective tax rate includes the impact of reserve provisions and changes to reserves on uncertain tax positions that are not more likely than not to be sustained upon examination as well as related interest and penalties.

A number of years may elapse before a particular matter, for which the Company has established a reserve, is audited and finally resolved. The number of years with open tax audits varies depending on the tax jurisdiction. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes that its reserves reflect the probable outcome of known tax contingencies. Unfavorable settlement of any particular issue would require use of the Company’s cash. Favorable resolution would be recognized as a reduction to the Company’s effective tax rate in the period of resolution.

Restructuring Charges

The Company accounts for all exit or disposal activities in accordance with ASC 420, “Exit or Disposal Cost Obligations.” Under ASC 420, a liability is measured at its fair value and recognized as incurred.

For termination costs associated with employees who are involuntarily terminated under the terms of a one-time benefit arrangement, the Company recognizes liabilities and associated costs as of announcement date unless the employees are required to stay for a certain period of time after restructuring announcement and ratable recognition between the announcement date and termination date is materially different from announcement date recognition. For termination costs associated with a non-lease contract and costs incurred without economic benefit as a result of restructuring activities, the Company recognizes liabilities and associated costs as of contract termination date. Facility exit and employee relocation costs are recognized and measured at their respective fair value in the period in which the liability is incurred. The liability is not recognized before it is incurred, even if the costs are incremental to other operating costs and will be incurred as a direct result of a plan.

Revenue Recognition

Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for transferring goods or providing services. Customer payment terms are typically less than one year and as such, transaction prices are not adjusted for the effects of a significant financing component. Standalone selling prices for each performance obligation are generally stated in the contract. Variable consideration in the form of volume rebates is estimated based on contract terms and historical experience of actual results limited to the amount which is probable will not result in reversal of cumulative revenue recognized when the variable consideration is resolved. Taxes collected from customers and remitted to governmental authorities are excluded from net sales.

For the vast majority of revenues, 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. The Company does not bundle products. Prices negotiated with each individual customer are representative of the stand-alone selling price of the product. The Company typically satisfies the performance obligation 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.

Contract liabilities relate primarily to prepayments received from the Company’s customers before revenue is recognized and from volume rebates to customers. These amounts are included in other current liabilities in the consolidated balance sheets. The Company does not have any material contract assets. Freight charged to customers is included in net sales in the statement of income.

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 13 herein for additional disclosures of revenue disaggregated by geography for each reportable segment.

Table of Contents

Shipping and Handling Fees and Costs

The Company includes shipping and handling fees and costs in cost of products sold.

Other Expense, net

Other expense, net primarily represents foreign currency transaction gains and losses, non-service cost components of net periodic post-retirement benefit costs and other infrequent non-operating items.

Currency Translation

In accordance with ASC 830, “Foreign Currency Matters,” the assets and liabilities denominated in a foreign currency are translated into United States dollars at the rate of exchange existing at period-end, and revenues and expenses are translated at average exchange rates.

The cumulative translation adjustments, which represent the effects of translating assets and liabilities of the Company’s international operations, are presented in the consolidated statements of changes in shareholders’ equity in accumulated other comprehensive income (loss). Transaction gains and losses on foreign currency transactions denominated in a currency other than an entity’s functional currency are credited or charged to income. The amounts included in other expense, net related to foreign currency transaction losses were not material for the years ended October 31, 2024, 2023 and 2022.

Derivative Financial Instruments

In accordance with ASC 815, “Derivatives and Hedging,” the Company records all derivatives in the consolidated balance sheet as either assets or liabilities measured at fair value. Dependent on the designation of the derivative instrument, changes in fair value are recorded to earnings or shareholders’ equity through other comprehensive income (loss).

The Company may from time to time use interest rate swap agreements to hedge against changing interest rates. For interest rate swap agreements designated as cash flow hedges, the net gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The Company’s interest rate swap agreements effectively convert a portion of floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense.

The Company’s cross currency interest rate swap agreements synthetically swap United States dollar denominated fixed rate debt for Euro denominated fixed rate debt and are designated as either net investment hedges or cash flow hedges for accounting purposes. The gain or loss on the 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. 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 from 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 Company enters into currency forward contracts to hedge certain currency transactions and short-term intercompany loan balances with its international businesses. Such contracts limit the Company’s exposure to both favorable and unfavorable currency fluctuations. These contracts are adjusted to reflect market value as of each balance sheet date, with the resulting changes in fair value being recognized in other expense, net.

Any derivative contract that is either not designated as a hedge, or is so designated but is ineffective, has its changes to market value recognized in earnings immediately. If a cash flow or fair value hedge ceases to qualify for hedge accounting, the contract would continue to be carried on the balance sheet at fair value until settled and have the adjustments to the contract’s fair value recognized in earnings. If a forecasted transaction were no longer probable to occur, amounts previously deferred in accumulated other comprehensive income (loss) would be recognized immediately in earnings.

Fair Value

The Company uses ASC 820, “Fair Value Measurements and Disclosures” to account for fair value. ASC 820 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about assets and liabilities measured at fair value. Additionally, this standard established a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs.

Table of Contents

The three levels of inputs used to measure fair values are as follows:

•Level 1 – Observable inputs such as unadjusted quoted prices in active markets for identical assets and liabilities.

•Level 2 – Observable inputs other than quoted prices in active markets for identical assets and liabilities.

•Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.

The Company presents various fair value disclosures in Note 6 and Note 9 of the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K.

Newly Adopted Accounting Standards

There have been no new accounting pronouncements adopted since the filing of the 2023 Form 10-K.

Recently Issued Accounting Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, "Income Taxes (Topic 740): Improvements to Tax Disclosures,” which is intended to improve the effectiveness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The effective date for the Company to adopt this ASU is for the fiscal year beginning October 1, 2025. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income, cash flow and disclosures.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The effective date for the Company to adopt this ASU is for the fiscal year and interim periods beginning November 1, 2024 and October 1, 2025 respectively. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income, cash flow and disclosures.

In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which is intended to improve disclosures related to certain income statement expenses of the Company. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The effective date for the Company to adopt this ASU is for the fiscal year and interim periods beginning October 1, 2027 and October 1, 2028 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.

NOTE 2 — ACQUISITIONS AND DIVESTITURES

2024 Acquisitions

Ipackchem Acquisition

The Company acquired Ipackchem Group SAS (“Ipackchem”) on March 26, 2024 (the “Ipackchem Acquisition”). Ipackchem is a global market leader in the production of high-performance plastic packaging, including premium barrier and non-barrier jerrycans and other small plastic containers. The total purchase price for this acquisition was $582.1 million. The Company incurred transaction costs of $8.9 million to complete this acquisition.

Table of Contents

The following table summarizes the consideration transferred to acquire Ipackchem and the preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date:


(in millions)	Amounts Recognized as of the Acquisition Date		Measurement Period Adjustments		Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
Cash consideration	$	582.1	$	—	$	582.1

Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$	14.5	$	—	$	14.5
Accounts receivable	50.9		—		50.9
Inventories	36.7		—		36.7
Other current assets	4.9		(0.6)		4.3
Intangibles	231.7		1.4		233.1
Operating lease right-of-use assets	15.1		2.4		17.5
Finance lease right-of-use assets	8.2		2.2		10.4
Other long-term assets	1.0		—		1.0
Properties, plants and equipment	91.5		(6.5)		85.0
Total assets acquired	454.5		(1.1)		453.4

Accounts payable	(17.2)		—		(17.2)

Short-term borrowings	(26.2)		—		(26.2)
Other current liabilities	(13.2)		0.1		(13.1)

Operating lease liabilities	(14.2)		(3.3)		(17.5)
Finance lease liabilities	(10.0)		(0.5)		(10.5)
Long-term deferred tax liability	(62.1)		6.4		(55.7)
Other long-term liabilities	(5.3)		(2.0)		(7.3)
Total liabilities assumed	(148.2)		0.7		(147.5)
Total identifiable net assets	$	306.3	(0.4)		305.9
Goodwill	$	275.8	$	0.4	$	276.2

The Company recognized goodwill related to this acquisition of $276.2 million. The goodwill recognized in this acquisition was attributable to the acquired assembled workforce, expected synergies and economies of scale, none of which qualify for recognition as a separate intangible asset. Ipackchem is reported within the Global Industrial Packaging segment to which the goodwill was assigned. The goodwill is not expected to be deductible for tax purposes.

The cost approach was used to determine the fair value for land, building, improvements and equipment. The cost approach measures the value by estimating the cost to acquire, or construct, comparable assets and adjusts for age and condition. The Company assigned to land use rights, building and improvements a useful life ranging from 1 year to 21 years and equipment a useful life ranging from 1 year to 10 years. Acquired property, plant and equipment are being depreciated over their estimated remaining useful lives on a straight-line basis.

The fair value for acquired customer relationship intangibles was determined as of the acquisition date based on estimates and judgments regarding expectations for the future after-tax cash flows arising from the revenue from customer relationships that existed on the acquisition date over their estimated lives, including the probability of expected future contract renewals and revenue, less a contributory assets charge, all of which is discounted to present value. The fair value for acquired developed technology was determined as of the acquisition date based on estimates and judgments regarding expectations for the future after-tax cash flows arising from the revenue from developed technology that existed on the acquisition date over their estimated lives. The fair values of the trademark intangible assets were determined utilizing the relief from royalty method, which is a form of the income approach. Under this method, a royalty rate based on observed market royalties is applied to projected revenue supporting the trademarks and discounted to present value using an appropriate discount rate.

Table of Contents

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 Allocation		Weighted Average Estimated Useful Life
Customer relationships	$	183.8	13.5
Developed technology	39.0		8.0
Trademarks	10.3		5.0
Total intangible assets	$	233.1

The Company has not yet finalized the determination of the fair value of assets acquired and liabilities assumed, specifically 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 the fair value estimates of all assets acquired and liabilities assumed. Accordingly, these preliminary estimates are subject to adjustments during the measurement period, not to exceed one year from the acquisition date, based upon new information obtained about facts and circumstances that existed as of the date of closing the acquisition.

Ipackchem’s results of operations have been included in the Company’s financial statements for the period subsequent to the acquisition date of March 26, 2024. Ipackchem contributed net sales of $138.8 million for the year ended October 31, 2024.

Pro Forma Results

The following unaudited supplemental pro forma data presents consolidated information as if the Ipackchem Acquisition had been completed on November 1, 2022. These amounts were calculated after adjusting Ipackchem’s results to reflect interest expense incurred on the debt to finance the acquisition, additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment and intangible assets had been applied from November 1, 2022, the adjusted income tax expense, and related transaction costs.


	Twelve Months Ended October 31,
(in millions, except per share amounts)		2024		2023
Pro forma net sales		$	5,537.0	$	5,439.5
Pro forma net income attributable to Greif, Inc.		289.0		354.6
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock		$	5.01	$	6.14
Class B common stock		$	7.50	$	9.20
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock		$	4.98	$	6.07
Class B common stock		$	7.50	$	9.20

The unaudited supplemental pro forma financial information is based on the Company’s preliminary assignment of purchase price and therefore subject to adjustment upon finalizing the purchase price assignment. The pro forma data should not be considered indicative of the results that would have occurred if the acquisition and related financing had been consummated on the assumed completion dates, nor are they indicative of future results.

2023 Acquisitions

ColePak Acquisition

The Company acquired a 51% ownership interest in ColePak, LLC (“ColePak”) on August 23, 2023 (the “ColePak Acquisition”). ColePak is a manufacturer of bulk and specialty partitions made from both containerboard and uncoated recycled board and is the second largest supplier of paper partitions in North America. The total purchase price for this acquisition, net of cash acquired, was $74.6 million. The fair value of the remaining noncontrolling interest of 49% after the acquisition was $72.1 million, which was determined using a Monte Carlo option pricing model, and is redeemable through contractual terms.

Table of Contents

The following table summarizes the consideration transferred to acquire ColePak and the valuation of identifiable assets acquired and liabilities assumed at the acquisition date:


(in millions)	Amounts Recognized as of the Acquisition Date		Measurement Period Adjustments		Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
Cash consideration	$	74.6	$	—	$	74.6
Noncontrolling interest	72.1		—		72.1

Recognized amounts of identifiable assets acquired and liabilities assumed
Accounts receivable	$	6.7	$	—	$	6.7
Inventories	3.3		—		3.3

Intangibles	59.0		—		59.0
Operating lease right-of use assets	8.6		—		8.6

Properties, plants and equipment	19.4		—		19.4
Total assets acquired	97.0		—		97.0

Accounts payable and other current liabilities	(1.8)		—		(1.8)


Operating lease liabilities	(8.6)		—		(8.6)


Total liabilities assumed	(10.4)		—		(10.4)
Total identifiable net assets	$	86.6	$	—	$	86.6
Goodwill	$	60.1	$	—	$	60.1

The Company recognized goodwill related to this acquisition of $60.1 million. The goodwill recognized in this acquisition was attributable to the acquired assembled workforce, expected synergies, economies of scale and expanded market presence, none of which qualify for recognition as a separate intangible asset. ColePak is reported within the Paper Packaging & Services segment to which the goodwill was assigned. The goodwill is expected to be deductible for tax purposes.

The fair value for acquired customer relationship intangibles was determined as of the acquisition date based on estimates and judgments regarding expectations for the future after-tax cash flows arising from the revenue from customer relationships that existed on the acquisition date over their estimated lives, including the probability of expected future contract renewals and revenue, less a contributory assets charge, all of which is discounted to present value. The fair values of the trademark intangible assets were determined utilizing the relief from royalty method, which is a form of the income approach. Under this method, a royalty rate based on observed market royalties is applied to projected revenue supporting the trademarks and discounted to present value using an appropriate discount rate.

Acquired intangible assets are being amortized over the estimated useful lives on a straight-line basis. The following table summarizes the purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired as of the acquisition date:


(in millions)	Purchase Price Allocation		Weighted Average Estimated Useful Life
Customer relationships	$	50.6	15.0
Trademarks	8.4		5.0
Total intangible assets	$	59.0

As of October 31, 2024, the Company had completed the determination of the fair value of assets acquired and liabilities assumed related to the ColePak Acquisition.

Table of Contents

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 ASC 805. As a result, fair value of our previously held interest in Centurion of $16.8 million was valued using a discounted cash flow model, resulting in a gain of $9.8 million. The gain was reflected in the consolidated statements of income within the gain on disposal of businesses, net line.

The following table summarizes the consideration transferred to acquire Centurion and the valuation of identifiable assets acquired and liabilities assumed at the acquisition date:


(in millions)	Amounts Recognized as of the Acquisition Date		Measurement Period Adjustments		Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
Cash consideration	$	144.5	$	—	$	144.5
Noncontrolling interest	40.9		—		40.9
Previously held interest	16.8		—		16.8

Recognized amounts of identifiable assets acquired and liabilities assumed
Accounts receivable	$	12.4	$	—	$	12.4
Inventories	2.0		—		2.0
Prepaid and other current assets	0.4		—		0.4
Intangibles	83.4		9.4		92.8
Operating lease assets	10.2		—		10.2

Properties, plants and equipment	7.7		—		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.

Table of Contents

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.


(in millions)	Purchase Price Allocation		Weighted Average Estimated Useful Life
Customer relationships	$	77.5	12.0
Favorable leases	1.6		19.0
Trademarks	13.7		5.0
Total intangible assets	$	92.8

As of April 30, 2024, the Company had completed the determination of the fair value of assets acquired and liabilities assumed related to the Centurion Acquisition.

Lee Container Acquisition

The Company acquired Lee Container Corporation, Inc. (“Lee Container”) on December 15, 2022 (the “Lee Container Acquisition”). Lee Container is an industry-leading manufacturer of high-performance barrier and conventional blow molded containers, jerrycans and 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 valuation of identifiable assets acquired and liabilities assumed at the acquisition date:


(in millions)	Amounts Recognized as of the Acquisition Date		Measurement Period Adjustments		Amount 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
Inventories	27.5		(5.2)		22.3
Prepaid and other current assets	0.5		—		0.5
Intangibles	133.5		—		133.5
Finance lease assets	32.4		1.0		33.4

Properties, plants and equipment	54.7		—		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

Table of Contents

recognition as a separate intangible asset. Lee Container is reported within the Global Industrial Packaging segment to which the goodwill was assigned. The goodwill is expected to be deductible for tax purposes.

The cost approach was used to determine the fair value for building improvements and equipment. The cost approach measures the value by estimating the cost to acquire, or construct, comparable assets and adjusts for age and condition. The Company assigned building improvements a useful life ranging from 1 year to 9 years and equipment a useful life ranging from 1 year to 19 years. Acquired property, plant and equipment are being depreciated over their estimated remaining useful lives on a straight-line basis.

The fair value for acquired customer relationship intangibles was determined as of the acquisition date based on estimates and judgments regarding expectations for the future after-tax cash flows arising from the revenue from customer relationships that existed on the acquisition date over their estimated lives, including the probability of expected future contract renewals and revenue, less a contributory assets charge, all of which is discounted to present value. The fair values of the trademark intangible assets were determined utilizing the relief from royalty method, which is a form of the income approach. Under this method, a royalty rate based on observed market royalties is applied to projected revenue supporting the trademarks and discounted to present value using an appropriate discount rate.


(in millions)	Purchase Price Allocation		Weighted Average Estimated Useful Life
Customer relationships	$	120.0	15.0
Trademarks	13.5		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 ColePak Acquisition, Centurion Acquisition and Lee Container Acquisition had been completed on November 1, 2021. These amounts were calculated after adjusting ColePak’s, Centurion’s and Lee Container’s results to reflect interest expense incurred on the debt to finance the acquisitions, 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.


	Twelve Months Ended October 31,
(in millions, except per share amounts)		2023
Pro forma net sales		$	5,276.5
Pro forma net income attributable to Greif, Inc.		361.0
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock		$	6.25
Class B common stock		$	9.36
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock		$	6.18
Class B common stock		$	9.36

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.

Table of Contents

Divestitures

Delta Divestiture

During the third quarter of 2024, the Company completed its divestiture of a U.S. business in the Global Industrial Packaging segment, Delta Petroleum Company, Inc. (the “Delta Divestiture”), for net cash proceeds of $91.2 million. The Delta Divestiture did not qualify as discontinued operations because it did not represent a strategic shift that has had a major impact on the Company’s operations or financial results. The Delta Divestiture resulted in a $46.1 million gain on sale of business, including goodwill allocated to the sale of $26.1 million.

Tama Divestiture

During the first quarter of 2023, the Company completed its divestiture of a U.S. business in the Paper Packaging & Services segment, Tama Paperboard, LLC (the “Tama Divestiture”), for current net cash proceeds of $100.0 million. The Tama Divestiture did not qualify as discontinued operations as 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 a $54.6 million gain on sale of business, including goodwill allocated to the sale of $22.5 million.

NOTE 3 – GOODWILL AND OTHER INTANGIBLE ASSETS

The following table summarizes the changes in the carrying amount of goodwill by reportable segment for the years ended October 31, 2024 and 2023:


(in millions)	Global Industrial Packaging		Paper Packaging & Services		Total
Balance at October 31, 2022	$	696.6	$	767.9	$	1,464.5
Goodwill acquired	175.4		60.1		235.5
Goodwill allocated to divestitures and businesses held for sale	—		(22.5)		(22.5)


Currency translation	15.6		(0.1)		15.5
Balance at October 31, 2023	$	887.6	$	805.4	$	1,693.0
Goodwill acquired	278.5		—		278.5
Goodwill allocated to divestitures	(26.1)		—		(26.1)


Currency translation	8.3		—		8.3
Balance at October 31, 2024	$	1,148.3	$	805.4	$	1,953.7

The Company reviews goodwill by reporting unit and indefinite-lived intangible assets for impairment as required by ASC 350, “Intangibles – Goodwill and Other,” either annually on August 1, or whenever events and circumstances indicate impairment may have occurred. A reporting unit is the operating segment, or a business unit one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. The components are aggregated into reporting units for purposes of goodwill impairment testing to the extent they share similar qualitative and quantitative characteristics.

The Company performed its annual goodwill impairment test as of August 1, 2024. The Company’s goodwill reporting units either passed the Step 0 test or the fair value of the Company’s goodwill reporting units exceeded the carrying value, resulting in no impairment. Discount rates, revenue growth rates and gross margins are the assumptions that are most sensitive and susceptible to change as they require significant management judgment. In addition, certain future events and circumstances, including deterioration of market conditions, higher cost of capital, a decline in actual and expected consumption and demand, could result in changes to these assumptions and judgments. A revision of these assumptions could cause the fair value of the reporting unit to fall below its respective carrying value. As for all of the Company’s reporting units, if in future years, the reporting unit’s actual results are not consistent with the Company’s estimates and assumptions used to calculate fair value, the Company may be required to recognize material impairments to goodwill.

Table of Contents

The following table summarizes the carrying amount of net intangible assets by class as of October 31, 2024 and 2023:


(in millions)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
October 31, 2024:
Indefinite lived:
Trademarks and trade names	$	7.9	$	—	$	7.9
Definite lived:
Customer relationships	1,188.0		332.1		855.9
Trademarks and trade names	54.8		18.8		36.0
Developed technology	38.9		3.3		35.6
Other	2.1		0.4		1.7
Total	$	1,291.7	$	354.6	$	937.1

October 31, 2023:
Indefinite lived:
Trademarks and trade names	$	7.9	$	—	$	7.9
Definite lived:
Customer relationships	1,031.1		283.2		747.9
Trademarks and trade names	44.3		9.6		34.7

Other	2.1		0.4		1.7
Total	$	1,085.4	$	293.2	$	792.2

Gross intangible assets increased by $206.3 million for the year ended October 31, 2024. The increase was attributable to $231.6 million additional assets from acquisitions and $5.0 million of currency fluctuations, which was offset by the write-off of $30.3 million fully amortized assets.

Amortization expense was $91.5 million, $71.9 million and $58.2 million for the years ended October 31, 2024, 2023 and 2022, respectively. Amortization expense for the next five years is expected to be $96.8 million in 2025, $96.6 million in 2026, $96.5 million in 2027, $91.9 million in 2028 and $87.6 million in 2029.

Definite lived intangible assets for the periods presented are subject to amortization and are being amortized using the straight-line method over periods that are contractually or legally determined, or over the period a market participant would benefit from the asset. Indefinite lived intangibles of approximately $7.9 million as of October 31, 2024, related primarily to the Tri-Sure trademark and trade names related to Box Board and Pachmas, are not amortized, but rather are tested for impairment at least annually.

NOTE 4 – RESTRUCTURING CHARGES

The following is a reconciliation of the beginning and ending restructuring reserve balances for the years ended October 31, 2024 and 2023:


(in millions)	Employee Separation Costs		Other Costs		Total
Balance at October 31, 2022	$	11.2	$	1.1	$	12.3
Costs incurred and charged to expense	11.8		6.9		18.7
Costs paid or otherwise settled	(6.6)		(7.6)		(14.2)
Balance at October 31, 2023	$	16.4	$	0.4	$	16.8
Costs incurred and charged to expense	(1.4)		6.8		5.4
Costs paid or otherwise settled	(10.2)		(7.1)		(17.3)
Balance at October 31, 2024	$	4.8	$	0.1	$	4.9

Table of Contents

The focus for restructuring activities in 2024 was to optimize and integrate operations and close underperforming plants in the Paper Packaging & Services reportable segment and to optimize and rationalize operations in the Global Industrial Packaging reportable segment. During the year ended October 31, 2024, the Company recorded restructuring charges of $5.4 million, as compared to $18.7 million of restructuring charges recorded during the year ended October 31, 2023. The restructuring activity for the year ended October 31, 2024 consisted of ($9.0) million release of prior period restructuring severance accrual no longer probable of occurring, $7.6 million in employee separation costs and $6.8 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities. There were four plants closed or divested in 2024 and a total of 126 employees severed throughout 2024 as part of the Company’s restructuring efforts.

The focus for restructuring activities in 2023 was to optimize and integrate operations and close underperforming plants in the Paper Packaging & Services reportable segment and to optimize and rationalize operations in the Global Industrial Packaging reportable segment. During 2023, the Company recorded restructuring charges of $18.7 million, consisting of $11.8 million in employee separation costs and $6.9 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities. There were nine plants closed or divested in 2023 and a total of 456 employees severed throughout 2023 as part of the Company’s restructuring efforts.

The focus for restructuring activities in 2022 was to optimize and integrate operations in the Paper Packaging & Services reportable segment and to rationalize operations and close underperforming assets in the Global Industrial Packaging reportable segment. During 2022, the Company recorded restructuring charges of $13.0 million, consisting of $6.3 million in employee separation costs and $6.7 million in other restructuring costs, primarily consisting of professional fees incurred for services specifically associated with employee separation and relocation. There were seventeen plants closed or divested in 2022 and a total of 132 employees severed throughout 2022 as part of the Company’s restructuring efforts.

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-K. Remaining amounts expected to be incurred were $12.7 million as of October 31, 2024:


(in millions)	Total Amounts Expected to be Incurred		Amounts Incurred During the year ended October 31, 2024		Amounts Remaining to be Incurred
Global Industrial Packaging:
Employee separation costs	$	(2.2)	$	(4.3)	2.1
Other restructuring costs	2.7		1.5		1.2
	0.5		(2.8)		3.3
Paper Packaging & Services:
Employee separation costs	3.2		2.9		0.3
Other restructuring costs	14.4		5.3		9.1
	17.6		8.2		9.4




Total	$	18.1	$	5.4	$	12.7

Table of Contents

NOTE 5 – LONG-TERM DEBT

Long-term debt is summarized as follows:


(in millions)	October 31, 2024		October 31, 2023
2022 Credit Agreement - Term Loans	$	1,707.4	$	1,493.8
2023 Credit Agreement - Term Loans	288.8		296.3

Accounts receivable credit facilities	357.9		351.0
2022 Credit Agreement - Revolving Credit Facility	373.7		77.3

Other debt	1.3		—
	2,729.1		2,218.4
Less current portion	95.8		88.3
Less deferred financing costs	7.1		8.7
Long-term debt, net	$	2,626.2	$	2,121.4

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, and (d) as further described below, a $300.0 million incremental secured term loan A-4 facility with quarterly principal installments that commenced on April 30, 2024 and continue through January 31, 2027, with any outstanding principal balance of such term loan A-4 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.

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 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

Table of Contents

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 October 31, 2024, $2,369.9 million was outstanding under the 2022 and 2023 Credit Agreements. The current portion was $95.8 million, and the long-term portion was $2,274.1 million. The weighted average interest rate for borrowings under the 2022 and 2023 Credit Agreements was 6.52% for the year ended October 31, 2024. The actual interest rate for borrowings under the 2022 and 2023 Credit Agreements was 6.36% as of October 31, 2024. The deferred financing costs associated with the term loan portion of the 2022 and 2023 Credit Agreements totaled $7.0 million as of October 31, 2024 and are recorded as a reduction of long-term debt on the consolidated balance sheets. The deferred financing costs associated with the revolving portion of the 2022 Credit Agreement totaled $2.5 million as of October 31, 2024 and are recorded within other long-term assets on the consolidated balance sheets.

United States Trade Accounts Receivable Credit Facility

Greif Receivables Funding LLC (“Greif Funding”), Greif Packaging, for itself and as servicer, and certain other U.S. subsidiaries of the Company entered into a Third Amended and Restated Transfer and Administration Agreement, dated as of September 24, 2019 (the “Third Amended TAA”), with Bank of America, N.A., as the agent, managing agent, administrator and committed investor, and various investor groups, managing agents and administrators, from time to time parties thereto, to provide for a receivables financing facility (the “U.S. RFA”). On May 17, 2024, the Third Amended TAA was amended with a new maturity date of May 16, 2025 and provides an accounts receivables facility of $300.0 million. The weighted average interest rate for borrowings under the U.S. RFA was 6.21% for the year ended October 31, 2024. The deferred financing costs associated with the U.S. RFA totaled $0.1 million as of October 31, 2024 and are recorded as a reduction of long-term debt on the consolidated balance sheets.

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.

The U.S. RFA is secured by certain trade accounts receivables related to the Global Industrial Packaging and the Paper Packaging & Services businesses of Greif Packaging and other subsidiaries of the Company in the United States and bears interest at a variable rate based on the London InterBank Offered Rate or an applicable base rate, plus a margin, or a commercial paper rate, all as provided in the Third Amended TAA. Interest is payable on a monthly basis and the principal balance is payable upon termination of the U.S. RFA. As of October 31, 2024, there was a $273.7 million ($270.9 million as of October 31, 2023) outstanding balance under the U.S. RFA that is reported as long-term debt in the consolidated balance sheets because the Company intends to refinance this obligation on a long-term basis and has the intent and ability to consummate a long-term refinancing.

International Trade Accounts Receivable Credit Facilities

On April 19, 2024, Cooperage Receivables Finance B.V. and Greif Services Belgium BV, an indirect wholly owned subsidiary of Greif, Inc., amended and restated the Nieuw Amsterdam Receivables Financing Agreement (the “European RFA”) with affiliates of a major international bank. The amended and restated European RFA matures April 22, 2025. The European RFA provides an accounts receivable financing facility of up to €100.0 million ($108.2 million as of October 31, 2024) secured by certain European accounts receivable. As of October 31, 2024, $84.2 million ($80.1 million as of October 31, 2023) was outstanding on the European RFA that is reported as long-term debt on the 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. The weighted average interest rate for borrowings under the European RFA was 4.67% for the year ended October 31, 2024.

Other

As of October 31, 2024, annual scheduled payments and maturities, including the current portion of long-term debt, were $455.0 million in 2025, $95.8 million in 2026, $1,912.0 million in 2027, $266.3 million in 2028 and zero thereafter.

Table of Contents

NOTE 6 – FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

The following table presents the fair value of those assets and (liabilities) measured on a recurring basis as of October 31, 2024 and 2023:


	October 31, 2024
	Assets								Liabilities
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Interest rate derivatives	$	—	$	40.4	$	—	$	40.4	$	—	$	(5.6)	$	—	$	(5.6)
Foreign exchange hedges	—		0.2		—		0.2		—		(0.1)		—		(0.1)
Insurance annuity	—		—		18.9		18.9		—		—		—		—
Cross currency swap	—		17.6		—		17.6		—		(6.4)		—		(6.4)

	October 31, 2023
	Assets								Liabilities
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
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 October 31, 2024 and 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 October 31, 2024, the Company has various interest rate swaps with a total notional amount of $1,400.0 million ($1,300.0 million as of October 31, 2023), maturing between March 1, 2027 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 2.97%. This effectively will convert 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 are 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 14 herein 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 (losses) reclassified to earnings under these contracts were $34.8 million, $28.5 million and $(8.4) million for the years ended October 31, 2024, 2023 and 2022. A derivative gain of $17.0 million, based upon interest rates at October 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 October 31, 2024, the Company had outstanding foreign currency forward contracts in the notional amount of $74.1 million ($66.0 million as of October 31, 2023).

Table of Contents

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 were based on observable market pricing for similar instruments, principally foreign exchange futures contracts.

Realized gains (losses) recorded in other expense, net under fair value contracts were $1.0 million, $1.2 million and $(6.2) million for the years ended October 31, 2024, 2023 and 2022, respectively. Unrealized net gains (losses) recognized by the Company in other expense, net were $0.1 million, zero and $(0.2) million for the years ended October 31, 2024, 2023 and 2022, respectively.

Cross Currency Swap

As of October 31, 2024, the Company has various cross currency interest rate swaps that synthetically swap $447.6 million ($319.3 million as of October 31, 2023) of U.S. fixed rate debt to Euro denominated fixed rate debt. The Company receives a weighted average rate of 1.27% on these swaps. These agreements are designated as either net investment hedges or cash flow hedges for accounting purposes and will mature between August 10, 2026 and November 3, 2028.

The gain or loss on the 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 14 herein 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 years ended October 31, 2024, 2023 and 2022, gains recorded in interest expense, net under the cross currency swap agreements were $6.4 million, $5.1 million and $5.8 million, respectively.

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 820, “Fair Value Measurements and Disclosures.”

Pension Plan Assets

On an annual basis the Company compares the asset holdings of its pension plan to targets it previously established. The pension plan assets are categorized as equity securities, debt securities, fixed income securities, insurance annuities or other assets, which are considered level 1, level 2 and level 3 fair value measurements. The typical asset holdings include:

•Common stock: Valued based on quoted prices and are primarily exchange-traded.

•Mutual funds: Valued at the Net Asset Value (“NAV”) available daily in an observable market.

•Common collective trusts: Unit value calculated based on the observable NAV of the underlying investment.

•Pooled separate accounts: Unit value calculated based on the observable NAV of the underlying investment.

•Government and corporate debt securities: Valued based on readily available inputs such as yield or price of bonds of comparable quality, coupon, maturity and type.

•Insurance annuity: Value is derived based on the value of the corresponding liability.

Table of Contents

Non-Recurring Fair Value Measurements

The assumptions used in measuring fair value of long-lived assets are considered level 3 inputs, which include bids received from third parties, recent purchase offers, market comparable information and discounted cash flows based on assumptions that market participants would use. The assumptions used in measuring fair value of assets and liabilities held for sale are considered level 3 inputs, which include recent purchase offers, market comparables and/or data obtained from commercial real estate brokers. On an annual basis or when events or circumstances indicate impairment may have occurred, the Company performs impairment tests for goodwill and indefinite-lived intangibles as defined under ASC 350, “Intangibles-Goodwill and Other.”

The Company recognized asset impairment charges of $2.6 million and $20.3 million for the years ended October 31, 2024 and 2023.

The following table presents quantitative information about the significant unobservable inputs used to determine the fair value of the impairment of long-lived assets held and used, net assets held for sale, goodwill and indefinite-lived intangibles for the twelve months ended October 31, 2024 and 2023:

Quantitative Information about Non-Recurring Fair Value Measurements

(in millions)

Fair Value of
Impairment

Valuation
Technique

Unobservable
Input

Range
of Input Values

October 31, 2024

Impairment of Long-Lived Assets

2.6

Discounted Cash Flows, Indicative Bids

N/A

Total

2.6

October 31, 2023

Impairment of Long-Lived Assets

20.3

Discounted Cash Flows, Indicative Bids

N/A

Total

20.3

During the year ended October 31, 2024, the Company wrote down long-lived assets with a carrying value of $10.7 million to a fair value of $8.1 million, resulting in recognized asset impairment charges of $2.6 million. These charges include $1.3 million related to properties, plants and equipment, net, in the Global Industrial Packaging reportable segment and $1.3 million related to properties, plants and equipment, net, in the Paper Packaging & Services reportable segment.

During the year ended October 31, 2023, the Company wrote down long-lived assets with a carrying value of $30.5 million to a fair value of $10.2 million, resulting in recognized asset impairment charges of $20.3 million. These charges include $1.9 million related to properties, plants and equipment, net, in the Global Industrial Packaging reportable segment and $18.4 million related to properties, plants and equipment, net, in the Paper Packaging & Services reportable segment.

During the year ended October 31, 2022, the Company wrote down long-lived assets with a carrying value of $4.0 million to a fair value of $0.0 million, resulting in recognized asset impairment charges of $4.0 million. These charges include $2.3 million related to properties, plants and equipment, net, in the Global Industrial Packaging reportable segment and $1.7 million related to properties, plants and equipment, net, in the Paper Packaging & Services reportable segment. During the year ended October 31, 2022, the Company entered into a definitive agreement to divest its approximately 50% equity interest in the Flexible Products & Services business (the “FPS Divestiture”). This agreement triggered the reclassification of the Flexible Products & Services business to assets and liabilities held for sale, which further resulted in recognized impairment charges of $62.4 million in the first quarter of 2022. During the year ended October 31, 2022, the Company wrote down indefinite-lived intangible, resulting in recognized impairment charges of $4.6 million.

NOTE 7 – STOCK-BASED COMPENSATION

Stock-based compensation is accounted for in accordance with ASC 718, “Compensation – Stock Compensation,” which requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model.

The Company’s material stock-based compensation plans include the Long-Term Incentive Plan, which consists of the 2020 Long-Term Incentive Plan (the “2020 LTIP”) and the 2006 Amended and Restated Long-Term Incentive Plan (the “2006

Table of Contents

LTIP”); and the Amended and Restated Outside Directors Equity Award Plan (the “Outside Directors Plan”). The total stock compensation expense recorded under all plans was $16.8 million, $21.4 million and $34.4 million for periods ended October 31, 2024, 2023 and 2022 respectively.

Long-Term Incentive Plan

The Long-Term Incentive Plan is intended to focus management on the key measures that drive superior performance over the longer term. The Long-Term Incentive Plan provides key employees with incentive compensation based upon consecutive and overlapping three-year performance periods that commence at the start of every year. For each three-year performance period, the performance goals are based on performance criteria as determined by the Compensation Committee.

2020 Long-Term Incentive Plan

For the three-year performance periods ending after fiscal 2021, awards have been made under the 2020 LTIP. Participants may be granted restricted stock units (“RSUs”) or performance stock units (“PSUs”) or a combination thereof.

The Company grants RSUs based on a three-year vesting period on the basis of service only. The RSUs are an equity-classified plan measured at fair value on the grant date recognized ratably over the service period. Dividend-equivalent rights may be granted in connection with an RSU award and are recognized in conjunction with the Company’s dividend issuance and settled upon vesting of the award. Upon vesting, the RSUs are to be awarded in shares of Class A Common Stock.

The Company has made the following grants of RSUs under the 2020 LTIP:

Grant Date

December 12, 2023

December 14, 2022

December 16, 2021

Service Period

11/1/2023 - 9/30/2026

11/1/2022 - 10/31/2025

11/1/2021 - 10/31/2024

RSUs Granted

120,843

105,753

99,006

Weighted Average Fair Value of RSUs

$62.83

$68.99

$60.54

During 2024, the Company issued 53,060 shares of Class A Common Stock, which excludes 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 grants PSUs for a three-year performance period based upon service, performance criteria and market conditions. The performance criteria are based on targeted levels of (a) adjusted earnings before interest, taxes, depreciation, depletion and amortization and (b) total shareholder return as determined by the Compensation Committee. The PSUs are a liability-classified plan wherein the fair value of the PSUs awarded is determined at each reporting period using a Monte Carlo simulation. A Monte Carlo simulation uses assumptions including the risk-free interest rate, expected volatility of the Company’s stock price and expected life of the awards to determine a fair value of the market condition throughout the vesting period. If earned, the PSUs are to be awarded in shares of Class A Common Stock.

The following table summarizes the key assumptions used in estimating the value of PSUs:


Grant Date	December 12, 2023	December 14, 2022	December 16, 2021
Performance Period	11/1/2023 - 9/30/2026	11/1/2022 - 10/31/2025	11/1/2021 - 10/31/2024
PSUs Granted	202,402	183,218	162,392
Weighted Average Fair Value of PSUs at Grant Date	$60.77	$70.06	$60.08
Weighted Average Fair Value of PSUs at Valuation Date	$100.72	$—	$109.01
Valuation Date Stock Price	$62.44	$62.44	$62.44
Risk-Free Rate at Valuation Date	4.1%	4.2%	—%
Estimated Volatility at Valuation Date	27.7%	26.7%	—%

During 2024, the Company issued 229,859 shares of Class A Common Stock, which excludes 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.

Table of Contents

2006 Amended and Restated Long-Term Incentive Plan

For the three-year performance period ending in fiscal 2021, awards were made under the 2006 LTIP, with the performance goals based on targeted levels of adjusted earnings before interest, taxes, depreciation, depletion and amortization. For this performance period, awards were to be paid 50% in cash and 50% in restricted stock. All restricted stock awards under the 2006 LTIP were fully vested at the date of award. Under the 2006 LTIP, the Company granted 51,593 shares of restricted Class A Common Stock with a grant date fair value of $59.83 for 2022.

The total stock compensation expense recorded under the Long-Term Incentive Plan was $15.5 million, $20.1 million and $33.1 million for the periods ended October 31, 2024, 2023 and 2022, respectively.

Amended and Restated Outside Directors Equity Award Plan

Under the Outside Directors Plan, the Company granted 20,925 shares of restricted Class A Common Stock with a grant date fair value of $63.31 in 2024 and 18,144 shares of restricted Class A Common Stock with a grant date fair value of $70.41 in 2023. The total expense recorded under the Outside Directors Plan was $1.3 million, $1.3 million and $1.3 million for the periods ended October 31, 2024, 2023 and 2022, respectively. All restricted stock awards under the Outside Directors Plan are fully vested at the date of award.

NOTE 8 – INCOME TAXES

The provision for income taxes consists of the following:


	Year Ended October 31,
(in millions)	2024		2023		2022
Current
Federal	$	44.7	$	77.4	$	54.6
State and local	8.9		19.6		19.9
Non-U.S.	59.8		49.1		49.2
Total Current	113.4		146.1		123.7
Deferred
Federal	(61.5)		(18.8)		12.5
State and local	(12.7)		(8.6)		(6.6)
Non-U.S.	(12.0)		(0.9)		7.5
Total Deferred	(86.2)		(28.3)		13.4
Tax expense	$	27.2	$	117.8	$	137.1

Table of Contents

The U.S. income before income tax expense was $85.1 million, $240.7 million and $333.5 million in 2024, 2023 and 2022, respectively. The non-U.S. income before income tax expense was $234.5 million, $254.0 million and $192.2 million in 2024, 2023 and 2022, respectively.

The following is a reconciliation of the provision for income taxes based on the federal statutory rate to the Company’s effective income tax rate:


	Year Ended October 31,
	2024		2023		2022
Federal statutory rate	21.00	%	21.00	%	21.00	%
Impact of foreign tax rate differential	1.26	%	1.78	%	2.03	%
State and local taxes, net of federal tax benefit	(1.04)	%	1.71	%	2.01	%
Net impact of changes in valuation allowances	(3.32)	%	(2.21)	%	(1.05)	%



Permanent book-tax differences	5.71	%	(0.25)	%	1.60	%
Withholding taxes

GREIF, INC 10-K