GREIF, INC

Listed Company

GEF-BCIK 0000043920NYSELarge AcceleratedMetal Shipping Barrels, Drums, Kegs & PailsDelawareFY ends Sep 30

Period

FY 2024

Revenue

—

Net Income

$268.80M

Total Assets

$6.65B

Equity

$2.08B

Shares Out

—

Op. Cash Flow

$356.00M

Business

GREIF, INC is a leading global producer of industrial packaging products and services. It offers rigid industrial packaging (steel, fibre and plastic drums; rigid intermediate bulk containers; jerrycans; small plastics), closure systems, transit protection, water bottles, remanufactured/reconditioned containers, container life-cycle management, logistics, warehousing and other packaging services, and produces containerboard, corrugated products, coated and uncoated recycled paperboard, tubes, cores, partitions, adhesives and timber. The company operates across three reportable segments: Global Industrial Packaging; Paper Packaging & Services; and Land Management. It sells products and services in over 35 countries, serving global industrial customers and North American paper markets through direct sales and logistics channels.

Summary from filing dated 2024-12-23

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31	FY 2020 2020-10-31
Net sales	5,448	5,219	6,350	5,556	4,515
Costs of products sold	4,377	4,073	5,064	4,463	3,600
Gross profit	1,071	1,146	1,285	1,093	915
Selling, general and administrative expenses	635	549	581	566	516
Acquisition and integration related costs	19	19	9	9	—
Restructuring charges	5	19	13	23	39
Non-cash asset impairment charges	3	20	71	9	19
Gain on disposal of properties, plants and equipment, net	−9	−3	−8	−4	−19
Gain on disposal of businesses, net	−46	−64	−1	200,000	—
Operating profit	465	606	621	585	305
Interest expense, net	135	96	61	93	116
Non-cash pension settlement charges	0	4	0	9	300,000
Debt extinguishment charges	0	0	25	0	0
Other expense, net	10	11	9	5	3
Income before income tax expense and equity earnings of unconsolidated affiliates, net	320	495	526	479	186
Income tax expense	27	118	137	70	63
Equity earnings of unconsolidated affiliates, net of tax	−3	−2	−5	−4	−2
Net income	296	379	394	413	124
Net income attributable to noncontrolling interests	−27	−20	−17	−23	−16
Net income attributable to Greif, Inc.	269	359	377	391	109

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31	FY 2020 2020-10-31
Cash and cash equivalents	198	181	147	125	106
Trade accounts receivable, net of allowance	747	659	749	890	637
Raw materials	300	256	316	391	208
Finished goods	100	83	87	107	80
Assets held for sale	3	5	1	7	57
Prepaid expenses	56	46	57	54	43
Other current assets	146	139	141	90	116
Total current assets	1,549	1,369	1,499	1,664	1,303
Goodwill	1,954	1,693	1,465	1,515	1,518
Other intangible assets, net of amortization	937	792	576	648	715
Deferred tax assets	37	23	10	16	11
Pension assets	46	36	31	40	30
Operating lease right-of-use assets	285	290	255	289	308
Finance lease right-of-use assets	38	31	1	—	—
Other long-term assets	150	164	178	121	99
Total long-term assets	3,446	3,029	2,516	2,631	2,681
Timber properties, net of depletion	231	230	227	225	225
Land	158	154	155	162	163
Buildings	606	544	515	544	525
Machinery and equipment	2,309	2,139	1,968	2,042	1,931
Capital projects in progress	160	201	183	137	121
Properties, plants and equipment, gross	3,463	3,267	3,048	3,110	2,963
Accumulated depreciation	−1,811	−1,704	−1,593	−1,589	−1,436
Properties, plants and equipment, net	1,652	1,563	1,455	1,521	1,527
Total assets	6,648	5,961	5,470	5,816	5,511
Accounts payable	522	498	561	705	451
Accrued payroll and employee benefits	157	138	174	160	122
Restructuring reserves	5	17	12	20	22
Current portion of long-term debt	96	88	71	120	123
Short-term borrowings	19	5	6	51	28
Current portion of operating lease liabilities	57	54	49	54	52
Current portion of finance lease liabilities	6	3	900,000	—	—
Other current liabilities	154	136	173	203	158
Total current liabilities	1,014	939	1,048	1,314	1,000
Long-term debt	2,626	2,121	1,839	2,055	2,336
Operating lease liabilities	230	240	209	240	258
Finance lease liabilities	34	28	200,000	—	—
Deferred tax liabilities	295	326	344	318	339
Pension liabilities	59	56	58	78	138
Post-retirement benefit obligations	6	6	7	11	12
Contingent liabilities and environmental reserves	19	17	19	20	20
Long-term income tax payable	12	21	26	28	28
Other long-term liabilities	105	94	110	153	160
Total long-term liabilities	3,386	2,910	2,612	2,902	3,290
Commitments and Contingencies (Note 10)	—	—	—	—	—
Redeemable Noncontrolling Interests (Note 15)	130	125	16	24	20
Common stock, without par value	230	208	174	179	170
Treasury stock, at cost	−279	−282	−205	−134	—
Retained earnings	2,486	2,338	2,095	1,826	1,544
Foreign currency translation	−314	−318	−317	−295	−295
Derivative financial instruments	34	72	73	−4	−25
Minimum pension liabilities	−75	−71	−59	−58	−108
Total Greif, Inc. shareholders equity	2,082	1,948	1,761	1,514	1,152
Noncontrolling interests	35	38	33	61	49
Total shareholders equity	2,118	1,986	1,794	1,576	1,201
Total liabilities and shareholders equity	6,648	5,961	5,470	5,816	5,511

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31	FY 2020 2020-10-31
Depreciation, depletion and amortization	261	231	217	234	243
Unrealized foreign exchange loss (gain)	10	13	−2	1	−4
Deferred income tax (benefit) expense	−86	−29	13	−47	17
Debt extinguishment charges	0	0	23	0	0
Non-cash lease expense	47	38	36	40	57
Other, net	3	2	800,000	−2	−3
Trade accounts receivable	−43	130	25	−248	−9
Inventories	−26	101	6	−206	27
Accounts payable	19	−80	−41	230	38
Restructuring reserves	−12	4	−7	−1	10
Operating leases	−48	−37	−37	−44	−57
Pension and post-retirement benefit liabilities	−11	−27	−25	−12	−13
Other, net	200,000	−33	−8	117	−14
Net cash provided by operating activities	356	650	658	396	455
Acquisitions of companies, net of cash acquired	−569	−542	0	0	—
Purchases of properties, plants and equipment	−187	−214	−176	−141	−131
Purchases of and investments in timber properties	−5	−6	−7	−7	−5
Proceeds from the sale of properties, plants, equipment and other assets	15	9	20	16	33
Proceeds from the sale of businesses	89	105	139	3	81
Payments for deferred purchase price of acquisitions	−2	−22	−5	−4	—
Net cash used in investing activities	−658	−670	−28	47	−25
Proceeds from issuance of long-term debt	2,491	2,286	3,916	1,806	1,320
Payments on long-term debt	−1,994	−2,029	−4,105	−2,176	−1,578
Payments on short-term borrowings, net	−12	−700,000	−36	21	17
Proceeds from trade accounts receivable credit facility	349	180	302	106	77
Payments on trade accounts receivable credit facility	−344	−146	−365	−23	−123
Dividends paid to Greif, Inc. shareholders	−121	−117	−111	−106	−104
Dividends paid to noncontrolling interests	−26	−14	−17	−8	−13
Payments for debt extinguishment and issuance costs	0	0	−21	0	0
Payments for share repurchases	0	−64	−71	0	0
Forward contract for accelerated share repurchases	0	0	−15	0	0
Tax withholding payments for stock-based awards	−11	−14	0	0	—
Purchases of redeemable and mandatorily redeemable noncontrolling interest	0	−7	−7	0	0
Other, net	−8	−5	0	0	—
Net cash provided by (used in) financing activities	324	70	−531	−423	−405
Effects of exchange rates on cash	−5	−15	−76	—	—
Net increase in cash and cash equivalents	17	34	23	19	29
Capital expenditures included in accounts payable	17	29	24	39	17
Cash payments for interest expense	157	113	70	105	120
Cash payments for taxes	108	155	157	55	65

Filings

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