Greif : 2020 Annual Report (PDF 1.94 MB)

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A N N U A L R E P O RT

DEAR FELLOW SHAREHOLDERS,

Greif made meaningful progress across our strategic priorities - Engaged Teams, Differentiated Customer Service and Enhanced Performance - in 2020. While the ongoing global health pandemic created unprecedented challenges to our daily lives, we overcame these obstacles to accomplish much during this past year. This highlights our Greif team's discipline, resolve and extraordinary dedication to our business and customers.

Engaged Teams - Safe and engaged teams fuel Greif's ongoing success. To help counter potential colleague exposure to COVID-19, we changed how we worked and implemented advanced safety and health protocols across our global workplace this year. We also advanced toward our "zero harm" workplace aspiration with more than 50 percent of our manufacturing sites recording zero medical cases in 2020. To further improve our workplace, we completed our third annual colleague engagement survey and achieved a companywide engagement score placing Greif among the best performers in the manufacturing sector. Lastly, we expanded our colleague resource group offering to strengthen our commitment to diversity and inclusion. We also engaged our colleagues in active listening sessions about race and equality to ensure our behaviors align to our value systems outlined in The Greif Way.

Differentiated Customer Service - Our vision is, in industrial packaging, be the best performing customer service company in the world. Although COVID-19 forced us to interact with customers in new ways, it did not prevent us from serving their needs with excellence. In 2020 we launched an in-depth customer interview process to identify new markets and customer needs. We also completed our 10th Net Promoter Score (NPS) survey and achieved an all-time best score of 67, which represents a 10% improvement over our 2019 result.

Enhanced Performance - While macroeconomic uncertainty caused by COVID-19 impacted our profitability in 2020, we still advanced our financial priorities of generating cash and paying down debt. Adjusted Free Cash Flow improved by more than 29 percent versus 2019 thanks to disciplined operational execution and sharp working capital focus. We reduced net debt by more than $293 million dollars and rewarded our investors with more than $104 million in dividends. In addition to solid financial results, we made great progress on our sustainability journey. More than 35 of our manufacturing facilities achieved "zero waste to landfill" status, and we commenced third party assessments of our suppliers' sustainability performance to find opportunities for improvement. Finally, we were awarded with our third consecutive gold rating from EcoVadis for sustainability leadership and our third consecutive A- rating from CDP as part of their annual climate change assessment.

In summary, I am incredibly proud of how our global team adapted and responded to the unique and unprecedented challenges presented this past year. Looking ahead to 2021, the Greif team will remain laser focused on controlling the execution levers within our control as the world emerges from the pandemic. We have a solid foundation - our vision is clear; our teams are engaged; we are focused on serving our customers; and our financial priorities are sound. We will leverage our position and scale as the world's leading industrial packaging company to drive greater value for our colleagues, our communities and our shareholders. I am excited about our future. Thank you for your support and continued investment in Greif.

Best regards,

Peter G. Watson

President and Chief Executive Officer

GAAP TO NON-GAAP RECONCILIATION
ADJUSTED FREE CASH FLOW (1)
UNAUDITED		Twelve months ended October 31,
(in millions)		2020		2019		2018
Net cash provided by operating activities	$	454.7	$	389.5	$	253.0
Cash paid for purchases of properties, plants and equipment		(131.4)		(156.8)		(140.2)
Free Cash Flow	$	323.3	$	232.7	$	112.8
Cash paid for acquisition and integration related costs		17.0		29.7		0.7
Cash paid for debt issuance costs(2)		-		5.1		-
Additional U.S. pension contribution		-		-		65.0
Cash paid for incremental COVID-19 costs, net (3)		2.6		-		-
Cash paid for acquisition-related ERP systems (4)		3.3		0.3		-
Adjusted Free Cash Flow	$	346.2	$	267.8	$	178.5

(1)Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for aacquisition and integration related costs, plus cash paid for debt issuance costs, plus an additional one-time $65.0 million contribution made by the Company to its U.S. defined benefit plan during the third quarter of 2018, plus cash paid for incremental COVID-19 costs, net, plus cash paid for acquisition-related ERP systems.

(2)Cash paid for debt issuance costs is defined as cash payments for debt issuance related expenses included within net cash used in operating activities.

(3)Incremental COVID-19 costs, net includes costs directly attributable to COVID-19 such as costs incurred for incremental cleaning and sanitation efforts and employee safety measures, offset by economic relief received from foreign governments.

(4)Cash paid for acquisition-related ERP systems is defined as capital expenditures for the integration of Caraustar into Grief's global enterprise resource planning system.

GAAP TO NON-GAAP RECONCILIATION

NET DEBT (5)

UNAUDITED

(in millions)	October 31, 2020	October 31, 2019
Total Debt	2,487.0	2,751.9
Cash and cash equivalents	(105.9)	(77.3)
Net Debt	2,381.1	2,674.6

1. Net debt is dened as total debt less cash and cash equivalents.

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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, 2020 or

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

GREIF, INC.

Delaware

(State or other jurisdiction of incorporation or organization)

425 Winter Road Delaware Ohio (Address of principal executive offices)

31-4388903

(I.R.S. Employer

Identification No.)

43015

(Zip Code)

	Registrant's telephone number, including area code [phone]
	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

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IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

Index to Form 10-K Annual Report for the Fiscal Year ended October 31, 2020

Form		Description	Page
10-K Item
Part I	1	Business	4
		(a) General Development of Business	4
		(b) Financial Information about Segments	4
		(c) Narrative Description of Business	4
		(d) Financial Information about Geographic Areas	7
		(e) Available Information	7
	1A.	(f) Other Matters	7
	Risk Factors	8
	1B.	Unresolved Staff Comments	18
	2	Properties	19
	3	Legal Proceedings	22
Part II	4	Mine Safety Disclosures	22
5	Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	23
	6	Selected Financial Data	24
	7	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
	7A.	Quantitative and Qualitative Disclosures about Market Risk	40
	8	Financial Statements and Supplementary Data	43
		Consolidated Statements of Income	43
		Consolidated Statements of Comprehensive Income	43
		Consolidated Balance Sheets	44
		Consolidated Statements of Cash Flows	46
		Consolidated Statements of Changes in Shareholders' Equity	47
		Note 1 - Basis of Presentation and Summary of Significant Accounting Policies	48
		Note 2 - Acquisitions and Divestitures	56
		Note 3 - Goodwill and Other Intangible Assets	58
		Note 4 - Restructuring Charges	60
		Note 5 - Consolidation of Variable Interest Entities	61
		Note 6 - Long-Term Debt	63
		Note 7 - Financial Instruments and Fair Value Measurements	66
		Note 8 - Stock-Based Compensation	69
		Note 9 - Income Taxes	70
		Note 10 - Post-Retirement Benefit Plans	73
		Note 11 - Contingent Liabilities and Environmental Reserves	78
		Note 12 - Earnings Per Share	80
		Note 13 - Equity Earnings of Unconsolidated Affiliates, Net of Tax	82
		Note 14 - Leases	82
		Note 15 - Business Segment Information	83
		Note 16 - Comprehensive Income (Loss)	86
		Note 17 - Quarterly Financial Data (Unaudited)	86
		Note 18 - Redeemable Noncontrolling Interests	88
		Note 19 - Subsequent Events	89
	9	Report of Independent Registered Public Accounting Firm	90
	Changes in and Disagreements with Accountants on Accounting and Financial Disclosures	92
	9A.	Controls and Procedures	92
	9B.	Report of Independent Registered Public Accounting Firm	93
	Other Information	93

Form		Description	Page
10-K Item
Part III	10	Directors, Executive Officers and Corporate Governance	94
	11	Executive Compensation	94
	12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	94
	13	Certain Relationships and Related Transactions, and Director Independence	94
Part IV	14	Principal Accountant Fees and Services	95
15	Exhibits and Financial Statement Schedules	95
	16	Form 10-K Summary	98
Schedules		Signatures	99
	Schedule II	100

PART I

ITEM 1. BUSINESS

(a) General Development of Business

1. Financial Information about Segments
2. Narrative Description of Business Sales

COVID-19

Markets

Resources

Government Laws and Regulations

Human Capital

Health and Safety

Diversity and Inclusion

Talent Development

1. Financial Information about Geographic Areas
2. Available Information
3. Other Matters

ITEM 1A. RISK FACTORS

Risks Related to Market and Economic Factors

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

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

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The COVID-19 Pandemic Could Continue to Impact Any Combination of our Business, Financial Condition, Results of Operations and Cash Flows.

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

Risks Related to Industry Conditions

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

We Operate in Highly Competitive Industries.

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

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

The Frequency and Volume of our Timber and Timberland Sales Will Impact our Financial Performance.

Risks Related to our Operations

We may not Successfully Implement our Business Strategies, Including Achieving our Growth Objectives.

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

The Acquisition of Caraustar Subjects us to Various Risks and Uncertainties.

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

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

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

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

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

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.

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

A Security Breach of Customer, Employee, Supplier or Company Information may have a Material Adverse Effect on our Business, Financial Condition, Results of Operations and Cash Flows.

Risks Related to Financial Reporting

Changes in U.S. Generally Accepted Accounting Principles (''GAAP'') and SEC Rules and Regulations Concerning the Maintenance of Effective Internal Controls Could Materially Impact our Reported Financial Results.

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.

Full Realization of our Deferred Tax Assets may be Affected by a Number of Factors.

Our Level of Indebtedness Could Adversely Affect our Liquidity, Limit our Flexibility in Responding to Business Opportunities, and Increase our Vulnerability to Adverse Changes in Economic and Industry Conditions.

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

Our Pension and Post-retirement Plans are Underfunded and will Require Future Cash Contributions, and our Required Future Cash Contributions Could be Higher than we Expect, Each of Which Could Have a Material Adverse Effect on our Financial Condition and Liquidity.

Risks Related to Regulatory and Legal Costs

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

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

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.

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

ITEM 1B. UNRESOLVED STAFF COMMENTS

ITEM 2. PROPERTIES

Location	Products or Use	Owned	Leased
RIGID INDUSTRIAL PACKAGING & SERVICES:	-	1
Algeria	Steel drums
Argentina	Steel and plastic drums, pails and water bottles	2	1
Austria	Steel drums, intermediate bulk containers and reconditioned containers and services	-	1
Belgium	Steel and plastic drums	2	-
Brazil	Steel and plastic drums, steel lids and closures	5	2
Canada	Plastic drums and warehouse	1	1
Chile	Steel drums, water bottles and warehouse	1	1
China	Steel and plastic drums, closures and intermediate bulk containers and packaging	7	-
	services
Colombia	Steel and plastic drums and water bottles	-	1
Costa Rica	Steel drums	-	1
Czech Republic	Steel drums	1	-
Denmark	Fibre drums	-	1
Egypt	Steel drums	1	-
France	Steel and plastic drums, intermediate bulk containers, reconditioned containers and	3	-
	closures
Germany	Steel drums, water bottles, intermediate bulk containers and closures	4	-
Greece	Steel drums	1	-
Guatemala	Steel drums	1	-
Hungary	Steel drums	1	-
Israel	Steel, plastic and fibre drums and intermediate bulk containers	-	1
Italy	Steel and plastic drums, jerry cans, intermediate bulk containers and accessories and	1	2
	rebottling and post-consumer recycling
Kenya	Steel drums	-	1
Malaysia	Steel drums	1	1
Mexico	Steel, plastic and fibre drums and warehouse	1	2
Morocco	Steel and plastic drums	1	-
Netherlands	Steel drums and disks, paints and linings, intermediate bulk containers,	4	3
	reconditioned containers and closures
Nigeria	Corporate housing	1	-
Poland	Steel drums and water bottles	1	-

Location	Products or Use		Owned	Leased
Portugal	Steel drums		1	-
Russia	Steel drums, clovertainers, intermediate bulk containers and general office		6	4
Saudi Arabia	Steel drums		-	2
Singapore	Steel and plastic drums		-	1
South Africa	Steel and plastic drums		2	1
Spain	Steel drums and intermediate bulk containers		2	1
Sweden	Steel and plastic drums and intermediate bulk containers		1	1
Turkey	Steel drums		1	-
Ukraine	Water bottles and distribution center		-	1
United Kingdom	Steel drums and intermediate bulk containers		2	-
United States	Fibre, steel and plastic drums, intermediate bulk containers, reconditioned		15	22
Vietnam	containers, closures, warehouse and packaging services
Steel drums		1	-
FLEXIBLE PRODUCTS & SERVICES:	Manufacturing plant		-	1
Belgium
Brazil	General office		-	1
Chile	General office		-	1
China	Manufacturing plant		-	1
France	Manufacturing plant		1	-
Germany	General offices and warehouse		-	2
India	General office		-	1
Ireland	Distribution center		-	1
Mexico	Manufacturing plant		-	1
Netherlands	General offices and warehouse		-	1
Romania	Manufacturing plants		-	2
Turkey	Manufacturing plants		-	3
Ukraine	Manufacturing plant		1	-
United Kingdom	Manufacturing plant		-	1
United States	General offices and warehouse		-	2
Vietnam	Manufacturing plant		-	1
PAPER PACKAGING & SERVICES:	Spiral-wound paper tubes and cores and warehouse		2	3
Canada
United States	Corrugated sheets and containers, spiral-wound paper tubes and cores,	headers,
	adhesives, protect-a-board, containerboard, coated and uncoated recycled	59	46
	paperboard, recycled fibre plants, general offices and warehouses

Location	Products or Use	Owned	Leased
LAND MANAGEMENT:	General offices	2	2
United States
CORPORATE:	General office	-	1
Belgium
Hungary	Shared service center	-	1
Netherlands	General office	-	1
United States	Principal and general offices	3	-

ITEM 3. LEGAL PROCEEDINGS

ITEM 4. MINE SAFETY DISCLOSURES

PART II

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

2020 Dividends per Share - Class A $1.76; Class B $2.63 2019 Dividends per Share - Class A $1.76; Class B $2.63

Performance Graph

ITEM 6. SELECTED FINANCIAL DATA

(in millions, except per share amounts)						Year Ended October 31,
		2020	2019(1)		2018		2017		2016
	Net sales	$	4,515.0	$	4,595.0	$	3,873.8	$	3,638.2	$	3,323.6
Net income attributable to Greif, Inc.	$	108.8	$	171.0	$	209.4	$	118.6	$	74.9
Total assets	$	5,510.9	$	5,426.7	$	3,194.8	$	3,232.3	$	3,153.0
Long-term debt, including current portion of long-term debt	$	2,469.7	$	2,756.3	$	907.6	$	952.8	$	974.6
Basic earnings per share:	$	1.83	$	2.89	$	3.56	$	2.02	$	1.28
	Class A common stock
	Class B common stock	$	2.74	$	4.33	$	5.33	$	3.02	$	1.90
Diluted earnings per share:	$	1.83	$	2.89	$	3.55	$	2.02	$	1.28
	Class A common stock
	Class B common stock	$	2.74	$	4.33	$	5.33	$	3.02	$	1.90
Dividends per share:	$	1.76	$	1.76	$	1.70	$	1.68	$	1.68
	Class A common stock
	Class B common stock	$	2.63	$	2.63	$	2.54	$	2.51	$	2.51

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

COVID-19

RESULTS OF OPERATIONS

Year Ended October 31, (in millions)		2020		2019		2018
Net sales:	$	2,298.9	$	2,490.6	$	2,623.6
Rigid Industrial Packaging & Services
Paper Packaging & Services		1,916.9		1,780.0		898.5
Flexible Products & Services		272.9		297.5		324.2
Land Management	$	26.3	$	26.9	$	27.5
Total net sales	4,515.0	4,595.0	3,873.8
Operating profit:	$	209.9	$	179.6	$	183.2
Rigid Industrial Packaging & Services
Paper Packaging & Services		71.0		184.3		158.3
Flexible Products & Services		15.5		25.3		19.4
Land Management	$	8.5	$	9.9	$	9.6
Total operating profit	304.9	399.1	370.5
EBITDA:	$	284.6	$	251.6	$	249.0
Rigid Industrial Packaging & Services
Paper Packaging & Services		225.9		307.0		191.8
Flexible Products & Services		22.4		32.7		25.7
Land Management	$	13.0	$	14.2	$	14.2
Total EBITDA	545.9	605.5	480.7
Adjusted EBITDA:	$	297.5	$	269.9	$	273.4
Rigid Industrial Packaging & Services
Paper Packaging & Services		306.4		348.3		192.3
Flexible Products & Services		26.8		28.6		25.6
Land Management	$	11.9	$	12.1	$	11.9
Total Adjusted EBITDA	642.6	658.9	503.2

Year Ended October 31, (in millions)	2020	2019	2018
Net income	$124.3	$194.2	$229.5
Plus: interest expense, net	115.8	112.5	51.0
Plus: debt extinguishment charges	-	22.0	-
Plus: income tax expense	63.3	70.7	73.3
Plus: depreciation, depletion and amortization expense	242.5	206.1	126.9
EBITDA	$545.9	$605.5	$480.7
Net income	$124.3	$194.2	$229.5
Plus: interest expense, net	115.8	112.5	51.0
Plus: debt extinguishment charges	-	22.0	-
Plus: income tax expense	63.3	70.7	73.3
Plus: non-cash pension settlement charges	0.3	-	1.3
Plus: other expense, net	2.7	2.6	18.4
Plus: equity earnings of unconsolidated affiliates, net of tax	(1.5)	(2.9)	(3.0)
Operating profit	304.9	399.1	370.5
Less: other expense, net	2.7	2.6	18.4
Less: non-cash pension settlement charges	0.3	-	1.3
Less: equity earnings of unconsolidated affiliates, net of tax	(1.5)	(2.9)	(3.0)
Plus: depreciation, depletion and amortization expense	242.5	206.1	126.9
EBITDA	545.9	605.5	480.7
Plus: restructuring charges	38.7	26.1	18.6
Plus: acquisition and integration related costs	17.0	29.7	0.7
Plus: non-cash asset impairment charges	18.5	7.8	8.3
Plus: non-cash pension settlement charges	0.3	-	1.3
Plus: incremental COVID-19 costs, net	2.6	-	-
Less: (gain) loss on disposal of properties, plants, equipment, and businesses, net	19.6	(10.2)	(6.4)
Adjusted EBITDA	$642.6	$658.9	$503.2

Year Ended October 31, (in millions)	2020				2019		2018
Rigid Industrial Packaging & Services	$	209.9	$	179.6	$	183.2
Operating profit
Less: other expense, net		5.3					7.2		17.1
Less: non-cash pension settlement charges		0.4					-		1.3
Less: equity earnings of unconsolidated affiliates, net of tax		(1.5)			(2.9)		(3.0)
Plus: depreciation and amortization expense		78.9				76.3		81.2
EBITDA
	284.6			251.6		249.0
Plus: restructuring charges
	26.0				18.8		17.3
Plus: acquisition and integration related costs		-			0.6		0.7
Plus: non-cash asset impairment charges		5.1					2.7		8.3
Plus: non-cash pension settlement charges		0.4					-		1.3
Plus: incremental COVID-19 costs, net		0.1					-		-
Less: gain on disposal of properties, plants, equipment, and businesses, net	$	(18.7)	$	(3.8)	$	(3.2)
Adjusted EBITDA	297.5	269.9	273.4
Paper Packaging & Services
$	71.0		$	184.3	$	158.3
Operating profit
Less: other (income) expense, net		(1.3)			(3.4)		0.7
Less: non-cash pension settlement charges		(0.1)			-		-
Plus: depreciation and amortization expense		153.5				119.3		34.2
EBITDA
	225.9				307.0		191.8
Plus: restructuring charges
	9.9					6.2		0.4
Plus: acquisition and integration related costs		17.0				29.1		-
Plus: non-cash asset impairment charges		12.5				5.1		-
Plus: non-cash pension settlement charges		(0.1)			-		-
Plus: incremental COVID-19 costs, net		1.9					-		-
Less: loss on disposal of properties, plants, equipment, and businesses, net	$	39.3		$	0.9	$	0.1
Adjusted EBITDA	306.4	348.3	192.3
Flexible Products & Services
$	15.5		$	25.3	$	19.4
Operating profit
Less: other (income) expense, net		(1.3)			(1.2)		0.6
Plus: depreciation and amortization expense		5.6					6.2		6.9
EBITDA
	22.4				32.7		25.7
Plus: restructuring charges
	2.8					1.0		0.9
Plus: non-cash asset impairment charges		0.9					-		-
Plus: incremental COVID-19 costs, net		0.6					-		-
Less: (gain) loss on disposal of properties, plants, equipment, and businesses, net	$	0.1		$	(5.1)	$	(1.0)
Adjusted EBITDA	26.8		28.6	25.6
Land Management
$	8.5		$	9.9	$	9.6
Operating profit
Plus: depreciation, depletion and amortization expense		4.5					4.3		4.6
EBITDA
	13.0				14.2		14.2
Plus: restructuring charges
	-						0.1		-
Less: gain on disposal of properties, plants, equipment, and businesses, net	$	(1.1)		$	(2.2)	$	(2.3)
Adjusted EBITDA	11.9		12.1	11.9

Year 2020 Compared to Year 2019

Net Sales

Gross Profit

Selling, General and Administrative Expenses

Restructuring Charges

Acquisition and Integration Related Costs

Impairment Charges

Gain on Disposal of Properties, Plants and Equipment, net Loss on Disposal of Businesses, net

Financial Measures

Trends

Segment Review

Rigid Industrial Packaging & Services

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Paper Packaging & Services

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Flexible Products & Services

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Land Management

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sU.S. and Non-U.S. Income before Income Tax Expense

		Summary
						Year ended
						October 31,
Non-U.S. % of Consolidated Net Sales		2020 2019
				38.9%					40.6%
U.S. % of Consolidated Net Sales					61.1%					59.4%
Non-U.S. % of Consolidated I.B.I.T.		100.0%	100.0%
				86.3%					50.4%
U.S. % of Consolidated I.B.I.T.					13.7%					49.6%
Non-U.S. % of Consolidated I.B.I.T. before Adjustments		100.0%	100.0%
				60.0%					44.0%
U.S. % of Consolidated I.B.I.T. before Adjustments					40.0%					56.0%
			100.0%	100.0%
		Non-U.S. I.B.I.T. Reconciliation
						Year ended
						October 31,
Non-U.S. I.B.I.T.					2020 2019
	$	160.6			$	132.1
Non-cash asset impairment charges					5.5							2.7
Non-cash pension settlement charge					0.4							-
Restructuring charges					12.0						16.3
Acquisition and integration related costs					0.1							0.5
Loss on sale of businesses					0.9							2.9
Total Non-U.S. Adjustments
	$	18.9	$	22.4
Non-U.S. I.B.I.T. before Adjustments	179.5		154.5
		U.S. I.B.I.T. Reconciliation
						Year ended
						October 31,
U.S. I.B.I.T.					2020 2019
	$	25.5			$	129.9
Non-cash asset impairment charges					13.0						5.1
Non-cash pension settlement charge					(0.1)					-
Restructuring charges					26.7						9.8
Acquisition and integration related costs					16.9						29.2
Debt extinguishment charges					-					22.0
Loss on sale of businesses					37.9						0.8
Total U.S. Adjustments
$	94.4		$	66.9
U.S. I.B.I.T. before Adjustments	119.9		196.8

Income Tax Expense

Net Income Attributable to Noncontrolling Interests

Year 2019 Compared to Year 2018

OTHER COMPREHENSIVE INCOME CHANGES

Foreign Currency Translation

Derivative Financial Instruments

Minimum Pension Liability, net

BALANCE SHEET CHANGES

Working Capital Changes

LIQUIDITY AND CAPITAL RESOURCES

Capital Expenditures

United States Trade Accounts Receivable Credit Facility

International Trade Accounts Receivable Credit Facilities

Borrowing Arrangements

(in millions)	October 31,	October 31,
2020		2019
2019 Credit Agreement - Term Loans	$1,429.8		$1,612.2
Senior Notes due 2027	495.1		494.3
Senior Notes due 2021	234.8		221.7
Accounts receivable credit facilities	310.0		351.6
2019 Credit Agreement - Revolving Credit Facility		-	76.1
Other debt		-	0.4
Less current portion		2,469.7			2,756.3
123.1		83.7
Less deferred financing costs	11.1		13.6
Long-term debt, net		$2,335.5			$2,659.0

2019 Credit Agreement

pari passu

Senior Notes

Financial Instruments

Interest Rate Derivatives

Foreign Exchange Hedges

Cross Currency Swap

Contractual Obligations

						Payments Due by Period
(in millions)	Total	Less than 1		1-3 years	3-5 years	After 5 years
			year
Long-term debt, net of deferred financing costs	$2,335.5	$	541.8	$	270.8	$ 780.3	$	742.6
Short-term borrowings	28.4				28.4			120.7	87.6			172.1
Operating and capital lease obligations	447.4				67.0
Liabilities held by special purpose entities	43.3				43.3			12.0	0.5			7.4
Legal and environmental reserves	20.2				0.3
Current portion of long-term debt	123.1				123.1			5.0	3.4
Mandatorily redeemable noncontrolling interests	8.4				-
Deferred purchase price of Tholu	28.1		$	3.3	$	24.8	$ 871.8	$	922.1
Total	$3,034.4	807.2	433.3

Stock Repurchase Program and Other Share Acquisitions

Effects of Inflation

Critical Accounting Policies

Goodwill and Indefinite-Lived Intangibles Impairment Testing.

				Goodwill Balance
(in millions)	October 31,	October 31,
		2020				2019
Rigid Industrial Packaging & Services	$	252.0		$	252.9
North America
Europe, Middle East and Africa			331.4				313.0
Asia Pacific			89.0				88.6
Tri-Sure			78.1				77.2
Paper Packaging & Services	$	767.9		$	786.1
Total	1,518.4		1,517.8

Recent Accounting Standards

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

Financial Instruments

								Expected Maturity Date							Fair
			2021	2022	2023	2024	2025	After		Total
			2025		Value
	2019 Credit Agreement:	$	123	$	138	$ 138	$	48	$	19	$	5	$ 471	$471
Scheduled amortizations
Scheduled maturity	$	-		-	-		716		-	$	243	$ 959	$959
Average interest rate(1)			2.49%		2.49%	2.49%		2.49%		2.49%		2.49%	2.49%
Senior Notes due 2021:	$	235	$	-	-		-		-		-	$ 235	$242
Scheduled maturity
Average interest rate			7.38%		-	-		-		-		-	7.38%
Senior Notes due 2027:			-		-	-		-		-	$	500	$ 500	$524
Scheduled maturity
Average interest rate			-		-	-		-		-		6.50%	6.50%
Receivables Facilities:	$	310		-	-		-		-		-	$ 310	$310
Scheduled maturity
Weighted average interest rate			2.06%		-	-		-		-		-	2.06%

							Expected Maturity Date									Fair
			2020	2021	2022	2023	2024	After		Total
			2024		Value
	2019 Credit Agreement:	$	84	$ 131	$ 148	$ 148	$	51	$	25	$	587	$	587
Scheduled amortizations
Scheduled maturity			-	-	-	-	$	841	$	260	$	1,101	$	1,101
Average interest rate(1)			3.71%	3.71%	3.71%	3.71%		3.71%		-		3.71%
Senior Notes due 2021:			-	$ 222	-	-		-		-	$	222	$	248
Scheduled maturity
Average interest rate			-	7.38%	-	-		-		-		7.38%
Senior Notes due 2027:			-	-	-	-		-	$	500	$	500	$	538
Scheduled maturity
Average interest rate			-	-	-	-		-		6.50%		6.50%
Receivables Facility:	$	352	-	-	-		-		-	$	352	$	352
Scheduled maturity
Weighted average interest rate			2.00%	-	-	-		-		-		2.00%

Currency Risk

Commodity Price Risk

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)			2020				2019			2018
Net sales	$4,515.0	$4,595.0	$3,873.8
Costs of products sold			3,600.3			3,635.1		3,084.9
Gross profit
		914.7			959.9		788.9
Selling, general and administrative expenses			516.0			507.4		397.2
Restructuring charges			38.7			26.1		18.6
Acquisition and integration related costs			17.0			29.7		0.7
Non-cash asset impairment charges			18.5			7.8		8.3
Gain on disposal of properties, plants and equipment, net			(19.2)		(13.9)		(5.6)
(Gain) loss on disposal of businesses, net			38.8			3.7		(0.8)
Operating profit
		304.9			399.1		370.5
Interest expense, net			115.8			112.5		51.0
Debt extinguishment charges				-		22.0			-
Non-cash pension settlement charges			0.3					-		1.3
Other expense, net			2.7				2.6		18.4
Income before income tax expense and equity earnings of unconsolidated affiliates, net
		186.1		262.0		299.8
Income tax expense			63.3			70.7		73.3
Equity earnings of unconsolidated affiliates, net of tax			(1.5)		(2.9)		(3.0)
Net income
		124.3			194.2		229.5
Net income attributable to noncontrolling interests	$	(15.5)	$	(23.2)	$	(20.1)
Net income attributable to Greif, Inc.	108.8		171.0	209.4
Basic earnings per share attributable to Greif, Inc. common shareholders:
$	1.83		$	2.89	$	3.56
Class A common stock
Class B common stock	$	2.74		$	4.33	$	5.33
Diluted earnings per share attributed to Greif, Inc. common shareholders:	$	1.83		$	2.89	$	3.55
Class A common stock
Class B common stock	$	2.74		$	4.33	$	5.33
GREIF, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year Ended October 31, (in millions)			2020				2019			2018
Net income			$124.3			$194.2		$229.5
Other comprehensive income (loss), net of tax:			(9.8)		(4.5)		(45.5)
Foreign currency translation
Derivative financial instruments			(12.0)		(26.1)		7.7
Minimum pension liabilities			15.1			(25.3)		16.3
Other comprehensive income (loss), net of tax
		(6.7)		(55.9)		(21.5)
Comprehensive income
		117.6			138.3		208.0
Comprehensive income attributable to noncontrolling interests			2.6				23.9		18.1
Comprehensive income attributable to Greif, Inc.				$115.0				$114.4		$189.9

See accompanying Notes to Consolidated Financial Statements.

GREIF, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(in millions)	October 31,	October 31,
		2020					2019
ASSETS
Current assets	$	105.9		$	77.3
Cash and cash equivalents
Trade accounts receivable, less allowance of $9.4 in 2020 and $6.8 in 2019			636.6				664.2
Inventories:			208.4				238.4
Raw materials
Work-in-process			5.4					11.3
Finished goods			79.8					108.5
Assets held for sale			57.0					4.1
Assets held by special purpose entities			50.9					-
Prepaid expenses			43.0					44.0
Other current assets			115.8				101.2
Long-term assets			1,302.8				1,249.0
		1,518.4				1,517.8
Goodwill
Other intangible assets, net of amortization			715.3				776.5
Deferred tax assets			11.3					15.9
Assets held by special purpose entities			-			50.9
Pension assets			29.5					35.4
Operating lease assets			307.5				-
Other long-term assets			99.2					90.9
Properties, plants and equipment			2,681.2					2,487.4
		224.5				272.4
Timber properties, net of depletion
Land			162.6				178.0
Buildings			524.7				531.0
Machinery and equipment			1,930.6				1,866.2
Capital projects in progress			120.6				170.4
Accumulated depreciation			2,963.0				3,018.0
		(1,436.1)			(1,327.7)
Total assets		$	1,526.9			$	1,690.3
5,510.9		5,426.7

See accompanying Notes to Consolidated Financial Statements.

GREIF, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(in millions)	October 31,	October 31,
		2020					2019
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities	$	450.7		$	435.2
Accounts payable
Accrued payroll and employee benefits			122.3				142.4
Restructuring reserves			21.6					11.3
Current portion of long-term debt			123.1				83.7
Short-term borrowings			28.4					9.2
Liabilities held by special purpose entities			43.3					-
Current portion of operating lease liabilities			52.3					-
Other current liabilities			158.4				143.6
Long-term liabilities			1,000.1				825.4
		2,335.5				2,659.0
Long-term debt
Operating lease liabilities			257.7				-
Deferred tax liabilities			339.2				313.0
Pension liabilities			137.7				177.6
Post-retirement benefit obligations			11.6					12.2
Liabilities held by special purpose entities			-			43.3
Contingent liabilities and environmental reserves			20.2					18.7
Mandatorily redeemable noncontrolling interests			8.4					8.4
Long-term income tax payable			27.8					27.8
Other long-term liabilities			152.0				128.9
Commitments and Contingencies (Note 11)			3,290.1				3,388.9
		20.0					21.3
Redeemable Noncontrolling Interests (Note 18)
Equity			170.2				162.6
Common stock, without par value
Treasury stock, at cost			(134.4)			(134.8)
Retained earnings			1,543.9				1,539.0
Accumulated other comprehensive income (loss), net of tax:			(294.9)			(298.0)
Foreign currency translation
Derivative financial instruments			(24.7)			(12.7)
Minimum pension liabilities			(107.9)			(123.0)
Total Greif, Inc. shareholders' equity
		1,152.2				1,133.1
Noncontrolling interests
		48.5					58.0
Total shareholders' equity
	$	1,200.7			$	1,191.1
Total liabilities and shareholders' equity	5,510.9		5,426.7

See accompanying Notes to Consolidated Financial Statements.

GREIF, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended October 31, (in millions)		2020			2019			2018
Cash flows from operating activities:	$	124.3	$	194.2	$	229.5
Net income
Adjustments to reconcile net income to net cash provided by operating activities:		242.5			206.1		126.9
Depreciation, depletion and amortization
Non-cash asset impairment charges		18.5			7.8		8.3
Non-cash pension settlement charges		0.3			-		1.3
Gain on disposals of properties, plants and equipment, net		(19.2)		(13.9)		(5.6)
(Gain) loss on disposals of businesses, net		38.8			3.7		(0.8)
Unrealized foreign exchange (gain) loss		(4.2)		3.0		(0.7)
Deferred income tax (benefit) expense		16.7			2.1		(44.8)
Transition tax (benefit) expense		-		(0.8)		52.8
Debt extinguishment charges		-		14.0		-
Non-cash lease expense		57.4			-		-
Other, net		(3.0)		4.2		(2.8)
Increase (decrease) in cash from changes in certain assets and liabilities:		(9.1)		55.1		(34.0)
Trade accounts receivable
Inventories		27.1			33.9		(24.8)
Deferred purchase price on sold receivables		-		(6.9)		2.1
Accounts payable		38.1			(69.9)		24.3
Restructuring reserves		10.2			6.7		(0.8)
Operating leases		(56.8)		-		-
Pension and post-retirement benefit liabilities		(13.3)		(15.3)		(66.8)
Other, net		(13.6)		(34.5)		(11.1)
Net cash provided by operating activities		454.7			389.5			253.0
Cash flows from investing activities:
	-		(1,857.9)		-
Acquisitions of companies, net of cash acquired
Purchases of properties, plants and equipment		(131.4)		(156.8)		(140.2)
Purchases of and investments in timber properties		(5.4)		(5.4)		(8.9)
Purchases of equity method investments		(3.6)		-		-
Proceeds from the sale of properties, plants, equipment and other assets		33.4		28.7		12.5
Proceeds from the sale of businesses		80.9			1.5		1.4
Proceeds on insurance recoveries		0.9			0.6		-
Net cash used in investing activities		(25.2)			(1,989.3)			(135.2)
Cash flows from financing activities:
	1,319.9		3,732.3		1,020.7
Proceeds from issuance of long-term debt
Payments on long-term debt		(1,578.4)		(2,075.6)		(1,065.4)
Proceeds (payments) on short-term borrowings, net		17.0			2.2		(11.0)
Proceeds from trade accounts receivable credit facility		76.8			181.4		2.8
Payments on trade accounts receivable credit facility		(122.9)		(89.2)		(2.8)
Dividends paid to Greif, Inc. shareholders		(104.3)		(104.0)		(100.0)
Dividends paid to noncontrolling interests		(13.4)		(9.2)		(4.6)
Payments for debt extinguishment and issuance costs		-		(44.1)		-
Purchases of redeemable noncontrolling interest		-		(11.9)		-
Cash contribution from noncontrolling interest holder		-		1.6		2.0
Net cash provided (used in) by financing activities		(405.3)			1,583.5			(158.3)
Effects of exchange rates on cash		4.4			(0.6)			(7.6)
Net increase (decrease) in cash and cash equivalents		28.6			(16.9)			(48.1)
Cash and cash equivalents at beginning of year	$	77.3		$	94.2		$	142.3
Cash and cash equivalents at end of year	105.9	77.3	94.2
Supplemental information:
Non-cash transactions:	$	17.2		$	18.6	$	11.4
Capital expenditures included in accounts payable
Schedule of interest and income taxes paid:	$	119.9	$	161.8	$	58.3
Cash payments for interest expense
Cash payments for taxes	$	65.1		$	71.4	$	65.2

See accompanying Notes to Consolidated Financial Statements.

GREIF, INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(Amounts in millions, except shares amounts in thousands and per share amounts)

As of October 31, 2017

Net income

Other comprehensive income (loss):

- Foreign currency translation

- Derivative financial instruments, net of income tax expense of $3.3 million

- Minimum pension liability adjustment, net of income tax expense of $4.1 million

Comprehensive income

Current period mark to redemption value of redeemable noncontrolling interest

Net income allocated to redeemable noncontrolling interests

Dividends paid to Greif, Inc., Shareholders ($1.70 per Class A share and $2.54 per Class B share)

Dividends paid to noncontrolling interests Restricted stock executives and directors Long-term incentive shares issued

As of October 31, 2018

Net income

Other comprehensive income (loss):

- Foreign currency translation

- Derivative financial instruments, net of income tax expense of $8.6 million

- Minimum pension liability adjustment, net of income tax benefit of

$1.1 million Comprehensive income Adoption of ASU 2016-16

Current period mark to redemption value of redeemable noncontrolling interest

Net income allocated to redeemable noncontrolling interests

Dividends paid to Greif, Inc., Shareholders ($1.76 per Class A share and $2.63 per Class B share)

Dividends paid to noncontrolling interests Acquisition of noncontrolling interest and

other

Restricted stock directors

Long-term incentive shares issued

As of October 31, 2019

Net income

Other comprehensive income (loss):

- Foreign currency translation

- Derivative financial instruments, net of $4.0 million income tax benefit

- Minimum pension liability adjustment, net of $4.8 million income tax expense

Comprehensive income

Current period mark to redemption value of redeemable noncontrolling interest

Net income allocated to redeemable noncontrolling interests

Dividends paid to Greif, Inc., Shareholders ($1.76 and $2.63 per Class A share and Class B share, respectively)

Dividends paid to noncontrolling interests and other

Long-term incentive shares issued

Share based compensation

Restricted stock, executive

Restricted stock, directors

As of October 31, 2020

					Accumulated	Greif,
Capital Stock	Treasury Stock	Retained	Other
Comprehensive	Inc.
Shares	Amount	Shares	Amount	Earnings	Income (Loss)	Equity
47,843	$144.2	28,999	$(135.6)	$1,360.5	$(358.2)
$1,010.9
				209.4		209.4
					(43.5)	(43.5)
				(0.6)	8.3	7.7
					16.3	16.3
						189.9
				0.5		0.5
				(100.0)		(100.0)
21	1.2	(21)	-			1.2
85	5.1	(85)	0.2	$1,469.8	$(377.1)	5.3
47,949	$150.5	28,893	$(135.4)	$1,107.8
				171.0		171.0
					(5.2)	(5.2)
					(26.1)	(26.1)
					(25.3)	(25.3)
						114.4
				(2.1)		(2.1)
				4.9		4.9
				(104.0)		(104.0)
25	1.1	(25)	-	(0.6)		(0.6)
		1.1
292	11.0	(292)	0.6	$1,539.0	$(433.7)	11.6
48,266	$162.6	28,576	$(134.8)	$1,133.1
				108.8		108.8
					3.1	3.1
					(12.0)	(12.0)
					15.1	15.1
						115.0
				0.4		0.4
				(104.3)		(104.3)
153	5.0	(153)	0.3			5.3
-	1.5	-	-			1.5
3	0.1	(3)	-			0.1
28	1.0	(28)	0.1	$1,543.9	$(427.5)	1.1
48,450	$170.2	28,392	$(134.4)	$1,152.2

Noncontrolling	Total
	Interests	Equity
	$ 36.6		$1,047.5
20.1		229.5
(2.0)		(45.5)
			7.7
			16.3
			208.0
			0.5
(3.7)		(3.7)
(4.6)		(100.0)
	(4.6)
			1.2
$ 46.4		5.3
	$1,154.2
23.2		194.2

0.7 (4.5)

(26.1)

	(25.3)
	138.3
	(2.1)
	4.9
(2.3)	(2.3)
(7.9)	(104.0)
(7.9)
(2.1)	(2.7)
	1.1
$ 58.0	11.6
$1,191.1
15.5	124.3
(12.9)	(9.8)
	(12.0)
	15.1
	117.6
	0.4
(0.1)	(0.1)
	(104.3)
(12.0)	(12.0)
	5.3
	1.5
	0.1
$ 48.5	1.1
$1,200.7

See accompanying Notes to Consolidated Financial Statements.

GREIF, INC. AND SUBSIDIARY COMPANIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe Business

Principles of Consolidation and Basis of Presentation

Argentina Currency

Use of Estimates

Cash and Cash Equivalents

Allowance for Doubtful Accounts

Concentration of Credit Risk and Major Customers

Inventory

Net Assets Held for Sale

Goodwill and Indefinite-Lived Intangibles

Other Intangibles

		Years
	Trade names	1-15
Customer relationships	5-25
Non-compete agreements	1-10
Other intangibles	1-20

Acquisitions

Internal Use Software

Long-Lived Assets

		Years
	Buildings	30-40
Machinery and equipment	5-15

Contingencies

Environmental Cleanup Costs

Self-insurance

Income Taxes

Equity earnings of unconsolidated affiliates, net of tax

Other Comprehensive Income

Restructuring Charges

Pension and Post-retirement Benefits

Stock-Based Compensation Expense

Revenue Recognition

Shipping and Handling Fees and Costs Other Expense, net

Currency Translation

Derivative Financial Instruments

Variable Interest Entities

Fair Value

•

•

•

Newly Adopted Accounting Standards

Recently Issued Accounting Standards

NOTE 2 - ACQUISITIONS AND DIVESTITURES

Caraustar Acquisition

			Amounts	Measurement		Amount
		Recognized as of	Recognized as of
(in millions)	the Acquisition		Period	Acquisition Date
		Date	Adjustments(1)	(as Adjusted)
Fair value of consideration transferred	$	1,834.9	$	-			1,834.9
Cash consideration
Recognized amounts of identifiable assets acquired and liabilities assumed			147.0					-			147.0
Accounts receivable
Inventories			103.9					(4.4)			99.5
Prepaid and other current assets			21.5					(9.3)			12.2
Intangibles			717.1					8.4			725.5
Other long-term assets			1.3					4.3			5.6
Properties, plants and equipment			521.3					(17.6)			503.7
Total assets acquired
		1,512.1			(18.6)			1,493.5
Accounts payable			(99.5)			-			(99.5)
Accrued payroll and employee benefits			(42.9)			(7.2)			(50.1)
Other current liabilities			(21.8)			4.5			(17.3)
Long-term deferred tax liability			(185.7)			37.4			(148.3)
Pension and post-retirement obligations			(67.1)			-			(67.1)
Other long-term liabilities			(12.7)			(7.5)			(20.2)
Total liabilities assumed
$	(429.7)	$	27.2	$	(402.5)
Total identifiable net assets	1,082.4	8.6	1,091.0
Goodwill	$	752.5		$	(8.6)	$	743.9

		Current	Weighted
	Preliminary	Average
(in millions)	Purchase Price	Estimated
Allocation	Useful Life
Customer relationships	$708.0		15.0
Trademarks	15.0		3.0
Other	2.5		4.6
Total intangible assets		$725.5

Divestitures

NOTE 3 - GOODWILL AND OTHER INTANGIBLE ASSETS

		Rigid Industrial		Paper
		Packaging &
(in millions)	Services	Packaging &		Total
(1)		Services
Balance at October 31, 2018	$716.5		$	59.5	$	776.0
Goodwill acquired	22.3				726.6		748.9
Goodwill allocated to divestitures and businesses held for sale		-			-		-
Goodwill adjustments		-			-
Currency translation	(7.1)	$	-	$	(7.1)
Balance at October 31, 2019	$731.7		786.1	1,517.8
Goodwill acquired		-			-		-
Goodwill allocated to divestitures and businesses held for sale	(0.7)			(35.6)		(36.3)
Goodwill adjustments related to acquisitions	1.1				17.4		18.5
Currency translation	18.4		$	-	$	18.4
Balance at October 31, 2020	$750.5		767.9	1,518.4

(in millions) October 31, 2020: Indefinite lived:

Trademarks and patents Definite lived:

Customer relationships Trademarks and patents Non-compete agreements OtherTotal

October 31, 2019:

Indefinite lived:

Trademarks and patents Definite lived:

Customer relationships Trademarks and patents Non-compete agreements OtherTotal

Gross

Intangible Accumulated Net Intangible

Assets Amortization Assets

$	13.5		$	-	$	13.5
$	891.8		$	204.9	$	686.9
	27.4			14.9		12.5
	1.7			1.2		0.5
$	20.9		$	19.0	$	1.9
955.3		240.0	715.3
$	13.1		$	-	$	13.1
$	890.6		$	150.3	$	740.3
	27.0			9.3		17.7
	2.3			0.7		1.6
$	21.9		$	18.1	$	3.8
954.9		178.4	776.5

NOTE 4 - RESTRUCTURING CHARGES

	Employee
(in millions)	Separation	Other Costs	Total
	Costs
Balance at October 31, 2018	$	4.2		$	0.2	$	4.4
Costs incurred and charged to expense
		22.5				3.6		26.1
Costs paid or otherwise settled	$	(17.2)	$	(2.0)	$	(19.2)
Balance at October 31, 2019	9.5		1.8	11.3
Costs incurred and charged to expense
		26.4				12.3		38.7
Costs paid or otherwise settled		$	(18.0)		$	(10.4)	$	(28.4)
Balance at October 31, 2020	17.9		3.7	21.6

	Total Amounts	Amounts	Amounts
	Incurred During
(in millions)	Expected to be	the year ended	Remaining to be
Incurred	October 31, 2020	Incurred
Rigid Industrial Packaging & Services:	$31.6		$21.0	10.6
Employee separation costs
Other restructuring costs	10.9		5.3	5.6
Flexible Products & Services:		42.5			26.3			16.2
1.9		0.9	1.0
Employee separation costs
Other restructuring costs	2.4		1.9	0.5
Paper Packaging & Services:		4.3			2.8			1.5
4.5		4.5		-
Employee separation costs
Other restructuring costs	10.2		5.1	5.1
Total		14.7			9.6			5.1
	$61.5			$38.7	$22.8

NOTE 5 - CONSOLIDATION OF VARIABLE INTEREST ENTITIES

Significant Nonstrategic Timberland Transactions

Flexible Packaging Joint Venture

(in millions)	October 31,	October 31,
2020		2019
Cash and cash equivalents	$	19.0		$	16.9
Trade accounts receivable, less allowance of $0.7 in 2020 and $0.7 in 2019			47.5				51.2
Inventories			36.0				46.4
Properties, plants and equipment, net			22.8				22.3
Other assets		$	20.3		$	29.3
Total assets	145.6	166.1
Accounts payable		$	29.4			$	28.9
Other liabilities		$	22.8			$	23.6
Total liabilities	52.2		52.5

Paper Packaging Joint Venture

(in millions)	October 31,
2020
Trade accounts receivable, less allowance of $0.0 in 2020			5.5
Inventories			6.3
Properties, plants and equipment, net			34.3
Other assets	$	0.6
Total assets	46.7
Accounts payable			5.2
Other liabilities		$	1.3
Total liabilities	6.5

Non-United States Accounts Receivable VIE

NOTE 6 - LONG-TERM DEBT

(in millions)	October 31,	October 31,
2020		2019
2019 Credit Agreement - Term Loans	$1,429.8		$1,612.2
Senior Notes due 2027	495.1		494.3
Senior Notes due 2021	234.8		221.7
Accounts receivable credit facilities	310.0		351.6
2019 Credit Agreement - Revolving Credit Facility		-	76.1
Other debt		-	0.4
Less current portion		2,469.7			2,756.3
123.1		83.7
Less deferred financing costs	11.1		13.6
Long-term debt, net		$2,335.5			$2,659.0

2019 Credit Agreement

pari passu

Senior Notes due 2027

Senior Notes due 2021

United States Trade Accounts Receivable Credit Facility

International Trade Accounts Receivable Credit Facilities

Other

NOTE 7 - FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

						October 31, 2020
(in millions)				Fair Value Measurement				Balance Sheet Location
Level 1		Level 2	Level 3	Total
	Interest rate derivatives		$-	$(37.9)	$	-	$(37.9)	Other current liabilities and other long-term liabilities
Foreign exchange hedges		-	1.5			-		1.5	Other current assets
Foreign exchange hedges		-	(1.6)			-		(1.6)	Other current liabilities
Insurance annuity		-		-			21.4		21.4	Other long-term assets
Cross currency swap		-	8.9			-	$	8.9	Other current assets and other long-term assets
Total		$-	$(29.1)	$21.4	(7.7)
						October 31, 2019
(in millions)				Fair Value Measurement				Balance Sheet Location
Level 1		Level 2	Level 3	Total
	Interest rate derivatives		$-	$ 1.3	$	-	$	1.3	Other long-term assets and other current assets
Interest rate derivatives		-	(25.0)			-		(25.0)	Other long-term liabilities and other current liabilities
Foreign exchange hedges		-	0.9			-		0.9	Other current assets
Foreign exchange hedges		-	(0.2)			-		(0.2)	Other current liabilities
Insurance annuity		-		-			20.0		20.0	Other long-term assets
Cross currency swap		-	10.6			-	$	10.6	Other long-term assets and other current assets
Total		$-			$(12.4)	$20.0	7.6

Interest Rate Derivatives

Foreign Exchange Hedges

Cross Currency Swap

Other Financial Instruments

(in millions)	October 31,	October 31,
2020	2019
Senior Notes due 2021 estimated fair value	242.0	248.1
Senior Notes due 2027 estimated fair value	524.4	537.9
Assets held by special purpose entities estimated fair value	50.9	51.9

Pension Plan Assets

•

•

•

•

•

•

Non-Recurring Fair Value Measurements

			Quantitative Information about Level 3 Fair Value Measurements
(in millions)		Fair Value of	Valuation	Unobservable	Range
	Impairment	Technique	Input	of Input Values
October 31, 2020			18.5	Discounted	Discounted	N/A
Impairment of Long Lived Assets
				Cash Flows,	Cash Flows,
Total	$	18.5	Indicative Bids	Indicative Bids
October 31, 2019	$	2.1	Indicative Bids	Indicative Bids	N/A
Impairment of Net Assets Held for Sale
Impairment of Long Lived Assets	$	5.7	Sales Value	Sales Value	N/A
Total	7.8

Long-Lived Assets

Assets and Liabilities Held for Sale

Goodwill and Indefinite-Lived Intangibles

NOTE 8 - STOCK-BASED COMPENSATION

Long-Term Incentive Plan

		Performance Stock Units
	Performance period	11/1/2019 - 10/31/2022
Valuation date stock price	$40.59
Risk-free rate	0.10% - 1.59%
Estimated volatility	46.4%

2005 Directors Plan

2001 Plan

NOTE 9 - INCOME TAXES

(in millions)		Year Ended October 31,
2020		2019		2018
Current	$ (9.7)	$26.6	$	74.0
	Federal
	State and local	3.3		6.1			8.0
	Non-U.S.	53.0		35.9			36.1
Deferred	46.6		68.6				118.1
7.9		2.1			(45.2)
	Federal
	State and local	10.2		0.9			0.8
	Non-U.S.	(1.4)	(0.9)			(0.4)
		16.7		2.1			$	(44.8)
		$63.3		$70.7	73.3

			Year Ended October 31,
		2020			2019		2018
Federal statutory rate					21.00%	23.33%
21.00%
Impact of foreign tax rate differential	0.49%	0.10%	(0.57)%
State and local taxes, net of federal tax benefit	5.71%	1.99%	2.38%
Net impact of changes in valuation allowances	(15.23)%	2.41%	5.65%
Non-deductiblewrite-off and impairment of goodwill and other intangible assets	4.02%	0.29%	0.06%
Unrecognized tax benefits	(0.75)%	(0.76)%	3.41%
Permanent book-tax differences	16.56%	(0.87)%	(4.03)%
Withholding taxes	5.28%	2.43%	1.84%
Tax Reform Act(1)		-%	(0.19)%	(7.31)%
Other items, net	(3.07)%	0.58%	(0.33)%
					26.98%	24.43%
		34.01%

(in millions)	2020		2019
Deferred Tax Assets	$ 179.3		$ 206.9
Net operating loss and other carryforwards
Foreign tax credits	-	21.5
Pension liabilities	12.9		24.1
Incentive liabilities	8.2		12.0
Workers compensation accruals	10.0		12.1
Inventories	7.8		6.7
Operating lease liabilities	76.9		-
State income taxes	10.2		9.4
Other reserves	21.0		17.0
Deferred compensation	2.4		2.3
Other	28.5		24.2
Total Deferred Tax Assets
357.2	336.2
Valuation allowance	(146.4)	(175.0)
Net Deferred Tax Assets	$ 210.8		$ 161.2
Deferred Tax Liabilities
$ 158.1		$ 152.7
Properties, plants and equipment
Operating lease assets	76.9		-
Timberland transactions	74.2		74.2
Goodwill and other intangible assets	200.2		207.5
Other	29.3		23.9
Total Deferred Tax Liabilities
538.7	458.3
Net Deferred Tax Liability	$ 327.9		$ 297.1

(in millions)	2020		2019		2018
Balance of unrecognized tax benefit at November 1	$ 38.8		$36.2	$26.8
Increases in tax positions for prior years	10.1		5.1	7.8
Decreases in tax positions for prior years	(10.5)	(0.7)	(1.4)
Increases in tax positions for current years	2.6		4.3	8.0
Settlements with taxing authorities	-	(3.6)	-
Lapse in statute of limitations	(5.5)	(2.0)	(3.6)
Currency translation	0.5		(0.5)	(1.4)
Balance at October 31	$ 36.0		$38.8	$36.2

NOTE 10 - POST-RETIREMENT BENEFIT PLANS

Defined Benefit Pension Plans

October 31, 2020	Consolidated	United States	Germany	United Kingdom	Netherlands	Other
International
Active participants	2,226	2,127	36	-	63	-
Vested former employees and deferred	3,385	2,788	82	366	105	44
members
Retirees and beneficiaries	6,526	5,138	267	662	405	54
October 31, 2019	Consolidated	United States	Germany	United Kingdom	Netherlands	Other
International
Active participants	2,455	2,351	41	-	63	-
Vested former employees and deferred	5,236	4,643	86	366	97	44
members
Retirees and beneficiaries	6,462	5,074	258	662	414	54

As of October 31,		2020	2019
Discount rate		2.48%	2.74%
Rate of compensation increase		2.91%	2.85%
For the year ended October 31,	2020	2019	2018
Discount rate	2.74%	3.48%	3.01%
Expected Return on plan assets	4.64%	4.12%	4.53%
Rate of compensation increase	2.85%	2.85%	2.85%

Benefit Obligations

For the year ended October 31, 2020	Consolidated	United	Germany	United	Netherlands	Other
(in millions)	States	Kingdom	International
Service cost	$ 12.8	$ 11.5	$0.4	$ 0.5	$ 0.3	$ 0.1
Interest cost	25.9	22.4	0.2	2.7	0.3	0.3
Expected return on plan assets	(37.9)	(31.4)	-	(5.2)	(0.7)	(0.6)
Amortization of prior service (benefit) cost	(0.1)	(0.1)	-	0.1	(0.1)	-
Recognized net actuarial loss	13.2	10.2	1.8	1.1	-	0.1
Special Events	0.3	(0.1)	-	0.4	-	-
Settlement
Net periodic pension (benefit) cost	$ 14.2	$ 12.5	$2.4	$(0.4)	$(0.2)	$(0.1)
For the year ended October 31, 2019	Consolidated	United	Germany	United	Netherlands	Other
(in millions)	States	Kingdom	International
Service cost	$ 14.1	$ 12.7	$0.3	$ 0.5	$ 0.5	$ 0.1
Interest cost	31.0	25.4	0.5	3.9	0.9	0.3
Expected return on plan assets	(38.8)	(30.5)	-	(6.2)	(1.3)	(0.8)
Amortization of prior service (benefit) cost	(0.1)	(0.1)	-	0.1	(0.1)	-
Recognized net actuarial loss	7.1	5.0	0.9	1.2	-	-
Net periodic pension (benefit) cost	$ 13.3	$ 12.5	$1.7	$(0.5)	$ -	$(0.4)

For the year ended October 31, 2018	Consolidated	United	Germany	United	Netherlands	Other
(in millions)	States	Kingdom	International
Service cost	$ 12.3	$ 10.8	$0.4	$ 0.5	$ 0.5	$ 0.1
Interest cost	18.9	13.2	0.5	4.0	0.9	0.3
Expected return on plan assets	(25.5)	(16.8)	-	(6.5)	(1.4)	(0.8)
Amortization of prior service (benefit) cost	(0.2)	(0.1)	-	-	(0.1)	-
Recognized net actuarial loss	11.0	8.1	1.1	1.7	-	0.1
Other Adjustments	2.8	-	-	2.8	-	-
Special Events	1.3	-	-	1.3	-	-
Settlement
Net periodic pension (benefit) cost	$ 20.6	$ 15.2	$2.0	$ 3.8	$(0.1)	$(0.3)

For the year ended October 31, 2020	Consolidated	United	Germany	United	Netherlands	Other
(in millions)	States	Kingdom	International
Change in benefit obligation:	$1,158.7	$831.0	$44.1	$180.8	$91.3	$11.5
Benefit obligation at beginning of year
Service cost		12.8	11.5	0.4		0.5		0.3	0.1
Interest cost		25.9	22.4	0.2		2.7		0.3	0.3
Plan participant contributions		0.2	-	-		-		0.2	-
Expenses paid from assets		(3.4)	(2.6)	-		(0.9)		0.2	(0.1)
Actuarial loss (gain)		17.4	14.6	(3.5)		7.6		(1.6)	0.3
Foreign currency effect		8.6	-	2.3		1.7		5.0	(0.4)
Benefits paid		(109.9)	(94.9)	(1.4)		(7.8)		(4.8)	(1.0)
Benefit obligation at end of year	$1,110.3	$782.0	$42.1	$184.6	$90.9	$10.7
For the year ended October 31, 2019	Consolidated	United	Germany	United	Netherlands	Other
(in millions)	States	Kingdom	International
Change in benefit obligation:	$	662.4	$351.9	$38.1	$176.3	$85.4	$10.7
Benefit obligation at beginning of year
Service cost		14.1	12.7	0.3		0.5		0.5	0.1
Interest cost		31.0	25.4	0.5		3.9		0.9	0.3
Plan participant contributions		0.2	-	-		-		0.2	-
Expenses paid from assets		(5.9)	(5.1)	-		(0.7)		-	(0.1)
Actuarial loss		131.0	105.5	7.4		6.0		11.0	1.1
Foreign currency effect		(1.8)	-	(0.9)		1.1		(1.9)	(0.1)
Benefits paid		(61.6)	(48.7)	(1.3)		(6.3)		(4.8)	(0.5)
Acquisitions		389.3	389.3	-		-		-	-
Benefit obligation at end of year	$1,158.7	$831.0	$44.1	$180.8	$91.3	$11.5
Actuarial value of benefit obligations	Consolidated	United	Germany	United	Netherlands	Other
(in millions)	States	Kingdom	International
October 31, 2020	$1,110.3	$782.0	$42.1	$184.6	$90.9	$10.7
Projected benefit obligation
Accumulated benefit obligation		1,086.1	760.3	41.0		184.6		89.3	10.9
Plan assets		1,002.1	687.0	-		210.0		92.0	13.1
October 31, 2019	$1,158.7	$831.0	$44.1	$180.8	$91.3	$11.5
Projected benefit obligation
Accumulated benefit obligation		1,131.3	806.8	42.6		180.8		89.6	11.5
Plan assets		1,017.0	698.7	-		209.8		94.5	14.0
Plans with ABO in excess of Plan assets
October 31, 2020	$	812.2	$760.3	$41.0	$	-	$	-	$10.9
Accumulated benefit obligation
Plan assets		697.2	687.2	-		-		-	10.0
October 31, 2019	$	860.9	$806.8	$42.6	$	-	$	-	$11.5
Accumulated benefit obligation
Plan assets		709.7	698.9	-		-		-	10.8

(in millions)	Expected Benefit
Payments
Year(s)	$ 63.3
2021
2022	62.8
2023	64.7
2024	65.5
2025	63.6
2026-2030	313.0

Plan assets

Asset Category	2021 Target	2020 Target	2020 Actual
Equity securities	21%	29%	22%
Debt securities	63%	55%	61%
Other	16%	16%	17%
Total	100%	100%	100%

For the year ended October 31, 2020	Consolidated	United	Germany	United	Netherlands	Other
(in millions)	States	Kingdom	International
Change in plan assets:	$1,017.0	$698.7	$-	$209.8	$94.5	$14.0
Fair value of plan assets at beginning of year
Actual return on plan assets	65.4	62.2	-	4.6	(2.1)	0.7
Expenses paid	(3.4)	(2.6)	-	(0.9)	0.2	(0.1)
Plan participant contributions	0.2	-	-	-	0.2	-
Foreign currency impact	6.4	-	-	1.9	5.0	(0.5)
Employer contributions	22.4	21.0	-	2.4	(1.0)	-
Benefits paid out of plan	(105.9)	(92.3)	-	(7.8)	(4.8)	(1.0)
Fair value of plan assets at end of year	$1,002.1	$687.0	$-	$210.0	$92.0	$13.1
For the year ended October 31, 2019	Consolidated	United	Germany	United	Netherlands	Other
(in millions)	States	Kingdom	International
Change in plan assets:	$ 594.8	$311.9	$-	$178.7	$90.6	$13.6
Fair value of plan assets at beginning of year
Actual return on plan assets	140.1	93.4	-	35.2	10.7	0.8
Expenses paid	(5.9)	(5.1)	-	(0.7)	-	(0.1)
Plan participant contributions	0.2	-	-	-	0.2	-
Foreign currency impact	(0.7)	-	-	1.3	(2.1)	0.1
Employer contributions	22.7	21.0	-	1.6	-	0.1
Benefits paid out of plan	(57.8)	(46.1)	-	(6.3)	(4.9)	(0.5)
Acquisitions	323.6	323.6	-	-	-	-
Fair value of plan assets at end of year	$1,017.0	$698.7	$-	$209.8	$94.5	$14.0

As of October 31, 2020 (in millions)																Fair Value Measurement
											Level 1		Level 2	Level 3		Total
Asset Category												$ 9.2			$122.4			$-	$	131.6
Mutual funds
Common stock												9.3				-			-		9.3
Cash												14.8				-			-		14.8
Corporate bonds													-	250.3			-		250.3
Government bonds													-	34.2			-		34.2
Other assets													-	0.7			-	$	0.7
Total Assets in the Fair Value Hierarchy												$33.3			$407.6			$-	440.9
Investments Measured at Net Asset Value																							0.5
Mutual funds
Insurance contracts																							132.9
Common stock funds																							215.4
Corporate bond funds																							203.1
Government bond funds												$33.3				$407.6			$-		9.3
Investments at Fair Value																$1,002.1
As of October 31, 2019 (in millions)																Fair Value Measurement
											Level 1		Level 2	Level 3		Total
Asset Category												$25.6			$137.4			$-	$	163.0
Mutual funds
Common stock												27.6				-			-		27.6
Cash												6.5				-			-		6.5
Corporate bonds													-	134.8			-		134.8
Government bonds													-	39.8			-		39.8
Other assets													-	0.2			-	$	0.2
Total Assets in the Fair Value Hierarchy												$59.7			$312.2			$-	371.9
Investments Measured at Net Asset Value																							358.5
Mutual funds
Insurance contracts																							130.2
Common stock funds																							81.5
Corporate bond funds																							70.8
Government bond funds												$59.7				$312.2			$-		4.1
Investments at Fair Value																$1,017.0
As of October 31, 2020
Consolidated	United	Germany	United		Netherlands		Other
(in millions)	States	Kingdom		International
Unrecognized net actuarial loss	$	149.7	$	94.1	$	14.8	$32.4			$ 4.5			$ 3.9
Unrecognized prior service cost (credit)	$	0.9		$	(0.8)	$	-	3.2			(1.5)				-
Accumulated other comprehensive loss (gain) - Pre-tax	150.6	93.3	14.8	$35.6			$ 3.0			$ 3.9
Amounts recognized in the Consolidated Balance
	Sheets consist of:	$	29.5		$	-	$	-	$25.3			$ 1.1			$ 3.1
Prepaid benefit cost
Accrued benefit liability			(137.7)		(94.7)			(42.1)			-			-		(0.9)
Accumulated other comprehensive loss		$	150.6	$	93.3	$	14.8	35.6			3.0				3.9
Net amount recognized	42.4		(1.4)	(27.3)	$60.9			$ 4.1			$ 6.1

As of October 31, 2019	Consolidated	United	Germany	United	Netherlands			Other
(in millions)	States	Kingdom	International
Unrecognized net actuarial loss	$	171.8	$	120.5	$	19.2	$25.3	$ 3.1		$ 3.7
Unrecognized prior service cost (credit)	$	0.8	$	(1.0)	$	-	3.3	(1.5)				-
Accumulated other comprehensive loss (gain) - Pre-tax	172.6	119.5	19.2	$28.6	$ 1.6		$ 3.7
Amounts recognized in the Consolidated Balance
Sheets consist of:	$	35.4	$	-	$	-	$29.0	$ 3.2		$ 3.2
Prepaid benefit cost
Accrued benefit liability			(177.0)		(132.2)			(44.1)		-			-	(0.7)
Accumulated other comprehensive loss (gain)		$	172.6	$	119.5	$	19.2	28.6	1.6		3.7
Net amount recognized	31.0	(12.7)	(24.9)	$57.6	$ 4.8		$ 6.2
(in millions)																October 31,	October 31,
														2020		2019
Accumulated other comprehensive loss at beginning of year															$172.6		$ 150.4
Increase or (decrease) in accumulated other comprehensive loss													0.1		0.1
Net prior service benefit amortized
Net loss amortized															(13.2)	(7.1)
Loss recognized due to settlement															(0.3)			-
Liability loss (gain)															17.4		131.0
Asset (gain) loss															(27.4)	(101.3)
Increase (decrease) in accumulated other comprehensive loss															$ (23.4)	$ 22.7
Foreign currency impact															1.4		(0.5)
Accumulated other comprehensive loss at year end																$150.6			$ 172.6

Supplemental Employee Retirement Plan

Defined contribution plans

Post-retirement Health Care and Life Insurance Benefits

NOTE 11 - CONTINGENT LIABILITIES AND ENVIRONMENTAL RESERVES

Litigation-related Liabilities

Environmental Reserves

NOTE 12 - EARNINGS PER SHARE

Basic	=		40% * Average Class A Shares Outstanding	*	Undistributed Net Income	+ Class A Dividends Per Share
Class A EPS	40% * Average Class A Shares Outstanding +		Average Class A Shares Outstanding
Diluted			60% * Average Class B Shares Outstanding	*	Undistributed Net Income	+ Class A Dividends Per Share
=		40% * Average Class A Shares Outstanding
Class A EPS	40% * Average Class A Shares Outstanding +		Average Diluted Class A Shares Outstanding
Basic			60% * Average Class B Shares Outstanding	*	Undistributed Net Income	+ Class B Dividends Per Share
=		60% * Average Class B Shares Outstanding
Class B EPS	40% * Average Class A Shares Outstanding +		Average Class B Shares Outstanding
			60% * Average Class B Shares Outstanding

(in millions, except per share data)		Year Ended October 31,
	2020		2019		2018
	Numerator
Numerator for basic and diluted EPS -	$	108.8	$	171.0	$	209.4
	Net income attributable to Greif
	Cash dividends	$	(104.3)	$	(104.0)	$	(100.0)
	Undistributed net income (loss) attributable to Greif, Inc.	4.5	67.0	109.4
Denominator
Denominator for basic EPS -		26.4		26.2		25.9
	Class A common stock
	Class B common stock		22.0		22.0		22.0
Denominator for diluted EPS -		26.4		26.2		26.0
	Class A common stock
	Class B common stock		22.0		22.0		22.0
EPS Basic	$	1.83	$	2.89	$	3.56
	Class A common stock
	Class B common stock	$	2.74	$	4.33	$	5.33
EPS Diluted	$	1.83	$	2.89	$	3.55
	Class A common stock
	Class B common stock	$	2.74	$	4.33	$	5.33

Common Stock Repurchases

October 31, 2020:	Authorized Shares	Issued Shares	Outstanding Shares	Treasury Shares
128,000,000	42,281,920	26,441,986	15,839,934
Class A common stock
Class B common stock	69,120,000	34,560,000	22,007,725	12,552,275
October 31, 2019:	128,000,000	42,281,920	26,257,943	16,023,977
Class A common stock
Class B common stock	69,120,000	34,560,000	22,007,725	12,552,275

		Year Ended October 31,
		2020		2019		2018
	Class A Common Stock:	26,382,838		26,189,445	25,915,887
Basic shares
Assumed conversion of stock options and unvested shares	7,805		25,666	49,969
Diluted shares	26,390,643		26,215,111	25,965,856
Class B Common Stock:
22,007,725		22,007,725	22,007,725
Basic and diluted shares

NOTE 13 - EQUITY EARNINGS OF UNCONSOLIDATED AFFILIATES, NET OF TAXCenturion Container LLC

NOTE 14 - LEASES

(in millions)	Balance Sheet Classification
Lease Assets	Operating lease assets
Operating lease assets
Finance lease assets	Other long-term assets
Total lease assets
Lease Liabilities	Current portion of operating lease liabilities
Current operating lease liabilities
Current finance lease liabilities	Other current liabilities
Total current lease liabilities
Non-current operating lease liabilities	Operating lease liabilities
Non-current finance lease liabilities	Other long-term liabilities
Total non-current lease liabilities
Total lease liabilities

(in millions) Operating lease cost Finance lease cost Variable lease cost*

Total lease cost

October 31,

2020

$307.5 4.6 $312.1

$ 52.3 1.7 54.0

257.7

2.9

260.6 $314.6

Year EndedOctober 31, 2020 $67.0 1.4

25.4 $93.8

(in millions)	Operating	Finance	Total expected
Leases	Leases	payments
2021	$	65.6	$ 1.4	$ 67.0
2022		63.1	1.4	64.5
2023		55.1	1.1	56.2
2024		47.4	0.9	48.3
2025		38.8	0.5	39.3
Thereafter	$	171.8	0.3	172.1
Total lease payments	441.8	$ 5.6	$ 447.4
Less: Interest	$	(131.8)	(1.0)	(132.8)
Lease liabilities	310.0	$ 4.6	$ 314.6
Weighted-average remaining lease term (years):				11.1
Operating leases
Finance leases				3.6
Weighted-average discount rate:				3.63%
Operating leases
Finance leases				3.32%
(in millions)				October 31,
			2020
Cash paid for amounts included in the measurement of lease liabilities:				$69.4
Operating cash flows used for operating leases
Financing cash flows used for finance leases				1.3
Leased assets obtained in exchange for new operating lease liabilities				67.4
Leased assets obtained in exchange for new finance lease liabilities				0.4

(in millions)	Year Ended October 31,
2019	2018	2017
	Rent Expense	$86.2	$47.1	$41.0
(in millions)	Operating Leases	Capital Leases
Year(s):		$ 64.8	$1.8
2021
2022		57.0	1.6
2023		48.7	1.3
2024		40.1	1.0
2025		31.6	0.6
	Thereafter		117.5	0.3
	Total		$359.7	$6.6

NOTE 15 - BUSINESS SEGMENT INFORMATION

•

•

•

•

		Year Ended October 31, 2020
(in millions)	United States	Europe, Middle	Asia Pacific and	Total
East and Africa	Other Americas
Rigid Industrial Packaging & Services	$ 814.0	$1,074.3	$410.6	$2,298.9
Paper Packaging & Services	1,888.4	-	28.5	1,916.9

				Year Ended October 31, 2020
(in millions)	United States	Europe, Middle	Asia Pacific and				Total
East and Africa	Other Americas
Flexible Products & Services	28.2	214.5					30.2		272.9
Land Management	26.3			-					-	26.3
Total net sales		$2,756.9	$1,288.8					$469.3		$4,515.0
				Year Ended October 31, 2019
(in millions)	United States	Europe, Middle	Asia Pacific and				Total
East and Africa	Other Americas
Rigid Industrial Packaging & Services	$ 906.3	$1,118.0					$466.3		$2,490.6
Paper Packaging & Services	1,758.8			-			21.2		1,780.0
Flexible Products & Services	35.7	232.4					29.4		297.5
Land Management	26.9			-					-	26.9
Total net sales		$2,727.7	$1,350.4					$516.9		$4,595.0
(in millions)					2020					2019		2018
Operating profit:				209.9			179.6		183.2
Rigid Industrial Packaging & Services
Paper Packaging & Services				71.0			184.3		158.3
Flexible Products & Services				15.5			25.3		19.4
Land Management				8.5				9.9		9.6
Total operating profit				$304.9			$399.1		$370.5
Depreciation, depletion and amortization expense:
			$ 78.9			$ 76.3		$ 81.2
Rigid Industrial Packaging & Services
Paper Packaging & Services				153.5			119.3		34.2
Flexible Products & Services				5.6				6.2		6.9
Land Management				4.5				4.3		4.6
Total depreciation, depletion and amortization expense				$242.5			$206.1		$126.9
Capital expenditures:
			$ 48.3			$ 53.6		$ 76.8
Rigid Industrial Packaging & Services
Paper Packaging & Services				61.4			81.2		39.2
Flexible Products & Services				7.5				4.8		3.7
Land Management				0.2				0.2		0.4
Total segment
			117.4			139.8	120.1
Corporate and other				12.6			17.1		19.0
Total capital expenditures					$130.0			$156.9		$139.1
(in millions)					October 31,	October 31,	October 31,
			2020			2019		2018
Assets:				$2,189.7		$2,006.3	$1,963.0
Rigid Industrial Packaging & Services
Paper Packaging & Services				2,524.3		2,686.3	474.3
Flexible Products & Services				148.8		148.2	153.9
Land Management				348.6		348.7	347.2
Total segment
			5,211.4	5,189.5	2,938.4
Corporate and other				299.5		237.2	256.4
Total assets					$5,510.9			$5,426.7	$3,194.8

(in millions)	October 31,	October 31,	October 31,
2020		2019				2018
Long lived assets, net*:	$1,345.8		$1,295.8	$	796.3
United States
Europe, Middle East, and Africa	377.6		277.1			276.9
Asia Pacific and other Americas	111.0		117.4	$	118.7
Total properties, plants and equipment, net	$1,834.4		$1,690.3	1,191.9

NOTE 16 - COMPREHENSIVE INCOME (LOSS)

					Foreign		Derivative	Minimum	Accumulated
							Pension			Other
(in millions)			Currency		Financial		Liability	Comprehensive
		Translation	Instruments	Adjustment			Loss
Balance as of October 31, 2019			$(298.0)		$(12.7)	$(123.0)		$(433.7)
	Other Comprehensive Income (Loss)			3.1		(12.0)			15.1		6.2
Balance as of October 31, 2020				$(294.9)		$(24.7)	$(107.9)		$(427.5)
					Foreign			Derivative	Minimum	Accumulated
							Pension			Other
(in millions)			Currency		Financial		Liability	Comprehensive
		Translation	Instruments	Adjustment			Loss
Balance as of October 31, 2018			$(292.8)		$ 13.4	$	(97.7)		$(377.1)
	Other Comprehensive Loss			(5.2)		(26.1)			(25.3)		(56.6)
Balance as of October 31, 2019			$(298.0)		$(12.7)	$(123.0)		$(433.7)
NOTE 17 - QUARTERLY FINANCIAL DATA (UNAUDITED)
(in millions, except per share amounts)				2020
	January 31,		April 30,	July 31,	October 31,
	Net sales	$	1,112.4	$	1,158.3	$		1,083.0	$	1,161.3
Gross profit	$	222.6	$	240.7	$		219.7	$	231.7
Net income(1)	$	36.1	$	15.8	$		24.4	$	48.0
Net income attributable to Greif, Inc.(1)	$	32.3	$	11.4	$		20.7	$	44.4
Earnings per share
Basic:Class A Common Stock	$	0.55	$	0.19	$		0.35	$	0.74
	Class B Common Stock	$	0.81	$	0.29	$		0.52	$	1.12
Diluted:	$	0.55	$	0.19	$		0.35	$	0.74
	Class A Common Stock
	Class B Common Stock	$	0.81	$	0.29	$		0.52	$	1.12
Earnings per share were calculated using the following number of shares:
Basic:Class A Common Stock			26,260,943		26,386,439	26,441,986		26,441,986
	Class B Common Stock			22,007,725		22,007,725	22,007,725		22,007,725
Diluted:			26,414,280		26,386,439	26,442,595		26,512,331
	Class A Common Stock
	Class B Common Stock			22,007,725		22,007,725	22,007,725		22,007,725
Market price (Class A Common Stock):	$	44.63	$	40.82	$		40.56	$	43.82
	High

(in millions, except per share amounts)		2020
January 31,	April 30,	July 31,	October 31,
Low	$38.64	$24.10	$27.57	$34.44
Close	$38.77	$33.08	$34.38	$40.59
Market price (Class B Common Stock):	$51.40	$48.45	$43.65	$47.19
High
Low	$45.05	$30.80	$34.94	$38.29
Close	$45.05	$38.50	$38.67	$43.25

(in millions, except per share amounts)						2019
		January 31		April 30			July 31		October 31
	Net sales	$	897.0	$	1,213.3	$	1,252.6	$	1,232.1
Gross profit	$	172.8	$	248.7	$	279.4	$	259.0
Net income(1)	$	35.8	$	21.1	$	67.5	$	69.8
Net income attributable to Greif, Inc.(1)	$	29.7	$	13.6	$	62.7	$	65.0
Earnings per share
Basic:Class A Common Stock	$	0.51	$	0.23	$	1.06	$	1.09
	Class B Common Stock	$	0.75	$	0.34	$	1.59	$	1.65
Diluted:	$	0.51	$	0.23	$	1.06	$	1.09
	Class A Common Stock
	Class B Common Stock	$	0.75	$	0.34	$	1.59	$	1.65
Earnings per share were calculated using the following number of shares:
Basic:Class A Common Stock			25,991,433		26,250,460		26,257,943		26,257,943
	Class B Common Stock			22,007,725		22,007,725		22,007,725		22,007,725
Diluted:			25,991,433		26,255,112		26,257,943		26,360,148
	Class A Common Stock
	Class B Common Stock			22,007,725		22,007,725		22,007,725		22,007,725
Market price (Class A Common Stock):	$	49.28	$	41.49	$	39.15	$	40.59
	High
	Low	$	31.22	$	37.10	$	30.74	$	30.05
	Close	$	37.67	$	38.59	$	34.57	$	39.17
Market price (Class B Common Stock):	$	50.55	$	48.57	$	47.69	$	48.76
	High
	Low	$	36.87	$	42.48	$	41.10	$	37.96
	Close	$	43.18	$	47.23	$	42.39	$	47.03

NOTE 18 - REDEEMABLE NONCONTROLLING INTERESTS

Mandatorily Redeemable Noncontrolling Interests

(in millions)

Balance as of October 31, 2018

Current period mark to redemption value

Balance as of October 31, 2019

Current period mark to redemption value

Balance as of October 31, 2020

Redeemable Noncontrolling Interests

(in millions)

Balance as of October 31, 2018

Current period mark to redemption value

Repurchase of redeemable shareholder interest

Redeemable noncontrolling interest share of income and other Dividends to redeemable noncontrolling interest and other Balance as of October 31, 2019

Current period mark to redemption value

Redeemable noncontrolling interest share of income and other Dividends to redeemable noncontrolling interest and other Balance as of October 31, 2020

Mandatorily Redeemable

Noncontrolling Interest

$ 8.6

(0.2)

8.4

-

$ 8.4

Redeemable

Noncontrolling Interest $ 35.5 (4.9) (11.9) 2.3 0.3 21.3 (0.4) 0.1 (1.0) $ 20.0

NOTE 19 - SUBSEQUENT EVENTS

Report of Independent Registered Public Accounting Firm

Opinion on the Financial Statements

Internal

Control-Integrated Framework (2013)

Change in Accounting Principle

Leases (Topic 842)

Basis for Opinion

Critical Audit Matters

Goodwill-Paper Packaging & Services Reporting Unit - Refer to Note 3 to the Financial Statements

Critical Audit Matter Description

How the Critical Audit Matter Was Addressed in the Audit

•

•

•

•

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES

ITEM 9A. CONTROLS AND PROCEDURES

Changes in Internal Control Over Financial Reporting

Disclosure Controls and Procedures

•

•

•

Management's Annual Report on Internal Control over Financial Reporting

•

•

•

•

Report of Independent Registered Public Accounting Firm

Opinion on Internal Control over Financial Reporting

Internal Control-Integrated Framework (2013)

Internal Control-Integrated Framework (2013)

Basis for Opinion

Definition and Limitations of Internal Control over Financial Reporting

ITEM 9B. OTHER INFORMATION

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 11. EXECUTIVE COMPENSATION

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE