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Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
European RPA | |||||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 192.2 | $ | 160.0 | $ | 506.3 | $ | 463.3 | |||||||
Cash received for accounts receivable sold under the programs | 170.0 | 140.7 | 448.2 | 409.2 | |||||||||||
Deferred purchase price related to accounts receivable sold | 22.2 | 19.3 | 58.1 | 53.7 | |||||||||||
Loss associated with the programs | 0.1 | 0.2 | 0.3 | 0.7 | |||||||||||
Expenses associated with the programs | — | — | — | — | |||||||||||
Singapore RPA | |||||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 12.4 | $ | 11.4 | $ | 37.4 | $ | 32.5 | |||||||
Cash received for accounts receivable sold under the program | 10.3 | 11.4 | 32.0 | 32.5 | |||||||||||
Deferred purchase price related to accounts receivable sold | 2.2 | — | 5.4 | — | |||||||||||
Loss associated with the program | — | — | — | — | |||||||||||
Expenses associated with the program | — | — | — | — | |||||||||||
Total RPAs and Agreements | |||||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 204.6 | $ | 171.4 | $ | 543.7 | $ | 495.8 | |||||||
Cash received for accounts receivable sold under the program | 180.3 | 152.1 | 480.2 | 441.7 | |||||||||||
Deferred purchase price related to accounts receivable sold | 24.4 | 19.3 | 63.5 | 53.7 | |||||||||||
Loss associated with the program | 0.1 | 0.2 | 0.3 | 0.7 | |||||||||||
Expenses associated with the program | — | — | — | — |
(in millions) | July 31, 2017 | October 31, 2016 | |||||
European RPA | |||||||
Accounts receivable sold to and held by third party financial institution | $ | 147.8 | $ | 106.7 | |||
Deferred purchase price asset (liability) related to accounts receivable sold | 32.7 | (0.4 | ) | ||||
Singapore RPA | |||||||
Accounts receivable sold to and held by third party financial institution | $ | 3.5 | $ | 4.0 | |||
Deferred purchase price asset related to accounts receivable sold | 0.8 | 0.5 | |||||
Total RPAs and Agreements | |||||||
Accounts receivable sold to and held by third party financial institution | $ | 151.3 | $ | 110.7 | |||
Deferred purchase price asset related to accounts receivable sold | 33.5 | 0.1 |
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(in millions) | July 31, 2017 | October 31, 2016 | |||||
Raw materials | $ | 231.4 | $ | 185.4 | |||
Work-in-process | 12.2 | 12.2 | |||||
Finished goods | 93.2 | 79.8 | |||||
$ | 336.8 | $ | 277.4 |
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(in millions) | July 31, 2017 | October 31, 2016 | |||||
Cash and cash equivalents | $ | 5.5 | $ | — | |||
Trade accounts receivable, less allowance | 5.7 | — | |||||
Inventories | 2.6 | — | |||||
Properties, plants and equipment, net | 16.1 | 3.8 | |||||
Goodwill | 29.4 | — | |||||
Other intangibles assets, net | 17.0 | — | |||||
Other assets | 1.3 | — | |||||
Assets held for sale | $ | 77.6 | $ | 3.8 | |||
Accounts payable | $ | 2.7 | $ | — | |||
Other current liabilities | 1.5 | — | |||||
Other long-term liabilities | 10.3 | — | |||||
Liabilities held for sale | $ | 14.5 | $ | — |
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(in millions) | Rigid Industrial Packaging & Services | Paper Packaging & Services | Total | ||||||||
Balance at October 31, 2016 | $ | 726.9 | $ | 59.5 | $ | 786.4 | |||||
Goodwill allocated to divestitures and businesses held for sale | (37.2 | ) | — | (37.2 | ) | ||||||
Currency translation | 23.5 | — | 23.5 | ||||||||
Balance at July 31, 2017 | $ | 713.2 | $ | 59.5 | $ | 772.7 |
(in millions) | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | ||||||||
July 31, 2017: | |||||||||||
Indefinite lived: | |||||||||||
Trademarks and patents | $ | 13.4 | $ | — | $ | 13.4 | |||||
Definite lived: | |||||||||||
Customer relationships | $ | 147.0 | $ | 88.2 | $ | 58.8 | |||||
Trademarks and patents | 9.5 | 3.8 | 5.7 | ||||||||
Non-compete agreements | — | — | — | ||||||||
Other | 23.5 | 14.8 | 8.7 | ||||||||
Total | $ | 193.4 | $ | 106.8 | $ | 86.6 | |||||
October 31, 2016: | |||||||||||
Indefinite lived: | |||||||||||
Trademarks and patents | $ | 13.0 | $ | — | $ | 13.0 | |||||
Definite lived: | |||||||||||
Customer relationships | $ | 167.6 | $ | 86.9 | $ | 80.7 | |||||
Trademarks and patents | 12.1 | 4.8 | 7.3 | ||||||||
Non-compete agreements | 1.0 | 0.9 | 0.1 | ||||||||
Other | 23.5 | 14.0 | 9.5 | ||||||||
Total | $ | 217.2 | $ | 106.6 | $ | 110.6 |
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(in millions) | Employee Separation Costs | Other Costs | Total | ||||||||
Balance at October 31, 2016 | $ | 9.2 | $ | 1.2 | $ | 10.4 | |||||
Costs incurred and charged to expense | 6.8 | 1.9 | 8.7 | ||||||||
Costs paid or otherwise settled | (10.0 | ) | (2.1 | ) | (12.1 | ) | |||||
Balance at July 31, 2017 | $ | 6.0 | $ | 1.0 | $ | 7.0 |
(in millions) | Total Amounts Expected to be Incurred | Amounts Incurred During the nine month period ended July 31, 2017 | Amounts Remaining to be Incurred | ||||||||
Rigid Industrial Packaging & Services | |||||||||||
Employee separation costs | $ | 21.1 | $ | 6.0 | $ | 15.1 | |||||
Other restructuring costs | 4.5 | 1.6 | 2.9 | ||||||||
25.6 | 7.6 | 18.0 | |||||||||
Flexible Products & Services | |||||||||||
Employee separation costs | 1.2 | 0.5 | 0.7 | ||||||||
Other restructuring costs | 1.5 | 0.3 | 1.2 | ||||||||
2.7 | 0.8 | 1.9 | |||||||||
Paper Packaging & Services | |||||||||||
Employee separation costs | 0.3 | 0.3 | — | ||||||||
Other restructuring costs | — | — | — | ||||||||
0.3 | 0.3 | — | |||||||||
$ | 28.6 | $ | 8.7 | $ | 19.9 |
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(in millions) | July 31, 2017 | October 31, 2016 | |||||
Cash and cash equivalents | $ | 14.3 | $ | 15.2 | |||
Trade accounts receivable, less allowance of $2.3 in 2017 and $2.8 in 2016 | 50.9 | 43.3 | |||||
Inventories | 51.1 | 50.9 | |||||
Properties, plants and equipment, net | 31.6 | 25.0 | |||||
Other assets | 28.0 | 37.3 | |||||
Total Assets | $ | 175.9 | $ | 171.7 | |||
Accounts payable | $ | 31.8 | $ | 30.7 | |||
Other liabilities | 35.2 | 43.7 | |||||
Total Liabilities | $ | 67.0 | $ | 74.4 |
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(in millions) | July 31, 2017 | October 31, 2016 | |||||
2017 Credit Agreement | $ | 418.9 | $ | — | |||
Prior Credit Agreement | — | 201.2 | |||||
Senior Notes due 2017 | — | 300.1 | |||||
Senior Notes due 2019 | 247.7 | 247.0 | |||||
Senior Notes due 2021 | 232.1 | 216.6 | |||||
Receivables Facility | 150.0 | — | |||||
Other debt | 8.2 | 9.7 | |||||
1,056.9 | 974.6 | ||||||
Less current portion | 16.3 | — | |||||
Less deferred financing costs | 6.9 | — | |||||
Long-term debt | $ | 1,033.7 | $ | 974.6 |
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July 31, 2017 | |||||||||||||||||
Fair Value Measurement | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Balance Sheet Location | ||||||||||||
Interest rate derivatives | $ | — | $ | 7.1 | $ | — | $ | 7.1 | Other long-term assets | ||||||||
Foreign exchange hedges | — | 0.1 | — | 0.1 | Prepaid expenses and other current assets | ||||||||||||
Foreign exchange hedges | — | (0.6 | ) | — | (0.6 | ) | Other current liabilities | ||||||||||
Insurance annuity | — | — | 21.4 | 21.4 | Other long-term assets | ||||||||||||
Total(1) | $ | — | $ | 6.6 | $ | 21.4 | $ | 28.0 |
October 31, 2016 | |||||||||||||||||
Fair Value Measurement | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Balance Sheet Location | ||||||||||||
Foreign exchange hedges | $ | — | $ | 0.3 | $ | — | $ | 0.3 | Prepaid expenses and other current assets | ||||||||
Foreign exchange hedges | — | (0.3 | ) | — | (0.3 | ) | Other current liabilities | ||||||||||
Insurance annuity | — | — | 20.1 | 20.1 | Other long-term assets | ||||||||||||
Total(1) | $ | — | $ | — | $ | 20.1 | $ | 20.1 |
(in millions) | July 31, 2017 | October 31, 2016 | |||||
Senior Notes due 2017 | |||||||
Estimated fair value | $ | — | $ | 302.4 | |||
Senior Notes due 2019 | |||||||
Estimated fair value | 276.6 | 280.1 | |||||
Senior Notes due 2021 | |||||||
Estimated fair value | 282.7 | 264.9 |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||
(in millions) | Fair Value of Impairment | Valuation Technique | Unobservable Input | Range of Input Values | |||||
July 31, 2017 | |||||||||
Impairment of Net Assets Held for Sale | $ | 5.6 | Broker Quote/ Indicative Bids | Indicative Bids | N/A | ||||
Impairment of Long Lived Assets | 0.3 | Sales Value | Sales Value | N/A | |||||
Total | $ | 5.9 | |||||||
July 31, 2016 | |||||||||
Impairment of Net Assets Held for Sale | $ | 37.6 | Broker Quote/ Indicative Bids | Indicative Bids | N/A | ||||
Impairment of Long Lived Assets | 7.3 | Sales Value | Sales Value | N/A | |||||
Total | $ | 44.9 |
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Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service cost | $ | 3.5 | $ | 3.2 | $ | 10.1 | $ | 9.4 | |||||||
Interest cost | 4.6 | 5.7 | 13.8 | 16.9 | |||||||||||
Expected return on plan assets | (7.0 | ) | (8.3 | ) | (21.2 | ) | (24.9 | ) | |||||||
Amortization of prior service cost and net actuarial gain | 2.6 | 2.8 | 8.2 | 8.6 | |||||||||||
Net periodic pension costs | $ | 3.7 | $ | 3.4 | $ | 10.9 | $ | 10.0 |
Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | |||||||
Interest cost | 0.1 | 0.2 | 0.3 | 0.4 | |||||||||||
Amortization of prior service cost and net actuarial gain | (0.5 | ) | (0.4 | ) | (1.2 | ) | (1.2 | ) | |||||||
Net periodic benefit for post retirement benefits | $ | (0.4 | ) | $ | (0.2 | ) | $ | (0.9 | ) | $ | (0.8 | ) |
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Capital Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Greif, Inc. Equity | Non controlling interests | Total Equity | |||||||||||||||||||||||||||
Common Shares | Amount | Treasury Shares | Amount | ||||||||||||||||||||||||||||||
As of October 31, 2016 | 47,792 | $ | 141.4 | 29,050 | $ | (135.6 | ) | $ | 1,340.0 | $ | (398.4 | ) | $ | 947.4 | $ | 10.5 | $ | 957.9 | |||||||||||||||
Net income | 85.3 | 85.3 | 10.1 | 95.4 | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||
- foreign currency translation | 33.4 | 33.4 | (1.7 | ) | 31.7 | ||||||||||||||||||||||||||||
- interest rate derivative, net of income tax of $2.5 million | 4.0 | 4.0 | 4.0 | ||||||||||||||||||||||||||||||
- change in minimum pension liability adjustment from remeasurement, settlement, and amortization, net of income tax of $17.5 million | 29.8 | 29.8 | 29.8 | ||||||||||||||||||||||||||||||
Comprehensive income | 152.5 | 160.9 | |||||||||||||||||||||||||||||||
Current period mark to redemption value of redeemable noncontrolling interest | 3.8 | 3.8 | 3.8 | ||||||||||||||||||||||||||||||
Net income allocated to redeemable noncontrolling interests | — | (3.1 | ) | (3.1 | ) | ||||||||||||||||||||||||||||
Deconsolidation of noncontrolling interest | — | (2.6 | ) | (2.6 | ) | ||||||||||||||||||||||||||||
Other | — | — | |||||||||||||||||||||||||||||||
Dividends paid to Greif, Inc. shareholders | (73.9 | ) | (73.9 | ) | (73.9 | ) | |||||||||||||||||||||||||||
Dividends to noncontrolling interests | — | (3.1 | ) | (3.1 | ) | ||||||||||||||||||||||||||||
Treasury shares acquired | (2 | ) | — | 2 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||
Restricted stock executives and directors | 24 | 1.3 | (24 | ) | — | 1.3 | 1.3 | ||||||||||||||||||||||||||
Long-term incentive shares issued | 29 | 1.5 | (29 | ) | (0.1 | ) | 1.4 | 1.4 | |||||||||||||||||||||||||
As of July 31, 2017 | 47,843 | $ | 144.2 | 28,999 | $ | (135.6 | ) | $ | 1,355.2 | $ | (331.2 | ) | $ | 1,032.6 | $ | 10.1 | $ | 1,042.7 |
Capital Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Greif, Inc. Equity | Non controlling interests | Total Equity | |||||||||||||||||||||||||||
Common Shares | Amount | Treasury Shares | Amount | ||||||||||||||||||||||||||||||
As of October 31, 2015 | 47,814 | $ | 139.1 | 29,028 | $ | (130.6 | ) | $ | 1,384.5 | $ | (377.4 | ) | $ | 1,015.6 | $ | 44.3 | $ | 1,059.9 | |||||||||||||||
Net income | 66.4 | 66.4 | 2.6 | 69.0 | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||
- foreign currency translation | (5.3 | ) | (5.3 | ) | (4.3 | ) | (9.6 | ) | |||||||||||||||||||||||||
- minimum pension liability adjustment, net of immaterial income tax | 3.5 | 3.5 | 3.5 | ||||||||||||||||||||||||||||||
Comprehensive loss | 64.6 | 62.9 | |||||||||||||||||||||||||||||||
Out of period mark to redemption value of redeemable noncontrolling interest | (19.8 | ) | (19.8 | ) | (19.8 | ) | |||||||||||||||||||||||||||
Current period mark to redemption value of redeemable noncontrolling interest | (3.1 | ) | (3.1 | ) | (3.1 | ) | |||||||||||||||||||||||||||
Reclassification of redeemable noncontrolling interest | 1.2 | 1.2 | (22.8 | ) | (21.6 | ) | |||||||||||||||||||||||||||
Net income allocated to redeemable noncontrolling interests | — | (3.9 | ) | (3.9 | ) | ||||||||||||||||||||||||||||
Other | — | (0.4 | ) | (0.4 | ) | ||||||||||||||||||||||||||||
Dividends paid to Greif, Inc. shareholders | (74.0 | ) | (74.0 | ) | (74.0 | ) | |||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | 0.8 | 0.8 | ||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (3.9 | ) | (3.9 | ) | |||||||||||||||||||||||||||||
Treasury shares acquired | (110 | ) | 110 | (5.2 | ) | (5.2 | ) | (5.2 | ) | ||||||||||||||||||||||||
Restricted stock executives and directors | 47 | 1.3 | (47 | ) | 0.1 | 1.4 | 1.4 | ||||||||||||||||||||||||||
Long-term incentive shares issued | 41 | 1.0 | (41 | ) | 0.1 | 1.1 | 1.1 | ||||||||||||||||||||||||||
As of July 31, 2016 | 47,792 | $ | 141.4 | 29,050 | $ | (135.6 | ) | $ | 1,355.2 | $ | (379.2 | ) | $ | 981.8 | $ | 12.4 | $ | 994.2 |
(in millions) | Foreign Currency Translation | Interest Rate Derivative | Minimum Pension Liability Adjustment | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Balance as of October 31, 2016 | $ | (270.2 | ) | $ | — | $ | (128.2 | ) | $ | (398.4 | ) | ||||
Other Comprehensive Income | 33.4 | 4.0 | 29.8 | 67.2 | |||||||||||
Current-period Other Comprehensive Income | 33.4 | 4.0 | 29.8 | 67.2 | |||||||||||
Balance as of July 31, 2017 | $ | (236.8 | ) | $ | 4.0 | $ | (98.4 | ) | $ | (331.2 | ) |
(in millions) | Foreign Currency Translation | Minimum Pension Liability Adjustment | Accumulated Other Comprehensive Income (Loss) | ||||||||
Balance as of October 31, 2015 | $ | (256.6 | ) | $ | (120.8 | ) | $ | (377.4 | ) | ||
Other Comprehensive Income Before Reclassifications | (5.3 | ) | 3.5 | (1.8 | ) | ||||||
Current-period Other Comprehensive Income (Loss) | (5.3 | ) | 3.5 | (1.8 | ) | ||||||
Balance as of July 31, 2016 | $ | (261.9 | ) | $ | (117.3 | ) | $ | (379.2 | ) |
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Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net sales: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 674.4 | $ | 596.8 | $ | 1,860.2 | $ | 1,721.3 | |||||||
Paper Packaging & Services | 206.3 | 172.5 | 577.9 | 498.1 | |||||||||||
Flexible Products & Services | 73.9 | 69.9 | 210.2 | 219.0 | |||||||||||
Land Management | 7.2 | 5.8 | 21.8 | 17.6 | |||||||||||
Total net sales | $ | 961.8 | $ | 845.0 | $ | 2,670.1 | $ | 2,456.0 | |||||||
Operating profit (loss): | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 64.7 | $ | 56.7 | $ | 148.9 | $ | 113.4 | |||||||
Paper Packaging & Services | 19.0 | 19.1 | 49.6 | 64.4 | |||||||||||
Flexible Products & Services | 3.1 | (5.9 | ) | 5.4 | (11.9 | ) | |||||||||
Land Management | 2.7 | 1.7 | 8.1 | 6.1 | |||||||||||
Total operating profit | $ | 89.5 | $ | 71.6 | $ | 212.0 | $ | 172.0 | |||||||
Depreciation, depletion and amortization expense: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 16.8 | $ | 20.8 | $ | 56.7 | $ | 63.7 | |||||||
Paper Packaging & Services | 7.8 | 8.0 | 23.7 | 23.6 | |||||||||||
Flexible Products & Services | 1.8 | 1.8 | 5.2 | 5.9 | |||||||||||
Land Management | 1.3 | 0.9 | 3.8 | 2.6 | |||||||||||
Total depreciation, depletion and amortization expense | $ | 27.7 | $ | 31.5 | $ | 89.4 | $ | 95.8 |
Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net sales: | |||||||||||||||
United States | $ | 463.7 | $ | 400.3 | $ | 1,306.2 | $ | 1,179.0 | |||||||
Europe, Middle East and Africa | 359.4 | 318.9 | 970.8 | 905.9 | |||||||||||
Asia Pacific and other Americas | 138.7 | 125.8 | 393.1 | 371.1 | |||||||||||
Total net sales | $ | 961.8 | $ | 845.0 | $ | 2,670.1 | $ | 2,456.0 |
(in millions) | July 31, 2017 | October 31, 2016 | |||||
Assets: | |||||||
Rigid Industrial Packaging & Services | $ | 2,137.7 | $ | 1,930.8 | |||
Paper Packaging & Services | 461.1 | 439.8 | |||||
Flexible Products & Services | 162.0 | 156.1 | |||||
Land Management | 344.1 | 339.9 | |||||
Total segments | 3,104.9 | 2,866.6 | |||||
Corporate and other | 231.8 | 286.4 | |||||
Total assets | $ | 3,336.7 | $ | 3,153.0 | |||
Properties, plants and equipment, net: | |||||||
United States | $ | 712.9 | $ | 723.3 | |||
Europe, Middle East and Africa | 321.5 | 308.5 | |||||
Asia Pacific and other Americas | 134.1 | 140.1 | |||||
Total properties, plants and equipment, net | $ | 1,168.5 | $ | 1,171.9 |
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(in millions) | Mandatorily Redeemable Noncontrolling Interest | ||
Balance as of October 31, 2016 | $ | 9.0 | |
Current period mark to redemption value | (0.3 | ) | |
Reclassification to liabilities held for sale | (8.7 | ) | |
Balance as of July 31, 2017 | $ | — |
(in millions) | Redeemable Noncontrolling Interest | ||
Balance as of October 31, 2016 | $ | 31.8 | |
Current period mark to redemption value | (3.8 | ) | |
Redeemable noncontrolling interest share of income and other | 3.1 | ||
Dividends to redeemable noncontrolling interest and other | (1.3 | ) | |
Balance as of July 31, 2017 | $ | 29.8 |
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Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
European RPA | |||||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 192.2 | $ | 160.0 | $ | 506.3 | $ | 463.3 | |||||||
Cash received for accounts receivable sold under the programs | 170.0 | 140.7 | 448.2 | 409.2 | |||||||||||
Deferred purchase price related to accounts receivable sold | 22.2 | 19.3 | 58.1 | 53.7 | |||||||||||
Loss associated with the programs | 0.1 | 0.2 | 0.3 | 0.7 | |||||||||||
Expenses associated with the programs | — | — | — | — | |||||||||||
Singapore RPA | |||||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 12.4 | $ | 11.4 | $ | 37.4 | $ | 32.5 | |||||||
Cash received for accounts receivable sold under the program | 10.3 | 11.4 | 32.0 | 32.5 | |||||||||||
Deferred purchase price related to accounts receivable sold | 2.2 | — | 5.4 | — | |||||||||||
Loss associated with the program | — | — | — | — | |||||||||||
Expenses associated with the program | — | — | — | — | |||||||||||
Total RPAs and Agreements | |||||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 204.6 | $ | 171.4 | $ | 543.7 | $ | 495.8 | |||||||
Cash received for accounts receivable sold under the program | 180.3 | 152.1 | 480.2 | 441.7 | |||||||||||
Deferred purchase price related to accounts receivable sold | 24.4 | 19.3 | 63.5 | 53.7 | |||||||||||
Loss associated with the program | 0.1 | 0.2 | 0.3 | 0.7 | |||||||||||
Expenses associated with the program | — | — | — | — |
(in millions) | July 31, 2017 | October 31, 2016 | |||||
European RPA | |||||||
Accounts receivable sold to and held by third party financial institution | $ | 147.8 | $ | 106.7 | |||
Deferred purchase price asset (liability) related to accounts receivable sold | 32.7 | (0.4 | ) | ||||
Singapore RPA | |||||||
Accounts receivable sold to and held by third party financial institution | $ | 3.5 | $ | 4.0 | |||
Deferred purchase price asset related to accounts receivable sold | 0.8 | 0.5 | |||||
Total RPAs and Agreements | |||||||
Accounts receivable sold to and held by third party financial institution | $ | 151.3 | $ | 110.7 | |||
Deferred purchase price asset related to accounts receivable sold | 33.5 | 0.1 |
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(in millions) | July 31, 2017 | October 31, 2016 | |||||
Raw materials | $ | 231.4 | $ | 185.4 | |||
Work-in-process | 12.2 | 12.2 | |||||
Finished goods | 93.2 | 79.8 | |||||
$ | 336.8 | $ | 277.4 |
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(in millions) | July 31, 2017 | October 31, 2016 | |||||
Cash and cash equivalents | $ | 5.5 | $ | — | |||
Trade accounts receivable, less allowance | 5.7 | — | |||||
Inventories | 2.6 | — | |||||
Properties, plants and equipment, net | 16.1 | 3.8 | |||||
Goodwill | 29.4 | — | |||||
Other intangibles assets, net | 17.0 | — | |||||
Other assets | 1.3 | — | |||||
Assets held for sale | $ | 77.6 | $ | 3.8 | |||
Accounts payable | $ | 2.7 | $ | — | |||
Other current liabilities | 1.5 | — | |||||
Other long-term liabilities | 10.3 | — | |||||
Liabilities held for sale | $ | 14.5 | $ | — |
|
(in millions) | Rigid Industrial Packaging & Services | Paper Packaging & Services | Total | ||||||||
Balance at October 31, 2016 | $ | 726.9 | $ | 59.5 | $ | 786.4 | |||||
Goodwill allocated to divestitures and businesses held for sale | (37.2 | ) | — | (37.2 | ) | ||||||
Currency translation | 23.5 | — | 23.5 | ||||||||
Balance at July 31, 2017 | $ | 713.2 | $ | 59.5 | $ | 772.7 |
(in millions) | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | ||||||||
July 31, 2017: | |||||||||||
Indefinite lived: | |||||||||||
Trademarks and patents | $ | 13.4 | $ | — | $ | 13.4 | |||||
Definite lived: | |||||||||||
Customer relationships | $ | 147.0 | $ | 88.2 | $ | 58.8 | |||||
Trademarks and patents | 9.5 | 3.8 | 5.7 | ||||||||
Non-compete agreements | — | — | — | ||||||||
Other | 23.5 | 14.8 | 8.7 | ||||||||
Total | $ | 193.4 | $ | 106.8 | $ | 86.6 | |||||
October 31, 2016: | |||||||||||
Indefinite lived: | |||||||||||
Trademarks and patents | $ | 13.0 | $ | — | $ | 13.0 | |||||
Definite lived: | |||||||||||
Customer relationships | $ | 167.6 | $ | 86.9 | $ | 80.7 | |||||
Trademarks and patents | 12.1 | 4.8 | 7.3 | ||||||||
Non-compete agreements | 1.0 | 0.9 | 0.1 | ||||||||
Other | 23.5 | 14.0 | 9.5 | ||||||||
Total | $ | 217.2 | $ | 106.6 | $ | 110.6 |
|
(in millions) | Employee Separation Costs | Other Costs | Total | ||||||||
Balance at October 31, 2016 | $ | 9.2 | $ | 1.2 | $ | 10.4 | |||||
Costs incurred and charged to expense | 6.8 | 1.9 | 8.7 | ||||||||
Costs paid or otherwise settled | (10.0 | ) | (2.1 | ) | (12.1 | ) | |||||
Balance at July 31, 2017 | $ | 6.0 | $ | 1.0 | $ | 7.0 |
(in millions) | Total Amounts Expected to be Incurred | Amounts Incurred During the nine month period ended July 31, 2017 | Amounts Remaining to be Incurred | ||||||||
Rigid Industrial Packaging & Services | |||||||||||
Employee separation costs | $ | 21.1 | $ | 6.0 | $ | 15.1 | |||||
Other restructuring costs | 4.5 | 1.6 | 2.9 | ||||||||
25.6 | 7.6 | 18.0 | |||||||||
Flexible Products & Services | |||||||||||
Employee separation costs | 1.2 | 0.5 | 0.7 | ||||||||
Other restructuring costs | 1.5 | 0.3 | 1.2 | ||||||||
2.7 | 0.8 | 1.9 | |||||||||
Paper Packaging & Services | |||||||||||
Employee separation costs | 0.3 | 0.3 | — | ||||||||
Other restructuring costs | — | — | — | ||||||||
0.3 | 0.3 | — | |||||||||
$ | 28.6 | $ | 8.7 | $ | 19.9 |
|
(in millions) | July 31, 2017 | October 31, 2016 | |||||
Cash and cash equivalents | $ | 14.3 | $ | 15.2 | |||
Trade accounts receivable, less allowance of $2.3 in 2017 and $2.8 in 2016 | 50.9 | 43.3 | |||||
Inventories | 51.1 | 50.9 | |||||
Properties, plants and equipment, net | 31.6 | 25.0 | |||||
Other assets | 28.0 | 37.3 | |||||
Total Assets | $ | 175.9 | $ | 171.7 | |||
Accounts payable | $ | 31.8 | $ | 30.7 | |||
Other liabilities | 35.2 | 43.7 | |||||
Total Liabilities | $ | 67.0 | $ | 74.4 |
|
(in millions) | July 31, 2017 | October 31, 2016 | |||||
2017 Credit Agreement | $ | 418.9 | $ | — | |||
Prior Credit Agreement | — | 201.2 | |||||
Senior Notes due 2017 | — | 300.1 | |||||
Senior Notes due 2019 | 247.7 | 247.0 | |||||
Senior Notes due 2021 | 232.1 | 216.6 | |||||
Receivables Facility | 150.0 | — | |||||
Other debt | 8.2 | 9.7 | |||||
1,056.9 | 974.6 | ||||||
Less current portion | 16.3 | — | |||||
Less deferred financing costs | 6.9 | — | |||||
Long-term debt | $ | 1,033.7 | $ | 974.6 |
|
July 31, 2017 | |||||||||||||||||
Fair Value Measurement | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Balance Sheet Location | ||||||||||||
Interest rate derivatives | $ | — | $ | 7.1 | $ | — | $ | 7.1 | Other long-term assets | ||||||||
Foreign exchange hedges | — | 0.1 | — | 0.1 | Prepaid expenses and other current assets | ||||||||||||
Foreign exchange hedges | — | (0.6 | ) | — | (0.6 | ) | Other current liabilities | ||||||||||
Insurance annuity | — | — | 21.4 | 21.4 | Other long-term assets | ||||||||||||
Total(1) | $ | — | $ | 6.6 | $ | 21.4 | $ | 28.0 |
October 31, 2016 | |||||||||||||||||
Fair Value Measurement | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Balance Sheet Location | ||||||||||||
Foreign exchange hedges | $ | — | $ | 0.3 | $ | — | $ | 0.3 | Prepaid expenses and other current assets | ||||||||
Foreign exchange hedges | — | (0.3 | ) | — | (0.3 | ) | Other current liabilities | ||||||||||
Insurance annuity | — | — | 20.1 | 20.1 | Other long-term assets | ||||||||||||
Total(1) | $ | — | $ | — | $ | 20.1 | $ | 20.1 |
(in millions) | July 31, 2017 | October 31, 2016 | |||||
Senior Notes due 2017 | |||||||
Estimated fair value | $ | — | $ | 302.4 | |||
Senior Notes due 2019 | |||||||
Estimated fair value | 276.6 | 280.1 | |||||
Senior Notes due 2021 | |||||||
Estimated fair value | 282.7 | 264.9 |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||
(in millions) | Fair Value of Impairment | Valuation Technique | Unobservable Input | Range of Input Values | |||||
July 31, 2017 | |||||||||
Impairment of Net Assets Held for Sale | $ | 5.6 | Broker Quote/ Indicative Bids | Indicative Bids | N/A | ||||
Impairment of Long Lived Assets | 0.3 | Sales Value | Sales Value | N/A | |||||
Total | $ | 5.9 | |||||||
July 31, 2016 | |||||||||
Impairment of Net Assets Held for Sale | $ | 37.6 | Broker Quote/ Indicative Bids | Indicative Bids | N/A | ||||
Impairment of Long Lived Assets | 7.3 | Sales Value | Sales Value | N/A | |||||
Total | $ | 44.9 |
|
Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service cost | $ | 3.5 | $ | 3.2 | $ | 10.1 | $ | 9.4 | |||||||
Interest cost | 4.6 | 5.7 | 13.8 | 16.9 | |||||||||||
Expected return on plan assets | (7.0 | ) | (8.3 | ) | (21.2 | ) | (24.9 | ) | |||||||
Amortization of prior service cost and net actuarial gain | 2.6 | 2.8 | 8.2 | 8.6 | |||||||||||
Net periodic pension costs | $ | 3.7 | $ | 3.4 | $ | 10.9 | $ | 10.0 |
Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | |||||||
Interest cost | 0.1 | 0.2 | 0.3 | 0.4 | |||||||||||
Amortization of prior service cost and net actuarial gain | (0.5 | ) | (0.4 | ) | (1.2 | ) | (1.2 | ) | |||||||
Net periodic benefit for post retirement benefits | $ | (0.4 | ) | $ | (0.2 | ) | $ | (0.9 | ) | $ | (0.8 | ) |
|
Capital Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Greif, Inc. Equity | Non controlling interests | Total Equity | |||||||||||||||||||||||||||
Common Shares | Amount | Treasury Shares | Amount | ||||||||||||||||||||||||||||||
As of October 31, 2016 | 47,792 | $ | 141.4 | 29,050 | $ | (135.6 | ) | $ | 1,340.0 | $ | (398.4 | ) | $ | 947.4 | $ | 10.5 | $ | 957.9 | |||||||||||||||
Net income | 85.3 | 85.3 | 10.1 | 95.4 | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||
- foreign currency translation | 33.4 | 33.4 | (1.7 | ) | 31.7 | ||||||||||||||||||||||||||||
- interest rate derivative, net of income tax of $2.5 million | 4.0 | 4.0 | 4.0 | ||||||||||||||||||||||||||||||
- change in minimum pension liability adjustment from remeasurement, settlement, and amortization, net of income tax of $17.5 million | 29.8 | 29.8 | 29.8 | ||||||||||||||||||||||||||||||
Comprehensive income | 152.5 | 160.9 | |||||||||||||||||||||||||||||||
Current period mark to redemption value of redeemable noncontrolling interest | 3.8 | 3.8 | 3.8 | ||||||||||||||||||||||||||||||
Net income allocated to redeemable noncontrolling interests | — | (3.1 | ) | (3.1 | ) | ||||||||||||||||||||||||||||
Deconsolidation of noncontrolling interest | — | (2.6 | ) | (2.6 | ) | ||||||||||||||||||||||||||||
Other | — | — | |||||||||||||||||||||||||||||||
Dividends paid to Greif, Inc. shareholders | (73.9 | ) | (73.9 | ) | (73.9 | ) | |||||||||||||||||||||||||||
Dividends to noncontrolling interests | — | (3.1 | ) | (3.1 | ) | ||||||||||||||||||||||||||||
Treasury shares acquired | (2 | ) | — | 2 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||
Restricted stock executives and directors | 24 | 1.3 | (24 | ) | — | 1.3 | 1.3 | ||||||||||||||||||||||||||
Long-term incentive shares issued | 29 | 1.5 | (29 | ) | (0.1 | ) | 1.4 | 1.4 | |||||||||||||||||||||||||
As of July 31, 2017 | 47,843 | $ | 144.2 | 28,999 | $ | (135.6 | ) | $ | 1,355.2 | $ | (331.2 | ) | $ | 1,032.6 | $ | 10.1 | $ | 1,042.7 |
Capital Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Greif, Inc. Equity | Non controlling interests | Total Equity | |||||||||||||||||||||||||||
Common Shares | Amount | Treasury Shares | Amount | ||||||||||||||||||||||||||||||
As of October 31, 2015 | 47,814 | $ | 139.1 | 29,028 | $ | (130.6 | ) | $ | 1,384.5 | $ | (377.4 | ) | $ | 1,015.6 | $ | 44.3 | $ | 1,059.9 | |||||||||||||||
Net income | 66.4 | 66.4 | 2.6 | 69.0 | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||
- foreign currency translation | (5.3 | ) | (5.3 | ) | (4.3 | ) | (9.6 | ) | |||||||||||||||||||||||||
- minimum pension liability adjustment, net of immaterial income tax | 3.5 | 3.5 | 3.5 | ||||||||||||||||||||||||||||||
Comprehensive loss | 64.6 | 62.9 | |||||||||||||||||||||||||||||||
Out of period mark to redemption value of redeemable noncontrolling interest | (19.8 | ) | (19.8 | ) | (19.8 | ) | |||||||||||||||||||||||||||
Current period mark to redemption value of redeemable noncontrolling interest | (3.1 | ) | (3.1 | ) | (3.1 | ) | |||||||||||||||||||||||||||
Reclassification of redeemable noncontrolling interest | 1.2 | 1.2 | (22.8 | ) | (21.6 | ) | |||||||||||||||||||||||||||
Net income allocated to redeemable noncontrolling interests | — | (3.9 | ) | (3.9 | ) | ||||||||||||||||||||||||||||
Other | — | (0.4 | ) | (0.4 | ) | ||||||||||||||||||||||||||||
Dividends paid to Greif, Inc. shareholders | (74.0 | ) | (74.0 | ) | (74.0 | ) | |||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | 0.8 | 0.8 | ||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (3.9 | ) | (3.9 | ) | |||||||||||||||||||||||||||||
Treasury shares acquired | (110 | ) | 110 | (5.2 | ) | (5.2 | ) | (5.2 | ) | ||||||||||||||||||||||||
Restricted stock executives and directors | 47 | 1.3 | (47 | ) | 0.1 | 1.4 | 1.4 | ||||||||||||||||||||||||||
Long-term incentive shares issued | 41 | 1.0 | (41 | ) | 0.1 | 1.1 | 1.1 | ||||||||||||||||||||||||||
As of July 31, 2016 | 47,792 | $ | 141.4 | 29,050 | $ | (135.6 | ) | $ | 1,355.2 | $ | (379.2 | ) | $ | 981.8 | $ | 12.4 | $ | 994.2 |
(in millions) | Foreign Currency Translation | Interest Rate Derivative | Minimum Pension Liability Adjustment | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Balance as of October 31, 2016 | $ | (270.2 | ) | $ | — | $ | (128.2 | ) | $ | (398.4 | ) | ||||
Other Comprehensive Income | 33.4 | 4.0 | 29.8 | 67.2 | |||||||||||
Current-period Other Comprehensive Income | 33.4 | 4.0 | 29.8 | 67.2 | |||||||||||
Balance as of July 31, 2017 | $ | (236.8 | ) | $ | 4.0 | $ | (98.4 | ) | $ | (331.2 | ) |
(in millions) | Foreign Currency Translation | Minimum Pension Liability Adjustment | Accumulated Other Comprehensive Income (Loss) | ||||||||
Balance as of October 31, 2015 | $ | (256.6 | ) | $ | (120.8 | ) | $ | (377.4 | ) | ||
Other Comprehensive Income Before Reclassifications | (5.3 | ) | 3.5 | (1.8 | ) | ||||||
Current-period Other Comprehensive Income (Loss) | (5.3 | ) | 3.5 | (1.8 | ) | ||||||
Balance as of July 31, 2016 | $ | (261.9 | ) | $ | (117.3 | ) | $ | (379.2 | ) |
|
Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net sales: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 674.4 | $ | 596.8 | $ | 1,860.2 | $ | 1,721.3 | |||||||
Paper Packaging & Services | 206.3 | 172.5 | 577.9 | 498.1 | |||||||||||
Flexible Products & Services | 73.9 | 69.9 | 210.2 | 219.0 | |||||||||||
Land Management | 7.2 | 5.8 | 21.8 | 17.6 | |||||||||||
Total net sales | $ | 961.8 | $ | 845.0 | $ | 2,670.1 | $ | 2,456.0 | |||||||
Operating profit (loss): | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 64.7 | $ | 56.7 | $ | 148.9 | $ | 113.4 | |||||||
Paper Packaging & Services | 19.0 | 19.1 | 49.6 | 64.4 | |||||||||||
Flexible Products & Services | 3.1 | (5.9 | ) | 5.4 | (11.9 | ) | |||||||||
Land Management | 2.7 | 1.7 | 8.1 | 6.1 | |||||||||||
Total operating profit | $ | 89.5 | $ | 71.6 | $ | 212.0 | $ | 172.0 | |||||||
Depreciation, depletion and amortization expense: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 16.8 | $ | 20.8 | $ | 56.7 | $ | 63.7 | |||||||
Paper Packaging & Services | 7.8 | 8.0 | 23.7 | 23.6 | |||||||||||
Flexible Products & Services | 1.8 | 1.8 | 5.2 | 5.9 | |||||||||||
Land Management | 1.3 | 0.9 | 3.8 | 2.6 | |||||||||||
Total depreciation, depletion and amortization expense | $ | 27.7 | $ | 31.5 | $ | 89.4 | $ | 95.8 |
Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net sales: | |||||||||||||||
United States | $ | 463.7 | $ | 400.3 | $ | 1,306.2 | $ | 1,179.0 | |||||||
Europe, Middle East and Africa | 359.4 | 318.9 | 970.8 | 905.9 | |||||||||||
Asia Pacific and other Americas | 138.7 | 125.8 | 393.1 | 371.1 | |||||||||||
Total net sales | $ | 961.8 | $ | 845.0 | $ | 2,670.1 | $ | 2,456.0 |
(in millions) | July 31, 2017 | October 31, 2016 | |||||
Assets: | |||||||
Rigid Industrial Packaging & Services | $ | 2,137.7 | $ | 1,930.8 | |||
Paper Packaging & Services | 461.1 | 439.8 | |||||
Flexible Products & Services | 162.0 | 156.1 | |||||
Land Management | 344.1 | 339.9 | |||||
Total segments | 3,104.9 | 2,866.6 | |||||
Corporate and other | 231.8 | 286.4 | |||||
Total assets | $ | 3,336.7 | $ | 3,153.0 | |||
Properties, plants and equipment, net: | |||||||
United States | $ | 712.9 | $ | 723.3 | |||
Europe, Middle East and Africa | 321.5 | 308.5 | |||||
Asia Pacific and other Americas | 134.1 | 140.1 | |||||
Total properties, plants and equipment, net | $ | 1,168.5 | $ | 1,171.9 |
|
(in millions) | Mandatorily Redeemable Noncontrolling Interest | ||
Balance as of October 31, 2016 | $ | 9.0 | |
Current period mark to redemption value | (0.3 | ) | |
Reclassification to liabilities held for sale | (8.7 | ) | |
Balance as of July 31, 2017 | $ | — |
(in millions) | Redeemable Noncontrolling Interest | ||
Balance as of October 31, 2016 | $ | 31.8 | |
Current period mark to redemption value | (3.8 | ) | |
Redeemable noncontrolling interest share of income and other | 3.1 | ||
Dividends to redeemable noncontrolling interest and other | (1.3 | ) | |
Balance as of July 31, 2017 | $ | 29.8 |
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