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Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
European RPA | |||||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 176.5 | $ | 162.3 | $ | 314.1 | $ | 303.3 | |||||||
Cash received for accounts receivable sold under the programs | 156.2 | 143.5 | 278.2 | 268.5 | |||||||||||
Deferred purchase price related to accounts receivable sold | 20.3 | 18.6 | 35.9 | 34.4 | |||||||||||
Loss associated with the programs | 0.1 | 0.2 | 0.2 | 0.5 | |||||||||||
Expenses associated with the programs | — | — | — | — | |||||||||||
Singapore RPA | |||||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 15.1 | $ | 10.4 | $ | 25.0 | $ | 21.1 | |||||||
Cash received for accounts receivable sold under the program | 13.7 | 10.4 | 21.7 | 21.1 | |||||||||||
Deferred purchase price related to accounts receivable sold | 1.3 | — | 3.2 | — | |||||||||||
Loss associated with the program | — | — | — | — | |||||||||||
Expenses associated with the program | — | — | — | — | |||||||||||
Total RPAs and Agreements | |||||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 191.6 | $ | 172.7 | $ | 339.1 | $ | 324.4 | |||||||
Cash received for accounts receivable sold under the program | 169.9 | 153.9 | 299.9 | 289.6 | |||||||||||
Deferred purchase price related to accounts receivable sold | 21.6 | 18.6 | 39.1 | 34.4 | |||||||||||
Loss associated with the program | 0.1 | 0.2 | 0.2 | 0.5 | |||||||||||
Expenses associated with the program | — | — | — | — |
(in millions) | April 30, 2017 | October 31, 2016 | |||||
European RPA | |||||||
Accounts receivable sold to and held by third party financial institution | $ | 126.7 | $ | 106.7 | |||
Deferred purchase price asset (liability) related to accounts receivable sold | 23.8 | (0.4 | ) | ||||
Singapore RPA | |||||||
Accounts receivable sold to and held by third party financial institution | $ | 5.5 | $ | 4.0 | |||
Deferred purchase price asset related to accounts receivable sold | 0.5 | 0.5 | |||||
Total RPAs and Agreements | |||||||
Accounts receivable sold to and held by third party financial institution | $ | 132.2 | $ | 110.7 | |||
Deferred purchase price asset related to accounts receivable sold | 24.3 | 0.1 |
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(in millions) | April 30, 2017 | October 31, 2016 | |||||
Raw materials | $ | 225.9 | $ | 185.4 | |||
Work-in-process | 11.9 | 12.2 | |||||
Finished goods | 92.8 | 79.8 | |||||
$ | 330.6 | $ | 277.4 |
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(in millions) | April 30, 2017 | October 31, 2016 | |||||
Cash and cash equivalents | $ | 5.9 | $ | — | |||
Trade accounts receivable, less allowance | 6.4 | — | |||||
Inventories | 2.3 | — | |||||
Properties, plants and equipment, net | 21.4 | 11.8 | |||||
Goodwill | 32.7 | — | |||||
Other intangibles assets, net | 17.0 | — | |||||
Other assets | 1.2 | — | |||||
Assets held for sale | $ | 86.9 | $ | 11.8 | |||
Accounts payable | $ | 2.7 | $ | — | |||
Other current liabilities | 4.3 | — | |||||
Other long-term liabilities | 10.3 | — | |||||
Liabilities held for sale | $ | 17.3 | $ | — |
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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 | (36.3 | ) | — | (36.3 | ) | ||||||
Currency translation | 1.1 | — | 1.1 | ||||||||
Balance at April 30, 2017 | $ | 691.7 | $ | 59.5 | $ | 751.2 |
(in millions) | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | ||||||||
April 30, 2017: | |||||||||||
Indefinite lived: | |||||||||||
Trademarks and patents | $ | 13.0 | $ | — | $ | 13.0 | |||||
Definite lived: | |||||||||||
Customer relationships | $ | 143.0 | $ | 83.5 | $ | 59.5 | |||||
Trademarks and patents | 9.1 | 3.5 | 5.6 | ||||||||
Non-compete agreements | 0.4 | 0.2 | 0.2 | ||||||||
Other | 22.1 | 13.6 | 8.5 | ||||||||
Total | $ | 187.6 | $ | 100.8 | $ | 86.8 | |||||
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 | 3.9 | 0.9 | 4.8 | ||||||||
Costs paid or otherwise settled | (6.2 | ) | (0.9 | ) | (7.1 | ) | |||||
Balance at April 30, 2017 | $ | 6.9 | $ | 1.2 | $ | 8.1 |
(in millions) | Total Amounts Expected to be Incurred | Amounts Incurred During the six month period ended April 30, 2017 | Amounts Remaining to be Incurred | ||||||||
Rigid Industrial Packaging & Services | |||||||||||
Employee separation costs | $ | 17.6 | $ | 3.2 | $ | 14.4 | |||||
Other restructuring costs | 4.1 | 0.7 | 3.4 | ||||||||
21.7 | 3.9 | 17.8 | |||||||||
Flexible Products & Services | |||||||||||
Employee separation costs | 1.2 | 0.4 | 0.8 | ||||||||
Other restructuring costs | 1.4 | 0.2 | 1.2 | ||||||||
2.6 | 0.6 | 2.0 | |||||||||
Paper Packaging & Services | |||||||||||
Employee separation costs | 0.3 | 0.3 | — | ||||||||
Other restructuring costs | — | — | — | ||||||||
0.3 | 0.3 | — | |||||||||
$ | 24.6 | $ | 4.8 | $ | 19.8 |
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(in millions) | April 30, 2017 | October 31, 2016 | |||||
Cash and cash equivalents | $ | 13.3 | $ | 15.2 | |||
Trade accounts receivable, less allowance of $2.2 in 2017 and $2.8 in 2016 | 45.5 | 43.3 | |||||
Inventories | 49.5 | 50.9 | |||||
Properties, plants and equipment, net | 23.2 | 25.0 | |||||
Other assets | 33.7 | 37.3 | |||||
Total Assets | $ | 165.2 | $ | 171.7 | |||
Accounts payable | $ | 30.7 | $ | 30.7 | |||
Other liabilities | 36.5 | 43.7 | |||||
Total Liabilities | $ | 67.2 | $ | 74.4 |
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(in millions) | April 30, 2017 | October 31, 2016 | |||||
2017 Credit Agreement | $ | 433.9 | $ | — | |||
Prior Credit Agreement | — | 201.2 | |||||
Senior Notes due 2017 | — | 300.1 | |||||
Senior Notes due 2019 | 247.5 | 247.0 | |||||
Senior Notes due 2021 | 216.7 | 216.6 | |||||
Receivables Facility | 150.0 | — | |||||
Other debt | 8.1 | 9.7 | |||||
1,056.2 | 974.6 | ||||||
Less current portion | 15.0 | — | |||||
Less deferred financing costs | 7.6 | — | |||||
Long-term debt | $ | 1,033.6 | $ | 974.6 |
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April 30, 2017 | |||||||||||||||||
Fair Value Measurement | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Balance Sheet Location | ||||||||||||
Interest rate derivatives | $ | — | $ | 8.2 | $ | — | $ | 8.2 | Other long-term assets | ||||||||
Foreign exchange hedges | — | — | — | — | Prepaid expenses and other current assets | ||||||||||||
Foreign exchange hedges | — | (1.5 | ) | — | (1.5 | ) | Other current liabilities | ||||||||||
Insurance annuity | — | — | 19.8 | 19.8 | Other long-term assets | ||||||||||||
Total(1) | $ | — | $ | 6.7 | $ | 19.8 | $ | 26.5 |
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) | April 30, 2017 | October 31, 2016 | |||||
Senior Notes due 2017 | |||||||
Estimated fair value | $ | — | $ | 302.4 | |||
Senior Notes due 2019 | |||||||
Estimated fair value | 276.1 | 280.1 | |||||
Senior Notes due 2021 | |||||||
Estimated fair value | 266.5 | 264.9 |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||
(in millions) | Fair Value of Impairment | Valuation Technique | Unobservable Input | Range of Input Values | |||||
April 30, 2017 | |||||||||
Impairment of Net Assets Held for Sale | $ | 3.6 | Broker Quote/ Indicative Bids | Indicative Bids | N/A | ||||
Impairment of Long Lived Assets | 0.3 | Sales Value | Sales Value | N/A | |||||
Total | $ | 3.9 | |||||||
April 30, 2016 | |||||||||
Impairment of Net Assets Held for Sale | $ | 34.7 | Broker Quote/ Indicative Bids | Indicative Bids | N/A | ||||
Impairment of Long Lived Assets | 6.1 | Sales Value | Sales Value | N/A | |||||
Total | $ | 40.8 |
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Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service cost | $ | 3.3 | $ | 3.1 | $ | 6.6 | $ | 6.2 | |||||||
Interest cost | 4.6 | 5.6 | 9.2 | 11.2 | |||||||||||
Expected return on plan assets | (7.1 | ) | (8.3 | ) | (14.2 | ) | (16.6 | ) | |||||||
Amortization of prior service cost and net actuarial gain | 2.8 | 2.9 | 5.6 | 5.8 | |||||||||||
Net periodic pension costs | $ | 3.6 | $ | 3.3 | $ | 7.2 | $ | 6.6 |
Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | |||||||
Interest cost | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||
Amortization of prior service cost and net actuarial gain | (0.4 | ) | (0.4 | ) | (0.7 | ) | (0.8 | ) | |||||||
Net periodic benefit for postretirement benefits | $ | (0.3 | ) | $ | (0.3 | ) | $ | (0.5 | ) | $ | (0.6 | ) |
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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 | 41.4 | 41.4 | 6.5 | 47.9 | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||
- foreign currency translation | 3.5 | 3.5 | (2.3 | ) | 1.2 | ||||||||||||||||||||||||||||
- interest rate derivative, net of income tax of $2.9 million | 4.8 | 4.8 | 4.8 | ||||||||||||||||||||||||||||||
- change in minimum pension liability adjustment from remeasurement, settlement, and amortization, net of income tax of $17.5 million | 29.4 | 29.4 | 29.4 | ||||||||||||||||||||||||||||||
Comprehensive income | 79.1 | 83.3 | |||||||||||||||||||||||||||||||
Net income allocated to redeemable noncontrolling interests | — | (2.2 | ) | (2.2 | ) | ||||||||||||||||||||||||||||
Deconsolidation of noncontrolling interest | — | (2.6 | ) | (2.6 | ) | ||||||||||||||||||||||||||||
Other | — | — | |||||||||||||||||||||||||||||||
Dividends paid to Greif, Inc. shareholders | (49.2 | ) | (49.2 | ) | (49.2 | ) | |||||||||||||||||||||||||||
Dividends to noncontrolling interests | — | (3.1 | ) | (3.1 | ) | ||||||||||||||||||||||||||||
Long-term incentive shares issued | 49 | 2.6 | (49 | ) | 0.1 | 2.7 | 2.7 | ||||||||||||||||||||||||||
As of April 30, 2017 | 47,841 | $ | 144.0 | 29,001 | $ | (135.5 | ) | $ | 1,332.2 | $ | (360.7 | ) | $ | 980.0 | $ | 6.8 | $ | 986.8 |
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, 2015 | 47,814 | $ | 139.1 | 29,028 | $ | (130.6 | ) | $ | 1,384.5 | $ | (377.4 | ) | $ | 1,015.6 | $ | 44.3 | $ | 1,059.9 | |||||||||||||||
Net income | 20.3 | 20.3 | 2.3 | 22.6 | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||
- foreign currency translation | 18.6 | 18.6 | (0.6 | ) | 18.0 | ||||||||||||||||||||||||||||
- minimum pension liability adjustment, net of immaterial income tax | 0.6 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||
Comprehensive loss | 39.5 | 41.2 | |||||||||||||||||||||||||||||||
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 | (2.0 | ) | (2.0 | ) | (2.0 | ) | |||||||||||||||||||||||||||
Reclassification of redeemable noncontrolling interest | 1.2 | 1.2 | (22.8 | ) | (21.6 | ) | |||||||||||||||||||||||||||
Net income allocated to redeemable noncontrolling interests | — | (2.4 | ) | (2.4 | ) | ||||||||||||||||||||||||||||
Other | — | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||||||||
Dividends paid to Greif, Inc. shareholders | (49.3 | ) | (49.3 | ) | (49.3 | ) | |||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | (2.2 | ) | (2.2 | ) | ||||||||||||||||||||||||||||
Treasury shares acquired | (110 | ) | 110 | (5.2 | ) | (5.2 | ) | (5.2 | ) | ||||||||||||||||||||||||
Restricted stock executives and directors | 42 | 1.0 | (42 | ) | 0.1 | 1.1 | 1.1 | ||||||||||||||||||||||||||
Long-term incentive shares issued | 41 | 1.0 | (41 | ) | 0.1 | 1.1 | 1.1 | ||||||||||||||||||||||||||
As of April 30, 2016 | 47,787 | $ | 141.1 | 29,055 | $ | (135.6 | ) | $ | 1,334.9 | $ | (358.2 | ) | $ | 982.2 | $ | 18.3 | $ | 1,000.5 |
(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 | 3.5 | 4.8 | 29.4 | 37.7 | |||||||||||
Current-period Other Comprehensive Income | 3.5 | 4.8 | 29.4 | 37.7 | |||||||||||
Balance as of April 30, 2017 | $ | (266.7 | ) | $ | 4.8 | $ | (98.8 | ) | $ | (360.7 | ) |
(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 | 18.6 | 0.6 | 19.2 | ||||||||
Current-period Other Comprehensive Income | 18.6 | 0.6 | 19.2 | ||||||||
Balance as of April 30, 2016 | $ | (238.0 | ) | $ | (120.2 | ) | $ | (358.2 | ) |
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Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net sales: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 624.3 | $ | 589.6 | $ | 1,185.8 | $ | 1,124.5 | |||||||
Paper Packaging & Services | 188.7 | 167.2 | 371.6 | 325.6 | |||||||||||
Flexible Products & Services | 66.6 | 76.2 | 136.3 | 149.1 | |||||||||||
Land Management | 7.8 | 6.6 | 14.6 | 11.8 | |||||||||||
Total net sales | $ | 887.4 | $ | 839.6 | $ | 1,708.3 | $ | 1,611.0 | |||||||
Operating profit (loss): | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 55.5 | $ | 59.2 | $ | 84.2 | $ | 56.6 | |||||||
Paper Packaging & Services | 19.8 | 24.2 | 30.6 | 45.4 | |||||||||||
Flexible Products & Services | 1.8 | (2.9 | ) | 2.3 | (6.0 | ) | |||||||||
Land Management | 3.3 | 2.3 | 5.4 | 4.4 | |||||||||||
Total operating profit | $ | 80.4 | $ | 82.8 | $ | 122.5 | $ | 100.4 | |||||||
Depreciation, depletion and amortization expense: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 20.5 | $ | 21.1 | $ | 39.9 | $ | 42.9 | |||||||
Paper Packaging & Services | 7.6 | 7.9 | 15.9 | 15.6 | |||||||||||
Flexible Products & Services | 1.5 | 2.0 | 3.4 | 4.1 | |||||||||||
Land Management | 1.4 | 1.0 | 2.5 | 1.7 | |||||||||||
Total depreciation, depletion and amortization expense | $ | 31.0 | $ | 32.0 | $ | 61.7 | $ | 64.3 |
Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net sales: | |||||||||||||||
United States | $ | 434.5 | $ | 406.3 | $ | 842.5 | $ | 778.7 | |||||||
Europe, Middle East and Africa | 325.5 | 310.8 | 611.4 | 587.0 | |||||||||||
Asia Pacific and other Americas | 127.4 | 122.5 | 254.4 | 245.3 | |||||||||||
Total net sales | $ | 887.4 | $ | 839.6 | $ | 1,708.3 | $ | 1,611.0 |
(in millions) | April 30, 2017 | October 31, 2016 | |||||
Assets: | |||||||
Rigid Industrial Packaging & Services | $ | 2,045.7 | $ | 1,930.8 | |||
Paper Packaging & Services | 460.7 | 439.8 | |||||
Flexible Products & Services | 152.6 | 156.1 | |||||
Land Management | 342.9 | 339.9 | |||||
Total segments | 3,001.9 | 2,866.6 | |||||
Corporate and other | 223.9 | 286.4 | |||||
Total assets | $ | 3,225.8 | $ | 3,153.0 | |||
Properties, plants and equipment, net: | |||||||
United States | $ | 707.6 | $ | 723.3 | |||
Europe, Middle East and Africa | 299.6 | 300.5 | |||||
Asia Pacific and other Americas | 134.2 | 140.1 | |||||
Total properties, plants and equipment, net | $ | 1,141.4 | $ | 1,163.9 |
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(in millions) | Mandatorily Redeemable Noncontrolling Interest | ||
Balance as of October 31, 2016 | $ | 9.0 | |
Current period mark to redemption value | — | ||
Reclassification to liabilities held for sale | (9.0 | ) | |
Balance as of April 30, 2017 | $ | — |
(in millions) | Redeemable Noncontrolling Interest | ||
Balance as of October 31, 2016 | $ | 31.8 | |
Current period mark to redemption value | — | ||
Redeemable noncontrolling interest share of income and other | 2.2 | ||
Dividends to redeemable noncontolling interest and other | (1.0 | ) | |
Balance as of April 30, 2017 | $ | 33.0 |
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Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
European RPA | |||||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 176.5 | $ | 162.3 | $ | 314.1 | $ | 303.3 | |||||||
Cash received for accounts receivable sold under the programs | 156.2 | 143.5 | 278.2 | 268.5 | |||||||||||
Deferred purchase price related to accounts receivable sold | 20.3 | 18.6 | 35.9 | 34.4 | |||||||||||
Loss associated with the programs | 0.1 | 0.2 | 0.2 | 0.5 | |||||||||||
Expenses associated with the programs | — | — | — | — | |||||||||||
Singapore RPA | |||||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 15.1 | $ | 10.4 | $ | 25.0 | $ | 21.1 | |||||||
Cash received for accounts receivable sold under the program | 13.7 | 10.4 | 21.7 | 21.1 | |||||||||||
Deferred purchase price related to accounts receivable sold | 1.3 | — | 3.2 | — | |||||||||||
Loss associated with the program | — | — | — | — | |||||||||||
Expenses associated with the program | — | — | — | — | |||||||||||
Total RPAs and Agreements | |||||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 191.6 | $ | 172.7 | $ | 339.1 | $ | 324.4 | |||||||
Cash received for accounts receivable sold under the program | 169.9 | 153.9 | 299.9 | 289.6 | |||||||||||
Deferred purchase price related to accounts receivable sold | 21.6 | 18.6 | 39.1 | 34.4 | |||||||||||
Loss associated with the program | 0.1 | 0.2 | 0.2 | 0.5 | |||||||||||
Expenses associated with the program | — | — | — | — |
(in millions) | April 30, 2017 | October 31, 2016 | |||||
European RPA | |||||||
Accounts receivable sold to and held by third party financial institution | $ | 126.7 | $ | 106.7 | |||
Deferred purchase price asset (liability) related to accounts receivable sold | 23.8 | (0.4 | ) | ||||
Singapore RPA | |||||||
Accounts receivable sold to and held by third party financial institution | $ | 5.5 | $ | 4.0 | |||
Deferred purchase price asset related to accounts receivable sold | 0.5 | 0.5 | |||||
Total RPAs and Agreements | |||||||
Accounts receivable sold to and held by third party financial institution | $ | 132.2 | $ | 110.7 | |||
Deferred purchase price asset related to accounts receivable sold | 24.3 | 0.1 |
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(in millions) | April 30, 2017 | October 31, 2016 | |||||
Raw materials | $ | 225.9 | $ | 185.4 | |||
Work-in-process | 11.9 | 12.2 | |||||
Finished goods | 92.8 | 79.8 | |||||
$ | 330.6 | $ | 277.4 |
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(in millions) | April 30, 2017 | October 31, 2016 | |||||
Cash and cash equivalents | $ | 5.9 | $ | — | |||
Trade accounts receivable, less allowance | 6.4 | — | |||||
Inventories | 2.3 | — | |||||
Properties, plants and equipment, net | 21.4 | 11.8 | |||||
Goodwill | 32.7 | — | |||||
Other intangibles assets, net | 17.0 | — | |||||
Other assets | 1.2 | — | |||||
Assets held for sale | $ | 86.9 | $ | 11.8 | |||
Accounts payable | $ | 2.7 | $ | — | |||
Other current liabilities | 4.3 | — | |||||
Other long-term liabilities | 10.3 | — | |||||
Liabilities held for sale | $ | 17.3 | $ | — |
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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 | (36.3 | ) | — | (36.3 | ) | ||||||
Currency translation | 1.1 | — | 1.1 | ||||||||
Balance at April 30, 2017 | $ | 691.7 | $ | 59.5 | $ | 751.2 |
(in millions) | Gross Intangible Assets | Accumulated Amortization | Net Intangible Assets | ||||||||
April 30, 2017: | |||||||||||
Indefinite lived: | |||||||||||
Trademarks and patents | $ | 13.0 | $ | — | $ | 13.0 | |||||
Definite lived: | |||||||||||
Customer relationships | $ | 143.0 | $ | 83.5 | $ | 59.5 | |||||
Trademarks and patents | 9.1 | 3.5 | 5.6 | ||||||||
Non-compete agreements | 0.4 | 0.2 | 0.2 | ||||||||
Other | 22.1 | 13.6 | 8.5 | ||||||||
Total | $ | 187.6 | $ | 100.8 | $ | 86.8 | |||||
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 | 3.9 | 0.9 | 4.8 | ||||||||
Costs paid or otherwise settled | (6.2 | ) | (0.9 | ) | (7.1 | ) | |||||
Balance at April 30, 2017 | $ | 6.9 | $ | 1.2 | $ | 8.1 |
(in millions) | Total Amounts Expected to be Incurred | Amounts Incurred During the six month period ended April 30, 2017 | Amounts Remaining to be Incurred | ||||||||
Rigid Industrial Packaging & Services | |||||||||||
Employee separation costs | $ | 17.6 | $ | 3.2 | $ | 14.4 | |||||
Other restructuring costs | 4.1 | 0.7 | 3.4 | ||||||||
21.7 | 3.9 | 17.8 | |||||||||
Flexible Products & Services | |||||||||||
Employee separation costs | 1.2 | 0.4 | 0.8 | ||||||||
Other restructuring costs | 1.4 | 0.2 | 1.2 | ||||||||
2.6 | 0.6 | 2.0 | |||||||||
Paper Packaging & Services | |||||||||||
Employee separation costs | 0.3 | 0.3 | — | ||||||||
Other restructuring costs | — | — | — | ||||||||
0.3 | 0.3 | — | |||||||||
$ | 24.6 | $ | 4.8 | $ | 19.8 |
|
(in millions) | April 30, 2017 | October 31, 2016 | |||||
Cash and cash equivalents | $ | 13.3 | $ | 15.2 | |||
Trade accounts receivable, less allowance of $2.2 in 2017 and $2.8 in 2016 | 45.5 | 43.3 | |||||
Inventories | 49.5 | 50.9 | |||||
Properties, plants and equipment, net | 23.2 | 25.0 | |||||
Other assets | 33.7 | 37.3 | |||||
Total Assets | $ | 165.2 | $ | 171.7 | |||
Accounts payable | $ | 30.7 | $ | 30.7 | |||
Other liabilities | 36.5 | 43.7 | |||||
Total Liabilities | $ | 67.2 | $ | 74.4 |
|
(in millions) | April 30, 2017 | October 31, 2016 | |||||
2017 Credit Agreement | $ | 433.9 | $ | — | |||
Prior Credit Agreement | — | 201.2 | |||||
Senior Notes due 2017 | — | 300.1 | |||||
Senior Notes due 2019 | 247.5 | 247.0 | |||||
Senior Notes due 2021 | 216.7 | 216.6 | |||||
Receivables Facility | 150.0 | — | |||||
Other debt | 8.1 | 9.7 | |||||
1,056.2 | 974.6 | ||||||
Less current portion | 15.0 | — | |||||
Less deferred financing costs | 7.6 | — | |||||
Long-term debt | $ | 1,033.6 | $ | 974.6 |
|
April 30, 2017 | |||||||||||||||||
Fair Value Measurement | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Balance Sheet Location | ||||||||||||
Interest rate derivatives | $ | — | $ | 8.2 | $ | — | $ | 8.2 | Other long-term assets | ||||||||
Foreign exchange hedges | — | — | — | — | Prepaid expenses and other current assets | ||||||||||||
Foreign exchange hedges | — | (1.5 | ) | — | (1.5 | ) | Other current liabilities | ||||||||||
Insurance annuity | — | — | 19.8 | 19.8 | Other long-term assets | ||||||||||||
Total(1) | $ | — | $ | 6.7 | $ | 19.8 | $ | 26.5 |
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) | April 30, 2017 | October 31, 2016 | |||||
Senior Notes due 2017 | |||||||
Estimated fair value | $ | — | $ | 302.4 | |||
Senior Notes due 2019 | |||||||
Estimated fair value | 276.1 | 280.1 | |||||
Senior Notes due 2021 | |||||||
Estimated fair value | 266.5 | 264.9 |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||
(in millions) | Fair Value of Impairment | Valuation Technique | Unobservable Input | Range of Input Values | |||||
April 30, 2017 | |||||||||
Impairment of Net Assets Held for Sale | $ | 3.6 | Broker Quote/ Indicative Bids | Indicative Bids | N/A | ||||
Impairment of Long Lived Assets | 0.3 | Sales Value | Sales Value | N/A | |||||
Total | $ | 3.9 | |||||||
April 30, 2016 | |||||||||
Impairment of Net Assets Held for Sale | $ | 34.7 | Broker Quote/ Indicative Bids | Indicative Bids | N/A | ||||
Impairment of Long Lived Assets | 6.1 | Sales Value | Sales Value | N/A | |||||
Total | $ | 40.8 |
|
Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service cost | $ | 3.3 | $ | 3.1 | $ | 6.6 | $ | 6.2 | |||||||
Interest cost | 4.6 | 5.6 | 9.2 | 11.2 | |||||||||||
Expected return on plan assets | (7.1 | ) | (8.3 | ) | (14.2 | ) | (16.6 | ) | |||||||
Amortization of prior service cost and net actuarial gain | 2.8 | 2.9 | 5.6 | 5.8 | |||||||||||
Net periodic pension costs | $ | 3.6 | $ | 3.3 | $ | 7.2 | $ | 6.6 |
Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | |||||||
Interest cost | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||
Amortization of prior service cost and net actuarial gain | (0.4 | ) | (0.4 | ) | (0.7 | ) | (0.8 | ) | |||||||
Net periodic benefit for postretirement benefits | $ | (0.3 | ) | $ | (0.3 | ) | $ | (0.5 | ) | $ | (0.6 | ) |
|
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 | 41.4 | 41.4 | 6.5 | 47.9 | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||
- foreign currency translation | 3.5 | 3.5 | (2.3 | ) | 1.2 | ||||||||||||||||||||||||||||
- interest rate derivative, net of income tax of $2.9 million | 4.8 | 4.8 | 4.8 | ||||||||||||||||||||||||||||||
- change in minimum pension liability adjustment from remeasurement, settlement, and amortization, net of income tax of $17.5 million | 29.4 | 29.4 | 29.4 | ||||||||||||||||||||||||||||||
Comprehensive income | 79.1 | 83.3 | |||||||||||||||||||||||||||||||
Net income allocated to redeemable noncontrolling interests | — | (2.2 | ) | (2.2 | ) | ||||||||||||||||||||||||||||
Deconsolidation of noncontrolling interest | — | (2.6 | ) | (2.6 | ) | ||||||||||||||||||||||||||||
Other | — | — | |||||||||||||||||||||||||||||||
Dividends paid to Greif, Inc. shareholders | (49.2 | ) | (49.2 | ) | (49.2 | ) | |||||||||||||||||||||||||||
Dividends to noncontrolling interests | — | (3.1 | ) | (3.1 | ) | ||||||||||||||||||||||||||||
Long-term incentive shares issued | 49 | 2.6 | (49 | ) | 0.1 | 2.7 | 2.7 | ||||||||||||||||||||||||||
As of April 30, 2017 | 47,841 | $ | 144.0 | 29,001 | $ | (135.5 | ) | $ | 1,332.2 | $ | (360.7 | ) | $ | 980.0 | $ | 6.8 | $ | 986.8 |
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, 2015 | 47,814 | $ | 139.1 | 29,028 | $ | (130.6 | ) | $ | 1,384.5 | $ | (377.4 | ) | $ | 1,015.6 | $ | 44.3 | $ | 1,059.9 | |||||||||||||||
Net income | 20.3 | 20.3 | 2.3 | 22.6 | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||
- foreign currency translation | 18.6 | 18.6 | (0.6 | ) | 18.0 | ||||||||||||||||||||||||||||
- minimum pension liability adjustment, net of immaterial income tax | 0.6 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||
Comprehensive loss | 39.5 | 41.2 | |||||||||||||||||||||||||||||||
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 | (2.0 | ) | (2.0 | ) | (2.0 | ) | |||||||||||||||||||||||||||
Reclassification of redeemable noncontrolling interest | 1.2 | 1.2 | (22.8 | ) | (21.6 | ) | |||||||||||||||||||||||||||
Net income allocated to redeemable noncontrolling interests | — | (2.4 | ) | (2.4 | ) | ||||||||||||||||||||||||||||
Other | — | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||||||||
Dividends paid to Greif, Inc. shareholders | (49.3 | ) | (49.3 | ) | (49.3 | ) | |||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | (2.2 | ) | (2.2 | ) | ||||||||||||||||||||||||||||
Treasury shares acquired | (110 | ) | 110 | (5.2 | ) | (5.2 | ) | (5.2 | ) | ||||||||||||||||||||||||
Restricted stock executives and directors | 42 | 1.0 | (42 | ) | 0.1 | 1.1 | 1.1 | ||||||||||||||||||||||||||
Long-term incentive shares issued | 41 | 1.0 | (41 | ) | 0.1 | 1.1 | 1.1 | ||||||||||||||||||||||||||
As of April 30, 2016 | 47,787 | $ | 141.1 | 29,055 | $ | (135.6 | ) | $ | 1,334.9 | $ | (358.2 | ) | $ | 982.2 | $ | 18.3 | $ | 1,000.5 |
(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 | 3.5 | 4.8 | 29.4 | 37.7 | |||||||||||
Current-period Other Comprehensive Income | 3.5 | 4.8 | 29.4 | 37.7 | |||||||||||
Balance as of April 30, 2017 | $ | (266.7 | ) | $ | 4.8 | $ | (98.8 | ) | $ | (360.7 | ) |
(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 | 18.6 | 0.6 | 19.2 | ||||||||
Current-period Other Comprehensive Income | 18.6 | 0.6 | 19.2 | ||||||||
Balance as of April 30, 2016 | $ | (238.0 | ) | $ | (120.2 | ) | $ | (358.2 | ) |
|
Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net sales: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 624.3 | $ | 589.6 | $ | 1,185.8 | $ | 1,124.5 | |||||||
Paper Packaging & Services | 188.7 | 167.2 | 371.6 | 325.6 | |||||||||||
Flexible Products & Services | 66.6 | 76.2 | 136.3 | 149.1 | |||||||||||
Land Management | 7.8 | 6.6 | 14.6 | 11.8 | |||||||||||
Total net sales | $ | 887.4 | $ | 839.6 | $ | 1,708.3 | $ | 1,611.0 | |||||||
Operating profit (loss): | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 55.5 | $ | 59.2 | $ | 84.2 | $ | 56.6 | |||||||
Paper Packaging & Services | 19.8 | 24.2 | 30.6 | 45.4 | |||||||||||
Flexible Products & Services | 1.8 | (2.9 | ) | 2.3 | (6.0 | ) | |||||||||
Land Management | 3.3 | 2.3 | 5.4 | 4.4 | |||||||||||
Total operating profit | $ | 80.4 | $ | 82.8 | $ | 122.5 | $ | 100.4 | |||||||
Depreciation, depletion and amortization expense: | |||||||||||||||
Rigid Industrial Packaging & Services | $ | 20.5 | $ | 21.1 | $ | 39.9 | $ | 42.9 | |||||||
Paper Packaging & Services | 7.6 | 7.9 | 15.9 | 15.6 | |||||||||||
Flexible Products & Services | 1.5 | 2.0 | 3.4 | 4.1 | |||||||||||
Land Management | 1.4 | 1.0 | 2.5 | 1.7 | |||||||||||
Total depreciation, depletion and amortization expense | $ | 31.0 | $ | 32.0 | $ | 61.7 | $ | 64.3 |
Three Months Ended April 30, | Six Months Ended April 30, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net sales: | |||||||||||||||
United States | $ | 434.5 | $ | 406.3 | $ | 842.5 | $ | 778.7 | |||||||
Europe, Middle East and Africa | 325.5 | 310.8 | 611.4 | 587.0 | |||||||||||
Asia Pacific and other Americas | 127.4 | 122.5 | 254.4 | 245.3 | |||||||||||
Total net sales | $ | 887.4 | $ | 839.6 | $ | 1,708.3 | $ | 1,611.0 |
(in millions) | April 30, 2017 | October 31, 2016 | |||||
Assets: | |||||||
Rigid Industrial Packaging & Services | $ | 2,045.7 | $ | 1,930.8 | |||
Paper Packaging & Services | 460.7 | 439.8 | |||||
Flexible Products & Services | 152.6 | 156.1 | |||||
Land Management | 342.9 | 339.9 | |||||
Total segments | 3,001.9 | 2,866.6 | |||||
Corporate and other | 223.9 | 286.4 | |||||
Total assets | $ | 3,225.8 | $ | 3,153.0 | |||
Properties, plants and equipment, net: | |||||||
United States | $ | 707.6 | $ | 723.3 | |||
Europe, Middle East and Africa | 299.6 | 300.5 | |||||
Asia Pacific and other Americas | 134.2 | 140.1 | |||||
Total properties, plants and equipment, net | $ | 1,141.4 | $ | 1,163.9 |
|
(in millions) | Mandatorily Redeemable Noncontrolling Interest | ||
Balance as of October 31, 2016 | $ | 9.0 | |
Current period mark to redemption value | — | ||
Reclassification to liabilities held for sale | (9.0 | ) | |
Balance as of April 30, 2017 | $ | — |
(in millions) | Redeemable Noncontrolling Interest | ||
Balance as of October 31, 2016 | $ | 31.8 | |
Current period mark to redemption value | — | ||
Redeemable noncontrolling interest share of income and other | 2.2 | ||
Dividends to redeemable noncontolling interest and other | (1.0 | ) | |
Balance as of April 30, 2017 | $ | 33.0 |
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