0000043920-20-000045 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Apr. 30, 2020	Jun. 01, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2020
Document Transition Report	false
Entity File Number	001-00566
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000043920
Current Fiscal Year End Date	--10-31
Entity Registrant Name	GREIF, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-4388903
Entity Address, Address Line One	425 Winter Road
Entity Address, City or Town	Delaware
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43015
City Area Code	740
Local Phone Number	549-6000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	GEF
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		26,441,986
Class B Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock
Trading Symbol	GEF-B
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		22,007,725

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Net sales	$ 1,158.3	$ 1,213.3	$ 2,270.7	$ 2,110.3
Cost of products sold	917.6	964.6	1,807.4	1,688.8
Gross profit	240.7	248.7	463.3	421.5
Selling, general and administrative expenses	121.1	140.0	256.5	238.1
Restructuring charges	4.4	7.5	7.7	11.2
Acquisition and integration related costs	4.8	13.8	9.9	16.4
Non-cash asset impairment charges	1.3	0.0	1.4	2.1
Gain on disposal of properties, plants and equipment, net	(1.3)	(4.9)	(1.8)	(5.8)
Loss on disposal of businesses, net	38.4	1.7	38.4	1.7
Operating profit	72.0	90.6	151.2	157.8
Interest expense, net	29.3	33.9	60.0	45.6
Debt extinguishment charges	0.0	21.9	0.0	21.9
Non-cash pension settlement income	0.0	0.0	(0.1)	0.0
Other expense, net	1.1	2.3	2.4	2.1
Income before income tax expense and equity earnings of unconsolidated affiliates, net	41.6	32.5	88.9	88.2
Income tax expense	26.5	11.5	37.9	31.5
Equity earnings of unconsolidated affiliates, net of tax	(0.7)	(0.1)	(0.9)	(0.2)
Net income	15.8	21.1	51.9	56.9
Net income attributable to noncontrolling interests	(4.4)	(7.5)	(8.2)	(13.6)
Net income attributable to Greif, Inc.	$ 11.4	$ 13.6	$ 43.7	$ 43.3
Class A Common Stock
Basic earnings per share attributable to Greif, Inc. common shareholders:
Basic earnings per share attributable to Greif, Inc. common shareholders (usd per share)	$ 0.19	$ 0.23	$ 0.74	$ 0.74
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Diluted earnings per share attributable to Greif, Inc. common shareholders (usd per share)	$ 0.19	$ 0.23	$ 0.74	$ 0.74
Weighted-average number of common shares outstanding:
Weighted-average number of common shares outstanding, basic (shares)	26,386,439	26,250,460	26,323,691	26,120,946
Weighted-average number of common shares outstanding, diluted (shares)	26,386,439	26,255,112	26,323,691	26,122,080
Cash dividends declared per common share:
Cash dividends declared per common share (usd per share)	$ 0.44	$ 0.44	$ 0.88	$ 0.88
Class B Common Stock
Basic earnings per share attributable to Greif, Inc. common shareholders:
Basic earnings per share attributable to Greif, Inc. common shareholders (usd per share)	0.29	0.34	1.10	1.09
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Diluted earnings per share attributable to Greif, Inc. common shareholders (usd per share)	$ 0.29	$ 0.34	$ 1.10	$ 1.09
Weighted-average number of common shares outstanding:
Weighted-average number of common shares outstanding, basic (shares)	22,000,000.0	22,000,000.0	22,000,000.0	22,000,000.0
Weighted-average number of common shares outstanding, diluted (shares)	22,000,000.0	22,000,000.0	22,000,000.0	22,000,000.0
Cash dividends declared per common share:
Cash dividends declared per common share (usd per share)	$ 0.66	$ 0.66	$ 1.31	$ 1.31

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 15.8	$ 21.1	$ 51.9	$ 56.9
Other comprehensive income (loss), net of tax:
Foreign currency translation	(52.3)	(14.7)	(55.4)	(9.5)
Derivative financial instruments	(23.1)	(10.0)	(22.9)	(15.7)
Minimum pension liabilities	1.3	0.7	23.0	(0.1)
Other comprehensive income (loss), net of tax	(74.1)	(24.0)	(55.3)	(25.3)
Comprehensive income (loss)	(58.3)	(2.9)	(3.4)	31.6
Comprehensive income attributable to noncontrolling interests	0.8	5.5	2.6	12.6
Comprehensive income (loss) attributable to Greif, Inc.	$ (59.1)	$ (8.4)	$ (6.0)	$ 19.0

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Apr. 30, 2020	Oct. 31, 2019
Current assets
Cash and cash equivalents	$ 72.4	$ 77.3
Trade accounts receivable, less allowance of $8.3 in 2020 and $6.8 in 2019	640.5	664.2
Inventories:
Raw materials	241.0	238.4
Work-in-process	6.6	11.3
Finished goods	91.4	108.5
Assets held for sale	6.2	4.1
Other current assets	89.1	101.2
Prepaid expenses	49.8	44.0
Total current assets	1,247.9	1,249.0
Long-term assets
Goodwill	1,474.7	1,517.8
Other intangible assets, net of amortization	740.2	776.5
Deferred tax assets	13.6	15.9
Other long-term assets	100.3	90.9
Pension asset	35.2	35.4
Operating lease assets	321.0	0.0
Total long term assets, excluding properties, plants and equipment	2,685.0	2,487.4
Properties, plants and equipment
Timber properties, net of depletion	272.7	272.4
Land	165.2	178.0
Buildings	505.6	531.0
Machinery and equipment	1,899.5	1,866.2
Capital projects in progress	121.4	170.4
Properties, plants and equipment, gross	2,964.4	3,018.0
Accumulated depreciation	(1,368.3)	(1,327.7)
Properties, plants and equipment, net	1,596.1	1,690.3
Total assets	5,529.0	5,426.7
Current liabilities
Accounts payable	418.3	435.2
Accrued payroll and employee benefits	86.4	142.4
Restructuring reserves	6.8	11.3
Current portion of long-term debt	83.8	83.7
Short-term borrowings	3.4	9.2
Other current liabilities	145.4	143.6
Current portion of operating lease liabilities	53.1	0.0
Total current liabilities	840.5	825.4
Long-term liabilities
Long-term debt	2,595.1	2,659.0
Operating lease liabilities	270.6	0.0
Deferred tax liabilities	309.6	313.0
Pension liabilities	138.1	177.6
Postretirement benefit obligations	11.5	12.2
Other long-term liabilities	153.6	128.9
Contingent liabilities and environmental reserves	18.6	18.7
Mandatorily redeemable noncontrolling interests	8.4	8.4
Long-term income tax payable	27.8	27.8
Total long-term liabilities	3,533.3	3,388.9
Commitments and contingencies (Note 11)
Redeemable noncontrolling interests (Note 17)	20.0	21.3
Equity
Common stock, without par value	169.2	162.6
Treasury stock, at cost	(134.4)	(134.8)
Retained earnings	1,531.8	1,539.0
Accumulated other comprehensive income (loss), net of tax:
Foreign currency translation	(347.8)	(298.0)
Derivative financial instruments	(35.6)	(12.7)
Minimum pension liabilities	(100.0)	(123.0)
Total Greif, Inc. shareholders' equity	1,083.2	1,133.1
Noncontrolling interests	52.0	58.0
Total shareholders' equity	1,135.2	1,191.1
Total liabilities and shareholders' equity	5,529.0	5,426.7
Held by special purpose entities
Inventories:
Other current assets	50.9	0.0
Long-term assets
Other long-term assets	0.0	50.9
Properties, plants and equipment
Total assets	51.7	51.9
Current liabilities
Other current liabilities	43.3	0.0
Long-term liabilities
Other long-term liabilities	$ 0.0	$ 43.3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Apr. 30, 2020	Oct. 31, 2019
Statement of Financial Position [Abstract]
Allowance of trade accounts receivable	$ 8.3	$ 6.8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Cash flows from operating activities:
Net income	$ 51.9	$ 56.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	122.5	86.8
Non-cash asset impairment charges	1.4	2.1
Non-cash pension settlement income	(0.1)	0.0
Gain on disposals of properties, plants and equipment, net	(1.8)	(5.8)
Loss on disposal of businesses, net	(38.4)	(1.7)
Unrealized foreign exchange (gain) loss	(0.8)	1.1
Deferred income tax benefit	(0.5)	(11.8)
Transition tax expense	0.0	2.3
Debt extinguishment charges	0.0	13.9
Non-cash lease expense	28.6	0.0
Other, net	(0.9)	2.9
Increase (decrease) in cash from changes in certain assets and liabilities:
Trade accounts receivable	(28.7)	13.3
Inventories	(23.0)	(31.2)
Deferred purchase price on sold receivables	0.0	(6.9)
Accounts payable	20.2	(25.1)
Restructuring reserves	(4.3)	2.2
Operating leases	(28.1)	0.0
Pension and post-retirement benefit liabilities	(11.7)	(5.8)
Other, net	(43.8)	(44.0)
Net cash provided by (used in) operating activities	119.3	52.6
Cash flows from investing activities:
Acquisitions of companies, net of cash acquired	0.0	(1,828.4)
Purchases of properties, plants and equipment	(65.4)	(63.6)
Purchases of and investments in timber properties	(2.8)	(2.3)
Purchases of equity method investments	(3.6)	0.0
Proceeds from the sale of properties, plants, equipment and other assets	3.0	10.6
Proceeds from the sale of businesses	81.6	0.4
Proceeds from insurance recoveries	0.0	0.2
Net cash used in investing activities	12.8	(1,883.1)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	745.4	3,190.0
Payments on long-term debt	(789.3)	(1,228.6)
Payments on current portion of long-term debt	(0.3)	(18.8)
Proceeds (payments) on short-term borrowings, net	(4.7)	1.6
Proceeds from trade accounts receivable credit facility	64.3	42.2
Payments on trade accounts receivable credit facility	(77.3)	(45.1)
Dividends paid to Greif, Inc. shareholders	(52.0)	(51.8)
Dividends paid to noncontrolling interests	(8.5)	(8.3)
Payments for debt extinguishment and issuance costs	0.0	(44.1)
Purchases of redeemable noncontrolling interest	0.0	(11.9)
Cash contribution from noncontrolling interest holder	0.0	1.6
Net cash provided by (used in) financing activities	(122.4)	1,826.8
Reclassification of cash to assets held for sale	0.0	0.0
Effects of exchange rates on cash	(14.6)	(0.7)
Net increase (decrease) in cash and cash equivalents	(4.9)	(4.4)
Cash and cash equivalents at beginning of period	77.3	94.2
Cash and cash equivalents at end of period	$ 72.4	$ 89.8

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Apr. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The interim condensed consolidated financial statements have been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) instructions to Quarterly Reports on Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the interim condensed consolidated financial statements and accompanying notes. Actual amounts could differ from those estimates. The fiscal year of Greif, Inc. and its subsidiaries (the “Company”) begins on November 1 and ends on October 31 of the following year. Any references to years or to any quarter of those years, relates to the fiscal year or quarter, as the case may be, ended in that year, unless otherwise stated. The information filed herein reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim condensed consolidated balance sheets as of April 30, 2020 and October 31, 2019, the interim condensed consolidated statements of income and comprehensive income for the three and six months ended April 30, 2020 and 2019 and the interim condensed consolidated statements of cash flows for the six months ended April 30, 2020 and 2019 of the Company. The interim condensed consolidated financial statements include the accounts of Greif, Inc., all wholly-owned and consolidated subsidiaries and investments in limited liability companies, partnerships and joint ventures in which it has controlling influence or is the primary beneficiary. Non-majority owned entities include investments in limited liability companies, partnerships and joint ventures in which the Company does not have controlling influence and are accounted for using either the equity or cost method, as appropriate. The unaudited interim condensed consolidated financial statements included in the Quarterly Report on Form 10-Q (this “Form 10-Q”) should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for its fiscal year ended October 31, 2019 (the “2019 Form 10-K”). COVID-19 The COVID-19 pandemic has caused an economic downturn on a global scale, as well as significant market disruption and volatility. In response to the outbreak of COVID-19, governmental authorities throughout the world have implemented numerous measures to try to reduce the spread and impact of the virus, including quarantines, shelter in place, and shutdowns of so-called “non-essential” businesses. Under the guidance issued by the U.S. Department of Homeland Security, and similar designations by governmental authorities throughout the world, the products the Company manufactures and the services the Company provides have been deemed "essential" and, as a result, governments in every country in which the Company does business have allowed operations to continue without disruption. However, a significant number of the Company's customers or the Company's customers' end use markets are deemed "non-essential" under some governmental orders or have suspended operations due to a decreased demand for their products resulting from the negative economic conditions. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses in this Form 10-Q. Though there have not been material changes to estimates and assumptions disclosed in the Company's 2019 Form 10-K, actual results and outcomes during the three months ended April 30, 2020 may be different than estimated or assumed related to changes in economic and geopolitical environments due to COVID-19. The scope, duration and magnitude of the effects of COVID-19 are evolving rapidly and in ways that are difficult or impossible to anticipate. The Company cannot, at this time, predict the impact the pandemic will have on its future consolidated financial position, cash flows or results of operations, however, the impact could be material. The Company's future financial results and operations depend in part on the duration and severity of the pandemic and what actions are taken to mitigate the outbreak. Newly Adopted Accounting Standards In February 2016 and July 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02 and ASU 2018-11, "Leases (Topic 842)," or Accounting Standards Codification ("ASC") 842, which amends the lease accounting and disclosure requirements in ASC 840, "Leases." The objective of this update is to increase transparency and comparability among organizations recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about lease arrangements. The Company adopted ASU 2018-11 on November 1, 2019, utilizing a modified retrospective approach and did not adjust its comparative period financial information. The Company adopted the practical expedient package which permits the Company to not reassess previous conclusions whether a contract is or contains a lease, lease classification, or treatment of indirect costs for existing contracts as of the adoption date. The Company also adopted the short-term lease recognition exemption and the practical expedient allowing for the combination of lease and non-lease components for all leases except real estate, for which these components are presented separately. The Company has completed the lease collection and evaluation process, implemented a technology tool to assist with the accounting and reporting requirements of the new standard, and designed new processes and controls around leases. On the day of adoption, the Company capitalized onto the balance sheet $301.2 million of right-of-use assets and $305.8 million of lease liabilities related to operating leases. The adoption did not have a material impact on the Company's financial position, results of operations, comprehensive income, cash flows, or disclosures, other than as set forth above and in Note 12 to the Interim Condensed Consolidated Financial Statements. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses.” This ASU sets forth a current expected credit loss model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The Company plans to adopt this ASU on November 1, 2020. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income, cash flows and disclosures. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", which is intended to simplify various aspects related to accounting for income taxes. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. The effective date for the Company to adopt this ASU is November 1, 2021. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income, cash flow and disclosures. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The objective of this ASU is to provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The optional expedients provided for within the ASU are available immediately and through December 31, 2023. The Company is currently assessing the optional expedients for relevance based upon the Company's current contractual relationships containing rates to be discontinued with reference rate reform, primarily the London Interbank Offered Rate ("LIBOR"). The Company currently plans to apply the expedient related to hedging relationships, which allows for the Company in the future to amend hedge documentation, without dedesignating and redesignating, for all outstanding hedging relationships. The Company also has long-term debt and interest rate derivatives, as described in Note 6 and 7 to the Interim Condensed Consolidated Financial Statements, respectively, which rely upon use of LIBOR. The Company is in the process of assessing the expedients related to these relationships, and in accordance with ASU 2020-04 reserves the right to elect additional expedients throughout the effective period. The Company is still assessing all contractual relationships that utilize LIBOR for impacts to the Company's financial position, results of operations, comprehensive income, cash flows, and disclosures.

ACQUISITIONS AND DIVESTITURES

6 Months Ended

Apr. 30, 2020

Business Combinations [Abstract]

ACQUISITIONS AND DIVESTITURES

Acquisitions

The Company accounts for acquisitions in accordance with ASC 805, "Business Combinations." The estimated fair values of all assets acquired and liabilities assumed in the acquisitions are provisional and may be revised as a result of additional information obtained during the measurement period of up to one year from the acquisition date.

Caraustar Acquisition

The Company completed its acquisition of Caraustar Industries, Inc. and its subsidiaries (“Caraustar”) on February 11, 2019 (the “Caraustar Acquisition”). Caraustar is a leader in the production of coated and uncoated recycled paperboard, which is used in a variety of applications that include industrial products (tubes and cores, construction products, protective packaging, and adhesives) and consumer packaging products (folding cartons, set-up boxes, and packaging services). The total purchase price for this acquisition, net of cash acquired, was $1,834.9 million.

The following table summarizes the consideration transferred to acquire Caraustar and the final valuation of identifiable assets acquired and liabilities assumed at the acquisition date, as well as measurement period adjustments made since the acquisition in 2019 through the close of measurement period:


(in millions)	Amounts Recognized as of the Acquisition Date		Measurement Period Adjustments (1)		Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
Cash consideration	$	1,834.9	$	—	$	1,834.9

Recognized amounts of identifiable assets acquired and liabilities assumed
Accounts receivable	$	147.0	$	—	$	147.0
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)		52.0		(133.7)
Pension and postretirement obligations	(67.1)		—		(67.1)
Other long-term liabilities	(12.7)		(7.5)		(20.2)
Total liabilities assumed	(429.7)		41.8		(387.9)
Total identifiable net assets	$	1,082.4	$	23.2	$	1,105.6
Goodwill	$	752.5	$	(23.2)	$	729.3

(1) The measurement adjustments were primarily due to refinement to third party appraisals and carrying amounts of certain assets and liabilities, as well as adjustments to certain tax accounts based on, among other things, adjustments to deferred tax liabilities. The net impact of the measurement period adjustments resulted in a net $23.2 million decrease to goodwill. The measurement adjustments recorded did not have a significant impact on the Company's interim condensed consolidated statements of income for the three and six months ended April 30, 2020.

The Company recognized goodwill related to this acquisition of $729.3 million. The goodwill recognized in this acquisition is attributable to the acquired assembled workforce, expected synergies, and economies of scale, none of which qualify for recognition as a separate intangible asset. Caraustar is reported within the Paper Packaging & Services segment to which the goodwill was assigned. The goodwill is not expected to be deductible for tax purposes.

The cost approach was used to determine the fair value for buildings, improvements and equipment, and the market approach was used to determine the fair value for land. The cost approach measures the value by estimating the cost to acquire, or construct, comparable assets and adjusts for age and condition. The Company assigned buildings and improvements a useful life ranging from 1 year to 20 years and equipment a useful life ranging from 1 year to 15 years. Acquired property, plant and equipment are being depreciated over its estimated remaining useful lives on a straight-line basis.

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

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


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

As of April 30, 2020, the Company had completed the determination of the fair value of assets acquired and liabilities assumed related to the Caraustar Acquisition. The Company continues to execute on synergies and location rationalization, including the closure of our Mobile, Alabama Mill announced in June 3, 2020.

Divestitures

During the second quarter of 2020, the Company completed its divestiture of a U.S. business in the Paper Packaging & Services segment, the Consumer Packaging Group ("CPG") business, for $85.0 million, before preliminary adjustments at closing of $3.4 million and subject to final adjustments, for current net cash proceeds of $81.6 million. The loss on sale of business, net for the three and six months ended April 30, 2020 was $38.4 million, including goodwill allocated to the sale of $35.6 million.

The CPG business divestiture did not qualify as discontinued operations as it did not represent a strategic shift that has had a major impact on the Company's operations or financial results.

GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Apr. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The following table summarizes the changes in the carrying amount of goodwill by segment for the six months ended April 30, 2020:


(in millions)	Rigid Industrial Packaging & Services		Paper Packaging & Services		Total
Balance at October 31, 2019	$	731.7	$	786.1	$	1,517.8

Goodwill allocated to divestitures	—		(35.6)		(35.6)
Goodwill adjustments related to acquisitions	—		2.8		2.8

Currency translation	(10.3)		—		(10.3)
Balance at April 30, 2020	$	721.4	$	753.3	$	1,474.7

The $2.8 million of goodwill adjustment to the Paper Packaging & Services segment is due to measurement period adjustment of the Caraustar Acquisition. The $35.6 million of goodwill allocated to divestitures to the Paper Packaging & Services segment is due to the divestiture of the CPG business. See Note 2 to the Interim Condensed Consolidated Financial Statements for additional disclosure of goodwill adjustments by acquisitions and divestitures.

The following table summarizes the carrying amount of net intangible assets by class as of April 30, 2020 and October 31, 2019:


(in millions)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
April 30, 2020:
Indefinite lived:
Trademarks and patents	$	13.0	$	—	$	13.0
Definite lived:
Customer relationships	884.1		174.9		709.2

Trademarks, patents and trade names	26.7		12.0		14.7
Non-compete agreements	2.2		1.5		0.7
Other	21.4		18.8		2.6
Total	$	947.4	$	207.2	$	740.2


(in millions)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
October 31, 2019:
Indefinite lived:
Trademarks and patents	$	13.1	$	—	$	13.1
Definite lived:
Customer relationships	890.6		150.3		740.3
Trademarks and patents	27.0		9.3		17.7
Non-compete agreements	2.3		0.7		1.6
Other	21.9		18.1		3.8
Total	$	954.9	$	178.4	$	776.5

Gross intangibles assets decreased by $7.5 million for the six months ended April 30, 2020. The decrease was attributable to $5.0 million of currency fluctuations and the write-off of $2.5 million of fully-amortized assets.

Amortization expense was $17.4 million and $14.7 million for the three months ended April 30, 2020 and 2019, respectively. Amortization expense was $34.9 million and $18.4 million for the six months ended April 30, 2020 and 2019, respectively. Amortization expense for the next five years is expected to be $69.2 million in 2020, $66.7 million in 2021, $58.8 million in 2022, $56.0 million in 2023 and $52.7 million in 2024.

Definite lived intangible assets for the periods presented are subject to amortization and are being amortized using the straight-line method over periods that are contractually, legally determined, or over the period a market participant would benefit from the asset.

RESTRUCTURING CHARGES

6 Months Ended

Apr. 30, 2020

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES

The following is a reconciliation of the beginning and ending restructuring reserve balances for the six months ended April 30, 2020:


(in millions)	Employee Separation Costs		Other Costs		Total
Balance at October 31, 2019	$	9.5	$	1.8	$	11.3
Costs incurred and charged to expense	5.1		2.6		7.7
Costs paid or otherwise settled	(8.9)		(3.3)		(12.2)
Balance at April 30, 2020	$	5.7	$	1.1	$	6.8

The focus for restructuring activities in 2020 is to optimize and integrate operations in the Paper Packaging & Services segment related to the Caraustar Acquisition and to rationalize operations and close underperforming assets in the Rigid Industrial Packaging & Services and the Flexible Products & Services segments.

During the three months ended April 30, 2020, the Company recorded restructuring charges of $4.4 million, as compared to $7.5 million of restructuring charges recorded during the three months ended April 30, 2019. The restructuring activity for the three months ended April 30, 2020 consisted of $2.4 million in employee separation costs and $2.0 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities.

During the six months ended April 30, 2020, the Company recorded restructuring charges of $7.7 million, as compared to $11.2 million of restructuring charges recorded during the six months ended April 30, 2019. The restructuring activity for the six months ended April 30, 2020 consisted of $5.1 million in employee separation costs and $2.6 million in other restructuring costs.

The following is a reconciliation of the total amounts expected to be incurred from open restructuring plans or plans that are being formulated and have not been announced as of the filing date of this Form 10-Q. Remaining amounts expected to be incurred were $18.6 million as of April 30, 2020:


(in millions)	Total Amounts Expected to be Incurred		Amounts Incurred During the six months ended April 30, 2020		Amounts Remaining to be Incurred
Rigid Industrial Packaging & Services
Employee separation costs	$	13.7	$	2.6	$	11.1
Other restructuring costs	3.8		1.2		2.6
	17.5		3.8		13.7
Flexible Products & Services
Employee separation costs	1.4		0.5		0.9
Other restructuring costs	2.3		0.7		1.6
	3.7		1.2		2.5
Paper Packaging & Services
Employee separation costs	2.4		2.0		0.4
Other restructuring costs	2.7		0.7		2.0
	5.1		2.7		2.4




	$	26.3	$	7.7	$	18.6

CONSOLIDATION OF VARIABLE INTEREST ENTITIES

6 Months Ended

Apr. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONSOLIDATION OF VARIABLE INTEREST ENTITIES

The Company evaluates whether an entity is a variable interest entity (“VIE”) whenever reconsideration events occur and performs reassessments of all VIEs quarterly to determine if the primary beneficiary status is appropriate. The Company consolidates VIEs for which it is the primary beneficiary. If the Company is not the primary beneficiary and an ownership interest is held, the VIE is accounted for under the equity or cost methods of accounting, as appropriate. When assessing the determination of the primary beneficiary, the Company considers all relevant facts and circumstances, including: the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE.

Significant Nonstrategic Timberland Transactions

In 2005, the Company sold certain timber properties to Plum Creek Timberlands, L.P. (“Plum Creek”) in a series of transactions that included the creation of two separate legal entities that are now consolidated as separate VIEs. One is an indirect subsidiary of Plum Creek (the “Buyer SPE”), and the other is STA Timber LLC, an indirect wholly owned subsidiary of the Company (“STA Timber”).

As of April 30, 2020, and October 31, 2019, consolidated assets of the Buyer SPE consisted of $50.9 million of restricted bank financial instruments which are expected to be held to maturity, scheduled for November 5, 2020. The balance as of April 30, 2020 is presented in 'Assets held by special purpose entities' on the interim condensed consolidated balance sheets. For both of

the three month ended April 30, 2020 and 2019, Buyer SPE recorded interest income of $0.6 million. For both of the six month periods ended April 30, 2020 and 2019, Buyer SPE recorded interest income of $1.2 million.

As of April 30, 2020, and October 31, 2019, STA Timber had consolidated liabilities of $43.3 million. The maturity date is August 5, 2020 and STA Timber has the discretion and intent to extend the maturity date to November 5, 2020. The balance as of April 30, 2020 is presented in 'Liabilities held by special purpose entities' on the interim condensed consolidated balance sheets. For both of the three month ended April 30, 2020 and 2019, STA Timber recorded interest expense of $0.6 million. For both of the six month periods ended April 30, 2020 and 2019, STA Timber recorded interest expense of $1.2 million. The intercompany borrowing arrangement between the two VIEs is eliminated in consolidation. STA Timber is exposed to credit-related losses in the event of nonperformance by an issuer of a deed of guarantee in the transaction.

Flexible Packaging Joint Venture

In 2010, Greif, Inc. and one of its indirect subsidiaries formed a joint venture (referred to herein as the “Flexible Packaging JV” or “FPS VIE”) with Dabbagh Group Holding Company Limited and one of its subsidiaries, originally National Scientific Company Limited and now Gulf Refined Packaging for Industrial Packaging Company LTD. The Flexible Packaging JV owns the operations in the Flexible Products & Services segment. The Flexible Packaging JV has been consolidated into the operations of the Company as of its formation date in 2010.

The Flexible Packaging JV is deemed to be a VIE since the total equity investment at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support. The major factors that led to the conclusion that the Company was the primary beneficiary of this VIE were that (1) the Company has the power to direct the most significant activities due to its ability to direct the operating decisions of the FPS VIE, which power is derived from the significant CEO discretion over the operations of the FPS VIE combined with the Company’s sole and exclusive right to appoint the CEO of the FPS VIE, and (2) the significant variable interest through the Company’s equity interest in the FPS VIE.

All entities contributed to the Flexible Packaging JV were existing businesses acquired by one of the Company's indirect subsidiaries that were reorganized under Greif Flexibles Asset Holding B.V. and Greif Flexibles Trading Holding B.V.

The following table presents the Flexible Packaging JV total net assets:


(in millions)	April 30, 2020		October 31, 2019
Cash and cash equivalents	$	27.5	$	16.9
Trade accounts receivable, less allowance of $1.0 in 2020 and $0.7 in 2019	45.0		51.2
Inventories	38.2		46.4
Properties, plants and equipment, net	20.0		22.3
Other assets	26.8		29.3
Total assets	$	157.5	$	166.1

Accounts payable	$	26.4	$	28.9
Other liabilities	18.4		23.6
Total liabilities	$	44.8	$	52.5

Net income attributable to the noncontrolling interest in the Flexible Packaging JV for the three months ended April 30, 2020 and 2019 was $1.9 million and $5.2 million, respectively; and for the six months ended April 30, 2020 and 2019 was $3.1 million and $8.5 million, respectively.

Paper Packaging Joint Venture

In 2018, Greif, Inc. and one of its indirect subsidiaries formed a joint venture (referred to herein as the “Paper Packaging JV” or "PPS VIE") with a third party. The Paper Packaging JV has been consolidated into the operations of the Company since its formation date of April 20, 2018.

The Paper Packaging JV is deemed to be a VIE because the equity investors at risk, as a group, lack the characteristics of a controlling financial interest. The structure of the Paper Packaging JV has governing provisions that are the functional equivalent of a limited partnership whereby the Company is the managing member that makes all the decisions related to the

activities that most significantly affect the economic performance of the PPS VIE. In addition, the third party does not have any substantive kick-out rights or substantive participating rights in the Paper Packaging JV. The major factors that led to the conclusion that the Paper Packaging JV is a VIE was that all limited partnerships are considered to be VIE's unless the limited partners have substantive kick-out rights or substantive participating rights.

The following table presents the Paper Packaging JV total net assets:


(in millions)	April 30, 2020
Cash and cash equivalents	$	—
Trade accounts receivable, less allowance of $0.0 in 2020	2.7
Inventories	6.5
Properties, plants and equipment, net	34.7
Other assets	0.4
Total assets	$	44.3

Accounts payable	$	4.5
Other liabilities	1.0
Total liabilities	$	5.5

Net income (loss) attributable to the noncontrolling interest in the Paper Packaging JV for the three and six months ended April 30, 2020 was $(0.8) million and $(1.0) million. There was no net income (loss) for the three and six months ended April 30, 2019 as the PPS JV was in the startup phase and had not yet commenced operations.

Non-United States Accounts Receivable VIE

As further described in Note 6 to the Interim Condensed Consolidated Financial Statements, Cooperage Receivables Finance B.V. is a party to the European RFA, as defined in Note 6 to the Interim Condensed Consolidated Financial Statements. Cooperage Receivables Finance B.V. is deemed to be a VIE since this entity is not able to satisfy its liabilities without the financial support from the Company. While this entity is a separate and distinct legal entity from the Company and no ownership interest in this entity is held by the Company, the Company is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE. As a result, Cooperage Receivables Finance B.V. has been consolidated into the operations of the Company.

LONG-TERM DEBT

6 Months Ended

Apr. 30, 2020

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt is summarized as follows:


(in millions)	April 30, 2020		October 31, 2019
2019 Credit Agreement - Term Loans	$	1,570.3	$	1,612.2
Senior Notes due 2027	494.7		494.3
Senior Notes due 2021	216.1		221.7
Accounts receivable credit facilities	336.2		351.6
2019 Credit Agreement - Revolving Credit Facility	73.7		76.1
Other debt	0.2		0.4
	2,691.2		2,756.3
Less: current portion	83.8		83.7
Less: deferred financing costs	12.3		13.6
Long-term debt, net	$	2,595.1	$	2,659.0

2019 Credit Agreement

On February 11, 2019, the Company and certain of its subsidiaries entered into an amended and restated senior secured credit agreement (the “2019 Credit Agreement”) with a syndicate of financial institutions. The Company's obligations under the 2019 Credit Agreement are guaranteed by certain of its U.S. subsidiaries and certain of its non-U.S. subsidiaries.

The 2019 Credit Agreement provides for (a) an $800.0 million secured revolving credit facility, consisting of a $600.0 million multicurrency facility and a $200.0 million U.S. dollar facility, maturing on February 11, 2024, (b) a $1,275.0 million secured term loan A-1 facility with quarterly principal installments commencing on April 30, 2019 and continuing through maturity on January 31, 2024, and (c) a $400.0 million secured term loan A-2 facility with quarterly principal installments commencing on April 30, 2019 and continuing through maturity on January 31, 2026. In addition, the Company has an option to add an aggregate of $700.0 million to the secured revolving credit facility under the 2019 Credit Agreement with the agreement of the lenders. The revolving credit facility is available to fund ongoing working capital and capital expenditure needs, for general corporate purposes, and to finance acquisitions.

The 2019 Credit Agreement contains certain covenants, which include financial covenants that require the Company to maintain a certain leverage ratio and an interest coverage ratio. The leverage ratio generally requires that, at the end of any quarter, the Company will not permit the ratio of (a) its total consolidated indebtedness, to (b) its consolidated net income plus depreciation, depletion and amortization, interest expense (including capitalized interest), income taxes, and minus certain extraordinary gains and non-recurring gains (or plus certain extraordinary losses and non-recurring losses) and plus or minus certain other items for the preceding twelve months (as used in this paragraph only, “EBITDA”) to be greater than 4.75 to 1.00 and stepping down annually by 0.25 increments beginning on July 31, 2020 to 4.00 on July 31, 2023. The interest coverage ratio generally requires that, at the end of any fiscal quarter, the Company will not permit the ratio of (a) its consolidated EBITDA, to (b) its consolidated interest expense to the extent paid or payable, to be less than 3.00 to 1.00, during the applicable preceding twelve month period. As of April 30, 2020, we were in compliance with the covenants and other agreements in the 2019 Credit Agreement.

As of April 30, 2020, $1,644.0 million was outstanding under the 2019 Credit Agreement. The current portion of such outstanding amount was $83.8 million, and the long-term portion was $1,560.2 million. The weighted average interest rate for borrowings under the 2019 Credit Agreement was 3.31% for the six months ended April 30, 2020. The actual interest rate for borrowings under the 2019 Credit Agreement was 2.20% as of April 30, 2020. The deferred financing costs associated with the term loan portion of the 2019 Credit Agreement totaled $9.7 million as of April 30, 2020 and are recorded as a direct deduction from the balance sheet line Long-Term Debt. The deferred financing costs associated with the revolver portion of the 2019 Credit Agreement totaled $7.0 million as of April 30, 2020 and are recorded within Other Long-Term Assets.

Senior Notes due 2027

On February 11, 2019, the Company issued $500.0 million of 6.50% Senior Notes due March 1, 2027 (the "Senior Notes due 2027"). Interest on the Senior Notes due 2027 is payable semi-annually commencing on September 1, 2019. The Company's obligations under the Senior Notes due 2027 are guaranteed by its U.S. subsidiaries that guarantee the 2019 Credit Agreement. The deferred financing cost associated with the Senior Notes due 2027 totaled $2.5 million as of April 30, 2020 and are recorded as a direct deduction from the balance sheet line Long-Term Debt.

Senior Notes due 2021

On July 15, 2011, Greif, Inc.’s wholly-owned subsidiary, Greif Nevada Holdings, Inc., S.C.S. issued €200.0 million of 7.375% Senior Notes due July 15, 2021 (the "Senior Notes due 2021"). The Senior Notes due 2021 are guaranteed on a senior basis by Greif, Inc. Interest on the Senior Notes due 2021 is payable semi-annually.

United States Trade Accounts Receivable Credit Facility

On September 24, 2019, the Company amended and restated the existing receivable financing facility (the "U.S. Receivables Facility") maturing on September 24, 2020. Greif Receivables Funding LLC, Greif Packaging LLC, for itself and as servicer, and certain other U.S. subsidiaries of the Company entered into a Third Amended and Restated Transfer and Administration Agreement, dated as of September 24, 2019 (the "Third Amended TAA"), with Bank of America, N.A., as the agent, managing agent, administrator and committed investor, and various investor groups, managing agents, and administrators, from time to time parties thereto. The Third Amended TAA provides a $275.0 million U.S. Receivables Facility that is secured by certain U.S. accounts receivable. The $246.5 million outstanding balance under the U.S. Receivables Facility as of April 30, 2020 is reported in 'Long-term debt' on the interim condensed consolidated balance sheets because the Company intends to refinance this obligation on a long-term basis and has the intent and ability to consummate a long-term refinancing.

The financing costs associated with the U.S. Receivables Facility are $0.3 million as of April 30, 2020, and are recorded as a direct deduction from 'Long-term debt' on the interim condensed consolidated balance sheets.

International Trade Accounts Receivable Credit Facility

On April 17, 2020, Cooperage Receivables Finance B.V. and Greif Coordination Center BVBA, an indirect wholly owned subsidiary of Greif, Inc., amended and restated the Nieuw Amsterdam Receivables Financing Agreement (the "European RFA") with affiliates of a major international bank. The amended and restated European RFA will mature April 17, 2021. The European RFA provides an accounts receivable financing facility of up to €100.0 million ($108.2 million as of April 30, 2020) secured by certain European accounts receivable. The $89.7 million outstanding on the European RFA as of April 30, 2020 is reported as 'Long-term debt' on the interim condensed consolidated balance sheets because the Company intends to refinance these obligations on a long-term basis and has the intent and ability to consummate a long-term refinancing by exercising the renewal option in the respective agreement or entering into new financing arrangements.

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

6 Months Ended

Apr. 30, 2020

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

The following table presents the fair value for those assets and (liabilities) measured on a recurring basis as of April 30, 2020 and October 31, 2019:


	April 30, 2020
	Fair Value Measurement
(in millions)	Level 1		Level 2		Level 3		Total		Balance Sheet Location

Interest rate derivatives	—		(51.0)		—		(51.0)		Other current liabilities and other long-term liabilities
Foreign exchange hedges	—		3.0		—		3.0		Other current assets
Foreign exchange hedges	—		(1.2)		—		(1.2)		Other current liabilities
Insurance annuity	—		—		19.5		19.5		Other long-term assets
Cross currency swap	—		15.0		—		15.0		Other current assets and other long-term assets

Total	$	—	$	(34.2)	$	19.5	$	(14.7)


	October 31, 2019
	Fair Value Measurement
(in millions)	Level 1		Level 2		Level 3		Total		Balance Sheet Location
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 current assets and other long-term assets

Total	$	—	$	(12.4)	$	20.0	$	7.6

The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts payable, current liabilities and short-term borrowings as of April 30, 2020 and October 31, 2019 approximate their fair values because of the short-term nature of these items and are not included in this table.

Interest Rate Derivatives

The Company has various borrowing facilities which charge interest based on the one month U.S. dollar LIBOR rate plus a spread.

In 2020, the Company entered into four forward starting interest rate swaps with a total notional amount of $200.0 million effective July 15, 2021. The Company receives variable rate interest payments based upon one month U.S. dollar LIBOR, and in return the Company is obligated to pay interest at a weighted-average interest rate of 0.90% plus a spread. This effectively converted the borrowing rate on an amount of debt equal to the outstanding notional amount of the interest rate swap from a variable rate to a fixed rate.

In 2019, the Company entered into six interest rate swaps with a total notional amount of $1,300.0 million that amortize to $200.0 million over a five year term. The outstanding notional amount as of April 30, 2020 is $1,000.0 million. The Company receives variable rate interest payments based upon one month U.S. dollar LIBOR, and in return the Company is obligated to pay interest at a weighted-average interest rate of 2.49% plus a spread. This effectively converted the borrowing rate on an amount of debt equal to the outstanding notional amount of the interest rate swap from a variable rate to a fixed rate.

In 2017, the Company entered into an interest rate swap with a notional amount of $300.0 million. The Company receives variable rate interest payments based upon one month U.S. dollar LIBOR, and in return the Company is obligated to pay interest at a fixed rate of 1.19% plus a spread. This effectively converted the borrowing rate on an amount of debt equal to the outstanding notional amount of the interest rate swap from a variable rate to a fixed rate.

These derivatives are designated as cash flow hedges for accounting purposes. Accordingly, the gain or loss on these derivative instruments are reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transactions and in the same period during which the hedged transactions affect earnings. See Note 15 to the Interim Condensed Consolidated Financial Statements for additional information. The assumptions used in measuring fair value of these interest rate derivatives are considered level 2 inputs, which are based upon observable market rates, including LIBOR and interest paid based upon a designated fixed rate over the life of the swap agreements.

Gain (loss) reclassified to earnings under these contracts were $(3.2) million and $0.9 million for the three months ended April 30, 2020, and 2019, respectively. Gain (loss) reclassified to earnings under these contracts were $(4.7) million and $0.4 million for the six months ended April 30, 2020, and 2019, respectively. A derivative loss of $20.1 million, based upon interest rates at April 30, 2020, is expected to be reclassified from accumulated other comprehensive income (loss) to earnings in the next twelve months.

Foreign Exchange Hedges

The Company conducts business in various international currencies and is subject to risks associated with changing foreign exchange rates. The Company’s objective is to reduce volatility associated with foreign exchange rate changes. Accordingly, the Company enters into various contracts that change in value as foreign exchange rates change to protect the value of certain existing foreign currency assets and liabilities, commitments and anticipated foreign currency cash flows. As of April 30, 2020, and October 31, 2019, the Company had outstanding foreign currency forward contracts in the notional amount of $193.5 million and $275.0 million, respectively. Adjustments to fair value are recognized in earnings, offsetting the impact of the hedged profits. The assumptions used in measuring fair value of foreign exchange hedges are considered level 2 inputs, which are based on observable market pricing for similar instruments, principally foreign exchange futures contracts.

Realized losses recorded in other expense, net under fair value contracts were $1.4 million and $0.2 million for the three months ended April 30, 2020, and 2019, respectively. Realized gains (losses) recorded in other expense, net under fair value contracts were $(2.2) million and $0.6 million for the six months ended April 30, 2020, and 2019, respectively. The Company recognized in other expense, net an unrealized net gain (loss) of $1.1 million and $(1.2) million during the three months ended April 30, 2020 and 2019, respectively. The Company recognized in other expense, net an unrealized net gain of $1.8 million and $1.8 million during the six months ended April 30, 2020 and 2019, respectively.

Cross Currency Swap

The Company has operations and investments in various international locations and is subject to risks associated with changing foreign exchange rates. On March 6, 2018, the Company entered into a cross currency interest rate swap agreement that synthetically swaps $100.0 million of fixed rate debt to Euro denominated fixed rate debt at a rate of 2.35%. The agreement is designated as a net investment hedge for accounting purposes and will mature on March 6, 2023. Accordingly, the gain or loss on this derivative instrument is included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted or liquidated. Interest payments received for the cross currency swap are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net on the interim condensed consolidated statements of income. For the three months ended April 30, 2020 and 2019, gains recorded in interest expense, net under the cross currency swap agreement were $0.6 million and $0.6 million. For the six months ended April 30, 2020 and 2019, gains recorded in interest expense, net under the cross currency swap agreement were $1.2 million and $1.2 million. See Note 15 to

the Interim Condensed Consolidated Financial Statements for additional information. The assumptions used in measuring fair value of the cross currency swap are considered level 2 inputs, which are based upon the Euro to United States Dollar exchange rate market.

Other Financial Instruments

The fair values of the Company’s 2019 Credit Agreement, U.S. Receivables Facility and European RFA (collectively, "Accounts Receivable Credit Facilities") do not materially differ from carrying value as the Company’s cost of borrowing is variable and approximates current borrowing rates. The fair values of the Company’s long-term obligations are estimated based on either the quoted market prices for the same or similar issues or the current interest rates offered for the debt of the same remaining maturities, which are considered level 2 inputs in accordance with ASC Topic 820, "Fair Value Measurements and Disclosures."

The following table presents the estimated fair values of the Company’s Senior Notes and Assets held by special purpose entities:


(in millions)	April 30, 2020		October 31, 2019
Senior Notes due 2021 estimated fair value	$	229.5	$	248.1
Senior Notes due 2027 estimated fair value	504.4		537.9
Assets held by special purpose entities estimated fair value	51.7		51.9

Non-Recurring Fair Value Measurements

The Company recognized asset impairment charges of $1.4 million and $2.1 million during the six months ended April 30, 2020 and 2019, respectively.

The following table presents quantitative information about the significant unobservable inputs used to determine the fair value of the impairment of long-lived assets held and used and net assets held for sale for the six months ended April 30, 2020 and 2019:

Quantitative Information about Level 3
Fair Value Measurements

(in millions)

Fair Value of
Impairment

Valuation
Technique

Unobservable
Input

Range of
Input
Values

April 30, 2020

Impairment of Long Lived Assets

1.4

Discounted Cash Flows

N/A

Total

1.4

April 30, 2019

Impairment of Net Assets Held for Sale

2.1

Indicative Bids

N/A

Total

2.1

Long-Lived Assets

As necessary, based on triggering events, the Company measures long-lived assets at fair value on a non-recurring basis. The Company recorded $1.4 million impairment charges related to properties, plants and equipment, net and no impairment charges during the six months ended April 30, 2020 and 2019, respectively.

The assumptions used in measuring fair value of long-lived assets are considered level 3 inputs, which include bids received from third parties, recent purchase offers, market comparable information and discounted cash flows based on assumptions that market participants would use.

Assets and Liabilities Held for Sale

During the six months ended April 30, 2020, the company recorded no impairment charges related to assets and liabilities held for sale. During the six months ended April 30, 2019, one asset group was reclassified to assets and liabilities held for sale, resulting in recognized asset impairment charges of $2.1 million.

The assumptions used in measuring fair value of assets and liabilities held for sale are considered level 3 inputs, which include recent purchase offers, market comparables and/or data obtained from commercial real estate brokers.

STOCK-BASED COMPENSATION	6 Months Ended
STOCK-BASED COMPENSATION	Apr. 30, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Stock-based compensation is accounted for in accordance with ASC 718, “Compensation – Stock Compensation,” which requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. During the second quarter of 2020, the Company's stockholders approved the 2020 Long-Term Incentive Plan (the "2020 LTIP") replacing the Company's Amended and Restated Long-Term Incentive Plan ("Long-Term Incentive Plan") for all periods commencing November 1, 2019 and thereafter. The 2020 LTIP provides key employees incentive compensation based upon consecutive and overlapping three-year performance periods that commence at the start of each fiscal year. Participants may be granted restricted stock units ("RSUs") or performance stock units ("PSUs") or a combination thereof. Restricted Stock Units The Company grants RSUs based on a three-year vesting period on the basis of service only. The RSUs are an equity-classified plan measured at fair value on the grant date recognized ratably over the service period. Dividend-equivalent rights may be granted in connection with an RSU award and are recognized in conjunction with the Company's dividend issuance and settled upon vesting of the award. The Company granted 147,325 RSUs on February 25, 2020, for the service period commencing on November 1, 2019 and ending October 31, 2022. The weighted average fair value of the RSUs granted on that date was $37.42. Performance Stock Units The Company grants PSUs for a three-year performance period based upon service, performance criteria and market conditions. The performance criteria are based on targeted levels of earnings before interest, taxes, depreciation, depletion and amortization and total shareholder return as determined by the Special Subcommittee of the Company's Compensation Committee of the Board of Directors (the "Special Subcommittee"). The PSUs are a liability-classified plan wherein the fair value of the PSUs awarded is determined at each reporting period using a Monte Carlo simulation. A Monte Carlo simulation uses assumptions including the risk-free interest rate, expected volatility of the Company’s stock price and expected life of the awards to determine a fair value of the market condition throughout the vesting period. The Company accrued for the targeted performance awards, an expected total of 258,519 PSUs, on February 25, 2020, for the performance period commencing on November 1, 2019 and ending October 31, 2022. For the three months ended April 30, 2020, the Company recognized SG&A expense of $0.8 million related to the PSU's.

INCOME TAXES	6 Months Ended
INCOME TAXES	Apr. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company completed the Caraustar Acquisition on February 11, 2019 and has recorded a net deferred tax liability of $133.7 million, which is primarily related to intangible assets that cannot be amortized for tax purposes. See Note 2 to the Interim Condensed Consolidated Financial Statements for additional information. Income tax expense for the quarter and year to date was computed in accordance with ASC 740-270 "Income Taxes - Interim Reporting." Under this method, losses from jurisdictions for which a valuation allowance has been provided have not been included in the amount to which the ASC 740-270 rate was applied. Income tax expense of the Company fluctuates primarily due to changes in losses and income from jurisdictions for which a valuation allowance has been provided, the timing of recognition of the related tax expense under ASC 740-270, and the impact of discrete items in the respective quarter. For the six months ended April 30, 2020, income tax expense was $37.9 million compared to $31.5 million for the six months ended April 30, 2019.

POST RETIREMENT BENEFIT PLANS

6 Months Ended

Apr. 30, 2020

Postemployment Benefits [Abstract]

POST RETIREMENT BENEFIT PLANS

During the six months ended April 30, 2020, two United States defined benefit plans were combined and lump sum payments totaling $44.3 million were made to United States defined benefit plan participants who agreed to such payments, representing the current fair value of the participant’s respective pension benefit. The payments were made from plan assets resulting in a decrease in the fair value of both the plan assets and the projected benefit obligation of $44.3 million and non-cash pension settlement income of $0.1 million of unrecognized net actuarial gain included in accumulated other comprehensive income.

As a result of the two events described above, two United States defined benefit plans were remeasured as of December 31, 2019, resulting in a $19.0 million decline in aggregate projected benefit obligations and a $9.3 million aggregate decline in the fair value of plan assets. These reductions were due to an increase in discount rates to 3.38%, from the Company's year-end disclosures.

The components of net periodic pension cost include the following:


	Three Months Ended April 30,						Six Months Ended April 30,
(in millions)	2020		2019		2020		2019
Service cost	$	2.8	$	3.8	$	6.0	$	6.3
Interest cost	5.6		8.7		12.2		13.9
Expected return on plan assets	(7.9)		(6.2)		(18.2)		(12.4)
Amortization of prior service cost (benefit)	2.9		(3.0)		6.4		(1.2)
Net periodic pension cost	$	3.4	$	3.3	$	6.4	$	6.6

Contributions, including benefits paid directly by the Company, to the pension plans were $18.0 million and $11.8 million, in the six months ended April 30, 2020 and 2019, respectively.

The components of net periodic post-retirement benefit include the following:


	Three Months Ended April 30,						Six Months Ended April 30,
(in millions)	2020		2019		2020		2019

Interest cost	$	0.1	$	0.1	$	0.2	$	0.2
Amortization of prior service benefit	(0.2)		(0.4)		(0.3)		(0.8)
Net periodic post-retirement benefit	$	(0.1)	$	(0.3)	$	(0.1)	$	(0.6)

The components of net periodic pension cost and net periodic post-retirement benefit, other than the service cost components, are included in the line item "Other expense (income), net" in the interim condensed consolidated statements of income.

CONTINGENT LIABILITIES AND ENVIRONMENTAL RESERVES	6 Months Ended
CONTINGENT LIABILITIES AND ENVIRONMENTAL RESERVES	Apr. 30, 2020
Environmental Remediation Obligations [Abstract]
CONTINGENT LIABILITIES AND ENVIRONMENTAL RESERVES	CONTINGENT LIABILITIES AND ENVIRONMENTAL RESERVES Litigation-related Liabilities The Company may become involved from time-to-time in litigation and regulatory matters incidental to its business, including governmental investigations, enforcement actions, personal injury claims, product liability, employment health and safety matters, commercial disputes, intellectual property matters, disputes regarding environmental clean-up costs, litigation in connection with acquisitions and divestitures, and other matters arising out of the normal conduct of its business. The Company intends to vigorously defend itself in such litigation. The Company does not believe that the outcome of any pending litigation will have a material adverse effect on its interim condensed consolidated financial statements. The Company may accrue for contingencies related to litigation and regulatory matters if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because litigation is inherently unpredictable and unfavorable resolutions can occur, assessing contingencies is highly subjective and requires judgments about future events. The Company regularly reviews contingencies to determine whether its accruals are adequate. The amount of ultimate loss may differ from these estimates. The Company is currently involved in legal proceedings outside of the United States related to various wrongful termination lawsuits filed by former employees and benefit claims filed by some existing employees of the Company's Flexible Products & Services segment. The lawsuits include claims for severance for employment periods prior to the Company’s ownership in the business. As of April 30, 2020, and October 31, 2019, the estimated liability recorded related to these matters were $0.6 million and $0.6 million, respectively. The estimated liability has been determined based on the number of active cases and the settlements and rulings on previous cases. It is reasonably possible the estimated liability could increase if additional cases are filed or adverse rulings are made. Since 2017, three reconditioning facilities in the Milwaukee, Wisconsin area that are owned by Container Life Cycle Management LLC ("CLCM"), the Company’s U.S. reconditioning joint venture company, have been subject to investigations conducted by federal, state and local governmental agencies concerning, among other matters, potential violations of environmental laws and regulations. As a result of these investigations, the United States Environmental Protection Agency (“U.S. EPA”) and the Wisconsin Department of Natural Resources (“WDNR”) have issued notices of violations to the Company and CLCM regarding violations of certain federal and state environmental laws and regulations. The remedies being sought in these proceedings include compliance with the applicable environmental laws and regulations as being interpreted by the U.S. EPA and WDNR and monetary sanctions. The Company has cooperated with the governmental agencies in these investigations and proceedings. As of June 4, 2020, no material citations have been issued or material fines assessed with respect to any violation of environmental laws and regulations. Since these proceedings are in their investigative stage, the Company is unable to predict the outcome of these proceedings or estimate a range of reasonable possible monetary sanctions or costs associated with any remedial actions that may be required or requested by the U.S. EPA or WDNR. In addition, on November 8, 2017, the Company, CLCM and other parties were named as defendants in a punitive class action lawsuit filed in Wisconsin state court concerning one of CLCM’s Milwaukee reconditioning facilities. The plaintiffs are alleging that odors from this facility have invaded their property and are interfering with the use and enjoyment of their property and causing damage to the value of their property. Plaintiffs are seeking compensatory and punitive damages, along with their legal fees. The Company and CLCM are vigorously defending themselves in this lawsuit. The Company is unable to predict the outcome of this lawsuit or estimate a range of reasonably possible losses. Environmental Reserves As a result of the Caraustar Acquisition, the Company acquired The Newark Group, Inc., a subsidiary of Caraustar (“Newark”), and became subject to Newark’s Lower Passaic River environmental and litigation liability. By letters dated February 14, 2006 and June 2, 2006, the United States Environment Protection Agency (“EPA”) notified Newark of its potential liability under Section 107(a) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (“CERCLA”) relating to the Diamond Alkali Superfund Site, which includes a 17-mile stretch of the Lower Passaic River that EPA has denominated the Lower Passaic River Study Area (“LPRSA”). Newark is one of at least 70 potentially responsible parties identified in this case. The EPA alleges that hazardous substances were released from Newark’s now-closed Newark, New Jersey recycled paperboard mill into the Lower Passaic River. The EPA informed Newark that it may be potentially liable for response costs that the government may incur relating to the study of the LPRSA and for unspecified natural resource damages. In April 2014, EPA issued a Focused Feasibility Study that proposed alternatives for the remediation of the lower 8 miles of the Lower Passaic River. On March 3, 2016, EPA issued its Record of Decision for the lower 8 miles of the Lower Passaic River, which presented a bank-to-bank dredging remedy selected by the agency for the lower 8 miles and which EPA estimates will cost approximately $1,380.0 million to implement. Newark is participating in an allocation process to determine its allocable share. On June 30, 2018, Occidental Chemical Corporation (“OCC”) filed litigation in the U.S. District Court for the District of New Jersey styled Occidental Chemical Corp. v. 21st Century Fox America, Inc., et al., Civil Action No. 2:18-CV-11273 (D.N.J.), that names Newark and approximately 119 other parties as defendants. OCC’s Complaint alleges claims under CERCLA against all defendants for cost recovery, contribution, and declaratory judgment for costs OCC allegedly has incurred and will incur at the Diamond Alkali Superfund Site. The litigation is in its early stages, and the Company intends to vigorously defend itself in this litigation. As of April 30, 2020, the Company has accrued $11.2 million for the Diamond Alkali Superfund Site. It is possible that there could be resolution of uncertainties in the future that would require the Company to record charges that could be material to future earnings. As of April 30, 2020, and October 31, 2019, the Company's environmental reserves were $18.6 million and $18.7 million, respectively. These reserves are principally based on environmental studies and cost estimates provided by third parties, but also take into account management estimates. The estimated liabilities are reduced to reflect the anticipated participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective shares of relevant costs. For sites that involve formal actions subject to joint and several liabilities, these actions have formal agreements in place to apportion the liability. Aside from the Diamond Alkali Superfund Site, other environmental reserves of the Company as of April 30, 2020 and October 31, 2019 included $3.2 million and $3.3 million, respectively, for various European drum facilities acquired from Blagden and Van Leer; $0.1 million and $0.1 million, respectively, for its various container life cycle management and recycling facilities acquired in 2011 and 2010; $0.1 million and $0.3 million, respectively, for remediation of sites no longer owned by the Company; $2.0 million and $2.0 million, respectively, for landfill closure obligations in the Company's Paper Packaging & Services segment; $0.4 million and $0.0 million, respectively, for various other accruals in the Company's Paper Packaging & Services segment; and $1.6 million and $1.8 million, respectively, for various other facilities around the world. The Company’s exposure to adverse developments with respect to any individual site is not expected to be material. Although environmental remediation could have a material effect on results of operations if a series of adverse developments occur in a particular quarter or year, the Company believes that the chance of a series of adverse developments occurring in the same quarter or year is remote. Future information and developments will require the Company to continually reassess the expected impact of these environmental matters.

EARNINGS PER SHARE

6 Months Ended

Apr. 30, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The Company has two classes of common stock and, as such, applies the “two-class method” of computing earnings per share (“EPS”) as prescribed in ASC 260, “Earnings Per Share.” In accordance with this guidance, earnings are allocated in the same fashion as dividends would be distributed. Under the Company’s articles of incorporation, any distribution of dividends in any year must be made in proportion of one cent a share for Class A Common Stock to one and one-half cents a share for Class B Common Stock, which results in a 40% to 60% split to Class A and B shareholders, respectively. In accordance with this, earnings are allocated first to Class A and Class B Common Stock to the extent that dividends are actually paid and the remainder is allocated assuming all of the earnings for the period have been distributed in the form of dividends.

The Company calculates EPS as follows:

Basic Class A EPS

40% * Average Class A Shares Outstanding

Undistributed Net Income

Class A Dividends Per Share

40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding

Average Class A Shares Outstanding

Diluted Class A EPS

40% * Average Class A Shares Outstanding

Undistributed Net Income

Class A Dividends Per Share

40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding

Average Diluted Class A Shares Outstanding

Basic Class B EPS

60% * Average Class B Shares Outstanding

Undistributed Net Income

Class B Dividends Per Share

40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding

Average Class B Shares Outstanding

*Diluted Class B EPS calculation is identical to Basic Class B calculation

The following table provides EPS information for each period, respectively:


	Three Months Ended April 30,						Six Months Ended April 30,
(in millions)	2020		2019		2020		2019
Numerator for basic and diluted EPS
Net income attributable to Greif, Inc.	$	11.4	$	13.6	$	43.7	$	43.3
Cash dividends	(26.1)		(26.1)		(52.0)		(51.8)
Undistributed net income attributable to Greif, Inc.	$	(14.7)	$	(12.5)	$	(8.3)	$	(8.5)

The Class A Common Stock has no voting rights unless four quarterly cumulative dividends upon the Class A Common Stock are in arrears. The Class B Common Stock has full voting rights. There is no cumulative voting for the election of directors.

Common Stock Repurchases

The Board of Directors has authorized the Company to repurchase shares of the Company's Class A Common Stock or Class B Common Stock or any combination of the foregoing. As of April 30, 2020, and 2019 the remaining amount of shares that may be repurchased under this authorization was 4,703,487 and 4,703,487, respectively. There were no shares repurchased under this program from November 1, 2018 through April 30, 2020.

The following table summarizes the Company’s Class A and Class B common and treasury shares as of the specified dates:


	Authorized Shares	Issued Shares	Outstanding Shares	Treasury Shares
April 30, 2020
Class A Common Stock	128,000,000	42,281,920	26,441,986	15,839,934
Class B Common Stock	69,120,000	34,560,000	22,007,725	12,552,275

October 31, 2019
Class A Common Stock	128,000,000	42,281,920	26,257,943	16,023,977
Class B Common Stock	69,120,000	34,560,000	22,007,725	12,552,275

The following is a reconciliation of the shares used to calculate basic and diluted earnings per share:


	Three Months Ended April 30,			Six Months Ended April 30,
	2020	2019	2020	2019
Class A Common Stock:
Basic shares	26,386,439	26,250,460	26,323,691	26,120,946
Assumed conversion of restricted shares	—	4,652	—	1,134
Diluted shares	26,386,439	26,255,112	26,323,691	26,122,080
Class B Common Stock:
Basic and diluted shares	22,007,725	22,007,725	22,007,725	22,007,725

LEASES

6 Months Ended

Apr. 30, 2020

Leases [Abstract]

LEASES

The Company leases certain buildings, warehouses, land, transportation equipment, operating equipment, and office equipment with remaining lease terms from less than one year up to 22 years. The Company reviews all options to extend, terminate, or purchase a right of use asset at the time of lease inception and accounts for options deemed reasonably certain.

The Company combines lease and non-lease components for all leases except real estate, for which these components are presented separately. Leases with an initial term of twelve months or less are not capitalized and are recognized on a straight-line basis over the lease term. The implicit rate is not readily determinable for substantially all of the Company's leases,

therefore the initial present value of lease payments is calculated utilizing an estimated incremental borrowing rate determined at the portfolio level based on market and Company specific information.

Certain of the Company’s leases include variable costs. As the right of use asset recorded on the balance sheet was determined based upon factors considered at the commencement date, changes in these variable expenses are not capitalized and are expensed as incurred throughout the lease term.

As of April 30, 2020, the Company has not entered into any significant leases which have not yet commenced.

The following table presents the balance sheet classification of the Company’s lease assets and liabilities as of April 30, 2020:


(in millions)	Balance Sheet Classification	April 30, 2020
Lease Assets
Operating lease assets	Operating lease assets	$	321.0
Finance lease assets	Other long-term assets	5.0
Total lease assets		$	326.0

Lease Liabilities
Current operating lease liabilities	Current portion of operating lease liabilities	$	53.1
Current finance lease liabilities	Other current liabilities	1.7
Total current lease liabilities		54.8

Non-current operating lease liabilities	Operating lease liabilities	270.6
Non-current finance lease liabilities	Other long-term liabilities	3.3
Total non-current lease liabilities		273.9
Total lease liabilities		$	328.7

The following table presents the lease expense components for the three and six months ended April 30, 2020:


	Three Months Ended April 30,		Six Months Ended April 30,
(in millions)	2020		2020
Operating lease cost	$	15.6	$	32.8
Finance lease cost	0.5		0.7
Variable lease cost^*	7.6		13.8
Total lease cost	$	23.7	$	47.3

^* Amount includes short-term lease costs. The Company continues to account for short-lease leases, which are immaterial for individual reporting.

Future maturity for the Company's lease liabilities, during the next five years, and in the aggregate for the years thereafter, are as follows:


(in millions)	Operating Leases		Finance Leases		Total expected payments
2020	$	64.7	$	1.4	$	66.1
2021	58.9		1.4		60.3
2022	51.3		1.1		52.4
2023	44.0		0.8		44.8
2024	36.5		0.5		37.0
Thereafter	174.2		0.3		174.5
Total lease payments	$	429.6	$	5.5	$	435.1
Less: Interest	(105.9)		(0.5)		(106.4)
Lease liabilities	$	323.7	$	5.0	$	328.7

The following table presents the weighted-average lease term and discount rate as of April 30, 2020:


Weighted-average remaining lease term (years):
Operating leases	11.4
Finance leases	4.0
Weighted-average discount rate:
Operating leases	3.81	%
Finance leases	3.46	%

The following table presents other required lease related information for the three and six months ended April 30, 2020:


	Three Months Ended April 30,		Six Months Ended April 30,
(in millions)	2020		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	18.2	$	35.3
Financing cash flows used for finance leases	0.3		0.7
Leased assets obtained in exchange for new operating lease liabilities	34.4		63.1
Leased assets obtained in exchange for new finance lease liabilities	0.3		0.3

In compliance with ASC 842, the Company must provide the prior year disclosures required under the previous lease guidance for comparative periods presented herein.

The table below contains information related to the Company’s rent expense as disclosed within the 10-K for the period ended October 31, 2019:


	Year Ended October 31,
(in millions)	2019		2018		2017
Rent Expense	$	86.2	$	47.1	$	41.0

The following table provides the Company’s minimum rent commitments under operating leases in the next five years and the remaining years thereafter as disclosed within the 10-K for the period ended October 31, 2019:


(in millions)	Operating Leases		Capital Leases
Year(s):
2020	$	64.8	$	1.8
2021	57.0		1.6
2022	48.7		1.3
2023	40.1		1.0
2024	31.6		0.6
Thereafter	117.5		0.3
Total	$	359.7	$	6.6

Minimum rent commitments under capital leases in 2020 and thereafter are attributable to addition of capital leases through the Caraustar Acquisition.

LEASES

NOTE 13 — LEASES

As of April 30, 2020, the Company has not entered into any significant leases which have not yet commenced.

The following table presents the balance sheet classification of the Company’s lease assets and liabilities as of April 30, 2020:


(in millions)	Balance Sheet Classification	April 30, 2020
Lease Assets
Operating lease assets	Operating lease assets	$	321.0
Finance lease assets	Other long-term assets	5.0
Total lease assets		$	326.0

Lease Liabilities
Current operating lease liabilities	Current portion of operating lease liabilities	$	53.1
Current finance lease liabilities	Other current liabilities	1.7
Total current lease liabilities		54.8

Non-current operating lease liabilities	Operating lease liabilities	270.6
Non-current finance lease liabilities	Other long-term liabilities	3.3
Total non-current lease liabilities		273.9
Total lease liabilities		$	328.7

The following table presents the lease expense components for the three and six months ended April 30, 2020:


	Three Months Ended April 30,		Six Months Ended April 30,
(in millions)	2020		2020
Operating lease cost	$	15.6	$	32.8
Finance lease cost	0.5		0.7
Variable lease cost^*	7.6		13.8
Total lease cost	$	23.7	$	47.3

^* Amount includes short-term lease costs. The Company continues to account for short-lease leases, which are immaterial for individual reporting.

Future maturity for the Company's lease liabilities, during the next five years, and in the aggregate for the years thereafter, are as follows:


(in millions)	Operating Leases		Finance Leases		Total expected payments
2020	$	64.7	$	1.4	$	66.1
2021	58.9		1.4		60.3
2022	51.3		1.1		52.4
2023	44.0		0.8		44.8
2024	36.5		0.5		37.0
Thereafter	174.2		0.3		174.5
Total lease payments	$	429.6	$	5.5	$	435.1
Less: Interest	(105.9)		(0.5)		(106.4)
Lease liabilities	$	323.7	$	5.0	$	328.7

The following table presents the weighted-average lease term and discount rate as of April 30, 2020:


Weighted-average remaining lease term (years):
Operating leases	11.4
Finance leases	4.0
Weighted-average discount rate:
Operating leases	3.81	%
Finance leases	3.46	%

The following table presents other required lease related information for the three and six months ended April 30, 2020:


	Three Months Ended April 30,		Six Months Ended April 30,
(in millions)	2020		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	18.2	$	35.3
Financing cash flows used for finance leases	0.3		0.7
Leased assets obtained in exchange for new operating lease liabilities	34.4		63.1
Leased assets obtained in exchange for new finance lease liabilities	0.3		0.3

In compliance with ASC 842, the Company must provide the prior year disclosures required under the previous lease guidance for comparative periods presented herein.

The table below contains information related to the Company’s rent expense as disclosed within the 10-K for the period ended October 31, 2019:


	Year Ended October 31,
(in millions)	2019		2018		2017
Rent Expense	$	86.2	$	47.1	$	41.0


(in millions)	Operating Leases		Capital Leases
Year(s):
2020	$	64.8	$	1.8
2021	57.0		1.6
2022	48.7		1.3
2023	40.1		1.0
2024	31.6		0.6
Thereafter	117.5		0.3
Total	$	359.7	$	6.6

Minimum rent commitments under capital leases in 2020 and thereafter are attributable to addition of capital leases through the Caraustar Acquisition.

EQUITY EARNINGS OF UNCONSOLIDATED AFFILIATES, NET OF TAX AND NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	6 Months Ended
	Apr. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
EQUITY EARNINGS OF UNCONSOLIDATED AFFILIATES, NET OF TAX AND NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	EQUITY EARNINGS OF UNCONSOLIDATED AFFILIATES, NET OF TAX AND NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS Centurion Container LLC The Company acquired a minority interest in Centurion Container LLC ("Centurion"), a U.S.-based company involved in IBC rebottling, reconditioning and distribution, on March 31, 2020 for $3.6 million. The investment in Centurion is accounted for under the equity method because the Company has the ability to exercise significant influence through its board participation. At any time prior to October 31, 2022, the Company has the option to acquire an 80% ownership interest in Centurion at a formulaic price, as set forth in the operating agreement. Provided such interest is acquired, the Company then has the option to acquire 100% ownership of Centurion beginning on March 31, 2025 at a formulaic price set forth in the operating agreement.

EQUITY AND COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Apr. 30, 2020

Equity [Abstract]

EQUITY AND COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in equity for the three and six months ended April 30, 2020 (Dollars in millions, shares in thousands):


	Three Months Ended April 30, 2020
	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 January 31, 2020	48,269	$	162.7	28,573	$	(134.7)	$	1,548.7	$	(412.9)	$	1,163.8	$	58.9	$	1,222.7
Net income							11.4				11.4		4.4		15.8
Other comprehensive income (loss):
Foreign currency translation									(48.7)		(48.7)		(3.6)		(52.3)
Derivative financial instruments, net of immaterial income tax expense									(23.1)		(23.1)				(23.1)
Minimum pension liability adjustment, net of immaterial income tax expense									1.3		1.3				1.3
Comprehensive loss				.							(59.1)				(58.3)
Current period mark to redemption value of redeemable noncontrolling interest							(2.2)				(2.2)				(2.2)



Dividends paid to Greif, Inc. shareholders ($0.44 and $0.66 per Class A share and Class B share, respectively)							(26.1)				(26.1)				(26.1)
Dividends paid to noncontrolling interests and other											—		(7.7)		(7.7)

Long-term incentive shares issued	153	5.0		(153)	0.3						5.3				5.3
Share based compensation	—	0.5		—	—						0.5				0.5
Restricted stock, directors	28	1.0		(28)	—						1.0				1.0

As of April 30, 2020	48,450	$	169.2	28,392	$	(134.4)	$	1,531.8	$	(483.4)	$	1,083.2	$	52.0	$	1,135.2


	Six Months Ended April 30, 2020
	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, 2019	48,266	$	162.6	28,576	$	(134.8)	$	1,539.0	$	(433.7)	$	1,133.1	$	58.0	$	1,191.1
Net income							43.7				43.7		8.2		51.9
Other comprehensive income (loss):
Foreign currency translation									(49.8)		(49.8)		(5.6)		(55.4)
Derivative financial instruments, net of immaterial income tax expense									(22.9)		(22.9)				(22.9)
Minimum pension liability adjustment, net of $7.5 million of income tax expense									23.0		23.0				23.0
Comprehensive loss				.							(6.0)				(3.4)
Current period mark to redemption value of redeemable noncontrolling interest							1.1				1.1				1.1
Net income allocated to redeemable noncontrolling interests											—		(0.1)		(0.1)


Dividends paid to Greif, Inc. shareholders ($0.88 and $1.31 per Class A share and Class B share, respectively)							(52.0)				(52.0)				(52.0)
Dividends paid to noncontrolling interests and other											—		(8.5)		(8.5)
Long-term incentive shares issued	153	5.0		(153)	0.3						5.3				5.3
Share based compensation	—	0.5		—	—						0.5				0.5
Restricted stock, executive	3	0.1		(3)	0.1						0.2				0.2
Restricted stock, directors	28	1		(28)	—						1.0				1.0

As of April 30, 2020	48,450	$	169.2	28,392	$	(134.4)	$	1,531.8	$	(483.4)	$	1,083.2	$	52.0	$	1,135.2

The following table summarizes the changes in equity for the three and six months ended April 30, 2019 (Dollars in millions, shares in thousands):


	Three Months Ended April 30, 2019
	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 January 31, 2019	48,241	$	161.5	28,601	$	(134.8)	$	1,471.9	$	(379.4)	$	1,119.2	$	52.3	$	1,171.5
Net income							13.6				13.6		7.5		21.1
Other comprehensive income (loss):
Foreign currency translation									(12.7)		(12.7)		(2.0)		(14.7)
Derivative financial instruments, net of income tax benefit of $5.3 million									(10.0)		(10.0)				(10.0)
Minimum pension liability adjustment, net of immaterial income tax									0.7		0.7				0.7
Comprehensive loss											(8.4)				(2.9)

Current period mark to redemption value of redeemable noncontrolling interest							0.8				0.8				0.8
Net income allocated to redeemable noncontrolling interests											—		(0.5)		(0.5)
Dividends paid to Greif, Inc. shareholders ($0.44 and $0.66 per Class A share and Class B share, respectively)							(26.1)				(26.1)				(26.1)
Dividends paid to noncontrolling interests											—		(7.5)		(7.5)
Restricted stock, directors	25	1.1		(25)	—						1.1				1.1
As of April 30, 2019	48,266	$	162.6	28,576	$	(134.8)	$	1,460.2	$	(401.4)	$	1,086.6	$	49.8	$	1,136.4


	Six Months Ended April 30, 2019
	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, 2018	47,949	$	150.5	28,893	$	(135.4)	$	1,469.8	$	(377.1)	$	1,107.8	$	46.4	$	1,154.2
Net income							43.3				43.3		13.6		56.9
Other comprehensive income (loss):
Foreign currency translation									(8.5)		(8.5)		(1.0)		(9.5)
Derivative financial instruments, net of income tax benefit of $3.4 million									(15.7)		(15.7)				(15.7)
Minimum pension liability adjustment, net of immaterial income tax									(0.1)		(0.1)				(0.1)
Comprehensive income											19.0				31.6
Adoption of ASU 2016-16							(2.1)				(2.1)				(2.1)
Current period mark to redemption value of redeemable noncontrolling interest							1.0				1.0				1.0
Net income allocated to redeemable noncontrolling interests											—		(1.3)		(1.3)
Dividends paid to Greif, Inc. shareholders ($0.88 and $1.31 per Class A share and Class B share, respectively)							(51.8)				(51.8)				(51.8)
Dividends paid to noncontrolling interests											—		(7.9)		(7.9)
Restricted stock, directors	25	1.1		(25)							1.1				1.1
Long-term incentive shares issued	292	11.0		(292)	0.6						11.6				11.6
As of April 30, 2019	48,266	$	162.6	28,576	$	(134.8)	$	1,460.2	$	(401.4)	$	1,086.6	$	49.8	$	1,136.4

The following table provides the rollforward of accumulated other comprehensive income (loss) for the six months ended April 30, 2020:


(in millions)	Foreign Currency Translation		Derivative Financial Instruments		Minimum Pension Liability Adjustment		Accumulated Other Comprehensive Income (Loss)
Balance as of October 31, 2019	$	(298.0)	$	(12.7)	$	(123.0)	$	(433.7)
Other Comprehensive Income (Loss)	(49.8)		(22.9)		23.0		(49.7)
Balance as of April 30, 2020	$	(347.8)	$	(35.6)	$	(100.0)	$	(483.4)

The following table provides the rollforward of accumulated other comprehensive income (loss) for the six months ended April 30, 2019:


(in millions)	Foreign Currency Translation		Interest Rate Derivative		Minimum Pension Liability Adjustment		Accumulated Other Comprehensive Income (Loss)
Balance as of October 31, 2018	$	(292.8)	$	13.4	$	(97.7)	$	(377.1)
Other Comprehensive Income (Loss)	(8.5)		(15.7)		(0.1)		(24.3)
Balance as of April 30, 2019	$	(301.3)	$	(2.3)	$	(97.8)	$	(401.4)

The components of accumulated other comprehensive income (loss) above are presented net of tax, as applicable.

BUSINESS SEGMENT INFORMATION

6 Months Ended

Apr. 30, 2020

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

The Company has eight operating segments, which are aggregated into four reportable business segments: Rigid Industrial Packaging & Services; Paper Packaging & Services; Flexible Products & Services; and Land Management.

The Company’s reportable business segments offer different products and services. The accounting policies of the reportable business segments are substantially the same as those described in the “Basis of Presentation and Summary of Significant Accounting Policies” note in the 2019 Form 10-K.

On April 1, 2020, the Company completed the divestiture of the CPG business. The results of the CPG business were recorded within the Paper Packaging & Services segment as of April 30, 2020.

The following tables present net sales disaggregated by geographic area for each reportable segment for the three and six months ended April 30, 2020:


	Three Months Ended April 30, 2020
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Rigid Industrial Packaging & Services	$	220.8	$	281.3	$	100.5	$	602.6
Paper Packaging & Services	475.1		—		6.5		481.6
Flexible Products & Services	5.7		54.9		6.8		67.4
Land Management	6.7		—		—		6.7
Total net sales	$	708.3	$	336.2	$	113.8	$	1,158.3


	Six Months Ended April 30, 2020
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Rigid Industrial Packaging & Services	$	422.6	$	540.1	$	208.6	$	1,171.3
Paper Packaging & Services	942.9		—		12.4		955.3
Flexible Products & Services	13.0		103.4		14.0		130.4
Land Management	13.7		—		—		13.7
Total net sales	$	1,392.2	$	643.5	$	235.0	$	2,270.7

The following tables present net sales disaggregated by geographic area for each reportable segment for the three and six months ended April 30, 2019:


	Three Months Ended April 30, 2019
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Rigid Industrial Packaging & Services	$	232.9	$	283.7	$	115.0	$	631.6
Paper Packaging & Services	491.6		—		6.0		497.6
Flexible Products & Services	8.6		60.7		7.7		77.0
Land Management	7.1		—		—		7.1
Total net sales	$	740.2	$	344.4	$	128.7	$	1,213.3


	Six Months Ended April 30, 2019
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Rigid Industrial Packaging & Services	$	458.4	$	535.6	$	235.5	$	1,229.5
Paper Packaging & Services	708.9		—		6.0		714.9
Flexible Products & Services	16.7		120.0		15.4		152.1
Land Management	13.8		—		—		13.8
Total net sales	$	1,197.8	$	655.6	$	256.9	$	2,110.3

The following segment information is presented for the periods indicated:


	Three Months Ended April 30,						Six Months Ended April 30,
(in millions)	2020		2019		2020		2019
Operating profit:
Rigid Industrial Packaging & Services	$	70.5	$	47.0	$	113.3	$	70.3
Paper Packaging & Services	(5.5)		30.2		27.0		65.5
Flexible Products & Services	4.6		11.2		6.6		17.2
Land Management	2.4		2.2		4.3		4.8
Total operating profit	$	72.0	$	90.6	$	151.2	$	157.8

Depreciation, depletion and amortization expense:
Rigid Industrial Packaging & Services	$	20.0	$	18.7	$	39.6	$	38.4
Paper Packaging & Services	38.8		34.2		78.0		43.0
Flexible Products & Services	1.5		1.6		3.0		3.3
Land Management	0.9		1.0		1.9		2.1
Total depreciation, depletion and amortization expense	$	61.2	$	55.5	$	122.5	$	86.8

The following table presents total assets by segment and total properties, plants and equipment, net by geographic area:


(in millions)	April 30, 2020		October 31, 2019
Assets:
Rigid Industrial Packaging & Services	$	2,072.7	$	2,006.3
Paper Packaging & Services	2,691.7		2,686.3
Flexible Products & Services	154.7		148.2
Land Management	349.1		348.7
Total segments	5,268.2		5,189.5
Corporate and other	260.8		237.2
Total assets	$	5,529.0	$	5,426.7

Long lived assets, net*:
United States	$	1,441.3	$	1,295.8
Europe, Middle East and Africa	366.5		277.1
Asia Pacific and other Americas	109.3		117.4
Total long-lived assets, net	$	1,917.1	$	1,690.3
* current year disclosure includes impact of capitalization of operating lease assets

REDEEMABLE NONCONTROLLING INTERESTS

6 Months Ended

Apr. 30, 2020

Noncontrolling Interest [Abstract]

REDEEMABLE NONCONTROLLING INTERESTS

Mandatorily Redeemable Noncontrolling Interests

The terms of the joint venture agreement for one joint venture within the Rigid Industrial Packaging & Services segment include mandatory redemption by the Company, in cash, of the noncontrolling interest holders’ equity at a formulaic price after the expiration of a lockout period specific to each noncontrolling interest holder. The redemption features cause the interest to be classified as a mandatorily redeemable instrument under the accounting guidance, and this interest is included at the current redemption value each period in long-term or short-term liabilities of the Company, as applicable. The impact of marking to redemption value at each period end is recorded in interest expense. The carrying amount is not reduced below the initially recorded contribution. The Company has a contractual obligation to redeem the outstanding equity interest of each remaining partner in 2022 and 2023, respectively.

The following table summarizes the change in mandatorily redeemable noncontrolling interest for the six months ended April 30, 2020:


(in millions)	Mandatorily Redeemable Noncontrolling Interest






Balance as of October 31, 2019	$	8.4
Current period mark to redemption value	—

Balance as of April 30, 2020	$	8.4

Redeemable Noncontrolling Interests

Redeemable noncontrolling interests related to two joint ventures within the Paper Packaging & Services segment and one joint venture within the Rigid Industrial Packaging & Services segment are held by the respective noncontrolling interest owners. The holders of these interests share in the profits and losses of these entities on a pro-rata basis with the Company. However, the noncontrolling interest owners have the right to put all or a portion of those noncontrolling interests to the Company at a formulaic price after a set period of time, specific to each agreement.

Redeemable noncontrolling interests are reflected in the interim condensed consolidated balance sheets at redemption value. The following table summarizes the change in redeemable noncontrolling interest for the six months ended April 30, 2020:


(in millions)	Redeemable Noncontrolling Interest







Balance as of October 31, 2019	$	21.3
Current period mark to redemption value	(1.1)

Redeemable noncontrolling interest share of income and other	0.1
Dividends to redeemable noncontrolling interest and other	(0.3)
Balance as of April 30, 2020	$	20.0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Apr. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The interim condensed consolidated financial statements have been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) instructions to Quarterly Reports on Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the interim condensed consolidated financial statements and accompanying notes. Actual amounts could differ from those estimates. The fiscal year of Greif, Inc. and its subsidiaries (the “Company”) begins on November 1 and ends on October 31 of the following year. Any references to years or to any quarter of those years, relates to the fiscal year or quarter, as the case may be, ended in that year, unless otherwise stated. The information filed herein reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim condensed consolidated balance sheets as of April 30, 2020 and October 31, 2019, the interim condensed consolidated statements of income and comprehensive income for the three and six months ended April 30, 2020 and 2019 and the interim condensed consolidated statements of cash flows for the six months ended April 30, 2020 and 2019 of the Company. The interim condensed consolidated financial statements include the accounts of Greif, Inc., all wholly-owned and consolidated subsidiaries and investments in limited liability companies, partnerships and joint ventures in which it has controlling influence or is the primary beneficiary. Non-majority owned entities include investments in limited liability companies, partnerships and joint ventures in which the Company does not have controlling influence and are accounted for using either the equity or cost method, as appropriate. The unaudited interim condensed consolidated financial statements included in the Quarterly Report on Form 10-Q (this “Form 10-Q”) should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for its fiscal year ended October 31, 2019 (the “2019 Form 10-K”). COVID-19 The COVID-19 pandemic has caused an economic downturn on a global scale, as well as significant market disruption and volatility. In response to the outbreak of COVID-19, governmental authorities throughout the world have implemented numerous measures to try to reduce the spread and impact of the virus, including quarantines, shelter in place, and shutdowns of so-called “non-essential” businesses. Under the guidance issued by the U.S. Department of Homeland Security, and similar designations by governmental authorities throughout the world, the products the Company manufactures and the services the Company provides have been deemed "essential" and, as a result, governments in every country in which the Company does business have allowed operations to continue without disruption. However, a significant number of the Company's customers or the Company's customers' end use markets are deemed "non-essential" under some governmental orders or have suspended operations due to a decreased demand for their products resulting from the negative economic conditions. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses in this Form 10-Q. Though there have not been material changes to estimates and assumptions disclosed in the Company's 2019 Form 10-K, actual results and outcomes during the three months ended April 30, 2020 may be different than estimated or assumed related to changes in economic and geopolitical environments due to COVID-19. The scope, duration and magnitude of the effects of COVID-19 are evolving rapidly and in ways that are difficult or impossible to anticipate. The Company cannot, at this time, predict the impact the pandemic will have on its future consolidated financial position, cash flows or results of operations, however, the impact could be material. The Company's future financial results and operations depend in part on the duration and severity of the pandemic and what actions are taken to mitigate the outbreak.
Newly Adopted Accounting Standards and Recently Issued Accounting Standards	Newly Adopted Accounting Standards In February 2016 and July 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02 and ASU 2018-11, "Leases (Topic 842)," or Accounting Standards Codification ("ASC") 842, which amends the lease accounting and disclosure requirements in ASC 840, "Leases." The objective of this update is to increase transparency and comparability among organizations recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about lease arrangements. The Company adopted ASU 2018-11 on November 1, 2019, utilizing a modified retrospective approach and did not adjust its comparative period financial information. The Company adopted the practical expedient package which permits the Company to not reassess previous conclusions whether a contract is or contains a lease, lease classification, or treatment of indirect costs for existing contracts as of the adoption date. The Company also adopted the short-term lease recognition exemption and the practical expedient allowing for the combination of lease and non-lease components for all leases except real estate, for which these components are presented separately. The Company has completed the lease collection and evaluation process, implemented a technology tool to assist with the accounting and reporting requirements of the new standard, and designed new processes and controls around leases. On the day of adoption, the Company capitalized onto the balance sheet $301.2 million of right-of-use assets and $305.8 million of lease liabilities related to operating leases. The adoption did not have a material impact on the Company's financial position, results of operations, comprehensive income, cash flows, or disclosures, other than as set forth above and in Note 12 to the Interim Condensed Consolidated Financial Statements. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses.” This ASU sets forth a current expected credit loss model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The Company plans to adopt this ASU on November 1, 2020. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income, cash flows and disclosures. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", which is intended to simplify various aspects related to accounting for income taxes. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. The effective date for the Company to adopt this ASU is November 1, 2021. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income, cash flow and disclosures. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The objective of this ASU is to provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The optional expedients provided for within the ASU are available immediately and through December 31, 2023. The Company is currently assessing the optional expedients for relevance based upon the Company's current contractual relationships containing rates to be discontinued with reference rate reform, primarily the London Interbank Offered Rate ("LIBOR"). The Company currently plans to apply the expedient related to hedging relationships, which allows for the Company in the future to amend hedge documentation, without dedesignating and redesignating, for all outstanding hedging relationships. The Company also has long-term debt and interest rate derivatives, as described in Note 6 and 7 to the Interim Condensed Consolidated Financial Statements, respectively, which rely upon use of LIBOR. The Company is in the process of assessing the expedients related to these relationships, and in accordance with ASU 2020-04 reserves the right to elect additional expedients throughout the effective period. The Company is still assessing all contractual relationships that utilize LIBOR for impacts to the Company's financial position, results of operations, comprehensive income, cash flows, and disclosures.

ACQUISITIONS AND DIVESTITURES (Tables)

6 Months Ended

Apr. 30, 2020

Business Combinations [Abstract]

Schedule of preliminary valuation of identifiable assets acquired and liabilities assumed


(in millions)	Amounts Recognized as of the Acquisition Date		Measurement Period Adjustments (1)		Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
Cash consideration	$	1,834.9	$	—	$	1,834.9

Recognized amounts of identifiable assets acquired and liabilities assumed
Accounts receivable	$	147.0	$	—	$	147.0
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)		52.0		(133.7)
Pension and postretirement obligations	(67.1)		—		(67.1)
Other long-term liabilities	(12.7)		(7.5)		(20.2)
Total liabilities assumed	(429.7)		41.8		(387.9)
Total identifiable net assets	$	1,082.4	$	23.2	$	1,105.6
Goodwill	$	752.5	$	(23.2)	$	729.3

Schedule of finite-lived intangible assets acquired as part of business combination


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

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Apr. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Carrying Amount of Goodwill by Segment

The following table summarizes the changes in the carrying amount of goodwill by segment for the six months ended April 30, 2020:


(in millions)	Rigid Industrial Packaging & Services		Paper Packaging & Services		Total
Balance at October 31, 2019	$	731.7	$	786.1	$	1,517.8

Goodwill allocated to divestitures	—		(35.6)		(35.6)
Goodwill adjustments related to acquisitions	—		2.8		2.8

Currency translation	(10.3)		—		(10.3)
Balance at April 30, 2020	$	721.4	$	753.3	$	1,474.7

Summary of Carrying Amount of Net Other Intangible Assets by Class

The following table summarizes the carrying amount of net intangible assets by class as of April 30, 2020 and October 31, 2019:


(in millions)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
April 30, 2020:
Indefinite lived:
Trademarks and patents	$	13.0	$	—	$	13.0
Definite lived:
Customer relationships	884.1		174.9		709.2

Trademarks, patents and trade names	26.7		12.0		14.7
Non-compete agreements	2.2		1.5		0.7
Other	21.4		18.8		2.6
Total	$	947.4	$	207.2	$	740.2


(in millions)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
October 31, 2019:
Indefinite lived:
Trademarks and patents	$	13.1	$	—	$	13.1
Definite lived:
Customer relationships	890.6		150.3		740.3
Trademarks and patents	27.0		9.3		17.7
Non-compete agreements	2.3		0.7		1.6
Other	21.9		18.1		3.8
Total	$	954.9	$	178.4	$	776.5

RESTRUCTURING CHARGES (Tables)

6 Months Ended

Apr. 30, 2020

Restructuring and Related Activities [Abstract]

Reconciliation of Beginning and Ending Restructuring Reserve Balances

The following is a reconciliation of the beginning and ending restructuring reserve balances for the six months ended April 30, 2020:


(in millions)	Employee Separation Costs		Other Costs		Total
Balance at October 31, 2019	$	9.5	$	1.8	$	11.3
Costs incurred and charged to expense	5.1		2.6		7.7
Costs paid or otherwise settled	(8.9)		(3.3)		(12.2)
Balance at April 30, 2020	$	5.7	$	1.1	$	6.8

Reconciliation of Total Amounts Expected to be Incurred from Open Restructuring Plans Anticipated to be Realized


(in millions)	Total Amounts Expected to be Incurred		Amounts Incurred During the six months ended April 30, 2020		Amounts Remaining to be Incurred
Rigid Industrial Packaging & Services
Employee separation costs	$	13.7	$	2.6	$	11.1
Other restructuring costs	3.8		1.2		2.6
	17.5		3.8		13.7
Flexible Products & Services
Employee separation costs	1.4		0.5		0.9
Other restructuring costs	2.3		0.7		1.6
	3.7		1.2		2.5
Paper Packaging & Services
Employee separation costs	2.4		2.0		0.4
Other restructuring costs	2.7		0.7		2.0
	5.1		2.7		2.4




	$	26.3	$	7.7	$	18.6

CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Apr. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Total Net Assets of Flexible Packaging JV

The following table presents the Flexible Packaging JV total net assets:


(in millions)	April 30, 2020		October 31, 2019
Cash and cash equivalents	$	27.5	$	16.9
Trade accounts receivable, less allowance of $1.0 in 2020 and $0.7 in 2019	45.0		51.2
Inventories	38.2		46.4
Properties, plants and equipment, net	20.0		22.3
Other assets	26.8		29.3
Total assets	$	157.5	$	166.1

Accounts payable	$	26.4	$	28.9
Other liabilities	18.4		23.6
Total liabilities	$	44.8	$	52.5

Total Net Assets of Paper Packaging JV

The following table presents the Paper Packaging JV total net assets:


(in millions)	April 30, 2020
Cash and cash equivalents	$	—
Trade accounts receivable, less allowance of $0.0 in 2020	2.7
Inventories	6.5
Properties, plants and equipment, net	34.7
Other assets	0.4
Total assets	$	44.3

Accounts payable	$	4.5
Other liabilities	1.0
Total liabilities	$	5.5

LONG-TERM DEBT (Tables)

6 Months Ended

Apr. 30, 2020

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt is summarized as follows:


(in millions)	April 30, 2020		October 31, 2019
2019 Credit Agreement - Term Loans	$	1,570.3	$	1,612.2
Senior Notes due 2027	494.7		494.3
Senior Notes due 2021	216.1		221.7
Accounts receivable credit facilities	336.2		351.6
2019 Credit Agreement - Revolving Credit Facility	73.7		76.1
Other debt	0.2		0.4
	2,691.2		2,756.3
Less: current portion	83.8		83.7
Less: deferred financing costs	12.3		13.6
Long-term debt, net	$	2,595.1	$	2,659.0

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Apr. 30, 2020

Fair Value Disclosures [Abstract]

Recurring Fair Value Measurements

The following table presents the fair value for those assets and (liabilities) measured on a recurring basis as of April 30, 2020 and October 31, 2019:


	April 30, 2020
	Fair Value Measurement
(in millions)	Level 1		Level 2		Level 3		Total		Balance Sheet Location

Interest rate derivatives	—		(51.0)		—		(51.0)		Other current liabilities and other long-term liabilities
Foreign exchange hedges	—		3.0		—		3.0		Other current assets
Foreign exchange hedges	—		(1.2)		—		(1.2)		Other current liabilities
Insurance annuity	—		—		19.5		19.5		Other long-term assets
Cross currency swap	—		15.0		—		15.0		Other current assets and other long-term assets

Total	$	—	$	(34.2)	$	19.5	$	(14.7)


	October 31, 2019
	Fair Value Measurement
(in millions)	Level 1		Level 2		Level 3		Total		Balance Sheet Location
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 current assets and other long-term assets

Total	$	—	$	(12.4)	$	20.0	$	7.6

Estimated Fair Values for the Company's Senior Notes and Assets Held by Special Purpose Entities

The following table presents the estimated fair values of the Company’s Senior Notes and Assets held by special purpose entities:


(in millions)	April 30, 2020		October 31, 2019
Senior Notes due 2021 estimated fair value	$	229.5	$	248.1
Senior Notes due 2027 estimated fair value	504.4		537.9
Assets held by special purpose entities estimated fair value	51.7		51.9

Summary of Quantitative about Significant Unobservable Inputs Used to Determine Fair Value of Impairment of Long-Lived Assets Held and Used and Net Assets Held for Sale

Quantitative Information about Level 3
Fair Value Measurements

(in millions)

Fair Value of
Impairment

Valuation
Technique

Unobservable
Input

Range of
Input
Values

April 30, 2020

Impairment of Long Lived Assets

1.4

Discounted Cash Flows

N/A

Total

1.4

April 30, 2019

Impairment of Net Assets Held for Sale

2.1

Indicative Bids

N/A

Total

2.1

POST RETIREMENT BENEFIT PLANS (Tables)

6 Months Ended

Apr. 30, 2020

Postemployment Benefits [Abstract]

Components of Net Periodic Pension Cost

The components of net periodic pension cost include the following:


	Three Months Ended April 30,						Six Months Ended April 30,
(in millions)	2020		2019		2020		2019
Service cost	$	2.8	$	3.8	$	6.0	$	6.3
Interest cost	5.6		8.7		12.2		13.9
Expected return on plan assets	(7.9)		(6.2)		(18.2)		(12.4)
Amortization of prior service cost (benefit)	2.9		(3.0)		6.4		(1.2)
Net periodic pension cost	$	3.4	$	3.3	$	6.4	$	6.6

Components of Net Periodic Cost for Postretirement Benefits

The components of net periodic post-retirement benefit include the following:


	Three Months Ended April 30,						Six Months Ended April 30,
(in millions)	2020		2019		2020		2019

Interest cost	$	0.1	$	0.1	$	0.2	$	0.2
Amortization of prior service benefit	(0.2)		(0.4)		(0.3)		(0.8)
Net periodic post-retirement benefit	$	(0.1)	$	(0.3)	$	(0.1)	$	(0.6)

EARNINGS PER SHARE (Tables)

6 Months Ended

Apr. 30, 2020

Earnings Per Share [Abstract]

Computation of Class Based Basic and Diluted Earnings Per Share

The Company calculates EPS as follows:

Basic Class A EPS

40% * Average Class A Shares Outstanding

Undistributed Net Income

Class A Dividends Per Share

40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding

Average Class A Shares Outstanding

Diluted Class A EPS

40% * Average Class A Shares Outstanding

Undistributed Net Income

Class A Dividends Per Share

40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding

Average Diluted Class A Shares Outstanding

Basic Class B EPS

60% * Average Class B Shares Outstanding

Undistributed Net Income

Class B Dividends Per Share

40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding

Average Class B Shares Outstanding

*Diluted Class B EPS calculation is identical to Basic Class B calculation

Computation of Earnings Per Share Basic and Diluted

The following table provides EPS information for each period, respectively:


	Three Months Ended April 30,						Six Months Ended April 30,
(in millions)	2020		2019		2020		2019
Numerator for basic and diluted EPS
Net income attributable to Greif, Inc.	$	11.4	$	13.6	$	43.7	$	43.3
Cash dividends	(26.1)		(26.1)		(52.0)		(51.8)
Undistributed net income attributable to Greif, Inc.	$	(14.7)	$	(12.5)	$	(8.3)	$	(8.5)

Summarization of Company's Class A and Class B Common and Treasury Shares

The following table summarizes the Company’s Class A and Class B common and treasury shares as of the specified dates:


	Authorized Shares	Issued Shares	Outstanding Shares	Treasury Shares
April 30, 2020
Class A Common Stock	128,000,000	42,281,920	26,441,986	15,839,934
Class B Common Stock	69,120,000	34,560,000	22,007,725	12,552,275

October 31, 2019
Class A Common Stock	128,000,000	42,281,920	26,257,943	16,023,977
Class B Common Stock	69,120,000	34,560,000	22,007,725	12,552,275

Reconciliation of Shares Used to Calculate Basic and Diluted Earnings Per Share

The following is a reconciliation of the shares used to calculate basic and diluted earnings per share:


	Three Months Ended April 30,			Six Months Ended April 30,
	2020	2019	2020	2019
Class A Common Stock:
Basic shares	26,386,439	26,250,460	26,323,691	26,120,946
Assumed conversion of restricted shares	—	4,652	—	1,134
Diluted shares	26,386,439	26,255,112	26,323,691	26,122,080
Class B Common Stock:
Basic and diluted shares	22,007,725	22,007,725	22,007,725	22,007,725

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (SX 210.3-04)
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
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-Subparagraph (SX 210.5-02(27))
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

LEASES - (Tables)

6 Months Ended

Apr. 30, 2020

Leases [Abstract]

Lease Assets And Liabilities

The following table presents the balance sheet classification of the Company’s lease assets and liabilities as of April 30, 2020:


(in millions)	Balance Sheet Classification	April 30, 2020
Lease Assets
Operating lease assets	Operating lease assets	$	321.0
Finance lease assets	Other long-term assets	5.0
Total lease assets		$	326.0

Lease Liabilities
Current operating lease liabilities	Current portion of operating lease liabilities	$	53.1
Current finance lease liabilities	Other current liabilities	1.7
Total current lease liabilities		54.8

Non-current operating lease liabilities	Operating lease liabilities	270.6
Non-current finance lease liabilities	Other long-term liabilities	3.3
Total non-current lease liabilities		273.9
Total lease liabilities		$	328.7

Components of Lease Expense

The following table presents the lease expense components for the three and six months ended April 30, 2020:


	Three Months Ended April 30,		Six Months Ended April 30,
(in millions)	2020		2020
Operating lease cost	$	15.6	$	32.8
Finance lease cost	0.5		0.7
Variable lease cost^*	7.6		13.8
Total lease cost	$	23.7	$	47.3

^* Amount includes short-term lease costs. The Company continues to account for short-lease leases, which are immaterial for individual reporting.

The following table presents the weighted-average lease term and discount rate as of April 30, 2020:


Weighted-average remaining lease term (years):
Operating leases	11.4
Finance leases	4.0
Weighted-average discount rate:
Operating leases	3.81	%
Finance leases	3.46	%

The following table presents other required lease related information for the three and six months ended April 30, 2020:


	Three Months Ended April 30,		Six Months Ended April 30,
(in millions)	2020		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	18.2	$	35.3
Financing cash flows used for finance leases	0.3		0.7
Leased assets obtained in exchange for new operating lease liabilities	34.4		63.1
Leased assets obtained in exchange for new finance lease liabilities	0.3		0.3

In compliance with ASC 842, the Company must provide the prior year disclosures required under the previous lease guidance for comparative periods presented herein.

The table below contains information related to the Company’s rent expense as disclosed within the 10-K for the period ended October 31, 2019:


	Year Ended October 31,
(in millions)	2019		2018		2017
Rent Expense	$	86.2	$	47.1	$	41.0


(in millions)	Operating Leases		Capital Leases
Year(s):
2020	$	64.8	$	1.8
2021	57.0		1.6
2022	48.7		1.3
2023	40.1		1.0
2024	31.6		0.6
Thereafter	117.5		0.3
Total	$	359.7	$	6.6

Maturities of Operating Lease Liabilities

Future maturity for the Company's lease liabilities, during the next five years, and in the aggregate for the years thereafter, are as follows:


(in millions)	Operating Leases		Finance Leases		Total expected payments
2020	$	64.7	$	1.4	$	66.1
2021	58.9		1.4		60.3
2022	51.3		1.1		52.4
2023	44.0		0.8		44.8
2024	36.5		0.5		37.0
Thereafter	174.2		0.3		174.5
Total lease payments	$	429.6	$	5.5	$	435.1
Less: Interest	(105.9)		(0.5)		(106.4)
Lease liabilities	$	323.7	$	5.0	$	328.7

Maturities of Financing Lease Liabilities

Future maturity for the Company's lease liabilities, during the next five years, and in the aggregate for the years thereafter, are as follows:


(in millions)	Operating Leases		Finance Leases		Total expected payments
2020	$	64.7	$	1.4	$	66.1
2021	58.9		1.4		60.3
2022	51.3		1.1		52.4
2023	44.0		0.8		44.8
2024	36.5		0.5		37.0
Thereafter	174.2		0.3		174.5
Total lease payments	$	429.6	$	5.5	$	435.1
Less: Interest	(105.9)		(0.5)		(106.4)
Lease liabilities	$	323.7	$	5.0	$	328.7

Schedule of Information Related to Company's Rent Expense

The table below contains information related to the Company’s rent expense as disclosed within the 10-K for the period ended October 31, 2019:


	Year Ended October 31,
(in millions)	2019		2018		2017
Rent Expense	$	86.2	$	47.1	$	41.0

Schedule of Company's Minimum Rent Commitments Under Operating and Capital Leases


(in millions)	Operating Leases		Capital Leases
Year(s):
2020	$	64.8	$	1.8
2021	57.0		1.6
2022	48.7		1.3
2023	40.1		1.0
2024	31.6		0.6
Thereafter	117.5		0.3
Total	$	359.7	$	6.6

EQUITY AND COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Apr. 30, 2020

Equity [Abstract]

Summary of Changes in Equity

The following table summarizes the changes in equity for the three and six months ended April 30, 2020 (Dollars in millions, shares in thousands):


	Three Months Ended April 30, 2020
	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 January 31, 2020	48,269	$	162.7	28,573	$	(134.7)	$	1,548.7	$	(412.9)	$	1,163.8	$	58.9	$	1,222.7
Net income							11.4				11.4		4.4		15.8
Other comprehensive income (loss):
Foreign currency translation									(48.7)		(48.7)		(3.6)		(52.3)
Derivative financial instruments, net of immaterial income tax expense									(23.1)		(23.1)				(23.1)
Minimum pension liability adjustment, net of immaterial income tax expense									1.3		1.3				1.3
Comprehensive loss				.							(59.1)				(58.3)
Current period mark to redemption value of redeemable noncontrolling interest							(2.2)				(2.2)				(2.2)



Dividends paid to Greif, Inc. shareholders ($0.44 and $0.66 per Class A share and Class B share, respectively)							(26.1)				(26.1)				(26.1)
Dividends paid to noncontrolling interests and other											—		(7.7)		(7.7)

Long-term incentive shares issued	153	5.0		(153)	0.3						5.3				5.3
Share based compensation	—	0.5		—	—						0.5				0.5
Restricted stock, directors	28	1.0		(28)	—						1.0				1.0

As of April 30, 2020	48,450	$	169.2	28,392	$	(134.4)	$	1,531.8	$	(483.4)	$	1,083.2	$	52.0	$	1,135.2


	Six Months Ended April 30, 2020
	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, 2019	48,266	$	162.6	28,576	$	(134.8)	$	1,539.0	$	(433.7)	$	1,133.1	$	58.0	$	1,191.1
Net income							43.7				43.7		8.2		51.9
Other comprehensive income (loss):
Foreign currency translation									(49.8)		(49.8)		(5.6)		(55.4)
Derivative financial instruments, net of immaterial income tax expense									(22.9)		(22.9)				(22.9)
Minimum pension liability adjustment, net of $7.5 million of income tax expense									23.0		23.0				23.0
Comprehensive loss				.							(6.0)				(3.4)
Current period mark to redemption value of redeemable noncontrolling interest							1.1				1.1				1.1
Net income allocated to redeemable noncontrolling interests											—		(0.1)		(0.1)


Dividends paid to Greif, Inc. shareholders ($0.88 and $1.31 per Class A share and Class B share, respectively)							(52.0)				(52.0)				(52.0)
Dividends paid to noncontrolling interests and other											—		(8.5)		(8.5)
Long-term incentive shares issued	153	5.0		(153)	0.3						5.3				5.3
Share based compensation	—	0.5		—	—						0.5				0.5
Restricted stock, executive	3	0.1		(3)	0.1						0.2				0.2
Restricted stock, directors	28	1		(28)	—						1.0				1.0

As of April 30, 2020	48,450	$	169.2	28,392	$	(134.4)	$	1,531.8	$	(483.4)	$	1,083.2	$	52.0	$	1,135.2

The following table summarizes the changes in equity for the three and six months ended April 30, 2019 (Dollars in millions, shares in thousands):


	Three Months Ended April 30, 2019
	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 January 31, 2019	48,241	$	161.5	28,601	$	(134.8)	$	1,471.9	$	(379.4)	$	1,119.2	$	52.3	$	1,171.5
Net income							13.6				13.6		7.5		21.1
Other comprehensive income (loss):
Foreign currency translation									(12.7)		(12.7)		(2.0)		(14.7)
Derivative financial instruments, net of income tax benefit of $5.3 million									(10.0)		(10.0)				(10.0)
Minimum pension liability adjustment, net of immaterial income tax									0.7		0.7				0.7
Comprehensive loss											(8.4)				(2.9)

Current period mark to redemption value of redeemable noncontrolling interest							0.8				0.8				0.8
Net income allocated to redeemable noncontrolling interests											—		(0.5)		(0.5)
Dividends paid to Greif, Inc. shareholders ($0.44 and $0.66 per Class A share and Class B share, respectively)							(26.1)				(26.1)				(26.1)
Dividends paid to noncontrolling interests											—		(7.5)		(7.5)
Restricted stock, directors	25	1.1		(25)	—						1.1				1.1
As of April 30, 2019	48,266	$	162.6	28,576	$	(134.8)	$	1,460.2	$	(401.4)	$	1,086.6	$	49.8	$	1,136.4


	Six Months Ended April 30, 2019
	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, 2018	47,949	$	150.5	28,893	$	(135.4)	$	1,469.8	$	(377.1)	$	1,107.8	$	46.4	$	1,154.2
Net income							43.3				43.3		13.6		56.9
Other comprehensive income (loss):
Foreign currency translation									(8.5)		(8.5)		(1.0)		(9.5)
Derivative financial instruments, net of income tax benefit of $3.4 million									(15.7)		(15.7)				(15.7)
Minimum pension liability adjustment, net of immaterial income tax									(0.1)		(0.1)				(0.1)
Comprehensive income											19.0				31.6
Adoption of ASU 2016-16							(2.1)				(2.1)				(2.1)
Current period mark to redemption value of redeemable noncontrolling interest							1.0				1.0				1.0
Net income allocated to redeemable noncontrolling interests											—		(1.3)		(1.3)
Dividends paid to Greif, Inc. shareholders ($0.88 and $1.31 per Class A share and Class B share, respectively)							(51.8)				(51.8)				(51.8)
Dividends paid to noncontrolling interests											—		(7.9)		(7.9)
Restricted stock, directors	25	1.1		(25)							1.1				1.1
Long-term incentive shares issued	292	11.0		(292)	0.6						11.6				11.6
As of April 30, 2019	48,266	$	162.6	28,576	$	(134.8)	$	1,460.2	$	(401.4)	$	1,086.6	$	49.8	$	1,136.4

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table provides the rollforward of accumulated other comprehensive income (loss) for the six months ended April 30, 2020:


(in millions)	Foreign Currency Translation		Derivative Financial Instruments		Minimum Pension Liability Adjustment		Accumulated Other Comprehensive Income (Loss)
Balance as of October 31, 2019	$	(298.0)	$	(12.7)	$	(123.0)	$	(433.7)
Other Comprehensive Income (Loss)	(49.8)		(22.9)		23.0		(49.7)
Balance as of April 30, 2020	$	(347.8)	$	(35.6)	$	(100.0)	$	(483.4)

The following table provides the rollforward of accumulated other comprehensive income (loss) for the six months ended April 30, 2019:


(in millions)	Foreign Currency Translation		Interest Rate Derivative		Minimum Pension Liability Adjustment		Accumulated Other Comprehensive Income (Loss)
Balance as of October 31, 2018	$	(292.8)	$	13.4	$	(97.7)	$	(377.1)
Other Comprehensive Income (Loss)	(8.5)		(15.7)		(0.1)		(24.3)
Balance as of April 30, 2019	$	(301.3)	$	(2.3)	$	(97.8)	$	(401.4)

BUSINESS SEGMENT INFORMATION (Tables)

6 Months Ended

Apr. 30, 2020

Segment Reporting [Abstract]

Revenue from External Customers by Geographic Areas

The following tables present net sales disaggregated by geographic area for each reportable segment for the three and six months ended April 30, 2020:


	Three Months Ended April 30, 2020
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Rigid Industrial Packaging & Services	$	220.8	$	281.3	$	100.5	$	602.6
Paper Packaging & Services	475.1		—		6.5		481.6
Flexible Products & Services	5.7		54.9		6.8		67.4
Land Management	6.7		—		—		6.7
Total net sales	$	708.3	$	336.2	$	113.8	$	1,158.3


	Six Months Ended April 30, 2020
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Rigid Industrial Packaging & Services	$	422.6	$	540.1	$	208.6	$	1,171.3
Paper Packaging & Services	942.9		—		12.4		955.3
Flexible Products & Services	13.0		103.4		14.0		130.4
Land Management	13.7		—		—		13.7
Total net sales	$	1,392.2	$	643.5	$	235.0	$	2,270.7

The following tables present net sales disaggregated by geographic area for each reportable segment for the three and six months ended April 30, 2019:


	Three Months Ended April 30, 2019
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Rigid Industrial Packaging & Services	$	232.9	$	283.7	$	115.0	$	631.6
Paper Packaging & Services	491.6		—		6.0		497.6
Flexible Products & Services	8.6		60.7		7.7		77.0
Land Management	7.1		—		—		7.1
Total net sales	$	740.2	$	344.4	$	128.7	$	1,213.3


	Six Months Ended April 30, 2019
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Rigid Industrial Packaging & Services	$	458.4	$	535.6	$	235.5	$	1,229.5
Paper Packaging & Services	708.9		—		6.0		714.9
Flexible Products & Services	16.7		120.0		15.4		152.1
Land Management	13.8		—		—		13.8
Total net sales	$	1,197.8	$	655.6	$	256.9	$	2,110.3

Segment Information

The following segment information is presented for the periods indicated:


	Three Months Ended April 30,						Six Months Ended April 30,
(in millions)	2020		2019		2020		2019
Operating profit:
Rigid Industrial Packaging & Services	$	70.5	$	47.0	$	113.3	$	70.3
Paper Packaging & Services	(5.5)		30.2		27.0		65.5
Flexible Products & Services	4.6		11.2		6.6		17.2
Land Management	2.4		2.2		4.3		4.8
Total operating profit	$	72.0	$	90.6	$	151.2	$	157.8

Depreciation, depletion and amortization expense:
Rigid Industrial Packaging & Services	$	20.0	$	18.7	$	39.6	$	38.4
Paper Packaging & Services	38.8		34.2		78.0		43.0
Flexible Products & Services	1.5		1.6		3.0		3.3
Land Management	0.9		1.0		1.9		2.1
Total depreciation, depletion and amortization expense	$	61.2	$	55.5	$	122.5	$	86.8

Properties, Plants and Equipment, Net by Geographical Area

The following table presents total assets by segment and total properties, plants and equipment, net by geographic area:


(in millions)	April 30, 2020		October 31, 2019
Assets:
Rigid Industrial Packaging & Services	$	2,072.7	$	2,006.3
Paper Packaging & Services	2,691.7		2,686.3
Flexible Products & Services	154.7		148.2
Land Management	349.1		348.7
Total segments	5,268.2		5,189.5
Corporate and other	260.8		237.2
Total assets	$	5,529.0	$	5,426.7

Long lived assets, net*:
United States	$	1,441.3	$	1,295.8
Europe, Middle East and Africa	366.5		277.1
Asia Pacific and other Americas	109.3		117.4
Total long-lived assets, net	$	1,917.1	$	1,690.3
* current year disclosure includes impact of capitalization of operating lease assets

REDEEMABLE NONCONTROLLING INTERESTS (Tables)

6 Months Ended

Apr. 30, 2020

Noncontrolling Interest [Abstract]

Rollforward of Redeemable Noncontrolling Interest

The following table summarizes the change in mandatorily redeemable noncontrolling interest for the six months ended April 30, 2020:


(in millions)	Mandatorily Redeemable Noncontrolling Interest






Balance as of October 31, 2019	$	8.4
Current period mark to redemption value	—

Balance as of April 30, 2020	$	8.4


(in millions)	Redeemable Noncontrolling Interest







Balance as of October 31, 2019	$	21.3
Current period mark to redemption value	(1.1)

Redeemable noncontrolling interest share of income and other	0.1
Dividends to redeemable noncontrolling interest and other	(0.3)
Balance as of April 30, 2020	$	20.0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Apr. 30, 2020	Oct. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets	$ 321.0	$ 0.0
Lease liabilities	323.7
Accounting Standards Update 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets	301.2
Lease liabilities	$ 305.8

ACQUISITIONS AND DIVESTITURES - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Feb. 11, 2019	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Business Acquisition [Line Items]
Loss on disposal		$ 38.4	$ 1.7	$ 38.4	$ 1.7
Paper Packaging & Services \| 2020 Divestiture
Business Acquisition [Line Items]
Proceeds from divestiture and deconsolidation		85.0
Proceeds from divestiture and deconsolidation, adjustment		3.4
Proceeds from divestiture and deconsolidation, net of adjustments		81.6
Loss on sale of business		38.4		38.4
Loss from goodwill		35.6		35.6
Caraustar
Business Acquisition [Line Items]
Payments to acquire business	$ 1,834.9
Goodwill	752.5	729.3		$ 729.3
Cash consideration	$ 1,834.9	$ 1,834.9
Building \| Minimum \| Caraustar
Business Acquisition [Line Items]
Useful life	1 year
Building \| Maximum \| Caraustar
Business Acquisition [Line Items]
Useful life	20 years
Equipment \| Minimum \| Caraustar
Business Acquisition [Line Items]
Useful life	1 year
Equipment \| Maximum \| Caraustar
Business Acquisition [Line Items]
Useful life	15 years

ACQUISITIONS AND DIVESTITURES - Schedule of preliminary valuation of identifiable assets acquired and liabilities assumed (Details) - Caraustar - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Feb. 11, 2019	Apr. 30, 2020	Jan. 31, 2020
Fair value of consideration transferred
Cash consideration	$ 1,834.9	$ 1,834.9
Cash consideration, measurement period adjustments			$ 0.0
Recognized amounts of identifiable assets acquired and liabilities assumed
Accounts receivable	147.0	147.0
Accounts receivable, measurement period adjustments			0.0
Inventories	103.9	99.5
Inventories, measurement period adjustments			(4.4)
Prepaid and other current assets	21.5	12.2
Prepaid and other current assets, measurement period adjustments			(9.3)
Intangibles	717.1	725.5
Intangibles, measurement period adjustments			8.4
Other long-term assets	1.3	5.6
Other long term assets measurement period adjustments			4.3
Properties, plants and equipment	521.3	503.7
Properties, plants and equipment, measurement period adjustments			(17.6)
Total assets acquired	1,512.1	1,493.5
Total assets acquired, measurement period adjustments			(18.6)
Accounts payable	(99.5)	(99.5)
Accounts payable, measurement period adjustments			0.0
Accrued payroll and employee benefits	(42.9)	(50.1)
Accrued payroll and employee benefits, measurement adjustments			(7.2)
Other current liabilities	(21.8)	(17.3)
Other current liabilities, measurement period adjustments			4.5
Long-term deferred tax liability	(185.7)	(133.7)
Long-term deferred tax liability, measurement period adjustments			52.0
Pension and postretirement obligations	(67.1)	(67.1)
Pension and postretirement obligations, measurement period adjustments			0.0
Other long-term liabilities	(12.7)	(20.2)
Other long-term liabilities, measurement period adjustments			(7.5)
Total liabilities assumed	(429.7)	(387.9)
Total liabilities assumed, measurement period adjustments			41.8
Total identifiable net assets	1,082.4	1,105.6
Total identifiable net assets, measurement period adjustments			23.2
Goodwill	$ 752.5	$ 729.3
Increase (decrease) in goodwill, measurement period adjustments			$ (23.2)

ACQUISITIONS AND DIVESTITURES - Schedule of intangible assets assumed (Details) - Caraustar - USD ($) $ in Millions	Jan. 31, 2020	Apr. 30, 2020	Feb. 11, 2019
Business Acquisition [Line Items]
Final Purchase Price Allocation		$ 725.5	$ 717.1
Customer relationships
Business Acquisition [Line Items]
Final Purchase Price Allocation		708.0
Weighted Average Estimated Useful Life	15 years
Trademarks
Business Acquisition [Line Items]
Final Purchase Price Allocation		15.0
Weighted Average Estimated Useful Life	3 years
Other
Business Acquisition [Line Items]
Final Purchase Price Allocation		$ 2.5
Weighted Average Estimated Useful Life	4 years 7 months 6 days

GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Changes in Carrying Amount of Goodwill by Segment (Details) $ in Millions	6 Months Ended
	Apr. 30, 2020 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,517.8
Goodwill allocated to divestitures	(35.6)
Goodwill adjustments related to acquisitions	2.8
Currency translation	(10.3)
Ending balance	1,474.7
Rigid Industrial Packaging & Services
Goodwill [Roll Forward]
Beginning balance	731.7
Goodwill allocated to divestitures	0.0
Goodwill adjustments related to acquisitions	0.0
Currency translation	(10.3)
Ending balance	721.4
Paper Packaging & Services
Goodwill [Roll Forward]
Beginning balance	786.1
Goodwill allocated to divestitures	(35.6)
Goodwill adjustments related to acquisitions	2.8
Currency translation	0.0
Ending balance	$ 753.3

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Goodwill [Line Items]
Goodwill allocated to divestitures			$ 35.6
Decrease in gross intangible assets			7.5
Finite lived intangible assets currency fluctuations			5.0
Write-off of fully-amortized intangible asset			2.5
Amortization of intangible assets	$ 17.4	$ 14.7	34.9	$ 18.4
Future amortization expense, 2020	69.2		69.2
Future amortization expense, 2021	66.7		66.7
Future amortization expense, 2022	58.8		58.8
Future amortization expense, 2023	56.0		56.0
Future amortization expense, 2024	$ 52.7		52.7
Paper Packaging & Services
Goodwill [Line Items]
Goodwill allocated to divestitures			$ 35.6

GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Carrying Amount of Net Other Intangible Assets by Class (Details) - USD ($) $ in Millions	Apr. 30, 2020	Oct. 31, 2019
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Gross Intangible Assets	$ 947.4	$ 954.9
Accumulated Amortization	207.2	178.4
Net Intangible Assets	740.2	776.5
Net Intangible Assets	740.2	776.5
Customer relationships
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Gross Intangible Assets	884.1	890.6
Accumulated Amortization	174.9	150.3
Net Intangible Assets	709.2	740.3
Trademarks, patents and trade names
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Gross Intangible Assets	26.7	27.0
Accumulated Amortization	12.0	9.3
Net Intangible Assets	14.7	17.7
Non-compete agreements
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Gross Intangible Assets	2.2	2.3
Accumulated Amortization	1.5	0.7
Net Intangible Assets	0.7	1.6
Other
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Gross Intangible Assets	21.4	21.9
Accumulated Amortization	18.8	18.1
Net Intangible Assets	2.6	3.8
Trademarks, patents and trade names
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Trademarks and patents	13.0	13.1
Accumulated Amortization	$ 0.0	$ 0.0

RESTRUCTURING CHARGES - Reconciliation of Beginning and Ending Restructuring Reserve Balances (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			$ 11.3
Costs incurred and charged to expense	$ 4.4	$ 7.5	7.7	$ 11.2
Costs paid or otherwise settled			(12.2)
Restructuring reserve, ending balance	6.8		6.8
Employee Separation Costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			9.5
Costs incurred and charged to expense	2.4		5.1
Costs paid or otherwise settled			(8.9)
Restructuring reserve, ending balance	5.7		5.7
Other Costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			1.8
Costs incurred and charged to expense	2.0		2.6
Costs paid or otherwise settled			(3.3)
Restructuring reserve, ending balance	$ 1.1		$ 1.1

RESTRUCTURING CHARGES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Restructuring and Related Costs [Line Items]
Restructuring charges	$ 4.4	$ 7.5	$ 7.7	$ 11.2
Amounts remaining to be incurred	18.6		18.6
Employee Separation Costs
Restructuring and Related Costs [Line Items]
Restructuring charges	2.4		5.1
Other Costs
Restructuring and Related Costs [Line Items]
Restructuring charges	$ 2.0		$ 2.6

RESTRUCTURING CHARGES - Amounts Expected to be Incurred, Amounts Incurred, and Amounts Remaining to Be Incurred (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Restructuring and Related Costs [Line Items]
Total Amounts Expected to be Incurred	$ 26.3		$ 26.3
Amounts Incurred During the six months ended April 30, 2020	4.4	$ 7.5	7.7	$ 11.2
Amounts Remaining to be Incurred	18.6		18.6
Employee Separation Costs
Restructuring and Related Costs [Line Items]
Amounts Incurred During the six months ended April 30, 2020	2.4		5.1
Other Costs
Restructuring and Related Costs [Line Items]
Amounts Incurred During the six months ended April 30, 2020	2.0		2.6
Rigid Industrial Packaging & Services
Restructuring and Related Costs [Line Items]
Total Amounts Expected to be Incurred	17.5		17.5
Amounts Incurred During the six months ended April 30, 2020			3.8
Amounts Remaining to be Incurred	13.7		13.7
Rigid Industrial Packaging & Services \| Employee Separation Costs
Restructuring and Related Costs [Line Items]
Total Amounts Expected to be Incurred	13.7		13.7
Amounts Incurred During the six months ended April 30, 2020			2.6
Amounts Remaining to be Incurred	11.1		11.1
Rigid Industrial Packaging & Services \| Other Costs
Restructuring and Related Costs [Line Items]
Total Amounts Expected to be Incurred	3.8		3.8
Amounts Incurred During the six months ended April 30, 2020			1.2
Amounts Remaining to be Incurred	2.6		2.6
Flexible Products & Services
Restructuring and Related Costs [Line Items]
Total Amounts Expected to be Incurred	3.7		3.7
Amounts Incurred During the six months ended April 30, 2020			1.2
Amounts Remaining to be Incurred	2.5		2.5
Flexible Products & Services \| Employee Separation Costs
Restructuring and Related Costs [Line Items]
Total Amounts Expected to be Incurred	1.4		1.4
Amounts Incurred During the six months ended April 30, 2020			0.5
Amounts Remaining to be Incurred	0.9		0.9
Flexible Products & Services \| Other Costs
Restructuring and Related Costs [Line Items]
Total Amounts Expected to be Incurred	2.3		2.3
Amounts Incurred During the six months ended April 30, 2020			0.7
Amounts Remaining to be Incurred	1.6		1.6
Paper Packaging & Services
Restructuring and Related Costs [Line Items]
Total Amounts Expected to be Incurred	5.1		5.1
Amounts Incurred During the six months ended April 30, 2020			2.7
Amounts Remaining to be Incurred	2.4		2.4
Paper Packaging & Services \| Employee Separation Costs
Restructuring and Related Costs [Line Items]
Total Amounts Expected to be Incurred	2.4		2.4
Amounts Incurred During the six months ended April 30, 2020			2.0
Amounts Remaining to be Incurred	0.4		0.4
Paper Packaging & Services \| Other Costs
Restructuring and Related Costs [Line Items]
Total Amounts Expected to be Incurred	2.7		2.7
Amounts Incurred During the six months ended April 30, 2020			0.7
Amounts Remaining to be Incurred	$ 2.0		$ 2.0

CONSOLIDATION OF VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Oct. 31, 2019
Variable Interest Entity [Line Items]
Restricted bank financial instruments under Buyer SPE	$ 50,900,000		$ 50,900,000		$ 50,900,000
Interest income of Buyer SPE	600,000	$ 600,000	1,200,000	$ 1,200,000
Net income (loss) attributable to noncontrolling interests	(4,400,000)	(7,500,000)	(8,200,000)	(13,600,000)
Properties, plants and equipment, net	1,596,100,000		$ 1,596,100,000		1,690,300,000
Buyer Spe
Variable Interest Entity [Line Items]
Ownership interest			0.00%
STA Timber
Variable Interest Entity [Line Items]
Debt instrument, principal outstanding	43,300,000		$ 43,300,000		43,300,000
Interest expense	600,000	600,000	1,200,000	1,200,000
Paper Packaging JV \| Held by special purpose entities
Variable Interest Entity [Line Items]
Properties, plants and equipment, net	34,700,000		34,700,000
Net income (loss)	(800,000)	0	(1,000,000.0)	0
Flexible Packaging JV \| Held by special purpose entities
Variable Interest Entity [Line Items]
Net income (loss) attributable to noncontrolling interests	1,900,000	$ 5,200,000	3,100,000	$ 8,500,000
Properties, plants and equipment, net	$ 20,000,000.0		$ 20,000,000.0		$ 22,300,000

CONSOLIDATION OF VARIABLE INTEREST ENTITIES - Total Net Assets of Flexible Packaging JV (Details) - USD ($) $ in Millions	Apr. 30, 2020	Oct. 31, 2019
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 72.4	$ 77.3
Trade accounts receivable, less allowance of $1.0 in 2020 and $0.7 in 2019	640.5	664.2
Properties, plants and equipment, net	1,596.1	1,690.3
Total assets	5,529.0	5,426.7
Accounts payable	418.3	435.2
Allowance of trade accounts receivable	8.3	6.8
Held by special purpose entities
Variable Interest Entity [Line Items]
Total assets	51.7	51.9
Flexible Packaging JV \| Held by special purpose entities
Variable Interest Entity [Line Items]
Cash and cash equivalents	27.5	16.9
Trade accounts receivable, less allowance of $1.0 in 2020 and $0.7 in 2019	45.0	51.2
Inventories	38.2	46.4
Properties, plants and equipment, net	20.0	22.3
Other assets	26.8	29.3
Total assets	157.5	166.1
Accounts payable	26.4	28.9
Other liabilities	18.4	23.6
Liabilities	44.8	52.5
Allowance of trade accounts receivable	$ 1.0	$ 0.7

CONSOLIDATION OF VARIABLE INTEREST ENTITIES - Total Net Assets of Paper Packing JV (Details) - USD ($) $ in Millions	Apr. 30, 2020	Oct. 31, 2019
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 72.4	$ 77.3
Trade accounts receivable, less allowance of $0.0 in 2020	640.5	664.2
Properties, plants and equipment, net	1,596.1	1,690.3
Total assets	5,529.0	5,426.7
Accounts payable	418.3	435.2
Allowance of trade accounts receivable	8.3	6.8
Held by special purpose entities
Variable Interest Entity [Line Items]
Total assets	51.7	$ 51.9
Paper Packaging JV \| Held by special purpose entities
Variable Interest Entity [Line Items]
Cash and cash equivalents	0.0
Trade accounts receivable, less allowance of $0.0 in 2020	2.7
Inventories	6.5
Properties, plants and equipment, net	34.7
Other assets	0.4
Total assets	44.3
Accounts payable	4.5
Other liabilities	1.0
Liabilities	5.5
Allowance of trade accounts receivable	$ 0.0

LONG-TERM DEBT - Summary of Long-Term Debt (Details) - USD ($) $ in Millions	Apr. 30, 2020	Oct. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 2,691.2	$ 2,756.3
Less: current portion	83.8	83.7
Less: deferred financing costs	12.3	13.6
Long-term debt	2,595.1	2,659.0
2019 Credit Agreement
Debt Instrument [Line Items]
Long-term debt	1,644.0
Other debt
Debt Instrument [Line Items]
Long-term debt	0.2	0.4
Term Loan \| 2019 Credit Agreement
Debt Instrument [Line Items]
Long-term debt	1,570.3	1,612.2
Domestic Line of Credit
Debt Instrument [Line Items]
Long-term debt	336.2	351.6
Revolving Credit Facility \| 2019 Credit Agreement
Debt Instrument [Line Items]
Long-term debt	73.7	76.1
Less: current portion	83.8
Long-term debt	1,560.2
Senior Notes \| Senior Notes due 2027
Debt Instrument [Line Items]
Long-term debt	494.7	494.3
Senior Notes \| Senior Notes due 2021
Debt Instrument [Line Items]
Long-term debt	$ 216.1	$ 221.7

LONG-TERM DEBT - Credit Agreement (Details)			6 Months Ended
LONG-TERM DEBT - Credit Agreement (Details)	Jul. 31, 2023	Jul. 31, 2020	Apr. 30, 2020 USD ($)	Oct. 31, 2019 USD ($)	Feb. 11, 2019 USD ($)
Debt Instrument [Line Items]
Long-term debt			$ 2,691,200,000	$ 2,756,300,000
Current portion of long-term debt			83,800,000	83,700,000
Long-term debt, excluding current maturities			2,595,100,000	2,659,000,000.0
2019 Credit Agreement
Debt Instrument [Line Items]
Debt issued					$ 700,000,000.0
Long-term debt			1,644,000,000.0
Secured Term Loan A-1 Facility
Debt Instrument [Line Items]
Debt issued					1,275,000,000.0
Secured Term Loan A-2 Facility
Debt Instrument [Line Items]
Debt issued					400,000,000.0
Revolving Credit Facility \| 2019 Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity					800,000,000.0
Long-term debt			73,700,000	$ 76,100,000
Current portion of long-term debt			83,800,000
Long-term debt, excluding current maturities			$ 1,560,200,000
Weighted average interest rate			3.31%
Actual interest rate			2.20%
Debt issuance costs			$ 7,000,000.0
Revolving Credit Facility \| Multicurrency Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					600,000,000.0
Revolving Credit Facility \| U.S. Dollar Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 200,000,000.0
Term Loan \| 2019 Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs			$ 9,700,000
Minimum
Debt Instrument [Line Items]
Debt instrument covenant EBITDA			4.75
Maximum
Debt Instrument [Line Items]
Interest coverage ratio, adjusted EBITDA			3.00
Scenario, Forecast
Debt Instrument [Line Items]
Debt Instrument Covenant EBITDA, ratio step down	4.00	0.25

LONG-TERM DEBT - Senior Notes (Details)	Apr. 30, 2020 USD ($)	Feb. 11, 2019 USD ($)	Jul. 15, 2011 EUR (€)
2019 Credit Agreement
Debt Instrument [Line Items]
Debt issued		$ 700,000,000.0
Senior Notes \| Senior Notes due 2027
Debt Instrument [Line Items]
Debt issued		$ 500,000,000.0
Interest of senior notes		6.50%
Debt issuance costs	$ 2,500,000
Senior Notes \| Senior Notes due 2021
Debt Instrument [Line Items]
Debt issued \| €			€ 200,000,000.0
Interest of senior notes			7.375%

LONG-TERM DEBT - Trade Accounts Receivable Credit Facility (Details)	Apr. 30, 2020 USD ($)	Apr. 30, 2020 EUR (€)	Oct. 31, 2019 USD ($)	Sep. 24, 2019 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 2,691,200,000		$ 2,756,300,000
Debt Issuance Costs	12,300,000		13,600,000
Domestic Line of Credit
Debt Instrument [Line Items]
Long-term debt	336,200,000		$ 351,600,000
Accounts receivable credit facilities
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 275,000,000.0
Accounts receivable credit facilities \| Domestic Line of Credit
Debt Instrument [Line Items]
Long-term debt	246,500,000
Debt Issuance Costs	300,000
European RPA
Debt Instrument [Line Items]
Financing receivable maximum amount under receivable purchase agreement	108,200,000	€ 100,000,000.0
European RPA \| International Trade Accounts Receivable Credit Facilities \| Foreign Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 89,700,000

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Additional Information (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($)	Apr. 30, 2020 USD ($)	Apr. 30, 2019 USD ($) asset_group	Oct. 31, 2019 USD ($)	Jul. 15, 2021 USD ($)	Mar. 06, 2018 USD ($)	Oct. 31, 2017 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) recorded under fair value contracts	$ (1,400,000)	$ (200,000)	$ (2,200,000)	$ 600,000
Unrealized gain (loss) on foreign currency derivatives, net, before tax	1,100,000	(1,200,000)	1,800,000	1,800,000
Interest expense, net	29,300,000	33,900,000	60,000,000.0	45,600,000
Non-cash asset impairment charges	$ 1,300,000	0	1,400,000	2,100,000
Impairment of long-lived assets held-for-use			0	0
Rigid Industrial Packaging & Services \| Assets Held And Used
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Recognized amount of additional impairment related to assets and liabilities held and used			$ 0	$ 2,100,000
Number of impaired assets held and used (asset group) \| asset_group				1
Interest Rate Swap \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate derivatives held	4		4		6
Derivative, notional amount					$ 1,300,000,000.0
Derivative, future amortization amount					$ 200,000,000.0
Derivative, term of contract					5 years
Derivative outstanding notional amount	$ 1,000,000,000.0		$ 1,000,000,000.0
Debt issued								$ 300,000,000.0
Interest of senior notes								1.19%
Gain (Loss) reclassified from AOCI to income	(3,200,000)	900,000	(4,700,000)	$ 400,000
Loss to be reclassified within next twelve months			20,100,000
Interest Rate Swap \| Cash Flow Hedging \| Scenario, Forecast
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount						$ 200,000,000.0
Foreign Currency Forward Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	193,500,000		193,500,000		$ 275,000,000.0
Cross currency swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount							$ 100,000,000.0
Derivative, fixed interest rate							2.35%
Interest expense, net	$ 600,000	$ 600,000	1,200,000	$ 1,200,000
Property, Plant and Equipment
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Impairment of long-lived assets held-for-use			$ 1,400,000
London Interbank Offered Rate (LIBOR) \| Interest Rate Swap \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted average interest rate					2.49%
London Interbank Offered Rate (LIBOR) \| Interest Rate Swap \| Cash Flow Hedging \| Scenario, Forecast
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted average interest rate						0.90%

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Estimated Fair Values for the Company's Senior Notes and Assets Held by Special Purpose Entities (Details) - USD ($) $ in Millions	Apr. 30, 2020	Oct. 31, 2019
Estimated Fair Value Of Financial Instruments [Line Items]
Assets	$ 5,529.0	$ 5,426.7
Held by special purpose entities
Estimated Fair Value Of Financial Instruments [Line Items]
Assets	51.7	51.9
Senior Notes due 2021 \| Estimate of Fair Value Measurement
Estimated Fair Value Of Financial Instruments [Line Items]
Estimated fair value	229.5	248.1
Senior Notes due 2027 \| Estimate of Fair Value Measurement
Estimated Fair Value Of Financial Instruments [Line Items]
Estimated fair value	$ 504.4	$ 537.9

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Summary of Significant Unobservable Inputs Used to Determine Fair Value Long-Lived Assets Held and Used (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Long-Lived Assets Held-for-use			$ 0	$ 0
Non-cash asset impairment charges	$ 1,300,000	$ 0	1,400,000	2,100,000
Level 3 \| Fair value, nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-cash asset impairment charges			1,400,000	2,100,000
Level 3 \| Fair value, nonrecurring \| Discounted Cash Flows \| Machinery and Equipment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Long-Lived Assets Held-for-use			$ 1,400,000
Level 3 \| Fair value, nonrecurring \| Indicative Bids \| Land and Building
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of Net Assets Held for Sale				$ 2,100,000

STOCK-BASED COMPENSATION - Additional Information (Details) - 2020 LTIP - Scenario, Forecast $ / shares in Units, $ in Millions	36 Months Ended
	Oct. 31, 2022 USD ($) $ / shares shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period on the basis of service only	3 years
Shares of restricted stock (shares)	147,325
Weighted average grant date fair value (usd per share) \| $ / shares	$ 37.42
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock (shares)	258,519
Performance period based upon service, performance criteria and market conditions	3 years
Share-based payment arrangement, expense \| $	$ 0.8

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Feb. 11, 2019
Income Tax Contingency [Line Items]
Income tax expense	$ 26.5	$ 11.5	$ 37.9	$ 31.5
Caraustar
Income Tax Contingency [Line Items]
Deferred tax liabilities	$ 133.7		$ 133.7		$ 185.7

POST RETIREMENT BENEFIT PLANS - Additional Information (Details) $ in Millions		3 Months Ended	6 Months Ended
	Dec. 31, 2019 USD ($) plan	Jan. 31, 2020	Apr. 30, 2020 USD ($) plan	Apr. 30, 2019 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Company's pension contributions			$ 18.0	$ 11.8
United States \| Pension Plans, Defined Benefit
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions during period			44.3
Decrease for settlement			44.3
Gain on settlement			$ 0.1
Number of plans \| plan	2		2
Obligation period decrease	$ 19.0
Plan assets, decrease	$ 9.3
Defined benefit plan, assumptions used, discount rate		3.38%

POST RETIREMENT BENEFIT PLANS - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Pension Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.8	$ 3.8	$ 6.0	$ 6.3
Interest cost	5.6	8.7	12.2	13.9
Expected return on plan assets	(7.9)	(6.2)	(18.2)	(12.4)
Amortization of prior service cost (benefit)	2.9	(3.0)	6.4	(1.2)
Net periodic costs (benefits) for pension and post-retirement benefits	3.4	3.3	6.4	6.6
Other Postretirement Benefit Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0.1	0.1	0.2	0.2
Amortization of prior service cost (benefit)	(0.2)	(0.4)	(0.3)	(0.8)
Net periodic costs (benefits) for pension and post-retirement benefits	$ (0.1)	$ (0.3)	$ (0.1)	$ (0.6)

CONTINGENT LIABILITIES AND ENVIRONMENTAL RESERVES (Details) $ in Millions	30 Months Ended
	Apr. 30, 2019 facility	Apr. 30, 2020 USD ($)	Oct. 31, 2019 USD ($)	Mar. 03, 2016 USD ($)
Site Contingency [Line Items]
Number of reconditioning facilities subject to litigation \| facility	3
Environmental liability reserves		$ 18.6	$ 18.7	$ 1,380.0
Diamond Alkali
Site Contingency [Line Items]
Environmental liability reserves		11.2
European Drum Facilities
Site Contingency [Line Items]
Environmental liability reserves		3.2	3.3
Life Cycle Management and Recycling Facilities
Site Contingency [Line Items]
Environmental liability reserves		0.1	0.1
Owned by Other Company
Site Contingency [Line Items]
Environmental liability reserves		0.1	0.3
Paper Packaging And Services, Landfill
Site Contingency [Line Items]
Environmental liability reserves		2.0	2.0
Paper Packaging & Services
Site Contingency [Line Items]
Environmental liability reserves		0.4	0.0
Other Facilities
Site Contingency [Line Items]
Environmental liability reserves		1.6	1.8
Wrongful Termination Lawsuits \| Pending Litigation
Site Contingency [Line Items]
Estimated liability recorded for legal proceedings		$ 0.6	$ 0.6

EARNINGS PER SHARE - Additional Information (Details) - shares	6 Months Ended
	Apr. 30, 2020	Oct. 31, 2019
Class A Common Stock
Class of Stock [Line Items]
Percentage of shares outstanding used in two class method calculation	40.00%
Class B Common Stock
Class of Stock [Line Items]
Percentage of shares outstanding used in two class method calculation	60.00%
Board Of Director Authorized
Class of Stock [Line Items]
Number of shares authorized to be purchased (shares)	4,703,487	4,703,487
Stock Repurchase Committee Authorized
Class of Stock [Line Items]
Repurchase of common stock (shares)	0

EARNINGS PER SHARE - Computation of Earnings Per Share Basic and Diluted (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Numerator for basic and diluted EPS
Net income attributable to Greif, Inc.	$ 11.4	$ 13.6	$ 43.7	$ 43.3
Cash dividends	(26.1)	(26.1)	(52.0)	(51.8)
Undistributed net income attributable to Greif, Inc.	$ (14.7)	$ (12.5)	$ (8.3)	$ (8.5)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

EARNINGS PER SHARE - Summarization of Company's Class A and Class B Common and Treasury Shares (Details) - shares	Apr. 30, 2020	Oct. 31, 2019
Class A Common Stock
Class of Stock [Line Items]
Authorized Shares (shares)	128,000,000	128,000,000
Issued Shares (shares)	42,281,920	42,281,920
Outstanding Shares (shares)	26,441,986	26,257,943
Treasury Shares (shares)	15,839,934	16,023,977
Class B Common Stock
Class of Stock [Line Items]
Authorized Shares (shares)	69,120,000	69,120,000
Issued Shares (shares)	34,560,000	34,560,000
Outstanding Shares (shares)	22,007,725	22,007,725
Treasury Shares (shares)	12,552,275	12,552,275

EARNINGS PER SHARE - Reconciliation of Shares Used to Calculate Basic and Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Class A Common Stock
Class of Stock [Line Items]
Basic shares (shares)	26,386,439	26,250,460	26,323,691	26,120,946
Assumed conversion of restricted shares (shares)	0	4,652	0	1,134
Diluted shares (shares)	26,386,439	26,255,112	26,323,691	26,122,080
Class B Common Stock
Class of Stock [Line Items]
Basic shares (shares)	22,000,000.0	22,000,000.0	22,000,000.0	22,000,000.0
Diluted shares (shares)	22,000,000.0	22,000,000.0	22,000,000.0	22,000,000.0
Basic and diluted shares (shares)	22,007,725	22,007,725	22,007,725	22,007,725

LEASES - Additional Information (Details)	6 Months Ended
LEASES - Additional Information (Details)	Apr. 30, 2020
Minimum
Leases [Abstract]
Term of contract	1 year
Lessee, Lease, Description [Line Items]
Term of contract	1 year
Maximum
Leases [Abstract]
Term of contract	22 years
Lessee, Lease, Description [Line Items]
Term of contract	22 years

LEASES - Lease Assets and Liabilities (Details) - USD ($) $ in Millions	Apr. 30, 2020	Oct. 31, 2019
Leases [Abstract]
Operating lease assets	$ 321.0	$ 0.0
Finance lease assets	5.0
Total lease assets	326.0
Current portion of operating lease liabilities	53.1	0.0
Current finance lease liabilities	1.7
Total current lease liabilities	54.8
Operating lease liabilities	270.6	$ 0.0
Non-current finance lease liabilities	3.3
Total non-current lease liabilities	273.9
Total lease liabilities	$ 328.7

LEASES - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Apr. 30, 2020	Apr. 30, 2020
Leases [Abstract]
Operating lease cost	$ 15.6	$ 32.8
Finance lease cost	0.5	0.7
Variable lease cost*	7.6	13.8
Total lease cost	$ 23.7	$ 47.3

LEASES - Maturities of Operating and Financing Lease Liabilities (Details) $ in Millions	Apr. 30, 2020 USD ($)
Operating Leases
2020	$ 64.7
2021	58.9
2022	51.3
2023	44.0
2024	36.5
Thereafter	174.2
Total lease payments	429.6
Less: Interest	(105.9)
Lease liabilities	323.7
Finance Leases
2020	1.4
2021	1.4
2022	1.1
2023	0.8
2024	0.5
Thereafter	0.3
Total lease payments	5.5
Less: Interest	(0.5)
Lease liabilities	5.0
Total expected payments
2020	66.1
2021	60.3
2022	52.4
2023	44.8
2024	37.0
Thereafter	174.5
Total lease payments	435.1
Less: Interest	(106.4)
Lease liabilities	$ 328.7

LEASES - Other Information (Details)	Apr. 30, 2020
Weighted-average remaining lease term (years):
Operating leases	11 years 4 months 24 days
Finance leases	4 years
Weighted-average discount rate:
Operating leases	3.81%
Finance leases	3.46%

LEASES - Cash Flow (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
LEASES - Cash Flow (Details) - USD ($) $ in Millions	Apr. 30, 2020	Apr. 30, 2020
Leases [Abstract]
Operating cash flows used for operating leases	$ 18.2	$ 35.3
Financing cash flows used for finance leases	0.3	0.7
Leased assets obtained in exchange for new operating lease liabilities	34.4	63.1
Leased assets obtained in exchange for new finance lease liabilities	$ 0.3	$ 0.3

LEASES - Information Related to Company's Rent Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017
Leases [Abstract]
Rent Expense	$ 86.2	$ 47.1	$ 41.0

LEASES - Company's Minimum Rent Commitments Under Operating and Capital Leases (Details) $ in Millions	Oct. 31, 2019 USD ($)
Operating Leases
2020	$ 64.8
2021	57.0
2022	48.7
2023	40.1
2024	31.6
Thereafter	117.5
Total	359.7
Capital Leases
2020	1.8
2021	1.6
2022	1.3
2023	1.0
2024	0.6
Thereafter	0.3
Total	$ 6.6

EQUITY EARNINGS OF UNCONSOLIDATED AFFILIATES, NET OF TAX AND NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (Detail) - USD ($) $ in Millions	6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019
Schedule of Equity Method Investments [Line Items]
Purchases of equity method investments	$ 3.6	$ 0.0
Centurion Container LLC
Schedule of Equity Method Investments [Line Items]
Purchases of equity method investments	$ 3.6

EQUITY AND COMPREHENSIVE INCOME (LOSS) - Summary of Changes in Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019	Oct. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,222.7	$ 1,171.5	$ 1,191.1	$ 1,154.2
Net income	15.8	21.1	51.9	56.9
Other comprehensive income (loss):
Foreign currency translation	(52.3)	(14.7)	(55.4)	(9.5)
Derivative financial instruments, net of immaterial income tax expense	(23.1)	(10.0)	(22.9)	(15.7)
Derivative financial instruments, net of income tax benefit of $5.3 million		(10.0)		(15.7)
Minimum pension liabilities	1.3	0.7	23.0	(0.1)
Comprehensive income (loss)	(58.3)	(2.9)	(3.4)	31.6
Adoption of ASU 2016-16					$ (2.1)
Current period mark to redemption value of redeemable noncontrolling interest	(2.2)	0.8	1.1	1.0
Net income allocated to redeemable noncontrolling interests		(0.5)	(0.1)	(1.3)
Dividends paid to Greif, Inc. shareholders	(26.1)	(26.1)	(52.0)	(51.8)
Dividends paid to noncontrolling interests and other	(7.7)	(7.5)	(8.5)	(7.9)
Restricted stock	1.0			1.1
Long-term incentive shares issued	5.3	1.1	5.3	11.6
Share based compensation	0.5		0.5
Ending balance	$ 1,135.2	1,136.4	1,135.2	1,136.4
Other comprehensive income (loss), derivatives qualifying as hedges, tax		$ 5.3		$ 3.4
Executive
Other comprehensive income (loss):
Restricted stock			0.2
Directors
Other comprehensive income (loss):
Restricted stock			$ 1.0
Capital Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)	48,269	48,241	48,266	47,949
Beginning balance	$ 162.7	$ 161.5	$ 162.6	$ 150.5
Other comprehensive income (loss):
Restricted stock (shares)	28			25
Restricted stock	$ 1.0			$ 1.1
Long-term incentive shares issued (shares)	153	25	153	292
Long-term incentive shares issued	$ 5.0	$ 1.1	$ 5.0	$ 11.0
Share based compensation	$ 0.5		$ 0.5
Ending balance (shares)	48,450	48,266	48,450	48,266
Ending balance	$ 169.2	$ 162.6	$ 169.2	$ 162.6
Capital Stock \| Executive
Other comprehensive income (loss):
Restricted stock (shares)			3
Restricted stock			$ 0.1
Capital Stock \| Directors
Other comprehensive income (loss):
Restricted stock (shares)			28
Restricted stock			$ 1.0
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)	28,573	28,601	28,576	28,893
Beginning balance	$ (134.7)	$ (134.8)	$ (134.8)	$ (135.4)
Other comprehensive income (loss):
Restricted stock (shares)	(28)			(25)
Restricted stock	$ 0.0
Long-term incentive shares issued (shares)	(153)	(25)	(153)	(292)
Long-term incentive shares issued	$ 0.3	$ 0.0	$ 0.3	$ 0.6
Ending balance (shares)	28,392	28,576	28,392	28,576
Ending balance	$ (134.4)	$ (134.8)	$ (134.4)	$ (134.8)
Treasury Stock \| Executive
Other comprehensive income (loss):
Restricted stock (shares)			(3)
Restricted stock			$ 0.1
Treasury Stock \| Directors
Other comprehensive income (loss):
Restricted stock (shares)			(28)
Restricted stock			$ 0.0
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,548.7	1,471.9	1,539.0	1,469.8
Net income	11.4	13.6	43.7	43.3
Other comprehensive income (loss):
Adoption of ASU 2016-16					(2.1)
Current period mark to redemption value of redeemable noncontrolling interest	(2.2)	0.8	1.1	1.0
Dividends paid to Greif, Inc. shareholders	(26.1)	(26.1)	(52.0)	(51.8)
Ending balance	1,531.8	1,460.2	1,531.8	1,460.2
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(412.9)	(379.4)	(433.7)	(377.1)
Other comprehensive income (loss):
Foreign currency translation	(48.7)	(12.7)	(49.8)	(8.5)
Derivative financial instruments, net of immaterial income tax expense	(23.1)		(22.9)
Derivative financial instruments, net of income tax benefit of $5.3 million		(10.0)		(15.7)
Minimum pension liabilities	1.3	0.7	23.0	(0.1)
Ending balance	(483.4)	(401.4)	(483.4)	(401.4)
Income tax expense			7.5
Greif, Inc. Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,163.8	1,119.2	1,133.1	1,107.8
Net income	11.4	13.6	43.7	43.3
Other comprehensive income (loss):
Foreign currency translation	(48.7)	(12.7)	(49.8)	(8.5)
Derivative financial instruments, net of immaterial income tax expense	(23.1)		(22.9)
Derivative financial instruments, net of income tax benefit of $5.3 million		(10.0)		(15.7)
Minimum pension liabilities	1.3	0.7	23.0	(0.1)
Comprehensive income (loss)	(59.1)	(8.4)	(6.0)	19.0
Adoption of ASU 2016-16					$ (2.1)
Current period mark to redemption value of redeemable noncontrolling interest	(2.2)	0.8	1.1	1.0
Dividends paid to Greif, Inc. shareholders	(26.1)	(26.1)	(52.0)	(51.8)
Restricted stock	1.0			1.1
Long-term incentive shares issued	5.3	1.1	5.3	11.6
Share based compensation	0.5		0.5
Ending balance	1,083.2	1,086.6	1,083.2	1,086.6
Greif, Inc. Equity \| Executive
Other comprehensive income (loss):
Restricted stock			0.2
Greif, Inc. Equity \| Directors
Other comprehensive income (loss):
Restricted stock			1.0
Non controlling interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	58.9	52.3	58.0	46.4
Net income	4.4	7.5	8.2	13.6
Other comprehensive income (loss):
Foreign currency translation	(3.6)	(2.0)	(5.6)	(1.0)
Net income allocated to redeemable noncontrolling interests		(0.5)	(0.1)	(1.3)
Dividends paid to noncontrolling interests and other	(7.7)	(7.5)	(8.5)	(7.9)
Ending balance	$ 52.0	$ 49.8	$ 52.0	$ 49.8
Class A Common Stock
Other comprehensive income (loss):
Dividends (in usd per share)	$ 0.44	$ 0.44	$ 0.88	$ 0.88
Class B Common Stock
Other comprehensive income (loss):
Dividends (in usd per share)	$ 0.66	$ 0.66	$ 1.31	$ 1.31

EQUITY AND COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			$ 1,133.1
Other Comprehensive Income (Loss)	$ (74.1)	$ (24.0)	(55.3)	$ (25.3)
Ending balance	1,083.2		1,083.2
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(298.0)	(292.8)
Other Comprehensive Income (Loss)			(49.8)	(8.5)
Ending balance	(347.8)	(301.3)	(347.8)	(301.3)
Derivative Financial Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(12.7)
Other Comprehensive Income (Loss)			(22.9)
Ending balance	(35.6)		(35.6)
Interest Rate Derivative
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance				13.4
Other Comprehensive Income (Loss)				(15.7)
Ending balance		(2.3)		(2.3)
Minimum Pension Liability Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(123.0)	(97.7)
Other Comprehensive Income (Loss)			23.0	(0.1)
Ending balance	(100.0)	(97.8)	(100.0)	(97.8)
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			(433.7)	(377.1)
Other Comprehensive Income (Loss)			(49.7)	(24.3)
Ending balance	$ (483.4)	$ (401.4)	$ (483.4)	$ (401.4)

BUSINESS SEGMENT INFORMATION - Additional Information (Details)	6 Months Ended
	Apr. 30, 2020 Segment
Segment Reporting [Abstract]
Number of operating segments	8
Number of reportable business segment	4

BUSINESS SEGMENT INFORMATION - Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Segment Reporting Information [Line Items]
Net sales	$ 1,158.3	$ 1,213.3	$ 2,270.7	$ 2,110.3
Rigid Industrial Packaging & Services
Segment Reporting Information [Line Items]
Net sales	602.6	631.6	1,171.3	1,229.5
Paper Packaging & Services
Segment Reporting Information [Line Items]
Net sales	481.6	497.6	955.3	714.9
Flexible Products & Services
Segment Reporting Information [Line Items]
Net sales	67.4	77.0	130.4	152.1
Land Management
Segment Reporting Information [Line Items]
Net sales	6.7	7.1	13.7	13.8
United States
Segment Reporting Information [Line Items]
Net sales	708.3	740.2	1,392.2	1,197.8
United States \| Rigid Industrial Packaging & Services
Segment Reporting Information [Line Items]
Net sales	220.8	232.9	422.6	458.4
United States \| Paper Packaging & Services
Segment Reporting Information [Line Items]
Net sales	475.1	491.6	942.9	708.9
United States \| Flexible Products & Services
Segment Reporting Information [Line Items]
Net sales	5.7	8.6	13.0	16.7
United States \| Land Management
Segment Reporting Information [Line Items]
Net sales	6.7	7.1	13.7	13.8
Europe, Middle East and Africa
Segment Reporting Information [Line Items]
Net sales	336.2	344.4	643.5	655.6
Europe, Middle East and Africa \| Rigid Industrial Packaging & Services
Segment Reporting Information [Line Items]
Net sales	281.3	283.7	540.1	535.6
Europe, Middle East and Africa \| Paper Packaging & Services
Segment Reporting Information [Line Items]
Net sales	0.0	0.0	0.0	0.0
Europe, Middle East and Africa \| Flexible Products & Services
Segment Reporting Information [Line Items]
Net sales	54.9	60.7	103.4	120.0
Europe, Middle East and Africa \| Land Management
Segment Reporting Information [Line Items]
Net sales	0.0	0.0	0.0	0.0
Asia Pacific and Other Americas
Segment Reporting Information [Line Items]
Net sales	113.8	128.7	235.0	256.9
Asia Pacific and Other Americas \| Rigid Industrial Packaging & Services
Segment Reporting Information [Line Items]
Net sales	100.5	115.0	208.6	235.5
Asia Pacific and Other Americas \| Paper Packaging & Services
Segment Reporting Information [Line Items]
Net sales	6.5	6.0	12.4	6.0
Asia Pacific and Other Americas \| Flexible Products & Services
Segment Reporting Information [Line Items]
Net sales	6.8	7.7	14.0	15.4
Asia Pacific and Other Americas \| Land Management
Segment Reporting Information [Line Items]
Net sales	$ 0.0	$ 0.0	$ 0.0	$ 0.0

BUSINESS SEGMENT INFORMATION - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Segment Reporting Information [Line Items]
Total operating profit (loss)	$ 72.0	$ 90.6	$ 151.2	$ 157.8
Total depreciation, depletion and amortization expense	61.2	55.5	122.5	86.8
Rigid Industrial Packaging & Services
Segment Reporting Information [Line Items]
Total operating profit (loss)	70.5	47.0	113.3	70.3
Total depreciation, depletion and amortization expense	20.0	18.7	39.6	38.4
Paper Packaging & Services
Segment Reporting Information [Line Items]
Total operating profit (loss)	(5.5)	30.2	27.0	65.5
Total depreciation, depletion and amortization expense	38.8	34.2	78.0	43.0
Flexible Products & Services
Segment Reporting Information [Line Items]
Total operating profit (loss)	4.6	11.2	6.6	17.2
Total depreciation, depletion and amortization expense	1.5	1.6	3.0	3.3
Land Management
Segment Reporting Information [Line Items]
Total operating profit (loss)	2.4	2.2	4.3	4.8
Total depreciation, depletion and amortization expense	$ 0.9	$ 1.0	$ 1.9	$ 2.1

BUSINESS SEGMENT INFORMATION - Properties, Plants and Equipment, Net by Geographical Area (Details) - USD ($) $ in Millions	Apr. 30, 2020	Oct. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	$ 5,529.0	$ 5,426.7
Total long-lived assets, net	1,917.1	1,690.3
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	1,441.3	1,295.8
Europe, Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	366.5	277.1
Asia Pacific and Other Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets, net	109.3	117.4
Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	5,268.2	5,189.5
Operating Segments \| Rigid Industrial Packaging & Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	2,072.7	2,006.3
Operating Segments \| Paper Packaging & Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	2,691.7	2,686.3
Operating Segments \| Flexible Products & Services
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	154.7	148.2
Operating Segments \| Land Management
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	349.1	348.7
Corporate and other
Revenues from External Customers and Long-Lived Assets [Line Items]
Assets	$ 260.8	$ 237.2

REDEEMABLE NONCONTROLLING INTERESTS - Rollforward of Mandatorily Redeemable Noncontrolling Interest (Details) $ in Millions	6 Months Ended
	Apr. 30, 2020 USD ($)
Redeemable Noncontrolling Interest, Equity [Roll Forward]
Redeemable Noncontrolling Interest, Equity, Carrying Amount	$ 21.3
Current period mark to redemption value	(1.1)
Redeemable Noncontrolling Interest, Equity, Carrying Amount	20.0
Container Life Cycle Management LLC
Redeemable Noncontrolling Interest, Equity [Roll Forward]
Redeemable Noncontrolling Interest, Equity, Carrying Amount	8.4
Current period mark to redemption value	0.0
Redeemable Noncontrolling Interest, Equity, Carrying Amount	$ 8.4

REDEEMABLE NONCONTROLLING INTERESTS - Additional Information (Details) $ in Millions	6 Months Ended
	Apr. 30, 2020 USD ($) joint_venture	Apr. 30, 2019 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Payments for repurchase of redeemable moncontrolling interest \| $	$ 0.0	$ 11.9
Paper Packaging & Services
Redeemable Noncontrolling Interest [Line Items]
Number of joint ventures	2
Rigid Industrial Packaging & Services
Redeemable Noncontrolling Interest [Line Items]
Number of joint ventures	1

REDEEMABLE NONCONTROLLING INTERESTS - Rollforward of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Apr. 30, 2019	Apr. 30, 2020	Apr. 30, 2019
Redeemable Noncontrolling Interest, Equity [Roll Forward]
Redeemable Noncontrolling Interest, Equity, Carrying Amount		$ 21.3
Current period mark to redemption value		(1.1)
Redeemable noncontrolling interest share of income and other	$ 0.5	0.1	$ 1.3
Dividends to redeemable noncontrolling interest and other		(0.3)
Redeemable Noncontrolling Interest, Equity, Carrying Amount		$ 20.0

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Apr. 30, 2020	Oct. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	$ (14.7)	$ 7.6
Interest rate derivatives \| Other current assets and other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)		1.3
Interest rate derivatives \| Other current liabilities and other long-term liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	(51.0)	(25.0)
Foreign exchange hedges \| Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	3.0	0.9
Foreign exchange hedges \| Other current liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	(1.2)	(0.2)
Insurance annuity \| Other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	19.5	20.0
Cross currency swap \| Other current assets and other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	15.0	10.6
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	0.0	0.0
Level 1 \| Interest rate derivatives \| Other current assets and other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)		0.0
Level 1 \| Interest rate derivatives \| Other current liabilities and other long-term liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	0.0	0.0
Level 1 \| Foreign exchange hedges \| Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	0.0	0.0
Level 1 \| Foreign exchange hedges \| Other current liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	0.0	0.0
Level 1 \| Insurance annuity \| Other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	0.0	0.0
Level 1 \| Cross currency swap \| Other current assets and other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	(34.2)	(12.4)
Level 2 \| Interest rate derivatives \| Other current assets and other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)		1.3
Level 2 \| Interest rate derivatives \| Other current liabilities and other long-term liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	(51.0)	(25.0)
Level 2 \| Foreign exchange hedges \| Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	3.0	0.9
Level 2 \| Foreign exchange hedges \| Other current liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	(1.2)	(0.2)
Level 2 \| Insurance annuity \| Other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	0.0	0.0
Level 2 \| Cross currency swap \| Other current assets and other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	15.0	10.6
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	19.5	20.0
Level 3 \| Interest rate derivatives \| Other current assets and other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)		0.0
Level 3 \| Interest rate derivatives \| Other current liabilities and other long-term liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	0.0	0.0
Level 3 \| Foreign exchange hedges \| Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	0.0	0.0
Level 3 \| Foreign exchange hedges \| Other current liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	0.0	0.0
Level 3 \| Insurance annuity \| Other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	19.5	20.0
Level 3 \| Cross currency swap \| Other current assets and other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets (liabilities)	$ 0.0	$ 0.0