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Acquisitions and Divestitures Acquisitions and Divestitures (Tables) | 12 Months Ended
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Oct. 31, 2019
Business Combinations [Abstract] |
Schedule of Preliminary Valuation of Identifiable Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred to acquire Caraustar and the current preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date, as well as measurement period adjustments made during the year ended October 31, 2019.
(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 |  | (1.1 | ) | 102.8 |
Prepaid and other current assets | 21.5 |  | (0.8 | ) | 20.7 |
Intangibles | 717.1 |  | 8.4 |  | 725.5 |
Other long-term assets | 1.3 |  | 5.7 |  | 7.0 |
Properties, plants and equipment | 521.3 |  | (12.4 | ) | 508.9 |
Total assets acquired | 1,512.1 |  | (0.2 | ) | 1,511.9 |
Accounts payable | (99.5 | ) | — |  | (99.5 | )
Accrued payroll and employee benefits | (42.9 | ) | (6.4 | ) | (49.3 | )
Other current liabilities | (21.8 | ) | (6.7 | ) | (28.5 | )
Long-term deferred tax liability | (185.7 | ) | 46.6 |  | (139.1 | )
Pension and post-retirement obligations | (67.1 | ) | — |  | (67.1 | )
Other long-term liabilities | (12.7 | ) | (7.4 | ) | (20.1 | )
Total liabilities assumed | (429.7 | ) | 26.1 |  | (403.6 | )
Total identifiable net assets | $ | 1,082.4 |  | $ | 25.9 |  | $ | 1,108.3 |
Goodwill | $ | 752.5 |  | $ | (25.9 | ) | $ | 726.6 |
(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 $25.9 million decrease to Goodwill. The measurement adjustments recorded in 2019 did not have a significant impact on the Company's consolidated statements of income for the year ended October 31, 2019. The following table summarizes the consideration transferred to acquire Tholu and the current preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date, as well as measurement period adjustments made during the year ended October 31, 2019.
(in millions) | Amounts Recognized as of the Acquisition Date | Measurement Period Adjustments (2) | Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred |  |  |
Cash consideration | $ | 25.1 |  | $ | — |  | $ | 25.1 |
Deferred payments | $ | 29.2 |  | — |  | $ | 29.2 |
Cash received | $ | (2.1 | ) | $ | — |  | $ | (2.1 | )
Total consideration | $ | 52.2 |  | $ | — |  | $ | 52.2 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |
Accounts receivable | 7.3 |  | — |  | $ | 7.3 |
Inventories | 3.0 |  | 0.4 |  | $ | 3.4 |
Intangibles | 24.1 |  | — |  | $ | 24.1 |
Properties, plants and equipment | 6.4 |  | — |  | $ | 6.4 |
Other assets | 1.2 |  | — |  | $ | 1.2 |
Total assets acquired | 42.0 |  | 0.4 |  | 42.4 |
Accounts payable | (4.0 | ) | — |  | (4.0 | )
Capital lease obligations | (1.7 | ) | — |  | (1.7 | )
Long-term deferred tax liability | (5.4 | ) | (0.4 | ) | (5.8 | )
Other liabilities | (1.0 | ) | — |  | (1.0 | )
Total liabilities assumed | (12.1 | ) | (0.4 | ) | (12.5 | )
Total identifiable net assets | $ | 29.9 |  | $ | — |  | $ | 29.9 |
Goodwill | $ | 22.3 |  | $ | — |  | $ | 22.3 |
(2) 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 no net impact to Goodwill. The measurement adjustments recorded in 2019 did not have a significant impact on our consolidated statements of income for the twelve months ended October 31, 2019.
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the current preliminary purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired:
(in millions) | Current Preliminary 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 |  |
The following table summarizes the preliminary purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired:
(in millions) | Preliminary Fair Value | Weighted Average Estimated Useful Life
Customer relationships | $ | 21.9 |  | 15.0
Trademarks | 1.2 |  | 9.0
Other | 1.0 |  | 2.0
Total intangible assets | $ | 24.1 |  |
Schedule of Pro forma information of acquiree | The following unaudited supplemental pro forma data presents consolidated information as if the acquisition had been completed on November 1, 2017. These amounts were calculated after adjusting Caraustar's results to reflect interest expense incurred on the debt to finance the acquisition, additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment and intangible assets had been applied from November 1, 2017, the adjusted tax expense, and related transaction costs of $34.0 million. These adjustments also include an additional one-time charge of $9.0 million for the fair value adjustment for inventory acquired.
| Twelve Months Ended October 31,
(in millions, except per share amounts) | 2019 |  | 2018
Pro forma net sales | $ | 4,958.8 |  |  | $ | 5,249.4 |
Pro forma net (loss) income attributable to Greif, Inc. | $ | 154.8 |  |  | $ | 152.7 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |
Class A common stock | $ | 2.62 |  |  | $ | 2.60 |
Class B common stock | $ | 3.92 |  |  | $ | 3.88 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |
Class A common stock | $ | 2.62 |  |  | $ | 2.59 |
Class B common stock | $ | 3.92 |  |  | $ | 3.88 |

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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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