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BUSINESS SEGMENT INFORMATION | 12 Months Ended
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Oct. 31, 2021
Segment Reporting [Abstract] |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION During 2021, the Company made changes to the operational and financial management practices and procedures of the Rigid Industrial Packaging & Services and Flexible Products & Services reportable segments and combined the two reportable segments under a single global leadership team. These changes were made to enhance cross-selling and service offerings to customers within similar markets and enhance Greif Business System effectiveness. As a result of the changes, the Rigid Industrial Packaging & Services reportable segment and the Flexible Products & Services reportable segment have been combined into a single reportable segment known as Global Industrial Packaging. Due to the changes described above, the Company has six operating segments, which are aggregated into three reportable segments: Global Industrial Packaging; Paper Packaging & Services; and Land Management. The Global Industrial Packaging reportable segment is the aggregation of four operating segments: Global Industrial Packaging – North America; Global Industrial Packaging – Latin America; Global Industrial Packaging – Europe, Middle East and Africa; and Global Industrial Packaging – Asia Pacific. Operations in the Global Industrial Packaging reportable segment involve the production and sale of rigid industrial packaging products, such as steel, fibre and plastic drums, rigid intermediate bulk containers, closure systems for industrial packaging products, transit protection products, water bottles and remanufactured and reconditioned industrial containers, and services, such as container life cycle management, filling, logistics, warehousing and other packaging services. These products and services are sold to customers in industries such as chemicals, paints and pigments, food and beverage, petroleum, industrial coatings, agriculture, pharmaceuticals and mineral products, among others. Additional operations of the Global Industrial Packaging reportable segment include production and sale of flexible intermediate bulk containers and related services on a global basis. These containers are constructed from a polypropylene-based woven fabric that is produced at its production sites, as well as sourced from strategic regional suppliers. Flexible intermediate bulk containers are sold to customers and in market segments similar to those of the other Global Industrial Packaging reportable segment, with an emphasis on customers in industries such as agriculture, construction and food industries. Operations in the Paper Packaging & Services reportable segment involve the production and sale of containerboard, corrugated sheets, corrugated containers and other corrugated and specialty products to customers in North America in industries such as packaging, automotive, food and building products. The Company’s corrugated container products are used to ship such diverse products as home appliances, small machinery, grocery products, automotive components, books and furniture, as well as numerous other applications. The Company also produces and sells coated and uncoated recycled paperboard, along with tubes and cores and a diverse mix of specialty products to customers in North America. In addition, the reportable segment is involved in the purchase and sale of recycled fiber. Operations in the Land Management reportable segment involve the management and sale of timber and special use properties from approximately 175,000 acres of timber properties in the southeastern United States. Land Management’s operations focus on the active harvesting and regeneration of its timber properties to achieve sustainable long-term yields. While timber sales are subject to fluctuations, the Company seeks to maintain a consistent cutting schedule, within the limits of market and weather conditions. The Company also sells, from time to time, timberland and special use properties, which consists of surplus properties, higher and better use ("HBU") properties and development properties. In order to maximize the value of timber property, the Company continues to review its current portfolio and explore the development of certain of these properties. This process has led the Company to characterize property as follows: •Surplus property, meaning land that cannot be efficiently or effectively managed by the Company, whether due to parcel size, lack of productivity, location, access limitations or for other reasons. •HBU property, meaning land that in its current state has a higher market value for uses other than growing and selling timber. •Development property, meaning HBU land that, with additional investment, may have a significantly higher market value than its HBU market value. •Timberland, meaning land that is best suited for growing and selling timber. The disposal of surplus and HBU property is reported in the consolidated statements of income under “gain on disposals of properties, plants and equipment, net” and the sale of development property is reported under “net sales” and “cost of products sold.” All HBU, development and surplus property is used by the Company to productively grow and sell timber until sold. Whether timberland has a higher value for uses other than growing and selling timber is a determination based upon several variables, such as proximity to population centers, anticipated population growth in the area, the topography of the land, aesthetic considerations, including access to water, the condition of the surrounding land, availability of utilities, markets for timber and economic considerations both nationally and locally. Given these considerations, the characterization of land is not a static process, but requires an ongoing review and re-characterization as circumstances change. The following tables present net sales disaggregated by geographic area for each reportable segment for the year ended October 31, 2021:
| Year Ended October 31, 2021
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Global Industrial Packaging | $ | 1,044.5 |  |  | $ | 1,673.9 |  |  | $ | 598.3 |  |  | $ | 3,316.7 |
Paper Packaging & Services | 2,182.0 |  |  | — |  |  | 36.4 |  |  | 2,218.4 |
Land Management | 21.0 |  |  | — |  |  | — |  |  | 21.0 |
Total net sales | $ | 3,247.5 |  |  | $ | 1,673.9 |  |  | $ | 634.7 |  |  | $ | 5,556.1 |
The following tables present net sales disaggregated by geographic area for each reportable segment for the year ended October 31, 2020:
| Year Ended October 31, 2020
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Global Industrial Packaging | $ | 842.2 |  |  | $ | 1,288.8 |  |  | $ | 440.8 |  |  | $ | 2,571.8 |
Paper Packaging & Services | 1,888.4 |  |  | — |  |  | 28.5 |  |  | 1,916.9 |
Land Management | 26.3 |  |  | — |  |  | — |  |  | 26.3 |
Total net sales | $ | 2,756.9 |  |  | $ | 1,288.8 |  |  | $ | 469.3 |  |  | $ | 4,515.0 |
The following reportable segment information is presented for each of the three years in the period ended October 31:
(in millions) | 2021 |  | 2020 |  | 2019
Operating profit: |  |  |  |  |
Global Industrial Packaging | $ | 350.2 |  |  | $ | 225.4 |  |  | $ | 204.9 |
Paper Packaging & Services | 131.0 |  |  | 71.0 |  |  | 184.3 |
Land Management | 104.0 |  |  | 8.5 |  |  | 9.9 |
Total operating profit | $ | 585.2 |  |  | $ | 304.9 |  |  | $ | 399.1 |
Depreciation, depletion and amortization expense: |  |  |  |  |
Global Industrial Packaging | $ | 83.1 |  |  | $ | 84.5 |  |  | $ | 82.5 |
Paper Packaging & Services | 148.0 |  |  | 153.5 |  |  | 119.3 |
Land Management | 3.3 |  |  | 4.5 |  |  | 4.3 |
Total depreciation, depletion and amortization expense | $ | 234.4 |  |  | $ | 242.5 |  |  | $ | 206.1 |
Capital expenditures: |  |  |  |  |
Global Industrial Packaging | $ | 71.1 |  |  | $ | 55.8 |  |  | $ | 58.4 |
Paper Packaging & Services | 79.9 |  |  | 61.4 |  |  | 81.2 |
Land Management | 0.2 |  |  | 0.2 |  |  | 0.2 |
Total segment | 151.2 |  |  | 117.4 |  |  | 139.8 |
Corporate and other | 11.0 |  |  | 12.6 |  |  | 17.1 |
Total capital expenditures | $ | 162.2 |  |  | $ | 130.0 |  |  | $ | 156.9 |
The following table presents total assets by reportable segment and total long lived assets, net by geographic area:
(in millions) | October 31, 2021 |  | October 31, 2020 |  | October 31, 2019
Assets: |  |  |  |  |
Global Industrial Packaging | $ | 2,735.1 |  |  | $ | 2,338.5 |  |  | $ | 2,154.5 |
Paper Packaging & Services | 2,506.5 |  |  | 2,524.3 |  |  | 2,686.3 |
Land Management | 249.2 |  |  | 348.6 |  |  | 348.7 |
Total segment | 5,490.8 |  |  | 5,211.4 |  |  | 5,189.5 |
Corporate and other | 325.0 |  |  | 299.5 |  |  | 237.2 |
Total assets | $ | 5,815.8 |  |  | $ | 5,510.9 |  |  | $ | 5,426.7 |
Long lived assets, net*: |  |  |  |  |
United States | $ | 1,321.8 |  |  | $ | 1,345.8 |  |  | $ | 1,295.8 |
Europe, Middle East, and Africa | 374.5 |  |  | 377.6 |  |  | 277.1 |
Asia Pacific and other Americas | 114.3 |  |  | 111.0 |  |  | 117.4 |
Total properties, plants and equipment, net | $ | 1,810.6 |  |  | $ | 1,834.4 |  |  | $ | 1,690.3 |
*includes impact of capitalization of operating lease assets |  |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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