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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________
FORM 10-Q
_________________________________

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2021
OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-00566
_________________________________
GREIF, INC.
(Exact name of registrant as specified in its charter)
_________________________________

Delaware | 31-4388903
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)

425 Winter Road Delaware Ohio | 43015
(Address of principal executive offices) | (Zip Code)

(740) 549-6000
(Registrant’s telephone number, including area code)
Not Applicable
Former name, former address and former fiscal year, if changed since last report.
_________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer |  | ☒ | Accelerated filer |  | ☐
Non-accelerated filer |  | ☐ | Smaller reporting company |  | ☐
|  |  | Emerging growth company |  | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered
Class A Common Stock | GEF | New York Stock Exchange
Class B Common Stock | GEF-B | New York Stock Exchange

The number of shares outstanding of each of the issuer’s classes of common stock as of the close of business on June 4, 2021:

Class A Common Stock | 26,550,924 shares
Class B Common Stock | 22,007,725 shares

Table of Contents

Item |  | Page
| Part I. Financial Information |
1 | Financial Statements | 4
| Condensed Consolidated Statements of Income for the Three and Six Months Ended April 3 0, 2021 and 2020 (Unaudited) | 4
| Condensed Consolidated Statements of Comprehensive Income (L oss) for the Three and Six Months Ended April 3 0, 2021 and 2020 (Unaudited) | 5
| Condensed Consolidated Balance Sheets at April 3 0, 2021 (Unaudited) and October 31, 2020 | 6
| Condensed Consolidated Statements of Cash Flows for the Six Months Ended April 3 0, 2021 and 2020 (Unaudited) | 8
| Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended April 3 0, 2021 and 2020 (Unaudited) | 9
| Notes to Condensed Consolidated Financial Statements (Unaudited) | 11
2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 25
3 | Quantitative and Qualitative Disclosures About Market Risk | 44
4 | Controls and Procedures | 44
| Part II. Other Information |
1A | Risk Factors | 45
2 | Unregistered Sales of Equity Securities and Use of Proceeds | 45
6 | Exhibits | 45
| Signatures | 46

3

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

| Three Months Ended April 30, |  | Six Months Ended April 30,
(in millions, except per share amounts) | 2021 |  | 2020 |  | 2021 |  | 2020
Net sales | $ | 1,340.6 |  |  | $ | 1,158.3 |  |  | $ | 2,487.1 |  |  | $ | 2,270.7 |
Cost of products sold | 1,074.7 |  |  | 917.6 |  |  | 2,009.0 |  |  | 1,807.4 |
Gross profit | 265.9 |  |  | 240.7 |  |  | 478.1 |  |  | 463.3 |
Selling, general and administrative expenses | 146.8 |  |  | 121.1 |  |  | 281.1 |  |  | 256.5 |
Restructuring charges | 12.0 |  |  | 4.4 |  |  | 15.1 |  |  | 7.7 |
Timberland gains | (95.7) |  |  | — |  |  | (95.7) |  |  | — |
Acquisition and integration related costs | 1.8 |  |  | 4.8 |  |  | 3.8 |  |  | 9.9 |
Non-cash asset impairment charges | 0.2 |  |  | 1.3 |  |  | 1.5 |  |  | 1.4 |
Loss (gain) on disposal of properties, plants and equipment, net | 0.1 |  |  | (1.3) |  |  | 1.7 |  |  | (1.8) |
Loss on disposal of businesses, net | 0.1 |  |  | 38.4 |  |  | — |  |  | 38.4 |
Operating profit | 200.6 |  |  | 72.0 |  |  | 270.6 |  |  | 151.2 |
Interest expense, net | 26.7 |  |  | 29.3 |  |  | 51.9 |  |  | 60.0 |
Non-cash pension settlement charges (income) | 0.1 |  |  | — |  |  | 8.6 |  |  | (0.1) |
Other expense, net | 2.8 |  |  | 1.1 |  |  | 2.8 |  |  | 2.4 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net | 171.0 |  |  | 41.6 |  |  | 207.3 |  |  | 88.9 |
Income tax expense | 17.3 |  |  | 26.5 |  |  | 23.4 |  |  | 37.9 |
Equity earnings of unconsolidated affiliates, net of tax | (0.3) |  |  | (0.7) |  |  | (1.0) |  |  | (0.9) |
Net income | 154.0 |  |  | 15.8 |  |  | 184.9 |  |  | 51.9 |
Net income attributable to noncontrolling interests | (4.2) |  |  | (4.4) |  |  | (11.7) |  |  | (8.2) |
Net income attributable to Greif, Inc. | $ | 149.8 |  |  | $ | 11.4 |  |  | $ | 173.2 |  |  | $ | 43.7 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |
Class A common stock | $ | 2.51 |  |  | $ | 0.19 |  |  | $ | 2.91 |  |  | $ | 0.74 |
Class B common stock | $ | 3.77 |  |  | $ | 0.29 |  |  | $ | 4.36 |  |  | $ | 1.10 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |
Class A common stock | $ | 2.51 |  |  | $ | 0.19 |  |  | $ | 2.91 |  |  | $ | 0.74 |
Class B common stock | $ | 3.77 |  |  | $ | 0.29 |  |  | $ | 4.36 |  |  | $ | 1.10 |
Weighted-average number of Class A common shares outstanding: |  |  |  |  |  |  |
Basic | 26.5 |  |  | 26.4 |  |  | 26.5 |  |  | 26.3 |
Diluted | 26.7 |  |  | 26.4 |  |  | 26.6 |  |  | 26.3 |
Weighted-average number of Class B common shares outstanding: |  |  |  |  |  |  |
Basic | 22.0 |  |  | 22.0 |  |  | 22.0 |  |  | 22.0 |
Diluted | 22.0 |  |  | 22.0 |  |  | 22.0 |  |  | 22.0 |
Cash dividends declared per common share: |  |  |  |  |  |  |
Class A common stock | $ | 0.44 |  |  | $ | 0.44 |  |  | $ | 0.88 |  |  | $ | 0.88 |
Class B common stock | $ | 0.66 |  |  | $ | 0.66 |  |  | $ | 1.31 |  |  | $ | 1.31 |

See accompanying Notes to Condensed Consolidated Financial Statements
4

Table of Contents
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

| Three Months Ended April 30, |  | Six Months Ended April 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Net income | $ | 154.0 |  |  | $ | 15.8 |  |  | $ | 184.9 |  |  | $ | 51.9 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Foreign currency translation | 6.6 |  |  | (52.3) |  |  | 34.2 |  |  | (55.4) |
Derivative financial instruments | 9.5 |  |  | (23.1) |  |  | 11.4 |  |  | (22.9) |
Minimum pension liabilities | 24.4 |  |  | 1.3 |  |  | 47.1 |  |  | 23.0 |
Other comprehensive income (loss), net of tax | 40.5 |  |  | (74.1) |  |  | 92.7 |  |  | (55.3) |
Comprehensive income (loss) | 194.5 |  |  | (58.3) |  |  | 277.6 |  |  | (3.4) |
Comprehensive income attributable to noncontrolling interests | 2.2 |  |  | 0.8 |  |  | 12.3 |  |  | 2.6 |
Comprehensive income (loss) attributable to Greif, Inc. | $ | 192.3 |  |  | $ | (59.1) |  |  | $ | 265.3 |  |  | $ | (6.0) |

See accompanying Notes to Condensed Consolidated Financial Statements
5

Table of Contents
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions) | April 30, 2021 |  | October 31, 2020
ASSETS |  |  |
Current assets |  |  |
Cash and cash equivalents | $ | 110.4 |  |  | $ | 105.9 |
Trade accounts receivable, less allowance of $6.5 in 2021 and $9.4 in 2020 | 751.1 |  |  | 636.6 |
Inventories: |  |  |
Raw materials | 279.7 |  |  | 208.4 |
Work-in-process | 1.6 |  |  | 5.4 |
Finished goods | 90.6 |  |  | 79.8 |
Assets held for sale | 9.2 |  |  | 57.0 |
Assets held by special purpose entities | — |  |  | 50.9 |
Prepaid expenses | 58.7 |  |  | 43.0 |
Other current assets | 81.4 |  |  | 115.8 |
| 1,382.7 |  |  | 1,302.8 |
Long-term assets |  |  |
Goodwill | 1,531.2 |  |  | 1,518.4 |
Other intangible assets, net of amortization | 683.2 |  |  | 715.3 |
Deferred tax assets | 28.0 |  |  | 11.3 |
Pension asset | 43.2 |  |  | 29.5 |
Operating lease assets | 299.7 |  |  | 307.5 |
Other long-term assets | 120.8 |  |  | 99.2 |
| 2,706.1 |  |  | 2,681.2 |
Properties, plants and equipment |  |  |
Timber properties, net of depletion | 223.3 |  |  | 224.5 |
Land | 164.5 |  |  | 162.6 |
Buildings | 539.3 |  |  | 524.7 |
Machinery and equipment | 2,004.8 |  |  | 1,930.6 |
Capital projects in progress | 115.7 |  |  | 120.6 |
| 3,047.6 |  |  | 2,963.0 |
Accumulated depreciation | (1,548.5) |  |  | (1,436.1) |
| 1,499.1 |  |  | 1,526.9 |
Total assets | $ | 5,587.9 |  |  | $ | 5,510.9 |

See accompanying Notes to Condensed Consolidated Financial Statements
6

Table of Contents
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions) | April 30, 2021 |  | October 31, 2020
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
Current liabilities |  |  |
Accounts payable | $ | 579.6 |  |  | $ | 450.7 |
Accrued payroll and employee benefits | 118.3 |  |  | 122.3 |
Restructuring reserves | 21.6 |  |  | 21.6 |
Current portion of long-term debt | 114.1 |  |  | 123.1 |
Short-term borrowings | 44.7 |  |  | 28.4 |
Liabilities held by special purpose entities | — |  |  | 43.3 |
Current portion of operating lease liabilities | 52.7 |  |  | 52.3 |
Mandatorily redeemable noncontrolling interests | 5.0 |  |  | — |
Other current liabilities | 173.9 |  |  | 158.4 |
| 1,109.9 |  |  | 1,000.1 |
Long-term liabilities |  |  |
Long-term debt | 2,154.6 |  |  | 2,335.5 |
Operating lease liabilities | 249.6 |  |  | 257.7 |
Deferred tax liabilities | 336.4 |  |  | 339.2 |
Pension liabilities | 83.7 |  |  | 137.7 |
Postretirement benefit obligations | 11.4 |  |  | 11.6 |
Contingent liabilities and environmental reserves | 19.5 |  |  | 20.2 |
Mandatorily redeemable noncontrolling interests | 3.4 |  |  | 8.4 |
Long-term income tax payable | 27.8 |  |  | 27.8 |
Other long-term liabilities | 142.6 |  |  | 152.0 |
| 3,029.0 |  |  | 3,290.1 |
Commitments and contingencies (Note 8) |  |  |
Redeemable noncontrolling interests | 19.3 |  |  | 20.0 |
Equity |  |  |
Common stock, without par value | 177.6 |  |  | 170.2 |
Treasury stock, at cost | (134.1) |  |  | (134.4) |
Retained earnings | 1,666.1 |  |  | 1,543.9 |
Accumulated other comprehensive loss, net of tax: |  |  |
Foreign currency translation | (261.3) |  |  | (294.9) |
Derivative financial instruments | (13.3) |  |  | (24.7) |
Minimum pension liabilities | (60.8) |  |  | (107.9) |
Total Greif, Inc. shareholders' equity | 1,374.2 |  |  | 1,152.2 |
Noncontrolling interests | 55.5 |  |  | 48.5 |
Total shareholders' equity | 1,429.7 |  |  | 1,200.7 |
Total liabilities and shareholders' equity | $ | 5,587.9 |  |  | $ | 5,510.9 |

See accompanying Notes to Condensed Consolidated Financial Statements
7

Table of Contents
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

| Six Months Ended April 30,
(in millions) | 2021 |  | 2020
Cash flows from operating activities: |  |  |
Net income | $ | 184.9 |  |  | $ | 51.9 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation, depletion and amortization | 118.1 |  |  | 122.5 |
Non-cash asset impairment charges | 1.5 |  |  | 1.4 |
Non-cash pension settlement charges (income) | 8.6 |  |  | (0.1) |
Loss (gain) on disposals of properties, plants and equipment, net | 1.7 |  |  | (1.8) |
Loss on disposals of businesses, net | — |  |  | 38.4 |
Timberland gains | (95.7) |  |  | — |
Unrealized foreign exchange loss (income) | 0.9 |  |  | (0.8) |
Deferred income tax benefit | (41.5) |  |  | (0.5) |
Non-cash lease expense | 26.1 |  |  | 28.6 |
Other, net | (0.5) |  |  | (0.9) |
Increase (decrease) in cash from changes in certain assets and liabilities: |  |  |
Trade accounts receivable | (98.4) |  |  | (28.7) |
Inventories | (71.4) |  |  | (23.0) |
Accounts payable | 125.8 |  |  | 20.2 |
Restructuring reserves | (0.2) |  |  | (4.3) |
Operating leases | (29.5) |  |  | (28.1) |
Pension and post-retirement benefit liabilities | (11.9) |  |  | (11.7) |
Other, net | 45.3 |  |  | (43.8) |
Net cash provided by operating activities | 163.8 |  |  | 119.3 |
Cash flows from investing activities: |  |  |
Purchases of properties, plants and equipment | (57.7) |  |  | (65.4) |
Purchases of and investments in timber properties | (2.5) |  |  | (2.8) |
Proceeds from the sale of timberlands | 145.1 |  |  | — |
Collections of receivables held in special purpose entities | 50.9 |  |  | — |
Payments for issuance of loans receivable | (15.0) |  |  | — |
Proceeds from the sale of businesses | — |  |  | 81.6 |
Other, net | (2.5) |  |  | (0.6) |
Net cash provided by investing activities | 118.3 |  |  | 12.8 |
Cash flows from financing activities: |  |  |
Proceeds from issuance of long-term debt | 744.6 |  |  | 745.4 |
Payments on long-term debt | (990.1) |  |  | (789.3) |
Proceeds (payments) on short-term borrowings, net | 15.2 |  |  | (5.0) |
Proceeds from trade accounts receivable credit facility | 61.6 |  |  | 64.3 |
Payments on trade accounts receivable credit facility | (18.3) |  |  | (77.3) |
Dividends paid to Greif, Inc. shareholders | (52.2) |  |  | (52.0) |
Payments for liabilities held in special purpose entities | (43.3) |  |  | — |
Dividends paid to noncontrolling interests | (4.9) |  |  | (8.5) |
Net cash used in financing activities | (287.4) |  |  | (122.4) |
Effects of exchange rates on cash | 9.8 |  |  | (14.6) |
Net increase (decrease) in cash and cash equivalents | 4.5 |  |  | (4.9) |
Cash and cash equivalents at beginning of period | 105.9 |  |  | 77.3 |
Cash and cash equivalents at end of period | $ | 110.4 |  |  | $ | 72.4 |

See accompanying Notes to Condensed Consolidated Financial Statements
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GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

| Three Months Ended April 30, 2021
| Capital Stock |  | Treasury Stock |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Greif, Inc. Equity |  | Non controlling interests |  | Total Equity
(in millions, except for shares which are in thousands) | Common Shares |  | Amount |  | Treasury Shares |  | Amount |
As of January 31, 2021 | 48,533 |  |  | $ | 175.4 |  |  | 28,309 |  |  | $ | (134.2) |  |  | $ | 1,542.0 |  |  | $ | (377.9) |  |  | $ | 1,205.3 |  |  | $ | 57.3 |  |  | $ | 1,262.6 |
Net income |  |  |  |  |  |  |  |  | 149.8 |  |  |  |  | 149.8 |  |  | 4.2 |  |  | 154.0 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation |  |  |  |  |  |  |  |  |  |  | 8.6 |  |  | 8.6 |  |  | (2.0) |  |  | 6.6 |
Derivative financial instruments, net of $3.2 million of income tax expense |  |  |  |  |  |  |  |  |  |  | 9.5 |  |  | 9.5 |  |  |  |  | 9.5 |
Minimum pension liability adjustment, net of $8.8 million income tax expense |  |  |  |  |  |  |  |  |  |  | 24.4 |  |  | 24.4 |  |  |  |  | 24.4 |
Comprehensive income |  |  |  |  | . |  |  |  |  |  |  |  | 192.3 |  |  |  |  | 194.5 |
Current period mark to redemption value of redeemable noncontrolling interest |  |  |  |  |  |  |  |  | 0.6 |  |  |  |  | 0.6 |  |  |  |  | 0.6 |
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) |  |  |  |  |  |  |  |  | (26.3) |  |  |  |  | (26.3) |  |  |  |  | (26.3) |
Dividends paid to noncontrolling interests and other |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | (3.5) |  |  | (3.5) |
Share based compensation | — |  |  | 1.0 |  |  | — |  |  | — |  |  |  |  |  |  | 1.0 |  |  |  |  | 1.0 |
Restricted stock, directors | 26 |  |  | 1.2 |  |  | (26) |  |  | 0.1 |  |  |  |  |  |  | 1.3 |  |  |  |  | 1.3 |
As of April 30, 2021 | 48,559 |  |  | $ | 177.6 |  |  | 28,283 |  |  | $ | (134.1) |  |  | $ | 1,666.1 |  |  | $ | (335.4) |  |  | $ | 1,374.2 |  |  | $ | 55.5 |  |  | $ | 1,429.7 |
| Six Months Ended April 30, 2021
| Capital Stock |  | Treasury Stock |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Greif, Inc. Equity |  | Non controlling interests |  | Total Equity
(in millions, except for shares which are in thousands) | Common Shares |  | Amount |  | Treasury Shares |  | Amount |
As of October 31, 2020 | 48,450 |  |  | $ | 170.2 |  |  | 28,392 |  |  | $ | (134.4) |  |  | $ | 1,543.9 |  |  | $ | (427.5) |  |  | $ | 1,152.2 |  |  | $ | 48.5 |  |  | $ | 1,200.7 |
Net income |  |  |  |  |  |  |  |  | 173.2 |  |  |  |  | 173.2 |  |  | 11.7 |  |  | 184.9 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation |  |  |  |  |  |  |  |  |  |  | 33.6 |  |  | 33.6 |  |  | 0.6 |  |  | 34.2 |
Derivative financial instruments, net of $3.8 million of income tax expense |  |  |  |  |  |  |  |  |  |  | 11.4 |  |  | 11.4 |  |  |  |  | 11.4 |
Minimum pension liability adjustment, net of $16.2 million income tax expense |  |  |  |  |  |  |  |  |  |  | 47.1 |  |  | 47.1 |  |  |  |  | 47.1 |
Comprehensive income |  |  |  |  | . |  |  |  |  |  |  |  | 265.3 |  |  |  |  | 277.6 |
Current period mark to redemption value of redeemable noncontrolling interest |  |  |  |  |  |  |  |  | 1.2 |  |  |  |  | 1.2 |  |  |  |  | 1.2 |
Net income allocated to redeemable noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | (0.8) |  |  | (0.8) |
Dividends paid to Greif, Inc. shareholders ($0.88 and $1.31 per Class A share and Class B share, respectively) |  |  |  |  |  |  |  |  | (52.2) |  |  |  |  | (52.2) |  |  |  |  | (52.2) |
Dividends paid to noncontrolling interests and other |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | (4.5) |  |  | (4.5) |
Long-term incentive shares issued | 80 |  |  | 3.9 |  |  | (80) |  |  | 0.2 |  |  |  |  |  |  | 4.1 |  |  |  |  | 4.1 |
Share based compensation | — |  |  | 2.2 |  |  | — |  |  | — |  |  |  |  |  |  | 2.2 |  |  |  |  | 2.2 |
Restricted stock, executive | 3 |  |  | 0.1 |  |  | (3) |  |  | — |  |  |  |  |  |  | 0.1 |  |  |  |  | 0.1 |
Restricted stock, directors | 26 |  |  | 1.2 |  |  | (26) |  |  | 0.1 |  |  |  |  |  |  | 1.3 |  |  |  |  | 1.3 |
As of April 30, 2021 | 48,559 |  |  | $ | 177.6 |  |  | 28,283 |  |  | $ | (134.1) |  |  | $ | 1,666.1 |  |  | $ | (335.4) |  |  | $ | 1,374.2 |  |  | $ | 55.5 |  |  | $ | 1,429.7 |

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| 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
(in millions, except for shares which are in thousands) | 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 income |  |  |  |  |  |  |  |  |  |  |  |  | (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7.7) |  |  | (7.7) |
Long-term incentive shares issued | 153 |  |  | 5.0 |  |  | (153) |  |  | 0.3 |  |  |  |  |  |  | 5.3 |  |  |  |  | — |
Share based compensation | — |  |  | 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
(in millions, except for shares which are in thousands) | 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 income tax expense |  |  |  |  |  |  |  |  |  |  | 23.0 |  |  | 23.0 |  |  |  |  | 23.0 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  | (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (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 |  |  | 1.0 |  |  | (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 |

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GREIF, INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 — 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, 2021 and October 31, 2020, the interim condensed consolidated statements of income, comprehensive income and changes in shareholders' equity for the three and six months ended April 30, 2021 and 2020 and the interim condensed consolidated statements of cash flows for the six months ended April 30, 2021 and 2020 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, 2020 (the “2020 Form 10-K”).
Effective the first quarter 2021, the Company adjusted its reportable segments. The presentation of prior periods throughout Part I Item 1 of this Form 10-Q has been modified to reflect the new segment reporting structure. See Note 12 to the Interim Condensed Consolidated Financial Statements for additional information.
Newly Adopted Accounting Standards
In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 reasonably 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 was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The Company adopted this ASU on November 1, 2020. The adoption of this guidance did not have a material impact on financial position, results of operations, comprehensive income, cash flows or disclosures.
Recently Issued Accounting Standards
In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", which is intended to simplify 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.
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NOTE 2 — RESTRUCTURING CHARGES
The following is a reconciliation of the beginning and ending restructuring reserve balances for the six months ended April 30, 2021:

(in millions) | Employee Separation Costs |  | Other Costs |  | Total
Balance at October 31, 2020 | $ | 17.9 |  |  | $ | 3.7 |  |  | $ | 21.6 |
Costs incurred and charged to expense | 10.6 |  |  | 4.5 |  |  | 15.1 |
Costs paid or otherwise settled | (9.3) |  |  | (5.8) |  |  | (15.1) |
Balance at April 30, 2021 | $ | 19.2 |  |  | $ | 2.4 |  |  | $ | 21.6 |

The focus for restructuring activities in 2021 is to optimize and integrate operations in the Paper Packaging & Services segment and to rationalize operations and close underperforming assets in the Global Industrial Packaging segment.
During the three months ended April 30, 2021, the Company recorded restructuring charges of $12.0 million, as compared to $4.4 million of restructuring charges recorded during the three months ended April 30, 2020. The restructuring activity for the three months ended April 30, 2021 consisted of $9.1 million in employee separation costs and $2.9 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities.
During the six months ended April 30, 2021, the Company recorded restructuring charges of $15.1 million, as compared to $7.7 million of restructuring charges recorded during the six months ended April 30, 2020. The restructuring activity for the six months ended April 30, 2021 consisted of $10.6 million in employee separation costs and $4.5 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities.
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 $19.4 million as of April 30, 2021:

(in millions) | Total Amounts Expected to be Incurred |  | Amounts Incurred During the six months ended April 30, 2021 |  | Amounts Remaining to be Incurred
Global Industrial Packaging |  |  |  |  |
Employee separation costs | $ | 18.4 |  |  | $ | 10.5 |  |  | $ | 7.9 |
Other restructuring costs | 7.9 |  |  | 2.4 |  |  | 5.5 |
| 26.3 |  |  | 12.9 |  |  | 13.4 |
Paper Packaging & Services |  |  |  |  |
Other restructuring costs | 8.1 |  |  | 2.1 |  |  | 6.0 |
| 8.1 |  |  | 2.1 |  |  | 6.0 |
Land Management |  |  |  |  |
Employee separation costs | 0.1 |  |  | 0.1 |  |  | — |
| 0.1 |  |  | 0.1 |  |  | — |
| $ | 34.5 |  |  | $ | 15.1 |  |  | $ | 19.4 |

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NOTE 3 — LONG-TERM DEBT
Long-term debt is summarized as follows:

(in millions) | April 30, 2021 |  | October 31, 2020
2019 Credit Agreement - Term Loans | $ | 1,132.4 |  |  | $ | 1,429.8 |
Senior Notes due 2027 | 495.6 |  |  | 495.1 |
Senior Notes due 2021 | 242.3 |  |  | 234.8 |
Accounts receivable credit facilities | 356.1 |  |  | 310.0 |
2019 Credit Agreement - Revolving Credit Facility | 53.9 |  |  | — |
| 2,280.3 |  |  | 2,469.7 |
Less: current portion | 114.1 |  |  | 123.1 |
Less: deferred financing costs | 11.6 |  |  | 11.1 |
Long-term debt, net | $ | 2,154.6 |  |  | $ | 2,335.5 |

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. and 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.
On November 13, 2020 the Company and certain of its U.S. subsidiaries entered into an incremental term loan agreement (the "Incremental Term A-3 Loan Agreement") with a syndicate of farm credit institutions. The Incremental Term A-3 Loan Agreement provides for a loan commitment in the aggregate principal amount of $225.0 million that must be funded in a single draw on a business day occurring on or before July 15, 2021 (the "Incremental Term A-3 Loan"). The Incremental Term A-3 Loan matures on July 15, 2026, with quarterly installments of principal payable on the last day of each fiscal quarter commencing with the first such date to occur after the funding date. The Incremental Term A-3 Loan has, for all material purposes, the identical terms and provisions as the term A-1 and the term A-2 facilities under the 2019 Credit Agreement, discussed above. The Company's obligations with respect to the Incremental Term A-3 Loan will constitute obligations under the 2019 Credit Agreement and will be secured and guaranteed with the other obligations as provided in the under the 2019 Credit Facility on a pari passu basis. The Company intends to draw upon the Incremental Term A-3 Loan prior to July 15, 2021, and use the loan proceeds to pay all of the outstanding principal of and interest on the Senior Notes due 2021, discussed below.
As of April 30, 2021, $1,186.3 million was outstanding under the 2019 Credit Agreement. The current portion of such outstanding amount was $114.1 million, and the long-term portion was $1,072.2 million. The weighted average interest rate for borrowings under the 2019 Credit Agreement was 1.96% for the six months ended April 30, 2021. The actual interest rate for borrowings under the 2019 Credit Agreement was 1.90% as of April 30, 2021. The deferred financing costs associated with the term loan portion of the 2019 Credit Agreement totaled $9.5 million as of April 30, 2021 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 $5.2 million as of April 30, 2021 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.
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The deferred financing cost associated with the Senior Notes due 2027 totaled $2.1 million as of April 30, 2021 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. During the first quarter of 2021, the Company entered into the Incremental Term A-3 Loan Agreement, as described above, with the intent to utilize the proceeds from the Incremental Term A-3 Loan to pay down the Company's Senior Notes due 2021 at maturity.
United States Trade Accounts Receivable Credit Facility
The Company amended and restated its U.S. receivables financing facility (the “U.S. Receivables Facility”) when Greif Receivables Funding LLC (“Greif Funding”), Greif Packaging LLC (“Greif Packaging”), 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. (“BANA”), as the agent, managing agent, administrator and committed investor, and various investor groups, managing agents, and administrators, from time to time parties thereto. As of April 30, 2021, there was $250.0 million outstanding balance under the U.S. Receivables Facility. On May 26, 2021, the Third Amended TAA was amended to increase the U.S. Receivables Facility to $275.0 million, with a new maturity date of May 26, 2022.
Greif Funding is a direct subsidiary of Greif Packaging and is included in the Company’s consolidated financial statements. However, because Greif Funding is a separate and distinct legal entity from the Company, the assets of Greif Funding are not available to satisfy the liabilities and obligations of the Company, Greif Packaging or other subsidiaries of the Company, and the liabilities of Greif Funding are not the liabilities or obligations of the Company or its other subsidiaries.
International Trade Accounts Receivable Credit Facility
On April 15, 2021, 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 July 26, 2021. The European RFA provides an accounts receivable financing facility of up to €100.0 million ($121.2 million as of April 30, 2021) secured by certain European accounts receivable. The $106.1 million outstanding on the European RFA as of April 30, 2021 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.
NOTE 4 — 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, 2021 and October 31, 2020:

| April 30, 2021 |  |
| Fair Value Measurement |  |
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Balance Sheet Location
Interest rate derivatives | $ | — |  |  | $ | 8.1 |  |  | $ | — |  |  | $ | 8.1 |  |  | Other long-term assets
Interest rate derivatives | — |  |  | (27.0) |  |  | — |  |  | (27.0) |  |  | Other current liabilities and other long-term liabilities
Foreign exchange hedges | — |  |  | 0.4 |  |  | — |  |  | 0.4 |  |  | Other current assets
Foreign exchange hedges | — |  |  | (1.6) |  |  | — |  |  | (1.6) |  |  | Other current liabilities
Insurance annuity | — |  |  | — |  |  | 22.1 |  |  | 22.1 |  |  | Other long-term assets
Cross currency swap | — |  |  | 5.1 |  |  | — |  |  | 5.1 |  |  | Other current assets and other long-term assets
Total | $ | — |  |  | $ | (15.0) |  |  | $ | 22.1 |  |  | $ | 7.1 |  |  |

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| October 31, 2020 |  |
| Fair Value Measurement |  |
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Balance Sheet Location
Interest rate derivatives | $ | — |  |  | $ | (37.9) |  |  | $ | — |  |  | $ | (37.9) |  |  | Other long-term liabilities and other current liabilities
Foreign exchange hedges | — |  |  | 1.5 |  |  | — |  |  | 1.5 |  |  | Other current assets
Foreign exchange hedges | — |  |  | (1.6) |  |  | — |  |  | (1.6) |  |  | Other current liabilities
Insurance annuity | — |  |  | — |  |  | 21.4 |  |  | 21.4 |  |  | Other long-term assets
Cross currency swap | — |  |  | 8.9 |  |  | — |  |  | 8.9 |  |  | Other current assets and other long-term assets
Total | $ | — |  |  | $ | (29.1) |  |  | $ | 21.4 |  |  | $ | (7.7) |  |  |

The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts payable, current liabilities and short-term borrowings as of April 30, 2021 and October 31, 2020 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, maturing on July 15, 2029. 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, maturing on March 11, 2024. The outstanding notional amount as of April 30, 2021 is $600.0 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, maturing on February 1, 2022. 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 11 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.
Losses reclassified to earnings under these contracts were $4.3 million and $3.2 million for the three months ended April 30, 2021, and 2020, respectively. Losses reclassified to earnings under these contracts were $8.7 million and $4.7 million for the six months ended April 30, 2021, and 2020, respectively. A derivative loss of $16.5 million, based upon interest rates at April 30, 2021, 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, 2021, and October 31, 2020, the Company had outstanding foreign currency forward contracts in the notional amount of $134.6
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million and $268.6 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.
For the three months ended April 30, 2021 and 2020, the Company recorded realized losses of $0.6 million and $1.4 million, respectively, under fair value contracts in other expense, net. For the six months ended April 30, 2021 and 2020, the Company recorded realized gains of $1.3 million and realized losses of $2.2 million, respectively, under fair value contracts in other expense, net. During the three months ended April 30, 2021 and 2020, the Company recorded an unrealized net loss of $0.6 million and an unrealized net gain of $1.1 million, respectively, in other expense, net. During the six months ended April 30, 2021 and 2020, the Company recorded an unrealized net loss of $1.2 million and an unrealized net gain of $1.8 million, respectively, in other expense, net.
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, 2021 and 2020, gains recorded in interest expense, net under the cross currency swap agreement were $0.6 million and $0.6 million, respectively. For the three months ended April 30, 2021 and 2020, gains recorded in interest expense, net under the cross currency swap agreement were $1.2 million and $1.2 million, respectively. 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 and the U.S. Receivables Facility and European RFA (the latter two facilities, 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 Accounting Standard Codification ("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, 2021 |  | October 31, 2020
Senior Notes due 2021 estimated fair value | $ | 245.8 |  |  | $ | 242.0 |
Senior Notes due 2027 estimated fair value | 526.9 |  |  | 524.4 |
Assets held by special purpose entities estimated fair value | — |  |  | 50.9 |

NOTE 5 – STOCK-BASED COMPENSATION
Long-Term Incentive Plan
The Company's 2020 Long-Term Incentive Plan (the "2020 LTIP") is intended to focus management on the key measures that drive superior performance over the longer term. The 2020 LTIP provides key employees with incentive compensation based upon consecutive and overlapping three-year performance periods that commence at the start of every year. For each three-year performance period, the performance goals are based on performance criteria as determined by the Special Subcommittee of the Compensation Committee of the Company’s Board of Directors (the “Special Subcommittee”). For each three-year performance period commencing at the beginning of the year, participants may be granted restricted stock units (“RSUs”) or performance stock units (“PSUs”) or a combination of both.
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The Company may grant 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 139,360 RSUs after plan approval on December 17, 2020, for the service period commencing on November 1, 2020 and ending October 31, 2023. The weighted average fair value of the RSUs granted on that date was $48.50.
Under the 2020 LTIP, the Company may grant 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. 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 granted 253,102 PSUs after plan approval on December 17, 2020, for the performance period commencing on November 1, 2020 and ending October 31, 2023. If earned, the PSUs are to be awarded in shares of Class A Common Stock. The weighted average fair value of the PSUs granted on that date was $47.26. The weighted average fair value of the PSUs at April 30, 2021 was $61.67.
NOTE 6 — INCOME TAXES
Income tax expense for the quarter 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 may fluctuate due to changes in estimated 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, 2021 and April 30, 2020, income tax expense was $23.4 million and $37.9 million, respectively. The decrease in income tax expense for the six months ended April 30, 2021 was attributable to changes in the expected mix of earnings among tax jurisdictions, including jurisdictions for which valuation allowances have been recorded, as well as the timing of recognition of the related tax expense under ASC 740-270, and net favorable discrete items of $7.5 million. The net favorable discrete adjustments primarily consist of return to provision adjustments and releases as a result of settlement of U.S Federal and Canadian income tax audits. A deferred tax asset related to capital losses was recorded during the quarter which is expected to offset the capital gain resulting from the sale of 69,200 acres of timberland located in southwest Alabama, and a valuation allowance has been recorded to the extent the capital losses exceed capital gains. See Note 13 to the Interim Condensed Consolidated Financial Statements for additional information on the sale of timberland. Changes in judgement and lapses of statute of limitations for uncertain tax positions caused an increase to tax compared to first quarter of 2020.
NOTE 7 — POST RETIREMENT BENEFIT PLANS
During the six months ended April 30, 2021, an annuity contract for approximately $100.0 million was purchased with United States defined benefit plan assets and the pension obligation for certain retirees in the United States under that plan was irrevocably transferred from that plan to the annuity contract. Additionally, lump sum payments totaling $6.0 million and $7.5 million for the three and six months ended April 30, 2021 were made from the defined benefit plan assets to certain participants who agreed to such payments, representing the current fair value of the participant’s respective pension benefit. The settlement items described above resulted in a decrease in the fair value of both the plan assets and the projected benefit obligation of $107.5 million and a non-cash pension settlement charges of $0.1 million and $8.6 million of unrecognized net actuarial loss included in accumulated other comprehensive loss for the three and six months ended April 30, 2021.
As a result of the settlements described above, the Company remeasured the United States defined benefit pension plan as of April 30, 2021. After the April 30, 2021 remeasurement, the net funded status of the plan is an overfunded position of $9.6 million. The discount rate used was 3.21% as of April 30, 2021 as compared to 3.01% as of October 31, 2020.
The components of net periodic pension cost include the following:

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| Three Months Ended April 30, |  | Six Months Ended April 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Service cost | $ | 3.1 |  |  | $ | 2.8 |  |  | $ | 6.2 |  |  | $ | 6.0 |
Interest cost | 4.6 |  |  | 5.6 |  |  | 9.1 |  |  | 12.2 |
Expected return on plan assets | (8.1) |  |  | (7.9) |  |  | (16.0) |  |  | (18.2) |
Amortization of prior service cost | (0.1) |  |  | 2.9 |  |  | (0.1) |  |  | 6.4 |
Recognized net actuarial loss | 3.7 |  |  | — |  |  | 7.5 |  |  | — |
Net periodic pension cost | $ | 3.2 |  |  | $ | 3.4 |  |  | $ | 6.7 |  |  | $ | 6.4 |

The Company expects to make employer contributions of $21.7 million, including benefits paid directly by the Company, during 2021.
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, net" in the interim condensed consolidated statements of income.
NOTE 8 — 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.
Since 2017, two 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 9, 2021, no material citations have been issued or material fines assessed with respect to any violation of environmental laws and regulations. Since these proceedings remain 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 of April 30, 2021, and October 31, 2020, the Company's environmental reserves were $19.5 million and $20.2 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

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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.
As of April 30, 2021 and October 31, 2020, the Company has accrued $11.1 million for the Diamond Alkali Superfund Site in New Jersey. 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.
Aside from the Diamond Alkali Superfund Site, other environmental reserves of the Company as of April 30, 2021 and October 31, 2020 included $8.4 million and $9.1 million, respectively, for its various 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.
NOTE 9 — 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 certificate 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) | 2021 |  | 2020 |  | 2021 |  | 2020
Numerator for basic and diluted EPS |  |  |  |  |  |  |
Net income attributable to Greif, Inc. | $ | 149.8 |  |  | $ | 11.4 |  |  | $ | 173.2 |  |  | $ | 43.7 |
Cash dividends | (26.3) |  |  | (26.1) |  |  | (52.2) |  |  | (52.0) |
Undistributed earnings attributable to Greif, Inc. | $ | 123.5 |  |  | $ | (14.7) |  |  | $ | 121.0 |  |  | $ | (8.3) |

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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, 2021, the remaining amount of shares that may be repurchased under this authorization was 4,703,487. There were no shares repurchased during the first six months of 2021 or fiscal year 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, 2021 |  |  |  |  |  |  |
Class A Common Stock | 128,000,000 |  |  | 42,281,920 |  |  | 26,550,924 |  |  | 15,730,996 |
Class B Common Stock | 69,120,000 |  |  | 34,560,000 |  |  | 22,007,725 |  |  | 12,552,275 |
October 31, 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 |

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,
| 2021 |  | 2020 |  | 2021 |  | 2020
Class A Common Stock: |  |  |  |  |  |  |
Basic shares | 26,544,197 |  |  | 26,386,439 |  |  | 26,500,134 |  |  | 26,323,691 |
Assumed conversion of restricted shares | 120,050 |  |  | — |  |  | 102,616 |  |  | — |
Diluted shares | 26,664,247 |  |  | 26,386,439 |  |  | 26,602,750 |  |  | 26,323,691 |
Class B Common Stock: |  |  |  |  |  |  |
Basic and diluted shares | 22,007,725 |  |  | 22,007,725 |  |  | 22,007,725 |  |  | 22,007,725 |

NOTE 10 — 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 21 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, and 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, 2021, the Company does not have material exposure to finance leases and has not entered into any significant leases which have not yet commenced.
The following table presents the lease expense components for the three and six months ended April 30, 2021 and 2020:

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| Three Months Ended April 30, |  | Six Months Ended April 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Operating lease cost | $ | 17.2 |  |  | $ | 15.6 |  |  | $ | 34.5 |  |  | $ | 32.8 |
Other lease cost* | 7.0 |  |  | 8.1 |  |  | 12.7 |  |  | 14.5 |
Total lease cost | $ | 24.2 |  |  | $ | 23.7 |  |  | $ | 47.2 |  |  | $ | 47.3 |

*Amount includes variable, short-term, and finance lease costs.
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) | April 30, 2021
2021 | $ | 67.3 |
2022 | 59.9 |
2023 | 51.3 |
2024 | 42.3 |
2025 | 38.0 |
Thereafter | 143.4 |
Total lease payments | $ | 402.2 |
Less: Interest | (100.0) |
Lease liabilities | $ | 302.2 |

The following table presents the weighted-average lease term and discount rate as of April 30, 2021 and 2020:

| April 30, 2021 |  | April 30, 2020
Weighted-average remaining lease term (years) for operating lease liabilities | 10.7 |  | 11.4
Weighted-average discount rate for operating lease liabilities | 3.66 | % |  | 3.81 | %

The following table presents other required lease related information for the three and six months ended April 30, 2021 and 2020:

| Three Months Ended April 30, |  | Six Months Ended April 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Operating cash flows used for operating liabilities | $ | 17.2 |  |  | $ | 18.2 |  |  | $ | 34.6 |  |  | $ | 35.3 |
Leased assets obtained in exchange for new operating lease liabilities | 11.7 |  |  | 34.3 |  |  | 13.6 |  |  | 63.1 |

NOTE 11 — COMPREHENSIVE INCOME (LOSS)
The following table provides the rollforward of accumulated other comprehensive income (loss) for the six months ended April 30, 2021:

(in millions) | Foreign Currency Translation |  | Derivative Financial Instruments |  | Minimum Pension Liability Adjustment |  | Accumulated Other Comprehensive Income (Loss)
Balance as of October 31, 2020 | $ | (294.9) |  |  | $ | (24.7) |  |  | $ | (107.9) |  |  | $ | (427.5) |
Other Comprehensive Income | 33.6 |  |  | 11.4 |  |  | 47.1 |  |  | 92.1 |
Balance as of April 30, 2021 | $ | (261.3) |  |  | $ | (13.3) |  |  | $ | (60.8) |  |  | $ | (335.4) |

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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 components of accumulated other comprehensive income (loss) above are presented net of tax, as applicable.
NOTE 12 — BUSINESS SEGMENT INFORMATION
The Company has made changes to the operational and financial management practices and procedures of the Rigid Industrial Packaging & Services and Flexible Products & Services segments and combined the two 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 these changes, during the first quarter of 2021, 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. On February 24, 2021, the Company filed a Current Report on Form 8-K with the SEC to furnish certain historical GAAP and non-GAAP financial information in a revised presentation aligned with the Company's new reportable segment structure described above.
The Company’s reportable business segments offer different products and services and consist of six operating segments. 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 2020 Form 10-K.
The following tables present net sales disaggregated by geographic area for each reportable segment for the three and six months ended April 30, 2021:

| Three Months Ended April 30, 2021
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Global Industrial Packaging | $ | 250.3 |  |  | $ | 410.5 |  |  | $ | 137.2 |  |  | $ | 798.0 |
Paper Packaging & Services | 528.4 |  |  | — |  |  | 8.6 |  |  | 537.0 |
Land Management | 5.6 |  |  | — |  |  | — |  |  | 5.6 |
Total net sales | $ | 784.3 |  |  | $ | 410.5 |  |  | $ | 145.8 |  |  | $ | 1,340.6 |
| Six Months Ended April 30, 2021
(in millions) | United States |  | Europe, Middle East and Africa |  | Asia Pacific and Other Americas |  | Total
Global Industrial Packaging | $ | 453.1 |  |  | $ | 741.0 |  |  | $ | 263.2 |  |  | $ | 1,457.3 |
Paper Packaging & Services | 1,001.9 |  |  | — |  |  | 16.0 |  |  | 1,017.9 |
Land Management | 11.9 |  |  | — |  |  | — |  |  | 11.9 |
Total net sales | $ | 1,466.9 |  |  | $ | 741.0 |  |  | $ | 279.2 |  |  | $ | 2,487.1 |

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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
Global Industrial Packaging | $ | 226.5 |  |  | $ | 336.2 |  |  | $ | 107.3 |  |  | $ | 670.0 |
Paper Packaging & Services | 475.1 |  |  | — |  |  | 6.5 |  |  | 481.6 |
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
Global Industrial Packaging | $ | 435.6 |  |  | $ | 643.5 |  |  | $ | 222.6 |  |  | $ | 1,301.7 |
Paper Packaging & Services | 942.9 |  |  | — |  |  | 12.4 |  |  | 955.3 |
Land Management | 13.7 |  |  | — |  |  | — |  |  | 13.7 |
Total net sales | $ | 1,392.2 |  |  | $ | 643.5 |  |  | $ | 235.0 |  |  | $ | 2,270.7 |

The following segment information is presented for the periods indicated:

| Three Months Ended April 30, |  | Six Months Ended April 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Operating profit (loss): |  |  |  |  |  |  |
Global Industrial Packaging | $ | 76.4 |  |  | $ | 75.1 |  |  | $ | 130.4 |  |  | $ | 119.9 |
Paper Packaging & Services | 27.3 |  |  | (5.5) |  |  | 41.6 |  |  | 27.0 |
Land Management | 96.9 |  |  | 2.4 |  |  | 98.6 |  |  | 4.3 |
Total operating profit | $ | 200.6 |  |  | $ | 72.0 |  |  | $ | 270.6 |  |  | $ | 151.2 |
Depreciation, depletion and amortization expense: |  |  |  |  |  |  |
Global Industrial Packaging | $ | 21.2 |  |  | $ | 21.5 |  |  | $ | 42.2 |  |  | $ | 42.6 |
Paper Packaging & Services | 36.9 |  |  | 38.8 |  |  | 74.1 |  |  | 78.0 |
Land Management | 0.7 |  |  | 0.9 |  |  | 1.8 |  |  | 1.9 |
Total depreciation, depletion and amortization expense | $ | 58.8 |  |  | $ | 61.2 |  |  | $ | 118.1 |  |  | $ | 122.5 |

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

(in millions) | April 30, 2021 |  | October 31, 2020
Assets: |  |  |
Global Industrial Packaging | $ | 2,561.7 |  |  | $ | 2,338.5 |
Paper Packaging & Services | 2,470.2 |  |  | 2,524.3 |
Land Management | 247.8 |  |  | 348.6 |
Total segments | 5,279.7 |  |  | 5,211.4 |
Corporate and other | 308.2 |  |  | 299.5 |
Total assets | $ | 5,587.9 |  |  | $ | 5,510.9 |
Long lived assets, net*: |  |  |
United States | $ | 1,309.3 |  |  | $ | 1,345.8 |
Europe, Middle East and Africa | 372.9 |  |  | 377.6 |
Asia Pacific and other Americas | 116.6 |  |  | 111.0 |
Total long-lived assets, net | $ | 1,798.8 |  |  | $ | 1,834.4 |
*includes impact of capitalization of operating lease assets |  |  |

NOTE 13 — DISPOSALS OF TIMBERLAND
On February 24, 2021, the Company entered into an agreement to sell approximately 69,200 acres of its Alabama timberland properties to Weyerhaeuser Company. The transaction closed during the second quarter for approximately $145.1 million in cash, after deducting $4.3 million in closing costs. Cash proceeds were applied toward debt repayment. As a result of the sale of the Alabama timberland properties, the Company recorded a gain of $95.7 million.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
GENERAL
The terms “Greif,” “our company,” “we,” “us” and “our” as used in this discussion refer to Greif, Inc. and its subsidiaries. Our fiscal year begins on November 1 and ends on October 31 of the following year. Any references in this Form 10-Q to the 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 discussion and analysis presented below relates to the material changes in financial condition and results of operations for our interim condensed consolidated balance sheets as of April 30, 2021 and October 31, 2020, and for the interim condensed consolidated statements of income for the three and six months ended April 30, 2021 and 2020. This discussion and analysis should be read in conjunction with the interim condensed consolidated financial statements that appear elsewhere in this Form 10-Q and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2020 (the “2020 Form 10-K”). Readers are encouraged to review the entire 2020 Form 10-K, as it includes information regarding Greif not discussed in this Form 10-Q. This information will assist in your understanding of the discussion of our current period financial results.
All statements, other than statements of historical facts, included in this Form 10-Q, including without limitation, statements regarding our future financial position, business strategy, budgets, projected costs, goals, trends and plans and objectives of management for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “aspiration,” “objective,” “project,” “believe,” “continue,” “on track” or “target” or the negative thereof or variations thereon or similar terminology. All forward-looking statements made in this Form 10-Q are based on assumptions, expectations and other information currently available to management. Although we believe that the expectations reflected in forward-looking statements have a reasonable basis, we can give no assurance that these expectations will prove to be correct.
Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those forecasted, projected or anticipated, whether expressed in or implied by the statements. Such risks and uncertainties that might cause a difference include, but are not limited to, the following: (i) historically, our business has been sensitive to changes in general economic or business conditions, (ii) our global operations subject us to currency exchange and political risks that could adversely affect our results of operations, (iii) the COVID-19 pandemic could continue to impact any combination of our business, financial condition, results of operations and cash flows, (iv) the current and future challenging global economy and disruption and volatility of the financial and credit markets may adversely affect our business, (v) the continuing consolidation of our customer base and suppliers may intensify pricing pressure, (vi) we operate in highly competitive industries, (vii) our business is sensitive to changes in industry demands and customer preferences, (viii) raw material, energy and transportation price fluctuations and shortages may adversely impact our manufacturing operations and costs, (ix) the frequency and volume of our timber and timberland sales will impact our financial performance, (x) we may not successfully implement our business strategies, including achieving our growth objectives, (xi) we may encounter difficulties or liabilities arising from acquisitions or divestitures, (xii) the acquisition of Caraustar Industries, Inc. and its subsidiaries subjects us to various risks and uncertainties, (xiii) we may incur additional restructuring costs and there is no guarantee that our efforts to reduce costs will be successful, (xiv) several operations are conducted by joint ventures that we cannot operate solely for our benefit, (xv) certain of the agreements that govern our joint ventures provide our partners with put or call options, (xvi) our ability to attract, develop and retain talented and qualified employees, managers and executives is critical to our success, (xvii) our business may be adversely impacted by work stoppages and other labor relations matters, (xviii) we may be subject to losses that might not be covered in whole or in part by existing insurance reserves or insurance coverage and general insurance premium and deductible increases, (xix) our business depends on the uninterrupted operations of our facilities, systems and business functions, including our information technology and other business systems, (xx) a security breach of customer, employee, supplier or company information may have a material adverse effect on our business, financial condition, results of operations and cash flows, (xxi) changes in U.S. GAAP and SEC rules and regulations concerning the maintenance of effective internal controls could materially impact our reported financial results, (xxii) we could be subject to changes in our tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, (xxiii) full realization of our deferred tax assets may be affected by a number of factors, (xxiv) our level of indebtedness could adversely affect our liquidity, limit our flexibility in responding to business opportunities, and increase our vulnerability to adverse changes in economic and industry conditions, (xxv) we have a significant amount of goodwill and long-lived assets which, if impaired in the future, would adversely impact our results of operations, (xxvi) our pension and postretirement plans are underfunded and will require future cash contributions and our required future cash contributions could be higher than we expect, each of which could have a

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material adverse effect on our financial condition and liquidity, (xxvii) legislation/regulation related to environmental and health and safety matters and corporate social responsibility could negatively impact our operations and financial performance, (xxviii) product liability claims and other legal proceedings could adversely affect our operations and financial performance, (xxix) we may incur fines or penalties, damage to our reputation or other adverse consequences if our employees, agents or business partners violate, or are alleged to have violated, anti-bribery, competition or other laws, (xxx) changing climate, climate change regulations and greenhouse gas effects may adversely affect our operations and financial performance. The risks described above are not all-inclusive, and given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. For a detailed discussion of the most significant risks and uncertainties that could cause our actual results to differ materially from those forecasted, projected or anticipated, see “Risk Factors” in Part I, Item 1A of our most recently filed Form 10-K, updated by Part II Item 1A of this Form 10-Q, and our other filings with the SEC. All forward-looking statements made in this Form 10-Q are expressly qualified in their entirety by reference to such risk factors. Except to the limited extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
OVERVIEW
Business Segments
We have made changes to the operational and financial management practices and procedures of the Rigid Industrial Packaging & Services and Flexible Products & Services segments and combined the two 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 these changes, during the first quarter of 2021, 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. On February 24, 2021 we filed a Current Report on Form 8-K with the SEC to furnish certain historical GAAP and non-GAAP financial information in a revised presentation aligned with our new reportable segment structure described above.
In the Global Industrial Packaging segment, we are a leading global producer of industrial packaging products, such as steel, fibre and plastic drums, rigid and flexible 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. Our flexible intermediate bulk containers consist of a polypropylene-based woven fabric that is produced at our production sites, as well as sourced from strategic regional suppliers. We sell our industrial packaging products on a global basis to customers in industries such as chemicals, paints and pigments, food and beverage, petroleum, industrial coatings, agricultural, pharmaceutical and minerals, among others.
In the Paper Packaging & Services segment, we produce and sell containerboard, corrugated sheets, corrugated containers, and other corrugated products to customers in North America in industries such as packaging, automotive, food and building products. Our 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. We also produce and sell coated recycled paperboard and uncoated recycled paperboard, some of which we use to produce and sell products which ultimately serve both industrial and consumer markets. In addition, we purchase and sell recycled fiber.
In the Land Management segment, we are focused on the active harvesting and regeneration of our United States timber properties to achieve sustainable long-term yields. While timber sales are subject to fluctuations, we seek to maintain a consistent cutting schedule, within the limits of market and weather conditions. We also sell, from time to time, timberland and special use land, which consists of surplus land, higher and better use ("HBU") land and development land. As of April 30, 2021, we owned approximately 175,000 acres of timber property in the southeastern United States, which includes 18,800 acres of special use land. During the second quarter of 2021, we entered into, and closed, an agreement to sell approximately 69,200 acres of our timberland acreage in southwest Alabama to Weyerhaeuser Company and a subsidiary for approximately $145.1 million in cash, after closing costs of $4.3 million. Cash proceeds were applied toward debt repayment.
CRITICAL ACCOUNTING POLICIES
The discussion and analysis of our financial condition and results of operations are based upon our interim condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these interim condensed consolidated financial statements, in accordance with these principles, require us to make estimates and assumptions that affect the reported amount of assets and liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities as of the date of our interim condensed consolidated financial statements.

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Our critical accounting policies are discussed in Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of the 2020 Form 10-K. We believe that the consistent application of these policies enables us to provide readers of the interim condensed consolidated financial statements with useful and reliable information about our results of operations and financial condition. There have been no material changes to our critical accounting policies from the disclosures contained in the 2020 Form 10-K.
Recently Issued and Newly Adopted Accounting Standards
See Note 1 to the Interim Condensed Consolidated Financial Statements included in Item 1 of this Form 10-Q for a detailed description of recently issued and newly adopted accounting standards.
RESULTS OF OPERATIONS
The following comparative information is presented for the three and six months ended April 30, 2021 and 2020. Historical revenues and earnings may or may not be representative of future operating results as a result of various economic and other factors.
Items that could have a significant impact on the financial statements include the risks and uncertainties listed in Part I, Item 1A — Risk Factors, of the 2020 Form 10-K, updated by Part II, Item 1A of this Form 10-Q. Actual results could differ materially using different estimates and assumptions, or if conditions are significantly different in the future.
The non-GAAP financial measures of EBITDA and Adjusted EBITDA are used throughout the following discussion of our results of operations, both for our consolidated and segment results. For our consolidated results, EBITDA is defined as net income, plus interest expense, net, plus income tax expense, plus depreciation, depletion and amortization, and Adjusted EBITDA is defined as EBITDA plus any restructuring charges, plus acquisition and integration related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges (income), plus incremental COVID-19 costs, net, plus any loss (gain) on disposal of properties, plants, equipment and businesses, plus timberlands gains, net. Since we do not calculate net income by business segment, EBITDA and Adjusted EBITDA by business segment are reconciled to operating profit by business segment. In that case, EBITDA is defined as operating profit by business segment less non-cash pension settlement charges (income), less other expense, net, less equity earnings of unconsolidated affiliates, net of tax, plus depreciation, depletion and amortization expense for that business segment, and Adjusted EBITDA is defined as EBITDA plus any restructuring charges, plus acquisition and integration related costs, plus non-cash asset impairment charges, plus non-cash pension settlement charges (income), plus incremental COVID-19 costs, net, plus any loss (gain) on disposal of properties, plants, equipment and businesses, net, plus timberlands gains, net, for that business segment. We use EBITDA and Adjusted EBITDA as financial measures to evaluate our historical and ongoing operations and believe that these non-GAAP financial measures are useful to enable investors to perform meaningful comparisons of our historical and current performance. In addition, we present our U.S. and non-U.S. income before income taxes after eliminating the impact of any restructuring charges, acquisition and integration related costs, non-cash asset impairment charges, non-cash pension settlement charges (income), incremental COVID-19 costs, net, loss on sale of businesses, net and timberland gains, net which are non-GAAP financial measures. We believe that excluding the impact of these adjustments enables investors to perform a meaningful comparison of our current and historical performance that investors find valuable. The foregoing non-GAAP financial measures are intended to supplement, and should be read together with, our financial results. These non-GAAP financial measures should not be considered an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measures.

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Second Quarter Results
The following table sets forth the net sales, operating profit, EBITDA and Adjusted EBITDA for each of our business segments for the three months ended April 30, 2021 and 2020:

| Three Months Ended April 30,
(in millions) | 2021 |  | 2020
Net sales: |  |  |
Global Industrial Packaging | $ | 798.0 |  |  | $ | 670.0 |
Paper Packaging & Services | 537.0 |  |  | 481.6 |
Land Management | 5.6 |  |  | 6.7 |
Total net sales | $ | 1,340.6 |  |  | $ | 1,158.3 |
Operating profit (loss): |  |  |
Global Industrial Packaging | $ | 76.4 |  |  | $ | 75.1 |
Paper Packaging & Services | 27.3 |  |  | (5.5) |
Land Management | 96.9 |  |  | 2.4 |
Total operating profit | $ | 200.6 |  |  | $ | 72.0 |
EBITDA: |  |  |
Global Industrial Packaging | $ | 95.1 |  |  | $ | 96.0 |
Paper Packaging & Services | 64.1 |  |  | 33.5 |
Land Management | 97.6 |  |  | 3.3 |
Total EBITDA | $ | 256.8 |  |  | $ | 132.8 |
Adjusted EBITDA: |  |  |
Global Industrial Packaging | $ | 106.2 |  |  | $ | 99.1 |
Paper Packaging & Services | 68.3 |  |  | 79.1 |
Land Management | 2.1 |  |  | 3.1 |
Total Adjusted EBITDA | $ | 176.6 |  |  | $ | 181.3 |

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The following table sets forth EBITDA and Adjusted EBITDA, reconciled to net income and operating profit, for our consolidated results for the three months ended April 30, 2021 and 2020:

| Three Months Ended April 30,
(in millions) | 2021 |  | 2020
Net income | $ | 154.0 |  |  | $ | 15.8 |
Plus: interest expense, net | 26.7 |  |  | 29.3 |
Plus: income tax expense | 17.3 |  |  | 26.5 |
Plus: depreciation, depletion and amortization expense | 58.8 |  |  | 61.2 |
EBITDA | $ | 256.8 |  |  | $ | 132.8 |
Net income | $ | 154.0 |  |  | $ | 15.8 |
Plus: interest expense, net | 26.7 |  |  | 29.3 |
Plus: income tax expense | 17.3 |  |  | 26.5 |
Plus: non-cash pension settlement charges | 0.1 |  |  | — |
Plus: other expense, net | 2.8 |  |  | 1.1 |
Plus: equity earnings of unconsolidated affiliates, net of tax | (0.3) |  |  | (0.7) |
Operating profit | 200.6 |  |  | 72.0 |
Less: non-cash pension settlement charges | 0.1 |  |  | — |
Less: other expense, net | 2.8 |  |  | 1.1 |
Less: equity earnings of unconsolidated affiliates, net of tax | (0.3) |  |  | (0.7) |
Plus: depreciation, depletion and amortization expense | 58.8 |  |  | 61.2 |
EBITDA | 256.8 |  |  | 132.8 |
Plus: restructuring charges | 12.0 |  |  | 4.4 |
Plus: timberland gains | (95.7) |  |  | — |
Plus: acquisition and integration related costs | 1.8 |  |  | 4.8 |
Plus: non-cash asset impairment charges | 0.2 |  |  | 1.3 |
Plus: non-cash pension settlement charges | 0.1 |  |  | — |
Plus: incremental COVID-19 costs, net | 1.2 |  |  | 0.9 |
Less: loss on disposal of properties, plants, equipment, and businesses, net | 0.2 |  |  | 37.1 |
Adjusted EBITDA | $ | 176.6 |  |  | $ | 181.3 |

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The following table sets forth EBITDA and Adjusted EBITDA for our business segments, reconciled to the operating profit for each segment, for the three months ended April 30, 2021 and 2020:

| Three Months Ended April 30,
(in millions) | 2021 |  | 2020
Global Industrial Packaging |  |  |
Operating profit | $ | 76.4 |  |  | $ | 75.1 |
Less: other expense, net | 2.8 |  |  | 1.3 |
Less: equity earnings of unconsolidated affiliates, net of tax | (0.3) |  |  | (0.7) |
Plus: depreciation and amortization expense | 21.2 |  |  | 21.5 |
EBITDA | 95.1 |  |  | 96.0 |
Plus: restructuring charges | 10.2 |  |  | 2.7 |
Plus: non-cash asset impairment charges | 0.2 |  |  | 1.3 |
Plus: incremental COVID-19 costs, net | 0.5 |  |  | 0.4 |
Plus: loss (gain) on disposal of properties, plants, equipment, and businesses, net | 0.2 |  |  | (1.3) |
Adjusted EBITDA | $ | 106.2 |  |  | $ | 99.1 |
Paper Packaging & Services |  |  |
Operating profit (loss) | $ | 27.3 |  |  | $ | (5.5) |
Less: non-cash pension settlement charges | 0.1 |  |  | — |
Less: other income, net | — |  |  | (0.2) |
Plus: depreciation and amortization expense | 36.9 |  |  | 38.8 |
EBITDA | 64.1 |  |  | 33.5 |
Plus: restructuring charges | 1.7 |  |  | 1.7 |
Plus: acquisition and integration related costs | 1.8 |  |  | 4.8 |
Plus: non-cash pension settlement charges | 0.1 |  |  | — |
Plus: incremental COVID-19 costs, net | 0.7 |  |  | 0.5 |
Less: loss (gain) on disposal of properties, plants, equipment, and businesses, net | (0.1) |  |  | 38.6 |
Adjusted EBITDA | $ | 68.3 |  |  | $ | 79.1 |
Land Management |  |  |
Operating profit | $ | 96.9 |  |  | $ | 2.4 |
Plus: depreciation, depletion and amortization expense | 0.7 |  |  | 0.9 |
EBITDA | 97.6 |  |  | 3.3 |
Plus: restructuring charges | 0.1 |  |  | — |
Plus: timberland gains | (95.7) |  |  | — |
Less: loss (gain) on disposal of properties, plants, equipment, and businesses, net | 0.1 |  |  | (0.2) |
Adjusted EBITDA | $ | 2.1 |  |  | $ | 3.1 |

Net Sales
Net sales were $1,340.6 million for the second quarter of 2021 compared with $1,158.3 million for the second quarter of 2020. The $182.3 million increase was primarily due to higher volumes and higher average sale prices across the segments. Net sales for the second quarter 2020 included $35.4 million of net sales attributable to the divested Consumer Packaging Group business, which was sold on April 1, 2020. See the "Segment Review" below for additional information on net sales by segment for the second quarter of 2021.
Gross Profit
Gross profit was $265.9 million for the second quarter of 2021 compared with $240.7 million for the second quarter of 2020. The reasons for the changes in gross profit for each segment are described below in the “Segment Review.” Gross profit margin was 19.8 percent for the second quarter of 2021 compared with 20.8 percent for the second quarter of 2020.

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Selling, General and Administrative Expenses
Selling, general and administrative (“SG&A”) expenses were $146.8 million for the second quarter of 2021 and $121.1 million for the second quarter of 2020. SG&A expenses were 11.0 percent of net sales for the second quarter of 2021 compared with 10.5 percent of net sales for the second quarter of 2020. The increase in SG&A expenses was primarily due to increased incentive accruals.
Timberland Gains
Timberland gains were $95.7 million for the second quarter of 2021 and zero for the second quarter of 2020. During the second quarter of 2021, we completed the sale of approximately 69,200 acres of our timberland acreage in southwest Alabama to Weyerhaeuser Company for approximately $145.1 million in cash after closing costs, which totaled $4.3 million. Proceeds were applied toward debt repayment.
Financial Measures
Operating profit was $200.6 million for the second quarter of 2021 compared with $72.0 million for the second quarter of 2020. Net income was $154.0 million for the second quarter of 2021 compared with $15.8 million for the second quarter of 2020. Adjusted EBITDA was $176.6 million for the second quarter of 2021 compared with $181.3 million for the second quarter of 2020. The reasons for the changes in Adjusted EBITDA for each segment are described below in the "Segment Review."
Trends
We anticipate the demand trends reflected in our second quarter results to continue during our third quarter. In addition, we expect the steel supply markets to remain tight in the Americas, Europe, the Middle East, and Africa through our second half of the year and prices to continue to increase. Similarly, the resin supply market is also tight and prices are expected to continue increasing near term. Raw materials used in our paper packaging business are expected to increase through our third quarter. We also expect higher transportation and insurance costs relative to last year due to tighter market conditions.
Segment Review
Global Industrial Packaging
Our Global Industrial Packaging segment offers a comprehensive line of industrial packaging products, such as steel, fibre and plastic drums, rigid and flexible 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. Key factors influencing profitability in the Global Industrial Packaging segment are:
•Selling prices, product mix, customer demand and sales volumes;
•Raw material costs, primarily steel, resin, containerboard and used industrial packaging for reconditioning;
•Energy and transportation costs;
•Benefits from executing the Greif Business System;
•Restructuring charges;
•Acquisition of businesses and facilities;
•Divestiture of businesses and facilities; and
•Impact of foreign currency translation.
Net sales were $798.0 million for the second quarter of 2021 compared with $670.0 million for the second quarter of 2020. The $128.0 million increase in net sales was primarily due to higher volumes and higher average sale prices in addition to favorable foreign currency fluctuation.
Gross profit was $170.1 million for the second quarter of 2021 compared with $143.2 million for the second quarter of 2020. The $26.9 million increase in gross profit was primarily due to the same factors as net sales. Gross profit margin was 21.3 percent and 21.4 percent for the three months ended April 30, 2021 and 2020, respectively.

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Operating profit was $76.4 million for the second quarter of 2021 compared with operating profit of $75.1 million for the second quarter of 2020. Adjusted EBITDA was $106.2 million for the second quarter of 2021 compared with $99.1 million for the second quarter of 2020. The $7.1 million increase in Adjusted EBITDA was primarily due to the same factors that impacted gross profit, partially offset by the impact of higher SG&A costs as a result of increased incentive accruals.
Paper Packaging & Services
Our Paper Packaging & Services segment produces and sells containerboard, corrugated sheets, corrugated containers, and other corrugated products to customers in North America in industries such as packaging, automotive, food and building products. Our 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. We also produce and sell coated recycled paperboard and uncoated recycled paperboard, some of which we use to produce and sell products which ultimately serve both industrial and consumer markets. In addition, we also purchase and sell recycled fiber. Key factors influencing profitability in the Paper Packaging & Services segment are:
•Selling prices, product mix, customer demand and sales volumes;
•Raw material costs, primarily old corrugated containers;
•Energy and transportation costs;
•Benefits from executing the Greif Business System;
•Restructuring charges;
•Acquisition of businesses and facilities; and
•Divestiture of businesses and facilities.
Net sales were $537.0 million for the second quarter of 2021 compared with $481.6 million for the second quarter of 2020. The $55.4 million increase was primarily due to higher published containerboard and boxboard prices and higher volumes. Net sales for the second quarter 2020 included $35.4 million of net sales attributable to the divested Consumer Packaging Group business, which was sold on April 1, 2020.
Gross profit was $93.9 million for the second quarter of 2021 compared with $94.9 million for the second quarter of 2020. The decrease in gross profit was primarily due to higher old corrugated container and other input costs and higher transportation expenses, mostly offset by higher net sales. Gross profit margin was 17.5 percent and 19.7 percent for the second quarter of 2021 and 2020, respectively.
Operating profit of $27.3 million for the second quarter of 2021 compared with a loss of $5.5 million for the second quarter of 2020. The increase in operating profit was due to the inclusion of $38.6 million related to the loss on the divestment of the Consumer Packaging Group business during the second quarter of 2020, which decreased operating profit and was primarly related to the allocation of goodwill to the transaction. Adjusted EBITDA was $68.3 million for the second quarter of 2021 compared with $79.1 million for the second quarter of 2020. The $10.8 million decrease in Adjusted EBITDA was primarily due to the same factors that impacted gross profit combined with the impact of higher SG&A costs as a result of higher corporate allocations resulting from higher incentive accruals at the corporate level.
Land Management
As of April 30, 2021, our Land Management segment consisted of approximately 175,000 acres of timber properties in the southeastern United States. Key factors influencing profitability in the Land Management segment are:
•Planned level of timber sales;
•Selling prices and customer demand;
•Gains on timberland sales; and
•Gains on the disposal of development, surplus and HBU properties (“special use property”).
In order to maximize the value of our timber property, we continue to review our current portfolio and explore the development of certain of these properties. This process has led us to characterize our property as follows:
•Surplus property, meaning land that cannot be efficiently or effectively managed by us, whether due to parcel size, lack of productivity, location, access limitations or for other reasons;

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•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; and
•Core timberland, meaning land that is best suited for growing and selling timber.
We report the sale of core timberland property in "timberland gains," the sale of HBU and surplus property in "gain on disposal of properties, plants and equipment, net" and the sale of timber and development property under "net sales" and "cost of products sold" in our interim condensed consolidated statements of income. All HBU and development property, together with surplus property, is used to productively grow and sell timber until the property is 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 lakes or rivers, 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.
As of April 30, 2021, we had approximately 18,800 acres of special use property in the United States.
Net sales decreased to $5.6 million for the second quarter of 2021 compared with $6.7 million for the second quarter of 2020.
Gross profit was $1.9 million for the second quarter of 2021 compared with $2.6 million for the second quarter of 2020. Gross profit margin was 33.9 percent and 38.8 percent for the second quarter of 2021 and 2020, respectively.
Operating profit increased to $96.9 million for the second quarter of 2021 compared with $2.4 million for the second quarter of 2020, due to $95.7 million of timberland gains. Adjusted EBITDA was $2.1 million and $3.1 million for both the second quarter of 2021 and 2020, respectively. See Note 13 to the Interim Condensed Consolidated Financial Statements for additional information on the sale of timberland.
Other Income Statement Changes
Interest Expense, net
Interest expense, net, was $26.7 million for the second quarter of 2021 compared with $29.3 million for the second quarter of 2020. This decrease was primarily due to reductions in long-term debt balances and declines in variable interest rates as of the end of the second quarter of 2021 compared to the end of the second quarter of 2020.
U.S. and Non-U.S. Income before Income Tax Expense
See the following tables for details of the U.S. and non-U.S. income before income taxes and U.S. and non-U.S. income before income taxes after eliminating the impact of non-cash asset impairment charges, non-cash pension settlement income, restructuring charges, timberland gains, acquisition and integration related costs, and loss on sale of businesses, net (collectively, "Adjustments").

Summary
| Three Months Ended April 30,
| 2021 |  | 2020
Non-U.S. % of Consolidated Net Sales | 41.5 | % |  | 38.8 | %
U.S. % of Consolidated Net Sales | 58.5 | % |  | 61.2 | %
| 100.0 | % |  | 100.0 | %
Non-U.S. % of Consolidated I.B.I.T. | 30.4 | % |  | 115.1 | %
U.S. % of Consolidated I.B.I.T. | 69.6 | % |  | (15.1) | %
| 100.0 | % |  | 100.0 | %
Non-U.S. % of Consolidated I.B.I.T. before Adjustments | 69.6 | % |  | 56.1 | %
U.S. % of Consolidated I.B.I.T. before Adjustments | 30.4 | % |  | 43.9 | %
| 100.0 | % |  | 100.0 | %

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Non-U.S. I.B.I.T. Reconciliation
| Three Months Ended April 30,
(in millions) | 2021 |  | 2020
Non-U.S. I.B.I.T. | $ | 52.0 |  |  | $ | 47.9 |
Non-cash asset impairment charges | 0.2 |  |  | 1.3 |
Restructuring charges | 10.1 |  |  | 1.6 |
Total Non-U.S. Adjustments | 10.3 |  |  | 2.9 |
Non-U.S. I.B.I.T. before Adjustments | $ | 62.3 |  |  | $ | 50.8 |

U.S. I.B.I.T. Reconciliation
| Three Months Ended April 30,
(in millions) | 2021 |  | 2020
U.S. I.B.I.T. | $ | 119.0 |  |  | $ | (6.3) |
Non-cash pension settlement charge | 0.1 |  |  | — |
Restructuring charges | 1.9 |  |  | 2.8 |
Timberland gains | (95.7) |  |  | — |
Acquisition and integration related costs | 1.8 |  |  | 4.8 |
Loss on disposal of businesses, net | 0.1 |  |  | 38.4 |
Total U.S. Adjustments | (91.8) |  |  | 46.0 |
U.S. I.B.I.T. before Adjustments | $ | 27.2 |  |  | $ | 39.7 |

I.B.I.T. is Income Before Income Tax Expense
Income Tax Expense
Our quarterly income tax expense was computed in accordance with ASC 740-270 "Income Taxes - Interim Reporting." In accordance with this accounting standard, annual estimated tax expense is computed based on forecasted annual earnings and other forecasted annual amounts, including, but not limited to items such as uncertain tax positions and withholding taxes. Additionally, losses from jurisdictions for which a valuation allowance has been provided have not been included in the annual estimated tax rate. Income tax expense each quarter is provided for on a current year-to-date basis using the annual estimated tax rate, adjusted for discrete taxable events that occur during the interim period.
Income tax expense for the second quarter of 2021 was $17.3 million on $171.0 million of pre-tax income and income tax expense for the second quarter of 2020 was $26.5 million on $41.6 million of pretax income. The decrease in income tax expense was primarily attributable to changes in the expected mix of earnings among tax jurisdictions, including jurisdictions for which valuation allowances have been recorded, as well as the timing of recognition of the related tax expense under ASC 740-270. We also recognized a deferred tax asset related to capital losses, which is expected to offset the capital gain resulting from the sale of 69,200 acres of timberland located in southwest Alabama during the second quarter. A valuation allowance has been recorded to the extent the capital losses exceed the available capital gains. An additional decrease in tax expense was the result of non-deductible goodwill for tax purposes related to the sale of the Consumer Packaging Group with the Paper Packaging & Services segment recognized during the second quarter of 2020. Net favorable discrete adjustments of $5.4 million are primarily attributable to return to provision adjustments, releases as a result of settlement of U.S. Federal and Canadian income tax audits, and releases of uncertain tax positions as a result of expiration of the statute of limitations.
We are subject to audits by U.S. federal, state and local tax authorities and foreign tax authorities. We believe that adequate provisions have been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the tax audits are resolved in a manner not consistent with management’s expectations, we could be required to adjust its provision for income taxes in the period such resolution occurs.
The estimated net decrease in unrecognized tax benefits for the next 12 months ranges from zero to $6.2 million. Actual results may differ materially from this estimate.

Year-to-Date Results
The following table sets forth the net sales, operating profit, EBITDA and Adjusted EBITDA for each of our business segments for the six months ended April 30, 2021 and 2020:

| Six Months Ended April 30,
(in millions) | 2021 |  | 2020
Net sales: |  |  |
Global Industrial Packaging | $ | 1,457.3 |  |  | $ | 1,301.7 |
Paper Packaging & Services | 1,017.9 |  |  | 955.3 |
Land Management | 11.9 |  |  | 13.7 |
Total net sales | $ | 2,487.1 |  |  | $ | 2,270.7 |
Operating profit: |  |  |
Global Industrial Packaging | $ | 130.4 |  |  | $ | 119.9 |
Paper Packaging & Services | 41.6 |  |  | 27.0 |
Land Management | 98.6 |  |  | 4.3 |
Total operating profit | $ | 270.6 |  |  | $ | 151.2 |
EBITDA: |  |  |
Global Industrial Packaging | $ | 170.9 |  |  | $ | 159.6 |
Paper Packaging & Services | 107.0 |  |  | 106.5 |
Land Management | 100.4 |  |  | 6.2 |
Total EBITDA | $ | 378.3 |  |  | $ | 272.3 |
Adjusted EBITDA: |  |  |
Global Industrial Packaging | $ | 185.7 |  |  | $ | 165.7 |
Paper Packaging & Services | 124.4 |  |  | 157.0 |
Land Management | 5.0 |  |  | 6.0 |
Total Adjusted EBITDA | $ | 315.1 |  |  | $ | 328.7 |

The following table sets forth EBITDA and Adjusted EBITDA, reconciled to net income and operating profit, for our consolidated results for the six months ended April 30, 2021 and 2020:

| Six Months Ended April 30,
(in millions) | 2021 |  | 2020
Net income | $ | 184.9 |  |  | $ | 51.9 |
Plus: interest expense, net | 51.9 |  |  | 60.0 |
Plus: income tax expense | 23.4 |  |  | 37.9 |
Plus: depreciation, depletion and amortization expense | 118.1 |  |  | 122.5 |
EBITDA | $ | 378.3 |  |  | $ | 272.3 |
Net income | $ | 184.9 |  |  | $ | 51.9 |
Plus: interest expense, net | 51.9 |  |  | 60.0 |
Plus: non-cash pension settlement charges (income) | 8.6 |  |  | (0.1) |
Plus: income tax expense | 23.4 |  |  | 37.9 |
Plus: other expense, net | 2.8 |  |  | 2.4 |
Plus: equity earnings of unconsolidated affiliates, net of tax | (1.0) |  |  | (0.9) |
Operating profit | 270.6 |  |  | 151.2 |
Less: other expense, net | 2.8 |  |  | 2.4 |
Less: non-cash pension settlement charges (income) | 8.6 |  |  | (0.1) |
Less: equity earnings of unconsolidated affiliates, net of tax | (1.0) |  |  | (0.9) |
Plus: depreciation, depletion and amortization expense | 118.1 |  |  | 122.5 |
EBITDA | $ | 378.3 |  |  | $ | 272.3 |
Plus: restructuring charges | 15.1 |  |  | 7.7 |
Plus: timberland gains | (95.7) |  |  | — |
Plus: acquisition and integration related costs | 3.8 |  |  | 9.9 |
Plus: non-cash asset impairment charges | 1.5 |  |  | 1.4 |
Plus: non-cash pension settlement charges (income) | 8.6 |  |  | (0.1) |
Plus: incremental COVID-19 costs, net | 1.8 |  |  | 0.9 |
Plus: loss on disposal of properties, plants, equipment, and businesses, net | 1.7 |  |  | 36.6 |
Adjusted EBITDA | $ | 315.1 |  |  | $ | 328.7 |

The following table sets forth EBITDA and Adjusted EBITDA for our business segments, reconciled to the operating profit for each segment, for the six months ended April 30, 2021 and 2020:

| Six Months Ended April 30,
(in millions) | 2021 |  | 2019
Global Industrial Packaging |  |  |
Operating profit | $ | 130.4 |  |  | $ | 119.9 |
Less: other expense, net | 2.7 |  |  | 3.8 |
Less: equity earnings of unconsolidated affiliates, net of tax | (1.0) |  |  | (0.9) |
Plus: depreciation and amortization expense | 42.2 |  |  | 42.6 |
EBITDA | $ | 170.9 |  |  | $ | 159.6 |
Plus: restructuring charges | 13.0 |  |  | 5.0 |
Plus: non-cash impairment charges | 1.5 |  |  | 1.4 |
Plus: incremental COVID-19 costs, net | 0.8 |  |  | 0.4 |
Plus: gain on disposal of properties, plants and equipment, and businesses, net | (0.5) |  |  | (0.7) |
Adjusted EBITDA | $ | 185.7 |  |  | $ | 165.7 |
Paper Packaging & Services |  |  |
Operating profit | $ | 41.6 |  |  | $ | 27.0 |
Less: other expense (income), net | 0.1 |  |  | (1.4) |
Less: non-cash pension settlement charges (income) | 8.6 |  |  | (0.1) |
Plus: depreciation and amortization expense | 74.1 |  |  | 78.0 |
EBITDA | $ | 107.0 |  |  | $ | 106.5 |
Plus: restructuring charges | 2.0 |  |  | 2.7 |
Plus: acquisition and integration related costs | 3.8 |  |  | 9.9 |
Plus: non-cash pension settlement charges (income) | 8.6 |  |  | (0.1) |
Plus: incremental COVID-19 costs, net | 1.0 |  |  | 0.5 |
Plus: loss on disposal of properties, plants and equipment, and businesses, net | 2.0 |  |  | 37.5 |
Adjusted EBITDA | $ | 124.4 |  |  | $ | 157.0 |
Land Management |  |  |
Operating profit | $ | 98.6 |  |  | $ | 4.3 |
Plus: depreciation, depletion and amortization expenses | 1.8 |  |  | 1.9 |
EBITDA | $ | 100.4 |  |  | $ | 6.2 |
Plus: restructuring charges | 0.1 |  |  | — |
Plus: timberland gains | (95.7) |  |  | — |
Plus: loss (gain) on disposal of properties, plants and equipment, and businesses, net | 0.2 |  |  | (0.2) |
Adjusted EBITDA | $ | 5.0 |  |  | $ | 6.0 |

Net Sales
Net sales were $2,487.1 million for the first six months of 2021 compared with $2,270.7 million for the first six months of 2020. The $216.4 million increase was primarily due to higher volumes and higher average sale prices across the segments. See the "Segment Review" below for additional information on net sales by segment during the first six months of 2021.
Gross Profit
Gross profit was $478.1 million for the first six months of 2021 compared with $463.3 million for the first six months of 2020. The respective reasons for the changes in each segment are described below in the “Segment Review.” Gross profit margin was 19.2 percent and 20.4 percent for first six months of 2021 and 2020, respectively.

Selling, General and Administrative Expenses
SG&A expenses increased to $281.1 million for the first six months of 2021 from $256.5 million for the first six months of 2020. SG&A expenses were 11.3 percent of net sales for both first six months of 2021 and 2020, respectively.
Timberland Gains
Timberland gains were $95.7 million for the first six months of 2021 and zero for the first six months of 2020. During the second quarter of 2021, we completed the sale of approximately 69,200 acres of our timberland acreage in southwest Alabama to Weyerhaeuser Company for approximately $145.1 million in cash after closing costs, which totaled $4.3 million. Proceeds were applied to debt repayment.
Financial Measures
Operating profit was $270.6 million for the first six months of 2021 compared with $151.2 million for the first six months of 2020. Net income was $184.9 million for the first six months of 2021 compared with $51.9 million for the first six months of 2020. Adjusted EBITDA was $315.1 million for the first six months of 2021 compared with $328.7 million for the first six months of 2020. The reasons for the changes in Adjusted EBITDA for each segment are described below in the "Segment Review."
Segment Review
Global Industrial Packaging
Net sales were $1,457.3 million for the first six months of 2021 compared with $1,301.7 million for the first six months of 2020. The $155.6 million increase in net sales was primarily due to higher volumes and higher average sale prices in addition to favorable foreign currency fluctuation.
Gross profit was $300.4 million for the first six months of 2021 compared with $263.3 million for the first six months of 2020. The $37.1 million increase in gross profit was primarily due to the same factors that impacted net sales, partially offset by higher transportation expenses. Gross profit margin increased to 20.6 percent for the first six months of 2021 from 20.2 percent for the first six months of 2020.
Operating profit was $130.4 million for the first six months of 2021 compared with $119.9 million for the first six months of 2020. Adjusted EBITDA was $185.7 million for the first six months of 2021 compared with $165.7 million for the first six months of 2020. The $20.0 million increase in Adjusted EBITDA was primarily due to the same factors that impacted gross profit, partially offset by the impact of higher SG&A costs as a result of increased incentive accruals.
Paper Packaging & Services
Net sales increased $62.6 million to $1,017.9 million for the first six months of 2021 compared with $955.3 million for the first six months of 2020, primarily due to higher published containerboard and boxboard prices and higher volumes, partially offset by sales attributed to the divested Consumer Packaging Group business, which was sold on April 1, 2020.
Gross profit was $173.5 million for the first six months of 2021 compared with $195.0 million for the first six months of 2020. Gross profit margin was 17.0 percent and 20.4 percent for the first six months of 2021 and 2020, respectively. The decrease in gross profit was primarily due to the same factors that impacted net sales, offset by higher old corrugated container input costs and higher transportation expenses.
Operating profit was $41.6 million for the first six months of 2021 compared with $27.0 million for the first six months of 2020. The increase in operating profit was due to the prior year inclusion of $37.5 million loss on the divestment of the Consumer Packaging Group business, which decreased prior year operating profit and primarily related to the allocation of goodwill to the transaction; offset by the same factors that impacted net sales. Adjusted EBITDA was $124.4 million for the first six months of 2021 compared with $157.0 million for the first six months of 2020. The $32.6 million decrease in Adjusted EBITDA was due to the same factors that impacted gross profit combined with the impact of higher SG&A costs as a result of higher corporate allocations resulting from higher incentive accruals at the corporate level.
Land Management
Net sales decreased to $11.9 million for the first six months of 2021 compared with $13.7 million for the first six months of 2020.

Gross profit was $4.2 million for the first six months of 2021 compared with $5.0 million for the first six months of 2020. Gross profit margin was 35.3 percent and 36.5 percent for the first six months of 2021 and 2020, respectively.
Operating profit increased to $98.6 million for the first six months of 2021 compared with $4.3 million for the first six months of 2020, due to $95.7 million of timberland gains. Adjusted EBITDA was $5.0 million and $6.0 million for the first six months of 2021 and 2020, respectively.
Other Income Statement Changes
Interest expense, net
Interest expense, net, was $51.9 million for the first six months of 2021 compared with $60.0 million for the first six months of 2020. The decrease was primarily due to reductions in long-term debt balances and declines in variable interest rates over the first six months of 2021 compared to the first six months of 2020.
U.S. and non-U.S. Income before Income Tax Expense
See the following tables for details of the U.S. and non-U.S. income before income taxes and U.S. and non-U.S. income before income taxes after eliminating the impact of non-cash asset impairment charges, non-cash pension settlement charges (income), restructuring charges, timberland gains, acquisition and integration related costs, and losses on sales of businesses, net (collectively, "Adjustments").

Summary
| Six Months Ended April 30,
| 2021 |  | 2020
Non-U.S. % of Consolidated Net Sales | 41.0 | % |  | 38.7 | %
U.S. % of Consolidated Net Sales | 59.0 | % |  | 61.3 | %
| 100.0 | % |  | 100.0 | %
Non-U.S. % of Consolidated I.B.I.T. | 43.8 | % |  | 89.4 | %
U.S. % of Consolidated I.B.I.T. | 56.2 | % |  | 10.6 | %
| 100.0 | % |  | 100.0 | %
Non-U.S. % of Consolidated I.B.I.T. before Adjustments | 74.4 | % |  | 57.0 | %
U.S. % of Consolidated I.B.I.T. before Adjustments | 25.6 | % |  | 43.0 | %
| 100.0 | % |  | 100.0 | %

Non-U.S. I.B.I.T. Reconciliation
| Six Months Ended April 30,
(in millions) | 2021 |  | 2020
Non-U.S. I.B.I.T. | $ | 90.9 |  |  | $ | 79.5 |
Non-cash asset impairment charges | 1.5 |  |  | 1.4 |
Restructuring charges | 12.2 |  |  | 2.4 |
Total Non-U.S. Adjustments | 13.7 |  |  | 3.8 |
Non-U.S. I.B.I.T. before Adjustments | $ | 104.6 |  |  | $ | 83.3 |

U.S. I.B.I.T. Reconciliation
| Six Months Ended April 30,
(in millions) | 2021 |  | 2020
U.S. I.B.I.T. | $ | 116.4 |  |  | $ | 9.4 |
Non-cash pension settlement charges (income) | 8.6 |  |  | (0.1) |
Restructuring charges | 2.9 |  |  | 5.3 |
Timberland gains | (95.7) |  |  | — |
Acquisition and integration related costs | 3.8 |  |  | 9.9 |
Loss on disposal of businesses, net | — |  |  | 38.4 |
Total U.S. Adjustments | (80.4) |  |  | 53.5 |
U.S. I.B.I.T. before Adjustments | $ | 36.0 |  |  | $ | 62.9 |

I.B.I.T. is Income Before Income Tax Expense
Income tax expense
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. Our income tax expense may fluctuate due to changes in estimated 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.
Income tax expense for the first six months of 2021 was $23.4 million on $207.3 million of pretax income and income tax expense for the first six months of 2020 was $37.9 million on $88.9 million of pretax income. The decrease in income tax expense was attributable to changes in the expected mix of earnings among tax jurisdictions, including jurisdictions for which valuation allowances have been recorded, as well as the timing of recognition of the related tax expense under ASC 740-270, and net favorable discrete items of $7.5 million. The net favorable discrete adjustments include return to provision adjustments, releases as a result of settlement of U.S Federal and Canadian income tax audits, and withholding taxes on dividends Additionally, we recognized a deferred tax asset related to capital losses, which is expected to offset the capital gain resulting from the sale of 69,200 acres of timberland located in southwest Alabama. A valuation allowance has been recorded to the extent the capital losses exceed the available capital gains. An additional decrease in tax expense was the result of non-deductible goodwill for tax purposes related to the sale of the Consumer Packaging Group with the Paper Packaging & Services segment recognized during the second quarter of 2020.
BALANCE SHEET CHANGES
Working Capital changes
The $114.5 million increase in accounts receivable to $751.1 million as of April 30, 2021 from $636.6 million as of October 31, 2020 was primarily due to higher volumes and higher average sale prices.
The $78.3 million increase in inventories to $371.9 million as of April 30, 2021 from $293.6 million as of October 31, 2020 was primarily due to increased raw material purchases and prices.
The $128.9 million increase in accounts payable to $579.6 million as of April 30, 2021 from $450.7 million as of October 31, 2020 was primarily due to timing of payments and increased raw material purchases and prices.
LIQUIDITY AND CAPITAL RESOURCES
Our primary sources of liquidity are operating cash flows and borrowings under our senior secured credit facilities, proceeds from the senior notes we have issued, and proceeds from our trade accounts receivable credit facilities. We use these sources to fund our working capital needs, capital expenditures, cash dividends, any common stock repurchases and acquisitions. We anticipate continuing to fund these items in a like manner. We currently expect that operating cash flows, borrowings under our senior secured credit facilities, and proceeds from our trade accounts receivable credit facilities will be sufficient to fund our anticipated working capital, capital expenditures, cash dividends, stock repurchases, debt repayment, potential acquisitions of businesses and other liquidity needs for at least 12 months.
Capital Expenditures

During the first six months of 2021 and 2020, we invested $57.7 million (excluding $2.5 million for purchases of and investments in timber properties) and $65.4 million (excluding $2.8 million for purchases of and investments in timber properties), respectively, in capital expenditures.
Assets and Liabilities Held by Special Purpose Entities
As previously disclosed in the 2020 Form 10-K, on November 5, 2020, we settled a $50.9 million receivable and a $43.3 million payment obligation that were established in 2005.
Borrowing Arrangements
Long-term debt is summarized as follows:

(in millions) | April 30, 2021 |  | October 31, 2020
2019 Credit Agreement - Term Loans | $ | 1,132.4 |  |  | $ | 1,429.8 |
Senior Notes due 2027 | 495.6 |  |  | 495.1 |
Senior Notes due 2021 | 242.3 |  |  | 234.8 |
Accounts receivable credit facilities | 356.1 |  |  | 310.0 |
2019 Credit Agreement - Revolving Credit Facility | 53.9 |  |  | — |
| 2,280.3 |  |  | 2,469.7 |
Less: current portion | 114.1 |  |  | 123.1 |
Less: deferred financing costs | 11.6 |  |  | 11.1 |
Long-term debt, net | $ | 2,154.6 |  |  | $ | 2,335.5 |

2019 Credit Agreement
On February 11, 2019, we and certain of our subsidiaries entered into an amended and restated senior secured credit agreement (the “2019 Credit Agreement”) with a syndicate of financial institutions. Our obligations under the 2019 Credit Agreement are guaranteed by certain of our U.S. and non-U.S. subsidiaries. The repayment of this facility is secured by a security interest in our personal property and the personal property of certain of our U.S. subsidiaries, including equipment and inventory and certain intangible assets, as well as a pledge of the capital stock of substantially all of our U.S. subsidiaries, and is secured, in part, by the capital stock of the non-U.S. borrowers. However, in the event that we receive and maintain an investment grade rating from either Moody's Investors Services, Inc. or Standard & Poor's Financial Services LLC, we may request the release of such collateral.
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, we have 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.
On November 13, 2020 we and certain of our U.S. subsidiaries entered into an incremental term loan agreement (the "Incremental Term A-3 Loan Agreement") with a syndicate of farm credit institutions. The Incremental Term A-3 Loan Agreement provides for a loan commitment in the aggregate principal amount of $225.0 million that must be funded in a single draw on a business day occurring on or before July 15, 2021 (the "Incremental Term A-3 Loan"). The Incremental Term A-3 Loan matures on July 15, 2026, with quarterly installments of principal payable on the last day of each fiscal quarter commencing with the first such date to occur after the funding date. The Incremental Term A-3 Loan has, for all material purposes, the identical terms and provisions as the term A-1 and the term A-2 facilities under the 2019 Credit Agreement, other than maturity dates, which are discussed above. Our obligations, with respect to the Incremental Term A-3 Loan, will constitute obligations under the 2019 Credit Agreement and will be secured and guaranteed with the other obligations as provided in the under the 2019 Credit Facility on a pari passu basis. We intend to draw upon the Incremental Term A-3 Loan prior to July 15, 2021, and use the loan proceeds to pay all of the outstanding principal of and interest on the Senior Notes due 2021, discussed below.

As of April 30, 2021, we had $746.1 million of available borrowing capacity under the $800.0 million secured revolving credit facility provided by the 2019 Credit Agreement. The available borrowing capacity is determined by the lesser of the available capacity or the amount that could be borrowed without causing our leverage ratio to exceed 4.50 to 1.00.
The 2019 Credit Agreement contains certain covenants, which include financial covenants that require us to maintain a certain leverage ratio and an interest coverage ratio. The leverage ratio generally requires that, at the end of any quarter, we will not permit the ratio of (a) our total consolidated indebtedness, to (b) our 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 quarter, we will not permit the ratio of (a) our consolidated EBITDA, to (b) our 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, 2021, we were in compliance with the covenants and other agreements in the 2019 Credit Agreement.
Senior Notes due 2027
On February 11, 2019, we 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. Our obligations under the Senior Notes due 2027 are guaranteed by our U.S. subsidiaries that guarantee the 2019 Credit Agreement, which is described above. The Senior Notes due 2027 are governed by an Indenture that contains various covenants. Certain of these covenants will be suspended if the Senior Notes due 2027 achieve investment grade ratings from both Moody’s Investors Service, Inc. and Standard & Poor’s Global Ratings and no default or event of default has occurred and is continuing. As of April 30, 2021, we were in compliance with these covenants.
Senior Notes due 2021
Our Luxembourg subsidiary has issued €200.0 million of 7.375% Senior Notes due July 15, 2021 (the "Senior Notes due 2021"). Interest on the Senior Notes due 2021 is payable semi-annually. The Senior Notes due 2021 are guaranteed on a senior basis by Greif, Inc. The Senior Notes due 2021 are governed by an Indenture that contains various covenants. As of April 30, 2021, we were in compliance with these covenants. As described above under "2019 Credit Agreement," during the first quarter 2021, we entered into the Incremental Term A-3 Loan Agreement with the intent to utilize the proceeds from the Incremental Term A-3 Loan to pay down the Senior Notes due 2021 at maturity.
United States Trade Accounts Receivable Credit Facility
We amended and restated our U.S. receivables financing facility (the “U.S. Receivables Facility”) and entered into a Third Amended and Restated Transfer and Administration Agreement (the "Third Amended TAA") with several financial institutions. As of April 30, 2021, $250.0 million was outstanding under the U.S. Receivable Facility. On May 26, 2021, the Third Amended TAA was amended to increase the U.S. Receivables Facility to $275.0 million, with a new maturity date of May 26, 2022.
We may terminate the U.S. Receivables Facility at any time upon five days prior written notice. The U.S. Receivables Facility is secured by certain of our United States trade accounts receivables and bears interest at a variable rate based on the London Interbank Offered Rate (“LIBOR”) or an applicable base rate, plus a margin, or a commercial paper rate plus a margin. Interest is payable on a monthly basis and the principal balance is payable upon termination of the U.S. Receivables Facility. The U.S. Receivables Facility also contains events of default and covenants, which are substantially the same as the covenants under the 2019 Credit Agreement, as defined above. As of April 30, 2021, we were in compliance with these covenants. Proceeds of the U.S. Receivables Facility are available for working capital and general corporate purposes.
International Trade Accounts Receivable Credit Facilities
On April 15, 2021, 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"). The European RFA provides an accounts receivable financing facility of up to €100.0 million ($121.2 million as of April 30, 2021) secured by certain European accounts receivable. The $106.1 million outstanding on the European RFA as of April 30, 2021 is reported as 'Long-term debt' on the interim condensed consolidated balance sheets because we intend to refinance these obligations on a long-term basis and have 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.

We may terminate the European RFA at any time upon one calendar month prior written notice. The European RFA is secured by certain of our international trade accounts receivables and bears interest at a commercial paper rate plus a margin. Interest is payable on a monthly basis and the principal balance is payable upon termination of the European RFA. The European RFA also contains events of default and covenants, which are substantially the same as the covenants under the 2019 Credit Agreement, as defined above. As of April 30, 2021, we were in compliance with these covenants. Proceeds of the European RFA are available for working capital and general corporate purposes.
Financial Instruments
Interest Rate Derivatives
We have various borrowing facilities which charge interest based on the one-month U.S. dollar LIBOR rate plus an interest spread.
In 2020, we entered into four forward starting interest rate swaps with a total notional amount of $200.0 million effective July 15, 2021, maturing on July 15, 2029. We receive variable rate interest payments based upon one-month U.S. dollar LIBOR, and in return we are obligated to pay interest at a weighted-average interest rate of 0.90% plus a spread.
In 2019, we 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, maturing on March 11, 2024. The outstanding notional amount as of April 30, 2021 is $600.0 million. We receive variable rate interest payments based upon one-month U.S. dollar LIBOR, and in return we are obligated to pay interest at a weighted-average interest rate of 2.49%.
In 2017, we entered into an interest rate swap with a notional amount of $300.0 million, maturing on February 1, 2022. We received variable rate interest payments based upon one-month U.S. dollar LIBOR, and in return we are obligated to pay interest at a fixed rate of 1.19% plus an interest spread.
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 transaction affects earnings.
Foreign Exchange Hedges
We conduct business in international currencies and are subject to risks associated with changing foreign exchange rates. Our objective is to reduce volatility associated with foreign exchange rate changes to allow management to focus its attention on business operations. Accordingly, we enter 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, 2021, and October 31, 2020, we had outstanding foreign currency forward contracts in the notional amount of $134.6 million, and $268.6 million, respectively.
Cross Currency Swap
We have operations and investments in various international locations and are subject to risks associated with changing foreign exchange rates. On March 6, 2018, we 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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
There have been no significant changes in the quantitative and qualitative disclosures about our market risk from the disclosures contained in the 2020 Form 10-K.
ITEM 4. CONTROLS AND PROCEDURES
Changes in Internal Control Over Financial Reporting
There has been no change in our internal control over financial reporting that occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Disclosure Controls and Procedures
With the participation of our principal executive officer and principal financial officer, our management has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this report. Based upon that evaluation, our principal executive officer and principal financial officer have concluded that, as of the end of the period covered by this report:
•Information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission;
•Information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure; and
•Our disclosure controls and procedures are effective.

PART II. OTHER INFORMATION
ITEM 1A. RISK FACTORS
There have been no material changes in our risk factors from those disclosed in the 2020 Form 10-K under Part I, Item 1A –– Risk Factors.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 6. EXHIBITS
(a.) Exhibits

Exhibit No. |  | Description of Exhibit
31.1 |  | Certification of Chief Executive Officer Pursuant to Rule 13a — 14(a) of the Securities Exchange Act of 1934.
31.2 |  | Certification of Chief Financial Officer Pursuant to Rule 13a — 14(a) of the Securities Exchange Act of 1934.
32.1 |  | Certification of Chief Executive Officer required by Rule 13a —14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code.
32.2 |  | Certification of Chief Financial Officer required by Rule 13a — 14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code.
10.1 |  | Extension letter dated April 15, 2021, between Coöperatieve Rabobank U.A., Nieuw Amsterdam Receivables Corporation B.V., Cooperage Receivables Finance B.V., Greif Service Belgium BVBA and Greif, Inc. on Amended and Restated Master Definitions Agreement dated April 17, 2020.
10.2 |  | Amendment No. 3 to Third Amended and Restated Transfer and Administration Agreement.
101 |  | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended April 30, 2021, formatted in Inline XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Income and Comprehensive Income (Loss), (ii) Condensed Consolidated Balance Sheets, (iii) Condensed Consolidated Statements of Cash Flow and (iv) Notes to Condensed Consolidated Financial Statements.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized.

|  | GREIF, INC.
|  | (Registrant)
Date: June 9, 2021 |  | /s/ LAWRENCE A. HILSHEIMER
|  | Lawrence A. Hilsheimer
|  | Executive Vice President and Chief Financial Officer