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BUSINESS SEGMENT INFORMATION | 6 Months Ended
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Apr. 30, 2021
Segment Reporting [Abstract] |
BUSINESS SEGMENT INFORMATION | 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 |
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 |
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 |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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