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ACQUISITIONS AND DIVESTITURES (Tables) | 3 Months Ended
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Jan. 31, 2024
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred to acquire ColePak and the preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date:
(in millions) | Amounts Recognized as of the Acquisition Date | Measurement Period Adjustments | Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred |  |  |
Cash consideration | $ | 74.6 |  | $ | — |  | $ | 74.6 |
Noncontrolling interest | 72.1 |  | — |  | 72.1 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |
Accounts receivable | $ | 6.7 |  | $ | — |  | $ | 6.7 |
Inventories | 3.3 |  | — |  | 3.3 |
Intangibles | 59.0 |  | — |  | 59.0 |
Operating lease right-of use assets | 8.6 |  | — |  | 8.6 |
Properties, plants and equipment | 19.4 |  | — |  | 19.4 |
Total assets acquired | 97.0 |  | — |  | 97.0 |
Accounts payable and other current liabilities | (1.8) |  | — |  | (1.8) |
Operating lease liabilities | (8.6) |  | — |  | (8.6) |
Total liabilities assumed | (10.4) |  | — |  | (10.4) |
Total identifiable net assets | $ | 86.6 |  | $ | — |  | $ | 86.6 |
Goodwill | $ | 60.1 |  | $ | — |  | $ | 60.1 |
The following table summarizes the consideration transferred to acquire Centurion and the preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date:
(in millions) | Amounts Recognized as of the Acquisition Date | Measurement Period Adjustments | Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred |  |  |
Cash consideration | $ | 144.5 |  | $ | — |  | $ | 144.5 |
Noncontrolling interest | 40.9 |  | — |  | 40.9 |
Previously held interest | 16.8 |  | — |  | 16.8 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |
Accounts receivable | $ | 12.4 |  | $ | — |  | $ | 12.4 |
Inventories | 2.0 |  | — |  | 2.0 |
Prepaid and other current assets | 0.4 |  | — |  | 0.4 |
Intangibles | 83.4 |  | 9.4 |  | 92.8 |
Operating lease right-of use assets | 10.2 |  | — |  | 10.2 |
Properties, plants and equipment | 7.7 |  | — |  | 7.7 |
Total assets acquired | 116.1 |  | 9.4 |  | 125.5 |
Accounts payable | (4.2) |  | — |  | (4.2) |
Other current liabilities | (4.3) |  | — |  | (4.3) |
Operating lease liabilities | (10.2) |  | — |  | (10.2) |
Total liabilities assumed | (18.7) |  | — |  | (18.7) |
Total identifiable net assets | $ | 97.4 |  | $ | 9.4 |  | $ | 106.8 |
Goodwill | $ | 104.8 |  | $ | (9.4) |  | $ | 95.4 |
The following table summarizes the consideration transferred to acquire Lee Container and the final valuation of identifiable assets acquired and liabilities assumed at the acquisition date:
(in millions) | Amounts Recognized as of the Acquisition Date | Measurement Period Adjustments | Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred |  |  |
Cash consideration | $ | 302.8 |  | $ | 0.2 |  | $ | 303.0 |
Recognized amounts of identifiable assets acquired and liabilities assumed |  |  |
Accounts receivable | $ | 21.9 |  | $ | (0.4) |  | $ | 21.5 |
Inventories | 27.5 |  | (5.2) |  | 22.3 |
Prepaid and other current assets | 0.5 |  | — |  | 0.5 |
Intangibles | 133.5 |  | — |  | 133.5 |
Finance lease right-of use assets | 32.4 |  | 1.0 |  | 33.4 |
Properties, plants and equipment | 54.7 |  | — |  | 54.7 |
Total assets acquired | 270.5 |  | (4.6) |  | 265.9 |
Accounts payable | (3.9) |  | — |  | (3.9) |
Accrued payroll and employee benefits | (1.3) |  | — |  | (1.3) |
Other current liabilities | (3.1) |  | 2.9 |  | (0.2) |
Finance lease liabilities | (30.6) |  | (2.8) |  | (33.4) |
Total liabilities assumed | (38.9) |  | 0.1 |  | (38.8) |
Total identifiable net assets | $ | 231.6 |  | (4.5) |  | 227.1 |
Goodwill | $ | 71.2 |  | $ | 4.7 |  | $ | 75.9 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the preliminary purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired as of the acquisition date:
(in millions) | Purchase Price Allocation | Weighted Average Estimated Useful Life
Customer relationships | $ | 50.6 |  | 15.0
Trademarks | 8.4 |  | 5.0
Total intangible assets | $ | 59.0 |  |
The following table summarizes the preliminary purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired as of the acquisition date:
(in millions) | Purchase Price Allocation | Weighted Average Estimated Useful Life
Customer relationships | $ | 77.5 |  | 12.0
Favorable leases | 1.6 |  | 19.0
Trademarks | 13.7 |  | 5.0
Total intangible assets | $ | 92.8 |  |
The following table summarizes the preliminary purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired as of the acquisition date:
(in millions) | Purchase Price Allocation | Weighted Average Estimated Useful Life
Customer relationships | $ | 120.0 |  | 15.0
Trademarks | 13.5 |  | 5.0
Total intangible assets | $ | 133.5 |  |
Business Acquisition, Pro Forma Information | The following unaudited supplemental pro forma data presents consolidated information as if the Lee Container Acquisition had been completed on November 1, 2021. These amounts were calculated after adjusting Lee Container’s results to reflect interest expense incurred on the debt to finance the acquisition, additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment and intangible assets had been applied from November 1, 2021, the adjusted tax expense, and related transaction costs.
|  | Three Months Ended January 31, |  |
(in millions, except per share amounts) |  |  | 2023 |  |  |  |
Pro forma net sales |  |  | $ | 1,288.4 |  |  |  |  |
Pro forma net income attributable to Greif, Inc. |  |  | 102.2 |  |  |  |  |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |
Class A common stock |  |  | $ | 1.76 |  |  |  |  |
Class B common stock |  |  | $ | 2.63 |  |  |  |  |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |
Class A common stock |  |  | $ | 1.75 |  |  |  |  |
Class B common stock |  |  | $ | 2.63 |  |  |  |  |

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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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