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GOODWILL AND OTHER INTANGIBLE ASSETS | 11 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS In December 2024, the Company announced changes to its reporting structure, effective November 1, 2024, moving to a material solution-based structure. This internal re-alignment has resulted in a change in the Company’s reportable segments from three: Global Industrial Packaging; Paper Packaging & Services; and Land Management; to four: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Integrated Solutions. Changes to the Company’s operating segments resulted in a change to the Company’s reporting units: Customized Polymer Solutions – Small Plastics & Jerrycans; Customized Polymer Solutions – Large/Medium Plastics; Customized Polymer Solutions – Intermediate Bulk Containers; Durable Metal Solutions; Sustainable Fiber Solutions – Boxboard & Converted; Sustainable Fiber Solutions – Land Management; and Integrated Solutions. As a result of this segment realignment, the Company allocated goodwill to the reporting units existing under the new organizational structure on a relative fair value basis as of the first quarter of 2025. In conjunction with the goodwill allocation described above, the Company tested its reporting units for potential impairment immediately before and after the segment realignment and concluded that the estimated fair value of each reporting unit exceeded its respective carrying value. The following table summarizes the changes in the carrying amount of goodwill by reportable segment for the years ended September 30, 2025 (11-month) and October 31, 2024:
(in millions) | Global Industrial Packaging |  | Paper Packaging & Services |  | Customized Polymer Solutions |  | Durable Metal Solutions |  | Sustainable Fiber Solutions |  | Integrated Solutions |  | Total
Balance at October 31, 2023 | $ | 887.6 |  |  | $ | 507.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,394.8 |
Goodwill acquired | 278.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 278.5 |
Goodwill allocated to divestitures | (26.1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (26.1) |
Currency translation | 8.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8.3 |
Balance at October 31, 2024 | $ | 1,148.3 |  |  | $ | 507.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,655.5 |
Segment recast | (1,148.3) |  |  | (507.2) |  |  | 607.9 |  |  | 401.8 |  |  | 475.9 |  |  | 169.9 |  |  | — |
Goodwill acquired / Measurement period adjustment | — |  |  | — |  |  | (18.0) |  |  | — |  |  | — |  |  | — |  |  | (18.0) |
Currency translation | — |  |  | — |  |  | 32.5 |  |  | 16.9 |  |  | — |  |  | 9.6 |  |  | 59.0 |
Balance at September 30, 2025 | $ | — |  |  | $ | — |  |  | $ | 622.4 |  |  | $ | 418.7 |  |  | $ | 475.9 |  |  | $ | 179.5 |  |  | $ | 1,696.5 |
The Company reviews goodwill by reporting unit and indefinite-lived intangible assets for impairment as required by ASC 350, “Intangibles – Goodwill and Other,” at least annually on August 1, or whenever events and circumstances indicate impairment may have occurred. A reporting unit is the operating segment, or a business unit one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. The components are aggregated into reporting units for purposes of goodwill impairment testing to the extent they share similar qualitative and quantitative characteristics. The Company performed its annual goodwill impairment test as of August 1, 2025. The fair value of the Company’s goodwill reporting units exceeded the carrying value, resulting in no impairment. Discount rates, revenue growth rates and gross margins are the assumptions that are most sensitive and susceptible to change as they require significant management judgment. In addition, certain future events and circumstances, including deterioration of market conditions, higher cost of capital, a decline in actual and expected consumption and demand, could result in changes to these assumptions and judgments. A revision of these assumptions could cause the fair value of the reporting unit to fall below its respective carrying value. As for all of the Company’s reporting units, if in future years, the reporting unit’s actual results are not consistent with the Company’s estimates and assumptions used to calculate fair value, the Company may be required to recognize material impairments to goodwill. The following table summarizes the carrying amount of net intangible assets by class as of September 30, 2025 and October 31, 2024:
(in millions) | Gross Intangible Assets |  | Accumulated Amortization |  | Net Intangible Assets
September 30, 2025: |  |  |  |  |
Indefinite lived: |  |  |  |  |
Trademarks and trade names | $ | 3.9 |  |  | $ | — |  |  | $ | 3.9 |
Definite lived: |  |  |  |  |
Customer relationships | 1,184.8 |  |  | 408.6 |  |  | 776.2 |
Trademarks and trade names | 53.8 |  |  | 28.0 |  |  | 25.8 |
Developed technology | 42.1 |  |  | 8.5 |  |  | 33.6 |
Other | 2.1 |  |  | 0.7 |  |  | 1.4 |
Total | $ | 1,286.7 |  |  | $ | 445.8 |  |  | $ | 840.9 |
October 31, 2024: |  |  |  |  |
Indefinite lived: |  |  |  |  |
Trademarks and trade names | $ | 3.9 |  |  | $ | — |  |  | $ | 3.9 |
Definite lived: |  |  |  |  |
Customer relationships | 1,187.6 |  |  | 332.1 |  |  | 855.5 |
Trademarks and trade names | 54.8 |  |  | 18.8 |  |  | 36.0 |
Developed technology | 38.9 |  |  | 3.3 |  |  | 35.6 |
Other | 2.1 |  |  | 0.4 |  |  | 1.7 |
Total | $ | 1,287.3 |  |  | $ | 354.6 |  |  | $ | 932.7 |
Gross intangible assets decreased by $0.6 million for the year ended September 30, 2025 (11-month). The decrease was attributable to $16.4 million from asset disposals, $2.6 million of impairment and the write-off of $0.3 million fully amortized assets, which was offset by $14.8 million of currency fluctuations and $3.9 million additional assets from immaterial acquisitions. Amortization expense was $88.4 million, $90.0 million and $70.3 million for the years ended September 30, 2025 (11-month), October 31, 2024 and October 31, 2023, respectively. Amortization expense for the next five years is expected to be $94.9 million in 2026, $94.7 million in 2027, $90.7 million in 2028, $86.1 million in 2029 and $85.2 million in 2030. Definite lived intangible assets for the periods presented are subject to amortization and are being amortized using the straight-line method over periods that are contractually or legally determined, or over the period a market participant would benefit from the asset. Indefinite lived intangibles of approximately $3.9 million as of September 30, 2025, related primarily to the Tri-Sure trademark and trade name related to Pachmas, are not amortized, but rather are tested for impairment at least annually.

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