Financial Performance - Total net sales for the year ended October 31, 2024, reached 3,332.3 million from Global Industrial Packaging and 2,260.5 million from Paper Packaging & Services[230]. - U.S. income before income tax expense was 85.1 million in 2024, down from 25.5 million as of October 31, 2024, up from 109.2 million as of October 31, 2024[215]. Acquisitions and Divestitures - The company completed the Ipackchem Acquisition on March 26, 2024, enhancing its position in high-performance plastic packaging[227]. - The cash consideration for the ColePak acquisition was 72.1 million[131]. - Total identifiable net assets acquired in the ColePak acquisition were 60.1 million[131]. - The fair value of customer relationships acquired in the Ipackchem acquisition was 100.0 million and resulted in a gain on sale of business of 22.5 million[143]. Capital Investments and Financial Agreements - The company is making significant capital investments in new equipment automation and technology to increase capacity, productivity, and safety[68]. - An Incremental Term Loan Agreement was executed on March 25, 2024, as an amendment to the existing credit agreement[104]. - The company has a Second Amended and Restated Credit Agreement dated March 1, 2022, with various financial institutions as lenders[103]. - The outstanding balance under the 2022 and 2023 Credit Agreements was 800.0 million, maturing on March 1, 2027[181]. Economic and Market Conditions - The company faces significant competitors in its markets, with pricing pressure expected to continue due to lower customer demand patterns experienced in fiscal years 2023 and 2024[66]. - Economic downturns or geopolitical uncertainties could materially adversely affect the company's business and cash flows[83]. - The ongoing military conflict in Ukraine has increased risks such as foreign exchange volatility and supply chain disruptions, potentially impacting financial performance[84]. - The company operates in various industries including chemicals, food and beverage, and pharmaceuticals, which are sensitive to economic conditions[82]. - The company faces challenges in forecasting revenues and operating results due to global economic conditions, leading to potential stock price volatility[87]. Employee and Safety Initiatives - The company is committed to employee well-being through various wellness programs, including health care insurances and mental health support[77]. - The company has established safety policies and programs to comply with extensive health and safety regulations, which are not expected to materially affect financial condition[51]. - The company utilizes Greif University for employee training and development, enhancing leadership and customer service skills[79]. Pension and Benefit Obligations - The benefit obligation at the end of the year for October 31, 2024, is 604.1 million at the end of the previous year[240]. - The net periodic pension cost for the company was 4.8 million attributed to the United States and 52.8 million, primarily due to changes in discount rates used to measure benefit obligations[241]. - The service cost for the year ended October 31, 2024, was 8.0 million in the previous year[240]. - The investment policy aims for a well-diversified asset portfolio to meet long-term funding obligations without undue risk[242]. Asset Management and Impairments - Asset impairment charges recognized were 20.3 million in 2023, with significant write-downs in long-lived assets[160]. - The impairment of long-lived assets was recorded at 20.3 million in 2023[192]. - The company has recorded valuation allowances of $65.2 million against non-U.S. deferred tax assets as of October 31, 2024[203].
Greif(GEF_B) - 2024 Q4 - Annual Report