BUSINESS SEGMENT INFORMATION

9 Months Ended

Jul. 31, 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 nine months ended July 31, 2021:

	Three Months Ended July 31, 2021
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Global Industrial Packaging	$	278.0	$	463.0	$	166.8	$	907.8
Paper Packaging & Services	568.5		—		10.3		578.8
Land Management	4.2		—		—		4.2
Total net sales	$	850.7	$	463.0	$	177.1	$	1,490.8
	Nine Months Ended July 31, 2021
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Global Industrial Packaging	$	731.2	$	1,204.0	$	429.9	$	2,365.1
Paper Packaging & Services	1,570.4		—		26.3		1,596.7
Land Management	16.1		—		—		16.1
Total net sales	$	2,317.7	$	1,204.0	$	456.2	$	3,977.9

The following tables present net sales disaggregated by geographic area for each reportable segment for the three and nine months ended July 31, 2020:

	Three Months Ended July 31, 2020
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Global Industrial Packaging	$	201.8	$	312.3	$	103.7	$	617.8
Paper Packaging & Services	451.5		—		7.8		459.3
Land Management	5.9		—		—		5.9
Total net sales	$	659.2	$	312.3	$	111.5	$	1,083.0
	Nine Months Ended July 31, 2020
(in millions)	United States		Europe, Middle East and Africa		Asia Pacific and Other Americas		Total
Global Industrial Packaging	$	637.4	$	955.9	$	326.2	$	1,919.5
Paper Packaging & Services	1,394.3		—		20.3		1,414.6
Land Management	19.6		—		—		19.6
Total net sales	$	2,051.3	$	955.9	$	346.5	$	3,353.7

The following segment information is presented for the periods indicated:

	Three Months Ended July 31,				Nine Months Ended July 31,
(in millions)	2021		2020		2021		2020
Operating profit:
Global Industrial Packaging	$	122.0	$	46.6	$	252.4	$	166.5
Paper Packaging & Services	47.5		13.3		89.1		40.3
Land Management	3.6		2.0		102.2		6.3
Total operating profit	$	173.1	$	61.9	$	443.7	$	213.1
Depreciation, depletion and amortization expense:
Global Industrial Packaging	$	20.6	$	20.9	$	62.8	$	63.5
Paper Packaging & Services	36.7		37.8		110.8		115.8
Land Management	0.8		1.2		2.6		3.1
Total depreciation, depletion and amortization expense	$	58.1	$	59.9	$	176.2	$	182.4

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

(in millions)	July 31, 2021		October 31, 2020
Assets:
Global Industrial Packaging	$	2,704.4	$	2,338.5
Paper Packaging & Services	2,477.4		2,524.3
Land Management	249.9		348.6
Total segments	5,431.7		5,211.4
Corporate and other	291.9		299.5
Total assets	$	5,723.6	$	5,510.9
Long lived assets, net*:
United States	$	1,301.2	$	1,345.8
Europe, Middle East and Africa	363.8		377.6
Asia Pacific and other Americas	115.5		111.0
Total long-lived assets, net	$	1,780.5	$	1,834.4
*includes impact of capitalization of operating lease assets