Company: GEF
Filing Date: 2025-08-28
Form Type: 10-Q
Source: 0000043920-25-000048
Chunk: 28

Company: GREIF, INC
Filing Date: 2025-08-28
Form: 10-Q
Item: Part I, Item 1
Chunk 28
---
0 — 1.0 — (0.8)— (0.8)Insurance annuity— — 20.2 20.2 — — — — Cross currency swap— 5.8 — 5.8 — (47.0)— (47.0)October 31, 2024AssetsLiabilities(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalInterest rate derivatives$— $40.4 $— $40.4 $— $(5.6)$— $(5.6)Foreign exchange hedges— 0.2 — 0.2 — (0.1)— (0.1)Insurance annuity— — 18.9 18.9 — — — — Cross currency swap— 17.6 — 17.6 — (6.4)— (6.4)The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts payable, current liabilities and short-term borrowings as of July 31, 2025 and October 31, 2024 approximate their fair values because of the short-term nature of these items and are not included in this table.Interest Rate DerivativesAs of July 31, 2025, the Company has various interest rate swaps with a total notional amount of $1,362.5 million ($1,400.0 million as of October 31, 2024), maturing between March 1, 2027 and July 16, 2029. The Company will receive variable rate interest payments based upon one-month U.S. dollar SOFR, and in return the Company will be obligated to pay interest at a 

19

weighted average fixed interest rate of 2.99%. This effectively converted the borrowing rate on an amount of debt equal to the notional amount of the interest rate swaps from a variable rate to a fixed rate.These derivatives are designated as cash flow hedges for accounting purposes. Accordingly, the gain or loss on these derivative instruments is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. See Note 12 to the interim condensed consolidated financial statements for additional disclosures of the aggregate