Company: GEF
Filing Date: 2025-02-27
Form Type: 10-Q
Source: 0000043920-25-000009
Chunk: 88

Company: GREIF, INC
Filing Date: 2025-02-27
Form: 10-Q
Item: Part I, Item 8
Chunk 88
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 2025 and 2024, cash used in change in accounts payable was $(33.5) million and $(21.1) million, respectively. The unfavorable change in accounts payable levels was primarily due to increase in purchases to meet demand and timing of payments.

Investing Activities

During the first three months of 2025 and 2024, we invested $35.7 million and $55.6 million, respectively, of cash in capital expenditures.

During the first three months of 2025, we received $22.5 million proceeds from a cash settlement of certain cross-currency swap contracts, of which $11.5 million related to cross-currency swap contracts designated as net investment hedges and $11.0 million related to cross-currency swap contracts designated as cash flow hedges.

Financing Activities

During the first three months of 2025 and 2024, we paid cash dividends to our stockholders in the amount of $31.0 million and $29.7 million, respectively.

During the first three months of 2025 and 2024, we borrowed $103.8 million and $74.1 million of debt, net of payments, respectively.

Financial Obligations

Long-Term Debt

Long-term debt is summarized as follows:

(in millions)January 31,2025October 31,20242022 Credit Agreement - Term Loans$1,685.4 $1,707.4 2023 Credit Agreement - Term Loan286.9 288.8 Accounts receivable credit facilities— 357.9 2022 Credit Agreement - Revolving Credit Facility552.0 373.7 Other debt— 1.3 2,524.3 2,729.1 Less: current portion95.8 95.8 Less: deferred financing costs6.3 7.1 Long-term debt, net$2,422.2 $2,626.2 

2022 Credit Agreement

We have a senior secured credit agreement (the “2022 Credit Agreement”) with a syndicate of financial institutions.

The 2022 Credit Agreement provides for (a) an $800.0 million secured revolving credit facility, consisting of a $725.0 million multicurrency facility and a $75.0 million U.S. dollar facility, maturing on March 1, 2027, (b) a $1,100.0 million secured term loan