Company: GEF
Filing Date: 2025-02-27
Form Type: 10-Q
Source: 0000043920-25-000009
Chunk: 109

Company: GREIF, INC
Filing Date: 2025-02-27
Form: 10-Q
Item: Part I, Item 2
Chunk 109
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 of exchange rates on cash(9.3)11.4 Net increase (decrease) in cash and cash equivalents3.4 (1.6)Cash and cash equivalents at beginning of year197.7 180.9 Cash and cash equivalents at end of period$201.1 $179.3 

Operating Activities

During the first three months of 2025 and 2024, cash provided by change in accounts receivable was $31.9 million and $21.5 million, respectively. The favorable change in accounts receivable levels was primarily due to an increase in net sales and timing of collections.

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During the first three months of 2025 and 2024, cash used in change in inventories was $(21.5) million and $(28.0) million, respectively. The favorable change in inventories was primarily due to decrease in raw material prices.

During the first three months of 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