Company: GEF
Filing Date: 2025-11-19
Form Type: 10-KT
Source: 0001628280-25-053146
Chunk: 111

Company: GREIF, INC
Filing Date: 2025-11-19
Form: 10-KT
Chunk 111
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 |           |       -0.17 | % |
| Impact of intangible property transfers           |     |           |             — | % |     |           |      -17.45 | % |     |           |           — | % |
| Unrecognized tax benefits                         |     |           |         10.90 | % |     |           |        0.37 | % |     |           |        0.05 | % |
| Other items, net                                  |     |           |          1.70 | % |     |           |        1.25 | % |     |           |       -0.07 | % |
| Company’s effective income tax rate               |     |           |         62.49 | % |     |           |        7.88 | % |     |           |       24.75 | % |

The primary items that increased the Company’s effective income tax rate from the federal statutory rate in 2025 were non-recurring items affecting pre-tax income, significant permanent items that are primarily from foreign earnings currently taxed in the U.S., withholding taxes, uncertain tax positions, and valuation allowance adjustments. The increases were partially offset by tax credits.

The primary items that decreased the Company’s effective income tax rate from the federal statutory rate in 2024 were recognition of a deferred tax asset related to the onshoring of certain intangible property, tax credits and release of valuation allowances. The decreases were partially offset by permanent differences between book income and taxable income, including the allocation of goodwill to the Delta Divestiture for which a tax benefit will not be realized, and withholding taxes.

The primary items that increased the Company’s effective income tax rate from the federal statutory rate in 2023 were changes in the mix of earnings among tax jurisdictions, including jurisdictions for which valuation allowances have been recorded, state and local taxes and withholding taxes. The increases were partially offset by tax credits and release of valuation allowances.

On July 4, 2025, H.R. 1, commonly known as the One Big Beautiful Bill Act (“OBBBA”), was enacted into law. The OBBBA permanently extends several major provisions of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation, domestic research cost expensing, enhanced business interest deductibility, and modifications to the international tax framework. Most provisions of the OBBBA, except for bonus depreciation, will not affect the Company until the 2026 fiscal year. The Company