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

Company: GREIF, INC
Filing Date: 2025-02-27
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 value of the RSUs granted on that date was $66.61.During 2025, the Company issued 49,269 shares of Class A Common Stock, which excludes shares withheld for the payment of taxes owed by recipients for RSUs vested, for the performance period commenced on November 1, 2021 and ended October 31, 2024.The Company granted 215,953 performance stock units (“PSUs”) on December 13, 2024, for the performance period commencing on November 1, 2024 and ending September 30, 2027. If earned, the PSUs are to be awarded in shares of Class A Common Stock. The weighted average fair value of the PSUs granted on that date was $61.19.

18

During 2025, the Company issued 161,641 shares of Class A Common Stock, which excludes shares withheld for the payment of taxes owed by recipients for PSUs vested, for the performance period commenced on November 1, 2021 and ended October 31, 2024.

NOTE 8 — INCOME TAXES

Income tax expense for the quarter and year to date was computed in accordance with ASC 740-270, "Income Taxes - Interim Reporting." Under this method, losses from jurisdictions for which a valuation allowance has been provided have not been included in the amount to which the ASC 740-270 rate was applied. The Company’s income tax expense may fluctuate due to changes in estimated losses and income from jurisdictions for which a valuation allowance has been provided, the timing of recognition of the related tax expense under ASC 740-270, and the impact of discrete items in the respective quarter.For the three months ended January 31, 2025, income tax expense was $7.8 million compared to income tax benefit of $38.2 million for the three months ended January 31, 2024. The $46.0 million net increase in total income tax expense was primarily attributable to a reduction in pre-tax book earnings, a significant non-recurring discrete benefit recorded in 2024 related to the recognition of deferred tax assets due to the onshoring of certain intangible property, and other discrete tax expense.As part of the Ipackchem Acquisition, a deferred tax liability of $62.6 million has been recorded. This liability arises from the temporary differences between the fair value of the acquired assets and liabilities and their respective tax bases. The primary components of the deferred tax liability include int