Company: GEF
Filing Date: 2025-02-27
Form Type: 10-Q
Source: 0000043920-25-000009
Chunk: 53

Company: GREIF, INC
Filing Date: 2025-02-27
Form: 10-Q
Item: Part I, Item 8
Chunk 53
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ity owned entities include investments in limited liability companies, partnerships and joint ventures in which the Company does not have controlling interest and are accounted for using either the equity or cost method, as appropriate.The unaudited interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (this “Form 10-Q”) should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for its fiscal year ended October 31, 2024 (the “2024 Form 10-K”).Recast of Certain Prior Period InformationIn December 2024, the Company announced changes to its reporting structure, moving to a material solution-based structure. The Company believes this structure will enable the Company to more efficiently utilize its robust scale and global network of facilities, align operations to capitalize on its deep subject matter expertise, enable further innovation and growth, and optimize cross-selling and margin expansion opportunities. This internal re-alignment has resulted in a change in the Company’s reportable segments. Prior period segment information for the 2024 fiscal year has been recast to conform to the way the Company internally manages and monitors its business during the 2025 fiscal year.The recast of prior period information had no impact on the Company’s interim condensed consolidated balance sheets, interim condensed consolidated statements of income, interim condensed consolidated statements of comprehensive income (loss), interim condensed consolidated statements of changes in shareholders’ equity and the interim condensed consolidated statements of cash flows.Newly Adopted Accounting StandardsThere have been no new accounting standards adopted since the filing of the 2024 Form 10-K that have significance, or potential significance, to the interim condensed consolidated financial statements.Recently Issued Accounting StandardsIn December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, "Income Taxes (Topic 740): Improvements to Tax Disclosures,” which is intended to improve the effectiveness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The effective date for the Company to adopt this ASU is for the fiscal year beginning October 1, 2025. The 

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Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income (loss), cash flow and disclosures.In November 2023, the FASB issued ASU 2023-07, "