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|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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||||
(Address of principal executive offices) | (Zip Code) |
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☒ | Accelerated filer | ☐ | ||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company |
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||||||||||||||
Emerging growth company |
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Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
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||||||
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Class A Common Stock |
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||||
Class B Common Stock |
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Item | Page | |||||||
1 | ||||||||
2 | ||||||||
4 | ||||||||
1A | ||||||||
6 | ||||||||
Three Months Ended
January 31, |
|||||||||||||||||||||||
(in millions, except per share amounts) | 2024 | 2023 | |||||||||||||||||||||
Net sales | $ |
|
$ |
|
|||||||||||||||||||
Cost of products sold |
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|||||||||||||||||||||
Gross profit |
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|||||||||||||||||||||
Selling, general and administrative expenses |
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|||||||||||||||||||||
Acquisition and integration related costs |
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|||||||||||||||||||||
Restructuring charges |
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|||||||||||||||||||||
Non-cash asset impairment charges |
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|||||||||||||||||||||
Gain on disposal of properties, plants and equipment, net |
(
|
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|||||||||||||||||||||
Gain on disposal of businesses, net |
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(
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|||||||||||||||||||||
Operating profit |
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|||||||||||||||||||||
Interest expense, net |
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|||||||||||||||||||||
Other expense, net |
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|||||||||||||||||||||
Income before income tax expense and equity earnings of unconsolidated affiliates, net
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|||||||||||||||||||||
Income tax (benefit) expense |
(
|
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|||||||||||||||||||||
Equity earnings of unconsolidated affiliates, net of tax
|
(
|
(
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|||||||||||||||||||||
Net income |
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|
|||||||||||||||||||||
Net income attributable to noncontrolling interests |
(
|
(
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|||||||||||||||||||||
Net income attributable to Greif, Inc. | $ |
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$ |
|
|||||||||||||||||||
Basic earnings per share attributable to Greif, Inc. common shareholders:
|
|||||||||||||||||||||||
Class A common stock | $ |
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$ |
|
|||||||||||||||||||
Class B common stock | $ |
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$ |
|
|||||||||||||||||||
Diluted earnings per share attributable to Greif, Inc. common shareholders:
|
|||||||||||||||||||||||
Class A common stock | $ |
|
$ |
|
|||||||||||||||||||
Class B common stock | $ |
|
$ |
|
|||||||||||||||||||
Weighted-average number of Class A common shares outstanding:
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|||||||||||||||||||||||
Basic |
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|||||||||||||||||||||
Diluted |
|
|
|||||||||||||||||||||
Weighted-average number of Class B common shares outstanding:
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|||||||||||||||||||||||
Basic |
|
|
|||||||||||||||||||||
Diluted |
|
|
|||||||||||||||||||||
Cash dividends declared per common share: | |||||||||||||||||||||||
Class A common stock | $ |
|
$ |
|
|||||||||||||||||||
Class B common stock | $ |
|
$ |
|
Three Months Ended
January 31, |
|||||||||||||||||||||||
(in millions) | 2024 | 2023 | |||||||||||||||||||||
Net income | $ |
|
$ |
|
|||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation |
|
|
|||||||||||||||||||||
Derivative financial instruments |
(
|
(
|
|||||||||||||||||||||
Minimum pension liabilities |
(
|
(
|
|||||||||||||||||||||
Other comprehensive income (loss), net of tax |
(
|
|
|||||||||||||||||||||
Comprehensive income |
|
|
|||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests |
|
|
|||||||||||||||||||||
Comprehensive income attributable to Greif, Inc. | $ |
|
$ |
|
(in millions) |
January 31,
2024 |
October 31,
2023 |
|||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ |
|
$ |
|
|||||||
Trade accounts receivable, net of allowance |
|
|
|||||||||
Inventories: | |||||||||||
Raw materials |
|
|
|||||||||
Finished goods |
|
|
|||||||||
Assets held for sale |
|
|
|||||||||
Prepaid expenses |
|
|
|||||||||
Other current assets |
|
|
|||||||||
|
|
||||||||||
Long-term assets | |||||||||||
Goodwill |
|
|
|||||||||
Other intangible assets, net of amortization |
|
|
|||||||||
Deferred tax assets |
|
|
|||||||||
Pension assets |
|
|
|||||||||
Operating lease right-of-use assets |
|
|
|||||||||
Finance lease right-of-use assets |
|
|
|||||||||
Other long-term assets |
|
|
|||||||||
|
|
||||||||||
Properties, plants and equipment | |||||||||||
Timber properties, net of depletion |
|
|
|||||||||
Land |
|
|
|||||||||
Buildings |
|
|
|||||||||
Machinery and equipment |
|
|
|||||||||
Capital projects in progress |
|
|
|||||||||
|
|
||||||||||
Accumulated depreciation |
(
|
(
|
|||||||||
|
|
||||||||||
Total assets | $ |
|
$ |
|
(in millions) |
January 31,
2024 |
October 31,
2023 |
|||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ |
|
$ |
|
|||||||
Accrued payroll and employee benefits |
|
|
|||||||||
Restructuring reserves |
|
|
|||||||||
Current portion of long-term debt |
|
|
|||||||||
Short-term borrowings |
|
|
|||||||||
Current portion of operating lease liabilities |
|
|
|||||||||
Current portion of finance lease liabilities |
|
|
|||||||||
Other current liabilities |
|
|
|||||||||
|
|
||||||||||
Long-term liabilities | |||||||||||
Long-term debt |
|
|
|||||||||
Operating lease liabilities |
|
|
|||||||||
Finance lease liabilities |
|
|
|||||||||
Deferred tax liabilities |
|
|
|||||||||
Pension liabilities |
|
|
|||||||||
Postretirement benefit obligations |
|
|
|||||||||
Contingent liabilities and environmental reserves |
|
|
|||||||||
Long-term income tax payable |
|
|
|||||||||
Other long-term liabilities |
|
|
|||||||||
|
|
||||||||||
Commitments and contingencies (Note 9) |
|
|
|||||||||
Redeemable noncontrolling interests |
|
|
|||||||||
Equity | |||||||||||
Common stock, without par value |
|
|
|||||||||
Treasury stock, at cost |
(
|
(
|
|||||||||
Retained earnings |
|
|
|||||||||
Accumulated other comprehensive loss, net of tax: | |||||||||||
Foreign currency translation |
(
|
(
|
|||||||||
Derivative financial instruments |
|
|
|||||||||
Minimum pension liabilities |
(
|
(
|
|||||||||
Total Greif, Inc. shareholders’ equity |
|
|
|||||||||
Noncontrolling interests |
|
|
|||||||||
Total shareholders’ equity |
|
|
|||||||||
Total liabilities and shareholders’ equity | $ |
|
$ |
|
Three Months Ended January 31, | |||||||||||
(in millions) | 2024 | 2023 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ |
|
$ |
|
|||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, depletion and amortization |
|
|
|||||||||
Non-cash asset impairment charges |
|
|
|||||||||
Gain on disposals of properties, plants and equipment, net |
(
|
|
|||||||||
Gain on disposals of businesses, net |
|
(
|
|||||||||
Unrealized foreign exchange loss |
|
|
|||||||||
Deferred income tax (benefit) expense |
(
|
|
|||||||||
Non-cash lease expense |
|
|
|||||||||
Other, net |
|
|
|||||||||
Increase (decrease) in cash from changes in certain assets and liabilities, net of impacts from acquisitions: | |||||||||||
Trade accounts receivable |
|
|
|||||||||
Inventories |
(
|
(
|
|||||||||
Accounts payable |
(
|
(
|
|||||||||
Restructuring reserves |
|
|
|||||||||
Operating leases |
(
|
(
|
|||||||||
Pension and post-retirement benefit liabilities |
(
|
(
|
|||||||||
Other, net |
(
|
(
|
|||||||||
Net cash provided by operating activities |
|
|
|||||||||
Cash flows from investing activities: | |||||||||||
Purchases of business, net of cash acquired |
|
(
|
|||||||||
Purchases of properties, plants and equipment |
(
|
(
|
|||||||||
Purchases of timber properties |
(
|
(
|
|||||||||
Payments for deferred purchase price of acquisitions |
(
|
(
|
|||||||||
Proceeds from the sale of properties, plants, equipment and other assets |
|
|
|||||||||
Proceeds from the sale of businesses |
|
|
|||||||||
Net cash used in investing activities |
(
|
(
|
|||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of long-term debt |
|
|
|||||||||
Payments on long-term debt |
(
|
(
|
|||||||||
Proceeds (payments) on short-term borrowings, net |
|
(
|
|||||||||
Proceeds from trade accounts receivable credit facility |
|
|
|||||||||
Payments on trade accounts receivable credit facility |
(
|
(
|
|||||||||
Dividends paid to Greif, Inc. shareholders |
(
|
(
|
|||||||||
Payments for share repurchases |
|
(
|
|||||||||
Tax withholding payments for stock-based awards |
(
|
(
|
|||||||||
Purchases of redeemable noncontrolling interest |
|
(
|
|||||||||
Other, net |
(
|
(
|
|||||||||
Net cash provided by financing activities |
|
|
|||||||||
Effects of exchange rates on cash |
|
|
|||||||||
Net (decrease) increase in cash and cash equivalents |
(
|
|
|||||||||
Cash and cash equivalents at beginning of period |
|
|
|||||||||
Cash and cash equivalents at end of period | $ |
|
$ |
|
Three Months Ended January 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Greif,
Inc. Equity |
Non
controlling Interests |
Total
Equity |
|||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except for shares which are in thousands) |
Common
Shares |
Amount |
Treasury
Shares |
Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
As of October 31, 2023 |
|
$ |
|
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||
Net income |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net of $
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum pension liability adjustment, net of $
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | . |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Current period mark to redemption value of redeemable noncontrolling interest and other |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Net income allocated to redeemable noncontrolling interests | — |
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to Greif, Inc. shareholders ($
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Colleague stock purchase plan |
|
|
(
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Long-term incentive shares issued |
|
|
(
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | — |
|
— | — |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
As of January 31, 2024 |
|
$ |
|
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
Three Months Ended January 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Greif,
Inc. Equity |
Non
controlling Interests |
Total
Equity |
|||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except for shares which are in thousands) |
Common
Shares |
Amount |
Treasury
Shares |
Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
As of October 31, 2022 |
|
$ |
|
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||
Net income
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net of $
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum pension liability adjustment, net of $
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | . |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Current period mark to redemption value of redeemable noncontrolling interest and other |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Net income allocated to redeemable noncontrolling interests | — |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to Greif, Inc. shareholders ($
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends earned on RSU shares |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases |
(
|
|
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||||
Long-term incentive shares issued |
|
|
(
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Share based compensation | — |
|
— | — |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
As of January 31, 2023 |
|
$ |
|
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
(in millions) | Amounts Recognized as of the Acquisition Date | Measurement Period Adjustments | Amount Recognized as of Acquisition Date (as Adjusted) | ||||||||
Fair value of consideration transferred | |||||||||||
Cash consideration | $ |
|
$ | — | $ |
|
|||||
Noncontrolling interest |
|
— |
|
||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed
|
|||||||||||
Accounts receivable | $ |
|
$ | — | $ |
|
|||||
Inventories |
|
— |
|
||||||||
Intangibles |
|
— |
|
||||||||
Operating lease right-of use assets |
|
— |
|
||||||||
Properties, plants and equipment |
|
— |
|
||||||||
Total assets acquired
|
|
— |
|
||||||||
Accounts payable and other current liabilities |
(
|
— |
(
|
||||||||
Operating lease liabilities |
(
|
— |
(
|
||||||||
Total liabilities assumed
|
(
|
— |
(
|
||||||||
Total identifiable net assets | $ |
|
$ | — | $ |
|
|||||
Goodwill | $ |
|
$ | — | $ |
|
(in millions) | Purchase Price Allocation | Weighted Average Estimated Useful Life | ||||||
Customer relationships | $ |
|
|
|||||
Trademarks |
|
|
||||||
Total intangible assets | $ |
|
(in millions) | Amounts Recognized as of the Acquisition Date | Measurement Period Adjustments | Amount Recognized as of Acquisition Date (as Adjusted) | ||||||||
Fair value of consideration transferred | |||||||||||
Cash consideration | $ |
|
$ | — | $ |
|
|||||
Noncontrolling interest |
|
— |
|
||||||||
Previously held interest |
|
— |
|
||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed
|
|||||||||||
Accounts receivable | $ |
|
$ | — | $ |
|
|||||
Inventories |
|
— |
|
||||||||
Prepaid and other current assets |
|
— |
|
||||||||
Intangibles |
|
|
|
||||||||
Operating lease right-of use assets |
|
— |
|
||||||||
Properties, plants and equipment |
|
— |
|
||||||||
Total assets acquired
|
|
|
|
||||||||
Accounts payable |
(
|
— |
(
|
||||||||
Other current liabilities |
(
|
— |
(
|
||||||||
Operating lease liabilities |
(
|
— |
(
|
||||||||
Total liabilities assumed
|
(
|
— |
(
|
||||||||
Total identifiable net assets | $ |
|
$ |
|
$ |
|
|||||
Goodwill | $ |
|
$ |
(
|
$ |
|
(in millions) | Purchase Price Allocation | Weighted Average Estimated Useful Life | ||||||
Customer relationships | $ |
|
|
|||||
Favorable leases |
|
|
||||||
Trademarks |
|
|
||||||
Total intangible assets | $ |
|
(in millions) | Amounts Recognized as of the Acquisition Date | Measurement Period Adjustments | Amount Recognized as of Acquisition Date (as Adjusted) | ||||||||
Fair value of consideration transferred | |||||||||||
Cash consideration | $ |
|
$ |
|
$ |
|
|||||
Recognized amounts of identifiable assets acquired and liabilities assumed
|
|||||||||||
Accounts receivable | $ |
|
$ |
(
|
$ |
|
|||||
Inventories |
|
(
|
|
||||||||
Prepaid and other current assets |
|
— |
|
||||||||
Intangibles |
|
— |
|
||||||||
Finance lease right-of use assets |
|
|
|
||||||||
Properties, plants and equipment |
|
— |
|
||||||||
Total assets acquired
|
|
(
|
|
||||||||
Accounts payable |
(
|
— |
(
|
||||||||
Accrued payroll and employee benefits |
(
|
— |
(
|
||||||||
Other current liabilities |
(
|
|
(
|
||||||||
Finance lease liabilities |
(
|
(
|
(
|
||||||||
Total liabilities assumed
|
(
|
|
(
|
||||||||
Total identifiable net assets | $ |
|
(
|
|
|||||||
Goodwill | $ |
|
$ |
|
$ |
|
(in millions) | Purchase Price Allocation | Weighted Average Estimated Useful Life | ||||||
Customer relationships | $ |
|
|
|||||
Trademarks |
|
|
||||||
Total intangible assets | $ |
|
Three Months Ended January 31, | |||||||||||||||||||||||
(in millions, except per share amounts) | 2023 | ||||||||||||||||||||||
Pro forma net sales | $ |
|
|||||||||||||||||||||
Pro forma net income attributable to Greif, Inc. |
|
||||||||||||||||||||||
Basic earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||||||||||
Class A common stock | $ |
|
|||||||||||||||||||||
Class B common stock | $ |
|
|||||||||||||||||||||
Diluted earnings per share attributable to Greif, Inc. common shareholders: | |||||||||||||||||||||||
Class A common stock | $ |
|
|||||||||||||||||||||
Class B common stock | $ |
|
(in millions) |
Employee
Separation Costs |
Other
Costs |
Total | ||||||||||||||
Balance at October 31, 2023 | $ |
|
$ |
|
$ |
|
|||||||||||
Costs incurred and charged to expense |
|
|
|
||||||||||||||
Costs paid or otherwise settled |
(
|
(
|
(
|
||||||||||||||
Balance at January 31, 2024 | $ |
|
$ |
|
$ |
|
(in millions) |
Total Amounts
Expected to be Incurred |
Amounts Incurred During the Three Months Ended January 31, 2024 |
Amounts
Remaining to be Incurred |
||||||||||||||
Global Industrial Packaging | |||||||||||||||||
Employee separation costs | $ |
|
$ |
|
$ |
|
|||||||||||
Other restructuring costs |
|
|
|
||||||||||||||
|
|
|
|||||||||||||||
Paper Packaging & Services | |||||||||||||||||
Employee separation costs |
|
|
|
||||||||||||||
Other restructuring costs |
|
|
|
||||||||||||||
|
|
|
|||||||||||||||
$ |
|
$ |
|
$ |
|
(in millions) | January 31, 2024 | October 31, 2023 | |||||||||
2022 Credit Agreement - Term Loans | $ |
|
$ |
|
|||||||
2023 Credit Agreement - Term Loan |
|
|
|||||||||
Accounts receivable credit facilities |
|
|
|||||||||
2022 Credit Agreement - Revolving Credit Facility |
|
|
|||||||||
|
|
||||||||||
Less: current portion |
|
|
|||||||||
Less: deferred financing costs |
|
|
|||||||||
Long-term debt, net | $ |
|
$ |
|
January 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||||||||||||||||||
Foreign exchange hedges |
|
|
|
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||||||||||||
Insurance annuity |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Cross currency swap |
|
|
|
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||||||||||||
October 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
Foreign exchange hedges |
|
|
|
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||||||||||||
Insurance annuity |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Cross currency swap |
|
|
|
|
|
|
|
|
Three Months Ended
January 31, |
|||||||||||||||||||||||
(in millions) | 2024 | 2023 | |||||||||||||||||||||
Service cost | $ |
|
$ |
|
|||||||||||||||||||
Interest cost |
|
|
|||||||||||||||||||||
Expected return on plan assets |
(
|
(
|
|||||||||||||||||||||
Amortization of prior service benefit
|
(
|
(
|
|||||||||||||||||||||
Recognized net actuarial gain |
(
|
(
|
|||||||||||||||||||||
Net periodic pension (benefit) cost | $ |
(
|
$ |
|
Basic Class A EPS | = | 40% * Average Class A Shares Outstanding | * | Undistributed Net Income | + | Class A Dividends Per Share | ||||||||||||||
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding | Average Class A Shares Outstanding | |||||||||||||||||||
Diluted Class A EPS | = | 40% * Average Class A Shares Outstanding | * | Undistributed Net Income | + | Class A Dividends Per Share | ||||||||||||||
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding | Average Diluted Class A Shares Outstanding | |||||||||||||||||||
Basic Class B EPS | = | 60% * Average Class B Shares Outstanding | * | Undistributed Net Income | + | Class B Dividends Per Share | ||||||||||||||
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding | Average Class B Shares Outstanding |
Three Months Ended
January 31, |
|||||||||||||||||||||||
(in millions) | 2024 | 2023 | |||||||||||||||||||||
Numerator for basic and diluted EPS | |||||||||||||||||||||||
Net income attributable to Greif, Inc. | $ |
|
$ |
|
|||||||||||||||||||
Cash dividends |
(
|
(
|
|||||||||||||||||||||
Undistributed earnings attributable to Greif, Inc. | $ |
|
$ |
|
Authorized
Shares |
Issued
Shares |
Outstanding
Shares |
Treasury
Shares |
||||||||||||||||||||
January 31, 2024 | |||||||||||||||||||||||
Class A Common Stock |
|
|
|
|
|||||||||||||||||||
Class B Common Stock |
|
|
|
|
|||||||||||||||||||
October 31, 2023 | |||||||||||||||||||||||
Class A Common Stock |
|
|
|
|
|||||||||||||||||||
Class B Common Stock |
|
|
|
|
Three Months Ended
January 31, |
|||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Class A Common Stock: | |||||||||||||||||||||||
Basic shares |
|
|
|||||||||||||||||||||
Assumed conversion of restricted shares |
|
|
|||||||||||||||||||||
Diluted shares |
|
|
|||||||||||||||||||||
Class B Common Stock: | |||||||||||||||||||||||
Basic and diluted shares |
|
|
(in millions) |
Foreign
Currency Translation |
Derivative Financial Instruments |
Minimum
Pension Liability Adjustment |
Accumulated
Other Comprehensive Income (Loss) |
|||||||||||||||||||
Balance as of October 31, 2023 | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
|||||||||||||||
Other comprehensive income (loss) |
|
(
|
(
|
(
|
|||||||||||||||||||
Balance as of January 31, 2024 | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
(in millions) |
Foreign Currency
Translation |
Derivative
Financial Instruments |
Minimum Pension
Liability Adjustment |
Accumulated Other
Comprehensive Income (Loss) |
|||||||||||||||||||
Balance as of October 31, 2022 | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
|||||||||||||||
Other comprehensive income (loss) |
|
(
|
(
|
|
|||||||||||||||||||
Balance as of January 31, 2023 | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
Three Months Ended January 31, 2024 | |||||||||||||||||||||||
(in millions) | United States | Europe, Middle East and Africa | Asia Pacific and Other Americas | Total | |||||||||||||||||||
Global Industrial Packaging | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Paper Packaging & Services |
|
|
|
|
|||||||||||||||||||
Land Management |
|
|
|
|
|||||||||||||||||||
Total net sales | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Three Months Ended January 31, 2023 | |||||||||||||||||||||||
(in millions) | United States | Europe, Middle East and Africa | Asia Pacific and Other Americas | Total | |||||||||||||||||||
Global Industrial Packaging | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Paper Packaging & Services |
|
|
|
|
|||||||||||||||||||
Land Management |
|
|
|
|
|||||||||||||||||||
Total net sales
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Three Months Ended
January 31, |
|||||||||||||||||||||||
(in millions) | 2024 | 2023 | |||||||||||||||||||||
Operating profit: | |||||||||||||||||||||||
Global Industrial Packaging | $ |
|
$ |
|
|||||||||||||||||||
Paper Packaging & Services |
|
|
|||||||||||||||||||||
Land Management |
|
|
|||||||||||||||||||||
Total operating profit | $ |
|
$ |
|
|||||||||||||||||||
Depreciation, depletion and amortization expense: | |||||||||||||||||||||||
Global Industrial Packaging | $ |
|
$ |
|
|||||||||||||||||||
Paper Packaging & Services |
|
|
|||||||||||||||||||||
Land Management |
|
|
|||||||||||||||||||||
Total depreciation, depletion and amortization expense | $ |
|
$ |
|
(in millions) |
January 31,
2024 |
October 31,
2023 |
|||||||||
Assets: | |||||||||||
Global Industrial Packaging | $ |
|
$ |
|
|||||||
Paper Packaging & Services |
|
|
|||||||||
Land Management |
|
|
|||||||||
Total segments |
|
|
|||||||||
Corporate and other |
|
|
|||||||||
Total assets | $ |
|
$ |
|
|||||||
Property, plant and equipment, net and lease right-of-use assets: | |||||||||||
United States | $ |
|
$ |
|
|||||||
Europe, Middle East and Africa |
|
|
|||||||||
Asia Pacific and other Americas |
|
|
|||||||||
Total long-lived assets, net | $ |
|
$ |
|
Three Months Ended
January 31, |
|||||||||||
(in millions) | 2024 | 2023 | |||||||||
Net sales: | |||||||||||
Global Industrial Packaging | $ | 686.6 | $ | 705.8 | |||||||
Paper Packaging & Services | 514.6 | 560.2 | |||||||||
Land Management | 4.6 | 5.0 | |||||||||
Total net sales | $ | 1,205.8 | $ | 1,271.0 | |||||||
Operating profit: | |||||||||||
Global Industrial Packaging | $ | 50.9 | $ | 45.9 | |||||||
Paper Packaging & Services | 16.8 | 109.1 | |||||||||
Land Management | 1.2 | 1.4 | |||||||||
Total operating profit | $ | 68.9 | $ | 156.4 | |||||||
EBITDA: | |||||||||||
Global Industrial Packaging | $ | 67.3 | $ | 64.2 | |||||||
Paper Packaging & Services | 51.7 | 142.5 | |||||||||
Land Management | 1.7 | 2.0 | |||||||||
Total EBITDA | $ | 120.7 | $ | 208.7 | |||||||
Adjusted EBITDA: | |||||||||||
Global Industrial Packaging | $ | 70.9 | $ | 71.8 | |||||||
Paper Packaging & Services | 55.5 | 90.7 | |||||||||
Land Management | 1.6 | 2.0 | |||||||||
Total Adjusted EBITDA | $ | 128.0 | $ | 164.5 |
Three Months Ended
January 31, |
|||||||||||
(in millions) | 2024 | 2023 | |||||||||
Net income | $ | 74.3 | $ | 93.1 | |||||||
Plus: interest expense, net | 24.2 | 22.8 | |||||||||
Plus: income tax (benefit) expense | (38.2) | 37.7 | |||||||||
Plus: depreciation, depletion and amortization expense | 60.4 | 55.1 | |||||||||
EBITDA | $ | 120.7 | $ | 208.7 | |||||||
Net income | $ | 74.3 | $ | 93.1 | |||||||
Plus: interest expense, net | 24.2 | 22.8 | |||||||||
Plus: income tax (benefit) expense | (38.2) | 37.7 | |||||||||
Plus: other expense, net | 9.1 | 3.3 | |||||||||
Plus: equity earnings of unconsolidated affiliates, net of tax | (0.5) | (0.5) | |||||||||
Operating profit | 68.9 | 156.4 | |||||||||
Less: other expense, net | 9.1 | 3.3 | |||||||||
Less: equity earnings of unconsolidated affiliates, net of tax | (0.5) | (0.5) | |||||||||
Plus: depreciation, depletion and amortization expense | 60.4 | 55.1 | |||||||||
EBITDA | 120.7 | 208.7 | |||||||||
Plus: restructuring charges | 5.7 | 2.4 | |||||||||
Plus: acquisition and integration related costs | 2.6 | 7.5 | |||||||||
Plus: non-cash asset impairment charges | 1.3 | 0.5 | |||||||||
Plus: gain on disposal of properties, plants and equipment, net | (2.7) | — | |||||||||
Plus: gain on disposal of businesses, net | — | (54.6) | |||||||||
Plus: fiscal year-end change costs | 0.4 | — | |||||||||
Adjusted EBITDA | $ | 128.0 | $ | 164.5 |
Three Months Ended
January 31, |
|||||||||||
(in millions) | 2024 | 2023 | |||||||||
Global Industrial Packaging | |||||||||||
Operating profit | $ | 50.9 | $ | 45.9 | |||||||
Less: other expense, net | 9.5 | 3.6 | |||||||||
Less: equity earnings of unconsolidated affiliates, net of tax | (0.5) | (0.5) | |||||||||
Plus: depreciation and amortization expense | 25.4 | 21.4 | |||||||||
EBITDA | 67.3 | 64.2 | |||||||||
Plus: restructuring charges | 0.9 | 2.1 | |||||||||
Plus: acquisition and integration related costs | 2.6 | 5.0 | |||||||||
Plus: non-cash asset impairment charges | — | 0.5 | |||||||||
Plus: gain on disposal of properties, plants and equipment, net | (0.1) | — | |||||||||
Plus: fiscal year-end change costs | 0.2 | — | |||||||||
Adjusted EBITDA | $ | 70.9 | $ | 71.8 | |||||||
Paper Packaging & Services | |||||||||||
Operating profit | $ | 16.8 | $ | 109.1 | |||||||
Less: other income, net | (0.4) | (0.3) | |||||||||
Plus: depreciation and amortization expense | 34.5 | 33.1 | |||||||||
EBITDA | 51.7 | 142.5 | |||||||||
Plus: restructuring charges | 4.8 | 0.3 | |||||||||
Plus: acquisition and integration related costs | — | 2.5 | |||||||||
Plus: non-cash asset impairment charges | 1.3 | — | |||||||||
Plus: gain on disposal of properties, plants and equipment, net | (2.5) | — | |||||||||
Plus: gain on disposal of businesses, net | — | (54.6) | |||||||||
Plus: fiscal year-end change costs | 0.2 | — | |||||||||
Adjusted EBITDA | $ | 55.5 | $ | 90.7 | |||||||
Land Management | |||||||||||
Operating profit | $ | 1.2 | $ | 1.4 | |||||||
Plus: depreciation and depletion expense | 0.5 | 0.6 | |||||||||
EBITDA | 1.7 | 2.0 | |||||||||
Plus: gain on disposal of properties, plants and equipment, net | (0.1) | — | |||||||||
Adjusted EBITDA | $ | 1.6 | $ | 2.0 |
Three Months Ended January 31,
(in millions)
|
2024 | 2023 | |||||||||
Net cash provided by operating activities | $ | 4.5 | $ | 32.9 | |||||||
Net cash used in investing activities | (53.6) | (269.1) | |||||||||
Net cash provided by financing activities | 36.1 | 239.5 | |||||||||
Effects of exchange rates on cash | 11.4 | 10.6 | |||||||||
Net (decrease) increase in cash and cash equivalents | (1.6) | 13.9 | |||||||||
Cash and cash equivalents at beginning of year | 180.9 | 147.1 | |||||||||
Cash and cash equivalents at end of period | $ | 179.3 | $ | 161.0 |
(in millions) |
January 31,
2024 |
October 31,
2023 |
|||||||||
2022 Credit Agreement - Term Loans | $ | 1,473.7 | $ | 1,493.8 | |||||||
2023 Credit Agreement - Term Loan | 294.4 | 296.3 | |||||||||
Accounts receivable credit facilities | 304.6 | 351.0 | |||||||||
2022 Credit Agreement - Revolving Credit Facility | 208.9 | 77.3 | |||||||||
2,281.6 | 2,218.4 | ||||||||||
Less: current portion | 88.3 | 88.3 | |||||||||
Less: deferred financing costs | 8.0 | 8.7 | |||||||||
Long-term debt, net | $ | 2,185.3 | $ | 2,121.4 |
Exhibit No. | Description of Exhibit | |||||||
Certification of Chief Executive Officer Pursuant to Rule 13a — 14(a) of the Securities Exchange Act of 1934. | ||||||||
Certification of Chief Financial Officer Pursuant to Rule 13a — 14(a) of the Securities Exchange Act of 1934. | ||||||||
Certification of Chief Executive Officer required by Rule 13a —14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code. | ||||||||
Certification of Chief Financial Officer required by Rule 13a — 14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code. | ||||||||
101 |
The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2024, formatted in Inline XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Income (ii) Condensed Consolidated Statements of Comprehensive Income, (iii) Condensed Consolidated Balance Sheets, (iv) Condensed Consolidated Statements of Cash Flow (v) Condensed Consolidated Statements of Changes in Shareholders’ Equity and (vi) Notes to Condensed Consolidated Financial Statements.
|
GREIF, INC. | ||||||||
(Registrant) | ||||||||
Date: February 29, 2024
|
/s/ LAWRENCE A. HILSHEIMER | |||||||
Lawrence A. Hilsheimer | ||||||||
Executive Vice President and Chief Financial Officer |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
Age: 52 Independent Director since 2020 Audit (Chair) and Stock Repurchase Committee member Audit Committee Financial Expert From May 2014 to December 2023, Mr. Patterson served as President and Chief Executive Officer of Avient Corporation (formerly PolyOne Corporation), a provider of specialty polymer materials, and from May 2016 also served as its Chairman of the Board. From May 2008 to April 2014, Mr. Patterson served in various leadership roles with Avient, including Chief Financial Officer. Prior to that time, Mr. Patterson served in leadership roles at Novelis, Inc., a manufacturer of aluminum-rolled products, and SPX Corporation, a multi-industry manufacturer and developer. Mr. Patterson was nominated to serve as a director based on his leadership, experience and judgment as a recent chief executive officer and chairman of a publicly traded manufacturing company and his hands on management and operations experience in various industries and markets relevant to our products and services. In making its nomination of Mr. Patterson, the Nominating Committee considered his valuable and extensive experience and knowledge in the areas of auditing, finance, global markets, operations, strategic planning, risk management, corporate governance and mergers and acquisitions, and his experience as chairman of the board of a publicly traded company. Other Board Service: • Past - Avient Corporation (NYSE) | |||
Age: 47 Independent Director since 2024 Audit Committee Member Since June 2018, Ms. Evanko has served as President and CEO of Chart Industries, Inc., a global manufacturer of cryogenic and compression equipment servicing the clean energy and industrial gas markets. From 2017 to June 2018, Ms. Evanko served as Chief Financial Officer and Chief Accounting Officer of Chart Industries. From 2016 to 2017, Ms. Evanko served as the Chief Financial Officer of Truck-Lite Co., LLC, a global manufacturer of LED lighting systems for commercial vehicles. From 2004 to 2016, Ms. Evanko served in various leadership roles with Dover Corporation, a global manufacturer and digital solutions provider, including Chief Financial Officer of various Dover subsidiaries. Prior to that time, Ms. Evanko served in finance roles at Sony Corporation, an entertainment and technology company; Honeywell Corporation, an aerospace, automation, and sustainable technology solutions company; and Arthur Andersen LLP, an accounting firm. Ms. Evanko was nominated to serve as a director based on her background, experience and judgment as the president and chief executive officer of a publicly traded manufacturing company, as well as her many years as a finance executive at multiple other manufacturing companies. In making its nomination of Ms. Evanko, the Nominating Committee considered her valuable and extensive experience and knowledge in the areas of auditing, finance, operations, strategic planning, and risk management, and her experience as a board member of various publicly traded companies. Other Board Service: • Current - Chart Industries, Inc. (NYSE) • Current - National Association of Manufacturers • Past - Parker-Hannifin Corporation (NYSE) • Past - Alliant Energy (NASDAQ) • Past - United States-India Strategic Partnership Forum | |||
Age: 52 Independent Director since 2022 Nominating and Compensation Committee member Since October 2021, Ms. Scott has served as President and Chief Executive Officer of Vestis Corporation (formerly Aramark Uniform Services, a division of Aramark), a leading provider of uniform services. From January 2021 to September 2021, Ms. Scott served as Chief Operating Officer of Terminix Global Holdings, a provider of residential and commercial pest control services, and from December 2019 to January 2021 she served as President of Terminix Residential, a division of Terminix Global Holdings. From July 2018 to September 2019, Ms. Scott served as President of Rubicon Global Holdings, a provider of cloud-based waste and recycling solutions. Prior to that time and for more than five years, Ms. Scott served in various leadership roles at Brambles Limited, including President of CHEP North America, a global leader in the provision of reusable pallets, crates and containers and logistic services. Ms. Scott was nominated to serve as a director based on her leadership, experience and judgment as a president and chief executive officer of a leading global uniform services provider and her management and operations experience in various industries and markets relevant to our products and services. In making its nomination of Ms. Scott, the Nominating Committee considered her valuable and extensive experience and knowledge in the areas of manufacturing, supply chain, operations, logistics, strategic planning, global markets, customer service, environmental, risk management, and mergers and acquisitions. Other Board Service: • Current - Vestis Corporation (NYSE) • Past - Rubicon Global Holdings • Past - U.S. Chamber of Commerce • Past - Wharton Initiative for Global Environment Leadership, Wharton School, University of Pennsylvania | |||
Age: 65 Independent Director since 2023 (Director since 2022) Audit Committee Member Since 2008, Ms. Morrison has served as President of the OhioHealth Foundation and as Senior Vice President of External Affairs, OhioHealth, a not-for-profit system of hospitals and healthcare providers in Ohio. Ms. Morrison has held various leadership roles at OhioHealth since joining that organization in 1988. Ms. Morrison was nominated to serve as a director based on her leadership, experience and judgment as an executive leader within the healthcare industry. In making its nomination of Ms. Morrison, the Nominating Committee considered her valuable and extensive experience and knowledge in the areas of governance, government affairs, auditing, finance, ethics and compliance, healthcare, strategic planning and mergers and acquisitions. Other Board Service: • Current - Park National Bank (NYSE) • Current - Palmer-Donavin Manufacturing Company • Current - Columbus Regional Airport Authority • Past - SafeAuto Financial Corporation • Past - Fifth Third Bank, Central Ohio Affiliate (Advisory Board) • Past - Columbus Zoo and Aquarium • Past - Columbus Board of Health • Past - Ohio University Heritage College of Osteopathic Medicine | |||
Age: 60 Independent Director since 2009 Nominating (Chair) and Compensation Committee member Prior to September 2017 and for more than five years, Mr. McNamara served as President and Owner of Corporate Visions Limited, LLC, a provider of aviation management educational and training programs including designing aviation management programs for universities globally. Mr. McNamara was nominated to serve as a director based on his background, experience and judgment as owner and president of an aviation services company. In making its nomination of Mr. McNamara, the Nominating Committee considered his valuable and extensive experience and knowledge in the areas of auditing, finance, strategic planning, risk management, regulatory affairs and customer service. | |||
Age: 47 Independent Director since 2024 Audit Committee Member Since June 2018, Ms. Evanko has served as President and CEO of Chart Industries, Inc., a global manufacturer of cryogenic and compression equipment servicing the clean energy and industrial gas markets. From 2017 to June 2018, Ms. Evanko served as Chief Financial Officer and Chief Accounting Officer of Chart Industries. From 2016 to 2017, Ms. Evanko served as the Chief Financial Officer of Truck-Lite Co., LLC, a global manufacturer of LED lighting systems for commercial vehicles. From 2004 to 2016, Ms. Evanko served in various leadership roles with Dover Corporation, a global manufacturer and digital solutions provider, including Chief Financial Officer of various Dover subsidiaries. Prior to that time, Ms. Evanko served in finance roles at Sony Corporation, an entertainment and technology company; Honeywell Corporation, an aerospace, automation, and sustainable technology solutions company; and Arthur Andersen LLP, an accounting firm. Ms. Evanko was nominated to serve as a director based on her background, experience and judgment as the president and chief executive officer of a publicly traded manufacturing company, as well as her many years as a finance executive at multiple other manufacturing companies. In making its nomination of Ms. Evanko, the Nominating Committee considered her valuable and extensive experience and knowledge in the areas of auditing, finance, operations, strategic planning, and risk management, and her experience as a board member of various publicly traded companies. Other Board Service: • Current - Chart Industries, Inc. (NYSE) • Current - National Association of Manufacturers • Past - Parker-Hannifin Corporation (NYSE) • Past - Alliant Energy (NASDAQ) • Past - United States-India Strategic Partnership Forum | |||
Age: 51 Independent Director since 2023 Nominating, Compensation and Stock Repurchase Committee Member Since August 2018, Mr. Miller has been a partner with the law firm of Baker & Hostetler LLP. From July 2008 to July 2018, Mr. Miller served as Senior Counsel at Kaiser Permanente, a not-for-profit health care plan organization. Prior to July 2008, Mr. Miller was a partner at Baker & Hostetler LLP. Mr. Miller was nominated to serve as a director based on his background, experience and judgment as a partner at a major national law firm. In making its nomination of Mr. Miller, the Nominating Committee considered his valuable and extensive experience and perspective in the areas of legal and regulatory matters, healthcare, compliance, corporate governance, mergers and acquisitions, risk management, fiduciary duties, customer service and strategic planning. | |||
Age: 69 Independent Director since 2006 Chairman of the Board Stock Repurchase Committee (Chair) member From March 2008 until his retire ment in September 2015, Mr. E dwards served on the Executive Management Board of Deutsche Post DHL, a global provider of mail and logistic services, with responsibility for running the supply chain operating unit of Deutsche Post DHL. From March 2007 through February 2008, Mr. Edwards was Global Chief Executive Officer for DHL Supply Chain, a supply chain services division of a subsidiary of Deutsche Post DHL. Prior to that time and for more than five years, he was Chief Executive Officer of Exel Americas, a supply chain services subsidiary of Deutsche Post DHL. Mr. Edwards was nominated to serve as a director and Chairman based on his background, experience and judgment as an executive officer of a global supply chain services company. In making its nomination of Mr. Edwards, the Nominating Committee considered his valuable and extensive experience and knowledge in the areas of auditing, finance, risk management, strategy, supply chain, corporate governance and mergers and acquisitions and his global board experience on publicly traded companies on the London exchange, which is especially valuable with respect to our international operations and regulatory affairs. Other Board Service: • Current - ODW Logistics • Past - Deutsche Post/DHL (Management Board) • Past - Ashtead Group PLC (London exchange) • Past - Synergy Health PLC (London exchange) • Past - Gustavus Adolphus College |
Name and Principal Position | Year |
Salary
($)
|
Bonus ($) |
Stock Awards
($)
|
Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($) | Total ($) | ||||||||||||||||||||
Ole G. Rosgaard
President and Chief Executive Officer
|
2024 | 1,040,385 | — | 5,480,471 | — | 1,757,805 | 4,095 | 229,698 | 8,512,454 | ||||||||||||||||||||
2023 | 980,769 | — | 2,230,716 | — | 959,100 | 4,082 | 178,241 | 4,352,908 | |||||||||||||||||||||
2022 | 826,923 | — | 2,224,859 | — | 1,437,638 | 903 | 134,742 | 4,625,065 | |||||||||||||||||||||
Lawrence A. Hilsheimer
Executive Vice President, Chief Financial Officer
|
2024 | 816,815 | — | 2,774,573 | — | 1,093,944 | 35,210 | 570,843 | 5,291,385 | ||||||||||||||||||||
2023 | 810,774 | — | 3,634,653 | — | 595,390 | 43,409 | 466,068 | 5,550,294 | |||||||||||||||||||||
2022 | 779,451 | — | 4,273,103 | — | 1,333,796 | 18,871 | 431,912 | 6,837,133 | |||||||||||||||||||||
Gary R. Martz
Executive Vice President,
General Counsel and Secretary
|
2024 | 682,148 | — | 1,863,814 | — | 776,549 | 1,023,680 | 63,265 | 4,409,456 | ||||||||||||||||||||
2023 | 677,103 | — | 2,483,481 | — | 418,719 | 0 | 67,417 | 3,646,720 | |||||||||||||||||||||
2022 | 650,944 | — | 2,919,795 | — | 938,016 | 0 | 13,890 | 4,522,645 | |||||||||||||||||||||
Timothy L. Bergwall
Senior Vice President and Chief Commercial Officer
|
2024 | 609,516 | — | 1,395,213 | — | 616,796 | 187,037 | 111,697 | 2,920,259 | ||||||||||||||||||||
2023 | 586,073 | — | 1,910,786 | — | 339,774 | 42,479 | 96,700 | 2,975,812 | |||||||||||||||||||||
2022 | 563,431 | — | 1,840,515 | — | 761,165 | 802 | 74,284 | 3,240,197 | |||||||||||||||||||||
Bala V. Sathyanarayanan
Executive Vice President, Chief Human Resources Officer
|
2024 | 493,462 | — | 1,083,811 | — | 499,356 | 1,598 | 95,566 | 2,173,793 | ||||||||||||||||||||
2023 | 473,641 | — | 1,244,914 | — | 256,742 | 1,775 | 81,737 | 2,058,809 | |||||||||||||||||||||
2022 | 451,807 | 25,000 | 1,348,410 | — | 528,985 | 520 | 66,091 | 2,420,813 |
No Customers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
Hilsheimer Lawrence A. | - | 165,426 | 1,236 |
Hilsheimer Lawrence A. | - | 93,276 | 1,236 |
MARTZ GARY R | - | 77,231 | 0 |
Bergwall Timothy | - | 58,392 | 1,325 |
Bergwall Timothy | - | 44,762 | 1,325 |
Avril-Groves Vicki L | - | 44,509 | 0 |
Lloyd David C | - | 8,916 | 34 |
MARTZ GARY R | - | 8,100 | 0 |
Miller Frank Calhoun V | - | 6,931 | 0 |
Ragan Virginia D. | - | 6,770 | 23,334 |
Sathyanarayanan Bala | - | 3,999 | 0 |
ROSE B ANDREW | - | 3,500 | 0 |
Edwards Bruce A | - | 2,000 | 0 |
Schoner Tina R. | - | 1,000 | 0 |