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Acquisitions and Divestitures Acquisitions and Divestitures (Tables)
 12 Months Ended
Oct. 31, 2019
Business Combinations [Abstract]  
Schedule of Preliminary Valuation of Identifiable Assets Acquired and Liabilities Assumed
The following table summarizes the consideration transferred to acquire Caraustar and the current preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date, as well as measurement period adjustments made during the year ended October 31, 2019.
(in millions)
Amounts Recognized as of the Acquisition Date
Measurement Period Adjustments (1)
Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
 
 
 
Cash consideration
$
1,834.9

$
—

1,834.9

 
 
 
 
Recognized amounts of identifiable assets acquired and liabilities assumed
 
 
 
Accounts receivable
147.0

—

147.0

Inventories
103.9

(1.1
)
102.8

Prepaid and other current assets
21.5

(0.8
)
20.7

Intangibles
717.1

8.4

725.5

Other long-term assets
1.3

5.7

7.0

Properties, plants and equipment
521.3

(12.4
)
508.9

Total assets acquired
1,512.1

(0.2
)
1,511.9

 
 
 
 
Accounts payable
(99.5
)
—

(99.5
)
Accrued payroll and employee benefits
(42.9
)
(6.4
)
(49.3
)
Other current liabilities
(21.8
)
(6.7
)
(28.5
)
Long-term deferred tax liability
(185.7
)
46.6

(139.1
)
Pension and post-retirement obligations
(67.1
)
—

(67.1
)
Other long-term liabilities
(12.7
)
(7.4
)
(20.1
)
Total liabilities assumed
(429.7
)
26.1

(403.6
)
Total identifiable net assets
$
1,082.4

$
25.9

$
1,108.3

Goodwill
$
752.5

$
(25.9
)
$
726.6

(1) The measurement adjustments were primarily due to refinement to third party appraisals and carrying amounts of certain assets and liabilities, as well as adjustments to certain tax accounts based on, among other things, adjustments to deferred tax liabilities. The net impact of the measurement period adjustments resulted in a net $25.9 million decrease to Goodwill. The measurement adjustments recorded in 2019 did not have a significant impact on the Company's consolidated statements of income for the year ended October 31, 2019.
The following table summarizes the consideration transferred to acquire Tholu and the current preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date, as well as measurement period adjustments made during the year ended October 31, 2019.
(in millions)
Amounts Recognized as of the Acquisition Date
Measurement Period Adjustments (2)
Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
 
 
 
Cash consideration
$
25.1

$
—

$
25.1

Deferred payments
$
29.2

—

$
29.2

Cash received
$
(2.1
)
$
—

$
(2.1
)
Total consideration
$
52.2

$
—

$
52.2

 
 
 
 
Recognized amounts of identifiable assets acquired and liabilities assumed
 
 
 
Accounts receivable
7.3

—

$
7.3

Inventories
3.0

0.4

$
3.4

Intangibles
24.1

—

$
24.1

Properties, plants and equipment
6.4

—

$
6.4

Other assets
1.2

—

$
1.2

Total assets acquired
42.0

0.4

42.4

 
 
 
 
Accounts payable
(4.0
)
—

(4.0
)
Capital lease obligations
(1.7
)
—

(1.7
)
Long-term deferred tax liability
(5.4
)
(0.4
)
(5.8
)
Other liabilities
(1.0
)
—

(1.0
)
Total liabilities assumed
(12.1
)
(0.4
)
(12.5
)
Total identifiable net assets
$
29.9

$
—

$
29.9

Goodwill
$
22.3

$
—

$
22.3

(2) The measurement adjustments were primarily due to refinement to third party appraisals and carrying amounts of certain assets and liabilities, as well as adjustments to certain tax accounts based on, among other things, adjustments to deferred tax liabilities. The net impact of the measurement period adjustments resulted in no net impact to Goodwill. The measurement adjustments recorded in 2019 did not have a significant impact on our consolidated statements of income for the twelve months ended October 31, 2019.
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination The following table summarizes the current preliminary purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired:
(in millions)
Current Preliminary Purchase Price Allocation
Weighted Average Estimated Useful Life
Customer relationships
$
708.0

15.0
Trademarks
15.0

3.0
Other
2.5

4.6
Total intangible assets
$
725.5

 

The following table summarizes the preliminary purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired:
(in millions)
Preliminary Fair Value
Weighted Average Estimated Useful Life
Customer relationships
$
21.9

15.0
Trademarks
1.2

9.0
Other
1.0

2.0
Total intangible assets
$
24.1

 
Schedule of Pro forma information of acquiree
The following unaudited supplemental pro forma data presents consolidated information as if the acquisition had been completed on November 1, 2017. These amounts were calculated after adjusting Caraustar's results to reflect interest expense incurred on the debt to finance the acquisition, additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment and intangible assets had been applied from November 1, 2017, the adjusted tax expense, and related transaction costs of $34.0 million. These adjustments also include an additional one-time charge of $9.0 million for the fair value adjustment for inventory acquired.
 
Twelve Months Ended October 31,
(in millions, except per share amounts)
2019
 
2018
Pro forma net sales
$
4,958.8

 
$
5,249.4

Pro forma net (loss) income attributable to Greif, Inc.
$
154.8

 
$
152.7

Basic earnings per share attributable to Greif, Inc. common shareholders:
 
 
 
Class A common stock
$
2.62

 
$
2.60

Class B common stock
$
3.92

 
$
3.88

Diluted earnings per share attributable to Greif, Inc. common shareholders:
 
 
 
Class A common stock
$
2.62

 
$
2.59

Class B common stock
$
3.92

 
$
3.88