Restructuring Charges

12 Months Ended

Oct. 31, 2020

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES

The following is a reconciliation of the beginning and ending restructuring reserve balances for the years ended October 31, 2020 and 2019:


(in millions)	Employee Separation Costs		Other Costs		Total
Balance at October 31, 2018	$	4.2	$	0.2	$	4.4
Costs incurred and charged to expense	22.5		3.6		26.1
Costs paid or otherwise settled	(17.2)		(2.0)		(19.2)
Balance at October 31, 2019	$	9.5	$	1.8	$	11.3
Costs incurred and charged to expense	26.4		12.3		38.7
Costs paid or otherwise settled	(18.0)		(10.4)		(28.4)
Balance at October 31, 2020	$	17.9	$	3.7	$	21.6

The focus for restructuring activities in 2020 was to optimize and integrate operations in the Paper Packaging & Services segment related to the Caraustar Acquisition and continue to rationalize operations and close underperforming assets in the Rigid Industrial Packaging & Services and the Flexible Products & Services segments. During the year ended October 31, 2020, the Company recorded restructuring charges of $38.7 million, as compared to $26.1 million of restructuring charges recorded during the year ended October 31, 2019. The restructuring activity for the year ended October 31, 2020 consisted of $26.4 million in employee separation costs and $12.3 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities. There were sixteen plants closed in 2020, and a total of 658 employees severed throughout 2020 as part of the Company’s restructuring efforts.

The focus for restructuring activities in 2019 was to optimize and integrate operations in the Paper Packaging & Services segment related to the Caraustar Acquisition and continue to rationalize operations and close underperforming assets in the Rigid Industrial Packaging & Services and the Flexible Products & Services segments. During 2019, the Company recorded restructuring charges of $26.1 million, consisting of $22.5 million in employee separation costs and $3.6 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities. There were twelve plants closed and a total of 430 employees severed throughout 2019 as part of the Company’s restructuring efforts.

The focus for restructuring activities in 2018 was to rationalize and close underperforming assets in the Rigid Industrial Packaging & Services and Flexible Products & Services segments. During 2018, the Company recorded restructuring charges of $18.6 million, consisting of $14.8 million in employee separation costs and $3.8 million in other restructuring costs, primarily consisting of professional fees incurred for services specifically associated with employee separation and relocation. There were five plants closed and a total of 322 employees severed throughout 2018 as part of the Company’s restructuring efforts.

The following is a reconciliation of the total amounts expected to be incurred from open restructuring plans or plans that are being formulated and have not been announced as of the filing date of this Form 10-K. Remaining amounts expected to be incurred were $22.8 million as of October 31, 2020:


(in millions)	Total Amounts Expected to be Incurred		Amounts Incurred During the year ended October 31, 2020		Amounts Remaining to be Incurred
Rigid Industrial Packaging & Services:
Employee separation costs	$	31.6	$	21.0	10.6
Other restructuring costs	10.9		5.3		5.6
	42.5		26.3		16.2
Flexible Products & Services:
Employee separation costs	1.9		0.9		1.0
Other restructuring costs	2.4		1.9		0.5
	4.3		2.8		1.5
Paper Packaging & Services:
Employee separation costs	4.5		4.5		—
Other restructuring costs	10.2		5.1		5.1
	14.7		9.6		5.1




Total	$	61.5	$	38.7	$	22.8