UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________

FORM 10-Q

_________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-00566

_________________________________

GREIF, INC.

(Exact name of registrant as specified in its charter)

_________________________________

Delaware	31-4388903
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

425 Winter Road Delaware Ohio	43015
(Address of principal executive offices)	(Zip Code)

(740) 549-6000

(Registrant’s telephone number, including area code)

Not Applicable

Former name, former address and former fiscal year, if changed since last report.

_________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Class A Common Stock	GEF	New York Stock Exchange
Class B Common Stock	GEF-B	New York Stock Exchange

The number of shares outstanding of each of the issuer’s classes of common stock as of the close of business on June 4, 2021:

Class A Common Stock	26,550,924 shares
Class B Common Stock	22,007,725 shares

Item		Page
	Part I. Financial Information
1	Financial Statements	4
	Condensed Consolidated Statements of Income for the Three and Six Months Ended April 30, 2021 and 2020 (Unaudited)	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended April 30, 2021 and 2020 (Unaudited)	5
	Condensed Consolidated Balance Sheets at April 30, 2021 (Unaudited) and October 31, 2020	6
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended April 30, 2021 and 2020 (Unaudited)	8
	Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three and Six Months Ended April 30, 2021 and 2020 (Unaudited)	9
	Notes to Condensed Consolidated Financial Statements (Unaudited)	11
2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
3	Quantitative and Qualitative Disclosures About Market Risk	44
4	Controls and Procedures	44
	Part II. Other Information
1A	Risk Factors	45
2	Unregistered Sales of Equity Securities and Use of Proceeds	45
6	Exhibits	45
	Signatures	46

3

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended April 30,				Six Months Ended April 30,
(in millions, except per share amounts)	2021		2020		2021		2020
Net sales	$	1,340.6	$	1,158.3	$	2,487.1	$	2,270.7
Cost of products sold	1,074.7		917.6		2,009.0		1,807.4
Gross profit	265.9		240.7		478.1		463.3
Selling, general and administrative expenses	146.8		121.1		281.1		256.5
Restructuring charges	12.0		4.4		15.1		7.7
Timberland gains	(95.7)		—		(95.7)		—
Acquisition and integration related costs	1.8		4.8		3.8		9.9
Non-cash asset impairment charges	0.2		1.3		1.5		1.4
Loss (gain) on disposal of properties, plants and equipment, net	0.1		(1.3)		1.7		(1.8)
Loss on disposal of businesses, net	0.1		38.4		—		38.4
Operating profit	200.6		72.0		270.6		151.2
Interest expense, net	26.7		29.3		51.9		60.0
Non-cash pension settlement charges (income)	0.1		—		8.6		(0.1)
Other expense, net	2.8		1.1		2.8		2.4
Income before income tax expense and equity earnings of unconsolidated affiliates, net	171.0		41.6		207.3		88.9
Income tax expense	17.3		26.5		23.4		37.9
Equity earnings of unconsolidated affiliates, net of tax	(0.3)		(0.7)		(1.0)		(0.9)
Net income	154.0		15.8		184.9		51.9
Net income attributable to noncontrolling interests	(4.2)		(4.4)		(11.7)		(8.2)
Net income attributable to Greif, Inc.	$	149.8	$	11.4	$	173.2	$	43.7
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock	$	2.51	$	0.19	$	2.91	$	0.74
Class B common stock	$	3.77	$	0.29	$	4.36	$	1.10
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock	$	2.51	$	0.19	$	2.91	$	0.74
Class B common stock	$	3.77	$	0.29	$	4.36	$	1.10
Weighted-average number of Class A common shares outstanding:
Basic	26.5		26.4		26.5		26.3
Diluted	26.7		26.4		26.6		26.3
Weighted-average number of Class B common shares outstanding:
Basic	22.0		22.0		22.0		22.0
Diluted	22.0		22.0		22.0		22.0
Cash dividends declared per common share:
Class A common stock	$	0.44	$	0.44	$	0.88	$	0.88
Class B common stock	$	0.66	$	0.66	$	1.31	$	1.31

See accompanying Notes to Condensed Consolidated Financial Statements

4

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three Months Ended April 30,				Six Months Ended April 30,
(in millions)	2021		2020		2021		2020
Net income	$	154.0	$	15.8	$	184.9	$	51.9
Other comprehensive income (loss), net of tax:
Foreign currency translation	6.6		(52.3)		34.2		(55.4)
Derivative financial instruments	9.5		(23.1)		11.4		(22.9)
Minimum pension liabilities	24.4		1.3		47.1		23.0
Other comprehensive income (loss), net of tax	40.5		(74.1)		92.7		(55.3)
Comprehensive income (loss)	194.5		(58.3)		277.6		(3.4)
Comprehensive income attributable to noncontrolling interests	2.2		0.8		12.3		2.6
Comprehensive income (loss) attributable to Greif, Inc.	$	192.3	$	(59.1)	$	265.3	$	(6.0)

See accompanying Notes to Condensed Consolidated Financial Statements

5

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions)	April 30, 2021		October 31, 2020
ASSETS
Current assets
Cash and cash equivalents	$	110.4	$	105.9
Trade accounts receivable, less allowance of $6.5 in 2021 and $9.4 in 2020	751.1		636.6
Inventories:
Raw materials	279.7		208.4
Work-in-process	1.6		5.4
Finished goods	90.6		79.8
Assets held for sale	9.2		57.0
Assets held by special purpose entities	—		50.9
Prepaid expenses	58.7		43.0
Other current assets	81.4		115.8
	1,382.7		1,302.8
Long-term assets
Goodwill	1,531.2		1,518.4
Other intangible assets, net of amortization	683.2		715.3
Deferred tax assets	28.0		11.3
Pension asset	43.2		29.5
Operating lease assets	299.7		307.5
Other long-term assets	120.8		99.2
	2,706.1		2,681.2
Properties, plants and equipment
Timber properties, net of depletion	223.3		224.5
Land	164.5		162.6
Buildings	539.3		524.7
Machinery and equipment	2,004.8		1,930.6
Capital projects in progress	115.7		120.6
	3,047.6		2,963.0
Accumulated depreciation	(1,548.5)		(1,436.1)
	1,499.1		1,526.9
Total assets	$	5,587.9	$	5,510.9

See accompanying Notes to Condensed Consolidated Financial Statements

6

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions)	April 30, 2021		October 31, 2020
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable	$	579.6	$	450.7
Accrued payroll and employee benefits	118.3		122.3
Restructuring reserves	21.6		21.6
Current portion of long-term debt	114.1		123.1
Short-term borrowings	44.7		28.4
Liabilities held by special purpose entities	—		43.3
Current portion of operating lease liabilities	52.7		52.3
Mandatorily redeemable noncontrolling interests	5.0		—
Other current liabilities	173.9		158.4
	1,109.9		1,000.1
Long-term liabilities
Long-term debt	2,154.6		2,335.5
Operating lease liabilities	249.6		257.7
Deferred tax liabilities	336.4		339.2
Pension liabilities	83.7		137.7
Postretirement benefit obligations	11.4		11.6
Contingent liabilities and environmental reserves	19.5		20.2
Mandatorily redeemable noncontrolling interests	3.4		8.4
Long-term income tax payable	27.8		27.8
Other long-term liabilities	142.6		152.0
	3,029.0		3,290.1
Commitments and contingencies (Note 8)
Redeemable noncontrolling interests	19.3		20.0
Equity
Common stock, without par value	177.6		170.2
Treasury stock, at cost	(134.1)		(134.4)
Retained earnings	1,666.1		1,543.9
Accumulated other comprehensive loss, net of tax:
Foreign currency translation	(261.3)		(294.9)
Derivative financial instruments	(13.3)		(24.7)
Minimum pension liabilities	(60.8)		(107.9)
Total Greif, Inc. shareholders' equity	1,374.2		1,152.2
Noncontrolling interests	55.5		48.5
Total shareholders' equity	1,429.7		1,200.7
Total liabilities and shareholders' equity	$	5,587.9	$	5,510.9

See accompanying Notes to Condensed Consolidated Financial Statements

7

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six Months Ended April 30,
(in millions)	2021		2020
Cash flows from operating activities:
Net income	$	184.9	$	51.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	118.1		122.5
Non-cash asset impairment charges	1.5		1.4
Non-cash pension settlement charges (income)	8.6		(0.1)
Loss (gain) on disposals of properties, plants and equipment, net	1.7		(1.8)
Loss on disposals of businesses, net	—		38.4
Timberland gains	(95.7)		—
Unrealized foreign exchange loss (income)	0.9		(0.8)
Deferred income tax benefit	(41.5)		(0.5)
Non-cash lease expense	26.1		28.6
Other, net	(0.5)		(0.9)
Increase (decrease) in cash from changes in certain assets and liabilities:
Trade accounts receivable	(98.4)		(28.7)
Inventories	(71.4)		(23.0)
Accounts payable	125.8		20.2
Restructuring reserves	(0.2)		(4.3)
Operating leases	(29.5)		(28.1)
Pension and post-retirement benefit liabilities	(11.9)		(11.7)
Other, net	45.3		(43.8)
Net cash provided by operating activities	163.8		119.3
Cash flows from investing activities:
Purchases of properties, plants and equipment	(57.7)		(65.4)
Purchases of and investments in timber properties	(2.5)		(2.8)
Proceeds from the sale of timberlands	145.1		—
Collections of receivables held in special purpose entities	50.9		—
Payments for issuance of loans receivable	(15.0)		—
Proceeds from the sale of businesses	—		81.6
Other, net	(2.5)		(0.6)
Net cash provided by investing activities	118.3		12.8
Cash flows from financing activities:
Proceeds from issuance of long-term debt	744.6		745.4
Payments on long-term debt	(990.1)		(789.3)
Proceeds (payments) on short-term borrowings, net	15.2		(5.0)
Proceeds from trade accounts receivable credit facility	61.6		64.3
Payments on trade accounts receivable credit facility	(18.3)		(77.3)
Dividends paid to Greif, Inc. shareholders	(52.2)		(52.0)
Payments for liabilities held in special purpose entities	(43.3)		—
Dividends paid to noncontrolling interests	(4.9)		(8.5)
Net cash used in financing activities	(287.4)		(122.4)
Effects of exchange rates on cash	9.8		(14.6)
Net increase (decrease) in cash and cash equivalents	4.5		(4.9)
Cash and cash equivalents at beginning of period	105.9		77.3
Cash and cash equivalents at end of period	$	110.4	$	72.4

See accompanying Notes to Condensed Consolidated Financial Statements

8

GREIF, INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

	Three Months Ended April 30, 2021
	Capital 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 January 31, 2021	48,533	$	175.4	28,309	$	(134.2)	$	1,542.0	$	(377.9)	$	1,205.3	$	57.3	$	1,262.6
Net income							149.8				149.8		4.2		154.0
Other comprehensive income:
Foreign currency translation									8.6		8.6		(2.0)		6.6
Derivative financial instruments, net of $3.2 million of income tax expense									9.5		9.5				9.5
Minimum pension liability adjustment, net of $8.8 million income tax expense									24.4		24.4				24.4
Comprehensive income				.							192.3				194.5
Current period mark to redemption value of redeemable noncontrolling interest							0.6				0.6				0.6
Net income allocated to redeemable noncontrolling interests											—		(0.5)		(0.5)
Dividends paid to Greif, Inc. shareholders ($0.44 and $0.66 per Class A share and Class B share, respectively)							(26.3)				(26.3)				(26.3)
Dividends paid to noncontrolling interests and other											—		(3.5)		(3.5)
Share based compensation	—	1.0		—	—						1.0				1.0
Restricted stock, directors	26	1.2		(26)	0.1						1.3				1.3
As of April 30, 2021	48,559	$	177.6	28,283	$	(134.1)	$	1,666.1	$	(335.4)	$	1,374.2	$	55.5	$	1,429.7
	Six Months Ended April 30, 2021
	Capital 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, 2020	48,450	$	170.2	28,392	$	(134.4)	$	1,543.9	$	(427.5)	$	1,152.2	$	48.5	$	1,200.7
Net income							173.2				173.2		11.7		184.9
Other comprehensive income:
Foreign currency translation									33.6		33.6		0.6		34.2
Derivative financial instruments, net of $3.8 million of income tax expense									11.4		11.4				11.4
Minimum pension liability adjustment, net of $16.2 million income tax expense									47.1		47.1				47.1
Comprehensive income				.							265.3				277.6
Current period mark to redemption value of redeemable noncontrolling interest							1.2				1.2				1.2
Net income allocated to redeemable noncontrolling interests											—		(0.8)		(0.8)
Dividends paid to Greif, Inc. shareholders ($0.88 and $1.31 per Class A share and Class B share, respectively)							(52.2)				(52.2)				(52.2)
Dividends paid to noncontrolling interests and other											—		(4.5)		(4.5)
Long-term incentive shares issued	80	3.9		(80)	0.2						4.1				4.1
Share based compensation	—	2.2		—	—						2.2				2.2
Restricted stock, executive	3	0.1		(3)	—						0.1				0.1
Restricted stock, directors	26	1.2		(26)	0.1						1.3				1.3
As of April 30, 2021	48,559	$	177.6	28,283	$	(134.1)	$	1,666.1	$	(335.4)	$	1,374.2	$	55.5	$	1,429.7

9

	Three Months Ended April 30, 2020
	Capital 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 January 31, 2020	48,269	$	162.7	28,573	$	(134.7)	$	1,548.7	$	(412.9)	$	1,163.8	$	58.9	$	1,222.7
Net income							11.4				11.4		4.4		15.8
Other comprehensive income (loss):
Foreign currency translation									(48.7)		(48.7)		(3.6)		(52.3)
Derivative financial instruments, net of immaterial income tax expense									(23.1)		(23.1)				(23.1)
Minimum pension liability adjustment, net of immaterial income tax expense									1.3		1.3				1.3
Comprehensive income											(59.1)				(58.3)
Current period mark to redemption value of redeemable noncontrolling interest							(2.2)				(2.2)				(2.2)
Dividends paid to Greif, Inc. shareholders ($0.44 and $0.66 per Class A share and Class B share, respectively)							(26.1)				(26.1)				(26.1)
Dividends paid to noncontrolling interests													(7.7)		(7.7)
Long-term incentive shares issued	153	5.0		(153)	0.3						5.3				—
Share based compensation	—	0.5		—	—						0.5				—
Restricted stock, directors	28	1.0		(28)	—						1.0				1.0
As of April 30, 2020	48,450	$	169.2	28,392	$	(134.4)	$	1,531.8	$	(483.4)	$	1,083.2	$	52.0	$	1,135.2
	Six Months Ended April 30, 2020
	Capital 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, 2019	48,266	$	162.6	28,576	$	(134.8)	$	1,539.0	$	(433.7)	$	1,133.1	$	58.0	$	1,191.1
Net income							43.7				43.7		8.2		51.9
Other comprehensive income (loss):
Foreign currency translation									(49.8)		(49.8)		(5.6)		(55.4)
Derivative financial instruments, net of immaterial income tax expense									(22.9)		(22.9)				(22.9)
Minimum pension liability adjustment, net of $7.5 million income tax expense									23.0		23.0				23.0
Comprehensive income											(6.0)				(3.4)
Current period mark to redemption value of redeemable noncontrolling interest							1.1				1.1				1.1
Net income allocated to redeemable noncontrolling interests													(0.1)		(0.1)
Dividends paid to Greif, Inc. shareholders ($0.88 and $1.31 per Class A share and Class B share, respectively)							(52.0)				(52.0)				(52.0)
Dividends paid to noncontrolling interests													(8.5)		(8.5)
Long-term incentive shares issued	153	5.0		(153)	0.3						5.3				5.3
Share based compensation	—	0.5		—	—						0.5				0.5
Restricted stock, executive	3	0.1		(3)	0.1						0.2				0.2
Restricted stock, directors	28	1.0		(28)	—						1.0				1.0
As of April 30, 2020	48,450	$	169.2	28,392	$	(134.4)	$	1,531.8	$	(483.4)	$	1,083.2	$	52.0	$	1,135.2

10

GREIF, INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 — BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The interim condensed consolidated financial statements have been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) instructions to Quarterly Reports on Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the interim condensed consolidated financial statements and accompanying notes. Actual amounts could differ from those estimates.

The fiscal year of Greif, Inc. and its subsidiaries (the “Company”) begins on November 1 and ends on October 31 of the following year. Any references to years or to any quarter of those years, relates to the fiscal year or quarter, as the case may be, ended in that year, unless otherwise stated.

The information filed herein reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim condensed consolidated balance sheets as of April 30, 2021 and October 31, 2020, the interim condensed consolidated statements of income, comprehensive income and changes in shareholders' equity for the three and six months ended April 30, 2021 and 2020 and the interim condensed consolidated statements of cash flows for the six months ended April 30, 2021 and 2020 of the Company. The interim condensed consolidated financial statements include the accounts of Greif, Inc., all wholly-owned and consolidated subsidiaries and investments in limited liability companies, partnerships and joint ventures in which it has controlling influence or is the primary beneficiary. Non-majority owned entities include investments in limited liability companies, partnerships and joint ventures in which the Company does not have controlling influence and are accounted for using either the equity or cost method, as appropriate.

The unaudited interim condensed consolidated financial statements included in the 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, 2020 (the “2020 Form 10-K”).

Effective the first quarter 2021, the Company adjusted its reportable segments. The presentation of prior periods throughout Part I Item 1 of this Form 10-Q has been modified to reflect the new segment reporting structure. See Note 12 to the Interim Condensed Consolidated Financial Statements for additional information.

Newly Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, “Financial Instruments – Credit Losses.” This ASU sets forth a current expected credit loss model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonably supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The Company adopted this ASU on November 1, 2020. The adoption of this guidance did not have a material impact on financial position, results of operations, comprehensive income, cash flows or disclosures.

Recently Issued Accounting Standards

In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", which is intended to simplify accounting for income taxes. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. The effective date for the Company to adopt this ASU is November 1, 2021. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income, cash flow and disclosures.

11

NOTE 2 — RESTRUCTURING CHARGES

The following is a reconciliation of the beginning and ending restructuring reserve balances for the six months ended April 30, 2021:

(in millions)	Employee Separation Costs		Other Costs		Total
Balance at October 31, 2020	$	17.9	$	3.7	$	21.6
Costs incurred and charged to expense	10.6		4.5		15.1
Costs paid or otherwise settled	(9.3)		(5.8)		(15.1)
Balance at April 30, 2021	$	19.2	$	2.4	$	21.6

The focus for restructuring activities in 2021 is to optimize and integrate operations in the Paper Packaging & Services segment and to rationalize operations and close underperforming assets in the Global Industrial Packaging segment.

During the three months ended April 30, 2021, the Company recorded restructuring charges of $12.0 million, as compared to $4.4 million of restructuring charges recorded during the three months ended April 30, 2020. The restructuring activity for the three months ended April 30, 2021 consisted of $9.1 million in employee separation costs and $2.9 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities.

During the six months ended April 30, 2021, the Company recorded restructuring charges of $15.1 million, as compared to $7.7 million of restructuring charges recorded during the six months ended April 30, 2020. The restructuring activity for the six months ended April 30, 2021 consisted of $10.6 million in employee separation costs and $4.5 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities.

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-Q. Remaining amounts expected to be incurred were $19.4 million as of April 30, 2021:

(in millions)	Total Amounts Expected to be Incurred		Amounts Incurred During the six months ended April 30, 2021	Amounts Remaining to be Incurred
Global Industrial Packaging
Employee separation costs	$	18.4