RESTRUCTURING CHARGES

12 Months Ended

Oct. 31, 2022

Restructuring and Related Activities [Abstract]

The following is a reconciliation of the beginning and ending restructuring reserve balances for the years ended October 31, 2022 and 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	14.9		8.2		23.1
Costs paid or otherwise settled	(14.2)		(10.2)		(24.4)
Balance at October 31, 2021	$	18.6	$	1.7	$	20.3
Costs incurred and charged to expense	6.3		6.7		13.0
Costs paid or otherwise settled	(13.7)		(7.3)		(21.0)
Balance at October 31, 2022	$	11.2	$	1.1	$	12.3

The focus for restructuring activities in 2022 was to optimize and integrate operations in the Paper Packaging & Services reportable segment and to rationalize operations and close underperforming assets in the Global Industrial Packaging reportable segment. During the year ended October 31, 2022, the Company recorded restructuring charges of $13.0 million, as compared to $23.1 million of restructuring charges recorded during the year ended October 31, 2021. The restructuring activity for the year ended October 31, 2022 consisted of $6.3 million in employee separation costs and $6.7 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities. There were seventeen plants closed or divested in 2022, and a total of 132 employees severed throughout 2022 as part of the Company’s restructuring efforts.

The focus for restructuring activities in 2021 was to optimize and integrate operations in the Paper Packaging & Services reportable segment and to rationalize operations and close underperforming assets in the Global Industrial Packaging reportable segment. During 2021, the Company recorded restructuring charges of $23.1 million, consisting of $14.9 million in employee separation costs and $8.2 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities. There were five plants closed or divested and a total of 177 employees severed throughout 2021 as part of the Company’s restructuring efforts.

The focus for restructuring activities in 2020 was to optimize and integrate operations in the Paper Packaging & Services reportable segment related to the acquisition of Caraustar Industries, Inc. and its subsidiaries ("Caraustar") on February 11, 2019 (the “Caraustar Acquisition”), and continue to rationalize operations and close underperforming assets in the Global Industrial Packaging segments. During 2020, the Company recorded restructuring charges of $38.7 million, consisting of $26.4 million in employee separation costs and $12.3 million in other restructuring costs, primarily consisting of professional fees incurred for services specifically associated with employee separation and relocation. There were sixteen plants closed or divested and a total of 658 employees severed throughout 2020 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 $7.4 million as of October 31, 2022:


(in millions)	Total Amounts Expected to be Incurred		Amounts Incurred During the year ended October 31, 2022		Amounts Remaining to be Incurred
Global Industrial Packaging:
Employee separation costs	$	8.4	$	4.9	3.5
Other restructuring costs	5.9		4.2		1.7
	14.3		9.1		5.2
Paper Packaging & Services:
Employee separation costs	2.4		1.4		1.0
Other restructuring costs	3.7		2.5		1.2
	6.1		3.9		2.2




Total	$	20.4	$	13.0	$	7.4