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Restructuring Charges | 9 Months Ended
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Jul. 31, 2012
Restructuring Charges [Abstract] |
RESTRUCTURING CHARGES | NOTE 7 — RESTRUCTURING CHARGES The following is a reconciliation of the beginning and ending restructuring reserve balances for the nine month period ended July 31, 2012 (Dollars in millions):
|  | Cash Charges |  |  | Non-cash Charges |  |  |  |
|  | Employee Separation Costs |  |  | Other Costs |  |  | Asset Impairments |  |  | Total |
Balance at October 31, 2011 |  | $ | 11.8 |  |  | $ | 7.6 |  |  | $ | 0.2 |  |  | $ | 19.6 |
Costs incurred and charged to expense |  |  | 10.5 |  |  |  | 7.0 |  |  |  | 5.4 |  |  |  | 22.9 |
Costs paid or otherwise settled |  |  | (17.0 | ) |  |  | (12.8 | ) |  |  | (5.6 | ) |  |  | (35.4 | )
Balance at July 31, 2012 |  | $ | 5.3 |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 7.1 |
The focus for restructuring activities in 2012 continues to be on contingency actions and integration of acquisitions in the Rigid Industrial Packaging & Services and Flexible Products & Services segments. During the three months ended July 31, 2012, the Company recorded restructuring charges of $3.9 million, which compares to $3.4 million of restructuring charges during the three months ended July 31, 2011. During the nine months ended July 31, 2012, the Company recorded restructuring charges of $22.9 million, which compares to $11.4 million of restructuring charges during the nine months ended July 31, 2011. The restructuring activity for the three months ended July 31, 2012 consisted of $2.3 million in employee separation costs, $0.5 million in asset impairments and $1.1 million in other restructuring costs, primarily consisting of lease termination costs and professional fees. The restructuring activity for the nine month period ended July 31, 2012 consisted of $10.5 million in employee separation costs, $5.4 million in asset impairments and $7.0 million in other restructuring costs, primarily consisting of lease termination costs and professional fees. The following is a reconciliation of the total amounts expected to be incurred from open restructuring plans which are anticipated to be realized in 2012 and 2013 or plans that are being formulated and have not been announced as of the date of this Form 10-Q. Amounts expected to be incurred were $30.0 million and $10.4 million as of July 31, 2012 and October 31, 2011, respectively. The increase was due to the formulation of new plans by management. (Dollars in millions):
|  | Amounts Expected to be Incurred |  |  | Amounts expensed during the nine month period ended July 31, 2012 |  |  | Amounts Remaining to be Incurred |
Rigid Industrial Packaging & Services |  |  |  |  |  |  |  |  |  |  |  |
Employee separation costs |  | $ | 12.0 |  |  | $ | 8.5 |  |  | $ | 3.5 |
Asset impairments |  |  | 4.0 |  |  |  | 2.8 |  |  |  | 1.2 |
Other restructuring costs |  |  | 7.0 |  |  |  | 4.9 |  |  |  | 2.1 |
|  |  | 23.0 |  |  |  | 16.2 |  |  |  | 6.8 |
Flexible Products & Services |  |  |  |  |  |  |  |  |  |  |  |
Employee separation costs |  |  | 2.0 |  |  |  | 2.0 |  |  |  | — |
Asset impairments |  |  | 2.6 |  |  |  | 2.6 |  |  |  | — |
Other restructuring costs |  |  | 2.4 |  |  |  | 2.1 |  |  |  | 0.3 |
|  |  | 7.0 |  |  |  | 6.7 |  |  |  | 0.3 |
|  | $ | 30.0 |  |  | $ | 22.9 |  |  | $ | 7.1 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 146 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140904-122747 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI http://asc.fasb.org/extlink&oid=6394695&loc=d3e140864-122747 + Details
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