XML 34 R16.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Restructuring Charges | 12 Months Ended
--- | ---
Oct. 31, 2015
Restructuring and Related Activities [Abstract] |
Restructuring Charges | NOTE 7 – RESTRUCTURING CHARGES The following is a reconciliation of the beginning and ended restructuring reserve balances for the years ended October 31, 2015 and 2014 (Dollars in millions):
|  | Employee Separation Costs |  |  | Other costs |  |  | Total |
Balance at October 31, 2013 |  | $ | 1.8 |  |  | $ | 1.2 |  |  | $ | 3.0 |
Costs incurred and charged to expense |  |  | 12.0 |  |  |  | 4.1 |  |  |  | 16.1 |
Costs paid or otherwise settled |  |  | (10.9 | ) |  |  | (4.1 | ) |  |  | (15.0 | )
Balance at October 31, 2014 |  | $ | 2.9 |  |  | $ | 1.2 |  |  | $ | 4.1 |
Costs incurred and charged to expense |  |  | 27.8 |  |  |  | 12.2 |  |  |  | 40.0 |
Costs paid or otherwise settled |  |  | (16.0 | ) |  |  | (6.8 | ) |  |  | (22.8 | )
Balance at October 31, 2015 |  | $ | 14.7 |  |  | $ | 6.6 |  |  | $ | 21.3 |
The focus for restructuring activities in 2015 was to continue to rationalize operations and close underperforming assets throughout all segments. During the year ended October 31, 2015, the Company recorded restructuring charges of $40.0 million, which compares to $16.1 million of restructuring charges recorded during the year ended October 31, 2014. The restructuring activity for the year ended October 31, 2015 consisted of $27.8 million in employee separation costs and $12.2 million in other restructuring costs, primarily consisting of professional fees incurred for services specifically associated with employee separation and relocation. There were eight plants closed in 2015, and a total of 1,020 employees severed throughout 2015 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 $14.7 million as of October 31, 2015. (Dollars in millions):
|  | Total Amounts Expected to be Incurred |  |  | Amounts Incurred During the year ended October 31, 2015 |  |  | Amounts Remaining to be Incurred |
Rigid Industrial Packaging & Services: |  |  |  |  |  |  |  |  |  |  |  |
Employee separation costs |  | $ | 27.4 |  |  | $ | 21.7 |  |  |  | 5.7 |
Other restructuring costs |  |  | 12.1 |  |  |  | 7.8 |  |  |  | 4.3 |
|  |  | 39.5 |  |  |  | 29.5 |  |  |  | 10.0 |
Flexible Products & Services: |  |  |  |  |  |  |  |  |  |  |  |
Employee separation costs |  |  | 6.1 |  |  |  | 4.8 |  |  |  | 1.3 |
Other restructuring costs |  |  | 6.7 |  |  |  | 3.3 |  |  |  | 3.4 |
|  |  | 12.8 |  |  |  | 8.1 |  |  |  | 4.7 |
Paper Packaging |  |  |  |  |  |  |  |  |  |  |  |
Employee separation costs |  |  | 1.2 |  |  |  | 1.2 |  |  |  | — |
Other restructuring costs |  |  | 1.1 |  |  |  | 1.1 |  |  |  | — |
|  |  | 2.3 |  |  |  | 2.3 |  |  |  | — |
Land Management |  |  |  |  |  |  |  |  |  |  |  |
Employee separation costs |  |  | 0.1 |  |  |  | 0.1 |  |  |  | — |
Other restructuring costs |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 0.1 |  |  |  | 0.1 |  |  |  | — |
|  | $ | 54.7 |  |  | $ | 40.0 |  |  | $ | 14.7 |
The focus for restructuring activities in 2014 was to rationalize operations and close underperforming assets in both the Flexible Products & Services and the Rigid Industrial Packaging & Services segments. During 2014, the Company recorded restructuring charges of $16.1 million, consisting of $12.0 million in employee separation costs and $4.1 million in other restructuring costs, primarily consisting of lease termination costs, professional fees and other miscellaneous exit costs. There were eight plants closed in 2014, and a total of 850 employees severed throughout 2014 as part of the Company’s restructuring efforts. The focus for restructuring activities in 2013 was on the rationalization of operations and contingency actions in Rigid Industrial Packaging & Services. During 2013, the Company recorded restructuring charges of $4.8 million, consisting of $2.8 million in employee separation costs and $2.0 million in other restructuring costs, primarily consisting of lease termination costs, professional fees and other miscellaneous exit costs. There were no plants closed in 2013, but there was a total of 278 employees severed throughout 2013 as part of the Company’s restructuring efforts.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 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=27011515&loc=d3e140904-122747 Reference 2: 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=27011515&loc=d3e140864-122747 Reference 3: 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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section P -Subsection 3, 4 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration