XML 23 R10.htm IDEA: XBRL DOCUMENT v3.20.4

RESTRUCTURING CHARGES

3 Months Ended

Jan. 31, 2021

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES

The following is a reconciliation of the beginning and ending restructuring reserve balances for the three months ended January 31, 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			1.5						1.6						3.1
Costs paid or otherwise settled			(3.5)						(1.8)						(5.3)
Balance at January 31, 2021			$	15.9					$	3.5					$	19.4

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 January 31, 2021, the Company recorded restructuring charges of $3.1 million, as compared to $3.3 million of restructuring charges recorded during the three months ended January 31, 2020. The restructuring activity for the three months ended January 31, 2021 consisted of $1.5 million in employee separation costs and $1.6 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 $22.5 million as of January 31, 2021:

(in millions)			Total Amounts Expected to be Incurred						Amounts Incurred During the three months ended January 31, 2021						Amounts Remaining to be Incurred
Global Industrial Packaging
Employee separation costs			$	14.8					$	1.5					$	13.3
Other restructuring costs			5.7						1.3						4.4
			20.5						2.8						17.7
Paper Packaging & Services
Other restructuring costs			5.1						0.3						4.8
			5.1						0.3						4.8
			$	25.6					$	3.1					$	22.5

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

+ Details

Name:	us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration