RESTRUCTURING CHARGES

6 Months Ended

Apr. 30, 2024

Restructuring and Related Activities [Abstract]

The following is a reconciliation of the beginning and ending restructuring reserve balances for the six months ended April 30, 2024:


(in millions)	Employee Separation Costs		Other Costs		Total
Balance at October 31, 2023	$	16.4	$	0.4	$	16.8
Costs incurred and charged to expense	(5.7)		4.6		(1.1)
Costs paid or otherwise settled	(4.9)		(4.6)		(9.5)
Balance at April 30, 2024	$	5.8	$	0.4	$	6.2

The focus for restructuring activities in 2024 is to optimize operations.

During the three months ended April 30, 2024, the Company recorded restructuring charges of $(6.8) million, as compared to $2.4 million of restructuring charges recorded during the three months ended April 30, 2023. The restructuring activity for the three months ended April 30, 2024 consisted of ($9.0) million release of prior period restructuring severance accrual no longer probable of occurring, $0.4 million in employee separation costs and $1.8 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities.

During the six months ended April 30, 2024, the Company recorded restructuring charges of $(1.1) million, as compared to $4.8 million of restructuring charges recorded during the six months ended April 30, 2023. The restructuring activity for the six months ended April 30, 2024 consisted of ($9.0) million release of prior period restructuring severance accrual no longer probable of occurring, $3.3 million in employee separation costs and $4.6 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 $13.7 million as of April 30, 2024:


(in millions)	Total Amounts Expected to be Incurred		Amounts Incurred During the Six Months Ended April 30, 2024		Amounts Remaining to be Incurred
Global Industrial Packaging
Employee separation costs	$	(4.2)	$	(8.0)	$	3.8
Other restructuring costs	2.0		0.3		1.7
	(2.2)		(7.7)		5.5
Paper Packaging & Services
Employee separation costs	2.5		2.3		0.2
Other restructuring costs	12.3		4.3		8.0
	14.8		6.6		8.2




	$	12.6	$	(1.1)	$	13.7