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Restructuring Charges

9 Months Ended

Jul. 31, 2012

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

- 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.

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