Statistical values are computed based on received source images. An adaptive reshaping function is selected for one or more source images based on the one or more statistical values. A portion of source video content is adaptively reshaped, based on the selected adaptive reshaping function to generate a portion of reshaped video content. The portion of source video content is represented by the one or more source images. An approximation of an inverse of the selected adaptive reshaping function is generated. The reshaped video content and a set of adaptive reshaping parameters defining the approximation of the inverse of the selected adaptive reshaping function are encoded into a reshaped video signal. The reshaped video signal may be processed by a downstream recipient device to generate a version of reconstructed source images, for example, for rendering with a display device.