RESTRUCTURING (Notes)

12 Months Ended

Nov. 01, 2015

Restructuring and Related Activities [Abstract]

During the first quarter of fiscal 2015, we approved a plan to consolidate our three engineered buildings systems manufacturing facilities in Tennessee, closing the Caryville facility. We have incurred severance and facility costs at the Caryville facility of approximately $1.6 million during the fiscal year ended November 1, 2015. We completed the closing of the Caryville facility during March 2015.

During the fourth quarter of fiscal 2015, we have developed plans to improve cost efficiency and optimize our combined manufacturing footprint considering recent acquisitions and restructuring efforts. As a result of these plans, we identified indicators that certain of our manufacturing asset groups within our metal components segment may be impaired. We performed impairment testing and recorded asset impairment charges of $5.8 million as the fair values of the asset groups were below their carrying amounts. These charges are presented in “Restructuring and impairment charges” on our consolidated statements of operations and relate to our metal components segment. We measured the fair value of the asset groups using Level 3 inputs, including values of like-kind assets or other market indications of a potential selling value which approximates fair value.

In addition, during the fiscal year ended November 1, 2015, we incurred severance related costs of $2.0 million, $1.2 million and $0.3 million within the metal components segment, engineered building systems segment and metal coil coating segment, respectively, primarily in an effort to streamline our management and manufacturing structure to better serve our customers.

The following table summarizes our restructuring plan costs and charges related to our restructuring plans during the fiscal year ended November 1, 2015 (in thousands):



	Costs Incurred To Date		Remaining Anticipated Costs		Total Anticipated Costs
General severance	$	3,887	$	739	$	4,626
Plant closing severance	1,575		—		1,575
Asset impairment	5,844		—		5,844
Total restructuring costs	$	11,306	$	739	$	12,045

The following table summarizes our restructuring liability and cash payments made related to the restructuring plan (in thousands):



	General Severance			Plant Closing Severance			Asset Impairments		Total
Balance at November 2, 2014	$	—		$	—		$	—	$	—
Costs incurred	3,887			1,575			5,844		11,306
Cash payments	(2,941		)	(1,575		)	—		(4,516		)
Accrued severance ⁽¹⁾	739			—			—		739
Balance at November 1, 2015	$	1,685		$	—		$	5,844	$	7,529

(1)

During the second and fourth quarters of fiscal 2015, we entered into transition and separation agreements with certain executive officers. Each terminated executive officer is entitled to severance benefit payments issuable in two installments. The termination benefits were measured initially at the separation date based on the fair value of the liability as of the termination date, and recognized ratably over the future service period. Remaining severance costs associated with the executive officers of $0.4 million and $0.2 million will be incurred in the metal components segment and engineered building systems segment, respectively.

We expect to fully execute our plans in phases over the next 12 months to 36 months and estimate that we will incur future additional restructuring charges associated with these plans. We are unable at this time to make a good faith determination of cost estimates, or ranges of cost estimates, associated with future phases of the plans.