NOTE 4 —RESTRUCTURING

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 first six months of fiscal 2015. We completed the closing of the Caryville facility during March 2015. In addition, during the first half of fiscal 2015, we incurred severance related costs of $1.2 million, $0.1 million and $0.2 million in 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 the restructuring plan during the fiscal six months ended May 3, 2015 (in thousands):

	Fiscal Three Months Ended
	February 1, 2015		May 3, 2015		Cost Incurred To Date		Remaining Anticipated Cost		Total Anticipated Cost
General severance	$	606	$	764	$	1,370	$	––	$	1,370
Plant closing severance	$	871	$	704	$	1,575	$	25	$	1,600
Total restructuring costs	$	1,477	$	1,468	$	2,945	$	25	$	2,970

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

	General Severance		Plant Closing Severance		Total
Balance at February 1, 2015	$	––	$	999	$	999
Costs incurred		1,124		300		1,424
Cash payments		(1,598)		(1,238)		(2,836)
Accrued severance⁽¹⁾		880		––		880

Balance at May 3, 2015	$	406	$	61	$	467

(1)

During the second quarter 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.