Exit Costs

Jefferies Bache. On April 9, 2015, we entered into an agreement with Société Générale S.A. (the “Agreement”) to transfer certain client exchange and over-the-counter transactions associated with our Futures business for the net book value of the over-the-counter transactions, calculated in accordance with certain principles set forth in the agreement, plus the repayment of certain margin loans in respect of certain exchange transactions. The transfer is subject to customary closing conditions for a transaction of this nature. In addition, we initiated a plan to substantially exit the remaining aspects of our futures business. At August 31, 2015, we have transferred virtually all of our client accounts to Société Générale S.A. and other brokers. We substantially completed the exit of the Bache business during the third quarter of fiscal 2015.

In addition, we terminated our $750.0 million Credit Facility on July 31, 2015. During the three and nine months ended August 31, 2015, we recognized costs of $2.7 million and $3.8 million, respectively, related to the Credit Facility.

During the three and nine months ended August 31, 2015, we recorded restructuring and impairment costs as follows (in thousands):



	Three Months Ended August 31, 2015		Nine Months Ended August 31, 2015
Severance costs	$	11,373	$	26,932
Accelerated amortization of restricted stock and restricted cash awards	2,442		6,902
Accelerated amortization of capitalized software	6,719		12,979
Contract termination costs	11,216		11,216
Other expenses	1,523		3,814
Total	$	33,273	$	61,843

Of the above costs, $10.2 million and $21.0 million are of a non-cash nature for the three and nine months ended August 31, 2015, respectively.

Restructuring and exit costs are wholly attributed to our Capital Markets segment and were recorded in the following categories on the Consolidated Statement of Earnings for the three and nine months ended August 31, 2015 (in thousands):



	Three Months Ended August 31, 2015		Nine Months Ended August 31, 2015
Compensation and benefits	$	13,815	$	33,834
Technology and communications	17,935		24,195
Professional services	444		2,477
Other expenses	1,079		1,337
Total	$	33,273	$	61,843

We expect to incur approximately an additional $12.0 million of restructuring and exit costs through the remainder of fiscal 2015 in connection with our exit activities comprised of severance and related benefits, including additional amortization for restricted stock and restricted cash awards, contract termination costs and additional amortization of capitalized software.

The following summarizes our restructuring reserve activity (in thousands):



	Severance costs			Other costs			Contract termination costs			Total restructuring costs			Accelerated amortization of restricted stock and restricted cash awards		Accelerated amortization of capitalized software		Impairments		Total
Balance at February 28, 2015	$	—		$	—		$	—		$	—
Expenses	26,932			2,735			11,216			40,883			$	6,902	$	12,979	$	1,079	$	61,843
Payments	(13,770		)	(2,507		)	(11,213		)	(27,490		)
Liability at August 31, 2015	$	13,162		$	228		$	3		$	13,393