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 November 30, 2015, we have transferred 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 year ended November 30, 2015, we recognized costs of $3.8 million related to the Credit Facility.

During the year ended November 30, 2015, we recorded restructuring and impairment costs as follows (in thousands):



	Year Ended November 30, 2015
Severance costs	$	30,327
Accelerated amortization of restricted stock and restricted cash awards	7,922
Accelerated amortization of capitalized software	19,745
Contract termination costs	11,247
Other expenses	3,853
Total	$	73,094

Of the above costs, $28.7 million are of a non-cash nature for the year ended November 30, 2015.

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 year ended November 30, 2015 (in thousands):



	Year Ended November 30, 2015
Compensation and benefits	$	38,249
Technology and communications	30,992
Professional services	2,508
Other expenses	1,345
Total	$	73,094

We expect to incur approximately an additional $3.1 million of restructuring and exit costs in fiscal 2016 in connection with our exit activities comprised of severance and related benefits and contract termination costs.

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	30,327			2,774			11,247			44,348			$	7,922	$	19,745	$	1,079	$	73,094
Payments	(25,522		)	(2,774		)	(11,247		)	(39,543		)
Liability at November 30, 2015	$	4,805		$	—		$	—		$	4,805