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. In addition, we initiated a plan to substantially exit the remaining aspects of our futures business. At May 31, 2016, we have transferred all of our client accounts to Société Générale S.A. and other brokers and have completed the exit of the futures business. The pre-tax losses of the Futures business was $0.6 million and $1.9 million for the three and six months ended May 31, 2016, respectively, and $37.3 million and $50.7 million for the three and six months ended May 31, 2015, respectively.

The following summarizes our recorded restructuring and impairment costs (in thousands):



	Three Months Ended May 31,					Six Months Ended May 31,
	2016			2015		2016		2015
Severance costs	$	(103	)	$	15,559	$	279	$	15,559
Accelerated amortization of restricted stock and restricted cash awards	10			4,460		41		4,460
Contract termination costs	678			6,260		1,234		6,260
Other expenses	20			2,291		300		2,291
Total	$	605		$	28,570	$	1,854	$	28,570

Of the above costs, $30,000 and $341,000 for the three and six months ended May 31, 2016, respectively, and $10.8 million for both three and six months ended May 31, 2015 are of a non-cash nature. 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 (in thousands):



	Three Months Ended May 31,					Six Months Ended May 31,
	2016			2015		2016		2015
Compensation and benefits	$	(93	)	$	20,019	$	320	$	20,019
Technology and communications	678			6,260		1,234		6,260
Professional services	—			2,033		—		2,033
Other expenses	20			258		300		258
Total	$	605		$	28,570	$	1,854	$	28,570

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		Total
Balance at November 30, 2015	$	4,805		$	—		$	—		$	4,805
Expenses	279			300			1,234			1,813			$	41	$	1,854
Payments	(5,084		)	(300		)	(1,234		)	(6,618		)
Liability at May 31, 2016	$	—		$	—		$	—		$	—