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 OTC transactions associated with our Jefferies Bache 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 the business, which was completed during the second quarter of 2016. The pre-tax losses of the Jefferies Bache business were $1.9 million, $134.7 million and $145.4 million for the years ended November 30, 2016, 2015 and 2014, respectively.

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.

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



	Year Ended November 30,
	2016		2015
Severance costs	$	279	$	30,327
Accelerated amortization of restricted stock and restricted cash awards	41		7,922
Accelerated amortization of capitalized software	—		19,745
Contract termination costs	1,234		11,247
Other expenses	300		3,853
Total	$	1,854	$	73,094

Of the above costs, $341,000 and $28.7 million are of a non-cash nature for the years ended November 30, 2016 and 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 (in thousands):



	Year Ended November 30,
	2016		2015
Compensation and benefits	$	320	$	38,249
Technology and communications	1,234		30,992
Professional services	—		2,508
Other expenses	300		1,345
Total	$	1,854	$	73,094

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
Expenses	279			300			1,234			1,813			$	41	$	—	—		$	1,854
Payments	(5,084		)	(300		)	(1,234		)	(6,618		)
Liability at November 30, 2016	$	—		$	—		$	—		$	—