Document and Entity Information
Document and Entity Information | 9 Months Ended |
Aug. 31, 2015shares | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | JEFFERIES GROUP LLC |
Entity Central Index Key | 1,084,580 |
Current Fiscal Year End Date | --11-30 |
Entity Filer Category | Non-accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Aug. 31, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
ASSETS | ||
Cash and cash equivalents ($259 and $178 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | $ 3,441,785 | $ 4,079,968 |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 904,009 | 3,444,674 |
Financial instruments owned, at fair value, (including securities pledged of $14,151,752 and $14,794,488 at August 31, 2015 and November 30, 2014, respectively; and $86,704 and $62,990 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | 18,892,372 | 18,636,612 |
Investments in managed funds | 86,765 | 74,365 |
Loans to and investments in related parties | 782,063 | 773,141 |
Securities borrowed | 7,702,853 | 6,853,103 |
Securities purchased under agreements to resell | 4,273,682 | 3,926,858 |
Securities received as collateral | 11,365 | 5,418 |
Receivables: | ||
Brokers, dealers and clearing organizations | 2,055,513 | 2,164,006 |
Customers | 1,302,763 | 1,250,520 |
Fees, interest and other ($347 and $363 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | 303,720 | 262,437 |
Premises and equipment | 243,294 | 251,957 |
Goodwill | 1,660,478 | 1,662,636 |
Other assets | 1,124,016 | 1,131,953 |
Total assets | 42,784,678 | 44,517,648 |
LIABILITIES AND EQUITY | ||
Short-term borrowings | 12,000 | 12,000 |
Financial instruments sold, not yet purchased, at fair value | 9,447,636 | 8,881,268 |
Collateralized financings: | ||
Securities loaned | 3,645,195 | 2,598,487 |
Securities sold under agreements to repurchase | 10,840,877 | 10,672,157 |
Other secured financings ($806,634 and $597,999 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | 806,634 | 605,824 |
Obligation to return securities received as collateral | 11,365 | 5,418 |
Payables: | ||
Brokers, dealers and clearing organizations | 2,469,752 | 2,280,103 |
Customers | 2,780,925 | 6,241,965 |
Accrued expenses and other liabilities ($977 and $589 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | 1,062,750 | 1,273,378 |
Long-term debt | 6,194,010 | 6,483,617 |
Total liabilities | 37,271,144 | 39,054,217 |
EQUITY | ||
Member’s paid-in capital | 5,507,281 | 5,439,256 |
Accumulated other comprehensive loss: | ||
Currency translation adjustments | (21,275) | (9,654) |
Additional minimum pension liability | (4,774) | (5,019) |
Total accumulated other comprehensive loss | (26,049) | (14,673) |
Total member’s equity | 5,481,232 | 5,424,583 |
Noncontrolling interests | 32,302 | 38,848 |
Total equity | 5,513,534 | 5,463,431 |
Total liabilities and equity | $ 42,784,678 | $ 44,517,648 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
Cash and cash equivalents ($259 and $178 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | $ 3,441,785 | $ 4,079,968 |
Financial instruments owned, at fair value, (including securities pledged of $14,151,752 and $14,794,488 at August 31, 2015 and November 30, 2014, respectively; and $86,704 and $62,990 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | 14,151,752 | 14,794,488 |
Financial instruments owned, at fair value, (including securities pledged of $14,151,752 and $14,794,488 at August 31, 2015 and November 30, 2014, respectively; and $86,704 and $62,990 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | 18,892,372 | 18,636,612 |
Fees, interest and other ($347 and $363 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | 303,720 | 262,437 |
Other secured financings ($806,634 and $597,999 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | 806,634 | 605,824 |
Accrued expenses and other liabilities ($977 and $589 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | 1,062,750 | 1,273,378 |
Variable Interest Entities [Member] | ||
Cash and cash equivalents ($259 and $178 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | 259 | 178 |
Financial instruments owned, at fair value, (including securities pledged of $14,151,752 and $14,794,488 at August 31, 2015 and November 30, 2014, respectively; and $86,704 and $62,990 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | 86,704 | 62,990 |
Fees, interest and other ($347 and $363 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | 347 | 363 |
Other secured financings ($806,634 and $597,999 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | 806,634 | 597,999 |
Accrued expenses and other liabilities ($977 and $589 at August 31, 2015 and November 30, 2014, respectively, related to consolidated VIEs) | $ 977 | $ 589 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Revenues: | ||||
Commissions and other fees | $ 172,284 | $ 159,085 | $ 512,714 | $ 488,526 |
Principal transactions | (50,297) | 144,354 | 211,142 | 566,133 |
Investment banking | 389,820 | 467,793 | 1,066,077 | 1,213,262 |
Asset management fees and investment income (loss) from managed funds | 4,182 | 8,463 | (5) | 15,319 |
Interest | 230,805 | 249,251 | 700,227 | 782,059 |
Other | 34,329 | 26,489 | 82,810 | 57,962 |
Total revenues | 781,123 | 1,055,435 | 2,572,965 | 3,123,261 |
Interest expense | 202,195 | 212,126 | 610,811 | 657,932 |
Net revenues | 578,928 | 843,309 | 1,962,154 | 2,465,329 |
Non-interest expenses: | ||||
Compensation and benefits | 336,499 | 477,268 | 1,182,484 | 1,390,043 |
Non-compensation expenses: | ||||
Floor brokerage and clearing fees | 45,307 | 55,967 | 159,100 | 159,500 |
Technology and communications | 89,378 | 67,286 | 234,126 | 201,849 |
Occupancy and equipment rental | 25,967 | 28,477 | 74,571 | 81,652 |
Business development | 30,527 | 27,800 | 78,865 | 79,193 |
Professional services | 24,684 | 31,231 | 76,359 | 81,395 |
Other | 19,473 | 19,645 | 51,960 | 54,656 |
Total non-compensation expenses | 235,336 | 230,406 | 674,981 | 658,245 |
Total non-interest expenses | 571,835 | 707,674 | 1,857,465 | 2,048,288 |
Earnings before income taxes | 7,093 | 135,635 | 104,689 | 417,041 |
Income tax expense | 4,609 | 51,762 | 29,470 | 155,962 |
Net earnings | 2,484 | 83,873 | 75,219 | 261,079 |
Net earnings attributable to noncontrolling interests | 427 | 312 | 1,647 | 3,760 |
Net earnings attributable to Jefferies Group LLC | $ 2,057 | $ 83,561 | $ 73,572 | $ 257,319 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net earnings | $ 2,484 | $ 83,873 | $ 75,219 | $ 261,079 | |
Other comprehensive income (loss), net of tax: | |||||
Currency translation and other adjustments | (319) | (8,744) | (11,376) | 7,899 | |
Total other comprehensive income (loss), net of tax | [1] | (319) | (8,744) | (11,376) | 7,899 |
Comprehensive income | 2,165 | 75,129 | 63,843 | 268,978 | |
Net earnings attributable to noncontrolling interests | 427 | 312 | 1,647 | 3,760 | |
Comprehensive income attributable to Jefferies Group LLC | $ 1,738 | $ 74,817 | $ 62,196 | $ 265,218 | |
[1] | None of the components of other comprehensive income (loss) are attributable to noncontrolling interests. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Members Paid In Capital [Member] | Accumulated other comprehensive income (loss) [Member] | Noncontrolling interests [Member] | ||
Balance at Nov. 30, 2013 | $ 5,280,420 | $ 24,100 | [1],[2] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings attributable to Jefferies Group LLC | 157,560 | |||||
Tax benefit (detriment) for issuance of share-based awards | 1,276 | |||||
Currency adjustments | [1],[2] | (30,995) | ||||
Pension adjustment, net of tax | [1],[2] | (7,778) | ||||
Balance at Nov. 30, 2014 | $ 5,424,583 | 5,439,256 | (14,673) | [1],[2] | ||
Balance at Nov. 30, 2013 | $ 117,154 | |||||
Noncontrolling interests: | ||||||
Net earnings attributable to noncontrolling interests | 3,400 | |||||
Contributions | 39,075 | |||||
Deconsolidation of asset management company | (120,781) | |||||
Balance at Nov. 30, 2014 | 38,848 | 38,848 | ||||
Noncontrolling interests: | ||||||
Total equity | 5,463,431 | |||||
Net earnings attributable to Jefferies Group LLC | 73,572 | |||||
Tax benefit (detriment) for issuance of share-based awards | (5,547) | |||||
Currency adjustments | (11,376) | (11,621) | [1],[2] | |||
Pension adjustment, net of tax | [1],[2] | 245 | ||||
Balance at Aug. 31, 2015 | 5,481,232 | $ 5,507,281 | $ (26,049) | [1],[2] | ||
Noncontrolling interests: | ||||||
Net earnings attributable to noncontrolling interests | (1,647) | 1,647 | ||||
Contributions | 0 | |||||
Deconsolidation of asset management company | (8,193) | |||||
Balance at Aug. 31, 2015 | 32,302 | $ 32,302 | ||||
Noncontrolling interests: | ||||||
Total equity | $ 5,513,534 | |||||
[1] | The components of other comprehensive income (loss) are attributable to Jefferies Group LLC. None of the components of other comprehensive income (loss) are attributable to noncontrolling interests. | |||||
[2] | There were no material reclassifications out of Accumulated other comprehensive income during the nine months ended August 31, 2015 and the year ended November 30, 2014. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Cash flows from operating activities: | ||
Net earnings | $ 75,219 | $ 261,079 |
Adjustments to reconcile net earnings to net cash used in operating activities: | ||
Depreciation and amortization | 10,784 | (9,409) |
Income on loans to and investments in related parties | (87,692) | (73,640) |
Distributions received on investments in related parties | 70,825 | 43,440 |
Other adjustments | (64,479) | (41,678) |
Net change in assets and liabilities: | ||
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 2,538,334 | 316,049 |
Receivables: | ||
Brokers, dealers and clearing organizations | 100,690 | (298,153) |
Customers | (52,530) | (612,457) |
Fees, interest and other | (41,759) | (6,687) |
Securities borrowed | (852,183) | (908,113) |
Financial instruments owned | (321,076) | (1,955,672) |
Investments in managed funds | 14,508 | 9,957 |
Securities purchased under agreements to resell | (351,875) | (820,235) |
Other assets | (8,988) | (26,031) |
Payables: | ||
Brokers, dealers and clearing organizations | 192,867 | 638,448 |
Customers | (3,454,703) | 730,493 |
Securities loaned | 1,049,172 | (40,086) |
Financial instruments sold, not yet purchased | 601,758 | 2,634,241 |
Securities sold under agreements to repurchase | 176,960 | (252,215) |
Accrued expenses and other liabilities | (204,520) | 14,202 |
Net cash used in operating activities | (608,688) | (396,467) |
Cash flows from investing activities: | ||
Contributions to loans to and investments in related parties | (1,111,830) | (1,196,634) |
Distributions from loans to and investments in related parties | 1,119,775 | 1,297,139 |
Net payments on premises and equipment | (51,348) | (83,968) |
Deconsolidation of asset management entity | (16,512) | (137,856) |
Cash received from contingent consideration | 2,541 | 5,215 |
Net cash used in investing activities | (57,374) | (116,104) |
Cash flows from financing activities: | ||
Excess tax benefits from the issuance of share-based awards | 423 | 1,640 |
Proceeds from short-term borrowings | 14,422,000 | 13,566,163 |
Payments on short-term borrowings | (14,422,000) | (13,486,163) |
Proceeds from secured credit facility | 903,000 | 1,740,000 |
Payments on secured credit facility | (1,073,000) | (1,682,000) |
Net proceeds from other secured financings | 200,810 | 381,955 |
Net proceeds from issuance of senior notes, net of issuance costs | 0 | 681,222 |
Repayment of long-term debt | 0 | (250,000) |
Proceeds from contributions of noncontrolling interests | 0 | 31,076 |
Net cash provided by financing activities | 31,233 | 983,893 |
Effect of exchange rate changes on cash and cash equivalents | (3,354) | 2,798 |
Net (decrease) increase in cash and cash equivalents | (638,183) | 474,120 |
Cash and cash equivalents at beginning of period | 4,079,968 | 3,561,119 |
Cash and cash equivalents at end of period | 3,441,785 | 4,035,239 |
Cash paid during the period for: | ||
Interest | 621,279 | 752,429 |
Income taxes, net | $ 1,574 | $ 117,300 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Aug. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization Jefferies Group LLC and its subsidiaries operate as a global full service, integrated securities and investment banking firm. The accompanying Consolidated Financial Statements represent the accounts of Jefferies Group LLC and all our subsidiaries (together “we” or “us”). The subsidiaries of Jefferies Group LLC include Jefferies LLC (“Jefferies”), Jefferies Execution Services, Inc. (“Jefferies Execution”), Jefferies International Limited, Jefferies Bache Limited, Jefferies Hong Kong Limited, Jefferies Bache Financial Services, Inc., Jefferies Funding LLC and Jefferies Leveraged Credit Products, LLC and all other entities in which we have a controlling financial interest or are the primary beneficiary. On September 1, 2014, Jefferies Bache, LLC merged with and into Jefferies (a U.S. broker-dealer), with Jefferies as the surviving entity. On April 9, 2015, we entered into an agreement to transfer certain of the client activities of our Jefferies Bache business to Société Générale S.A. and initiated a plan to substantially exit the remaining aspects of our futures business. At August 31, 2015 , we have transfered 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. For further information on the exit of the Bache business, refer to Note 21, Exit Costs . Jefferies Group LLC is an indirect wholly owned subsidiary of Leucadia National Corporation (“Leucadia”). Leucadia does not guarantee any of our outstanding debt securities. Our 3.875% Convertible Senior Debentures due 2029 are convertible into Leucadia common shares (see Note 12, Long-Term Debt , for further details). Jefferies Group LLC operates as a full-service investment banking firm and as the holding company of its various regulated and unregulated operating subsidiaries, retains a credit rating separate from Leucadia and is a Securities and Exchange Commission (“SEC”) reporting company, filing annual, quarterly and periodic financial reports. Richard Handler, our Chief Executive Officer and Chairman, is the Chief Executive Officer of Leucadia, as well as a Director of Leucadia. Brian P. Friedman, our Chairman of the Executive Committee, is Leucadia’s President and a Director of Leucadia. We operate in two business segments, Capital Markets and Asset Management. Capital Markets, which represents substantially our entire business, includes our securities, commodities, futures and foreign exchange trading and investment banking activities, which provides the research, sales, trading, origination and advisory effort for various equity, fixed income and advisory products and services. Asset Management provides investment management services to various private investment funds and separate accounts. Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and should be read in conjunction with our Annual Report on Form 10-K for the year ended November 30, 2014 . We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, goodwill and intangible assets, the ability to realize deferred tax assets and the recognition and measurement of uncertain tax positions. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. Consolidation Our policy is to consolidate all entities in which we control by ownership a majority of the outstanding voting stock. In addition, we consolidate entities which meet the definition of a variable interest entity (“VIE”) for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly owned, the third-party’s holding of equity interest is presented as Noncontrolling interests in the Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests are presented as Net earnings to noncontrolling interests in the Consolidated Statements of Earnings. In situations where we have significant influence, but not control, of an entity that does not qualify as a variable interest entity, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under U.S. GAAP, with our portion of net earnings or gains and losses recorded within Other revenues or Principal transaction revenues, respectively. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. We act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or “kick-out” rights. Intercompany accounts and transactions are eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Aug. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Revenue Recognition Policies Commissions and Other Fees. All customer securities transactions are reported on the Consolidated Statements of Financial Condition on a settlement date basis with related income reported on a trade-date basis. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. These arrangements are accounted for on an accrual basis and, as we are not the primary obligor for these arrangements, netted against commission revenues in the Consolidated Statements of Earnings. The commissions and related expenses on client transactions executed by Jefferies, a futures commission merchant (“FCM”), are recorded on a half-turn basis. In addition, we earn asset-based fees associated with the management and supervision of assets, account services and administration related to customer accounts. Principal Transactions. Financial instruments owned and Financial instruments sold, but not yet purchased (all of which are recorded on a trade-date basis) are carried at fair value with gains and losses reflected in Principal transaction revenues in the Consolidated Statements of Earnings on a trade date basis. Fees received on loans carried at fair value are also recorded within Principal transaction revenues. Investment Banking. Underwriting revenues and fees from mergers and acquisitions, restructuring and other investment banking advisory assignments or engagements are recorded when the services related to the underlying transactions are completed under the terms of the assignment or engagement. Expenses associated with such assignments are deferred until reimbursed by the client, the related revenue is recognized or the engagement is otherwise concluded. Expenses are recorded net of client reimbursements and netted against revenues. Unreimbursed expenses with no related revenues are included in Business development and Professional services expenses in the Consolidated Statements of Earnings. Asset Management Fees and Investment Income From Managed Funds. Asset management fees and investment income from managed funds include revenues we earn from management, administrative and performance fees from funds and accounts managed by us, revenues from management and performance fees we earn from related-party managed funds and investment income from our investments in these funds. We earn fees in connection with management and investment advisory services performed for various funds and managed accounts. These fees are based on assets under management or an agreed upon notional amount and may include performance fees based upon the performance of the funds. Management and administrative fees are generally recognized over the period that the related service is provided. Generally, performance fees are earned when the return on assets under management exceeds certain benchmark returns, “high-water marks” or other performance targets. Performance fees are accrued (or reversed) on a monthly basis based on measuring performance to date versus any relevant benchmark return hurdles stated in the investment management agreement. Performance fees are not subject to adjustment once the measurement period ends (generally annual periods) and the performance fees have been realized. Interest Revenue and Expense. We recognize contractual interest on Financial instruments owned and Financial instruments sold, but not yet purchased, on an accrual basis as a component of interest revenue and expense. Interest flows on derivative trading transactions and dividends are included as part of the fair valuation of these contracts and recognized in Principal transaction revenues in the Consolidated Statements of Earnings rather than as a component of interest revenue or expense. We account for our short- and long-term borrowings on an accrual basis with related interest recorded as Interest expense. Discounts/premiums arising on our long-term debt are accreted/amortized to Interest expense using the effective yield method over the remaining lives of the underlying debt obligations. In addition, we recognize interest revenue related to our securities borrowed and securities purchased under agreements to resell activities and interest expense related to our securities loaned and securities sold under agreements to repurchase activities on an accrual basis. Cash Equivalents Cash equivalents include highly liquid investments, including certificates of deposit and money market funds, not held for resale with original maturities of three months or less. Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations In accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Jefferies as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients. In addition, certain financial instruments used for initial and variation margin purposes with clearing and depository organizations are recorded in this caption. Jefferies as an FCM is obligated by rules mandated by the Commodity Futures Trading Commission ("CFTC") under the Commodities Exchange Act, to segregate or set aside cash or qualified securities to satisfy such regulations, which regulations have been promulgated to protect customer assets. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets. Financial Instruments and Fair Value Financial instruments owned and Financial instruments sold, not yet purchased are recorded at fair value, either as required by accounting pronouncements or through the fair value option election. These instruments primarily represent our trading activities and include both cash and derivative products. Gains and losses are recognized in Principal transaction revenues in our Consolidated Statements of Earnings. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Fair Value Hierarchy In determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect our assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. We apply a hierarchy to categorize our fair value measurements broken down into three levels based on the transparency of inputs as follows: Level 1: Quoted prices are available in active markets for identical assets or liabilities at the reported date. Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 3: Instruments that have little to no pricing observability at the reported date. These financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Financial instruments are valued at quoted market prices, if available. Certain financial instruments have bid and ask prices that can be observed in the marketplace. For financial instruments whose inputs are based on bid-ask prices, the financial instrument is valued at the point within the bid-ask range that meets our best estimate of fair value. We use prices and inputs that are current at the measurement date. For financial instruments that do not have readily determinable fair values using quoted market prices, the determination of fair value is based upon consideration of available information, including types of financial instruments, current financial information, restrictions on dispositions, fair values of underlying financial instruments and quotations for similar instruments. The valuation of financial instruments may include the use of valuation models and other techniques. Adjustments to valuations derived from valuation models may be made when, in management’s judgment, features of the financial instrument such as its complexity, the market in which the financial instrument is traded and risk uncertainties about market conditions require that an adjustment be made to the value derived from the models. Adjustments from the price derived from a valuation model reflect management’s judgment that other participants in the market for the financial instrument being measured at fair value would also consider in valuing that same financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument and market conditions. As the observability of prices and inputs may change for a financial instrument from period to period, this condition may cause a transfer of an instrument among the fair value hierarchy levels. Transfers among the levels are recognized at the beginning of each period. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. Valuation Process for Financial Instruments Our Independent Price Verification (“IPV”) Group, which is part of our Finance department, in partnership with Risk Management, is responsible for establishing our valuation policies and procedures. The IPV Group and Risk Management, which are independent of our business functions, play an important role and serve as a control function in determining that our financial instruments are appropriately valued and that fair value measurements are reliable. This is particularly important where prices or valuations that require inputs are less observable. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and that the assumptions are reasonable. The IPV Group reports to the Global Controller and is subject to the oversight of the IPV Committee, which is comprised of our Chief Financial Officer, Global Controller, Chief Risk Officer and Principal Accounting Officer, among other personnel. Our independent price verification policies and procedures are reviewed, at a minimum, annually and changes to the policies require the approval of the IPV Committee. Price Testing Process. The business units are responsible for determining the fair value of our financial instruments using approved valuation models and methodologies. In order to ensure that the business unit valuations represent a fair value exit price, the IPV Group tests and validates the fair value of our financial instruments inventory. In the testing process, the IPV Group obtains prices and valuation inputs from independent sources, consistently adheres to established procedures set forth in our valuation policies for sourcing prices and valuation inputs and utilizing valuation methodologies. Sources used to validate fair value prices and inputs include, but are not limited to, exchange data, recently executed transactions, pricing data obtained from third party vendors, pricing and valuation services, broker quotes and observed comparable transactions. To the extent discrepancies between the business unit valuations and the pricing or valuations resulting from the price testing process are identified, such discrepancies are investigated by the IPV Group and fair values are adjusted, as appropriate. The IPV Group maintains documentation of its testing, results, rationale and recommendations and prepares a monthly summary of its valuation results. This process also forms the basis for our classification of fair values within the fair value hierarchy ( i.e., Level 1, Level 2 or Level 3). The IPV Group utilizes the additional expertise of Risk Management personnel in valuing more complex financial instruments and financial instruments with less or limited pricing observability. The results of the valuation testing are reported to the IPV Committee on a monthly basis, which discusses the results and is charged with the final conclusions as to the financial instrument fair values in the consolidated financial statements. This process specifically assists the Chief Financial Officer in asserting as to the fair presentation of our financial condition and results of operations as included within our Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. At each quarter end, the overall valuation results, as concluded upon by the IPV Committee, are presented to the Audit Committee. Judgment exercised in determining Level 3 fair value measurements is supplemented by daily analysis of profit and loss performed by the Product Control functions. Gains and losses, which result from changes in fair value, are evaluated and corroborated daily based on an understanding of each of the trading desks’ overall risk positions and developments in a particular market on the given day. Valuation techniques generally rely on recent transactions of suitably comparable financial instruments and use the observable inputs from those comparable transactions as a validation basis for Level 3 inputs. Level 3 fair value measurements are further validated through subsequent sales testing and market comparable sales, if such information is available. Level 3 fair value measurements require documentation of the valuation rationale applied, which is reviewed for consistency in application from period to period; and the documentation includes benchmarking the assumptions underlying the valuation rationale against relevant analytic data. Third Party Pricing Information. Pricing information obtained from external data providers (including independent pricing services and brokers) may incorporate a range of market quotes from dealers, recent market transactions and benchmarking model derived prices to quoted market prices and trade data for comparable securities. External pricing data is subject to evaluation for reasonableness by the IPV Group using a variety of means including comparisons of prices to those of similar product types, quality and maturities, consideration of the narrowness or wideness of the range of prices obtained, knowledge of recent market transactions and an assessment of the similarity in prices to comparable dealer offerings in a recent time period. We have a process whereby we challenge the appropriateness of pricing information obtained from external data providers (including independent pricing services and brokers) in order to validate the data for consistency with the definition of a fair value exit price. Our process includes understanding and evaluating the external data providers’ valuation methodologies. For corporate, U.S. government and agency and municipal debt securities, and loans, to the extent independent pricing services or broker quotes are utilized in our valuation process, the vendor service providers are collecting and aggregating observable market information as to recent trade activity and active bid-ask submissions. The composite pricing information received from the independent pricing service is thus not based on unobservable inputs or proprietary models. For mortgage- and other asset-backed securities and collateralized debt obligations, our independent pricing services use a matrix evaluation approach incorporating both observable yield curves and market yields on comparable securities as well as implied inputs from observed trades for comparable securities in order to determine prepayment speeds, cumulative default rates and loss severity. Further, we consider pricing data from multiple service providers as available as well as compare pricing data to prices we have observed for recent transactions, if any, in order to corroborate our valuation inputs. Model Review Process. Where a pricing model is to be used to determine fair value, the pricing model is reviewed for theoretical soundness and appropriateness by Risk Management, independent from the trading desks, and then approved by Risk Management to be used in the valuation process. Review and approval of a model for use may include benchmarking the model against relevant third party valuations, testing sample trades in the model, backtesting the results of the model against actual trades and stress-testing the sensitivity of the pricing model using varying inputs and assumptions. In addition, recently executed comparable transactions and other observable market data are considered for purposes of validating assumptions underlying the model. Models are independently reviewed and validated by Risk Management annually or more frequently if market conditions or use of the valuation model changes. Investments in Managed Funds Investments in managed funds include our investments in funds managed by us and our investments in related-party managed funds in which we are entitled to a portion of the management and/or performance fees. Investments in nonconsolidated managed funds are accounted for at fair value based on the net asset value ("NAV") of the funds provided by the fund managers with gains or losses included in Asset management fees and investment income (loss) from managed funds in the Consolidated Statements of Earnings. Loans to and Investments in Related Parties Loans to and investments in related parties include investments in private equity and other operating entities made in connection with our capital markets activities in which we exercise significant influence over operating and capital decisions and loans issued in connection with such activities. Loans to and investments in related parties are accounted for using the equity method or at cost, as appropriate. Revenues on Loans to and investments in related parties are included in Other revenues in the Consolidated Statements of Earnings. See Note 9, Investments , and Note 20, Related Party Transactions , for additional information regarding certain of these investments. Securities Borrowed and Securities Loaned Securities borrowed and securities loaned are carried at the amounts of cash collateral advanced and received in connection with the transactions and accounted for as collateralized financing transactions. In connection with both trading and brokerage activities, we borrow securities to cover short sales and to complete transactions in which customers have failed to deliver securities by the required settlement date, and lend securities to other brokers and dealers for similar purposes. We have an active securities borrowed and lending matched book business in which we borrow securities from one party and lend them to another party. When we borrow securities, we generally provide cash to the lender as collateral, which is reflected in our Consolidated Statements of Financial Condition as Securities borrowed. We earn interest revenues on this cash collateral. Similarly, when we lend securities to another party, that party provides cash to us as collateral, which is reflected in our Consolidated Statements of Financial Condition as Securities loaned. We pay interest expense on the cash collateral received from the party borrowing the securities. The initial collateral advanced or received approximates or is greater than the fair value of the securities borrowed or loaned. We monitor the fair value of the securities borrowed and loaned on a daily basis and request additional collateral or return excess collateral, as appropriate. Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities purchased under agreements to resell and Securities sold under agreements to repurchase (collectively “repos”) are accounted for as collateralized financing transactions and are recorded at their contracted resale or repurchase amount plus accrued interest. We earn and incur interest over the term of the repo, which is reflected in Interest income and Interest expense on our Consolidated Statements of Earnings on an accrual basis. Repos are presented in the Consolidated Statements of Financial Condition on a net-basis by counterparty, where permitted by generally accepted accounting principles. We monitor the fair value of the underlying securities daily versus the related receivable or payable balances. Should the fair value of the underlying securities decline or increase, additional collateral is requested or excess collateral is returned, as appropriate. Premises and Equipment Premises and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets (generally three to ten years ). Leasehold improvements are amortized using the straight-line method over the term of the related leases or the estimated useful lives of the assets, whichever is shorter. Premises and equipment includes internally developed software. The carrying values of internally developed software ready for its intended use are depreciated over the remaining useful life. Goodwill and Intangible Assets Goodwill . Goodwill represents the excess acquisition cost over the fair value of net tangible and intangible assets acquired. Goodwill is not amortized and is subject to annual impairment testing on August 1 or between annual tests if an event or change in circumstance occurs that would more likely than not reduce the fair value of a reporting unit below its carrying value. In testing for goodwill impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, we conclude that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is not required. If we conclude otherwise, we are required to perform the two-step impairment test. The goodwill impairment test is performed at the reporting unit level by comparing the estimated fair value of a reporting unit with its respective carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not impaired. If the estimated fair value is less than carrying value, further analysis is necessary to determine the amount of impairment, if any, by comparing the implied fair value of the reporting unit's goodwill to the carrying value of the reporting unit's goodwill. The fair value of reporting units are based on widely accepted valuation techniques that we believe market participants would use, although the valuation process requires significant judgment and often involves the use of significant estimates and assumptions. The methodologies we utilize in estimating the fair value of reporting units include market valuation methods that incorporate price-to-earnings and price-to-book multiples of comparable exchange traded companies and multiples of merger and acquisitions of similar businesses. The estimates and assumptions used in determining fair value could have a significant effect on whether or not an impairment charge is recorded and the magnitude of such a charge. Adverse market or economic events could result in impairment charges in future periods. Intangible Assets . Intangible assets deemed to have finite lives are amortized on a straight line basis over their estimated useful lives, where the useful life is the period over which the asset is expected to contribute directly, or indirectly, to our future cash flows. Intangible assets are reviewed for impairment on an interim basis when certain events or circumstances exist. For amortizable intangible assets, impairment exists when the carrying amount of the intangible asset exceeds its fair value. At least annually, the remaining useful life is evaluated. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value. In testing for impairment, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If we conclude otherwise, we are required to perform a quantitative impairment test. Our annual indefinite-lived intangible asset impairment testing date is August 1. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset that is amortized over the remaining useful life of that asset, if any. Subsequent reversal of impairment losses is not permitted. Refer to Note 10, Goodwill and Other Intangible Assets , for further information. Income Taxes Our results of operations are included in the consolidated federal and applicable state income tax returns filed by Leucadia. In states that neither accept nor require combined or unitary tax returns, certain subsidiaries file separate state income tax returns. We also are subject to income tax in various foreign jurisdictions in which we operate. We account for our provision for income taxes using a “separate return” method. Amounts provided for income taxes are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable. Pursuant to a tax sharing agreement entered into between us and Leucadia, payments are made between us and Leucadia to settle current tax assets and liabilities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Under acquisition accounting, the recognition of certain assets and liabilities at fair value created a change in the financial reporting basis for our assets and liabilities, while the tax basis of our assets and liabilities remained the same. As a result, deferred tax assets and liabilities were recognized for the change in the basis differences. Jefferies provides deferred taxes on its temporary differences and on any carryforwards that it could claim on its hypothetical tax return. The realization of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized on the basis of its projected separate return results. The tax benefit related to Leucadia dividends and dividend equivalents paid on non-vested share-based awards are recognized as an increase to Additional paid-in capital. These amounts, and other windfall tax effects, are included in “Tax benefit (detriment) for issuance of share-based awards” on the Consolidated Statements of Changes in Equity. In the event tax benefits associated with share-based awards are less than the cumulative compensation cost recognized for financial reporting purposes, we look to Leucadia’s consolidated pool of windfall tax benefits in the calculation of our income tax provision. We record uncertain tax positions using a two-step process: (i) we determine whether it is more likely than not that each tax position will be sustained on the basis of the technical merits of the position; and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Legal Reserves In the normal course of business, we have been named, from time to time, as a defendant in legal and regulatory proceedings. We are also involved, from time to time, in other exams, investigations and similar reviews (both formal and informal) by governmental and self-regulatory agencies regarding our businesses, certain of which may result in judgments, settlements, fines, penalties or other injunctions. We recognize a liability for a contingency in Accrued expenses and other liabilities when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If the reasonable estimate of a probable loss is a range, we accrue the most likely amount of such loss, and if such amount is not determinable, then we accrue the minimum in the range as the loss accrual. The determination of the outcome and loss estimates requires significant judgment on the part of management. At August 31, 2015 , we have reserved approximately $0.6 million for remaining payments under a non-prosecution agreement with the United States Attorney for the District of Connecticut and a settlement agreement with the SEC, both with respect to an investigation of certain purchases and sales of mortgage-backed securities. We believe that any other matters for which we have determined a loss to be probable and reasonably estimable are not material to the consolidated financial statements. In many instances, it is not possible to determine whether any loss is probable or even possible or to estimate the amount of any loss or the size of any range of loss. We believe that, in the aggregate, the pending legal actions or regulatory proceedings and any other exams, investigations or similar reviews (both formal and informal) should not have a material adverse effect on our consolidated results of operations, cash flows or financial condition. In addition, we believe that any amount that could be reasonably estimated of potential loss or range of potential loss in excess of what has been provided in the consolidated financial statements is not material. Share-based Compensation Share-based awards are measured based on the grant-date fair value of the award and recognized over the period from the service inception date through the date the employee is no longer required to provide service to earn the award. Expected forfeitures are included in determining share-based compensation expense. Foreign Currency Translation Assets and liabilities of foreign subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the end of a period. Revenues and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating foreign currency financial statements into U.S. dollars, net of hedging gains or losses and taxes, if any, are included in Other comprehensive income. Gains or losses resulting from foreign currency transactions are included in Principal transaction revenues in the Consolidated Statements of Earnings. Securitization Activities We engage in securitization activities related to corporate loans, consumer loans, commercial mortgage loans and mortgage-backed and other asset-backed securities. Such transfers of financi |
Accounting Developments
Accounting Developments | 9 Months Ended |
Aug. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Developments | Accounting Developments Accounting Standards to be Adopted in Future Periods Debt Issuance Costs. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The accounting guidance requires that debt issuance costs related to a recognized debt liability be reported in the Consolidated Statements of Financial Condition as a direct deduction from the carrying amount of that debt liability. The guidance is effective retrospectively beginning in the first quarter of fiscal 2017 and early adoption is permitted. The adoption of this accounting guidance is not expected to have a material impact on our Consolidated Statements of Financial Condition. Consolidation. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The amendment eliminates the deferral of certain consolidation standards for entities considered to be investment companies and modifies the consolidation analysis performed on certain types of legal entities. The guidance is effective beginning in the first quarter of fiscal 2017 and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Revenue Recognition . In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU No. 2014-09”). The accounting guidance defines how companies report revenues from contracts with customers, and also requires enhanced disclosures. The guidance, as stated in ASU No. 2014-09, was effective beginning in the first quarter of fiscal 2018. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of Effective Date, which defers the effective date by one year, with early adoption on the original effective date permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Adopted Accounting Standards Repurchase Agreements. In June 2014, the FASB issued ASU No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The accounting guidance changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. This accounting change was effective in the second quarter of fiscal 2015. The guidance also requires new disclosures about certain transfers of financial assets accounted for as sales as well as increased transparency about the types of collateral pledged and remaining maturity of repurchase and securities lending agreements. The disclosure guidance related to certain transactions accounted for as sales was effective prospectively in the second quarter of fiscal 2015. The disclosure guidance related to the types of collateral pledged and remaining maturity of repurchase and securities lending agreements was effective prospectively in the third quarter of fiscal 2015. This guidance did not have a material effect on our consolidated financial statements and we have provided the additional disclosures in our consolidated financial statements. Investments in Certain Entities That Calculate Net Asset Value. In May 2015, the FASB issued ASU No. 2015-07, “Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)” ("ASU No. 2015-07"). The guidance removes the requirement to include investments in the fair value hierarchy for which the fair value is measured at NAV using the practical expedient under “Fair Value Measurements and Disclosures (Topic 820).” The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value practical expedient. Rather, those disclosures are limited to investments for which we have elected to measure the fair value using that practical expedient. The guidance is effective retrospectively and we have early adopted this guidance during the second quarter of fiscal 2015. Since the guidance only impacts our disclosures, adoption did not affect our consolidated financial statements. The adjustments had the impact of reducing Level 3 assets by $97.1 million at November 30, 2014, $95.7 million at August 31, 2014, $94.9 million at May 31, 2014, and $91.6 million at November 30, 2013. For further information on the adoption of ASU No. 2015-07, refer to Note 4, Fair Value Disclosures . Discontinued Operations . In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The guidance changes the criteria for disposals to qualify as discontinued operations and requires new disclosures about disposals of both discontinued operations and certain other disposals that do not meet the new definition. The guidance was effective beginning in the first quarter of 2015. The adoption of this guidance did not have a significant impact on our consolidated financial statements. Income Taxes. In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The guidance requires an entity to net their unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements against a deferred tax asset for a net operating loss carryforward, a similar tax loss or tax credit carryforward, unless such tax loss or credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes resulting from the disallowance of a tax position. In the event that the tax position is disallowed or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit shall be presented in the financial statements as a liability and shall not be combined with deferred tax assets. The guidance was effective for fiscal years and interim periods within those years, beginning after December 15, 2013, and is applied prospectively to all unrecognized tax benefits that exist at the effective date. The adoption of this update, effective December 1, 2014, did not have a material effect on our consolidated financial statements. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Aug. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on NAV of $40.2 million and $42.2 million at August 31, 2015 and November 30, 2014 , respectively, by level within the fair value hierarchy (in thousands): August 31, 2015 Level 1(1) Level 2(1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Financial instruments owned: Corporate equity securities $ 2,454,674 $ 176,636 $ 38,502 $ — $ 2,669,812 Corporate debt securities — 2,956,190 24,331 — 2,980,521 Collateralized debt obligations — 151,499 81,050 — 232,549 U.S. government and federal agency securities 2,109,086 592,321 — — 2,701,407 Municipal securities — 599,471 — — 599,471 Sovereign obligations 1,052,681 798,645 — — 1,851,326 Residential mortgage-backed securities — 3,824,389 86,422 — 3,910,811 Commercial mortgage-backed securities — 1,465,115 15,147 — 1,480,262 Other asset-backed securities — 64,648 32,596 — 97,244 Loans and other receivables — 1,666,454 95,399 — 1,761,853 Derivatives 2,182 4,827,243 34,345 (4,394,947 ) 468,823 Investments at fair value — 16,866 66,209 — 83,075 Physical commodities — 14,973 — — 14,973 Total financial instruments owned, excluding Investments at fair value based on NAV $ 5,618,623 $ 17,154,450 $ 474,001 $ (4,394,947 ) $ 18,852,127 Cash and cash equivalents $ 3,441,785 $ — $ — $ — $ 3,441,785 Cash and securities segregated and on deposit for regulatory purposes $ 904,009 $ — $ — $ — $ 904,009 Securities received as collateral $ 11,365 $ — $ — $ — $ 11,365 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,711,938 $ 99,051 $ — $ — $ 1,810,989 Corporate debt securities — 1,932,534 226 — 1,932,760 U.S. government and federal agency securities 2,414,440 133,181 — — 2,547,621 Sovereign obligations 1,228,377 874,705 — — 2,103,082 Residential mortgage-backed securities — 3,329 — — 3,329 Loans — 819,841 10,371 — 830,212 Derivatives 1,931 4,680,726 41,508 (4,504,522 ) 219,643 Total financial instruments sold, not yet purchased $ 5,356,686 $ 8,543,367 $ 52,105 $ (4,504,522 ) $ 9,447,636 Obligation to return securities received as collateral $ 11,365 $ — $ — $ — $ 11,365 Other secured financings $ — $ 70,327 $ 574 $ — $ 70,901 Embedded conversion option $ — $ — $ 114 $ — $ 114 (1) There were no material transfers between Level 1 and Level 2 for the nine months ended August 31, 2015 . (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. November 30, 2014 Level 1 (1) Level 2 (1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Financial instruments owned: Corporate equity securities $ 2,178,837 $ 226,441 $ 20,964 $ — $ 2,426,242 Corporate debt securities — 3,342,276 22,766 (4) — 3,365,042 Collateralized debt obligations — 306,218 124,650 (4) — 430,868 U.S. government and federal agency securities 2,694,268 81,273 — — 2,775,541 Municipal securities — 590,849 — — 590,849 Sovereign obligations 1,968,747 790,764 — — 2,759,511 Residential mortgage-backed securities — 2,879,954 82,557 — 2,962,511 Commercial mortgage-backed securities — 966,651 26,655 — 993,306 Other asset-backed securities — 137,387 2,294 — 139,681 Loans and other receivables — 1,458,760 97,258 — 1,556,018 Derivatives 65,145 5,046,278 54,190 (4,759,345 ) 406,268 Investments at fair value — 73,148 53,224 — 126,372 Physical commodities — 62,234 — — 62,234 Total financial instruments owned, excluding Investments at fair value based on NAV $ 6,906,997 $ 15,962,233 $ 484,558 $ (4,759,345 ) $ 18,594,443 Cash and cash equivalents $ 4,079,968 $ — $ — $ — $ 4,079,968 Cash and securities segregated and on deposit for regulatory purposes (3) $ 3,444,674 $ — $ — $ — $ 3,444,674 Securities received as collateral $ 5,418 $ — $ — $ — $ 5,418 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,911,145 $ 74,681 $ 38 $ — $ 1,985,864 Corporate debt securities — 1,611,994 223 — 1,612,217 Collateralized debt obligations — 4,557 — — 4,557 U.S. government and federal agency securities 2,253,055 — — — 2,253,055 Sovereign obligations 1,217,075 574,010 — — 1,791,085 Loans — 856,525 14,450 — 870,975 Derivatives 52,778 5,117,803 49,552 (4,856,618 ) 363,515 Total financial instruments sold, not yet purchased $ 5,434,053 $ 8,239,570 $ 64,263 $ (4,856,618 ) $ 8,881,268 Obligation to return securities received as collateral $ 5,418 $ — $ — $ — $ 5,418 Other secured financings $ — $ — $ 30,825 $ — $ 30,825 Embedded conversion option $ — $ — $ 693 $ — $ 693 (1) At December 1, 2013, equity options presented within Financial instruments owned and Financial instruments sold, not yet purchased of $6.1 million and $6.6 million, respectively, were transferred from Level 1 to Level 2 as adjustments were incorporated into the valuation approach for such contracts to estimate the point within the bid-ask range that meets the best estimate of fair value. (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. (3) Cash and securities segregated and on deposit for regulatory purposes include U.S. government securities with a fair value of $453.7 million and CFTC approved money market funds with a fair value of $545.0 million . (4) Level 3 Collateralized debt obligations increased by $33.2 million with a corresponding decrease in Level 3 Corporate debt securities from those previously reported to correct for the classification of certain positions. The total amount of Level 3 assets remained unchanged. The following is a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis: Corporate Equity Securities • Exchange Traded Equity Securities: Exchange-traded equity securities are measured based on quoted closing exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy, otherwise they are categorized within Level 2 or Level 3 of the fair value hierarchy. • Non-exchange Traded Equity Securities : Non-exchange traded equity securities are measured primarily using broker quotations, pricing data from external pricing services and prices observed for recently executed market transactions and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange traded equity securities are categorized within Level 3 of the fair value hierarchy and measured using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples ( e.g. , price/EBITDA, price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. When using pricing data of comparable companies, judgment must be applied to adjust the pricing data to account for differences between the measured security and the comparable security ( e.g. , issuer market capitalization, yield, dividend rate, geographical concentration). • Equity warrants: Non-exchange traded equity warrants are generally categorized within Level 3 of the fair value hierarchy and are measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Corporate Debt Securities • Corporate Bonds: Corporate bonds are measured primarily using pricing data from external pricing services and broker quotations, where available, prices observed for recently executed market transactions and bond spreads or credit default swap spreads of the issuer adjusted for basis differences between the swap curve and the bond curve. Corporate bonds measured using these valuation methods are categorized within Level 2 of the fair value hierarchy. If broker quotes, pricing data or spread data is not available, alternative valuation techniques are used including cash flow models incorporating interest rate curves, single name or index credit default swap curves for comparable issuers and recovery rate assumptions. Corporate bonds measured using alternative valuation techniques are categorized within Level 3 of the fair value hierarchy and comprise a limited portion of our corporate bonds. • High Yield Corporate and Convertible Bonds: A significant portion of our high yield corporate and convertible bonds are categorized within Level 2 of the fair value hierarchy and are measured primarily using broker quotations and pricing data from external pricing services, where available, and prices observed for recently executed market transactions of comparable size. Where pricing data is less observable, valuations are categorized within Level 3 and are based on pending transactions involving the issuer or comparable issuers, prices implied from an issuer’s subsequent financings or recapitalizations, models incorporating financial ratios and projected cash flows of the issuer and market prices for comparable issuers. Collateralized Debt Obligations Collateralized debt obligations are measured based on prices observed for recently executed market transactions of the same or similar security or based on valuations received from third party brokers or data providers and are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability and significance of the pricing inputs. Valuation that is based on recently executed market transitions of similar securities incorporates additional review and analysis of pricing inputs and comparability criteria including but not limited to collateral type, tranche type, rating, origination year, prepayment rates, default rates, and severities. U.S. Government and Federal Agency Securities • U.S. Treasury Securities: U.S. Treasury securities are measured based on quoted market prices and categorized within Level 1 of the fair value hierarchy. • U.S. Agency Issued Debt Securities: Callable and non-callable U.S. agency issued debt securities are measured primarily based on quoted market prices obtained from external pricing services and are generally categorized within Level 1 or Level 2 of the fair value hierarchy. Municipal Securities Municipal securities are measured based on quoted prices obtained from external pricing services and are generally categorized within Level 2 of the fair value hierarchy. Sovereign Obligations Foreign sovereign government obligations are measured based on quoted market prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size. To the extent external price quotations are not available or recent transactions have not been observed, valuation techniques incorporating interest rate yield curves and country spreads for bonds of similar issuers, seniority and maturity are used to determine fair value of sovereign bonds or obligations. Foreign sovereign government obligations are classified in Level 1, 2 or Level 3 of the fair value hierarchy, primarily based on the country of issuance. Residential Mortgage-Backed Securities • Agency Residential Mortgage-Backed Securities: Agency residential mortgage-backed securities include mortgage pass-through securities (fixed and adjustable rate), collateralized mortgage obligations and interest-only and principal-only securities and are generally measured using market price quotations from external pricing services and categorized within Level 2 of the fair value hierarchy. • Agency Residential Interest-Only and Inverse Interest-Only Securities ( “ Agency Inverse IOs ” ): The fair value of agency inverse IOs is estimated using expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral. We use prices observed for recently executed transactions to develop market-clearing spread and yield curve assumptions. Valuation inputs with regard to the underlying collateral incorporate weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer, and weighted average loan age. Agency inverse IOs are categorized within Level 2 or Level 3 of the fair value hierarchy. We also use vendor data in developing our assumptions, as appropriate. • Non-Agency Residential Mortgage-Backed Securities: Fair values are determined primarily using discounted cash flow methodologies and securities are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability and significance of the pricing inputs used. Performance attributes of the underlying mortgage loans are evaluated to estimate pricing inputs, such as prepayment rates, default rates and the severity of credit losses. Attributes of the underlying mortgage loans that affect the pricing inputs include, but are not limited to, weighted average coupon; average and maximum loan size; loan-to-value; credit scores; documentation type; geographic location; weighted average loan age; originator; servicer; historical prepayment, default and loss severity experience of the mortgage loan pool; and delinquency rate. Yield curves used in the discounted cash flow models are based on observed market prices for comparable securities and published interest rate data to estimate market yields. Commercial Mortgage-Backed Securities • Agency Commercial Mortgage-Backed Securities: Government National Mortgage Association (“GNMA”) project loans are measured based on inputs corroborated from and benchmarked to observed prices of recent securitization transactions of similar securities with adjustments incorporating an evaluation for various factors, including prepayment speeds, default rates, and cash flow structures as well as the likelihood of pricing levels in the current market environment. Federal National Mortgage Association (“FNMA”) Delegated Underwriting and Servicing (“DUS”) mortgage-backed securities are generally measured by using prices observed for recently executed market transactions to estimate market-clearing spread levels for purposes of estimating fair value. GNMA project loan bonds and FNMA DUS mortgage-backed securities are categorized within Level 2 of the fair value hierarchy. • Non-Agency Commercial Mortgage-Backed Securities: Non-agency commercial mortgage-backed securities are measured using pricing data obtained from external pricing services and prices observed for recently executed market transactions and are categorized within Level 2 and Level 3 of the fair value hierarchy. Other Asset-Backed Securities Other asset-backed securities include, but are not limited to, securities backed by auto loans, credit card receivables, student loans and other consumer loans and are categorized within Level 2 and Level 3 of the fair value hierarchy. Valuations are primarily determined using pricing data obtained from external pricing services and prices observed for recently executed market transactions. Loans and Other Receivables • Corporate Loans: Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market price quotations where market price quotations from external pricing services are supported by market transaction data. Corporate loans categorized within Level 3 of the fair value hierarchy are measured based on market price quotations that are considered to be less transparent, market prices for debt securities of the same creditor, and estimates of future cash flow incorporating assumptions regarding creditor default and recovery rates and consideration of the issuer’s capital structure. • Participation Certificates in Agency Residential Loans: Valuations of participation certificates in agency residential loans are based on observed market prices of recently executed purchases and sales of similar loans. The loan participation certificates are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions and availability of data provider pricing. • Project Loans and Participation Certificates in GNMA Project and Construction Loans: Valuations of participation certificates in GNMA project and construction loans are based on inputs corroborated from and benchmarked to observed prices of recent securitizations of assets with similar underlying loan collateral to derive an implied spread. Securitization prices are adjusted to estimate the fair value of the loans incorporating an evaluation for various factors, including prepayment speeds, default rates, and cash flow structures as well as the likelihood of pricing levels in the current market environment. The measurements are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions. • Consumer Loans and Funding Facilities: Consumer and small business whole loans and related funding facilities are valued based on observed market transactions incorporating additional valuation inputs including, but not limited to, delinquency and default rates, prepayment rates, borrower characteristics, loan risk grades and loan age. These assets are categorized within Level 2 or Level 3 of the fair value hierarchy. • Escrow and Trade Claim Receivables: Escrow and trade claim receivables are categorized within Level 3 of the fair value hierarchy where fair value is estimated based on reference to market prices and implied yields of debt securities of the same or similar issuers. Escrow and trade claim receivables are categorized within Level 2 of the fair value hierarchy where fair value is based on recent trade activity in the same security. Derivatives • Listed Derivative Contracts: Listed derivative contracts that are actively traded are measured based on quoted exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy. Listed derivatives for which there is limited trading activity are measured based on incorporating the closing auction price of the underlying equity security, use similar valuation approaches as those applied to over-the-counter derivative contracts and are categorized within Level 2 of the fair value hierarchy. • OTC Derivative Contracts: Over-the-counter (“OTC”) derivative contracts are generally valued using models, whose inputs reflect assumptions that we believe market participants would use in valuing the derivative in a current period transaction. Inputs to valuation models are appropriately calibrated to market data. For many OTC derivative contracts, the valuation models do not involve material subjectivity as the methodologies do not entail significant judgment and the inputs to valuation models do not involve a high degree of subjectivity as the valuation model inputs are readily observable or can be derived from actively quoted markets. OTC derivative contracts are primarily categorized within Level 2 of the fair value hierarchy given the observability and significance of the inputs to the valuation models. Where significant inputs to the valuation are unobservable, derivative instruments are categorized within Level 3 of the fair value hierarchy. OTC options include OTC equity, foreign exchange, interest rate and commodity options measured using various valuation models, such as the Black-Scholes, with key inputs impacting the valuation including the underlying security, foreign exchange spot rate or commodity price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Discounted cash flow models are utilized to measure certain OTC derivative contracts including the valuations of our interest rate swaps, which incorporate observable inputs related to interest rate curves, valuations of our foreign exchange forwards and swaps, which incorporate observable inputs related to foreign currency spot rates and forward curves and valuations of our commodity swaps and forwards, which incorporate observable inputs related to commodity spot prices and forward curves. Credit default swaps include both index and single-name credit default swaps. External prices are available as inputs in measuring index credit default swaps and single-name credit default swaps. For commodity and equity total return swaps, market prices are observable for the underlying asset and used as the basis for measuring the fair value of the derivative contracts. Total return swaps executed on other underlyings are measured based on valuations received from external pricing services. Physical Commodities Physical commodities include base and precious metals and are measured using observable inputs including spot prices and published indices. Physical commodities are categorized within Level 2 of the fair value hierarchy. To facilitate the trading in precious metals we undertake leasing of such precious metals. The fees earned or paid for such leases are recorded as Principal transaction revenues in the Consolidated Statements of Earnings. Investments at Fair Value and Investments in Managed Funds Investments at fair value based on NAV and Investments in Managed Funds include investments in hedge funds, fund of funds, private equity funds, convertible bond funds and commodity funds, which are measured at the net asset value of the funds provided by the fund managers and are excluded from the fair value hierarchy. Investments at fair value also include direct equity investments in private companies, which are measured at fair value using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples ( e.g. , price/EBITDA, price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy. Additionally, investments at fair value include investments in insurance contracts relating to our defined benefit plan in Germany. Fair value for the insurance contracts is determined using a third party and is categorized within Level 3 of the fair value hierarchy. The following tables present information about our investments in entities that have the characteristics of an investment company at August 31, 2015 and November 30, 2014 (in thousands): August 31, 2015 Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) Equity Long/Short Hedge Funds (2) $ 79,431 $ — Monthly, Quarterly Fixed Income and High Yield Hedge Funds (3) 2,130 — — Fund of Funds (4) 286 94 — Equity Funds (5) 41,691 20,792 — Convertible Bond Funds (6) 3,472 — At Will Total $ 127,010 $ 20,886 November 30, 2014 Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) Equity Long/Short Hedge Funds (2) $ 44,983 $ — Monthly, Quarterly Fixed Income and High Yield Hedge Funds (3)(7) 2,704 — — Fund of Funds (4) 323 94 — Equity Funds (5) 65,216 26,023 — Convertible Bond Funds (6) 3,355 — At Will Total $ 116,581 $ 26,117 (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds’ capital statements. (2) This category includes investments in hedge funds that invest, long and short, in primarily equity securities in domestic and international markets in both the public and private sectors. At August 31, 2015 and November 30, 2014 , investments representing approximately 100% and 99% , respectively, of the fair value of investments in this category are redeemable with 30 - 90 days prior written notice. (3) Includes investments in funds that invest in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. At August 31, 2015 and November 30, 2014 , the underlying assets of 7% and 8% , respectively, of these funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated. (4) Includes investments in fund of funds that invest in various private equity funds. At August 31, 2015 and November 30, 2014 , approximately 95% and 95% , respectively, of the fair value of investments in this category are managed by us and have no redemption provisions, instead distributions are received through the liquidation of the underlying assets of the fund of funds, which are estimated to be liquidated in the next sixteen months. For the remaining investments, we have requested redemption; however, we are unable to estimate when these funds will be received. (5) At August 31, 2015 and November 30, 2014 , approximately 100% and 99% , respectively, of the fair value of investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed, instead distributions are received through the liquidation of the underlying assets of the funds which are expected to liquidate in one to eight years. (6) This category represents an investment in the Jefferies Umbrella Fund, an open-ended investment company managed by us that invests primarily in convertible bonds. The remaining investments are in liquidation and we are unable to estimate when the underlying assets will be fully liquidated. (7) Fixed income and high yield hedge funds was revised by $2.5 million from that previously reported due to the inclusion of a fixed income fund, which has the characteristics of an investment company that is included in Investments at fair value within Financial instruments owned in the Consolidated Statement of Financial Condition. The total amount of Investments at fair value remained unchanged. Other Secured Financings Other secured financings that are accounted for at fair value include notes issued by consolidated VIEs, which are classified as Level 2 or Level 3 within the fair value hierarchy. Fair value is based on recent transaction prices for similar assets. In addition, at August 31, 2015 and November 30, 2014 , Other secured financings includes $0.0 and $7.8 million , respectively, related to transfers of loans accounted for as secured financings rather than as sales and classified as Level 3 within the fair value hierarchy. Embedded Conversion Option The embedded conversion option presented within long-term debt represents the fair value of the conversion option on Leucadia shares within our 3.875% Convertible Senior Debentures, due November 1, 2029 and categorized as Level 3 within the fair value hierarchy. The conversion option was valued using a convertible bond model using as inputs the price of Leucadia's common stock, the conversion strike price, 252 -day historical volatility, a maturity date of November 1, 2017 (the first put date), dividend yield and the risk-free interest rate curve. The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2015 (in thousands): Three Months Ended August 31, 2015 Balance at May 31, 2015 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at August 31, 2015 Change in unrealized gains/ (losses) relating to instruments still held at August 31, 2015 (1) Assets: Financial instruments owned: Corporate equity securities $ 20,547 $ 3,901 $ 21,162 $ (5,173 ) $ — $ — $ (1,935 ) $ 38,502 $ 3,803 Corporate debt securities 31,917 (5,276 ) 10,395 (17,197 ) (1 ) — 4,493 24,331 (5,544 ) Collateralized debt obligations 89,007 (12,560 ) 14,961 — (13,230 ) — 2,872 81,050 (12,561 ) Residential mortgage-backed securities 88,695 (3,009 ) 10,034 (8,424 ) (195 ) — (679 ) 86,422 655 Commercial mortgage-backed securities 17,862 (510 ) — (680 ) — — (1,525 ) 15,147 (545 ) Other asset-backed securities 11,857 870 21,913 — (1,167 ) — (877 ) 32,596 813 Loans and other receivables 108,756 (2,111 ) 31,269 (603 ) (42,529 ) — 617 95,399 (6,182 ) Investments at fair value 131,343 83,580 — (127,427 ) (277 ) — (21,010 ) 66,209 19,675 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ (38 ) $ — $ — Corporate debt securities 452 (226 ) — — — — — 226 226 Net derivatives (2) (1,586 ) (1,020 ) (1,432 ) 11,618 24 416 (857 ) 7,163 551 Loans 10,732 109 (3,012 ) — — — 2,542 10,371 (110 ) Other secured financings 56,060 — — — (3,914 ) — (51,572 ) 574 — Embedded conversion option 725 (611 ) — — — — — 114 611 (1) Realized and unrealized gains/losses are reported in Principal transaction revenues in the Consolidated Statements of Earnings. (2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives. Analysis of Level 3 Assets and Liabilities for the Three Months Ended August 31, 2015 During the three months ended August 31, 2015 , transfers of assets of $73.4 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Collateralized debt obligations of $42.8 million, non-agency residential mortgage-backed securities of $17.8 million, commercial mortgage-backed securities of $3.7 million for which no recent trade activity was observed for purposes of determining observable inputs; • Loans and other receivables of $4.1 million due to a lower number of contributors comprising vendor quotes to support classification within Level 2; • Corporate debt securities of $5.0 million due to a lack of observable market transactions. During the three months ended August 31, 2015 , transfers of assets of $91.4 million from Level 3 to Level 2 are primarily attributed to: • Non-agency residential mortgage-backed securities of $18.5 million, commercial mortgage-backed securities of $5.2 million for which market trades were observed in the period for either identical or similar securities; • Collateralized debt obligations of $39.9 million due to a greater number of contributors for certain vendor quotes supporting classification into Level 2; • Investment at fair value of $21.0 million due to an increase in observable market transactions; • Loans and other receivables of $3.5 million due to a greater number of contributors for certain vendor quotes supporting classification into Level 2; • Corporate equity securities of $1.9 million due to an increase in observable market transactions. There were $2.5 million transfers of loan liabilities from Level 2 to Level 3 due to a decrease in observable inputs in the valuation and $51.6 million transfers of other secured financings from Level 3 to Level 2 due to an increase in observable inputs in the valuation. Net gains on Level 3 assets were $64.9 million and net gains on Level 3 liabilities were $1.7 million for the three months ended August 31, 2015 . Net gains on Level 3 assets were primarily due to increased valuations of corporate equity securities and investments at fair value, partially offset by a decrease in valuation of collateralized debt obligations, corporate debt securities, residential mortgage-backed securities and loans and other receivables. Net gains on Level 3 liabilities were primarily due to decreased valuations of certain derivative instruments. The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the nine months ended August 31, 2015 (in thousands): Nine Months Ended August 31, 2015 Balance at November 30, 2014 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at August 31, 2015 Change in unrealized gains/ (losses) relating to instruments still held at August 31, 2015 (1) Assets: Financial instruments owned: Corporate equity securities $ 20,964 $ 10,247 $ 22,631 $ (5,176 ) $ — $ — $ (10,164 ) $ 38,502 $ 10,210 Corporate debt securities 22,766 (5,425 ) 83,613 (88,711 ) (1 ) — 12,089 24,331 (5,797 ) Collateralized debt obligations 124,650 (28,999 ) 63,038 (47,570 ) (20,481 ) — (9,588 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Aug. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Off-Balance Sheet Risk We have contractual commitments arising in the ordinary course of business for securities loaned or purchased under agreements to resell, repurchase agreements, future purchases and sales of foreign currencies, securities transactions on a when-issued basis and underwriting. Each of these financial instruments and activities contains varying degrees of off-balance sheet risk whereby the fair values of the securities underlying the financial instruments may be in excess of, or less than, the contract amount. The settlement of these transactions is not expected to have a material effect upon our consolidated financial statements. Derivative Financial Instruments Our derivative activities are recorded at fair value in the Consolidated Statements of Financial Condition in Financial instruments owned and Financial instruments sold, not yet purchased, net of cash paid or received under credit support agreements and on a net counterparty basis when a legally enforceable right to offset exists under a master netting agreement. Net realized and unrealized gains and losses are recognized in Principal transaction revenues in the Consolidated Statements of Earnings on a trade date basis and as a component of cash flows from operating activities in the Consolidated Statements of Cash Flows. Acting in a trading capacity, we may enter into derivative transactions to satisfy the needs of our clients and to manage our own exposure to market and credit risks resulting from our trading activities. (See Note 4, Fair Value Disclosures , and Note 17, Commitments, Contingencies and Guarantees for additional disclosures about derivative financial instruments.) Derivatives are subject to various risks similar to other financial instruments, including market, credit and operational risk. The risks of derivatives should not be viewed in isolation, but rather should be considered on an aggregate basis along with our other trading-related activities. We manage the risks associated with derivatives on an aggregate basis along with the risks associated with proprietary trading as part of our firm wide risk management policies. In connection with our derivative activities, we may enter into International Swaps and Derivative Association, Inc. (“ISDA”) master netting agreements or similar agreements with counterparties. A master agreement creates a single contract under which all transactions between two counterparties are executed allowing for trade aggregation and a single net payment obligation. Master agreements provide protection in bankruptcy in certain circumstances and, where legally enforceable, enable receivables and payables with the same counterparty to be settled or otherwise eliminated by applying amounts due against all or a portion of an amount due from the counterparty or a third party. In addition, we enter into customized bilateral trading agreements and other customer agreements that provide for the netting of receivables and payables with a given counterparty as a single net obligation. Under our ISDA master netting agreements, we typically also execute credit support annexes, which provide for collateral, either in the form of cash or securities, to be posted by or paid to a counterparty based on the fair value of the derivative receivable or payable based on the rates and parameters established in the credit support annex. In the event of the counterparty’s default, provisions of the master agreement permit acceleration and termination of all outstanding transactions covered by the agreement such that a single amount is owed by, or to, the non-defaulting party. In addition, any collateral posted can be applied to the net obligations, with any excess returned; and the collateralized party has a right to liquidate the collateral. Any residual claim after netting is treated along with other unsecured claims in bankruptcy court. The conditions supporting the legal right of offset may vary from one legal jurisdiction to another and the enforceability of master netting agreements and bankruptcy laws in certain countries or in certain industries is not free from doubt. The right of offset is dependent both on contract law under the governing arrangement and consistency with the bankruptcy laws of the jurisdiction where the counterparty is located. Industry legal opinions with respect to the enforceability of certain standard provisions in respective jurisdictions are relied upon as a part of managing credit risk. In cases where we have not determined an agreement to be enforceable, the related amounts are not offset. Master netting agreements are a critical component of our risk management processes as part of reducing counterparty credit risk and managing liquidity risk. We are also a party to clearing agreements with various central clearing parties. Under these arrangements, the central clearing counterparty facilitates settlement between counterparties based on the net payable owed or receivable due and, with respect to daily settlement, cash is generally only required to be deposited to the extent of the net amount. In the event of default, a net termination amount is determined based on the market values of all outstanding positions and the clearing organization or clearing member provides for the liquidation and settlement of the net termination amount among all counterparties to the open derivative contracts. The following tables present the fair value and related number of derivative contracts at August 31, 2015 and November 30, 2014 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands, except contract amounts). August 31, 2015 (1) Assets Liabilities Fair Value Number of Fair Value Number of Interest rate contracts: Exchange-traded $ 1,806 74,381 $ 1,930 104,483 Cleared OTC 1,930,070 3,195 1,911,702 2,822 Bilateral OTC 683,237 2,051 613,344 898 Foreign exchange contracts: Exchange-traded — 419 — 407 Bilateral OTC 777,346 10,234 795,572 9,809 Equity contracts: Exchange-traded 1,286,149 3,082,363 1,148,639 3,082,310 Bilateral OTC 88,463 1,017 143,041 967 Commodity contracts: Exchange-traded — 253,123 — 252,949 Bilateral OTC 38,418 488 23,161 544 Credit contracts: Cleared OTC 43,456 103 42,246 88 Bilateral OTC 14,825 93 44,530 99 Total gross derivative assets/ liabilities: Exchange-traded 1,287,955 1,150,569 Cleared OTC 1,973,526 1,953,948 Bilateral OTC 1,602,289 1,619,648 Amounts offset in the Consolidated Exchange-traded (1,146,698 ) (1,146,698 ) Cleared OTC (1,924,391 ) (1,924,391 ) Bilateral OTC (1,323,858 ) (1,433,433 ) Net amounts per Consolidated $ 468,823 $ 219,643 (1) Exchange traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Amounts netted include both netting by counterparty and for cash collateral paid or received. (3) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition. November 30, 2014 (1) Assets Liabilities Fair Value Number of Contracts Fair Value Number of Contracts Interest rate contracts: Exchange-traded $ 2,450 67,437 $ 1,400 87,008 Cleared OTC 1,425,375 2,160 1,481,329 2,124 Bilateral OTC 871,982 1,908 809,962 729 Foreign exchange contracts: Exchange-traded — 1,562 — 1,821 Bilateral OTC 1,514,881 11,299 1,519,349 10,931 Equity contracts: Exchange-traded 1,011,101 2,269,044 987,531 2,049,513 Bilateral OTC 39,889 2,463 70,484 1,956 Commodity contracts: Exchange-traded 62,091 1,027,542 51,145 1,015,894 Bilateral OTC 214,635 4,026 252,061 4,524 Credit contracts: Cleared OTC 17,831 27 23,264 22 Bilateral OTC 5,378 18 23,608 27 Total gross derivative assets/liabilities: Exchange-traded 1,075,642 1,040,076 Cleared OTC 1,443,206 1,504,593 Bilateral OTC 2,646,765 2,675,464 Amounts offset in the Consolidated Statements of Financial Condition (2): Exchange-traded (1,038,992 ) (1,038,992 ) Cleared OTC (1,416,613 ) (1,416,613 ) Bilateral OTC (2,303,740 ) (2,401,013 ) Net amounts per Consolidated Statements of Financial Condition (3) $ 406,268 $ 363,515 (1) Exchange traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Amounts netted include both netting by counterparty and for cash collateral paid or received. (3) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition. The following table presents unrealized and realized gains (losses) on derivative contracts for the three and nine months ended August 31, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended Gains (Losses) August 31, 2015 August 31, 2014 August 31, 2015 August 31, 2014 Interest rate contracts $ 25,308 $ (3,803 ) $ 580 $ (70,288 ) Foreign exchange contracts 6,893 6,697 30,417 9,046 Equity contracts 68,649 (49,422 ) 28,008 (219,584 ) Commodity contracts (4,757 ) (4,991 ) 15,480 32,989 Credit contracts (4,375 ) (1,330 ) (612 ) (16,953 ) Total $ 91,718 $ (52,849 ) $ 73,873 $ (264,790 ) OTC Derivatives. The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities at August 31, 2015 (in thousands): OTC Derivative Assets (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 9,025 $ 1,112 $ 14,037 $ — $ 24,174 Equity swaps and options 33,975 8,486 2,316 — 44,777 Credit default swaps 54 4,084 2,224 (1,832 ) 4,530 Total return swaps 23,005 4 — (180 ) 22,829 Foreign currency forwards, swaps and options 165,529 21,372 — (11,252 ) 175,649 Interest rate swaps, options and forwards 70,025 158,272 77,267 (34,593 ) 270,971 Total $ 301,613 $ 193,330 $ 95,844 $ (47,857 ) 542,930 Cross product counterparty netting (10,029 ) Total OTC derivative assets included in Financial instruments owned $ 532,901 (1) At August 31, 2015 , we held exchange traded derivative assets and other credit agreements with a fair value of $144.2 million , which are not included in this table. (2) OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received on the Consolidated Statements of Financial Condition. At August 31, 2015 , cash collateral received was $208.3 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 2,959 $ — $ 5,470 $ — $ 8,429 Equity swaps and options 16,909 39,538 9,139 — 65,586 Credit default swaps — 1,519 11,016 (1,832 ) 10,703 Total return swaps 54,507 1,927 1,967 (180 ) 58,221 Foreign currency forwards, swaps and options 157,468 48,147 — (11,252 ) 194,363 Fixed income forwards 342 — — — 342 Interest rate swaps, options and forwards 47,137 86,081 85,610 (34,593 ) 184,235 Total $ 279,322 $ 177,212 $ 113,202 $ (47,857 ) 521,879 Cross product counterparty netting (10,029 ) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased $ 511,850 (1) At August 31, 2015 , we held exchange traded derivative liabilities and other credit agreements with a fair value of $25.6 million , which are not included in this table. (2) OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged on the Consolidated Statements of Financial Condition. At August 31, 2015 , cash collateral pledged was $317.8 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. At August 31, 2015 , the counterparty credit quality with respect to the fair value of our OTC derivatives assets was as follows (in thousands): Counterparty credit quality (1): A- or higher $ 256,142 BBB- to BBB+ 124,498 BB+ or lower 74,834 Unrated 77,427 Total $ 532,901 (1) We utilize internal credit ratings determined by our Risk Management. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. Contingent Features Certain of our derivative instruments contain provisions that require our debt to maintain an investment grade credit rating from each of the major credit rating agencies. If our debt were to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on our derivative instruments in liability positions. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position at August 31, 2015 and November 30, 2014 is $112.5 million and $269.0 million , respectively, for which we have posted collateral of $105.2 million and $234.6 million , respectively, in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered on August 31, 2015 and November 30, 2014 , we would have been required to post an additional $13.1 million and $55.1 million , respectively, of collateral to our counterparties. |
Collateralized Transactions
Collateralized Transactions | 9 Months Ended |
Aug. 31, 2015 | |
Banking and Thrift [Abstract] | |
Collateralized Transactions | Collateralized Transactions We enter into secured borrowing and lending arrangements to obtain collateral necessary to effect settlement, finance inventory positions, meet customer needs or re-lend as part of our dealer operations. We monitor the fair value of the securities loaned and borrowed on a daily basis as compared with the related payable or receivable, and request additional collateral or return excess collateral, as appropriate. We pledge financial instruments as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Our agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledged by the counterparty are included within Financial instruments owned and noted parenthetically as Securities pledged on our Consolidated Statements of Financial Condition. The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by class of collateral pledged and remaining contractual maturity at August 31, 2015 (in thousands): Securities Lending Arrangements Repurchase Agreements Total Collateral Pledged: Corporate equity securities $ 2,506,969 $ 347,844 $ 2,854,813 Corporate debt securities 1,109,775 1,959,647 3,069,422 Mortgage- and asset-backed securities — 5,044,406 5,044,406 U.S. government and federal agency securities 28,451 9,412,058 9,440,509 Municipal securities — 492,599 492,599 Sovereign obligations — 1,604,147 1,604,147 Loans and other receivables — 617,861 617,861 Total $ 3,645,195 $ 19,478,562 $ 23,123,757 Contractual Maturity Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,954,916 $ 336,335 $ 1,353,944 $ — $ 3,645,195 Repurchase agreements 9,827,633 4,539,795 2,869,691 2,241,443 19,478,562 Total $ 11,782,549 $ 4,876,130 $ 4,223,635 $ 2,241,443 $ 23,123,757 We receive securities as collateral under resale agreements, securities borrowing transactions and customer margin loans. We also receive securities as collateral in connection with securities-for-securities transactions in which we are the lender of securities. In many instances, we are permitted by contract or custom to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At August 31, 2015 and November 30, 2014 , the approximate fair value of securities received as collateral by us that may be sold or repledged was $26.1 billion and $25.8 billion , respectively. At August 31, 2015 and November 30, 2014 , a substantial portion of the securities received by us had been sold or repledged. Offsetting of Securities Financing Agreements To manage our exposure to credit risk associated with securities financing transactions, we may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements (repurchase transactions). A master agreement creates a single contract under which all transactions between two counterparties are executed allowing for trade aggregation and a single net payment obligation. Master agreements provide protection in bankruptcy in certain circumstances and, where legally enforceable, enable receivables and payables with the same counterparty to be settled or otherwise eliminated by applying amounts due against all or a portion of an amount due from the counterparty or a third party. In addition, we enter into customized bilateral trading agreements and other customer agreements that provide for the netting of receivables and payables with a given counterparty as a single net obligation. In the event of the counterparty’s default, provisions of the master agreement permit acceleration and termination of all outstanding transactions covered by the agreement such that a single amount is owed by, or to, the non-defaulting party. In addition, any collateral posted can be applied to the net obligations, with any excess returned; and the collateralized party has a right to liquidate the collateral. Any residual claim after netting is treated along with other unsecured claims in bankruptcy court. The conditions supporting the legal right of offset may vary from one legal jurisdiction to another and the enforceability of master netting agreements and bankruptcy laws in certain countries or in certain industries is not free from doubt. The right of offset is dependent both on contract law under the governing arrangement and consistency with the bankruptcy laws of the jurisdiction where the counterparty is located. Industry legal opinions with respect to the enforceability of certain standard provisions in respective jurisdictions are relied upon as a part of managing credit risk. Master netting agreements are a critical component of our risk management processes as part of reducing counterparty credit risk and managing liquidity risk. We are also a party to clearing agreements with various central clearing parties. Under these arrangements, the central clearing counterparty facilitates settlement between counterparties based on the net payable owed or receivable due and, with respect to daily settlement, cash is generally only required to be deposited to the extent of the net amount. In the event of default, a net termination amount is determined based on the market values of all outstanding positions and the clearing organization or clearing member provides for the liquidation and settlement of the net termination amount among all counterparties to the open repurchase and/or securities lending transactions. The following tables provide information regarding repurchase agreements and securities borrowing and lending arrangements that are recognized in the Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands). August 31, 2015 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets Securities borrowing arrangements $ 7,702,853 $ — $ 7,702,853 $ (624,220 ) $ (776,755 ) $ 6,301,878 Reverse repurchase agreements 12,911,367 (8,637,685 ) 4,273,682 (111,791 ) (4,153,574 ) 8,317 Liabilities Securities lending arrangements $ 3,645,195 $ — $ 3,645,195 $ (624,220 ) $ (2,985,739 ) $ 35,236 Repurchase agreements 19,478,562 (8,637,685 ) 10,840,877 (111,791 ) (9,263,393 ) 1,465,693 November 30, 2014 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (4) Assets Securities borrowing arrangements $ 6,853,103 $ — $ 6,853,103 $ (680,222 ) $ (1,274,196 ) $ 4,898,685 Reverse repurchase agreements 14,059,133 (10,132,275 ) 3,926,858 (634,568 ) (3,248,817 ) 43,473 Liabilities Securities lending arrangements $ 2,598,487 $ — $ 2,598,487 $ (680,222 ) $ (1,883,140 ) $ 35,125 Repurchase agreements 20,804,432 (10,132,275 ) 10,672,157 (634,568 ) (8,810,770 ) 1,226,819 (1) Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by counterparty in the event of a counterparty’s default, but which are not netted in the balance sheet because other netting provisions of U.S. GAAP are not met. (2) Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3) Amounts include $6,266.5 million of securities borrowing arrangements, for which we have received securities collateral of $6,068.1 million , and $1,438.7 million of repurchase agreements, for which we have pledged securities collateral of $1,484.0 million , which are subject to master netting agreements but we have not yet determined the agreements to be legally enforceable. (4) Amounts include $4,847.4 million of securities borrowing arrangements, for which we have received securities collateral of $4,694.0 million , and $1,201.9 million of repurchase agreements, for which we have pledged securities collateral of $1,238.4 million , which are subject to master netting agreements but we have not yet determined the agreements to be legally enforceable. Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations Cash and securities deposited with clearing and depository organizations and segregated in accordance with regulatory regulations totaled $904.0 million and $3,444.7 million at August 31, 2015 and November 30, 2014 , respectively. Segregated cash and securities consist of deposits in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, which subjects Jefferies as a broker-dealer carrying customer accounts to requirements related to maintaining cash or qualified securities in segregated special reserve bank accounts for the exclusive benefit of its customers, and with the Commodity Exchange Act, which subjects Jefferies as an FCM to segregation requirements. |
Securitization Activities
Securitization Activities | 9 Months Ended |
Aug. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Securitization Activities | Securitization Activities We engage in securitization activities related to corporate loans, commercial mortgage loans, consumer loans and mortgage-backed and other asset-backed securities. In our securitization transactions, we transfer these assets to special purpose entities (“SPEs”) and act as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A significant portion of our securitization transactions are securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of variable interest entities; however we generally do not consolidate the SPEs as we are not considered the primary beneficiary for these SPEs. See Note 8, Variable Interest Entities , for further discussion on variable interest entities and our determination of the primary beneficiary. We account for our securitization transactions as sales provided we have relinquished control over the transferred assets. Transferred assets are carried at fair value with unrealized gains and losses reflected in Principal transactions revenues in the Consolidated Statement of Earnings prior to the identification and isolation for securitization. Subsequently, revenues recognized upon securitization are reflected as net underwriting revenues. We generally receive cash proceeds in connection with the transfer of assets to an SPE. We may, however, have continuing involvement with the transferred assets, which is limited to retaining one or more tranches of the securitization (primarily senior and subordinated debt securities in the form of mortgage- and other-asset backed securities or collateralized loan obligations), which are included within Financial instruments owned and are generally initially categorized as Level 2 within the fair value hierarchy. We apply fair value accounting to the securities. The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Transferred assets $ 853.9 $ 1,562.1 $ 3,931.5 $ 4,788.7 Proceeds on new securitizations 888.1 1,567.2 3,979.6 4,795.4 Cash flows received on retained interests 10.7 15.2 28.6 37.9 We have no explicit or implicit arrangements to provide additional financial support to these SPEs, have no liabilities related to these SPEs and do not have any outstanding derivative contracts executed in connection with these securitization activities at August 31, 2015 and November 30, 2014 . The following tables summarize our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): August 31, 2015 Securitization Type Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 11,480.4 $ 162.0 U.S. government agency commercial mortgage-backed securities 2,831.3 213.2 Collateralized loan obligations 3,731.7 52.3 November 30, 2014 Securitization Type Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 19,196.9 $ 226.9 U.S. government agency commercial mortgage-backed securities 5,848.5 204.7 Collateralized loan obligations 4,511.8 108.4 Total assets represent the unpaid principal amount of assets in the SPEs in which we have continuing involvement and are presented solely to provide information regarding the size of the transaction and the size of the underlying assets supporting our retained interests, and are not considered representative of the risk of potential loss. Assets retained in connection with a securitization transaction represent the fair value of the securities of one or more tranches issued by an SPE, including senior and subordinated tranches. Our risk of loss is limited to this fair value amount which is included within total Financial instruments owned on our Consolidated Statements of Financial Condition. Although not obligated, in connection with secondary market-making activities we may make a market in the securities issued by these SPEs. In these market-making transactions, we buy these securities from and sell these securities to investors. Securities purchased through these market-making activities are not considered to be continuing involvement in these SPEs, although the securities are included in Financial instruments owned. To the extent we purchased securities through these market-marking activities and we are not deemed to be the primary beneficiary of the variable interest entity, these securities are included in agency and non-agency mortgage- and asset-backed securitizations in the nonconsolidated variable interest entities section presented in Note 8, Variable Interest Entities . If we have not relinquished control over the transferred assets, the assets continue to be recognized in Financial instruments owned and a corresponding liability is recognized in Other secured financings. The carrying value of assets and liabilities resulting from transfers of financial assets treated as secured financings was $0.0 and $0.0 , respectively, at August 31, 2015 and $7.8 million and $7.8 million , respectively, at November 30, 2014 . The related liabilities do not have recourse to our general credit. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Aug. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Variable Interest Entities | Variable Interest Entities Variable interest entities (“VIEs”) are entities in which equity investors lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has both (1) the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance and (2) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. Our variable interests in VIEs include debt and equity interests, commitments, guarantees and certain fees. Our involvement with VIEs arises primarily from: • Purchases of securities in connection with our trading and secondary market making activities, • Retained interests held as a result of securitization activities, including the resecuritization of mortgage- and other asset-backed securities and the securitization of commercial mortgage, corporate and consumer loans, • Acting as placement agent and/or underwriter in connection with client-sponsored securitizations, • Financing of agency and non-agency mortgage- and other asset-backed securities, • Warehousing funding arrangements for client-sponsored consumer loan vehicles and collateralized loan obligations (“CLOs”) through participation certificates and revolving loan commitments, and • Loans to, investments in and fees from various investment fund vehicles. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. Our considerations in determining the VIE’s most significant activities and whether we have power to direct those activities include, but are not limited to, the VIE’s purpose and design and the risks passed through to investors, the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE’s initial design and the existence of explicit or implicit financial guarantees. In situations where we have determined that the power over the VIE’s most significant activities is shared, we assess whether we are the party with the power over the majority of the significant activities. If we are the party with the power over the majority of the significant activities, we meet the “power” criteria of the primary beneficiary. If we do not have the power over a majority of the significant activities or we determine that decisions require consent of each sharing party, we do not meet the “power” criteria of the primary beneficiary. We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires significant judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests. Consolidated VIEs The following table presents information about our consolidated VIEs at August 31, 2015 and November 30, 2014 (in millions). The assets and liabilities in the tables below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. August 31, 2015 November 30, 2014 Securitization Other Securitization Other Cash $ 0.1 $ 0.2 $ — $ 0.2 Financial instruments owned 86.4 0.3 62.7 0.3 Securities purchased under agreement to resell (1) 736.7 — 575.2 — Fees, interest and other receivables 0.3 — 0.4 — $ 823.5 $ 0.5 $ 638.3 $ 0.5 Other secured financings (2) $ 822.5 $ — $ 637.7 $ — Other liabilities 1.0 0.2 0.6 0.2 $ 823.5 $ 0.2 $ 638.3 $ 0.2 (1) Securities purchased under agreement to resell represent an amount due under a collateralized transaction on a related consolidated entity, which is eliminated in consolidation. (2) Approximately $15.9 million and $39.7 million of the secured financing represents an amount held by us in inventory and is eliminated in consolidation at August 31, 2015 and November 30, 2014 , respectively. Securitization Vehicles . We are the primary beneficiary of securitization vehicles to which we transferred term loans backed by consumer installment receivables and mortgage-backed securities. We retained a portion of the securities issued by the securitization vehicles. In the creation of the securitization vehicles, we were involved in the decisions made during the establishment and design of the entities and hold variable interests consisting of the securities retained that could potentially be significant. The assets of the VIEs consist of the term loans backed by consumer installment receivables and mortgage-backed securities, which are available for the benefit of the vehicles’ beneficial interest holders. The creditors of the VIEs do not have recourse to our general credit and the assets of the VIEs are not available to satisfy any other debt. We are also the primary beneficiary of mortgage-backed financing vehicles to which we sell agency and non-agency residential and commercial mortgage loans and mortgage-backed securities pursuant to the terms of a master repurchase agreement. We manage the assets within these vehicles. Our variable interests in these vehicles consist of our collateral margin maintenance obligations under the master repurchase agreement. The assets of these VIEs consist of reverse repurchase agreements, which are available for the benefit of the vehicle’s debt holders. The creditors of these VIEs do not have recourse to our general credit and each such VIE's assets are not available to satisfy any other debt. Other. We are the primary beneficiary of certain investment vehicles set up for the benefit of our employees. We manage and invest alongside our employees in these vehicles. The assets of these VIEs consist of private equity securities, and are available for the benefit of the entities’ equity holders. Our variable interests in these vehicles consist of equity securities. The creditors of these VIEs do not have recourse to our general credit and each such VIE's assets are not available to satisfy any other debt. Nonconsolidated VIEs The following tables present information about our variable interests in nonconsolidated VIEs (in millions): August 31, 2015 Carrying Amount Maximum Assets Liabilities Exposure to loss VIE Assets Collateralized loan obligations $ 82.7 $ — $ 768.8 $ 6,409.1 Consumer loan vehicles 123.4 — 867.0 602.1 Asset management vehicles 3.6 — 3.6 49.8 Private equity vehicles 25.5 — 45.9 74.8 Total $ 235.2 $ — $ 1,685.3 $ 7,135.8 November 30, 2014 Carrying Amount Maximum Assets Liabilities Exposure to loss VIE Assets Collateralized loan obligations $ 134.0 $ — $ 926.9 $ 7,737.1 Consumer loan vehicles 170.6 — 797.8 485.2 Asset management vehicle 11.3 — 11.3 432.3 Private equity vehicles 44.3 — 59.2 92.8 Total $ 360.2 $ — $ 1,795.2 $ 8,747.4 Our maximum exposure to loss often differs from the carrying value of the variable interests. The maximum exposure to loss is dependent on the nature of our variable interests in the VIEs and is limited to the notional amounts of certain loan commitments and guarantees. Our maximum exposure to loss does not include the offsetting benefit of any financial instruments that may be utilized to hedge the risks associated with our variable interests and is not reduced by the amount of collateral held as part of a transaction with a VIE. Collateralized Loan Obligations. Assets collateralizing the CLOs include bank loans, participation interests and sub-investment grade and senior secured U.S. loans. We underwrite securities issued in CLO transactions on behalf of unaffiliated sponsors and provide advisory services to the unaffiliated sponsors. We may also sell corporate loans to the CLOs. Our variable interests in connection with collateralized loan obligations where we have been involved in providing underwriting and/or advisory services consist of the following: • Forward sale agreements whereby we commit to sell, at a fixed price, corporate loans and ownership interests in an entity holding such corporate loans to CLOs, • Warehouse funding arrangements in the form of participation interests in corporate loans held by CLOs and commitments to fund such participation interests, • Trading positions in securities issued in a CLO transaction, • Investments in variable funding notes issued by CLOs, • A guarantee to a CLO managed by Jefferies Finance, LLC ("Jefferies Finance"), whereby we guarantee certain of the obligations of Jefferies Finance to the CLO. In addition, we own variable interests in CLOs previously managed by us. Our variable interests consist of debt securities and a right to a portion of the CLOs’ management and incentive fees. Our exposure to loss from these CLOs is limited to our investments in the debt securities held. Management and incentive fees are accrued as the amounts become realizable. These CLOs represent interests in assets consisting primarily of senior secured loans, unsecured loans and high yield bonds. Consumer Loan Vehicles. We provide financing and lending related services to certain client-sponsored VIEs in the form of revolving funding note agreements, revolving credit facilities and forward purchase agreements. The underlying assets, which are collateralizing the vehicles, are primarily comprised of unsecured consumer and small business loans. In addition, we may provide structuring and advisory services and act as an underwriter or placement agent for securities issued by the vehicles. We do not control the activities of these entities. Asset Management Vehicles. We managed the Jefferies Umbrella Fund, an "Umbrella structure" company that invested primarily in convertible bonds and enabled investors to choose between one or more investment objectives by investing in one or more sub-funds within the same structure. Our variable interests in the Jefferies Umbrella Fund consist of equity interests, management fees and performance fees. Effective May 2015, the Jefferies Umbrella Fund was placed into liquidation. We manage an asset management vehicle that provides investors with exposure to absolute return strategies, primarily including merger arbitrage, relative value and stock loan arbitrage. Our variable interests in this asset management vehicle consist of management and performance fees. Private Equity Vehicles. On July 26, 2010, we committed to invest equity of up to $75.0 million in Jefferies SBI USA Fund L.P. (the “SBI USA Fund L.P.”). At August 31, 2015 and November 30, 2014 , we funded approximately $64.6 million and $60.1 million , respectively, of our commitment. The carrying amount of our equity investment was $24.4 million and $43.1 million at August 31, 2015 and November 30, 2014 , respectively. Our exposure to loss is limited to our equity commitment. The SBI USA Fund L.P. has assets consisting primarily of private equity and equity related investments. We have a variable interest in Jefferies Employees Partners IV, LLC (“JEP IV”) consisting of an equity investment. The carrying amount of our equity investment was $1.1 million and $1.2 million at August 31, 2015 and November 30, 2014 , respectively. Our exposure to loss is limited to our equity investment. JEP IV has assets consisting primarily of private equity and equity related investments. We have provided a guarantee of a portion of Energy Partners I, LP's obligations under a credit agreement. Energy Partners I, LP, is a private equity fund owned and managed by our employees. At August 31, 2015 , the carrying value and maximum exposure to loss of the guarantee was $0.0 and $10.0 million , respectively. Energy Partners I, LP, has assets consisting primarily of debt and equity investments. Mortgage- and Other Asset-Backed Securitization Vehicles. In connection with our secondary trading and market making activities, we buy and sell agency and nonagency mortgage-backed securities and other asset-backed securities, which are issued by third party securitization SPEs and are generally considered variable interests in VIEs. Securities issued by securitization SPEs are backed by residential mortgage loans, U.S. agency collateralized mortgage obligations, commercial mortgage loans, collateralized debt obligations and CLOs and other consumer loans, such as installment receivables, auto loans and student loans. These securities are accounted for at fair value and included in Financial instruments owned on our Consolidated Statements of Financial Condition. We have no other involvement with the related SPEs and therefore do not consolidate these entities. We also engage in underwriting, placement and structuring activities for third-party-sponsored securitization trusts generally through agency (Fannie Mae, Freddie Mac and Ginnie Mae) or nonagency sponsored SPEs and may purchase loans or mortgage-backed securities from third parties that are subsequently transferred into the securitization trusts. The securitizations are backed by residential and commercial mortgage, home equity and auto loans. We do not consolidate agency sponsored securitizations as we do not have the power to direct the activities of the SPEs that most significantly impact their economic performance. Further, we are not the servicer of nonagency-sponsored securitizations and therefore do not have power to direct the most significant activities of the SPEs and accordingly, do not consolidate these entities. We may retain unsold senior and/or subordinated interests at the time of securitization in the form of securities issued by the SPEs. We transfer existing securities, typically mortgage-backed securities, into resecuritization vehicles. These transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests occur in connection with both agency and nonagency sponsored VIEs. Our consolidation analysis is largely dependent on our role and interest in the resecuritization trusts. Most resecuritizations in which we are involved are in connection with investors seeking securities with specific risk and return characteristics. As such, we have concluded that the decision-making power is shared between us and the investor(s), considering the joint efforts involved in structuring the trust and selecting the underlying assets as well as the level of security interests the investor(s) hold in the SPE; therefore, we do not consolidate the resecuritization VIEs. At August 31, 2015 and November 30, 2014 , we held $4,706.5 million and $3,186.9 million of agency mortgage-backed securities, respectively, and $893.5 million and $1,120.0 million of nonagency mortgage- and other asset-backed securities, respectively, as a result of our secondary trading and market making activities, underwriting, placement and structuring activities and resecuritization activities. Our maximum exposure to loss on these securities is limited to the carrying value of our investments in these securities. Mortgage- and other asset-backed securitization vehicles discussed within this section are not included in the above table containing information about our variable interests in nonconsolidated VIEs. |
Investments
Investments | 9 Months Ended |
Aug. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Investments We have investments in Jefferies Finance and Jefferies LoanCore LLC (“Jefferies LoanCore”). Our investments in Jefferies Finance and Jefferies LoanCore are accounted for under the equity method and are included in Loans to and investments in related parties on the Consolidated Statements of Financial Condition with our share of the investees’ earnings recognized in Other revenues in the Consolidated Statements of Earnings. We have limited partnership interests of 11% and 50% in Jefferies Capital Partners V L.P. and the SBI USA Fund L.P. (together, “JCP Fund V”), respectively, which are private equity funds managed by a team led by Brian P. Friedman, one of our directors and our Chairman of the Executive Committee. Jefferies Finance On October 7, 2004, we entered into an agreement with Massachusetts Mutual Life Insurance Company (“MassMutual”) and Babson Capital Management LLC to form Jefferies Finance, a joint venture entity. Jefferies Finance is a commercial finance company whose primary focus is the origination and syndication of senior secured debt to middle market and growth companies in the form of term and revolving loans. Loans are originated primarily through the investment banking efforts of Jefferies. Jefferies Finance may also originate other debt products such as second lien term, bridge and mezzanine loans, as well as related equity co-investments. Jefferies Finance also purchases syndicated loans in the secondary market. At August 31, 2015 , we and MassMutual each have equity commitments to Jefferies Finance of $600.0 million for a combined total commitment of $1.2 billion . At August 31, 2015 , we have funded $510.4 million of our $600.0 million commitment, leaving $89.6 million unfunded. The investment commitment is scheduled to expire on March 1, 2016 with automatic one year extensions absent a 60 day termination notice by either party. Jefferies Finance has executed a Secured Revolving Credit Facility with us and MassMutual, to be funded equally, to support loan underwritings by Jefferies Finance. The Secured Revolving Credit Facility bears interest based on the interest rates of the related Jefferies Finance underwritten loans and is secured by the underlying loans funded by the proceeds of the facility. During the third quarter of 2015, the Secured Revolving Credit Facility was modified and reduced from a committed and discretionary total of $1.0 billion to a total committed amount of $500.0 million , at August 31, 2015 . Advances are shared equally between us and MassMutual. The facility is scheduled to mature on March 1, 2016 with automatic one year extensions absent a 60 day termination notice by either party. At August 31, 2015 and November 30, 2014 , we have funded $0.0 and $0.0 , respectively, of each of our $250.0 million and $350.0 million commitments, respectively. During the three and nine months ended August 31, 2015 , $0.2 million and $0.7 million of interest income, respectively, and unfunded commitment fees of $0.4 million and $1.2 million , respectively, are included in the Consolidated Statements of Earnings related to the Secured Revolving Credit Facility. During the three and nine months ended August 31, 2014 , we earned interest income of $0.3 million and $1.4 million , respectively, and unfunded commitment fees of $0.4 million and $1.5 million , respectively. The following is a summary of selected financial information for Jefferies Finance (in millions): August 31, 2015 November 30, 2014 Total assets $ 7,037.1 $ 5,954.0 Total liabilities 6,016.3 4,961.7 Total equity 1,020.8 992.3 Our total equity balance 510.4 496.0 The net earnings of Jefferies Finance were $47.2 million and $109.4 million for the three and nine months ended August 31, 2015 , respectively, and $58.0 million and $116.2 million for the three and nine months ended August 31, 2014 , respectively. We engage in debt capital markets transactions with Jefferies Finance related to the originations of loans by Jefferies Finance. In connection with such transactions, we earned fees of $53.3 million and $108.8 million during the three and nine months ended August 31, 2015 , respectively, and $53.7 million and $139.8 million during the three and nine months ended August 31, 2014 , respectively, recognized in Investment banking revenues in the Consolidated Statements of Earnings. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance of $1.5 million and $3.1 million during the three and nine months ended August 31, 2015 , respectively, and $2.6 million and $10.5 million during the three and nine months ended August 31, 2014 , respectively, which are recognized as Business development expenses in the Consolidated Statements of Earnings. We acted as placement agent in connection with several CLOs managed by Jefferies Finance for which we recognized fees of $0.0 and $3.1 million during the three and nine months ended August 31, 2015 , respectively, and $2.5 million and $4.6 million during the three and nine months ended August 31, 2014 , respectively, which are included in Investment banking revenues on the Consolidated Statement of Earnings. At August 31, 2015 and November 30, 2014 , we held securities issued by CLOs managed by Jefferies Finance, which are included within Financial instruments owned, and provided a guarantee whereby we are required to make certain payments to a CLO in the event that Jefferies Finance is unable to meet its obligations to the CLO. Additionally, we have entered into participation agreements and derivative contracts with Jefferies Finance whose underlying is based on certain securities issued by the CLO. We have recognized revenue of $0.7 million and $0.7 million during the three and nine months ended August 31, 2014 relating to the derivative contracts. We acted as underwriter in connection with senior notes issued by Jefferies Finance, for which we recognized underwriting fees of $0.0 and $1.3 million during the three and nine months ended August 31, 2015 , respectively, and $0.0 million and $4.2 million for the three and nine months ended August 31, 2014 , respectively. Under a service agreement, we charged Jefferies Finance $8.4 million and $43.3 million for services provided during the three and nine months ended August 31, 2015 , respectively, and $6.5 million and $35.2 million during the three and nine months ended August 31, 2014 , respectively. Receivables from Jefferies Finance, included within Other assets on the Consolidated Statements of Financial Condition, were $122.5 million and $41.5 million at August 31, 2015 and November 30, 2014 , respectively. Jefferies LoanCore On February 23, 2011, we entered into a joint venture agreement with the Government of Singapore Investment Corporation and LoanCore, LLC and formed Jefferies LoanCore, a commercial real estate finance company. Jefferies LoanCore originates and purchases commercial real estate loans throughout the U.S. with the support of the investment banking and securitization capabilities of Jefferies and the real estate and mortgage investment expertise of the Government of Singapore Investment Corporation and LoanCore, LLC. Jefferies LoanCore has aggregate equity commitments of $600.0 million . At August 31, 2015 and November 30, 2014 , we had funded $118.4 million and $200.9 million , respectively, of our $291.0 million equity commitment and have a 48.5% voting interest in Jefferies LoanCore. The following is a summary of selected financial information for Jefferies LoanCore (in millions): August 31, 2015 November 30, 2014 Total assets $ 1,789.3 $ 1,500.9 Total liabilities 1,277.9 962.7 Total equity 511.5 538.2 Our total equity balance 248.1 261.0 The net earnings of Jefferies LoanCore were $25.6 million and $62.4 million for the three and nine months ended August 31, 2015 , respectively, and $4.5 million and $16.3 million for the three and nine months ended August 31, 2014 , respectively. In connection with the securitization of commercial real estate loans originated by Jefferies LoanCore, we earned placement fees of $1.0 million and $1.6 million during the three and nine months ended August 31, 2015 , respectively, and $0.0 and $0.6 million during the three and nine months ended August 31, 2014 , respectively. JCP Fund V The amount of our investments in JCP Fund V included within Investments in managed funds on the Consolidated Statements of Financial Condition was $27.7 million and $48.9 million at August 31, 2015 and November 30, 2014 , respectively. We account for these investments at fair value based on the NAV of the funds provided by the fund managers (see Note 2, Summary of Significant Accounting Policies ). Losses from these investments were $3.4 million and $26.3 million for the three and nine months ended August 31, 2015 , respectively, and a gain of $0.9 million for the three months ended August 31, 2014 and a loss of $7.1 million for the nine months ended August 31, 2014 , and are included in Asset management fees and investment income (loss) from managed funds in the Consolidated Statements of Earnings. At August 31, 2015 and November 30, 2014 , we were committed to invest equity of up to $85.0 million in JCP Fund V. At August 31, 2015 , our unfunded commitment relating to JCP Fund V was $11.8 million. The following is a summary of selected financial information for 100% of JCP Fund V, in which we own effectively 35.2% of the combined equity interests (in thousands): June 30, 2015 (1) December 31, 2014 (1) Total assets $ 78,762 $ 73,261 Total liabilities 66 66 Total partners' capital 78,696 73,195 Three Months Ended June 30, 2015 (1) March 31, 2015 (1) December 31, 2014 (1) June 30, 2014 (1) March 31, 2014 (1) December 31, 2013 (1) Net increase (decrease) in net assets resulting from operations $ (8,875 ) $ 1,478 $ (65,700 ) $ 3,609 $ (18,779 ) $ (2,947 ) (1) Financial information for JCP Fund V within our financial position and results of operations at August 31, 2015 and November 30, 2014 and for the three and nine months ended August 31, 2015 and 2014 is included based on the presented periods. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Aug. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill attributed to our reportable segments are as follows (in thousands): August 31, 2015 November 30, 2014 Capital Markets $ 1,657,478 $ 1,659,636 Asset Management 3,000 3,000 Total goodwill $ 1,660,478 $ 1,662,636 The following table is a summary of the changes to goodwill for the nine months ended August 31, 2015 (in thousands): Balance at November 30, 2014 $ 1,662,636 Add: Translation adjustments (2,158 ) Balance at August 31, 2015 $ 1,660,478 Goodwill Impairment Testing A reporting unit is an operating segment or one level below an operating segment. The quantitative goodwill impairment test is performed at the level of the reporting unit and consists of two steps. In the first step, the fair value of each reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, then a second step is performed in order to measure the amount of the impairment loss, if any, which is based on comparing the implied fair value of the reporting unit’s goodwill to the fair value of the net assets of the reporting unit. Allocated equity plus goodwill and allocated intangible assets are used as a proxy for the carrying amount of each reporting unit. The amount of equity allocated to a reporting unit is based on our cash capital model deployed in managing our businesses, which seeks to approximate the capital a business would require if it were operating independently. Intangible assets are allocated to a reporting unit based on either specifically identifying a particular intangible asset as pertaining to a reporting unit or, if shared among reporting units, based on an assessment of the reporting unit’s benefit from the intangible asset in order to generate results. Estimating the fair value of a reporting unit requires management judgment. Estimated fair values for our reporting units were determined using a market valuation method that incorporate price-to-earnings and price-to-book multiples of comparable public companies. In addition, as the fair values determined under the market approach represent a noncontrolling interest, we applied a control premium to arrive at the estimated fair value of each reporting unit on a controlling basis. We engaged an independent valuation specialist to assist us in our valuation process at August 1, 2015. Our annual goodwill impairment testing at August 1, 2015 did not indicate any goodwill impairment in any of our reporting units. Substantially all of our goodwill is allocated to our Investment Banking, Equities, and Fixed Income reporting units for which the results of our assessment indicated that these reporting units had a fair value substantially in excess of their carrying amounts based on current projections. At August 31, 2015, goodwill allocated to these reporting units is $1,657.5 million of total goodwill of $1,660.5 million . For the remaining less significant reporting units, we have used a net asset approach for valuation and the fair value of each of the reporting units is equal to its book value. Intangible Assets The following tables present the gross carrying amount, accumulated amortization, net carrying amount and weighted average amortization period of identifiable intangible assets at August 31, 2015 and November 30, 2014 (in thousands): August 31, 2015 Weighted average remaining lives (years) Gross cost Impairment losses Accumulated amortization Net carrying amount Customer relationships $ 127,944 $ — $ (32,730 ) $ 95,214 13.1 Trade name 131,656 — (9,404 ) 122,252 32.5 Exchange and clearing organization membership interests and registrations 14,455 (1,289 ) — 13,166 N/A $ 274,055 $ (1,289 ) $ (42,134 ) $ 230,632 November 30, 2014 Weighted Gross cost Accumulated Net carrying Customer relationships $ 128,323 $ (26,402 ) $ 101,921 13.7 Trade name 132,009 (6,677 ) 125,332 33.3 Exchange and clearing organization membership interests and registrations 14,528 — 14,528 N/A $ 274,860 $ (33,079 ) $ 241,781 We performed our annual impairment testing of intangible assets with an indefinite useful life, which consists of exchange and clearing organization membership interests and registrations, at August 1, 2015. We elected to perform a quantitative assessment of membership interests and registrations that have available quoted sales prices as well as all other membership interests and registrations related to the Bache business. A qualitative assessment was performed on the remainder of our indefinite-life intangible assets. In applying our quantitative assessment, we recognized an impairment loss of $1.3 million on certain exchange memberships based on a decline in fair value at August 1, 2015. With regard to our qualitative assessment of the remaining indefinite-life intangible assets, based on our assessment of market conditions, the utilization of the assets and the replacement costs associated with the assets, we have concluded that it is not more likely than not that the intangible assets are impaired. Amortization Expense For finite life intangible assets, aggregate amortization expense amounted to $3.1 million and $9.2 million for the three and nine months ended August 31, 2015 , respectively, and $3.2 million and $9.6 million for the three and nine months ended August 31, 2014 , respectively, which is included in Other expenses on the Consolidated Statements of Earnings. The estimated future amortization expense for the five succeeding fiscal years is as follows (in thousands): Remainder of fiscal 2015 $ 3,049 Year ended November 30, 2016 12,198 Year ended November 30, 2017 12,198 Year ended November 30, 2018 12,198 Year ended November 30, 2019 12,198 |
Short-Term Borrowings
Short-Term Borrowings | 9 Months Ended |
Aug. 31, 2015 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings Short-term borrowings include bank loans that are payable on demand, as well as borrowings under revolving credit facilities that must be repaid within one year or less. Bank loans are typically overnight loans used to finance financial instruments owned or clearing related balances, but are not part of our systemic funding model and generally bear interest at a spread over the federal funds rate. Short-term borrowings at August 31, 2015 and November 30, 2014 were $12.0 million and $12.0 million , respectively. At August 31, 2015 , the interest rate on short-term borrowings outstanding is 0.68% per annum. Average daily short-term borrowings outstanding were $18.5 million and $44.9 million for the three and nine months ended August 31, 2015 , respectively, and $31.3 million and $87.9 million for the three and nine months ended August 31, 2014 , respectively. On April 23, 2015, we entered into a committed revolving credit facility (“Intraday Credit Facility”) with the Bank of New York Mellon. The Bank of New York Mellon agrees to make revolving intraday credit advances for an aggregate committed amount of $500.0 million in U.S. dollars. The term of the Intraday Credit Facility is six months after the closing date, but can be extended for an additional six months upon our request and at the lender's discretion. The Intraday Credit Facility contains a financial covenant, which includes a minimum regulatory net capital requirement. Interest is based on the higher of the Federal funds effective rate plus 0.5% or the prime rate. At August 31, 2015 , we were in compliance with debt covenants under the Intraday Credit Facility. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Aug. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The following summarizes our long-term debt carrying values (including unamortized discounts and premiums and valuation adjustment, where applicable) at August 31, 2015 and November 30, 2014 (in thousands): August 31, November 30, 2014 Unsecured Long-Term Debt 3.875% Senior Notes, due November 9, 2015 (effective interest rate of 2.17%) $ 501,630 $ 507,944 5.5% Senior Notes, due March 15, 2016 (effective interest rate of 2.52%) 355,600 363,229 5.125% Senior Notes, due April 13, 2018 (effective interest rate of 3.46%) 833,352 842,359 8.5% Senior Notes, due July 15, 2019 (effective interest rate of 4.00%) 812,894 832,797 2.375% Euro Medium Term Notes, due May 20, 2020 (effective rate of 2.42%) 560,111 620,725 6.875% Senior Notes, due April 15, 2021 (effective interest rate of 4.40%) 842,406 853,091 2.25% Euro Medium Term Notes, due July 13, 2022 (effective rate of 4.08%) 3,996 4,379 5.125% Senior Notes, due January 20, 2023 (effective interest rate of 4.55%) 621,505 623,311 6.45% Senior Debentures, due June 8, 2027 (effective interest rate of 5.46%) 380,172 381,515 3.875% Convertible Senior Debentures, due November 1, 2029 (effective interest rate of 3.50%) (1) 347,799 349,261 6.25% Senior Debentures, due January 15, 2036 (effective interest rate of 6.03%) 512,811 513,046 6.50% Senior Notes, due January 20, 2043 (effective interest rate of 6.09%) 421,734 421,960 $ 6,194,010 $ 6,313,617 Secured Long-Term Debt Credit facility — 170,000 $ 6,194,010 $ 6,483,617 (1) The value of the 3.875% Convertible Senior debentures at August 31, 2015 and November 30, 2014 includes the fair value of the conversion feature of $0.1 million and $0.7 million , respectively. The change in fair value of the conversion feature, which is included within Principal transaction revenues in the Consolidated Statements of Earnings, was not material for the three and nine months ended August 31, 2015 , and amounted to a gain of $2.4 million and $8.1 million for the three and nine months ended August 31, 2014 , respectively. Our 3.875% convertible debentures due 2029 (principal amount of $345.0 million ) (the “debentures”) remain issued and outstanding and are convertible into common shares of Leucadia. At September 10, 2015, each $1,000 debenture is currently convertible into 22.3764 shares of Leucadia’s common stock (equivalent to a conversion price of approximately $44.69 per share of Leucadia’s common stock). The debentures are convertible at the holders’ option any time beginning on August 1, 2029 and convertible at any time if: 1) Leucadia’s common stock price is greater than or equal to 130% of the conversion price for at least 20 trading days in a period of 30 consecutive trading days; 2) if the trading price per debenture is less than 95% of the price of the common stock times the conversion ratio for any 10 consecutive trading days; 3) if the debentures are called for redemption; or 4) upon the occurrence of specific corporate actions. The debentures may be redeemed for par, plus accrued interest, on or after November 1, 2012 if the price of Leucadia’s common stock is greater than 130% of the conversion price for at least 20 days in a period of 30 consecutive trading days and we may redeem the debentures for par, plus accrued interest, at our election any time on or after November 1, 2017. Holders may require us to repurchase the debentures for par, plus accrued interest, on November 1, 2017, 2019 and 2024. In addition to ordinary interest, commencing November 1, 2017, contingent interest will accrue at 0.375% if the average trading price of a debenture for five trading days ending on and including the third trading day immediately preceding a six -month interest period equals or exceed $1,200 per $1,000 debenture. At March 1, 2013, the conversion option to Leucadia common shares embedded within the debentures meets the definition of a derivative contract, does not qualify to be accounted for within member’s equity and is not clearly and closely related to the economic interest rate or credit risk characteristics of our debt. Accordingly, the conversion option is accounted for on a standalone basis at fair value with changes in fair value recognized in Principal transaction revenues and is presented within Long-term debt in the Consolidated Statements of Financial Condition. Secured Long-Term Debt – On August 26, 2011, we entered into a committed senior secured revolving credit facility (“Credit Facility”) with a group of commercial banks in U.S. dollars, Euros and Sterling, for an aggregate committed amount of $950.0 million with availability subject to one or more borrowing bases and of which $250.0 million could be borrowed without a borrowing base requirement. On June 26, 2014, we amended and restated the Credit Facility for three years and reduced the committed amount to $750.0 million . The borrowers under the Credit Facility were Jefferies Bache Financial Services, Inc., Jefferies Bache, LLC and Jefferies Bache Limited, with a guarantee from Jefferies Group LLC. On September 1, 2014, Jefferies Bache, LLC merged with and into Jefferies. Jefferies was the surviving entity, and therefore, was a borrower under the Credit Facility. The Credit Facility contained certain financial covenants, including, but not limited to, restrictions on future indebtedness of our subsidiaries, minimum tangible net worth and liquidity requirements and minimum capital requirements. Interest was based on, in the case of U.S. dollar borrowings, the Federal funds rate or the London Interbank Offered Rate or, in the case of Euro and Sterling borrowings, the Euro Interbank Offered Rate and the London Interbank Offered Rate, respectively. The obligations of each borrower under the Credit Facility were secured by substantially all the assets of such borrower, but none of the borrowers was responsible for any obligations of any other borrower. At November 30, 2014 , borrowings under the Credit Facility were denominated in U.S. dollars and we were in compliance with debt covenants under the Credit Facility. We terminated the Credit Facility on July 31, 2015, due to the exiting of the Bache business. For further information with respect to our use of the Credit Facility, refer to Note 21, Exit Costs . |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Aug. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests represent equity interests in consolidated subsidiaries, comprised primarily of asset management entities and investment vehicles set up for the benefit of our employees that are not attributable, either directly or indirectly, to us ( i.e. , minority interests). The following table presents noncontrolling interests at August 31, 2015 and November 30, 2014 (in thousands): August 31, 2015 November 30, 2014 Global Equity Event Opportunity Fund, LLC (1) $ 26,245 $ 33,303 Other 6,057 5,545 Noncontrolling interests $ 32,302 $ 38,848 (1) Noncontrolling interests attributed to Leucadia were $26.2 million and $25.4 million at August 31, 2015 and November 30, 2014 , respectively. |
Benefit Plans
Benefit Plans | 9 Months Ended |
Aug. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Benefit Plans | Benefit Plans U.S. Pension Plan. We maintain a defined benefit pension plan, Jefferies Group LLC Employees’ Pension Plan (the “U.S. Pension Plan”), which is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended, and covers certain of our employees. Under the U.S. Pension Plan, benefits to participants are based on years of service and the employee’s career average pay. Effective December 31, 2005, benefits under the U.S. Pension Plan were frozen with no further benefit accruing to participants for future service after December 31, 2005. German Pension Plan. In connection with the acquisition of Jefferies Bache from Prudential on July 1, 2011, we acquired a defined benefits pension plan located in Germany (the “German Pension Plan”) for the benefit of eligible employees of Jefferies Bache in that territory. The German Pension Plan has no plan assets and is therefore unfunded. We have purchased insurance contracts from multi-national insurers held in the name of Jefferies Bache Limited to provide for the plan’s future obligations. The investment in these insurance contracts are included in Financial Instruments owned in the Consolidated Statements of Financial Condition and has a fair value of $15.5 million and $18.1 million at August 31, 2015 and November 30, 2014 , respectively. We expect to pay our pension obligations from the cash flows available to us under the insurance contracts. All costs relating to the plan (including insurance premiums and other costs as computed by the insurers) are paid by us. In connection with the acquisition, it was agreed with Prudential that any insurance premiums and funding obligations related to pre-acquisition date service will be reimbursed to us by Prudential. The components of net periodic pension (income) cost for our pension plans are as follows (in thousands): Three Months Ended August 31, Nine Months Ended August 31, U.S. Pension Plan 2015 2014 2015 2014 Components of net periodic pension (income) cost: Service cost $ 63 $ 56 $ 189 $ 168 Interest cost on projected benefit obligation 585 607 1,755 1,821 Expected return on plan assets (848 ) (789 ) (2,544 ) (2,367 ) Net amortization — (36 ) — (108 ) Net periodic pension income $ (200 ) $ (162 ) $ (600 ) $ (486 ) Three Months Ended August 31, Nine Months Ended August 31, German Pension Plan 2015 2014 2015 2014 Components of net periodic pension cost: Service cost $ — $ 11 $ — $ 33 Interest cost on projected benefit obligation 132 216 395 658 Net amortization 82 61 245 186 Net periodic pension cost $ 214 $ 288 $ 640 $ 877 Employer Contributions – Our funding policy is to contribute to the plans at least the minimum amount required for funding purposes under applicable employee benefit and tax laws. We did no t contribute to the U.S. Pension Plan or the German Pension Plan during the nine months ended August 31, 2015 and we do no t expect to make any contributions to the plans during the remainder of the fiscal year. |
Compensation Plans
Compensation Plans | 9 Months Ended |
Aug. 31, 2015 | |
Compensation Related Costs [Abstract] | |
Compensation Plans | Compensation Plans Leucadia sponsors our following share-based compensation plans: Incentive Compensation Plan, Employee Stock Purchase Plan and the Deferred Compensation Plan. The outstanding and future share-based awards relating to these plans relate to Leucadia common shares. The fair value of share-based awards is estimated on the date of grant based on the market price of the underlying common stock less the impact of selling restrictions subsequent to vesting, if any, and is amortized as compensation expense over the related requisite service periods. We are allocated costs associated with awards granted to our employees under such plans. In addition, we sponsor non-share-based compensation plans. Non-share-based compensation plans sponsored by us include a profit sharing plan and other forms of restricted cash awards. The components of total compensation cost associated with certain of our compensation plans are as follows (in millions): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Components of compensation cost: Restricted cash awards $ 39.4 37.4 142.9 $ 115.6 Restricted stock and RSUs (1) 13.8 18.0 53.8 68.0 Profit sharing plan 0.6 1.2 5.3 6.0 Total compensation cost $ 53.8 $ 56.6 $ 202.0 $ 189.6 (1) Total compensation cost associated with restricted stock and RSUs includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. Additionally, we recognize compensation cost related to the discount provided to employees in electing to defer compensation under the Deferred Compensation Plan. Remaining unamortized amounts related to certain compensation plans at August 31, 2015 is as follows (in millions): Remaining Unamortized Amounts Weighted Average Vesting Period (in Years) Non-vested share-based awards $ 42.1 1.8 Restricted cash awards 282.5 3 Total $ 324.6 The following are descriptions of the compensation plans. Incentive Compensation Plan. The Incentive Compensation Plan (“Incentive Plan”) allows for awards in the form of incentive stock options (within the meaning of Section 422 of the Internal Revenue Code), nonqualified stock options, stock appreciation rights, restricted stock, unrestricted stock, performance awards, restricted stock units, dividend equivalents or other share-based awards. Restricted stock units (“RSUs”) give a participant the right to receive fully vested common shares at the end of a specified deferral period, allowing a participant to hold an interest tied to common stock on a tax deferred basis. Prior to settlement, RSUs carry no voting or dividend rights associated with the stock ownership, but dividend equivalents are accrued to the extent there are dividends declared on the underlying common shares as cash amounts or as deemed reinvestments in additional RSUs. Awards issued and outstanding related to the Incentive Plan relate to shares of Leucadia. Restricted stock and RSUs may be granted to new employees as “sign-on” awards, to existing employees as “retention” awards and to certain executive officers as awards for multiple years. Sign-on and retention awards are generally subject to annual ratable vesting over a four -year service period and are amortized as compensation expense on a straight line basis over the related four years. Restricted stock and RSUs are granted to certain senior executives with both performance and service conditions, and are amortized over the service period if we determine that it is probable that the performance condition will be achieved. Awards granted to senior executives related to the 2014 fiscal year did not meet performance targets, and as a result, compensation expense has been adjusted to reflect the reduced number of shares that will vest. Employee Stock Purchase Plan. There is also an Employee Stock Purchase Plan (“ESPP”) which we consider noncompensatory effective January 1, 2007. The ESPP permits all regular full-time employees and employees who work part time over 20 hours per week to purchase, at a discount, Leucadia common shares. Annual employee contributions are limited to $21,250 , are voluntary and made through payroll deduction. The stock purchase price is equal to 95% of the closing price of common stock on the last day of the applicable session (monthly). Deferred Compensation Plan. There is also a Deferred Compensation Plan, which was established in 2001. Eligible employees are able to defer compensation on a pre-tax basis, with deferred amounts deemed invested at a discount in Leucadia common shares, or by allocating among any combination of other investment funds available under the Deferred Compensation Plan. We often invest directly, as a principal, in investments corresponding to the other investment funds, relating to our obligations to perform under the Deferred Compensation Plan. The compensation deferred by our employees is expensed in the period earned. The change in fair value of our investments in assets corresponding to the specified other investment funds are recognized in Principal transactions and changes in the corresponding deferred compensation liability are reflected as Compensation and benefits expense in our Consolidated Statements of Earnings. Profit Sharing Plan . We have a profit sharing plan, covering substantially all employees, which includes a salary reduction feature designed to qualify under Section 401(k) of the Internal Revenue Code. Restricted Cash Awards. We provide compensation to new and existing employees in the form of loans and/or other cash awards which are subject to ratable vesting terms with service requirements. We amortize these awards to compensation expense over the relevant service period. |
Income Taxes
Income Taxes | 9 Months Ended |
Aug. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes At August 31, 2015 and November 30, 2014 , we had approximately $112.3 million and $126.7 million , respectively, of total gross unrecognized tax benefits. The total amount of unrecognized benefit that, if recognized, would favorably affect the effective tax rate was $74.7 million and $84.5 million at August 31, 2015 and November 30, 2014 , respectively. We recognize interest accrued related to unrecognized tax benefits in Interest expense. Penalties, if any, are recognized in Other expenses in the Consolidated Statements of Earnings. At August 31, 2015 and November 30, 2014 , we had interest accrued of approximately $34.0 million and $30.6 million , respectively, included in Accrued expenses and other liabilities. No material penalties were accrued for the nine months ended August 31, 2015 and the year ended November 30, 2014 . We are currently under examination by the Internal Revenue Service and other major tax jurisdictions. We do not expect that resolution of these examinations will have a material effect on our consolidated financial position, but could have a material impact on the consolidated results of operations for the period in which resolution occurs. The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate: Jurisdiction Tax Year United States 2006 California 2006 New Jersey 2010 New York State 2001 New York City 2003 United Kingdom 2013 |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 9 Months Ended |
Aug. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees Commitments The following table summarizes our commitments associated with our capital market and asset management business activities at August 31, 2015 (in millions): Expected Maturity Date 2015 2016 2017 and 2019 and 2021 and Maximum Equity commitments (1) $ — $ 9.9 $ — $ — $ 232.4 $ 242.3 Loan commitments (1) 5.0 356.0 450.3 52.3 — 863.6 Mortgage-related and other purchase commitments 472.4 1,553.1 576.4 — — 2,601.9 Forward starting reverse repos and repos 2,712.6 — — — — 2,712.6 Other unfunded commitments (1) — — 24.0 6.0 37.0 67.0 $ 3,190.0 $ 1,919.0 $ 1,050.7 $ 58.3 $ 269.4 $ 6,487.4 (1) Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts are however available on demand. Equity Commitments. Includes commitments to invest in our joint ventures, Jefferies Finance and Jefferies LoanCore, and commitments to invest in private equity funds and in Jefferies Capital Partners, LLC, the manager of the private equity funds, which consists of a team led by Brian P. Friedman, one of our directors and Chairman of the Executive Committee. At August 31, 2015 , our outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds was $25.4 million . See Note 9, Investments , for additional information regarding our investments in Jefferies Finance and Jefferies LoanCore. Additionally, at August 31, 2015 , we had other outstanding equity commitments to invest up to $4.4 million in various other investments. Loan Commitments. From time to time we make commitments to extend credit to investment banking and other clients in loan syndication, acquisition finance and securities transactions and to SPE sponsors in connection with the funding of CLO and other asset-backed transactions. These commitments and any related drawdowns of these facilities typically have fixed maturity dates and are contingent on certain representations, warranties and contractual conditions applicable to the borrower. At August 31, 2015 , we had $613.6 million of outstanding loan commitments to clients. Loan commitments outstanding at August 31, 2015 also include our portion of the outstanding secured revolving credit facility provided to Jefferies Finance, to support loan underwritings by Jefferies Finance. Mortgage-Related and Other Purchase Commitments. We enter into forward contracts to purchase mortgage participation certificates, mortgage-backed securities and consumer loans. The mortgage participation certificates evidence interests in mortgage loans insured by the Federal Housing Administration and the mortgage-backed securities are insured or guaranteed by the FNMA (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or the GNMA (Ginnie Mae). We frequently securitize the mortgage participation certificates and mortgage-backed securities. The fair value of mortgage-related and other purchase commitments recorded in the Consolidated Statements of Financial Condition was $187.7 million at August 31, 2015 . Forward Starting Reverse Repos and Repos. We enter into commitments to take possession of securities with agreements to resell on a forward starting basis and to sell securities with agreements to repurchase on a forward starting basis that are primarily secured by U.S. government and agency securities. Other Unfunded Commitments. Other unfunded commitments include obligations in the form of revolving notes to provide financing to asset-backed and CLO vehicles. Upon advancing funds, drawn amounts are collateralized by the assets of an entity. Contingencies During the first quarter of 2014, we reached a non-prosecution agreement with the United States Attorney for the District of Connecticut and a settlement agreement with the SEC, relating to an investigation of purchases and sales of mortgage-backed securities. Those agreements include an aggregate $25.0 million in payments and at August 31, 2015 , the outstanding reserve with respect to remaining payments to be made under the agreements is approximately $0.6 million . Guarantees Derivative Contracts. As a dealer, we make markets and trade in a variety of derivative instruments. Certain derivative contracts that we have entered into meet the accounting definition of a guarantee under U.S. GAAP, including credit default swaps, written foreign currency options and written equity put options. On certain of these contracts, such as written interest rate caps and foreign currency options, the maximum payout cannot be quantified since the increase in interest or foreign exchange rates are not contractually limited by the terms of the contract. As such, we have disclosed notional values as a measure of our maximum potential payout under these contracts. The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at August 31, 2015 (in millions): Expected Maturity Date Guarantee Type: 2015 2016 2017 and 2019 2021 and Later Notional/ Derivative contracts—non-credit related $ 19,399.8 $ 4,076.5 $ 382.4 $ 250.0 $ 440.0 $ 24,548.7 Written derivative contracts—credit related — — 50.6 1,904.9 20.0 1,975.5 Total derivative contracts $ 19,399.8 $ 4,076.5 $ 433.0 $ 2,154.9 $ 460.0 $ 26,524.2 At August 31, 2015 the external credit ratings of the underlyings or referenced assets for our credit related derivatives contracts (in millions): External Credit Rating AAA/ Aaa AA/Aa A BBB/ Baa Below Investment Grade Unrated Notional/ Maximum Payout Credit related derivative contracts: Index credit default swaps $ 1,746.9 $ — $ — $ — $ — $ — $ 1,746.9 Single name credit default swaps $ — $ — $ 22.0 $ 21.5 $ 134.5 $ 50.6 $ 228.6 The derivative contracts deemed to meet the definition of a guarantee under U.S. GAAP are before consideration of hedging transactions and only reflect a partial or “one-sided” component of any risk exposure. Written equity options and written credit default swaps are often executed in a strategy that is in tandem with long cash instruments ( e.g. , equity and debt securities). We substantially mitigate our exposure to market risk on these contracts through hedges, such as other derivative contracts and/or cash instruments, and we manage the risk associated with these contracts in the context of our overall risk management framework. We believe notional amounts overstate our expected payout and that fair value of these contracts is a more relevant measure of our obligations. At August 31, 2015 , the fair value of derivative contracts meeting the definition of a guarantee is approximately $620.0 million . Loan Guarantee . We have provided a guarantee to Jefferies Finance that matures in January 2021, whereby we are required to make certain payments to an SPE sponsored by Jefferies Finance in the event that Jefferies Finance is unable to meet its obligations to the SPE and a guarantee of a credit agreement with an indefinite term for a fund owned by employees. At August 31, 2015 , the maximum amount payable under these guarantees is $28.8 million . Standby Letters of Credit. At August 31, 2015 , we provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $39.5 million , which expire within one year. Standby letters of credit commit us to make payment to the beneficiary if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Since commitments associated with these collateral instruments may expire unused, the amount shown does not necessarily reflect the actual future cash funding requirement. Other Guarantees. We are members of various exchanges and clearing houses. In the normal course of business we provide guarantees to securities clearinghouses and exchanges. These guarantees generally are required under the standard membership agreements, such that members are required to guarantee the performance of other members. Additionally, if a member becomes unable to satisfy its obligations to the clearinghouse, other members would be required to meet these shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral. Our obligations under such guarantees could exceed the collateral amounts posted. Our maximum potential liability under these arrangements cannot be quantified; however, the potential for us to be required to make payments under such guarantees is deemed remote. Accordingly no liability has been recognized for these arrangements. |
Net Capital Requirements
Net Capital Requirements | 9 Months Ended |
Aug. 31, 2015 | |
Brokers and Dealers [Abstract] | |
Net Capital Requirements | Net Capital Requirements As broker-dealers registered with the SEC and member firms of the Financial Industry Regulatory Authority (“FINRA”), Jefferies and Jefferies Execution are subject to the SEC Uniform Net Capital Rule (“Rule 15c3-1”), which requires the maintenance of minimum net capital, and have elected to calculate minimum capital requirements under the alternative method permitted by Rule 15c3-1 in calculating net capital. Jefferies is also registered as an FCM, and is also subject to Rule 1.17 of the CFTC, which sets forth minimum financial requirements. The minimum net capital requirement in determining excess net capital for a dually-registered U.S. broker-dealer and FCM is equal to the greater of the requirement under Rule 15c3-1 or CFTC Rule 1.17. At August 31, 2015 , Jefferies and Jefferies Execution’s net capital and excess net capital were as follows (in thousands): Net Capital Excess Net Capital Jefferies $ 1,260,105 $ 1,177,141 Jefferies Execution 8,895 8,645 FINRA is the designated self-regulatory organization (“DSRO”) for our U.S. broker-dealers and the Chicago Mercantile Exchange is the DSRO for Jefferies as an FCM. Effective September 21, 2015, the National Futures Association will be the DSRO for Jefferies as an FCM. Certain other U.S. and non-U.S. subsidiaries are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions, including Jefferies International Limited and Jefferies Bache Limited which are authorized and regulated by the Financial Conduct Authority in the U.K. The regulatory capital requirements referred to above may restrict our ability to withdraw capital from our regulated subsidiaries. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Aug. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We operate in two principal segments – Capital Markets and Asset Management. The Capital Markets segment includes our securities, commodities, futures and foreign exchange brokerage trading activities and investment banking, which is comprised of underwriting and financial advisory activities. The Capital Markets reportable segment provides the sales, trading, origination and advisory effort for various fixed income, equity and advisory products and services. The Asset Management segment provides investment management services to investors in the U.S. and overseas. Our reportable business segment information is prepared using the following methodologies: • Net revenues and expenses directly associated with each reportable business segment are included in determining earnings before taxes. • Net revenues and expenses not directly associated with specific reportable business segments are allocated based on the most relevant measures applicable, including each reportable business segment’s net revenues, headcount and other factors. • Reportable business segment assets include an allocation of indirect corporate assets that have been fully allocated to our reportable business segments, generally based on each reportable business segment’s capital utilization. Our net revenues and expenses by segment are summarized below (in millions): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Capital Markets: Net revenues $ 565.2 $ 828.5 $ 1,916.7 $ 2,423.2 Expenses $ 564.5 $ 697.8 $ 1,829.3 $ 2,020.6 Asset Management: Net revenues $ 13.8 $ 14.8 $ 45.5 $ 42.1 Expenses $ 7.3 $ 9.9 $ 28.2 $ 27.7 Total: Net revenues $ 579.0 $ 843.3 $ 1,962.2 $ 2,465.3 Expenses $ 571.8 $ 707.7 $ 1,857.5 $ 2,048.3 The following table summarizes our total assets by segment at August 31, 2015 and November 30, 2014 (in millions): August 31, 2015 November 30, 2014 Segment assets: Capital Markets $ 41,943.5 $ 44,002.6 Asset Management 841.2 515.0 Total assets $ 42,784.7 $ 44,517.6 Net Revenues by Geographic Region Net revenues for the Capital Market segment are recorded in the geographic region in which the position was risk-managed or, in the case of investment banking, in which the senior coverage banker is located. For Asset Management, net revenues are allocated according to the location of the investment advisor. Net revenues by geographic region were as follows (in thousands): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Americas (1) $ 454,996 $ 661,738 $ 1,508,639 $ 1,893,723 Europe (2) 103,959 153,455 392,163 500,229 Asia 19,973 28,116 61,352 71,377 Net revenues $ 578,928 $ 843,309 $ 1,962,154 $ 2,465,329 (1) Substantially all relates to U.S. results. (2) Substantially all relates to U.K. results. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Aug. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Jefferies Capital Partners and JEP IV Related Funds. We have loans to and/or equity investments in private equity funds and in Jefferies Capital Partners, LLC, the manager of the Jefferies Capital Partners funds, which are managed by a team led by Brian P. Friedman, one of our directors and our Chairman of the Executive Committee (“Private Equity Related Funds”). At August 31, 2015 and November 30, 2014 , loans to and/or equity investments in Private Equity Related Funds were in aggregate $38.0 million and $60.7 million , respectively. The following table presents other revenues and investment income (loss) related to net gains and losses on our investment in Private Equity Related Funds (in thousands): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Other revenues and investment income (loss) $ (3,495 ) $ 371 (27,707 ) (11,088 ) For further information regarding our commitments and funded amounts to Private Equity Related Funds, see Note 17, Commitments, Contingencies and Guarantees . Berkadia Commercial Mortgage, LLC. At August 31, 2015 and November 30, 2014 , we have commitments to purchase $412.0 million and $344.8 million , respectively, in agency commercial mortgage-backed securities from Berkadia Commercial Mortgage, LLC, which is partially owned by Leucadia. HRG Group Inc. As part of our loan secondary trading activities we have unsettled purchases and sales of loans pertaining to portfolio companies within funds managed by HRG of $266.6 million and $232.0 million at August 31, 2015 and November 30, 2014 , respectively. Additionally, we recognized investment banking and advisory revenues of $0.0 million and $1.3 million during the three and nine months ended August 31, 2015 , respectively. National Beef Packaging Company, LLC (“National Beef”). We act as an FCM for National Beef, which is partially owned by Leucadia. At August 31, 2015 and November 30, 2014 , we had a customer payable to National Beef of $0.0 million and $4.1 million , respectively. During the three and nine months ended August 31, 2015 , we recognized commissions of $0.1 million and $0.3 million , respectively. Officers, Directors and Employees. At August 31, 2015 and November 30, 2014 , we had $28.6 million and $20.1 million , respectively, of loans outstanding to certain of our employees (none of whom are executive officers or directors) that are included in Other assets on the Consolidated Statements of Financial Condition. Receivables from and payables to customers include balances arising from officers, directors and employees individual security transactions. These transactions are subject to the same regulations as all customer transactions and are provided on substantially the same terms. At August 31, 2015 and November 30, 2014 , we have provided a guarantee of a credit agreement for a private equity fund owned by our employees. Leucadia . The following is a description of related party transactions with Leucadia: • Under a service agreement, we charge Leucadia for certain services, which amounted to $11.0 million and $22.2 million , for the three and nine months ended August 31, 2015 , respectively, and amounted to $9.0 million and $26.2 million for the three and nine months ended August 31, 2014 , respectively. At August 31, 2015 and November 30, 2014 , we had a receivable from Leucadia of $5.1 million and $10.9 million , respectively, which is included within Other assets on the Consolidated Statements of Financial Condition. At August 31, 2015 and November 30, 2014 , we had a payable to Leucadia of $4.0 million and $41.5 million , respectively, related to stock compensation arrangements and senior executive benefits provided by Leucadia, which is included within Other liabilities on the Consolidated Statements of Financial Condition. • Pursuant to a tax sharing agreement entered into between us and Leucadia, payments are made between us and Leucadia to settle current tax assets and liabilities. At August 31, 2015 , an estimated net current tax receivable from Leucadia of $65.2 million is included in Other assets on the Consolidated Statements of Financial Condition. • Of the total noncontrolling interests in asset management entities that are consolidated by us at August 31, 2015 and November 30, 2014 , $26.2 million and $25.4 million , respectively, are attributed to Leucadia. • We provide capital markets and asset management services to Leucadia and its affiliates. The following table presents the revenues earned by type of services provided (in thousands): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Investment banking and advisory $ — $ 2,800 $ 21,200 $ 2,800 Asset management 102 — 405 — Commissions and other fees 1 — 38 — • On August 28, 2015, we sold an equity position to Leucadia at fair value of $124.4 million for cash. There was no gain or loss on the transaction. • On March 18, 2014, we sold our investment in HRG Group Inc., consisting of approximately 18.6 million shares, to Leucadia at the closing price on that date. • On February 28, 2014, we sold our ownership interest in CoreCommodity Capital, LLC (formerly CoreCommodity Management, LLC, our commodity asset management business) to Leucadia at a fair value. For information on transactions with our equity method investees, see Note 9, Investments . |
Exit Costs
Exit Costs | 9 Months Ended |
Aug. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Exit Costs | 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 Nine Months Ended 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 Nine Months Ended 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 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Aug. 31, 2015 | |
Accounting Policies [Abstract] | |
Revenue Recognition Policies | Revenue Recognition Policies Commissions and Other Fees. All customer securities transactions are reported on the Consolidated Statements of Financial Condition on a settlement date basis with related income reported on a trade-date basis. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. These arrangements are accounted for on an accrual basis and, as we are not the primary obligor for these arrangements, netted against commission revenues in the Consolidated Statements of Earnings. The commissions and related expenses on client transactions executed by Jefferies, a futures commission merchant (“FCM”), are recorded on a half-turn basis. In addition, we earn asset-based fees associated with the management and supervision of assets, account services and administration related to customer accounts. Principal Transactions. Financial instruments owned and Financial instruments sold, but not yet purchased (all of which are recorded on a trade-date basis) are carried at fair value with gains and losses reflected in Principal transaction revenues in the Consolidated Statements of Earnings on a trade date basis. Fees received on loans carried at fair value are also recorded within Principal transaction revenues. Investment Banking. Underwriting revenues and fees from mergers and acquisitions, restructuring and other investment banking advisory assignments or engagements are recorded when the services related to the underlying transactions are completed under the terms of the assignment or engagement. Expenses associated with such assignments are deferred until reimbursed by the client, the related revenue is recognized or the engagement is otherwise concluded. Expenses are recorded net of client reimbursements and netted against revenues. Unreimbursed expenses with no related revenues are included in Business development and Professional services expenses in the Consolidated Statements of Earnings. Asset Management Fees and Investment Income From Managed Funds. Asset management fees and investment income from managed funds include revenues we earn from management, administrative and performance fees from funds and accounts managed by us, revenues from management and performance fees we earn from related-party managed funds and investment income from our investments in these funds. We earn fees in connection with management and investment advisory services performed for various funds and managed accounts. These fees are based on assets under management or an agreed upon notional amount and may include performance fees based upon the performance of the funds. Management and administrative fees are generally recognized over the period that the related service is provided. Generally, performance fees are earned when the return on assets under management exceeds certain benchmark returns, “high-water marks” or other performance targets. Performance fees are accrued (or reversed) on a monthly basis based on measuring performance to date versus any relevant benchmark return hurdles stated in the investment management agreement. Performance fees are not subject to adjustment once the measurement period ends (generally annual periods) and the performance fees have been realized. Interest Revenue and Expense. We recognize contractual interest on Financial instruments owned and Financial instruments sold, but not yet purchased, on an accrual basis as a component of interest revenue and expense. Interest flows on derivative trading transactions and dividends are included as part of the fair valuation of these contracts and recognized in Principal transaction revenues in the Consolidated Statements of Earnings rather than as a component of interest revenue or expense. We account for our short- and long-term borrowings on an accrual basis with related interest recorded as Interest expense. Discounts/premiums arising on our long-term debt are accreted/amortized to Interest expense using the effective yield method over the remaining lives of the underlying debt obligations. In addition, we recognize interest revenue related to our securities borrowed and securities purchased under agreements to resell activities and interest expense related to our securities loaned and securities sold under agreements to repurchase activities on an accrual basis. |
Cash Equivalents | Cash Equivalents Cash equivalents include highly liquid investments, including certificates of deposit and money market funds, not held for resale with original maturities of three months or less. |
Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations | Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations In accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Jefferies as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients. In addition, certain financial instruments used for initial and variation margin purposes with clearing and depository organizations are recorded in this caption. Jefferies as an FCM is obligated by rules mandated by the Commodity Futures Trading Commission ("CFTC") under the Commodities Exchange Act, to segregate or set aside cash or qualified securities to satisfy such regulations, which regulations have been promulgated to protect customer assets. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets. |
Financial Instruments and Fair Value | Financial Instruments and Fair Value Financial instruments owned and Financial instruments sold, not yet purchased are recorded at fair value, either as required by accounting pronouncements or through the fair value option election. These instruments primarily represent our trading activities and include both cash and derivative products. Gains and losses are recognized in Principal transaction revenues in our Consolidated Statements of Earnings. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Fair Value Hierarchy In determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect our assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. We apply a hierarchy to categorize our fair value measurements broken down into three levels based on the transparency of inputs as follows: Level 1: Quoted prices are available in active markets for identical assets or liabilities at the reported date. Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 3: Instruments that have little to no pricing observability at the reported date. These financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Financial instruments are valued at quoted market prices, if available. Certain financial instruments have bid and ask prices that can be observed in the marketplace. For financial instruments whose inputs are based on bid-ask prices, the financial instrument is valued at the point within the bid-ask range that meets our best estimate of fair value. We use prices and inputs that are current at the measurement date. For financial instruments that do not have readily determinable fair values using quoted market prices, the determination of fair value is based upon consideration of available information, including types of financial instruments, current financial information, restrictions on dispositions, fair values of underlying financial instruments and quotations for similar instruments. The valuation of financial instruments may include the use of valuation models and other techniques. Adjustments to valuations derived from valuation models may be made when, in management’s judgment, features of the financial instrument such as its complexity, the market in which the financial instrument is traded and risk uncertainties about market conditions require that an adjustment be made to the value derived from the models. Adjustments from the price derived from a valuation model reflect management’s judgment that other participants in the market for the financial instrument being measured at fair value would also consider in valuing that same financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument and market conditions. As the observability of prices and inputs may change for a financial instrument from period to period, this condition may cause a transfer of an instrument among the fair value hierarchy levels. Transfers among the levels are recognized at the beginning of each period. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. Valuation Process for Financial Instruments Our Independent Price Verification (“IPV”) Group, which is part of our Finance department, in partnership with Risk Management, is responsible for establishing our valuation policies and procedures. The IPV Group and Risk Management, which are independent of our business functions, play an important role and serve as a control function in determining that our financial instruments are appropriately valued and that fair value measurements are reliable. This is particularly important where prices or valuations that require inputs are less observable. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and that the assumptions are reasonable. The IPV Group reports to the Global Controller and is subject to the oversight of the IPV Committee, which is comprised of our Chief Financial Officer, Global Controller, Chief Risk Officer and Principal Accounting Officer, among other personnel. Our independent price verification policies and procedures are reviewed, at a minimum, annually and changes to the policies require the approval of the IPV Committee. Price Testing Process. The business units are responsible for determining the fair value of our financial instruments using approved valuation models and methodologies. In order to ensure that the business unit valuations represent a fair value exit price, the IPV Group tests and validates the fair value of our financial instruments inventory. In the testing process, the IPV Group obtains prices and valuation inputs from independent sources, consistently adheres to established procedures set forth in our valuation policies for sourcing prices and valuation inputs and utilizing valuation methodologies. Sources used to validate fair value prices and inputs include, but are not limited to, exchange data, recently executed transactions, pricing data obtained from third party vendors, pricing and valuation services, broker quotes and observed comparable transactions. To the extent discrepancies between the business unit valuations and the pricing or valuations resulting from the price testing process are identified, such discrepancies are investigated by the IPV Group and fair values are adjusted, as appropriate. The IPV Group maintains documentation of its testing, results, rationale and recommendations and prepares a monthly summary of its valuation results. This process also forms the basis for our classification of fair values within the fair value hierarchy ( i.e., Level 1, Level 2 or Level 3). The IPV Group utilizes the additional expertise of Risk Management personnel in valuing more complex financial instruments and financial instruments with less or limited pricing observability. The results of the valuation testing are reported to the IPV Committee on a monthly basis, which discusses the results and is charged with the final conclusions as to the financial instrument fair values in the consolidated financial statements. This process specifically assists the Chief Financial Officer in asserting as to the fair presentation of our financial condition and results of operations as included within our Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. At each quarter end, the overall valuation results, as concluded upon by the IPV Committee, are presented to the Audit Committee. Judgment exercised in determining Level 3 fair value measurements is supplemented by daily analysis of profit and loss performed by the Product Control functions. Gains and losses, which result from changes in fair value, are evaluated and corroborated daily based on an understanding of each of the trading desks’ overall risk positions and developments in a particular market on the given day. Valuation techniques generally rely on recent transactions of suitably comparable financial instruments and use the observable inputs from those comparable transactions as a validation basis for Level 3 inputs. Level 3 fair value measurements are further validated through subsequent sales testing and market comparable sales, if such information is available. Level 3 fair value measurements require documentation of the valuation rationale applied, which is reviewed for consistency in application from period to period; and the documentation includes benchmarking the assumptions underlying the valuation rationale against relevant analytic data. Third Party Pricing Information. Pricing information obtained from external data providers (including independent pricing services and brokers) may incorporate a range of market quotes from dealers, recent market transactions and benchmarking model derived prices to quoted market prices and trade data for comparable securities. External pricing data is subject to evaluation for reasonableness by the IPV Group using a variety of means including comparisons of prices to those of similar product types, quality and maturities, consideration of the narrowness or wideness of the range of prices obtained, knowledge of recent market transactions and an assessment of the similarity in prices to comparable dealer offerings in a recent time period. We have a process whereby we challenge the appropriateness of pricing information obtained from external data providers (including independent pricing services and brokers) in order to validate the data for consistency with the definition of a fair value exit price. Our process includes understanding and evaluating the external data providers’ valuation methodologies. For corporate, U.S. government and agency and municipal debt securities, and loans, to the extent independent pricing services or broker quotes are utilized in our valuation process, the vendor service providers are collecting and aggregating observable market information as to recent trade activity and active bid-ask submissions. The composite pricing information received from the independent pricing service is thus not based on unobservable inputs or proprietary models. For mortgage- and other asset-backed securities and collateralized debt obligations, our independent pricing services use a matrix evaluation approach incorporating both observable yield curves and market yields on comparable securities as well as implied inputs from observed trades for comparable securities in order to determine prepayment speeds, cumulative default rates and loss severity. Further, we consider pricing data from multiple service providers as available as well as compare pricing data to prices we have observed for recent transactions, if any, in order to corroborate our valuation inputs. Model Review Process. Where a pricing model is to be used to determine fair value, the pricing model is reviewed for theoretical soundness and appropriateness by Risk Management, independent from the trading desks, and then approved by Risk Management to be used in the valuation process. Review and approval of a model for use may include benchmarking the model against relevant third party valuations, testing sample trades in the model, backtesting the results of the model against actual trades and stress-testing the sensitivity of the pricing model using varying inputs and assumptions. In addition, recently executed comparable transactions and other observable market data are considered for purposes of validating assumptions underlying the model. Models are independently reviewed and validated by Risk Management annually or more frequently if market conditions or use of the valuation model changes. |
Investments in Managed Funds | Investments in Managed Funds Investments in managed funds include our investments in funds managed by us and our investments in related-party managed funds in which we are entitled to a portion of the management and/or performance fees. Investments in nonconsolidated managed funds are accounted for at fair value based on the net asset value ("NAV") of the funds provided by the fund managers with gains or losses included in Asset management fees and investment income (loss) from managed funds in the Consolidated Statements of Earnings. |
Loans to and Investments in Related Parties | Loans to and Investments in Related Parties Loans to and investments in related parties include investments in private equity and other operating entities made in connection with our capital markets activities in which we exercise significant influence over operating and capital decisions and loans issued in connection with such activities. Loans to and investments in related parties are accounted for using the equity method or at cost, as appropriate. Revenues on Loans to and investments in related parties are included in Other revenues in the Consolidated Statements of Earnings. See Note 9, Investments , and Note 20, Related Party Transactions , for additional information regarding certain of these investments. |
Securities Borrowed and Securities Loaned | Securities Borrowed and Securities Loaned Securities borrowed and securities loaned are carried at the amounts of cash collateral advanced and received in connection with the transactions and accounted for as collateralized financing transactions. In connection with both trading and brokerage activities, we borrow securities to cover short sales and to complete transactions in which customers have failed to deliver securities by the required settlement date, and lend securities to other brokers and dealers for similar purposes. We have an active securities borrowed and lending matched book business in which we borrow securities from one party and lend them to another party. When we borrow securities, we generally provide cash to the lender as collateral, which is reflected in our Consolidated Statements of Financial Condition as Securities borrowed. We earn interest revenues on this cash collateral. Similarly, when we lend securities to another party, that party provides cash to us as collateral, which is reflected in our Consolidated Statements of Financial Condition as Securities loaned. We pay interest expense on the cash collateral received from the party borrowing the securities. The initial collateral advanced or received approximates or is greater than the fair value of the securities borrowed or loaned. We monitor the fair value of the securities borrowed and loaned on a daily basis and request additional collateral or return excess collateral, as appropriate. |
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase | Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities purchased under agreements to resell and Securities sold under agreements to repurchase (collectively “repos”) are accounted for as collateralized financing transactions and are recorded at their contracted resale or repurchase amount plus accrued interest. We earn and incur interest over the term of the repo, which is reflected in Interest income and Interest expense on our Consolidated Statements of Earnings on an accrual basis. Repos are presented in the Consolidated Statements of Financial Condition on a net-basis by counterparty, where permitted by generally accepted accounting principles. We monitor the fair value of the underlying securities daily versus the related receivable or payable balances. Should the fair value of the underlying securities decline or increase, additional collateral is requested or excess collateral is returned, as appropriate. |
Premises and Equipment | Premises and Equipment Premises and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets (generally three to ten years ). Leasehold improvements are amortized using the straight-line method over the term of the related leases or the estimated useful lives of the assets, whichever is shorter. Premises and equipment includes internally developed software. The carrying values of internally developed software ready for its intended use are depreciated over the remaining useful life. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill . Goodwill represents the excess acquisition cost over the fair value of net tangible and intangible assets acquired. Goodwill is not amortized and is subject to annual impairment testing on August 1 or between annual tests if an event or change in circumstance occurs that would more likely than not reduce the fair value of a reporting unit below its carrying value. In testing for goodwill impairment, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events and circumstances, we conclude that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is not required. If we conclude otherwise, we are required to perform the two-step impairment test. The goodwill impairment test is performed at the reporting unit level by comparing the estimated fair value of a reporting unit with its respective carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not impaired. If the estimated fair value is less than carrying value, further analysis is necessary to determine the amount of impairment, if any, by comparing the implied fair value of the reporting unit's goodwill to the carrying value of the reporting unit's goodwill. The fair value of reporting units are based on widely accepted valuation techniques that we believe market participants would use, although the valuation process requires significant judgment and often involves the use of significant estimates and assumptions. The methodologies we utilize in estimating the fair value of reporting units include market valuation methods that incorporate price-to-earnings and price-to-book multiples of comparable exchange traded companies and multiples of merger and acquisitions of similar businesses. The estimates and assumptions used in determining fair value could have a significant effect on whether or not an impairment charge is recorded and the magnitude of such a charge. Adverse market or economic events could result in impairment charges in future periods. Intangible Assets . Intangible assets deemed to have finite lives are amortized on a straight line basis over their estimated useful lives, where the useful life is the period over which the asset is expected to contribute directly, or indirectly, to our future cash flows. Intangible assets are reviewed for impairment on an interim basis when certain events or circumstances exist. For amortizable intangible assets, impairment exists when the carrying amount of the intangible asset exceeds its fair value. At least annually, the remaining useful life is evaluated. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value. In testing for impairment, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If we conclude otherwise, we are required to perform a quantitative impairment test. Our annual indefinite-lived intangible asset impairment testing date is August 1. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset that is amortized over the remaining useful life of that asset, if any. Subsequent reversal of impairment losses is not permitted. |
Income Taxes | Income Taxes Our results of operations are included in the consolidated federal and applicable state income tax returns filed by Leucadia. In states that neither accept nor require combined or unitary tax returns, certain subsidiaries file separate state income tax returns. We also are subject to income tax in various foreign jurisdictions in which we operate. We account for our provision for income taxes using a “separate return” method. Amounts provided for income taxes are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable. Pursuant to a tax sharing agreement entered into between us and Leucadia, payments are made between us and Leucadia to settle current tax assets and liabilities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Under acquisition accounting, the recognition of certain assets and liabilities at fair value created a change in the financial reporting basis for our assets and liabilities, while the tax basis of our assets and liabilities remained the same. As a result, deferred tax assets and liabilities were recognized for the change in the basis differences. Jefferies provides deferred taxes on its temporary differences and on any carryforwards that it could claim on its hypothetical tax return. The realization of deferred tax assets is assessed and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized on the basis of its projected separate return results. The tax benefit related to Leucadia dividends and dividend equivalents paid on non-vested share-based awards are recognized as an increase to Additional paid-in capital. These amounts, and other windfall tax effects, are included in “Tax benefit (detriment) for issuance of share-based awards” on the Consolidated Statements of Changes in Equity. In the event tax benefits associated with share-based awards are less than the cumulative compensation cost recognized for financial reporting purposes, we look to Leucadia’s consolidated pool of windfall tax benefits in the calculation of our income tax provision. We record uncertain tax positions using a two-step process: (i) we determine whether it is more likely than not that each tax position will be sustained on the basis of the technical merits of the position; and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. |
Legal Reserves | Legal Reserves In the normal course of business, we have been named, from time to time, as a defendant in legal and regulatory proceedings. We are also involved, from time to time, in other exams, investigations and similar reviews (both formal and informal) by governmental and self-regulatory agencies regarding our businesses, certain of which may result in judgments, settlements, fines, penalties or other injunctions. We recognize a liability for a contingency in Accrued expenses and other liabilities when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If the reasonable estimate of a probable loss is a range, we accrue the most likely amount of such loss, and if such amount is not determinable, then we accrue the minimum in the range as the loss accrual. The determination of the outcome and loss estimates requires significant judgment on the part of management. At August 31, 2015 , we have reserved approximately $0.6 million for remaining payments under a non-prosecution agreement with the United States Attorney for the District of Connecticut and a settlement agreement with the SEC, both with respect to an investigation of certain purchases and sales of mortgage-backed securities. We believe that any other matters for which we have determined a loss to be probable and reasonably estimable are not material to the consolidated financial statements. In many instances, it is not possible to determine whether any loss is probable or even possible or to estimate the amount of any loss or the size of any range of loss. We believe that, in the aggregate, the pending legal actions or regulatory proceedings and any other exams, investigations or similar reviews (both formal and informal) should not have a material adverse effect on our consolidated results of operations, cash flows or financial condition. In addition, we believe that any amount that could be reasonably estimated of potential loss or range of potential loss in excess of what has been provided in the consolidated financial statements is not material. |
Share-based Compensation | Share-based Compensation Share-based awards are measured based on the grant-date fair value of the award and recognized over the period from the service inception date through the date the employee is no longer required to provide service to earn the award. Expected forfeitures are included in determining share-based compensation expense. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of foreign subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the end of a period. Revenues and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating foreign currency financial statements into U.S. dollars, net of hedging gains or losses and taxes, if any, are included in Other comprehensive income. Gains or losses resulting from foreign currency transactions are included in Principal transaction revenues in the Consolidated Statements of Earnings. |
Securitization Activities | Securitization Activities We engage in securitization activities related to corporate loans, consumer loans, commercial mortgage loans and mortgage-backed and other asset-backed securities. Such transfers of financial assets are accounted for as sales when we have relinquished control over the transferred assets. The gain or loss on sale of such financial assets depends, in part, on the previous carrying amount of the assets involved in the transfer allocated between the assets sold and the retained interests, if any, based upon their respective fair values at the date of sale. We may retain interests in the securitized financial assets as one or more tranches of the securitization. These retained interests are included within Financial instruments owned in the Consolidated Statements of Financial Condition at fair value. Any changes in the fair value of such retained interests are recognized within Principal transactions revenues in the Consolidated Statements of Earnings. When a transfer of assets does not meet the criteria of a sale, we account for the transfer as a secured borrowing and continue to recognize the assets of a secured borrowing in Financial instruments owned and recognize the associated financing in Other secured financings in the Consolidated Statements of Financial Condition. |
New Accounting Pronouncements | Accounting Standards to be Adopted in Future Periods Debt Issuance Costs. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The accounting guidance requires that debt issuance costs related to a recognized debt liability be reported in the Consolidated Statements of Financial Condition as a direct deduction from the carrying amount of that debt liability. The guidance is effective retrospectively beginning in the first quarter of fiscal 2017 and early adoption is permitted. The adoption of this accounting guidance is not expected to have a material impact on our Consolidated Statements of Financial Condition. Consolidation. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The amendment eliminates the deferral of certain consolidation standards for entities considered to be investment companies and modifies the consolidation analysis performed on certain types of legal entities. The guidance is effective beginning in the first quarter of fiscal 2017 and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Revenue Recognition . In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU No. 2014-09”). The accounting guidance defines how companies report revenues from contracts with customers, and also requires enhanced disclosures. The guidance, as stated in ASU No. 2014-09, was effective beginning in the first quarter of fiscal 2018. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of Effective Date, which defers the effective date by one year, with early adoption on the original effective date permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Adopted Accounting Standards Repurchase Agreements. In June 2014, the FASB issued ASU No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The accounting guidance changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. This accounting change was effective in the second quarter of fiscal 2015. The guidance also requires new disclosures about certain transfers of financial assets accounted for as sales as well as increased transparency about the types of collateral pledged and remaining maturity of repurchase and securities lending agreements. The disclosure guidance related to certain transactions accounted for as sales was effective prospectively in the second quarter of fiscal 2015. The disclosure guidance related to the types of collateral pledged and remaining maturity of repurchase and securities lending agreements was effective prospectively in the third quarter of fiscal 2015. This guidance did not have a material effect on our consolidated financial statements and we have provided the additional disclosures in our consolidated financial statements. Investments in Certain Entities That Calculate Net Asset Value. In May 2015, the FASB issued ASU No. 2015-07, “Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)” ("ASU No. 2015-07"). The guidance removes the requirement to include investments in the fair value hierarchy for which the fair value is measured at NAV using the practical expedient under “Fair Value Measurements and Disclosures (Topic 820).” The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value practical expedient. Rather, those disclosures are limited to investments for which we have elected to measure the fair value using that practical expedient. The guidance is effective retrospectively and we have early adopted this guidance during the second quarter of fiscal 2015. Since the guidance only impacts our disclosures, adoption did not affect our consolidated financial statements. The adjustments had the impact of reducing Level 3 assets by $97.1 million at November 30, 2014, $95.7 million at August 31, 2014, $94.9 million at May 31, 2014, and $91.6 million at November 30, 2013. For further information on the adoption of ASU No. 2015-07, refer to Note 4, Fair Value Disclosures . Discontinued Operations . In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The guidance changes the criteria for disposals to qualify as discontinued operations and requires new disclosures about disposals of both discontinued operations and certain other disposals that do not meet the new definition. The guidance was effective beginning in the first quarter of 2015. The adoption of this guidance did not have a significant impact on our consolidated financial statements. Income Taxes. In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The guidance requires an entity to net their unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements against a deferred tax asset for a net operating loss carryforward, a similar tax loss or tax credit carryforward, unless such tax loss or credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes resulting from the disallowance of a tax position. In the event that the tax position is disallowed or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit shall be presented in the financial statements as a liability and shall not be combined with deferred tax assets. The guidance was effective for fiscal years and interim periods within those years, beginning after December 15, 2013, and is applied prospectively to all unrecognized tax benefits that exist at the effective date. The adoption of this update, effective December 1, 2014, did not have a material effect on our consolidated financial statements. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis | The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on NAV of $40.2 million and $42.2 million at August 31, 2015 and November 30, 2014 , respectively, by level within the fair value hierarchy (in thousands): August 31, 2015 Level 1(1) Level 2(1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Financial instruments owned: Corporate equity securities $ 2,454,674 $ 176,636 $ 38,502 $ — $ 2,669,812 Corporate debt securities — 2,956,190 24,331 — 2,980,521 Collateralized debt obligations — 151,499 81,050 — 232,549 U.S. government and federal agency securities 2,109,086 592,321 — — 2,701,407 Municipal securities — 599,471 — — 599,471 Sovereign obligations 1,052,681 798,645 — — 1,851,326 Residential mortgage-backed securities — 3,824,389 86,422 — 3,910,811 Commercial mortgage-backed securities — 1,465,115 15,147 — 1,480,262 Other asset-backed securities — 64,648 32,596 — 97,244 Loans and other receivables — 1,666,454 95,399 — 1,761,853 Derivatives 2,182 4,827,243 34,345 (4,394,947 ) 468,823 Investments at fair value — 16,866 66,209 — 83,075 Physical commodities — 14,973 — — 14,973 Total financial instruments owned, excluding Investments at fair value based on NAV $ 5,618,623 $ 17,154,450 $ 474,001 $ (4,394,947 ) $ 18,852,127 Cash and cash equivalents $ 3,441,785 $ — $ — $ — $ 3,441,785 Cash and securities segregated and on deposit for regulatory purposes $ 904,009 $ — $ — $ — $ 904,009 Securities received as collateral $ 11,365 $ — $ — $ — $ 11,365 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,711,938 $ 99,051 $ — $ — $ 1,810,989 Corporate debt securities — 1,932,534 226 — 1,932,760 U.S. government and federal agency securities 2,414,440 133,181 — — 2,547,621 Sovereign obligations 1,228,377 874,705 — — 2,103,082 Residential mortgage-backed securities — 3,329 — — 3,329 Loans — 819,841 10,371 — 830,212 Derivatives 1,931 4,680,726 41,508 (4,504,522 ) 219,643 Total financial instruments sold, not yet purchased $ 5,356,686 $ 8,543,367 $ 52,105 $ (4,504,522 ) $ 9,447,636 Obligation to return securities received as collateral $ 11,365 $ — $ — $ — $ 11,365 Other secured financings $ — $ 70,327 $ 574 $ — $ 70,901 Embedded conversion option $ — $ — $ 114 $ — $ 114 (1) There were no material transfers between Level 1 and Level 2 for the nine months ended August 31, 2015 . (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. November 30, 2014 Level 1 (1) Level 2 (1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Financial instruments owned: Corporate equity securities $ 2,178,837 $ 226,441 $ 20,964 $ — $ 2,426,242 Corporate debt securities — 3,342,276 22,766 (4) — 3,365,042 Collateralized debt obligations — 306,218 124,650 (4) — 430,868 U.S. government and federal agency securities 2,694,268 81,273 — — 2,775,541 Municipal securities — 590,849 — — 590,849 Sovereign obligations 1,968,747 790,764 — — 2,759,511 Residential mortgage-backed securities — 2,879,954 82,557 — 2,962,511 Commercial mortgage-backed securities — 966,651 26,655 — 993,306 Other asset-backed securities — 137,387 2,294 — 139,681 Loans and other receivables — 1,458,760 97,258 — 1,556,018 Derivatives 65,145 5,046,278 54,190 (4,759,345 ) 406,268 Investments at fair value — 73,148 53,224 — 126,372 Physical commodities — 62,234 — — 62,234 Total financial instruments owned, excluding Investments at fair value based on NAV $ 6,906,997 $ 15,962,233 $ 484,558 $ (4,759,345 ) $ 18,594,443 Cash and cash equivalents $ 4,079,968 $ — $ — $ — $ 4,079,968 Cash and securities segregated and on deposit for regulatory purposes (3) $ 3,444,674 $ — $ — $ — $ 3,444,674 Securities received as collateral $ 5,418 $ — $ — $ — $ 5,418 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,911,145 $ 74,681 $ 38 $ — $ 1,985,864 Corporate debt securities — 1,611,994 223 — 1,612,217 Collateralized debt obligations — 4,557 — — 4,557 U.S. government and federal agency securities 2,253,055 — — — 2,253,055 Sovereign obligations 1,217,075 574,010 — — 1,791,085 Loans — 856,525 14,450 — 870,975 Derivatives 52,778 5,117,803 49,552 (4,856,618 ) 363,515 Total financial instruments sold, not yet purchased $ 5,434,053 $ 8,239,570 $ 64,263 $ (4,856,618 ) $ 8,881,268 Obligation to return securities received as collateral $ 5,418 $ — $ — $ — $ 5,418 Other secured financings $ — $ — $ 30,825 $ — $ 30,825 Embedded conversion option $ — $ — $ 693 $ — $ 693 (1) At December 1, 2013, equity options presented within Financial instruments owned and Financial instruments sold, not yet purchased of $6.1 million and $6.6 million, respectively, were transferred from Level 1 to Level 2 as adjustments were incorporated into the valuation approach for such contracts to estimate the point within the bid-ask range that meets the best estimate of fair value. (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. (3) Cash and securities segregated and on deposit for regulatory purposes include U.S. government securities with a fair value of $453.7 million and CFTC approved money market funds with a fair value of $545.0 million . (4) Level 3 Collateralized debt obligations increased by $33.2 million with a corresponding decrease in Level 3 Corporate debt securities from those previously reported to correct for the classification of certain positions. The total amount of Level 3 assets remained unchanged. |
Investments Measured at Fair Value Based on Net Asset Value Per Share | The following tables present information about our investments in entities that have the characteristics of an investment company at August 31, 2015 and November 30, 2014 (in thousands): August 31, 2015 Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) Equity Long/Short Hedge Funds (2) $ 79,431 $ — Monthly, Quarterly Fixed Income and High Yield Hedge Funds (3) 2,130 — — Fund of Funds (4) 286 94 — Equity Funds (5) 41,691 20,792 — Convertible Bond Funds (6) 3,472 — At Will Total $ 127,010 $ 20,886 November 30, 2014 Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) Equity Long/Short Hedge Funds (2) $ 44,983 $ — Monthly, Quarterly Fixed Income and High Yield Hedge Funds (3)(7) 2,704 — — Fund of Funds (4) 323 94 — Equity Funds (5) 65,216 26,023 — Convertible Bond Funds (6) 3,355 — At Will Total $ 116,581 $ 26,117 (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds’ capital statements. (2) This category includes investments in hedge funds that invest, long and short, in primarily equity securities in domestic and international markets in both the public and private sectors. At August 31, 2015 and November 30, 2014 , investments representing approximately 100% and 99% , respectively, of the fair value of investments in this category are redeemable with 30 - 90 days prior written notice. (3) Includes investments in funds that invest in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. At August 31, 2015 and November 30, 2014 , the underlying assets of 7% and 8% , respectively, of these funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated. (4) Includes investments in fund of funds that invest in various private equity funds. At August 31, 2015 and November 30, 2014 , approximately 95% and 95% , respectively, of the fair value of investments in this category are managed by us and have no redemption provisions, instead distributions are received through the liquidation of the underlying assets of the fund of funds, which are estimated to be liquidated in the next sixteen months. For the remaining investments, we have requested redemption; however, we are unable to estimate when these funds will be received. (5) At August 31, 2015 and November 30, 2014 , approximately 100% and 99% , respectively, of the fair value of investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed, instead distributions are received through the liquidation of the underlying assets of the funds which are expected to liquidate in one to eight years. (6) This category represents an investment in the Jefferies Umbrella Fund, an open-ended investment company managed by us that invests primarily in convertible bonds. The remaining investments are in liquidation and we are unable to estimate when the underlying assets will be fully liquidated. (7) Fixed income and high yield hedge funds was revised by $2.5 million from that previously reported due to the inclusion of a fixed income fund, which has the characteristics of an investment company that is included in Investments at fair value within Financial instruments owned in the Consolidated Statement of Financial Condition. The total amount of Investments at fair value remained unchanged. |
Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3 | The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2015 (in thousands): Three Months Ended August 31, 2015 Balance at May 31, 2015 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at August 31, 2015 Change in unrealized gains/ (losses) relating to instruments still held at August 31, 2015 (1) Assets: Financial instruments owned: Corporate equity securities $ 20,547 $ 3,901 $ 21,162 $ (5,173 ) $ — $ — $ (1,935 ) $ 38,502 $ 3,803 Corporate debt securities 31,917 (5,276 ) 10,395 (17,197 ) (1 ) — 4,493 24,331 (5,544 ) Collateralized debt obligations 89,007 (12,560 ) 14,961 — (13,230 ) — 2,872 81,050 (12,561 ) Residential mortgage-backed securities 88,695 (3,009 ) 10,034 (8,424 ) (195 ) — (679 ) 86,422 655 Commercial mortgage-backed securities 17,862 (510 ) — (680 ) — — (1,525 ) 15,147 (545 ) Other asset-backed securities 11,857 870 21,913 — (1,167 ) — (877 ) 32,596 813 Loans and other receivables 108,756 (2,111 ) 31,269 (603 ) (42,529 ) — 617 95,399 (6,182 ) Investments at fair value 131,343 83,580 — (127,427 ) (277 ) — (21,010 ) 66,209 19,675 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ (38 ) $ — $ — Corporate debt securities 452 (226 ) — — — — — 226 226 Net derivatives (2) (1,586 ) (1,020 ) (1,432 ) 11,618 24 416 (857 ) 7,163 551 Loans 10,732 109 (3,012 ) — — — 2,542 10,371 (110 ) Other secured financings 56,060 — — — (3,914 ) — (51,572 ) 574 — Embedded conversion option 725 (611 ) — — — — — 114 611 (1) Realized and unrealized gains/losses are reported in Principal transaction revenues in the Consolidated Statements of Earnings. (2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives. The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the nine months ended August 31, 2015 (in thousands): Nine Months Ended August 31, 2015 Balance at November 30, 2014 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at August 31, 2015 Change in unrealized gains/ (losses) relating to instruments still held at August 31, 2015 (1) Assets: Financial instruments owned: Corporate equity securities $ 20,964 $ 10,247 $ 22,631 $ (5,176 ) $ — $ — $ (10,164 ) $ 38,502 $ 10,210 Corporate debt securities 22,766 (5,425 ) 83,613 (88,711 ) (1 ) — 12,089 24,331 (5,797 ) Collateralized debt obligations 124,650 (28,999 ) 63,038 (47,570 ) (20,481 ) — (9,588 ) 81,050 (22,654 ) Residential mortgage-backed securities 82,557 (6,776 ) 30,865 (25,222 ) (358 ) — 5,356 86,422 (2,507 ) Commercial mortgage-backed securities 26,655 (2,053 ) 3,366 (9,973 ) (6,981 ) — 4,133 15,147 (1,851 ) Other asset-backed securities 2,294 666 69,892 (40,000 ) (1,438 ) — 1,182 32,596 607 Loans and other receivables 97,258 (7,331 ) 115,370 (40,978 ) (82,100 ) — 13,180 95,399 (8,850 ) Investments, at fair value 53,224 88,195 — (124,854 ) (3,818 ) — 53,462 66,209 24,372 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ (38 ) $ — $ — Corporate debt securities 223 (1 ) (6,677 ) 6,804 — — (123 ) 226 (226 ) Net derivatives (2) (4,638 ) 3,022 (4,527 ) 11,340 (30 ) 1,901 95 7,163 (5,211 ) Loans 14,450 (102 ) (3,487 ) — — — (490 ) 10,371 102 Other secured financings 30,825 — — — (15,674 ) 36,995 (51,572 ) 574 — Embedded conversion option 693 (579 ) — — — — — 114 579 (1) Realized and unrealized gains/losses are reported in Principal transaction revenues in the Consolidated Statements of Earnings. (2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives. The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2014 (in thousands): Three Months Ended August 31, 2014 (1) Balance at May 31, 2014 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at August 31, 2014 Change in unrealized gains/ (losses) relating to instruments still held at August 31, 2014 (2) Assets: Financial instruments owned: Corporate equity securities $ 16,402 $ (480 ) $ 4,528 $ (529 ) $ — $ — $ (12,144 ) $ 7,777 $ (286 ) Corporate debt securities 31,648 5,454 21,793 (15,713 ) (34 ) — (6,264 ) 36,884 3,470 Collateralized debt obligations 42,313 (845 ) 7,613 (15,204 ) — — 9,863 43,740 (1,575 ) U.S. government and federal agency securities — (11 ) 2,505 — — — — 2,494 (11 ) Residential mortgage-backed securities 71,962 (2,557 ) 3,981 (9,635 ) (325 ) — 17,608 81,034 (302 ) Commercial mortgage-backed securities 24,246 (256 ) 641 (7,068 ) — — 1,764 19,327 (832 ) Other asset-backed securities 45,444 1,272 50,620 (49,411 ) (8,774 ) — (37,072 ) 2,079 (3 ) Loans and other receivables 138,643 (8,074 ) 194,387 (96,340 ) (40,617 ) — 26 188,025 (7,967 ) Investments at fair value 79,316 (512 ) 500 (5,414 ) (305 ) — 5,416 79,001 (403 ) Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ — $ 38 $ — Corporate debt 2,780 (101 ) (2,566 ) — — — 129 242 67 Net derivatives (3) 15,282 (1,632 ) (74 ) 74 (70 ) — — 13,580 70 Loans 31,534 — (16,307 ) — — — (8,566 ) 6,661 — Other secured financings 20,288 — — — (7,570 ) 18,948 — 31,666 — Embedded conversion option 3,895 (2,463 ) — — — — — 1,432 2,463 (1) Realized and unrealized gains/losses are reported in Principal transaction revenues in the Consolidated Statements of Earnings. (2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives. The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the nine months ended August 31, 2014 (in thousands): Nine Months Ended August 31, 2014 Balance at November 30, 2013 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at August 31, 2014 Change in unrealized gains/ (losses) relating to instruments still held at August 31, 2014 (1) Assets: Financial instruments owned: Corporate equity securities $ 9,884 $ (1,528 ) $ 36,661 $ (31,444 ) $ — $ — $ (5,796 ) $ 7,777 $ (400 ) Corporate debt securities 25,666 10,727 137,164 (128,733 ) — — (7,940 ) 36,884 10,177 Collateralized debt obligations 37,216 5,198 94,743 (99,661 ) — — 6,244 43,740 (6,283 ) U.S. government and federal agency securities — (11 ) 2,505 — — — — 2,494 (11 ) Residential mortgage-backed securities 105,492 (6,974 ) 44,454 (65,229 ) (812 ) — 4,103 81,034 (3,564 ) Commercial mortgage-backed securities 17,568 (3,120 ) 34,959 (32,774 ) (1,315 ) — 4,009 19,327 (3,380 ) Other asset-backed securities 12,611 256 52,495 (52,282 ) (8,804 ) — (2,197 ) 2,079 — Loans and other receivables 145,890 (9,028 ) 247,383 (147,851 ) (61,791 ) — 13,422 188,025 (8,961 ) Investments, at fair value 66,931 23,615 28,160 (38,062 ) (945 ) — (698 ) 79,001 9,126 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ — $ 38 $ — Corporate debt securities — 163 (7 ) 97 — — (11 ) 242 (163 ) Net derivatives (2) 6,905 9,959 (124 ) (76 ) 248 — (3,332 ) 13,580 — Loans 22,462 — (15,472 ) 3,549 — — (3,878 ) 6,661 (10,519 ) Other secured financings 8,711 — — — (16,684 ) 39,639 — 31,666 — Embedded conversion option 9,574 (8,142 ) — — — — — 1,432 8,142 (1) Realized and unrealized gains/losses are reported in Principal transaction revenues in the Consolidated Statements of Earnings. (2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives. |
Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements | The disclosed inputs when compared with the inputs as disclosed in other periods should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period. August 31, 2015 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Average Corporate equity securities $ 17,340 Non-exchange traded securities Market approach EBITDA (a) multiple 4.6 to 8.5 6.6 Discounted cash flows Underlying stock price $5 to $7 $ 6 Corporate debt securities $ 24,331 Convertible bond model Discount rate/yield 74% — Market approach Discount rate/yield 19% — Transaction level $138 — Collateralized debt obligations $ 33,075 Discounted cash flows Constant prepayment rate 0% to 20% 17 % Constant default rate 0% to 2% 2 % Loss severity 25% to 100% 40 % Yield 10% to 13% 11 % Residential mortgage-backed securities $ 86,422 Discounted cash flows Constant prepayment rate 0% to 50% 12 % Constant default rate 1% to 8% 5 % Loss severity 25% to 80% 52 % Yield 1% to 11% 5 % Commercial mortgage-backed securities $ 15,147 Discounted cash flows Yield 8% to 20% 14 % Cumulative loss rate 2% to 54% 15 % Other asset-backed securities $ 32,596 Discounted cash flows Constant prepayment rate 0% to 24% 10 % Constant default rate 0% to 9% 5 % Loss severity 0% to 100% 77 % Yield 1% to 25% 10 % Over-collateralization Over-collateralization percentage 111% to 125% 123 % Loans and other receivables $ 85,445 Comparable pricing Comparable loan price $91 to $100 $ 97.0 Market approach Discount rate/yield 2% to 13% 10 % EBITDA (a) multiple 6.9 — Scenario analysis Estimated recovery percentage 34% to 77% 39 % Derivatives 20,308 Foreign exchange options Option Model Volatility 11% — % Unfunded commitment Comparable pricing Comparable loan price $91 to $100 $ 100 Market approach Discount rate/yield 12% to 15% 13 % Foreign exchange forwards Credit spread 500 bps — Investments at fair value Private equity securities $ 38,497 Market approach Transaction level $3 to $56 $ 10 Liabilities Financial Instruments Sold, Not Yet Purchased: Derivatives $ 41,508 Foreign exchange options Option model Volatility 11% — % Equity options Option model Volatility 42% — Default rate Default probability 0% — Unfunded commitments Comparable pricing Comparable loan price $91 to $100 $ 95.8 Market approach Discount rate/yield 4% to 15% 13 % Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 30% — Yield 11% — Loans and other receivables $ 10,371 Comparable pricing Comparable loan price $100 — Embedded conversion option $ 114 Option valuation model Historical volatility 22% — (a) Earnings before interest, taxes, depreciation and amortization (“EBITDA”). November 30, 2014 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Average Corporate equity securities $ 19,814 Non-exchange traded securities Market approach EBITDA multiple 3.4 to 4.7 3.6 Scenario analysis Estimated recovery percentage 24% — Corporate debt securities $ 22,766 Convertible bond model Discount rate/yield 32% — Collateralized debt obligations $ 41,784 Discounted cash flows Constant prepayment rate 0% to 20% 13 % Constant default rate 0% to 2% 2 % Loss severity 0% to 70% 39 % Yield 2% to 51% 16 % Residential mortgage-backed securities $ 82,557 Discounted cash flows Constant prepayment rate 1% to 50% 13 % Constant default rate 1% to 100% 14 % Loss severity 20% to 80% 50 % Yield 3% to 13% 7 % Commercial mortgage-backed securities $ 26,655 Discounted cash flows Yield 8% to 12% 11 % Cumulative loss rate 4% to 72% 15 % Scenario analysis Estimated recovery percentage 90% — Other asset-backed securities $ 2,294 Discounted cash flows Constant prepayment rate 8% — Constant default rate 3% — Loss severity 70% — Yield 7% — Loans and other receivables $ 88,154 Comparable pricing Comparable loan price $100 to $101 $ 100.3 Market approach Yield 3% to 5% 4 % EBITDA multiple 3.4 to 8.2 7.6 Scenario analysis Estimated recovery percentage 10% to 41% 36 % Derivatives $ 54,190 Foreign exchange options Option Model Volatility 13% to 23% 17 % Commodity forwards Discounted cash flows Discount rate 17% — Loan commitments Comparable pricing Comparable loan price $100 — Investments at fair value $ 8,500 Private equity securities Market approach Transaction level $50 — Liabilities Financial Instruments Sold, Not Yet Purchased: Derivatives $ 49,552 FX options Option model Volatility 13% to 23% 17 % Unfunded commitments Comparable pricing Comparable loan price $89 to $100 $ 92.0 Credit spread 45bps — Market approach Yield 5% — Loans and other receivables $ 14,450 Comparable pricing Comparable loan price $100 — Other secured financings $ 30,825 Comparable pricing Comparable loan price $81 to $100 $ 98.7 Embedded conversion option $ 693 Option valuation model Historical volatility 19% — |
Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables | The following is a summary of gains (losses) due to changes in instrument specific credit risk on loans and other receivables and loan commitments measured at fair value under the fair value option (in thousands): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Financial Instruments Owned: Loans and other receivables $ (13,566 ) $ (15,002 ) $ (25,686 ) $ (12,841 ) Financial Instruments Sold: Loans $ 38 $ 103 $ 112 $ (751 ) Loan commitments (51 ) 1,338 (1,673 ) (10,299 ) The following is a summary of the amount by which contractual principal exceeds fair value for loans and other receivables measured at fair value under the fair value option (in thousands): August 31, 2015 November 30, 2014 Financial Instruments Owned: Loans and other receivables (1) $ 354,262 $ 403,119 Loans and other receivables greater than 90 days past due (1) 32,867 5,594 Loans and other receivables on nonaccrual status (1) (2) 3,330 (22,360 ) (1) Interest income is recognized separately from other changes in fair value and is included within Interest revenues on the Consolidated Statements of Earnings. (2) Amounts include all loans and other receivables greater than 90 days past due. |
Derivative Financial Instrume31
Derivative Financial Instruments (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract | The following tables present the fair value and related number of derivative contracts at August 31, 2015 and November 30, 2014 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands, except contract amounts). August 31, 2015 (1) Assets Liabilities Fair Value Number of Fair Value Number of Interest rate contracts: Exchange-traded $ 1,806 74,381 $ 1,930 104,483 Cleared OTC 1,930,070 3,195 1,911,702 2,822 Bilateral OTC 683,237 2,051 613,344 898 Foreign exchange contracts: Exchange-traded — 419 — 407 Bilateral OTC 777,346 10,234 795,572 9,809 Equity contracts: Exchange-traded 1,286,149 3,082,363 1,148,639 3,082,310 Bilateral OTC 88,463 1,017 143,041 967 Commodity contracts: Exchange-traded — 253,123 — 252,949 Bilateral OTC 38,418 488 23,161 544 Credit contracts: Cleared OTC 43,456 103 42,246 88 Bilateral OTC 14,825 93 44,530 99 Total gross derivative assets/ liabilities: Exchange-traded 1,287,955 1,150,569 Cleared OTC 1,973,526 1,953,948 Bilateral OTC 1,602,289 1,619,648 Amounts offset in the Consolidated Exchange-traded (1,146,698 ) (1,146,698 ) Cleared OTC (1,924,391 ) (1,924,391 ) Bilateral OTC (1,323,858 ) (1,433,433 ) Net amounts per Consolidated $ 468,823 $ 219,643 (1) Exchange traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Amounts netted include both netting by counterparty and for cash collateral paid or received. (3) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition. November 30, 2014 (1) Assets Liabilities Fair Value Number of Contracts Fair Value Number of Contracts Interest rate contracts: Exchange-traded $ 2,450 67,437 $ 1,400 87,008 Cleared OTC 1,425,375 2,160 1,481,329 2,124 Bilateral OTC 871,982 1,908 809,962 729 Foreign exchange contracts: Exchange-traded — 1,562 — 1,821 Bilateral OTC 1,514,881 11,299 1,519,349 10,931 Equity contracts: Exchange-traded 1,011,101 2,269,044 987,531 2,049,513 Bilateral OTC 39,889 2,463 70,484 1,956 Commodity contracts: Exchange-traded 62,091 1,027,542 51,145 1,015,894 Bilateral OTC 214,635 4,026 252,061 4,524 Credit contracts: Cleared OTC 17,831 27 23,264 22 Bilateral OTC 5,378 18 23,608 27 Total gross derivative assets/liabilities: Exchange-traded 1,075,642 1,040,076 Cleared OTC 1,443,206 1,504,593 Bilateral OTC 2,646,765 2,675,464 Amounts offset in the Consolidated Statements of Financial Condition (2): Exchange-traded (1,038,992 ) (1,038,992 ) Cleared OTC (1,416,613 ) (1,416,613 ) Bilateral OTC (2,303,740 ) (2,401,013 ) Net amounts per Consolidated Statements of Financial Condition (3) $ 406,268 $ 363,515 (1) Exchange traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Amounts netted include both netting by counterparty and for cash collateral paid or received. (3) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition. |
Unrealized and Realized Gains (Losses) on Derivative Contracts | The following table presents unrealized and realized gains (losses) on derivative contracts for the three and nine months ended August 31, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended Gains (Losses) August 31, 2015 August 31, 2014 August 31, 2015 August 31, 2014 Interest rate contracts $ 25,308 $ (3,803 ) $ 580 $ (70,288 ) Foreign exchange contracts 6,893 6,697 30,417 9,046 Equity contracts 68,649 (49,422 ) 28,008 (219,584 ) Commodity contracts (4,757 ) (4,991 ) 15,480 32,989 Credit contracts (4,375 ) (1,330 ) (612 ) (16,953 ) Total $ 91,718 $ (52,849 ) $ 73,873 $ (264,790 ) |
Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities | The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities at August 31, 2015 (in thousands): OTC Derivative Assets (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 9,025 $ 1,112 $ 14,037 $ — $ 24,174 Equity swaps and options 33,975 8,486 2,316 — 44,777 Credit default swaps 54 4,084 2,224 (1,832 ) 4,530 Total return swaps 23,005 4 — (180 ) 22,829 Foreign currency forwards, swaps and options 165,529 21,372 — (11,252 ) 175,649 Interest rate swaps, options and forwards 70,025 158,272 77,267 (34,593 ) 270,971 Total $ 301,613 $ 193,330 $ 95,844 $ (47,857 ) 542,930 Cross product counterparty netting (10,029 ) Total OTC derivative assets included in Financial instruments owned $ 532,901 (1) At August 31, 2015 , we held exchange traded derivative assets and other credit agreements with a fair value of $144.2 million , which are not included in this table. (2) OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received on the Consolidated Statements of Financial Condition. At August 31, 2015 , cash collateral received was $208.3 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 2,959 $ — $ 5,470 $ — $ 8,429 Equity swaps and options 16,909 39,538 9,139 — 65,586 Credit default swaps — 1,519 11,016 (1,832 ) 10,703 Total return swaps 54,507 1,927 1,967 (180 ) 58,221 Foreign currency forwards, swaps and options 157,468 48,147 — (11,252 ) 194,363 Fixed income forwards 342 — — — 342 Interest rate swaps, options and forwards 47,137 86,081 85,610 (34,593 ) 184,235 Total $ 279,322 $ 177,212 $ 113,202 $ (47,857 ) 521,879 Cross product counterparty netting (10,029 ) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased $ 511,850 (1) At August 31, 2015 , we held exchange traded derivative liabilities and other credit agreements with a fair value of $25.6 million , which are not included in this table. (2) OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged on the Consolidated Statements of Financial Condition. At August 31, 2015 , cash collateral pledged was $317.8 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. |
Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets | At August 31, 2015 , the counterparty credit quality with respect to the fair value of our OTC derivatives assets was as follows (in thousands): Counterparty credit quality (1): A- or higher $ 256,142 BBB- to BBB+ 124,498 BB+ or lower 74,834 Unrated 77,427 Total $ 532,901 (1) We utilize internal credit ratings determined by our Risk Management. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. |
Collateralized Transactions (Ta
Collateralized Transactions (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Collateralized Financing Transactions | The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by class of collateral pledged and remaining contractual maturity at August 31, 2015 (in thousands): Securities Lending Arrangements Repurchase Agreements Total Collateral Pledged: Corporate equity securities $ 2,506,969 $ 347,844 $ 2,854,813 Corporate debt securities 1,109,775 1,959,647 3,069,422 Mortgage- and asset-backed securities — 5,044,406 5,044,406 U.S. government and federal agency securities 28,451 9,412,058 9,440,509 Municipal securities — 492,599 492,599 Sovereign obligations — 1,604,147 1,604,147 Loans and other receivables — 617,861 617,861 Total $ 3,645,195 $ 19,478,562 $ 23,123,757 Contractual Maturity Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,954,916 $ 336,335 $ 1,353,944 $ — $ 3,645,195 Repurchase agreements 9,827,633 4,539,795 2,869,691 2,241,443 19,478,562 Total $ 11,782,549 $ 4,876,130 $ 4,223,635 $ 2,241,443 $ 23,123,757 |
Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements | The following tables provide information regarding repurchase agreements and securities borrowing and lending arrangements that are recognized in the Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands). August 31, 2015 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets Securities borrowing arrangements $ 7,702,853 $ — $ 7,702,853 $ (624,220 ) $ (776,755 ) $ 6,301,878 Reverse repurchase agreements 12,911,367 (8,637,685 ) 4,273,682 (111,791 ) (4,153,574 ) 8,317 Liabilities Securities lending arrangements $ 3,645,195 $ — $ 3,645,195 $ (624,220 ) $ (2,985,739 ) $ 35,236 Repurchase agreements 19,478,562 (8,637,685 ) 10,840,877 (111,791 ) (9,263,393 ) 1,465,693 November 30, 2014 Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (4) Assets Securities borrowing arrangements $ 6,853,103 $ — $ 6,853,103 $ (680,222 ) $ (1,274,196 ) $ 4,898,685 Reverse repurchase agreements 14,059,133 (10,132,275 ) 3,926,858 (634,568 ) (3,248,817 ) 43,473 Liabilities Securities lending arrangements $ 2,598,487 $ — $ 2,598,487 $ (680,222 ) $ (1,883,140 ) $ 35,125 Repurchase agreements 20,804,432 (10,132,275 ) 10,672,157 (634,568 ) (8,810,770 ) 1,226,819 (1) Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by counterparty in the event of a counterparty’s default, but which are not netted in the balance sheet because other netting provisions of U.S. GAAP are not met. (2) Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3) Amounts include $6,266.5 million of securities borrowing arrangements, for which we have received securities collateral of $6,068.1 million , and $1,438.7 million of repurchase agreements, for which we have pledged securities collateral of $1,484.0 million , which are subject to master netting agreements but we have not yet determined the agreements to be legally enforceable. (4) Amounts include $4,847.4 million of securities borrowing arrangements, for which we have received securities collateral of $4,694.0 million , and $1,201.9 million of repurchase agreements, for which we have pledged securities collateral of $1,238.4 million , which are subject to master netting agreements but we have not yet determined the agreements to be legally enforceable. |
Securitization Activities (Tabl
Securitization Activities (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Activity Related to Securitizations Accounted for as Sales | The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Transferred assets $ 853.9 $ 1,562.1 $ 3,931.5 $ 4,788.7 Proceeds on new securitizations 888.1 1,567.2 3,979.6 4,795.4 Cash flows received on retained interests 10.7 15.2 28.6 37.9 |
Summary of Retained Interests in SPEs | The following tables summarize our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): August 31, 2015 Securitization Type Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 11,480.4 $ 162.0 U.S. government agency commercial mortgage-backed securities 2,831.3 213.2 Collateralized loan obligations 3,731.7 52.3 November 30, 2014 Securitization Type Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 19,196.9 $ 226.9 U.S. government agency commercial mortgage-backed securities 5,848.5 204.7 Collateralized loan obligations 4,511.8 108.4 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Variable Interest Entity [Line Items] | |
Assets and Liabilities of Consolidated VIEs Prior to Consolidation | The following table presents information about our consolidated VIEs at August 31, 2015 and November 30, 2014 (in millions). The assets and liabilities in the tables below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. August 31, 2015 November 30, 2014 Securitization Other Securitization Other Cash $ 0.1 $ 0.2 $ — $ 0.2 Financial instruments owned 86.4 0.3 62.7 0.3 Securities purchased under agreement to resell (1) 736.7 — 575.2 — Fees, interest and other receivables 0.3 — 0.4 — $ 823.5 $ 0.5 $ 638.3 $ 0.5 Other secured financings (2) $ 822.5 $ — $ 637.7 $ — Other liabilities 1.0 0.2 0.6 0.2 $ 823.5 $ 0.2 $ 638.3 $ 0.2 (1) Securities purchased under agreement to resell represent an amount due under a collateralized transaction on a related consolidated entity, which is eliminated in consolidation. (2) Approximately $15.9 million and $39.7 million of the secured financing represents an amount held by us in inventory and is eliminated in consolidation at August 31, 2015 and November 30, 2014 , respectively. |
Variable Interest Entity Not Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interests in Non-Consolidated Variable Interest Entities | The following tables present information about our variable interests in nonconsolidated VIEs (in millions): August 31, 2015 Carrying Amount Maximum Assets Liabilities Exposure to loss VIE Assets Collateralized loan obligations $ 82.7 $ — $ 768.8 $ 6,409.1 Consumer loan vehicles 123.4 — 867.0 602.1 Asset management vehicles 3.6 — 3.6 49.8 Private equity vehicles 25.5 — 45.9 74.8 Total $ 235.2 $ — $ 1,685.3 $ 7,135.8 November 30, 2014 Carrying Amount Maximum Assets Liabilities Exposure to loss VIE Assets Collateralized loan obligations $ 134.0 $ — $ 926.9 $ 7,737.1 Consumer loan vehicles 170.6 — 797.8 485.2 Asset management vehicle 11.3 — 11.3 432.3 Private equity vehicles 44.3 — 59.2 92.8 Total $ 360.2 $ — $ 1,795.2 $ 8,747.4 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Jefferies Finance, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summary of Selected Financial Information | The following is a summary of selected financial information for Jefferies Finance (in millions): August 31, 2015 November 30, 2014 Total assets $ 7,037.1 $ 5,954.0 Total liabilities 6,016.3 4,961.7 Total equity 1,020.8 992.3 Our total equity balance 510.4 496.0 |
Jefferies LoanCore, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summary of Selected Financial Information | The following is a summary of selected financial information for Jefferies LoanCore (in millions): August 31, 2015 November 30, 2014 Total assets $ 1,789.3 $ 1,500.9 Total liabilities 1,277.9 962.7 Total equity 511.5 538.2 Our total equity balance 248.1 261.0 |
JCP Funds [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summary of Selected Financial Information | The following is a summary of selected financial information for 100% of JCP Fund V, in which we own effectively 35.2% of the combined equity interests (in thousands): June 30, 2015 (1) December 31, 2014 (1) Total assets $ 78,762 $ 73,261 Total liabilities 66 66 Total partners' capital 78,696 73,195 Three Months Ended June 30, 2015 (1) March 31, 2015 (1) December 31, 2014 (1) June 30, 2014 (1) March 31, 2014 (1) December 31, 2013 (1) Net increase (decrease) in net assets resulting from operations $ (8,875 ) $ 1,478 $ (65,700 ) $ 3,609 $ (18,779 ) $ (2,947 ) (1) Financial information for JCP Fund V within our financial position and results of operations at August 31, 2015 and November 30, 2014 and for the three and nine months ended August 31, 2015 and 2014 is included based on the presented periods. |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill Resulting from Leucadia Transaction Attributable to Reportable Segments and Summary of Changes to Goodwill | Goodwill attributed to our reportable segments are as follows (in thousands): August 31, 2015 November 30, 2014 Capital Markets $ 1,657,478 $ 1,659,636 Asset Management 3,000 3,000 Total goodwill $ 1,660,478 $ 1,662,636 The following table is a summary of the changes to goodwill for the nine months ended August 31, 2015 (in thousands): Balance at November 30, 2014 $ 1,662,636 Add: Translation adjustments (2,158 ) Balance at August 31, 2015 $ 1,660,478 |
Summary of Intangible Assets | The following tables present the gross carrying amount, accumulated amortization, net carrying amount and weighted average amortization period of identifiable intangible assets at August 31, 2015 and November 30, 2014 (in thousands): August 31, 2015 Weighted average remaining lives (years) Gross cost Impairment losses Accumulated amortization Net carrying amount Customer relationships $ 127,944 $ — $ (32,730 ) $ 95,214 13.1 Trade name 131,656 — (9,404 ) 122,252 32.5 Exchange and clearing organization membership interests and registrations 14,455 (1,289 ) — 13,166 N/A $ 274,055 $ (1,289 ) $ (42,134 ) $ 230,632 November 30, 2014 Weighted Gross cost Accumulated Net carrying Customer relationships $ 128,323 $ (26,402 ) $ 101,921 13.7 Trade name 132,009 (6,677 ) 125,332 33.3 Exchange and clearing organization membership interests and registrations 14,528 — 14,528 N/A $ 274,860 $ (33,079 ) $ 241,781 |
Future Amortization Expense Related to Intangible Assets | The estimated future amortization expense for the five succeeding fiscal years is as follows (in thousands): Remainder of fiscal 2015 $ 3,049 Year ended November 30, 2016 12,198 Year ended November 30, 2017 12,198 Year ended November 30, 2018 12,198 Year ended November 30, 2019 12,198 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt Carrying Values Including Unamortized Discounts and Premiums | The following summarizes our long-term debt carrying values (including unamortized discounts and premiums and valuation adjustment, where applicable) at August 31, 2015 and November 30, 2014 (in thousands): August 31, November 30, 2014 Unsecured Long-Term Debt 3.875% Senior Notes, due November 9, 2015 (effective interest rate of 2.17%) $ 501,630 $ 507,944 5.5% Senior Notes, due March 15, 2016 (effective interest rate of 2.52%) 355,600 363,229 5.125% Senior Notes, due April 13, 2018 (effective interest rate of 3.46%) 833,352 842,359 8.5% Senior Notes, due July 15, 2019 (effective interest rate of 4.00%) 812,894 832,797 2.375% Euro Medium Term Notes, due May 20, 2020 (effective rate of 2.42%) 560,111 620,725 6.875% Senior Notes, due April 15, 2021 (effective interest rate of 4.40%) 842,406 853,091 2.25% Euro Medium Term Notes, due July 13, 2022 (effective rate of 4.08%) 3,996 4,379 5.125% Senior Notes, due January 20, 2023 (effective interest rate of 4.55%) 621,505 623,311 6.45% Senior Debentures, due June 8, 2027 (effective interest rate of 5.46%) 380,172 381,515 3.875% Convertible Senior Debentures, due November 1, 2029 (effective interest rate of 3.50%) (1) 347,799 349,261 6.25% Senior Debentures, due January 15, 2036 (effective interest rate of 6.03%) 512,811 513,046 6.50% Senior Notes, due January 20, 2043 (effective interest rate of 6.09%) 421,734 421,960 $ 6,194,010 $ 6,313,617 Secured Long-Term Debt Credit facility — 170,000 $ 6,194,010 $ 6,483,617 (1) The value of the 3.875% Convertible Senior debentures at August 31, 2015 and November 30, 2014 includes the fair value of the conversion feature of $0.1 million and $0.7 million , respectively. The change in fair value of the conversion feature, which is included within Principal transaction revenues in the Consolidated Statements of Earnings, was not material for the three and nine months ended August 31, 2015 , and amounted to a gain of $2.4 million and $8.1 million for the three and nine months ended August 31, 2014 , respectively. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling interests represent equity interests in consolidated subsidiaries, comprised primarily of asset management entities and investment vehicles set up for the benefit of our employees that are not attributable, either directly or indirectly, to us ( i.e. , minority interests). The following table presents noncontrolling interests at August 31, 2015 and November 30, 2014 (in thousands): August 31, 2015 November 30, 2014 Global Equity Event Opportunity Fund, LLC (1) $ 26,245 $ 33,303 Other 6,057 5,545 Noncontrolling interests $ 32,302 $ 38,848 (1) Noncontrolling interests attributed to Leucadia were $26.2 million and $25.4 million at August 31, 2015 and November 30, 2014 , respectively. |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Item Effected [Line Items] | |
Components of Net Periodic Pension (Benefit) Cost | The components of net periodic pension (income) cost for our pension plans are as follows (in thousands): Three Months Ended August 31, Nine Months Ended August 31, U.S. Pension Plan 2015 2014 2015 2014 Components of net periodic pension (income) cost: Service cost $ 63 $ 56 $ 189 $ 168 Interest cost on projected benefit obligation 585 607 1,755 1,821 Expected return on plan assets (848 ) (789 ) (2,544 ) (2,367 ) Net amortization — (36 ) — (108 ) Net periodic pension income $ (200 ) $ (162 ) $ (600 ) $ (486 ) |
German Pension Plan [Member] | |
Item Effected [Line Items] | |
Components of Net Periodic Pension (Benefit) Cost | Three Months Ended August 31, Nine Months Ended August 31, German Pension Plan 2015 2014 2015 2014 Components of net periodic pension cost: Service cost $ — $ 11 $ — $ 33 Interest cost on projected benefit obligation 132 216 395 658 Net amortization 82 61 245 186 Net periodic pension cost $ 214 $ 288 $ 640 $ 877 |
Compensation Plans (Tables)
Compensation Plans (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Compensation Related Costs [Abstract] | |
Schedule of Components of Compensation Cost | The components of total compensation cost associated with certain of our compensation plans are as follows (in millions): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Components of compensation cost: Restricted cash awards $ 39.4 37.4 142.9 $ 115.6 Restricted stock and RSUs (1) 13.8 18.0 53.8 68.0 Profit sharing plan 0.6 1.2 5.3 6.0 Total compensation cost $ 53.8 $ 56.6 $ 202.0 $ 189.6 (1) Total compensation cost associated with restricted stock and RSUs includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. Additionally, we recognize compensation cost related to the discount provided to employees in electing to defer compensation under the Deferred Compensation Plan. |
Schedule of Remaining Unamortized Amounts Related to Certain Compensation Plans | Remaining unamortized amounts related to certain compensation plans at August 31, 2015 is as follows (in millions): Remaining Unamortized Amounts Weighted Average Vesting Period (in Years) Non-vested share-based awards $ 42.1 1.8 Restricted cash awards 282.5 3 Total $ 324.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Earliest Tax Year Subject to Examination in the Major Tax Jurisdictions in which the Company Operates | The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate: Jurisdiction Tax Year United States 2006 California 2006 New Jersey 2010 New York State 2001 New York City 2003 United Kingdom 2013 |
Commitments, Contingencies an42
Commitments, Contingencies and Guarantees (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The following table summarizes our commitments associated with our capital market and asset management business activities at August 31, 2015 (in millions): Expected Maturity Date 2015 2016 2017 and 2019 and 2021 and Maximum Equity commitments (1) $ — $ 9.9 $ — $ — $ 232.4 $ 242.3 Loan commitments (1) 5.0 356.0 450.3 52.3 — 863.6 Mortgage-related and other purchase commitments 472.4 1,553.1 576.4 — — 2,601.9 Forward starting reverse repos and repos 2,712.6 — — — — 2,712.6 Other unfunded commitments (1) — — 24.0 6.0 37.0 67.0 $ 3,190.0 $ 1,919.0 $ 1,050.7 $ 58.3 $ 269.4 $ 6,487.4 (1) Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts are however available on demand. |
Guarantees | The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at August 31, 2015 (in millions): Expected Maturity Date Guarantee Type: 2015 2016 2017 and 2019 2021 and Later Notional/ Derivative contracts—non-credit related $ 19,399.8 $ 4,076.5 $ 382.4 $ 250.0 $ 440.0 $ 24,548.7 Written derivative contracts—credit related — — 50.6 1,904.9 20.0 1,975.5 Total derivative contracts $ 19,399.8 $ 4,076.5 $ 433.0 $ 2,154.9 $ 460.0 $ 26,524.2 |
External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts | At August 31, 2015 the external credit ratings of the underlyings or referenced assets for our credit related derivatives contracts (in millions): External Credit Rating AAA/ Aaa AA/Aa A BBB/ Baa Below Investment Grade Unrated Notional/ Maximum Payout Credit related derivative contracts: Index credit default swaps $ 1,746.9 $ — $ — $ — $ — $ — $ 1,746.9 Single name credit default swaps $ — $ — $ 22.0 $ 21.5 $ 134.5 $ 50.6 $ 228.6 |
Net Capital Requirements (Table
Net Capital Requirements (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Brokers and Dealers [Abstract] | |
Net Capital, Adjusted and Excess Net Capital | At August 31, 2015 , Jefferies and Jefferies Execution’s net capital and excess net capital were as follows (in thousands): Net Capital Excess Net Capital Jefferies $ 1,260,105 $ 1,177,141 Jefferies Execution 8,895 8,645 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Segment Reporting [Abstract] | |
Net Revenues, Expenses and Total Assets by Segment | Our net revenues and expenses by segment are summarized below (in millions): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Capital Markets: Net revenues $ 565.2 $ 828.5 $ 1,916.7 $ 2,423.2 Expenses $ 564.5 $ 697.8 $ 1,829.3 $ 2,020.6 Asset Management: Net revenues $ 13.8 $ 14.8 $ 45.5 $ 42.1 Expenses $ 7.3 $ 9.9 $ 28.2 $ 27.7 Total: Net revenues $ 579.0 $ 843.3 $ 1,962.2 $ 2,465.3 Expenses $ 571.8 $ 707.7 $ 1,857.5 $ 2,048.3 The following table summarizes our total assets by segment at August 31, 2015 and November 30, 2014 (in millions): August 31, 2015 November 30, 2014 Segment assets: Capital Markets $ 41,943.5 $ 44,002.6 Asset Management 841.2 515.0 Total assets $ 42,784.7 $ 44,517.6 |
Net Revenues by Geographic Region | Net revenues by geographic region were as follows (in thousands): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Americas (1) $ 454,996 $ 661,738 $ 1,508,639 $ 1,893,723 Europe (2) 103,959 153,455 392,163 500,229 Asia 19,973 28,116 61,352 71,377 Net revenues $ 578,928 $ 843,309 $ 1,962,154 $ 2,465,329 (1) Substantially all relates to U.S. results. (2) Substantially all relates to U.K. results. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Related Party Transactions [Abstract] | |
Summary of Interest Income, Other Revenues and Investment Income Attributable to Related Party Private Equity Funds | The following table presents other revenues and investment income (loss) related to net gains and losses on our investment in Private Equity Related Funds (in thousands): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Other revenues and investment income (loss) $ (3,495 ) $ 371 (27,707 ) (11,088 ) |
Schedule of Revenue by Service | The following table presents the revenues earned by type of services provided (in thousands): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Investment banking and advisory $ — $ 2,800 $ 21,200 $ 2,800 Asset management 102 — 405 — Commissions and other fees 1 — 38 — |
Exit Costs (Tables)
Exit Costs (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | During the three and nine months ended August 31, 2015 , we recorded restructuring and impairment costs as follows (in thousands): Three Months Ended Nine Months Ended 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 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 Nine Months Ended 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 |
Schedule of Restructuring Reserve | 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 |
Organization and Basis of Pre47
Organization and Basis of Presentation (Detail) | 9 Months Ended |
Aug. 31, 2015segment | |
Organization And Basis Of Presentation [Line Items] | |
Number of operating segments | 2 |
3.875% Convertible Senior Debentures due 2029 [Member] | |
Organization And Basis Of Presentation [Line Items] | |
Convertible Senior Debentures, interest rate | 3.875% |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Detail) $ in Millions | 9 Months Ended |
Aug. 31, 2015USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |
More than percentage of tax benefit realized upon ultimate settlement with taxing authority | 50.00% |
Investigation reserve | $ 0.6 |
Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life of premises and equipment | 3 years |
Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life of premises and equipment | 10 years |
Accounting Developments (Detail
Accounting Developments (Details) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | 12 Months Ended | |
May. 31, 2014 | Aug. 31, 2014 | Nov. 30, 2014 | Nov. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Decrease in Level 3 assets | $ 94.9 | $ 95.7 | $ 97.1 | $ 91.6 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Investments at fair value | $ 40,200,000 | $ 40,200,000 | $ 42,200,000 | ||
Other secured financings | 806,634,000 | 806,634,000 | 605,824,000 | ||
Transfers of assets from Level 2 to Level 3 | 73,400,000 | $ 87,800,000 | 157,700,000 | $ 79,300,000 | |
Transfers of assets from Level 3 to Level 2 | 91,400,000 | 108,600,000 | 88,100,000 | 68,100,000 | |
Transfers of liabilities from Level 3 to Level 2 | 8,600,000 | 3,900,000 | |||
Net gains/(losses) on Level 3 assets (realized and unrealized) | 64,900,000 | (6,000,000) | 48,500,000 | 19,100,000 | |
Net gains/(losses) on Level 3 liabilities (realized and unrealized) | 1,700,000 | 4,200,000 | (2,300,000) | (2,000,000) | |
Unadjusted net asset value of the funds | 120,800,000 | 137,800,000 | |||
Unadjusted net liability value of the funds | 800,000 | 300,000 | |||
Aggregate fair value of loans and other receivables | 13,000,000 | 13,000,000 | 0 | ||
Loan and other receivables on nonaccrual status | 313,900,000 | 313,900,000 | 274,600,000 | ||
Level 3 [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Other secured financings | 0 | 0 | $ 7,800,000 | ||
Loan Liabilities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Transfers of liabilities from Level 2 to Level 3 | 2,500,000 | ||||
Other Secured Financings [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Transfers of liabilities from Level 3 to Level 2 | 51,600,000 | 51,600,000 | |||
Corporate debt securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 5,000,000 | 12,200,000 | |||
Transfers of assets from Level 3 to Level 2 | 8,000,000 | ||||
Net gains/(losses) on Level 3 assets (realized and unrealized) | (5,276,000) | 5,454,000 | (5,425,000) | 10,727,000 | |
Derivative liabilities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Transfers of liabilities from Level 3 to Level 2 | 3,300,000 | ||||
Corporate equity securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 1,600,000 | ||||
Transfers of assets from Level 3 to Level 2 | 1,900,000 | 13,900,000 | 11,800,000 | 6,500,000 | |
Net gains/(losses) on Level 3 assets (realized and unrealized) | 3,901,000 | (480,000) | 10,247,000 | (1,528,000) | |
Collateralized debt obligations [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 42,800,000 | 15,200,000 | 16,000,000 | 7,500,000 | |
Transfers of assets from Level 3 to Level 2 | 39,900,000 | 5,300,000 | 25,600,000 | 1,300,000 | |
Net gains/(losses) on Level 3 assets (realized and unrealized) | (12,560,000) | (845,000) | (28,999,000) | 5,198,000 | |
Residential mortgage-backed securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 17,800,000 | 30,100,000 | 21,300,000 | 27,200,000 | |
Transfers of assets from Level 3 to Level 2 | 18,500,000 | 12,500,000 | 15,900,000 | 23,100,000 | |
Net gains/(losses) on Level 3 assets (realized and unrealized) | (3,009,000) | (2,557,000) | (6,776,000) | (6,974,000) | |
Commercial mortgage-backed securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 3,700,000 | 6,800,000 | 9,800,000 | 4,600,000 | |
Transfers of assets from Level 3 to Level 2 | 5,200,000 | 5,000,000 | 5,600,000 | 500,000 | |
Net gains/(losses) on Level 3 assets (realized and unrealized) | (510,000) | (256,000) | (2,053,000) | (3,120,000) | |
Other asset-backed securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 1,500,000 | 1,400,000 | 1,300,000 | ||
Transfers of assets from Level 3 to Level 2 | 38,600,000 | 3,500,000 | |||
Net gains/(losses) on Level 3 assets (realized and unrealized) | 870,000 | 1,272,000 | 666,000 | 256,000 | |
Loans and other receivables [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 4,100,000 | 25,100,000 | 19,200,000 | 31,400,000 | |
Transfers of assets from Level 3 to Level 2 | 3,500,000 | 25,100,000 | 6,100,000 | 18,000,000 | |
Net gains/(losses) on Level 3 assets (realized and unrealized) | (2,111,000) | (8,074,000) | (7,331,000) | (9,028,000) | |
Investments at fair value [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 5,400,000 | 76,200,000 | 6,500,000 | ||
Transfers of assets from Level 3 to Level 2 | 21,000,000 | 22,700,000 | 7,200,000 | ||
Net gains/(losses) on Level 3 assets (realized and unrealized) | $ 83,580,000 | $ (512,000) | $ 88,195,000 | $ 23,615,000 | |
3.875% Convertible Senior Debentures due 2029 [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Debt instrument interest rate | 3.875% | 3.875% | |||
3.875% Convertible Senior Debentures due 2029 [Member] | Leucadia [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Debt instrument interest rate | 3.875% | 3.875% | |||
Debt instrument maturity year | Nov. 1, 2029 | ||||
Volatility curve used in valuing embedded option | 252 days | ||||
Embedded conversion option [Member] | Leucadia [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||
Debt instrument maturity year | Nov. 1, 2017 |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
Financial instruments owned: | ||
Corporate equity securities | $ 2,669,812 | $ 2,426,242 |
Corporate debt securities | 2,980,521 | 3,365,042 |
Collateralized debt obligations | 232,549 | 430,868 |
U.S. government and federal agency securities | 2,701,407 | 2,775,541 |
Municipal securities | 599,471 | 590,849 |
Sovereign obligations | 1,851,326 | 2,759,511 |
Loans and other receivables | 1,761,853 | 1,556,018 |
Derivatives | 468,823 | 406,268 |
Investments at fair value | 83,075 | 126,372 |
Physical commodities | 14,973 | 62,234 |
Total financial instruments owned, excluding Investments at fair value based on NAV | 18,852,127 | 18,594,443 |
Counterparty and Cash Collateral Netting | (4,394,947) | (4,759,345) |
Cash and cash equivalents | 3,441,785 | 4,079,968 |
Cash and securities segregated and on deposit for regulatory purposes | 904,009 | 3,444,674 |
Securities received as collateral | 11,365 | 5,418 |
Financial instruments sold, not yet purchased: | ||
Corporate equity securities | 1,810,989 | 1,985,864 |
Corporate debt securities | 1,932,760 | 1,612,217 |
Collateralized debt obligations | 4,557 | |
U.S. government and federal agency securities | 2,547,621 | 2,253,055 |
Sovereign obligations | 2,103,082 | 1,791,085 |
Loans | 830,212 | 870,975 |
Derivatives | 219,643 | 363,515 |
Total financial instruments sold, not yet purchased | 9,447,636 | 8,881,268 |
Counterparty and Cash Collateral Netting | (4,504,522) | (4,856,618) |
Obligation to return securities received as collateral | 11,365 | 5,418 |
Other secured financings | 70,901 | 30,825 |
Embedded conversion option | 114 | 693 |
Residential mortgage-backed securities [Member] | ||
Financial instruments owned: | ||
Mortgage- and asset-backed securities, assets | 3,910,811 | 2,962,511 |
Financial instruments sold, not yet purchased: | ||
Residential mortgage-backed securities | 3,329 | |
Commercial mortgage-backed securities [Member] | ||
Financial instruments owned: | ||
Mortgage- and asset-backed securities, assets | 1,480,262 | 993,306 |
Other asset-backed securities [Member] | ||
Financial instruments owned: | ||
Mortgage- and asset-backed securities, assets | 97,244 | 139,681 |
Level 1 [Member] | ||
Financial instruments owned: | ||
Corporate equity securities | 2,454,674 | 2,178,837 |
Corporate debt securities | 0 | 0 |
Collateralized debt obligations | 0 | 0 |
U.S. government and federal agency securities | 2,109,086 | 2,694,268 |
Municipal securities | 0 | 0 |
Sovereign obligations | 1,052,681 | 1,968,747 |
Loans and other receivables | 0 | 0 |
Derivatives | 2,182 | 65,145 |
Investments at fair value | 0 | 0 |
Physical commodities | 0 | 0 |
Total financial instruments owned, excluding Investments at fair value based on NAV | 5,618,623 | 6,906,997 |
Cash and cash equivalents | 3,441,785 | 4,079,968 |
Cash and securities segregated and on deposit for regulatory purposes | 904,009 | 3,444,674 |
Securities received as collateral | 11,365 | 5,418 |
Financial instruments sold, not yet purchased: | ||
Corporate equity securities | 1,711,938 | 1,911,145 |
Corporate debt securities | 0 | 0 |
Collateralized debt obligations | 0 | |
U.S. government and federal agency securities | 2,414,440 | 2,253,055 |
Sovereign obligations | 1,228,377 | 1,217,075 |
Loans | 0 | 0 |
Derivatives | 1,931 | 52,778 |
Total financial instruments sold, not yet purchased | 5,356,686 | 5,434,053 |
Obligation to return securities received as collateral | 11,365 | 5,418 |
Other secured financings | 0 | 0 |
Embedded conversion option | 0 | 0 |
Level 1 [Member] | Residential mortgage-backed securities [Member] | ||
Financial instruments owned: | ||
Mortgage- and asset-backed securities, assets | 0 | 0 |
Financial instruments sold, not yet purchased: | ||
Residential mortgage-backed securities | 0 | |
Level 1 [Member] | Commercial mortgage-backed securities [Member] | ||
Financial instruments owned: | ||
Mortgage- and asset-backed securities, assets | 0 | 0 |
Level 1 [Member] | Other asset-backed securities [Member] | ||
Financial instruments owned: | ||
Mortgage- and asset-backed securities, assets | 0 | 0 |
Level 2 [Member] | ||
Financial instruments owned: | ||
Corporate equity securities | 176,636 | 226,441 |
Corporate debt securities | 2,956,190 | 3,342,276 |
Collateralized debt obligations | 151,499 | 306,218 |
U.S. government and federal agency securities | 592,321 | 81,273 |
Municipal securities | 599,471 | 590,849 |
Sovereign obligations | 798,645 | 790,764 |
Loans and other receivables | 1,666,454 | 1,458,760 |
Derivatives | 4,827,243 | 5,046,278 |
Investments at fair value | 16,866 | 73,148 |
Physical commodities | 14,973 | 62,234 |
Total financial instruments owned, excluding Investments at fair value based on NAV | 17,154,450 | 15,962,233 |
Cash and cash equivalents | 0 | 0 |
Cash and securities segregated and on deposit for regulatory purposes | 0 | 0 |
Securities received as collateral | 0 | 0 |
Financial instruments sold, not yet purchased: | ||
Corporate equity securities | 99,051 | 74,681 |
Corporate debt securities | 1,932,534 | 1,611,994 |
Collateralized debt obligations | 4,557 | |
U.S. government and federal agency securities | 133,181 | 0 |
Sovereign obligations | 874,705 | 574,010 |
Loans | 819,841 | 856,525 |
Derivatives | 4,680,726 | 5,117,803 |
Total financial instruments sold, not yet purchased | 8,543,367 | 8,239,570 |
Obligation to return securities received as collateral | 0 | 0 |
Other secured financings | 70,327 | 0 |
Embedded conversion option | 0 | 0 |
Level 2 [Member] | Residential mortgage-backed securities [Member] | ||
Financial instruments owned: | ||
Mortgage- and asset-backed securities, assets | 3,824,389 | 2,879,954 |
Financial instruments sold, not yet purchased: | ||
Residential mortgage-backed securities | 3,329 | |
Level 2 [Member] | Commercial mortgage-backed securities [Member] | ||
Financial instruments owned: | ||
Mortgage- and asset-backed securities, assets | 1,465,115 | 966,651 |
Level 2 [Member] | Other asset-backed securities [Member] | ||
Financial instruments owned: | ||
Mortgage- and asset-backed securities, assets | 64,648 | 137,387 |
Level 3 [Member] | ||
Financial instruments owned: | ||
Corporate equity securities | 38,502 | 20,964 |
Corporate debt securities | 24,331 | 22,766 |
Collateralized debt obligations | 81,050 | 124,650 |
U.S. government and federal agency securities | 0 | 0 |
Municipal securities | 0 | 0 |
Sovereign obligations | 0 | 0 |
Loans and other receivables | 95,399 | 97,258 |
Derivatives | 34,345 | 54,190 |
Investments at fair value | 66,209 | 53,224 |
Physical commodities | 0 | 0 |
Total financial instruments owned, excluding Investments at fair value based on NAV | 474,001 | 484,558 |
Cash and cash equivalents | 0 | 0 |
Cash and securities segregated and on deposit for regulatory purposes | 0 | 0 |
Securities received as collateral | 0 | 0 |
Financial instruments sold, not yet purchased: | ||
Corporate equity securities | 0 | 38 |
Corporate debt securities | 226 | 223 |
Collateralized debt obligations | 0 | |
U.S. government and federal agency securities | 0 | 0 |
Sovereign obligations | 0 | 0 |
Loans | 10,371 | 14,450 |
Derivatives | 41,508 | 49,552 |
Total financial instruments sold, not yet purchased | 52,105 | 64,263 |
Obligation to return securities received as collateral | 0 | 0 |
Other secured financings | 574 | 30,825 |
Embedded conversion option | 114 | 693 |
Level 3 [Member] | Residential mortgage-backed securities [Member] | ||
Financial instruments owned: | ||
Mortgage- and asset-backed securities, assets | 86,422 | 82,557 |
Financial instruments sold, not yet purchased: | ||
Residential mortgage-backed securities | 0 | |
Level 3 [Member] | Commercial mortgage-backed securities [Member] | ||
Financial instruments owned: | ||
Mortgage- and asset-backed securities, assets | 15,147 | 26,655 |
Level 3 [Member] | Other asset-backed securities [Member] | ||
Financial instruments owned: | ||
Mortgage- and asset-backed securities, assets | $ 32,596 | $ 2,294 |
Fair Value Disclosures - Fina52
Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Footnote) (Detail) $ in Millions | Nov. 30, 2014USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of equity options transferred from Level 1 to Level 2 within Financial instruments owned | $ 6.1 |
Fair value of equity options transferred from Level 1 to Level 2 within Financial instruments sold, not yet purchased | 6.6 |
Assets at fair value segregated for regulatory purposes | 453.7 |
Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Increase corporate debt obligations | 33.2 |
Money Market Funds [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets at fair value segregated for regulatory purposes | $ 545 |
Fair Value Disclosures - Invest
Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Aug. 31, 2015 | Nov. 30, 2014 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 127,010 | $ 116,581 |
Unfunded Commitments | 20,886 | 26,117 |
Equity Long/Short Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 79,431 | 44,983 |
Unfunded Commitments | $ 0 | $ 0 |
Redemption Frequency (if currently eligible) | Monthly, Quarterly | Monthly, Quarterly |
Fixed Income and High Yield Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 2,130 | $ 2,704 |
Unfunded Commitments | $ 0 | $ 0 |
Redemption Frequency (if currently eligible) | 0 | 0 |
Fund of Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 286 | $ 323 |
Unfunded Commitments | $ 94 | $ 94 |
Redemption Frequency (if currently eligible) | 0 | 0 |
Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 41,691 | $ 65,216 |
Unfunded Commitments | $ 20,792 | $ 26,023 |
Redemption Frequency (if currently eligible) | 0 | 0 |
Convertible Bond Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 3,472 | $ 3,355 |
Unfunded Commitments | $ 0 | $ 0 |
Redemption Frequency (if currently eligible) | At Will | At Will |
Fair Value Disclosures - Inve54
Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Footnote) (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Increase in funds | $ (14,508) | $ (9,957) | |
Equity Long/Short Hedge Funds [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Percentage of redeemable investments | 100.00% | 99.00% | |
Fixed Income and High Yield Hedge Funds [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Percentage of investments with no redemption provisions | 7.00% | 8.00% | |
Increase in funds | $ 2,500 | ||
Fund of Funds [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Percentage of investments with no redemption provisions | 95.00% | 95.00% | |
Estimated period for the liquidation of the underlying assets, Maximum | 16 months | ||
Private equity funds [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Estimated period for the liquidation of the underlying assets, Maximum | 8 years | ||
Percentage of investments at fair value expected to liquidate | 100.00% | 99.00% | |
Estimated period for the liquidation of the underlying assets, Minimum | 1 year | ||
Minimum [Member] | Equity Long/Short Hedge Funds [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Notice period redemption of investment prior written notice period | 30 days | ||
Maximum [Member] | Equity Long/Short Hedge Funds [Member] | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |||
Notice period redemption of investment prior written notice period | 90 days |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3 (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Assets: | ||||
Total gains/(losses) (realized and unrealized) | $ 64,900 | $ (6,000) | $ 48,500 | $ 19,100 |
Liabilities: | ||||
Net gains/(losses) on Level 3 liabilities (realized and unrealized) | 1,700 | 4,200 | (2,300) | (2,000) |
Corporate equity securities [Member] | ||||
Liabilities: | ||||
Beginning Balance | 38 | 38 | 38 | 38 |
Net gains/(losses) on Level 3 liabilities (realized and unrealized) | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into/ (out of) Level 3 | (38) | 0 | (38) | 0 |
Ending Balance | 0 | 38 | 0 | 38 |
Change in unrealized gains/ (losses) relating to instruments still held | 0 | 0 | 0 | 0 |
Corporate debt securities [Member] | ||||
Liabilities: | ||||
Beginning Balance | 452 | 2,780 | 223 | 0 |
Net gains/(losses) on Level 3 liabilities (realized and unrealized) | (226) | (101) | (1) | 163 |
Purchases | 0 | (2,566) | (6,677) | (7) |
Sales | 0 | 0 | 6,804 | 97 |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into/ (out of) Level 3 | 0 | 129 | (123) | (11) |
Ending Balance | 226 | 242 | 226 | 242 |
Change in unrealized gains/ (losses) relating to instruments still held | 226 | 67 | (226) | (163) |
Net derivatives [Member] | ||||
Liabilities: | ||||
Beginning Balance | (1,586) | 15,282 | (4,638) | 6,905 |
Net gains/(losses) on Level 3 liabilities (realized and unrealized) | (1,020) | (1,632) | 3,022 | 9,959 |
Purchases | (1,432) | (74) | (4,527) | (124) |
Sales | 11,618 | 74 | 11,340 | (76) |
Settlements | 24 | (70) | (30) | 248 |
Issuances | 416 | 0 | 1,901 | 0 |
Net transfers into/ (out of) Level 3 | (857) | 0 | 95 | (3,332) |
Ending Balance | 7,163 | 13,580 | 7,163 | 13,580 |
Change in unrealized gains/ (losses) relating to instruments still held | 551 | 70 | (5,211) | 0 |
Loans [Member] | ||||
Liabilities: | ||||
Beginning Balance | 10,732 | 31,534 | 14,450 | 22,462 |
Net gains/(losses) on Level 3 liabilities (realized and unrealized) | 109 | 0 | (102) | 0 |
Purchases | (3,012) | (16,307) | (3,487) | (15,472) |
Sales | 0 | 0 | 0 | 3,549 |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into/ (out of) Level 3 | 2,542 | (8,566) | (490) | (3,878) |
Ending Balance | 10,371 | 6,661 | 10,371 | 6,661 |
Change in unrealized gains/ (losses) relating to instruments still held | (110) | 0 | 102 | (10,519) |
Other secured financings [Member] | ||||
Liabilities: | ||||
Beginning Balance | 56,060 | 20,288 | 30,825 | 8,711 |
Net gains/(losses) on Level 3 liabilities (realized and unrealized) | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (3,914) | (7,570) | (15,674) | (16,684) |
Issuances | 0 | 18,948 | 36,995 | 39,639 |
Net transfers into/ (out of) Level 3 | (51,572) | 0 | (51,572) | 0 |
Ending Balance | 574 | 31,666 | 574 | 31,666 |
Change in unrealized gains/ (losses) relating to instruments still held | 0 | 0 | 0 | 0 |
Embedded conversion option [Member] | ||||
Liabilities: | ||||
Beginning Balance | 725 | 3,895 | 693 | 9,574 |
Net gains/(losses) on Level 3 liabilities (realized and unrealized) | (611) | (2,463) | (579) | (8,142) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 | 0 |
Ending Balance | 114 | 1,432 | 114 | 1,432 |
Change in unrealized gains/ (losses) relating to instruments still held | 611 | 2,463 | 579 | 8,142 |
Corporate equity securities [Member] | ||||
Assets: | ||||
Beginning Balance | 20,547 | 16,402 | 20,964 | 9,884 |
Total gains/(losses) (realized and unrealized) | 3,901 | (480) | 10,247 | (1,528) |
Purchases | 21,162 | 4,528 | 22,631 | 36,661 |
Sales | (5,173) | (529) | (5,176) | (31,444) |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into/ (out of) Level 3 | (1,935) | (12,144) | (10,164) | (5,796) |
Ending Balance | 38,502 | 7,777 | 38,502 | 7,777 |
Change in unrealized gains/(losses) relating to instruments still held | 3,803 | (286) | 10,210 | (400) |
Corporate debt securities [Member] | ||||
Assets: | ||||
Beginning Balance | 31,917 | 31,648 | 22,766 | 25,666 |
Total gains/(losses) (realized and unrealized) | (5,276) | 5,454 | (5,425) | 10,727 |
Purchases | 10,395 | 21,793 | 83,613 | 137,164 |
Sales | (17,197) | (15,713) | (88,711) | (128,733) |
Settlements | (1) | (34) | (1) | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into/ (out of) Level 3 | 4,493 | (6,264) | 12,089 | (7,940) |
Ending Balance | 24,331 | 36,884 | 24,331 | 36,884 |
Change in unrealized gains/(losses) relating to instruments still held | (5,544) | 3,470 | (5,797) | 10,177 |
Collateralized debt obligations [Member] | ||||
Assets: | ||||
Beginning Balance | 89,007 | 42,313 | 124,650 | 37,216 |
Total gains/(losses) (realized and unrealized) | (12,560) | (845) | (28,999) | 5,198 |
Purchases | 14,961 | 7,613 | 63,038 | 94,743 |
Sales | 0 | (15,204) | (47,570) | (99,661) |
Settlements | (13,230) | 0 | (20,481) | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into/ (out of) Level 3 | 2,872 | 9,863 | (9,588) | 6,244 |
Ending Balance | 81,050 | 43,740 | 81,050 | 43,740 |
Change in unrealized gains/(losses) relating to instruments still held | (12,561) | (1,575) | (22,654) | (6,283) |
U.S. government and federal agency securities [Member] | ||||
Assets: | ||||
Beginning Balance | 0 | 0 | ||
Total gains/(losses) (realized and unrealized) | (11) | (11) | ||
Purchases | 2,505 | 2,505 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Issuances | 0 | 0 | ||
Net transfers into/ (out of) Level 3 | 0 | 0 | ||
Ending Balance | 2,494 | 2,494 | ||
Change in unrealized gains/(losses) relating to instruments still held | (11) | (11) | ||
Residential mortgage-backed securities [Member] | ||||
Assets: | ||||
Beginning Balance | 88,695 | 71,962 | 82,557 | 105,492 |
Total gains/(losses) (realized and unrealized) | (3,009) | (2,557) | (6,776) | (6,974) |
Purchases | 10,034 | 3,981 | 30,865 | 44,454 |
Sales | (8,424) | (9,635) | (25,222) | (65,229) |
Settlements | (195) | (325) | (358) | (812) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into/ (out of) Level 3 | (679) | 17,608 | 5,356 | 4,103 |
Ending Balance | 86,422 | 81,034 | 86,422 | 81,034 |
Change in unrealized gains/(losses) relating to instruments still held | 655 | (302) | (2,507) | (3,564) |
Commercial mortgage-backed securities [Member] | ||||
Assets: | ||||
Beginning Balance | 17,862 | 24,246 | 26,655 | 17,568 |
Total gains/(losses) (realized and unrealized) | (510) | (256) | (2,053) | (3,120) |
Purchases | 0 | 641 | 3,366 | 34,959 |
Sales | (680) | (7,068) | (9,973) | (32,774) |
Settlements | 0 | 0 | (6,981) | (1,315) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into/ (out of) Level 3 | (1,525) | 1,764 | 4,133 | 4,009 |
Ending Balance | 15,147 | 19,327 | 15,147 | 19,327 |
Change in unrealized gains/(losses) relating to instruments still held | (545) | (832) | (1,851) | (3,380) |
Other asset-backed securities [Member] | ||||
Assets: | ||||
Beginning Balance | 11,857 | 45,444 | 2,294 | 12,611 |
Total gains/(losses) (realized and unrealized) | 870 | 1,272 | 666 | 256 |
Purchases | 21,913 | 50,620 | 69,892 | 52,495 |
Sales | 0 | (49,411) | (40,000) | (52,282) |
Settlements | (1,167) | (8,774) | (1,438) | (8,804) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into/ (out of) Level 3 | (877) | (37,072) | 1,182 | (2,197) |
Ending Balance | 32,596 | 2,079 | 32,596 | 2,079 |
Change in unrealized gains/(losses) relating to instruments still held | 813 | (3) | 607 | 0 |
Loans and other receivables [Member] | ||||
Assets: | ||||
Beginning Balance | 108,756 | 138,643 | 97,258 | 145,890 |
Total gains/(losses) (realized and unrealized) | (2,111) | (8,074) | (7,331) | (9,028) |
Purchases | 31,269 | 194,387 | 115,370 | 247,383 |
Sales | (603) | (96,340) | (40,978) | (147,851) |
Settlements | (42,529) | (40,617) | (82,100) | (61,791) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into/ (out of) Level 3 | 617 | 26 | 13,180 | 13,422 |
Ending Balance | 95,399 | 188,025 | 95,399 | 188,025 |
Change in unrealized gains/(losses) relating to instruments still held | (6,182) | (7,967) | (8,850) | (8,961) |
Investments at fair value [Member] | ||||
Assets: | ||||
Beginning Balance | 131,343 | 79,316 | 53,224 | 66,931 |
Total gains/(losses) (realized and unrealized) | 83,580 | (512) | 88,195 | 23,615 |
Purchases | 0 | 500 | 0 | 28,160 |
Sales | (127,427) | (5,414) | (124,854) | (38,062) |
Settlements | (277) | (305) | (3,818) | (945) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into/ (out of) Level 3 | (21,010) | 5,416 | 53,462 | (698) |
Ending Balance | 66,209 | 79,001 | 66,209 | 79,001 |
Change in unrealized gains/(losses) relating to instruments still held | $ 19,675 | $ (403) | $ 24,372 | $ 9,126 |
Fair Value Disclosures - Quanti
Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Aug. 31, 2015 | Nov. 30, 2014 | May. 31, 2015 | Aug. 31, 2014 | May. 31, 2014 | Nov. 30, 2013 | |
Embedded conversion option [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Sold, Not Yet Purchased | $ 114 | $ 693 | $ 725 | $ 1,432 | $ 3,895 | $ 9,574 |
Corporate equity securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 38,502 | 20,964 | 20,547 | 7,777 | 16,402 | 9,884 |
Corporate debt securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 24,331 | 22,766 | 31,917 | 36,884 | 31,648 | 25,666 |
Collateralized debt obligations [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 81,050 | 124,650 | 89,007 | 43,740 | 42,313 | 37,216 |
Residential mortgage-backed securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 86,422 | 82,557 | 88,695 | 81,034 | 71,962 | 105,492 |
Commercial mortgage-backed securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 15,147 | 26,655 | 17,862 | 19,327 | 24,246 | 17,568 |
Other asset-backed securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 32,596 | 2,294 | 11,857 | 2,079 | 45,444 | 12,611 |
Loans and other receivables [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 95,399 | 97,258 | 108,756 | 188,025 | 138,643 | 145,890 |
Investments at fair value [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 66,209 | 53,224 | $ 131,343 | $ 79,001 | $ 79,316 | $ 66,931 |
Financial Instruments Owned [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 20,308 | 54,190 | ||||
Financial Instruments Owned [Member] | Corporate equity securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 17,340 | 19,814 | ||||
Financial Instruments Owned [Member] | Corporate debt securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 24,331 | 22,766 | ||||
Financial Instruments Owned [Member] | Collateralized debt obligations [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 33,075 | 41,784 | ||||
Financial Instruments Owned [Member] | Residential mortgage-backed securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 86,422 | 82,557 | ||||
Financial Instruments Owned [Member] | Commercial mortgage-backed securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 15,147 | 26,655 | ||||
Financial Instruments Owned [Member] | Other asset-backed securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 32,596 | 2,294 | ||||
Financial Instruments Owned [Member] | Loans and other receivables [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 85,445 | 88,154 | ||||
Financial Instruments Owned [Member] | Investments at fair value [Member] | Private equity securities [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Owned | 38,497 | 8,500 | ||||
Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Sold, Not Yet Purchased | 41,508 | 49,552 | ||||
Financial Instruments Sold, Not Yet Purchased [Member] | Embedded conversion option [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Sold, Not Yet Purchased | 114 | 693 | ||||
Financial Instruments Sold, Not Yet Purchased [Member] | Loans and other receivables [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Sold, Not Yet Purchased | $ 10,371 | 14,450 | ||||
Financial Instruments Sold, Not Yet Purchased [Member] | Other secured financings at fair value [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Market Value of Financial Instruments Sold, Not Yet Purchased | $ 30,825 | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Foreign exchange options [Member] | Option model [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Volatility | 11.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Foreign exchange options [Member] | Minimum [Member] | Option model [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Volatility | 13.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Foreign exchange options [Member] | Maximum [Member] | Option model [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Volatility | 23.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Foreign exchange options [Member] | Weighted Average [Member] | Option model [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Volatility | 0.00% | 17.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Unfunded commitment [Member] | Minimum [Member] | Market approach [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Discount rate/yield | 12.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Unfunded commitment [Member] | Minimum [Member] | Comparable pricing [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | $ 91 | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Unfunded commitment [Member] | Maximum [Member] | Market approach [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Discount rate/yield | 15.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Unfunded commitment [Member] | Maximum [Member] | Comparable pricing [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | $ 100 | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Unfunded commitment [Member] | Weighted Average [Member] | Market approach [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Discount rate/yield | 13.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Unfunded commitment [Member] | Weighted Average [Member] | Comparable pricing [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | $ 100 | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Foreign exchange forwards [Member] | Market approach [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Constant default rate/Credit spread | 5.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Forward contracts [Member] | Discounted cash flows [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Discount rate/yield | 17.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Loan commitments [Member] | Comparable pricing [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | $ 100 | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Scenario analysis [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Estimated recovery percentage | 24.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Minimum [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Underlying stock price | $ 5 | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Maximum [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Underlying stock price | 7 | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Weighted Average [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Underlying stock price | $ 6 | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Non-exchange traded securities [Member] | Minimum [Member] | Market approach [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), EBITDA multiple | 4.6 | 3.4 | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Non-exchange traded securities [Member] | Maximum [Member] | Market approach [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), EBITDA multiple | 8.5 | 4.7 | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Non-exchange traded securities [Member] | Weighted Average [Member] | Market approach [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), EBITDA multiple | 6.6 | 3.6 | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate debt securities [Member] | Market approach [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Discount rate/yield | 19.00% | |||||
Significant Unobservable Input(s), Transaction level | $ 138 | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate debt securities [Member] | Convertible bond model [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Discount rate/yield | 74.00% | 32.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Collateralized debt obligations [Member] | Minimum [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Constant prepayment rate | 0.00% | 0.00% | ||||
Significant Unobservable Input(s), Constant default rate/Credit spread | 0.00% | 0.00% | ||||
Significant Unobservable Input(s), Loss severity | 25.00% | 0.00% | ||||
Significant Unobservable Input(s), Yield | 10.00% | 2.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Collateralized debt obligations [Member] | Maximum [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Constant prepayment rate | 20.00% | 20.00% | ||||
Significant Unobservable Input(s), Constant default rate/Credit spread | 2.00% | 2.00% | ||||
Significant Unobservable Input(s), Loss severity | 100.00% | 70.00% | ||||
Significant Unobservable Input(s), Yield | 13.00% | 51.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Collateralized debt obligations [Member] | Weighted Average [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Constant prepayment rate | 17.00% | 13.00% | ||||
Significant Unobservable Input(s), Constant default rate/Credit spread | 2.00% | 2.00% | ||||
Significant Unobservable Input(s), Loss severity | 40.00% | 39.00% | ||||
Significant Unobservable Input(s), Yield | 11.00% | 16.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Residential mortgage-backed securities [Member] | Minimum [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Constant prepayment rate | 0.00% | 1.00% | ||||
Significant Unobservable Input(s), Constant default rate/Credit spread | 1.00% | 1.00% | ||||
Significant Unobservable Input(s), Loss severity | 25.00% | 20.00% | ||||
Significant Unobservable Input(s), Yield | 1.00% | 3.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Residential mortgage-backed securities [Member] | Maximum [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Constant prepayment rate | 50.00% | 50.00% | ||||
Significant Unobservable Input(s), Constant default rate/Credit spread | 8.00% | 100.00% | ||||
Significant Unobservable Input(s), Loss severity | 80.00% | 80.00% | ||||
Significant Unobservable Input(s), Yield | 11.00% | 13.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Residential mortgage-backed securities [Member] | Weighted Average [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Constant prepayment rate | 12.00% | 13.00% | ||||
Significant Unobservable Input(s), Constant default rate/Credit spread | 5.00% | 14.00% | ||||
Significant Unobservable Input(s), Loss severity | 52.00% | 50.00% | ||||
Significant Unobservable Input(s), Yield | 5.00% | 7.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Commercial mortgage-backed securities [Member] | Scenario analysis [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Estimated recovery percentage | 90.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Commercial mortgage-backed securities [Member] | Minimum [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Yield | 8.00% | 8.00% | ||||
Significant Unobservable Input(s), Cumulative loss rate | 2.00% | 4.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Commercial mortgage-backed securities [Member] | Maximum [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Yield | 20.00% | 12.00% | ||||
Significant Unobservable Input(s), Cumulative loss rate | 54.00% | 72.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Commercial mortgage-backed securities [Member] | Weighted Average [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Yield | 14.00% | 11.00% | ||||
Significant Unobservable Input(s), Cumulative loss rate | 15.00% | 15.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Other asset-backed securities [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Constant prepayment rate | 8.00% | |||||
Significant Unobservable Input(s), Constant default rate/Credit spread | 3.00% | |||||
Significant Unobservable Input(s), Loss severity | 70.00% | |||||
Significant Unobservable Input(s), Yield | 7.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Other asset-backed securities [Member] | Minimum [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Constant prepayment rate | 0.00% | |||||
Significant Unobservable Input(s), Constant default rate/Credit spread | 0.00% | |||||
Significant Unobservable Input(s), Loss severity | 0.00% | |||||
Significant Unobservable Input(s), Yield | 1.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Other asset-backed securities [Member] | Minimum [Member] | Over collateralization percentage [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Over collateralization percentage | 111.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Other asset-backed securities [Member] | Maximum [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Constant prepayment rate | 24.00% | |||||
Significant Unobservable Input(s), Constant default rate/Credit spread | 9.00% | |||||
Significant Unobservable Input(s), Loss severity | 100.00% | |||||
Significant Unobservable Input(s), Yield | 25.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Other asset-backed securities [Member] | Maximum [Member] | Over collateralization percentage [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Over collateralization percentage | 125.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Other asset-backed securities [Member] | Weighted Average [Member] | Discounted cash flows [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Constant prepayment rate | 10.00% | |||||
Significant Unobservable Input(s), Constant default rate/Credit spread | 5.00% | |||||
Significant Unobservable Input(s), Loss severity | 77.00% | |||||
Significant Unobservable Input(s), Yield | 10.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Other asset-backed securities [Member] | Weighted Average [Member] | Over collateralization percentage [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Over collateralization percentage | 123.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Market approach [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), EBITDA multiple | 6.9 | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Minimum [Member] | Market approach [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), EBITDA multiple | 3.4 | |||||
Significant Unobservable Input(s), Discount rate/yield | 2.00% | |||||
Significant Unobservable Input(s), Yield | 3.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Minimum [Member] | Scenario analysis [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Estimated recovery percentage | 34.00% | 10.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Minimum [Member] | Comparable pricing [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | $ 91 | $ 100 | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Maximum [Member] | Market approach [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), EBITDA multiple | 8.2 | |||||
Significant Unobservable Input(s), Discount rate/yield | 13.00% | |||||
Significant Unobservable Input(s), Yield | 5.00% | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Maximum [Member] | Scenario analysis [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Estimated recovery percentage | 77.00% | 41.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Maximum [Member] | Comparable pricing [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | $ 100 | $ 101 | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Weighted Average [Member] | Market approach [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), EBITDA multiple | 7.6 | |||||
Significant Unobservable Input(s), Yield | 10.00% | 4.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Weighted Average [Member] | Scenario analysis [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Estimated recovery percentage | 39.00% | 36.00% | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Weighted Average [Member] | Comparable pricing [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | $ 97 | $ 100.3 | ||||
Level 3 [Member] | Financial Instruments Owned [Member] | Investments at fair value [Member] | Private equity securities [Member] | Market approach [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Transaction level | $ 50 | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Investments at fair value [Member] | Private equity securities [Member] | Minimum [Member] | Market approach [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Transaction level | 3 | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Investments at fair value [Member] | Private equity securities [Member] | Maximum [Member] | Market approach [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Transaction level | 56 | |||||
Level 3 [Member] | Financial Instruments Owned [Member] | Investments at fair value [Member] | Private equity securities [Member] | Weighted Average [Member] | Market approach [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Transaction level | $ 10 | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Minimum [Member] | Option model [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Volatility | 13.00% | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Maximum [Member] | Option model [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Volatility | 23.00% | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Foreign exchange options [Member] | Option model [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Volatility | 11.00% | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Foreign exchange options [Member] | Weighted Average [Member] | Option model [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Volatility | 17.00% | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Equity options [Member] | Option model [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Volatility | 42.00% | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Equity options [Member] | Default rate [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Default probability | 0.00% | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Unfunded commitment [Member] | Market approach [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Yield | 5.00% | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Unfunded commitment [Member] | Discounted cash flows [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Constant prepayment rate | 20.00% | |||||
Significant Unobservable Input(s), Constant default rate/Credit spread | 2.00% | |||||
Significant Unobservable Input(s), Loss severity | 30.00% | |||||
Significant Unobservable Input(s), Yield | 11.00% | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Unfunded commitment [Member] | Comparable pricing [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Constant default rate/Credit spread | 0.45% | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Unfunded commitment [Member] | Minimum [Member] | Market approach [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Yield | 4.00% | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Unfunded commitment [Member] | Minimum [Member] | Comparable pricing [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | $ 91 | $ 89 | ||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Unfunded commitment [Member] | Maximum [Member] | Market approach [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Yield | 15.00% | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Unfunded commitment [Member] | Maximum [Member] | Comparable pricing [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | $ 100 | 100 | ||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Unfunded commitment [Member] | Weighted Average [Member] | Market approach [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Yield | 13.00% | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Unfunded commitment [Member] | Weighted Average [Member] | Comparable pricing [Member] | Derivatives [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | $ 95.8 | $ 92 | ||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Embedded conversion option [Member] | Option valuation model [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Historical volatility | 22.00% | 19.00% | ||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Commercial Loan [Member] | Comparable pricing [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | $ 100 | $ 100 | ||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Other secured financings at fair value [Member] | Minimum [Member] | Comparable pricing [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | 81 | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Other secured financings at fair value [Member] | Maximum [Member] | Comparable pricing [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | 100 | |||||
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Other secured financings at fair value [Member] | Weighted Average [Member] | Comparable pricing [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Significant Unobservable Input(s), Comparable bond or loan price | $ 98.7 |
Fair Value Disclosures - Summ57
Fair Value Disclosures - Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk for Loans and Other Receivables and Loan Commitments Measured at Fair Value under Fair Value Option (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Financial instruments owned: | ||||
Loans and other receivables | $ (13,566) | $ (15,002) | $ (25,686) | $ (12,841) |
Loans [Member] | ||||
Financial Instruments Sold: | ||||
Loan commitments | 38 | 103 | 112 | (751) |
Loan commitments [Member] | ||||
Financial Instruments Sold: | ||||
Loan commitments | $ (51) | $ 1,338 | $ (1,673) | $ (10,299) |
Fair Value Disclosures - Summ58
Fair Value Disclosures - Summary of Amount by Which Contractual Principal Exceeds Fair Value for Loans and Other Receivables Measured at Fair Value under Fair Value Option (Detail) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
Financial instruments owned: | ||
Loans and other receivables | $ 354,262 | $ 403,119 |
Loans and other receivables greater than 90 days past due | 32,867 | 5,594 |
Loans and other receivables on nonaccrual status | $ 3,330 | $ (22,360) |
Derivative Financial Instrume59
Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract (Detail) $ in Thousands | Aug. 31, 2015USD ($)Contract | Nov. 30, 2014USD ($)Contract |
Derivatives, Fair Value [Line Items] | ||
Net amounts per Consolidated Statements of Financial Condition, Assets | $ 468,823 | $ 406,268 |
Net amounts per Consolidated Statements of Financial Condition, Liabilities | 219,643 | 363,515 |
Exchange-traded [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | 1,287,955 | 1,075,642 |
Fair Value, Liabilities | 1,150,569 | 1,040,076 |
Amounts offset in the Consolidated Statements of Financial Condition, Assets | (1,146,698) | (1,038,992) |
Amounts offset in the Consolidated Statements of Financial Condition, Liabilities | (1,146,698) | (1,038,992) |
Cleared OTC [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | 1,973,526 | 1,443,206 |
Fair Value, Liabilities | 1,953,948 | 1,504,593 |
Amounts offset in the Consolidated Statements of Financial Condition, Assets | (1,924,391) | (1,416,613) |
Amounts offset in the Consolidated Statements of Financial Condition, Liabilities | (1,924,391) | (1,416,613) |
Bilateral OTC [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | 1,602,289 | 2,646,765 |
Fair Value, Liabilities | 1,619,648 | 2,675,464 |
Amounts offset in the Consolidated Statements of Financial Condition, Assets | (1,323,858) | (2,303,740) |
Amounts offset in the Consolidated Statements of Financial Condition, Liabilities | (1,433,433) | (2,401,013) |
Interest rate contracts [Member] | Exchange-traded [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 1,806 | $ 2,450 |
Number of Contracts, Assets | Contract | 74,381 | 67,437 |
Fair Value, Liabilities | $ 1,930 | $ 1,400 |
Number of Contracts, Liabilities | Contract | 104,483 | 87,008 |
Interest rate contracts [Member] | Cleared OTC [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 1,930,070 | $ 1,425,375 |
Number of Contracts, Assets | Contract | 3,195 | 2,160 |
Fair Value, Liabilities | $ 1,911,702 | $ 1,481,329 |
Number of Contracts, Liabilities | Contract | 2,822 | 2,124 |
Interest rate contracts [Member] | Bilateral OTC [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 683,237 | $ 871,982 |
Number of Contracts, Assets | Contract | 2,051 | 1,908 |
Fair Value, Liabilities | $ 613,344 | $ 809,962 |
Number of Contracts, Liabilities | Contract | 898 | 729 |
Foreign exchange contracts [Member] | Exchange-traded [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 0 | $ 0 |
Number of Contracts, Assets | Contract | 419 | 1,562 |
Fair Value, Liabilities | $ 0 | $ 0 |
Number of Contracts, Liabilities | Contract | 407 | 1,821 |
Foreign exchange contracts [Member] | Bilateral OTC [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 777,346 | $ 1,514,881 |
Number of Contracts, Assets | Contract | 10,234 | 11,299 |
Fair Value, Liabilities | $ 795,572 | $ 1,519,349 |
Number of Contracts, Liabilities | Contract | 9,809 | 10,931 |
Equity contracts [Member] | Exchange-traded [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 1,286,149 | $ 1,011,101 |
Number of Contracts, Assets | Contract | 3,082,363 | 2,269,044 |
Fair Value, Liabilities | $ 1,148,639 | $ 987,531 |
Number of Contracts, Liabilities | Contract | 3,082,310 | 2,049,513 |
Equity contracts [Member] | Bilateral OTC [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 88,463 | $ 39,889 |
Number of Contracts, Assets | Contract | 1,017 | 2,463 |
Fair Value, Liabilities | $ 143,041 | $ 70,484 |
Number of Contracts, Liabilities | Contract | 967 | 1,956 |
Commodity contracts [Member] | Exchange-traded [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 0 | $ 62,091 |
Number of Contracts, Assets | Contract | 253,123 | 1,027,542 |
Fair Value, Liabilities | $ 0 | $ 51,145 |
Number of Contracts, Liabilities | Contract | 252,949 | 1,015,894 |
Commodity contracts [Member] | Bilateral OTC [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 38,418 | $ 214,635 |
Number of Contracts, Assets | Contract | 488 | 4,026 |
Fair Value, Liabilities | $ 23,161 | $ 252,061 |
Number of Contracts, Liabilities | Contract | 544 | 4,524 |
Credit contracts [Member] | Cleared OTC [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 43,456 | $ 17,831 |
Number of Contracts, Assets | Contract | 103 | 27 |
Fair Value, Liabilities | $ 42,246 | $ 23,264 |
Number of Contracts, Liabilities | Contract | 88 | 22 |
Credit contracts [Member] | Bilateral OTC [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 14,825 | $ 5,378 |
Number of Contracts, Assets | Contract | 93 | 18 |
Fair Value, Liabilities | $ 44,530 | $ 23,608 |
Number of Contracts, Liabilities | Contract | 99 | 27 |
Derivative Financial Instrume60
Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | $ 91,718 | $ (52,849) | $ 73,873 | $ (264,790) |
Interest rate contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | 25,308 | (3,803) | 580 | (70,288) |
Foreign exchange contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | 6,893 | 6,697 | 30,417 | 9,046 |
Equity contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | 68,649 | (49,422) | 28,008 | (219,584) |
Commodity contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | (4,757) | (4,991) | 15,480 | 32,989 |
Credit contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | $ (4,375) | $ (1,330) | $ (612) | $ (16,953) |
Derivative Financial Instrume61
Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Detail) $ in Thousands | Aug. 31, 2015USD ($) |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | $ 301,613 |
OTC derivative assets having maturity period of 1 to 5 years | 193,330 |
OTC derivative assets having maturity period of greater than 5 years | 95,844 |
OTC derivative assets cross-maturity netting | (47,857) |
Total OTC derivative assets, net of cross-maturity netting | 542,930 |
Cross product counterparty netting | (10,029) |
Total OTC derivative assets included in Financial instruments owned | 532,901 |
OTC derivative liabilities having maturity period of 0 to 12 months | 279,322 |
OTC derivative liabilities having maturity period of 1 to 5 years | 177,212 |
OTC derivative liabilities having maturity period of greater than 5 years | 113,202 |
OTC derivative liabilities cross-maturity netting | (47,857) |
Total OTC derivative liabilities, net of cross-maturity netting | 521,879 |
Cross product counterparty netting | (10,029) |
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased | 511,850 |
Commodity swaps, options and forwards [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | 9,025 |
OTC derivative assets having maturity period of 1 to 5 years | 1,112 |
OTC derivative assets having maturity period of greater than 5 years | 14,037 |
OTC derivative assets cross-maturity netting | 0 |
Total OTC derivative assets, net of cross-maturity netting | 24,174 |
OTC derivative liabilities having maturity period of 0 to 12 months | 2,959 |
OTC derivative liabilities having maturity period of 1 to 5 years | 0 |
OTC derivative liabilities having maturity period of greater than 5 years | 5,470 |
OTC derivative liabilities cross-maturity netting | 0 |
Total OTC derivative liabilities, net of cross-maturity netting | 8,429 |
Equity swaps and options [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | 33,975 |
OTC derivative assets having maturity period of 1 to 5 years | 8,486 |
OTC derivative assets having maturity period of greater than 5 years | 2,316 |
OTC derivative assets cross-maturity netting | 0 |
Total OTC derivative assets, net of cross-maturity netting | 44,777 |
OTC derivative liabilities having maturity period of 0 to 12 months | 16,909 |
OTC derivative liabilities having maturity period of 1 to 5 years | 39,538 |
OTC derivative liabilities having maturity period of greater than 5 years | 9,139 |
OTC derivative liabilities cross-maturity netting | 0 |
Total OTC derivative liabilities, net of cross-maturity netting | 65,586 |
Credit default swaps [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | 54 |
OTC derivative assets having maturity period of 1 to 5 years | 4,084 |
OTC derivative assets having maturity period of greater than 5 years | 2,224 |
OTC derivative assets cross-maturity netting | (1,832) |
Total OTC derivative assets, net of cross-maturity netting | 4,530 |
OTC derivative liabilities having maturity period of 0 to 12 months | 0 |
OTC derivative liabilities having maturity period of 1 to 5 years | 1,519 |
OTC derivative liabilities having maturity period of greater than 5 years | 11,016 |
OTC derivative liabilities cross-maturity netting | (1,832) |
Total OTC derivative liabilities, net of cross-maturity netting | 10,703 |
Total return swaps [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | 23,005 |
OTC derivative assets having maturity period of 1 to 5 years | 4 |
OTC derivative assets having maturity period of greater than 5 years | 0 |
OTC derivative assets cross-maturity netting | (180) |
Total OTC derivative assets, net of cross-maturity netting | 22,829 |
OTC derivative liabilities having maturity period of 0 to 12 months | 54,507 |
OTC derivative liabilities having maturity period of 1 to 5 years | 1,927 |
OTC derivative liabilities having maturity period of greater than 5 years | 1,967 |
OTC derivative liabilities cross-maturity netting | (180) |
Total OTC derivative liabilities, net of cross-maturity netting | 58,221 |
Foreign currency forwards, swaps and options [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | 165,529 |
OTC derivative assets having maturity period of 1 to 5 years | 21,372 |
OTC derivative assets having maturity period of greater than 5 years | 0 |
OTC derivative assets cross-maturity netting | (11,252) |
Total OTC derivative assets, net of cross-maturity netting | 175,649 |
OTC derivative liabilities having maturity period of 0 to 12 months | 157,468 |
OTC derivative liabilities having maturity period of 1 to 5 years | 48,147 |
OTC derivative liabilities having maturity period of greater than 5 years | 0 |
OTC derivative liabilities cross-maturity netting | (11,252) |
Total OTC derivative liabilities, net of cross-maturity netting | 194,363 |
Fixed income forwards [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative liabilities having maturity period of 0 to 12 months | 342 |
OTC derivative liabilities having maturity period of 1 to 5 years | 0 |
OTC derivative liabilities having maturity period of greater than 5 years | 0 |
OTC derivative liabilities cross-maturity netting | 0 |
Total OTC derivative liabilities, net of cross-maturity netting | 342 |
Interest rate swaps, options and forwards [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | 70,025 |
OTC derivative assets having maturity period of 1 to 5 years | 158,272 |
OTC derivative assets having maturity period of greater than 5 years | 77,267 |
OTC derivative assets cross-maturity netting | (34,593) |
Total OTC derivative assets, net of cross-maturity netting | 270,971 |
OTC derivative liabilities having maturity period of 0 to 12 months | 47,137 |
OTC derivative liabilities having maturity period of 1 to 5 years | 86,081 |
OTC derivative liabilities having maturity period of greater than 5 years | 85,610 |
OTC derivative liabilities cross-maturity netting | (34,593) |
Total OTC derivative liabilities, net of cross-maturity netting | $ 184,235 |
Derivative Financial Instrume62
Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Footnote) (Detail) $ in Millions | Aug. 31, 2015USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Exchange traded derivative assets | $ 144.2 |
Cash collateral received | 208.3 |
Exchange traded derivative liabilities, with fair value | 25.6 |
Cash collateral pledged | $ 317.8 |
Derivative Financial Instrume63
Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Detail) $ in Thousands | Aug. 31, 2015USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of OTC derivatives assets, Counterparty credit quality, A- or higher | $ 256,142 |
Fair value of OTC derivatives assets, Counterparty credit quality, BBB- to BBB+ | 124,498 |
Fair value of OTC derivatives assets, Counterparty credit quality, BB+ or lower | 74,834 |
Fair value of OTC derivatives assets, Counterparty credit quality, Unrated | 77,427 |
Total OTC derivative assets included in Financial instruments owned | $ 532,901 |
Derivative Financial Instrume64
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair value of derivative instruments in a liability position | $ 112.5 | $ 269 |
Collateral posted for derivative instruments in a liability position | 105.2 | 234.6 |
Additional collateral required for derivative instruments in a liability position | $ 13.1 | $ 55.1 |
Collateralized Transactions - C
Collateralized Transactions - Collateral Pledged (Details) $ in Thousands | Aug. 31, 2015USD ($) |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Securities Lending Arrangements | $ 3,645,195 |
Repurchase Agreements | 19,478,562 |
Total | 23,123,757 |
Corporate equity securities [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Securities Lending Arrangements | 2,506,969 |
Repurchase Agreements | 347,844 |
Total | 2,854,813 |
Corporate debt securities [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Securities Lending Arrangements | 1,109,775 |
Repurchase Agreements | 1,959,647 |
Total | 3,069,422 |
Mortgage- and asset-backed securities [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Securities Lending Arrangements | 0 |
Repurchase Agreements | 5,044,406 |
Total | 5,044,406 |
U.S. government and federal agency securities [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Securities Lending Arrangements | 28,451 |
Repurchase Agreements | 9,412,058 |
Total | 9,440,509 |
Municipal securities [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Securities Lending Arrangements | 0 |
Repurchase Agreements | 492,599 |
Total | 492,599 |
Sovereign obligations [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Securities Lending Arrangements | 0 |
Repurchase Agreements | 1,604,147 |
Total | 1,604,147 |
Loans and other receivables [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Securities Lending Arrangements | 0 |
Repurchase Agreements | 617,861 |
Total | $ 617,861 |
Collateralized Transactions -66
Collateralized Transactions - Contractual Maturity (Details) $ in Thousands | Aug. 31, 2015USD ($) |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Securities Lending Arrangements | $ 3,645,195 |
Repurchase Agreements | 19,478,562 |
Total | 23,123,757 |
Overnight and Continuous [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Securities Lending Arrangements | 1,954,916 |
Repurchase Agreements | 9,827,633 |
Total | 11,782,549 |
Up to 30 Days [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Securities Lending Arrangements | 336,335 |
Repurchase Agreements | 4,539,795 |
Total | 4,876,130 |
30-90 Days [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Securities Lending Arrangements | 1,353,944 |
Repurchase Agreements | 2,869,691 |
Total | 4,223,635 |
Greater than 90 Days [Member] | |
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items] | |
Securities Lending Arrangements | 0 |
Repurchase Agreements | 2,241,443 |
Total | $ 2,241,443 |
Collateralized Transactions - A
Collateralized Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
Banking and Thrift [Abstract] | ||
Fair value of securities received as collateral | $ 26,100,000 | $ 25,800,000 |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | $ 904,009 | $ 3,444,674 |
Collateralized Transactions - S
Collateralized Transactions - Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements (Detail) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
Banking and Thrift [Abstract] | ||
Securities borrowing arrangements, Gross amounts | $ 7,702,853 | $ 6,853,103 |
Securities borrowing arrangements, Netting in consolidated statement of financial condition | 0 | 0 |
Securities borrowing arrangements, Net amounts in consolidated statement of financial condition | 7,702,853 | 6,853,103 |
Securities borrowing arrangements, Additional amounts available for setoff | (624,220) | (680,222) |
Securities borrowing arrangements, Available collateral | (776,755) | (1,274,196) |
Securities borrowing arrangements, Net amount | 6,301,878 | 4,898,685 |
Reverse repurchase agreements, Gross amounts | 12,911,367 | 14,059,133 |
Reverse repurchase agreements, Netting in consolidated statement of financial condition | (8,637,685) | (10,132,275) |
Reverse repurchase agreements, Net amounts in consolidated statement of financial condition | 4,273,682 | 3,926,858 |
Reverse repurchase agreements, Additional amounts available for setoff | (111,791) | (634,568) |
Reverse repurchase agreements, Available collateral | (4,153,574) | (3,248,817) |
Reverse repurchase agreements, Net amount | 8,317 | 43,473 |
Securities lending arrangements, Gross amounts | 3,645,195 | 2,598,487 |
Securities lending arrangements, Netting in consolidated statement of financial condition | 0 | 0 |
Securities loaned | 3,645,195 | 2,598,487 |
Securities lending arrangements, Additional amounts available for setoff | (624,220) | (680,222) |
Securities lending arrangements, Available collateral | (2,985,739) | (1,883,140) |
Securities lending arrangements, Net amount | 35,236 | 35,125 |
Repurchase agreements, Gross amounts | 19,478,562 | 20,804,432 |
Repurchase agreements, Netting in consolidated statement of financial condition | (8,637,685) | (10,132,275) |
Securities sold under agreements to repurchase | 10,840,877 | 10,672,157 |
Repurchase agreements, Additional amounts available for setoff | (111,791) | (634,568) |
Repurchase agreements, Available collateral | (9,263,393) | (8,810,770) |
Repurchase agreements, Net amount | $ 1,465,693 | $ 1,226,819 |
Collateralized Transactions -69
Collateralized Transactions - Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements (Footnote) (Detail) - USD ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Banking and Thrift [Abstract] | ||
Securities borrowing arrangements | $ 6,266.5 | $ 4,847.4 |
Securities borrowing arrangements, collateral | 6,068.1 | 4,694 |
Securities borrowing arrangements, repurchase agreements | 1,438.7 | 1,201.9 |
Securities borrowing arrangements, pledged securities collateral | $ 1,484 | $ 1,238.4 |
Securitization Activities - Act
Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Transfers and Servicing [Abstract] | ||||
Transferred assets | $ 853.9 | $ 1,562.1 | $ 3,931.5 | $ 4,788.7 |
Proceeds on new securitizations | 888.1 | 1,567.2 | 3,979.6 | 4,795.4 |
Cash flows received on retained interests | $ 10.7 | $ 15.2 | $ 28.6 | $ 37.9 |
Securitization Activities - Sum
Securitization Activities - Summary of Retained Interests in SPEs (Detail) - USD ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Securitization Vehicles [Line Items] | ||
Total RMBS securitization assets | $ 11,480.4 | $ 19,196.9 |
Total CMBS securitization assets | 2,831.3 | 5,848.5 |
Total Collateralized loan obligations | 3,731.7 | 4,511.8 |
U.S. government agency residential mortgage-backed securities [Member] | ||
Securitization Vehicles [Line Items] | ||
Fair Value of Securitizations Initially Retained | 162 | 226.9 |
U.S. government agency commercial mortgage-backed securities [Member] | ||
Securitization Vehicles [Line Items] | ||
Fair Value of Securitizations Initially Retained | 213.2 | 204.7 |
Collateralized loan obligations [Member] | ||
Securitization Vehicles [Line Items] | ||
Fair Value of Securitizations Initially Retained | $ 52.3 | $ 108.4 |
Securitization Activities - Add
Securitization Activities - Additional Information (Detail) - USD ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Transfers and Servicing [Abstract] | ||
Carrying value of assets | $ 0 | $ 7.8 |
Carrying value of liabilities | $ 0 | $ 7.8 |
Variable Interest Entities - As
Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Detail) - USD ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Securitization Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 823.5 | $ 638.3 |
Liabilities | 823.5 | 638.3 |
Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 0.5 | 0.5 |
Liabilities | 0.2 | 0.2 |
Cash [Member] | Securitization Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 0.1 | 0 |
Cash [Member] | Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 0.2 | 0.2 |
Financial Instruments Owned [Member] | Securitization Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 86.4 | 62.7 |
Financial Instruments Owned [Member] | Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 0.3 | 0.3 |
Securities Purchased Under Agreement to Resell [Member] | Securitization Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 736.7 | 575.2 |
Securities Purchased Under Agreement to Resell [Member] | Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 0 | 0 |
Fees, Interest and Other Receivables [Member] | Securitization Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 0.3 | 0.4 |
Fees, Interest and Other Receivables [Member] | Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 0 | 0 |
Other Secured Financings [Member] | Securitization Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 822.5 | 637.7 |
Other Secured Financings [Member] | Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 0 | 0 |
Other Liabilities [Member] | Securitization Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 1 | 0.6 |
Other Liabilities [Member] | Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities | $ 0.2 | $ 0.2 |
Variable Interest Entities - 74
Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Footnote) (Detail) - USD ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Securitization Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Secured financing included in inventory and eliminated | $ 15.9 | $ 39.7 |
Variable Interest Entities - Va
Variable Interest Entities - Variable Interests in Non-Consolidated Variable Interest Entities (Detail) - Variable Interest Entity Not Primary Beneficiary [Member] - USD ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Variable Interest Entity [Line Items] | ||
Carrying Amount, Assets | $ 235.2 | $ 360.2 |
Carrying Amount, Liabilities | 0 | 0 |
Maximum exposure to loss in non-consolidated VIEs | 1,685.3 | 1,795.2 |
VIE Assets | 7,135.8 | 8,747.4 |
Collateralized loan obligations [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount, Assets | 82.7 | 134 |
Carrying Amount, Liabilities | 0 | 0 |
Maximum exposure to loss in non-consolidated VIEs | 768.8 | 926.9 |
VIE Assets | 6,409.1 | 7,737.1 |
Consumer Loan Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount, Assets | 123.4 | 170.6 |
Carrying Amount, Liabilities | 0 | 0 |
Maximum exposure to loss in non-consolidated VIEs | 867 | 797.8 |
VIE Assets | 602.1 | 485.2 |
Asset management vehicle [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount, Assets | 3.6 | 11.3 |
Carrying Amount, Liabilities | 0 | 0 |
Maximum exposure to loss in non-consolidated VIEs | 3.6 | 11.3 |
VIE Assets | 49.8 | 432.3 |
Private equity vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount, Assets | 25.5 | 44.3 |
Carrying Amount, Liabilities | 0 | 0 |
Maximum exposure to loss in non-consolidated VIEs | 45.9 | 59.2 |
VIE Assets | $ 74.8 | $ 92.8 |
Variable Interest Entities - No
Variable Interest Entities - Non-consolidated VIEs - Additional Information (Detail) - USD ($) | Aug. 31, 2015 | Nov. 30, 2014 | Jul. 26, 2010 |
Variable Interest Entity [Line Items] | |||
Maximum exposure | $ 620,000,000 | ||
Agency mortgage-backed securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying amount | 4,706,500,000 | $ 3,186,900,000 | |
Non agency mortgage-backed securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying amount | 893,500,000 | 1,120,000,000 | |
Jefferies Employee Partners IV, LLC [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying amount of equity investment | 1,100,000 | 1,200,000 | |
Jefferies Energy Partners I LP [Member] | |||
Variable Interest Entity [Line Items] | |||
Carrying amount | 0 | ||
Maximum exposure | 10,000,000 | ||
USA Fund [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity investment in Jefferies SBI USA Fund L.P. (the USA Fund) | $ 75,000,000 | ||
Funded equity commitments | 64,600,000 | 60,100,000 | |
Carrying amount of equity investment | $ 24,400,000 | $ 43,100,000 |
Investments - Narrative (Detail
Investments - Narrative (Details) | Aug. 31, 2015 |
Jefferies Capital Partners V L.P [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 11.00% |
SBI USA Fund L.P. [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 50.00% |
Investments - Jefferies Finance
Investments - Jefferies Finance - Narrative (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | |
Guarantee Obligations [Line Items] | |||||
Equity commitments to JFIN | $ 600,000,000 | $ 600,000,000 | |||
Total committed equity capitalization of JIFN | 1,200,000,000 | 1,200,000,000 | |||
Funded portion of equity commitment to subsidiary | 510,400,000 | 510,400,000 | |||
Unfunded portion of equity commitment to subsidiary | 89,600,000 | $ 89,600,000 | |||
Extension period | 1 year | ||||
Termination notice period | 60 days | ||||
Maturity date | Mar. 1, 2016 | ||||
Funded portion of loan commitment | 0 | $ 0 | $ 0 | ||
Loan commitment | 250,000,000 | 250,000,000 | 350,000,000 | ||
Interest income | 200,000 | $ 300,000 | 700,000 | $ 1,400,000 | |
Unfunded commitment fees | 400,000 | 400,000 | 1,200,000 | 1,500,000 | |
Net underwriting fees paid by JFIN related to originations of loans by JFIN | 53,300,000 | 53,700,000 | 108,800,000 | 139,800,000 | |
Fees paid to JFIN related to origination of loans by JFIN | 1,500,000 | 2,600,000 | 3,100,000 | 10,500,000 | |
Placement fees | 389,820,000 | 467,793,000 | 1,066,077,000 | 1,213,262,000 | |
Revenue in Connection of Execution of JFIN CLO | 172,284,000 | 159,085,000 | 512,714,000 | 488,526,000 | |
Underwriting fees | 0 | 0 | 1,300,000 | 4,200,000 | |
Committed Advances [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Committed line of credit facility amount | 500,000,000 | 500,000,000 | |||
Discretionary Advances [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Committed line of credit facility amount | 1,000,000,000 | 1,000,000,000 | |||
Jefferies Finance, LLC [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Net income earnings | 47,200,000 | 58,000,000 | 109,400,000 | 116,200,000 | |
Placement fees | 0 | 700,000 | 3,100,000 | 700,000 | |
Revenue in Connection of Execution of JFIN CLO | 2,500,000 | 4,600,000 | |||
Administrative services provided | 8,400,000 | $ 6,500,000 | 43,300,000 | $ 35,200,000 | |
Receivables under service agreement | $ 122,500,000 | $ 122,500,000 | $ 41,500,000 |
Investments - Summary of Select
Investments - Summary of Selected Financial Information for Jefferies Finance (Detail) - Jefferies Finance, LLC [Member] - USD ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Total assets | $ 7,037.1 | $ 5,954 |
Total liabilities | 6,016.3 | 4,961.7 |
Total equity | 1,020.8 | 992.3 |
Our total equity balance | $ 510.4 | $ 496 |
Investments - Jefferies LoanCor
Investments - Jefferies LoanCore - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | Feb. 23, 2011 | |
Guarantee Obligations [Line Items] | ||||||
Equity commitment | $ 600 | $ 600 | ||||
Jefferies LoanCore, LLC [Member] | ||||||
Guarantee Obligations [Line Items] | ||||||
Aggregate commitment | $ 600 | |||||
Funded portion of equity commitment to subsidiary | 118.4 | $ 200.9 | ||||
Equity commitment | $ 291 | $ 291 | ||||
Percentage of the Variable Interest Entity's (VIE) voting interest | 48.50% | 48.50% | ||||
Net earnings from equity method investment | $ 25.6 | $ 4.5 | $ 62.4 | $ 16.3 | ||
Placement fees earned | $ 1 | $ 0 | $ 1.6 | $ 0.6 |
Investments - Summary of Sele81
Investments - Summary of Selected Financial Information for Jefferies LoanCore (Detail) - Jefferies LoanCore, LLC [Member] - USD ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Total assets | $ 1,789.3 | $ 1,500.9 |
Total liabilities | 1,277.9 | 962.7 |
Total equity | 511.5 | 538.2 |
Our total equity balance | $ 248.1 | $ 261 |
Investments - JCP Funds - Narra
Investments - JCP Funds - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Unfunded portion of equity commitment to subsidiary | $ 89.6 | $ 89.6 | |||
Total committed equity capitalization | 1,200 | 1,200 | |||
JCP Funds [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | 27.7 | 27.7 | $ 48.9 | ||
Gain (loss) from investment | (3.4) | $ 0.9 | (26.3) | $ (7.1) | |
Unfunded portion of equity commitment to subsidiary | 11.8 | 11.8 | |||
Total committed equity capitalization | $ 85 | $ 85 | $ 85 | ||
Percent of financial information presented | 100.00% | ||||
Ownership percentage | 35.20% | 35.20% |
Investments - Summary of Sele83
Investments - Summary of Selected Financial Information for JCP Funds (Details) - JCP Funds [Member] - USD ($) $ in Thousands | 3 Months Ended | |||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Total assets | $ 78,762 | $ 73,261 | ||||
Total liabilities | 66 | 66 | ||||
Total partners' capital | 78,696 | 73,195 | ||||
Net increase (decrease) in net assets resulting from operations | $ (8,875) | $ 1,478 | $ (65,700) | $ 3,609 | $ (18,779) | $ (2,947) |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets - Schedule of Goodwill Resulting from Leucadia Transaction Attributable to Reportable Segments (Detail) $ in Thousands | 9 Months Ended |
Aug. 31, 2015USD ($) | |
Goodwill [Roll Forward] | |
Total goodwill | $ 1,662,636 |
Add: Translation adjustments | (2,158) |
Total goodwill | 1,660,478 |
Capital Markets [Member] | |
Goodwill [Roll Forward] | |
Total goodwill | 1,659,636 |
Total goodwill | 1,657,478 |
Asset Management [Member] | |
Goodwill [Roll Forward] | |
Total goodwill | 3,000 |
Total goodwill | $ 3,000 |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Aug. 31, 2015 | Nov. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 1,660,478 | $ 1,662,636 |
Impairment losses | 1,289 | |
Exchange and clearing organization membership interests and registrations [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment losses | 1,289 | |
Investment Banking, Equities, and Fixed Income reporting units [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 1,657,500 |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Aug. 31, 2015 | Nov. 30, 2014 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Impairment losses | $ (1,289) | |
Total gross costs - intangible assets | 274,055 | $ 274,860 |
Accumulated amortization - finite lived intangible assets | (42,134) | (33,079) |
Total net carrying amount - intangible assets | 230,632 | 241,781 |
Customer relationships [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross costs - finite lived intangible assets | 127,944 | 128,323 |
Accumulated amortization - finite lived intangible assets | (32,730) | (26,402) |
Net carrying amount - finite lived intangible assets | $ 95,214 | $ 101,921 |
Weighted average remaining lives (years) | 13 years 1 month 6 days | 13 years 8 months 12 days |
Trade name [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross costs - finite lived intangible assets | $ 131,656 | $ 132,009 |
Accumulated amortization - finite lived intangible assets | (9,404) | (6,677) |
Net carrying amount - finite lived intangible assets | $ 122,252 | $ 125,332 |
Weighted average remaining lives (years) | 32 years 6 months | 33 years 3 months 18 days |
Exchange and clearing organization membership interests and registrations [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Impairment losses | $ (1,289) | |
Gross costs - indefinite lived intangible assets | 14,455 | $ 14,528 |
Accumulated amortization - finite lived intangible assets | 0 | 0 |
Net carrying amount - indefinite lived intangible assets | $ 13,166 | $ 14,528 |
Goodwill and Other Intangible87
Goodwill and Other Intangible Assets - Future Amortization Expense Related to Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Aggregate amortization expense | $ 3,100 | $ 3,200 | $ 9,200 | $ 9,600 |
Remainder of fiscal 2015 | 3,049 | 3,049 | ||
Year ended November 30, 2016 | 12,198 | 12,198 | ||
Year ended November 30, 2017 | 12,198 | 12,198 | ||
Year ended November 30, 2018 | 12,198 | 12,198 | ||
Year ended November 30, 2019 | $ 12,198 | $ 12,198 |
Short-Term Borrowings (Detail)
Short-Term Borrowings (Detail) - USD ($) | Apr. 23, 2015 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | Aug. 26, 2011 |
Short-term Debt [Line Items] | |||||||
Short-term borrowings | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 | ||||
Interest rate on short-term borrowings outstanding | 0.68% | 0.68% | |||||
Average daily short-term borrowings | $ 18,500,000 | $ 31,300,000 | $ 44,900,000 | $ 87,900,000 | |||
Revolving credit facility | $ 950,000,000 | ||||||
Line of Credit [Member] | Intraday Credit Facility [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Revolving credit facility | $ 500,000,000 | ||||||
Debt term | 6 months | ||||||
Extension term | 6 months | ||||||
Line of Credit [Member] | Intraday Credit Facility [Member] | Prime Rate [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Basis spread on variable rate | 0.50% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt Carrying Values Including Unamortized Discounts and Premiums (Detail) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 6,194,010 | $ 6,483,617 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 6,194,010 | 6,313,617 |
Secured debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | 170,000 |
3.875% Senior Note, due 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.875% | |
Effective interest rate | 2.17% | |
3.875% Senior Note, due 2015 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 501,630 | 507,944 |
5.5% Senior Notes, due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.50% | |
Effective interest rate | 2.52% | |
5.5% Senior Notes, due 2016 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 355,600 | 363,229 |
5.125% Senior Notes, due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.125% | |
Effective interest rate | 3.46% | |
5.125% Senior Notes, due 2018 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 833,352 | 842,359 |
8.5% Senior Notes, due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 8.50% | |
Effective interest rate | 4.00% | |
8.5% Senior Notes, due 2019 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 812,894 | 832,797 |
2.375% Euro Medium Term Notes, due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.375% | |
Effective interest rate | 2.42% | |
2.375% Euro Medium Term Notes, due 2020 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 560,111 | 620,725 |
6.875% Senior Note, due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.875% | |
Effective interest rate | 4.40% | |
6.875% Senior Note, due 2021 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 842,406 | 853,091 |
2.25% Euro Medium Term Notes, due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.25% | |
Effective interest rate | 4.08% | |
2.25% Euro Medium Term Notes, due 2022 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,996 | 4,379 |
5.125% Senior Notes, due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.125% | |
Effective interest rate | 4.55% | |
5.125% Senior Notes, due 2023 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 621,505 | 623,311 |
6.45% Senior Debentures, due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.45% | |
Effective interest rate | 5.46% | |
6.45% Senior Debentures, due 2027 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 380,172 | 381,515 |
3.875% Convertible Senior Debentures due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.875% | |
Effective interest rate | 3.50% | |
3.875% Convertible Senior Debentures due 2029 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 347,799 | 349,261 |
6.25% Senior Debentures, due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.25% | |
Effective interest rate | 6.03% | |
6.25% Senior Debentures, due 2036 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 512,811 | 513,046 |
6.50% Senior Notes, due 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 6.50% | |
Effective interest rate | 6.09% | |
6.50% Senior Notes, due 2043 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 421,734 | $ 421,960 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Sep. 10, 2015USD ($)$ / shares | Jul. 31, 2015USD ($) | Jun. 26, 2014USD ($) | Aug. 31, 2014USD ($) | Aug. 31, 2015USD ($)Trading_day | Aug. 31, 2014USD ($) | Nov. 30, 2014USD ($) | Aug. 26, 2011USD ($) |
Debt Instrument [Line Items] | ||||||||
Revolving credit facility | $ 950,000,000 | |||||||
Borrowed unsecured credit facility-JBL | $ 250,000,000 | |||||||
Amended and restated credit facility period | 3 years | |||||||
Line of credit reduced borrowing capacity | $ 750,000,000 | $ 750,000,000 | ||||||
Leucadia [Member] | Subsequent event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debenture principal amount | $ 1,000 | |||||||
Debt instrument convertible conversion ratio | 22.3764 | |||||||
Conversion price of common stock (dollars per share) | $ / shares | $ 44.69 | |||||||
3.875% Convertible Senior Debentures due 2029 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior long-term debt, interest rate | 3.875% | |||||||
Convertible Senior debentures includes fair value | $ 100,000 | $ 700,000 | ||||||
Consolidated Statement of Earnings gain (loss) amount | $ 2,400,000 | $ 8,100,000 | ||||||
Issuance of senior unsecured long-term debt | $ 345,000,000 | |||||||
3.875% Convertible Senior Debentures due 2029 [Member] | Leucadia [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior long-term debt, interest rate | 3.875% | |||||||
Debt instrument convertible conversion ratio (greater than) | 130.00% | |||||||
Earliest period of conversion price | Trading_day | 20 | |||||||
Latest period of conversion price | 30 days | |||||||
Less than trading price per debenture related to common stock | 95.00% | |||||||
Consecutive trading days | 10 days | |||||||
Contingent interest | 0.375% | |||||||
Threshold trading days | 5 days | |||||||
Interest period | 6 months | |||||||
Trading price of contingent interest | $ 1,200 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Detail) - USD ($) $ in Thousands | Aug. 31, 2015 | Nov. 30, 2014 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 32,302 | $ 38,848 |
Global Equity Event Opportunity Fund LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 26,245 | 33,303 |
Other [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | 6,057 | 5,545 |
Leucadia [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 26,200 | $ 25,400 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Aug. 31, 2015 | Nov. 30, 2014 | |
U.S Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contributions made to pension plan | $ 0 | |
Contributions expected to be made to pension plan | 0 | |
German Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment in insurance contract | 15,500,000 | $ 18,100,000 |
Contributions made to pension plan | 0 | |
Contributions expected to be made to pension plan | $ 0 |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Pension (Benefit) Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
U.S Pension Plan [Member] | ||||
Components of net periodic pension (income) cost: | ||||
Service cost | $ 63 | $ 56 | $ 189 | $ 168 |
Interest cost on projected benefit obligation | 585 | 607 | 1,755 | 1,821 |
Expected return on plan assets | (848) | (789) | (2,544) | (2,367) |
Net amortization | 0 | (36) | 0 | (108) |
Net periodic pension income | (200) | (162) | (600) | (486) |
German Pension Plan [Member] | ||||
Components of net periodic pension (income) cost: | ||||
Service cost | 0 | 11 | 0 | 33 |
Interest cost on projected benefit obligation | 132 | 216 | 395 | 658 |
Net amortization | 82 | 61 | 245 | 186 |
Net periodic pension income | $ 214 | $ 288 | $ 640 | $ 877 |
Compensation Plans - Compensati
Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Profit sharing plan | $ 0.6 | $ 1.2 | $ 5.3 | $ 6 |
Total compensation cost | 53.8 | 56.6 | 202 | 189.6 |
Restricted Cash Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted cash awards | 39.4 | 37.4 | 142.9 | 115.6 |
Restricted Stock and RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock and RSUs | $ 13.8 | $ 18 | $ 53.8 | $ 68 |
Compensation Plans - Remaining
Compensation Plans - Remaining Unamortized Amounts (Details) $ in Millions | 9 Months Ended |
Aug. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining Unamortized Amounts | $ 324.6 |
Nonvested Share-Based Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining Unamortized Amounts | $ 42.1 |
Weighted Average Vesting Period (in Years) | 1 year 9 months 18 days |
Restricted Cash Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining Unamortized Amounts | $ 282.5 |
Weighted Average Vesting Period (in Years) | 3 years |
Compensation Plans - Additional
Compensation Plans - Additional Information (Detail) | 9 Months Ended |
Aug. 31, 2015USD ($) | |
Compensation Related Costs [Abstract] | |
Vesting period | 4 years |
Number of years in which restricted stock awards amortized as compensation expense | 4 years |
Annual employee contributions | $ 21,250 |
Employee service share based compensation plan stock price | 95.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Aug. 31, 2015 | Nov. 30, 2014 |
Income Tax Contingency [Line Items] | ||
Unrecognized tax benefits | $ 112,300,000 | $ 126,700,000 |
Unrecognized tax benefits that would impact effective tax rate in future | 74,700,000 | 84,500,000 |
Accrued interest on unrecognized tax benefits | 34,000,000 | 30,600,000 |
Accrued material penalties | $ 0 | $ 0 |
Income Taxes - Earliest Tax Yea
Income Taxes - Earliest Tax Year Subject to Examination in the Major Tax Jurisdictions in which the Company Operates (Detail) | 9 Months Ended |
Aug. 31, 2015 | |
United States [Member] | |
Income Tax Examination [Line Items] | |
Tax Year | 2,006 |
California [Member] | |
Income Tax Examination [Line Items] | |
Tax Year | 2,006 |
New Jersey [Member] | |
Income Tax Examination [Line Items] | |
Tax Year | 2,010 |
New York State [Member] | |
Income Tax Examination [Line Items] | |
Tax Year | 2,001 |
New York City [Member] | |
Income Tax Examination [Line Items] | |
Tax Year | 2,003 |
United Kingdom [Member] | |
Income Tax Examination [Line Items] | |
Tax Year | 2,013 |
Commitments, Contingencies an99
Commitments, Contingencies and Guarantees - Commitments and Contingencies (Detail) $ in Millions | Aug. 31, 2015USD ($) |
Commitments And Guarantee Obligations [Line Items] | |
2,015 | $ 3,190 |
2,016 | 1,919 |
2017 and 2018 | 1,050.7 |
2019 and 2020 | 58.3 |
2021 and Later | 269.4 |
Notional/ Maximum Payout | 6,487.4 |
Equity commitments [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
2,015 | 0 |
2,016 | 9.9 |
2017 and 2018 | 0 |
2019 and 2020 | 0 |
2021 and Later | 232.4 |
Notional/ Maximum Payout | 242.3 |
Loan commitments [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
2,015 | 5 |
2,016 | 356 |
2017 and 2018 | 450.3 |
2019 and 2020 | 52.3 |
2021 and Later | 0 |
Notional/ Maximum Payout | 863.6 |
Mortgage-related and other purchase commitments [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
2,015 | 472.4 |
2,016 | 1,553.1 |
2017 and 2018 | 576.4 |
2019 and 2020 | 0 |
2021 and Later | 0 |
Notional/ Maximum Payout | 2,601.9 |
Forward starting reverse repos and repos [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
2,015 | 2,712.6 |
2,016 | 0 |
2017 and 2018 | 0 |
2019 and 2020 | 0 |
2021 and Later | 0 |
Notional/ Maximum Payout | 2,712.6 |
Other unfunded commitments [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
2,015 | 0 |
2,016 | 0 |
2017 and 2018 | 24 |
2019 and 2020 | 6 |
2021 and Later | 37 |
Notional/ Maximum Payout | $ 67 |
Commitments, Contingencies a100
Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Feb. 28, 2014 | Aug. 31, 2015 | |
Commitments Contingencies And Guarantees [Line Items] | ||
Loan commitments outstanding to clients | $ 613.6 | |
Fair value of mortgage-related commitments | 187.7 | |
Litigation settlement amount | $ 25 | |
Litigation reserve | 0.6 | |
Fair value of derivative contracts approximated deemed to meet the definition of a guarantee | 620 | |
Maximum amount payable under guarantee | 28.8 | |
Standby Letters of Credit [Member] | ||
Commitments Contingencies And Guarantees [Line Items] | ||
Letters of credit commitments | 39.5 | |
Jefferies Capital Partners LLC [Member] | ||
Commitments Contingencies And Guarantees [Line Items] | ||
Outstanding equity commitments | 25.4 | |
Other Investments [Member] | ||
Commitments Contingencies And Guarantees [Line Items] | ||
Outstanding equity commitments | $ 4.4 |
Commitments, Contingencies a101
Commitments, Contingencies and Guarantees - Guarantees (Detail) $ in Millions | Aug. 31, 2015USD ($) |
Guarantee Obligations [Line Items] | |
Notional/ Maximum Payout | $ 6,487.4 |
Derivative contracts - non-credit related [Member] | |
Guarantee Obligations [Line Items] | |
2,015 | 19,399.8 |
2,016 | 4,076.5 |
2017 and 2018 | 382.4 |
2019 and 2020 | 250 |
2021 and Later | 440 |
Notional/ Maximum Payout | 24,548.7 |
Written derivative contracts - credit related [Member] | |
Guarantee Obligations [Line Items] | |
2,015 | 0 |
2,016 | 0 |
2017 and 2018 | 50.6 |
2019 and 2020 | 1,904.9 |
2021 and Later | 20 |
Notional/ Maximum Payout | 1,975.5 |
Derivatives [Member] | |
Guarantee Obligations [Line Items] | |
2,015 | 19,399.8 |
2,016 | 4,076.5 |
2017 and 2018 | 433 |
2019 and 2020 | 2,154.9 |
2021 and Later | 460 |
Notional/ Maximum Payout | $ 26,524.2 |
Commitments, Contingencies a102
Commitments, Contingencies and Guarantees - External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts (Detail) $ in Millions | Aug. 31, 2015USD ($) |
Index credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | $ 1,746.9 |
Single name credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | 228.6 |
Below Investment Grade [Member] | Index credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | 0 |
Below Investment Grade [Member] | Single name credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | 134.5 |
Unrated [Member] | Index credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | 0 |
Unrated [Member] | Single name credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | 50.6 |
AAA/Aaa [Member] | Index credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | 1,746.9 |
AAA/Aaa [Member] | Single name credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | 0 |
AA/Aa [Member] | Index credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | 0 |
AA/Aa [Member] | Single name credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | 0 |
A [Member] | Index credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | 0 |
A [Member] | Single name credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | 22 |
BBB/Baa [Member] | Index credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | 0 |
BBB/Baa [Member] | Single name credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
External credit ratings | $ 21.5 |
Net Capital Requirements - Net
Net Capital Requirements - Net Capital, Adjusted and Excess Net Capital (Detail) $ in Thousands | Aug. 31, 2015USD ($) |
Jefferies [Member] | |
Net Capital Requirements [Line Items] | |
Net Capital | $ 1,260,105 |
Excess Net Capital | 1,177,141 |
Jefferies Execution [Member] | |
Net Capital Requirements [Line Items] | |
Net Capital | 8,895 |
Excess Net Capital | $ 8,645 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Aug. 31, 2015segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Reporting - Net Revenue
Segment Reporting - Net Revenues, Expenses and Total Assets by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | $ 578,928 | $ 843,309 | $ 1,962,154 | $ 2,465,329 | |
Expenses | 571,835 | 707,674 | 1,857,465 | 2,048,288 | |
Segment assets | 42,784,678 | 42,784,678 | $ 44,517,648 | ||
Capital Markets [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 565,200 | 828,500 | 1,916,700 | 2,423,200 | |
Expenses | 564,500 | 697,800 | 1,829,300 | 2,020,600 | |
Segment assets | 41,943,500 | 41,943,500 | 44,002,600 | ||
Asset Management [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 13,800 | 14,800 | 45,500 | 42,100 | |
Expenses | 7,300 | $ 9,900 | 28,200 | $ 27,700 | |
Segment assets | $ 841,200 | $ 841,200 | $ 515,000 |
Segment Reporting - Net Reve106
Segment Reporting - Net Revenues by Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Revenues: | ||||
Net revenues | $ 578,928 | $ 843,309 | $ 1,962,154 | $ 2,465,329 |
Americas [Member] | ||||
Revenues: | ||||
Net revenues | 454,996 | 661,738 | 1,508,639 | 1,893,723 |
Europe [Member] | ||||
Revenues: | ||||
Net revenues | 103,959 | 153,455 | 392,163 | 500,229 |
Asia [Member] | ||||
Revenues: | ||||
Net revenues | $ 19,973 | $ 28,116 | $ 61,352 | $ 71,377 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | Mar. 18, 2015 | |
Related Party Transaction [Line Items] | ||||||
Purchase commitments from Berkadia Commercial Mortgage, LLC | $ 412,000 | $ 344,800 | ||||
Commissions for conducting brokerage services | $ 172,284 | $ 159,085 | 512,714 | $ 488,526 | ||
Loans outstanding to certain employees | 28,600 | 28,600 | 20,100 | |||
Noncontrolling interests | 32,302 | 32,302 | 38,848 | |||
Leucadia [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling interests | 26,200 | 26,200 | 25,400 | |||
Fair value of equity position | 124,400 | |||||
Private Equity Related Funds [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Equity investments loans in related funds | 38,000 | 38,000 | 60,700 | |||
Leucadia [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related parties | 11,000 | $ 9,000 | 22,200 | $ 26,200 | ||
Due to related party | 4,000 | 4,000 | 41,500 | |||
Due from related party | 5,100 | 5,100 | 10,900 | |||
National Beef Packaging Company, LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related party | 0 | 0 | 4,100 | |||
Commissions for conducting brokerage services | 100 | 300 | ||||
Harbinger Group Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Unsettled purchases and sales of loans | 266,600 | 266,600 | $ 232,000 | |||
Number of shares sold of investment | 18.6 | |||||
Investment Banking [Member] | Harbinger Group Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related parties | 0 | 1,300 | ||||
Other Assets [Member] | Leucadia [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Tax receivable | $ 65,200 | $ 65,200 |
Related Party Transactions - Su
Related Party Transactions - Summary of Interest Income, Other Revenues and Investment Income to Private Equity Related Funds (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Private Equity Related Funds [Member] | ||||
Related Party Transaction [Line Items] | ||||
Other revenues and investment income (loss) | $ (3,495) | $ 371 | $ (27,707) | $ (11,088) |
Related Party Transactions - Re
Related Party Transactions - Revenue by Service (Details) - Leucadia [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 11,000 | $ 9,000 | $ 22,200 | $ 26,200 |
Investment banking and advisory [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 0 | 2,800 | 21,200 | 2,800 |
Asset management [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 102 | 0 | 405 | 0 |
Commissions and other fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 1 | $ 0 | $ 38 | $ 0 |
Exit Costs - Narrative (Details
Exit Costs - Narrative (Details) - USD ($) $ in Millions | Jul. 31, 2015 | Jun. 26, 2014 | Aug. 31, 2015 | Aug. 31, 2015 |
Restructuring and Related Activities [Abstract] | ||||
Line of credit reduced borrowing capacity | $ 750 | $ 750 | ||
Unamortized deferred origination costs | $ 2.7 | $ 3.8 | ||
Non-cash restructuring costs | 10.2 | 21 | ||
Expected costs | $ 12 | $ 12 |
Exit Costs - Restructuring and
Exit Costs - Restructuring and Impairment Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Aug. 31, 2015 | Aug. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | $ 33,273 | $ 61,843 |
Compensation and Benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | 13,815 | 33,834 |
Technology and Communications [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | 17,935 | 24,195 |
Professional Services [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | 444 | 2,477 |
Other Expense [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | 1,079 | 1,337 |
Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | 11,373 | 26,932 |
Accelerated Amortization of Restricted Stock and Restricted Cash Awards [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | 2,442 | 6,902 |
Accelerated Amortization of Capitalized Software [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | 6,719 | 12,979 |
Contract Termination Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | 11,216 | 11,216 |
Other Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | $ 1,523 | $ 3,814 |
Exit Costs - Restructuring Rese
Exit Costs - Restructuring Reserve (Details) $ in Thousands | 9 Months Ended |
Aug. 31, 2015USD ($) | |
Restructuring Reserve [Roll Forward] | |
Expenses | $ 61,843 |
Severance Costs [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance at February 28, 2015 | 0 |
Expenses | 26,932 |
Payments | (13,770) |
Liability at August 31, 2015 | 13,162 |
Other Costs [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance at February 28, 2015 | 0 |
Expenses | 2,735 |
Payments | (2,507) |
Liability at August 31, 2015 | 228 |
Contract Termination Costs [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance at February 28, 2015 | 0 |
Expenses | 11,216 |
Payments | (11,213) |
Liability at August 31, 2015 | 3 |
Restructuring Costs [Member] | |
Restructuring Reserve [Roll Forward] | |
Balance at February 28, 2015 | 0 |
Expenses | 40,883 |
Payments | (27,490) |
Liability at August 31, 2015 | 13,393 |
Accelerated Amortization of Restricted Stock and Restricted Cash Awards [Member] | |
Restructuring Reserve [Roll Forward] | |
Expenses | 6,902 |
Accelerated Amortization of Capitalized Software [Member] | |
Restructuring Reserve [Roll Forward] | |
Expenses | 12,979 |
Impairments [Member] | |
Restructuring Reserve [Roll Forward] | |
Expenses | $ 1,079 |