Jefferies 10-Q 8 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	May 31, 2016shares
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	May 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	0

Consolidated Statements of Fina

Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015
ASSETS
Cash and cash equivalents ($4,303 and $2,015 at May 31, 2016 and November 30, 2015, respectively, related to consolidated VIEs)	$ 2,838,829	$ 3,510,163
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	836,871	751,084
Financial instruments owned, at fair value, (including securities pledged of $11,674,370 and $12,207,123 at May 31, 2016 and November 30, 2015, respectively; and $79,656 and $68,951 at May 31, 2016 and November 30, 2015, respectively, related to consolidated VIEs)	15,119,426	16,559,116
Investments in managed funds	183,149	85,775
Loans to and investments in related parties	636,697	825,908
Securities borrowed	7,577,394	6,975,136
Securities purchased under agreements to resell	3,233,089	3,857,306
Receivables:
Brokers, dealers and clearing organizations	1,909,145	1,574,759
Customers	1,096,781	1,191,316
Fees, interest and other ($471 and $329 at May 31, 2016 and November 30, 2015, respectively, related to consolidated VIEs)	349,722	260,924
Premises and equipment	251,891	243,486
Goodwill	1,653,267	1,656,588
Other assets ($27,088 and $0 at May 31, 2016 and November 30, 2015, respectively, related to consolidated VIEs)	1,433,768	1,072,411
Total assets	37,120,029	38,563,972
LIABILITIES AND EQUITY
Short-term borrowings	397,206	310,659
Financial instruments sold, not yet purchased, at fair value	7,961,813	6,785,064
Collateralized financings:
Securities loaned	2,949,266	2,979,300
Securities sold under agreements to repurchase	8,459,021	10,004,428
Other secured financings ($504,340 and $762,909 at May 31, 2016 and November 30, 2015, respectively, related to consolidated VIEs)	640,103	762,909
Payables:
Brokers, dealers and clearing organizations	2,482,326	2,742,001
Customers	2,412,986	2,780,493
Accrued expenses and other liabilities ($2,764 and $893 at May 31, 2016 and November 30, 2015, respectively, related to consolidated VIEs)	1,066,839	1,049,019
Long-term debt (includes $92,993 and $0 at fair value at May 31, 2016 and November 30, 2015, respectively; and $21,619 and $0 related to consolidated VIEs at May 31, 2016 and November 30, 2015, respectively)	5,406,624	5,640,722
Total liabilities	31,776,184	33,054,595
EQUITY
Member’s paid-in capital	5,409,754	5,526,855
Accumulated other comprehensive loss:
Currency translation adjustments	(60,833)	(36,811)
Changes in instrument specific credit risk	(2,305)	0
Additional minimum pension liability	(7,972)	(8,135)
Total accumulated other comprehensive loss	(71,110)	(44,946)
Total member’s equity	5,338,644	5,481,909
Noncontrolling interests	5,201	27,468
Total equity	5,343,845	5,509,377
Total liabilities and equity	$ 37,120,029	$ 38,563,972

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015
Cash and cash equivalents	$ 2,838,829	$ 3,510,163
Pledged financial instruments	11,674,370	12,207,123
Financial instruments owned, at fair value	15,119,426	16,559,116
Fees, interest and other	349,722	260,924
Other assets	1,433,768	1,072,411
Other secured financings at fair value	46,773	68,345
Other secured financings	640,103	762,909
Accrued expenses and other liabilities	1,066,839	1,049,019
Long-term debt at fair value	92,993	0
Long-term debt	5,406,624	5,640,722
Variable Interest Entities [Member]
Cash and cash equivalents	4,303	2,015
Financial instruments owned, at fair value	79,656	68,951
Fees, interest and other	471	329
Other assets	27,088	0
Other secured financings	504,340	762,909
Accrued expenses and other liabilities	2,764	893
Long-term debt	$ 21,619	$ 0

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Revenues:
Commissions and other fees	$ 146,157	$ 173,508	$ 301,981	$ 340,430
Principal transactions	318,180	155,962	214,807	261,439
Investment banking	253,046	404,262	483,976	676,257
Asset management fees and investment income (loss) from managed funds	4,336	5,650	13,866	(4,187)
Interest	220,175	240,552	442,120	469,422
Other	(4,977)	28,576	(26,728)	48,481
Total revenues	936,917	1,008,510	1,430,022	1,791,842
Interest expense	217,509	216,956	411,627	408,616
Net revenues	719,408	791,554	1,018,395	1,383,226
Non-interest expenses:
Compensation and benefits	415,316	480,770	765,059	845,985
Non-compensation expenses:
Floor brokerage and clearing fees	43,591	58,713	84,070	113,793
Technology and communications	66,499	72,361	131,488	144,748
Occupancy and equipment rental	24,926	24,420	49,511	48,604
Business development	22,587	26,401	47,441	48,338
Professional services	29,526	27,419	53,038	51,675
Other	14,366	16,758	35,067	32,487
Total non-compensation expenses	201,495	226,072	400,615	439,645
Total non-interest expenses	616,811	706,842	1,165,674	1,285,630
Earnings (loss) before income taxes	102,597	84,712	(147,279)	97,596
Income tax expense (benefit)	48,655	24,530	(34,452)	24,861
Net earnings (loss)	53,942	60,182	(112,827)	72,735
Net earnings attributable to noncontrolling interests	44	349	88	1,220
Net earnings (loss) attributable to Jefferies Group LLC	$ 53,898	$ 59,833	$ (112,915)	$ 71,515

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Statement of Comprehensive Income [Abstract]
Net earnings (loss)		$ 53,942	$ 60,182	$ (112,827)	$ 72,735
Other comprehensive income (loss), net of tax:
Currency translation and other adjustments		25,811	(6,726)	(23,859)	(11,057)
Changes in instrument specific credit risk	[1]	(2,003)	0	(2,305)	0
Total other comprehensive income (loss), net of tax	[2]	23,808	(6,726)	(26,164)	(11,057)
Comprehensive income (loss)		77,750	53,456	(138,991)	61,678
Net earnings attributable to noncontrolling interests		44	349	88	1,220
Comprehensive income (loss) attributable to Jefferies Group LLC		$ 77,706	$ 53,107	$ (139,079)	$ 60,458
[1]	Includes income tax benefit of approximately $1.5 million for the three and six months ended May 31, 2016.
[2]	None of the components of other comprehensive income (loss) are attributable to noncontrolling interests.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	May 31, 2016	May 31, 2016
Statement of Comprehensive Income [Abstract]
Changes in instrument specific credit risk, tax benefit	$ 1.5	$ 1.5

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands		Total		Member's paid-in capital [Member]	Accumulated other comprehensive income (loss) [Member]		Noncontrolling interests [Member]
Balance at Nov. 30, 2014				$ 5,439,256	$ (14,673)	[1],[2]
Increase (Decrease) in Stockholders' Equity
Net earnings (loss) attributable to Jefferies Group LLC				93,534
Tax detriment for issuance of share-based awards				(5,935)
Currency adjustments	[1],[2]				(27,157)
Changes in instrument specific credit risk	[1],[2]				0
Pension adjustment, net of tax	[1],[2]				(3,116)
Balance at Nov. 30, 2015		$ 5,481,909		5,526,855	(44,946)	[1],[2]
Balance at Nov. 30, 2014							$ 38,848
Noncontrolling interests:
Net earnings attributable to noncontrolling interests							1,795
Contributions							0
Distributions							(4,982)
Deconsolidation of asset management company							(8,193)
Balance at Nov. 30, 2015		27,468					27,468
Noncontrolling interests:
Total equity		5,509,377
Net earnings (loss) attributable to Jefferies Group LLC				(112,915)
Tax detriment for issuance of share-based awards				(4,186)
Currency adjustments		(23,859)			(24,022)	[1],[2]
Changes in instrument specific credit risk		(2,305)	[3]		(2,305)	[1],[2]
Pension adjustment, net of tax	[1],[2]				163
Balance at May. 31, 2016		5,338,644		$ 5,409,754	$ (71,110)	[1],[2]
Noncontrolling interests:
Net earnings attributable to noncontrolling interests		88					88
Contributions							4,500
Distributions							(563)
Deconsolidation of asset management company							(26,292)
Balance at May. 31, 2016		5,201					$ 5,201
Noncontrolling interests:
Total equity		$ 5,343,845
[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 six months ended May 31, 2016 and the year ended November 30, 2015.
[3]	Includes income tax benefit of approximately $1.5 million for the three and six months ended May 31, 2016.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2016	May 31, 2015
Cash flows from operating activities:
Net earnings (loss)	$ (112,827)	$ 72,735
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:
Depreciation and amortization	(2,945)	6,144
(Income) loss on loans to and investments in related parties	31,252	(49,146)
Distributions received on investments in related parties	8,108	58,408
Other adjustments	17,085	(74,394)
Net change in assets and liabilities:
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	(85,446)	1,046,324
Receivables:
Brokers, dealers and clearing organizations	(339,496)	(322,270)
Customers	94,471	33,933
Fees, interest and other	(89,147)	(140,263)
Securities borrowed	(604,046)	(988,097)
Financial instruments owned	1,388,017	(228,076)
Investments in managed funds	(124,398)	16,525
Securities purchased under agreements to resell	612,660	137,998
Other assets	(346,691)	(58,691)
Payables:
Brokers, dealers and clearing organizations	(246,180)	(728,172)
Customers	(367,505)	(1,785,772)
Securities loaned	(28,625)	1,098,339
Financial instruments sold, not yet purchased	1,201,318	325,114
Securities sold under agreements to repurchase	(1,531,853)	463,962
Accrued expenses and other liabilities	82,055	(144,355)
Net cash used in operating activities	(444,193)	(1,259,754)
Cash flows from investing activities:
Contributions to loans to and investments in related parties	(163,560)	(916,094)
Distributions from loans to and investments in related parties	313,411	934,313
Net payments on premises and equipment	(35,181)	(32,433)
Payment on purchase of aircraft	(27,500)	0
Deconsolidation of asset management entity	(39)	0
Cash received from contingent consideration	826	1,706
Net cash provided by (used in) investing activities	87,957	(12,508)
Cash flows from financing activities:
Excess tax benefits from the issuance of share-based awards	277	423
Proceeds from short-term borrowings	4,840,438	9,700,000
Payments on short-term borrowings	(4,753,891)	(9,350,000)
Proceeds from secured credit facility	0	903,000
Payments on secured credit facility	0	(873,000)
Net proceeds from (payments on) other secured financings	(122,789)	103,743
Net proceeds from issuance of long-term debt, net of issuance costs	127,941	0
Repayment of long-term debt	(350,600)	0
Net change in bank overdrafts	(54,508)	0
Net proceeds from noncontrolling interests	3,937	0
Net cash provided by (used in) financing activities	(309,195)	484,166
Effect of exchange rate changes on cash and cash equivalents	(5,903)	(3,114)
Net decrease in cash and cash equivalents	(671,334)	(791,210)
Cash and cash equivalents at beginning of period	3,510,163	4,079,968
Cash and cash equivalents at end of period	2,838,829	3,288,758
Cash paid (received) during the period for:
Interest	422,558	396,667
Income taxes, net	$ (7,596)	$ 1,425

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	May 31, 2016
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 Hong Kong Limited, Jefferies Financial Services, Inc., Jefferies Funding LLC, Jefferies Derivative Products, LLC, Jefferies Financial Products, 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 April 9, 2015, we entered into an agreement to transfer certain of the client activities of our Futures business to Société Générale S.A. and initiated a plan to substantially exit the remaining aspects of our futures business. At May 31, 2016 , we have transferred all of our client accounts to Société Générale S.A. and other brokers and have fully completed the exit of the futures business. 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, 2015 . 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 VIE, 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	6 Months Ended
	May 31, 2016
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. 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. 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. In addition, certain exchange and/or clearing organizations require cash and/or securities to be deposited by us to conduct day to day activities. 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 revenue 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 U.S. GAAP. 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. We provide deferred taxes on our temporary differences and on any carryforwards that we could claim on our 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 share-based awards are recognized as an increase to Additional paid-in capital. These amounts, and other windfall tax benefits/(detriments), are included in “Tax benefit/(detriment) for issuance of share-based awards” on the Consolidated Statements of Changes in Equity. In the event tax deductions 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. During the first quarter of fiscal 2016, the consolidated pool of windfall tax benefits had been exhausted. As a result, these tax detriments are now recognized in our Consolidated Statement of Earnings until such time the Leucadia consolidated cumulative compensation cost recognized for tax purposes exceeds the amount recognized for financial reporting purposes. 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. 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 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 includ

Accounting Developments

Accounting Developments	6 Months Ended
	May 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting Developments	Accounting Developments Accounting Standards to be Adopted in Future Periods Financial Instruments-Credit Losses. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU No. 2016-13"). The guidance provides for estimating credit losses on certain types of financial instruments by introducing an approach based on expected losses. The guidance is effective in the first quarter of fiscal 2021 and early adoption is permitted in the first quarter of fiscal 2020. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Employee Share-Based Payments. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU No. 2016-09"). The guidance simplifies various aspects related to how share-based payments are accounted for and presented in the consolidated financial statements. The amendments include income tax consequences, the accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance is effective in the first quarter of fiscal 2018 and early adoption is permitted if all amendments are adopted in the same period. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases ("ASU No. 2016-02"). The guidance affects the accounting for leases and provides for a lessee model that brings substantially all leases onto the balance sheet. The guidance is effective in the first quarter of fiscal 2019 and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Financial Instruments. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. The guidance is effective in the first quarter of fiscal 2019. We are currently evaluating the impact of the new guidance related to equity investments and the presentation and disclosure requirements of financial instruments on our consolidated financial statements. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option and we have early adopted this guidance in the first quarter of fiscal 2016. The adoption of this accounting guidance did not have a material effect 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”) and in August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of Effective Date. The accounting guidance defines how companies report revenues from contracts with customers, and also requires enhanced disclosures. We intend to adopt the new guidance on December 1, 2017 and are currently evaluating the impact of the new guidance on our consolidated financial statements. Adopted Accounting Standards Debt Issuance Costs. In April 2015, the FASB issued 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 and we have adopted this guidance in the first quarter of fiscal 2016. The adoption of this accounting guidance did not 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 we have adopted this guidance in the first quarter of fiscal 2016 using a modified retrospective approach. The adoption of this accounting guidance resulted in the deconsolidation of an asset management vehicle, which resulted in the following adjustment to the Consolidated Statement of Financial Condition on December 1, 2015: a decrease of $27.0 million in Investments in managed funds, a decrease of $0.7 million in Accrued expense and other liabilities and a decrease of $26.3 million in Noncontrolling interests. For further information on the adoption of ASU No. 2015-02, refer to Note 8, Variable Interest Entities .

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	May 31, 2016
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 $30.3 million and $36.7 million at May 31, 2016 and November 30, 2015 , respectively, by level within the fair value hierarchy (in thousands): May 31, 2016 Level 1(1) Level 2(1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Financial instruments owned: Corporate equity securities $ 2,106,323 $ 141,115 $ 48,816 $ — $ 2,296,254 Corporate debt securities — 2,803,167 24,113 — 2,827,280 Collateralized debt obligations — 62,763 52,710 — 115,473 U.S. government and federal agency securities 2,476,399 93,022 — — 2,569,421 Municipal securities — 638,929 — — 638,929 Sovereign obligations 1,450,033 845,731 120 — 2,295,884 Residential mortgage-backed securities — 1,353,973 63,308 — 1,417,281 Commercial mortgage-backed securities — 615,289 24,983 — 640,272 Other asset-backed securities — 137,396 43,033 — 180,429 Loans and other receivables — 1,605,319 104,399 — 1,709,718 Derivatives 3,914 5,322,084 16,311 (5,030,887 ) 311,422 Investments at fair value — 29,000 57,765 — 86,765 Total financial instruments owned, excluding Investments at fair value based on NAV $ 6,036,669 $ 13,647,788 $ 435,558 $ (5,030,887 ) $ 15,089,128 Cash and cash equivalents $ 2,838,829 $ — $ — $ — $ 2,838,829 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (3) $ 836,871 $ — $ — $ — $ 836,871 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,794,791 $ 88,806 $ — $ — $ 1,883,597 Corporate debt securities — 1,964,988 — — 1,964,988 U.S. government and federal agency securities 1,349,746 — — — 1,349,746 Sovereign obligations 678,659 1,093,388 — — 1,772,047 Residential mortgage-backed securities — 1,045 — — 1,045 Loans — 597,623 1,896 — 599,519 Derivatives 1,383 5,486,967 20,735 (5,118,214 ) 390,871 Total financial instruments sold, not yet purchased $ 3,824,579 $ 9,232,817 $ 22,631 $ (5,118,214 ) $ 7,961,813 Other secured financings $ — $ 46,305 $ 468 $ — $ 46,773 Long-term debt $ — $ 92,993 $ — $ — $ 92,993 (1) There were no material transfers between Level 1 and Level 2 for the six months ended May 31, 2016 . (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 or deposited with clearing and depository organizations includes U.S. treasury securities with a fair value of $99.9 million . November 30, 2015 Level 1 (1) Level 2 (1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Financial instruments owned: Corporate equity securities $ 1,853,351 $ 133,732 $ 40,906 $ — $ 2,027,989 Corporate debt securities — 2,867,165 25,876 — 2,893,041 Collateralized debt obligations — 89,144 85,092 — 174,236 U.S. government and federal agency securities 2,555,018 90,633 — — 2,645,651 Municipal securities — 487,141 — — 487,141 Sovereign obligations 1,251,366 1,407,955 120 — 2,659,441 Residential mortgage-backed securities — 2,731,070 70,263 — 2,801,333 Commercial mortgage-backed securities — 1,014,913 14,326 — 1,029,239 Other asset-backed securities — 118,629 42,925 — 161,554 Loans and other receivables — 1,123,044 189,289 — 1,312,333 Derivatives 1,037 4,395,704 19,785 (4,165,446 ) 251,080 Investments at fair value — 26,224 53,120 — 79,344 Total financial instruments owned, excluding Investments at fair value based on NAV $ 5,660,772 $ 14,485,354 $ 541,702 $ (4,165,446 ) $ 16,522,382 Cash and cash equivalents $ 3,510,163 $ — $ — $ — $ 3,510,163 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 751,084 $ — $ — $ — $ 751,084 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,382,377 $ 36,518 $ 38 $ — $ 1,418,933 Corporate debt securities — 1,556,941 — — 1,556,941 U.S. government and federal agency securities 1,488,121 — — — 1,488,121 Sovereign obligations 837,614 505,382 — — 1,342,996 Residential mortgage-backed securities — 117 — — 117 Loans — 758,939 10,469 — 769,408 Derivatives 364 4,446,639 19,543 (4,257,998 ) 208,548 Total financial instruments sold, not yet purchased $ 3,708,476 $ 7,304,536 $ 30,050 $ (4,257,998 ) $ 6,785,064 Other secured financings (3) $ — $ 67,801 $ 544 $ — $ 68,345 (1) There were no material transfers between Level 1 and Level 2 for the year ended November 30, 2015. (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. (3) Level 2 liabilities include $67.8 million of other secured financings that were previously not disclosed in our Annual Report on Form 10-K for the year ended November 30, 2015 . 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 transactions 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, Level 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 broker quotes 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. 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 (in thousands): May 31, 2016 Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) Equity Long/Short Hedge Funds (2) $ 46,749 $ — Monthly, Quarterly Fixed Income and High Yield Hedge Funds (3) 999 — — Fund of Funds (4) 284 — — Equity Funds (5) 35,130 20,512 — Multi-asset Funds (6) 130,285 — Monthly, Quarterly Total $ 213,447 $ 20,512 November 30, 2015 (7) Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) Equity Long/Short Hedge Funds (2) $ 54,725 $ — Monthly, Quarterly Fixed Income and High Yield Hedge Funds (3) 1,703 — — Fund of Funds (4) 287 94 — Equity Funds (5) 42,111 20,791 — Multi-asset Funds (6) 23,358 — Monthly, Quarterly Convertible Bond Funds (8) 326 — At Will Total $ 122,510 $ 20,885 (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, primarily in equity securities in domestic and international markets in both the public and private sectors. At May 31, 2016 and November 30, 2015 , investments representing approximately 95% and 100% , respectively, of the fair value of investments in this category are redeemable with 30 - 90 days prior written notice. At May 31, 2016 the remaining 5% of the fair value of investments are classified as being in liquidation. (3) This category 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 May 31, 2016 and November 30, 2015 , the underlying assets of 9% and 8% , respectively, of these funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated. (4) This category includes investments in fund of funds that invest in various private equity funds. At May 31, 2016 and November 30, 2015 , approximately 98% 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 start liquidating in the next six months. For the remaining investments at November 30, 2015, we have requested redemption; however, we are unable to estimate when these funds will be received. (5) At May 31, 2016 and November 30, 2015 , approximately 99% and 100% , 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 includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At May 31, 2016 and November 30, 2015 , investments representing approximately 12% and 100% , respectively, of the fair value of investments in this category are redeemable with 30 - 90 days prior written notice. At May 31, 2016, for the remaining investments in this category, withdrawals during any calendar quarter are limited to 25% of the fund’s net asset value. This restriction can be waived by us, in our sole discretion. (7) Prior period amounts have been recast to conform to the current year's presentation due to the presentation of multi-asset funds. Previously, these investments had been classified within equity long/short hedge funds. (8) This category represents an investment in the Jefferies Umbrella Fund, an open-ended investment company managed by us that invested primarily in convertible bonds. The remaining investments were in liquidation at November 30, 2015 and the underlying assets were fully liquidated during the six months ended May 31, 2016 . 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. Long-term Debt-Structured Notes Long-term debt includes variable rate and fixed to floating rate structured notes that contain various interest rate payment terms and are generally measured using valuation models for the derivative and debt portions of the notes. These models incorporate market price quotations from external pricing sources referencing the appropriate interest rate curves and are generally categorized within Level 2 of the fair value hierarchy. The impact of the Company’s own credit spreads is also included based on observed secondary bond market spreads and asset-swap spreads. Long-term Debt -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 May 31, 2016 (in thousands): Three Months Ended May 31, 2016 Balance at February 29, 2016 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at May 31, 2016 Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2016 (1) Assets: Financial instruments owned: Corporate equity securities $ 30,540 $ (927 ) $ 200 $ (508 ) $ (2,455 ) $ — $ 21,966 $ 48,816 $ (849 ) Corporate debt securities 25,634 474 15 (789 ) — — (1,221 ) 24,113 347 Collateralized debt obligations 67,348 1,797 943 (21,233 ) — — 3,855 52,710 2,534 Sovereign obligations 119 1 — — — — — 120 1 Residential mortgage-backed securities 68,019 (4,915 ) 3,422 (2,837 ) (122 ) — (259 ) 63,308 (2,233 ) Commercial mortgage-backed securities 21,994 (1,140 ) — — (311 ) — 4,440 24,983 (1,306 ) Other asset-backed securities 33,124 (7,284 ) 3,549 (1,068 ) (52 ) — 14,764 43,033 (7,275 ) Loans and other receivables 155,442 (7,792 ) 20,836 (13,347 ) (55,541 ) — 4,801 104,399 (6,231 ) Investments at fair value 63,582 (1,574 ) 40 — (283 ) — (4,000 ) 57,765 (6 ) Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ (38 ) $ — $ — Net derivatives (2) 11,757 3 — — (83 ) 451 (7,704 ) 4,424 (3 ) Loans 7,744 (261 ) — — (71 ) — (5,516 ) 1,896 261 Other secured financings 538 (70 ) — — — — — 468 70 (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 May 31, 2016 During the three months ended May 31, 2016 , transfers of assets of $107.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Other asset-backed securities $30.7 million and residential mortgage-backed securities of $19.3 million, for which no recent trade activity was observed for purposes of determining observable inputs; • Corporate equity securities of $22.0 million due to a lack of observable market transactions; • Loans and other receivables of $15.9 million due to a lower number of contributors comprising vendor quotes to support classification within Level 2. During the three months ended May 31, 2016 , transfers of assets of $62.7 million from Level 3 to Level 2 are primarily attributed to: • Non-agency residential mortgage-backed securities of $19.5 million and other asset-backed securities of $16.0 million for which market trades were observed in the period for either identical or similar securities; Net losses on Level 3 assets were $21.4 million and net gains on Level 3 liabilities were $0.3 million for the three months ended May 31, 2016 . Net losses on Level 3 assets were primarily due to decreased valuations in loans and other receivables, other asset-backed securities, residential mortgage-backed securities, corporate equity securities, investments at fair value and commercial mortgage-backed securities, partially offset by an increase in valuation of collateralized debt obligations and corporate debt securities. 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 six months ended May 31, 2016 (in thousands): Six Months Ended May 31, 2016 Balance at November 30, 2015 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at May 31, 2016 Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2016 (1) Assets: Financial instruments owned: Corporate equity securities $ 40,906 $ 1,571 $ 2,287 $ (508 ) $ (2,455 ) $ — $ 7,015 $ 48,816 $ 2,080 Corporate debt securities 25,876 (2,378 ) 16,564 (16,613 ) (245 ) — 909 24,113 (2,474 ) Collateralized debt obligations 85,092 (20,455 ) 24,024 (43,696 ) (473 ) — 8,218 52,710 (12,002 ) Sovereign obligations 120 — — — — — — 120 — Residential mortgage-backed securities 70,263 (8,337 ) 1,483 (4,843 ) (235 ) — 4,977 63,308 (4,011 ) Commercial mortgage-backed securities 14,326 (2,589 ) 2,951 (2,023 ) (1,208 ) — 13,526 24,983 (3,140 ) Other asset-backed securities 42,925 (202 ) 64,833 (74,690 ) (4,713 ) — 14,880 43,033 (7,134 ) Loans and other receivables 189,289 (13,376 ) 203,990 (127,944 ) (150,975 ) — 3,415 104,399 (15,693 ) Investments at fair value 53,120 (6,090 ) 1,227 — (555 ) — 10,063 57,765 911 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ (38 ) $ — $ — Net derivatives (2) (242 ) 10,075 — — (46 ) 1,005 (6,368 ) 4,424 (11,008 ) Loans 10,469 (541 ) (2,240 ) 1,033 (1,149 ) — (5,676 ) 1,896 250 Other secured financings 544 (76 ) — — — — — 468 76 (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 Six Months Ended May 31, 2016 During the six months ended May 31, 2016 , trans

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	May 31, 2016
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 May 31, 2016 and November 30, 2015 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). May 31, 2016 (1) Assets Liabilities Fair Value Number of Fair Value Number of Interest rate contracts: Exchange-traded $ 3,602 71,389 $ 1,313 94,606 Cleared OTC 3,317,398 3,220 3,317,602 3,135 Bilateral OTC 690,520 2,100 645,030 1,145 Foreign exchange contracts: Exchange-traded — 240 — 161 Bilateral OTC 398,620 8,291 417,400 7,765 Equity contracts: Exchange-traded 807,139 3,239,347 1,012,583 2,782,492 Bilateral OTC 96,354 1,003 70,335 1,070 Commodity contracts: Exchange-traded — 1,548 — 931 Bilateral OTC 7,258 1 335 2 Credit contracts: Cleared OTC 4,488 10 7,219 12 Bilateral OTC 16,930 82 37,268 95 Total gross derivative assets/ liabilities: Exchange-traded 810,741 1,013,896 Cleared OTC 3,321,886 3,324,821 Bilateral OTC 1,209,682 1,170,368 Amounts offset in the Consolidated Exchange-traded (760,612 ) (760,612 ) Cleared OTC (3,301,710 ) (3,301,710 ) Bilateral OTC (968,565 ) (1,055,892 ) Net amounts per Consolidated $ 311,422 $ 390,871 (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, 2015 (1) Assets Liabilities Fair Value Number of Contracts Fair Value Number of Contracts Interest rate contracts: Exchange-traded $ 998 52,605 $ 364 70,672 Cleared OTC 2,213,730 2,742 2,202,836 2,869 Bilateral OTC 695,365 1,401 646,758 1,363 Foreign exchange contracts: Exchange-traded — 441 — 112 Bilateral OTC (4) 453,202 7,646 466,021 7,264 Equity contracts: Exchange-traded 955,287 3,054,315 1,004,699 2,943,657 Bilateral OTC 61,004 1,039 81,085 1,070 Commodity contracts: Exchange-traded — 1,726 — 1,684 Bilateral OTC (4) 19,342 29 4,628 28 Credit contracts: Cleared OTC 621 39 841 44 Bilateral OTC 16,977 100 59,314 135 Total gross derivative assets/liabilities: Exchange-traded 956,285 1,005,063 Cleared OTC 2,214,351 2,203,677 Bilateral OTC 1,245,890 1,257,806 Amounts offset in the Consolidated Statements of Financial Condition (2): Exchange-traded (938,482 ) (938,482 ) Cleared OTC (2,184,438 ) (2,184,438 ) Bilateral OTC (1,042,526 ) (1,135,078 ) Net amounts per Consolidated Statements of Financial Condition (3) $ 251,080 $ 208,548 (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. (4) Bilateral OTC commodity contracts increased in assets by a fair value of $19.3 million and by 29 contracts and in liabilities by a fair value of $4.6 million and by 28 contracts with corresponding decreases in bilateral OTC foreign exchange contracts from those amounts previously reported to correct for the classification of certain contracts. The total amount of bilateral OTC contracts remained unchanged. The following table presents unrealized and realized gains (losses) on derivative contracts: Three Months Ended Six Months Ended Gains (Losses) May 31, 2016 May 31, 2015 May 31, 2016 May 31, 2015 Interest rate contracts $ (7,559 ) $ 18,064 $ (80,084 ) $ (24,728 ) Foreign exchange contracts 4,525 8,352 6,114 23,524 Equity contracts (98,546 ) (111,682 ) (324,212 ) (40,641 ) Commodity contracts (315 ) 5,746 (2,190 ) 20,237 Credit contracts 10,306 9,805 (2,583 ) 3,763 Total $ (91,589 ) $ (69,715 ) $ (402,955 ) $ (17,845 ) OTC Derivatives. The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities at May 31, 2016 (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 $ — $ 7,258 $ — $ — $ 7,258 Equity swaps and options 33,631 2,646 — — 36,277 Credit default swaps — 6,362 1,009 (1,194 ) 6,177 Total return swaps 22,128 5,101 — (635 ) 26,594 Foreign currency forwards, swaps and options 86,663 12,391 — (5,083 ) 93,971 Interest rate swaps, options and forwards 55,585 215,033 59,686 (101,651 ) 228,653 Total $ 198,007 $ 248,791 $ 60,695 $ (108,563 ) 398,930 Cross product counterparty netting (1,148 ) Total OTC derivative assets included in Financial instruments owned $ 397,782 (1) At May 31, 2016 , we held exchange traded derivative assets and other credit agreements with a fair value of $53.2 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 May 31, 2016 , cash collateral received was $139.5 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 Equity swaps and options $ 3,957 $ 18,813 $ — $ — $ 22,770 Credit default swaps — 2,851 11,461 (1,194 ) 13,118 Total return swaps 8,721 2,738 — (635 ) 10,824 Foreign currency forwards, swaps and options 109,643 8,191 — (5,083 ) 112,751 Fixed income forwards 2,053 1,207 — — 3,260 Interest rate swaps, options and forwards 33,749 100,594 153,026 (101,651 ) 185,718 Total $ 158,123 $ 134,394 $ 164,487 $ (108,563 ) 348,441 Cross product counterparty netting (1,148 ) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased $ 347,293 (1) At May 31, 2016 , we held exchange traded derivative liabilities and other credit agreements with a fair value of $270.4 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 May 31, 2016 , cash collateral pledged was $226.8 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 May 31, 2016 , 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 $ 179,929 BBB- to BBB+ 54,940 BB+ or lower 101,674 Unrated 61,239 Total $ 397,782 (1) We utilize internal credit ratings determined by our Risk Management department. 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 May 31, 2016 and November 30, 2015 is $64.6 million and $114.5 million , respectively, for which we have posted collateral of $58.6 million and $97.2 million , respectively, in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered on May 31, 2016 and November 30, 2015 , we would have been required to post an additional $2.9 million and $19.7 million , respectively, of collateral to our counterparties.

Collateralized Transactions

Collateralized Transactions	6 Months Ended
	May 31, 2016
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 (in thousands): May 31, 2016 Securities Lending Arrangements Repurchase Agreements Total Collateral Pledged: Corporate equity securities $ 2,396,444 $ 143,342 $ 2,539,786 Corporate debt securities 548,786 1,720,906 2,269,692 Mortgage- and asset-backed securities — 2,104,122 2,104,122 U.S. government and federal agency securities 4,036 8,657,877 8,661,913 Municipal securities — 481,383 481,383 Sovereign obligations — 2,660,636 2,660,636 Loans and other receivables — 500,131 500,131 Total $ 2,949,266 $ 16,268,397 $ 19,217,663 November 30, 2015 Securities Lending Arrangements Repurchase Agreements Total Collateral Pledged: Corporate equity securities $ 2,195,912 $ 275,880 $ 2,471,792 Corporate debt securities 748,405 1,752,222 2,500,627 Mortgage- and asset-backed securities — 3,537,812 3,537,812 U.S. government and federal agency securities 34,983 12,006,081 12,041,064 Municipal securities — 357,350 357,350 Sovereign obligations — 1,804,103 1,804,103 Loans and other receivables — 462,534 462,534 Total $ 2,979,300 $ 20,195,982 $ 23,175,282 The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by remaining contractual maturity (in thousands): May 31, 2016 Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,695,657 $ 71,233 $ 1,182,376 $ — $ 2,949,266 Repurchase agreements 7,603,982 4,479,366 2,011,057 2,173,992 16,268,397 Total $ 9,299,639 $ 4,550,599 $ 3,193,433 $ 2,173,992 $ 19,217,663 November 30, 2015 Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,522,475 $ — $ 973,201 $ 483,624 $ 2,979,300 Repurchase agreements 7,850,791 5,218,059 5,291,729 1,835,403 20,195,982 Total $ 9,373,266 $ 5,218,059 $ 6,264,930 $ 2,319,027 $ 23,175,282 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 May 31, 2016 and November 30, 2015 , the approximate fair value of securities received as collateral by us that may be sold or repledged was $24.7 billion and $26.2 billion , respectively. At May 31, 2016 and November 30, 2015 , 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). May 31, 2016 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 $ 7,577,394 $ — $ 7,577,394 $ (685,968 ) $ (781,140 ) $ 6,110,286 Reverse repurchase agreements 11,042,465 (7,809,376 ) 3,233,089 (227,006 ) (2,959,857 ) 46,226 Liabilities Securities lending arrangements $ 2,949,266 $ — $ 2,949,266 $ (685,968 ) $ (2,197,401 ) $ 65,897 Repurchase agreements 16,268,397 (7,809,376 ) 8,459,021 (227,006 ) (7,083,468 ) 1,148,547 November 30, 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 (4) Assets Securities borrowing arrangements $ 6,975,136 $ — $ 6,975,136 $ (478,991 ) $ (667,099 ) $ 5,829,046 Reverse repurchase agreements 14,048,860 (10,191,554 ) 3,857,306 (83,452 ) (3,745,215 ) 28,639 Liabilities Securities lending arrangements $ 2,979,300 $ — $ 2,979,300 $ (478,991 ) $ (2,464,395 ) $ 35,914 Repurchase agreements 20,195,982 (10,191,554 ) 10,004,428 (83,452 ) (8,103,468 ) 1,817,508 (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 $6,076.9 million of securities borrowing arrangements, for which we have received securities collateral of $5,916.1 million , and $1,103.0 million of repurchase agreements, for which we have pledged securities collateral of $1,143.7 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. (4) Amounts include $5,796.1 million of securities borrowing arrangements, for which we have received securities collateral of $5,613.3 million , and $1,807.2 million of repurchase agreements, for which we have pledged securities collateral of $1,875.3 million , which are subject to master netting agreements but we have not 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 $836.9 million and $751.1 million at May 31, 2016 and November 30, 2015 , 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.

Securitization Activities

Securitization Activities	6 Months Ended
	May 31, 2016
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 May 31, Six Months Ended May 31, 2016 2015 2016 2015 Transferred assets $ 1,183.9 $ 1,490.6 $ 3,132.8 $ 3,053.5 Proceeds on new securitizations 1,184.6 1,527.1 3,147.3 3,091.6 Cash flows received on retained interests 13.1 12.2 22.5 19.0 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 May 31, 2016 and November 30, 2015 . The following tables summarize our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): May 31, 2016 Securitization Type Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 16,082.4 $ 76.0 U.S. government agency commercial mortgage-backed securities 3,159.2 19.0 Collateralized loan obligations 4,219.9 50.9 Consumer and other loans 757.1 33.8 November 30, 2015 Securitization Type Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 10,901.9 $ 203.6 U.S. government agency commercial mortgage-backed securities 2,313.4 87.2 Collateralized loan obligations 4,538.4 51.5 Consumer and other loans 655.0 31.0 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-making 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 .

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	May 31, 2016
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 and note commitments, and • Loans to, investments in and fees from various investment 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 significant activities is shared, we assess whether we are the party with the power over the most significant activities. If we are the party with the power over the most significant activities, we meet the “power” criteria of the primary beneficiary. If we do not have the power over the most 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 May 31, 2016 and November 30, 2015 (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. May 31, 2016 November 30, 2015 Securitization Vehicles Aircraft Financing Vehicle Other Securitization Vehicles Other Cash $ 3.5 $ — $ 0.8 $ 0.5 $ 1.5 Financial instruments owned 79.0 — 0.7 68.3 0.6 Securities purchased under agreement to resell (1) 672.5 — — 717.3 — Aircraft (3) — 27.0 — — — Fees, interest and other receivables 0.5 — — 0.3 0.2 $ 755.5 $ 27.0 $ 1.5 $ 786.4 $ 2.3 Other secured financings (2) $ 750.9 $ — $ — $ 785.0 $ — Long-term debt — 21.6 — — — Other liabilities 4.0 4.5 0.2 1.4 0.3 $ 754.9 $ 26.1 $ 0.2 $ 786.4 $ 0.3 (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 $246.6 million and $22.1 million of the secured financing represents an amount held by us in inventory and is eliminated in consolidation at May 31, 2016 and November 30, 2015 , respectively. (3) Aircraft included within Other assets in the Consolidated Statements of Financial Condition. Securitization Vehicles . We are the primary beneficiary of securitization vehicles associated with our financing of consumer and small business loans. 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 small business loans and term loans backed by consumer installment receivables, 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 and retained interests in securities issued. 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. Aircraft Financing Vehicle. We are the primary beneficiary of a secured financing vehicle associated with the purchase and lease of five aircraft. We are the owner participant and maintain an equity interest in the vehicle and were involved in the decisions made during the purchase of the aircraft and the establishment of the terms of the leases. The assets of the VIE primarily consist of the aircraft and related operating leases, which are available for the benefit of the vehicle's debt holders. The creditors of the VIE do not have recourse to our general credit and the 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): May 31, 2016 Carrying Amount Maximum VIE Assets Assets Liabilities Collateralized loan obligations $ 60.2 $ 5.8 $ 439.0 $ 5,270.6 Consumer loan vehicles 166.6 — 716.5 1,027.3 Related party private equity vehicles 32.0 0.1 58.1 137.2 Other private investment vehicles 58.0 — 59.5 3,494.5 Total $ 316.8 $ 5.9 $ 1,273.1 $ 9,929.6 November 30, 2015 Carrying Amount Maximum VIE Assets Assets Liabilities Collateralized loan obligations $ 73.6 $ 0.2 $ 458.1 $ 6,368.7 Consumer loan vehicles 188.3 — 845.8 1,133.0 Related party private equity vehicles 39.3 — 65.8 168.2 Other private investment vehicles 51.3 — 52.8 4,312.0 Total $ 352.5 $ 0.2 $ 1,422.5 $ 11,981.9 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 and equity 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 sponsors and provide advisory services to the 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. Related Party Private Equity Vehicles. We have committed to invest equity in private equity funds (the "JCP Funds") managed by Jefferies Capital Partners, LLC (the "JCP Manager"). Additionally, we have committed to invest equity in the general partners of the JCP Funds (the "JCP General Partners") and the JCP Manager. Our variable interests in the JCP Funds, JCP General Partners and JCP Manager (collectively, the "JCP Entities") consist of equity interests which, in total, provide us with limited and general partner investment returns of the JCP Funds, a portion of the carried interest earned by the JCP General Partners and a portion of the management fees earned by the JCP Manager. Our total equity commitment in the JCP Entities is $148.1 million , of which $124.9 million and $124.6 million was funded as of May 31, 2016 and November 30, 2015 , respectively. The carrying value of our equity investments in the JCP Entities was $32.0 million and $39.3 million at May 31, 2016 and November 30, 2015 , respectively. Our exposure to loss is limited to our equity commitment. The assets of the JCP Entities primarily consist of private equity and equity related investments. We have also 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. The maximum exposure to loss of the guarantee was $3.0 million at May 31, 2016 and November 30, 2015 . Energy Partners I, LP, has assets consisting primarily of debt and equity investments. Other Private Investments Vehicles. As of May 31, 2016 and November 30, 2015 , we had equity commitments to invest $75.8 million and $50.8 million , respectively, in various other private investment vehicles, of which $74.3 million and $49.3 million was funded, respectively. The carrying value of our equity investments was $58.0 million and $51.3 million at May 31, 2016 and November 30, 2015 , respectively. Our exposure to loss is limited to our equity commitment. These private investment vehicles have assets primarily consisting of private and public equity investments, debt instruments and various oil and gas assets. 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 May 31, 2016 and November 30, 2015 , we held $1,647.7 million and $3,359.1 million of agency mortgage-backed securities, respectively, and $527.0 million and $630.5 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	6 Months Ended
	May 31, 2016
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 May 31, 2016 , we and MassMutual each have equity commitments to Jefferies Finance of $600.0 million for a combined total commitment of $1.2 billion . At May 31, 2016 , we have funded $497.4 million of our $600.0 million commitment, leaving $102.6 million unfunded. The investment commitment is scheduled to expire on March 1, 2017 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. The total Secured Revolving Credit is a committed amount of $500.0 million at May 31, 2016 . Advances are shared equally between us and MassMutual. The facility is scheduled to mature on March 1, 2017 with automatic one year extensions absent a 60 day termination notice by either party. At May 31, 2016 and November 30, 2015 , we have funded $0.0 and $19.3 million , respectively, of each of our $250.0 million and $250.0 million commitments, respectively. The following is a summary of selected financial information for Jefferies Finance (in millions): May 31, 2016 November 30, 2015 Total assets $ 7,056.1 $ 7,292.1 Total liabilities 6,140.2 6,297.3 Total equity 915.9 994.8 Our total equity balance 458.0 497.4 The results of Jefferies Finance were a net loss of $33.2 million and $77.8 million for the three and six months ended May 31, 2016 , respectively, and net earnings of $40.6 million and $62.0 million for the three and six months ended May 31, 2015 , 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 $3.7 million and $23.1 million during the three and six months ended May 31, 2016 , respectively, and $39.9 million and $55.5 million during the three and six months ended May 31, 2015 , 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 $1.6 million and $1.6 million during the three and six months ended May 31, 2016 , respectively, and $0.9 million and $1.6 million during the three and six months ended May 31, 2015 , 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 $3.1 million and $3.1 million during the three and six months ended May 31, 2015, respectively, which are included in Investment banking revenues on the Consolidated Statement of Earnings. At May 31, 2016 and November 30, 2015 , 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 a loss of $36,000 during the three months ended May 31, 2016 and revenue of $1.3 million during the six months ended May 31, 2016, 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 $1.3 million for the three months ended May 31, 2015. Under a service agreement, we charged Jefferies Finance $7.5 million and $28.6 million for services provided during the three and six months ended May 31, 2016 , respectively, and $7.1 million and $34.9 million during the three and six months ended May 31, 2015 , respectively. Receivables from Jefferies Finance, included within Other assets on the Consolidated Statements of Financial Condition, were $2.4 million and $7.8 million at May 31, 2016 and November 30, 2015 , respectively. Jefferies LoanCore On February 23, 2011 , we entered into a joint venture agreement with the Government of Singapore Investment Corporation ("GIC") and LoanCore, LLC and formed Jefferies LoanCore, a commercial real estate finance company. In March 2016 , the Canada Pension Plan Investment Board acquired a 24% equity interest in Jefferies LoanCore through a direct acquisition from the GIC. 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 GIC and LoanCore, LLC. During the second quarter of 2016, Jefferies LoanCore aggregate equity commitments were reduced from $600.0 million to $400.0 million . At May 31, 2016 and November 30, 2015 , we had funded $78.3 million and $207.4 million , respectively, of each of our $194.0 million and $291.0 million equity commitments, respectively, and have a 48.5% voting interest in Jefferies LoanCore. The following is a summary of selected financial information for Jefferies LoanCore (in millions): May 31, 2016 November 30, 2015 Total assets $ 1,215.3 $ 2,069.1 Total liabilities 886.1 1,469.8 Total equity 329.2 599.3 Our total equity balance 159.7 290.7 The net earnings of Jefferies LoanCore were $17.3 million and $22.7 million for the three and six months ended May 31, 2016 , respectively, and $16.5 million and $36.5 million for the three and six months ended May 31, 2015 , respectively. Under a service agreement, we charged Jefferies LoanCore $47,000 and $95,000 for the three and six months ended May 31, 2016 , respectively, and $48,000 and $96,000 for the three and six months ended May 31, 2015, respectively. Receivables from Jefferies LoanCore, included within Other assets on the Consolidated Statements of Financial Condition, were $15,800 and $15,800 at May 31, 2016 and November 30, 2015 , respectively. In connection with the securitization of commercial real estate loans originated by Jefferies LoanCore, we earned placement fees of $0.2 million and $0.6 million during the three and six months ended May 31, 2015 , 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 $22.8 million and $29.7 million at May 31, 2016 and November 30, 2015 , 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 $4.2 million and $7.2 million for the three and six months ended May 31, 2016 , respectively, and gains of $0.6 million and losses of $22.9 million for the three and six months May 31, 2015 , respectively, and are included in Asset management fees and investment income (loss) from managed funds in the Consolidated Statements of Earnings. At May 31, 2016 and November 30, 2015 , we were committed to invest equity of up to $85.0 million in JCP Fund V. At May 31, 2016 , our unfunded commitment relating to JCP Fund V was $11.5 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): March 31, 2016 (1) December 31, 2015 (1) Total assets $ 64,725 $ 76,555 Total liabilities 74 99 Total partners' capital 64,651 76,456 Three Months Ended March 31, 2016 (1) Three Months Ended Three Months Ended Three Months Ended December 31, 2014 (1) Net increase (decrease) in net assets resulting from operations $ (11,806 ) $ (7,886 ) $ 1,478 $ (65,700 ) (1) Financial information for JCP Fund V within our financial position and results of operations at May 31, 2016 and November 30, 2015 and for the three and six months ended May 31, 2016 and May 31, 2015 is included based on the presented periods.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	May 31, 2016
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): May 31, 2016 November 30, 2015 Capital Markets $ 1,650,267 $ 1,653,588 Asset Management 3,000 3,000 Total goodwill $ 1,653,267 $ 1,656,588 The following table is a summary of the changes to goodwill for the six months ended May 31, 2016 (in thousands): Balance at November 30, 2015 $ 1,656,588 Translation adjustments (3,321 ) Balance at May 31, 2016 $ 1,653,267 Intangible Assets Intangible assets are included in Other assets in the Consolidated Statements of Financial Condition. The following tables present the gross carrying amount, dispositions, accumulated amortization, net carrying amount and weighted average amortization period of identifiable intangible assets at May 31, 2016 and November 30, 2015 (dollars in thousands): May 31, 2016 Weighted average remaining lives (years) Gross cost Disposals (1) Accumulated amortization Net carrying amount Customer relationships $ 127,210 — $ (38,787 ) $ 88,423 12.4 Trade name 130,537 — (12,121 ) 118,416 31.8 Exchange and clearing organization membership interests and registrations 11,927 (1,379 ) — 10,548 N/A Total $ 269,674 $ (1,379 ) $ (50,908 ) $ 217,387 (1) Activity is related to the sale of certain exchange and clearing organization membership interests in the Futures reporting unit due to the exit of the business. November 30, 2015 Weighted average remaining lives (years) Gross cost Accumulated amortization Net carrying amount Customer relationships $ 127,667 $ (34,754 ) $ 92,913 12.9 Trade name 131,288 (10,315 ) 120,973 32.3 Exchange and clearing organization membership interests and registrations 11,897 — 11,897 N/A Total $ 270,852 $ (45,069 ) $ 225,783 Amortization Expense For finite life intangible assets, aggregate amortization expense amounted to $3.1 million and $6.1 million for the three and six months ended May 31, 2016 , respectively, and $3.0 million and $6.1 million for the three and six months ended May 31, 2015 , respectively. These expenses are 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 2016 $ 6,099 Year ended November 30, 2017 12,198 Year ended November 30, 2018 12,198 Year ended November 30, 2019 12,198 Year ended November 30, 2020 12,198

Short-Term Borrowings

Short-Term Borrowings	6 Months Ended
	May 31, 2016
Debt Disclosure [Abstract]
Short-Term Borrowings	Short-Term Borrowings Short-term borrowings at May 31, 2016 and November 30, 2015 include bank loans that are payable on demand and that must be repaid within one year or less, as well as borrowings under revolving loan and credit facilities as follows (in thousands): May 31, 2016 November 30, 2015 Bank loans $ 262,000 $ 262,000 Secured revolving loan facility 78,641 48,659 Demand loan facility 10,950 — Floating rate puttable notes 45,615 — Total short-term borrowings $ 397,206 $ 310,659 At May 31, 2016 , the weighted average interest rate on short-term borrowings outstanding is 1.81% per annum. Average daily short-term borrowings outstanding were $362.0 million and $334.3 million for the three and six months ended May 31, 2016 , respectively, and $77.0 million and $58.2 million for the three and six months ended May 31, 2015 , respectively. 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. On April 8, 2016 and May 3, 2016, under our $2.0 billion Euro Medium Term Note Program, we issued floating rate puttable notes with principal amounts of €30.0 million and €11.0 million , respectively. These notes are puttable three months after the issuance date. On February 19, 2016, we entered into a demand loan margin financing facility (“Demand Loan Facility”) in a maximum principal amount of $25.0 million to satisfy certain of our margin obligations. Interest is based on an annual rate equal to weighted average LIBOR as defined in the Demand Loan Facility agreement plus 150 basis points . On October 29, 2015 , we entered into a secured revolving loan facility (“Secured Revolving Loan Facility”) with Pacific Western Bank. Pacific Western Bank agrees to make available a revolving loan facility in a maximum principal amount of $50.0 million in U.S. dollars to purchase eligible receivables that meet certain requirements as defined in the Secured Revolving Loan Facility agreement. Interest is based on an annual rate equal to the lesser of the LIBOR rate plus three and three-quarters percent or the maximum rate as defined in the Secured Revolving Loan Facility agreement. The Bank of New York Mellon agrees to make revolving intraday credit advances ("Intraday Credit Facility") for an aggregate committed amount of $300.0 million in U.S. dollars. 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 May 31, 2016 , we were in compliance with debt covenants under the Intraday Credit Facility.

Long-Term Debt

Long-Term Debt	6 Months Ended
	May 31, 2016
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 May 31, 2016 and November 30, 2015 (in thousands): May 31, November 30, 2015 Unsecured long-term debt 5.5% Senior Notes, due March 15, 2016 (effective interest rate of 2.52%) $ — $ 353,025 5.125% Senior Notes, due April 13, 2018 (effective interest rate of 3.46%) 824,109 830,298 8.5% Senior Notes, due July 15, 2019 (effective interest rate of 4.00%) 792,385 806,125 2.375% Euro Medium Term Notes, due May 20, 2020 (effective rate of 2.42%) 554,219 526,436 6.875% Senior Notes, due April 15, 2021 (effective interest rate of 4.40%) 831,363 838,765 2.25% Euro Medium Term Notes, due July 13, 2022 (effective rate of 4.08%) 4,007 3,779 5.125% Senior Notes, due January 20, 2023 (effective interest rate of 4.55%) 619,637 620,890 6.45% Senior Debentures, due June 8, 2027 (effective interest rate of 5.46%) 378,771 379,711 3.875% Convertible Senior Debentures, due November 1, 2029 (effective interest rate of 3.50%) (1) 346,814 347,307 6.25% Senior Debentures, due January 15, 2036 (effective interest rate of 6.03%) 512,566 512,730 6.50% Senior Notes, due January 20, 2043 (effective interest rate of 6.09%) 421,497 421,656 Floating Rate Puttable Notes, due May 4, 2018 6,644 — Fixed to Floating Rate Structured Notes, due February 26, 2019 10,859 — Fixed to Floating Rate Structured Notes, due May 6, 2026 4,978 — Fixed Rate Step-Up Callable Notes, due May 26, 2026 47,055 — Variable Rate Structured Notes, due February 18, 2028 30,101 — Total unsecured long-term debt 5,385,005 5,640,722 Secured long-term debt Class A Notes, due 2022 (effective interest rate of 6.75%) 14,382 — Class B Notes, due 2022 (effective interest rate of 13.45%) 7,237 — Total secured long-term debt 21,619 — Total long-term debt $ 5,406,624 $ 5,640,722 (1) 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 six months ended May 31, 2016 and 2015 . We issued the following notes during the six months ended May 31, 2016 : Issued Principal Maturity Variable Rate Structured Notes (1) (2) February 18, 2016 €30.0 million February 18, 2028 Fixed to Floating Rate Structured Notes (1) (2) February 26, 2016 €10.0 million February 26, 2019 Floating Rate Puttable Notes (2) May 4, 2016 €6.0 million May 4, 2018 Fixed to Floating Rate Structured Notes (1) (2) May 6, 2016 €5.0 million May 6, 2026 Fixed Rate Step-Up Callable Notes (1) May 26, 2016 $50.0 million May 26, 2026 (1) These notes are carried at fair value with changes in fair value resulting from a change in the instrument-specific credit risk presented in other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transaction revenues and contain various interest rate payment terms. (2) Issued under our $2.0 billion Euro Medium Term Note Program. In addition, on January 21, 2016, we issued $15.0 million of Class A Notes, due 2022, which bear interest at 6.75% per annum and $7.5 million of Class B Notes, due 2022, which bear interest at 13.45% per annum, secured by aircraft and related operating leases and which are non-recourse to us. In June 2016, the Class A Notes, due 2022, and the Class B Notes, due 2022, were repurchased and retired. 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 June 9, 2016, each $1,000 debenture is currently convertible into 22.6288 shares of Leucadia’s common stock (equivalent to a conversion price of approximately $44.19 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. At May 31, 2016 and November 30, 2015 , the fair value of the conversion option was not material.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	May 31, 2016
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 May 31, 2016 and November 30, 2015 (in thousands): May 31, 2016 November 30, 2015 Global Equity Event Opportunity Fund, LLC (1) $ 4,514 $ 26,292 Other 687 1,176 Noncontrolling interests $ 5,201 $ 27,468 (1) On December 1, 2015, the entity was deconsolidated due to the adoption of ASU No. 2015-02. (See Note 3, Accounting Developments, for further information on the adoption of this guidance.) No gain or loss was recognized upon deconsolidation. Noncontrolling interests attributed to Leucadia were $26.3 million at November 30, 2015 . During the three months ended May 31, 2016, the entity was consolidated due to investments by us and a third party.

Benefit Plans

Benefit Plans	6 Months Ended
	May 31, 2016
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 $15.6 million and $15.3 million at May 31, 2016 and November 30, 2015 , 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 cost (income) for our pension plans are as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, U.S. Pension Plan 2016 2015 2016 2015 Components of net periodic pension cost (income): Service cost $ 100 $ 63 $ 200 $ 126 Interest cost on projected benefit obligation 587 585 1,174 1,170 Expected return on plan assets (684 ) (848 ) (1,460 ) (1,696 ) Net periodic pension cost (income) $ 3 $ (200 ) $ (86 ) $ (400 ) Three Months Ended May 31, Six Months Ended May 31, German Pension Plan 2016 2015 2016 2015 Components of net periodic pension cost: Interest cost on projected benefit obligation $ 135 $ 127 $ 265 $ 263 Net amortization 83 79 163 163 Net periodic pension cost $ 218 $ 206 $ 428 $ 426 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 contributed $3.0 million to the U.S. Pension Plan in May 2016. We did no t contribute to the German Pension Plan during the six months ended May 31, 2016 and we do not expect to make any additional contributions to the plans during the remainder of the fiscal year.

Compensation Plans

Compensation Plans	6 Months Ended
	May 31, 2016
Compensation Related Costs [Abstract]
Compensation Plans	Compensation Plans Leucadia sponsors our following share-based compensation plans: Incentive Compensation Plan, Employee Stock Purchase Plan ("ESPP") 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 market conditions and 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 May 31, Six Months Ended May 31, 2016 2015 2016 2015 Components of compensation cost: Restricted cash awards $ 59.1 $ 48.2 $ 134.1 $ 103.5 Restricted stock and RSUs (1) 6.3 14.5 11.4 40.0 Profit sharing plan 1.2 1.4 4.3 4.7 Total compensation cost $ 66.6 $ 64.1 $ 149.8 $ 148.2 (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 May 31, 2016 are as follows (dollars in millions): Remaining Unamortized Amounts Weighted Average Vesting Period (in Years) Non-vested share-based awards $ 37.7 2 Restricted cash awards 555.1 3 Total $ 592.8 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 market, performance and service conditions. Market conditions are incorporated into the grant-date fair value of senior executives awards using a Monte Carlo valuation model. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market condition is not met. Awards with performance conditions 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 2015 fiscal year did not meet performance targets, and as a result, compensation expense has been adjusted to reflect the reduced number of shares that have vested. Employee Stock Purchase Plan. There is also an 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 transaction revenues 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, which is generally considered to start at the beginning of the annual compensation year.

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At May 31, 2016 and November 30, 2015 , we had approximately $105.6 million and $107.9 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 $70.4 million and $71.9 million (net of benefits of taxes) at May 31, 2016 and November 30, 2015 , 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 May 31, 2016 and November 30, 2015 , we had interest accrued of approximately $36.2 million and $32.8 million , respectively, included in Accrued expenses and other liabilities. No material penalties were accrued for the six months ended May 31, 2016 and the year ended November 30, 2015 . 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 2007 California 2007 New Jersey 2010 New York State 2001 New York City 2003 United Kingdom 2014 Hong Kong 2009

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	6 Months Ended
	May 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Commitments The following table summarizes our commitments at May 31, 2016 (in millions): Expected Maturity Date (fiscal years) 2016 2017 2018 2020 2022 Maximum Payout Equity commitments (1) $ 1.5 $ 7.9 $ — $ 11.5 $ 225.0 $ 245.9 Loan commitments (1) 2.5 329.9 85.0 59.2 — 476.6 Mortgage-related and other purchase commitments 1,631.2 193.4 1,133.8 — — 2,958.4 Underwriting commitments 361.7 — — — — 361.7 Forward starting reverse repos and repos 213.9 — — — — 213.9 Other unfunded commitments (1) 47.1 256.5 33.0 5.3 33.5 375.4 Total commitments $ 2,257.9 $ 787.7 $ 1,251.8 $ 76.0 $ 258.5 $ 4,631.9 (1) Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are available on demand. In addition, in March 2016, we entered into an lease agreement for office space in London. Beginning in fiscal 2020, we will have a contractual obligation to pay approximately £8.1 million per year for 18 years. 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 May 31, 2016 , our outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds was $23.3 million . See Note 9, Investments , for additional information regarding our investments in Jefferies Finance and Jefferies LoanCore. Additionally, at May 31, 2016 , we had other outstanding equity commitments to invest up to $4.3 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 May 31, 2016 , we had $226.6 million of outstanding loan commitments to clients. Loan commitments outstanding at May 31, 2016 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 $165.4 million at May 31, 2016 . Underwriting Commitments. In connection with investment banking activities, we may from time to time provide underwriting commitments to our clients in connection with capital raising transactions. 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. 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 May 31, 2016 (in millions): Expected Maturity Date (fiscal years) 2016 2017 2018 2020 2022 Notional/ Maximum Payout Guarantee Type: Derivative contracts—non-credit related $ 18,635.1 $ 3,405.0 $ 327.4 $ — $ 436.1 $ 22,803.6 Written derivative contracts—credit related — — 91.1 248.4 2.5 342.0 Total derivative contracts $ 18,635.1 $ 3,405.0 $ 418.5 $ 248.4 $ 438.6 $ 23,145.6 At May 31, 2016 the external credit ratings of the underlyings or referenced assets for our credit related derivatives contracts (in millions): External Credit Rating AAA/ AA/Aa A BBB/ Below Notional/ Credit related derivative contracts: Index credit default swaps $ 4.5 $ — $ — $ 83.4 $ — $ 87.9 Single name credit default swaps $ — $ — $ 4.0 $ 76.0 $ 174.1 $ 254.1 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 May 31, 2016 , the fair value of derivative contracts meeting the definition of a guarantee is approximately $363.5 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 May 31, 2016 , the maximum amount payable under these guarantees is $21.6 million . Standby Letters of Credit. At May 31, 2016 , we provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $34.3 million , which expire within two years . 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	6 Months Ended
	May 31, 2016
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 May 31, 2016 , Jefferies and Jefferies Execution’s net capital and excess net capital were as follows (in thousands): Net Capital Excess Net Capital Jefferies $ 1,252,403 $ 1,174,583 Jefferies Execution 6,439 6,189 FINRA is the designated self-regulatory organization (“DSRO”) for our U.S. broker-dealers and the National Futures Association is 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	6 Months Ended
	May 31, 2016
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 May 31, Six Months Ended May 31, 2016 2015 2016 2015 Capital Markets: Net revenues $ 696.5 $ 789.1 $ 959.8 $ 1,351.5 Expenses $ 602.3 $ 692.4 $ 1,135.4 $ 1,264.7 Asset Management: Net revenues $ 22.9 $ 2.5 $ 58.6 $ 31.7 Expenses $ 14.5 $ 14.4 $ 30.3 $ 20.9 Total: Net revenues $ 719.4 $ 791.6 $ 1,018.4 $ 1,383.2 Expenses $ 616.8 $ 706.8 $ 1,165.7 $ 1,285.6 The following table summarizes our total assets by segment (in millions): May 31, 2016 November 30, 2015 Segment assets: Capital Markets $ 36,241.7 $ 37,804.9 Asset Management 878.3 759.0 Total assets $ 37,120.0 $ 38,564.0 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 May 31, Six Months Ended May 31, 2016 2015 2016 2015 Americas (1) $ 569,293 $ 616,857 $ 757,002 $ 1,053,643 Europe (2) 126,791 148,998 223,224 288,204 Asia 23,324 25,699 38,169 41,379 Net revenues $ 719,408 $ 791,554 $ 1,018,395 $ 1,383,226 (1) Substantially all relates to U.S. results. (2) Substantially all relates to U.K. results.

Related Party Transactions

Related Party Transactions	6 Months Ended
	May 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Jefferies Capital Partners Related Funds. We have equity investments in the JCP Manager and in private equity 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 May 31, 2016 and November 30, 2015 , our equity investments in Private Equity Related Funds were in aggregate $32.1 million and $39.6 million , respectively. We also charge the JCP Manager for certain services under a service agreement. The following table presents other revenues and investment income (loss) related to net gains and losses on our investment in Private Equity Related Funds and service charges (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2016 2015 2016 2015 Other revenues and investment income (loss) $ (5,064 ) $ 947 $ (7,712 ) $ (24,212 ) Service charges 207 225 336 459 For further information regarding our commitments and funded amounts to the Private Equity Related Funds, see Note 17, Commitments, Contingencies and Guarantees . Berkadia Commercial Mortgage, LLC. At May 31, 2016 and November 30, 2015 , we have commitments to purchase $674.6 million and $752.4 million , respectively, in agency commercial mortgage-backed securities from Berkadia Commercial Mortgage, LLC, which is partially owned by Leucadia. HRG Group Inc. ("HRG"). As part of our loan secondary trading activities we had unsettled purchases and sales of loans pertaining to portfolio companies within funds managed by HRG, which is partially owned by Leucadia, of $261.6 million at November 30, 2015 . Additionally, we recognized investment banking and advisory revenues of $0.9 million and $1.3 million during the three and six months ended May 31, 2015, respectively. National Beef Packaging Company, LLC (“National Beef”). We acted as an FCM for National Beef, which is principally owned by Leucadia. During the six months ended May 31, 2015, we recognized commissions of $0.2 million . Officers, Directors and Employees. At May 31, 2016 and November 30, 2015 , we had $39.8 million and $28.3 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 May 31, 2016 and November 30, 2015 , 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 $6.9 million and $14.5 million for the three and six months ended May 31, 2016 , respectively, and $6.1 million and $11.2 million for the three and six months ended May 31, 2015 , respectively. At May 31, 2016 and November 30, 2015 , we had a receivable from Leucadia of $7.6 million and $10.2 million , respectively, which is included within Other assets on the Consolidated Statements of Financial Condition. At May 31, 2016 and November 30, 2015 , we had a payable to Leucadia of $1.0 million and $0.6 million , respectively, related to certain services 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 May 31, 2016 and November 30, 2015 , a net current tax receivable from Leucadia of $191.9 million and $109.5 million , respectively, 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 November 30, 2015 , $26.3 million are attributed to Leucadia. • In March 2016, we made a capital contribution of $114.0 million to a hedge fund managed by a subsidiary of 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 May 31, Six Months Ended May 31, 2016 2015 2016 2015 Investment banking and advisory $ 1,786 $ 200 $ 1,786 $ 21,200 Asset management 29 119 145 303 Commissions and other fees 88 1 88 37 For information on transactions with our equity method investees, see Note 9, Investments .

Exit Costs

Exit Costs	6 Months Ended
	May 31, 2016
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. In addition, we initiated a plan to substantially exit the remaining aspects of our futures business. At May 31, 2016 , we have transferred all of our client accounts to Société Générale S.A. and other brokers and have completed the exit of the futures business. The pre-tax losses of the Futures business was $0.6 million and $1.9 million for the three and six months ended May 31, 2016, respectively, and $37.3 million and $50.7 million for the three and six months ended May 31, 2015, respectively. The following summarizes our recorded restructuring and impairment costs (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2016 2015 2016 2015 Severance costs $ (103 ) $ 15,559 $ 279 $ 15,559 Accelerated amortization of restricted stock and restricted cash awards 10 4,460 41 4,460 Contract termination costs 678 6,260 1,234 6,260 Other expenses 20 2,291 300 2,291 Total $ 605 $ 28,570 $ 1,854 $ 28,570 Of the above costs, $30,000 and $341,000 for the three and six months ended May 31, 2016 , respectively, and $10.8 million for both three and six months ended May 31, 2015 are of a non-cash nature. Restructuring and exit costs are wholly attributed to our Capital Markets segment and were recorded in the following categories on the Consolidated Statement of Earnings (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2016 2015 2016 2015 Compensation and benefits $ (93 ) $ 20,019 $ 320 $ 20,019 Technology and communications 678 6,260 1,234 6,260 Professional services — 2,033 — 2,033 Other expenses 20 258 300 258 Total $ 605 $ 28,570 $ 1,854 $ 28,570 The following summarizes our restructuring reserve activity (in thousands): Severance costs Other costs Contract termination costs Total restructuring costs Accelerated amortization of restricted stock and restricted cash awards Total Balance at November 30, 2015 $ 4,805 $ — $ — $ 4,805 Expenses 279 300 1,234 1,813 $ 41 $ 1,854 Payments (5,084 ) (300 ) (1,234 ) (6,618 ) Liability at May 31, 2016 $ — $ — $ — $ —

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	May 31, 2016
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. 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. 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. In addition, certain exchange and/or clearing organizations require cash and/or securities to be deposited by us to conduct day to day activities.
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 revenue 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 U.S. GAAP. 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. We provide deferred taxes on our temporary differences and on any carryforwards that we could claim on our 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 share-based awards are recognized as an increase to Additional paid-in capital. These amounts, and other windfall tax benefits/(detriments), are included in “Tax benefit/(detriment) for issuance of share-based awards” on the Consolidated Statements of Changes in Equity. In the event tax deductions 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. During the first quarter of fiscal 2016, the consolidated pool of windfall tax benefits had been exhausted. As a result, these tax detriments are now recognized in our Consolidated Statement of Earnings until such time the Leucadia consolidated cumulative compensation cost recognized for tax purposes exceeds the amount recognized for financial reporting purposes. 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. 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.
Accounting Standards to be Adopted in Future Periods and Adopted Accounting Standards	Accounting Standards to be Adopted in Future Periods Financial Instruments-Credit Losses. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU No. 2016-13"). The guidance provides for estimating credit losses on certain types of financial instruments by introducing an approach based on expected losses. The guidance is effective in the first quarter of fiscal 2021 and early adoption is permitted in the first quarter of fiscal 2020. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Employee Share-Based Payments. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU No. 2016-09"). The guidance simplifies various aspects related to how share-based payments are accounted for and presented in the consolidated financial statements. The amendments include income tax consequences, the accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance is effective in the first quarter of fiscal 2018 and early adoption is permitted if all amendments are adopted in the same period. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases ("ASU No. 2016-02"). The guidance affects the accounting for leases and provides for a lessee model that brings substantially all leases onto the balance sheet. The guidance is effective in the first quarter of fiscal 2019 and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Financial Instruments. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. The guidance is effective in the first quarter of fiscal 2019. We are currently evaluating the impact of the new guidance related to equity investments and the presentation and disclosure requirements of financial instruments on our consolidated financial statements. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option and we have early adopted this guidance in the first quarter of fiscal 2016. The adoption of this accounting guidance did not have a material effect 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”) and in August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers - Deferral of Effective Date. The accounting guidance defines how companies report revenues from contracts with customers, and also requires enhanced disclosures. We intend to adopt the new guidance on December 1, 2017 and are currently evaluating the impact of the new guidance on our consolidated financial statements. Adopted Accounting Standards Debt Issuance Costs. In April 2015, the FASB issued 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 and we have adopted this guidance in the first quarter of fiscal 2016. The adoption of this accounting guidance did not 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 we have adopted this guidance in the first quarter of fiscal 2016 using a modified retrospective approach. The adoption of this accounting guidance resulted in the deconsolidation of an asset management vehicle, which resulted in the following adjustment to the Consolidated Statement of Financial Condition on December 1, 2015: a decrease of $27.0 million in Investments in managed funds, a decrease of $0.7 million in Accrued expense and other liabilities and a decrease of $26.3 million in Noncontrolling interests. For further information on the adoption of ASU No. 2015-02, refer to Note 8, Variable Interest Entities .

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	May 31, 2016
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 $30.3 million and $36.7 million at May 31, 2016 and November 30, 2015 , respectively, by level within the fair value hierarchy (in thousands): May 31, 2016 Level 1(1) Level 2(1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Financial instruments owned: Corporate equity securities $ 2,106,323 $ 141,115 $ 48,816 $ — $ 2,296,254 Corporate debt securities — 2,803,167 24,113 — 2,827,280 Collateralized debt obligations — 62,763 52,710 — 115,473 U.S. government and federal agency securities 2,476,399 93,022 — — 2,569,421 Municipal securities — 638,929 — — 638,929 Sovereign obligations 1,450,033 845,731 120 — 2,295,884 Residential mortgage-backed securities — 1,353,973 63,308 — 1,417,281 Commercial mortgage-backed securities — 615,289 24,983 — 640,272 Other asset-backed securities — 137,396 43,033 — 180,429 Loans and other receivables — 1,605,319 104,399 — 1,709,718 Derivatives 3,914 5,322,084 16,311 (5,030,887 ) 311,422 Investments at fair value — 29,000 57,765 — 86,765 Total financial instruments owned, excluding Investments at fair value based on NAV $ 6,036,669 $ 13,647,788 $ 435,558 $ (5,030,887 ) $ 15,089,128 Cash and cash equivalents $ 2,838,829 $ — $ — $ — $ 2,838,829 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (3) $ 836,871 $ — $ — $ — $ 836,871 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,794,791 $ 88,806 $ — $ — $ 1,883,597 Corporate debt securities — 1,964,988 — — 1,964,988 U.S. government and federal agency securities 1,349,746 — — — 1,349,746 Sovereign obligations 678,659 1,093,388 — — 1,772,047 Residential mortgage-backed securities — 1,045 — — 1,045 Loans — 597,623 1,896 — 599,519 Derivatives 1,383 5,486,967 20,735 (5,118,214 ) 390,871 Total financial instruments sold, not yet purchased $ 3,824,579 $ 9,232,817 $ 22,631 $ (5,118,214 ) $ 7,961,813 Other secured financings $ — $ 46,305 $ 468 $ — $ 46,773 Long-term debt $ — $ 92,993 $ — $ — $ 92,993 (1) There were no material transfers between Level 1 and Level 2 for the six months ended May 31, 2016 . (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 or deposited with clearing and depository organizations includes U.S. treasury securities with a fair value of $99.9 million . November 30, 2015 Level 1 (1) Level 2 (1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Financial instruments owned: Corporate equity securities $ 1,853,351 $ 133,732 $ 40,906 $ — $ 2,027,989 Corporate debt securities — 2,867,165 25,876 — 2,893,041 Collateralized debt obligations — 89,144 85,092 — 174,236 U.S. government and federal agency securities 2,555,018 90,633 — — 2,645,651 Municipal securities — 487,141 — — 487,141 Sovereign obligations 1,251,366 1,407,955 120 — 2,659,441 Residential mortgage-backed securities — 2,731,070 70,263 — 2,801,333 Commercial mortgage-backed securities — 1,014,913 14,326 — 1,029,239 Other asset-backed securities — 118,629 42,925 — 161,554 Loans and other receivables — 1,123,044 189,289 — 1,312,333 Derivatives 1,037 4,395,704 19,785 (4,165,446 ) 251,080 Investments at fair value — 26,224 53,120 — 79,344 Total financial instruments owned, excluding Investments at fair value based on NAV $ 5,660,772 $ 14,485,354 $ 541,702 $ (4,165,446 ) $ 16,522,382 Cash and cash equivalents $ 3,510,163 $ — $ — $ — $ 3,510,163 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 751,084 $ — $ — $ — $ 751,084 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,382,377 $ 36,518 $ 38 $ — $ 1,418,933 Corporate debt securities — 1,556,941 — — 1,556,941 U.S. government and federal agency securities 1,488,121 — — — 1,488,121 Sovereign obligations 837,614 505,382 — — 1,342,996 Residential mortgage-backed securities — 117 — — 117 Loans — 758,939 10,469 — 769,408 Derivatives 364 4,446,639 19,543 (4,257,998 ) 208,548 Total financial instruments sold, not yet purchased $ 3,708,476 $ 7,304,536 $ 30,050 $ (4,257,998 ) $ 6,785,064 Other secured financings (3) $ — $ 67,801 $ 544 $ — $ 68,345 (1) There were no material transfers between Level 1 and Level 2 for the year ended November 30, 2015. (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. (3) Level 2 liabilities include $67.8 million of other secured financings that were previously not disclosed in our Annual Report on Form 10-K for the year ended November 30, 2015 .
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 (in thousands): May 31, 2016 Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) Equity Long/Short Hedge Funds (2) $ 46,749 $ — Monthly, Quarterly Fixed Income and High Yield Hedge Funds (3) 999 — — Fund of Funds (4) 284 — — Equity Funds (5) 35,130 20,512 — Multi-asset Funds (6) 130,285 — Monthly, Quarterly Total $ 213,447 $ 20,512 November 30, 2015 (7) Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) Equity Long/Short Hedge Funds (2) $ 54,725 $ — Monthly, Quarterly Fixed Income and High Yield Hedge Funds (3) 1,703 — — Fund of Funds (4) 287 94 — Equity Funds (5) 42,111 20,791 — Multi-asset Funds (6) 23,358 — Monthly, Quarterly Convertible Bond Funds (8) 326 — At Will Total $ 122,510 $ 20,885 (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, primarily in equity securities in domestic and international markets in both the public and private sectors. At May 31, 2016 and November 30, 2015 , investments representing approximately 95% and 100% , respectively, of the fair value of investments in this category are redeemable with 30 - 90 days prior written notice. At May 31, 2016 the remaining 5% of the fair value of investments are classified as being in liquidation. (3) This category 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 May 31, 2016 and November 30, 2015 , the underlying assets of 9% and 8% , respectively, of these funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated. (4) This category includes investments in fund of funds that invest in various private equity funds. At May 31, 2016 and November 30, 2015 , approximately 98% 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 start liquidating in the next six months. For the remaining investments at November 30, 2015, we have requested redemption; however, we are unable to estimate when these funds will be received. (5) At May 31, 2016 and November 30, 2015 , approximately 99% and 100% , 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 includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At May 31, 2016 and November 30, 2015 , investments representing approximately 12% and 100% , respectively, of the fair value of investments in this category are redeemable with 30 - 90 days prior written notice. At May 31, 2016, for the remaining investments in this category, withdrawals during any calendar quarter are limited to 25% of the fund’s net asset value. This restriction can be waived by us, in our sole discretion. (7) Prior period amounts have been recast to conform to the current year's presentation due to the presentation of multi-asset funds. Previously, these investments had been classified within equity long/short hedge funds. (8) This category represents an investment in the Jefferies Umbrella Fund, an open-ended investment company managed by us that invested primarily in convertible bonds. The remaining investments were in liquidation at November 30, 2015 and the underlying assets were fully liquidated during the six months ended May 31, 2016 .
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 May 31, 2016 (in thousands): Three Months Ended May 31, 2016 Balance at February 29, 2016 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at May 31, 2016 Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2016 (1) Assets: Financial instruments owned: Corporate equity securities $ 30,540 $ (927 ) $ 200 $ (508 ) $ (2,455 ) $ — $ 21,966 $ 48,816 $ (849 ) Corporate debt securities 25,634 474 15 (789 ) — — (1,221 ) 24,113 347 Collateralized debt obligations 67,348 1,797 943 (21,233 ) — — 3,855 52,710 2,534 Sovereign obligations 119 1 — — — — — 120 1 Residential mortgage-backed securities 68,019 (4,915 ) 3,422 (2,837 ) (122 ) — (259 ) 63,308 (2,233 ) Commercial mortgage-backed securities 21,994 (1,140 ) — — (311 ) — 4,440 24,983 (1,306 ) Other asset-backed securities 33,124 (7,284 ) 3,549 (1,068 ) (52 ) — 14,764 43,033 (7,275 ) Loans and other receivables 155,442 (7,792 ) 20,836 (13,347 ) (55,541 ) — 4,801 104,399 (6,231 ) Investments at fair value 63,582 (1,574 ) 40 — (283 ) — (4,000 ) 57,765 (6 ) Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ (38 ) $ — $ — Net derivatives (2) 11,757 3 — — (83 ) 451 (7,704 ) 4,424 (3 ) Loans 7,744 (261 ) — — (71 ) — (5,516 ) 1,896 261 Other secured financings 538 (70 ) — — — — — 468 70 (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 six months ended May 31, 2016 (in thousands): Six Months Ended May 31, 2016 Balance at November 30, 2015 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at May 31, 2016 Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2016 (1) Assets: Financial instruments owned: Corporate equity securities $ 40,906 $ 1,571 $ 2,287 $ (508 ) $ (2,455 ) $ — $ 7,015 $ 48,816 $ 2,080 Corporate debt securities 25,876 (2,378 ) 16,564 (16,613 ) (245 ) — 909 24,113 (2,474 ) Collateralized debt obligations 85,092 (20,455 ) 24,024 (43,696 ) (473 ) — 8,218 52,710 (12,002 ) Sovereign obligations 120 — — — — — — 120 — Residential mortgage-backed securities 70,263 (8,337 ) 1,483 (4,843 ) (235 ) — 4,977 63,308 (4,011 ) Commercial mortgage-backed securities 14,326 (2,589 ) 2,951 (2,023 ) (1,208 ) — 13,526 24,983 (3,140 ) Other asset-backed securities 42,925 (202 ) 64,833 (74,690 ) (4,713 ) — 14,880 43,033 (7,134 ) Loans and other receivables 189,289 (13,376 ) 203,990 (127,944 ) (150,975 ) — 3,415 104,399 (15,693 ) Investments at fair value 53,120 (6,090 ) 1,227 — (555 ) — 10,063 57,765 911 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ (38 ) $ — $ — Net derivatives (2) (242 ) 10,075 — — (46 ) 1,005 (6,368 ) 4,424 (11,008 ) Loans 10,469 (541 ) (2,240 ) 1,033 (1,149 ) — (5,676 ) 1,896 250 Other secured financings 544 (76 ) — — — — — 468 76 (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 six months ended May 31, 2015 (in thousands): Six Months Ended May 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 May 31, 2015 Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2015 (1) Assets: Financial instruments owned: Corporate equity securities $ 20,964 $ 7,066 $ 1,469 $ (262 ) $ — $ — $ (8,690 ) $ 20,547 $ 7,077 Corporate debt securities 22,766 (796 ) 3,095 (3,445 ) — — 10,297 31,917 (929 ) Collateralized debt obligations 124,650 (17,229 ) 66,246 (59,532 ) (147 ) — (24,981 ) 89,007 (8,989 ) Residential mortgage- backed securities 82,557 (3,735 ) 24,083 (18,899 ) (477 ) — 5,166 88,695 (822 ) Commercial mortgage-backed securities 26,655 (1,124 ) 4,685 (12,128 ) (6,971 ) — 6,745 17,862 (496 ) Other asset-backed securities 2,294 (258 ) 8,385 (79 ) (207 ) — 1,722 11,857 (97 ) Loans and other receivables 97,258 (5,795 ) 71,865 (29,184 ) (33,895 ) — 8,507 108,756 (3,166 ) Investments, at fair value 53,224 4,615 5,270 (427 ) (541 ) — 69,202 131,343 4,882 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ — $ 38 $ — Corporate debt securities 223 225 (6,677 ) 6,804 — — (123 ) 452 (339 ) Net derivatives (2) (4,638 ) 1,925 (8,848 ) 120 8,395 1,460 — (1,586 ) (3,586 ) Loans 14,450 (277 ) (759 ) 350 — — (3,032 ) 10,732 277 Other secured financings 30,825 — — — (11,760 ) 36,995 — 56,060 — Embedded conversion option 693 32 — — — — — 725 (32 ) (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 May 31, 2015 (in thousands): Three Months Ended May 31, 2015 Balance at February 28, 2015 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at May 31, 2015 Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2015 (1) Assets: Financial instruments owned: Corporate equity securities $ 18,210 $ 8,030 $ — $ (73 ) $ — $ — $ (5,620 ) $ 20,547 $ 8,073 Corporate debt securities 24,795 (532 ) 2,183 (2,368 ) — — 7,839 31,917 (922 ) Collateralized debt obligations 96,837 (5,120 ) 29,021 (25,430 ) — — (6,301 ) 89,007 (2,328 ) Sovereign obligations 333 (12 ) 320 (641 ) — — — — — Residential mortgage-backed securities 79,953 (1,820 ) 8,733 (4,915 ) (323 ) — 7,067 88,695 315 Commercial mortgage-backed securities 24,629 (789 ) 1,256 (9,237 ) (173 ) — 2,176 17,862 (759 ) Other asset-backed securities 7,146 (19 ) 8,322 (80 ) (270 ) — (3,242 ) 11,857 41 Loans and other receivables 111,410 (748 ) 40,602 (26,335 ) (16,314 ) — 141 108,756 (669 ) Investments, at fair value 128,232 3,380 73 (78 ) (264 ) — — 131,343 3,482 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ — $ 38 $ — Corporate debt securities — 339 — 113 — — — 452 (339 ) Net derivatives (2) 3,314 (4,912 ) (11,963 ) — 12,078 389 (492 ) (1,586 ) 4,912 Loans 9,327 (332 ) (1,170 ) 350 2,557 — — 10,732 332 Other secured financings 65,602 — — — (9,542 ) — — 56,060 — Embedded conversion option 825 (100 ) — — — — — 725 100 (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 tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument ( i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category. For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. 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. May 31, 2016 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Average Corporate equity securities $ 43,622 Non-exchange traded securities Market approach EBITDA (a) multiple 5.0-16.0 12.3 Transaction level $2 — Underlying stock price $1-$102 $ 21 Comparable pricing Discount factor 65% — Underlying stock price $4 — Corporate debt securities $ 24,113 Convertible bond model Discount rate/yield 10% — Volatility 40% — Scenario analysis Estimated recovery percentage 6.3% — Comparable pricing Discount factor 91% — Collateralized debt obligations $ 33,406 Discounted cash flows Constant prepayment rate 10%-20% 19 % Constant default rate 2%-8% 3 % Loss severity 25%-70% 30 % Yield 5%-22% 17 % Residential mortgage-backed securities $ 63,308 Discounted cash flows Constant prepayment rate 0%-50% 15 % Constant default rate 1%-50% 5 % Loss severity 15%-85% 45 % Yield 1%-9% 5 % Commercial mortgage-backed securities $ 24,983 Discounted cash flows Yield 7%-17% 11 % Cumulative loss rate 1%-71% 17 % Other asset-backed securities $ 21,571 Discounted cash flows Constant prepayment rate 0%-30% 17 % Constant default rate 0%-30% 10 % Loss severity 0%-100% 67 % Yield 3%-22% 11 % Loans and other receivables $ 103,059 Comparable pricing Comparable loan price $99 — Market approach Discount rate/yield 2%-10% 8 % Scenario analysis Estimated recovery percentage 6%-100% 56 % Derivatives $ 16,311 Total return swaps Comparable pricing Comparable loan price $86-$100 $ 95 Credit default swaps Market approach Credit spread 290 bps — Interest rate swaps Credit spread 670 bps - 800 bps 710 bps Commodity forwards Present value Average silver production tons per day 783 — Investments at fair value Private equity securities $ 8,204 Market approach Transaction level $74 — Enterprise value $5,200,000 — Liabilities Financial Instruments Sold, Not Yet Purchased: Derivatives $ 20,735 Equity options Option model Volatility 45% — Default rate Default probability 0% — Unfunded commitments Comparable pricing Comparable loan price $99 — Market approach Discount rate/yield 4%-52% $ — Total return swaps Comparable pricing Comparable loan price $86-$100 $ 95 Variable funding note swaps Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25% — Yield 13% — Foreign exchange forwards Market approach Credit spread 500 bps — Loans and other receivables $ 1,896 Scenario analysis Estimated recovery percentage 14% — (a) Earnings before interest, taxes, depreciation and amortization (“EBITDA”). November 30, 2015 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Average Corporate equity securities $ 20,285 Non-exchange traded securities Market approach EBITDA multiple 4.4 — Transaction level $1 — Underlying stock price $5-$102 $ 19 Corporate debt securities $ 20,257 Convertible bond model Discount rate/yield 86% — Market approach Transaction level $59 — Collateralized debt obligations $ 49,923 Discounted cash flows Constant prepayment rate 5%-20% 13 % Constant default rate 2%-8% 2 % Loss severity 25%-90% 52 % Yield 6%-13% 10 % Residential mortgage-backed securities $ 70,263 Discounted cash flows Constant prepayment rate 0%-50% 13 % Constant default rate 1%-9% 3 % Loss severity 25%-70% 39 % Yield 1%-9% 6 % Commercial mortgage-backed securities $ 14,326 Discounted cash flows Yield 7%-30% 16 % Cumulative loss rate 2%-63% 23 % Other asset-backed securities $ 21,463 Discounted cash flows Constant prepayment rate 6%-8% 7 % Constant default rate 3%-5% 4 % Loss severity 55%-75% 62 % Yield 7%-22% 18 % Over-collateralization Over-collateralization percentage 117%-125% 118 % Loans and other receivables $ 161,470 Comparable pricing Comparable loan price $99-$100 $ 99.7 Market approach Yield 2%-17% 12 % EBITDA multiple 10.0 — Scenario analysis Estimated recovery percentage 6%-100% 83 % Derivatives $ 19,785 Commodity forwards Market approach Discount rate/yield 47% — % Transaction level $9,500,000 — Unfunded commitments Comparable pricing Comparable loan price $100 — Market approach Credit spread 298 bps — Total return swaps Comparable pricing Comparable loan price $91.7-$92.4 $ 92.1 Investments at fair value $ 7,693 Private equity securities Market approach Transaction level $64 — Enterprise value $5,200,000 — Liabilities Financial Instruments Sold, Not Yet Purchased: Derivatives $ 19,543 Equity options Option model Volatility 45% — Default rate Default probability 0% — Unfunded commitments Comparable pricing Comparable loan price $79-$100 $ 82.6 Market approach Discount rate/yield 3%-10% 10 % Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25% — Yield 11% — Total return swaps Comparable pricing Comparable loan price $91.7-92.4 $ 92.1 Loans and other receivables $ 10,469 Comparable pricing Comparable loan price $100 —
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, other receivables and debt instruments and gains (losses) due to other changes in fair value on long-term debt measured at fair value under the fair value option (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2016 2015 2016 2015 Financial Instruments Owned: Loans and other receivables $ (10,564 ) $ (5,294 ) $ (24,901 ) $ (2,377 ) Financial Instruments Sold: Loans $ 407 $ 110 $ 405 $ 238 Loan commitments 1,173 5,544 (2,573 ) (1,622 ) Long-term Debt: Changes in instrument specific credit risk (1) $ (3,453 ) $ — $ (3,755 ) $ — Other changes in fair value (2) 3,489 — 10,305 — (1) Changes in instrument-specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income. (2) Other changes in fair value for the three and six months ended May 31, 2016 include $3.9 million and $10.7 million , respectively, included within Principal transactions revenues, and $0.4 million and $0.4 million, respectively, included within Interest expenses on the Consolidated Statements of Earnings. The following is a summary of the amount by which contractual principal exceeds fair value for loans and other receivables and long-term debt measured at fair value under the fair value option (in thousands). May 31, 2016 November 30, 2015 Financial Instruments Owned: Loans and other receivables (1) $ 416,434 $ 408,369 Loans and other receivables on nonaccrual status and/or greater than 90 days past due (1) (2) 143,620 54,652 Long-term debt 7,072 — (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 loans and other receivables greater than 90 days past due of $42.9 million and 29.7 million at May 31, 2016 and November 30, 2015, respectively.

Derivative Financial Instrume32

Derivative Financial Instruments (Tables)	6 Months Ended
	May 31, 2016
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 May 31, 2016 and November 30, 2015 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). May 31, 2016 (1) Assets Liabilities Fair Value Number of Fair Value Number of Interest rate contracts: Exchange-traded $ 3,602 71,389 $ 1,313 94,606 Cleared OTC 3,317,398 3,220 3,317,602 3,135 Bilateral OTC 690,520 2,100 645,030 1,145 Foreign exchange contracts: Exchange-traded — 240 — 161 Bilateral OTC 398,620 8,291 417,400 7,765 Equity contracts: Exchange-traded 807,139 3,239,347 1,012,583 2,782,492 Bilateral OTC 96,354 1,003 70,335 1,070 Commodity contracts: Exchange-traded — 1,548 — 931 Bilateral OTC 7,258 1 335 2 Credit contracts: Cleared OTC 4,488 10 7,219 12 Bilateral OTC 16,930 82 37,268 95 Total gross derivative assets/ liabilities: Exchange-traded 810,741 1,013,896 Cleared OTC 3,321,886 3,324,821 Bilateral OTC 1,209,682 1,170,368 Amounts offset in the Consolidated Exchange-traded (760,612 ) (760,612 ) Cleared OTC (3,301,710 ) (3,301,710 ) Bilateral OTC (968,565 ) (1,055,892 ) Net amounts per Consolidated $ 311,422 $ 390,871 (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, 2015 (1) Assets Liabilities Fair Value Number of Contracts Fair Value Number of Contracts Interest rate contracts: Exchange-traded $ 998 52,605 $ 364 70,672 Cleared OTC 2,213,730 2,742 2,202,836 2,869 Bilateral OTC 695,365 1,401 646,758 1,363 Foreign exchange contracts: Exchange-traded — 441 — 112 Bilateral OTC (4) 453,202 7,646 466,021 7,264 Equity contracts: Exchange-traded 955,287 3,054,315 1,004,699 2,943,657 Bilateral OTC 61,004 1,039 81,085 1,070 Commodity contracts: Exchange-traded — 1,726 — 1,684 Bilateral OTC (4) 19,342 29 4,628 28 Credit contracts: Cleared OTC 621 39 841 44 Bilateral OTC 16,977 100 59,314 135 Total gross derivative assets/liabilities: Exchange-traded 956,285 1,005,063 Cleared OTC 2,214,351 2,203,677 Bilateral OTC 1,245,890 1,257,806 Amounts offset in the Consolidated Statements of Financial Condition (2): Exchange-traded (938,482 ) (938,482 ) Cleared OTC (2,184,438 ) (2,184,438 ) Bilateral OTC (1,042,526 ) (1,135,078 ) Net amounts per Consolidated Statements of Financial Condition (3) $ 251,080 $ 208,548 (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. (4) Bilateral OTC commodity contracts increased in assets by a fair value of $19.3 million and by 29 contracts and in liabilities by a fair value of $4.6 million and by 28 contracts with corresponding decreases in bilateral OTC foreign exchange contracts from those amounts previously reported to correct for the classification of certain contracts. The total amount of bilateral OTC contracts remained unchanged.
Unrealized and Realized Gains (Losses) on Derivative Contracts	The following table presents unrealized and realized gains (losses) on derivative contracts: Three Months Ended Six Months Ended Gains (Losses) May 31, 2016 May 31, 2015 May 31, 2016 May 31, 2015 Interest rate contracts $ (7,559 ) $ 18,064 $ (80,084 ) $ (24,728 ) Foreign exchange contracts 4,525 8,352 6,114 23,524 Equity contracts (98,546 ) (111,682 ) (324,212 ) (40,641 ) Commodity contracts (315 ) 5,746 (2,190 ) 20,237 Credit contracts 10,306 9,805 (2,583 ) 3,763 Total $ (91,589 ) $ (69,715 ) $ (402,955 ) $ (17,845 )
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 May 31, 2016 (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 $ — $ 7,258 $ — $ — $ 7,258 Equity swaps and options 33,631 2,646 — — 36,277 Credit default swaps — 6,362 1,009 (1,194 ) 6,177 Total return swaps 22,128 5,101 — (635 ) 26,594 Foreign currency forwards, swaps and options 86,663 12,391 — (5,083 ) 93,971 Interest rate swaps, options and forwards 55,585 215,033 59,686 (101,651 ) 228,653 Total $ 198,007 $ 248,791 $ 60,695 $ (108,563 ) 398,930 Cross product counterparty netting (1,148 ) Total OTC derivative assets included in Financial instruments owned $ 397,782 (1) At May 31, 2016 , we held exchange traded derivative assets and other credit agreements with a fair value of $53.2 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 May 31, 2016 , cash collateral received was $139.5 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 Equity swaps and options $ 3,957 $ 18,813 $ — $ — $ 22,770 Credit default swaps — 2,851 11,461 (1,194 ) 13,118 Total return swaps 8,721 2,738 — (635 ) 10,824 Foreign currency forwards, swaps and options 109,643 8,191 — (5,083 ) 112,751 Fixed income forwards 2,053 1,207 — — 3,260 Interest rate swaps, options and forwards 33,749 100,594 153,026 (101,651 ) 185,718 Total $ 158,123 $ 134,394 $ 164,487 $ (108,563 ) 348,441 Cross product counterparty netting (1,148 ) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased $ 347,293 (1) At May 31, 2016 , we held exchange traded derivative liabilities and other credit agreements with a fair value of $270.4 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 May 31, 2016 , cash collateral pledged was $226.8 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 May 31, 2016 , 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 $ 179,929 BBB- to BBB+ 54,940 BB+ or lower 101,674 Unrated 61,239 Total $ 397,782 (1) We utilize internal credit ratings determined by our Risk Management department. 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)	6 Months Ended
	May 31, 2016
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 (in thousands): May 31, 2016 Securities Lending Arrangements Repurchase Agreements Total Collateral Pledged: Corporate equity securities $ 2,396,444 $ 143,342 $ 2,539,786 Corporate debt securities 548,786 1,720,906 2,269,692 Mortgage- and asset-backed securities — 2,104,122 2,104,122 U.S. government and federal agency securities 4,036 8,657,877 8,661,913 Municipal securities — 481,383 481,383 Sovereign obligations — 2,660,636 2,660,636 Loans and other receivables — 500,131 500,131 Total $ 2,949,266 $ 16,268,397 $ 19,217,663 November 30, 2015 Securities Lending Arrangements Repurchase Agreements Total Collateral Pledged: Corporate equity securities $ 2,195,912 $ 275,880 $ 2,471,792 Corporate debt securities 748,405 1,752,222 2,500,627 Mortgage- and asset-backed securities — 3,537,812 3,537,812 U.S. government and federal agency securities 34,983 12,006,081 12,041,064 Municipal securities — 357,350 357,350 Sovereign obligations — 1,804,103 1,804,103 Loans and other receivables — 462,534 462,534 Total $ 2,979,300 $ 20,195,982 $ 23,175,282 The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by remaining contractual maturity (in thousands): May 31, 2016 Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,695,657 $ 71,233 $ 1,182,376 $ — $ 2,949,266 Repurchase agreements 7,603,982 4,479,366 2,011,057 2,173,992 16,268,397 Total $ 9,299,639 $ 4,550,599 $ 3,193,433 $ 2,173,992 $ 19,217,663 November 30, 2015 Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,522,475 $ — $ 973,201 $ 483,624 $ 2,979,300 Repurchase agreements 7,850,791 5,218,059 5,291,729 1,835,403 20,195,982 Total $ 9,373,266 $ 5,218,059 $ 6,264,930 $ 2,319,027 $ 23,175,282
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). May 31, 2016 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 $ 7,577,394 $ — $ 7,577,394 $ (685,968 ) $ (781,140 ) $ 6,110,286 Reverse repurchase agreements 11,042,465 (7,809,376 ) 3,233,089 (227,006 ) (2,959,857 ) 46,226 Liabilities Securities lending arrangements $ 2,949,266 $ — $ 2,949,266 $ (685,968 ) $ (2,197,401 ) $ 65,897 Repurchase agreements 16,268,397 (7,809,376 ) 8,459,021 (227,006 ) (7,083,468 ) 1,148,547 November 30, 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 (4) Assets Securities borrowing arrangements $ 6,975,136 $ — $ 6,975,136 $ (478,991 ) $ (667,099 ) $ 5,829,046 Reverse repurchase agreements 14,048,860 (10,191,554 ) 3,857,306 (83,452 ) (3,745,215 ) 28,639 Liabilities Securities lending arrangements $ 2,979,300 $ — $ 2,979,300 $ (478,991 ) $ (2,464,395 ) $ 35,914 Repurchase agreements 20,195,982 (10,191,554 ) 10,004,428 (83,452 ) (8,103,468 ) 1,817,508 (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 $6,076.9 million of securities borrowing arrangements, for which we have received securities collateral of $5,916.1 million , and $1,103.0 million of repurchase agreements, for which we have pledged securities collateral of $1,143.7 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. (4) Amounts include $5,796.1 million of securities borrowing arrangements, for which we have received securities collateral of $5,613.3 million , and $1,807.2 million of repurchase agreements, for which we have pledged securities collateral of $1,875.3 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable.

Securitization Activities (Tabl

Securitization Activities (Tables)	6 Months Ended
	May 31, 2016
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 May 31, Six Months Ended May 31, 2016 2015 2016 2015 Transferred assets $ 1,183.9 $ 1,490.6 $ 3,132.8 $ 3,053.5 Proceeds on new securitizations 1,184.6 1,527.1 3,147.3 3,091.6 Cash flows received on retained interests 13.1 12.2 22.5 19.0
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): May 31, 2016 Securitization Type Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 16,082.4 $ 76.0 U.S. government agency commercial mortgage-backed securities 3,159.2 19.0 Collateralized loan obligations 4,219.9 50.9 Consumer and other loans 757.1 33.8 November 30, 2015 Securitization Type Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 10,901.9 $ 203.6 U.S. government agency commercial mortgage-backed securities 2,313.4 87.2 Collateralized loan obligations 4,538.4 51.5 Consumer and other loans 655.0 31.0

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 2016
Variable Interest Entity [Line Items]
Assets and Liabilities of Consolidated VIEs Prior to Consolidation	The following table presents information about our consolidated VIEs at May 31, 2016 and November 30, 2015 (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. May 31, 2016 November 30, 2015 Securitization Vehicles Aircraft Financing Vehicle Other Securitization Vehicles Other Cash $ 3.5 $ — $ 0.8 $ 0.5 $ 1.5 Financial instruments owned 79.0 — 0.7 68.3 0.6 Securities purchased under agreement to resell (1) 672.5 — — 717.3 — Aircraft (3) — 27.0 — — — Fees, interest and other receivables 0.5 — — 0.3 0.2 $ 755.5 $ 27.0 $ 1.5 $ 786.4 $ 2.3 Other secured financings (2) $ 750.9 $ — $ — $ 785.0 $ — Long-term debt — 21.6 — — — Other liabilities 4.0 4.5 0.2 1.4 0.3 $ 754.9 $ 26.1 $ 0.2 $ 786.4 $ 0.3 (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 $246.6 million and $22.1 million of the secured financing represents an amount held by us in inventory and is eliminated in consolidation at May 31, 2016 and November 30, 2015 , respectively. (3) Aircraft included within Other assets in the Consolidated Statements of Financial Condition.
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): May 31, 2016 Carrying Amount Maximum VIE Assets Assets Liabilities Collateralized loan obligations $ 60.2 $ 5.8 $ 439.0 $ 5,270.6 Consumer loan vehicles 166.6 — 716.5 1,027.3 Related party private equity vehicles 32.0 0.1 58.1 137.2 Other private investment vehicles 58.0 — 59.5 3,494.5 Total $ 316.8 $ 5.9 $ 1,273.1 $ 9,929.6 November 30, 2015 Carrying Amount Maximum VIE Assets Assets Liabilities Collateralized loan obligations $ 73.6 $ 0.2 $ 458.1 $ 6,368.7 Consumer loan vehicles 188.3 — 845.8 1,133.0 Related party private equity vehicles 39.3 — 65.8 168.2 Other private investment vehicles 51.3 — 52.8 4,312.0 Total $ 352.5 $ 0.2 $ 1,422.5 $ 11,981.9

Investments (Tables)

Investments (Tables)	6 Months Ended
	May 31, 2016
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): May 31, 2016 November 30, 2015 Total assets $ 7,056.1 $ 7,292.1 Total liabilities 6,140.2 6,297.3 Total equity 915.9 994.8 Our total equity balance 458.0 497.4
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): May 31, 2016 November 30, 2015 Total assets $ 1,215.3 $ 2,069.1 Total liabilities 886.1 1,469.8 Total equity 329.2 599.3 Our total equity balance 159.7 290.7
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): March 31, 2016 (1) December 31, 2015 (1) Total assets $ 64,725 $ 76,555 Total liabilities 74 99 Total partners' capital 64,651 76,456 Three Months Ended March 31, 2016 (1) Three Months Ended Three Months Ended Three Months Ended December 31, 2014 (1) Net increase (decrease) in net assets resulting from operations $ (11,806 ) $ (7,886 ) $ 1,478 $ (65,700 ) (1) Financial information for JCP Fund V within our financial position and results of operations at May 31, 2016 and November 30, 2015 and for the three and six months ended May 31, 2016 and May 31, 2015 is included based on the presented periods.

Goodwill and Other Intangible37

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	May 31, 2016
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): May 31, 2016 November 30, 2015 Capital Markets $ 1,650,267 $ 1,653,588 Asset Management 3,000 3,000 Total goodwill $ 1,653,267 $ 1,656,588 The following table is a summary of the changes to goodwill for the six months ended May 31, 2016 (in thousands): Balance at November 30, 2015 $ 1,656,588 Translation adjustments (3,321 ) Balance at May 31, 2016 $ 1,653,267
Summary of Intangible Assets	The following tables present the gross carrying amount, dispositions, accumulated amortization, net carrying amount and weighted average amortization period of identifiable intangible assets at May 31, 2016 and November 30, 2015 (dollars in thousands): May 31, 2016 Weighted average remaining lives (years) Gross cost Disposals (1) Accumulated amortization Net carrying amount Customer relationships $ 127,210 — $ (38,787 ) $ 88,423 12.4 Trade name 130,537 — (12,121 ) 118,416 31.8 Exchange and clearing organization membership interests and registrations 11,927 (1,379 ) — 10,548 N/A Total $ 269,674 $ (1,379 ) $ (50,908 ) $ 217,387 (1) Activity is related to the sale of certain exchange and clearing organization membership interests in the Futures reporting unit due to the exit of the business. November 30, 2015 Weighted average remaining lives (years) Gross cost Accumulated amortization Net carrying amount Customer relationships $ 127,667 $ (34,754 ) $ 92,913 12.9 Trade name 131,288 (10,315 ) 120,973 32.3 Exchange and clearing organization membership interests and registrations 11,897 — 11,897 N/A Total $ 270,852 $ (45,069 ) $ 225,783
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 2016 $ 6,099 Year ended November 30, 2017 12,198 Year ended November 30, 2018 12,198 Year ended November 30, 2019 12,198 Year ended November 30, 2020 12,198

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	6 Months Ended
	May 31, 2016
Debt Disclosure [Abstract]
Schedule of Short-term Borrowings	Short-term borrowings at May 31, 2016 and November 30, 2015 include bank loans that are payable on demand and that must be repaid within one year or less, as well as borrowings under revolving loan and credit facilities as follows (in thousands): May 31, 2016 November 30, 2015 Bank loans $ 262,000 $ 262,000 Secured revolving loan facility 78,641 48,659 Demand loan facility 10,950 — Floating rate puttable notes 45,615 — Total short-term borrowings $ 397,206 $ 310,659

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	May 31, 2016
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 May 31, 2016 and November 30, 2015 (in thousands): May 31, November 30, 2015 Unsecured long-term debt 5.5% Senior Notes, due March 15, 2016 (effective interest rate of 2.52%) $ — $ 353,025 5.125% Senior Notes, due April 13, 2018 (effective interest rate of 3.46%) 824,109 830,298 8.5% Senior Notes, due July 15, 2019 (effective interest rate of 4.00%) 792,385 806,125 2.375% Euro Medium Term Notes, due May 20, 2020 (effective rate of 2.42%) 554,219 526,436 6.875% Senior Notes, due April 15, 2021 (effective interest rate of 4.40%) 831,363 838,765 2.25% Euro Medium Term Notes, due July 13, 2022 (effective rate of 4.08%) 4,007 3,779 5.125% Senior Notes, due January 20, 2023 (effective interest rate of 4.55%) 619,637 620,890 6.45% Senior Debentures, due June 8, 2027 (effective interest rate of 5.46%) 378,771 379,711 3.875% Convertible Senior Debentures, due November 1, 2029 (effective interest rate of 3.50%) (1) 346,814 347,307 6.25% Senior Debentures, due January 15, 2036 (effective interest rate of 6.03%) 512,566 512,730 6.50% Senior Notes, due January 20, 2043 (effective interest rate of 6.09%) 421,497 421,656 Floating Rate Puttable Notes, due May 4, 2018 6,644 — Fixed to Floating Rate Structured Notes, due February 26, 2019 10,859 — Fixed to Floating Rate Structured Notes, due May 6, 2026 4,978 — Fixed Rate Step-Up Callable Notes, due May 26, 2026 47,055 — Variable Rate Structured Notes, due February 18, 2028 30,101 — Total unsecured long-term debt 5,385,005 5,640,722 Secured long-term debt Class A Notes, due 2022 (effective interest rate of 6.75%) 14,382 — Class B Notes, due 2022 (effective interest rate of 13.45%) 7,237 — Total secured long-term debt 21,619 — Total long-term debt $ 5,406,624 $ 5,640,722 (1) 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 six months ended May 31, 2016 and 2015 . We issued the following notes during the six months ended May 31, 2016 : Issued Principal Maturity Variable Rate Structured Notes (1) (2) February 18, 2016 €30.0 million February 18, 2028 Fixed to Floating Rate Structured Notes (1) (2) February 26, 2016 €10.0 million February 26, 2019 Floating Rate Puttable Notes (2) May 4, 2016 €6.0 million May 4, 2018 Fixed to Floating Rate Structured Notes (1) (2) May 6, 2016 €5.0 million May 6, 2026 Fixed Rate Step-Up Callable Notes (1) May 26, 2016 $50.0 million May 26, 2026 (1) These notes are carried at fair value with changes in fair value resulting from a change in the instrument-specific credit risk presented in other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transaction revenues and contain various interest rate payment terms. (2) Issued under our $2.0 billion Euro Medium Term Note Program.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
	May 31, 2016
Noncontrolling Interest [Abstract]
Noncontrolling Interests	The following table presents noncontrolling interests at May 31, 2016 and November 30, 2015 (in thousands): May 31, 2016 November 30, 2015 Global Equity Event Opportunity Fund, LLC (1) $ 4,514 $ 26,292 Other 687 1,176 Noncontrolling interests $ 5,201 $ 27,468 (1) On December 1, 2015, the entity was deconsolidated due to the adoption of ASU No. 2015-02. (See Note 3, Accounting Developments, for further information on the adoption of this guidance.) No gain or loss was recognized upon deconsolidation. Noncontrolling interests attributed to Leucadia were $26.3 million at November 30, 2015 . During the three months ended May 31, 2016, the entity was consolidated due to investments by us and a third party.

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	May 31, 2016
U.S Pension Plan [Member]
Item Effected [Line Items]
Components of Net Periodic Pension (Benefit) Cost	The components of net periodic pension cost (income) for our pension plans are as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, U.S. Pension Plan 2016 2015 2016 2015 Components of net periodic pension cost (income): Service cost $ 100 $ 63 $ 200 $ 126 Interest cost on projected benefit obligation 587 585 1,174 1,170 Expected return on plan assets (684 ) (848 ) (1,460 ) (1,696 ) Net periodic pension cost (income) $ 3 $ (200 ) $ (86 ) $ (400 )
German Pension Plan [Member]
Item Effected [Line Items]
Components of Net Periodic Pension (Benefit) Cost	Three Months Ended May 31, Six Months Ended May 31, German Pension Plan 2016 2015 2016 2015 Components of net periodic pension cost: Interest cost on projected benefit obligation $ 135 $ 127 $ 265 $ 263 Net amortization 83 79 163 163 Net periodic pension cost $ 218 $ 206 $ 428 $ 426

Compensation Plans (Tables)

Compensation Plans (Tables)	6 Months Ended
	May 31, 2016
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 May 31, Six Months Ended May 31, 2016 2015 2016 2015 Components of compensation cost: Restricted cash awards $ 59.1 $ 48.2 $ 134.1 $ 103.5 Restricted stock and RSUs (1) 6.3 14.5 11.4 40.0 Profit sharing plan 1.2 1.4 4.3 4.7 Total compensation cost $ 66.6 $ 64.1 $ 149.8 $ 148.2 (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 May 31, 2016 are as follows (dollars in millions): Remaining Unamortized Amounts Weighted Average Vesting Period (in Years) Non-vested share-based awards $ 37.7 2 Restricted cash awards 555.1 3 Total $ 592.8

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	May 31, 2016
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 2007 California 2007 New Jersey 2010 New York State 2001 New York City 2003 United Kingdom 2014 Hong Kong 2009

Commitments, Contingencies an44

Commitments, Contingencies and Guarantees (Tables)	6 Months Ended
	May 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	The following table summarizes our commitments at May 31, 2016 (in millions): Expected Maturity Date (fiscal years) 2016 2017 2018 2020 2022 Maximum Payout Equity commitments (1) $ 1.5 $ 7.9 $ — $ 11.5 $ 225.0 $ 245.9 Loan commitments (1) 2.5 329.9 85.0 59.2 — 476.6 Mortgage-related and other purchase commitments 1,631.2 193.4 1,133.8 — — 2,958.4 Underwriting commitments 361.7 — — — — 361.7 Forward starting reverse repos and repos 213.9 — — — — 213.9 Other unfunded commitments (1) 47.1 256.5 33.0 5.3 33.5 375.4 Total commitments $ 2,257.9 $ 787.7 $ 1,251.8 $ 76.0 $ 258.5 $ 4,631.9 (1) Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are 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 May 31, 2016 (in millions): Expected Maturity Date (fiscal years) 2016 2017 2018 2020 2022 Notional/ Maximum Payout Guarantee Type: Derivative contracts—non-credit related $ 18,635.1 $ 3,405.0 $ 327.4 $ — $ 436.1 $ 22,803.6 Written derivative contracts—credit related — — 91.1 248.4 2.5 342.0 Total derivative contracts $ 18,635.1 $ 3,405.0 $ 418.5 $ 248.4 $ 438.6 $ 23,145.6
External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts	At May 31, 2016 the external credit ratings of the underlyings or referenced assets for our credit related derivatives contracts (in millions): External Credit Rating AAA/ AA/Aa A BBB/ Below Notional/ Credit related derivative contracts: Index credit default swaps $ 4.5 $ — $ — $ 83.4 $ — $ 87.9 Single name credit default swaps $ — $ — $ 4.0 $ 76.0 $ 174.1 $ 254.1

Net Capital Requirements (Table

Net Capital Requirements (Tables)	6 Months Ended
	May 31, 2016
Brokers and Dealers [Abstract]
Net Capital, Adjusted and Excess Net Capital	At May 31, 2016 , Jefferies and Jefferies Execution’s net capital and excess net capital were as follows (in thousands): Net Capital Excess Net Capital Jefferies $ 1,252,403 $ 1,174,583 Jefferies Execution 6,439 6,189

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	May 31, 2016
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 May 31, Six Months Ended May 31, 2016 2015 2016 2015 Capital Markets: Net revenues $ 696.5 $ 789.1 $ 959.8 $ 1,351.5 Expenses $ 602.3 $ 692.4 $ 1,135.4 $ 1,264.7 Asset Management: Net revenues $ 22.9 $ 2.5 $ 58.6 $ 31.7 Expenses $ 14.5 $ 14.4 $ 30.3 $ 20.9 Total: Net revenues $ 719.4 $ 791.6 $ 1,018.4 $ 1,383.2 Expenses $ 616.8 $ 706.8 $ 1,165.7 $ 1,285.6 The following table summarizes our total assets by segment (in millions): May 31, 2016 November 30, 2015 Segment assets: Capital Markets $ 36,241.7 $ 37,804.9 Asset Management 878.3 759.0 Total assets $ 37,120.0 $ 38,564.0
Net Revenues by Geographic Region	Net revenues by geographic region were as follows (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2016 2015 2016 2015 Americas (1) $ 569,293 $ 616,857 $ 757,002 $ 1,053,643 Europe (2) 126,791 148,998 223,224 288,204 Asia 23,324 25,699 38,169 41,379 Net revenues $ 719,408 $ 791,554 $ 1,018,395 $ 1,383,226 (1) Substantially all relates to U.S. results. (2) Substantially all relates to U.K. results.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	May 31, 2016
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 and service charges (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2016 2015 2016 2015 Other revenues and investment income (loss) $ (5,064 ) $ 947 $ (7,712 ) $ (24,212 ) Service charges 207 225 336 459
Schedule of Revenue by Service	The following table presents the revenues earned by type of services provided (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2016 2015 2016 2015 Investment banking and advisory $ 1,786 $ 200 $ 1,786 $ 21,200 Asset management 29 119 145 303 Commissions and other fees 88 1 88 37

Exit Costs (Tables)

Exit Costs (Tables)	6 Months Ended
	May 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following summarizes our recorded restructuring and impairment costs (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2016 2015 2016 2015 Severance costs $ (103 ) $ 15,559 $ 279 $ 15,559 Accelerated amortization of restricted stock and restricted cash awards 10 4,460 41 4,460 Contract termination costs 678 6,260 1,234 6,260 Other expenses 20 2,291 300 2,291 Total $ 605 $ 28,570 $ 1,854 $ 28,570 Restructuring and exit costs are wholly attributed to our Capital Markets segment and were recorded in the following categories on the Consolidated Statement of Earnings (in thousands): Three Months Ended May 31, Six Months Ended May 31, 2016 2015 2016 2015 Compensation and benefits $ (93 ) $ 20,019 $ 320 $ 20,019 Technology and communications 678 6,260 1,234 6,260 Professional services — 2,033 — 2,033 Other expenses 20 258 300 258 Total $ 605 $ 28,570 $ 1,854 $ 28,570
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 Total Balance at November 30, 2015 $ 4,805 $ — $ — $ 4,805 Expenses 279 300 1,234 1,813 $ 41 $ 1,854 Payments (5,084 ) (300 ) (1,234 ) (6,618 ) Liability at May 31, 2016 $ — $ — $ — $ —

Organization and Basis of Pre49

Organization and Basis of Presentation (Detail)	6 Months Ended
	May 31, 2016segment
Debt Instrument [Line Items]
Number of operating segments	2
3.875% Convertible Senior Debentures due 2029 [Member]
Debt Instrument [Line Items]
Convertible Senior Debentures, interest rate	3.875%

Summary of Significant Accoun50

Summary of Significant Accounting Policies (Detail)	6 Months Ended
	May 31, 2016
Property, Plant and Equipment [Line Items]
More than percentage of tax benefit realized upon ultimate settlement with taxing authority	50.00%
Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life of premises and equipment	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life of premises and equipment	10 years

Accounting Developments (Detail

Accounting Developments (Details) - USD ($) $ in Thousands	May 31, 2016	Dec. 01, 2015	Nov. 30, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments in managed funds	$ 183,149		$ 85,775
Accrued expenses and other liabilities	1,066,839		1,049,019
Noncontrolling interests	$ 5,201		$ 27,468
Accounting Standards Update, Consolidation [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments in managed funds		$ (27,000)
Accrued expenses and other liabilities		(700)
Noncontrolling interests		$ (26,300)

Fair Value Disclosures - Additi

Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments at fair value	$ 30,300		$ 30,300		$ 36,700
Transfers of assets from Level 2 to Level 3	107,100	$ 98,400	155,900	$ 155,000
Transfers of assets from Level 3 to Level 2	62,700	96,400	92,900	87,000
Transfers of liabilities from Level 3 to Level 2				3,000
Net gains/(losses) on Level 3 assets (realized and unrealized)	(21,400)	2,400	(51,900)	(17,300)
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	300	5,000	(9,500)	(1,900)
Unadjusted net asset value of the funds	97,000		97,000		156,200
Unadjusted net liability value of the funds	500		500		600
Aggregate fair value of loans and other receivables	23,300		23,300		11,300
Loan and other receivables on nonaccrual status	51,800		51,800		$ 307,500
Long-term Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other changes in fair value	3,489	0	10,305	0
Long-term Debt [Member] | Principal Transactions Revenue [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other changes in fair value	3,900		10,700
Long-term Debt [Member] | Interest Expense [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other changes in fair value	400		400
Collateralized debt obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3		48,000	30,600	27,300
Transfers of assets from Level 3 to Level 2		54,400	22,300	52,300
Net gains/(losses) on Level 3 assets (realized and unrealized)	1,797	(5,120)	(20,455)	(17,229)
Residential mortgage-backed securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	19,300	30,000	21,700	20,300
Transfers of assets from Level 3 to Level 2	19,500	23,000	16,700	15,100
Net gains/(losses) on Level 3 assets (realized and unrealized)	(4,915)	(1,820)	(8,337)	(3,735)
Investments at fair value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3			26,100	69,200
Transfers of assets from Level 3 to Level 2			16,100
Net gains/(losses) on Level 3 assets (realized and unrealized)	(1,574)	3,380	(6,090)	4,615
Other asset-backed securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	30,700	2,100	28,000	2,100
Transfers of assets from Level 3 to Level 2	16,000	5,400
Net gains/(losses) on Level 3 assets (realized and unrealized)	(7,284)	(19)	(202)	(258)
Corporate equity securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	22,000	1,400		1,600
Transfers of assets from Level 3 to Level 2		7,000		10,300
Net gains/(losses) on Level 3 assets (realized and unrealized)	(927)	8,030	1,571	7,066
Commercial mortgage-backed securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3		7,700		10,200
Transfers of assets from Level 3 to Level 2		5,500		3,500
Net gains/(losses) on Level 3 assets (realized and unrealized)	(1,140)	(789)	(2,589)	(1,124)
Loans and other receivables [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	15,900	1,000	20,200	13,900
Transfers of assets from Level 3 to Level 2			16,800	5,300
Net gains/(losses) on Level 3 assets (realized and unrealized)	(7,792)	(748)	(13,376)	(5,795)
Corporate debt securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3		8,200		10,400
Net gains/(losses) on Level 3 assets (realized and unrealized)	$ 474	$ (532)	$ (2,378)	$ (796)
3.875% Convertible Senior Debentures due 2029 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument interest rate	3.875%		3.875%
3.875% Convertible Senior Debentures due 2029 [Member] | Leucadia [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument interest rate	3.875%		3.875%
Long-term debt embedded conversion option [Member] | Leucadia [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Volatility curve used in valuing embedded option			252 days

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015
Financial instruments owned:
Corporate equity securities	$ 2,296,254	$ 2,027,989
Corporate debt securities	2,827,280	2,893,041
Collateralized debt obligations	115,473	174,236
U.S. government and federal agency securities	2,569,421	2,645,651
Municipal securities	638,929	487,141
Sovereign obligations	2,295,884	2,659,441
Loans and other receivables	1,709,718	1,312,333
Derivatives	311,422	251,080
Investments at fair value	86,765	79,344
Total financial instruments owned, excluding Investments at fair value based on NAV	15,089,128	16,522,382
Counterparty and Cash Collateral Netting	(5,030,887)	(4,165,446)
Cash and cash equivalents	2,838,829	3,510,163
Cash and securities segregated and on deposit for regulatory purposes	836,871	751,084
Financial instruments sold, not yet purchased:
Corporate equity securities	1,883,597	1,418,933
Corporate debt securities	1,964,988	1,556,941
U.S. government and federal agency securities	1,349,746	1,488,121
Sovereign obligations	1,772,047	1,342,996
Loans	599,519	769,408
Derivatives	390,871	208,548
Total financial instruments sold, not yet purchased	7,961,813	6,785,064
Counterparty and Cash Collateral Netting	(5,118,214)	(4,257,998)
Other secured financings	46,773	68,345
Long-term debt	92,993	0
US Treasury Securities [Member]
Financial instruments owned:
Cash and securities segregated and on deposit for regulatory purposes	99,900
Residential mortgage-backed securities [Member]
Financial instruments owned:
Mortgage- and asset-backed securities, assets	1,417,281	2,801,333
Financial instruments sold, not yet purchased:
Residential mortgage-backed securities	1,045	117
Commercial mortgage-backed securities [Member]
Financial instruments owned:
Mortgage- and asset-backed securities, assets	640,272	1,029,239
Other asset-backed securities [Member]
Financial instruments owned:
Mortgage- and asset-backed securities, assets	180,429	161,554
Level 1 [Member]
Financial instruments owned:
Corporate equity securities	2,106,323	1,853,351
Corporate debt securities	0	0
Collateralized debt obligations	0	0
U.S. government and federal agency securities	2,476,399	2,555,018
Municipal securities	0	0
Sovereign obligations	1,450,033	1,251,366
Loans and other receivables	0	0
Derivatives	3,914	1,037
Investments at fair value	0	0
Total financial instruments owned, excluding Investments at fair value based on NAV	6,036,669	5,660,772
Cash and cash equivalents	2,838,829	3,510,163
Cash and securities segregated and on deposit for regulatory purposes	836,871	751,084
Financial instruments sold, not yet purchased:
Corporate equity securities	1,794,791	1,382,377
Corporate debt securities	0	0
U.S. government and federal agency securities	1,349,746	1,488,121
Sovereign obligations	678,659	837,614
Loans	0	0
Derivatives	1,383	364
Total financial instruments sold, not yet purchased	3,824,579	3,708,476
Other secured financings	0	0
Long-term debt	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	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	141,115	133,732
Corporate debt securities	2,803,167	2,867,165
Collateralized debt obligations	62,763	89,144
U.S. government and federal agency securities	93,022	90,633
Municipal securities	638,929	487,141
Sovereign obligations	845,731	1,407,955
Loans and other receivables	1,605,319	1,123,044
Derivatives	5,322,084	4,395,704
Investments at fair value	29,000	26,224
Total financial instruments owned, excluding Investments at fair value based on NAV	13,647,788	14,485,354
Cash and cash equivalents	0	0
Cash and securities segregated and on deposit for regulatory purposes	0	0
Financial instruments sold, not yet purchased:
Corporate equity securities	88,806	36,518
Corporate debt securities	1,964,988	1,556,941
U.S. government and federal agency securities	0	0
Sovereign obligations	1,093,388	505,382
Loans	597,623	758,939
Derivatives	5,486,967	4,446,639
Total financial instruments sold, not yet purchased	9,232,817	7,304,536
Other secured financings	46,305	67,801
Long-term debt	92,993
Level 2 [Member] | Residential mortgage-backed securities [Member]
Financial instruments owned:
Mortgage- and asset-backed securities, assets	1,353,973	2,731,070
Financial instruments sold, not yet purchased:
Residential mortgage-backed securities	1,045	117
Level 2 [Member] | Commercial mortgage-backed securities [Member]
Financial instruments owned:
Mortgage- and asset-backed securities, assets	615,289	1,014,913
Level 2 [Member] | Other asset-backed securities [Member]
Financial instruments owned:
Mortgage- and asset-backed securities, assets	137,396	118,629
Level 3 [Member]
Financial instruments owned:
Corporate equity securities	48,816	40,906
Corporate debt securities	24,113	25,876
Collateralized debt obligations	52,710	85,092
U.S. government and federal agency securities	0	0
Municipal securities	0	0
Sovereign obligations	120	120
Loans and other receivables	104,399	189,289
Derivatives	16,311	19,785
Investments at fair value	57,765	53,120
Total financial instruments owned, excluding Investments at fair value based on NAV	435,558	541,702
Cash and cash equivalents	0	0
Cash and securities segregated and on deposit for regulatory purposes	0	0
Financial instruments sold, not yet purchased:
Corporate equity securities	0	38
Corporate debt securities	0	0
U.S. government and federal agency securities	0	0
Sovereign obligations	0	0
Loans	1,896	10,469
Derivatives	20,735	19,543
Total financial instruments sold, not yet purchased	22,631	30,050
Other secured financings	468	544
Long-term debt	0
Level 3 [Member] | Residential mortgage-backed securities [Member]
Financial instruments owned:
Mortgage- and asset-backed securities, assets	63,308	70,263
Financial instruments sold, not yet purchased:
Residential mortgage-backed securities	0	0
Level 3 [Member] | Commercial mortgage-backed securities [Member]
Financial instruments owned:
Mortgage- and asset-backed securities, assets	24,983	14,326
Level 3 [Member] | Other asset-backed securities [Member]
Financial instruments owned:
Mortgage- and asset-backed securities, assets	$ 43,033	$ 42,925

Fair Value Disclosures - Invest

Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	May 31, 2016	Nov. 30, 2015
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 213,447	$ 122,510
Unfunded Commitments	20,512	20,885
Equity Long/Short Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	46,749	54,725
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	$ 999	$ 1,703
Unfunded Commitments	0	0
Fund of Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	284	287
Unfunded Commitments	0	94
Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	35,130	42,111
Unfunded Commitments	20,512	20,791
Multi-asset Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	130,285	23,358
Unfunded Commitments	$ 0	$ 0
Redemption Frequency (if currently eligible)	Monthly, Quarterly	Monthly, Quarterly
Convertible Bond Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value		$ 326
Unfunded Commitments		$ 0
Redemption Frequency (if currently eligible)		At Will

Fair Value Disclosures - Inve55

Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Footnote) (Detail)	6 Months Ended
	May 31, 2016	Nov. 30, 2015
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investment at fair value in liquidation	5.00%
Equity Long/Short Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of redeemable investments	95.00%	100.00%
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	9.00%	8.00%
Fund of Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments with no redemption provisions	98.00%	95.00%
Estimated period for the liquidation of the underlying assets, Maximum	6 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	99.00%	100.00%
Estimated period for the liquidation of the underlying assets, Minimum	1 year
Multi-asset Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of redeemable investments	12.00%	100.00%
Redemption restriction, percentage	25.00%
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
Minimum [Member] | Multi-asset 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
Maximum [Member] | Multi-asset 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		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Assets:
Total gains/(losses) (realized and unrealized)	$ (21,400)	$ 2,400	$ (51,900)	$ (17,300)
Liabilities:
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	300	5,000	(9,500)	(1,900)
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		0		223
Net gains/(losses) on Level 3 liabilities (realized and unrealized)		339		225
Purchases		0		(6,677)
Sales		113		6,804
Settlements		0		0
Issuances		0		0
Net transfers into/ (out of) Level 3		0		(123)
Ending Balance		452		452
Change in unrealized gains/ (losses) relating to instruments still held		(339)		(339)
Net derivatives [Member]
Liabilities:
Beginning Balance	11,757	3,314	(242)	(4,638)
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	3	(4,912)	10,075	1,925
Purchases	0	(11,963)	0	(8,848)
Sales	0	0	0	120
Settlements	(83)	12,078	(46)	8,395
Issuances	451	389	1,005	1,460
Net transfers into/ (out of) Level 3	(7,704)	(492)	(6,368)	0
Ending Balance	4,424	(1,586)	4,424	(1,586)
Change in unrealized gains/ (losses) relating to instruments still held	(3)	4,912	(11,008)	(3,586)
Loans [Member]
Liabilities:
Beginning Balance	7,744	9,327	10,469	14,450
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	(261)	(332)	(541)	(277)
Purchases	0	(1,170)	(2,240)	(759)
Sales	0	350	1,033	350
Settlements	(71)	2,557	(1,149)	0
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	(5,516)	0	(5,676)	(3,032)
Ending Balance	1,896	10,732	1,896	10,732
Change in unrealized gains/ (losses) relating to instruments still held	261	332	250	277
Other secured financings [Member]
Liabilities:
Beginning Balance	538	65,602	544	30,825
Net gains/(losses) on Level 3 liabilities (realized and unrealized)	(70)	0	(76)	0
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	(9,542)	0	(11,760)
Issuances	0	0	0	36,995
Net transfers into/ (out of) Level 3	0	0	0	0
Ending Balance	468	56,060	468	56,060
Change in unrealized gains/ (losses) relating to instruments still held	70	0	76	0
Embedded conversion option [Member]
Liabilities:
Beginning Balance		825		693
Net gains/(losses) on Level 3 liabilities (realized and unrealized)		(100)		32
Purchases		0		0
Sales		0		0
Settlements		0		0
Issuances		0		0
Net transfers into/ (out of) Level 3		0		0
Ending Balance		725		725
Change in unrealized gains/ (losses) relating to instruments still held		100		(32)
Corporate equity securities [Member]
Assets:
Beginning Balance	30,540	18,210	40,906	20,964
Total gains/(losses) (realized and unrealized)	(927)	8,030	1,571	7,066
Purchases	200	0	2,287	1,469
Sales	(508)	(73)	(508)	(262)
Settlements	(2,455)	0	(2,455)	0
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	21,966	(5,620)	7,015	(8,690)
Ending Balance	48,816	20,547	48,816	20,547
Change in unrealized gains/(losses) relating to instruments still held	(849)	8,073	2,080	7,077
Corporate debt securities [Member]
Assets:
Beginning Balance	25,634	24,795	25,876	22,766
Total gains/(losses) (realized and unrealized)	474	(532)	(2,378)	(796)
Purchases	15	2,183	16,564	3,095
Sales	(789)	(2,368)	(16,613)	(3,445)
Settlements	0	0	(245)	0
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	(1,221)	7,839	909	10,297
Ending Balance	24,113	31,917	24,113	31,917
Change in unrealized gains/(losses) relating to instruments still held	347	(922)	(2,474)	(929)
Collateralized debt obligations [Member]
Assets:
Beginning Balance	67,348	96,837	85,092	124,650
Total gains/(losses) (realized and unrealized)	1,797	(5,120)	(20,455)	(17,229)
Purchases	943	29,021	24,024	66,246
Sales	(21,233)	(25,430)	(43,696)	(59,532)
Settlements	0	0	(473)	(147)
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	3,855	(6,301)	8,218	(24,981)
Ending Balance	52,710	89,007	52,710	89,007
Change in unrealized gains/(losses) relating to instruments still held	2,534	(2,328)	(12,002)	(8,989)
Sovereign obligations [Member]
Assets:
Beginning Balance	119	333	120
Total gains/(losses) (realized and unrealized)	1	(12)	0
Purchases	0	320	0
Sales	0	(641)	0
Settlements	0	0	0
Issuances	0	0	0
Net transfers into/ (out of) Level 3	0	0	0
Ending Balance	120	0	120	0
Change in unrealized gains/(losses) relating to instruments still held	1	0	0
Residential mortgage-backed securities [Member]
Assets:
Beginning Balance	68,019	79,953	70,263	82,557
Total gains/(losses) (realized and unrealized)	(4,915)	(1,820)	(8,337)	(3,735)
Purchases	3,422	8,733	1,483	24,083
Sales	(2,837)	(4,915)	(4,843)	(18,899)
Settlements	(122)	(323)	(235)	(477)
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	(259)	7,067	4,977	5,166
Ending Balance	63,308	88,695	63,308	88,695
Change in unrealized gains/(losses) relating to instruments still held	(2,233)	315	(4,011)	(822)
Commercial mortgage-backed securities [Member]
Assets:
Beginning Balance	21,994	24,629	14,326	26,655
Total gains/(losses) (realized and unrealized)	(1,140)	(789)	(2,589)	(1,124)
Purchases	0	1,256	2,951	4,685
Sales	0	(9,237)	(2,023)	(12,128)
Settlements	(311)	(173)	(1,208)	(6,971)
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	4,440	2,176	13,526	6,745
Ending Balance	24,983	17,862	24,983	17,862
Change in unrealized gains/(losses) relating to instruments still held	(1,306)	(759)	(3,140)	(496)
Other asset-backed securities [Member]
Assets:
Beginning Balance	33,124	7,146	42,925	2,294
Total gains/(losses) (realized and unrealized)	(7,284)	(19)	(202)	(258)
Purchases	3,549	8,322	64,833	8,385
Sales	(1,068)	(80)	(74,690)	(79)
Settlements	(52)	(270)	(4,713)	(207)
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	14,764	(3,242)	14,880	1,722
Ending Balance	43,033	11,857	43,033	11,857
Change in unrealized gains/(losses) relating to instruments still held	(7,275)	41	(7,134)	(97)
Loans and other receivables [Member]
Assets:
Beginning Balance	155,442	111,410	189,289	97,258
Total gains/(losses) (realized and unrealized)	(7,792)	(748)	(13,376)	(5,795)
Purchases	20,836	40,602	203,990	71,865
Sales	(13,347)	(26,335)	(127,944)	(29,184)
Settlements	(55,541)	(16,314)	(150,975)	(33,895)
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	4,801	141	3,415	8,507
Ending Balance	104,399	108,756	104,399	108,756
Change in unrealized gains/(losses) relating to instruments still held	(6,231)	(669)	(15,693)	(3,166)
Investments at fair value [Member]
Assets:
Beginning Balance	63,582	128,232	53,120	53,224
Total gains/(losses) (realized and unrealized)	(1,574)	3,380	(6,090)	4,615
Purchases	40	73	1,227	5,270
Sales	0	(78)	0	(427)
Settlements	(283)	(264)	(555)	(541)
Issuances	0	0	0	0
Net transfers into/ (out of) Level 3	(4,000)	0	10,063	69,202
Ending Balance	57,765	131,343	57,765	131,343
Change in unrealized gains/(losses) relating to instruments still held	$ (6)	$ 3,482	$ 911	$ 4,882

Fair Value Disclosures - Quanti

Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Detail) - USD ($)	6 Months Ended	12 Months Ended
	May 31, 2016	Nov. 30, 2015	Feb. 29, 2016	May 31, 2015	Feb. 28, 2015	Nov. 30, 2014
Embedded conversion option [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments sold, not yet purchased, fair value				$ 725,000	$ 825,000	$ 693,000
Corporate equity securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	$ 48,816,000	$ 40,906,000	$ 30,540,000	20,547,000	18,210,000	20,964,000
Corporate debt securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	24,113,000	25,876,000	25,634,000	31,917,000	24,795,000	22,766,000
Collateralized debt obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	52,710,000	85,092,000	67,348,000	89,007,000	96,837,000	124,650,000
Residential mortgage-backed securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	63,308,000	70,263,000	68,019,000	88,695,000	79,953,000	82,557,000
Commercial mortgage-backed securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	24,983,000	14,326,000	21,994,000	17,862,000	24,629,000	26,655,000
Other asset-backed securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	43,033,000	42,925,000	33,124,000	11,857,000	7,146,000	2,294,000
Loans and other receivables [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	104,399,000	189,289,000	155,442,000	108,756,000	111,410,000	97,258,000
Investments at fair value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	57,765,000	53,120,000	$ 63,582,000	$ 131,343,000	$ 128,232,000	$ 53,224,000
Financial Instruments Owned [Member] | Derivatives [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	16,311,000	19,785,000
Financial Instruments Owned [Member] | Corporate equity securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	43,622,000	20,285,000
Financial Instruments Owned [Member] | Corporate debt securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	24,113,000	20,257,000
Financial Instruments Owned [Member] | Collateralized debt obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	33,406,000	49,923,000
Financial Instruments Owned [Member] | Residential mortgage-backed securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	63,308,000	70,263,000
Financial Instruments Owned [Member] | Commercial mortgage-backed securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	24,983,000	14,326,000
Financial Instruments Owned [Member] | Other asset-backed securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	21,571,000	21,463,000
Financial Instruments Owned [Member] | Loans and other receivables [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments owned, fair value	103,059,000	161,470,000
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]
Instruments owned, fair value	8,204,000	7,693,000
Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments sold, not yet purchased, fair value	20,735,000	19,543,000
Financial Instruments Sold, Not Yet Purchased [Member] | Loans and other receivables [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Instruments sold, not yet purchased, fair value	$ 1,896,000	$ 10,469,000
Level 3 [Member] | Financial Instruments Owned [Member] | Derivatives [Member] | Commodity Forwards [Member] | Market approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Discount rate/yield		47.00%
Significant Unobservable Input(s), Transaction level		$ 9,500,000
Level 3 [Member] | Financial Instruments Owned [Member] | Derivatives [Member] | Commodity Forwards [Member] | Market approach [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Discount rate/yield		0.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Derivatives [Member] | Commodity Forwards [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	$ 783
Level 3 [Member] | Financial Instruments Owned [Member] | Derivatives [Member] | Unfunded commitment [Member] | Market approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Constant default rate/Credit spread		2.98%
Level 3 [Member] | Financial Instruments Owned [Member] | Derivatives [Member] | Unfunded commitment [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 Owned [Member] | Derivatives [Member] | Total return swaps [Member] | Comparable pricing [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Comparable bond or loan price	86	91.7
Level 3 [Member] | Financial Instruments Owned [Member] | Derivatives [Member] | Total return swaps [Member] | Comparable pricing [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Comparable bond or loan price	100	92.4
Level 3 [Member] | Financial Instruments Owned [Member] | Derivatives [Member] | Total return swaps [Member] | Comparable pricing [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Comparable bond or loan price	$ 95	$ 92.1
Level 3 [Member] | Financial Instruments Owned [Member] | Derivatives [Member] | Credit default swaps [Member] | Market approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Constant default rate/Credit spread	2.90%
Level 3 [Member] | Financial Instruments Owned [Member] | Derivatives [Member] | Interest rate swaps [Member] | Market approach [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Constant default rate/Credit spread	6.70%
Level 3 [Member] | Financial Instruments Owned [Member] | Derivatives [Member] | Interest rate swaps [Member] | Market approach [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Constant default rate/Credit spread	8.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Derivatives [Member] | Interest rate swaps [Member] | Market approach [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Constant default rate/Credit spread	7.10%
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Market approach [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Underlying stock price (in dollars per share)	$ 1
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Market approach [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Underlying stock price (in dollars per share)	102
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Non-exchange traded securities [Member] | Market approach [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), EBITDA multiple		4.4
Significant Unobservable Input(s), Transaction level (in dollars per share)	$ 2	$ 1
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Non-exchange traded securities [Member] | Market approach [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), EBITDA multiple	5
Significant Unobservable Input(s), Underlying stock price (in dollars per share)		5
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Non-exchange traded securities [Member] | Market approach [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), EBITDA multiple	16
Significant Unobservable Input(s), Underlying stock price (in dollars per share)		102
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Non-exchange traded securities [Member] | Market approach [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), EBITDA multiple	12.3
Significant Unobservable Input(s), Underlying stock price (in dollars per share)	$ 21	19
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate equity securities [Member] | Non-exchange traded securities [Member] | Comparable pricing [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Underlying stock price (in dollars per share)	$ 4
Significant Unobservable Input(s), Discount rate/yield	65.00%
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), Transaction level (in dollars per share)		$ 59
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	10.00%	86.00%
Significant Unobservable Input(s), Volatility	40.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate debt securities [Member] | Comparable pricing [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Discount rate/yield	91.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Corporate debt securities [Member] | Scenario analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Estimated recovery percentage	6.30%
Level 3 [Member] | Financial Instruments Owned [Member] | Collateralized debt obligations [Member] | Discounted cash flows [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Constant prepayment rate	10.00%	5.00%
Significant Unobservable Input(s), Constant default rate/Credit spread	2.00%	2.00%
Significant Unobservable Input(s), Loss severity	25.00%	25.00%
Significant Unobservable Input(s), Yield	5.00%	6.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Collateralized debt obligations [Member] | Discounted cash flows [Member] | Maximum [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	8.00%	8.00%
Significant Unobservable Input(s), Loss severity	70.00%	90.00%
Significant Unobservable Input(s), Yield	22.00%	13.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Collateralized debt obligations [Member] | Discounted cash flows [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Constant prepayment rate	19.00%	13.00%
Significant Unobservable Input(s), Constant default rate/Credit spread	3.00%	2.00%
Significant Unobservable Input(s), Loss severity	30.00%	52.00%
Significant Unobservable Input(s), Yield	17.00%	10.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Residential mortgage-backed securities [Member] | Discounted cash flows [Member] | Minimum [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	1.00%	1.00%
Significant Unobservable Input(s), Loss severity	15.00%	25.00%
Significant Unobservable Input(s), Yield	1.00%	1.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Residential mortgage-backed securities [Member] | Discounted cash flows [Member] | Maximum [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	50.00%	9.00%
Significant Unobservable Input(s), Loss severity	85.00%	70.00%
Significant Unobservable Input(s), Yield	9.00%	9.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Residential mortgage-backed securities [Member] | Discounted cash flows [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Constant prepayment rate	15.00%	13.00%
Significant Unobservable Input(s), Constant default rate/Credit spread	5.00%	3.00%
Significant Unobservable Input(s), Loss severity	45.00%	39.00%
Significant Unobservable Input(s), Yield	5.00%	6.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Commercial mortgage-backed securities [Member] | Discounted cash flows [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Yield	7.00%	7.00%
Significant Unobservable Input(s), Cumulative loss rate	1.00%	2.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Commercial mortgage-backed securities [Member] | Discounted cash flows [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Yield	17.00%	30.00%
Significant Unobservable Input(s), Cumulative loss rate	71.00%	63.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Commercial mortgage-backed securities [Member] | Discounted cash flows [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Yield	11.00%	16.00%
Significant Unobservable Input(s), Cumulative loss rate	17.00%	23.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Other asset-backed securities [Member] | Discounted cash flows [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Constant prepayment rate	0.00%	6.00%
Significant Unobservable Input(s), Constant default rate/Credit spread	0.00%	3.00%
Significant Unobservable Input(s), Loss severity	0.00%	55.00%
Significant Unobservable Input(s), Yield	3.00%	7.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Other asset-backed securities [Member] | Discounted cash flows [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Constant prepayment rate	30.00%	8.00%
Significant Unobservable Input(s), Constant default rate/Credit spread	30.00%	5.00%
Significant Unobservable Input(s), Loss severity	100.00%	75.00%
Significant Unobservable Input(s), Yield	22.00%	22.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Other asset-backed securities [Member] | Discounted cash flows [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Constant prepayment rate	17.00%	7.00%
Significant Unobservable Input(s), Constant default rate/Credit spread	10.00%	4.00%
Significant Unobservable Input(s), Loss severity	67.00%	62.00%
Significant Unobservable Input(s), Yield	11.00%	18.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Other asset-backed securities [Member] | Over collateralization percentage [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Over collateralization percentage	117.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Other asset-backed securities [Member] | Over collateralization percentage [Member] | Maximum [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] | Over collateralization percentage [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Over collateralization percentage	118.00%
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		10
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Market approach [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Discount rate/yield	2.00%
Significant Unobservable Input(s), Yield		2.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Market approach [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Discount rate/yield	10.00%
Significant Unobservable Input(s), Yield		17.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Market approach [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Discount rate/yield	8.00%
Significant Unobservable Input(s), Yield		12.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [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	$ 99
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Comparable pricing [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Comparable bond or loan price		$ 99
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Comparable pricing [Member] | Maximum [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] | Loans and other receivables [Member] | Comparable pricing [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Comparable bond or loan price		$ 99.7
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Scenario analysis [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Estimated recovery percentage	6.00%	6.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Scenario analysis [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Estimated recovery percentage	100.00%	100.00%
Level 3 [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Scenario analysis [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Estimated recovery percentage	56.00%	83.00%
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 (in dollars per share)	$ 74	$ 64
Significant Unobservable Input(s), Enterprise value	$ 5,200,000	$ 5,200,000
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
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Commercial Loan [Member] | Scenario analysis [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Estimated recovery percentage	14.00%
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Equity options [Member] | Option model [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Volatility	45.00%	45.00%
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Equity options [Member] | Default rate [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Default probability	0.00%	0.00%
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Unfunded commitment [Member] | Market approach [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Discount rate/yield	4.00%	3.00%
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Unfunded commitment [Member] | Market approach [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Discount rate/yield	52.00%	10.00%
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Unfunded commitment [Member] | Market approach [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Discount rate/yield		10.00%
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Unfunded commitment [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%
Significant Unobservable Input(s), Constant default rate/Credit spread		2.00%
Significant Unobservable Input(s), Loss severity		25.00%
Significant Unobservable Input(s), Yield		11.00%
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Unfunded commitment [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	$ 99
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Unfunded commitment [Member] | Comparable pricing [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Comparable bond or loan price		$ 79
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Unfunded commitment [Member] | Comparable pricing [Member] | Maximum [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] | Derivatives [Member] | Unfunded commitment [Member] | Comparable pricing [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Comparable bond or loan price		82.6
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Total return swaps [Member] | Market approach [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Comparable bond or loan price	86
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Total return swaps [Member] | Market approach [Member] | Maximum [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] | Derivatives [Member] | Total return swaps [Member] | Comparable pricing [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Comparable bond or loan price		91.7
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Total return swaps [Member] | Comparable pricing [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Comparable bond or loan price		92.4
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Total return swaps [Member] | Comparable pricing [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Significant Unobservable Input(s), Comparable bond or loan price	$ 95	$ 92.1
Level 3 [Member] | Financial Instruments Sold, Not Yet Purchased [Member] | Derivatives [Member] | Variable funding note swaps [Member] | Market approach [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 Sold, Not Yet Purchased [Member] | Derivatives [Member] | Variable funding note swaps [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%
Significant Unobservable Input(s), Constant default rate/Credit spread	2.00%
Significant Unobservable Input(s), Loss severity	25.00%
Significant Unobservable Input(s), Yield	13.00%

Fair Value Disclosures - Summ58

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		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Financial instruments owned:
Loans and other receivables	$ (10,564)	$ (5,294)	$ (24,901)	$ (2,377)
Long-term Debt [Member]
Financial Instruments Sold and Long-term Debt
Loans, Loan commitments and Changes in instrument specific credit risk	(3,453)	0	(3,755)	0
Other changes in fair value	3,489	0	10,305	0
Loans [Member]
Financial Instruments Sold and Long-term Debt
Loans, Loan commitments and Changes in instrument specific credit risk	407	110	405	238
Loan commitments [Member]
Financial Instruments Sold and Long-term Debt
Loans, Loan commitments and Changes in instrument specific credit risk	$ 1,173	$ 5,544	$ (2,573)	$ (1,622)

Fair Value Disclosures - Summ59

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	May 31, 2016	Nov. 30, 2015
Financial instruments owned:
Loans and other receivables	$ 416,434	$ 408,369
Loans and other receivables greater than 90 days past due	42,900	29,700
Loans and other receivables on nonaccrual status	143,620	54,652
Long-term debt	$ 7,072	$ 0

Derivative Financial Instrume60

Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract (Detail) $ in Thousands	May 31, 2016USD ($)Contract	Nov. 30, 2015USD ($)Contract
Derivatives, Fair Value [Line Items]
Net amounts per Consolidated Statements of Financial Condition, Assets	$ 311,422	$ 251,080
Net amounts per Consolidated Statements of Financial Condition, Liabilities	390,871	208,548
Exchange-traded [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	810,741	956,285
Fair Value, Liabilities	1,013,896	1,005,063
Amounts offset in the Consolidated Statements of Financial Condition, Assets	(760,612)	(938,482)
Amounts offset in the Consolidated Statements of Financial Condition, Liabilities	(760,612)	(938,482)
Cleared OTC [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	3,321,886	2,214,351
Fair Value, Liabilities	3,324,821	2,203,677
Amounts offset in the Consolidated Statements of Financial Condition, Assets	(3,301,710)	(2,184,438)
Amounts offset in the Consolidated Statements of Financial Condition, Liabilities	(3,301,710)	(2,184,438)
Bilateral OTC [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	1,209,682	1,245,890
Fair Value, Liabilities	1,170,368	1,257,806
Amounts offset in the Consolidated Statements of Financial Condition, Assets	(968,565)	(1,042,526)
Amounts offset in the Consolidated Statements of Financial Condition, Liabilities	(1,055,892)	(1,135,078)
Interest rate contracts [Member] | Exchange-traded [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 3,602	$ 998
Number of Contracts, Assets | Contract	71,389	52,605
Fair Value, Liabilities	$ 1,313	$ 364
Number of Contracts, Liabilities | Contract	94,606	70,672
Interest rate contracts [Member] | Cleared OTC [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 3,317,398	$ 2,213,730
Number of Contracts, Assets | Contract	3,220	2,742
Fair Value, Liabilities	$ 3,317,602	$ 2,202,836
Number of Contracts, Liabilities | Contract	3,135	2,869
Interest rate contracts [Member] | Bilateral OTC [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 690,520	$ 695,365
Number of Contracts, Assets | Contract	2,100	1,401
Fair Value, Liabilities	$ 645,030	$ 646,758
Number of Contracts, Liabilities | Contract	1,145	1,363
Foreign exchange contracts [Member] | Exchange-traded [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 0	$ 0
Number of Contracts, Assets | Contract	240	441
Fair Value, Liabilities	$ 0	$ 0
Number of Contracts, Liabilities | Contract	161	112
Foreign exchange contracts [Member] | Bilateral OTC [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 398,620	$ 453,202
Number of Contracts, Assets | Contract	8,291	7,646
Fair Value, Liabilities	$ 417,400	$ 466,021
Number of Contracts, Liabilities | Contract	7,765	7,264
Equity contracts [Member] | Exchange-traded [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 807,139	$ 955,287
Number of Contracts, Assets | Contract	3,239,347	3,054,315
Fair Value, Liabilities	$ 1,012,583	$ 1,004,699
Number of Contracts, Liabilities | Contract	2,782,492	2,943,657
Equity contracts [Member] | Bilateral OTC [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 96,354	$ 61,004
Number of Contracts, Assets | Contract	1,003	1,039
Fair Value, Liabilities	$ 70,335	$ 81,085
Number of Contracts, Liabilities | Contract	1,070	1,070
Commodity contracts [Member] | Exchange-traded [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 0	$ 0
Number of Contracts, Assets | Contract	1,548	1,726
Fair Value, Liabilities	$ 0	$ 0
Number of Contracts, Liabilities | Contract	931	1,684
Commodity contracts [Member] | Bilateral OTC [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 7,258	$ 19,342
Number of Contracts, Assets | Contract	1	29
Fair Value, Liabilities	$ 335	$ 4,628
Number of Contracts, Liabilities | Contract	2	28
Credit contracts [Member] | Cleared OTC [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 4,488	$ 621
Number of Contracts, Assets | Contract	10	39
Fair Value, Liabilities	$ 7,219	$ 841
Number of Contracts, Liabilities | Contract	12	44
Credit contracts [Member] | Bilateral OTC [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 16,930	$ 16,977
Number of Contracts, Assets | Contract	82	100
Fair Value, Liabilities	$ 37,268	$ 59,314
Number of Contracts, Liabilities | Contract	95	135

Derivative Financial Instrume61

Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	$ (91,589)	$ (69,715)	$ (402,955)	$ (17,845)
Interest rate contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(7,559)	18,064	(80,084)	(24,728)
Foreign exchange contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	4,525	8,352	6,114	23,524
Equity contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(98,546)	(111,682)	(324,212)	(40,641)
Commodity contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(315)	5,746	(2,190)	20,237
Credit contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	$ 10,306	$ 9,805	$ (2,583)	$ 3,763

Derivative Financial Instrume62

Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Detail) $ in Thousands	May 31, 2016USD ($)
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	$ 198,007
OTC derivative assets having maturity period of 1 to 5 years	248,791
OTC derivative assets having maturity period of greater than 5 years	60,695
OTC derivative assets cross-maturity netting	(108,563)
Total OTC derivative assets, net of cross-maturity netting	398,930
Cross product counterparty netting	(1,148)
Total OTC derivative assets included in Financial instruments owned	397,782
OTC derivative liabilities having maturity period of 0 to 12 months	158,123
OTC derivative liabilities having maturity period of 1 to 5 years	134,394
OTC derivative liabilities having maturity period of greater than 5 years	164,487
OTC derivative liabilities cross-maturity netting	(108,563)
Total OTC derivative liabilities, net of cross-maturity netting	348,441
Cross product counterparty netting	(1,148)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased	347,293
Commodity Swaps Options And Forwards [Member]
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	0
OTC derivative assets having maturity period of 1 to 5 years	7,258
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	0
Total OTC derivative assets, net of cross-maturity netting	7,258
Equity Swaps And Options [Member]
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	33,631
OTC derivative assets having maturity period of 1 to 5 years	2,646
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	0
Total OTC derivative assets, net of cross-maturity netting	36,277
OTC derivative liabilities having maturity period of 0 to 12 months	3,957
OTC derivative liabilities having maturity period of 1 to 5 years	18,813
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	22,770
Credit Default Swap [Member]
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	0
OTC derivative assets having maturity period of 1 to 5 years	6,362
OTC derivative assets having maturity period of greater than 5 years	1,009
OTC derivative assets cross-maturity netting	(1,194)
Total OTC derivative assets, net of cross-maturity netting	6,177
OTC derivative liabilities having maturity period of 0 to 12 months	0
OTC derivative liabilities having maturity period of 1 to 5 years	2,851
OTC derivative liabilities having maturity period of greater than 5 years	11,461
OTC derivative liabilities cross-maturity netting	(1,194)
Total OTC derivative liabilities, net of cross-maturity netting	13,118
Total Return Swap [Member]
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	22,128
OTC derivative assets having maturity period of 1 to 5 years	5,101
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	(635)
Total OTC derivative assets, net of cross-maturity netting	26,594
OTC derivative liabilities having maturity period of 0 to 12 months	8,721
OTC derivative liabilities having maturity period of 1 to 5 years	2,738
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	(635)
Total OTC derivative liabilities, net of cross-maturity netting	10,824
Foreign Currency Forwards Swaps And Options [Member]
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	86,663
OTC derivative assets having maturity period of 1 to 5 years	12,391
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	(5,083)
Total OTC derivative assets, net of cross-maturity netting	93,971
OTC derivative liabilities having maturity period of 0 to 12 months	109,643
OTC derivative liabilities having maturity period of 1 to 5 years	8,191
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	(5,083)
Total OTC derivative liabilities, net of cross-maturity netting	112,751
Fixed Income Forwards [Member]
Derivative [Line Items]
OTC derivative liabilities having maturity period of 0 to 12 months	2,053
OTC derivative liabilities having maturity period of 1 to 5 years	1,207
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	3,260
Interest Rate Swaps, Options and Forwards [Member]
Derivative [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	55,585
OTC derivative assets having maturity period of 1 to 5 years	215,033
OTC derivative assets having maturity period of greater than 5 years	59,686
OTC derivative assets cross-maturity netting	(101,651)
Total OTC derivative assets, net of cross-maturity netting	228,653
OTC derivative liabilities having maturity period of 0 to 12 months	33,749
OTC derivative liabilities having maturity period of 1 to 5 years	100,594
OTC derivative liabilities having maturity period of greater than 5 years	153,026
OTC derivative liabilities cross-maturity netting	(101,651)
Total OTC derivative liabilities, net of cross-maturity netting	$ 185,718

Derivative Financial Instrume63

Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Footnote) (Detail) $ in Millions	May 31, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Exchange traded derivative assets	$ 53.2
Cash collateral received	139.5
Exchange traded derivative liabilities, with fair value	270.4
Cash collateral pledged	$ 226.8

Derivative Financial Instrume64

Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Detail) $ in Thousands	May 31, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of OTC derivatives assets, Counterparty credit quality, A- or higher	$ 179,929
Fair value of OTC derivatives assets, Counterparty credit quality, BBB- to BBB+	54,940
Fair value of OTC derivatives assets, Counterparty credit quality, BB+ or lower	101,674
Fair value of OTC derivatives assets, Counterparty credit quality, Unrated	61,239
Total OTC derivative assets included in Financial instruments owned	$ 397,782

Derivative Financial Instrume65

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	May 31, 2016	Nov. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments in a liability position	$ 64.6	$ 114.5
Collateral posted for derivative instruments in a liability position	58.6	97.2
Additional collateral required for derivative instruments in a liability position	$ 2.9	$ 19.7

Collateralized Transactions - C

Collateralized Transactions - Collateral Pledged (Details) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	$ 2,949,266	$ 2,979,300
Repurchase Agreements	16,268,397	20,195,982
Total	19,217,663	23,175,282
Corporate equity securities [Member]
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	2,396,444	2,195,912
Repurchase Agreements	143,342	275,880
Total	2,539,786	2,471,792
Corporate debt securities [Member]
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	548,786	748,405
Repurchase Agreements	1,720,906	1,752,222
Total	2,269,692	2,500,627
Mortgage- and asset-backed securities [Member]
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	2,104,122	3,537,812
Total	2,104,122	3,537,812
U.S. government and federal agency securities [Member]
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	4,036	34,983
Repurchase Agreements	8,657,877	12,006,081
Total	8,661,913	12,041,064
Municipal securities [Member]
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	481,383	357,350
Total	481,383	357,350
Sovereign obligations [Member]
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	2,660,636	1,804,103
Total	2,660,636	1,804,103
Loans and other receivables [Member]
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	500,131	462,534
Total	$ 500,131	$ 462,534

Collateralized Transactions -67

Collateralized Transactions - Contractual Maturity (Details) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	$ 2,949,266	$ 2,979,300
Repurchase Agreements	16,268,397	20,195,982
Total	19,217,663	23,175,282
Overnight and Continuous [Member]
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	1,695,657	1,522,475
Repurchase Agreements	7,603,982	7,850,791
Total	9,299,639	9,373,266
Up to 30 Days [Member]
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	71,233	0
Repurchase Agreements	4,479,366	5,218,059
Total	4,550,599	5,218,059
30-90 Days [Member]
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	1,182,376	973,201
Repurchase Agreements	2,011,057	5,291,729
Total	3,193,433	6,264,930
Greater than 90 Days [Member]
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	483,624
Repurchase Agreements	2,173,992	1,835,403
Total	$ 2,173,992	$ 2,319,027

Collateralized Transactions - A

Collateralized Transactions - Additional Information (Detail) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015
Banking and Thrift [Abstract]
Fair value of securities received as collateral	$ 24,700,000	$ 26,200,000
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 836,871	$ 751,084

Collateralized Transactions - S

Collateralized Transactions - Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements (Detail) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015
Securities borrowing arrangements
Gross Amounts	$ 7,577,394	$ 6,975,136
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	7,577,394	6,975,136
Additional Amounts Available for Setoff	(685,968)	(478,991)
Available Collateral	(781,140)	(667,099)
Net Amount	6,110,286	5,829,046
Reverse repurchase agreements
Gross Amounts	11,042,465	14,048,860
Netting in Consolidated Statement of Financial Condition	(7,809,376)	(10,191,554)
Net Amounts in Consolidated Statement of Financial Condition	3,233,089	3,857,306
Additional Amounts Available for Setoff	(227,006)	(83,452)
Available Collateral	(2,959,857)	(3,745,215)
Net Amount	46,226	28,639
Securities lending arrangements
Gross Amounts	2,949,266	2,979,300
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	2,949,266	2,979,300
Additional Amounts Available for Setoff	(685,968)	(478,991)
Available Collateral	(2,197,401)	(2,464,395)
Net Amount	65,897	35,914
Repurchase agreements
Gross Amounts	16,268,397	20,195,982
Netting in Consolidated Statement of Financial Condition	(7,809,376)	(10,191,554)
Net Amounts in Consolidated Statement of Financial Condition	8,459,021	10,004,428
Additional Amounts Available for Setoff	(227,006)	(83,452)
Available Collateral	(7,083,468)	(8,103,468)
Net Amount	$ 1,148,547	$ 1,817,508

Collateralized Transactions -70

Collateralized Transactions - Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements (Footnote) (Detail) - USD ($) $ in Millions	May 31, 2016	Nov. 30, 2015
Banking and Thrift [Abstract]
Securities borrowing arrangements	$ 6,076.9	$ 5,796.1
Securities borrowing arrangements, collateral	5,916.1	5,613.3
Securities borrowing arrangements, repurchase agreements	1,103	1,807.2
Securities borrowing arrangements, pledged securities collateral	$ 1,143.7	$ 1,875.3

Securitization Activities - Act

Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Transfers and Servicing [Abstract]
Transferred assets	$ 1,183.9	$ 1,490.6	$ 3,132.8	$ 3,053.5
Proceeds on new securitizations	1,184.6	1,527.1	3,147.3	3,091.6
Cash flows received on retained interests	$ 13.1	$ 12.2	$ 22.5	$ 19

Securitization Activities - Sum

Securitization Activities - Summary of Retained Interests in SPEs (Detail) - USD ($) $ in Millions	May 31, 2016	Nov. 30, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Total RMBS securitization assets	$ 16,082.4	$ 10,901.9
Total CMBS securitization assets	3,159.2	2,313.4
Total Collateralized loan obligations	4,219.9	4,538.4
Consumer and other loans	757.1	655
U.S. government agency residential mortgage-backed securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Retained Interests	76	203.6
U.S. government agency commercial mortgage-backed securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Retained Interests	19	87.2
Collateralized loan obligations [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Retained Interests	50.9	51.5
Consumer and other loans [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Retained Interests	$ 33.8	$ 31

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Detail) - USD ($) $ in Millions	May 31, 2016	Nov. 30, 2015
Securitization Vehicles [Member]
Variable Interest Entity [Line Items]
Assets	$ 755.5	$ 786.4
Liabilities	754.9	786.4
Securitization Vehicles [Member] | Cash [Member]
Variable Interest Entity [Line Items]
Assets	3.5	0.5
Securitization Vehicles [Member] | Financial Instruments Owned [Member]
Variable Interest Entity [Line Items]
Assets	79	68.3
Securitization Vehicles [Member] | Securities Purchased Under Agreement to Resell [Member]
Variable Interest Entity [Line Items]
Assets	672.5	717.3
Securitization Vehicles [Member] | Aircraft [Member]
Variable Interest Entity [Line Items]
Assets	0	0
Securitization Vehicles [Member] | Fees, Interest and Other Receivables [Member]
Variable Interest Entity [Line Items]
Assets	0.5	0.3
Securitization Vehicles [Member] | Other Secured Financings [Member]
Variable Interest Entity [Line Items]
Liabilities	750.9	785
Securitization Vehicles [Member] | Long-term Debt [Member]
Variable Interest Entity [Line Items]
Liabilities	0	0
Securitization Vehicles [Member] | Other Liabilities [Member]
Variable Interest Entity [Line Items]
Liabilities	4	1.4
Aircraft Financing Vehicle [Member]
Variable Interest Entity [Line Items]
Assets	27
Liabilities	26.1
Aircraft Financing Vehicle [Member] | Cash [Member]
Variable Interest Entity [Line Items]
Assets	0
Aircraft Financing Vehicle [Member] | Financial Instruments Owned [Member]
Variable Interest Entity [Line Items]
Assets	0
Aircraft Financing Vehicle [Member] | Securities Purchased Under Agreement to Resell [Member]
Variable Interest Entity [Line Items]
Assets	0
Aircraft Financing Vehicle [Member] | Aircraft [Member]
Variable Interest Entity [Line Items]
Assets	27
Aircraft Financing Vehicle [Member] | Fees, Interest and Other Receivables [Member]
Variable Interest Entity [Line Items]
Assets	0
Aircraft Financing Vehicle [Member] | Other Secured Financings [Member]
Variable Interest Entity [Line Items]
Liabilities	0
Aircraft Financing Vehicle [Member] | Long-term Debt [Member]
Variable Interest Entity [Line Items]
Liabilities	21.6
Aircraft Financing Vehicle [Member] | Other Liabilities [Member]
Variable Interest Entity [Line Items]
Liabilities	4.5
Other [Member]
Variable Interest Entity [Line Items]
Assets	1.5	2.3
Liabilities	0.2	0.3
Other [Member] | Cash [Member]
Variable Interest Entity [Line Items]
Assets	0.8	1.5
Other [Member] | Financial Instruments Owned [Member]
Variable Interest Entity [Line Items]
Assets	0.7	0.6
Other [Member] | Securities Purchased Under Agreement to Resell [Member]
Variable Interest Entity [Line Items]
Assets	0	0
Other [Member] | Aircraft [Member]
Variable Interest Entity [Line Items]
Assets	0	0
Other [Member] | Fees, Interest and Other Receivables [Member]
Variable Interest Entity [Line Items]
Assets	0	0.2
Other [Member] | Other Secured Financings [Member]
Variable Interest Entity [Line Items]
Liabilities	0	0
Other [Member] | Long-term Debt [Member]
Variable Interest Entity [Line Items]
Liabilities	0	0
Other [Member] | Other Liabilities [Member]
Variable Interest Entity [Line Items]
Liabilities	$ 0.2	$ 0.3

Variable Interest Entities - 74

Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Footnote) (Detail) - USD ($) $ in Millions	May 31, 2016	Nov. 30, 2015
Securitization Vehicles [Member]
Variable Interest Entity [Line Items]
Secured financing included in inventory and eliminated	$ 246.6	$ 22.1

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	May 31, 2016	Nov. 30, 2015
Variable Interest Entity [Line Items]
Carrying Amount, Assets	$ 316.8	$ 352.5
Carrying Amount, Liabilities	5.9	0.2
Maximum exposure to loss in non-consolidated VIEs	1,273.1	1,422.5
VIE Assets	9,929.6	11,981.9
Collateralized loan obligations [Member]
Variable Interest Entity [Line Items]
Carrying Amount, Assets	60.2	73.6
Carrying Amount, Liabilities	5.8	0.2
Maximum exposure to loss in non-consolidated VIEs	439	458.1
VIE Assets	5,270.6	6,368.7
Consumer Loan Vehicles [Member]
Variable Interest Entity [Line Items]
Carrying Amount, Assets	166.6	188.3
Carrying Amount, Liabilities	0	0
Maximum exposure to loss in non-consolidated VIEs	716.5	845.8
VIE Assets	1,027.3	1,133
Related party private equity vehicles [Member]
Variable Interest Entity [Line Items]
Carrying Amount, Assets	32	39.3
Carrying Amount, Liabilities	0.1	0
Maximum exposure to loss in non-consolidated VIEs	58.1	65.8
VIE Assets	137.2	168.2
Other private investment vehicles [Member]
Variable Interest Entity [Line Items]
Carrying Amount, Assets	58	51.3
Carrying Amount, Liabilities	0	0
Maximum exposure to loss in non-consolidated VIEs	59.5	52.8
VIE Assets	$ 3,494.5	$ 4,312

Variable Interest Entities - No

Variable Interest Entities - Non-consolidated VIEs - Additional Information (Detail)	6 Months Ended
	May 31, 2016USD ($)aircraft	Nov. 30, 2015USD ($)
Variable Interest Entity [Line Items]
Maximum exposure	$ 363,500,000
Agency mortgage-backed securities [Member]
Variable Interest Entity [Line Items]
Carrying amount	1,647,700,000	$ 3,359,100,000
Non agency mortgage-backed securities [Member]
Variable Interest Entity [Line Items]
Carrying amount	527,000,000	630,500,000
Related party private equity vehicles [Member] | JCP Entities [Member]
Variable Interest Entity [Line Items]
Equity investments	148,100,000
Funded equity commitments	124,900,000	124,600,000
Carrying amount of equity investment	32,000,000	39,300,000
Related party private equity vehicles [Member] | Jefferies Energy Partners I LP [Member]
Variable Interest Entity [Line Items]
Maximum exposure	3,000,000	3,000,000
Other private investment vehicles [Member]
Variable Interest Entity [Line Items]
Equity investments	75,800,000	50,800,000
Funded equity commitments	74,300,000	49,300,000
Carrying amount of equity investment	$ 58,000,000	$ 51,300,000
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of Aircrafts For Purchase and Lease | aircraft	5

Investments - Narrative (Detail

Investments - Narrative (Details)	May 31, 2016
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 ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015
Guarantee Obligations [Line Items]
Equity commitments to JFIN	$ 600,000		$ 600,000
Total committed equity capitalization of JIFN	1,200,000		1,200,000
Funded portion of equity commitment to subsidiary	497,400		497,400
Unfunded portion of equity commitment to subsidiary	102,600		$ 102,600
Extension period			1 year
Termination notice period			60 days
Funded portion of loan commitment	0		$ 0		$ 19,300
Loan commitment	250,000		250,000		250,000
Commissions for conducting brokerage services	146,157	$ 173,508	301,981	$ 340,430
Investment banking revenue (loss)	253,046	404,262	483,976	676,257
Jefferies Finance, LLC [Member]
Guarantee Obligations [Line Items]
Net income (loss) in earnings	(33,200)	40,600	(77,800)	62,000
Net underwriting fees paid by JFIN related to originations of loans by JFIN	3,700	39,900	23,100	55,500
Fees paid to JFIN related to origination of loans by JFIN	1,600	900	1,600	1,600
Commissions for conducting brokerage services		3,100		3,100
Investment banking revenue (loss)	(36)		1,300
Payments for underwriting fees		1,300
Administrative services provided	7,500	$ 7,100	28,600	$ 34,900
Receivables under service agreement	2,400		2,400		$ 7,800
Committed Advances [Member]
Guarantee Obligations [Line Items]
Committed line of credit facility amount	$ 500,000		$ 500,000

Investments - Summary of Select

Investments - Summary of Selected Financial Information for Jefferies Finance (Detail) - Jefferies Finance, LLC [Member] - USD ($) $ in Millions	May 31, 2016	Nov. 30, 2015
Schedule of Equity Method Investments [Line Items]
Total assets	$ 7,056.1	$ 7,292.1
Total liabilities	6,140.2	6,297.3
Total equity	915.9	994.8
Our total equity balance	$ 458	$ 497.4

Investments - Jefferies LoanCor

Investments - Jefferies LoanCore - Narrative (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015	Mar. 31, 2016	Feb. 29, 2016
Guarantee Obligations [Line Items]
Equity commitment	$ 600,000,000		$ 600,000,000
Jefferies LoanCore, LLC [Member]
Guarantee Obligations [Line Items]
Aggregate commitment	400,000,000		400,000,000				$ 600,000,000
Funded portion of equity commitment to subsidiary			78,300,000		$ 207,400,000
Equity commitment	$ 194,000,000		$ 194,000,000		291,000,000
Percentage of the Variable Interest Entity's (VIE) voting interest	48.50%		48.50%
Net earnings from equity method investment	$ 17,300,000	$ 16,500,000	$ 22,700,000	$ 36,500,000
Administrative services provided	47,000	48,000	95,000	96,000
Receivables under service agreement	$ 15,800		$ 15,800		$ 15,800
Placement fees earned		$ 200,000		$ 600,000
Canada Pension Plan Investment Board [Member] | Jefferies LoanCore, LLC [Member]
Guarantee Obligations [Line Items]
Ownership percentage by third party						24.00%

Investments - Summary of Sele81

Investments - Summary of Selected Financial Information for Jefferies LoanCore (Detail) - Jefferies LoanCore, LLC [Member] - USD ($) $ in Millions	May 31, 2016	Nov. 30, 2015
Schedule of Equity Method Investments [Line Items]
Total assets	$ 1,215.3	$ 2,069.1
Total liabilities	886.1	1,469.8
Total equity	329.2	599.3
Our total equity balance	$ 159.7	$ 290.7

Investments - JCP Funds - Narra

Investments - JCP Funds - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015
Schedule of Equity Method Investments [Line Items]
Total committed equity capitalization	$ 1,200		$ 1,200
Unfunded portion of equity commitment to subsidiary	102.6		102.6
JCP Funds [Member]
Schedule of Equity Method Investments [Line Items]
Investment	22.8		22.8		$ 29.7
Gain (loss) from investment	(4.2)	$ 0.6	(7.2)	$ (22.9)
Total committed equity capitalization	85		85		$ 85
Unfunded portion of equity commitment to subsidiary	$ 11.5		$ 11.5
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
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Total assets	$ 64,725	$ 76,555
Total liabilities	74	99
Total partners' capital	64,651	76,456
Net increase (decrease) in net assets resulting from operations	$ (11,806)	$ (7,886)	$ 1,478	$ (65,700)

Goodwill and Other Intangible84

Goodwill and Other Intangible Assets - Schedule of Goodwill Resulting from Leucadia Transaction Attributable to Reportable Segments (Detail) $ in Thousands	6 Months Ended
	May 31, 2016USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 1,656,588
Translation adjustments	(3,321)
Goodwill, Ending Balance	1,653,267
Capital Markets [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1,653,588
Goodwill, Ending Balance	1,650,267
Asset Management Income [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	3,000
Goodwill, Ending Balance	$ 3,000

Goodwill and Other Intangible85

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	May 31, 2016	Nov. 30, 2015
Finite-Lived Intangible Assets [Line Items]
Total gross costs - intangible assets	$ 269,674	$ 270,852
Accumulated amortization - finite lived intangible assets	(50,908)	(45,069)
Disposals - indefinite lived intangible assets	(1,379)
Total net carrying amount - intangible assets	217,387	225,783
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross costs - finite lived intangible assets	127,210	127,667
Accumulated amortization - finite lived intangible assets	(38,787)	(34,754)
Net carrying amount - finite lived intangible assets	$ 88,423	$ 92,913
Weighted average remaining lives (years)	12 years 5 months	12 years 10 months 23 days
Trade Name [Member]
Finite-Lived Intangible Assets [Line Items]
Gross costs - finite lived intangible assets	$ 130,537	$ 131,288
Accumulated amortization - finite lived intangible assets	(12,121)	(10,315)
Net carrying amount - finite lived intangible assets	$ 118,416	$ 120,973
Weighted average remaining lives (years)	31 years 9 months	32 years 3 months 18 days
Exchange and Clearing Organization Membership Interests and Registrations [Member]
Finite-Lived Intangible Assets [Line Items]
Gross costs - indefinite lived intangible assets	$ 11,927	$ 11,897
Accumulated amortization - finite lived intangible assets		0
Disposals - indefinite lived intangible assets	(1,379)
Net carrying amount - indefinite lived intangible assets	$ 10,548	$ 11,897

Goodwill and Other Intangible86

Goodwill and Other Intangible Assets - Future Amortization Expense Related to Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Aggregate amortization expense	$ 3,100	$ 3,000	$ 6,100
Remainder of fiscal 2016	6,099		6,099
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
Year ended November 30, 2020	$ 12,198		$ 12,198

Short-Term Borrowings (Detail)

Short-Term Borrowings (Detail)	Feb. 19, 2016USD ($)	Oct. 29, 2015USD ($)	Apr. 23, 2015USD ($)	May 31, 2016USD ($)	May 31, 2015USD ($)	May 31, 2016USD ($)	May 31, 2015USD ($)	May 03, 2016EUR (€)	Apr. 08, 2016EUR (€)	Nov. 30, 2015USD ($)
Short-term Debt [Line Items]
Short-term borrowings				$ 397,206,000		$ 397,206,000				$ 310,659,000
Interest rate on short-term borrowings outstanding				1.81%		1.81%
Average daily short-term borrowings				$ 362,000,000	$ 77,000,000	$ 334,300,000	$ 58,200,000
Long-term debt				5,406,624,000		5,406,624,000				5,640,722,000
Floating rate puttable notes [Member]
Short-term Debt [Line Items]
Short-term borrowings				45,615,000		45,615,000				0
Line of Credit [Member] | Demand Loan Facility [Member]
Short-term Debt [Line Items]
Short-term borrowings				10,950,000		10,950,000				0
Credit facility maximum borrowing capacity	$ 25,000,000
Line of Credit [Member] | Demand Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Short-term Debt [Line Items]
Basis spread on variable rate	1.50%
Line of Credit [Member] | Intraday Credit Facility [Member]
Short-term Debt [Line Items]
Credit facility maximum borrowing capacity			$ 300,000,000
Line of Credit [Member] | Intraday Credit Facility [Member] | Prime Rate [Member]
Short-term Debt [Line Items]
Basis spread on variable rate			0.50%
Bank loans [Member]
Short-term Debt [Line Items]
Short-term borrowings				262,000,000		262,000,000				262,000,000
Bank loans [Member] | Floating rate puttable notes [Member]
Short-term Debt [Line Items]
Debt principal amount | €								€ 11,000,000	€ 30,000,000
Secured revolving loan facility [Member] | Revolving Loan Facility [Member]
Short-term Debt [Line Items]
Short-term borrowings				78,641,000		78,641,000				$ 48,659,000
Credit facility maximum borrowing capacity		$ 50,000,000
Secured revolving loan facility [Member] | Revolving Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Short-term Debt [Line Items]
Basis spread on variable rate		3.75%
Euro Medium Term Note Program [Member]
Short-term Debt [Line Items]
Long-term debt				$ 2,000,000,000		$ 2,000,000,000

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	May 31, 2016	Nov. 30, 2015
Debt Instrument [Line Items]
Long-term debt	$ 5,406,624	$ 5,640,722
Secured Debt [Member]
Debt Instrument [Line Items]
Long-term debt	21,619	0
Secured Debt [Member] | Class A Notes, Due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 14,382	0
Effective interest rate	6.75%
Secured Debt [Member] | Class B Notes, Due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 7,237	0
Effective interest rate	13.45%
Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term debt	$ 5,385,005	5,640,722
Unsecured Debt [Member] | 5.5% Senior Notes, due 2016 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 0	353,025
Debt instrument interest rate	5.50%
Effective interest rate	2.52%
Unsecured Debt [Member] | 5.125% Senior Notes, due 2018 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 824,109	830,298
Debt instrument interest rate	5.125%
Effective interest rate	3.46%
Unsecured Debt [Member] | 8.5% Senior Notes, due 2019 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 792,385	806,125
Debt instrument interest rate	8.50%
Effective interest rate	4.00%
Unsecured Debt [Member] | 2.375% Euro Medium Term Notes, due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 554,219	526,436
Debt instrument interest rate	2.375%
Effective interest rate	2.42%
Unsecured Debt [Member] | 6.875% Senior Note, due 2021 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 831,363	838,765
Debt instrument interest rate	6.875%
Effective interest rate	4.40%
Unsecured Debt [Member] | 2.25% Euro Medium Term Notes, due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 4,007	3,779
Debt instrument interest rate	2.25%
Effective interest rate	4.08%
Unsecured Debt [Member] | 5.125% Senior Notes, due 2023 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 619,637	620,890
Debt instrument interest rate	5.125%
Effective interest rate	4.55%
Unsecured Debt [Member] | 6.45% Senior Debentures, due 2027 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 378,771	379,711
Debt instrument interest rate	6.45%
Effective interest rate	5.46%
Unsecured Debt [Member] | 3.875% Convertible Senior Debentures due 2029 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 346,814	347,307
Debt instrument interest rate	3.875%
Effective interest rate	3.50%
Unsecured Debt [Member] | 6.25% Senior Debentures, due 2036 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 512,566	512,730
Debt instrument interest rate	6.25%
Effective interest rate	6.03%
Unsecured Debt [Member] | 6.50% Senior Notes, due 2043 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 421,497	421,656
Debt instrument interest rate	6.50%
Effective interest rate	6.09%
Unsecured Debt [Member] | Fixed Rate Step-Up Callable Notes, due May 26, 2016 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 6,644	0
Unsecured Debt [Member] | Fixed to Floating Rate Structured Notes, due February 26, 2019 [Member]
Debt Instrument [Line Items]
Long-term debt	10,859	0
Unsecured Debt [Member] | Fixed to Floating Rate Structured Notes, Due May 6, 2026 [Member]
Debt Instrument [Line Items]
Long-term debt	4,978	0
Unsecured Debt [Member] | Fixed Rate Step-Up Callable Notes, Due May 26, 2026 [Member]
Debt Instrument [Line Items]
Long-term debt	47,055	0
Unsecured Debt [Member] | Variable Rate Structured Notes, due February 18, 2028 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 30,101	$ 0

Long-Term Debt - Summary of Not

Long-Term Debt - Summary of Notes Issued (Details)	May 31, 2016USD ($)	May 26, 2016USD ($)	May 06, 2016EUR (€)	May 04, 2016EUR (€)	Feb. 26, 2016EUR (€)	Feb. 18, 2016EUR (€)	Nov. 30, 2015USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 5,406,624,000						$ 5,640,722,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term debt	5,385,005,000						5,640,722,000
Unsecured Debt [Member] | Variable Rate Structured Notes, due February 18, 2028 [Member]
Debt Instrument [Line Items]
Debt principal amount | €						€ 30,000,000
Long-term debt	30,101,000						0
Unsecured Debt [Member] | Fixed to Floating Rate Structured Notes, due February 26, 2019 [Member]
Debt Instrument [Line Items]
Debt principal amount | €					€ 10,000,000
Long-term debt	10,859,000						0
Unsecured Debt [Member] | Floating Rate Puttable Notes Due 2018 [Member]
Debt Instrument [Line Items]
Debt principal amount | €				€ 6,000,000
Unsecured Debt [Member] | Fixed to Floating Rate Structured Notes, Due May 6, 2026 [Member]
Debt Instrument [Line Items]
Debt principal amount | €			€ 5,000,000
Long-term debt	4,978,000						0
Unsecured Debt [Member] | Fixed Rate Step-Up Callable Notes, Due May 26, 2026 [Member]
Debt Instrument [Line Items]
Debt principal amount		$ 50,000,000
Long-term debt	$ 47,055,000						$ 0

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Jun. 09, 2016USD ($)$ / shares	May 31, 2016USD ($)Trading_day	Jan. 21, 2016USD ($)	Nov. 30, 2015USD ($)
Debt Instrument [Line Items]
Long-term debt		$ 5,406,624,000		$ 5,640,722,000
Leucadia [Member] | Subsequent event [Member]
Debt Instrument [Line Items]
Debenture principal amount	$ 1,000
Debt instrument convertible conversion ratio	22.6288
Conversion price of common stock (dollars per share) | $ / shares	$ 44.19
3.875% Convertible Senior Debentures due 2029 [Member]
Debt Instrument [Line Items]
Senior long-term debt, interest rate		3.875%
Debt principal amount		$ 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
Euro Medium Term Note Program [Member]
Debt Instrument [Line Items]
Long-term debt		$ 2,000,000,000
Class A Notes, Due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt			$ 15,000,000
Effective interest rate			6.75%
Class B Notes, Due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt			$ 7,500,000
Effective interest rate			13.45%

Noncontrolling Interests (Detai

Noncontrolling Interests (Detail) - USD ($) $ in Thousands	May 31, 2016	Nov. 30, 2015
Noncontrolling Interest [Line Items]
Noncontrolling interests	$ 5,201	$ 27,468
Global Equity Event Opportunity Fund LLC [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests	4,514	26,292
Other [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests	$ 687	1,176
Leucadia [Member]
Noncontrolling Interest [Line Items]
Noncontrolling interests		$ 26,300

Benefit Plans - Additional Info

Benefit Plans - Additional Information (Detail) - USD ($)	6 Months Ended
	May 31, 2016	Nov. 30, 2015
U.S Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions made to pension plan	$ 3,000,000
Contributions expected to be made to pension plan	0
German Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Investment in insurance contract	15,600,000	$ 15,300,000
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		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
U.S Pension Plan [Member]
Components of net periodic pension cost (income):
Service cost	$ 100	$ 63	$ 200	$ 126
Interest cost on projected benefit obligation	587	585	1,174	1,170
Expected return on plan assets	(684)	(848)	(1,460)	(1,696)
Net periodic pension cost (income)	3	(200)	(86)	(400)
German Pension Plan [Member]
Components of net periodic pension cost (income):
Interest cost on projected benefit obligation	135	127	265	263
Net amortization	83	79	163	163
Net periodic pension cost (income)	$ 218	$ 206	$ 428	$ 426

Compensation Plans - Compensati

Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Profit sharing plan	$ 1.2	$ 1.4	$ 4.3	$ 4.7
Total compensation cost	66.6	64.1	149.8	148.2
Restricted Cash Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted cash awards	59.1	48.2	134.1	103.5
Restricted Stock and RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock and RSUs	$ 6.3	$ 14.5	$ 11.4	$ 40

Compensation Plans - Remaining

Compensation Plans - Remaining Unamortized Amounts (Details) $ in Millions	6 Months Ended
	May 31, 2016USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Unamortized Amounts	$ 592.8
Nonvested Share-Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Unamortized Amounts	$ 37.7
Weighted Average Vesting Period (in Years)	2 years
Restricted Cash Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Unamortized Amounts	$ 555.1
Weighted Average Vesting Period (in Years)	3 years

Compensation Plans - Additional

Compensation Plans - Additional Information (Detail)	6 Months Ended
	May 31, 2016USD ($)Hour
Compensation Related Costs [Abstract]
Vesting period	4 years
Number of years in which restricted stock awards amortized as compensation expense	4 years
Minimum work hours required for part-time employees to purchase ESPP | Hour	20
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 ($) $ in Millions	May 31, 2016	Nov. 30, 2015
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 105.6	$ 107.9
Unrecognized tax benefits that would impact effective tax rate in future	70.4	71.9
Accrued interest on unrecognized tax benefits	$ 36.2	$ 32.8

Income Taxes - Earliest Tax Yea

Income Taxes - Earliest Tax Year Subject to Examination in the Major Tax Jurisdictions in which the Company Operates (Detail)	6 Months Ended
	May 31, 2016
United States [Member]
Income Tax Examination [Line Items]
Tax Year	2,007
California [Member]
Income Tax Examination [Line Items]
Tax Year	2,007
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	2,014
Hong Kong [Member]
Income Tax Examination [Line Items]
Tax Year	2,009

Commitments, Contingencies an99

Commitments, Contingencies and Guarantees - Commitments and Contingencies (Detail) $ in Millions	May 31, 2016USD ($)
Other Commitments [Line Items]
2,016	$ 2,257.9
2,017	787.7
2018 and 2019	1,251.8
2020 and 2021	76
2022 and Later	258.5
Notional/ Maximum Payout	4,631.9
Equity commitments [Member]
Other Commitments [Line Items]
2,016	1.5
2,017	7.9
2018 and 2019	0
2020 and 2021	11.5
2022 and Later	225
Notional/ Maximum Payout	245.9
Loan commitments [Member]
Other Commitments [Line Items]
2,016	2.5
2,017	329.9
2018 and 2019	85
2020 and 2021	59.2
2022 and Later	0
Notional/ Maximum Payout	476.6
Mortgage-related and other purchase commitments [Member]
Other Commitments [Line Items]
2,016	1,631.2
2,017	193.4
2018 and 2019	1,133.8
2020 and 2021	0
2022 and Later	0
Notional/ Maximum Payout	2,958.4
Underwriting commitments [Member]
Other Commitments [Line Items]
2,016	361.7
2,017	0
2018 and 2019	0
2020 and 2021	0
2022 and Later	0
Notional/ Maximum Payout	361.7
Forward starting reverse repos and repos [Member]
Other Commitments [Line Items]
2,016	213.9
2,017	0
2018 and 2019	0
2020 and 2021	0
2022 and Later	0
Notional/ Maximum Payout	213.9
Other unfunded commitments [Member]
Other Commitments [Line Items]
2,016	47.1
2,017	256.5
2018 and 2019	33
2020 and 2021	5.3
2022 and Later	33.5
Notional/ Maximum Payout	$ 375.4

Commitments, Contingencies a100

Commitments, Contingencies and Guarantees - Additional Information (Detail) £ in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2016GBP (£)	May 31, 2016USD ($)
Loss Contingencies [Line Items]
Contractual obligation | £	£ 8.1
Contractual obligation period for 18 years	18 years
Loan commitments outstanding to clients		$ 226.6
Fair value of mortgage-related commitments		165.4
Fair value of derivative contracts approximated deemed to meet the definition of a guarantee		363.5
Maximum amount payable under guarantee		21.6
Standby Letters of Credit [Member]
Loss Contingencies [Line Items]
Letters of credit commitments		$ 34.3
Standby letters of credit expiration period		2 years
Jefferies Capital Partners LLC [Member]
Loss Contingencies [Line Items]
Outstanding equity commitments		$ 23.3
Other Investments [Member]
Loss Contingencies [Line Items]
Outstanding equity commitments		$ 4.3

Commitments, Contingencies a101

Commitments, Contingencies and Guarantees - Guarantees (Detail) $ in Millions	May 31, 2016USD ($)
Guarantee Obligations [Line Items]
Notional/ Maximum Payout	$ 4,631.9
Derivative contracts - non-credit related [Member]
Guarantee Obligations [Line Items]
2,016	18,635.1
2,017	3,405
2018 and 2019	327.4
2020 and 2021	0
2022 and Later	436.1
Notional/ Maximum Payout	22,803.6
Written derivative contracts - credit related [Member]
Guarantee Obligations [Line Items]
2,016	0
2,017	0
2018 and 2019	91.1
2020 and 2021	248.4
2022 and Later	2.5
Notional/ Maximum Payout	342
Derivatives [Member]
Guarantee Obligations [Line Items]
2,016	18,635.1
2,017	3,405
2018 and 2019	418.5
2020 and 2021	248.4
2022 and Later	438.6
Notional/ Maximum Payout	$ 23,145.6

Commitments, Contingencies a102

Commitments, Contingencies and Guarantees - External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts (Detail) $ in Millions	May 31, 2016USD ($)
Index credit default swaps [Member]
Credit Derivatives [Line Items]
External credit ratings	$ 87.9
Single name credit default swaps [Member]
Credit Derivatives [Line Items]
External credit ratings	254.1
Below Investment Grade [Member] | Index credit default swaps [Member]
Credit Derivatives [Line Items]
External credit ratings	0
Below Investment Grade [Member] | Single name credit default swaps [Member]
Credit Derivatives [Line Items]
External credit ratings	174.1
AAA/Aaa [Member] | Index credit default swaps [Member]
Credit Derivatives [Line Items]
External credit ratings	4.5
AAA/Aaa [Member] | Single name credit default swaps [Member]
Credit Derivatives [Line Items]
External credit ratings	0
AA/Aa [Member] | Index credit default swaps [Member]
Credit Derivatives [Line Items]
External credit ratings	0
AA/Aa [Member] | Single name credit default swaps [Member]
Credit Derivatives [Line Items]
External credit ratings	0
A [Member] | Index credit default swaps [Member]
Credit Derivatives [Line Items]
External credit ratings	0
A [Member] | Single name credit default swaps [Member]
Credit Derivatives [Line Items]
External credit ratings	4
BBB/Baa [Member] | Index credit default swaps [Member]
Credit Derivatives [Line Items]
External credit ratings	83.4
BBB/Baa [Member] | Single name credit default swaps [Member]
Credit Derivatives [Line Items]
External credit ratings	$ 76

Net Capital Requirements - Net

Net Capital Requirements - Net Capital, Adjusted and Excess Net Capital (Detail) $ in Thousands	May 31, 2016USD ($)
Jefferies [Member]
Net Capital Requirements [Line Items]
Net Capital	$ 1,252,403
Excess Net Capital	1,174,583
Jefferies Execution [Member]
Net Capital Requirements [Line Items]
Net Capital	6,439
Excess Net Capital	$ 6,189

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	6 Months Ended
	May 31, 2016segment
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		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 719,408	$ 791,554	$ 1,018,395	$ 1,383,226
Expenses	616,811	706,842	1,165,674	1,285,630
Segment assets	37,120,029		37,120,029		$ 38,563,972
Capital Markets [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	696,500	789,100	959,800	1,351,500
Expenses	602,300	692,400	1,135,400	1,264,700
Segment assets	36,241,700		36,241,700		37,804,900
Asset management [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	22,900	2,500	58,600	31,700
Expenses	14,500	$ 14,400	30,300	$ 20,900
Segment assets	$ 878,300		$ 878,300		$ 759,000

Segment Reporting - Net Reve106

Segment Reporting - Net Revenues by Geographic Region (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Revenues:
Net revenues	$ 719,408	$ 791,554	$ 1,018,395	$ 1,383,226
Americas [Member]
Revenues:
Net revenues	569,293	616,857	757,002	1,053,643
Europe [Member]
Revenues:
Net revenues	126,791	148,998	223,224	288,204
Asia [Member]
Revenues:
Net revenues	$ 23,324	$ 25,699	$ 38,169	$ 41,379

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2016	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Nov. 30, 2015
Related Party Transaction [Line Items]
Purchase commitments from Berkadia Commercial Mortgage, LLC				$ 674,600		$ 752,400
Commissions for conducting brokerage services		$ 146,157	$ 173,508	301,981	$ 340,430
Loans outstanding to certain employees		39,800		39,800		28,300
Noncontrolling interests		5,201		5,201		27,468
Leucadia [Member]
Related Party Transaction [Line Items]
Noncontrolling interests						26,300
Capital contribution	$ 114,000
Leucadia [Member] | Other Assets [Member]
Related Party Transaction [Line Items]
Tax receivable		191,900		191,900		109,500
Harbinger Group Inc [Member]
Related Party Transaction [Line Items]
Unsettled purchases and sales of loans						261,600
Harbinger Group Inc [Member] | Investment Banking [Member]
Related Party Transaction [Line Items]
Revenue from related parties			900		1,300
National Beef Packaging Company, LLC [Member]
Related Party Transaction [Line Items]
Commissions for conducting brokerage services					200
Leucadia [Member]
Related Party Transaction [Line Items]
Revenue from related parties		6,900	$ 6,100	14,500	$ 11,200
Due from related party		7,600		7,600		10,200
Due to related party		1,000		1,000		600
Private Equity Related Funds [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Equity investments loans in related funds		$ 32,100		$ 32,100		$ 39,600

Related Party Transactions - Su

Related Party Transactions - Summary of Interest Income, Other Revenues and Investment Income to Private Equity Related Funds (Detail) - Private Equity Related Funds [Member] - Affiliated Entity [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Related Party Transaction [Line Items]
Other revenues and investment income (loss)	$ (5,064)	$ 947	$ (7,712)	$ (24,212)
Service charges	$ 207	$ 225	$ 336	$ 459

Related Party Transactions - Re

Related Party Transactions - Revenue by Service (Details) - Leucadia [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Related Party Transaction [Line Items]
Revenue from related parties	$ 6,900	$ 6,100	$ 14,500	$ 11,200
Investment banking and advisory [Member]
Related Party Transaction [Line Items]
Revenue from related parties	1,786	200	1,786	21,200
Asset management [Member]
Related Party Transaction [Line Items]
Revenue from related parties	29	119	145	303
Commissions and other fees [Member]
Related Party Transaction [Line Items]
Revenue from related parties	$ 88	$ 1	$ 88	$ 37

Exit Costs - Narrative (Details

Exit Costs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Restructuring Cost and Reserve [Line Items]
Pre-tax loss	$ (102,597)	$ (84,712)	$ 147,279	$ (97,596)
Non-cash restructuring costs	30	10,800	341	10,800
Futures business [Member]
Restructuring Cost and Reserve [Line Items]
Pre-tax loss	$ 600	$ 37,300	$ 1,900	$ 50,700

Exit Costs - Restructuring and

Exit Costs - Restructuring and Impairment Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Restructuring Cost and Reserve [Line Items]
Impairment costs	$ 605	$ 28,570	$ 1,854	$ 28,570
Compensation and Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Impairment costs	(93)	20,019	320	20,019
Technology and Communications [Member]
Restructuring Cost and Reserve [Line Items]
Impairment costs	678	6,260	1,234	6,260
Professional Services [Member]
Restructuring Cost and Reserve [Line Items]
Impairment costs	0	2,033	0	2,033
Other Expense [Member]
Restructuring Cost and Reserve [Line Items]
Impairment costs	20	258	300	258
Severance Costs [Member]
Restructuring Cost and Reserve [Line Items]
Impairment costs	(103)	15,559	279	15,559
Accelerated Amortization of Restricted Stock and Restricted Cash Awards [Member]
Restructuring Cost and Reserve [Line Items]
Impairment costs	10	4,460	41	4,460
Contract Termination Costs [Member]
Restructuring Cost and Reserve [Line Items]
Impairment costs	678	6,260	1,234	6,260
Other Costs [Member]
Restructuring Cost and Reserve [Line Items]
Impairment costs	$ 20	$ 2,291	$ 300	$ 2,291

Exit Costs - Restructuring Rese

Exit Costs - Restructuring Reserve (Details) $ in Thousands	6 Months Ended
	May 31, 2016USD ($)
Restructuring Reserve [Roll Forward]
Expenses	$ 1,854
Severance Costs [Member]
Restructuring Reserve [Roll Forward]
Balance at November 30, 2015	4,805
Expenses	279
Payments	(5,084)
Liability at May 31, 2016	0
Other Costs [Member]
Restructuring Reserve [Roll Forward]
Balance at November 30, 2015	0
Expenses	300
Payments	(300)
Liability at May 31, 2016	0
Contract Termination Costs [Member]
Restructuring Reserve [Roll Forward]
Balance at November 30, 2015	0
Expenses	1,234
Payments	(1,234)
Liability at May 31, 2016	0
Restructuring Costs [Member]
Restructuring Reserve [Roll Forward]
Balance at November 30, 2015	4,805
Expenses	1,813
Payments	(6,618)
Liability at May 31, 2016	0
Accelerated Amortization of Restricted Stock and Restricted Cash Awards [Member]
Restructuring Reserve [Roll Forward]
Expenses	$ 41