Jefferies 10-K 29 Jan 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Nov. 30, 2018	May 31, 2018
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-K
Document Period End Date	Nov. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding	0
Entity Shell Company	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float		$ 0

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 30, 2017
ASSETS
Cash and cash equivalents ($1,096 and $7,514 at November 30, 2018 and 2017, respectively, related to consolidated VIEs)	$ 5,145,886	$ 5,164,492
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	707,960	578,014
Financial instruments owned, at fair value, (including securities pledged of $13,059,802 and $10,842,051 at November 30, 2018 and 2017, respectively; and $380 and $38,044 at November 30, 2018 and 2017, respectively, related to consolidated VIEs)	16,399,526	14,193,352
Loans to and investments in related parties	997,524	682,790
Securities borrowed	6,538,212	7,721,803
Securities purchased under agreements to resell	2,785,758	3,689,559
Securities received as collateral	0	103
Receivables:
Brokers, dealers and clearing organizations	3,218,984	2,514,838
Customers	2,017,090	1,563,758
Fees, interest and other ($0 and $197 at November 30, 2018 and 2017, respectively, related to consolidated VIEs)	327,083	381,231
Premises and equipment	304,026	297,750
Goodwill	1,642,170	1,647,089
Other assets ($2 at both November 30, 2018 and 2017, respectively, related to consolidated VIEs)	1,084,554	1,270,912
Total assets	41,168,773	39,705,691
LIABILITIES AND EQUITY
Short-term borrowings (includes $0 and $23,324 at fair value at November 30, 2018 and 2017, respectively)	387,492	436,215
Financial instruments sold, not yet purchased, at fair value	9,478,944	8,171,929
Collateralized financings:
Securities loaned	1,838,688	2,843,911
Securities sold under agreements to repurchase	8,643,069	8,660,511
Other secured financings ($881,472 and $722,108 at November 30, 2018 and 2017, respectively, related to consolidated VIEs)	881,472	722,108
Obligation to return securities received as collateral	0	103
Payables:
Brokers, dealers and clearing organizations	2,448,059	2,226,768
Customers	3,176,727	2,664,023
Accrued expenses and other liabilities ($642 and $1,391 at November 30, 2018 and 2017, respectively, related to consolidated VIEs)	1,585,635	1,803,720
Long-term debt (includes $686,170 and $606,956 at fair value at November 30, 2018 and 2017, respectively)	6,546,283	6,416,844
Total liabilities	34,986,369	33,946,132
EQUITY
Member’s paid-in capital	6,376,662	5,895,601
Accumulated other comprehensive loss:
Currency translation adjustments	(185,804)	(98,909)
Changes in instrument specific credit risk	(5,728)	(27,888)
Cash flow hedges	470	(936)
Additional minimum pension liability	(4,761)	(9,046)
Available-for-sale securities	(346)	0
Total accumulated other comprehensive loss	(196,169)	(136,779)
Total Jefferies Group LLC member’s equity	6,180,493	5,758,822
Noncontrolling interests	1,911	737
Total equity	6,182,404	5,759,559
Total liabilities and equity	$ 41,168,773	$ 39,705,691

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 30, 2017
Cash and cash equivalents, VIEs	$ 5,145,886	$ 5,164,492
Securities pledged	13,059,802	10,842,051
Securities pledged, related to consolidated VIEs	16,399,526	14,193,352
Fees, interest and other related to consolidated VIEs	327,083	381,231
Other assets	1,084,554	1,270,912
Short-term borrowings	0	23,324
Other secured financings	881,472	722,108
Accrued expenses and other liabilities related to consolidated VIEs	1,585,635	1,803,720
Long term debt, at fair value	686,170	606,956
VIEs
Cash and cash equivalents, VIEs	1,096	7,514
Securities pledged, related to consolidated VIEs	380	38,044
Fees, interest and other related to consolidated VIEs	0	197
Other assets	2	2
Other secured financings	881,472	722,108
Accrued expenses and other liabilities related to consolidated VIEs	$ 642	$ 1,391

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Revenues:
Commissions and other fees	$ 635,190	$ 593,257	$ 611,574
Principal transactions	524,296	796,633	524,302
Investment banking	1,910,203	1,764,285	1,193,973
Asset management fees	21,214	20,490	26,412
Interest	1,207,095	905,601	857,838
Other	131,634	98,316	19,724
Total revenues	4,429,632	4,178,582	3,233,823
Interest expense	1,246,256	980,473	819,209
Net revenues	3,183,376	3,198,109	2,414,614
Non-interest expenses:
Compensation and benefits	1,736,264	1,829,096	1,568,948
Non-compensation expenses:
Floor brokerage and clearing fees	189,068	179,478	167,205
Underwriting costs	64,317	0	0
Technology and communications	305,655	279,242	262,396
Occupancy and equipment rental	100,952	102,904	101,133
Business development	163,756	99,884	93,105
Professional services	139,885	114,711	112,562
Other	73,812	87,870	79,293
Total non-compensation expenses	1,037,445	864,089	815,694
Total non-interest expenses	2,773,709	2,693,185	2,384,642
Earnings before income taxes	409,667	504,924	29,972
Income tax expense	250,650	147,340	14,566
Net earnings	159,017	357,584	15,406
Net earnings (loss) attributable to noncontrolling interests	256	86	(28)
Net earnings attributable to Jefferies Group LLC	$ 158,761	$ 357,498	$ 15,434

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Statement of Comprehensive Income [Abstract]
Net earnings		$ 159,017	$ 357,584	$ 15,406
Other comprehensive income (loss), net of tax:
Currency translation and other adjustments	[1]	(85,554)	53,396	(115,494)
Change in instrument specific credit risk	[2]	22,160	(21,394)	(6,494)
Cash flow hedges	[3]	1,406	(936)	0
Minimum pension liability adjustments	[4]	4,285	312	(1,223)
Unrealized gain on available-for-sale securities	[5]	311	0	0
Total other comprehensive income (loss), net of tax	[6]	(57,392)	31,378	(123,211)
Comprehensive income (loss)		101,625	388,962	(107,805)
Net earnings (loss) attributable to noncontrolling interests		256	86	(28)
Comprehensive income (loss) attributable to Jefferies Group LLC		$ 101,369	$ 388,876	$ (107,777)
[1]	The amount for the year ended November 30, 2018 includes a gain of $20.5 million related to foreign currency gains, which was reclassified to Other revenues within the Consolidated Statements of Earnings, and $8.9 million related to the impact of certain discrete items related to tax planning for our non-U.S. subsidiaries in connection with the Tax Cuts and Jobs Act (the “Tax Act”).
[2]	The amounts include income tax expense of approximately $15.5 million, and income tax benefits of approximately $13.2 million and $4.3 million for the years ended November 30, 2018, 2017 and 2016, respectively. The amount for the year ended November 30, 2018 includes a gain of $0.9 million, net of taxes of $0.3 million, related to changes in instrument specific credit risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings and $(6.5) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
[3]	The amount for the year ended November 30, 2018 includes $(0.2) million related to the Tax Act, which was reclassified to Member’s paid-in capital and income tax expense of approximately $0.8 million. The amount for the year ended November 30, 2017 includes income tax benefit of approximately $0.6 million.
[4]	The amount for the year ended November 30, 2018 includes $5.3 million related to the transfer of the German Pension Plan and $(0.3) million, net of taxes of $0.1 million, related to pension losses, which were reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and $(0.8) million related to the Tax Act, which was reclassified to Member’s paid-in capital. The amounts include income tax expense of approximately $0.1 million and income tax benefits of approximately $0.1 million and $0.3 million for the years ended November 30, 2018, 2017 and 2016, respectively.
[5]	The amount includes income tax expense of approximately $0.1 million.
[6]	None of the components of other comprehensive income (loss) are attributable to noncontrolling interests.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
		Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Adjustment related to foreign currency gains reclassified to earnings		$ 20,500
Impact of certain discrete items related to non-U.S. subsidiaries planning for the Tax Act		165,100
Changes in instrument specific credit risk, tax expense (benefit)		15,500	$ (13,200)	$ (4,300)
Changes in instrument specific credit risk reclassified to earnings		900
Changes in instrument specific credit risk reclassified to earnings, tax		300
Cash flow hedges, tax		(800)	(600)
Minimum pension liability adjustments	[1]	(4,285)	(312)	1,223
Minimum pension liability adjustments, tax		100	$ 100	$ 300
Unrealized gain on available-for-sale securities, tax		100
Currency translation and other adjustments
Impact of certain discrete items related to non-U.S. subsidiaries planning for the Tax Act		8,900
Changes in instrument specific credit risk
Reclassification amount related to the Tax Cuts and Jobs Act		(6,500)
Cash flow hedges
Reclassification amount related to the Tax Cuts and Jobs Act		(200)
Minimum pension liability adjustments
Reclassification amount related to the Tax Cuts and Jobs Act		(800)
Reclassification from AOCI to compensation and benefits expenses		(300)
Reclassification from AOCI to compensation and benefits expenses, tax		100
Pension Plan | German Plan
Minimum pension liability adjustments		$ 5,300
[1]	The amount for the year ended November 30, 2018 includes $5.3 million related to the transfer of the German Pension Plan and $(0.3) million, net of taxes of $0.1 million, related to pension losses, which were reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and $(0.8) million related to the Tax Act, which was reclassified to Member’s paid-in capital. The amounts include income tax expense of approximately $0.1 million and income tax benefits of approximately $0.1 million and $0.3 million for the years ended November 30, 2018, 2017 and 2016, respectively.

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total		Member's paid-in capital	Accumulated other comprehensive loss	Parent	Noncontrolling interests
Stockholders' Equity
Cumulative effect of the adoption of the new revenue standard, net of tax			$ 0
Balance, beginning of period at Nov. 30, 2015			5,526,855	$ (44,946)		$ 27,468
Stockholders' Equity
Net earnings	$ 15,406		15,434			(28)
Tax detriment for issuance of share-based awards	(4,186)		(4,186)
Contribution from Jefferies Financial Group Inc.			0	0
Distributed Earnings			0
Tax Cuts and Jobs Act adjustment			0
Currency adjustments	(115,494)	[1]		(115,494)
Change in instrument specific credit risk	(6,494)	[2]		(6,494)
Cash flow hedges	0	[3]		0
Pension adjustments	(1,223)	[4]		(1,223)
Unrealized gain on available-for-sale securities	0	[5]		0
Contributions						9,390
Distributions						(563)
Consolidation (deconsolidation) of asset management entity	77					(35,616)
Balance, end of period at Nov. 30, 2016	5,370,597		5,538,103	(168,157)	$ 5,369,946	651
Stockholders' Equity
Cumulative effect of the adoption of the new revenue standard, net of tax			0
Net earnings	357,584		357,498			86
Tax detriment for issuance of share-based awards	0		0
Contribution from Jefferies Financial Group Inc.			0	0
Distributed Earnings			0
Tax Cuts and Jobs Act adjustment			0
Currency adjustments	53,396	[1]		53,396
Change in instrument specific credit risk	(21,394)	[2]		(21,394)
Cash flow hedges	(936)	[3]		(936)
Pension adjustments	312	[4]		312
Unrealized gain on available-for-sale securities	0	[5]		0
Contributions						0
Distributions						0
Consolidation (deconsolidation) of asset management entity	0					0
Balance, end of period at Nov. 30, 2017	5,759,559		5,895,601	(136,779)	5,758,822	737
Stockholders' Equity
Cumulative effect of the adoption of the new revenue standard, net of tax			(6,121)
Net earnings	159,017		158,761			256
Tax detriment for issuance of share-based awards	0		0
Contribution from Jefferies Financial Group Inc.			600,247	(1,998)
Distributed Earnings			(279,381)
Tax Cuts and Jobs Act adjustment			7,555
Currency adjustments	(85,554)	[1]		(85,554)
Change in instrument specific credit risk	22,160	[2]		22,160
Cash flow hedges	1,406	[3]		1,406
Pension adjustments	4,285	[4]		4,285
Unrealized gain on available-for-sale securities	311	[5]		311
Contributions						10
Distributions						(7,408)
Consolidation (deconsolidation) of asset management entity	(130)					8,316
Balance, end of period at Nov. 30, 2018	$ 6,182,404		$ 6,376,662	$ (196,169)	$ 6,180,493	$ 1,911
[1]	The amount for the year ended November 30, 2018 includes a gain of $20.5 million related to foreign currency gains, which was reclassified to Other revenues within the Consolidated Statements of Earnings, and $8.9 million related to the impact of certain discrete items related to tax planning for our non-U.S. subsidiaries in connection with the Tax Cuts and Jobs Act (the “Tax Act”).
[2]	The amounts include income tax expense of approximately $15.5 million, and income tax benefits of approximately $13.2 million and $4.3 million for the years ended November 30, 2018, 2017 and 2016, respectively. The amount for the year ended November 30, 2018 includes a gain of $0.9 million, net of taxes of $0.3 million, related to changes in instrument specific credit risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings and $(6.5) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
[3]	The amount for the year ended November 30, 2018 includes $(0.2) million related to the Tax Act, which was reclassified to Member’s paid-in capital and income tax expense of approximately $0.8 million. The amount for the year ended November 30, 2017 includes income tax benefit of approximately $0.6 million.
[4]	The amount for the year ended November 30, 2018 includes $5.3 million related to the transfer of the German Pension Plan and $(0.3) million, net of taxes of $0.1 million, related to pension losses, which were reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and $(0.8) million related to the Tax Act, which was reclassified to Member’s paid-in capital. The amounts include income tax expense of approximately $0.1 million and income tax benefits of approximately $0.1 million and $0.3 million for the years ended November 30, 2018, 2017 and 2016, respectively.
[5]	The amount includes income tax expense of approximately $0.1 million.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Cash flows from operating activities:
Net earnings	$ 159,017	$ 357,584	$ 15,406
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	15,250	1,977	(2,365)
Deferred income taxes	126,265	(43,246)	(14,013)
Income on loans to and investments in related parties	(73,662)	(109,395)	(17,184)
Distributions received on investments in related parties	62,949	21,038	38,180
Other adjustments	(127,698)	44,043	(32,711)
Net change in assets and liabilities:
Securities deposited with clearing and depository organizations	64,911	163	(99,893)
Receivables:
Brokers, dealers and clearing organizations	(406,509)	(487,385)	(477,273)
Customers	(453,360)	(720,710)	348,055
Fees, interest and other	51,122	(68,177)	(54,366)
Securities borrowed	1,137,134	50,660	(805,779)
Financial instruments owned	(1,194,791)	(119,087)	2,390,542
Securities purchased under agreements to resell	807,619	234,740	(112,777)
Other assets	31,699	8,435	(173,127)
Payables:
Brokers, dealers and clearing organizations	252,698	(1,081,611)	584,426
Customers	512,760	366,721	(483,188)
Securities loaned	(964,137)	381	(122,946)
Financial instruments sold, not yet purchased	311,998	(279,282)	1,753,647
Securities sold under agreements to repurchase	36,956	1,838,793	(3,144,433)
Accrued expenses and other liabilities	(224,157)	524,304	296,067
Net cash provided by (used in) operating activities	126,064	539,946	(113,732)
Cash flows from investing activities:
Contributions to loans to and investments in related parties	(1,929,603)	(3,161,619)	(538,186)
Distributions from loans to and investments in related parties	1,876,164	3,068,961	689,226
Net payments on premises and equipment	(71,445)	(72,653)	(75,772)
Purchase of Leucadia Investment Management Limited, net of cash paid	3,125	0	0
Proceeds from sale of Jefferies LoanCore	0	173,105	0
Payment on purchase of aircraft	0	0	(27,500)
Proceeds from sale of aircraft	0	0	29,450
Consolidation (deconsolidation) of asset management entity	130	0	(77)
Cash received from contingent consideration	0	1,342	2,617
Net cash provided by (used in) investing activities	(121,629)	9,136	79,758
Cash flows from financing activities:
Proceeds from short-term borrowings	1,083,416	274,230	520,207
Payments on short-term borrowings	(1,137,599)	(369,992)	(315,325)
Proceeds from issuance of long-term debt, net of issuance costs	1,367,243	1,116,798	299,779
Repayment of long-term debt	(1,035,700)	(186,444)	(373,246)
Dividend distribution	(248,684)	0	0
Net proceeds from (payments on) other secured financings	159,364	(33,468)	(7,333)
Net change in bank overdrafts	10,290	(5,650)	(46,536)
Proceeds from contributions of noncontrolling interests	10	0	9,390
Payments on distributions to noncontrolling interests	(7,408)	0	(563)
Net cash provided by financing activities	190,932	795,474	86,373
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(19,116)	11,707	(27,133)
Net increase in cash, cash equivalents and restricted cash	176,251	1,356,263	25,266
Cash, cash equivalents and restricted cash at beginning of period	5,642,776	4,286,513	4,261,247
Cash, cash equivalents and restricted cash at end of period	5,819,027	5,642,776	4,286,513
Cash paid (received) during the period for:
Interest	1,287,162	1,025,576	859,466
Income taxes, net	$ 196,553	$ 8,910	$ (6,410)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Oct. 01, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2015
Cash and cash equivalents		$ 5,145,886	$ 5,164,492
Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations		673,141	478,284
Total cash, cash equivalents and restricted cash		$ 5,819,027	$ 5,642,776	$ 4,286,513	$ 4,261,247
Berkadia
Ownership percentage	50.00%
Jefferies Financial Group Inc. | Affiliated Entity
Capital contribution from Jefferies	$ 598,200

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Nov. 30, 2018
Accounting Policies [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Jefferies Group LLC is the largest independent U.S.-headquartered 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 International Limited, Jefferies Hong Kong Limited, Jefferies Financial Services, Inc., Jefferies Funding LLC, 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. During the second quarter of 2016, we completed the exit of the Futures business. For further information on the exit of the Futures business, refer to Note 21, Exit Costs . Jefferies Group LLC is a direct wholly owned subsidiary of publicly traded Jefferies Financial Group Inc. (“Jefferies”), formerly known as Leucadia National Corporation. Jefferies does not guarantee any of our outstanding debt securities. Jefferies Group LLC 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 Jefferies, as well as a Director of Jefferies. Brian P. Friedman, our Chairman of the Executive Committee, is Jefferies’ President and a Director of Jefferies. On October 1, 2018, Jefferies transferred its 50% interest in Berkadia and capital investments in certain separately managed accounts and funds to us. On November 1, 2018, we purchased LIML, an investment advisory company, from LAM Holding LLC, a subsidiary of Jefferies. These transfers were accomplished as capital contributions from Jefferies of approximately $598.2 million and total cash payments of $76.0 million to Jefferies during the fourth quarter of 2018. In connection with these transfers, related deferred tax liabilities of approximately $50.9 million were transferred to us, for which Jefferies has indemnified us. The cash payments are primarily included as operating activities in our Consolidated Statements of Cash Flows for the year ended November 30, 2018. See Note 9, Investments , for further details on our 50% interest in Berkadia and Note 20, Related Party Transactions , for further details on these transfers. We operate in two reportable business segments, Capital Markets and Asset Management. For further information on our reportable business segments, refer to Note 19, Segment Reporting . Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial information. We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated 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 certain 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 that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that 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 our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings (loss) to noncontrolling interests in our Consolidated Statements of Earnings. In situations in which 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 in Other revenues or Principal transactions 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. Changes to the Consolidated Statements of Operations We have reorganized the presentation of our gains and losses generated from our capital invested in asset management funds managed by us and related parties in the first quarter of 2018. This was previously presented as Asset management: Investment income (loss) from investments in managed funds and is now presented within Principal transactions revenues. Changes to the Consolidated Statements of Cash Flows In the first quarter of 2018, we made certain changes to the presentation of our Consolidated Statements of Cash Flows in order to net certain Short-term borrowings, primarily related to revolving intraday credit advances. Refer to Note 11, Short-Term Borrowings , for further information. The changes had the impact of reducing Proceeds from short-term borrowings by $34,225.0 million and $14,793.2 million and increasing Payments on short-term borrowings by $34,225.0 million and $14,793.2 million for the years ended November 30, 2017 and 2016 , respectively. There was no change to the total Net cash provided by financing activities. We do not believe these changes are material to our Consolidated Statements of Cash Flows.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Nov. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Revenue Recognition Policies We adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (the “new revenue standard” or Accounting Standards Codification 606, (“ASC 606”)) on December 1, 2017. Revenue recognition policies under the new standard are applied prospectively in our financial statements from December 1, 2017 forward. Reported financial information for the historical comparable periods was not revised and continues to be reported under the accounting standards in effect during the historical periods. For investment banking revenues and asset management fees, we separately state the accounting policies applicable in the presented fiscal years. There were no material changes in our other revenue recognition policies as a result of the new standard. Refer to Note 3, Accounting Developments , for further information on our adoption of the new revenue standard. Commissions and Other Fees. All customer securities transactions are reported in our 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 acting as an agent in these arrangements, netted against commission revenues in our 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, 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 transactions revenues in our Consolidated Statements of Earnings, except for derivatives accounted for as hedges (see “Hedge Accounting” section herein and Note 5, Derivative Financial Instruments ). Fees received on loans carried at fair value are also recorded in Principal transactions revenues. Investment Banking - Year Ended November 30, 2018 . Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring advisory engagements, are expensed as incurred. All investment banking advisory expenses are recognized within their respective expense category on the Consolidated Statements of Earnings and any expenses reimbursed by clients are recognized as Investment banking revenues. Underwriting and placement agent revenues are recognized at a point in time on trade-date. Costs associated with underwriting activities are deferred until the related revenue is recognized or the engagement is otherwise concluded and are recorded on a gross basis within Underwriting costs in the Consolidated Statements of Earnings. Investment Banking - Years Ended November 30, 2017 and 2016 . 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 our Consolidated Statements of Earnings. Asset Management Fees - Year Ended November 30, 2018 . Management and administrative fees are generally recognized over the period that the related service is provided. Performance fee revenue is generally recognized only at the end of the performance period to the extent that the benchmark return has been met. Asset Management Fees - Years Ended November 30, 2017 and 2016 . Management and administrative fees are generally recognized over the period that the related service is provided. 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, 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 transactions revenues in our 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, except for those for which we have elected the fair value option, 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 money market funds and certificates of deposit, 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 LLC 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 transactions 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. Valuation adjustments and block discounts are not applied to Level 1 instruments. Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable at the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments that fair values for which have been derived using model inputs that 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. 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 on the best available information, taking into account the types of financial instruments, current financial information, restrictions (if any) 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 are permitted based on management’s judgment, which takes into consideration the features of the financial instrument such as its complexity, the market in which the financial instrument is traded and underlying risk uncertainties about market conditions. 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. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. 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 our 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. 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 in our Consolidated Statements of Earnings on an accrual basis. Repos are presented in our 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. Offsetting of Derivative Financial Instruments and Securities Financing Agreements To manage our exposure to credit risk associated with our derivative activities and securities financing transactions, we may enter into International Swaps and Derivative Association, Inc. (“ISDA”) master netting agreements, master securities lending agreements, master repurchase agreements or similar agreements and collateral arrangements 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. 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 contracts or transactions. Refer to Note 5, Derivative Financial Instruments and Note 6, Collateralized Transactions , for further information. Hedge Accounting Hedge accounting is applied using interest rate swaps designated as fair value hedges of changes in the benchmark interest rate of fixed rate senior long-term debt. The interest rate swaps are included as derivative contracts in Financial instruments owned and Financial instruments sold, not yet purchased in our Consolidated Statements of Financial Position. We use regression analysis to perform ongoing prospective and retrospective assessments of the effectiveness of these hedging relationships. A hedging relationship is deemed effective if the change in fair value of the interest rate swap and the change in the fair value of the long-term debt due to changes in the benchmark interest rate offset within a range of 80% - 125% . The impact of valuation adjustments related to our own credit spreads and counterparty credit spreads are included in the assessment of effectiveness. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative and the change in fair value of the long-term debt provide offset of one another, and together with any resulting ineffectiveness, are recorded in Interest expense. Refer to Note 5, Derivative Financial Instruments , for further information. 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. At November 30, 2018 and 2017 , furniture, fixtures and equipment, including amounts under capital leases, amounted to $431.9 million and $431.7 million , respectively, and leasehold improvements amounted to $219.7 million and $214.0 million , respectively. Accumulated depreciation and amortization was $347.5 million and $348.0 million at November 30, 2018 and 2017 , respectively. Depreciation and amortization expense amounted to $56.2 million , $51.7 million and $47.9 million for the years ended November 30, 2018 , 2017 and 2016 , respectively. 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 st 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 the 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. Intangible assets are included in Other assets in our Consolidated Statements of Financial Condition. Our annual indefinite-lived intangible asset impairment testing date is August 1st. 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 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 Jefferies. 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 Jefferies, payments are made between us and Jefferies 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. 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. 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 our 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 of potential loss or range of potential loss in excess of what has been provided in our consolidated financial statements that could be reasonably estimated 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. Effective upon our adoption of FASB ASU No. ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) on December 1, 2016, we account for forfeitures as they occur. Prior to the adoption of ASU 2016-09, expected forfeitures were 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 transactions revenues in our 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. Transfers of financial assets to securitization vehicles 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 in Financial instruments owned within our Consolidated Statements of Financial Condition at fair value. Any changes in the fair value of such retained interests are recognized in Principal transactions revenues in our 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 continues to recognize the assets of a secured borrowing in Financial instruments owned and recognizes the associated financing in Other secured financings in our Consolidated Statements of Financial Condition.

Accounting Developments

Accounting Developments	12 Months Ended
	Nov. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting Developments	Accounting Developments Accounting Standards to be Adopted in Future Periods Consolidation. In October 2018, the FASB issued ASU No. 2018-17, Consolidation: Targeted Improvements to Related Party Guidance for Variable Interest Entities. The guidance requires indirect interests held through related parties under common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Internal-Use Software. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The guidance amends the definition of a hosting arrangement and requires that the customer in a hosting arrangement that is a service contract capitalize certain implementation costs as if the arrangement was an internal-use software project. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Defined Benefit Plans. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General: Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. The objective of the guidance is to improve the effectiveness of disclosure requirements on defined benefit pension plans and other postretirement plans. The guidance is effective in the first quarter of fiscal 2021. We do not believe the new guidance will have a material impact on our consolidated financial statements. Derivatives and Hedging. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The objective of the guidance is to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The guidance is effective in the first quarter of fiscal 2020. We do not believe the new guidance will have a material impact on our consolidated financial statements. Stock Compensation. In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation: Scope of Modification Accounting. The guidance provides clarity and reduces diversity in practice and cost and complexity when accounting for a change to the terms or conditions of a share-based payment award. The guidance is effective in the first quarter of fiscal 2019. We do not believe the new guidance will have a material impact on our consolidated financial statements. Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies goodwill impairment testing. The guidance is effective in the first quarter of fiscal 2021. We do not believe the new guidance will have a material impact on our consolidated financial statements. Financial Instruments—Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. 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. 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 2016-02”). The guidance affects the accounting for leases and provides for a lessee model that brings substantially all leases that are longer than one year onto the balance sheet, which will result in the recognition of a right of use asset and a corresponding lease liability. The right of use asset and lease liability will be measured initially using the present value of the remaining rental payments. A significant portion of the population of contracts that will be subject to recognition on our Consolidated Statements of Financial Condition have been identified; however, their initial measurement still remains under evaluation. We are currently modifying our lease accounting systems to enable us to comply with the accounting requirements of this guidance. In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements. The guidance allows an entity to recognize a cumulative-effect adjustment to the opening balance of retained earnings upon adoption of ASU 2016-02. We plan on adopting both lease ASUs in the first quarter of fiscal 2020 with a cumulative-effect adjustment to opening member’s equity in the period of adoption. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Adopted Accounting Standards Fair Value Measurement. In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The objective of this guidance is to improve the effectiveness of disclosure requirements on fair value measurement by eliminating certain disclosure requirements for fair value measurements for all entities, requiring public entities to disclose certain new information and modifying some disclosure requirements. We early adopted this disclosure guidance in the third quarter of fiscal 2018 and the adoption did not have a material impact on our consolidated financial statements. Comprehensive Income. In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The guidance allows companies the option to reclassify stranded taxes from Accumulated other comprehensive income to retained earnings due to the decrease in the Federal Statutory tax rate from 35% to 21% resulting from the Tax Act. The amount of the reclassification is the difference between the historical corporate income tax rate and the newly enacted corporate income tax rate. We early adopted this guidance as of February 28, 2018, resulting in a reclassification adjustment of $7.6 million related to unamortized pension liabilities, cash flow hedges and instrument specific credit risk in our consolidated financial statements. Retirement Benefits. In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The guidance impacts the presentation of net periodic pension costs in the statement of income. We early adopted this guidance in the first quarter of fiscal 2018 and the adoption did not have a material impact on our Consolidated Statements of Earnings. Statement of Cash Flows. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The guidance adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash (“ASU 2016-18”), which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. We adopted both ASUs in the first quarter of fiscal 2018. Prior periods were retrospectively adjusted to conform to the current period’s presentation. The adoption of ASU 2016-15 did not have a material impact on our Consolidated Statements of Cash Flows. Upon adoption of ASU 2016-18, we recorded a decrease of $280.5 million and an increase of $7.9 million in Net cash provided by (used by) operating activities for the years ended November 30, 2017 and 2016, respectively, related to reclassifying the changes in our restricted cash balance from operating activities to the cash and cash equivalent balances within the Consolidated Statements of Cash Flows. 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. We adopted the guidance on financial liabilities under the fair value option in the first quarter of fiscal 2016 and we adopted the remaining guidance in the first quarter of fiscal 2018. The adoption of this accounting guidance did not have a material effect on our consolidated financial statements. Revenue Recognition . We adopted the new revenue standard on December 1, 2017 and recognized a reduction of $6.1 million after-tax to beginning Member’s paid-in capital as the cumulative effect of adoption of this accounting change. The impact of adoption is primarily related to investment banking expenses that were deferred as of November 30, 2017 under the previously existing accounting guidance, which would have been expensed in prior periods under the new revenue standard, and investment banking revenues that were previously recognized in prior periods, which would have been deferred as of November 30, 2017 under the new revenue standard. We elected to adopt the new guidance using a modified retrospective approach applied to contracts that were not completed as of December 1, 2017. Accordingly, the new revenue standard is applied prospectively in our financial statements from December 1, 2017 forward and reported financial information for historical comparable periods is not revised and continues to be reported under the accounting standards in effect during those historical periods. The new revenue guidance does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other U.S. GAAP, and as a result, did not have an impact on the elements of our Consolidated Statements of Earnings most closely associated with financial instruments, including Principal transactions revenues, Interest income and Interest expense. The new revenue standard primarily impacts the following of our revenue recognition and presentation accounting policies: • Investment Banking Revenues. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. • Certain Capital Markets Revenues. Revenues associated with price stabilization activities as part of a securities underwriting were historically recognized as part of Investment banking revenues. Under the new revenue standard, revenue from these activities is recognized within Principal transactions revenues, as these revenues are not considered to be within the scope of the new standard. • Investment Banking Advisory Expenses. Historically, expenses associated with investment banking advisory assignments were deferred until reimbursed by the client, the related fee revenue is recognized or the engagement is otherwise concluded. Under the new revenue standard, expenses are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. • Investment Banking Underwriting and Advisory Expenses. Expenses have historically been recorded net of client reimbursements and/or netted against revenues. Under the new revenue standard, all investment banking expenses will be recognized within their respective expense category on the Consolidated Statements of Earnings and any expense reimbursements will be recognized as Investment banking revenues ( i.e. , expenses are no longer recorded net of client reimbursements and are not netted against revenues). • Asset Management Fees. In certain asset management fee arrangements, we receive performance-based fees, which vary with performance or, in certain cases, are earned when the return on assets under management exceed certain benchmark returns or other performance targets. Historically, performance fees have been accrued (or reversed) quarterly based on measuring performance to date versus any relevant benchmark return hurdles stated in the investment management agreement. Under the new revenue standard, performance fees are considered variable as they are subject to fluctuation ( e.g. , based on market performance) and/or are contingent on a future event during the measurement period ( e.g. , exceeding a specified benchmark index) and are recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Accordingly, performance fee revenue will generally be recognized only at the end of the performance period to the extent that the benchmark return has been met. There was no significant impact as a result of applying the new revenue standard to our consolidated financial statements for the year ended November 30, 2018 , except as it relates to the presentation of investment banking expenses. The table below presents the impact to revenues and expenses as a result of the change in presentation of investment banking expenses (in thousands): Year Ended November 30, 2018 As Reported ASC 606 Impact Adjusted (1) Revenues: Investment banking $ 1,910,203 $ 131,789 $ 1,778,414 Total revenues 4,429,632 131,789 4,297,843 Net revenues 3,183,376 131,789 3,051,587 Non-interest expenses: Underwriting costs 64,317 64,317 — Technology and communications 305,655 489 305,166 Business development 163,756 62,676 101,080 Professional services 139,885 3,210 136,675 Other expenses 73,812 1,097 72,715 Total non-compensation expenses 1,037,445 131,789 905,656 Total non-interest expenses 2,773,709 131,789 2,641,920 (1) The amounts reflect each affected financial statement line item as they would have been reported under U.S. GAAP, prior to the adoption of the new revenue standard.

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Nov. 30, 2018
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 net asset value (“NAV”) of $322.9 million and $215.4 million at November 30, 2018 and 2017 , respectively, by level within the fair value hierarchy (in thousands): November 30, 2018 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Financial instruments owned: Corporate equity securities $ 1,907,945 $ 118,681 $ 51,040 $ — $ 2,077,666 Corporate debt securities — 2,683,180 9,484 — 2,692,664 Collateralized debt obligations and collateralized loan obligations — 72,949 25,815 — 98,764 U.S. government and federal agency securities 1,789,614 56,592 — — 1,846,206 Municipal securities — 894,253 — — 894,253 Sovereign obligations 1,769,556 1,043,409 — — 2,812,965 Residential mortgage-backed securities — 2,163,629 19,603 — 2,183,232 Commercial mortgage-backed securities — 819,406 10,886 — 830,292 Other asset-backed securities — 239,381 53,175 — 292,556 Loans and other receivables — 2,056,593 46,985 — 2,103,578 Derivatives 12,186 2,524,988 5,922 (2,412,486 ) 130,610 Investments at fair value — — 113,831 — 113,831 Total financial instruments owned, excluding Investments at fair value based on NAV $ 5,479,301 $ 12,673,061 $ 336,741 $ (2,412,486 ) $ 16,076,617 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,685,071 $ 1,444 $ — $ — $ 1,686,515 Corporate debt securities — 1,505,618 522 — 1,506,140 U.S. government and federal agency securities 1,384,295 — — — 1,384,295 Sovereign obligations 1,735,242 661,095 — — 2,396,337 Loans — 1,371,630 6,376 — 1,378,006 Derivatives 26,471 3,585,249 27,536 (2,511,605 ) 1,127,651 Total financial instruments sold, not yet purchased $ 4,831,079 $ 7,125,036 $ 34,434 $ (2,511,605 ) $ 9,478,944 Long-term debt $ — $ 485,425 $ 200,745 $ — $ 686,170 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. November 30, 2017 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Financial instruments owned: Corporate equity securities $ 1,801,453 $ 57,091 $ 22,009 $ — $ 1,880,553 Corporate debt securities — 3,261,300 26,036 — 3,287,336 Collateralized debt obligations and collateralized loan obligations — 139,166 30,004 — 169,170 U.S. government and federal agency securities 1,269,230 39,443 — — 1,308,673 Municipal securities — 710,513 — — 710,513 Sovereign obligations 1,381,552 1,035,907 — — 2,417,459 Residential mortgage-backed securities — 1,453,294 26,077 — 1,479,371 Commercial mortgage-backed securities — 508,115 12,419 — 520,534 Other asset-backed securities — 217,111 61,129 — 278,240 Loans and other receivables — 1,620,581 47,304 — 1,667,885 Derivatives 160,168 3,248,586 9,295 (3,254,216 ) 163,833 Investments at fair value — 946 93,454 — 94,400 Total financial instruments owned, excluding Investments at fair value based on NAV $ 4,612,403 $ 12,292,053 $ 327,727 $ (3,254,216 ) $ 13,977,967 Securities received as collateral $ 103 $ — $ — $ — $ 103 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,456,675 $ 32,122 $ 48 $ — $ 1,488,845 Corporate debt securities — 1,688,825 522 — 1,689,347 U.S. government and federal agency securities 1,430,737 — — — 1,430,737 Sovereign obligations 1,216,643 956,992 — — 2,173,635 Commercial mortgage-backed securities — — 105 — 105 Loans — 1,148,824 3,486 — 1,152,310 Derivatives 247,919 3,399,239 16,041 (3,426,249 ) 236,950 Total financial instruments sold, not yet purchased $ 4,351,974 $ 7,226,002 $ 20,202 $ (3,426,249 ) $ 8,171,929 Short-term borrowings $ — $ 23,324 $ — $ — $ 23,324 Long-term debt $ — $ 606,956 $ — $ — $ 606,956 Obligation to return securities received as collateral $ 103 $ — $ — $ — $ 103 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. 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 of the fair value hierarchy. To the extent these securities are actively traded, valuation adjustments are not applied. • 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 from 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/Earnings before interest, taxes, depreciation and amortization (“EBITDA”), price/book value), discounted cash flow analyses and transaction prices observed from 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 measured primarily using pricing data from external pricing services, prices observed from recently executed market transactions and broker quotations and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, 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 from 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 are 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 from recently executed market transactions of institutional size. Where pricing data is less observable, valuations are categorized within Level 3 of the fair value hierarchy and are based on pending transactions involving the issuer or comparable issuers, prices implied from an issuer’s subsequent financing or recapitalization, models incorporating financial ratios and projected cash flows of the issuer and market prices for comparable issuers. Collateralized Debt Obligations and Collateralized Loan Obligations Collateralized debt obligations (“CDOs”) and collateralized loan obligations (“CLOs”) are measured based on prices observed from 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 loss severity. U.S. Government and Federal Agency Securities • U.S. Treasury Securities: U.S. Treasury securities are measured based on quoted market prices obtained from external pricing services and categorized within Level 1 of the fair value hierarchy. • U.S. Agency Debt Securities: Callable and non-callable U.S. agency 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 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. Sovereign government obligations, with consideration given to the country of issuance, are generally categorized in Level 1 or Level 2 of the fair value hierarchy. Residential Mortgage-Backed Securities • Agency Residential Mortgage-Backed Securities (“RMBS”): Agency RMBS include mortgage pass-through securities (fixed and adjustable rate), collateralized mortgage obligations and principal-only and interest-only (including inverse interest-only) securities. Agency RMBS are generally measured using recent transactions, pricing data from external pricing services or expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral and are categorized within Level 2 of the fair value hierarchy. We use prices observed from recently executed transactions to develop market-clearing spread and yield curve assumptions. Valuation inputs with regard to the underlying collateral incorporate factors such as weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer and weighted average loan age. • Non-Agency RMBS: The fair value of non-agency RMBS is 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. In addition, broker quotes, where available, are also referenced to compare prices primarily on interest-only securities. Commercial Mortgage-Backed Securities • Agency Commercial Mortgage-Backed Securities (“CMBS”): Government National Mortgage Association (“GNMA”) project loan bonds are measured based on inputs corroborated from and benchmarked to observed prices of recent securitization transactions of similar securities with adjustments incorporating an evaluation of 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 from 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 CMBS: Non-agency CMBS are measured using pricing data obtained from external pricing services, prices observed from recently executed market transactions or based on expected cash flow models that incorporate underlying loan collateral characteristics and performance. Non-Agency CMBS are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability of the underlying inputs. Other Asset-Backed Securities Other asset-backed securities (“ABS”) 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 or Level 3 of the fair value hierarchy. Valuations are primarily determined using pricing data obtained from external pricing services, broker quotes and prices observed from recently executed market transactions. In addition, recent transaction data from comparable deals is deployed to develop market clearing yields and cumulative loss assumptions. The cumulative loss assumptions are based on the analysis of the underlying collateral and comparisons to earlier deals from the same issuer to gauge the relative performance of the deal. Loans and Other Receivables • Corporate Loans: Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market consensus pricing service quotations. Where available, market price quotations from external pricing services are reviewed to ensure they are supported by transaction data. Corporate loans categorized within Level 3 of the fair value hierarchy are measured based on price quotations that are considered to be less transparent, market prices for debt securities of the same creditor and estimates of future cash flows 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 and data provider pricing. 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 with similar underlying loan collateral to derive an implied spread. Securitization prices are adjusted to estimate the fair value of the loans to account for the arbitrage that is realized at the time of securitization. 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 and incorporating 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 observations in the same receivable. Derivatives • Listed Derivative Contracts: Listed derivative contracts that are actively traded are measured based on quoted exchange prices, broker quotes or vanilla option valuation models, such as Black-Scholes, using observable valuation inputs from the principal market or consensus pricing services. Exchange quotes and/or valuation inputs are generally obtained from external vendors and pricing services. Broker quotes are validated directly through observable and tradeable quotes. Listed derivative contracts that use unadjusted exchange close prices are generally categorized within Level 1 of the fair value hierarchy. All other listed derivative contracts are generally categorized within Level 2 of the fair value hierarchy. • Over-the-Counter (“OTC”) Derivative Contracts: 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 transaction. Where available, valuation inputs are calibrated from observable 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 Black-Scholes, with key inputs including the underlying security price, foreign exchange spot rate, 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. Discounted cash flow models are also utilized to measure certain variable funding note swaps, which are backed by CLOs and incorporates constant prepayment rate, constant default rate and loss severity assumptions. Credit default swaps include both index and single-name credit default swaps. Where available, external data is used in measuring index credit default swaps and single-name credit default swaps. For commodity and equity total return swaps, market prices are generally 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 Investments at fair value includes investments in hedge funds, fund of funds and private equity funds, which are measured at the NAV 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 included investments in insurance contracts relating to our defined benefit plan in Germany. Refer to Note 14, Benefit Plans , for further information. 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): November 30, 2018 Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) Equity Long/Short Hedge Funds (2) $ 15,338 $ — Quarterly Equity Funds (3) 40,070 20,996 — Commodity Funds (4) 10,129 — Quarterly Multi-asset Funds (5) 256,972 — — Other Funds (6) 400 — — Total $ 322,909 $ 20,996 November 30, 2017 Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) Equity Long/Short Hedge Funds (2) $ 33,176 $ — Monthly, Quarterly Equity Funds (3) 26,798 19,084 — Multi-asset Funds (5) 154,805 — — Other Funds (6) 606 — — Total $ 215,385 $ 19,084 (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 November 30, 2018 and 2017 , approximately 3% and 1% , respectively, of the fair value of investments in this category are classified as being in liquidation. (3) At November 30, 2018 and 2017 , the 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 be liquidated in one to ten years. (4) This category includes investments in hedge funds that invest, long and short, primarily in commodities. Investments in this category are redeemable quarterly with 60 days prior written notice. (5) 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 November 30, 2018 and 2017 , investments representing approximately 15% and 12% , respectively, of the fair value of investments in this category are redeemable with 30 days prior written notice. (6) 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 and there are no redemption provisions. This category also includes investments in fund of funds that invest in various private equity funds that are managed by us and have no redemption provisions. These investments are gradually being liquidated or we have requested redemption, however, we are unable to estimate when these funds will be received. Short-term Borrowings / Long-term Debt Short-term borrowings that are accounted for at fair value include equity-linked notes, which are generally categorized within Level 2 of the fair value hierarchy, as the fair value is based on the price of the underlying equity security. Long-term debt includes variable rate, fixed-to-floating rate, CMS (constant maturity swap), digital and Bermudan structured notes. These are valued using various valuation models that incorporate our own credit spread, market price quotations from external pricing sources referencing the appropriate interest rate curves, volatilities and other inputs as well as prices for transactions in a given note during the period. Long-term debt notes are generally categorized within Level 2 of the fair value hierarchy where market trades have been observed during the quarter, otherwise categorized within Level 3. Level 3 Rollforwards 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 year ended November 30, 2018 (in thousands): Balance at November 30, 2017 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at November 30, 2018 For instruments still held at November 30, 2018, changes in unrealized gains/(losses) included in: Earnings (1) Other comprehensive income (1) Assets: Financial instruments owned: Corporate equity securities $ 22,009 $ 24,023 $ 31,669 $ (22,759 ) $ (3,977 ) $ — $ 75 $ 51,040 $ 22,774 $ — Corporate debt securities 26,036 (439 ) 10,352 (23,364 ) (1,679 ) — (1,422 ) 9,484 (2,606 ) — CDOs and CLOs 30,004 (14,368 ) 356,650 (353,330 ) (10,247 ) — 17,106 25,815 (7,605 ) — RMBS 26,077 (6,970 ) 3,118 (12,816 ) (513 ) — 10,707 19,603 521 — CMBS 12,419 (2,186 ) 1,436 (471 ) (16,624 ) — 16,312 10,886 (4,000 ) — Other ABS 61,129 (9,934 ) 706,846 (677,220 ) (27,641 ) — (5 ) 53,175 (5,283 ) — Loans and other receivables 47,304 (5,137 ) 149,228 (130,832 ) (15,311 ) — 1,733 46,985 (8,457 ) — Investments at fair value 93,454 2,353 34,648 (17,570 ) — — 946 113,831 1,759 — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 48 $ — $ — $ — $ — $ — $ (48 ) $ — $ — $ — Corporate debt securities 522 — — — — — — 522 — — CMBS 105 (105 ) — — — — — — — — Loans 3,486 84 (4,626 ) 7,432 — — — 6,376 (28 ) — Net derivatives (2) 6,746 (3,237 ) (17 ) 14,920 (1,335 ) — 4,537 21,614 (646 ) — Long-term debt — (30,347 ) — — — 84,860 146,232 200,745 10,951 19,396 (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statement of Comprehensive Income, net of tax. (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 Year Ended November 30, 2018 During the year ended November 30, 2018 , transfers of assets of $57.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • CDOs and CLOs of $17.3 million , CMBS of $16.3 million and RMBS of $15.3 million due to reduced pricing transparency. During the year ended November 30, 2018 , transfers of assets of $12.3 million from Level 3 to Level 2 are primarily attributed to: • RMBS of $4.6 million , corporate debt securities of $3.6 million and corporate equity securities of $2.9 million due to greater pricing transparency supporting classification into Level 2. During the year ended November 30, 2018 , there were transfers of structured notes of $146.2 million from Level 2 to Level 3 due to reduced market transparency. Net losses on Level 3 assets were $12.7 million and net gains on Level 3 liabilities were $33.6 million for the year ended November 30, 2018 . Net losses on Level 3 assets were primarily due to decreased market values in CDOs and CLOs, other ABS, RMBS and certain loans and other receivables, partially offset by increased market values in corporate equity securities. Net gains on Level 3 liabilities were primarily due to decreased valuations of certain structured notes. 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 year ended November 30, 2017 (in thousands): Balance at November 30, 2016 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at November 30, 2017 Change in unrealized gains/ (losses) relating to instruments still held at November 30, 2017 (1) Assets: Financial instruments owned: Corporate equity securities $ 21,739 $ 3,262 $ 896 $ (1,623 ) $ 52 $ — $ (2,317 ) $ 22,009 $ 2,515 Corporate debt securities 25,005 (3,723 ) 36,850 (34,077 ) (1,968 ) — 3,949 26,036 (3,768 ) CDOs and CLOs 54,354 (19,858 ) 112,239 (110,907 ) (367 ) — (5,457 ) 30,004 (2,262 ) Municipal securities 27,257 (1,547 ) — (25,710 ) — — — — — RMBS 38,772 (10,817 ) 6,805 (26,193 ) (115 ) — 17,625 26,077 (7,201 ) CMBS 20,580 (5,346 ) 3,275 (5,263 ) (1,018 ) — 191 12,419 (6,976 ) Other ABS 40,911 (17,705 ) 77,508 (8,613 ) (25,799 ) — (5,173 ) 61,129 (12,562 ) Loans and other receivables 81,872 24,794 63,768 (53,095 ) (34,622 ) — (35,413 ) 47,304 17,451 Investments at fair value 96,369 6,361 1,981 (10,157 ) (1,100 ) — — 93,454 8,385 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 313 $ 60 $ (373 ) $ 48 $ — $ — $ — $ 48 $ — Corporate debt securities 523 (1 ) — — — — — 522 1 CMBS — 105 — — — — — 105 (105 ) Loans 378 196 (385 ) 2,485 — — 812 3,486 (2,639 ) Net derivatives (2) 3,441 (1,638 ) — — 5,558 456 (1,071 ) 6,746 (17,740 ) Other secured financings 418 (418 ) — — — — — — — (1) Realized and unrealized gains/losses are reported in Principal transactions revenues in our 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 Year Ended November 30, 2017 During the year ended November 30, 2017 , transfers of assets of $33.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • RMBS of $19.6 million and corporate debt securities of $8.3 million due to a lack of observable market transactions. During the year ended November 30, 2017 , transfers of assets of $60.4 million from Level 3 to Level 2 are primarily attributed to: • Loans and other receivables of $40.9 million due to greater pricing transparency supporting classification into Level 2. Net losses on Level 3 assets were $24.6 million and net gains on Level 3 liabilities were $1.7 million for the year ended November 30, 2017 . Net losses on Level 3 assets were primarily due to decreased valuations of CDOs and CLOs, other ABS and RMBS, partially offset by increased valuations of certain loans and other receivables. Net gains on Level 3 liabilities were primarily due to increased valuations of certain net 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 year ended November 30, 2016 (in thousands): 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 November 30, 2016 Change in unrealized gain/ (losses) relating to instruments still held at November 30, 2016 (1) Assets: Financial instruments owned: Corporate equity securities $ 40,906 $ (8,463 ) $ 3,365 $ (49 ) $ (671 ) $ — $ (13,349 ) $ 21,739 $ 291 Corporate debt securities 25,876 (16,230 ) 27,242 (29,347 ) (7,223 ) — 24,687 25,005 (18,799 ) CDOs and CLOs 85,092 (14,918 ) 52,316 (69,394 ) (2,750 ) — 4,008 54,354 (7,628 ) Municipal securities — (1,462 ) — — — — 28,719 27,257 (1,462 ) Sovereign obligations 120 5 — (125 ) — — — — — RMBS 70,263 (9,612 ) 623 (12,249 ) (931 ) — (9,322 ) 38,772 (1,095 ) CMBS 14,326 (7,550 ) 3,132 (2,024 ) (2,229 ) — 14,925 20,580 (7,243 ) Other ABS 42,925 (14,381 ) 133,986 (102,952 ) (8,769 ) — (9,898 ) 40,911 (18,056 ) Loans and other receivables 189,289 (42,566 ) 75,264 (69,262 ) (46,851 ) — (24,002 ) 81,872 (52,003 ) Investments, a

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Nov. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Derivative Financial Instruments Our derivative activities are recorded at fair value in our 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. We 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. In addition, we apply hedge accounting to an interest rate swap that has been designated as a fair value hedge of the changes in fair value due to the benchmark interest rate for certain fixed rate senior long-term debt. 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 ISDA master netting agreements or similar agreements with counterparties. See Note 2, Summary of Significant Accounting Policies , for additional information regarding the offsetting of derivative contracts. The following tables present the fair value and related number of derivative contracts at November 30, 2018 and 2017 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 our 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). November 30, 2018 (1) Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 29,647 1 Total derivatives designated as accounting hedges — 29,647 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 924 32,159 513 66,095 Cleared OTC 422,670 2,095 411,833 2,394 Bilateral OTC 372,899 1,398 491,697 816 Foreign exchange contracts: Exchange-traded 42 538 2 690 Cleared OTC — — 36 3 Bilateral OTC 311,228 9,548 314,951 9,909 Equity contracts: Exchange-traded 1,202,927 2,104,684 2,061,137 1,779,836 Bilateral OTC 207,221 5,126 315,996 2,764 Commodity contracts: Exchange-traded 213 3,927 270 4,012 Credit contracts: Cleared OTC 11,204 7 1,556 14 Bilateral OTC 13,768 123 11,618 79 Total derivatives not designated as accounting hedges 2,543,096 3,609,609 Total gross derivative assets/ liabilities: Exchange-traded 1,204,106 2,061,922 Cleared OTC 433,874 443,072 Bilateral OTC 905,116 1,134,262 Amounts offset in our Consolidated Statements of Financial Condition (3): Exchange-traded (1,190,951 ) (1,190,951 ) Cleared OTC (407,351 ) (418,779 ) Bilateral OTC (814,184 ) (901,875 ) Net amounts per Consolidated Statements of Financial Condition (4) $ 130,610 $ 1,127,651 (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) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4) 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 our Consolidated Statements of Financial Condition. November 30, 2017 (1) Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC (3) $ — — $ 2,420 1 Total derivatives designated as accounting hedges — 2,420 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 1,957 33,972 66 8,515 Cleared OTC (3) 1,334,878 2,711 1,263,994 2,948 Bilateral OTC 380,223 1,804 444,716 1,346 Foreign exchange contracts: Exchange-traded 157 2,045 20 101 Bilateral OTC 303,091 4,338 286,582 4,361 Equity contracts: Exchange-traded 1,288,295 2,654,555 1,375,832 2,090,935 Bilateral OTC 78,812 1,847 247,750 1,722 Commodity contracts: Exchange-traded 209 3,723 18 3,819 Credit contracts: Cleared OTC 5,506 18 8,613 27 Bilateral OTC 24,921 110 33,188 164 Total derivatives not designated as accounting hedges 3,418,049 3,660,779 Total gross derivative assets/liabilities: Exchange-traded 1,290,618 1,375,936 Cleared OTC 1,340,384 1,275,027 Bilateral OTC 787,047 1,012,236 Amounts offset in our Consolidated Statements of Financial Condition (4): Exchange-traded (1,268,043 ) (1,268,043 ) Cleared OTC (3) (1,319,895 ) (1,274,900 ) Bilateral OTC (666,278 ) (883,306 ) Net amounts per Consolidated Statements of Financial Condition (5) $ 163,833 $ 236,950 (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) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. (3) Pursuant to a rule change by the London Clearing House in the first fiscal quarter of 2018, variation margin exchanged each day with this clearing organization on certain interest rate derivatives is characterized as settlement payments as opposed to cash posted as collateral. The impact of this rule change would have been a reduction in gross interest rate derivative assets and liabilities as of November 30, 2017 of approximately $800 million , and a corresponding decrease in counterparty and cash collateral netting, with no impact to our Consolidated Statement of Financial Condition . (4) Amounts netted include both netting by counterparty and for cash collateral paid or received. (5) 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 our Consolidated Statements of Financial Condition. The following table provides information related to gains (losses) recognized in Interest expense in our Consolidated Statements of Earnings on a fair value hedge (in thousands): Year Ended November 30, Gains (Losses) 2018 2017 2016 Interest rate swaps $ (25,539 ) $ (2,091 ) $ — Long-term debt 27,363 8,124 — Total $ 1,824 $ 6,033 $ — The following table presents unrealized and realized gains (losses) on derivative contracts recognized in Principal transactions revenues in our Consolidated Statements of Earnings, which are utilized in connection with our client activities and our economic risk management activities (in thousands): Year Ended November 30, Gains (Losses) 2018 2017 2016 Interest rate contracts $ 67,291 $ 2,959 $ (34,319 ) Foreign exchange contracts (304 ) 4,735 18,122 Equity contracts (232,873 ) (303,953 ) (650,815 ) Commodity contracts 1,112 (4,911 ) 1,310 Credit contracts 2,715 8,508 13,039 Total $ (162,059 ) $ (292,662 ) $ (652,663 ) The net gains (losses) on derivative contracts in the table above are one of a number of activities comprising our business activities and are before consideration of economic hedging transactions, which generally offset the net gains (losses) included above. We substantially mitigate our exposure to market risk on our cash instruments through derivative contracts, which generally provide offsetting revenues, and we manage the risk associated with these contracts in the context of our overall risk management framework. OTC Derivatives. The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities at November 30, 2018 (in thousands): OTC Derivative Assets (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Equity swaps and options $ 1,769 $ 13,966 $ 4,934 $ (1,889 ) $ 18,780 Credit default swaps 66 12,060 3,984 (899 ) 15,211 Total return swaps 95,130 19,519 — (1,786 ) 112,863 Foreign currency forwards, swaps and options 39,162 15,942 — (12,528 ) 42,576 Fixed income forwards 3,911 — — — 3,911 Interest rate swaps, options and forwards 27,851 93,303 103,165 (77,874 ) 146,445 Total $ 167,889 $ 154,790 $ 112,083 $ (94,976 ) 339,786 Cross product counterparty netting (18,743 ) Total OTC derivative assets included in Financial instruments owned $ 321,043 (1) At November 30, 2018 , we held exchange-traded derivative assets and other credit agreements with a fair value of $14.8 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 in our Consolidated Statements of Financial Condition. At November 30, 2018 , cash collateral received was $205.3 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Equity swaps and options $ 52,466 $ 83,938 $ 35,730 $ (1,889 ) $ 170,245 Credit default swaps 164 1,197 1,548 (899 ) 2,010 Total return swaps 64,296 11,549 — (1,786 ) 74,059 Foreign currency forwards, swaps and options 43,593 15,546 — (12,528 ) 46,611 Interest rate swaps, options and forwards 30,518 135,874 196,171 (77,874 ) 284,689 Total $ 191,037 $ 248,104 $ 233,449 $ (94,976 ) 577,614 Cross product counterparty netting (18,743 ) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased $ 558,871 (1) At November 30, 2018 , we held exchange-traded derivative liabilities and other credit agreements with a fair value of $873.5 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 in our Consolidated Statements of Financial Condition. At November 30, 2018 , cash collateral pledged was $304.7 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. The following table presents the counterparty credit quality with respect to the fair value of our OTC derivative assets at November 30, 2018 (in thousands): Counterparty credit quality (1): A- or higher $ 157,742 BBB- to BBB+ 18,390 BB+ or lower 119,713 Unrated 25,198 Total $ 321,043 (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. Credit Related Derivative Contracts The external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts (in millions): November 30, 2018 External Credit Rating Investment Grade Non-investment Grade Unrated Total Notional Credit protection sold: Index credit default swaps $ 25.7 $ 167.4 $ — $ 193.1 Single name credit default swaps 57.7 84.5 3.0 145.2 November 30, 2017 External Credit Rating Investment Grade Non-investment Grade Total Notional Credit protection sold: Index credit default swaps $ 3.0 $ 46.0 $ 49.0 Single name credit default swaps 129.1 89.1 218.2 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 following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts we have posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions): November 30, 2018 2017 Derivative instrument liabilities with credit-risk-related contingent features $ 93.5 $ 95.1 Collateral posted (61.5 ) (86.4 ) Collateral received 91.5 5.6 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 123.3 14.3 (1) These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.

Collateralized Transactions

Collateralized Transactions	12 Months Ended
	Nov. 30, 2018
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 in Financial instruments owned and noted parenthetically as Securities pledged in our Consolidated Statements of Financial Condition. In instances where we receive securities as collateral in connection with securities-for-securities transactions in which we are the lender of securities and are permitted to sell or repledge the securities received as collateral, we report the fair value of the collateral received and the related obligation to return the collateral in the Consolidated Statements of Financial Condition. The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral by class of collateral pledged (in thousands): November 30, 2018 Securities Lending Arrangements Repurchase Agreements Total Collateral Pledged: Corporate equity securities $ 1,505,218 $ 487,124 $ 1,992,342 Corporate debt securities 333,221 1,853,309 2,186,530 Mortgage- and asset-backed securities 249 2,820,543 2,820,792 U.S. government and federal agency securities — 8,181,947 8,181,947 Municipal securities — 604,274 604,274 Sovereign obligations — 2,945,521 2,945,521 Loans and other receivables — 300,768 300,768 Total $ 1,838,688 $ 17,193,486 $ 19,032,174 November 30, 2017 Securities Lending Arrangements Repurchase Agreements Obligation To Return Securities Received As Collateral Total Collateral Pledged: Corporate equity securities $ 2,353,798 $ 214,413 $ — $ 2,568,211 Corporate debt securities 470,908 2,336,702 — 2,807,610 Mortgage- and asset-backed securities — 2,562,268 — 2,562,268 U.S. government and federal agency securities 19,205 11,792,534 — 11,811,739 Municipal securities — 444,861 — 444,861 Sovereign obligations — 2,023,530 103 2,023,633 Loans and other receivables — 454,941 — 454,941 Total $ 2,843,911 $ 19,829,249 $ 103 $ 22,673,263 The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral by remaining contractual maturity (in thousands): November 30, 2018 Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 807,347 $ — $ 560,417 $ 470,924 $ 1,838,688 Repurchase agreements 7,849,052 1,915,325 6,042,951 1,386,158 17,193,486 Total $ 8,656,399 $ 1,915,325 $ 6,603,368 $ 1,857,082 $ 19,032,174 November 30, 2017 Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,676,940 $ — $ 741,971 $ 425,000 $ 2,843,911 Repurchase agreements 10,780,474 4,058,228 3,211,464 1,779,083 19,829,249 Obligation to return securities received as collateral 103 — — — 103 Total $ 12,457,517 $ 4,058,228 $ 3,953,435 $ 2,204,083 $ 22,673,263 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 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 November 30, 2018 and 2017 , the approximate fair value of securities received as collateral by us that may be sold or repledged was $23.1 billion and $27.1 billion , respectively. At November 30, 2018 and 2017 , 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). See Note 2, Summary of Significant Accounting Policies , for additional information regarding the offsetting of securities financing agreements. The following tables provide information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral and obligation to return securities received as collateral that are recognized in our Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our 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). November 30, 2018 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 $ 6,538,212 $ — $ 6,538,212 $ (468,778 ) $ (1,193,986 ) $ 4,875,448 Reverse repurchase agreements 11,336,175 (8,550,417 ) 2,785,758 (609,225 ) (2,126,730 ) 49,803 Liabilities Securities lending arrangements $ 1,838,688 $ — $ 1,838,688 $ (468,778 ) $ (1,343,704 ) $ 26,206 Repurchase agreements 17,193,486 (8,550,417 ) 8,643,069 (609,225 ) (7,070,967 ) 962,877 November 30, 2017 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 $ 7,721,803 $ — $ 7,721,803 $ (966,712 ) $ (1,032,629 ) $ 5,722,462 Reverse repurchase agreements 14,858,297 (11,168,738 ) 3,689,559 (463,973 ) (3,207,147 ) 18,439 Securities received as collateral 103 — 103 — (103 ) — Liabilities Securities lending arrangements $ 2,843,911 $ — $ 2,843,911 $ (966,712 ) $ (1,795,408 ) $ 81,791 Repurchase agreements 19,829,249 (11,168,738 ) 8,660,511 (463,973 ) (7,067,512 ) 1,129,026 Obligation to return securities received as collateral 103 — 103 — (103 ) — (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 $4,825.7 million of securities borrowing arrangements, for which we have received securities collateral of $4,711.7 million , and $931.7 million of repurchase agreements, for which we have pledged securities collateral of $963.6 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. (4) Amounts include $5,678.6 million of securities borrowing arrangements, for which we have received securities collateral of $5,516.7 million , and $1,084.4 million of repurchase agreements, for which we have pledged securities collateral of $1,115.9 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 $708.0 million and $578.0 million at November 30, 2018 and 2017 , respectively. Segregated cash and securities consist of deposits in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, which subjects Jefferies LLC 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	12 Months Ended
	Nov. 30, 2018
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 the securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of VIEs; 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 VIEs 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 our Consolidated Statements 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 CLOs), which are included in Financial instruments owned and are generally initially categorized as Level 2 within the fair value hierarchy. We apply fair value accounting to the securities. For further information on fair value measurements and the fair value hierarchy, refer to Note 2, Summary of Significant Accounting Policies , and Note 4, Fair Value Disclosures , herein. The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions): Year Ended November 30, 2018 2017 2016 Transferred assets $ 7,159.3 $ 4,552.9 $ 5,786.0 Proceeds on new securitizations 7,165.3 4,594.5 5,809.0 Cash flows received on retained interests 48.5 28.7 28.2 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 November 30, 2018 and 2017 . The following tables summarize our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): November 30, 2018 2017 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency RMBS $ 13,633.5 $ 365.3 $ 6,383.5 $ 28.2 U.S. government agency CMBS 2,027.6 185.6 2,075.7 81.4 CLOs 3,512.0 20.9 3,957.8 20.3 Consumer and other loans 604.1 48.9 247.6 47.8 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 transactions 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 in total Financial instruments owned in 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. To the extent we purchased securities through these market-making activities and we are not deemed to be the primary beneficiary of the VIE, these securities are included in agency and non-agency mortgage- and asset-backed securitizations in the nonconsolidated VIEs section presented in Note 8, Variable Interest Entities .

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Nov. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
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 VIE 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; • Warehouse funding arrangements for client-sponsored consumer loan vehicles and CLOs through participation certificates, forward sale agreements 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 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 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 November 30, 2018 and 2017 (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. November 30, 2018 2017 Securitization Vehicles Other Securitization Vehicles Other Cash $ — $ 1.1 $ 6.5 $ 1.1 Financial instruments owned — 0.4 37.6 0.4 Securities purchased under agreements to resell (1) 883.1 — 729.3 — Fees, interest and other receivables — — 0.2 — Total assets $ 883.1 $ 1.5 $ 773.6 $ 1.5 Other secured financings (2) $ 882.5 $ — $ 766.2 $ — Other liabilities 0.6 0.2 5.9 0.2 Total liabilities $ 883.1 $ 0.2 $ 772.1 $ 0.2 (1) Securities purchased under agreements to resell represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. (2) Approximately $1.0 million and $44.1 million of the secured financing represent amounts held by us in inventory and are eliminated in consolidation at November 30, 2018 and 2017 , respectively. Securitization Vehicles . We are the primary beneficiary of asset-backed financing vehicles to which we sell agency and non-agency residential and commercial mortgage loans, mortgage-backed securities and consumer loans pursuant to the terms of a master repurchase agreement. Our variable interests in these vehicles consist of our collateral margin maintenance obligations under the master repurchase agreement, which we manage, 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. We were previously the primary beneficiary of a securitization vehicle associated with our financing of small business loans. In the creation of the securitization vehicle, we were involved in the decisions made during the establishment and design of the entity and held variable interests consisting of the securities retained that could potentially be significant. The assets of the VIE consisted of small business loans, which were available for the benefit of the vehicles’ beneficial interest holders. The creditors of the VIE did not have recourse to our general credit and the assets of the VIE were 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): November 30, 2018 Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities CLOs $ 42.1 $ — $ 568.3 $ 3,088.9 Consumer loan and other asset-backed vehicles 462.1 — 807.1 3,273.1 Related party private equity vehicles 35.5 — 53.5 108.3 Other investment vehicles 95.0 — 99.1 3,558.1 Total $ 634.7 $ — $ 1,528.0 $ 10,028.4 November 30, 2017 Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities CLOs $ 163.5 $ 8.9 $ 1,020.5 $ 5,210.4 Consumer loan and other asset-backed vehicles 254.8 — 759.8 2,322.7 Related party private equity vehicles 23.7 — 45.4 75.0 Other investment vehicles 48.0 — 48.7 2,938.4 Total $ 490.0 $ 8.9 $ 1,874.4 $ 10,546.5 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 CLOs 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; and • Investments in variable funding notes issued by CLOs. Consumer Loan and Other Asset-Backed 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 composed of unsecured consumer and small business loans and trust preferred securities. 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 committed to invest equity in private equity funds (the “JCP Funds”) managed by Jefferies Capital Partners, LLC (the “JCP Manager”). Additionally, we 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 that, 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. At November 30, 2018 and 2017 , our total equity commitment in the JCP Entities were $139.3 million and $148.1 million , respectively, of which $121.3 million and $126.3 million had been funded, respectively. The carrying value of our equity investments in the JCP Entities was $35.5 million and $23.7 million at November 30, 2018 and 2017 , respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. The assets of the JCP Entities primarily consist of private equity and equity related investments. Other Investment Vehicles. At November 30, 2018 and 2017 , we had equity commitments to invest $112.2 million and $61.8 million , respectively, in various other investment vehicles, of which $108.1 million and $61.0 million was funded, respectively. The carrying value of our equity investments was $95.0 million and $48.0 million at November 30, 2018 and 2017 , respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. These 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 non-agency 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, CDOs 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 in 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 (FNMA (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) or GNMA (“Ginnie Mae”)) or non-agency-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 non-agency-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. At November 30, 2018 and 2017 , we held $2,913.0 million and $1,829.6 million of agency mortgage-backed securities, respectively, and $170.5 million and $253.2 million of non-agency mortgage and other asset-backed securities, respectively, as a result of our secondary trading and market-making activities, and underwriting, placement and structuring activities. Our maximum exposure to loss on these securities is limited to the carrying value of our investments in these securities. These mortgage- and other asset-backed securitization vehicles discussed are not included in the above table containing information about our variable interests in nonconsolidated VIEs.

Investments

Investments	12 Months Ended
	Nov. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments We have investments in Jefferies Finance LLC (“Jefferies Finance”), Berkadia and Epic Gas Ltd. (“Epic Gas”). Our investments in Jefferies Finance, Berkadia and Epic Gas have been accounted for under the equity method and have been included in Loans to and investments in related parties in our Consolidated Statements of Financial Condition with our share of the investees’ earnings recognized in Other revenues in our 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 one of our directors and our Chairman of the Executive Committee. In addition, we had investments in KCG Holdings, Inc. (“KCG”) and Jefferies LoanCore LLC (“Jefferies LoanCore”), which were sold on July 20, 2017 and October 31, 2017, respectively. Our investment in KCG was accounted for at fair value by electing the fair value option available under U.S. GAAP and was included in corporate equity securities in Financial instruments owned, at fair value in our Consolidated Statement of Financial Condition with changes in fair value recognized in Principal transactions revenues in our Consolidated Statements of Earnings. Our investment in Jefferies LoanCore was accounted for under the equity method with our share of the investees’ earnings recognized in Other revenues in our Consolidated Statements of Earnings. Jefferies Finance Jefferies Finance, a joint venture entity pursuant to an agreement with Massachusetts Mutual Life Insurance Company (“MassMutual”), 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 LLC. 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 and acts as an investment advisor for various loan funds. At November 30, 2018 , we and MassMutual each had equity commitments to Jefferies Finance of $750.0 million for a combined total commitment of $1.5 billion . At November 30, 2018 , we had funded $694.8 million of our $750.0 million commitment, leaving $55.2 million unfunded. The investment commitment is scheduled to expire on March 1, 2019 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, which 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 Facility is a committed amount of $500.0 million at November 30, 2018 . Advances are shared equally between us and MassMutual. The facility is scheduled to mature on March 1, 2019 with automatic one year extensions absent a 60 day termination notice by either party. At November 30, 2018 , we had funded $0.0 million of our $250.0 million commitment. The following summarizes the activity included in our Consolidated Statements of Earnings related to the facility (in millions): Year Ended November 30, 2018 2017 2016 Interest income $ 1.2 $ 2.9 $ 0.1 Unfunded commitment fees 1.2 1.0 1.2 Separate financial statements for Jefferies Finance are included in this Annual Report on Form 10-K. The following is a summary of selected financial information for Jefferies Finance (in millions): November 30, 2018 2017 Total assets $ 7,779.4 $ 8,164.9 Total liabilities 6,389.8 6,892.6 Total equity 1,389.6 1,272.3 Our total equity balance 694.8 636.2 Year Ended November 30, 2018 2017 2016 Net earnings (loss) $ 197.2 $ 181.7 $ (19.6 ) The following summarizes activity related to our other transactions with Jefferies Finance (in millions): Year Ended November 30, 2018 2017 2016 Origination and syndication fee revenues (1) $ 377.7 $ 327.9 $ 112.6 Origination fee expenses (1) 56.6 2.4 0.5 CLO placement fee revenues (2) 3.7 6.1 2.6 Derivative gains (losses) (3) (1.6 ) (1.1 ) 0.5 Underwriting fees (4) 0.3 — — Service fees (5) 61.7 50.7 46.1 (1) We engage in debt capital markets transactions with Jefferies Finance related to the originations and syndications of loans by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues in our Consolidated Statements of Earnings. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses in our Consolidated Statements of Earnings. (2) We act as a placement agent for CLOs managed by Jefferies Finance, for which we recognized fees, which are included in Investment banking revenues in our Consolidated Statements of Earnings. At November 30, 2018 and 2017 , we held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned. (3) We have entered into participation agreements and derivative contracts with Jefferies Finance based upon certain securities issued by the CLO and we have recognized gains (losses) relating to the derivative contracts. (4) We acted as underwriter in connection with term loans issued by Jefferies Finance. (5) Under a service agreement, we charge Jefferies Finance for services provided. Receivables from Jefferies Finance, included in Other assets in our Consolidated Statements of Financial Condition, were $35.2 million and $20.5 million at November 30, 2018 and 2017 , respectively. Payables from Jefferies Finance, related to cash deposited with us and included in Accrued expenses and other liabilities in our Consolidated Statements of Financial Condition, were $14.1 million at November 30, 2018 . We enter into OTC foreign exchange contracts with Jefferies Finance. In connection with these contracts we had $0.2 million recorded in Payables—brokers, dealers and clearing organizations and $0.4 million recorded in Financial instruments sold, at fair value in our Consolidated Statements of Financial Condition at November 30, 2018 . We recorded $1.5 million in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition at November 30, 2017 . Berkadia Berkadia is a commercial mortgage banking and servicing joint venture that was formed in 2009 by Jefferies and Berkshire Hathaway Inc. On October 1, 2018, Jefferies transferred its 50% voting equity interest in Berkadia and related arrangements to us. As a result, we are entitled to receive 45% of the profits of Berkadia. Berkadia originates commercial/multifamily real estate loans that are sold to U.S. government agencies, and originates and brokers commercial/multifamily mortgage loans which are not part of government agency programs. Berkadia is an investment sales advisor focused on the multifamily industry. Berkadia is a servicer of commercial real estate loans in the U.S., performing primary, master and special servicing functions for U.S. government agency programs, commercial mortgage-backed securities transactions, banks, insurance companies and other financial institutions. The following is a summary of selected financial information for Berkadia (in millions): November 30, 2018 Total assets $ 3,875.8 Total liabilities 3,331.5 Total equity 544.3 Our total equity balance 245.2 Two Months Ended November 30, 2018 Net earnings $ 44.4 At November 30, 2018 and 2017 , we had commitments to purchase $723.8 million and $864.1 million , respectively, in agency CMBS from Berkadia. During the two months ended November 30, 2018 , we received $23.1 million in cash distributions from Berkadia. JCP Fund V The amount of our investments in JCP Fund V included in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition was $31.9 million and $19.6 million at November 30, 2018 and 2017 , 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 ). The following summarizes the results from these investments which are included in Principal transactions revenues in our Consolidated Statements of Earnings (in millions): Year Ended November 30, 2018 2017 2016 Net gains (losses) from our investments in JCP Fund V $ 12.1 $ (10.7 ) $ (1.1 ) At November 30, 2018 and 2017 , we were committed to invest equity of up to $85.0 million in JCP Fund V. At November 30, 2018 and 2017 , our unfunded commitment relating to JCP Fund V was $9.7 million and $10.1 million , respectively. The following is a summary of selected financial information for 100.0% of JCP Fund V, in which we owned effectively 35.2% of the combined equity interests (in thousands): September 30, 2018 (1) 2017 (1) Total assets $ 90,731 $ 55,788 Total liabilities 76 96 Total partners’ capital 90,655 55,692 Nine Months Ended September 30, 2018 (1) Three Months Ended December 31, 2017 (1) Nine Months Ended September 30, 2017 (1) Three Months Ended December 31, 2016 (1) Nine Months Ended September 30, 2016 (1) Three Months Ended December 31, 2015 (1) Net increase (decrease) in net assets resulting from operations $ 15,252 $ 19,712 $ (24,630 ) $ (2,294 ) $ 6,159 $ (7,886 ) (1) Financial information for JCP Fund V in our financial position and results of operations at November 30, 2018 and 2017 and for the years ended November 30, 2018 , 2017 and 2016 is included based on the presented periods. Epic Gas On July 14, 2015, Jefferies LLC purchased common shares of Epic Gas. In addition, one of our directors serves on the Board of Directors of Epic Gas and owns common shares of Epic Gas. At November 30, 2018 , we own approximately 21.1% of the outstanding common stock of Epic Gas. The following is a summary of selected financial information for Epic Gas (in millions): November 30, 2018 2017 Our investment in Epic Gas (1) $ 21.7 $ 22.2 (1) Included in Loans to and investments in related parties in our Consolidated Statements of Financial Condition. September 30, 2018 (1) 2017 (1) Total assets $ 555.7 $ 599.2 Total liabilities 312.6 340.2 Total equity 243.1 259.0 Nine Months Ended September 30, 2018 (1) Three Months Ended December 31, 2017 (1) Nine Months Ended September 30, 2017 (1) Three Months Ended December 31, 2016 (1) Nine Months Ended September 30, 2016 (1) Three Months Ended December 31, 2015 (1) Net losses $ (3.7 ) $ (16.4 ) $ (14.5 ) $ (15.9 ) $ (7.4 ) $ (11.4 ) (1) Financial information for Epic Gas in our financial position and results of operations at November 30, 2018 and 2017 and for the years ended November 30, 2018 , 2017 and 2016 is included based on the presented periods. Jefferies LoanCore Jefferies LoanCore, a commercial real estate finance company and a joint venture with the Government of Singapore Investment Corporation, the Canada Pension Plan Investment Board and LoanCore, LLC, originates and purchases commercial real estate loans throughout the U.S. and Europe. On October 31, 2017, we sold all of our membership interests (which constituted a 48.5% voting interest) in Jefferies LoanCore for approximately $173.1 million , the estimated book value at October 31, 2017. In addition, we may be entitled to additional cash consideration over the next four years in the event Jefferies LoanCore’s yearly return on equity exceeds certain thresholds. For the eleven months ended October 31, 2017 and the year ended November 30, 2016, Jefferies LoanCore reported net earnings of $37.5 million and $71.8 million , respectively. In connection with Jefferies LoanCore, we entered into master repurchase agreements and earned interest income and fees of $0.6 million and $8.4 million during the years ended November 30, 2017 and 2016, respectively, related to these agreements. KCG Our investment in KCG was sold on July 20, 2017. The change in the fair value of our investment in KCG was net gains of $93.4 million and $19.6 million for the years ended November 30, 2017 and 2016 , respectively, and was included in Principal transactions revenues in our Consolidated Statements of Earnings. We had elected to record our investment in KCG at fair value under the fair value option, as the investment was acquired as part of our capital markets activities. The valuation of our investment was based on the closing exchange price of KCG and included in Level 1 of the fair value hierarchy. For the year ended November 30, 2016, KCG reported net earnings of $255.7 million . In connection with a KCG shares and warrants exchange transaction, we earned advisory fees of $2.9 million during the year ended November 30, 2016.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Nov. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Goodwill attributed to our reportable business segments are as follows (in thousands): November 30, 2018 2017 Capital Markets (1) $ 1,638,778 $ 1,644,089 Asset Management (1) 3,392 3,000 Total goodwill $ 1,642,170 $ 1,647,089 (1) Accumulated goodwill impairments related to the Capital Markets business segment were $51.9 million at both December 1, 2018 and 2017 , and goodwill prior to these impairments was $1,690.7 million and $1,696.0 million at December 1, 2018 and 2017 , respectively. Accumulated goodwill impairments related to the Asset Management business segment were $2.1 million at both December 1, 2018 and 2017 , and goodwill prior to these impairments was $5.5 million and $5.1 million at December 1, 2018 and 2017 , respectively. The following table is a summary of the changes to goodwill (in thousands): Year Ended November 30, 2018 2017 Balance, at beginning of period $ 1,647,089 $ 1,640,653 Translation adjustments (5,319 ) 6,436 Goodwill acquired during the period (1) 400 — Balance, at end of period $ 1,642,170 $ 1,647,089 (1) Goodwill was acquired in connection with our purchase of LIML and relates to our Asset Management business segment. Goodwill Impairment Testing A reporting unit is an operating segment or one level below an operating segment. The quantitative goodwill impairment test is performed at the level of the reporting unit and consists of two steps. In the first step, the fair value of each reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, then a second step is performed in order to measure the amount of the impairment loss, if any, which is based on comparing the implied fair value of the reporting unit’s goodwill to the carrying value of the reporting unit’s goodwill. Allocated tangible equity plus allocated goodwill and intangible assets are used for the carrying amount of each reporting unit. The amount of tangible equity allocated to a reporting unit is based on our cash capital model deployed in managing our businesses, which seeks to approximate the capital a business would require if it were operating independently. Intangible assets are allocated to a reporting unit based on either specifically identifying a particular intangible asset as pertaining to a reporting unit or, if shared among reporting units, based on an assessment of the reporting unit’s benefit from the intangible asset in order to generate results. Estimating the fair value of a reporting unit requires management judgment. Estimated fair values for our reporting units were determined using a market valuation method that incorporates price-to-earnings and price-to-book multiples of comparable public companies. In addition, as the fair values determined under the market approach represent a noncontrolling interest, we applied a control premium to arrive at the estimated fair value of each reporting unit on a controlling basis. We engaged an independent valuation specialist to assist us in our valuation process at August 1, 2018 . Our annual goodwill impairment testing at August 1, 2018 did not indicate any goodwill impairment in any of our reporting units. Substantially all of our goodwill is allocated to our Investment Banking, Equities and Fixed Income reporting units, which are part of our Capital Markets reportable business segment, for which the results of our assessment indicated that these reporting units had a fair value in excess of their carrying amounts based on current projections. Intangible Assets Intangible assets are included in Other assets in our Consolidated Statements of Financial Condition. The following tables present the gross carrying amount, changes in carrying amount, net carrying amount and weighted average amortization period of identifiable intangible assets at November 30, 2018 and 2017 (dollars in thousands): November 30, 2018 Weighted average remaining lives (years) Gross cost Disposals (1) Impairment losses Accumulated amortization Intangible Assets Acquired (2) Net carrying amount Customer relationships $ 125,574 $ — $ — $ (58,892 ) $ — $ 66,682 10.6 Trade name 128,348 — — (21,086 ) — 107,262 29.3 Exchange and clearing organization membership interests and registrations 8,450 (93 ) (9 ) — 176 8,524 N/A Total $ 262,372 $ (93 ) $ (9 ) $ (79,978 ) $ 176 $ 182,468 (1) Activity is primarily related to the disposal of certain exchange membership interests in the Capital Markets business segment due to the closing of a branch location in Dubai. (2) Intangible assets were acquired in connection with our purchase of LIML and relates to our Asset Management business segment. November 30, 2017 Weighted average remaining lives (years) Gross cost Impairment losses Accumulated amortization Net carrying amount Customer relationships $ 126,412 $ — $ (50,983 ) $ 75,429 11.3 Trade name 129,370 — (17,557 ) 111,813 30.3 Exchange and clearing organization membership interests and registrations 9,164 (613 ) — 8,551 N/A Total $ 264,946 $ (613 ) $ (68,540 ) $ 195,793 We performed our annual impairment testing of intangible assets with an indefinite useful life, which consists of exchange and clearing organization membership interests and registrations, at August 1, 2018 . We elected to perform a quantitative assessment of membership interests and registrations that have available quoted sales prices as well as certain other membership interests and registrations that have declined in utilization. A qualitative assessment was performed on the remainder of our indefinite-life intangible assets. In applying our quantitative assessment at August 1, 2018 and 2017 , we recognized impairment losses on certain exchange membership interests and registrations. With regard to our qualitative assessment of the remaining indefinite-life intangible assets, based on our assessment of market conditions, the utilization of the assets and the replacement costs associated with the assets, we have concluded that it is not more likely than not that the intangible assets are impaired. In addition, we recognized an impairment loss during the year ended November 30, 2017 on certain membership interests that were not renewed. Amortization Expense For finite life intangible assets, aggregate amortization expense amounted to $12.1 million , $11.9 million and $12.0 million for the years ended November 30, 2018 , 2017 and 2016 , respectively. These expenses are included in Other expenses in our Consolidated Statements of Earnings. The estimated future amortization expense for the five succeeding fiscal years is as follows (in thousands): Year ending November 30, 2019 $ 12,198 Year ending November 30, 2020 12,198 Year ending November 30, 2021 12,198 Year ending November 30, 2022 9,256 Year ending November 30, 2023 8,268

Short-Term Borrowings

Short-Term Borrowings	12 Months Ended
	Nov. 30, 2018
Debt Disclosure [Abstract]
Short-Term Borrowings	Short-Term Borrowings Short-term borrowings at November 30, 2018 and 2017 include the following and mature in one year or less (in thousands): November 30, 2018 2017 Bank loans (1) $ 330,942 $ 304,651 Floating rate puttable notes 56,550 108,240 Equity-linked notes — 23,324 Total short-term borrowings $ 387,492 $ 436,215 (1) Bank loans include loans entered into, pursuant to a Master Loan Agreement, with the Bank of New York Mellon. At November 30, 2018 , the weighted average interest rate on short-term borrowings outstanding is 3.08% per annum. Average daily short-term borrowings outstanding were $472.6 million and $482.4 million for the years ended November 30, 2018 and 2017 , respectively. Our floating rate puttable notes with principal amounts of €30.0 million and €11.0 million matured on April 8, 2018 and May 3, 2018, respectively. In addition, our equity-linked notes with a principal amount of $23.3 million matured on December 7, 2017. See Note 4, Fair Value Disclosures , for further information on these notes. The Bank of New York Mellon has agreed to make revolving intraday credit advances (“Intraday Credit Facility”) for an aggregate committed amount of $150.0 million . The Intraday Credit Facility contains financial covenants, which includes a minimum regulatory net capital requirement for Jefferies LLC. Interest is based on the higher of the Federal funds effective rate plus 0.5% or the prime rate. At November 30, 2018 , we were in compliance with debt covenants under the Intraday Credit Facility.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Nov. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following summarizes our long-term debt carrying values (including unamortized discounts and premiums, valuation adjustments and debt issuance costs, where applicable) (in thousands): Effective Interest Rate November 30, Maturity 2018 2017 Unsecured long-term debt 5.125% Senior Notes April 13, 2018 —% $ — $ 682,338 8.500% Senior Notes July 15, 2019 3.99% 699,659 728,872 2.375% Euro Medium Term Notes May 20, 2020 2.42% 564,702 593,334 6.875% Senior Notes April 15, 2021 4.40% 791,814 808,157 2.250% Euro Medium Term Notes July 13, 2022 4.08% 4,243 4,389 5.125% Senior Notes January 20, 2023 4.55% 612,928 615,703 4.850% Senior Notes (1) January 15, 2027 4.93% 709,484 736,357 6.450% Senior Debentures June 8, 2027 5.46% 373,669 375,794 3.875% Convertible Senior Debentures (2) November 1, 2029 —% — 324,779 4.150% Senior Notes January 23, 2030 4.26% 987,788 — 6.250% Senior Debentures January 15, 2036 6.03% 511,662 512,040 6.500% Senior Notes January 20, 2043 6.09% 420,625 420,990 Structured notes (3) (4) Various Various 686,170 614,091 Total unsecured long-term debt 6,362,744 6,416,844 Secured long-term debt Revolving Credit Facility 183,539 — Total long-term debt $ 6,546,283 $ 6,416,844 (1) These senior notes with a principal amount of $750.0 million were issued on January 17, 2017. The carrying value includes gain s of $27.4 million and $8.1 million during 2018 and 2017 , respectively, associated with an interest rate swap based on its designation as a fair value hedge. See Note 2, Summary of Significant Accounting Policies , and Note 5, Derivative Financial Instruments , for further information. (2) The change in fair value of the conversion feature embedded in the debentures, which is included in Principal transactions revenues in our Consolidated Statements of Earnings, was not material for the years ended November 30, 2017 and 2016 . (3) The carrying value includes $686.2 million and $607.0 million of notes carried at fair value at November 30, 2018 and 2017 , respectively. These structured notes contain various interest rate payment terms and are accounted for 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 transactions revenues. A weighted average coupon rate is not meaningful, as all of the structured notes are carried at fair value. (4) Of the $686.2 million of structured notes at November 30, 2018 , $5.7 million matures in 2019 , $27.3 million matures in 2022 , and the remaining $653.2 million matures in 2024 or thereafter . During 2018 , we issued 4.150% senior notes with a total principal amount of approximately $1.0 billion , due 2030. Additionally, structured notes with a total principal amount of approximately $193.4 million , net of retirements, were issued during the year. During 2017 , we issued senior notes with a total principal amount of approximately $609.1 million , net of retirements, and structured notes with a total principal amount of approximately $329.9 million , net of retirements. During the year ended November 30, 2016, we issued structured notes with a total principal amount of approximately $275.4 million and approximately $350.0 million of long-term borrowings matured or were retired. During 2017 , our 3.875% convertible debentures due 2029 (principal amount of $345.0 million ) (the “debentures”) were called for redemption at a redemption price equal to 100% of the principal amount of the debentures redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Debentures of $20.2 million and $324.8 million were redeemed on November 1, 2017 and January 5, 2018, respectively. In addition, our 5.125% senior notes with a principal of $668.3 million were redeemed in April 2018. During 2018, we entered into a senior secured revolving credit facility (“Revolving Credit Facility”) with a group of commercial banks for an aggregate principal amount of $185.0 million . The Revolving Credit Facility contains certain financial covenants, including, but not limited to, restrictions on future indebtedness of certain of our subsidiaries and its’ minimum tangible net worth, liquidity requirements and minimum capital requirements. Interest is based on an annual alternative base rate or an adjusted London Interbank Offered Rate, as defined in the Revolving Credit Facility agreement. The obligations of certain of our subsidiaries under the Revolving Credit Facility are secured by substantially all its assets. At November 30, 2018 , we were in compliance with debt covenants under the Revolving Credit Facility.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	12 Months Ended
	Nov. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	Revenues from Contracts with Customers The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): Year Ended Revenues from contracts with customers: Commissions and other fees $ 635,190 Investment banking 1,910,203 Asset management fees 21,214 Other 28,280 Total revenue from contracts with customers 2,594,887 Other sources of revenue: Principal transactions 524,296 Interest 1,207,095 Other 103,354 Total revenues $ 4,429,632 Revenue from contracts with customers is recognized when, or as, we satisfy our performance obligations by transferring the promised goods or services to the customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring our progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised goods or services ( i.e. , the “transaction price”). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties. The following provides detailed information on the recognition of our revenues from contracts with customers: Commissions and Other Fees. We earn commission revenue by executing, settling and clearing transactions for clients primarily in equity, equity-related and futures products. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commissions revenues are generally paid on settlement date and we record a receivable between trade-date and payment on settlement date. 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. We act as an agent in the soft dollar arrangements as the customer controls the use of the soft dollars and directs our payments to third-party service providers on its behalf. Accordingly, amounts allocated to soft dollar arrangements are netted against commission revenues in our Consolidated Statements of Earnings. We earn account advisory and distribution fees in connection with wealth management services. Account advisory fees are recognized over time using the time-elapsed method as we determined that the customer simultaneously receives and consumes the benefits of investment advisory services as they are provided. Account advisory fees may be paid in advance of a specified service period or in arrears at the end of the specified service period ( e.g. , quarterly). Account advisory fees paid in advance are initially deferred within Accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Distribution fees are variable and recognized when the uncertainties with respect to the amounts are resolved. Investment Banking. We provide our clients with a full range of capital markets and financial advisory services. Capital markets services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings and equity-linked convertible securities transactions and structuring, underwriting and distributing public and private debt, including investment grade debt, high yield bonds, leveraged loans, municipal bonds and mortgage- and asset-backed securities. Underwriting and placement agent revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the capital markets offering at that point. Costs associated with capital markets transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within Underwriting costs in the Consolidated Statements of Earnings as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as Investment banking revenues. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within Accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our advisory services are considered variable as they are contingent upon a future event ( e.g. , completion of a transaction or third-party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within their respective expense category in the Consolidated Statements of Earnings and any expenses reimbursed by our clients are recognized as Investment banking revenues. Asset Management Fees. We earn management and performance fees in connection with investment advisory services provided to various funds and accounts, which are satisfied over time and measured using a time elapsed measure of progress as the customer receives the benefits of the services evenly throughout the term of the contract. Management and performance fees are considered variable as they are subject to fluctuation ( e.g. , changes in assets under management, market performance) and/ or are contingent on a future event during the measurement period ( e.g. , meeting a specified benchmark) and are recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Management fees are generally based on month-end assets under management or an agreed upon notional amount and are included in the transaction price at the end of each month when the assets under management or notional amount is known. Performance fees are received when the return on assets under management for a specified performance period exceed certain benchmark returns, “high-water marks” or other performance targets. The performance period related to our performance fees is annual or semi-annual. Accordingly, performance fee revenue will generally be recognized only at the end of the performance period to the extent that the benchmark return has been met. Disaggregation of Revenue The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions for the year ended November 30, 2018 (in thousands): Reportable Segment Year Ended November 30, 2018 Capital Markets Asset Management Total Major business activity: Equities (1) $ 649,631 $ — $ 649,631 Fixed income (1) 13,839 — 13,839 Investment banking - Capital markets 1,090,161 — 1,090,161 Investment banking - Advisory 820,042 — 820,042 Asset management — 21,214 21,214 Total $ 2,573,673 $ 21,214 $ 2,594,887 Primary geographic region: Americas $ 2,186,955 $ 20,871 $ 2,207,826 Europe 304,027 343 304,370 Asia 82,691 — 82,691 Total $ 2,573,673 $ 21,214 $ 2,594,887 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. Refer to Note 19, Segment Reporting , for a further discussion on the allocation of revenues to geographic regions. Information on Remaining Performance Obligations and Revenue Recognized from Past Performance We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at November 30, 2018 . Investment banking advisory fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price at November 30, 2018 . During the year ended November 30, 2018 we recognized $26.6 million of revenue related to performance obligations satisfied (or partially satisfied) in previous periods, mainly due to resolving uncertainties in variable consideration that was constrained in prior periods. In addition, we recognized $18.1 million of revenues primarily associated with distribution services during the year ended November 30, 2018 , a portion of which relates to prior periods. Contract Balances The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $199.0 million and $246.0 million at November 30, 2018 and December 1, 2017, respectively. We had no significant impairments related to these receivables during the year ended November 30, 2018 . Our deferred revenue primarily relates to retainer and milestone fees received in investment banking advisory engagements where the performance obligation has not yet been satisfied. Deferred revenue at November 30, 2018 and December 1, 2017 was $10.6 million and $8.8 million , respectively, which are recorded in Accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. During the year ended November 30, 2018 , we recognized revenue $5.4 million that was recorded as deferred revenue at the beginning of the year. Contract Costs We capitalize costs to fulfill contracts associated with investment banking advisory engagements where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized cost to fulfill a contract are recognized at the point in time that the related revenue is recognized. At November 30, 2018 , capitalized costs to fulfill a contract were $4.7 million , which are recorded in Receivables – Fees, interest and other in the Consolidated Statement of Financial Condition. For the year ended November 30, 2018 , we recognized expenses of $2.3 million , related costs to fulfill a contract that were capitalized as of the beginning of the year. There were no significant impairment charges recognized in relation to these capitalized costs during the year ended November 30, 2018 .

Benefit Plans

Benefit Plans	12 Months Ended
	Nov. 30, 2018
Retirement Benefits [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. Employer Contributions - Our funding policy is to contribute to the U.S. Pension Plan at least the minimum amount required for funding purposes under applicable employee benefit and tax laws. We contributed $1.0 million to the U.S. Pension Plan during the year ended November 30, 2018 and plan to make a $2.0 million contribution to the plan during the year ended November 30, 2019 . The following tables summarize the changes in the projected benefit obligation, the fair value of the assets and the funded status of the plan (in thousands): Year Ended November 30, 2018 2017 Change in projected benefit obligation: Projected benefit obligation, beginning of period $ 60,559 $ 58,731 Service cost 400 450 Interest cost 2,129 2,232 Actuarial (gains)/losses (3,777 ) 2,327 Administrative expenses paid (502 ) (395 ) Benefits paid (952 ) (2,786 ) Settlements (3,133 ) — Projected benefit obligation, end of period $ 54,724 $ 60,559 Change in plan assets: Fair value of assets, beginning of period $ 52,949 $ 49,992 Benefits paid (952 ) (2,786 ) Administrative expenses paid (502 ) (395 ) Actual return on plan assets (1,186 ) 5,138 Contributions 1,000 1,000 Settlements (3,133 ) — Fair value of assets, end of period $ 48,176 $ 52,949 Funded status at end of period $ (6,548 ) $ (7,610 ) The amounts recognized in our Consolidated Statements of Financial Condition are as follows (in thousands): November 30, 2018 2017 Consolidated statements of financial condition: Accrued expenses and other liabilities $ 6,548 $ 7,610 Accumulated other comprehensive income, before taxes: Net losses $ (6,382 ) $ (6,092 ) The following tables summarize the components of net periodic pension cost and other amounts recognized in Other comprehensive income, before taxes (in thousands): Year Ended November 30, 2018 2017 2016 Components of net periodic pension cost: Service cost $ 400 $ 450 $ 400 Interest cost on projected benefit obligation 2,129 2,232 2,311 Expected return on plan assets (3,247 ) (3,021 ) (2,917 ) Net amortization — 19 — Settlement losses 365 — — Net periodic pension cost $ (353 ) $ (320 ) $ (206 ) Year Ended November 30, 2018 2017 2016 Amounts recognized in Other comprehensive income: Net losses arising during the period $ 655 $ 210 $ 646 Amortization of net loss — (19 ) — Settlements during the period 365 — — Total losses recognized in Other comprehensive income $ 1,020 $ 191 $ 646 Net losses/(gains) recognized in net periodic benefit cost and Other comprehensive income $ 667 $ (129 ) $ 440 The assumptions used to determine the actuarial present value of the projected obligation and net periodic pension benefit cost are as follows: Year Ended November 30, 2018 2017 2016 Discount rate used to determine benefit obligation 4.30 % 3.60 % 3.90 % Weighted average assumptions used to determine net pension cost: Discount rate 3.60 % 3.90 % 4.10 % Expected long-term rate of return on plan assets 6.25 % 6.25 % 6.25 % Expected Benefit Payments - Expected benefit payments for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in thousands): 2019 $ 2,364 2020 2,152 2021 2,015 2022 2,892 2023 5,147 2024 through 2028 22,864 Plan Assets - On May 16, 2017, we entered into an agreement with an external investment manager to invest and manage the plan’s assets under a strategy using a combination of two portfolios. The investment manager allocates the plan’s assets between a growth portfolio and a liability-driven portfolio according to certain target allocations and tolerance bands that are agreed to by the Administrative Committee of the U.S. Pension Plan. Such target allocations will take into consideration the plan’s funded ratio. The manager will also monitor the strategy and, as the plan’s funded ratio changes over time, will rebalance the strategy, if necessary, to be within the agreed tolerance bands and target allocations. The portfolios are comprised of certain common collective investment trusts that are established and maintained by the investment manager. The common collective trusts are valued at their NAV as a practical expedient for fair value. German Pension Plan We maintained a defined benefits pension plan located in Germany (the “German Pension Plan”) in connection with our Futures business. On December 28, 2017, a Liquidation Insurance Contract was entered into with Generali Lebensversicherung AG (“Generali”) to transfer the defined benefit pension obligations and insurance contracts to Generali, for approximately €6.5 million , which was paid in January 2018, and released us from any and all obligations under the German Pension Plan. In addition, on December 28, 2017, we received $3.25 million as consideration relating to the German Pension Plan in connection with releasing the prior plan sponsor from any indemnities. Accumulated other comprehensive income for the year ended November 30, 2018 included $5.3 million related to the transfer of the German Pension Plan.

Compensation Plans

Compensation Plans	12 Months Ended
	Nov. 30, 2018
Compensation Related Costs [Abstract]
Compensation Plans	Compensation Plans Jefferies 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 Jefferies 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): Year Ended November 30, 2018 2017 2016 Components of compensation cost: Restricted cash awards $ 274.4 $ 251.6 $ 263.7 Restricted stock and RSUs (1) 27.6 26.6 23.5 Profit sharing plan 6.5 6.0 6.0 Total compensation cost $ 308.5 $ 284.2 $ 293.2 (1) Total compensation cost associated with restricted stock and restricted stock units (“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. This compensation cost was approximately $346,000 , $227,000 and $150,000 for the years ended November 30, 2018 , 2017 and 2016 , respectively. Remaining unamortized amounts related to certain compensation plans at November 30, 2018 are as follows (dollars in millions): Remaining Unamortized Amounts Weighted Average Vesting Period (in Years) Non-vested share-based awards $ 63.2 3 Restricted cash awards 395.0 2 Total $ 458.2 In December 2018 , $288.0 million of restricted cash awards related to the 2018 performance year that contain a future service requirement were approved and awarded. Absent actual forfeitures or cancellations or accelerations, the annual compensation cost for these awards will be recognized as follows (in millions): Year Ended November 30, 2018 2019 2020 Thereafter Total Restricted cash awards $ 58.2 $ 47.6 $ 57.0 $ 125.2 $ 288.0 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, RSUs, dividend equivalents or other share-based awards. 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 Jefferies. 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 executive 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. 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, Jefferies 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 (“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 Jefferies common shares, or by allocating among any combination of other investment funds available under the Deferred Compensation Plan. We often invest directly, as a principal, in investments corresponding to the other investment funds, relating to our obligations to perform under the Deferred Compensation Plan. The compensation deferred by our employees is expensed in the period earned. The change in fair value of our investments in assets corresponding to the specified other investment funds are recognized in Principal transactions 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	12 Months Ended
	Nov. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Total income taxes were allocated as follows (in thousands): Year Ended November 30, 2018 2017 2016 Income tax expense $ 250,650 $ 147,340 $ 14,566 Stockholders’ equity, compensation expense for tax purposes less than amounts recognized for financial reporting purposes — — 4,186 The provision for income tax expense consists of the following components (in thousands): Year Ended November 30, 2018 2017 2016 Current: U.S. Federal $ 106,761 $ 147,065 $ 27,473 U.S. state and local 7,485 30,611 6,196 Foreign 10,139 12,910 (5,090 ) Total current 124,385 190,586 28,579 Deferred: U.S. Federal 131,233 (53,157 ) (11,249 ) U.S. state and local 975 1,760 (4,819 ) Foreign (5,943 ) 8,151 2,055 Total deferred 126,265 (43,246 ) (14,013 ) Total income tax expense $ 250,650 $ 147,340 $ 14,566 The following table presents the U.S. and non-U.S. components of income before income tax expense (in thousands): Year Ended November 30, 2018 2017 2016 U.S. $ 370,600 $ 403,445 $ 34,178 Non-U.S. (1) 39,067 101,479 (4,206 ) Income before income tax expense $ 409,667 $ 504,924 $ 29,972 (1) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S. Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rates of 22.2% for the year ended November 30, 2018 and 35% for the years ended November 30, 2017 and 2016 to earnings before income taxes as a result of the following (dollars in thousands): Year Ended November 30, 2018 2017 2016 Amount Percent Amount Percent Amount Percent Computed expected income taxes $ 90,945 22.2 % (1) $ 176,724 35.0 % $ 10,490 35.0 % Increase (decrease) in income taxes resulting from: State and city income taxes, net of Federal income tax benefit 20,419 5.0 23,898 4.7 1,832 6.1 International operations (including foreign rate differential) 2,258 0.6 (11,577 ) (2.3 ) (3,404 ) (11.4 ) Tax exempt income (2,202 ) (0.5 ) (3,850 ) (0.8 ) (4,640 ) (15.5 ) Foreign tax credits, net (8,006 ) (2.0 ) (32,974 ) (6.5 ) — — Meals and entertainment 4,528 1.1 4,129 0.8 4,640 15.5 Excess stock detriment — — 406 0.1 9,755 32.6 Federal benefits related to prior year tax filings — — (3,786 ) (0.8 ) (2,928 ) (9.8 ) Change in unrecognized tax benefits related to prior years (18,497 ) (4.5 ) (2,953 ) (0.6 ) (1,280 ) (4.3 ) Deferred tax asset remeasurement related to the Tax Act 112,733 27.5 — — — — Transition tax on foreign earnings related to the Tax Act 52,417 12.8 — — — — Other, net (3,945 ) (1.0 ) (2,677 ) (0.4 ) 101 0.4 Total income tax expense $ 250,650 61.2 % $ 147,340 29.2 % $ 14,566 48.6 % (1) On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Act which reduced the U.S. federal corporate tax rate from 35% to 21% , as well as other changes. The statutory U.S. federal corporate tax rate for companies with a fiscal year end of November 30, 2018 is a blended rate of 22.2% , which will be reduced to 21% in fiscal 2019 and thereafter. The following table presents a reconciliation of gross unrecognized tax benefits (in thousands): Year Ended November 30, 2018 2017 2016 Balance at beginning of period $ 129,544 $ 109,527 $ 107,902 Increases based on tax positions related to the current period 19,840 18,619 5,045 Increases based on tax positions related to prior periods 5,002 7,310 1,447 Decreases based on tax positions related to prior periods (28,760 ) (5,912 ) (4,520 ) Decreases related to settlements with taxing authorities — — (347 ) Balance at end of period $ 125,626 $ 129,544 $ 109,527 The total amount of unrecognized benefit that, if recognized, would favorably affect the effective tax rate was $99.4 million and $86.1 million (net of benefits of taxes) at November 30, 2018 and 2017 , respectively. We recognize interest accrued related to unrecognized tax benefits in Interest expense. Penalties, if any, are recognized in Other expenses in our Consolidated Statements of Earnings. Net interest expense related to unrecognized tax benefits was $1.0 million , $9.0 million and $6.5 million for the years ended November 30, 2018 , 2017 and 2016 , respectively. At November 30, 2018 and 2017 , we had interest accrued of approximately $49.3 million and $48.3 million , respectively, included in Accrued expenses and other liabilities in our Consolidated Statements of Financial Condition. No material penalties were accrued for the years ended November 30, 2018 and 2017 . The cumulative tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below (in thousands): November 30, 2018 2017 Deferred tax assets: Compensation and benefits $ 240,785 $ 376,642 Net operating loss 17,867 20,094 Long-term debt 39,623 26,476 Accrued expenses and other 65,265 121,746 Sub-total 363,540 544,958 Valuation allowance (10,650 ) (14,217 ) Total deferred tax assets 352,890 530,741 Deferred tax liabilities: Amortization of intangibles 69,095 102,739 Other 40,556 17,282 Total deferred tax liabilities 109,651 120,021 Net deferred tax asset, included in Other assets $ 243,239 $ 410,720 The valuation allowance represents the portion of our deferred tax assets for which it is more likely than not that the benefit of such items will not be realized. We believe that the realization of the net deferred tax asset of $243.2 million at November 30, 2018 is more likely than not based on expectations of future taxable income in the jurisdictions in which we operate. At November 30, 2018 , we had gross net operating loss carryforwards of $121.7 million , primarily related to New York State, New York City and various European jurisdictions. A deferred tax asset of $9.2 million related to net operating losses in Europe has been fully offset by a valuation allowance, while $0.3 million of deferred tax assets related to net operating losses in Asia has been fully offset by a valuation allowance. The remaining valuation allowance is attributable to deferred tax assets related to compensation and benefits, capital losses, and tax credits in the U.K. We have a tax sharing agreement between us and Jefferies. Refer to Note 20, Related Party Transactions , for further information. We are currently under examination by numerous state and local taxing 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. It is reasonably possible that, within the next twelve months, statutes of limitation will expire which would have the effect of reducing the balance of unrecognized tax benefits by $5.9 million . 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 2015 California 2009 New Jersey 2010 New York State 2001 New York City 2003 United Kingdom 2016 Hong Kong 2012 India 2010 Italy 2012 The Tax Act makes broad and complex changes to the U.S. tax code that will impact many areas of taxation, including, but not limited to: (1) reduction of the U.S. federal corporate tax rate from 35% to 21% ; (2) elimination of the corporate alternative minimum tax; (3) the introduction of the base erosion anti-abuse tax (“BEAT”), a new minimum tax; (4) a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries; (5) a new provision designed to tax global intangible low-taxed income (“GILTI”); (6) a new limitation on deductible interest expense; (7) limitations on the deductibility of certain executive compensation; (8) limitations on the use of foreign tax credits to reduce U.S. income tax liability; (9) limitations on net operating losses generated after December 31, 2017 to 80% of taxable income; (10) a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; and (11) bonus depreciation that will allow for full expensing of qualified property. As a result of planning related to the Tax Act, during fiscal 2018 , several of our foreign subsidiaries have made tax elections to be treated as branches of the U.S. for federal income tax purposes (commonly referred to as “check-the-box” elections) effective during various times during 2018 . We believe that, as a result of these foreign subsidiaries being treated as branches of the U.S. for federal income tax purposes, rather than as controlled foreign corporations, we will reduce the future tax impact of the BEAT and GILTI provisions, which are effective starting in fiscal 2018 and fiscal 2019, respectively. We do not anticipate having a BEAT liability for 2018 , and have not recorded a provision for BEAT. Under the provisions of the Tax Act, we have paid U.S. federal income tax on all of the historic earnings and profits of our non-U.S. subsidiaries, and by making the above-mentioned check-the-box elections to treat several of our foreign entities as branches of the U.S. for federal income tax purposes, we no longer have any basis differences in these subsidiaries. Consequently, at November 30, 2018 , we have no significant basis differences for which the recording of a U.S. deferred tax liability is required. We intend to continue to indefinitely reinvest in certain non-U.S. entities and therefore have not provided U.S. federal income tax on other basis differences. Determination of the amount of unrecognized deferred tax liability, if any, related to these basis differences is not practicable. At November 30, 2017 , we had approximately $232.0 million of earnings attributable to foreign subsidiaries that were indefinitely reinvested abroad and accordingly for which a deferred tax liability of approximately $73.0 million had not been recorded with respect to the earnings at November 30, 2017 . Regarding the new GILTI tax rules, which will become applicable in fiscal 2019, we are required to make an accounting policy election to either treat taxes due on future GILTI inclusions in U.S. taxable income as a current period expense when incurred or reflect such portion of the future GILTI inclusions in U.S. taxable income that relate to existing basis differences in our current measurement of deferred taxes. We will make an accounting policy election during the first quarter of fiscal 2019. Also on December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under Accounting Standards Codification 740, Income Taxes (“ASC 740”). While the initial estimated impact of the Tax Act was calculated using all available information, we anticipate modifications based on the procedures set forth under SAB 118. This process is applied at each reporting period to account for and qualitatively disclose: (1) the effects of the change in tax law for which the accounting is complete; (2) provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where the accounting is not complete, but a reasonable estimate has been determined; and (3) where a reasonable estimate cannot yet be made, taxes are reflected in accordance with the law prior to the enactment of the Tax Act. Due to the complex nature of the Tax Act and the unavailability of certain information, we have not completed our accounting for the income tax effects of certain elements of the Tax Act. If we were able to make reasonable estimates of the effects of certain elements for which our analysis is not yet complete, we recorded a provisional estimate in our consolidated financial statements. If we were not yet able to make reasonable estimates of the impact of certain elements, we have not recorded any adjustments related to those elements and have continued accounting for them in accordance with ASC 740 on the basis of the tax laws in effect before the Tax Act. The ultimate impact of the Tax Act may differ from this estimate, possibly materially, due to refinement of our calculations based on updated information, changes in the interpretations and assumptions, guidance that may be issued and actions we may take in response to the Tax Act. The provisional accounting impact may change until the accounting analysis is finalized, which will occur no later than the first quarter of fiscal 2019. We consider the accounting for the deferred tax asset remeasurements, the transition tax and other items to be incomplete. In connection with our initial analysis, we have recorded a discrete tax expense of $165.1 million for the year ended November 30, 2018 , as a result of the enactment of the Tax Act, as a provisional estimate of the impact of the Tax Act. This provisional estimate primarily consists of a $112.7 million expense related to deferred tax asset remeasurements and a $52.4 million expense related to the transition tax on foreign earnings.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	12 Months Ended
	Nov. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Commitments The following table summarizes our commitments at November 30, 2018 (in millions): Expected Maturity Date (fiscal years) 2019 2020 2021 and 2022 2023 and 2024 2025 and Later Maximum Payout Equity commitments (1) $ 305.2 $ 18.4 $ 0.3 $ — $ 3.6 $ 327.5 Loan commitments (1) 250.0 — 54.0 3.5 — 307.5 Underwriting commitments 377.5 — — — — 377.5 Forward starting reverse repos (2) 4,262.7 — — — — 4,262.7 Forward starting repos (2) 2,931.8 — — — — 2,931.8 Other unfunded commitments (1) 194.8 — 69.4 4.9 — 269.1 Total commitments $ 8,322.0 $ 18.4 $ 123.7 $ 8.4 $ 3.6 $ 8,476.1 (1) Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are available on demand. (2) At November 30, 2018 , $4,232.8 million within forward starting securities purchased under agreements to resell and all of the securities sold under agreements to repurchase settled within three business days. Equity Commitments. Includes a commitment to invest in our joint venture, Jefferies Finance, 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 one of our directors and Chairman of the Executive Committee. At November 30, 2018 , our outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds was $18.1 million . See Note 9, Investments , for additional information regarding our investments in Jefferies Finance. Additionally, at November 30, 2018 , we had other outstanding equity commitments to invest up to $254.1 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 November 30, 2018 , we had $57.5 million of outstanding loan commitments to clients. Loan commitments outstanding at November 30, 2018 also include our portion of the outstanding secured revolving credit facility provided to Jefferies Finance, to support loan underwritings by Jefferies Finance. See Note 9, Investments , for additional information. 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. Leases. As lessee, we lease certain premises and equipment under non-cancelable agreements expiring at various dates through 2039 which are operating leases. At November 30, 2018 , future minimum aggregate annual lease payments under such leases (net of subleases) for fiscal years ended November 30, 2019 through 2023 and the aggregate amount thereafter, are as follows (in thousands): Fiscal Year Operating Leases 2019 $ 60,500 2020 52,465 2021 54,644 2022 57,593 2023 56,725 Thereafter 427,181 Total $ 709,108 The total minimum payments to be received in the future under non-cancelable subleases at November 30, 2018 was $19.4 million . Rental expense, net of subleases, amounted to $52.3 million , $56.1 million and $56.1 million for the years ended November 30, 2018 , 2017 and 2016 , respectively. During 2012, we entered into a master sale and leaseback agreement under which we sold and have leased back existing and additional new equipment supplied by the lessor. The transaction resulted in a gain of $2.0 million , which is being amortized into earnings in proportion to and is reflected net against the leased equipment. The lease term is approximately five years from the start of the supply of new and additional equipment, which commenced on various dates in 2013 and continued into 2015. At November 30, 2018 , the present value of all future lease payments is $0.2 million , all maturing in fiscal year 2019 . 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 November 30, 2018 (in millions): Expected Maturity Date (Fiscal Years) 2019 2020 2021 and 2022 2023 and 2024 2025 and Later Notional/ Maximum Payout Guarantee Type: Derivative contracts—non-credit related $ 12,024.2 $ 2,372.3 $ 2,976.1 $ 281.1 $ 330.3 $ 17,984.0 Written derivative contracts—credit related — 32.4 — 112.8 — 145.2 Total derivative contracts $ 12,024.2 $ 2,404.7 $ 2,976.1 $ 393.9 $ 330.3 $ 18,129.2 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 November 30, 2018 , the fair value of derivative contracts meeting the definition of a guarantee is approximately $277.5 million . Standby Letters of Credit. At November 30, 2018 , we provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $52.6 million , which expire within one year . Standby letters of credit commit us to make payment to the beneficiary if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Since commitments associated with these collateral instruments may expire unused, the amount shown does not necessarily reflect the actual future cash funding requirement. Other Guarantees. We are members of various exchanges and clearing houses. In the normal course of business we provide guarantees to securities clearing houses 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 clearing house, other members would be required to meet these shortfalls. To mitigate these performance risks, the exchanges and clearing houses 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	12 Months Ended
	Nov. 30, 2018
Brokers and Dealers [Abstract]
Net Capital Requirements	Net Capital Requirements As a broker-dealer registered with the SEC and member firms of the Financial Industry Regulatory Authority (“FINRA”), Jefferies LLC is subject to the SEC Uniform Net Capital Rule (“Rule 15c3-1”), which requires the maintenance of minimum net capital, and has elected to calculate minimum capital requirements using the alternative method permitted by Rule 15c3-1 in calculating net capital. Jefferies LLC, as a dually-registered U.S. broker-dealer and futures commission merchant (“FCM”), is also subject to Rule 1.17 of the Commodity Futures Trading Commission (“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 November 30, 2018 , Jefferies LLC’s net capital and excess net capital were as follows (in thousands): Net Capital Excess Net Capital Jefferies LLC $ 1,739,435 $ 1,635,960 FINRA is the designated examining authority for our U.S. broker-dealer and the National Futures Association is the designated self-regulatory organization for Jefferies LLC 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, which is 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. At November 30, 2018 and 2017 , $4,717.3 million and $5,124.9 million , respectively, of net assets of our consolidated subsidiaries are restricted, as they reflect regulatory capital requirements or require regulatory approval prior to the payment of cash dividends and advances to the parent company.

Segment Reporting

Segment Reporting	12 Months Ended
	Nov. 30, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate in two reportable business segments – Capital Markets and Asset Management. The Capital Markets reportable business segment includes our securities, commodities, futures and foreign exchange trading activities and investment banking, which is composed of underwriting and financial advisory activities. The Capital Markets reportable business segment provides the sales, trading, origination and advisory effort for various fixed income, equity and advisory products and services. The Asset Management reportable business 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 non-interest expenses directly associated with each reportable business segment are included in determining earnings (loss) before income taxes. • Net revenues and non-interest 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. In the fourth quarter of 2018, Jefferies transferred to us capital investments in certain separately managed accounts and funds. Due to this transfer, we have made changes to the presentation of our segment reporting in the fourth quarter of 2018 and are including investment income from capital invested in these separately managed accounts and funds within our Asset Management business segment. Previously reported results are presented on a comparable basis. See Note 1, Organization and Basis of Presentation and Note 20, Related Party Transactions for further details on this transfer. Our net revenues, non-interest expenses and earnings (loss) before income taxes by reportable business segment are summarized below (in millions): Year Ended November 30, 2018 2017 2016 Capital Markets: Net revenues $ 3,184.4 $ 3,169.9 $ 2,338.3 Non-interest expenses 2,719.5 2,634.2 2,319.7 Earnings before income taxes $ 464.9 $ 535.7 $ 18.6 Asset Management: Net revenues $ (1.0 ) $ 28.2 $ 76.3 Non-interest expenses 54.2 59.0 64.9 Earnings (loss) before income taxes $ (55.2 ) $ (30.8 ) $ 11.4 Total: Net revenues $ 3,183.4 $ 3,198.1 $ 2,414.6 Non-interest expenses 2,773.7 2,693.2 2,384.6 Earnings before income taxes $ 409.7 $ 504.9 $ 30.0 The following table summarizes our total assets by reportable business segment (in millions): November 30, 2018 2017 Capital Markets $ 38,700.7 $ 38,620.4 Asset Management 2,468.1 1,085.3 Total assets $ 41,168.8 $ 39,705.7 Net Revenues by Geographic Region Net revenues for the Capital Market reportable business 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 the Asset Management reportable business segment, net revenues are allocated according to the location of the investment advisor. Net revenues by geographic region were as follows (in millions): Year Ended November 30, 2018 2017 2016 Americas (1) $ 2,652.9 $ 2,602.7 $ 1,870.4 Europe (2) 434.9 489.6 458.0 Asia 95.6 105.8 86.2 Net revenues $ 3,183.4 $ 3,198.1 $ 2,414.6 (1) Substantially all relates to U.S. results. (2) Substantially all relates to U.K. results.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Nov. 30, 2018
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 one of our directors and our Chairman of the Executive Committee (“Private Equity Related Funds”). At November 30, 2018 and 2017 , our equity investments in Private Equity Related Funds were in aggregate $35.5 million and $23.7 million , respectively. We also charge the JCP Manager for certain services under a service agreement. The following table presents revenues and service charges related to our investment in Private Equity Related Funds (in thousands): Year Ended November 30, 2018 2017 2016 Other revenues and investment income (loss) $ 11,788 $ (11,718 ) $ (2,328 ) Service charges 381 726 760 For further information regarding our commitments and funded amounts to the Private Equity Related Funds, see Note 17, Commitments, Contingencies and Guarantees . HRG Group Inc. ( “ HRG ” ) . We recognized investment banking revenues of $3.0 million for the year ended November 30, 2018 in connection with the merger of HRG into Spectrum Brands Holdings, Inc., which is partially owned by Jefferies. Officers, Directors and Employees . The following sets forth information regarding related party transactions with our officers, directors and employees: • At November 30, 2018 and 2017 , we had $39.3 million and $45.6 million , respectively, of loans outstanding to certain of our officers and employees (none of whom are executive officers or directors) that are included in Other assets in our 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 November 30, 2016, we had provided a guarantee of a credit agreement for a private equity fund owned by our employees. This guarantee was terminated in April 2017. • One of our directors has investments in a hedge fund managed by us of approximately $4.6 million and $4.9 million at November 30, 2018 and 2017 , respectively. See Note 8, Variable Interest Entities , and Note 17, Commitments, Contingencies and Guarantees , for further information regarding related party transactions with our officers, directors and employees. Jefferies . The following is a description of related party transactions with Jefferies and its affiliates: • We provide services to and receive services from Jefferies under service agreements. We also receive revenues from Jefferies under a revenue sharing agreement (in millions): Year Ended November 30, 2018 2017 2016 Charges to Jefferies for services provided $ 61.2 $ 42.2 $ 38.8 Charges from Jefferies for services received 9.1 14.2 11.2 • We provide capital markets and asset management services to Jefferies and its affiliates. The following table presents the revenues earned by type of services provided (in millions): Year Ended November 30, 2018 2017 2016 Investment banking $ 15.7 $ 14.7 $ 1.8 Asset management — — 0.2 Commissions and other fees 0.9 0.1 0.1 Principal transactions 0.1 — — Other revenues 0.8 0.3 — • Receivables from and payables to Jefferies are included in Other assets and Accrued expenses and other liabilities, respectively, in our Consolidated Statements of Financial Condition: Year Ended November 30, 2018 2017 Receivable from Jefferies $ 1.2 $ 2.5 Payable to Jefferies 2.9 3.1 • On January 11, 2018, our Board of Directors approved a distribution to our sole limited liability company member, Jefferies, in the amount of $200.0 million , which was paid on January 31, 2018. In addition, our Board of Directors approved a quarterly distribution policy authorizing us to pay a quarterly distribution to our limited liability company members following the end of each of our fiscal quarters. Beginning at the end of our fiscal quarter ending February 28, 2018 and on a quarterly basis thereafter, we will pay our limited liability company members a quarterly dividend equal to 50% of our positive net earnings attributable to us (as adjusted for preceding loss quarters, if any). In addition, during the year ended November 30, 2018 , we paid additional dividends of $48.7 million to Jefferies, based on our results for the nine months ended August 31, 2018. For the three months ended November 30, 2018 , we have accrued a dividend payable in the amount of $30.7 million . • Pursuant to a tax sharing agreement entered into between us and Jefferies, payments are made between us and Jefferies to settle current tax receivables and payables. At November 30, 2018 and 2017 , a net current tax payable to Jefferies of $34.1 million and $91.5 million , respectively, is included in Accrued expenses and other liabilities in our Consolidated Statements of Financial Condition. We made payments of $193.0 million during the year ended November 30, 2018 to Jefferies, which reduced the cumulative net current tax payable balance. Additionally, we made a payment of $35.0 million in December 2018. • On October 1, 2018, Jefferies transferred its 50% interest in Berkadia and capital investments in certain separately managed accounts and funds to us. On November 1, 2018, we purchased LIML, an investment advisory company, from Jefferies. These transfers were accomplished as a capital contribution from Jefferies of approximately $598.2 million and cash payments of $70.5 million to Jefferies during the fourth quarter of 2018. In addition, we paid cash of approximately $5.5 million , representing LIML’s net book value as at October 31, 2018, including goodwill of $0.4 million and intangible assets of $0.2 million . In connection with these transfers, related deferred tax liabilities of approximately $50.9 million were transferred to us, for which Jefferies has indemnified us. See Note 9, Investments , for further details on our 50% interest in Berkadia. • We entered into a foreign exchange prime brokerage agreement with an affiliate of Jefferies in 2017. In connection with the foreign exchange contracts entered into under this agreement we have $9.9 million and $17.0 million at November 30, 2018 and 2017 , respectively, included in Payables—brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. • Two of our directors have investments totaling $2.7 million and $3.6 million at November 30, 2018 and 2017 , respectively, in a hedge fund managed by Jefferies. • Jefferies had an investment in a hedge fund managed by us of $27.3 million at November 30, 2017. This investment was transferred to us effective December 31, 2017, for which we paid $26.7 million , the investment’s NAV, to Jefferies. • We have investments in hedge funds managed by Jefferies of $218.7 million and $136.1 million at November 30, 2018 and 2017 , respectively, included in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition. Net gains on our investments in these hedge funds, which are included in Principal transactions revenues in our Consolidated Statements of Earnings (in millions): Year Ended November 30, 2018 2017 2016 Net gains on our investments $ 5.0 $ 8.0 $ 3.6 • We own 638,561 common shares and warrants of Waitr Holdings Inc. (previously Landcadia Holdings Inc.), an affiliate of Jefferies. At November 30, 2018 and 2017 , these investments have fair values of $8.3 million and $6.8 million , respectively, which are included in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition. • We sold securities to Jefferies at fair value for cash during the periods presented below. There was no gain or loss on these transactions. Date Amount (in millions) August 2017 $ 7.1 April 2017 21.9 February 2017 25.6 • In connection with our sales and trading activities, from time to time we make a market in long-term debt securities of Jefferies ( i.e., we buy and sell debt securities issued by Jefferies). At November 30, 2018 and 2017 , approximately $0.3 million and $0.2 million , respectively, of debt securities issued by Jefferies are included in Financial instruments owned in our Consolidated Statements of Financial Condition. For information on transactions with our equity method investees, see Note 9, Investments .

Exit Costs

Exit Costs	12 Months Ended
	Nov. 30, 2018
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 OTC transactions associated with our Jefferies Bache business for the net book value of the OTC transactions, calculated in accordance with certain principles set forth in the agreement, plus the repayment of certain margin loans in respect of certain exchange transactions. In addition, we initiated a plan to substantially exit the remaining aspects of the business, which was completed during the second quarter of 2016. The pre-tax losses of the Jefferies Bache business were $1.9 million for the year ended November 30, 2016. The following summarizes our recorded restructuring and impairment costs (in thousands): Year Ended November 30, 2016 Severance costs $ 279 Accelerated amortization of restricted stock and restricted cash awards 41 Contract termination costs 1,234 Other expenses 300 Total $ 1,854 Of the above costs, $341,000 are of a noncash nature for the year ended November 30, 2016. Restructuring and exit costs are wholly attributed to our Capital Markets reportable business segment and were recorded in the following categories in our Consolidated Statements of Earnings (in thousands): Year Ended November 30, 2016 Compensation and benefits $ 320 Technology and communications 1,234 Other expenses 300 Total $ 1,854

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Nov. 30, 2018
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) The following is a summary of unaudited quarterly statements of earnings for the years ended November 30, 2018 and 2017 (in thousands): Three Months Ended November 30, 2018 August 31, 2018 May 31, 2018 February 28, 2018 Total revenues $ 1,097,943 $ 1,088,285 $ 1,156,809 $ 1,086,595 Net revenues 761,958 777,615 822,557 821,246 Earnings before income taxes 77,963 87,101 121,865 122,738 Net earnings attributable to Jefferies Group LLC 61,393 60,182 98,004 (60,818 ) Three Months Ended November 30, 2017 August 31, 2017 May 31, 2017 February 28, 2017 Total revenues $ 1,081,499 $ 1,048,331 $ 1,038,955 $ 1,009,797 Net revenues 822,610 800,692 779,294 795,513 Earnings before income taxes 142,280 122,264 116,181 124,199 Net earnings attributable to Jefferies Group LLC 89,913 83,815 69,751 114,019

Schedule I (PARENT COMPANY ONLY

Schedule I (PARENT COMPANY ONLY)	12 Months Ended
	Nov. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Schedule I (PARENT COMPANY ONLY)	JEFFERIES GROUP LLC (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF FINANCIAL CONDITION (In thousands) November 30, 2018 2017 ASSETS Cash and cash equivalents $ 921,603 $ 1,959,536 Cash and securities segregated and on deposited for regulatory purposes or deposited with clearing and depository organizations 57,817 57,817 Financial instruments owned, at fair value 99,491 73,887 Loans to and investments in related parties 696,774 638,551 Investment in subsidiaries 5,850,168 5,084,726 Advances to subsidiaries 2,488,026 1,801,573 Subordinated notes receivable 2,434,411 2,708,685 Other assets 483,770 610,555 Total assets $ 13,032,060 $ 12,935,330 LIABILITIES AND EQUITY Short-term borrowings $ 56,555 $ 131,567 Financial instruments sold, not yet purchased, at fair value 797 18,061 Accrued expenses and other liabilities 431,471 610,036 Long-term debt 6,362,744 6,416,844 Total liabilities 6,851,567 7,176,508 EQUITY Member’s paid-in capital 6,376,662 5,895,601 Accumulated other comprehensive loss: Currency translation adjustments (185,804 ) (98,909 ) Changes in instrument specific credit risk (5,728 ) (27,888 ) Cash flow hedges 470 (936 ) Additional minimum pension liability (4,761 ) (9,046 ) Available-for-sale securities (346 ) — Total accumulated other comprehensive loss (196,169 ) (136,779 ) Total member’s equity 6,180,493 5,758,822 Total liabilities and equity $ 13,032,060 $ 12,935,330 See accompanying notes to condensed financial statements. JEFFERIES GROUP LLC (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In thousands) Year Ended November 30, 2018 2017 2016 Revenues: Principal transactions $ 20,875 $ 576 $ (308 ) Asset management fees — 1,266 2,482 Interest 262,042 241,357 226,781 Other 101,284 78,812 (8,156 ) Total revenues 384,201 322,011 220,799 Interest expense 316,050 276,727 235,556 Net revenues 68,151 45,284 (14,757 ) Non-interest expenses: Total non-interest expenses 5,016 13,598 5,187 Earnings (loss) before income taxes 63,135 31,686 (19,944 ) Income tax expense (benefit) 104,649 (21,292 ) (9,574 ) Net earnings (loss) before undistributed earnings of subsidiaries (41,514 ) 52,978 (10,370 ) Undistributed earnings of subsidiaries 200,275 304,520 25,804 Net earnings 158,761 357,498 15,434 Other comprehensive income (loss), net of tax: Currency translation and other adjustments (85,554 ) 53,396 (115,494 ) Change in instrument specific credit risk 22,160 (21,394 ) (6,494 ) Cash flow hedges 1,406 (936 ) — Minimum pension liability adjustments, net of tax 4,285 312 (1,223 ) Unrealized gain on available-for-sale securities 311 — — Total other comprehensive income (loss), net of tax (57,392 ) 31,378 (123,211 ) Comprehensive income (loss) $ 101,369 $ 388,876 $ (107,777 ) See accompanying notes to condensed financial statements. JEFFERIES GROUP LLC (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF CASH FLOWS (In thousands) Year Ended November 30, 2018 2017 2016 Cash flows from operating activities: Net earnings $ 158,761 $ 357,498 $ 15,434 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Amortization (53,296 ) (61,634 ) (63,681 ) Undistributed earnings of subsidiaries (200,275 ) (304,520 ) (25,804 ) (Income) loss on loans to and investments in related parties (98,223 ) (90,724 ) 10,251 Distributions received on investments in related parties 40,000 — 17,050 Other adjustments (116,307 ) 39,513 (34,496 ) Net change in assets and liabilities: Financial instruments owned (25,604 ) 90,399 9,467 Other assets 119,293 (29,031 ) 21,475 Financial instruments sold, not yet purchased (17,264 ) 10,776 (13,739 ) Accrued expenses and other liabilities (200,970 ) 324,446 15,125 Net cash provided by (used in) operating activities (393,885 ) 336,723 (48,918 ) Cash flows from investing activities: Investments in, advances to and subordinated notes receivable from subsidiaries (473,436 ) (415,100 ) 327,110 Loans to and investments in related parties — (73,915 ) 19,337 Cash received from contingent consideration — 1,342 2,617 Net cash provided by (used in) investing activities (473,436 ) (487,673 ) 349,064 Cash flows from financing activities: Proceeds from short-term borrowings 70,482 55,652 101,538 Payments on short-term borrowings (140,664 ) (32,326 ) (5,086 ) Proceeds from issuance of long-term debt, net of issuance costs 1,183,954 1,116,798 277,583 Repayment of long-term debt (1,035,700 ) (186,444 ) (350,000 ) Dividend distribution (248,684 ) — — Net cash provided by (used in) financing activities (170,612 ) 953,680 24,035 Net increase (decrease) in cash and cash equivalents (1,037,933 ) 802,730 324,181 Cash, cash equivalents and restricted cash at beginning of period 2,017,353 1,214,623 890,442 Cash, cash equivalents and restricted cash at end of period $ 979,420 $ 2,017,353 $ 1,214,623 Supplemental disclosures of cash flow information: Cash paid (received) during the period for: Interest $ 385,410 $ 332,135 $ 300,680 Income taxes, net 186,236 2,494 (8,654 ) Noncash financing activities: On October 1, 2018, Jefferies Financial Group Inc. (“Jefferies”) transferred to the Parent Company its 50% interest in Berkadia Commercial Mortgage Holding LLC (“Berkadia”) and its capital investments in certain separately managed accounts and funds. The transfer of its interest in Berkadia and a portion of the transfer of its capital investments in certain separately managed accounts and funds were recorded as a capital contribution and increased member’s equity by $598.2 million . Refer to Note 1, Organization and Basis of Presentation , in the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended November 30, 2018 for further details. The following presents the Parent Company’s cash, cash equivalents and restricted cash by category within the Condensed Statements of Financial Condition (in thousands): November 30, 2018 2017 Cash and cash equivalents $ 921,603 $ 1,959,536 Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations 57,817 57,817 Total cash, cash equivalents and restricted cash $ 979,420 $ 2,017,353 See accompanying notes to condensed financial statements. Note 1. Introduction and Basis of Presentation The accompanying condensed financial statements (the “Parent Company Financial Statements”), including the notes thereto, should be read in conjunction with the consolidated financial statements of Jefferies Group LLC (the “Company”) and the notes thereto found in the Company’s Annual Report on Form 10-K for the year ended November 30, 2018 . For purposes of these condensed non-consolidated financial statements, the Company’s wholly owned and majority owned subsidiaries are accounted for using the equity method of accounting (“equity method subsidiaries”). The Parent Company is an indirect wholly owned subsidiary of Jefferies, formerly known as Leucadia National Corporation. Jefferies does not guarantee any of our outstanding debt securities. The Parent Company Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial information. The significant accounting policies of the Parent Company Financial Statements are those used by the Company on a consolidated basis, to the extent applicable. For further information regarding the significant accounting policies refer to Note 2, Summary of Significant Accounting Policies in the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended November 30, 2018 . The Company has 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. Note 2. Transactions with Subsidiaries The Parent Company has transactions with its consolidated subsidiaries, Jefferies and certain other affiliated entities determined on an agreed upon basis and has guaranteed certain unsecured lines of credit and contractual obligations of certain equity method subsidiaries. Note 3. Guarantees In the normal course of its business, the Parent Company issues guarantees in respect of obligations of certain of its wholly owned subsidiaries under trading and other financial arrangements, including guarantees to various trading counterparties and banks. The Parent Company records all derivative contracts and Financial instruments owned and Financial instruments sold, not yet purchased at fair value in its Consolidated Statements of Financial Condition. Certain of the Parent Company’s equity method subsidiaries are members of various exchanges and clearing houses. In the normal course of business, the Parent Company provides 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. The Parent Company’s obligations under such guarantees could exceed the collateral amounts posted. The maximum potential liability under these arrangements cannot be quantified; however, the potential for the Parent Company to be required to make payments under such guarantees is deemed remote. Accordingly, no liability has been recognized for these arrangements. The Parent Company guarantees certain financing arrangements of subsidiaries. The maximum amount payable under these guarantees is $183.5 million at November 30, 2018 . For further information, refer to Note 12, Long-Term Debt , in the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended November 30, 2018 . Structured Notes. Structured notes of $686.2 million at November 30, 2018 were jointly and severally co-issued by our wholly-owned subsidiary Jefferies Group Capital Finance Inc.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Nov. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial information.
Use of Estimates	We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated 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 certain 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	Consolidation Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that 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 our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings (loss) to noncontrolling interests in our Consolidated Statements of Earnings. In situations in which 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 in Other revenues or Principal transactions 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.
Revenue Recognition Policies	Revenue Recognition Policies We adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (the “new revenue standard” or Accounting Standards Codification 606, (“ASC 606”)) on December 1, 2017. Revenue recognition policies under the new standard are applied prospectively in our financial statements from December 1, 2017 forward. Reported financial information for the historical comparable periods was not revised and continues to be reported under the accounting standards in effect during the historical periods. For investment banking revenues and asset management fees, we separately state the accounting policies applicable in the presented fiscal years. There were no material changes in our other revenue recognition policies as a result of the new standard. Refer to Note 3, Accounting Developments , for further information on our adoption of the new revenue standard. Commissions and Other Fees. All customer securities transactions are reported in our 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 acting as an agent in these arrangements, netted against commission revenues in our 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, 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 transactions revenues in our Consolidated Statements of Earnings, except for derivatives accounted for as hedges (see “Hedge Accounting” section herein and Note 5, Derivative Financial Instruments ). Fees received on loans carried at fair value are also recorded in Principal transactions revenues. Investment Banking - Year Ended November 30, 2018 . Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring advisory engagements, are expensed as incurred. All investment banking advisory expenses are recognized within their respective expense category on the Consolidated Statements of Earnings and any expenses reimbursed by clients are recognized as Investment banking revenues. Underwriting and placement agent revenues are recognized at a point in time on trade-date. Costs associated with underwriting activities are deferred until the related revenue is recognized or the engagement is otherwise concluded and are recorded on a gross basis within Underwriting costs in the Consolidated Statements of Earnings. Investment Banking - Years Ended November 30, 2017 and 2016 . 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 our Consolidated Statements of Earnings. Asset Management Fees - Year Ended November 30, 2018 . Management and administrative fees are generally recognized over the period that the related service is provided. Performance fee revenue is generally recognized only at the end of the performance period to the extent that the benchmark return has been met. Asset Management Fees - Years Ended November 30, 2017 and 2016 . Management and administrative fees are generally recognized over the period that the related service is provided. 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, 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 transactions revenues in our 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, except for those for which we have elected the fair value option, 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 money market funds and certificates of deposit, 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 LLC 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 transactions 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. Valuation adjustments and block discounts are not applied to Level 1 instruments. Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable at the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments that fair values for which have been derived using model inputs that 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. 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 on the best available information, taking into account the types of financial instruments, current financial information, restrictions (if any) 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 are permitted based on management’s judgment, which takes into consideration the features of the financial instrument such as its complexity, the market in which the financial instrument is traded and underlying risk uncertainties about market conditions. 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. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
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 our 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. 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 in our Consolidated Statements of Earnings on an accrual basis. Repos are presented in our 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.
Offsetting of Derivative Financial Instruments and Securities Financing Agreements	Offsetting of Derivative Financial Instruments and Securities Financing Agreements To manage our exposure to credit risk associated with our derivative activities and securities financing transactions, we may enter into International Swaps and Derivative Association, Inc. (“ISDA”) master netting agreements, master securities lending agreements, master repurchase agreements or similar agreements and collateral arrangements 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. 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 contracts or transactions.
Hedge Accounting	Hedge Accounting Hedge accounting is applied using interest rate swaps designated as fair value hedges of changes in the benchmark interest rate of fixed rate senior long-term debt. The interest rate swaps are included as derivative contracts in Financial instruments owned and Financial instruments sold, not yet purchased in our Consolidated Statements of Financial Position. We use regression analysis to perform ongoing prospective and retrospective assessments of the effectiveness of these hedging relationships. A hedging relationship is deemed effective if the change in fair value of the interest rate swap and the change in the fair value of the long-term debt due to changes in the benchmark interest rate offset within a range of 80% - 125% . The impact of valuation adjustments related to our own credit spreads and counterparty credit spreads are included in the assessment of effectiveness. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative and the change in fair value of the long-term debt provide offset of one another, and together with any resulting ineffectiveness, are recorded in Interest expense.
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 st 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 the 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. Intangible assets are included in Other assets in our Consolidated Statements of Financial Condition. Our annual indefinite-lived intangible asset impairment testing date is August 1st. 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 Jefferies. 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 Jefferies, payments are made between us and Jefferies 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. 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. 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 our 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 of potential loss or range of potential loss in excess of what has been provided in our consolidated financial statements that could be reasonably estimated 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. Effective upon our adoption of FASB ASU No. ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) on December 1, 2016, we account for forfeitures as they occur. Prior to the adoption of ASU 2016-09, expected forfeitures were 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 transactions revenues in our 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. Transfers of financial assets to securitization vehicles 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 in Financial instruments owned within our Consolidated Statements of Financial Condition at fair value. Any changes in the fair value of such retained interests are recognized in Principal transactions revenues in our 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 continues to recognize the assets of a secured borrowing in Financial instruments owned and recognizes the associated financing in Other secured financings in our Consolidated Statements of Financial Condition.
Accounting Developments	Accounting Standards to be Adopted in Future Periods Consolidation. In October 2018, the FASB issued ASU No. 2018-17, Consolidation: Targeted Improvements to Related Party Guidance for Variable Interest Entities. The guidance requires indirect interests held through related parties under common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Internal-Use Software. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The guidance amends the definition of a hosting arrangement and requires that the customer in a hosting arrangement that is a service contract capitalize certain implementation costs as if the arrangement was an internal-use software project. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Defined Benefit Plans. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General: Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. The objective of the guidance is to improve the effectiveness of disclosure requirements on defined benefit pension plans and other postretirement plans. The guidance is effective in the first quarter of fiscal 2021. We do not believe the new guidance will have a material impact on our consolidated financial statements. Derivatives and Hedging. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The objective of the guidance is to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The guidance is effective in the first quarter of fiscal 2020. We do not believe the new guidance will have a material impact on our consolidated financial statements. Stock Compensation. In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation: Scope of Modification Accounting. The guidance provides clarity and reduces diversity in practice and cost and complexity when accounting for a change to the terms or conditions of a share-based payment award. The guidance is effective in the first quarter of fiscal 2019. We do not believe the new guidance will have a material impact on our consolidated financial statements. Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies goodwill impairment testing. The guidance is effective in the first quarter of fiscal 2021. We do not believe the new guidance will have a material impact on our consolidated financial statements. Financial Instruments—Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. 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. 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 2016-02”). The guidance affects the accounting for leases and provides for a lessee model that brings substantially all leases that are longer than one year onto the balance sheet, which will result in the recognition of a right of use asset and a corresponding lease liability. The right of use asset and lease liability will be measured initially using the present value of the remaining rental payments. A significant portion of the population of contracts that will be subject to recognition on our Consolidated Statements of Financial Condition have been identified; however, their initial measurement still remains under evaluation. We are currently modifying our lease accounting systems to enable us to comply with the accounting requirements of this guidance. In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements. The guidance allows an entity to recognize a cumulative-effect adjustment to the opening balance of retained earnings upon adoption of ASU 2016-02. We plan on adopting both lease ASUs in the first quarter of fiscal 2020 with a cumulative-effect adjustment to opening member’s equity in the period of adoption. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Adopted Accounting Standards Fair Value Measurement. In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The objective of this guidance is to improve the effectiveness of disclosure requirements on fair value measurement by eliminating certain disclosure requirements for fair value measurements for all entities, requiring public entities to disclose certain new information and modifying some disclosure requirements. We early adopted this disclosure guidance in the third quarter of fiscal 2018 and the adoption did not have a material impact on our consolidated financial statements. Comprehensive Income. In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The guidance allows companies the option to reclassify stranded taxes from Accumulated other comprehensive income to retained earnings due to the decrease in the Federal Statutory tax rate from 35% to 21% resulting from the Tax Act. The amount of the reclassification is the difference between the historical corporate income tax rate and the newly enacted corporate income tax rate. We early adopted this guidance as of February 28, 2018, resulting in a reclassification adjustment of $7.6 million related to unamortized pension liabilities, cash flow hedges and instrument specific credit risk in our consolidated financial statements. Retirement Benefits. In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The guidance impacts the presentation of net periodic pension costs in the statement of income. We early adopted this guidance in the first quarter of fiscal 2018 and the adoption did not have a material impact on our Consolidated Statements of Earnings. Statement of Cash Flows. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The guidance adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash (“ASU 2016-18”), which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. We adopted both ASUs in the first quarter of fiscal 2018. Prior periods were retrospectively adjusted to conform to the current period’s presentation. The adoption of ASU 2016-15 did not have a material impact on our Consolidated Statements of Cash Flows. Upon adoption of ASU 2016-18, we recorded a decrease of $280.5 million and an increase of $7.9 million in Net cash provided by (used by) operating activities for the years ended November 30, 2017 and 2016, respectively, related to reclassifying the changes in our restricted cash balance from operating activities to the cash and cash equivalent balances within the Consolidated Statements of Cash Flows. 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. We adopted the guidance on financial liabilities under the fair value option in the first quarter of fiscal 2016 and we adopted the remaining guidance in the first quarter of fiscal 2018. The adoption of this accounting guidance did not have a material effect on our consolidated financial statements. Revenue Recognition . We adopted the new revenue standard on December 1, 2017 and recognized a reduction of $6.1 million after-tax to beginning Member’s paid-in capital as the cumulative effect of adoption of this accounting change. The impact of adoption is primarily related to investment banking expenses that were deferred as of November 30, 2017 under the previously existing accounting guidance, which would have been expensed in prior periods under the new revenue standard, and investment banking revenues that were previously recognized in prior periods, which would have been deferred as of November 30, 2017 under the new revenue standard. We elected to adopt the new guidance using a modified retrospective approach applied to contracts that were not completed as of December 1, 2017. Accordingly, the new revenue standard is applied prospectively in our financial statements from December 1, 2017 forward and reported financial information for historical comparable periods is not revised and continues to be reported under the accounting standards in effect during those historical periods. The new revenue guidance does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other U.S. GAAP, and as a result, did not have an impact on the elements of our Consolidated Statements of Earnings most closely associated with financial instruments, including Principal transactions revenues, Interest income and Interest expense. The new revenue standard primarily impacts the following of our revenue recognition and presentation accounting policies: • Investment Banking Revenues. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. • Certain Capital Markets Revenues. Revenues associated with price stabilization activities as part of a securities underwriting were historically recognized as part of Investment banking revenues. Under the new revenue standard, revenue from these activities is recognized within Principal transactions revenues, as these revenues are not considered to be within the scope of the new standard. • Investment Banking Advisory Expenses. Historically, expenses associated with investment banking advisory assignments were deferred until reimbursed by the client, the related fee revenue is recognized or the engagement is otherwise concluded. Under the new revenue standard, expenses are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. • Investment Banking Underwriting and Advisory Expenses. Expenses have historically been recorded net of client reimbursements and/or netted against revenues. Under the new revenue standard, all investment banking expenses will be recognized within their respective expense category on the Consolidated Statements of Earnings and any expense reimbursements will be recognized as Investment banking revenues ( i.e. , expenses are no longer recorded net of client reimbursements and are not netted against revenues). • Asset Management Fees. In certain asset management fee arrangements, we receive performance-based fees, which vary with performance or, in certain cases, are earned when the return on assets under management exceed certain benchmark returns or other performance targets. Historically, performance fees have been accrued (or reversed) quarterly based on measuring performance to date versus any relevant benchmark return hurdles stated in the investment management agreement. Under the new revenue standard, performance fees are considered variable as they are subject to fluctuation ( e.g. , based on market performance) and/or are contingent on a future event during the measurement period ( e.g. , exceeding a specified benchmark index) and are recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Accordingly, performance fee revenue will generally be recognized only at the end of the performance period to the extent that the benchmark return has been met.

Accounting Developments (Tables

Accounting Developments (Tables)	12 Months Ended
	Nov. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Schedule of New Accounting Pronouncements	The table below presents the impact to revenues and expenses as a result of the change in presentation of investment banking expenses (in thousands): Year Ended November 30, 2018 As Reported ASC 606 Impact Adjusted (1) Revenues: Investment banking $ 1,910,203 $ 131,789 $ 1,778,414 Total revenues 4,429,632 131,789 4,297,843 Net revenues 3,183,376 131,789 3,051,587 Non-interest expenses: Underwriting costs 64,317 64,317 — Technology and communications 305,655 489 305,166 Business development 163,756 62,676 101,080 Professional services 139,885 3,210 136,675 Other expenses 73,812 1,097 72,715 Total non-compensation expenses 1,037,445 131,789 905,656 Total non-interest expenses 2,773,709 131,789 2,641,920 (1) The amounts reflect each affected financial statement line item as they would have been reported under U.S. GAAP, prior to the adoption of the new revenue standard.

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Nov. 30, 2018
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 net asset value (“NAV”) of $322.9 million and $215.4 million at November 30, 2018 and 2017 , respectively, by level within the fair value hierarchy (in thousands): November 30, 2018 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Financial instruments owned: Corporate equity securities $ 1,907,945 $ 118,681 $ 51,040 $ — $ 2,077,666 Corporate debt securities — 2,683,180 9,484 — 2,692,664 Collateralized debt obligations and collateralized loan obligations — 72,949 25,815 — 98,764 U.S. government and federal agency securities 1,789,614 56,592 — — 1,846,206 Municipal securities — 894,253 — — 894,253 Sovereign obligations 1,769,556 1,043,409 — — 2,812,965 Residential mortgage-backed securities — 2,163,629 19,603 — 2,183,232 Commercial mortgage-backed securities — 819,406 10,886 — 830,292 Other asset-backed securities — 239,381 53,175 — 292,556 Loans and other receivables — 2,056,593 46,985 — 2,103,578 Derivatives 12,186 2,524,988 5,922 (2,412,486 ) 130,610 Investments at fair value — — 113,831 — 113,831 Total financial instruments owned, excluding Investments at fair value based on NAV $ 5,479,301 $ 12,673,061 $ 336,741 $ (2,412,486 ) $ 16,076,617 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,685,071 $ 1,444 $ — $ — $ 1,686,515 Corporate debt securities — 1,505,618 522 — 1,506,140 U.S. government and federal agency securities 1,384,295 — — — 1,384,295 Sovereign obligations 1,735,242 661,095 — — 2,396,337 Loans — 1,371,630 6,376 — 1,378,006 Derivatives 26,471 3,585,249 27,536 (2,511,605 ) 1,127,651 Total financial instruments sold, not yet purchased $ 4,831,079 $ 7,125,036 $ 34,434 $ (2,511,605 ) $ 9,478,944 Long-term debt $ — $ 485,425 $ 200,745 $ — $ 686,170 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. November 30, 2017 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Financial instruments owned: Corporate equity securities $ 1,801,453 $ 57,091 $ 22,009 $ — $ 1,880,553 Corporate debt securities — 3,261,300 26,036 — 3,287,336 Collateralized debt obligations and collateralized loan obligations — 139,166 30,004 — 169,170 U.S. government and federal agency securities 1,269,230 39,443 — — 1,308,673 Municipal securities — 710,513 — — 710,513 Sovereign obligations 1,381,552 1,035,907 — — 2,417,459 Residential mortgage-backed securities — 1,453,294 26,077 — 1,479,371 Commercial mortgage-backed securities — 508,115 12,419 — 520,534 Other asset-backed securities — 217,111 61,129 — 278,240 Loans and other receivables — 1,620,581 47,304 — 1,667,885 Derivatives 160,168 3,248,586 9,295 (3,254,216 ) 163,833 Investments at fair value — 946 93,454 — 94,400 Total financial instruments owned, excluding Investments at fair value based on NAV $ 4,612,403 $ 12,292,053 $ 327,727 $ (3,254,216 ) $ 13,977,967 Securities received as collateral $ 103 $ — $ — $ — $ 103 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 1,456,675 $ 32,122 $ 48 $ — $ 1,488,845 Corporate debt securities — 1,688,825 522 — 1,689,347 U.S. government and federal agency securities 1,430,737 — — — 1,430,737 Sovereign obligations 1,216,643 956,992 — — 2,173,635 Commercial mortgage-backed securities — — 105 — 105 Loans — 1,148,824 3,486 — 1,152,310 Derivatives 247,919 3,399,239 16,041 (3,426,249 ) 236,950 Total financial instruments sold, not yet purchased $ 4,351,974 $ 7,226,002 $ 20,202 $ (3,426,249 ) $ 8,171,929 Short-term borrowings $ — $ 23,324 $ — $ — $ 23,324 Long-term debt $ — $ 606,956 $ — $ — $ 606,956 Obligation to return securities received as collateral $ 103 $ — $ — $ — $ 103 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
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): November 30, 2018 Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) Equity Long/Short Hedge Funds (2) $ 15,338 $ — Quarterly Equity Funds (3) 40,070 20,996 — Commodity Funds (4) 10,129 — Quarterly Multi-asset Funds (5) 256,972 — — Other Funds (6) 400 — — Total $ 322,909 $ 20,996 November 30, 2017 Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) Equity Long/Short Hedge Funds (2) $ 33,176 $ — Monthly, Quarterly Equity Funds (3) 26,798 19,084 — Multi-asset Funds (5) 154,805 — — Other Funds (6) 606 — — Total $ 215,385 $ 19,084 (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 November 30, 2018 and 2017 , approximately 3% and 1% , respectively, of the fair value of investments in this category are classified as being in liquidation. (3) At November 30, 2018 and 2017 , the 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 be liquidated in one to ten years. (4) This category includes investments in hedge funds that invest, long and short, primarily in commodities. Investments in this category are redeemable quarterly with 60 days prior written notice. (5) 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 November 30, 2018 and 2017 , investments representing approximately 15% and 12% , respectively, of the fair value of investments in this category are redeemable with 30 days prior written notice. (6) 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 and there are no redemption provisions. This category also includes investments in fund of funds that invest in various private equity funds that are managed by us and have no redemption provisions. These investments are gradually being liquidated or we have requested redemption, however, we are unable to estimate when these funds will be received.
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 year ended November 30, 2018 (in thousands): Balance at November 30, 2017 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ (out of) Level 3 Balance at November 30, 2018 For instruments still held at November 30, 2018, changes in unrealized gains/(losses) included in: Earnings (1) Other comprehensive income (1) Assets: Financial instruments owned: Corporate equity securities $ 22,009 $ 24,023 $ 31,669 $ (22,759 ) $ (3,977 ) $ — $ 75 $ 51,040 $ 22,774 $ — Corporate debt securities 26,036 (439 ) 10,352 (23,364 ) (1,679 ) — (1,422 ) 9,484 (2,606 ) — CDOs and CLOs 30,004 (14,368 ) 356,650 (353,330 ) (10,247 ) — 17,106 25,815 (7,605 ) — RMBS 26,077 (6,970 ) 3,118 (12,816 ) (513 ) — 10,707 19,603 521 — CMBS 12,419 (2,186 ) 1,436 (471 ) (16,624 ) — 16,312 10,886 (4,000 ) — Other ABS 61,129 (9,934 ) 706,846 (677,220 ) (27,641 ) — (5 ) 53,175 (5,283 ) — Loans and other receivables 47,304 (5,137 ) 149,228 (130,832 ) (15,311 ) — 1,733 46,985 (8,457 ) — Investments at fair value 93,454 2,353 34,648 (17,570 ) — — 946 113,831 1,759 — Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 48 $ — $ — $ — $ — $ — $ (48 ) $ — $ — $ — Corporate debt securities 522 — — — — — — 522 — — CMBS 105 (105 ) — — — — — — — — Loans 3,486 84 (4,626 ) 7,432 — — — 6,376 (28 ) — Net derivatives (2) 6,746 (3,237 ) (17 ) 14,920 (1,335 ) — 4,537 21,614 (646 ) — Long-term debt — (30,347 ) — — — 84,860 146,232 200,745 10,951 19,396 (1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statement of Comprehensive Income, net of tax. (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 year ended November 30, 2016 (in thousands): 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 November 30, 2016 Change in unrealized gain/ (losses) relating to instruments still held at November 30, 2016 (1) Assets: Financial instruments owned: Corporate equity securities $ 40,906 $ (8,463 ) $ 3,365 $ (49 ) $ (671 ) $ — $ (13,349 ) $ 21,739 $ 291 Corporate debt securities 25,876 (16,230 ) 27,242 (29,347 ) (7,223 ) — 24,687 25,005 (18,799 ) CDOs and CLOs 85,092 (14,918 ) 52,316 (69,394 ) (2,750 ) — 4,008 54,354 (7,628 ) Municipal securities — (1,462 ) — — — — 28,719 27,257 (1,462 ) Sovereign obligations 120 5 — (125 ) — — — — — RMBS 70,263 (9,612 ) 623 (12,249 ) (931 ) — (9,322 ) 38,772 (1,095 ) CMBS 14,326 (7,550 ) 3,132 (2,024 ) (2,229 ) — 14,925 20,580 (7,243 ) Other ABS 42,925 (14,381 ) 133,986 (102,952 ) (8,769 ) — (9,898 ) 40,911 (18,056 ) Loans and other receivables 189,289 (42,566 ) 75,264 (69,262 ) (46,851 ) — (24,002 ) 81,872 (52,003 ) Investments, at fair value 53,120 (13,278 ) 26,228 (542 ) (1,107 ) — 31,948 96,369 (13,208 ) Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 38 $ — $ — $ 313 $ (38 ) $ — $ — $ 313 $ — Corporate debt securities — (27 ) — 550 — — — 523 — Loans 10,469 — — 378 — — (10,469 ) 378 — Net derivatives (2) (242 ) (1,760 ) — 11,101 31 2,067 (7,756 ) 3,441 (6,458 ) Other secured financings 544 (126 ) — — — — — 418 (126 ) (1) Realized and unrealized gains/losses are reported in Principal transactions revenues in our 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 year ended November 30, 2017 (in thousands): Balance at November 30, 2016 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into/ Balance at November 30, 2017 Change in unrealized gains/ (losses) relating to instruments still held at November 30, 2017 (1) Assets: Financial instruments owned: Corporate equity securities $ 21,739 $ 3,262 $ 896 $ (1,623 ) $ 52 $ — $ (2,317 ) $ 22,009 $ 2,515 Corporate debt securities 25,005 (3,723 ) 36,850 (34,077 ) (1,968 ) — 3,949 26,036 (3,768 ) CDOs and CLOs 54,354 (19,858 ) 112,239 (110,907 ) (367 ) — (5,457 ) 30,004 (2,262 ) Municipal securities 27,257 (1,547 ) — (25,710 ) — — — — — RMBS 38,772 (10,817 ) 6,805 (26,193 ) (115 ) — 17,625 26,077 (7,201 ) CMBS 20,580 (5,346 ) 3,275 (5,263 ) (1,018 ) — 191 12,419 (6,976 ) Other ABS 40,911 (17,705 ) 77,508 (8,613 ) (25,799 ) — (5,173 ) 61,129 (12,562 ) Loans and other receivables 81,872 24,794 63,768 (53,095 ) (34,622 ) — (35,413 ) 47,304 17,451 Investments at fair value 96,369 6,361 1,981 (10,157 ) (1,100 ) — — 93,454 8,385 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 313 $ 60 $ (373 ) $ 48 $ — $ — $ — $ 48 $ — Corporate debt securities 523 (1 ) — — — — — 522 1 CMBS — 105 — — — — — 105 (105 ) Loans 378 196 (385 ) 2,485 — — 812 3,486 (2,639 ) Net derivatives (2) 3,441 (1,638 ) — — 5,558 456 (1,071 ) 6,746 (17,740 ) Other secured financings 418 (418 ) — — — — — — — (1) Realized and unrealized gains/losses are reported in Principal transactions revenues in our 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. November 30, 2018 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Average Corporate equity securities $ 43,644 Non-exchange-traded securities Market approach Price $1-$75 $ 12 Transaction level $47 — Corporate debt securities $ 9,484 Market approach Estimated recovery percentage 46% — Transaction level $80 — CDOs and CLOs $ 25,815 Discounted cash flows Constant prepayment rate 10%-20% 18 % Constant default rate 1%-2% 2 % Loss severity 25%-30% 26 % Discount rate/yield 11%-16% 14 % Scenario analysis Estimated recovery percentage 2% — RMBS $ 19,603 Discounted cash flows Cumulative loss rate 4% — Duration (years) 13 — Discount rate/yield 3% — Loss severity 0% — Market approach Price $100 — CMBS $ 9,444 Discounted cash flows Cumulative loss rate 8%-85% 45 % Duration (years) 1-3 1 Discount rate/yield 2%-15% 6 % Loss severity 64% — Scenario analysis Estimated recovery percentage 26% — Price $49 — Other ABS $ 53,175 Discounted cash flows Cumulative loss rate 12%-30% 22 % Duration (years) 1-2 1 Discount rate/yield 6%-12% 8 % Market approach Price $100 — Loans and other receivables $ 46,078 Market approach Price $50-$100 $ 96 Scenario analysis Estimated recovery percentage 13%-117% 105 % Derivatives $ 4,602 Total return swaps Market approach Price $97 — Interest rate swaps Market approach Price $20 — Investments at fair value $ 113,831 Private equity securities Market approach Price $3-$250 $ 108 Transaction level $169 — Scenario analysis Discount rate/yield 20% — Revenue growth 0% — Financial Instruments Sold, Not Yet Purchased: Loans $ 6,376 Market approach Price $50-$101 $ 74 Derivatives $ 27,536 Equity options Option model/default rate Default probability 0% — Volatility benchmarking Volatility 39%-62% 50 % Interest rate swaps Market approach Price $20 — Total return swaps Market approach Price $97 — Long-term debt Structured notes $ 200,745 Market approach Price $78-$94 $ 86 Price €68-€110 € 96 November 30, 2017 Financial Instruments Owned: Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input / Range Weighted Average Corporate equity securities $ 18,109 Non-exchange-traded securities Market approach Price $3-$75 $ 33 Underlying stock price $6 — Comparable pricing Comparable asset price $7 — Corporate debt securities $ 26,036 Convertible bond model Discount rate/yield 8% — Volatility 40% — Market approach Estimated recovery percentage 17% — Price $10 — CDOs and CLOs $ 30,004 Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25%-30% 26 % Discount rate/yield 3%-26% 12 % Scenario analysis Estimated recovery percentage 8%-40% 22 % RMBS $ 26,077 Discounted cash flows Cumulative loss rate 3%-19% 10 % Duration (years) 2-4 3 Discount rate/yield 6%-10% 8 % CMBS $ 12,419 Discounted cash flows Cumulative loss rate 8%-65% 44 % Duration (years) 1-3 2 Discount rate/yield 2%-26% 12 % Scenario analysis Estimated recovery percentage 26%-32% 28 % Price $52-$56 $ 54 Other ABS $ 61,129 Discounted cash flows Cumulative loss rate 0%-33% 23 % Duration (years) 1-6 2 Discount rate/yield 5%-39% 9 % Market approach Price $100 — Scenario analysis Estimated recovery percentage 14% — Loans and other receivables $ 46,121 Market approach Estimated recovery percentage 76% — Price $54-$100 $ 95 Scenario analysis Estimated recovery percentage 13%-107% 78 % Derivatives $ 9,295 Total return swaps Market approach Price $101-$106 $ 103 Interest rate swaps Market approach Credit spread 800 bps — Investments at fair value $ 77,423 Private equity securities Market approach Transaction level $3-$250 $ 172 Price $7 — Financial Instruments Sold, Not Yet Purchased: Derivatives $ 16,041 Equity options Option model/default rate Default probability 0% — Unfunded commitments Market approach Price $99 — Total return swaps Market approach Price $101-$106 $ 103 Variable funding note swaps Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25% — Discount rate/yield 26% —
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 and Short-term borrowings measured at fair value under the fair value option (in thousands): Year Ended November 30, 2018 2017 2016 Financial instruments owned: Loans and other receivables $ (3,856 ) $ 22,088 $ (68,812 ) Financial instruments sold: Loans $ (46 ) $ — $ 9 Loan commitments (739 ) 230 5,509 Long-term debt: Changes in instrument specific credit risk (1) $ 38,064 $ (34,609 ) $ (10,745 ) Other changes in fair value (2) 48,748 47,291 30,995 Short-term borrowings: Other changes in fair value (2) $ — $ (681 ) $ — (1) Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statements of Comprehensive Income, net of tax. (2) Other changes in fair value are included in Principal transactions revenues in our Consolidated Statements of Earnings. The following is a summary of the amount by which contractual principal exceeds fair value for loans and other receivables, long term debt and short-term borrowings measured at fair value under the fair value option (in thousands): November 30, 2018 2017 Financial instruments owned: Loans and other receivables (1) $ 806,798 $ 752,076 Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) 24,389 159,462 Long-term debt and short-term borrowings 114,669 32,839 (1) Interest income is recognized separately from other changes in fair value and is included in Interest revenues in our Consolidated Statements of Earnings. (2) Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $20.5 million and $38.7 million at November 30, 2018 and 2017 , respectively.
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis	The following table presents those assets measured at fair value on a non-recurring basis for which we recognized a non-recurring fair value adjustment during the years ended November 30, 2018 , 2017 and 2016 (in thousands): Carrying Value at November 30, 2018 Level 2 Level 3 Impairment Losses for the Year Ended November 30, 2018 Exchange ownership interests and registrations (1) $ 2,663 $ 2,663 $ — $ 9 Carrying Value at November 30, 2017 Level 2 Level 3 Impairment Losses for the Year Ended November 30, 2017 Exchange ownership interests and registrations (1) $ 2,672 $ 2,672 $ — $ 613 Carrying Value at November 30, 2016 Level 2 Level 3 Impairment Losses for the Year Ended November 30, 2016 Exchange ownership interests and registrations (1) $ 2,716 $ 2,716 $ — $ 1,284 (1) Impairment losses for exchange memberships, which represent ownership interests in market exchanges on which trading business is conducted, and registrations, were recognized in Other expenses. The fair value of these exchange memberships is based on observed quoted sales prices for each individual membership. (See Note 10, Goodwill and Intangible Assets .) The intangible assets are recognized for the years ended November 30, 2018, 2017 and 2016, primarily in the Fixed income reporting unit.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Nov. 30, 2018
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 November 30, 2018 and 2017 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 our 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). November 30, 2018 (1) Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 29,647 1 Total derivatives designated as accounting hedges — 29,647 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 924 32,159 513 66,095 Cleared OTC 422,670 2,095 411,833 2,394 Bilateral OTC 372,899 1,398 491,697 816 Foreign exchange contracts: Exchange-traded 42 538 2 690 Cleared OTC — — 36 3 Bilateral OTC 311,228 9,548 314,951 9,909 Equity contracts: Exchange-traded 1,202,927 2,104,684 2,061,137 1,779,836 Bilateral OTC 207,221 5,126 315,996 2,764 Commodity contracts: Exchange-traded 213 3,927 270 4,012 Credit contracts: Cleared OTC 11,204 7 1,556 14 Bilateral OTC 13,768 123 11,618 79 Total derivatives not designated as accounting hedges 2,543,096 3,609,609 Total gross derivative assets/ liabilities: Exchange-traded 1,204,106 2,061,922 Cleared OTC 433,874 443,072 Bilateral OTC 905,116 1,134,262 Amounts offset in our Consolidated Statements of Financial Condition (3): Exchange-traded (1,190,951 ) (1,190,951 ) Cleared OTC (407,351 ) (418,779 ) Bilateral OTC (814,184 ) (901,875 ) Net amounts per Consolidated Statements of Financial Condition (4) $ 130,610 $ 1,127,651 (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) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4) 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 our Consolidated Statements of Financial Condition. November 30, 2017 (1) Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC (3) $ — — $ 2,420 1 Total derivatives designated as accounting hedges — 2,420 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 1,957 33,972 66 8,515 Cleared OTC (3) 1,334,878 2,711 1,263,994 2,948 Bilateral OTC 380,223 1,804 444,716 1,346 Foreign exchange contracts: Exchange-traded 157 2,045 20 101 Bilateral OTC 303,091 4,338 286,582 4,361 Equity contracts: Exchange-traded 1,288,295 2,654,555 1,375,832 2,090,935 Bilateral OTC 78,812 1,847 247,750 1,722 Commodity contracts: Exchange-traded 209 3,723 18 3,819 Credit contracts: Cleared OTC 5,506 18 8,613 27 Bilateral OTC 24,921 110 33,188 164 Total derivatives not designated as accounting hedges 3,418,049 3,660,779 Total gross derivative assets/liabilities: Exchange-traded 1,290,618 1,375,936 Cleared OTC 1,340,384 1,275,027 Bilateral OTC 787,047 1,012,236 Amounts offset in our Consolidated Statements of Financial Condition (4): Exchange-traded (1,268,043 ) (1,268,043 ) Cleared OTC (3) (1,319,895 ) (1,274,900 ) Bilateral OTC (666,278 ) (883,306 ) Net amounts per Consolidated Statements of Financial Condition (5) $ 163,833 $ 236,950 (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) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition. (3) Pursuant to a rule change by the London Clearing House in the first fiscal quarter of 2018, variation margin exchanged each day with this clearing organization on certain interest rate derivatives is characterized as settlement payments as opposed to cash posted as collateral. The impact of this rule change would have been a reduction in gross interest rate derivative assets and liabilities as of November 30, 2017 of approximately $800 million , and a corresponding decrease in counterparty and cash collateral netting, with no impact to our Consolidated Statement of Financial Condition . (4) Amounts netted include both netting by counterparty and for cash collateral paid or received. (5) 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 our Consolidated Statements of Financial Condition.
Unrealized and Realized Gains (Losses) on Derivative Contracts	The following table provides information related to gains (losses) recognized in Interest expense in our Consolidated Statements of Earnings on a fair value hedge (in thousands): Year Ended November 30, Gains (Losses) 2018 2017 2016 Interest rate swaps $ (25,539 ) $ (2,091 ) $ — Long-term debt 27,363 8,124 — Total $ 1,824 $ 6,033 $ — The following table presents unrealized and realized gains (losses) on derivative contracts recognized in Principal transactions revenues in our Consolidated Statements of Earnings, which are utilized in connection with our client activities and our economic risk management activities (in thousands): Year Ended November 30, Gains (Losses) 2018 2017 2016 Interest rate contracts $ 67,291 $ 2,959 $ (34,319 ) Foreign exchange contracts (304 ) 4,735 18,122 Equity contracts (232,873 ) (303,953 ) (650,815 ) Commodity contracts 1,112 (4,911 ) 1,310 Credit contracts 2,715 8,508 13,039 Total $ (162,059 ) $ (292,662 ) $ (652,663 )
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 November 30, 2018 (in thousands): OTC Derivative Assets (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Equity swaps and options $ 1,769 $ 13,966 $ 4,934 $ (1,889 ) $ 18,780 Credit default swaps 66 12,060 3,984 (899 ) 15,211 Total return swaps 95,130 19,519 — (1,786 ) 112,863 Foreign currency forwards, swaps and options 39,162 15,942 — (12,528 ) 42,576 Fixed income forwards 3,911 — — — 3,911 Interest rate swaps, options and forwards 27,851 93,303 103,165 (77,874 ) 146,445 Total $ 167,889 $ 154,790 $ 112,083 $ (94,976 ) 339,786 Cross product counterparty netting (18,743 ) Total OTC derivative assets included in Financial instruments owned $ 321,043 (1) At November 30, 2018 , we held exchange-traded derivative assets and other credit agreements with a fair value of $14.8 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 in our Consolidated Statements of Financial Condition. At November 30, 2018 , cash collateral received was $205.3 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0 – 12 Months 1 – 5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Equity swaps and options $ 52,466 $ 83,938 $ 35,730 $ (1,889 ) $ 170,245 Credit default swaps 164 1,197 1,548 (899 ) 2,010 Total return swaps 64,296 11,549 — (1,786 ) 74,059 Foreign currency forwards, swaps and options 43,593 15,546 — (12,528 ) 46,611 Interest rate swaps, options and forwards 30,518 135,874 196,171 (77,874 ) 284,689 Total $ 191,037 $ 248,104 $ 233,449 $ (94,976 ) 577,614 Cross product counterparty netting (18,743 ) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased $ 558,871 (1) At November 30, 2018 , we held exchange-traded derivative liabilities and other credit agreements with a fair value of $873.5 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 in our Consolidated Statements of Financial Condition. At November 30, 2018 , cash collateral pledged was $304.7 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	The following table presents the counterparty credit quality with respect to the fair value of our OTC derivative assets at November 30, 2018 (in thousands): Counterparty credit quality (1): A- or higher $ 157,742 BBB- to BBB+ 18,390 BB+ or lower 119,713 Unrated 25,198 Total $ 321,043 (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.
Credit Related Derivative Contracts	The external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts (in millions): November 30, 2018 External Credit Rating Investment Grade Non-investment Grade Unrated Total Notional Credit protection sold: Index credit default swaps $ 25.7 $ 167.4 $ — $ 193.1 Single name credit default swaps 57.7 84.5 3.0 145.2 November 30, 2017 External Credit Rating Investment Grade Non-investment Grade Total Notional Credit protection sold: Index credit default swaps $ 3.0 $ 46.0 $ 49.0 Single name credit default swaps 129.1 89.1 218.2
Derivative Instruments with Contingent Features	The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts we have posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions): November 30, 2018 2017 Derivative instrument liabilities with credit-risk-related contingent features $ 93.5 $ 95.1 Collateral posted (61.5 ) (86.4 ) Collateral received 91.5 5.6 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 123.3 14.3 (1) These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	12 Months Ended
	Nov. 30, 2018
Banking and Thrift [Abstract]
Schedule of Collateralized Financing Transactions	The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral by class of collateral pledged (in thousands): November 30, 2018 Securities Lending Arrangements Repurchase Agreements Total Collateral Pledged: Corporate equity securities $ 1,505,218 $ 487,124 $ 1,992,342 Corporate debt securities 333,221 1,853,309 2,186,530 Mortgage- and asset-backed securities 249 2,820,543 2,820,792 U.S. government and federal agency securities — 8,181,947 8,181,947 Municipal securities — 604,274 604,274 Sovereign obligations — 2,945,521 2,945,521 Loans and other receivables — 300,768 300,768 Total $ 1,838,688 $ 17,193,486 $ 19,032,174 November 30, 2017 Securities Lending Arrangements Repurchase Agreements Obligation To Return Securities Received As Collateral Total Collateral Pledged: Corporate equity securities $ 2,353,798 $ 214,413 $ — $ 2,568,211 Corporate debt securities 470,908 2,336,702 — 2,807,610 Mortgage- and asset-backed securities — 2,562,268 — 2,562,268 U.S. government and federal agency securities 19,205 11,792,534 — 11,811,739 Municipal securities — 444,861 — 444,861 Sovereign obligations — 2,023,530 103 2,023,633 Loans and other receivables — 454,941 — 454,941 Total $ 2,843,911 $ 19,829,249 $ 103 $ 22,673,263 The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral by remaining contractual maturity (in thousands): November 30, 2018 Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 807,347 $ — $ 560,417 $ 470,924 $ 1,838,688 Repurchase agreements 7,849,052 1,915,325 6,042,951 1,386,158 17,193,486 Total $ 8,656,399 $ 1,915,325 $ 6,603,368 $ 1,857,082 $ 19,032,174 November 30, 2017 Overnight and Continuous Up to 30 Days 31-90 Days Greater than 90 Days Total Securities lending arrangements $ 1,676,940 $ — $ 741,971 $ 425,000 $ 2,843,911 Repurchase agreements 10,780,474 4,058,228 3,211,464 1,779,083 19,829,249 Obligation to return securities received as collateral 103 — — — 103 Total $ 12,457,517 $ 4,058,228 $ 3,953,435 $ 2,204,083 $ 22,673,263
Offsetting Assets	The following tables provide information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral and obligation to return securities received as collateral that are recognized in our Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our 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). November 30, 2018 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 $ 6,538,212 $ — $ 6,538,212 $ (468,778 ) $ (1,193,986 ) $ 4,875,448 Reverse repurchase agreements 11,336,175 (8,550,417 ) 2,785,758 (609,225 ) (2,126,730 ) 49,803 Liabilities Securities lending arrangements $ 1,838,688 $ — $ 1,838,688 $ (468,778 ) $ (1,343,704 ) $ 26,206 Repurchase agreements 17,193,486 (8,550,417 ) 8,643,069 (609,225 ) (7,070,967 ) 962,877 November 30, 2017 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 $ 7,721,803 $ — $ 7,721,803 $ (966,712 ) $ (1,032,629 ) $ 5,722,462 Reverse repurchase agreements 14,858,297 (11,168,738 ) 3,689,559 (463,973 ) (3,207,147 ) 18,439 Securities received as collateral 103 — 103 — (103 ) — Liabilities Securities lending arrangements $ 2,843,911 $ — $ 2,843,911 $ (966,712 ) $ (1,795,408 ) $ 81,791 Repurchase agreements 19,829,249 (11,168,738 ) 8,660,511 (463,973 ) (7,067,512 ) 1,129,026 Obligation to return securities received as collateral 103 — 103 — (103 ) — (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 $4,825.7 million of securities borrowing arrangements, for which we have received securities collateral of $4,711.7 million , and $931.7 million of repurchase agreements, for which we have pledged securities collateral of $963.6 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. (4) Amounts include $5,678.6 million of securities borrowing arrangements, for which we have received securities collateral of $5,516.7 million , and $1,084.4 million of repurchase agreements, for which we have pledged securities collateral of $1,115.9 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable.
Offsetting Liabilities	The following tables provide information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral and obligation to return securities received as collateral that are recognized in our Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our 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). November 30, 2018 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 $ 6,538,212 $ — $ 6,538,212 $ (468,778 ) $ (1,193,986 ) $ 4,875,448 Reverse repurchase agreements 11,336,175 (8,550,417 ) 2,785,758 (609,225 ) (2,126,730 ) 49,803 Liabilities Securities lending arrangements $ 1,838,688 $ — $ 1,838,688 $ (468,778 ) $ (1,343,704 ) $ 26,206 Repurchase agreements 17,193,486 (8,550,417 ) 8,643,069 (609,225 ) (7,070,967 ) 962,877 November 30, 2017 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 $ 7,721,803 $ — $ 7,721,803 $ (966,712 ) $ (1,032,629 ) $ 5,722,462 Reverse repurchase agreements 14,858,297 (11,168,738 ) 3,689,559 (463,973 ) (3,207,147 ) 18,439 Securities received as collateral 103 — 103 — (103 ) — Liabilities Securities lending arrangements $ 2,843,911 $ — $ 2,843,911 $ (966,712 ) $ (1,795,408 ) $ 81,791 Repurchase agreements 19,829,249 (11,168,738 ) 8,660,511 (463,973 ) (7,067,512 ) 1,129,026 Obligation to return securities received as collateral 103 — 103 — (103 ) — (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 $4,825.7 million of securities borrowing arrangements, for which we have received securities collateral of $4,711.7 million , and $931.7 million of repurchase agreements, for which we have pledged securities collateral of $963.6 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. (4) Amounts include $5,678.6 million of securities borrowing arrangements, for which we have received securities collateral of $5,516.7 million , and $1,084.4 million of repurchase agreements, for which we have pledged securities collateral of $1,115.9 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)	12 Months Ended
	Nov. 30, 2018
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): Year Ended November 30, 2018 2017 2016 Transferred assets $ 7,159.3 $ 4,552.9 $ 5,786.0 Proceeds on new securitizations 7,165.3 4,594.5 5,809.0 Cash flows received on retained interests 48.5 28.7 28.2
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): November 30, 2018 2017 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency RMBS $ 13,633.5 $ 365.3 $ 6,383.5 $ 28.2 U.S. government agency CMBS 2,027.6 185.6 2,075.7 81.4 CLOs 3,512.0 20.9 3,957.8 20.3 Consumer and other loans 604.1 48.9 247.6 47.8

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Nov. 30, 2018
Variable Interest Entity [Line Items]
Assets and Liabilities of Consolidated VIEs Prior to Consolidation	The following table presents information about our consolidated VIEs at November 30, 2018 and 2017 (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. November 30, 2018 2017 Securitization Vehicles Other Securitization Vehicles Other Cash $ — $ 1.1 $ 6.5 $ 1.1 Financial instruments owned — 0.4 37.6 0.4 Securities purchased under agreements to resell (1) 883.1 — 729.3 — Fees, interest and other receivables — — 0.2 — Total assets $ 883.1 $ 1.5 $ 773.6 $ 1.5 Other secured financings (2) $ 882.5 $ — $ 766.2 $ — Other liabilities 0.6 0.2 5.9 0.2 Total liabilities $ 883.1 $ 0.2 $ 772.1 $ 0.2 (1) Securities purchased under agreements to resell represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. (2) Approximately $1.0 million and $44.1 million of the secured financing represent amounts held by us in inventory and are eliminated in consolidation at November 30, 2018 and 2017 , respectively.
Nonconsolidated VIEs
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): November 30, 2018 Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities CLOs $ 42.1 $ — $ 568.3 $ 3,088.9 Consumer loan and other asset-backed vehicles 462.1 — 807.1 3,273.1 Related party private equity vehicles 35.5 — 53.5 108.3 Other investment vehicles 95.0 — 99.1 3,558.1 Total $ 634.7 $ — $ 1,528.0 $ 10,028.4 November 30, 2017 Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities CLOs $ 163.5 $ 8.9 $ 1,020.5 $ 5,210.4 Consumer loan and other asset-backed vehicles 254.8 — 759.8 2,322.7 Related party private equity vehicles 23.7 — 45.4 75.0 Other investment vehicles 48.0 — 48.7 2,938.4 Total $ 490.0 $ 8.9 $ 1,874.4 $ 10,546.5

Investments (Tables)

Investments (Tables)	12 Months Ended
	Nov. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Summary of Selected Financial Information	The following summarizes the results from these investments which are included in Principal transactions revenues in our Consolidated Statements of Earnings (in millions): Year Ended November 30, 2018 2017 2016 Net gains (losses) from our investments in JCP Fund V $ 12.1 $ (10.7 ) $ (1.1 ) The following summarizes the activity included in our Consolidated Statements of Earnings related to the facility (in millions): Year Ended November 30, 2018 2017 2016 Interest income $ 1.2 $ 2.9 $ 0.1 Unfunded commitment fees 1.2 1.0 1.2 Separate financial statements for Jefferies Finance are included in this Annual Report on Form 10-K. The following is a summary of selected financial information for Jefferies Finance (in millions): November 30, 2018 2017 Total assets $ 7,779.4 $ 8,164.9 Total liabilities 6,389.8 6,892.6 Total equity 1,389.6 1,272.3 Our total equity balance 694.8 636.2 Year Ended November 30, 2018 2017 2016 Net earnings (loss) $ 197.2 $ 181.7 $ (19.6 ) The following summarizes activity related to our other transactions with Jefferies Finance (in millions): Year Ended November 30, 2018 2017 2016 Origination and syndication fee revenues (1) $ 377.7 $ 327.9 $ 112.6 Origination fee expenses (1) 56.6 2.4 0.5 CLO placement fee revenues (2) 3.7 6.1 2.6 Derivative gains (losses) (3) (1.6 ) (1.1 ) 0.5 Underwriting fees (4) 0.3 — — Service fees (5) 61.7 50.7 46.1 (1) We engage in debt capital markets transactions with Jefferies Finance related to the originations and syndications of loans by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues in our Consolidated Statements of Earnings. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses in our Consolidated Statements of Earnings. (2) We act as a placement agent for CLOs managed by Jefferies Finance, for which we recognized fees, which are included in Investment banking revenues in our Consolidated Statements of Earnings. At November 30, 2018 and 2017 , we held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned. (3) We have entered into participation agreements and derivative contracts with Jefferies Finance based upon certain securities issued by the CLO and we have recognized gains (losses) relating to the derivative contracts. (4) We acted as underwriter in connection with term loans issued by Jefferies Finance. (5) Under a service agreement, we charge Jefferies Finance for services provided. The following is a summary of selected financial information for 100.0% of JCP Fund V, in which we owned effectively 35.2% of the combined equity interests (in thousands): September 30, 2018 (1) 2017 (1) Total assets $ 90,731 $ 55,788 Total liabilities 76 96 Total partners’ capital 90,655 55,692 Nine Months Ended September 30, 2018 (1) Three Months Ended December 31, 2017 (1) Nine Months Ended September 30, 2017 (1) Three Months Ended December 31, 2016 (1) Nine Months Ended September 30, 2016 (1) Three Months Ended December 31, 2015 (1) Net increase (decrease) in net assets resulting from operations $ 15,252 $ 19,712 $ (24,630 ) $ (2,294 ) $ 6,159 $ (7,886 ) (1) Financial information for JCP Fund V in our financial position and results of operations at November 30, 2018 and 2017 and for the years ended November 30, 2018 , 2017 and 2016 is included based on the presented periods. The following is a summary of selected financial information for Berkadia (in millions): November 30, 2018 Total assets $ 3,875.8 Total liabilities 3,331.5 Total equity 544.3 Our total equity balance 245.2 Two Months Ended November 30, 2018 Net earnings $ 44.4 The following is a summary of selected financial information for Epic Gas (in millions): November 30, 2018 2017 Our investment in Epic Gas (1) $ 21.7 $ 22.2 (1) Included in Loans to and investments in related parties in our Consolidated Statements of Financial Condition. September 30, 2018 (1) 2017 (1) Total assets $ 555.7 $ 599.2 Total liabilities 312.6 340.2 Total equity 243.1 259.0 Nine Months Ended September 30, 2018 (1) Three Months Ended December 31, 2017 (1) Nine Months Ended September 30, 2017 (1) Three Months Ended December 31, 2016 (1) Nine Months Ended September 30, 2016 (1) Three Months Ended December 31, 2015 (1) Net losses $ (3.7 ) $ (16.4 ) $ (14.5 ) $ (15.9 ) $ (7.4 ) $ (11.4 ) (1) Financial information for Epic Gas in our financial position and results of operations at November 30, 2018 and 2017 and for the years ended November 30, 2018 , 2017 and 2016 is included based on the presented periods.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Nov. 30, 2018
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 business segments are as follows (in thousands): November 30, 2018 2017 Capital Markets (1) $ 1,638,778 $ 1,644,089 Asset Management (1) 3,392 3,000 Total goodwill $ 1,642,170 $ 1,647,089 (1) Accumulated goodwill impairments related to the Capital Markets business segment were $51.9 million at both December 1, 2018 and 2017 , and goodwill prior to these impairments was $1,690.7 million and $1,696.0 million at December 1, 2018 and 2017 , respectively. Accumulated goodwill impairments related to the Asset Management business segment were $2.1 million at both December 1, 2018 and 2017 , and goodwill prior to these impairments was $5.5 million and $5.1 million at December 1, 2018 and 2017 , respectively. The following table is a summary of the changes to goodwill (in thousands): Year Ended November 30, 2018 2017 Balance, at beginning of period $ 1,647,089 $ 1,640,653 Translation adjustments (5,319 ) 6,436 Goodwill acquired during the period (1) 400 — Balance, at end of period $ 1,642,170 $ 1,647,089 (1) Goodwill was acquired in connection with our purchase of LIML and relates to our Asset Management business segment.
Summary of Finite-Lived Intangible Assets	The following tables present the gross carrying amount, changes in carrying amount, net carrying amount and weighted average amortization period of identifiable intangible assets at November 30, 2018 and 2017 (dollars in thousands): November 30, 2018 Weighted average remaining lives (years) Gross cost Disposals (1) Impairment losses Accumulated amortization Intangible Assets Acquired (2) Net carrying amount Customer relationships $ 125,574 $ — $ — $ (58,892 ) $ — $ 66,682 10.6 Trade name 128,348 — — (21,086 ) — 107,262 29.3 Exchange and clearing organization membership interests and registrations 8,450 (93 ) (9 ) — 176 8,524 N/A Total $ 262,372 $ (93 ) $ (9 ) $ (79,978 ) $ 176 $ 182,468 (1) Activity is primarily related to the disposal of certain exchange membership interests in the Capital Markets business segment due to the closing of a branch location in Dubai. (2) Intangible assets were acquired in connection with our purchase of LIML and relates to our Asset Management business segment. November 30, 2017 Weighted average remaining lives (years) Gross cost Impairment losses Accumulated amortization Net carrying amount Customer relationships $ 126,412 $ — $ (50,983 ) $ 75,429 11.3 Trade name 129,370 — (17,557 ) 111,813 30.3 Exchange and clearing organization membership interests and registrations 9,164 (613 ) — 8,551 N/A Total $ 264,946 $ (613 ) $ (68,540 ) $ 195,793
Schedule of Indefinite-Lived Intangible Assets	The following tables present the gross carrying amount, changes in carrying amount, net carrying amount and weighted average amortization period of identifiable intangible assets at November 30, 2018 and 2017 (dollars in thousands): November 30, 2018 Weighted average remaining lives (years) Gross cost Disposals (1) Impairment losses Accumulated amortization Intangible Assets Acquired (2) Net carrying amount Customer relationships $ 125,574 $ — $ — $ (58,892 ) $ — $ 66,682 10.6 Trade name 128,348 — — (21,086 ) — 107,262 29.3 Exchange and clearing organization membership interests and registrations 8,450 (93 ) (9 ) — 176 8,524 N/A Total $ 262,372 $ (93 ) $ (9 ) $ (79,978 ) $ 176 $ 182,468 (1) Activity is primarily related to the disposal of certain exchange membership interests in the Capital Markets business segment due to the closing of a branch location in Dubai. (2) Intangible assets were acquired in connection with our purchase of LIML and relates to our Asset Management business segment. November 30, 2017 Weighted average remaining lives (years) Gross cost Impairment losses Accumulated amortization Net carrying amount Customer relationships $ 126,412 $ — $ (50,983 ) $ 75,429 11.3 Trade name 129,370 — (17,557 ) 111,813 30.3 Exchange and clearing organization membership interests and registrations 9,164 (613 ) — 8,551 N/A Total $ 264,946 $ (613 ) $ (68,540 ) $ 195,793
Future Amortization Expense Related to Intangible Assets	The estimated future amortization expense for the five succeeding fiscal years is as follows (in thousands): Year ending November 30, 2019 $ 12,198 Year ending November 30, 2020 12,198 Year ending November 30, 2021 12,198 Year ending November 30, 2022 9,256 Year ending November 30, 2023 8,268

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	12 Months Ended
	Nov. 30, 2018
Debt Disclosure [Abstract]
Schedule of Short-Term Borrowings	Short-term borrowings at November 30, 2018 and 2017 include the following and mature in one year or less (in thousands): November 30, 2018 2017 Bank loans (1) $ 330,942 $ 304,651 Floating rate puttable notes 56,550 108,240 Equity-linked notes — 23,324 Total short-term borrowings $ 387,492 $ 436,215 (1) Bank loans include loans entered into, pursuant to a Master Loan Agreement, with the Bank of New York Mellon.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Nov. 30, 2018
Debt Disclosure [Abstract]
Summary of Long-Term Debt	The following summarizes our long-term debt carrying values (including unamortized discounts and premiums, valuation adjustments and debt issuance costs, where applicable) (in thousands): Effective Interest Rate November 30, Maturity 2018 2017 Unsecured long-term debt 5.125% Senior Notes April 13, 2018 —% $ — $ 682,338 8.500% Senior Notes July 15, 2019 3.99% 699,659 728,872 2.375% Euro Medium Term Notes May 20, 2020 2.42% 564,702 593,334 6.875% Senior Notes April 15, 2021 4.40% 791,814 808,157 2.250% Euro Medium Term Notes July 13, 2022 4.08% 4,243 4,389 5.125% Senior Notes January 20, 2023 4.55% 612,928 615,703 4.850% Senior Notes (1) January 15, 2027 4.93% 709,484 736,357 6.450% Senior Debentures June 8, 2027 5.46% 373,669 375,794 3.875% Convertible Senior Debentures (2) November 1, 2029 —% — 324,779 4.150% Senior Notes January 23, 2030 4.26% 987,788 — 6.250% Senior Debentures January 15, 2036 6.03% 511,662 512,040 6.500% Senior Notes January 20, 2043 6.09% 420,625 420,990 Structured notes (3) (4) Various Various 686,170 614,091 Total unsecured long-term debt 6,362,744 6,416,844 Secured long-term debt Revolving Credit Facility 183,539 — Total long-term debt $ 6,546,283 $ 6,416,844 (1) These senior notes with a principal amount of $750.0 million were issued on January 17, 2017. The carrying value includes gain s of $27.4 million and $8.1 million during 2018 and 2017 , respectively, associated with an interest rate swap based on its designation as a fair value hedge. See Note 2, Summary of Significant Accounting Policies , and Note 5, Derivative Financial Instruments , for further information. (2) The change in fair value of the conversion feature embedded in the debentures, which is included in Principal transactions revenues in our Consolidated Statements of Earnings, was not material for the years ended November 30, 2017 and 2016 . (3) The carrying value includes $686.2 million and $607.0 million of notes carried at fair value at November 30, 2018 and 2017 , respectively. These structured notes contain various interest rate payment terms and are accounted for 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 transactions revenues. A weighted average coupon rate is not meaningful, as all of the structured notes are carried at fair value. (4) Of the $686.2 million of structured notes at November 30, 2018 , $5.7 million matures in 2019 , $27.3 million matures in 2022 , and the remaining $653.2 million matures in 2024 or thereafter

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	12 Months Ended
	Nov. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions for the year ended November 30, 2018 (in thousands): Reportable Segment Year Ended November 30, 2018 Capital Markets Asset Management Total Major business activity: Equities (1) $ 649,631 $ — $ 649,631 Fixed income (1) 13,839 — 13,839 Investment banking - Capital markets 1,090,161 — 1,090,161 Investment banking - Advisory 820,042 — 820,042 Asset management — 21,214 21,214 Total $ 2,573,673 $ 21,214 $ 2,594,887 Primary geographic region: Americas $ 2,186,955 $ 20,871 $ 2,207,826 Europe 304,027 343 304,370 Asia 82,691 — 82,691 Total $ 2,573,673 $ 21,214 $ 2,594,887 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): Year Ended Revenues from contracts with customers: Commissions and other fees $ 635,190 Investment banking 1,910,203 Asset management fees 21,214 Other 28,280 Total revenue from contracts with customers 2,594,887 Other sources of revenue: Principal transactions 524,296 Interest 1,207,095 Other 103,354 Total revenues $ 4,429,632

Benefit Plans (Tables)

Benefit Plans (Tables)	12 Months Ended
	Nov. 30, 2018
Retirement Benefits [Abstract]
Changes in Projected Benefit Obligation	The following tables summarize the changes in the projected benefit obligation, the fair value of the assets and the funded status of the plan (in thousands): Year Ended November 30, 2018 2017 Change in projected benefit obligation: Projected benefit obligation, beginning of period $ 60,559 $ 58,731 Service cost 400 450 Interest cost 2,129 2,232 Actuarial (gains)/losses (3,777 ) 2,327 Administrative expenses paid (502 ) (395 ) Benefits paid (952 ) (2,786 ) Settlements (3,133 ) — Projected benefit obligation, end of period $ 54,724 $ 60,559 Change in plan assets: Fair value of assets, beginning of period $ 52,949 $ 49,992 Benefits paid (952 ) (2,786 ) Administrative expenses paid (502 ) (395 ) Actual return on plan assets (1,186 ) 5,138 Contributions 1,000 1,000 Settlements (3,133 ) — Fair value of assets, end of period $ 48,176 $ 52,949 Funded status at end of period $ (6,548 ) $ (7,610 )
Schedule of Amounts Recognized in Balance Sheet	The amounts recognized in our Consolidated Statements of Financial Condition are as follows (in thousands): November 30, 2018 2017 Consolidated statements of financial condition: Accrued expenses and other liabilities $ 6,548 $ 7,610 Accumulated other comprehensive income, before taxes: Net losses $ (6,382 ) $ (6,092 )
Components of Net Periodic Pension (Benefit) Cost	The following tables summarize the components of net periodic pension cost and other amounts recognized in Other comprehensive income, before taxes (in thousands): Year Ended November 30, 2018 2017 2016 Components of net periodic pension cost: Service cost $ 400 $ 450 $ 400 Interest cost on projected benefit obligation 2,129 2,232 2,311 Expected return on plan assets (3,247 ) (3,021 ) (2,917 ) Net amortization — 19 — Settlement losses 365 — — Net periodic pension cost $ (353 ) $ (320 ) $ (206 )
Components of Net Periodic Pension Costs and Amounts Recognized in Other Comprehensive Income	Year Ended November 30, 2018 2017 2016 Amounts recognized in Other comprehensive income: Net losses arising during the period $ 655 $ 210 $ 646 Amortization of net loss — (19 ) — Settlements during the period 365 — — Total losses recognized in Other comprehensive income $ 1,020 $ 191 $ 646 Net losses/(gains) recognized in net periodic benefit cost and Other comprehensive income $ 667 $ (129 ) $ 440
Assumptions Used to Determine the Present Value of the Projected Benefit Obligations and Net Periodic Pension Costs	The assumptions used to determine the actuarial present value of the projected obligation and net periodic pension benefit cost are as follows: Year Ended November 30, 2018 2017 2016 Discount rate used to determine benefit obligation 4.30 % 3.60 % 3.90 % Weighted average assumptions used to determine net pension cost: Discount rate 3.60 % 3.90 % 4.10 % Expected long-term rate of return on plan assets 6.25 % 6.25 % 6.25 %
Expected Benefit Payments	Expected Benefit Payments - Expected benefit payments for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in thousands): 2019 $ 2,364 2020 2,152 2021 2,015 2022 2,892 2023 5,147 2024 through 2028 22,864

Compensation Plans (Tables)

Compensation Plans (Tables)	12 Months Ended
	Nov. 30, 2018
Compensation Related Costs [Abstract]
Schedule of Components of Compensation Cost	Absent actual forfeitures or cancellations or accelerations, the annual compensation cost for these awards will be recognized as follows (in millions): Year Ended November 30, 2018 2019 2020 Thereafter Total Restricted cash awards $ 58.2 $ 47.6 $ 57.0 $ 125.2 $ 288.0 The components of total compensation cost associated with certain of our compensation plans are as follows (in millions): Year Ended November 30, 2018 2017 2016 Components of compensation cost: Restricted cash awards $ 274.4 $ 251.6 $ 263.7 Restricted stock and RSUs (1) 27.6 26.6 23.5 Profit sharing plan 6.5 6.0 6.0 Total compensation cost $ 308.5 $ 284.2 $ 293.2 (1) Total compensation cost associated with restricted stock and restricted stock units (“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. This compensation cost was approximately $346,000 , $227,000 and $150,000 for the years ended November 30, 2018 , 2017 and 2016 , respectively.
Schedule of Remaining Unamortized Amounts Related to Certain Compensation Plans	Remaining unamortized amounts related to certain compensation plans at November 30, 2018 are as follows (dollars in millions): Remaining Unamortized Amounts Weighted Average Vesting Period (in Years) Non-vested share-based awards $ 63.2 3 Restricted cash awards 395.0 2 Total $ 458.2

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Nov. 30, 2018
Income Tax Disclosure [Abstract]
Total Income Taxes Allocated	Total income taxes were allocated as follows (in thousands): Year Ended November 30, 2018 2017 2016 Income tax expense $ 250,650 $ 147,340 $ 14,566 Stockholders’ equity, compensation expense for tax purposes less than amounts recognized for financial reporting purposes — — 4,186
Components of Provision for Income Tax Expense	The provision for income tax expense consists of the following components (in thousands): Year Ended November 30, 2018 2017 2016 Current: U.S. Federal $ 106,761 $ 147,065 $ 27,473 U.S. state and local 7,485 30,611 6,196 Foreign 10,139 12,910 (5,090 ) Total current 124,385 190,586 28,579 Deferred: U.S. Federal 131,233 (53,157 ) (11,249 ) U.S. state and local 975 1,760 (4,819 ) Foreign (5,943 ) 8,151 2,055 Total deferred 126,265 (43,246 ) (14,013 ) Total income tax expense $ 250,650 $ 147,340 $ 14,566
Schedule of Components of Income before Income Tax Expense	The following table presents the U.S. and non-U.S. components of income before income tax expense (in thousands): Year Ended November 30, 2018 2017 2016 U.S. $ 370,600 $ 403,445 $ 34,178 Non-U.S. (1) 39,067 101,479 (4,206 ) Income before income tax expense $ 409,667 $ 504,924 $ 29,972 (1) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S.
Reconciliation of Effective Tax Rate to U.S. Federal Statutory Income Tax Rate	Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rates of 22.2% for the year ended November 30, 2018 and 35% for the years ended November 30, 2017 and 2016 to earnings before income taxes as a result of the following (dollars in thousands): Year Ended November 30, 2018 2017 2016 Amount Percent Amount Percent Amount Percent Computed expected income taxes $ 90,945 22.2 % (1) $ 176,724 35.0 % $ 10,490 35.0 % Increase (decrease) in income taxes resulting from: State and city income taxes, net of Federal income tax benefit 20,419 5.0 23,898 4.7 1,832 6.1 International operations (including foreign rate differential) 2,258 0.6 (11,577 ) (2.3 ) (3,404 ) (11.4 ) Tax exempt income (2,202 ) (0.5 ) (3,850 ) (0.8 ) (4,640 ) (15.5 ) Foreign tax credits, net (8,006 ) (2.0 ) (32,974 ) (6.5 ) — — Meals and entertainment 4,528 1.1 4,129 0.8 4,640 15.5 Excess stock detriment — — 406 0.1 9,755 32.6 Federal benefits related to prior year tax filings — — (3,786 ) (0.8 ) (2,928 ) (9.8 ) Change in unrecognized tax benefits related to prior years (18,497 ) (4.5 ) (2,953 ) (0.6 ) (1,280 ) (4.3 ) Deferred tax asset remeasurement related to the Tax Act 112,733 27.5 — — — — Transition tax on foreign earnings related to the Tax Act 52,417 12.8 — — — — Other, net (3,945 ) (1.0 ) (2,677 ) (0.4 ) 101 0.4 Total income tax expense $ 250,650 61.2 % $ 147,340 29.2 % $ 14,566 48.6 % (1) On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Act which reduced the U.S. federal corporate tax rate from 35% to 21% , as well as other changes. The statutory U.S. federal corporate tax rate for companies with a fiscal year end of November 30, 2018 is a blended rate of 22.2% , which will be reduced to 21% in fiscal 2019 and thereafter.
Roll Forward of Gross Unrecognized Tax Benefits	The following table presents a reconciliation of gross unrecognized tax benefits (in thousands): Year Ended November 30, 2018 2017 2016 Balance at beginning of period $ 129,544 $ 109,527 $ 107,902 Increases based on tax positions related to the current period 19,840 18,619 5,045 Increases based on tax positions related to prior periods 5,002 7,310 1,447 Decreases based on tax positions related to prior periods (28,760 ) (5,912 ) (4,520 ) Decreases related to settlements with taxing authorities — — (347 ) Balance at end of period $ 125,626 $ 129,544 $ 109,527
Significant Components of Deferred Tax Assets and Liabilities	The cumulative tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below (in thousands): November 30, 2018 2017 Deferred tax assets: Compensation and benefits $ 240,785 $ 376,642 Net operating loss 17,867 20,094 Long-term debt 39,623 26,476 Accrued expenses and other 65,265 121,746 Sub-total 363,540 544,958 Valuation allowance (10,650 ) (14,217 ) Total deferred tax assets 352,890 530,741 Deferred tax liabilities: Amortization of intangibles 69,095 102,739 Other 40,556 17,282 Total deferred tax liabilities 109,651 120,021 Net deferred tax asset, included in Other assets $ 243,239 $ 410,720
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 2015 California 2009 New Jersey 2010 New York State 2001 New York City 2003 United Kingdom 2016 Hong Kong 2012 India 2010 Italy 2012

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Tables)	12 Months Ended
	Nov. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	The following table summarizes our commitments at November 30, 2018 (in millions): Expected Maturity Date (fiscal years) 2019 2020 2021 and 2022 2023 and 2024 2025 and Later Maximum Payout Equity commitments (1) $ 305.2 $ 18.4 $ 0.3 $ — $ 3.6 $ 327.5 Loan commitments (1) 250.0 — 54.0 3.5 — 307.5 Underwriting commitments 377.5 — — — — 377.5 Forward starting reverse repos (2) 4,262.7 — — — — 4,262.7 Forward starting repos (2) 2,931.8 — — — — 2,931.8 Other unfunded commitments (1) 194.8 — 69.4 4.9 — 269.1 Total commitments $ 8,322.0 $ 18.4 $ 123.7 $ 8.4 $ 3.6 $ 8,476.1 (1) Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are available on demand. (2) At November 30, 2018 , $4,232.8 million within forward starting securities purchased under agreements to resell and all of the securities sold under agreements to repurchase settled within three business days.
Future Minimum Lease Commitments under Leases	At November 30, 2018 , future minimum aggregate annual lease payments under such leases (net of subleases) for fiscal years ended November 30, 2019 through 2023 and the aggregate amount thereafter, are as follows (in thousands): Fiscal Year Operating Leases 2019 $ 60,500 2020 52,465 2021 54,644 2022 57,593 2023 56,725 Thereafter 427,181 Total $ 709,108
Guarantees	The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at November 30, 2018 (in millions): Expected Maturity Date (Fiscal Years) 2019 2020 2021 and 2022 2023 and 2024 2025 and Later Notional/ Maximum Payout Guarantee Type: Derivative contracts—non-credit related $ 12,024.2 $ 2,372.3 $ 2,976.1 $ 281.1 $ 330.3 $ 17,984.0 Written derivative contracts—credit related — 32.4 — 112.8 — 145.2 Total derivative contracts $ 12,024.2 $ 2,404.7 $ 2,976.1 $ 393.9 $ 330.3 $ 18,129.2

Net Capital Requirements (Table

Net Capital Requirements (Tables)	12 Months Ended
	Nov. 30, 2018
Brokers and Dealers [Abstract]
Net Capital, Adjusted and Excess Net Capital	At November 30, 2018 , Jefferies LLC’s net capital and excess net capital were as follows (in thousands): Net Capital Excess Net Capital Jefferies LLC $ 1,739,435 $ 1,635,960

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Nov. 30, 2018
Segment Reporting [Abstract]
Net Revenues, Expenses and Total Assets by Segment	Our net revenues, non-interest expenses and earnings (loss) before income taxes by reportable business segment are summarized below (in millions): Year Ended November 30, 2018 2017 2016 Capital Markets: Net revenues $ 3,184.4 $ 3,169.9 $ 2,338.3 Non-interest expenses 2,719.5 2,634.2 2,319.7 Earnings before income taxes $ 464.9 $ 535.7 $ 18.6 Asset Management: Net revenues $ (1.0 ) $ 28.2 $ 76.3 Non-interest expenses 54.2 59.0 64.9 Earnings (loss) before income taxes $ (55.2 ) $ (30.8 ) $ 11.4 Total: Net revenues $ 3,183.4 $ 3,198.1 $ 2,414.6 Non-interest expenses 2,773.7 2,693.2 2,384.6 Earnings before income taxes $ 409.7 $ 504.9 $ 30.0 The following table summarizes our total assets by reportable business segment (in millions): November 30, 2018 2017 Capital Markets $ 38,700.7 $ 38,620.4 Asset Management 2,468.1 1,085.3 Total assets $ 41,168.8 $ 39,705.7
Net Revenues by Geographic Region	Net revenues by geographic region were as follows (in millions): Year Ended November 30, 2018 2017 2016 Americas (1) $ 2,652.9 $ 2,602.7 $ 1,870.4 Europe (2) 434.9 489.6 458.0 Asia 95.6 105.8 86.2 Net revenues $ 3,183.4 $ 3,198.1 $ 2,414.6 (1) Substantially all relates to U.S. results. (2) Substantially all relates to U.K. results.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Nov. 30, 2018
Related Party Transactions [Abstract]
Summary of Interest Income, Other Revenues and Investment Income Attributable to Related Party Private Equity Funds	The following table presents revenues and service charges related to our investment in Private Equity Related Funds (in thousands): Year Ended November 30, 2018 2017 2016 Other revenues and investment income (loss) $ 11,788 $ (11,718 ) $ (2,328 ) Service charges 381 726 760
Schedule of Related Party Transactions	We sold securities to Jefferies at fair value for cash during the periods presented below. There was no gain or loss on these transactions. Date Amount (in millions) August 2017 $ 7.1 April 2017 21.9 February 2017 25.6 The following is a description of related party transactions with Jefferies and its affiliates: • We provide services to and receive services from Jefferies under service agreements. We also receive revenues from Jefferies under a revenue sharing agreement (in millions): Year Ended November 30, 2018 2017 2016 Charges to Jefferies for services provided $ 61.2 $ 42.2 $ 38.8 Charges from Jefferies for services received 9.1 14.2 11.2 • We provide capital markets and asset management services to Jefferies and its affiliates. The following table presents the revenues earned by type of services provided (in millions): Year Ended November 30, 2018 2017 2016 Investment banking $ 15.7 $ 14.7 $ 1.8 Asset management — — 0.2 Commissions and other fees 0.9 0.1 0.1 Principal transactions 0.1 — — Other revenues 0.8 0.3 — • Receivables from and payables to Jefferies are included in Other assets and Accrued expenses and other liabilities, respectively, in our Consolidated Statements of Financial Condition: Year Ended November 30, 2018 2017 Receivable from Jefferies $ 1.2 $ 2.5 Payable to Jefferies 2.9 3.1 Net gains on our investments in these hedge funds, which are included in Principal transactions revenues in our Consolidated Statements of Earnings (in millions): Year Ended November 30, 2018 2017 2016 Net gains on our investments $ 5.0 $ 8.0 $ 3.6

Exit Costs (Tables)

Exit Costs (Tables)	12 Months Ended
	Nov. 30, 2018
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Restructuring and exit costs are wholly attributed to our Capital Markets reportable business segment and were recorded in the following categories in our Consolidated Statements of Earnings (in thousands): Year Ended November 30, 2016 Compensation and benefits $ 320 Technology and communications 1,234 Other expenses 300 Total $ 1,854 The following summarizes our recorded restructuring and impairment costs (in thousands): Year Ended November 30, 2016 Severance costs $ 279 Accelerated amortization of restricted stock and restricted cash awards 41 Contract termination costs 1,234 Other expenses 300 Total $ 1,854

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Nov. 30, 2018
Quarterly Financial Information Disclosure [Abstract]
Summary of Unaudited Quarterly Statements of Earnings	The following is a summary of unaudited quarterly statements of earnings for the years ended November 30, 2018 and 2017 (in thousands): Three Months Ended November 30, 2018 August 31, 2018 May 31, 2018 February 28, 2018 Total revenues $ 1,097,943 $ 1,088,285 $ 1,156,809 $ 1,086,595 Net revenues 761,958 777,615 822,557 821,246 Earnings before income taxes 77,963 87,101 121,865 122,738 Net earnings attributable to Jefferies Group LLC 61,393 60,182 98,004 (60,818 ) Three Months Ended November 30, 2017 August 31, 2017 May 31, 2017 February 28, 2017 Total revenues $ 1,081,499 $ 1,048,331 $ 1,038,955 $ 1,009,797 Net revenues 822,610 800,692 779,294 795,513 Earnings before income taxes 142,280 122,264 116,181 124,199 Net earnings attributable to Jefferies Group LLC 89,913 83,815 69,751 114,019

Organization and Basis of Pre_2

Organization and Basis of Presentation (Detail) $ in Thousands	Oct. 01, 2018USD ($)	Nov. 30, 2018USD ($)	Nov. 30, 2018USD ($)segment	Nov. 30, 2017USD ($)	Nov. 30, 2016USD ($)
Organization And Basis Of Presentation [Line Items]
Number of operating segments | segment			2
Decrease of proceeds from short-term borrowings			$ (1,083,416)	$ (274,230)	$ (520,207)
Increase of payments on short-term borrowings			$ 1,137,599	369,992	315,325
Berkadia
Organization And Basis Of Presentation [Line Items]
Ownership percentage	50.00%
Jefferies Financial Group Inc. | Affiliated Entity
Organization And Basis Of Presentation [Line Items]
Capital contribution from Jefferies	$ 598,200
Payment made to related party	76,000	$ 70,500
Related party transaction, related deferred tax liabilities transferred	$ 50,900
Changes to Presentation of Consolidated Statements of Cash Flows
Organization And Basis Of Presentation [Line Items]
Decrease of proceeds from short-term borrowings				34,225,000	14,793,200
Increase of payments on short-term borrowings				$ 34,225,000	$ 14,793,200

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Detail) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Summary Of Significant Accounting Policies [Line Items]
Furniture, fixtures and equipment under capital leases	$ 431.9	$ 431.7
Leasehold improvements	219.7	214
Accumulated depreciation and amortization	347.5	348
Depreciation and amortization	$ 56.2	$ 51.7	$ 47.9
Minimum
Summary Of Significant Accounting Policies [Line Items]
Hedging relationship effective percentage	80.00%
Useful life of premises and equipment	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Hedging relationship effective percentage	125.00%
Useful life of premises and equipment	10 years

Accounting Developments - Addit

Accounting Developments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) of net cash provided by (used in) operating activities	$ 126,064	$ 539,946	$ (113,732)
Member's paid-in capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax Cuts and Jobs Act adjustment	$ 7,555	0	0
Cumulative effect of the adoption of the new revenue standard		6,121	0	$ 0
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) of net cash provided by (used in) operating activities		(280,500)	$ 7,900
Accounting Standards Update 2014-09 | Member's paid-in capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of the adoption of the new revenue standard		$ 6,100

Accounting Developments - Sched

Accounting Developments - Schedule of New Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment banking									$ 1,910,203	$ 1,764,285	$ 1,193,973
Total revenues	$ 1,097,943	$ 1,088,285	$ 1,156,809	$ 1,086,595	$ 1,081,499	$ 1,048,331	$ 1,038,955	$ 1,009,797	4,429,632	4,178,582	3,233,823
Net revenues	$ 761,958	$ 777,615	$ 822,557	$ 821,246	$ 822,610	$ 800,692	$ 779,294	$ 795,513	3,183,376	3,198,109	2,414,614
Underwriting costs									64,317	0	0
Technology and communications									305,655	279,242	262,396
Business development									163,756	99,884	93,105
Professional services									139,885	114,711	112,562
Other									73,812	87,870	79,293
Total non-compensation expenses									1,037,445	864,089	815,694
Total non-interest expenses									2,773,709	$ 2,693,185	$ 2,384,642
ASC 606 Impact | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment banking									131,789
Total revenues									131,789
Net revenues									131,789
Underwriting costs									64,317
Technology and communications									489
Business development									62,676
Professional services									3,210
Other									1,097
Total non-compensation expenses									131,789
Total non-interest expenses									131,789
Adjusted
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment banking									1,778,414
Total revenues									4,297,843
Net revenues									3,051,587
Underwriting costs									0
Technology and communications									305,166
Business development									101,080
Professional services									136,675
Other									72,715
Total non-compensation expenses									905,656
Total non-interest expenses									$ 2,641,920

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative investment	$ 322,909	$ 215,385
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	16,076,617	13,977,967
Derivative assets	130,610	163,833
Counterparty and Cash Collateral Netting	(2,412,486)	(3,254,216)
Securities received as collateral	0	103
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	9,478,944	8,171,929
Derivative liabilities	1,127,651	236,950
Counterparty and Cash Collateral Netting	(2,511,605)	(3,426,249)
Short-term borrowings	0	23,324
Long-term debt	686,170	606,956
Obligation to return securities received as collateral	0	103
Corporate equity securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,077,666	1,880,553
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,686,515	1,488,845
Corporate debt securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,692,664	3,287,336
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,506,140	1,689,347
Collateralized debt obligations and collateralized loan obligations
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	98,764	169,170
U.S. government and federal agency securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	1,846,206	1,308,673
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,384,295	1,430,737
Municipal securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	894,253	710,513
Sovereign obligations
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,812,965	2,417,459
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	2,396,337	2,173,635
Residential mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,183,232	1,479,371
Commercial mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	830,292	520,534
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value		105
Other asset-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	292,556	278,240
Loans and other receivables
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,103,578	1,667,885
Investments at fair value
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	113,831	94,400
Loans
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,378,006	1,152,310
Fair value based on net asset value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative investment	322,900	215,400
Level 1
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	5,479,301	4,612,403
Derivative assets	12,186	160,168
Securities received as collateral		103
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	4,831,079	4,351,974
Derivative liabilities	26,471	247,919
Short-term borrowings		0
Long-term debt	0	0
Obligation to return securities received as collateral		103
Level 1 | Corporate equity securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	1,907,945	1,801,453
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,685,071	1,456,675
Level 1 | Corporate debt securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	0	0
Level 1 | Collateralized debt obligations and collateralized loan obligations
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 | U.S. government and federal agency securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	1,789,614	1,269,230
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,384,295	1,430,737
Level 1 | Municipal securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 | Sovereign obligations
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	1,769,556	1,381,552
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,735,242	1,216,643
Level 1 | Residential mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 | Commercial mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value		0
Level 1 | Other asset-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 | Loans and other receivables
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 | Investments at fair value
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 1 | Loans
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	0	0
Level 2
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	12,673,061	12,292,053
Derivative assets	2,524,988	3,248,586
Securities received as collateral		0
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	7,125,036	7,226,002
Derivative liabilities	3,585,249	3,399,239
Short-term borrowings		23,324
Long-term debt	485,425	606,956
Obligation to return securities received as collateral		0
Level 2 | Corporate equity securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	118,681	57,091
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,444	32,122
Level 2 | Corporate debt securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,683,180	3,261,300
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,505,618	1,688,825
Level 2 | Collateralized debt obligations and collateralized loan obligations
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	72,949	139,166
Level 2 | U.S. government and federal agency securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	56,592	39,443
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	0	0
Level 2 | Municipal securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	894,253	710,513
Level 2 | Sovereign obligations
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	1,043,409	1,035,907
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	661,095	956,992
Level 2 | Residential mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,163,629	1,453,294
Level 2 | Commercial mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	819,406	508,115
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value		0
Level 2 | Other asset-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	239,381	217,111
Level 2 | Loans and other receivables
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	2,056,593	1,620,581
Level 2 | Investments at fair value
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	946
Level 2 | Loans
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	1,371,630	1,148,824
Level 3
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	336,741	327,727
Derivative assets	5,922	9,295
Securities received as collateral		0
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	34,434	20,202
Derivative liabilities	27,536	16,041
Short-term borrowings		0
Long-term debt	200,745	0
Obligation to return securities received as collateral		0
Level 3 | Corporate equity securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	51,040	22,009
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	0	48
Level 3 | Corporate debt securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	9,484	26,036
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	522	522
Level 3 | Collateralized debt obligations and collateralized loan obligations
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	25,815	30,004
Level 3 | U.S. government and federal agency securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	0	0
Level 3 | Municipal securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Level 3 | Sovereign obligations
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	0	0
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	0	0
Level 3 | Residential mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	19,603	26,077
Level 3 | Commercial mortgage-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	10,886	12,419
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value		105
Level 3 | Other asset-backed securities
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	53,175	61,129
Level 3 | Loans and other receivables
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	46,985	47,304
Level 3 | Investments at fair value
Financial instruments owned:
Financial instruments owned, excluding Investments at fair value based on NAV	113,831	93,454
Level 3 | Loans
Financial instruments sold, not yet purchased:
Financial instruments sold, not yet purchased, at fair value	$ 6,376	$ 3,486

Fair Value Disclosures - Invest

Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 322,909	$ 215,385
Unfunded Commitments	20,996	19,084
Equity Long/Short Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	15,338	33,176
Unfunded Commitments	$ 0	$ 0
Percentage of investments in liquidation	3.00%	1.00%
Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 40,070	$ 26,798
Unfunded Commitments	$ 20,996	$ 19,084
Estimated period for the liquidation of the underlying assets, minimum	1 year	1 year
Estimated period for the liquidation of the underlying assets, maximum	10 years	10 years
Commodity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 10,129
Unfunded Commitments	$ 0
Notice period redemption of investment prior written notice	60 days
Multi-asset Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 256,972	$ 154,805
Unfunded Commitments	$ 0	$ 0
Percentage of investments redeemable	15.00%	12.00%
Notice period redemption of investment prior written notice	30 days	30 days
Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 400	$ 606
Unfunded Commitments	$ 0	$ 0

Fair Value Disclosures - Level

Fair Value Disclosures - Level 3 Rollforwards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Assets:
Total gains/(losses) (realized and unrealized)	$ (12,700)	$ (24,600)	$ (128,500)
Liabilities:
Total gains/(losses) (realized and unrealized)	33,600	1,700	1,900
Corporate equity securities
Assets:
Beginning Balance	22,009	21,739	40,906
Total gains/(losses) (realized and unrealized)	24,023	3,262	(8,463)
Purchases	31,669	896	3,365
Sales	(22,759)	(1,623)	(49)
Settlements	(3,977)	52	(671)
Issuances	0	0	0
Net transfers into/ (out of) Level 3	75	(2,317)	(13,349)
Ending Balance	51,040	22,009	21,739
Change in unrealized gains/(losses) included in earnings for instruments still held	22,774	2,515	291
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Liabilities:
Beginning Balance	48	313	38
Total gains/(losses) (realized and unrealized)	0	60	0
Purchases	0	(373)	0
Sales	0	48	313
Settlements	0	0	(38)
Issuances	0	0	0
Net transfers into/ (out of) Level 3	(48)	0	0
Ending Balance	0	48	313
Change in unrealized gains/ (losses) included in earnings for to instruments still held	0	0	0
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Corporate debt securities
Assets:
Beginning Balance	26,036	25,005	25,876
Total gains/(losses) (realized and unrealized)	(439)	(3,723)	(16,230)
Purchases	10,352	36,850	27,242
Sales	(23,364)	(34,077)	(29,347)
Settlements	(1,679)	(1,968)	(7,223)
Issuances	0	0	0
Net transfers into/ (out of) Level 3	(1,422)	3,949	24,687
Ending Balance	9,484	26,036	25,005
Change in unrealized gains/(losses) included in earnings for instruments still held	(2,606)	(3,768)	(18,799)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Liabilities:
Beginning Balance	522	523	0
Total gains/(losses) (realized and unrealized)	0	(1)	(27)
Purchases	0	0	0
Sales	0	0	550
Settlements	0	0	0
Issuances	0	0	0
Net transfers into/ (out of) Level 3	0	0	0
Ending Balance	522	522	523
Change in unrealized gains/ (losses) included in earnings for to instruments still held	0	1	0
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Collateralized debt obligations and collateralized loan obligations
Assets:
Beginning Balance	30,004	54,354	85,092
Total gains/(losses) (realized and unrealized)	(14,368)	(19,858)	(14,918)
Purchases	356,650	112,239	52,316
Sales	(353,330)	(110,907)	(69,394)
Settlements	(10,247)	(367)	(2,750)
Issuances	0	0	0
Net transfers into/ (out of) Level 3	17,106	(5,457)	4,008
Ending Balance	25,815	30,004	54,354
Change in unrealized gains/(losses) included in earnings for instruments still held	(7,605)	(2,262)	(7,628)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Municipal securities
Assets:
Beginning Balance	0	27,257	0
Total gains/(losses) (realized and unrealized)		(1,547)	(1,462)
Purchases		0	0
Sales		(25,710)	0
Settlements		0	0
Issuances		0	0
Net transfers into/ (out of) Level 3		0	28,719
Ending Balance		0	27,257
Change in unrealized gains/(losses) included in earnings for instruments still held		0	(1,462)
Sovereign obligations
Assets:
Beginning Balance		0	120
Total gains/(losses) (realized and unrealized)			5
Purchases			0
Sales			(125)
Settlements			0
Issuances			0
Net transfers into/ (out of) Level 3			0
Ending Balance			0
Change in unrealized gains/(losses) included in earnings for instruments still held			0
RMBS
Assets:
Beginning Balance	26,077	38,772	70,263
Total gains/(losses) (realized and unrealized)	(6,970)	(10,817)	(9,612)
Purchases	3,118	6,805	623
Sales	(12,816)	(26,193)	(12,249)
Settlements	(513)	(115)	(931)
Issuances	0	0	0
Net transfers into/ (out of) Level 3	10,707	17,625	(9,322)
Ending Balance	19,603	26,077	38,772
Change in unrealized gains/(losses) included in earnings for instruments still held	521	(7,201)	(1,095)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
CMBS
Assets:
Beginning Balance	12,419	20,580	14,326
Total gains/(losses) (realized and unrealized)	(2,186)	(5,346)	(7,550)
Purchases	1,436	3,275	3,132
Sales	(471)	(5,263)	(2,024)
Settlements	(16,624)	(1,018)	(2,229)
Issuances	0	0	0
Net transfers into/ (out of) Level 3	16,312	191	14,925
Ending Balance	10,886	12,419	20,580
Change in unrealized gains/(losses) included in earnings for instruments still held	(4,000)	(6,976)	(7,243)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Liabilities:
Beginning Balance	105	0
Total gains/(losses) (realized and unrealized)	(105)	105
Purchases	0	0
Sales	0	0
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	0	0
Ending Balance	0	105	0
Change in unrealized gains/ (losses) included in earnings for to instruments still held	0	(105)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Other ABS
Assets:
Beginning Balance	61,129	40,911	42,925
Total gains/(losses) (realized and unrealized)	(9,934)	(17,705)	(14,381)
Purchases	706,846	77,508	133,986
Sales	(677,220)	(8,613)	(102,952)
Settlements	(27,641)	(25,799)	(8,769)
Issuances	0	0	0
Net transfers into/ (out of) Level 3	(5)	(5,173)	(9,898)
Ending Balance	53,175	61,129	40,911
Change in unrealized gains/(losses) included in earnings for instruments still held	(5,283)	(12,562)	(18,056)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Loans and other receivables
Assets:
Beginning Balance	47,304	81,872	189,289
Total gains/(losses) (realized and unrealized)	(5,137)	24,794	(42,566)
Purchases	149,228	63,768	75,264
Sales	(130,832)	(53,095)	(69,262)
Settlements	(15,311)	(34,622)	(46,851)
Issuances	0	0	0
Net transfers into/ (out of) Level 3	1,733	(35,413)	(24,002)
Ending Balance	46,985	47,304	81,872
Change in unrealized gains/(losses) included in earnings for instruments still held	(8,457)	17,451	(52,003)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Investments at fair value
Assets:
Beginning Balance	93,454	96,369	53,120
Total gains/(losses) (realized and unrealized)	2,353	6,361	(13,278)
Purchases	34,648	1,981	26,228
Sales	(17,570)	(10,157)	(542)
Settlements	0	(1,100)	(1,107)
Issuances	0	0	0
Net transfers into/ (out of) Level 3	946	0	31,948
Ending Balance	113,831	93,454	96,369
Change in unrealized gains/(losses) included in earnings for instruments still held	1,759	8,385	(13,208)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Loans
Liabilities:
Beginning Balance	3,486	378	10,469
Total gains/(losses) (realized and unrealized)	84	196	0
Purchases	(4,626)	(385)	0
Sales	7,432	2,485	378
Settlements	0	0	0
Issuances	0	0	0
Net transfers into/ (out of) Level 3	0	812	(10,469)
Ending Balance	6,376	3,486	378
Change in unrealized gains/ (losses) included in earnings for to instruments still held	(28)	(2,639)	0
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Net derivatives
Liabilities:
Beginning Balance	6,746	3,441	(242)
Total gains/(losses) (realized and unrealized)	(3,237)	(1,638)	(1,760)
Purchases	(17)	0	0
Sales	14,920	0	11,101
Settlements	(1,335)	5,558	31
Issuances	0	456	2,067
Net transfers into/ (out of) Level 3	4,537	(1,071)	(7,756)
Ending Balance	21,614	6,746	3,441
Change in unrealized gains/ (losses) included in earnings for to instruments still held	(646)	(17,740)	(6,458)
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	0
Other secured financings
Liabilities:
Beginning Balance	0	418	544
Total gains/(losses) (realized and unrealized)		(418)	(126)
Purchases		0	0
Sales		0	0
Settlements		0	0
Issuances		0	0
Net transfers into/ (out of) Level 3		0	0
Ending Balance		0	418
Change in unrealized gains/ (losses) included in earnings for to instruments still held		0	$ (126)
Long-term debt
Liabilities:
Beginning Balance	0
Total gains/(losses) (realized and unrealized)	(30,347)
Purchases	0
Sales	0
Settlements	0
Issuances	84,860
Net transfers into/ (out of) Level 3	146,232
Ending Balance	200,745	$ 0
Change in unrealized gains/ (losses) included in earnings for to instruments still held	10,951
Change in unrealized gains/ (losses) included in other comprehensive income for instruments still held	$ 19,396

Fair Value Disclosures - Additi

Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	$ 57,800	$ 33,800	$ 179,600
Transfers of assets from Level 3 to Level 2	12,300	60,400	133,200
Net gains/(losses) on Level 3 assets (realized and unrealized)	(12,700)	(24,600)	(128,500)
Net gains (losses) on Level 3 liabilities (realized and unrealized)	33,600	1,700	1,900
Aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due	105,300	55,100
Loan and other receivables greater than 90 days past due	19,400	37,400
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	707,960	578,014
Level 1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	34,800	99,700
Corporate equity securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 3 to Level 2	2,900		19,200
Net gains/(losses) on Level 3 assets (realized and unrealized)	24,023	3,262	(8,463)
Net gains (losses) on Level 3 liabilities (realized and unrealized)	0	60	0
Corporate debt securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3		8,300	28,100
Transfers of assets from Level 3 to Level 2	3,600
Net gains/(losses) on Level 3 assets (realized and unrealized)	(439)	(3,723)	(16,230)
Net gains (losses) on Level 3 liabilities (realized and unrealized)	0	(1)	(27)
Collateralized debt obligations and collateralized loan obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	17,300		19,400
Transfers of assets from Level 3 to Level 2			15,400
Net gains/(losses) on Level 3 assets (realized and unrealized)	(14,368)	(19,858)	(14,918)
Municipal securities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3			28,700
Net gains/(losses) on Level 3 assets (realized and unrealized)		(1,547)	(1,462)
RMBS
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	15,300	19,600	17,500
Transfers of assets from Level 3 to Level 2	4,600		26,800
Net gains/(losses) on Level 3 assets (realized and unrealized)	(6,970)	(10,817)	(9,612)
Investments at fair value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3			31,900
Net gains/(losses) on Level 3 assets (realized and unrealized)	2,353	6,361	(13,278)
Other ABS
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3			16,900
Transfers of assets from Level 3 to Level 2			26,800
Net gains/(losses) on Level 3 assets (realized and unrealized)	(9,934)	(17,705)	(14,381)
CMBS
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	16,300		17,400
Net gains/(losses) on Level 3 assets (realized and unrealized)	(2,186)	(5,346)	(7,550)
Net gains (losses) on Level 3 liabilities (realized and unrealized)	(105)	105
Loans and other receivables
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3			13,800
Transfers of assets from Level 3 to Level 2		40,900	37,800
Net gains/(losses) on Level 3 assets (realized and unrealized)	(5,137)	$ 24,794	(42,566)
Long-term debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of liabilities from Level 2 to Level 3	146,200
Net gains (losses) on Level 3 liabilities (realized and unrealized)	$ (30,347)
Loan Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers of liabilities from Level 3 to Level 2			$ 10,500

Fair Value Disclosures - Quanti

Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Detail) $ in Thousands	12 Months Ended
	Nov. 30, 2018USD ($)	Nov. 30, 2017USD ($)$ / shares	Nov. 30, 2018	Nov. 30, 2018$ / shares	Nov. 30, 2018€ / shares
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $	$ 16,399,526	$ 14,193,352
Derivative assets | $	130,610	163,833
Financial instruments sold, not yet purchased, at fair value | $	9,478,944	8,171,929
Derivative liabilities | $	1,127,651	236,950
Value of asset excluded from significant unobservable inputs | $	11,100	21,100
Value of liability excluded from significant unobservable inputs | $	500	4,200
Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value | $	1,686,515	1,488,845
Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value | $	1,506,140	1,689,347
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value | $		105
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value | $	1,378,006	1,152,310
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets | $	5,922	9,295
Financial instruments sold, not yet purchased, at fair value | $	34,434	20,202
Derivative liabilities | $	27,536	16,041
Level 3 | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets | $	4,602
Level 3 | Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $	43,644	18,109
Financial instruments sold, not yet purchased, at fair value | $	0	$ 48
Level 3 | Non-exchange-traded securities | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				1
Level 3 | Non-exchange-traded securities | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				75
Level 3 | Non-exchange-traded securities | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				12
Level 3 | Non-exchange-traded securities | Transaction level
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				47
Level 3 | Non-exchange-traded securities | Market approach | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		3
Level 3 | Non-exchange-traded securities | Market approach | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		75
Level 3 | Non-exchange-traded securities | Market approach | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		33
Level 3 | Non-exchange-traded securities | Market approach | Underlying stock price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		6
Level 3 | Non-exchange-traded securities | Comparable pricing | Comparable asset price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		7
Level 3 | Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $	9,484	$ 26,036
Financial instruments sold, not yet purchased, at fair value | $	522	$ 522
Level 3 | Corporate debt securities | Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.46
Level 3 | Corporate debt securities | Transaction level
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				80
Level 3 | Corporate debt securities | Market approach | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		10
Level 3 | Corporate debt securities | Market approach | Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.17
Level 3 | Corporate debt securities | Convertible bond model | Discount rate/yield
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.08
Level 3 | Corporate debt securities | Convertible bond model | Volatility
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.40
Level 3 | Collateralized debt obligations and collateralized loan obligations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $	25,815	$ 30,004
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Discount rate/yield | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.03	0.11
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Discount rate/yield | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.26	0.16
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Discount rate/yield | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.12	0.14
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Constant prepayment rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.20
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Constant prepayment rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.10
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Constant prepayment rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.20
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Constant prepayment rate | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.18
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Constant default rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.02
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Constant default rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.01
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Constant default rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.02
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Constant default rate | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.02
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Loss severity | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.25	0.25
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Loss severity | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.30	0.30
Level 3 | Collateralized debt obligations and collateralized loan obligations | Discounted cash flows | Loss severity | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.26	0.26
Level 3 | Collateralized debt obligations and collateralized loan obligations | Scenario analysis | Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.02
Level 3 | Collateralized debt obligations and collateralized loan obligations | Scenario analysis | Estimated recovery percentage | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.08
Level 3 | Collateralized debt obligations and collateralized loan obligations | Scenario analysis | Estimated recovery percentage | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.40
Level 3 | Collateralized debt obligations and collateralized loan obligations | Scenario analysis | Estimated recovery percentage | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.22
Level 3 | RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $	$ 19,603	$ 26,077
Level 3 | RMBS | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term		2 years
Level 3 | RMBS | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term		4 years
Level 3 | RMBS | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term		3 years
Level 3 | RMBS | Discount rate/yield | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.06
Level 3 | RMBS | Discount rate/yield | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.10
Level 3 | RMBS | Discount rate/yield | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.08
Level 3 | RMBS | Cumulative loss rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.03
Level 3 | RMBS | Cumulative loss rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.19
Level 3 | RMBS | Cumulative loss rate | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.10
Level 3 | RMBS | Market approach | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				100
Level 3 | RMBS | Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	13 years
Level 3 | RMBS | Discounted cash flows | Discount rate/yield
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.03
Level 3 | RMBS | Discounted cash flows | Loss severity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0
Level 3 | RMBS | Discounted cash flows | Cumulative loss rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.04
Level 3 | CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $	$ 9,444	$ 12,419
Financial instruments sold, not yet purchased, at fair value | $		$ 105
Level 3 | CMBS | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	1 year	1 year
Level 3 | CMBS | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	3 years	3 years
Level 3 | CMBS | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	1 year	2 years
Level 3 | CMBS | Discounted cash flows | Discount rate/yield | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.02	0.02
Level 3 | CMBS | Discounted cash flows | Discount rate/yield | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.26	0.15
Level 3 | CMBS | Discounted cash flows | Discount rate/yield | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.12	0.06
Level 3 | CMBS | Discounted cash flows | Loss severity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.64
Level 3 | CMBS | Discounted cash flows | Cumulative loss rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.08	0.08
Level 3 | CMBS | Discounted cash flows | Cumulative loss rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.65	0.85
Level 3 | CMBS | Discounted cash flows | Cumulative loss rate | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.44	0.45
Level 3 | CMBS | Scenario analysis | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				49
Level 3 | CMBS | Scenario analysis | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		52
Level 3 | CMBS | Scenario analysis | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		56
Level 3 | CMBS | Scenario analysis | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		54
Level 3 | CMBS | Scenario analysis | Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.26
Level 3 | CMBS | Scenario analysis | Estimated recovery percentage | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.26
Level 3 | CMBS | Scenario analysis | Estimated recovery percentage | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.32
Level 3 | CMBS | Scenario analysis | Estimated recovery percentage | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.28
Level 3 | Other ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $	$ 53,175	$ 61,129
Level 3 | Other ABS | Market approach | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		100		100
Level 3 | Other ABS | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	1 year	1 year
Level 3 | Other ABS | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	2 years	6 years
Level 3 | Other ABS | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input, term	1 year	2 years
Level 3 | Other ABS | Discounted cash flows | Discount rate/yield | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.05	0.06
Level 3 | Other ABS | Discounted cash flows | Discount rate/yield | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.39	0.12
Level 3 | Other ABS | Discounted cash flows | Discount rate/yield | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.09	0.08
Level 3 | Other ABS | Discounted cash flows | Cumulative loss rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0	0.12
Level 3 | Other ABS | Discounted cash flows | Cumulative loss rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.33	0.30
Level 3 | Other ABS | Discounted cash flows | Cumulative loss rate | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.23	0.22
Level 3 | Other ABS | Scenario analysis | Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.14
Level 3 | Loans and other receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $	$ 46,078	$ 46,121
Level 3 | Loans and other receivables | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				50
Level 3 | Loans and other receivables | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				100
Level 3 | Loans and other receivables | Estimated recovery percentage | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.13
Level 3 | Loans and other receivables | Estimated recovery percentage | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			1.17
Level 3 | Loans and other receivables | Market approach | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		54
Level 3 | Loans and other receivables | Market approach | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		100
Level 3 | Loans and other receivables | Market approach | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		95		96
Level 3 | Loans and other receivables | Market approach | Estimated recovery percentage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.76
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.13
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		1.07
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		0.78	1.05
Level 3 | Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets | $		$ 9,295
Derivative liabilities | $		$ 16,041
Level 3 | Derivatives | Total return swaps | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input				97
Level 3 | Derivatives | Total return swaps | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input		101
Level 3 | Derivatives | Total return swaps | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input		106
Level 3 | Derivatives | Total return swaps | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input		103
Level 3 | Derivatives | Total return swaps | Market approach | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				97
Level 3 | Derivatives | Total return swaps | Market approach | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input		101
Level 3 | Derivatives | Total return swaps | Market approach | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input		106
Level 3 | Derivatives | Total return swaps | Market approach | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input		103
Level 3 | Derivatives | Equity options | Option model/default rate | Default probability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input		0	0
Level 3 | Derivatives | Equity options | Volatility benchmarking | Volatility | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input			0.39
Level 3 | Derivatives | Equity options | Volatility benchmarking | Volatility | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input			0.62
Level 3 | Derivatives | Equity options | Volatility benchmarking | Volatility | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input			0.50
Level 3 | Derivatives | Unfunded commitments | Market approach | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input		99
Level 3 | Derivatives | Variable funding note swaps | Discounted cash flows | Discount rate/yield
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input		0.26
Level 3 | Derivatives | Variable funding note swaps | Discounted cash flows | Constant prepayment rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input		0.20
Level 3 | Derivatives | Variable funding note swaps | Discounted cash flows | Constant default rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input		0.02
Level 3 | Derivatives | Variable funding note swaps | Discounted cash flows | Loss severity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input		0.25
Level 3 | Derivatives | Interest rate swaps | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input				20
Level 3 | Derivatives | Interest rate swaps | Credit spread
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input		0.08
Level 3 | Derivatives | Interest rate swaps | Market approach | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input				20
Level 3 | Investments at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value | $	113,831	$ 77,423
Level 3 | Private equity securities | Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		7
Level 3 | Private equity securities | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				3
Level 3 | Private equity securities | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				250
Level 3 | Private equity securities | Transaction level | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		3
Level 3 | Private equity securities | Transaction level | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		250
Level 3 | Private equity securities | Transaction level | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input		172
Level 3 | Private equity securities | Market approach | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				108
Level 3 | Private equity securities | Market approach | Transaction level
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input				169
Level 3 | Private equity securities | Scenario analysis | Discount rate/yield
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0.20
Level 3 | Private equity securities | Scenario analysis | Revenue growth
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments owned, measurement input			0
Level 3 | Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value | $	6,376	$ 3,486
Level 3 | Loans | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input				50
Level 3 | Loans | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input				101
Level 3 | Loans | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input				74
Level 3 | Long-term debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value | $	$ 200,745
Level 3 | Long-term debt | Price | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input				78	68
Level 3 | Long-term debt | Price | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input				94	110
Level 3 | Long-term debt | Price | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input				86	96

Fair Value Disclosures - Summar

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	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Financial instruments owned:
Loans and other receivables	$ (3,856)	$ 22,088	$ (68,812)
Long-term debt
Financial instruments sold, Long-term debt and Short-term borrowings
Changes in instrument specific credit risk	38,064	(34,609)	(10,745)
Other changes in fair value	48,748	47,291	30,995
Short-term borrowings
Financial instruments sold, Long-term debt and Short-term borrowings
Other changes in fair value	0	(681)	0
Loans
Financial instruments sold, Long-term debt and Short-term borrowings
Changes in instrument specific credit risk	(46)	0	9
Loan commitments
Financial instruments sold, Long-term debt and Short-term borrowings
Changes in instrument specific credit risk	$ (739)	$ 230	$ 5,509

Fair Value Disclosures - Summ_2

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	Nov. 30, 2018	Nov. 30, 2017
Financial instruments owned:
Loans and other receivables	$ 806,798	$ 752,076
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	24,389	159,462
Long-term debt and short-term borrowings	114,669	32,839
Loans and other receivables 90 days or greater past due	$ 20,500	$ 38,700

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exchange ownership interest, impairment loss	$ 9	$ 613
Nonrecurring | Fixed Income | Exchange ownership interests and registrations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exchange ownership interest, carrying value	2,663	2,672	$ 2,716
Exchange ownership interest, impairment loss	9	613	1,284
Nonrecurring | Fixed Income | Exchange ownership interests and registrations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exchange ownership interest, fair value	2,663	2,672	2,716
Nonrecurring | Fixed Income | Exchange ownership interests and registrations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exchange ownership interest, fair value	$ 0	$ 0	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract (Detail) $ in Thousands	Nov. 30, 2018USD ($)Contract	Nov. 30, 2017USD ($)Contract
Derivatives, Fair Value [Line Items]
Net amounts per Consolidated Statements of Financial Condition, Assets	$ 130,610	$ 163,833
Net amounts per Consolidated Statements of Financial Condition, Liabilities	1,127,651	236,950
Exchange-traded
Derivatives, Fair Value [Line Items]
Fair Value, Assets	1,204,106	1,290,618
Fair Value, Liabilities	2,061,922	1,375,936
Amounts offset in the Consolidated Statements of Financial Condition, Assets	(1,190,951)	(1,268,043)
Amounts offset in the Consolidated Statements of Financial Condition, Liabilities	(1,190,951)	(1,268,043)
Cleared OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	433,874	1,340,384
Fair Value, Liabilities	443,072	1,275,027
Amounts offset in the Consolidated Statements of Financial Condition, Assets	(407,351)	(1,319,895)
Amounts offset in the Consolidated Statements of Financial Condition, Liabilities	(418,779)	(1,274,900)
Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	905,116	787,047
Fair Value, Liabilities	1,134,262	1,012,236
Amounts offset in the Consolidated Statements of Financial Condition, Assets	(814,184)	(666,278)
Amounts offset in the Consolidated Statements of Financial Condition, Liabilities	(901,875)	(883,306)
Interest rate contracts | Rule change by Chicago Mercantile Exchange
Derivatives, Fair Value [Line Items]
Amounts offset in the Consolidated Statements of Financial Condition, Assets		(800,000)
Foreign exchange contracts | Cleared OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 0
Number of Contracts, Assets | Contract	0
Fair Value, Liabilities	$ 36
Number of Contracts, Liabilities | Contract	3
Derivatives designated as accounting hedges
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 0	0
Fair Value, Liabilities	29,647	2,420
Derivatives designated as accounting hedges | Interest rate contracts | Cleared OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 0	$ 0
Number of Contracts, Assets | Contract	0	0
Fair Value, Liabilities	$ 29,647	$ 2,420
Number of Contracts, Liabilities | Contract	1	1
Derivatives not designated as accounting hedges
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 2,543,096	$ 3,418,049
Fair Value, Liabilities	3,609,609	3,660,779
Derivatives not designated as accounting hedges | Interest rate contracts | Exchange-traded
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 924	$ 1,957
Number of Contracts, Assets | Contract	32,159	33,972
Fair Value, Liabilities	$ 513	$ 66
Number of Contracts, Liabilities | Contract	66,095	8,515
Derivatives not designated as accounting hedges | Interest rate contracts | Cleared OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 422,670	$ 1,334,878
Number of Contracts, Assets | Contract	2,095	2,711
Fair Value, Liabilities	$ 411,833	$ 1,263,994
Number of Contracts, Liabilities | Contract	2,394	2,948
Derivatives not designated as accounting hedges | Interest rate contracts | Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 372,899	$ 380,223
Number of Contracts, Assets | Contract	1,398	1,804
Fair Value, Liabilities	$ 491,697	$ 444,716
Number of Contracts, Liabilities | Contract	816	1,346
Derivatives not designated as accounting hedges | Foreign exchange contracts | Exchange-traded
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 42	$ 157
Number of Contracts, Assets | Contract	538	2,045
Fair Value, Liabilities	$ 2	$ 20
Number of Contracts, Liabilities | Contract	690	101
Derivatives not designated as accounting hedges | Foreign exchange contracts | Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 311,228	$ 303,091
Number of Contracts, Assets | Contract	9,548	4,338
Fair Value, Liabilities	$ 314,951	$ 286,582
Number of Contracts, Liabilities | Contract	9,909	4,361
Derivatives not designated as accounting hedges | Equity contracts | Exchange-traded
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 1,202,927	$ 1,288,295
Number of Contracts, Assets | Contract	2,104,684	2,654,555
Fair Value, Liabilities	$ 2,061,137	$ 1,375,832
Number of Contracts, Liabilities | Contract	1,779,836	2,090,935
Derivatives not designated as accounting hedges | Equity contracts | Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 207,221	$ 78,812
Number of Contracts, Assets | Contract	5,126	1,847
Fair Value, Liabilities	$ 315,996	$ 247,750
Number of Contracts, Liabilities | Contract	2,764	1,722
Derivatives not designated as accounting hedges | Commodity contracts | Exchange-traded
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 213	$ 209
Number of Contracts, Assets | Contract	3,927	3,723
Fair Value, Liabilities	$ 270	$ 18
Number of Contracts, Liabilities | Contract	4,012	3,819
Derivatives not designated as accounting hedges | Credit contracts | Cleared OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 11,204	$ 5,506
Number of Contracts, Assets | Contract	7	18
Fair Value, Liabilities	$ 1,556	$ 8,613
Number of Contracts, Liabilities | Contract	14	27
Derivatives not designated as accounting hedges | Credit contracts | Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 13,768	$ 24,921
Number of Contracts, Assets | Contract	123	110
Fair Value, Liabilities	$ 11,618	$ 33,188
Number of Contracts, Liabilities | Contract	79	164

Derivative Financial Instrume_4

Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense on fair value hedge	$ 1,824	$ 6,033	$ 0
Unrealized and realized gains (losses)	(162,059)	(292,662)	(652,663)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	67,291	2,959	(34,319)
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(304)	4,735	18,122
Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(232,873)	(303,953)	(650,815)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	1,112	(4,911)	1,310
Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	2,715	8,508	13,039
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense on fair value hedge	(25,539)	(2,091)	0
Long-term debt
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense on fair value hedge	$ 27,363	$ 8,124	$ 0

Derivative Financial Instrume_5

Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Detail) $ in Thousands	Nov. 30, 2018USD ($)
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	$ 167,889
OTC derivative assets having maturity period of 1 to 5 years	154,790
OTC derivative assets having maturity period of greater than 5 years	112,083
OTC derivative assets cross-maturity netting	(94,976)
Total OTC derivative assets, net of cross-maturity netting	339,786
Cross product counterparty netting	(18,743)
Total OTC derivative assets included in Financial instruments owned	321,043
OTC derivative liabilities having maturity period of 0 to 12 months	191,037
OTC derivative liabilities having maturity period of 1 to 5 years	248,104
OTC derivative liabilities having maturity period of greater than 5 years	233,449
OTC derivative liabilities cross-maturity netting	(94,976)
Total OTC derivative liabilities, net of cross-maturity netting	577,614
Cross product counterparty netting	(18,743)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased	558,871
Exchange traded derivative assets	14,800
Cash collateral received	205,300
Exchange traded derivative liabilities, with fair value	873,500
Cash collateral pledged	304,700
Equity swaps and options
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	1,769
OTC derivative assets having maturity period of 1 to 5 years	13,966
OTC derivative assets having maturity period of greater than 5 years	4,934
OTC derivative assets cross-maturity netting	(1,889)
Total OTC derivative assets, net of cross-maturity netting	18,780
OTC derivative liabilities having maturity period of 0 to 12 months	52,466
OTC derivative liabilities having maturity period of 1 to 5 years	83,938
OTC derivative liabilities having maturity period of greater than 5 years	35,730
OTC derivative liabilities cross-maturity netting	(1,889)
Total OTC derivative liabilities, net of cross-maturity netting	170,245
Credit default swaps
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	66
OTC derivative assets having maturity period of 1 to 5 years	12,060
OTC derivative assets having maturity period of greater than 5 years	3,984
OTC derivative assets cross-maturity netting	(899)
Total OTC derivative assets, net of cross-maturity netting	15,211
OTC derivative liabilities having maturity period of 0 to 12 months	164
OTC derivative liabilities having maturity period of 1 to 5 years	1,197
OTC derivative liabilities having maturity period of greater than 5 years	1,548
OTC derivative liabilities cross-maturity netting	(899)
Total OTC derivative liabilities, net of cross-maturity netting	2,010
Total return swaps
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	95,130
OTC derivative assets having maturity period of 1 to 5 years	19,519
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	(1,786)
Total OTC derivative assets, net of cross-maturity netting	112,863
OTC derivative liabilities having maturity period of 0 to 12 months	64,296
OTC derivative liabilities having maturity period of 1 to 5 years	11,549
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	(1,786)
Total OTC derivative liabilities, net of cross-maturity netting	74,059
Foreign currency forwards, swaps and options
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	39,162
OTC derivative assets having maturity period of 1 to 5 years	15,942
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	(12,528)
Total OTC derivative assets, net of cross-maturity netting	42,576
OTC derivative liabilities having maturity period of 0 to 12 months	43,593
OTC derivative liabilities having maturity period of 1 to 5 years	15,546
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	(12,528)
Total OTC derivative liabilities, net of cross-maturity netting	46,611
Fixed income forwards
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	3,911
OTC derivative assets having maturity period of 1 to 5 years	0
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	3,911
Interest rate swaps, options and forwards
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	27,851
OTC derivative assets having maturity period of 1 to 5 years	93,303
OTC derivative assets having maturity period of greater than 5 years	103,165
OTC derivative assets cross-maturity netting	(77,874)
Total OTC derivative assets, net of cross-maturity netting	146,445
OTC derivative liabilities having maturity period of 0 to 12 months	30,518
OTC derivative liabilities having maturity period of 1 to 5 years	135,874
OTC derivative liabilities having maturity period of greater than 5 years	196,171
OTC derivative liabilities cross-maturity netting	(77,874)
Total OTC derivative liabilities, net of cross-maturity netting	$ 284,689

Derivative Financial Instrume_6

Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Detail) $ in Thousands	Nov. 30, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of OTC derivatives assets, Counterparty credit quality, A- or higher	$ 157,742
Fair value of OTC derivatives assets, Counterparty credit quality, BBB- to BBB+	18,390
Fair value of OTC derivatives assets, Counterparty credit quality, BB+ or lower	119,713
Fair value of OTC derivatives assets, Counterparty credit quality, Unrated	25,198
Total OTC derivative assets included in Financial instruments owned	$ 321,043

Derivative Financial Instrume_7

Derivative Financial Instruments - External Credit Ratings of Underlyings or Referenced Assets (Details) - USD ($) $ in Millions	Nov. 30, 2018	Nov. 30, 2017
Index credit default swaps
Derivative [Line Items]
Notional amount	$ 193.1	$ 49
Single name credit default swaps
Derivative [Line Items]
Notional amount	145.2	218.2
Investment Grade | Index credit default swaps
Derivative [Line Items]
Notional amount	25.7	3
Investment Grade | Single name credit default swaps
Derivative [Line Items]
Notional amount	57.7	129.1
Non-investment Grade | Index credit default swaps
Derivative [Line Items]
Notional amount	167.4	46
Non-investment Grade | Single name credit default swaps
Derivative [Line Items]
Notional amount	84.5	$ 89.1
Unrated | Index credit default swaps
Derivative [Line Items]
Notional amount	0
Unrated | Single name credit default swaps
Derivative [Line Items]
Notional amount	$ 3

Derivative Financial Instrume_8

Derivative Financial Instruments - Contingent Features (Detail) - USD ($) $ in Millions	Nov. 30, 2018	Nov. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instrument liabilities with credit-risk-related contingent features	$ 93.5	$ 95.1
Collateral posted	(61.5)	(86.4)
Collateral received	91.5	5.6
Return of and additional collateral required in the event of a credit rating downgrade below investment grade	$ 123.3	$ 14.3

Collateralized Transactions - A

Collateralized Transactions - Additional Information (Detail) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 30, 2017
Banking and Thrift [Abstract]
Fair value of securities received as collateral	$ 23,100,000	$ 27,100,000
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 707,960	$ 578,014

Collateralized Transactions - C

Collateralized Transactions - Collateral Pledged (Details) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 30, 2017
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	$ 1,838,688	$ 2,843,911
Repurchase Agreements	17,193,486	19,829,249
Obligation To Return Securities Received As Collateral		103
Total	19,032,174	22,673,263
Corporate equity securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	1,505,218	2,353,798
Repurchase Agreements	487,124	214,413
Obligation To Return Securities Received As Collateral		0
Total	1,992,342	2,568,211
Corporate debt securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	333,221	470,908
Repurchase Agreements	1,853,309	2,336,702
Obligation To Return Securities Received As Collateral		0
Total	2,186,530	2,807,610
Mortgage- and asset-backed securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	249	0
Repurchase Agreements	2,820,543	2,562,268
Obligation To Return Securities Received As Collateral		0
Total	2,820,792	2,562,268
U.S. government and federal agency securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	19,205
Repurchase Agreements	8,181,947	11,792,534
Obligation To Return Securities Received As Collateral		0
Total	8,181,947	11,811,739
Municipal securities
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	604,274	444,861
Obligation To Return Securities Received As Collateral		0
Total	604,274	444,861
Sovereign obligations
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	2,945,521	2,023,530
Obligation To Return Securities Received As Collateral		103
Total	2,945,521	2,023,633
Loans and other receivables
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	300,768	454,941
Obligation To Return Securities Received As Collateral		0
Total	$ 300,768	$ 454,941

Collateralized Transactions -_2

Collateralized Transactions - Contractual Maturity (Details) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 30, 2017
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	$ 1,838,688	$ 2,843,911
Repurchase Agreements	17,193,486	19,829,249
Obligation To Return Securities Received As Collateral		103
Total	19,032,174	22,673,263
Overnight and Continuous
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	807,347	1,676,940
Repurchase Agreements	7,849,052	10,780,474
Obligation To Return Securities Received As Collateral		103
Total	8,656,399	12,457,517
Up to 30 Days
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	1,915,325	4,058,228
Obligation To Return Securities Received As Collateral		0
Total	1,915,325	4,058,228
31-90 Days
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	560,417	741,971
Repurchase Agreements	6,042,951	3,211,464
Obligation To Return Securities Received As Collateral		0
Total	6,603,368	3,953,435
Greater than 90 Days
Transfer Of Certain Financial Assets Accounted For As Secured Borrowings [Line Items]
Securities Lending Arrangements	470,924	425,000
Repurchase Agreements	1,386,158	1,779,083
Obligation To Return Securities Received As Collateral		0
Total	$ 1,857,082	$ 2,204,083

Collateralized Transactions - S

Collateralized Transactions - Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements (Detail) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 30, 2017
Securities borrowing arrangements
Gross Amounts	$ 6,538,212	$ 7,721,803
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	6,538,212	7,721,803
Additional Amounts Available for Setoff	(468,778)	(966,712)
Available Collateral	(1,193,986)	(1,032,629)
Net Amount	4,875,448	5,722,462
Reverse repurchase agreements
Gross Amounts	11,336,175	14,858,297
Netting in Consolidated Statement of Financial Condition	(8,550,417)	(11,168,738)
Net Amounts in Consolidated Statement of Financial Condition	2,785,758	3,689,559
Additional Amounts Available for Setoff	(609,225)	(463,973)
Available Collateral	(2,126,730)	(3,207,147)
Net Amount	49,803	18,439
Securities lending arrangements
Gross Amounts	1,838,688	2,843,911
Netting in Consolidated Statement of Financial Condition	0	0
Net Amounts in Consolidated Statement of Financial Condition	1,838,688	2,843,911
Additional Amounts Available for Setoff	(468,778)	(966,712)
Available Collateral	(1,343,704)	(1,795,408)
Net Amount	26,206	81,791
Repurchase agreements
Gross Amounts	17,193,486	19,829,249
Netting in Consolidated Statement of Financial Condition	(8,550,417)	(11,168,738)
Net Amounts in Consolidated Statement of Financial Condition	8,643,069	8,660,511
Additional Amounts Available for Setoff	(609,225)	(463,973)
Available Collateral	(7,070,967)	(7,067,512)
Net Amount	962,877	1,129,026
Securities borrowing arrangements	4,825,700	5,678,600
Securities borrowing arrangements, collateral	4,711,700	5,516,700
Securities borrowing arrangements, repurchase agreements	931,700	1,084,400
Securities borrowing arrangements, repurchase agreements, pledged securities collateral	$ 963,600	1,115,900
Obligation to return securities received as collateral
Securities lending arrangements
Gross Amounts		103
Netting in Consolidated Statement of Financial Condition		0
Net Amounts in Consolidated Statement of Financial Condition		103
Additional Amounts Available for Setoff		0
Available Collateral		(103)
Net Amount		0
Securities received as collateral
Securities borrowing arrangements
Gross Amounts		103
Netting in Consolidated Statement of Financial Condition		0
Net Amounts in Consolidated Statement of Financial Condition		103
Additional Amounts Available for Setoff		0
Available Collateral		(103)
Net Amount		$ 0

Securitization Activities - Act

Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Detail) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Transfers and Servicing [Abstract]
Transferred assets	$ 7,159.3	$ 4,552.9	$ 5,786
Proceeds on new securitizations	7,165.3	4,594.5	5,809
Cash flows received on retained interests	$ 48.5	$ 28.7	$ 28.2

Securitization Activities - Sum

Securitization Activities - Summary of Retained Interests in SPEs (Detail) - USD ($) $ in Millions	Nov. 30, 2018	Nov. 30, 2017
Securitization Vehicles [Line Items]
Total RMBS securitization assets	$ 13,633.5	$ 6,383.5
Total CMBS securitization assets	2,027.6	2,075.7
Total Collateralized loan obligations	3,512	3,957.8
Consumer and other loans	604.1	247.6
U.S. government agency RMBS
Securitization Vehicles [Line Items]
Retained Interests	365.3	28.2
U.S. government agency CMBS
Securitization Vehicles [Line Items]
Retained Interests	185.6	81.4
CLOs
Securitization Vehicles [Line Items]
Retained Interests	20.9	20.3
Consumer and other loans
Securitization Vehicles [Line Items]
Retained Interests	$ 48.9	$ 47.8

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Detail) - USD ($) $ in Millions	Nov. 30, 2018	Nov. 30, 2017
Securitization Vehicles
Variable Interest Entity [Line Items]
Assets	$ 883.1	$ 773.6
Liabilities	883.1	772.1
Secured financing included in inventory and eliminated	1	44.1
Other
Variable Interest Entity [Line Items]
Assets	1.5	1.5
Liabilities	0.2	0.2
Cash | Securitization Vehicles
Variable Interest Entity [Line Items]
Assets	0	6.5
Cash | Other
Variable Interest Entity [Line Items]
Assets	1.1	1.1
Financial instruments owned | Securitization Vehicles
Variable Interest Entity [Line Items]
Assets	0	37.6
Financial instruments owned | Other
Variable Interest Entity [Line Items]
Assets	0.4	0.4
Securities purchased under agreement to resell | Securitization Vehicles
Variable Interest Entity [Line Items]
Assets	883.1	729.3
Securities purchased under agreement to resell | Other
Variable Interest Entity [Line Items]
Assets	0	0
Fees, interest and other receivables | Securitization Vehicles
Variable Interest Entity [Line Items]
Assets	0	0.2
Fees, interest and other receivables | Other
Variable Interest Entity [Line Items]
Assets	0	0
Other secured financings | Securitization Vehicles
Variable Interest Entity [Line Items]
Liabilities	882.5	766.2
Other secured financings | Other
Variable Interest Entity [Line Items]
Liabilities	0	0
Other liabilities | Securitization Vehicles
Variable Interest Entity [Line Items]
Liabilities	0.6	5.9
Other liabilities | Other
Variable Interest Entity [Line Items]
Liabilities	$ 0.2	$ 0.2

Variable Interest Entities - Va

Variable Interest Entities - Variable Interests in Non-Consolidated Variable Interest Entities (Detail) - Nonconsolidated VIEs - USD ($) $ in Millions	Nov. 30, 2018	Nov. 30, 2017
Variable Interest Entity [Line Items]
Carrying Amount, Assets	$ 634.7	$ 490
Carrying Amount, Liabilities	0	8.9
Maximum exposure to loss	1,528	1,874.4
VIE Assets	10,028.4	10,546.5
CLOs
Variable Interest Entity [Line Items]
Carrying Amount, Assets	42.1	163.5
Carrying Amount, Liabilities	0	8.9
Maximum exposure to loss	568.3	1,020.5
VIE Assets	3,088.9	5,210.4
Consumer loan and other asset-backed vehicles
Variable Interest Entity [Line Items]
Carrying Amount, Assets	462.1	254.8
Carrying Amount, Liabilities	0	0
Maximum exposure to loss	807.1	759.8
VIE Assets	3,273.1	2,322.7
Related party private equity vehicles
Variable Interest Entity [Line Items]
Carrying Amount, Assets	35.5	23.7
Carrying Amount, Liabilities	0	0
Maximum exposure to loss	53.5	45.4
VIE Assets	108.3	75
Other investment vehicles
Variable Interest Entity [Line Items]
Carrying Amount, Assets	95	48
Carrying Amount, Liabilities	0	0
Maximum exposure to loss	99.1	48.7
VIE Assets	$ 3,558.1	$ 2,938.4

Variable Interest Entities - No

Variable Interest Entities - Non-consolidated VIEs - Additional Information (Detail) - USD ($) $ in Millions	Nov. 30, 2018	Nov. 30, 2017
Related party private equity vehicles | JCP Entities
Variable Interest Entity [Line Items]
Equity commitments amount	$ 139.3	$ 148.1
Funded equity commitments	121.3	126.3
Carrying amount of equity investment	35.5	23.7
Other investment vehicles
Variable Interest Entity [Line Items]
Equity commitments amount	112.2	61.8
Funded equity commitments	108.1	61
Carrying amount of equity investment	95	48
Agency mortgage-backed securities
Variable Interest Entity [Line Items]
Carrying amount	2,913	1,829.6
Non-agency mortgage and other asset-backed securities
Variable Interest Entity [Line Items]
Carrying amount	$ 170.5	$ 253.2

Investments - Additional Inform

Investments - Additional Information (Details)	Nov. 30, 2018
Jefferies Capital Partners V L.P.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	11.00%
SBI USA Fund L.P.
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%

Investments - Jefferies Finance

Investments - Jefferies Finance - Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Guarantor Obligations [Line Items]
Payables to brokers, dealers and clearing organizations	$ 2,448,059	$ 2,226,768
Financial instruments sold, not yet purchased, at fair value	9,478,944	8,171,929
Financial instruments owned, at fair value	16,399,526	14,193,352
Jefferies Finance
Guarantor Obligations [Line Items]
Equity commitment	750,000
Total committed equity capitalization of JIFN	1,500,000
Funded portion of equity commitment to subsidiary	694,800
Unfunded portion of equity commitment to subsidiary	$ 55,200
Extension period	1 year
Termination notice period	60 days
Funded portion of loan commitment	$ 0
Loan commitment	250,000
Payables to brokers, dealers and clearing organizations	200
Financial instruments sold, not yet purchased, at fair value	400
Financial instruments owned, at fair value		1,500
Jefferies Finance | Committed advances
Guarantor Obligations [Line Items]
Committed line of credit facility amount	500,000
Other Assets | Jefferies Finance
Guarantor Obligations [Line Items]
Receivables under service agreement	35,200	$ 20,500
Accounts expenses and other liabilities | Jefferies Finance
Guarantor Obligations [Line Items]
Payables under service agreement	$ 14,100

Investments - Summary of Select

Investments - Summary of Selected Financial Information for Jefferies Finance (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Schedule of Equity Method Investments [Line Items]
CLO placement fee revenues	$ 635,190	$ 593,257	$ 611,574
Jefferies Finance
Schedule of Equity Method Investments [Line Items]
Interest income	1,200	2,900	100
Unfunded commitment fees	1,200	1,000	1,200
Total assets	7,779,400	8,164,900
Total liabilities	6,389,800	6,892,600
Total equity	1,389,600	1,272,300
Our total equity balance	694,800	636,200
Net earnings (loss)	197,200	181,700	(19,600)
Origination and syndication fee revenues	377,700	327,900	112,600
Origination fee expenses	56,600	2,400	500
CLO placement fee revenues	3,700	6,100	2,600
Derivative gains (losses)	(1,600)	(1,100)	500
Underwriting fees	300	0	0
Service fees	$ 61,700	$ 50,700	$ 46,100

Investments - Berkadia - Narrat

Investments - Berkadia - Narrative (Details) - Berkadia - USD ($) $ in Millions	2 Months Ended
	Nov. 30, 2018	Oct. 01, 2018	Nov. 30, 2017
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50.00%
Percentage of profits received from joint venture		45.00%
Purchase commitment amount	$ 723.8		$ 864.1
Cash distribution from equity method investment	$ 23.1

Investments - Summary of Sele_2

Investments - Summary of Selected Financial Information for Berkadia (Details) - Berkadia $ in Millions	2 Months Ended
	Nov. 30, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Total assets	$ 3,875.8
Total liabilities	3,331.5
Total equity	544.3
Our total equity balance	245.2
Net earnings (loss)	$ 44.4

Investments - JCP Fund V - Narr

Investments - JCP Fund V - Narrative (Details) - JCP Fund V - USD ($)	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Schedule of Equity Method Investments [Line Items]
Investment amount	$ 31,900,000	$ 19,600,000
Unfunded portion of equity commitment to subsidiary	$ 9,700,000	10,100,000
Percent of financial information presented	100.00%
Ownership percentage	35.20%
Maximum
Schedule of Equity Method Investments [Line Items]
Total committed equity capitalization	$ 85,000,000	$ 85,000,000

Investments - Summary of Sele_3

Investments - Summary of Selected Financial Information for JCP Fund V (Details) - JCP Fund V - USD ($) $ in Thousands	3 Months Ended			9 Months Ended			12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Schedule of Equity Method Investments [Line Items]
Net gains (losses) from our investments in JCP Fund V							$ 12,100	$ (10,700)	$ (1,100)
Total assets				$ 90,731	$ 55,788
Total liabilities				76	96
Total partners’ capital				90,655	55,692
Net increase (decrease) in net assets resulting from operations	$ 19,712	$ (2,294)	$ (7,886)	$ 15,252	$ (24,630)	$ 6,159

Investments - Epic Gas - Narrat

Investments - Epic Gas - Narrative (Details)	Nov. 30, 2018
Epic Gas
Schedule of Equity Method Investments [Line Items]
Ownership percentage	21.10%

Investments - Summary of Sele_4

Investments - Summary of Selected Financial Information for Epic Gas (Details) - Epic Gas - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016	Nov. 30, 2018	Nov. 30, 2017
Schedule of Equity Method Investments [Line Items]
Investment amount							$ 21.7	$ 22.2
Total assets				$ 555.7	$ 599.2
Total liabilities				312.6	340.2
Total equity				243.1	259
Net earnings (loss)	$ (16.4)	$ (15.9)	$ (11.4)	$ (3.7)	$ (14.5)	$ (7.4)

Investments - Jefferies LoanCor

Investments - Jefferies LoanCore (Detail) - USD ($) $ in Thousands	Oct. 31, 2017	Oct. 31, 2017	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Guarantor Obligations [Line Items]
Proceeds from sale of Jefferies LoanCore			$ 0	$ 173,105	$ 0
Jefferies LoanCore
Guarantor Obligations [Line Items]
Ownership percentage	48.50%	48.50%
Proceeds from sale of Jefferies LoanCore	$ 173,105
Period entitled to additional cash consideration	4 years
Net earnings (loss)		$ 37,500			71,800
Interest income and fees related to master repurchase agreement				$ 600	$ 8,400

Investments - KCG (Details)

Investments - KCG (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Schedule of Equity Method Investments [Line Items]
Advisory fees	$ 2,594,887
KCG
Schedule of Equity Method Investments [Line Items]
Net gains from our investments		$ 93,400	$ 19,600
Net earnings (loss)			255,700
Investment Advice | KCG
Schedule of Equity Method Investments [Line Items]
Advisory fees			$ 2,900

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Goodwill [Roll Forward]
Balance, at beginning of period	$ 1,647,089	$ 1,640,653
Translation adjustments	(5,319)	6,436
Goodwill acquired during the period	400	0
Balance, at end of period	1,642,170	1,647,089
Capital Markets
Goodwill [Roll Forward]
Balance, at beginning of period	1,644,089
Balance, at end of period	1,638,778	1,644,089
Accumulated goodwill impairments	(51,900)	(51,900)
Goodwill, gross	1,690,700	1,696,000
Asset management
Goodwill [Roll Forward]
Balance, at beginning of period	3,000
Balance, at end of period	3,392	3,000
Accumulated goodwill impairments	(2,100)	(2,100)
Goodwill, gross	$ 5,500	$ 5,100

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Aggregate amortization expense	$ 12.1	$ 11.9	$ 12

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Trade name
Total gross costs - intangible assets	$ 262,372	$ 264,946
Disposals	(93)
Impairment losses	(9)	(613)
Accumulated amortization - finite lived intangible assets	(79,978)	(68,540)
Intangible Assets Acquired	176
Total net carrying amount - intangible assets	182,468	195,793
Customer relationships
Trade name
Gross costs - finite lived intangible assets	125,574	126,412
Accumulated amortization - finite lived intangible assets	(58,892)	(50,983)
Net carrying amount - finite lived intangible assets	$ 66,682	$ 75,429
Weighted average remaining lives (years)	10 years 7 months	11 years 4 months
Trade name
Trade name
Gross costs - finite lived intangible assets	$ 128,348	$ 129,370
Accumulated amortization - finite lived intangible assets	(21,086)	(17,557)
Net carrying amount - finite lived intangible assets	$ 107,262	$ 111,813
Weighted average remaining lives (years)	29 years 4 months	30 years 4 months
Exchange and clearing organization membership interests and registrations
Trade name
Gross costs - indefinite lived intangible assets	$ 8,450	$ 9,164
Disposals	(93)
Impairment losses	(9)	(613)
Intangible Assets Acquired	176
Net carrying amount - indefinite lived intangible assets	$ 8,524	$ 8,551

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Future Amortization Expense Related to Intangible Assets (Detail) $ in Thousands	Nov. 30, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Year ending November 30, 2019	$ 12,198
Year ending November 30, 2020	12,198
Year ending November 30, 2021	12,198
Year ending November 30, 2022	9,256
Year ending November 30, 2023	$ 8,268

Short-Term Borrowings (Detail)

Short-Term Borrowings (Detail) € in Millions	12 Months Ended
	Nov. 30, 2018USD ($)	Nov. 30, 2017USD ($)	Nov. 30, 2018EUR (€)
Short-term Debt [Line Items]
Short-term borrowings	$ 387,492,000	$ 436,215,000
Interest rate on short-term borrowings outstanding	3.08%		3.08%
Average daily short-term borrowings	$ 472,600,000	482,400,000
Equity-linked notes
Short-term Debt [Line Items]
Short-term borrowings	0	23,324,000
Floating Rate Puttable Notes Matured April 8, 2018
Short-term Debt [Line Items]
Aggregate principal amount of debt issued | €			€ 30
Floating Rate Puttable Notes Matured May 3, 2018
Short-term Debt [Line Items]
Aggregate principal amount of debt issued | €			€ 11
Equity-linked notes matured on December 7, 2017
Short-term Debt [Line Items]
Aggregate principal amount of debt issued		23,300,000
Bank loans
Short-term Debt [Line Items]
Short-term borrowings	330,942,000	304,651,000
Bank loans | Puttable Notes
Short-term Debt [Line Items]
Short-term borrowings	56,550,000	$ 108,240,000
Credit Facility | Intraday Credit Facility
Short-term Debt [Line Items]
Revolving credit facility maximum principal amount	$ 150,000,000
Credit Facility | Intraday Credit Facility | Federal funds effective rate
Short-term Debt [Line Items]
Basis spread on variable rate	0.50%

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt Carrying Values Including Unamortized Discounts and Premiums (Detail) - USD ($)	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Apr. 30, 2018	Jan. 17, 2017	Nov. 30, 2016
Debt Instrument [Line Items]
Long-term debt	$ 6,546,283,000	$ 6,416,844,000
3.875% Convertible Senior Debentures
Debt Instrument [Line Items]
Debt instrument interest rate		3.875%
Debt principal amount		$ 345,000,000
Unsecured debt
Debt Instrument [Line Items]
Long-term debt	$ 6,362,744,000	$ 6,416,844,000
Unsecured debt | 5.125% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate		5.125%	5.125%
Effective interest rate	0.00%
Long-term debt	$ 0	$ 682,338,000	$ 668,300,000
Unsecured debt | 8.500% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	8.50%
Effective interest rate	3.99%
Long-term debt	$ 699,659,000	728,872,000
Unsecured debt | 2.375% Euro Medium Term Notes
Debt Instrument [Line Items]
Debt instrument interest rate	2.375%
Effective interest rate	2.42%
Long-term debt	$ 564,702,000	593,334,000
Unsecured debt | 6.875% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	6.875%
Effective interest rate	4.40%
Long-term debt	$ 791,814,000	808,157,000
Unsecured debt | 2.250% Euro Medium Term Notes
Debt Instrument [Line Items]
Debt instrument interest rate	2.25%
Effective interest rate	4.08%
Long-term debt	$ 4,243,000	4,389,000
Unsecured debt | 5.125% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	5.125%
Effective interest rate	4.55%
Long-term debt	$ 612,928,000	615,703,000
Unsecured debt | 4.850% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	4.85%
Effective interest rate	4.93%
Long-term debt	$ 709,484,000	736,357,000
Debt principal amount				$ 750,000,000
Unsecured debt | 6.450% Senior Debentures
Debt Instrument [Line Items]
Debt instrument interest rate	6.45%
Effective interest rate	5.46%
Long-term debt	$ 373,669,000	$ 375,794,000
Unsecured debt | 3.875% Convertible Senior Debentures
Debt Instrument [Line Items]
Debt instrument interest rate		3.875%
Effective interest rate	0.00%
Long-term debt	$ 0	$ 324,779,000
Unsecured debt | 4.150% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	4.15%
Effective interest rate	4.26%
Long-term debt	$ 987,788,000	0
Unsecured debt | 6.250% Senior Debentures
Debt Instrument [Line Items]
Debt instrument interest rate	6.25%
Effective interest rate	6.03%
Long-term debt	$ 511,662,000	512,040,000
Unsecured debt | 6.500% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	6.50%
Effective interest rate	6.09%
Long-term debt	$ 420,625,000	420,990,000
Unsecured debt | Structured notes
Debt Instrument [Line Items]
Long-term debt	686,170,000	614,091,000
Debt principal amount	193,400,000	329,900,000			$ 275,400,000
Debt fair value	686,200,000	607,000,000
Debt matures in 2019	5,700,000
Debt matures in 2022	27,300,000
Debt matures in 2024 or thereafter	653,200,000
Unsecured debt | Interest rate swaps | 4.850% Senior Notes
Debt Instrument [Line Items]
Gains associated with an interest rate swap based on its designation as a fair value hedge	27,400,000	8,100,000
Revolving Credit Facility | Secured debt
Debt Instrument [Line Items]
Long-term debt	$ 183,539,000	$ 0

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Jan. 05, 2018	Nov. 01, 2017	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2018	Apr. 30, 2018
Debt Instrument [Line Items]
Long-term borrowings matured or retired	$ 324,800,000	$ 20,200,000		$ 350,000,000
Redemption price as percentage of principal amount redeemed			100.00%
Long-term debt			$ 6,416,844,000		$ 6,546,283,000
Senior notes
Debt Instrument [Line Items]
Debt principal amount			609,100,000
Unsecured debt
Debt Instrument [Line Items]
Long-term debt			6,416,844,000		6,362,744,000
Secured debt | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt			0		183,539,000
Revolving credit facility maximum principal amount					$ 185,000,000
4.150% Senior Notes | Senior notes
Debt Instrument [Line Items]
Debt instrument interest rate					4.15%
Debt principal amount					$ 1,000,000,000
4.150% Senior Notes | Unsecured debt
Debt Instrument [Line Items]
Debt instrument interest rate					4.15%
Long-term debt			0		$ 987,788,000
Structured notes | Unsecured debt
Debt Instrument [Line Items]
Debt principal amount			329,900,000	$ 275,400,000	193,400,000
Long-term debt			$ 614,091,000		686,170,000
3.875% Convertible Senior Debentures due 2029
Debt Instrument [Line Items]
Debt instrument interest rate			3.875%
Debt principal amount			$ 345,000,000
3.875% Convertible Senior Debentures due 2029 | Unsecured debt
Debt Instrument [Line Items]
Debt instrument interest rate			3.875%
Long-term debt			$ 324,779,000		0
5.125% Senior Notes | Unsecured debt
Debt Instrument [Line Items]
Debt instrument interest rate			5.125%			5.125%
Long-term debt			$ 682,338,000		$ 0	$ 668,300,000

Revenues from Contracts with _3

Revenues from Contracts with Customers - Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									$ 2,594,887
Revenues	$ 1,097,943	$ 1,088,285	$ 1,156,809	$ 1,086,595	$ 1,081,499	$ 1,048,331	$ 1,038,955	$ 1,009,797	4,429,632	$ 4,178,582	$ 3,233,823
Commissions and other fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									635,190
Investment banking
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									1,910,203
Asset management fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									21,214
Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers									28,280
Principal transactions
Disaggregation of Revenue [Line Items]
Revenues									524,296
Interest
Disaggregation of Revenue [Line Items]
Revenues									1,207,095
Other
Disaggregation of Revenue [Line Items]
Revenues									$ 103,354

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation of Revenue (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2018USD ($)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 2,594,887
Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,573,673
Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	21,214
Americas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,207,826
Americas | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,186,955
Americas | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	20,871
Europe
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	304,370
Europe | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	304,027
Europe | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	343
Asia
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	82,691
Asia | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	82,691
Asia | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0
Equities
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	649,631
Equities | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	649,631
Equities | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0
Fixed Income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	13,839
Fixed Income | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	13,839
Fixed Income | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0
Investment banking - Capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,090,161
Investment banking - Capital markets | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,090,161
Investment banking - Capital markets | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0
Investment banking - Advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	820,042
Investment banking - Advisory | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	820,042
Investment banking - Advisory | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0
Asset management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	21,214
Asset management | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0
Asset management | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 21,214

Revenues from Contracts with _5

Revenues from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2018	Dec. 01, 2017	Nov. 30, 2017
Revenue from Contract with Customer [Abstract]
Revenue related to performance obligations satisfied	$ 26.6
Revenue associated with distribution services, a portion of which related to prior periods	18.1
Receivables related to revenue from contracts with customers	199		$ 246
Deferred revenue	10.6	$ 8.8
Deferred revenue, revenue recognized	5.4
Capitalized contract cost	4.7
Expenses related to capitalized costs to fulfill a contract	$ 2.3

Benefit Plans - Additional Info

Benefit Plans - Additional Information (Detail) $ in Thousands, € in Millions		12 Months Ended
		Nov. 30, 2018USD ($)	Nov. 30, 2017USD ($)	Nov. 30, 2016USD ($)	Dec. 28, 2017USD ($)	Dec. 28, 2017EUR (€)
Defined Benefit Plan Disclosure [Line Items]
Minimum pension liability adjustments	[1]	$ (4,285)	$ (312)	$ 1,223
U.S. Plan | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions amount		1,000	$ 1,000
Estimated employer contributions in next fiscal year		2,000
German Plan | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Consideration for release of indemnity relating to pension obligations					$ 3,250
Minimum pension liability adjustments		$ 5,300
Jefferies Bache Limited | German Plan | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit pension obligations and insurance contracts transfer amount | €						€ 6.5
[1]	The amount for the year ended November 30, 2018 includes $5.3 million related to the transfer of the German Pension Plan and $(0.3) million, net of taxes of $0.1 million, related to pension losses, which were reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and $(0.8) million related to the Tax Act, which was reclassified to Member’s paid-in capital. The amounts include income tax expense of approximately $0.1 million and income tax benefits of approximately $0.1 million and $0.3 million for the years ended November 30, 2018, 2017 and 2016, respectively.

Benefit Plans - Changes in Proj

Benefit Plans - Changes in Projected Benefit Obligation and Components of Net Periodic Pension Costs (Detail) - U.S. Plan - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$ 60,559	$ 58,731
Service cost	400	450	$ 400
Interest cost	2,129	2,232	2,311
Actuarial (gains)/losses	(3,777)	2,327
Administrative expenses paid	(502)	(395)
Benefits paid	(952)	(2,786)
Settlements	(3,133)	0
Projected benefit obligation, end of period	54,724	60,559	58,731
Change in plan assets:
Fair value of assets, beginning of period	52,949	49,992
Benefits paid	(952)	(2,786)
Administrative expenses paid	(502)	(395)
Actual return on plan assets	(1,186)	5,138
Contributions	1,000	1,000
Settlements	(3,133)	0
Fair value of assets, end of period	48,176	52,949	$ 49,992
Funded status at end of period	$ (6,548)	$ (7,610)

Benefit Plans - Pension Liabili

Benefit Plans - Pension Liability Recognized on Balance Sheet (Detail) - U.S. Plan - Pension Plan - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 30, 2017
Consolidated statements of financial condition:
Accrued expenses and other liabilities	$ 6,548	$ 7,610
Accumulated other comprehensive income, before taxes:
Net losses	$ (6,382)	$ (6,092)

Benefit Plans - Components of N

Benefit Plans - Components of Net Periodic Pension (Benefit) Cost (Detail) - U.S. Plan - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 400	$ 450	$ 400
Interest cost on projected benefit obligation	2,129	2,232	2,311
Expected return on plan assets	(3,247)	(3,021)	(2,917)
Net amortization	0	19	0
Settlement losses	365	0	0
Net periodic pension cost	$ (353)	$ (320)	$ (206)

Benefit Plans - Components of_2

Benefit Plans - Components of Net Periodic Pension Costs and Amounts Recognized in Other Comprehensive Income (Detail) - U.S. Plan - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Amounts recognized in Other comprehensive income:
Net (gain) loss arising during the period	$ 655	$ 210	$ 646
Amortization of net loss	0	(19)	0
Settlements during the period	365	0	0
Total loss (gain) recognized in Other comprehensive income	1,020	191	646
Net losses/(gains) recognized in net periodic benefit cost and Other comprehensive income	$ 667	$ (129)	$ 440

Benefit Plans - Assumptions Use

Benefit Plans - Assumptions Used to Determine Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Benefit Cost (Detail) - U.S. Plan - Pension Plan	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Projected benefit obligation:
Discount rate used to determine benefit obligation	4.30%	3.60%	3.90%
Net periodic pension benefit cost:
Discount rate	3.60%	3.90%	4.10%
Expected long-term rate of return on plan assets	6.25%	6.25%	6.25%

Benefit Plans - Expected Benefi

Benefit Plans - Expected Benefit Payments (Detail) - U.S. Plan - Pension Plan $ in Thousands	Nov. 30, 2018USD ($)
Defined Benefit Plan Disclosure [Line Items]
2,019	$ 2,364
2,020	2,152
2,021	2,015
2,022	2,892
2,023	5,147
2024 through 2028	$ 22,864

Compensation Plans - Compensati

Compensation Plans - Compensation Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost	$ 308,500	$ 284,200	$ 293,200
Restricted cash awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost	274,400	251,600	263,700
Restricted stock and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost	27,600	26,600	23,500
Profit sharing plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost	6,500	6,000	6,000
Deferred Compensation Plan | Restricted stock and RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted cash awards	$ 346	$ 227	$ 150

Compensation Plans - Remaining

Compensation Plans - Remaining Unamortized Amounts (Details) $ in Millions	12 Months Ended
	Nov. 30, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Unamortized Amounts	$ 458.2
Non-vested share-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Unamortized Amounts	$ 63.2
Weighted Average Vesting Period (in Years)	3 years
Restricted cash awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Unamortized Amounts	$ 395
Weighted Average Vesting Period (in Years)	2 years

Compensation Plans - Restricted

Compensation Plans - Restricted Cash Awards (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Year Ended November 30, 2018		$ 308.5	$ 284.2	$ 293.2
Restricted cash awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Year Ended November 30, 2018		$ 274.4	$ 251.6	$ 263.7
Subsequent event | Restricted cash awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Year Ended November 30, 2018	$ 58.2
Year Ended November 30, 2019	47.6
Year Ended November 30, 2020	57
Thereafter	125.2
Total	$ 288

Compensation Plans - Additional

Compensation Plans - Additional Information (Detail)	12 Months Ended
	Nov. 30, 2018USD ($)
Compensation Related Costs [Abstract]
Vesting period	4 years
Number of years in which restricted stock awards amortized as compensation expense	4 years
Annual employee contributions	$ 21,250
Employee service share based compensation plan stock price	95.00%

Income Taxes - Total Income Tax

Income Taxes - Total Income Taxes Allocated (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Income Tax Disclosure [Abstract]
Income tax expense	$ 250,650	$ 147,340	$ 14,566
Stockholders’ equity, compensation expense for tax purposes less than amounts recognized for financial reporting purposes	$ 0	$ 0	$ 4,186

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Current:
U.S. Federal	$ 106,761	$ 147,065	$ 27,473
U.S. state and local	7,485	30,611	6,196
Foreign	10,139	12,910	(5,090)
Total current	124,385	190,586	28,579
Deferred:
U.S. Federal	131,233	(53,157)	(11,249)
U.S. state and local	975	1,760	(4,819)
Foreign	(5,943)	8,151	2,055
Total deferred	126,265	(43,246)	(14,013)
Total income tax expense	$ 250,650	$ 147,340	$ 14,566

Income Taxes - Components of In

Income Taxes - Components of Income before Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Income Tax Disclosure [Abstract]
U.S.									$ 370,600	$ 403,445	$ 34,178
Non-U.S.									39,067	101,479	(4,206)
Earnings before income taxes	$ 77,963	$ 87,101	$ 121,865	$ 122,738	$ 142,280	$ 122,264	$ 116,181	$ 124,199	$ 409,667	$ 504,924	$ 29,972

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Effective Tax Rate to U.S. Federal Statutory Income Tax Rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Amount
Computed expected income taxes	$ 90,945	$ 176,724	$ 10,490
State and city income taxes, net of Federal income tax benefit	20,419	23,898	1,832
International operations (including foreign rate differential)	2,258	(11,577)	(3,404)
Tax exempt income	(2,202)	(3,850)	(4,640)
Foreign tax credits, net	(8,006)	(32,974)	0
Meals and entertainment	4,528	4,129	4,640
Excess stock detriment	0	406	9,755
Federal benefits related to prior year tax filings	0	(3,786)	(2,928)
Change in unrecognized tax benefits related to prior years	(18,497)	(2,953)	(1,280)
Deferred tax asset remeasurement related to the Tax Act	112,733	0	0
Transition tax on foreign earnings related to the Tax Act	52,417	0	0
Other, net	(3,945)	(2,677)	101
Total income tax expense	$ 250,650	$ 147,340	$ 14,566
Percent
Computed expected income taxes	22.20%	35.00%	35.00%
State and city income taxes, net of Federal income tax benefit	5.00%	4.70%	6.10%
International operations (including foreign rate differential)	0.60%	(2.30%)	(11.40%)
Tax exempt income	(0.50%)	(0.80%)	(15.50%)
Foreign tax credits, net	(2.00%)	(6.50%)	(0.00%)
Meals and entertainment	1.10%	0.80%	15.50%
Excess stock detriment	0.00%	0.10%	32.60%
Federal benefits related to prior year tax filings	0.00%	(0.80%)	(9.80%)
Change in unrecognized tax benefits related to prior years	(4.50%)	(0.60%)	(4.30%)
Deferred tax asset remeasurement related to the Tax Act	27.50%	0.00%	0.00%
Transition tax on foreign earnings related to the Tax Act	12.80%	0.00%	0.00%
Other, net	(1.00%)	(0.40%)	0.40%
Total income tax expense, percent	61.20%	29.20%	48.60%

Income Taxes - Roll Forward of

Income Taxes - Roll Forward of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Reconciliation of Unrecognized Tax Benefits
Balance at beginning of period	$ 129,544	$ 109,527	$ 107,902
Increases based on tax positions related to the current period	19,840	18,619	5,045
Increases based on tax positions related to prior periods	5,002	7,310	1,447
Decreases based on tax positions related to prior periods	(28,760)	(5,912)	(4,520)
Decreases related to settlements with taxing authorities	0	0	(347)
Balance at end of period	$ 125,626	$ 129,544	$ 109,527

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Income Tax Examination [Line Items]
Federal statutory income tax rate	22.20%	35.00%	35.00%
Unrecognized tax benefits that would impact effective tax rate in future	$ 99,400	$ 86,100
Net interest expense related to unrecognized tax benefits	1,000	9,000	$ 6,500
Accrued interest on unrecognized tax benefits	49,300	48,300
Net deferred tax asset	243,239	410,720
Operating loss carryforwards	121,700
Deferred tax asset related to net operating losses	17,867	20,094
Decrease in unrecognized tax benefits is reasonably possible	5,900
Undistributed earnings of foreign subsidiaries		232,000
Deferred tax liability		73,000
Provisional estimate of impact of the Tax Act	165,100
Provisional estimate of impact of the Tax Act related to revaluation of deferred tax asset	112,733	0	0
Provisional estimate of impact of the Tax Act related to deemed repatriation of foreign earnings	52,417	$ 0	$ 0
Europe
Income Tax Examination [Line Items]
Deferred tax asset related to net operating losses	9,200
Asia
Income Tax Examination [Line Items]
Deferred tax asset related to net operating losses	$ 300

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 30, 2017
Deferred tax assets:
Compensation and benefits	$ 240,785	$ 376,642
Net operating loss	17,867	20,094
Long-term debt	39,623	26,476
Accrued expenses and other	65,265	121,746
Sub-total	363,540	544,958
Valuation allowance	(10,650)	(14,217)
Total deferred tax assets	352,890	530,741
Deferred tax liabilities:
Amortization of intangibles	69,095	102,739
Other	40,556	17,282
Total deferred tax liabilities	109,651	120,021
Net deferred tax asset, included in Other assets	$ 243,239	$ 410,720

Commitments, Contingencies an_3

Commitments, Contingencies and Guarantees - Commitments and Contingencies (Detail) $ in Millions	12 Months Ended
	Nov. 30, 2018USD ($)
Commitments And Guarantee Obligations [Line Items]
2,019	$ 8,322
2,020	18.4
2021 and 2022	123.7
2023 and 2024	8.4
2025 and Later	3.6
Maximum Payout	$ 8,476.1
Guarantor obligation settled period	3 days
Equity commitments
Commitments And Guarantee Obligations [Line Items]
2,019	$ 305.2
2,020	18.4
2021 and 2022	0.3
2023 and 2024	0
2025 and Later	3.6
Maximum Payout	327.5
Loan commitments
Commitments And Guarantee Obligations [Line Items]
2,019	250
2,020	0
2021 and 2022	54
2023 and 2024	3.5
2025 and Later	0
Maximum Payout	307.5
Underwriting commitments
Commitments And Guarantee Obligations [Line Items]
2,019	377.5
2,020	0
2021 and 2022	0
2023 and 2024	0
2025 and Later	0
Maximum Payout	377.5
Forward starting reverse repos
Commitments And Guarantee Obligations [Line Items]
2,019	4,262.7
2,020	0
2021 and 2022	0
2023 and 2024	0
2025 and Later	0
Maximum Payout	4,262.7
Guarantor obligation settled amount	4,232.8
Forward starting repos
Commitments And Guarantee Obligations [Line Items]
2,019	2,931.8
2,020	0
2021 and 2022	0
2023 and 2024	0
2025 and Later	0
Maximum Payout	2,931.8
Other unfunded commitments
Commitments And Guarantee Obligations [Line Items]
2,019	194.8
2,020	0
2021 and 2022	69.4
2023 and 2024	4.9
2025 and Later	0
Maximum Payout	$ 269.1

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2012
Loss Contingencies [Line Items]
Loan commitments outstanding to clients	$ 57.5
Contractual obligation at fair value	8,476.1
Future minimum rentals due from non-cancelable sublease	19.4
Rent expense, net	52.3	$ 56.1	$ 56.1
Gain on leaseback transaction				$ 2
Sale leaseback agreement, lease term				5 years
Present value of all future lease payments	0.2
Fair value of derivative contracts approximated deemed to meet the definition of a guarantee	277.5
Standby Letters of Credit
Loss Contingencies [Line Items]
Letters of credit commitments	$ 52.6
Letters of credit commitments expiration period	1 year
Jefferies Capital Partners LLC
Loss Contingencies [Line Items]
Outstanding equity commitments	$ 18.1
Other Investments
Loss Contingencies [Line Items]
Outstanding equity commitments	$ 254.1

Commitments, Contingencies an_5

Commitments, Contingencies and Guarantees - Future Minimum Lease Commitments under Leases (Details) $ in Thousands	Nov. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,019	$ 60,500
2,020	52,465
2,021	54,644
2,022	57,593
2,023	56,725
Thereafter	427,181
Total	$ 709,108

Commitments, Contingencies an_6

Commitments, Contingencies and Guarantees - Schedule of Guarantees (Detail) $ in Millions	Nov. 30, 2018USD ($)
Derivative contracts—non-credit related
Guarantor Obligations [Line Items]
2,019	$ 12,024.2
2,020	2,372.3
2021 and 2022	2,976.1
2023 and 2024	281.1
2025 and Later	330.3
Notional/ Maximum Payout	17,984
Written derivative contracts—credit related
Guarantor Obligations [Line Items]
2,019	0
2,020	32.4
2021 and 2022	0
2023 and 2024	112.8
2025 and Later	0
Notional/ Maximum Payout	145.2
Derivative contracts
Guarantor Obligations [Line Items]
2,019	12,024.2
2,020	2,404.7
2021 and 2022	2,976.1
2023 and 2024	393.9
2025 and Later	330.3
Notional/ Maximum Payout	$ 18,129.2

Net Capital Requirements (Detai

Net Capital Requirements (Detail) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 30, 2017
Net Capital Requirements [Line Items]
Amount of restricted net assets for consolidated subsidiaries	$ 4,717,300	$ 5,124,900
Jefferies LLC
Net Capital Requirements [Line Items]
Net Capital	1,739,435
Excess Net Capital	$ 1,635,960

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Nov. 30, 2018segment
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								12 Months Ended
	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 761,958	$ 777,615	$ 822,557	$ 821,246	$ 822,610	$ 800,692	$ 779,294	$ 795,513	$ 3,183,376	$ 3,198,109	$ 2,414,614
Non-interest expenses									2,773,709	2,693,185	2,384,642
Earnings before income taxes	77,963	$ 87,101	$ 121,865	$ 122,738	142,280	$ 122,264	$ 116,181	$ 124,199	409,667	504,924	29,972
Segment assets	41,168,773				39,705,691				41,168,773	39,705,691
Capital Markets
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									3,184,400	3,169,900	2,338,300
Non-interest expenses									2,719,500	2,634,200	2,319,700
Earnings before income taxes									464,900	535,700	18,600
Segment assets	38,700,700				38,620,400				38,700,700	38,620,400
Asset Management
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									(1,000)	28,200	76,300
Non-interest expenses									54,200	59,000	64,900
Earnings before income taxes									(55,200)	(30,800)	$ 11,400
Segment assets	$ 2,468,100				$ 1,085,300				$ 2,468,100	$ 1,085,300

Segment Reporting - Net Reven_2

Segment Reporting - Net Revenues by Geographic Region (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Revenues:
Net revenues	$ 761,958	$ 777,615	$ 822,557	$ 821,246	$ 822,610	$ 800,692	$ 779,294	$ 795,513	$ 3,183,376	$ 3,198,109	$ 2,414,614
Americas
Revenues:
Net revenues									2,652,900	2,602,700	1,870,400
Europe
Revenues:
Net revenues									434,900	489,600	458,000
Asia
Revenues:
Net revenues									$ 95,600	$ 105,800	$ 86,200

Related Party Transactions - Je

Related Party Transactions - Jefferies Capital Partners Related Funds (Detail) - Equity Method Investee - Equity Investments in Jefferies Capital Partners Related Funds - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Related Party Transaction [Line Items]
Equity investments loans in related funds	$ 35,500	$ 23,700
Other revenues and investment income (loss)	11,788	(11,718)	$ (2,328)
Service charges	$ 381	$ 726	$ 760

Related Party Transactions - HR

Related Party Transactions - HRG Group Inc. (Details) $ in Millions	12 Months Ended
	Nov. 30, 2018USD ($)
HRG Group Inc. | Affiliated Entity
Related Party Transaction [Line Items]
Investment banking revenue from related parties	$ 3

Related Party Transactions - Of

Related Party Transactions - Officers, Directors and Employees (Details) - USD ($) $ in Millions	Nov. 30, 2018	Nov. 30, 2017
Related Party Transaction [Line Items]
Loans to and investments in related parties	$ 39.3	$ 45.6
Director | Affiliated Entity
Related Party Transaction [Line Items]
Investment in related party	$ 4.6	$ 4.9

Related Party Transactions - _2

Related Party Transactions - Jefferies (Detail) - USD ($) $ in Thousands	Oct. 01, 2018	Dec. 31, 2017	Dec. 31, 2018	Aug. 31, 2017	Apr. 30, 2017	Feb. 28, 2017	Nov. 30, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016	Oct. 31, 2018	Jan. 31, 2018
Related Party Transaction [Line Items]
Payments of dividends								$ 248,684	$ 0	$ 0
Goodwill							$ 1,642,170	1,642,170	1,647,089	1,640,653
Intangible assets							182,468	182,468	195,793
Payables to brokers, dealers and clearing organizations							2,448,059	2,448,059	2,226,768
Financial instruments owned, at fair value							16,399,526	16,399,526	14,193,352
Jefferies Financial Group Inc. | Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Tax payable							34,100	34,100	91,500
Payment made to related party related to tax sharing agreement								193,000
Jefferies Financial Group Inc. | Affiliated Entity
Related Party Transaction [Line Items]
Charges to Jefferies for services provided								61,200	42,200	38,800
Charges from Jefferies for services received								9,100	14,200	11,200
Receivable from Jefferies							1,200	1,200	2,500
Payable to Jefferies							2,900	$ 2,900	3,100			$ 200,000
Quarterly dividend as percentage of net earnings								50.00%
Payments of dividends								$ 48,700
Dividends payable							30,700	30,700
Capital contribution from Jefferies	$ 598,200
Payment made to related party	76,000						70,500
Related party transaction, related deferred tax liabilities transferred	$ 50,900
Payments to acquire investments		$ 26,700
Proceeds from sale of securities				$ 25,600	$ 21,900	$ 7,100
Jefferies Financial Group Inc. | Affiliated Entity | Investment banking
Related Party Transaction [Line Items]
Charges to Jefferies for services provided								15,700	14,700	1,800
Jefferies Financial Group Inc. | Affiliated Entity | Asset management
Related Party Transaction [Line Items]
Charges to Jefferies for services provided								0	0	200
Jefferies Financial Group Inc. | Affiliated Entity | Commissions and other fees
Related Party Transaction [Line Items]
Charges to Jefferies for services provided								900	100	100
Jefferies Financial Group Inc. | Affiliated Entity | Principal transactions
Related Party Transaction [Line Items]
Charges to Jefferies for services provided								100	0	0
Jefferies Financial Group Inc. | Affiliated Entity | Other revenues
Related Party Transaction [Line Items]
Charges to Jefferies for services provided								800	300	0
Affiliate of Jefferies | Affiliated Entity
Related Party Transaction [Line Items]
Payables to brokers, dealers and clearing organizations							9,900	9,900	17,000
Hedge Fund Managed By Jefferies | Affiliated Entity
Related Party Transaction [Line Items]
Investment in related party							$ 218,700	218,700	136,100
Net gains on our investments								$ 5,000	8,000	$ 3,600
Waitr Holdings Inc. | Affiliated Entity
Related Party Transaction [Line Items]
Number of common shares and warrants owned							638,561	638,561
Financial instruments owned, at fair value							$ 8,300	$ 8,300	6,800
Corporate debt securities | Jefferies Financial Group Inc. | Affiliated Entity
Related Party Transaction [Line Items]
Financial instruments owned, at fair value							300	300	200
Director | Affiliated Entity
Related Party Transaction [Line Items]
Investment in related party							4,600	4,600	4,900
Director | Hedge Fund Managed By Jefferies | Affiliated Entity
Related Party Transaction [Line Items]
Investment in related party							$ 2,700	$ 2,700	3,600
Leucadia Investment Management Limited (LIML)
Related Party Transaction [Line Items]
Entity net book value											$ 5,500
Goodwill											400
Intangible assets											$ 200
Subsidiary Of Jefferies
Related Party Transaction [Line Items]
Investment in related party									$ 27,300
Berkadia
Related Party Transaction [Line Items]
Ownership percentage	50.00%
Subsequent event | Jefferies Financial Group Inc. | Accrued expenses and other liabilities
Related Party Transaction [Line Items]
Payment made to related party related to tax sharing agreement			$ 35,000

Exit Costs - Additional Informa

Exit Costs - Additional Information (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2016USD ($)
Restructuring and Related Activities [Abstract]
Pre-tax losses of disposal business	$ 1,900
Non-cash restructuring costs	$ 341

Exit Costs - Restructuring and

Exit Costs - Restructuring and Impairment Costs (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2016USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment costs	$ 1,854
Compensation and benefits
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment costs	320
Technology and communications
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment costs	1,234
Other expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment costs	300
Severance costs
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment costs	279
Accelerated amortization of restricted stock and restricted cash awards
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment costs	41
Contract termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment costs	1,234
Other expenses
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment costs	$ 300

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) - Summary of Unaudited Quarterly Statements of Earnings (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 1,097,943	$ 1,088,285	$ 1,156,809	$ 1,086,595	$ 1,081,499	$ 1,048,331	$ 1,038,955	$ 1,009,797	$ 4,429,632	$ 4,178,582	$ 3,233,823
Net revenues	761,958	777,615	822,557	821,246	822,610	800,692	779,294	795,513	3,183,376	3,198,109	2,414,614
Earnings before income taxes	77,963	87,101	121,865	122,738	142,280	122,264	116,181	124,199	$ 409,667	$ 504,924	$ 29,972
Net earnings attributable to Jefferies Group LLC	$ 61,393	$ 60,182	$ 98,004	$ (60,818)	$ 89,913	$ 83,815	$ 69,751	$ 114,019

Schedule I (PARENT COMPANY ON_2

Schedule I (PARENT COMPANY ONLY) - CONDENSED STATEMENTS OF FINANCIAL CONDITION (Details) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 30, 2017
ASSETS
Cash and cash equivalents	$ 5,145,886	$ 5,164,492
Cash and securities segregated and on deposited for regulatory purposes or deposited with clearing and depository organizations	707,960	578,014
Financial instruments owned, at fair value	16,399,526	14,193,352
Loans to and investments in related parties	39,300	45,600
Investment in subsidiaries	997,524	682,790
Other assets	1,084,554	1,270,912
Total assets	41,168,773	39,705,691
LIABILITIES AND EQUITY
Short-term borrowings	387,492	436,215
Financial instruments sold, not yet purchased, at fair value	9,478,944	8,171,929
Accrued expenses and other liabilities	1,585,635	1,803,720
Long-term debt	6,546,283	6,416,844
Total liabilities	34,986,369	33,946,132
EQUITY
Member’s paid-in capital	6,376,662	5,895,601
Accumulated other comprehensive loss:
Currency translation adjustments	(185,804)	(98,909)
Changes in instrument specific credit risk	(5,728)	(27,888)
Cash flow hedges	470	(936)
Additional minimum pension liability	(4,761)	(9,046)
Available-for-sale securities	(346)	0
Total accumulated other comprehensive loss	(196,169)	(136,779)
Total Jefferies Group LLC member’s equity	6,180,493	5,758,822
Total liabilities and equity	41,168,773	39,705,691
Parent Company
ASSETS
Cash and cash equivalents	921,603	1,959,536
Cash and securities segregated and on deposited for regulatory purposes or deposited with clearing and depository organizations	57,817	57,817
Financial instruments owned, at fair value	99,491	73,887
Loans to and investments in related parties	696,774	638,551
Investment in subsidiaries	5,850,168	5,084,726
Advances to subsidiaries	2,488,026	1,801,573
Subordinated notes receivable	2,434,411	2,708,685
Other assets	483,770	610,555
Total assets	13,032,060	12,935,330
LIABILITIES AND EQUITY
Short-term borrowings	56,555	131,567
Financial instruments sold, not yet purchased, at fair value	797	18,061
Accrued expenses and other liabilities	431,471	610,036
Long-term debt	6,362,744	6,416,844
Total liabilities	6,851,567	7,176,508
EQUITY
Member’s paid-in capital	6,376,662	5,895,601
Accumulated other comprehensive loss:
Currency translation adjustments	(185,804)	(98,909)
Changes in instrument specific credit risk	(5,728)	(27,888)
Cash flow hedges	470	(936)
Additional minimum pension liability	(4,761)	(9,046)
Available-for-sale securities	(346)	0
Total accumulated other comprehensive loss	(196,169)	(136,779)
Total Jefferies Group LLC member’s equity	6,180,493	5,758,822
Total liabilities and equity	$ 13,032,060	$ 12,935,330

Schedule I (PARENT COMPANY ON_3

Schedule I (PARENT COMPANY ONLY) - CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Revenues:
Principal transactions										$ 524,296	$ 796,633	$ 524,302
Asset management fees										21,214	20,490	26,412
Interest										1,207,095	905,601	857,838
Other										131,634	98,316	19,724
Total revenues		$ 1,097,943	$ 1,088,285	$ 1,156,809	$ 1,086,595	$ 1,081,499	$ 1,048,331	$ 1,038,955	$ 1,009,797	4,429,632	4,178,582	3,233,823
Interest expense										1,246,256	980,473	819,209
Net revenues		761,958	777,615	822,557	821,246	822,610	800,692	779,294	795,513	3,183,376	3,198,109	2,414,614
Non-interest expenses:
Total non-interest expenses										2,773,709	2,693,185	2,384,642
Earnings before income taxes		$ 77,963	$ 87,101	$ 121,865	$ 122,738	$ 142,280	$ 122,264	$ 116,181	$ 124,199	409,667	504,924	29,972
Income tax expense (benefit)										250,650	147,340	14,566
Net earnings										159,017	357,584	15,406
Net earnings attributable to Jefferies Group LLC										158,761	357,498	15,434
Other comprehensive income (loss), net of tax:
Currency translation and other adjustments	[1]									(85,554)	53,396	(115,494)
Change in instrument specific credit risk	[2]									22,160	(21,394)	(6,494)
Cash flow hedges	[3]									1,406	(936)	0
Minimum pension liability adjustments, net of tax	[4]									4,285	312	(1,223)
Unrealized gain on available-for-sale securities	[5]									311	0	0
Total other comprehensive income (loss), net of tax	[6]									(57,392)	31,378	(123,211)
Comprehensive income (loss) attributable to Jefferies Group LLC										101,369	388,876	(107,777)
Parent Company
Revenues:
Principal transactions										20,875	576	(308)
Asset management fees										0	1,266	2,482
Interest										262,042	241,357	226,781
Other										101,284	78,812	(8,156)
Total revenues										384,201	322,011	220,799
Interest expense										316,050	276,727	235,556
Net revenues										68,151	45,284	(14,757)
Non-interest expenses:
Total non-interest expenses										5,016	13,598	5,187
Earnings before income taxes										63,135	31,686	(19,944)
Income tax expense (benefit)										104,649	(21,292)	(9,574)
Net earnings										(41,514)	52,978	(10,370)
Undistributed earnings of subsidiaries										200,275	304,520	25,804
Net earnings attributable to Jefferies Group LLC										158,761	357,498	15,434
Other comprehensive income (loss), net of tax:
Currency translation and other adjustments										(85,554)	53,396	(115,494)
Change in instrument specific credit risk										22,160	(21,394)	(6,494)
Cash flow hedges										1,406	(936)	0
Minimum pension liability adjustments, net of tax										4,285	312	(1,223)
Unrealized gain on available-for-sale securities										311	0	0
Total other comprehensive income (loss), net of tax										(57,392)	31,378	(123,211)
Comprehensive income (loss) attributable to Jefferies Group LLC										$ 101,369	$ 388,876	$ (107,777)
[1]	The amount for the year ended November 30, 2018 includes a gain of $20.5 million related to foreign currency gains, which was reclassified to Other revenues within the Consolidated Statements of Earnings, and $8.9 million related to the impact of certain discrete items related to tax planning for our non-U.S. subsidiaries in connection with the Tax Cuts and Jobs Act (the “Tax Act”).
[2]	The amounts include income tax expense of approximately $15.5 million, and income tax benefits of approximately $13.2 million and $4.3 million for the years ended November 30, 2018, 2017 and 2016, respectively. The amount for the year ended November 30, 2018 includes a gain of $0.9 million, net of taxes of $0.3 million, related to changes in instrument specific credit risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings and $(6.5) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
[3]	The amount for the year ended November 30, 2018 includes $(0.2) million related to the Tax Act, which was reclassified to Member’s paid-in capital and income tax expense of approximately $0.8 million. The amount for the year ended November 30, 2017 includes income tax benefit of approximately $0.6 million.
[4]	The amount for the year ended November 30, 2018 includes $5.3 million related to the transfer of the German Pension Plan and $(0.3) million, net of taxes of $0.1 million, related to pension losses, which were reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and $(0.8) million related to the Tax Act, which was reclassified to Member’s paid-in capital. The amounts include income tax expense of approximately $0.1 million and income tax benefits of approximately $0.1 million and $0.3 million for the years ended November 30, 2018, 2017 and 2016, respectively.
[5]	The amount includes income tax expense of approximately $0.1 million.
[6]	None of the components of other comprehensive income (loss) are attributable to noncontrolling interests.

Schedule I (PARENT COMPANY ON_4

Schedule I (PARENT COMPANY ONLY) - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Cash flows from operating activities:
Net earnings	$ 158,761	$ 357,498	$ 15,434
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Amortization	15,250	1,977	(2,365)
(Income) loss on loans to and investments in related parties	(73,662)	(109,395)	(17,184)
Distributions received on investments in related parties	62,949	21,038	38,180
Other adjustments	(127,698)	44,043	(32,711)
Net change in assets and liabilities:
Financial instruments owned	(1,194,791)	(119,087)	2,390,542
Other assets	31,699	8,435	(173,127)
Financial instruments sold, not yet purchased	311,998	(279,282)	1,753,647
Accrued expenses and other liabilities	(224,157)	524,304	296,067
Net cash provided by (used in) operating activities	126,064	539,946	(113,732)
Cash flows from investing activities:
Cash received from contingent consideration	0	1,342	2,617
Net cash provided by (used in) investing activities	(121,629)	9,136	79,758
Cash flows from financing activities:
Proceeds from short-term borrowings	1,083,416	274,230	520,207
Payments on short-term borrowings	(1,137,599)	(369,992)	(315,325)
Proceeds from issuance of long-term debt, net of issuance costs	1,367,243	1,116,798	299,779
Repayment of long-term debt	(1,035,700)	(186,444)	(373,246)
Dividend distribution	(248,684)	0	0
Net cash provided by financing activities	190,932	795,474	86,373
Net increase in cash, cash equivalents and restricted cash	176,251	1,356,263	25,266
Cash, cash equivalents and restricted cash at beginning of period	5,642,776	4,286,513	4,261,247
Cash, cash equivalents and restricted cash at end of period	5,819,027	5,642,776	4,286,513
Cash paid (received) during the period for:
Interest	1,287,162	1,025,576	859,466
Income taxes, net	196,553	8,910	(6,410)
Parent Company
Cash flows from operating activities:
Net earnings	158,761	357,498	15,434
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Amortization	(53,296)	(61,634)	(63,681)
Undistributed earnings of subsidiaries	(200,275)	(304,520)	(25,804)
(Income) loss on loans to and investments in related parties	(98,223)	(90,724)	10,251
Distributions received on investments in related parties	40,000	0	17,050
Other adjustments	(116,307)	39,513	(34,496)
Net change in assets and liabilities:
Financial instruments owned	(25,604)	90,399	9,467
Other assets	119,293	(29,031)	21,475
Financial instruments sold, not yet purchased	(17,264)	10,776	(13,739)
Accrued expenses and other liabilities	(200,970)	324,446	15,125
Net cash provided by (used in) operating activities	(393,885)	336,723	(48,918)
Cash flows from investing activities:
Investments in, advances to and subordinated notes receivable from subsidiaries	(473,436)	(415,100)	327,110
Loans to and investments in related parties	0	(73,915)	19,337
Cash received from contingent consideration	0	1,342	2,617
Net cash provided by (used in) investing activities	(473,436)	(487,673)	349,064
Cash flows from financing activities:
Proceeds from short-term borrowings	70,482	55,652	101,538
Payments on short-term borrowings	(140,664)	(32,326)	(5,086)
Proceeds from issuance of long-term debt, net of issuance costs	1,183,954	1,116,798	277,583
Repayment of long-term debt	(1,035,700)	(186,444)	(350,000)
Dividend distribution	(248,684)	0	0
Net cash provided by financing activities	(170,612)	953,680	24,035
Net increase in cash, cash equivalents and restricted cash	(1,037,933)	802,730	324,181
Cash, cash equivalents and restricted cash at beginning of period	2,017,353	1,214,623	890,442
Cash, cash equivalents and restricted cash at end of period	979,420	2,017,353	1,214,623
Cash paid (received) during the period for:
Interest	385,410	332,135	300,680
Income taxes, net	$ 186,236	$ 2,494	$ (8,654)

Schedule I (PARENT COMPANY ON_5

Schedule I (PARENT COMPANY ONLY) - CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) (Details) - USD ($) $ in Thousands	Oct. 01, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2015
Cash and cash equivalents		$ 5,145,886	$ 5,164,492
Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations		673,141	478,284
Total cash, cash equivalents and restricted cash		5,819,027	5,642,776	$ 4,286,513	$ 4,261,247
Parent Company
Cash and cash equivalents		921,603	1,959,536
Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations		57,817	57,817
Total cash, cash equivalents and restricted cash		$ 979,420	$ 2,017,353	$ 1,214,623	$ 890,442
Berkadia
Ownership percentage	50.00%
Berkadia | Parent Company
Ownership percentage	50.00%
Affiliated Entity | Jefferies Financial Group Inc.
Capital contribution from Jefferies	$ 598,200
Affiliated Entity | Jefferies Financial Group Inc. | Parent Company
Capital contribution from Jefferies	$ 598,200

Schedule I (PARENT COMPANY ON_6

Schedule I (PARENT COMPANY ONLY) - Additional Information (Details) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 30, 2017
Debt Instrument [Line Items]
Long-term debt	$ 6,546,283	$ 6,416,844
Unsecured debt
Debt Instrument [Line Items]
Long-term debt	6,362,744	6,416,844
Structured notes | Unsecured debt
Debt Instrument [Line Items]
Long-term debt	686,170	614,091
Parent Company
Debt Instrument [Line Items]
Maximum amount payable under guarantees	183,500
Long-term debt	6,362,744	$ 6,416,844
Parent Company | Structured notes | Unsecured debt
Debt Instrument [Line Items]
Long-term debt	$ 686,200