Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Central Index Key | '0000096223 | ' | ' |
Entity Registrant Name | 'LEUCADIA NATIONAL CORP | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 364,132,464 | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Public Float | ' | ' | $8,808,895,000 |
Consolidated_Statements_Of_Fin
Consolidated Statements Of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | |
Cash and cash equivalents | $3,907,595 | $145,960 | |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 3,616,602 | [1] | ' |
Financial instruments owned, including securities pledged of $13,253,537 and $406,828: | ' | ' | |
Trading assets, at fair value | 16,699,542 | 1,077,172 | |
Available for sale securities | 2,866,143 | 3,356,992 | |
Total financial instruments owned | 19,565,685 | 4,434,164 | |
Investments in managed funds | 57,285 | ' | |
Loans to and investments in associated companies | 1,258,341 | 807,474 | |
Securities borrowed | 5,359,846 | ' | |
Securities purchased under agreements to resell | 3,746,920 | ' | |
Securities received as collateral | 11,063 | ' | |
Receivables from brokers, dealers and clearing organizations | 2,180,996 | 6,824 | |
Receivables from customers of securities operations | 1,046,945 | ' | |
Property, equipment and leasehold improvements, net | 885,859 | 857,360 | |
Intangible assets, net | 1,020,529 | 829,831 | |
Goodwill | 1,748,099 | 24,195 | |
Deferred tax asset, net | 1,809,943 | 1,214,615 | |
Other assets | 1,651,073 | 1,028,695 | |
Total | 47,866,781 | 9,349,118 | |
LIABILITIES | ' | ' | |
Short-term borrowings | 12,000 | ' | |
Trading liabilities, at fair value | 7,293,102 | ' | |
Securities loaned | 2,506,122 | ' | |
Securities sold under agreements to repurchase | 10,779,845 | 391,705 | |
Other secured financings | 234,711 | ' | |
Obligation to return securities received as collateral | 11,063 | ' | |
Payables to brokers, dealers and clearing organizations | 1,379,243 | 854 | |
Payables to customers of securities operations | 5,208,768 | ' | |
Trade payables, expense accruals and other liabilities | 1,721,934 | 588,580 | |
Long-term debt | 8,180,865 | 1,358,695 | |
Total liabilities | 37,327,653 | 2,339,834 | |
Commitments and contingencies | ' | ' | |
MEZZANINE EQUITY | ' | ' | |
Redeemable noncontrolling interests in subsidiary | 241,075 | 241,649 | |
Mandatorily redeemable convertible preferred shares | 125,000 | ' | |
EQUITY | ' | ' | |
Common shares, par value $1 per share, authorized 600,000,000 shares; 364,541,333 and 244,582,588 shares issued and outstanding, after deducting 46,695,470 and 47,006,711 shares held in treasury | 364,541 | 244,583 | |
Additional paid-in capital | 4,881,031 | 1,577,528 | |
Accumulated other comprehensive income | 538,050 | 705,129 | |
Retained earnings | 4,318,840 | 4,240,028 | |
Total Leucadia National Corporation shareholders' equity | 10,102,462 | 6,767,268 | |
Noncontrolling interest | 70,591 | 367 | |
Total equity | 10,173,053 | 6,767,635 | |
Total | 47,866,781 | 9,349,118 | |
Parent Company [Member] | ' | ' | |
LIABILITIES | ' | ' | |
Long-term debt | 1,541,014 | 954,941 | |
Subsidiaries [Member] | ' | ' | |
LIABILITIES | ' | ' | |
Long-term debt | $6,639,851 | $403,754 | |
[1] | Securities comprise U.S. government securities segregated for regulatory purposes with a fair value of $304.2 million. |
Consolidated_Statements_Of_Fin1
Consolidated Statements Of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Securities pledged | $13,253,537 | $406,828 |
EQUITY | ' | ' |
Common shares, par value | $1 | $1 |
Common shares, authorized (actual number) | 600,000,000 | 600,000,000 |
Common shares, issued and outstanding after deducting shares held in treasury (actual number) | 364,541,333 | 244,582,588 |
Treasury stock, shares (actual number) | 46,695,470 | 47,006,711 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Beef processing services | $7,486,332 | $7,479,251 | ' |
Commissions | 472,596 | ' | ' |
Principal transactions | 574,895 | 331,359 | -674,375 |
Investment banking | 997,955 | ' | ' |
Interest income | 737,780 | 20,492 | 31,533 |
Net realized securities gains | 243,957 | 590,581 | 641,476 |
Other | 489,237 | 983,649 | 643,997 |
Total revenues | 11,002,752 | 9,405,332 | 642,631 |
Net revenues | 10,429,491 | 9,405,332 | 642,631 |
Expenses: | ' | ' | ' |
Cost of sales | 7,567,707 | 7,479,746 | 215,963 |
Compensation and benefits | 1,352,660 | 166,145 | 77,903 |
Floor brokerage and clearing fees | 150,774 | ' | ' |
Interest | 84,964 | 92,581 | 111,707 |
Depreciation and amortization | 167,425 | 116,388 | 36,799 |
Selling, general and other expenses | 752,959 | 220,839 | 166,949 |
Total expenses | 10,076,489 | 8,075,699 | 609,321 |
Income from continuing operations before income taxes and income related to associated companies | 353,002 | 1,329,633 | 33,310 |
Income related to associated companies | 119,041 | 88,649 | 62,013 |
Income from continuing operations before income taxes | 472,043 | 1,418,282 | 95,323 |
Income tax provision | 110,741 | 531,153 | 62,398 |
Income from continuing operations | 361,302 | 887,129 | 32,925 |
Loss from discontinued operations, net of income tax (benefit) of $(6,563), $(12,660) and $(11,475) | -12,224 | -18,361 | -14,254 |
Gain (loss) on disposal of discontinued operations, net of income tax provision (benefit) of $(3,009), $(2,222) and $3,384 | 13,115 | -4,127 | 6,285 |
Net income | 362,193 | 864,641 | 24,956 |
Net loss attributable to the noncontrolling interest | 1,162 | 2,060 | 275 |
Net (income) loss attributable to the redeemable noncontrolling interests | 9,282 | -12,235 | ' |
Preferred stock dividends | -3,397 | ' | ' |
Net income attributable to Leucadia National Corporation common shareholders | 369,240 | 854,466 | 25,231 |
Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: | ' | ' | ' |
Income from continuing operations | $1.06 | $3.58 | $0.13 |
Loss from discontinued operations | ($0.03) | ($0.07) | ($0.05) |
Gain (loss) on disposal of discontinued operations | $0.04 | ($0.02) | $0.02 |
Net income | $1.07 | $3.49 | $0.10 |
Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: | ' | ' | ' |
Income from continuing operations | $1.06 | $3.53 | $0.13 |
Loss from discontinued operations | ($0.03) | ($0.07) | ($0.05) |
Gain (loss) on disposal of discontinued operations | $0.03 | ($0.02) | $0.02 |
Net income | $1.06 | $3.44 | $0.10 |
Amounts attributable to Leucadia National Corporation common shareholders: | ' | ' | ' |
Income from continuing operations, net of taxes | 367,291 | 875,505 | 31,373 |
Loss from discontinued operations, net of taxes | -11,166 | -16,912 | -12,427 |
Gain (loss) on disposal of discontinued operations, net of taxes | 13,115 | -4,127 | 6,285 |
Net income attributable to Leucadia National Corporation common shareholders | 369,240 | 854,466 | 25,231 |
Investment Banking And Capital Markets Segment [Member] | ' | ' | ' |
Expenses: | ' | ' | ' |
Interest | $573,261 | ' | ' |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Operations [Abstract] | ' | ' | ' |
Income tax benefit related to discontinued operations | ($6,563) | ($12,660) | ($11,475) |
Income tax provision (benefit) related to gain (loss) on disposal of discontinued operations | ($3,009) | ($2,222) | $3,384 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net income | $362,193 | $864,641 | $24,956 |
Other comprehensive income (loss): | ' | ' | ' |
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $(543), $53,903 and $(171,702) | -979 | 97,086 | -309,256 |
Less: reclassification adjustment for net (gains) losses included in net income (loss), net of income tax provision (benefit) of $118,292, $162,014 and $245,597 | -213,058 | -291,807 | -442,350 |
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $(118,835),$(108,111) and $(417,299) | -214,037 | -194,721 | -751,606 |
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $865, $(1,626) and $372 | 22,900 | -2,929 | 670 |
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $0 | ' | ' | ' |
Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $865, $(1,626) and $372 | 22,900 | -2,929 | 670 |
Net unrealized gains (losses) on derivatives arising during the period, net of income tax provision (benefit) of $(9), $(86) and $0 | -15 | -154 | ' |
Less: reclassification adjustment for derivative (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $0 | ' | ' | ' |
Net change in unrealized derivative gains (losses), net of income tax provision (benefit) of $(9), $(86) and $0 | -15 | -154 | ' |
Net pension and postretirement gains (losses) arising during the period, net of income tax provision (benefit) of $11,685, $(6,998) and $(13,919) | 19,274 | -12,606 | -25,070 |
Less: reclassification adjustment for pension and postretirement (gains) losses included in net income (loss), net of income tax provision (benefit) of $(2,665), $(1,731) and $(590) | 4,799 | 3,118 | 1,064 |
Net change in pension liability and postretirement benefits, net of income tax provision (benefit) of $14,350, $(5,267) and $(13,329) | 24,073 | -9,488 | -24,006 |
Other comprehensive loss, net of income taxes | -167,079 | -207,292 | -774,942 |
Comprehensive income (loss) | 195,114 | 657,349 | -749,986 |
Comprehensive loss attributable to the noncontrolling interest | 1,162 | 2,060 | 275 |
Comprehensive (income) loss attributable to the redeemable noncontrolling interests | 9,282 | -12,235 | ' |
Preferred stock dividends | -3,397 | ' | ' |
Comprehensive income (loss) attributable to Leucadia National Corporation common shareholders | $202,161 | $647,174 | ($749,711) |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit) | ($543) | $53,903 | ($171,702) |
Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit) | 118,292 | 162,014 | 245,597 |
Net change in unrealized holding gains (losses) on investments, tax provision (benefit) | -118,835 | -108,111 | -417,299 |
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit) | 865 | -1,626 | 372 |
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), tax provision (benefit) | 0 | 0 | 0 |
Net change in unrealized foreign exchange gains (losses), tax provision (benefit) | 865 | -1,626 | 372 |
Net unrealized gains (losses) on derivatives arising during the period, tax provision (benefit) | -9 | -86 | 0 |
Less: reclassification adjustment for derivative (gains) losses included in net income (loss), tax provision (benefit) | 0 | 0 | 0 |
Net change in unrealized derivative gains (losses), tax provision (benefit) | -9 | -86 | 0 |
Net pension and postretirement gains (losses) arising during the period, tax provision (benefit) | 11,685 | -6,998 | -13,919 |
Less: reclassification adjustment for pension and postretirement (gains) losses included in net income (loss), tax provision (benefit) | -2,665 | -1,731 | -590 |
Net change in pension liability and postretirement benefits, tax provision (benefit) | $14,350 | ($5,267) | ($13,329) |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net cash flows from operating activities: | ' | ' | ' |
Net income | $362,193 | $864,641 | $24,956 |
Adjustments to reconcile net income to net cash provided by (used for) operations: | ' | ' | ' |
Deferred income tax provision | 70,047 | 484,974 | 22,424 |
Depreciation and amortization of property, equipment and leasehold improvements | 111,175 | 96,507 | 68,059 |
Other amortization | 27,789 | 73,606 | 28,564 |
Share-based compensation | 87,309 | 14,459 | 23,264 |
Provision for doubtful accounts | 13,945 | 10,707 | 750 |
Net securities gains | -243,957 | -590,581 | -641,476 |
Income related to associated companies | -211,221 | -88,649 | -62,013 |
Distributions from associated companies | 137,098 | 65,461 | 31,927 |
Net (gains) losses related to real estate, property and equipment, and other assets | 94,074 | -528,188 | -95,687 |
Income related to Fortescue's Pilbara project, net of proceeds received | ' | 107,881 | -24,222 |
(Gain) loss on disposal of discontinued operations | -10,106 | 6,349 | -9,669 |
Change in estimated litigation reserve | ' | 20,000 | -2,241 |
Net change in: | ' | ' | ' |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 113,754 | ' | ' |
Trading assets | -383,682 | 120,857 | 116,198 |
Investments in managed funds | 2,674 | ' | ' |
Securities borrowed | -41,678 | ' | ' |
Securities purchased under agreements to resell | -156,197 | ' | ' |
Receivables from brokers, dealers and clearing organizations | 336,263 | ' | ' |
Receivables from customers of securities operations | 225 | ' | ' |
Other assets | -70,202 | -42,436 | -5,555 |
Trading liabilities | -2,511,777 | ' | ' |
Securities loaned | 600,539 | ' | ' |
Securities sold under agreements to repurchase | 2,794,412 | ' | ' |
Payables to brokers, dealers and clearing organizations | -507,722 | ' | ' |
Payables to customers of securities operations | -249,305 | ' | ' |
Trade payables, expense accruals and other liabilities | 345,345 | 30,348 | -36,262 |
Other | -8,655 | -497 | 4,212 |
Net cash provided by (used for) operating activities | 702,340 | 645,439 | -556,771 |
Net cash flows from investing activities: | ' | ' | ' |
Acquisitions of property, equipment and leasehold improvements | -137,130 | -71,325 | -38,586 |
Acquisitions of and capital expenditures for real estate investments | -28,999 | -7,689 | -8,032 |
Proceeds from disposals of real estate, property and equipment, and other assets | 24,400 | 10,728 | 26,434 |
Net change in restricted cash | 86 | 4,816 | 10,519 |
Proceeds from disposal of discontinued operations, net of expenses and cash of operations sold | 20,997 | 130,753 | 10,922 |
Proceeds from redemption of FMG Note | ' | 715,000 | ' |
Cash acquired upon acquisition of Jefferies Group LLC | 3,017,958 | ' | ' |
Acquisitions, net of cash acquired | ' | -25,232 | -1,019,041 |
Advances on notes and other receivables | -1,934 | -4,818 | -4,511 |
Collections on notes, loans and other receivables | 18,852 | 31,021 | 19,392 |
Loans to and investments in associated companies | -2,388,540 | -35,964 | -124,313 |
Capital distributions and loan repayment from associated companies | 2,381,145 | 51,196 | 313,591 |
Purchases of investments (other than short-term) | -3,789,166 | -2,689,715 | -3,532,925 |
Proceeds from maturities of investments | 2,368,734 | 397,886 | 506,061 |
Proceeds from sales of investments | 1,838,029 | 1,475,327 | 4,227,660 |
Other | -810 | 1,397 | 3,498 |
Net cash provided by (used for) investing activities | 3,323,622 | -16,619 | 390,669 |
Net cash flows from financing activities: | ' | ' | ' |
Issuance of debt, net of issuance costs | 2,152,937 | 1,022 | 93,116 |
Change in short-term borrowings | -88,000 | ' | ' |
Reduction of debt | -1,894,301 | -572,924 | -144,558 |
Purchase of interest in subsidiary by noncontrolling interest | ' | ' | 7,500 |
Issuance of common shares | 5,557 | ' | 7,126 |
Cash and cash equivalents of Crimson Wine Group, Ltd. which was spun off | -21,042 | ' | ' |
Net distributions to redeemable noncontrolling interests | -8,073 | -12,722 | ' |
Distributions to noncontrolling interests | -355,086 | -3,909 | -5,843 |
Contributions from noncontrolling interests | 65,870 | 1,083 | 660 |
Purchase of common shares for treasury | -40,024 | ' | -155 |
Dividends paid | -91,335 | -61,146 | -61,146 |
Other | 2,990 | -3,112 | -3,337 |
Net cash used for financing activities | -270,507 | -651,708 | -106,637 |
Effect of foreign exchange rate changes on cash | 6,180 | 358 | -111 |
Net increase (decrease) in cash and cash equivalents | 3,761,635 | -22,530 | -272,850 |
Cash and cash equivalents at January 1, including cash classified as assets of discontinued operations | 145,960 | 168,490 | 441,340 |
Cash and cash equivalents at December 31, including cash classified as assets of discontinued operations | 3,907,595 | 145,960 | 168,490 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Interest | 722,695 | 103,999 | 112,771 |
Income tax payments, net | 75,925 | 37,355 | 26,175 |
Non-cash investing activities: | ' | ' | ' |
Common stock issued for acquisition of Jefferies Group LLC | 3,385,699 | ' | ' |
Issuance of mandatorily redeemable convertible preferred shares for acquisition of Jefferies Group LLC | 125,000 | ' | ' |
Non-cash financing activities: | ' | ' | ' |
Net assets excluding cash and cash equivalents of Crimson Wine Group, Ltd., which was spun off | $175,958 | ' | ' |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Equity (USD $) | Common Shares $1 Par Value [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Subtotal [Member] | Noncontrolling Interest [Member] | Total |
In Thousands | |||||||
Balance, at Dec. 31, 2010 | $243,808 | $1,542,964 | $1,687,363 | $3,482,623 | $6,956,758 | $6,623 | $6,963,381 |
Net income | ' | ' | ' | 25,231 | 25,231 | -275 | 24,956 |
Other comprehensive loss, net of taxes | ' | ' | -774,942 | ' | -774,942 | ' | -774,942 |
Contributions from noncontrolling interests | ' | ' | ' | ' | ' | 660 | 660 |
Distributions to noncontrolling interests | ' | ' | ' | ' | ' | -5,843 | -5,843 |
Change in interest in consolidated subsidiary | ' | -1,982 | ' | ' | -1,982 | 2,700 | 718 |
Exercise of options to purchase common shares, including excess tax benefit | 256 | 7,112 | ' | ' | 7,368 | ' | 7,368 |
Purchase of common shares for treasury | -4 | -151 | ' | ' | -155 | ' | -155 |
Share-based compensation expense | ' | 23,264 | ' | ' | 23,264 | ' | 23,264 |
Exercise of warrants to purchase common shares | 523 | -523 | ' | ' | ' | ' | ' |
Dividends ($.25 per common share) | ' | ' | ' | -61,146 | -61,146 | ' | -61,146 |
Balance, at Dec. 31, 2011 | 244,583 | 1,570,684 | 912,421 | 3,446,708 | 6,174,396 | 3,865 | 6,178,261 |
Net income | ' | ' | ' | 854,466 | 854,466 | -2,060 | 852,406 |
Other comprehensive loss, net of taxes | ' | ' | -207,292 | ' | -207,292 | ' | -207,292 |
Contributions from noncontrolling interests | ' | ' | ' | ' | ' | 1,083 | 1,083 |
Distributions to noncontrolling interests | ' | ' | ' | ' | ' | -3,909 | -3,909 |
Change in interest in consolidated subsidiary | ' | -1,388 | ' | ' | -1,388 | 1,388 | ' |
Change in fair value of redeemable noncontrolling interests | ' | -6,227 | ' | ' | -6,227 | ' | -6,227 |
Share-based compensation expense | ' | 14,459 | ' | ' | 14,459 | ' | 14,459 |
Dividends ($.25 per common share) | ' | ' | ' | -61,146 | -61,146 | ' | -61,146 |
Balance, at Dec. 31, 2012 | 244,583 | 1,577,528 | 705,129 | 4,240,028 | 6,767,268 | 367 | 6,767,635 |
Net income | ' | ' | ' | 369,240 | 369,240 | -1,162 | 368,078 |
Other comprehensive loss, net of taxes | ' | ' | -167,079 | ' | -167,079 | ' | -167,079 |
Acquisition of Jefferies Group LLC | 119,363 | 3,266,336 | ' | ' | 3,385,699 | 356,180 | 3,741,879 |
Distribution of common shares of Crimson Wine Group, Ltd. to shareholders | ' | ' | ' | -197,000 | -197,000 | ' | -197,000 |
Contributions from noncontrolling interests | ' | ' | ' | ' | ' | 65,870 | 65,870 |
Distributions to noncontrolling interests | ' | ' | ' | ' | ' | -355,086 | -355,086 |
Change in interest in consolidated subsidiary | ' | -4,422 | ' | ' | -4,422 | 4,422 | ' |
Change in fair value of redeemable noncontrolling interests | ' | -16,781 | ' | ' | -16,781 | ' | -16,781 |
Exercise of options to purchase common shares, including excess tax benefit | 184 | 4,361 | ' | ' | 4,545 | ' | 4,545 |
Purchase of common shares for treasury | -1,423 | -38,601 | ' | ' | -40,024 | ' | -40,024 |
Share-based compensation expense | ' | 87,309 | ' | ' | 87,309 | ' | 87,309 |
Dividends ($.25 per common share) | ' | ' | ' | -93,428 | -93,428 | ' | -93,428 |
Other | 1,834 | 5,301 | ' | ' | 7,135 | ' | 7,135 |
Balance, at Dec. 31, 2013 | $364,541 | $4,881,031 | $538,050 | $4,318,840 | $10,102,462 | $70,591 | $10,173,053 |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Statements Of Changes In Equity [Abstract] | ' | ' | ' |
Dividends per common share | $0.25 | $0.25 | $0.25 |
Nature_Of_Operations
Nature Of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Nature Of Operations [Abstract] | ' |
Nature Of Operations | ' |
1. Nature of Operations: | |
Leucadia National Corporation ("Leucadia" or the "Company") is a diversified holding company engaged through its consolidated subsidiaries in a variety of businesses, including investment banking and capital markets, beef processing, manufacturing, energy projects, asset management and real estate. We also own equity interests in operating businesses which are accounted for under the equity method of accounting, including Berkadia Commercial Mortgage LLC, a commercial mortgage banking and servicing business, the Garcadia companies, entities that own and manage automobile dealerships, and Linkem S.p.A., a fixed wireless broadband services provider in Italy. We continuously investigate possible acquisitions of new businesses, securities and assets, and evaluate the retention and disposition of our existing operations and holdings. Changes in the mix of our businesses and investments should be expected. | |
On March 1, 2013, Jefferies Group LLC ("Jefferies") became one of our wholly-owned subsidiaries. Jefferies is a global full-service, integrated securities and investment banking firm. Jefferies shareholders received 0.81 of a share of our common shares for each share of Jefferies common stock they held (the "Exchange Ratio"). Prior to the closing, we owned 58,006,024 common shares of Jefferies, representing approximately 28% of the outstanding common shares of Jefferies. Richard Handler, Chairman and Chief Executive Officer of Jefferies, was appointed the Chief Executive Officer and a Director of Leucadia, and Brian Friedman, the Chairman of the Executive Committee of Jefferies, was appointed President and a Director of Leucadia. | |
Jefferies has historically reported its Statement of Financial Condition on an unclassified basis, while we have historically reported a classified Statement of Financial Condition, with assets and liabilities separated between current and non-current. However, after giving consideration to the nature of Jefferies business and its impact on our Consolidated Statement of Financial Condition, upon completion of the acquisition, we believe it is preferable to report our Consolidated Statement of Financial Condition on an unclassified basis, and have reclassified certain amounts to be consistent with the 2013 presentation. We have also reclassified certain amounts on our consolidated financial statements, resulting from the reduced significance of certain businesses, revised the presentation of associated companies accounted for at fair value from Income related to associated companies to Principal transactions, and have revised the classification of the remaining Income related to associated companies to show such amounts before income taxes. In addition, Jefferies has a fiscal year ended November 30th, which it will retain for standalone reporting purposes. Accordingly, we reflect Jefferies in our consolidated financial statements utilizing a one month lag. We have reviewed Jefferies business and internal operating results for the month of December 2013 for the purpose of evaluating whether additional financial statement disclosure or adjustments are required to this Annual Report on Form 10-K, and we have concluded that no additional disclosures or adjustments are warranted. | |
Our beef processing operations are conducted through our 78.9% ownership of National Beef Packing Company, LLC, which was acquired on December 30, 2011. Since National Beef's operating activities subsequent to the acquisition during 2011 were not significant they have not been included our 2011 Consolidated Statement of Operations. National Beef processes, packages and delivers fresh and frozen beef and beef by-products for sale to customers in the U.S. and international markets. National Beef's products include boxed beef, ground beef, hides, tallow, and other beef and beef by-products. National Beef operates the largest wet blue tanning facility in the world that sells processed hides to tanners that produce finished leather for the automotive, luxury goods, apparel and furniture industries. National Beef owns Kansas City Steak Company, LLC, which sells portioned beef and other products to customers in the food service and retail channels as well as direct to consumers through the internet and direct mail. National Beef also owns a refrigerated and livestock transportation company that provides transportation services for National Beef and third parties. National Beef operates three beef processing facilities, two consumer-ready facilities and a wet blue tanning facility, all located in the U.S. | |
Manufacturing operations are conducted through Idaho Timber, LLC and Conwed Plastics, LLC. Idaho Timber is engaged in the manufacture and/or distribution of various wood products, including the following principal product lines: remanufacturing dimension lumber; remanufacturing, bundling and bar coding of home center boards for large retailers; and production of 5/4" radius-edge, pine decking. Idaho Timber operates ten facilities located in the U.S. | |
Conwed Plastics manufactures and markets lightweight plastic netting used for building and construction, erosion control, packaging, agricultural purposes, carpet padding, filtration and consumer products and other purposes. Conwed Plastics has four domestic manufacturing facilities, and it owns and operates a manufacturing and sales facility in Belgium. | |
On February 25, 2013, we distributed to our shareholders the common shares of the Crimson Wine Group, Ltd., a holding company through which we historically conducted our winery operations. The distribution was structured to qualify as a tax-free spin-off for U.S. federal income tax purposes. Our common shareholders on the record date received one share of Crimson common stock for every ten common shares of Leucadia, with cash in lieu of fractional shares. The distribution was a condition to the Jefferies acquisition. As a result, we recorded a dividend of $197.0 million. Crimson was not reflected as a discontinued operation in our consolidated financial statements as amounts were not significant. Crimson's historical results of operations are included in the other operations segment. | |
Our medical product development operations were formerly conducted through Sangart, Inc.; however, we ceased funding Sangart and completed an orderly shut-down of its operations during 2013. As a result, our medical product development operations have been classified as a discontinued operation. See Note 31 for more information. | |
In December 2013, we entered into an agreement to sell Premier Entertainment Biloxi LLC ("Premier"), through which we had conducted our gaming entertainment operations. As a result, our gaming entertainment segment has been classified as a discontinued operation. See Note 31 for more information. | |
In February 2014, we entered into an agreement to sell substantially all of our real estate operations to HomeFed Corporation; see Notes 12 and 31 for more information. | |
Certain amounts have been reclassified to be consistent with the 2013 presentation. | |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Note 2. Significant Accounting Policies | |
The preparation of these financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts in the financial statements and disclosures of contingent assets and liabilities. On an on-going basis, we evaluate all of these estimates and assumptions. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, asset impairment, the ability to realize deferred tax assets, the recognition and measurement of uncertain tax positions and contingencies. Although these and other estimates and assumptions are based on the best available information, actual results could be different from these estimates. | |
Consolidation | |
Our policy is to consolidate all entities in which we control by ownership a majority of the outstanding voting stock. In addition, we consolidate entities which meet the definition of a variable interest entity for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity 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. We consider special allocations of cash flows and preferences, if any, to determine amounts allocable to noncontrolling interests. All intercompany transactions and balances are eliminated in consolidation. | |
In situations where we have significant influence, but not control, of an entity that does not qualify as a variable interest entity, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under GAAP. We have also formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. Our subsidiaries may 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. | |
Revenue Recognition Policies | |
Beef Processing and Other Operations | |
Revenues are recognized when the following conditions are met: (1) collectibility is reasonably assured; (2) title to the product has passed or the service has been rendered and earned; (3) persuasive evidence of an arrangement exists; and (4) there is a fixed or determinable price. National Beef's revenues are recognized based on the terms of the sale, which for beef processing operations is typically upon delivery to customers. Manufacturing revenues are recognized when title passes. | |
Investment Banking Activities | |
Commissions. All customer securities transactions are reported in the Consolidated Statements of Financial Condition on a settlement date basis with related income reported on a trade date basis. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. These arrangements are accounted for on an accrual basis and, as we are not the primary obligor for these arrangements, netted against commission revenues in the Consolidated Statements of Operations. The commissions and related expenses on client transactions executed by Jefferies Bache, LLC, a futures commission merchant, are recorded on a half-turn basis. | |
Principal Transactions. Trading assets and trading liabilities are carried at fair value with gains and losses reflected in Principal transactions in the Consolidated Statements of Operations on a trade date basis. Fees received on loans carried at fair value are also recorded within Principal transactions. | |
Investment Banking. Underwriting revenues and fees from mergers and acquisitions, restructuring and other investment banking advisory assignments or engagements are recorded when the services related to the underlying transactions are completed under the terms of the assignment or engagement. Expenses associated with such assignments are deferred until reimbursed by the client, the related revenue is recognized or the engagement is otherwise concluded. Expenses are recorded net of client reimbursements and netted against revenues. Unreimbursed expenses with no related revenues are included in Selling, general and administrative expenses in the Consolidated Statements of Operations. | |
Interest Revenue and Expense. Interest expense that is deducted from Revenues to arrive at Net revenues is related to Jefferies operations. Contractual interest on Trading assets and Trading liabilities is recognized on an accrual basis as a component of Interest revenue and Interest 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 in the Consolidated Statements of Operations rather than as a component of interest revenue or expense. Discounts/premiums arising on long-term debt are accreted/amortized to Interest expense using the effective yield method over the remaining lives of the underlying debt obligations. | |
Cash Equivalents | |
Cash equivalents include highly liquid investments, including money market funds, not held for resale with original maturities of three months or less. | |
Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations | |
In accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Jefferies 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. In addition, certain financial instruments used for initial and variation margin purposes with clearing and depository organizations are recorded in this caption. Jefferies Bache, LLC, as a futures commission merchant, is obligated by rules mandated by the Commodities Futures Trading Commission under the Commodities Exchange Act, to segregate or set aside cash or qualified securities to satisfy such regulations, which regulations have been promulgated to protect customer assets. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets. | |
Financial Instruments | |
Trading assets and trading liabilities are recorded at fair value, either as required by accounting pronouncements or through the fair value option election. Trading assets and trading liabilities include Jefferies trading activities, financial instruments of other consolidated entities that are accounted for through the fair value option election and, prior to the Jefferies acquisition, trading assets include our investment in Jefferies common shares. Gains and losses on trading assets and trading liabilities are recognized in our Consolidated Statements of Operations in Principal transactions. Available for sales securities are reflected at fair value, with unrealized gains and losses reflected as a separate component of equity, net of taxes. When sold, realized gains and losses on available for sale securities are reflected in the caption Net realized securities gains. The cost of securities sold is based on average cost. Fair value 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 as of the reported date. | |
Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. | |
Level 3: Instruments that have little to no pricing observability as of the reported date. These financial instruments are measured using management's best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. | |
Financial instruments are valued at quoted market prices, if available. Certain financial instruments have bid and ask prices that can be observed in the marketplace. For financial instruments whose inputs are based on bid-ask prices, the financial instrument is valued at the point within the bid-ask range that meets our best estimate of fair value. We use prices and inputs that are current as of the measurement date. For financial instruments that do not have readily determinable fair values using quoted market prices, the determination of fair value is based upon consideration of available information, including types of financial instruments, current financial information, restrictions on dispositions, fair values of underlying financial instruments and quotations for similar instruments. | |
The valuation of financial instruments may include the use of valuation models and other techniques. Adjustments to valuations derived from valuation models may be made when, in management's judgment, features of the financial instrument such as its complexity, the market in which the financial instrument is traded and risk uncertainties about market conditions require that an adjustment be made to the value derived from the models. Adjustments from the price derived from a valuation model reflect management's judgment that other participants in the market for the financial instrument being measured at fair value would also consider in valuing that same financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. | |
The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument and market conditions. As the observability of prices and inputs may change for a financial instrument from period to period, this condition may cause a transfer of an instrument among the fair value hierarchy levels. Transfers among the levels are recognized at the beginning of each period. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. | |
Jefferies Valuation Process for Financial Instruments | |
The Jefferies Independent Price Verification ("IPV") Group, which is part of the Jefferies finance department, in partnership with Jefferies Risk Management, is responsible for establishing Jefferies valuation policies and procedures. The IPV Group and Risk Management, which are independent of business functions, play an important role and serve as a control function in determining that Jefferies financial instruments are appropriately valued and that fair value measurements are reliable. This is particularly important where prices or valuations that require inputs are less observable. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and that the assumptions are reasonable. The IPV Group reports to the Jefferies Global Controller and is subject to the oversight of the IPV Committee, which includes senior members of Jefferies finance department and other personnel. Jefferies independent price verification policies and procedures are reviewed, at a minimum, annually and changes to the policies require the approval of the IPV Committee. | |
Price Testing Process. The business units are responsible for determining the fair value of Jefferies financial instruments using approved valuation models and methodologies. In order to ensure that the business unit valuations represent a fair value exit price, the IPV Group tests and validates the fair value of the financial instruments inventory. In the testing process, the IPV Group obtains prices and valuation inputs from sources independent of Jefferies, consistently adheres to established procedures set forth in the valuation policies for sourcing prices and valuation inputs and utilizing valuation methodologies. Sources used to validate fair value prices and inputs include, but are not limited to, exchange data, recently executed transactions, pricing data obtained from third party vendors, pricing and valuation services, broker quotes and observed comparable transactions. | |
To the extent discrepancies between the business unit valuations and the pricing or valuations resulting from the price testing process are identified, such discrepancies are investigated by the IPV Group and fair values are adjusted, as appropriate. The IPV Group maintains documentation of its testing, results, rationale and recommendations and prepares a monthly summary of its valuation results. This process also forms the basis for the classification of fair values within the fair value hierarchy (i.e., Level 1, Level 2 or Level 3). The IPV Group utilizes the additional expertise of Risk Management personnel in valuing more complex financial instruments and financial instruments with less or limited pricing observability. The results of the valuation testing are reported to the IPV Committee on a monthly basis, which discusses the results and is charged with the final conclusions as to the financial instrument fair values in the consolidated financial statements. This process specifically assists management in asserting as to the fair presentation of our financial condition and results of operations as included within our Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. At each quarter end, the overall valuation results, as concluded upon by the IPV Committee, are presented to the Jefferies Audit Committee. | |
Judgment exercised in determining Level 3 fair value measurements is supplemented by daily analysis of profit and loss performed by the Product Control functions. Gains and losses, which result from changes in fair value, are evaluated and corroborated daily based on an understanding of each of the trading desks' overall risk positions and developments in a particular market on the given day. Valuation techniques generally rely on recent transactions of suitably comparable financial instruments and use the observable inputs from those comparable transactions as a validation basis for Level 3 inputs. Level 3 fair value measurements are further validated through subsequent sales testing and market comparable sales, if such information is available. Level 3 fair value measurements require documentation of the valuation rationale applied, which is reviewed for consistency in application from period to period; and the documentation includes benchmarking the assumptions underlying the valuation rationale against relevant analytic data. | |
Third Party Pricing Information. Pricing information obtained from external data providers (including independent pricing services and brokers) may incorporate a range of market quotes from dealers, recent market transactions and benchmarking model derived prices to quoted market prices and trade data for comparable securities. External pricing data is subject to evaluation for reasonableness by the IPV Group using a variety of means including comparisons of prices to those of similar product types, quality and maturities, consideration of the narrowness or wideness of the range of prices obtained, knowledge of recent market transactions and an assessment of the similarity in prices to comparable dealer offerings in a recent time period. Jefferies has a process whereby it challenges the appropriateness of pricing information obtained from external data providers (including independent pricing services and brokers) in order to validate the data for consistency with the definition of a fair value exit price. Jefferies process includes understanding and evaluating the external data providers' valuation methodologies. For corporate, U.S. government and agency, and municipal debt securities, and loans, to the extent independent pricing services or broker quotes are utilized in our valuation process, the vendor service providers are collecting and aggregating observable market information as to recent trade activity and active bid-ask submissions. The composite pricing information received from the independent pricing service is not based on unobservable inputs or proprietary models. For mortgage- and other asset-backed securities and collateralized debt obligations, the independent pricing service uses a matrix evaluation approach incorporating both observable yield curves and market yields on comparable securities as well as implied inputs from observed trades for comparable securities in order to determine prepayment speeds, cumulative default rates and loss severity. Further, Jefferies considers pricing data from multiple service providers as available as well as compares pricing data to prices observed for recent transactions, if any, in order to corroborate valuation inputs. | |
Model Review Process. Where a pricing model is to be used to determine fair value, the pricing model is reviewed for theoretical soundness and appropriateness by Risk Management, independent from the trading desks, and then approved by Risk Management to be used in the valuation process. Review and approval of a model for use may include benchmarking the model against relevant third party valuations, testing sample trades in the model, backtesting the results of the model against actual trades and stress-testing the sensitivity of the pricing model using varying inputs and assumptions. In addition, recently executed comparable transactions and other observable market data are considered for purposes of validating assumptions underlying the model. Models are independently reviewed and validated by Risk Management annually or more frequently if market conditions or use of the valuation model changes. | |
Investments in Managed Funds | |
Investments in managed funds include our investments in funds managed by us and our investments in related party managed funds in which we are entitled to a portion of the management and/or performance fees. Investments in nonconsolidated managed funds are accounted for at fair value with gains or losses included in the Consolidated Statements of Operations. | |
Asset management fees and investment income from managed funds include revenues we earn from management, administrative and performance fees from funds and accounts managed by us, revenues from management and performance fees we earn from related-party managed funds and investment income from our investments in these funds. We earn fees in connection with management and investment advisory services performed for various funds and managed accounts. These fees are based on assets under management or an agreed upon notional amount and may include performance fees based upon the performance of the funds. Management and administrative fees are generally recognized over the period that the related service is provided. Generally, performance fees are earned when the return on assets under management exceeds certain benchmark returns, "high-water marks" or other performance targets. Performance fees are accrued (or reversed) on a monthly basis based on measuring performance to date versus any relevant benchmark return hurdles stated in the investment management agreement. Performance fees are not subject to adjustment once the measurement period ends (generally annual periods) and the performance fees have been realized. | |
Loans to and Investments in Associated Companies | |
Loans to and investments in associated companies include investments in private equity and other operating entities in which we exercise significant influence over operating and capital decisions and loans issued in connection with such investments. Loans to and investments in associated companies are accounted for using the equity method. See Notes 12 and 30 for additional information regarding certain of these investments. | |
Under the equity method of accounting, our share of the investee's underlying net income or loss is recorded as Income (loss) related to associated companies, or as part of Other revenues if such investees are considered to be an extension of our business. Income (loss) for investees for which the fair value option was elected are reported as Principal transactions revenues. | |
Receivables from and Payables to Customers of Securities Operations | |
Receivables from and payables to customers of securities operations include amounts receivable and payable on cash and margin transactions. Securities owned by customers and held as collateral for these receivables are not reflected in the accompanying consolidated financial statements. Receivables from officers and directors included within this financial statement line item represent balances arising from their individual security transactions. These transactions are subject to the same regulations as customer transactions and are provided on substantially the same terms. | |
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, Jefferies borrows 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. Jefferies has an active securities borrowed and lending matched book business in which it borrows securities from one party and lends them to another party. When Jefferies borrows securities, it generally provides cash to the lender as collateral, which is reflected in the Consolidated Statements of Financial Condition as Securities borrowed. Jefferies earns interest revenues on this cash collateral. Similarly, when Jefferies lends securities to another party, that party provides cash to Jefferies as collateral, which is reflected in the Consolidated Statements of Financial Condition as Securities loaned. Jefferies pays 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. Jefferies monitors the fair value of the securities borrowed and loaned on a daily basis and requests additional collateral or returns 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. Repos are presented in the Consolidated Statements of Financial Condition on a net-basis-by counterparty, where permitted by GAAP. The fair value of the underlying securities is monitored 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. | |
Property, Equipment and Leasehold Improvements | |
Property, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are provided principally on the straight-line method over the estimated useful lives of the assets or, if less, the term of the underlying lease. | |
Impairment of Long-Lived Assets | |
We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. When testing for impairment, we group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (or asset group). The determination of whether an asset group is recoverable is based on management's estimate of undiscounted future cash flows directly attributable to the asset group as compared to its carrying value. If the carrying amount of the asset group is greater than the undiscounted cash flows, an impairment loss would be recognized for the amount by which the carrying amount of the asset group exceeds its estimated fair value. | |
National Beef's beef processing facility located in Brawley, California was originally acquired by National Beef in May 2006. When National Beef was acquired by us in December 2011, the Brawley facility was recorded at its then fair value, which was based in part on market studies and appraisals prepared by an independent valuation and appraisal firm. The facility was profitable for periods through 2011 during a period of favorable industry margins and when the plant had access to a sufficient supply of cattle. However, more recently National Beef has struggled to achieve acceptable gross margins and to overcome the declining supply of fed cattle available to the plant and fixed cost inefficiencies inherent in a single shift plant. There is not an adequate supply of fed cattle to operate the plant efficiently and our outlook is for the supply to continue to decline. | |
After exhausting all opportunities to improve the operating performance of the Brawley beef processing facility, during the fourth quarter of 2013 National Beef concluded that the facility would continue to generate losses for the foreseeable future, resulting in a decision in December 2013 to close the facility in April 2014. Subsequent to closing the plant, National Beef plans to hold the plant in "mothballed" status indefinitely. National Beef evaluated the recoverability of the long-lived assets at Brawley, which had an aggregate carrying amount of $93.2 million at December 31, 2013, and based on its estimate of future undiscounted cash flows concluded that the carrying value was not recoverable and the facility was impaired. In performing this evaluation, National Beef determined that the Brawley facility is the asset group that represents the lowest level of cash flows that are largely independent of the cash flows of other assets and liabilities. | |
The management of National Beef engaged an independent valuation and appraisal firm to assist in estimating the fair value of the long-lived assets at Brawley. National Beef's estimate of fair value was based on an orderly liquidation technique, which represents the amount that can be realized in a liquidation sale, given a reasonable period of time to find a purchaser, assuming an as-is where-is condition. In preparing its analysis, National Beef considered current market conditions, replacement cost, as well as the age, physical and functional characteristics of the long-lived assets. | |
As a result, National Beef concluded that the fair value of the long-lived assets at the Brawley facility is $29.9 million at December 31, 2013, and recorded an impairment loss of $63.3 million, which is reflected in Selling, general and other expenses in the Consolidated Statement of Operations for the year ended December 31, 2013. As with any estimate of fair value, future market, regulatory and general economic conditions as well as the obsolescence, future deterioration of, or inability to locate a purchaser should National Beef decide to sell the facility could have a significant effect on their future value. | |
In addition to the long-lived asset impairment charge, National Beef expects to incur additional costs relating to the closing of the facility during 2014. These costs include costs for fulfilling certain contractual obligations, employee separation and retention, systems decommissioning and various other expenses. National Beef currently estimates that these costs could be up to $20.0 million in the aggregate. Under GAAP, these costs may not be accrued until they are actually incurred. | |
Excluding the National Beef impairment, we recorded impairment charges in Selling, general and other expenses of $20.0 million in 2013 and $4.2 million in 2012; all related to various real estate development projects. Prior to the impairment charges in 2013, these projects had a book value of $32.3 million; after recognizing the impairment charges the carrying value of the real estate projects was reduced to their estimated fair value of $12.3 million. Estimates of fair value were principally determined using discounted cash flow analyses and/or current and expected market conditions for the specific geographic area. For the year ended December 31, 2013, impairment charges related to real estate include an out of period adjustment of $15.4 million to record charges related to prior periods. | |
Substantially all of our operating businesses sell products or services that are impacted by general economic conditions in the U.S. and to a lesser extent internationally. In recent years general economic conditions reduced the demand for products or services sold by our operating subsidiaries and/or resulted in reduced pricing for products or services. A worsening of current economic conditions could cause a decline in estimated future cash flows expected to be generated by our operations and investments. If future undiscounted cash flows are estimated to be less than the carrying amounts of the asset groups used to generate those cash flows in subsequent reporting periods, particularly for those with large investments in intangible assets and property and equipment (for example, investment banking & capital markets, beef processing, manufacturing, real estate and certain associated company investments), impairment charges would have to be recorded. | |
Intangible Assets, Net and Goodwill | |
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. If future undiscounted cash flows are estimated to be less than the carrying amounts of the asset groups used to generate those cash flows in subsequent reporting periods, particularly for those with large investments in amortizable intangible assets, impairment charges would have to be recorded. | |
An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when certain events or circumstances exist indicating an assessment for impairment is necessary. Impairment exists when the carrying amount exceeds its fair value. Fair value will be determined using valuation techniques consistent with what a market participant would use. All of our annual indefinite-lived intangible assets were recognized in connection with the Jefferies acquisition, and our impairment testing date is as of August 1. When tested, there was no significant impairment recognized for intangible assets. | |
Goodwill. At acquisition, we allocate the cost of a business acquisition to the specific tangible and intangible assets acquired and liabilities assumed based upon their fair values. Significant judgments and estimates are often made by management to determine these values, and may include the use of appraisals, consideration of market quotes for similar transactions, use of discounted cash flow techniques or consideration of other information we believe to be relevant. Any excess of the cost of a business acquisition over the fair values of the net assets and liabilities acquired is recorded as goodwill, which is not amortized to expense. Substantially all of our goodwill was recognized in connection with the Jefferies acquisition. | |
At least annually, and more frequently if warranted, we will assess whether goodwill has been impaired. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not impaired. If the estimated fair value is less than carrying value, further analysis is necessary to determine the amount of impairment, if any. The fair values will be 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 fair value include market capitalization, price-to-book multiples of comparable exchange traded companies, multiples of merger and acquisitions of similar businesses and/or projected cash flows. 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. Our annual goodwill impairment testing date related to Jefferies as of August 1 did not indicate any goodwill impairment in any of Jefferies reporting units; see Note 14 for more information. | |
Inventories and Cost of Sales | |
National Beef's inventories consist primarily of meat products and supplies, and are stated at the lower of cost or market, with cost principally determined under the first-in-first-out method for meat products and average cost for supplies. | |
Manufacturing inventories are stated at the lower of cost or market, with cost principally determined under the first-in-first-out method. Manufacturing cost of sales principally includes product and manufacturing costs, inbound and outbound shipping costs and handling costs. | |
Income Taxes | |
We record a valuation allowance to reduce our net deferred tax asset to the net amount that is more likely than not to be realized. If in the future we determine that it is more likely than not that we will be able to realize our net deferred tax asset in excess of our net recorded amount, an adjustment to increase the net deferred tax asset would increase income in such period. If in the future we were to determine that we would not be able to realize all or part of its recorded net deferred tax asset, an adjustment to decrease the net deferred tax asset would be charged to income in such period. We are required to consider all available evidence, both positive and negative, and to weight the evidence when determining whether a valuation allowance is required and the amount of such valuation allowance. Generally, greater weight is required to be placed on objectively verifiable evidence when making this assessment, in particular on recent historical operating results. | |
Our estimate of future taxable income considers all available evidence, both positive and negative, about our operating businesses and investments, includes an aggregation of individual projections for each significant operating business and investment, estimated apportionment factors for state and local taxing jurisdictions and included all future years that we estimate we will have available net operating loss carryforwards ("NOLs") (until 2029). We believe that our estimate of future taxable income is reasonable but inherently uncertain, and if our current or future operations and investments generate taxable income different than the projected amounts, further adjustments to the valuation allowance are possible. The current balance of the deferred tax valuation allowance principally reserves for NOLs of certain subsidiaries that are not available to offset income generated by other members of the consolidated tax return group. | |
We also record reserves for unrecognized tax benefits based on our assessment of the probability of successfully sustaining tax filing positions. Interest and penalties, if any, are recorded as components of income tax expense. Management exercises significant judgment when assessing the probability of successfully sustaining tax filing positions, and in determining whether a contingent tax liability should be recorded and if so estimating the amount. If our tax filing positions are successfully challenged, payments could be required that are in excess of reserved amounts or we may be required to reduce the carrying amount of our net deferred tax asset, either of which could be significant to our Consolidated Statement of Financial Condition or results of operations. | |
Share-based Compensation | |
Share-based awards are measured based on the fair value of the award as determined in accordance with GAAP and recognized over the required service or vesting period. The fair value of options and warrants are estimated at the date of grant using the Black-Scholes option pricing model. Expected forfeitures are included in determining share-based compensation expense. | |
Foreign Currency Translation | |
Assets and liabilities of foreign subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the end of a period. Revenues and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating foreign currency financial statements into U.S. dollars, net of hedging gains or losses and taxes, if any, are included in other comprehensive income. Gains or losses resulting from foreign currency transactions are included in the Consolidated Statements of Operations. | |
Earnings per Common Share | |
Basic earnings per share ("EPS") is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding and certain other shares committed to be, but not yet issued. Net earnings available to common shareholders represent net earnings to common shareholders reduced by the allocation of earnings to participating securities. Losses are not allocated to participating securities. Common shares outstanding and certain other shares committed to be, but not yet issued, include restricted stock and restricted stock units ("RSUs") for which no future service is required. Diluted EPS is computed by dividing net earnings available to common shareholders plus dividends on dilutive mandatorily redeemable convertible preferred shares and interest on convertible notes by the weighted average number of common shares outstanding and certain other shares committed to be, but not yet issued, plus all dilutive common stock equivalents outstanding during the period. | |
Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and, therefore, are included in the earnings allocation in computing earnings per share under the two-class method of earnings per share. Restricted stock and RSUs granted as part of share-based compensation contain nonforfeitable rights to dividends and dividend equivalents, respectively, and therefore, prior to the requisite service being rendered for the right to retain the award, restricted stock and RSUs meet the definition of a participating security. As such, we calculate basic and diluted earnings per share under the two-class method. | |
Securitization Activities | |
Jefferies engages in securitization activities related to corporate loans, commercial mortgage loans and mortgage-backed and other asset-backed securities. Such transfers of financial assets are accounted for as sales when we have relinquished control over the transferred assets. The gain or loss on sale of such financial assets depends, in part, on the previous carrying amount of the assets involved in the transfer allocated between the assets sold and the retained interests, if any, based upon their respective fair values at the date of sale. We may retain interests in the securitized financial assets as one or more tranches of the securitization. These retained interests are included within Trading assets in the Consolidated Statements of Financial Condition at fair value. Any changes in the fair value of such retained interests are recognized in the Consolidated Statements of Operations. | |
When a transfer of assets does not meet the criteria of a sale, the transfer is accounted for as a secured borrowing and we continue to recognize the assets of a secured borrowing in Trading assets and recognize the associated financing in Other secured financings. | |
Contingencies | |
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 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, can be highly subjective and is subject to significant change with the passage of time as more information becomes available. Estimating the ultimate impact of litigation matters is inherently uncertain, in particular because the ultimate outcome will rest on events and decisions of others that may not be within our power to control. We do not believe that any of our current litigation will have a significant adverse effect on our consolidated financial position, results of operations or liquidity; however, if amounts paid at the resolution of litigation are in excess of recorded reserve amounts, the excess could be significant in relation to results of operations for that period. For further information, see Note 27. | |
Accounting_Developments
Accounting Developments | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Developments [Abstract] | ' |
Accounting Developments | ' |
Note 3. Accounting Developments | |
Accumulated Other Comprehensive Income. Effective January 2013, we adopted new Financial Accounting Standards Board ("FASB") Accounting Standards guidance with respect to the reporting of reclassifications out of accumulated other comprehensive income. The new guidance requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety from accumulated other comprehensive income to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. Adoption of this guidance had no impact on our consolidated financial statements but did require additional disclosures. | |
Balance Sheet Offsetting Disclosures. In January 2013, we adopted new FASB guidance that required new disclosures regarding balance sheet offsetting and related arrangements for derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset in the balance sheet or subject to an enforceable master netting arrangement or similar agreement regardless of whether they are offset in the balance sheet. The amendments require disclosure of gross and net asset and liability information and are to be applied retrospectively. This guidance does not amend the existing guidance on when it is appropriate to offset; as a result, this guidance did not affect our consolidated financial statements but did require additional disclosures. | |
Indefinite-Lived Intangible Asset Impairment. In January 2013, we adopted new FASB guidance that permits an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset, other than goodwill, is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. The guidance did not revise the requirement to test indefinite-lived intangible assets annually for impairment, or more frequently if deemed appropriate. The adoption of this guidance had no impact on our consolidated financial statements. | |
Goodwill Testing. In January 2013, we adopted new FASB guidance that outlines amendments to the two step goodwill impairment test permitting an entity to first assess qualitative factors in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two step quantitative goodwill impairment test. The adoption of this guidance had no impact on our consolidated financial statements. | |
Income Taxes. In July 2013, the FASB issued new guidance that requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or tax credit carryforward, unless such net operating loss carryforward, similar tax loss or tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes resulting from the disallowance of a tax position. In the event that the tax position is disallowed or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit shall be presented in the financial statements as a liability and shall not be combined with deferred tax assets. The guidance is effective for annual reporting periods beginning after December 15, 2013, and interim periods within those annual periods and is to be applied prospectively. We are currently evaluating the impact of this new guidance on our consolidated financial statements. | |
Acquisitions
Acquisitions | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Acquisitions [Abstract] | ' | ||||||
Acquisitions | ' | ||||||
Note 4. Acquisitions | |||||||
Jefferies became a wholly-owned subsidiary on March 1, 2013. Each share of Jefferies common stock was converted at the Exchange Ratio into our common shares, an aggregate of approximately 119,363,000 common shares, and we issued a new series of our 3.25% Cumulative Convertible Preferred Shares ($125.0 million at mandatory redemption value) in exchange for Jefferies outstanding 3.25% Series A-1 Cumulative Convertible Preferred Stock. In addition, each restricted share of Jefferies common stock and each RSU of Jefferies common stock was converted at the Exchange Ratio into an award of restricted shares or RSUs of Leucadia, with all such awards subject to the same terms and conditions, including, without limitation, vesting and, in the case of performance-based RSUs, performance being measured at existing targets. We did not assume or guarantee any of Jefferies outstanding debt securities, but Jefferies 3.875% Convertible Senior Debentures due 2029 ($345.0 million principal amount outstanding) are now convertible into our common shares. As specified in the indenture governing such debentures, the debentures are not currently convertible; if the debentures were currently convertible, the conversion price would be $45.51 per common share. | |||||||
The Jefferies acquisition was accounted for using the acquisition method of accounting. The aggregate purchase price ($4,770.6 million) equaled the sum of the fair value of our common shares issued at closing, the fair value of employee stock based awards attributable to periods prior to closing, the fair value of the Jefferies common stock owned by us ($1.3 billion) and the redemption value of the new series of preferred shares issued at closing, which represents its fair value. The fair values of the Jefferies common stock owned by us and the common shares and employee stock based awards issued were determined by using market prices at closing. Including our investment in Jefferies High Yield Holdings, LLC ("JHYH"), which was contributed to Jefferies capital after the acquisition, our aggregate investment in Jefferies is $5.3 billion at December 31, 2013. | |||||||
The following table reflects the allocation of the purchase price to the assets acquired and liabilities assumed at the acquisition date (in thousands): | |||||||
Assets | |||||||
Cash and cash equivalents | $ | 3,017,958 | |||||
Cash and securities segregated and on deposit for regulatory purposes or | |||||||
deposited with clearing and depository organizations | 3,728,742 | ||||||
Trading assets | 16,413,535 | ||||||
Loans to and investments in associated companies | 766,893 | ||||||
Securities borrowed | 5,315,488 | ||||||
Securities purchased under agreements to resell | 3,578,366 | ||||||
Intangible assets, net | 282,852 | ||||||
Goodwill | 1,722,591 | ||||||
Deferred tax asset, net | 539,384 | ||||||
Other assets | 4,386,419 | ||||||
Total assets | 39,752,228 | ||||||
Liabilities | |||||||
Short-term borrowings | 100,000 | ||||||
Trading liabilities | 9,766,876 | ||||||
Securities loaned | 1,902,687 | ||||||
Securities sold under agreements to repurchase | 7,976,492 | ||||||
Payables to customers of securities operations | 5,450,781 | ||||||
Trade payables, expense accruals and other liabilities | 2,724,136 | ||||||
Mandatorily redeemable preferred interest in JHYH held by Leucadia | 358,951 | ||||||
Long-term debt | 6,345,536 | ||||||
Total liabilities | 34,625,459 | ||||||
Noncontrolling interests | 356,180 | ||||||
Net assets acquired | $ | 4,770,589 | |||||
The fair value of Jefferies customer relationships and tradename were estimated using an income approach which calculates the present value of the estimated future net economic benefits of the assets over their estimated remaining life. Replacement cost was used to estimate the fair value of internally developed software and exchange and clearing organization memberships based on the premise that a prudent investor would not pay more for an asset than its replacement cost. The fair values of trading assets and trading liabilities were determined based upon the methodologies disclosed in Note 6 below. The fair value of long-term debt was principally based on prices observed for recently executed market transactions or based on valuations received from third party brokers. The fair value of noncontrolling interests, which principally represented third-party investors in JHYH, and the fair value of mandatorily redeemable preferred interests in JHYH held by us, was the estimated redemption value of those interests, which was based on their share of the underlying net assets in JHYH. JHYH net assets were valued using the methodologies disclosed in Note 6 below. The third-party interests in JHYH have been redeemed and our interest contributed to Jefferies capital. Approximately $111.5 million of the goodwill recorded at acquisition is deductible for income tax purposes. | |||||||
Amounts allocated to intangible assets, the amortization period and goodwill were as follows (dollars in thousands): | |||||||
Amortization | |||||||
Amount | Years | ||||||
Customer relationships | $ | 136,002 | 9 to 18 years | ||||
Tradenames and related trademarks | 131,299 | 35 years | |||||
Exchange and clearing organization | |||||||
membership interests and registrations | 15,551 | Indefinite | |||||
Subtotal, intangible assets | 282,852 | ||||||
Goodwill | 1,722,591 | ||||||
Total | $ | 2,005,443 | |||||
For the year ended December 31, 2013, we expensed costs related to the acquisition of Jefferies of $18.5 million. | |||||||
In December 2011, we acquired a controlling interest in National Beef for aggregate net cash consideration of $867.9 million. Pursuant to a membership interest purchase agreement among us, National Beef, U.S. Premium Beef, LLC ("USPB"), NBPCo Holdings, LLC ("NBPCo Holdings"), TKK Investments, LLC ("TKK"), TMKCo, LLC ("TMKCo") and TMK Holdings ("TMK"), the following transactions occurred in sequence on the closing date. TKK, TMKCo and TMK are entities controlled by the chief executive officer of National Beef. | |||||||
(a) We purchased 76.1% of National Beef from USPB and NBPCo Holdings for aggregate cash consideration of $875.4 million. | |||||||
(b) TKK and TMKCo exercised their put rights with respect to their aggregate 5.1% interest in National Beef and National Beef redeemed their interest for aggregate cash payments of $75.9 million. National Beef borrowed funds under its revolving credit facility to finance the redemption. Upon completion of this redemption our interest in National Beef increased to 79.6%. | |||||||
(c) TMK purchased a .7% interest in National Beef from us for a cash payment of $7.5 million, reducing our interest to 78.9%. | |||||||
Upon consummation of the transactions on the closing date, USPB owned 15.1% and NBPCo Holdings owned 5.3% of National Beef. Since transactions (b) and (c) above occurred after we acquired a controlling interest in National Beef, those transactions are reflected in our consolidated financial statements. | |||||||
For the year ended December 31, 2011, we expensed $14.8 million of costs related to the acquisition of National Beef. | |||||||
Presented below for the years ended December 31, 2013 and 2012, are unaudited pro forma operating results assuming the acquisition of Jefferies had occurred on January 1, 2012. Unaudited pro forma operating results for the year ended December 31, 2011 assume the acquisition of National Beef had occurred on January 1, 2010 (in thousands, except per share amounts): | |||||||
2013 | 2012 | 2011 | |||||
Net revenues | $ | 11,087,668 | $ | 12,253,259 | $ | 7,681,167 | |
Net income attributable to Leucadia National Corporation | |||||||
common shareholders | $ | 267,160 | $ | 900,044 | $ | 112,754 | |
Basic income per common share attributable to Leucadia | |||||||
National Corporation common shareholders | $ | 0.7 | $ | 2.37 | $ | 0.46 | |
Diluted income per common share attributable to Leucadia | |||||||
National Corporation common shareholders | $ | 0.7 | $ | 2.33 | $ | 0.46 | |
Pro forma adjustments for National Beef principally reflect an increase to depreciation and amortization expenses related to the fair value of property and equipment and amortizable intangible assets. Pro forma adjustments for Jefferies principally reflect an increase to amortization expenses related to the fair value of amortizable intangible assets, a reduction to interest expense for the amortization of the premium recorded to reflect long-term debt at fair value and to reflect the costs related to the acquisition as if they had occurred in the period beginning January 1, 2012. In addition, the pro forma adjustments reflect the elimination from Net revenues amounts recognized from the application of the fair value option to our investment in Jefferies for periods prior to March 1, 2013, as more fully described in Note 6. For the year ended December 31, 2013, pro forma adjustments include the removal of the deferred tax liability reversal related to our investment in Jefferies for periods prior to March 1, 2013 ($34.0 million). For the year ended December 31, 2012, pro forma adjustments include the write-off of the deferred tax asset related to our investment in Jefferies that was reflected in our Consolidated Statement of Financial Condition as of December 31, 2011 ($64.8 million), and the write-off of a portion of our net deferred tax asset for state income taxes resulting from a change in our expected state filing positions ($12.3 million). The unaudited pro forma data is not indicative of future results of operations or what would have resulted if the acquisitions had actually occurred as of the dates indicated above. | |||||||
Cash_And_Cash_Equivalents
Cash And Cash Equivalents | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Cash And Cash Equivalents [Abstract] | ' | ||||
Cash And Cash Equivalents | ' | ||||
Note 5. Cash and Cash Equivalents | |||||
Cash and cash equivalents include the following at December 31, 2013 and 2012 (in thousands): | |||||
2013 | 2012 | ||||
Cash in banks | $ | 1,174,480 | $ | 143,517 | |
Money market and other short-term investments | 2,733,115 | 2,443 | |||
Total cash and cash equivalents | $ | 3,907,595 | $ | 145,960 |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||||||||
Note 6. Fair Value Disclosures | |||||||||||||||||||||||
The following is a summary of our financial instruments, trading liabilities and investments in managed funds that are accounted for at fair value on a recurring basis by level within the fair value hierarchy at December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||
Counterparty | |||||||||||||||||||||||
and | |||||||||||||||||||||||
Cash | |||||||||||||||||||||||
Collateral | |||||||||||||||||||||||
Level 1 (1) | Level 2 (1) | Level 3 | Netting (2) | Total | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Trading assets, at fair value: | |||||||||||||||||||||||
Corporate equity securities | $ | 1,957,963 | $ | 175,493 | $ | 9,884 | $ | – | $ | 2,143,340 | |||||||||||||
Corporate debt securities | – | 2,961,857 | 25,666 | – | 2,987,523 | ||||||||||||||||||
Collateralized debt obligations | – | 182,095 | 37,216 | – | 219,311 | ||||||||||||||||||
U.S. government and federal agency securities | 2,293,221 | 40,389 | – | – | 2,333,610 | ||||||||||||||||||
Municipal securities | – | 664,054 | – | – | 664,054 | ||||||||||||||||||
Sovereign obligations | 1,458,803 | 889,685 | – | – | 2,348,488 | ||||||||||||||||||
Residential mortgage-backed securities | – | 2,932,268 | 105,492 | – | 3,037,760 | ||||||||||||||||||
Commercial mortgage-backed securities | – | 1,130,410 | 17,568 | – | 1,147,978 | ||||||||||||||||||
Other asset-backed securities | – | 55,475 | 12,611 | – | 68,086 | ||||||||||||||||||
Loans and other receivables | – | 1,203,238 | 145,890 | – | 1,349,128 | ||||||||||||||||||
Derivatives | 40,952 | 2,472,238 | 1,493 | (2,253,589 | ) | 261,094 | |||||||||||||||||
Investments at fair value | – | 40 | 101,242 | – | 101,282 | ||||||||||||||||||
Physical commodities | – | 37,888 | – | – | 37,888 | ||||||||||||||||||
Total trading assets | $ | 5,750,939 | $ | 12,745,130 | $ | 457,062 | $ | (2,253,589 | ) | $ | 16,699,542 | ||||||||||||
Available for sale securities: | |||||||||||||||||||||||
Corporate equity securities | $ | 252,531 | $ | – | $ | – | $ | – | $ | 252,531 | |||||||||||||
Corporate debt securities | – | 51,163 | – | – | 51,163 | ||||||||||||||||||
U.S. government securities | 1,781,266 | – | – | – | 1,781,266 | ||||||||||||||||||
Residential mortgage-backed securities | – | 579,162 | – | – | 579,162 | ||||||||||||||||||
Commercial mortgage-backed securities | – | 17,985 | – | – | 17,985 | ||||||||||||||||||
Other asset-backed securities | – | 184,036 | – | – | 184,036 | ||||||||||||||||||
Total available for sale securities | $ | 2,033,797 | $ | 832,346 | – | $ | – | $ | 2,866,143 | ||||||||||||||
Cash and cash equivalents | $ | 3,907,595 | $ | – | – | $ | – | $ | 3,907,595 | ||||||||||||||
Investments in managed funds | $ | – | $ | – | $ | 57,285 | $ | – | $ | 57,285 | |||||||||||||
Cash and securities segregated and on deposit for regulatory | |||||||||||||||||||||||
purposes or deposited with clearing and depository | |||||||||||||||||||||||
organizations (3) | $ | 3,616,602 | $ | – | $ | – | $ | – | $ | 3,616,602 | |||||||||||||
Securities received as collateral | $ | 11,063 | $ | – | $ | – | $ | – | $ | 11,063 | |||||||||||||
Liabilities: | |||||||||||||||||||||||
Trading liabilities: | |||||||||||||||||||||||
Corporate equity securities | $ | 1,804,392 | $ | 40,358 | $ | 38 | $ | – | $ | 1,844,788 | |||||||||||||
Corporate debt securities | – | 1,346,078 | – | – | 1,346,078 | ||||||||||||||||||
U.S. government and federal agency securities | 1,324,326 | – | – | 1,324,326 | |||||||||||||||||||
Sovereign obligations | 1,360,269 | 471,088 | – | – | 1,831,357 | ||||||||||||||||||
Residential mortgage-backed securities | – | 34,691 | – | – | 34,691 | ||||||||||||||||||
Loans | – | 672,838 | 22,462 | – | 695,300 | ||||||||||||||||||
Derivatives | 43,829 | 2,480,463 | 8,398 | (2,352,611 | ) | 180,079 | |||||||||||||||||
Physical commodities | – | 36,483 | – | – | 36,483 | ||||||||||||||||||
Total trading liabilities | 4,532,816 | $ | 5,081,999 | $ | 30,898 | $ | (2,352,611 | ) | $ | 7,293,102 | |||||||||||||
Other secured financings | $ | – | $ | 31,000 | $ | 8,711 | $ | – | $ | 39,711 | |||||||||||||
Obligation to return securities received as collateral | $ | 11,063 | $ | – | $ | – | $ | – | $ | 11,063 | |||||||||||||
31-Dec-12 | |||||||||||||||||||||||
Counterparty | |||||||||||||||||||||||
and Cash | |||||||||||||||||||||||
Collateral | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Trading assets, at fair value: | |||||||||||||||||||||||
Investment in Jefferies common shares | $ | 1,077,172 | $ | – | $ | – | $ | – | $ | 1,077,172 | |||||||||||||
Available for sale securities: | |||||||||||||||||||||||
Corporate equity securities | $ | 934,823 | $ | – | $ | – | $ | – | $ | 934,823 | |||||||||||||
Corporate debt securities | – | 16,648 | – | – | 16,648 | ||||||||||||||||||
U.S. government and federal agency securities | 1,657,022 | 6,490 | – | – | 1,663,512 | ||||||||||||||||||
Residential mortgage-backed securities | – | 601,456 | – | – | 601,456 | ||||||||||||||||||
Commercial mortgage-backed securities | – | 59,113 | – | – | 59,113 | ||||||||||||||||||
Other asset-backed securities | – | 80,556 | – | – | 80,556 | ||||||||||||||||||
Other | – | 884 | – | – | 884 | ||||||||||||||||||
Total available for sale securities | $ | 2,591,845 | $ | 765,147 | $ | – | $ | – | $ | 3,356,992 | |||||||||||||
Cash and cash equivalents | $ | 145,960 | $ | – | $ | – | $ | – | $ | 145,960 | |||||||||||||
(1) During 2013, listed equity options with a fair value of $403.0 million within Trading assets and $423.0 million within Trading liabilities were transferred from Level 1 to Level 2 as adjustments to the exchange closing price are necessary to best reflect the fair value of the population at its exit price. | |||||||||||||||||||||||
(2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. | |||||||||||||||||||||||
(3) Securities comprise U.S. government securities segregated for regulatory purposes with a fair value of $304.2 million. | |||||||||||||||||||||||
The following is a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis: | |||||||||||||||||||||||
Corporate Equity Securities | |||||||||||||||||||||||
Exchange Traded Equity Securities: Exchange traded equity securities are measured based on quoted closing exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy, otherwise they are categorized within Level 2 or Level 3 of the fair value hierarchy. | |||||||||||||||||||||||
Non-exchange Traded Equity Securities: Non-exchange traded equity securities are measured primarily using broker quotations, pricing data from external pricing services and prices observed for recently executed market transactions and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange traded equity securities are categorized within Level 3 of the fair value hierarchy and measured using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/EBITDA, price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. When using pricing data of comparable companies, judgment must be applied to adjust the pricing data to account for differences between the measured security and the comparable security (e.g., issuer market capitalization, yield, dividend rate, geographical concentration). | |||||||||||||||||||||||
Equity warrants: Non-exchange traded equity warrants are generally categorized within Level 3 of the fair value hierarchy and are measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. | |||||||||||||||||||||||
Corporate Debt Securities | |||||||||||||||||||||||
Corporate Bonds: Corporate bonds are measured primarily using pricing data from external pricing services and broker quotations, where available, prices observed for recently executed market transactions of comparable size, and bond spreads or credit default swap spreads of the issuer adjusted for basis differences between the swap curve and the bond curve. Corporate bonds measured using these valuation methods are categorized within Level 2 of the fair value hierarchy. If broker quotes, pricing data or spread data is not available, alternative valuation techniques are used including cash flow models incorporating interest rate curves, single name or index credit default swap curves for comparable issuers and recovery rate assumptions. Corporate bonds measured using alternative valuation techniques are categorized within Level 3 of the fair value hierarchy and comprise a limited portion of our corporate bonds. | |||||||||||||||||||||||
High Yield Corporate and Convertible Bonds: A significant portion of our high yield corporate and convertible bonds are categorized within Level 2 of the fair value hierarchy and are measured primarily using broker quotations and pricing data from external pricing services, where available, and prices observed for recently executed market transactions of comparable size. Where pricing data is less observable, valuations are categorized within Level 3 and are based on pending transactions involving the issuer or comparable issuers, prices implied from an issuer's subsequent financings or recapitalizations, models incorporating financial ratios and projected cash flows of the issuer and market prices comparable issuers. | |||||||||||||||||||||||
Collateralized Debt Obligations | |||||||||||||||||||||||
Collateralized debt obligations are measured based on prices observed for recently executed market transactions or based valuations received from third party brokers and are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability and significance of the pricing inputs. | |||||||||||||||||||||||
U.S. Government and Federal Agency Securities | |||||||||||||||||||||||
U.S. Treasury Securities: U.S. Treasury securities are measured based on quoted market prices and categorized within Level 1 of the fair value hierarchy. | |||||||||||||||||||||||
U.S. Agency Issued Debt Securities: Callable and non-callable U.S. agency issued debt securities are measured primarily based on quoted market prices obtained from external pricing services. Non-callable U.S. agency securities are generally categorized within Level 1 and callable U.S. agency securities are categorized within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||
Municipal Securities | |||||||||||||||||||||||
Municipal securities are measured based on quoted prices obtained from external pricing services and are generally categorized within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||
Sovereign Obligations | |||||||||||||||||||||||
Foreign sovereign government obligations are measured based on quoted market prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size. To the extent external price quotations are not available or recent transactions have not been observed, valuation techniques incorporating interest rate yield curves and country spreads for bonds of similar issuers, seniority and maturity are used to determine fair value of sovereign bonds or obligations. Foreign sovereign government obligations are classified in Level 1, Level 2 or Level 3 of the fair value hierarchy, primarily based on the country of issuance. | |||||||||||||||||||||||
Residential Mortgage-Backed Securities | |||||||||||||||||||||||
Agency Residential Mortgage-Backed Securities: Agency residential mortgage-backed securities include mortgage pass- through securities (fixed and adjustable rate), collateralized mortgage obligations and interest-only and principal-only securities and are generally measured using market price quotations from external pricing services and categorized within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||
Agency Residential Inverse Interest-Only Securities ("Agency Inverse IOs"): The fair value of agency inverse IOs is estimated using expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral. We use prices observed for recently executed transactions to develop market-clearing spread and yield curve assumptions. Valuation inputs with regard to the underlying collateral incorporate weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer, and weighted average loan age. Agency inverse IOs are categorized within Level 2 or Level 3 of the fair value hierarchy. We also use vendor data in developing our assumptions, as appropriate. | |||||||||||||||||||||||
Non-Agency Residential Mortgage-Backed Securities: Fair values are determined primarily using discounted cash flow methodologies and securities are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability and significance of the pricing inputs used. Performance attributes of the underlying mortgage loans are evaluated to estimate pricing inputs, such as prepayment rates, default rates and the severity of credit losses. Attributes of the underlying mortgage loans that affect the pricing inputs include, but are not limited to, weighted average coupon; average and maximum loan size; loan-to-value; credit scores; documentation type; geographic location; weighted average loan age; originator; servicer; historical prepayment, default and loss severity experience of the mortgage loan pool; and delinquency rate. Yield curves used in the discounted cash flow models are based on observed market prices for comparable securities and published interest rate data to estimate market yields. | |||||||||||||||||||||||
Commercial Mortgage-Backed Securities | |||||||||||||||||||||||
Agency Commercial Mortgage-Backed Securities: GNMA project loan bonds and FNMA Delegated Underwriting and Servicing ("DUS") mortgage-backed securities are generally measured by using prices observed for recently executed market transactions to estimate market-clearing spread levels for purposes of estimating fair value. GNMA project loan bonds and FNMA DUS mortgage-backed securities are categorized within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||
Non-Agency Commercial Mortgage-Backed Securities: Non-agency commercial mortgage-backed securities are measured using pricing data obtained from external pricing services and prices observed for recently executed market transactions and are categorized within Level 2 and Level 3 of the fair value hierarchy. | |||||||||||||||||||||||
Other Asset-Backed Securities | |||||||||||||||||||||||
Other asset-backed securities include, but are not limited to, securities backed by auto loans, credit card receivables and student loans and are categorized within Level 2 and Level 3 of the fair value hierarchy. Valuations are determined using pricing data obtained from external pricing services and prices observed for recently executed market transactions. | |||||||||||||||||||||||
Loans and Other Receivables | |||||||||||||||||||||||
Corporate Loans: Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market price quotations where market price quotations from external pricing services are supported by market transaction data. | |||||||||||||||||||||||
Corporate loans categorized within Level 3 of the fair value hierarchy are measured based on market price quotations that are considered to be less transparent, market prices for debt securities of the same creditor, and estimates of future cash flow incorporating assumptions regarding creditor default and recovery rates and consideration of the issuer's capital structure. | |||||||||||||||||||||||
Participation Certificates in GNMA Project and Construction Loans: Valuations of participation certificates in GNMA project and construction loans are based on observed market prices of recently executed purchases of similar loans which are then used to derive a market implied spread, which in turn is used as the primary input in estimating the fair value of loans at the measurement date. The loan participation certificates are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions. | |||||||||||||||||||||||
Project Loans: Valuation of project loans are based on benchmarks of prices for recently executed transactions of related realized collateralized securities and are categorized within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||
Escrow and Trade Claim Receivables: Escrow and trade claim receivables are categorized within Level 3 of the fair value hierarchy where fair value is estimated based on reference to market prices and implied yields of debt securities of the same or similar issuers. Escrow and trade claim receivables are categorized within Level 2 of the fair value hierarchy where fair value is based on recent trade activity in the same security. | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Listed Derivative Contracts: Listed derivative contracts that are actively traded are measured based on quoted exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy. Listed derivatives for which there is limited trading activity are measured based on incorporating the closing auction price of the underlying equity security, use similar valuation approaches as those applied to over-the-counter derivative contracts and are categorized within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||
OTC Derivative Contracts: Over-the-counter ("OTC") derivative contracts are generally valued using models, whose inputs reflect assumptions that we believe market participants would use in valuing the derivative in a current period transaction. Inputs to valuation models are appropriately calibrated to market data. For many OTC derivative contracts, the valuation models do not involve material subjectivity as the methodologies do not entail significant judgment and the inputs to valuation models do not involve a high degree of subjectivity as the valuation model inputs are readily observable or can be derived from actively quoted markets. OTC derivative contracts are primarily categorized within Level 2 of the fair value hierarchy given the observability and significance of the inputs to the valuation models. Where significant inputs to the valuation are unobservable, derivative instruments are categorized within Level 3 of the fair value hierarchy. | |||||||||||||||||||||||
OTC options include OTC equity, foreign exchange and commodity options measured using various valuation models, such as the Black-Scholes, with key inputs impacting the valuation including the underlying security, foreign exchange spot rate or commodity price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Discounted cash flow models are utilized to measure certain OTC derivative contracts including the valuations of our interest rate swaps, which incorporate observable inputs related to interest rate curves, valuations of our foreign exchange forwards and swaps, which incorporate observable inputs related to foreign currency spot rates and forward curves and valuations of our commodity swaps, which incorporate observable inputs related to commodity spot prices and forward curves. Credit default swaps include both index and single-name credit default swaps. External prices are available as inputs in measuring index credit default swaps and single-name credit default swaps. For commodity and equity total return swaps, market prices are observable for the underlying asset and used as the basis for measuring the fair value of the derivative contracts. Total return swaps executed on other underlyings are measured based on valuations received from external pricing services. | |||||||||||||||||||||||
Physical Commodities | |||||||||||||||||||||||
Physical commodities include base and precious metals and are measured using observable inputs including spot prices and published indices. Physical commodities are categorized within Level 2 of the fair value hierarchy. To facilitate the trading in precious metals we undertake leasing of such precious metals. The fees earned or paid for such leases are recorded as revenues in the Consolidated Statements of Operations. | |||||||||||||||||||||||
Investments at Fair Value and Investments in Managed Funds | |||||||||||||||||||||||
Investments at fair value and Investments in managed funds include investments in hedge funds, fund of funds, private equity funds, convertible bond funds and commodity funds, which are measured at fair value based on the net asset value of the funds provided by the fund managers and are categorized within Level 2 or Level 3 of the fair value hierarchy. Investments at fair value also include direct equity investments in private companies, which are measured at fair value using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/EBITDA, price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy. Additionally, investments at fair value include investments in insurance contracts relating to our defined benefit plan in Germany. Fair value for the insurance contracts is determined using a third party and is categorized within Level 3 of the fair value hierarchy. Fair value for the shares in non-U.S. exchanges and clearing houses is determined based on recent transactions or third party model valuations and is categorized within Level 2 or 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). Amounts were not significant in 2012. | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||
Redemption | |||||||||||||||||||||||
Unfunded | Frequency | ||||||||||||||||||||||
Fair Value (6) | Commitments | (if currently eligible) | |||||||||||||||||||||
Equity Long/Short Hedge Funds (1) | $ | 20,927 | $ | – | Monthly/Quarterly | ||||||||||||||||||
High Yield Hedge Funds (2) | 244 | – | – | ||||||||||||||||||||
Fund of Funds (3) | 494 | 94 | – | ||||||||||||||||||||
Equity Funds (4) | 66,495 | 40,816 | – | ||||||||||||||||||||
Convertible Bond Funds (5) | 3,473 | – | At Will | ||||||||||||||||||||
Total (7) | $ | 91,633 | $ | 40,910 | |||||||||||||||||||
(1) This category includes investments in hedge funds that invest, long and short, in equity securities in domestic and international markets in both the public and private sectors. Investments representing approximately 98% of the fair value of investments in this category are redeemable with 30 to 65 days prior written notice. The remaining investments in this category cannot be redeemed as they are in liquidation and distributions will be received through the liquidation of the underlying assets of the funds. We are unable to estimate when the underlying assets will be liquidated. | |||||||||||||||||||||||
(2) Includes investments in funds that invest in domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. The underlying assets of the funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated. | |||||||||||||||||||||||
(3) Includes investments in fund of funds that invest in various private equity funds. Approximately 98% of the fair value of investments in this category is managed by us and has no redemption provisions, instead distributions are received through the liquidation of the underlying assets of the fund of funds, which are estimated to be liquidated in one to two years. For the remaining investments, we have requested redemption; however, we are unable to estimate when these funds will be received. | |||||||||||||||||||||||
(4) Investments representing approximately 99% of the fair value of investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed, instead distributions are received through the liquidation of the underlying assets of the funds which are expected to liquidate in one to eight years. The remaining investments are in liquidation and we are unable to estimate when the underlying assets will be fully liquidated. This category includes investments in equity funds managed by us with a fair value of $54.4 million and unfunded commitments of $39.2 million. | |||||||||||||||||||||||
(5) Investment in the Jefferies Umbrella Fund, an open-ended investment company managed by us that invests primarily in convertible bonds. The investment is redeemable with 5 days prior written notice. | |||||||||||||||||||||||
(6) Fair value has been estimated using the net asset value derived from each of the funds' capital statements. | |||||||||||||||||||||||
(7) Investments at fair value in the Consolidated Statements of Financial Condition include $66.9 million of direct investments which do not have the characteristics of investment companies and therefore not included within this table. We have unfunded commitments to such investments of $3.3 million in aggregate at December 31, 2013. | |||||||||||||||||||||||
Other Secured Financings | |||||||||||||||||||||||
Other secured financings includes the notes issued by consolidated VIEs, which are classified as Level 2 within the fair value hierarchy. Fair value is based on recent transaction prices. In addition, at December 31, 2013, Other secured financings includes $8.7 million related to transfers of loans accounted for as secured financings rather than as sales. Other secured financings also includes mortgage-backed securities issued by a VIE for which we are deemed the primary beneficiary, categorized within Level 3 of the fair value hierarchy and measured using a discounted cash flow model with discount yield being a significant input. | |||||||||||||||||||||||
Pricing Information | |||||||||||||||||||||||
Our trading assets and trading liabilities are measured using different valuation bases as follows: | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||
Trading Assets | Trading Liabilities | ||||||||||||||||||||||
Exchange closing prices | 12 | % | 25 | % | |||||||||||||||||||
Recently observed transaction prices | 5 | % | 4 | % | |||||||||||||||||||
External pricing services | 68 | % | 66 | % | |||||||||||||||||||
Broker quotes | 3 | % | 3 | % | |||||||||||||||||||
Valuation techniques | 12 | % | 2 | % | |||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||
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 period from the Jefferies acquisition through December 31, 2013 (in thousands): | |||||||||||||||||||||||
Period from the Jefferies Acquisition through December 31, 2013 (3) | |||||||||||||||||||||||
Changes in | |||||||||||||||||||||||
unrealized gains | |||||||||||||||||||||||
(losses) relating | |||||||||||||||||||||||
Total gains | to instruments | ||||||||||||||||||||||
(losses) | Net transfers | still held at | |||||||||||||||||||||
Beginning | (realized and | into (out of) | Ending | December 31, | |||||||||||||||||||
Balance | unrealized) (1) | Purchases | Sales | Settlements | Level 3 | Balance | 2013 (1) | ||||||||||||||||
Assets: | |||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||
Corporate equity securities | $ | 13,234 | $ | 1,551 | $ | 3,583 | $ | (7,141 | ) | $ | – | $ | (1,343 | ) | $ | 9,884 | $ | (419 | ) | ||||
Corporate debt securities | 31,820 | (2,454 | ) | 31,014 | (34,125 | ) | – | (589 | ) | 25,666 | (2,749 | ) | |||||||||||
Collateralized debt obligations | 24,736 | (2,309 | ) | 45,437 | (32,874 | ) | – | 2,226 | 37,216 | (8,384 | ) | ||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||
securities | 169,426 | (4,897 | ) | 89,792 | (150,807 | ) | (11,007 | ) | 12,985 | 105,492 | (6,932 | ) | |||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||
securities | 17,794 | (4,469 | ) | 20,130 | (13,538 | ) | (100 | ) | (2,249 | ) | 17,568 | (3,794 | ) | ||||||||||
Other asset-backed securities | 1,292 | (4,535 | ) | 105,291 | (104,711 | ) | – | 15,274 | 12,611 | (3,497 | ) | ||||||||||||
Loans and other receivables | 170,986 | 15,008 | 287,757 | (115,231 | ) | (211,805 | ) | (825 | ) | 145,890 | 13,402 | ||||||||||||
Investments, at fair value | 75,067 | 1,678 | 28,594 | (102 | ) | (5,012 | ) | 1,017 | 101,242 | 1,705 | |||||||||||||
Investments in managed funds | 59,976 | 9,863 | 15,651 | (17 | ) | (28,188 | ) | – | 57,285 | 9,863 | |||||||||||||
Liabilities: | |||||||||||||||||||||||
Trading liabilities: | |||||||||||||||||||||||
Corporate equity securities | $ | 38 | $ | – | $ | – | $ – | $ | – | $ | – | $ | 38 | $ | – | ||||||||
Residential mortgage-backed | |||||||||||||||||||||||
securities | 1,542 | (1,542 | ) | – | – | – | – | – | – | ||||||||||||||
Net derivatives (2) | 11,185 | 4,408 | – | (300 | ) | (8,515 | ) | 127 | 6,905 | 1,609 | |||||||||||||
Loans | 7,398 | 2,959 | (16,027 | ) | 28,065 | 67 | – | 22,462 | (2,970 | ) | |||||||||||||
(1) Realized and unrealized gains (losses) are reported in Principal transactions in the Consolidated Statements of Operations. | |||||||||||||||||||||||
(2) Net derivatives represent Trading assets - Derivatives and Trading liabilities - Derivatives. | |||||||||||||||||||||||
(3) In addition to the above changes in the fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy, during the period from the Jefferies acquisition through December 31, 2013, secured financings of $8.7 million were issued. | |||||||||||||||||||||||
Analysis of Level 3 Assets and Liabilities for the Period from the Jefferies Acquisition through December 31, 2013 | |||||||||||||||||||||||
During the period from the Jefferies acquisition through December 31, 2013, transfers of assets of $82.4 million from Level 2 to Level 3 of the fair value hierarchy are attributed to: | |||||||||||||||||||||||
Non-agency residential mortgage-backed securities of $58.8 million and other asset-backed securities of $16.4 million for which no recent trade activity was observed for purposes of determining observable inputs; | |||||||||||||||||||||||
Loans and other receivables of $0.8 million due to a lower number of contributors comprising vendor quotes to support classification within Level 2; | |||||||||||||||||||||||
Corporate equity securities of $2.3 million, corporate debt securities of $0.2 million and investments at fair value of $1.0 million due to lack of observable market transactions; | |||||||||||||||||||||||
Collateralized debt obligations of $2.8 million which have little to no transparency in trade activity. | |||||||||||||||||||||||
During the period from the Jefferies acquisition through December 31, 2013, transfers of assets of $55.9 million from Level 3 to Level 2 are attributed to: | |||||||||||||||||||||||
Non-agency residential mortgage-backed securities of $45.9 million, commercial mortgage-backed securities of $2.2 million and other asset-backed securities of $1.1 million for which market trades were observed in the period for either identical or similar securities; | |||||||||||||||||||||||
Collateralized debt obligations of $0.6 million and loans and other receivables of $1.7 million due to a greater number of contributors for certain vendor quotes supporting classification into Level 2; | |||||||||||||||||||||||
Corporate equity securities of $3.6 million and corporate debt securities of $0.8 million due to an increase in observable market transactions. | |||||||||||||||||||||||
During the period from the Jefferies acquisition through December 31, 2013, there were no transfers of liabilities from Level 2 to Level 3 and there were $0.1 million transfers of net derivative liabilities from Level 3 to Level 2 due to an increase in observable inputs used in the valuing of derivative contracts. | |||||||||||||||||||||||
Net gains on Level 3 assets were $9.4 million and net losses on Level 3 liabilities were $5.8 million for the period from the Jefferies acquisition through December 31, 2013. Net gains on Level 3 assets were primarily due to increased valuations of certain corporate equity securities, loans and other receivables, investments at fair value and investments in managed funds, partially offset by a decrease in valuation of certain corporate debt securities, collateralized debt obligations, residential and commercial mortgage-backed securities and other asset-backed securities. Net losses on Level 3 liabilities were primarily due to increased valuations of certain derivative instruments and loan positions. | |||||||||||||||||||||||
Quantitative Information about Significant Unobservable Inputs used in Level 3 Fair Value Measurements | |||||||||||||||||||||||
Prior to the acquisition of Jefferies, we did not use any Level 3 inputs to measure the fair value of financial instruments and trading liabilities. 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 quarters 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. | |||||||||||||||||||||||
Fair Value | Valuation | Significant | Weighted | ||||||||||||||||||||
Financial Instruments Owned | (in thousands) | Technique | Unobservable Input(s) | Input/Range | Average | ||||||||||||||||||
Corporate equity securities | $ | 8,034 | |||||||||||||||||||||
Non-exchange traded securities | Market approach | EBITDA (a) multiple | 4.0 to 5.5 | 4.53 | |||||||||||||||||||
Warrants | Option model | Volatility | 36 | % | – | ||||||||||||||||||
Corporate debt securities | $ | 17,699 | |||||||||||||||||||||
Scenario analysis | Estimated recovery percentage | 24 | % | – | |||||||||||||||||||
Comparable pricing | Comparable bond or loan price | $69.10 to $70.50 | $ | 69.91 | |||||||||||||||||||
Market approach | Yield | 13 | % | – | |||||||||||||||||||
Collateralized debt obligations | $ | 34,316 | |||||||||||||||||||||
Discounted cash flows | Constant prepayment rate | 0% to 20 | % | 13 | % | ||||||||||||||||||
Constant default rate | 2% to 3 | % | 2 | % | |||||||||||||||||||
Loss severity | 30% to 85 | % | 38 | % | |||||||||||||||||||
Yield | 3% to 91 | % | 28 | % | |||||||||||||||||||
Residential mortgage-backed | $ | 105,492 | |||||||||||||||||||||
Discounted cash flows | Constant prepayment rate | 2% to 50 | % | 11 | % | ||||||||||||||||||
Constant default rate | 1% to 100 | % | 17 | % | |||||||||||||||||||
Loss severity | 30% to 90 | % | 48 | % | |||||||||||||||||||
Yield | 0% to 20 | % | 7 | % | |||||||||||||||||||
Commercial mortgage-backed | $ | 17,568 | Discounted cash flows | ||||||||||||||||||||
Yield | 12% to 20 | % | 14 | % | |||||||||||||||||||
Cumulative loss rate | 5% to 28.2 | % | 11 | % | |||||||||||||||||||
Other asset-backed securities | $ | 12,611 | |||||||||||||||||||||
Discounted cash flows | Constant prepayment rate | 4% to 30 | % | 17 | % | ||||||||||||||||||
Constant default rate | 2% to 11 | % | 7 | % | |||||||||||||||||||
Loss severity | 40% to 92 | % | 64 | % | |||||||||||||||||||
Yield | 3% to 29 | % | 18 | % | |||||||||||||||||||
Loans and other receivables | $ | 101,931 | |||||||||||||||||||||
Comparable pricing | Comparable bond or loan price | $91 to $101 | $ | 98.9 | |||||||||||||||||||
Market approach | Yield | 8.75% to 13.5 | % | 10 | % | ||||||||||||||||||
EBITDA (a) multiple | 6.9 | – | |||||||||||||||||||||
Scenario analysis | Estimated recovery percentage | 16.9% to 92 | % | 74 | % | ||||||||||||||||||
Derivatives | $ | 1,493 | |||||||||||||||||||||
Loan commitments | Comparable pricing | Comparable bond or loan price | $100.88 | – | |||||||||||||||||||
Investments at fair value | $ | 30,203 | |||||||||||||||||||||
Private equity securities | Comparable pricing | Comparable share price | $414 | – | |||||||||||||||||||
Market approach | Discount rate | 15% to 30 | % | 23 | % | ||||||||||||||||||
Fair Value | Valuation | Significant | Weighted | ||||||||||||||||||||
Trading Liabilities | (in thousands) | Technique | Unobservable Input(s) | Input/Range | Average | ||||||||||||||||||
Derivatives | $ | 8,398 | |||||||||||||||||||||
Equity options | Option model | Volatility | 36.25% to 41 | % | 39 | % | |||||||||||||||||
Loans | $ | 8,106 | Comparable pricing | Comparable bond or loan price | $101.88 | – | |||||||||||||||||
(a) Earnings before interest, taxes, depreciation and amortization ("EBITDA"). | |||||||||||||||||||||||
The fair values of certain Level 3 assets and liabilities that were determined based on third-party pricing information, unadjusted past transaction prices, reported net asset value or a percentage of the reported enterprise fair value are excluded from the above table. The exclusions consisted of $127.7 million, primarily comprised of investments in private equity securities, investments in reinsurance contracts, certain collateralized debt obligations and corporate loans. | |||||||||||||||||||||||
Sensitivity of Fair Values to Changes in Significant Unobservable Inputs | |||||||||||||||||||||||
For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the sensitivity of the fair value measurement to changes in significant unobservable inputs and interrelationships between those unobservable inputs (if any) are described below: | |||||||||||||||||||||||
Private equity securities, corporate debt securities, commercial mortgage-backed securities, loans and other receivables and loan commitments using comparable pricing valuation techniques. A significant increase (decrease) in the comparable share, bond or loan price in isolation would result in a significant higher (lower) fair value measurement. | |||||||||||||||||||||||
Non-exchange traded securities, corporate debt securities, private equity securities and loans and other receivables using a market approach valuation technique. A significant increase (decrease) in the EBITDA or other multiples in isolation would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the yield of a corporate debt security, private equity securities, loan and other receivable would result in a significantly lower (higher) fair value measurement. | |||||||||||||||||||||||
Corporate debt securities, and loans and other receivables using scenario analysis. A significant increase (decrease) in the possible recovery rates of the cash flow outcomes underlying the investment would result in a significantly higher (lower) fair value measurement for the financial instrument. | |||||||||||||||||||||||
Collateralized debt obligations, residential and commercial mortgage-backed securities and other asset-backed securities using a discounted cash flow valuation technique. A significant increase (decrease) in isolation in the constant default rate, loss severities or cumulative loss rate and discount rate would result in a significantly lower (higher) fair value measurement. The impact of changes in the constant prepayment rate would have differing impacts depending on the capital structure of the security. A significant increase (decrease) in the loan or bond yield would result in a significant lower (higher) fair value measurement. | |||||||||||||||||||||||
Derivative equity options and equity warrants using an option model. A significant increase (decrease) in volatility would result in a significant higher (lower) fair value measurement. | |||||||||||||||||||||||
Fair Value Option Election | |||||||||||||||||||||||
We have elected the fair value option for all loans and loan commitments made by Jefferies capital markets businesses. These loans and loan commitments include loans entered into by Jefferies investment banking division in connection with client bridge financing and loan syndications, loans purchased by Jefferies leveraged credit trading desk as part of its bank loan trading activities and mortgage loan commitments and fundings in connection with mortgage-backed securitization activities. Loans and loan commitments originated or purchased by Jefferies leveraged credit and mortgage-backed businesses are managed on a fair value basis. Loans are included in Trading assets and loan commitments are included in Trading assets -Derivatives and Trading liabilities – Derivatives. The fair value option election is not applied to loans made to affiliate entities as such loans are entered into as part of ongoing, strategic business ventures. Loans to affiliate entities are included within Loans to and investments in associated companies and are accounted for on an amortized cost basis. We have also elected the fair value option for certain financial instruments held by Jefferies subsidiaries as the investments are risk managed on a fair value basis. The fair value option has also been elected for certain secured financings that arise in connection with Jefferies securitization activities and other structured financings. | |||||||||||||||||||||||
The following is a summary of gains (losses) due to changes in instrument specific credit risk on loans and other receivables and loan commitments measured at fair value under the fair value option for the period from the Jefferies acquisition through December 31, 2013 (in thousands): | |||||||||||||||||||||||
Financial Instruments Owned: | |||||||||||||||||||||||
Loans and other receivables | $ | 15,327 | |||||||||||||||||||||
Financial Instruments Sold: | |||||||||||||||||||||||
Loans | $ | (32 | ) | ||||||||||||||||||||
Loan commitments | $ | (1,007 | ) | ||||||||||||||||||||
The following is a summary of the amount by which contractual principal exceeds fair value for loans and other receivables measured at fair value under the fair value option (in thousands): | |||||||||||||||||||||||
Loans and other receivables (2) | $ | 264,896 | |||||||||||||||||||||
Loans greater than 90 days past due (1) (2) | $ | – | |||||||||||||||||||||
(1) The aggregate fair value of loans that were 90 or more days past due was $0. | |||||||||||||||||||||||
(2) Interest income is recognized separately from other changes in fair value and is included within Interest income in the Consolidated Statements of Operations. | |||||||||||||||||||||||
There were no loan receivables on nonaccrual status at December 31, 2013. | |||||||||||||||||||||||
We have elected the fair value option for Jefferies investment in Knight Capital Group, Inc., acquired by Jefferies during 2012. We also elected the fair value option for our investment in Mueller Industries, Inc., which was sold in September 2012, and, prior to the completion of the Jefferies acquisition, we elected the fair value option for our investment in Jefferies, which is included in Trading assets. We elected the fair value option for these investments commencing on the date the investments became subject to the equity method of accounting. We believe accounting for these investments at fair value better reflected the economics of these investments, and quoted market prices for these investments provided an objectively determined fair value at each balance sheet date. Our investment in HomeFed is the only other investment accounted for under the equity method of accounting that is also a publicly traded company for which we did not elect the fair value option. HomeFed's common stock is not listed on any stock exchange, and price information for the common stock is not regularly quoted on any automated quotation system. It is traded in the over-the-counter market with high and low bid prices published by the National Association of Securities Dealers OTC Bulletin Board Service; however, trading volume is minimal. For these reasons we did not elect the fair value option for HomeFed. | |||||||||||||||||||||||
On July 1, 2013, Knight Capital completed its previously announced merger with GETCO Holding Company, LLC; as a result KCG Holdings, Inc. became the new public parent of both entities. In connection with the consummation of the merger, Jefferies received cash consideration of $3.75 per share, or approximately $192.0 million, with respect to approximately 63% of its holdings in Knight Capital and stock consideration of one third of a share of KCG Holdings common stock for each share of Knight Capital common stock for the remainder of its holdings. Changes in the fair value of Knight Capital, inclusive of changes in the fair value of KCG Holdings after the merger were $19.5 million. | |||||||||||||||||||||||
The increase in the fair value of our investment in Jefferies prior to the acquisition was $182.7 million during 2013. Increases (decreases) in the fair value of our investments in Jefferies and Mueller are reflected as Principal transactions in the Consolidated Statements of Operations as follows (in thousands): | |||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||
Mueller | $ | 30,018 | $ | (6,093 | ) | ||||||||||||||||||
Jefferies | 301,341 | (668,282 | ) | ||||||||||||||||||||
Total | $ | 331,359 | $ | (674,375 | ) |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||
Derivative Financial Instruments | ' | ||||||||||||
Note 7. Derivative Financial Instruments | |||||||||||||
Off-Balance Sheet Risk | |||||||||||||
Jefferies has contractual commitments arising in the ordinary course of business for securities loaned or purchased under agreements to resell, repurchase agreements, future purchases and sales of foreign currencies, securities transactions on a when-issued basis and underwriting. Each of these financial instruments and activities contains varying degrees of off-balance sheet risk whereby the fair values of the securities underlying the financial instruments may be in excess of, or less than, the contract amount. The settlement of these transactions is not expected to have a significant effect upon our consolidated financial statements. | |||||||||||||
Derivative Financial Instruments | |||||||||||||
Derivative activities are recorded at fair value in the Consolidated Statements of Financial Condition in Trading assets –Derivatives and Trading liabilities – Derivatives, net of cash paid or received under credit support agreements and on a net counterparty basis when a legal right to offset exists under a master netting agreement. Net realized and unrealized gains and losses are recognized in the Consolidated Statements of Operations on a trade date basis and as a component of cash flows from operating activities in the Consolidated Statements of Cash Flows. Acting in a trading capacity, Jefferies may enter into derivative transactions to satisfy the needs of its clients and to manage their own exposure to market and credit risks resulting from trading activities. (See Notes 6 and 27 for additional disclosures about derivative 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. Jefferies manages the risks associated with derivatives on an aggregate basis along with the risks associated with proprietary trading as part of its firm wide risk management policies. In connection with Jefferies derivative activities, they may enter into master netting agreements and collateral arrangements with counterparties. These agreements provide Jefferies with the ability to offset a counterparty's rights and obligations, request additional collateral when necessary or liquidate the collateral in the event of counterparty default. | |||||||||||||
The following table presents the fair value and related number of derivative contracts categorized by type of derivative contract as reflected in the Consolidated Statement of Financial Condition at December 31, 2013. Amounts were not significant at December 31, 2012. The fair value of assets/liabilities related to derivative contracts represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged (in thousands, except contract amounts): | |||||||||||||
31-Dec-13 | |||||||||||||
Assets | Liabilities | ||||||||||||
Number of | Number of | ||||||||||||
Fair Value | Contracts | Fair Value | Contracts | ||||||||||
Interest rate contracts | $ | 1,165,977 | 63,967 | $ | 1,131,166 | 77,338 | |||||||
Foreign exchange contracts | 653,772 | 118,707 | 693,658 | 112,417 | |||||||||
Equity contracts | 501,784 | 1,742,343 | 474,985 | 1,800,603 | |||||||||
Commodity contracts | 141,280 | 797,529 | 173,119 | 788,717 | |||||||||
Credit contracts: centrally cleared swaps | 49,531 | 49 | 51,632 | 46 | |||||||||
Credit contracts: other credit derivatives | 2,339 | 16 | 8,130 | 19 | |||||||||
Total | 2,514,683 | 2,532,690 | |||||||||||
Counterparty/cash-collateral netting | (2,253,589 | ) | (2,352,611 | ) | |||||||||
Total per Consolidated Statement of Financial Condition | $ | 261,094 | $ | 180,079 | |||||||||
The following table presents unrealized and realized gains (losses) on derivative contracts for the period from the Jefferies acquisition through December 31, 2013; amounts for other periods were not significant (in thousands): | |||||||||||||
Interest rate contracts | $ | 132,661 | |||||||||||
Foreign exchange contracts | 4,937 | ||||||||||||
Equity contracts | 3,783 | ||||||||||||
Commodity contracts | 45,546 | ||||||||||||
Credit contracts | (12,850 | ) | |||||||||||
Total | $ | 174,077 | |||||||||||
OTC Derivatives. The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities as reflected in the Consolidated Statement of Financial Condition at December 31, 2013 (in thousands): | |||||||||||||
OTC Derivative Assets (1) (2) (4) | |||||||||||||
Cross- | |||||||||||||
Greater Than | Maturity | ||||||||||||
0-12 Months | 1-5 Years | 5 Years | Netting (3) | Total | |||||||||
Commodity swaps, options and forwards | $ | 43,519 | $ | 699 | $ | – | $ | (198 | ) | $ | 44,020 | ||
Credit default swaps | – | – | 413 | – | 413 | ||||||||
Equity swaps and options | 4,394 | – | – | – | 4,394 | ||||||||
Total return swaps | 948 | – | – | – | 948 | ||||||||
Foreign currency forwards, swaps and options | 89,072 | 37,798 | 52 | (11,192 | ) | 115,730 | |||||||
Interest rate swaps, options and forwards | 96,983 | 89,255 | 128,983 | (51,990 | ) | 263,231 | |||||||
Total | $ | 234,916 | $ | 127,752 | $ | 129,448 | $ | (63,380 | ) | 428,736 | |||
Cross product counterparty netting | (2,086 | ) | |||||||||||
Total OTC derivative assets included in | |||||||||||||
Trading assets | $ | 426,650 | |||||||||||
(1) At December 31, 2013, we held exchange traded derivative assets and other credit agreements with a fair value of $43.1 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 the Consolidated Statements of Financial Condition. At December 31, 2013 cash collateral received was $208.6 million. | |||||||||||||
(3) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. | |||||||||||||
(4) Derivative fair values include counterparty netting within product category. | |||||||||||||
OTC Derivative Liabilities (1) (2) (4) | |||||||||||||
Cross- | |||||||||||||
Greater Than | Maturity | ||||||||||||
0-12 Months | 1-5 Years | 5 Years | Netting (3) | Total | |||||||||
Commodity swaps, options and forwards | $ | 69,380 | $ | 203 | $ | – | $ | (198 | ) | $ | 69,385 | ||
Credit default swaps | 174 | 3,539 | 1,263 | – | 4,976 | ||||||||
Equity swaps and options | – | – | 3,332 | – | 3,332 | ||||||||
Total return swaps | 5,002 | – | – | – | 5,002 | ||||||||
Foreign currency forwards, swaps and options | 117,044 | 47,258 | – | (8,608 | ) | 155,694 | |||||||
Interest rate swaps, options and forwards | 24,142 | 124,352 | 136,683 | (51,990 | ) | 233,187 | |||||||
Total | $ | 215,742 | $ | 175,352 | $ | 141,278 | $ | (60,796 | ) | 471,576 | |||
Cross product counterparty netting | (2,086 | ) | |||||||||||
Total OTC derivative liabilities included in | |||||||||||||
Trading liabilities | $ | 469,490 | |||||||||||
(1) At December 31, 2013, we held exchange traded derivative liabilities and other credit agreements with a fair value of $18.2 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 the Consolidated Statements of Financial Condition. At December 31, 2013, cash collateral pledged was $307.7 million. | |||||||||||||
(3) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. | |||||||||||||
(4) Derivative fair values include counterparty netting within product category. | |||||||||||||
At December 31, 2013, the counterparty credit quality with respect to the fair value of our OTC derivative assets was as follows (in thousands): | |||||||||||||
Counterparty credit quality (1): | |||||||||||||
A- or higher | $ | 251,967 | |||||||||||
BBB- to BBB+ | 18,541 | ||||||||||||
BB+ or lower | 95,072 | ||||||||||||
Unrated | 61,070 | ||||||||||||
Total | $ | 426,650 | |||||||||||
(1) We utilize internal credit ratings determined by Jefferies Risk Management. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. | |||||||||||||
Contingent Features | |||||||||||||
Certain of Jefferies derivative instruments contain provisions that require their debt to maintain an investment grade credit rating from each of the major credit rating agencies. If Jefferies 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 Jefferies derivative instruments in liability positions. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position at December 31, 2013 is $170.2 million, for which Jefferies has posted collateral of $127.7 million in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered, Jefferies would have been required to post an additional $49.4 million of collateral to its counterparties. | |||||||||||||
Collateralized_Transactions
Collateralized Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Collateralized Transactions [Abstract] | ' |
Collateralized Transactions | ' |
Note 8. Collateralized Transactions | |
Jefferies enters into secured borrowing and lending arrangements to obtain collateral necessary to effect settlement, finance trading asset inventory positions, meet customer needs or re-lend as part of dealer operations. Jefferies manages exposure to credit risk associated with these transactions by entering into master netting agreements. Jefferies also monitors 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. Jefferies pledges financial instruments as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Jefferies agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledged by the counterparty are included within Financial instruments owned and noted parenthetically as Securities pledged on our Consolidated Statements of Financial Condition. | |
Jefferies receives securities as collateral under resale agreements, securities borrowing transactions and customer margin loans. Jefferies also receives securities as collateral in connection with securities-for-securities transactions in which it is the lender of securities. In many instances, Jefferies is permitted by contract or custom to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At December 31, 2013, the approximate fair value of securities received as collateral by Jefferies that may be sold or repledged was $21.9 billion. A substantial portion of these securities have been sold or repledged. | |
In instances where Jefferies receives securities as collateral in connection with securities-for-securities transactions in which Jefferies is the lender of securities and is permitted to sell or repledge the securities received as collateral, it reports the fair value of the collateral received and the related obligation to return the collateral in the Consolidated Statements of Financial Condition. At December 31, 2013, $11.1 million was reported as Securities received as collateral and as Obligation to return securities received as collateral. | |
Securitization_Activities
Securitization Activities | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Securitization Activities [Abstract] | ' | ||||
Securitization Activities | ' | ||||
Note 9. Securitization Activities | |||||
Jefferies engages in securitization activities related to corporate loans, commercial mortgage loans and mortgage-backed and other asset-backed securities. In securitization transactions, Jefferies transfers assets to special purpose entities ("SPEs") and acts as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A significant portion of the securitization transactions are securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of variable interest entities; however the SPEs are generally not consolidated as Jefferies is not considered the primary beneficiary for these SPEs. See Note 11 for further information on variable interest entities. | |||||
Jefferies accounts for securitization transactions as sales provided it has relinquished control over the transferred assets. Transferred assets are carried at fair value with unrealized gains and losses reflected in the Consolidated Statements of Operations prior to the identification and isolation for securitization. Revenues subsequent to such identification and isolation, including revenues recognized from the sales of the beneficial interests to investors, are reflected as net underwriting revenues. If Jefferies has not relinquished control over the transferred assets, the assets continue to be recognized in Trading assets and a corresponding secured borrowing is recognized in Other secured financings. | |||||
Jefferies generally receives cash proceeds in connection with the transfer of assets to an SPE. Jefferies 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), which are included within Trading assets. We apply fair value accounting to the securities. | |||||
The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement during the period from the Jefferies acquisition through December 31, 2013; there was no activity during 2012 (in millions): | |||||
Transferred assets | $ | 4,592.50 | |||
Proceeds on new securitizations | 4,609.00 | ||||
Net revenues | 10.7 | ||||
Cash flows received on retained interests | $ | 35.6 | |||
Assets received as proceeds in the form of mortgage-backed-securities or collateralized loan obligations issued by the SPEs have been initially categorized as Level 2 within the fair value hierarchy. For further information on fair value measurements and the fair value hierarchy, see Notes 2 and 6. Jefferies has no explicit or implicit arrangements to provide additional financial support to these SPEs and has no liabilities related to these SPEs at December 31, 2013. Although not obligated, in connection with secondary market-making activities Jefferies may make a market in the securities issued by these SPEs. In these market-making transactions, Jefferies buys these securities from and sells these securities to investors. Securities purchased through these market-making activities are not considered to be continuing involvement in these SPEs, although the securities are included in Trading assets. To the extent the securities purchased through these market-making activities meet specific thresholds and Jefferies is not deemed to be the primary beneficiary of the variable interest entity, these securities are included in agency and non-agency mortgage- and asset-backed securitizations in the nonconsolidated variable interest entities table presented in Note 11. | |||||
The following table summarizes our retained interests in SPEs where Jefferies transferred assets and has continuing involvement and received sale accounting treatment (in millions): | |||||
31-Dec-13 | |||||
Retained | |||||
Securitization Type | Total Assets | Interests | |||
U.S. government agency residential mortgage-backed securities | $ | 11,518.40 | $ | 281.3 | |
U.S. government agency commercial mortgage-backed securities | 5,385.60 | 96.8 | |||
Collateralized loan obligations | 728.5 | 9 | |||
Jefferies does not have any derivative contracts executed in connection with these securitization activities. Total assets represent the unpaid principal amount of assets in the vehicles in which Jefferies has continuing involvement and are presented solely to provide information regarding the size of the transaction and the size of the underlying assets supporting its retained interests, and are not considered representative of the risk of potential loss. Assets retained in connection with a transaction represent the fair value of the securities of one or more tranches issued by an SPE, including senior and subordinated tranches. Jefferies risk of loss is limited to this fair value amount which is included within total Trading assets in our Consolidated Statements of Financial Condition. | |||||
Available_For_Sale_Securities
Available For Sale Securities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Available For Sale Securities [Abstract] | ' | ||||||||
Available For Sale Securities | ' | ||||||||
Note 10. Available for Sale Securities | |||||||||
The amortized cost, gross unrealized gains and losses and estimated fair value of investments classified as available for sale at December 31, 2013 and 2012 are as follows (in thousands): | |||||||||
Amortized | Gross | Gross | Fair | ||||||
Cost | Unrealized | Unrealized | Value | ||||||
Gains | Losses | ||||||||
2013 | |||||||||
Bonds and notes: | |||||||||
U.S. Government securities | $ | 1,781,052 | $ | 226 | $ | 12 | $ | 1,781,266 | |
Residential mortgage-backed securities | 570,642 | 9,946 | 1,426 | 579,162 | |||||
Commercial mortgage-backed securities | 18,271 | 13 | 299 | 17,985 | |||||
Other asset-backed securities | 183,593 | 627 | 184 | 184,036 | |||||
All other corporates | 50,933 | 267 | 37 | 51,163 | |||||
Total fixed maturities | 2,604,491 | 11,079 | 1,958 | 2,613,612 | |||||
Equity securities: | |||||||||
Common stocks: | |||||||||
First Quantum Minerals Ltd. | 154,281 | – | 5,616 | 148,665 | |||||
Banks, trusts and insurance companies | 22,980 | 27,562 | – | 50,542 | |||||
Industrial, miscellaneous and all other | 21,012 | 32,312 | – | 53,324 | |||||
Total equity securities | 198,273 | 59,874 | 5,616 | 252,531 | |||||
$ | 2,802,764 | $ | 70,953 | $ | 7,574 | $ | 2,866,143 | ||
2012 | |||||||||
Bonds and notes: | |||||||||
U.S. Government and federal agency securities | $ | 1,663,225 | $ | 327 | $ | 40 | $ | 1,663,512 | |
Residential mortgage-backed securities | 585,772 | 16,506 | 822 | 601,456 | |||||
Commercial mortgage-backed securities | 58,683 | 583 | 153 | 59,113 | |||||
Other asset-backed securities | 80,866 | 78 | 388 | 80,556 | |||||
All other corporates | 16,377 | 275 | 4 | 16,648 | |||||
Total fixed maturities | 2,404,923 | 17,769 | 1,407 | 2,421,285 | |||||
Equity securities: | |||||||||
Common stocks: | |||||||||
Inmet Mining Corporation | 504,006 | 319,751 | – | 823,757 | |||||
Banks, trusts and insurance companies | 32,811 | 33,129 | 331 | 65,609 | |||||
Industrial, miscellaneous and all other | 23,195 | 22,562 | 300 | 45,457 | |||||
Total equity securities | 560,012 | 375,442 | 631 | 934,823 | |||||
Other investments | 1,054 | – | 170 | 884 | |||||
$ | 2,965,989 | $ | 393,211 | $ | 2,208 | $ | 3,356,992 | ||
The amortized cost and estimated fair value of investments classified as available for sale at December 31, 2013, by contractual maturity, are shown below. Expected maturities are likely to differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||
Amortized | Estimated | ||||||||
Cost | Fair Value | ||||||||
(In thousands) | |||||||||
Due within one year | $ | 1,787,428 | $ | 1,787,647 | |||||
Due after one year through five years | 44,018 | 44,243 | |||||||
Due after five years through ten years | 539 | 539 | |||||||
Due after ten years | – | – | |||||||
1,831,985 | 1,832,429 | ||||||||
Mortgage-backed and asset-backed securities | 772,506 | 781,183 | |||||||
$ | 2,604,491 | $ | 2,613,612 | ||||||
At December 31, 2013, the unrealized losses on investments which have been in a continuous unrealized loss position for less than 12 months and 12 months or longer were not significant. | |||||||||
At December 31, 2012, we owned 11,042,413 common shares of Inmet, which represented approximately 15.9% of Inmet's outstanding shares. Pursuant to a tender and exchange offer by First Quantum, we exchanged our Inmet shares for 18,202,313 shares of First Quantum, valued at $340.4 million on the date received, and $391.2 million in cash. We recorded a gain on the transaction of $227.6 million during the first quarter of 2013. First Quantum is a Canadian-based global mining company traded on the Toronto Stock Exchange (Symbol: FM). During the year ended December 31, 2013, we sold 9,952,313 First Quantum shares for aggregate net cash proceeds of $184.7 million. | |||||||||
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Variable Interest Entities [Abstract] | ' | ||||||||
Variable Interest Entities | ' | ||||||||
Note 11. Variable Interest Entities | |||||||||
Variable interest entities ("VIEs") are entities in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity 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. | |||||||||
We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. In determining whether we are the party with the power to direct the VIE's most significant activities, we first identify the activities of the VIE that most significantly impact its economic performance. Our considerations in determining the VIE's most significant activities primarily include, but are not limited to, the VIE's purpose and design and the risks passed through to investors. We then assess whether we have the power to direct those significant activities. Our considerations in determining whether we have the power to direct the VIE's most significant activities include, but are not limited to, voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE's initial design and the existence of explicit or implicit financial guarantees. In situations where we have determined that the power over the VIE's most significant activities is shared, we assess whether we are the party with the power over the majority of the significant activities. If we are the party with the power over the majority of the significant activities, we meet the "power" criteria of the primary beneficiary. If we do not have the power over a majority of the significant activities or we determine that decisions require consent of each sharing party, we do not meet the "power" criteria of the primary beneficiary. | |||||||||
We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires significant judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests. Our variable interests in VIEs include debt and equity interests, commitments and certain fees. Our involvement with VIEs arises primarily from the following activities of Jefferies: | |||||||||
Purchases of mortgage-backed securities and collateralized debt and loan obligations in connection with our trading and secondary market making activities, | |||||||||
Retained interests held as a result of securitization activities as part of primary market making activities, including the resecuritizations of mortgage-backed securities and the securitization of corporate loans, | |||||||||
Financing of agency and non-agency mortgage-securities through financing vehicles utilizing master repurchase agreements, | |||||||||
Management and performance fees in the Jefferies Umbrella Fund, and | |||||||||
Loans to and investments in investment fund vehicles. | |||||||||
Consolidated VIEs | |||||||||
The following tables present information about the assets and liabilities of our consolidated VIEs, which are presented within our Consolidated Statements of Financial Condition in the respective asset and liability categories, as of December 31, 2013. There were no consolidated VIEs at December 31, 2012. | |||||||||
Securitization | |||||||||
(In millions) | Vehicles | ||||||||
Cash | $ | – | |||||||
Financial instruments owned | 97.5 | ||||||||
Securities purchased under agreement to resell (2) | 195.1 | ||||||||
Other | 2.3 | ||||||||
Total assets | $ | 294.9 | |||||||
Other secured financings (1) | $ | 292.5 | |||||||
Other | 2.1 | ||||||||
Total liabilities | $ | 294.6 | |||||||
(1) Approximately $66.5 million of the secured financing represents an amount held by Jefferies in inventory and eliminated in consolidation at December 31, 2013. | |||||||||
(2) Securities purchased under agreement to resell represent an amount due under a collateralized transaction on a related consolidated entity, which is eliminated in consolidation. | |||||||||
Securitization vehicles. Jefferies is the primary beneficiary of a securitization vehicle to which it transferred a corporate loan and retained a portion of the securities issued by the securitization vehicle. Its variable interests in this vehicle consist of the securities retained. The assets of the VIE consist of a corporate loan, which is available for the benefit of the vehicle's beneficial interest holders. The creditors of the VIE do not have recourse to Jefferies general credit. During 2013, securities held in a securitization vehicle for which Jefferies was the primary beneficiary were redeemed. Upon redemption, Jefferies determined that it was no longer the primary beneficiary and deconsolidated the securitization vehicle. The assets of this VIE consisted of a project loan, and Jefferies variable interests in this vehicle consisted of the securities and a contractual servicing fee. | |||||||||
Jefferies is also the primary beneficiary of mortgage-backed financing vehicles to which we sell agency and non-agency residential and commercial mortgage-backed securities pursuant to the terms of a master repurchase agreement. Jefferies manages the assets within these vehicles. Jefferies variable interests in these vehicles consist of its collateral margin maintenance obligations under the master repurchase agreement. The assets of these VIEs consist of reverse repurchase agreements, which are available for the benefit of the vehicle's debt holders. The creditors of these VIEs do not have recourse to our general credit. | |||||||||
Nonconsolidated VIEs | |||||||||
Jefferies also holds variable interests in VIEs in which it is not the primary beneficiary and does not have the power to direct the activities that most significantly impact their economic performance and, accordingly, do not consolidate. Jefferies has not provided financial or other support to these VIEs and has no explicit or implicit arrangements to provide additional financial support to these VIEs and, other than as discussed below, has no liabilities related to these VIEs at December 31, 2013. | |||||||||
The following table presents information about nonconsolidated VIEs in which Jefferies has variable interests aggregated by principal business activity. The tables include VIEs where Jefferies has determined that the maximum exposure to loss is greater than specific thresholds or meets certain other criteria. | |||||||||
31-Dec-13 | |||||||||
Variable Interests | |||||||||
Financial Statement | Maximum | ||||||||
(In millions) | Carrying Amount | Exposure to loss | VIE Assets | ||||||
Collateralized loan obligations | $ | 11.9 | -2 | $ | 11.9 | -4 | $ | 1,122.30 | |
Agency mortgage- and asset-backed securitizations (1) | 1,226.00 | -2 | 1,226.00 | -4 | 5,857.30 | ||||
Non-agency mortgage- and asset-backed securitizations (1) | 840.1 | -2 | 840.1 | -4 | 78,070.80 | ||||
Asset management vehicle | 3.5 | -3 | 3.5 | -4 | 454.2 | ||||
Private equity vehicles | 40.8 | -3 | 68.8 | 89.4 | |||||
Total | $ | 2,122.30 | $ | 2,150.30 | $ | 85,594.00 | |||
(1) VIE assets represent the unpaid principal balance of the assets in these vehicles at December 31, 2013 and represent the underlying assets that provide the cash flows supporting our variable interests. | |||||||||
(2) Consists of debt securities accounted for at fair value, which are included within Trading assets. | |||||||||
(3) Consists of equity interests and loans, which are included within Investments in managed funds and Loans to and investments in associated companies. | |||||||||
(4) Our maximum exposure to loss in these non-consolidated VIEs is limited to our investment, which is represented by the financial statement carrying amount of our purchased or retained interests. | |||||||||
Collateralized Loan Obligations. Jefferies had acted as transferor and underwriter in several collateralized loan obligations ("CLOs") transactions in the past and retained securities representing variable interests in the CLOs. Assets collateralizing the CLOs include bank loans, participation interests and sub-investment grade and senior secured U.S. loans. In addition, Jefferies owns variable interests in CLOs previously managed by Jefferies. These CLOs represent interests in assets consisting primarily of senior secured loans, unsecured loans and high yield bonds. Jefferies exposure to loss from these entities is limited to its investments in the debt securities held. Regarding the CLOs previously managed by Jefferies, its variable interests consist of debt securities (with a fair value of $2.9 million at December 31, 2013) and a right to a portion of the CLOs' management and incentive fees. Management and incentives fees are accrued as the amounts become realizable. | |||||||||
Mortgage- and Asset-Backed Vehicles. In connection with Jefferies trading and market making activities, Jefferies buys and sells mortgage- and asset-backed securities. Mortgage- and asset-backed securities issued by securitization entities are generally considered variable interests in VIEs. A substantial portion of Jefferies variable interests in mortgage- and asset-backed VIEs are sponsored by unrelated third parties. The variable interests consist entirely of mortgage- and asset-backed securities and are accounted for at fair value and included in Trading assets in our Consolidated Statements of Financial Condition. In addition to the agency mortgage- and asset-backed securities, non-agency mortgage- and asset-backed securities and collateralized loan obligations at December 31, 2013 presented in the above table, Jefferies owned additional securities issued by securitization SPEs for which the maximum exposure to loss is less than specific thresholds. These additional securities were acquired in connection with Jefferies secondary market making activities and securitization activities. Total securities issued by securitization SPEs reflected in the Consolidated Statement of Financial Condition at December 31, 2013 consist of the following (in millions): | |||||||||
Non-agency | Agency | Total | |||||||
Variable interests in collateralized loan obligations | $ | 11.9 | $ | – | $ | 11.9 | |||
Variable interests in agency mortgage- and asset-backed securitizations | – | 1,226.00 | 1,226.00 | ||||||
Variable interests in non-agency mortgage- and asset-backed securitizations | 840.1 | – | 840.1 | ||||||
Additional securities in connection with trading and market making activities: | |||||||||
Residential mortgage-backed securities | 55.1 | 1,668.20 | 1,723.30 | ||||||
Commercial mortgage-backed securities | 27.9 | 581.9 | 609.8 | ||||||
Collateralized debt obligations | 27.9 | – | 27.9 | ||||||
Other asset-backed securities | 34.1 | – | 34.1 | ||||||
Total mortgage- and asset-backed securities in the Consolidated Statement | |||||||||
of Financial Condition | $ | 997 | $ | 3,476.10 | $ | 4,473.10 | |||
In addition, Jefferies entered into an agreement to sell at a fixed price corporate loans and the ownership interest in an entity holding such corporate loans to a CLO, which it determined represents a variable interest in the CLO. At December 31, 2013, the carrying value of Jefferies variable interest in the CLO was a liability of $167,000, which was recorded in Trading liabilities in the Consolidated Statement of Financial Condition, and Jefferies maximum exposure to loss under the forward sale agreement was approximately $76.9 million. | |||||||||
We also purchase mortgage- and asset-backed securities in the secondary market in connection with investing Leucadia's available liquidity, which are classified as Available for sale securities in the Consolidated Statements of Financial Condition. These securities are generally issued by securitizations vehicles that may be VIEs, all are sponsored by unrelated third-parties (a substantial majority by government-sponsored enterprises), all are carried at fair value and our maximum exposure to loss is equal to the carrying amount of the securities. Information on the assets of these vehicles is generally not available to us, and given the nature of this investment activity we do not believe such information would be helpful to readers of our financial statements. | |||||||||
Asset Management Vehicle. Jefferies manages the Jefferies Umbrella Fund, an "umbrella structure" company that enables investors to choose between one or more investment objectives by investing in one or more sub-funds within the same structure. The assets of the Jefferies Umbrella Fund primarily consist of convertible bonds. Accounting changes to consolidation standards under GAAP have been deferred for entities that are considered to be investment companies; accordingly, consolidation continues to be determined under a risk and reward model. The Jefferies Umbrella Fund is subject to the deferral guidance and Jefferies is not the primary beneficiary under the risk and reward model. Jefferies variable interests in the Jefferies Umbrella Fund consist of equity interests, management fees and performance fees. | |||||||||
Private Equity Vehicles. On July 26, 2010, Jefferies committed to invest equity of up to $75.0 million in Jefferies SBI USA Fund L.P. (the "SBI USA Fund"). As of December 31, 2013, Jefferies funded approximately $47.0 million of its commitment. The carrying amount of Jefferies equity investment was $39.2 million at December 31, 2013. Jefferies exposure to loss is limited to its equity commitment. The SBI USA Fund has assets consisting primarily of private equity and equity related investments. | |||||||||
Jefferies has variable interests in Jefferies Employees Partners IV, LLC ("JEP IV") consisting of an equity investment. The carrying amount of Jefferies equity investment was $1.6 million at December 31, 2013. As of December 31, 2013, Jefferies exposure to loss is limited to its equity investment. JEP IV has assets consisting primarily of private equity and equity related investments. | |||||||||
Loans_To_And_Investments_In_As
Loans To And Investments In Associated Companies | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Loans To And Investments In Associated Companies [Abstract] | ' | |||||||||
Loans To And Investments In Associated Companies | ' | |||||||||
Note 12. Loans to and Investments in Associated Companies | ||||||||||
A summary of loans to and investments in associated companies at December 31, 2013 and 2012 accounted for under the equity method of accounting is as follows (in thousands): | ||||||||||
2013 | 2012 | |||||||||
Jefferies Finance, LLC | $ | 470,537 | $ | – | ||||||
Jefferies LoanCore LLC | 224,037 | – | ||||||||
Berkadia | 182,573 | 172,942 | ||||||||
Garcadia companies | 120,017 | 82,425 | ||||||||
HomeFed | 52,923 | 49,384 | ||||||||
Brooklyn Renaissance Plaza ("BRP") | – | 30,332 | ||||||||
Linkem S.p.A. | 173,577 | 86,424 | ||||||||
JHYH | – | 351,835 | ||||||||
Other | 34,677 | 34,132 | ||||||||
Total | $ | 1,258,341 | $ | 807,474 | ||||||
Income (losses) related to associated companies includes the following for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Berkadia | $ | 84,678 | $ | 38,026 | $ | 29,033 | ||||
Garcadia companies | 39,399 | 31,738 | 19,996 | |||||||
Linkem | (22,719 | ) | (18,890 | ) | (2,243 | ) | ||||
HomeFed | 3,539 | 1,891 | 1,410 | |||||||
JHYH | 7,178 | 33,938 | 11,211 | |||||||
Other | 6,966 | 1,946 | 2,606 | |||||||
Total | $ | 119,041 | $ | 88,649 | $ | 62,013 | ||||
For the year ended December 31, 2013, our share of Berkadia's income includes an out of period adjustment of $16.4 million to record income related to prior periods. | ||||||||||
Income (losses) related to associated companies classified as Other revenues includes the following for the year ended December 31, 2013 (in thousands): | ||||||||||
Jefferies Finance | $ | 57,795 | ||||||||
Jefferies LoanCore | 35,300 | |||||||||
Other | (915 | ) | ||||||||
Total | $ | 92,180 | ||||||||
Jefferies Finance | ||||||||||
In October 2004, Jefferies entered into an agreement with Babson Capital Management LLC ("Babson Capital") and Massachusetts Mutual Life Insurance Company ("MassMutual") to form Jefferies Finance, a joint venture entity. Jefferies Finance is a commercial finance company whose primary focus is the origination and syndication of senior secured debt to middle market and growth companies in the form of term and revolving loans. Loans are originated primarily through the investment banking efforts of Jefferies, with Babson Capital providing primary credit analytics and portfolio management services. Jefferies Finance can 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, including loans that are performing, stressed and distressed loan obligations. | ||||||||||
Jefferies and MassMutual each have equity commitments to Jefferies Finance of $600.0 million. At December 31, 2013, approximately $337.3 million of Jefferies commitment was funded. The investment commitment is scheduled to mature on March 1, 2016 with automatic one year extensions subject to a 60 day termination notice by either party. | ||||||||||
In addition, Jefferies and MassMutual have entered into a Secured Revolving Credit Facility, to be funded equally, to support loan underwritings by Jefferies Finance. The Secured Revolving Credit Facility bears interest based on the interest rates of the related Jefferies Finance underwritten loans and is secured by the underlying loans funded by the proceeds of the facility. The total committed Secured Revolving Credit Facility is $700.0 million and is scheduled to mature on March 1, 2016 with automatic one year extensions subject to a 60 day termination notice by either party. At December 31, 2013, $123.8 million of Jefferies $350.0 million commitment was funded. | ||||||||||
Jefferies engages in debt capital markets transactions with Jefferies Finance related to the originations of loans by Jefferies Finance. In connection with such transactions, Jefferies earned net underwriting fees of $125.8 million during 2013, recognized in Investment banking revenues in the Consolidated Statement of Operations. In addition, Jefferies paid fees to Jefferies Finance regarding certain loans originated by Jefferies Finance of $12.0 million during 2013, which are recognized within Selling, general and other expenses in the Consolidated Statements of Operations. Under a service agreement, Jefferies charged Jefferies Finance $14.2 million for certain administrative services during 2013. Receivables from Jefferies Finance, included within Other assets in the Consolidated Statements of Financial Condition, were $31.1 million at December 31, 2013. | ||||||||||
Jefferies LoanCore | ||||||||||
In February 2011, Jefferies entered into a joint venture agreement with the Government of Singapore Investment Corporation and LoanCore, LLC and formed Jefferies LoanCore, a commercial real estate finance company. Jefferies LoanCore originates and purchases commercial real estate loans throughout the United States with the support of the investment banking and securitization capabilities of Jefferies and the real estate and mortgage investment expertise of the Government of Singapore Investment Corporation and LoanCore, LLC. Jefferies LoanCore has aggregate equity commitments of $600.0 million. Jefferies has funded $175.5 million of its $291.0 million equity commitment and has a 48.5% voting interest in Jefferies LoanCore. | ||||||||||
Berkadia | ||||||||||
Berkadia Commercial Mortgage LLC is a commercial mortgage banking and servicing joint venture formed in 2009 with Berkshire Hathaway. We and Berkshire Hathaway each contributed $217.2 million of equity capital to the joint venture and each have a 50% equity interest in Berkadia. Through December 31, 2013, cumulative cash distributions received from this investment aggregated $229.7 million. Berkadia originates commercial real estate loans that are sold to U.S. government agencies, and originates and brokers commercial mortgage loans which are not part of government agency programs. 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. | ||||||||||
Berkadia uses all of the proceeds from the commercial paper sales of an affiliate of Berkadia to fund new mortgage loans, servicer advances, investments and other working capital requirements. Repayment of the commercial paper is supported by a $2.5 billion surety policy issued by a Berkshire Hathaway insurance subsidiary and corporate guaranty, and we have agreed to reimburse Berkshire Hathaway for one-half of any losses incurred thereunder. As of December 31, 2013, the aggregate amount of commercial paper outstanding was $2.47 billion. | ||||||||||
Linkem | ||||||||||
We have acquired 40.2% of the common shares of Linkem, a fixed wireless broadband services provider in Italy, for aggregate cash consideration of $138.4 million. In addition, we have purchased 5% convertible notes issued by Linkem for $81.2 million (€58.9 million principal amount); if converted, we would own approximately 53% of Linkem's common equity. The excess of our investment in Linkem's common shares over our share of underlying book value is being amortized to expense over 12 years. | ||||||||||
HomeFed | ||||||||||
At December 31, 2013, we own 2,474,226 shares of HomeFed's common stock, representing approximately 31.4% of HomeFed's outstanding common shares. HomeFed is engaged, directly and through subsidiaries, in the investment in and development of residential real estate projects. HomeFed is a public company traded on the NASD OTC Bulletin Board (Symbol: HOFD). As a result of a 1998 distribution to all of our shareholders, approximately 9.4% of HomeFed is owned by our Chairman at December 31, 2013. Our Chairman also serves as HomeFed's Chairman. | ||||||||||
In February 2014, we entered into an agreement to sell to HomeFed substantially all of our real estate properties and operations, BRP and cash of approximately $18.0 million (subject to adjustment), in exchange for 7.5 million newly issued HomeFed common shares. The transaction is expected to close during the first quarter of 2014. The additional shares will increase our economic ownership interest in HomeFed to 65%; however, we have agreed to limit our voting rights such that we will not be able to vote more than 45% of HomeFed's total voting securities voting on any matter. Since the transaction will not result in our obtaining control of HomeFed, our investment in HomeFed will continue to be accounted for as an Investment in an associated company. We have also entered into a stockholders agreement that will limit our ability to increase our interest in HomeFed or dispose of our interest in HomeFed, as well as a registration rights agreement with respect to our HomeFed shares. See Note 31 for more information about the assets sold to HomeFed. | ||||||||||
JHYH | ||||||||||
Under GAAP, JHYH was considered a variable interest entity that was consolidated by Jefferies, since Jefferies was the primary beneficiary. In connection with the Jefferies acquisition, we contributed our investment in JHYH to Jefferies, other third-party investors were redeemed and JHYH was effectively dissolved. | ||||||||||
The following table provides summarized data for associated companies as of December 31, 2013 and 2012 and for the three years ended December 31, 2013 (in thousands): | ||||||||||
2013 | 2012 | |||||||||
Assets | $ | 8,852,807 | $ | 6,848,157 | ||||||
Liabilities | 6,292,252 | 4,602,240 | ||||||||
Mandatorily redeemable interests | – | 1,089,506 | ||||||||
Noncontrolling interest | 11,491 | 10,423 | ||||||||
2013 | 2012 | 2011 | ||||||||
Revenues | $ | 2,710,205 | $ | 1,995,858 | $ | 1,403,352 | ||||
Income from continuing operations before | ||||||||||
extraordinary items | $ | 428,509 | $ | 255,038 | $ | 62,340 | ||||
Net income | $ | 434,969 | $ | 255,038 | $ | 62,340 | ||||
The Company's income related to | ||||||||||
associated companies | $ | 211,221 | $ | 88,649 | $ | 62,013 | ||||
Except for our investment in Berkadia, we have not provided any guarantees, nor are we contingently liable for any of the liabilities reflected in the above table. All such liabilities are non-recourse to us. Our exposure to adverse events at the investee companies is limited to the book value of our investment. | ||||||||||
Included in consolidated retained earnings at December 31, 2013 is approximately $118.3 million of undistributed earnings of the associated companies accounted for under the equity method of accounting. | ||||||||||
Financial_Statement_Offsetting
Financial Statement Offsetting | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Financial Statement Offsetting [Abstract] | ' | |||||||||||||||
Financial Statement Offsetting | ' | |||||||||||||||
Note 13. Financial Statement Offsetting | ||||||||||||||||
In connection with Jefferies derivative activities and securities financing activities, Jefferies may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to: derivative transactions – International Swaps and Derivative Agreements, Inc. ("ISDA") master netting agreements; securities lending transactions – master securities lending agreements; and repurchase transactions – master repurchase agreements. 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 to a counterparty against all or a portion of an amount due from the counterparty or a third party. In addition, Jefferies may enter into customized bilateral trading agreements and other customer agreements that provide for the netting of receivables and payables with a given counterparty as a single net obligation. | ||||||||||||||||
Under Jefferies derivative ISDA agreements Jefferies typically will 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. Further, under master securities lending agreements and master repurchase agreements, collateral is received or paid in the form of securities and/or subject to margining based on the fair value of the collateral. In the event of the counterparty's default, provisions of the master agreement permit acceleration and termination of all outstanding transactions covered by the agreement such that a single amount is owed by, or to, the non-defaulting party. In addition, any collateral posted can be applied to the net obligations, with any excess returned; and the collateralized party has a right to liquidate the collateral. Any residual claim after netting is treated along with other unsecured claims in bankruptcy court. | ||||||||||||||||
The conditions supporting the legal right of offset may vary from one legal jurisdiction to another and the enforceability of master netting agreements and bankruptcy laws in certain countries or in certain industries is not free from doubt. The right of offset is dependent both on contract law under the governing arrangement and consistency with the bankruptcy laws of the jurisdiction where the counterparty is located. Industry legal opinions with respect to the enforceability of certain standard provisions in respective jurisdictions are relied upon as a part of managing credit risk. Master netting agreements are a critical component of Jefferies risk management processes as part of reducing counterparty credit risk and managing liquidity risk. | ||||||||||||||||
Jefferies is also a party to clearing agreements with various clearing organizations as well as with central clearing parties. Under these arrangements, the clearing organization or central clearing counterparty facilitates settlement between counterparties based on the net payable owed or receivable due and, with respect to daily settlement, cash is generally only required to be deposited to the extent of the net amount. In the event of default, a net termination amount is determined based on the market values of all outstanding positions and the clearing organization or clearing member provides for the liquidation and settlement of the net termination amount among all counterparties to the open derivative contracts, repurchase and/or securities lending transactions. | ||||||||||||||||
The following table provides information regarding derivative contracts, repurchase agreements and securities borrowing and lending arrangements that are recognized in the Consolidated Statement of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statement of Financial Condition as appropriate under GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our consolidated financial position. | ||||||||||||||||
Netting in | Net Amounts in | |||||||||||||||
Consolidated | Consolidated | Additional | ||||||||||||||
Statement of | Statement of | Amounts | ||||||||||||||
Gross | Financial | Financial | Available for | Available | ||||||||||||
(In thousands) | Amounts | Condition (1) | Condition | Setoff (2) | Collateral (3) | Net Amount | ||||||||||
Assets at December 31, 2013 | ||||||||||||||||
Derivative contracts | $ | 2,514,682 | $ | (2,253,589 | ) | $ | 261,093 | $ | – | $ | – | $ | 261,093 | |||
Securities borrowing arrangements | $ | 5,359,846 | $ | – | $ | 5,359,846 | $ | (530,293 | ) | $ | (957,140 | ) | $ | 3,872,413 | ||
Reverse repurchase agreements | $ | 12,715,449 | $ | (8,968,529 | ) | $ | 3,746,920 | $ | (590,754 | ) | $ | (3,074,540 | ) | $ | 81,626 | |
Liabilities at December 31, 2013 | ||||||||||||||||
Derivative contracts | $ | 2,532,690 | $ | (2,352,611 | ) | $ | 180,079 | $ | – | $ | – | $ | 180,079 | |||
Securities lending arrangements | $ | 2,506,122 | $ | – | $ | 2,506,122 | $ | (530,293 | ) | $ | (1,942,271 | ) | $ | 33,558 | ||
Repurchase agreements | $ | 19,748,374 | $ | (8,968,529 | ) | $ | 10,779,845 | $ | (590,754 | ) | $ | (8,748,641 | ) | $ | 1,440,450 | |
(1) Netting is applied by counterparty when a legal right of offset exists under an enforceable master netting agreement, as permitted under GAAP. Further, for derivative assets and liabilities, netting is inclusive of cash paid or received as collateral under credit support agreements pursuant to the master netting agreement. | ||||||||||||||||
(2) Under enforceable master netting agreements with our counterparties, Jefferies has 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 under the provisions of GAAP. | ||||||||||||||||
(3) 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 derivative contracts, resale and repurchase agreements or securities borrowing or lending arrangements. | ||||||||||||||||
At December 31, 2012, we had $391.7 million gross amount of repurchase agreements, none of which were offset in the Consolidated Statement of Financial Condition. | ||||||||||||||||
Intangible_Assets_Net_And_Good
Intangible Assets, Net And Goodwill | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Intangible Assets, Net And Goodwill [Abstract] | ' | ||||
Intangible Assets, Net And Goodwill | ' | ||||
Note 14. Intangible Assets, Net and Goodwill | |||||
A summary of intangible assets, net at December 31, 2013 and 2012 is as follows (in thousands): | |||||
2013 | 2012 | ||||
Indefinite lived intangibles: | |||||
Exchange and clearing organization membership interests and registrations | $ | 14,916 | $ | – | |
Amortizable intangibles: | |||||
Customer and other relationships, net of accumulated amortization of | |||||
$117,139 and $70,823 | 502,409 | 416,304 | |||
Trademarks and tradename, net of accumulated amortization of $30,213 | |||||
and $15,731 | 364,779 | 263,839 | |||
Supply contracts, net of accumulated amortization of $20,162 and $9,874 | 129,833 | 140,121 | |||
Licenses, net of accumulated amortization of $4,100 and $3,508 | 7,928 | 8,520 | |||
Other, net of accumulated amortization of $4,500 and $4,467 | 664 | 1,047 | |||
Total intangibles | $ | 1,020,529 | $ | 829,831 | |
Amortization expense on intangible assets was $74.8 million, $53.7 million and $7.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows: 2014 - $66.0 million; 2015 - $63.1 million; 2016 - $61.1 million; 2017 - $61.0 million; and 2018 - $60.8 million. | |||||
A summary of goodwill at December 31, 2013 and 2012 is as follows (in thousands): | |||||
2013 | 2012 | ||||
National Beef | $ | 14,991 | $ | 14,991 | |
Jefferies | 1,724,557 | – | |||
Other operations | 8,551 | 9,204 | |||
$ | 1,748,099 | $ | 24,195 | ||
The increase in intangible assets and goodwill during 2013 was due to the acquisition of Jefferies, as more fully discussed in Note 4. | |||||
Goodwill Impairment Testing | |||||
Goodwill associated with the acquisition of Jefferies is allocated to the related reporting units, which are determined based on financial information provided to management in connection with its management of the businesses. A reporting unit is an operating segment or one level below an operating segment. The quantitative goodwill impairment test is performed at the level of the reporting unit and consists of two steps. In the first step, the fair value of each reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, then a second step is performed in order to measure the amount of the impairment loss, if any, which is based on comparing the implied fair value of the reporting unit's goodwill to the fair value of the net assets of the reporting unit. | |||||
Allocated equity plus goodwill and allocated intangible assets are used as a proxy for the carrying amount of each Jefferies reporting unit. The amount of equity allocated to a Jefferies reporting unit is based on Jefferies cash capital model deployed in managing these 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 Jefferies reporting units were determined using a market valuation method that incorporate price-to-earnings and price-to-book multiples of comparable public companies and, for certain reporting units, a net asset value method. 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. Jefferies engaged an independent valuation specialist to assist management's valuation process as of August 1, 2013. | |||||
Our annual goodwill impairment testing related to Jefferies as of August 1, 2013 did not indicate any goodwill impairment in any of Jefferies reporting units. Substantially all of the goodwill is allocated to Jefferies Investment Banking, Equities and Fixed Income reporting units for which the results of our assessment indicated that these reporting units had a fair value substantially in excess of their carrying amounts based on current projections. Goodwill allocated to these reporting units is $1,665.3 million of the total goodwill associated with the acquisition of Jefferies at December 31, 2013. For Jefferies remaining less significant reporting units, we have used a net asset approach for valuation and the fair value of each of the reporting units is equal to its book value. | |||||
Goodwill related to National Beef and other operations was not impaired when tested. | |||||
Intangible Assets | |||||
We performed our annual impairment testing of Jefferies intangible assets with an indefinite useful life, which consists of exchange and clearing organization membership interests and registrations, as of August 1. We elected to perform a quantitative assessment of membership interests and registrations that have available quoted sales prices, and a qualitative assessment of the remainder of Jefferies intangible assets. Our quantitative assessment resulted in an insignificant impairment loss on certain exchange memberships based on quoted sales prices. 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 since the most recent valuation date of March 1, 2013 as part of acquisition accounting, we concluded that the intangible assets were not impaired. | |||||
Inventory
Inventory | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Inventory [Abstract] | ' | ||||
Inventory | ' | ||||
Note 15. Inventory | |||||
A summary of inventory at December 31, 2013 and 2012 which is classified as Other assets is as follows (in thousands): | |||||
2013 | 2012 | ||||
Finished goods | $ | 273,291 | $ | 271,221 | |
Work in process | 34,701 | 61,069 | |||
Raw materials, supplies and other | 56,334 | 51,202 | |||
$ | 364,326 | $ | 383,492 | ||
Property_Equipment_And_Leaseho
Property, Equipment And Leasehold Improvements, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Equipment And Leasehold Improvements, Net [Abstract] | ' | |||||||
Property, Equipment and Leasehold Improvements, Net | ' | |||||||
Note 16. Property, Equipment and Leasehold Improvements, Net: | ||||||||
A summary of property, equipment and leasehold improvements, net at December 31, 2013 and 2012 is as follows (in thousands): | ||||||||
Depreciable | ||||||||
Lives | ||||||||
(in years) | 2013 | 2012 | ||||||
Land, buildings and leasehold improvements | 5 - 45 | $ | 510,717 | $ | 622,040 | |||
Beef processing machinery and equipment | 2 - 15 | 243,026 | 240,412 | |||||
Other machinery and equipment | 3 - 15 | 157,164 | 174,044 | |||||
Corporate aircraft | 10 | 104,780 | 112,071 | |||||
Furniture, fixtures and office equipment | 2 - 10 | 210,916 | 37,021 | |||||
Construction in progress | N/A | 69,717 | 53,302 | |||||
Other | 3 - 10 | 3,316 | 4,096 | |||||
1,299,636 | 1,242,986 | |||||||
Accumulated depreciation and amortization | (413,777 | ) | (385,626 | ) | ||||
$ | 885,859 | $ | 857,360 | |||||
Property, equipment and leasehold improvements, net related to Premier were $229.0 million and $208.5 million at December 31, 2013 and 2012, respectively. We have entered into an agreement to sell Premier, and Premier's results of operations have been classified as a discontinued operation. | ||||||||
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2013 | |
Short-Term Borrowings [Abstract] | ' |
Short-Term Borrowings | ' |
Note 17. Short-Term Borrowings | |
Short-term borrowings represent Jefferies bank loans that are payable on demand and generally bear interest at a spread over the federal funds rate. Unsecured bank loans are typically overnight loans used to finance trading assets or clearing related balances, but are not part of Jefferies systemic funding model. At December 31, 2013, $12.0 million was outstanding, all of which was secured financing. | |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Long-Term Debt [Abstract] | ' | ||||
Long-Term Debt | ' | ||||
Note 18. Long-Term Debt | |||||
The principal amount (net of unamortized discounts and premiums), stated interest rate and maturity date of outstanding debt at December 31, 2013 and 2012 are as follows (dollars in thousands): | |||||
2013 | 2012 | ||||
Parent Company Debt: | |||||
Senior Notes: | |||||
7.75% Senior Notes due August 15, 2013, $94,500 principal | $ | – | $ | 94,461 | |
7% Senior Notes due August 15, 2013, $307,409 principal | – | 307,494 | |||
8.125% Senior Notes due September 15, 2015, $458,641 principal | 456,515 | 455,405 | |||
5.50% Senior Notes due October 18, 2023, $750,000 principal | 739,960 | – | |||
6.625% Senior Notes due October 23, 2043, $250,000 principal | 246,958 | – | |||
Subordinated Notes: | |||||
3.75% Convertible Senior Subordinated Notes due April 15, 2014, | |||||
$97,581 principal | 97,581 | 97,581 | |||
Total long-term debt – parent company | 1,541,014 | 954,941 | |||
Subsidiary Debt (non-recourse to Parent Company): | |||||
Jefferies: | |||||
5.875% Senior Notes, due June 8, 2014, $250,000 principal | 255,676 | – | |||
3.875% Senior Notes, due November 9, 2015, $500,000 principal | 516,204 | – | |||
5.5% Senior Notes, due March 15, 2016, $350,000 principal | 373,178 | – | |||
5.125% Senior Notes, due April 13, 2018, $800,000 principal | 854,011 | – | |||
8.5% Senior Notes, due July 15, 2019, $700,000 principal | 858,425 | – | |||
6.875% Senior Notes, due April 15, 2021, $750,000 principal | 866,801 | – | |||
2.25% Euro Medium Term Notes, due July 13, 2022, $5,283 principal | 4,792 | – | |||
5.125% Senior Notes, due January 20, 2023, $600,000 principal | 625,626 | – | |||
6.45% Senior Debentures, due June 8, 2027, $350,000 principal | 383,224 | – | |||
3.875% Convertible Senior Debentures, due November 1, 2029, | |||||
$345,000 principal | 349,707 | – | |||
6.25% Senior Debentures, due January 15, 2036, $500,000 principal | 513,343 | – | |||
6.50% Senior Notes, due January 20, 2043, $400,000 principal | 422,245 | – | |||
Secured credit facility, due August 26, 2014 | 200,000 | – | |||
National Beef Term Loans | 375,000 | 296,000 | |||
National Beef Revolving Credit Facility | – | 91,403 | |||
Other | 41,619 | 16,351 | |||
Total long-term debt – subsidiaries | 6,639,851 | 403,754 | |||
Long-term debt | $ | 8,180,865 | $ | 1,358,695 | |
At December 31, 2013, $2.1 billion of consolidated assets (primarily inventory, receivables, property and equipment and intangibles) are pledged for indebtedness aggregating $616.6 million, principally for amounts due under National Beef's credit facility and Jefferies secured credit facility. | |||||
The aggregate annual mandatory redemptions of all long-term debt during the five year period ending December 31, 2018 are as follows: 2014 - $601.9 million; 2015 - $987.1 million; 2016 - $381.8 million; 2017 - $25.0 million; and 2018 - $1,075.0 million. | |||||
Parent Company Debt: | |||||
In October 2013, we sold $750.0 million principal amount of our newly authorized 5 ½% Senior Notes due 2023 at an issue price of 98.641% and $250.0 million principal amount of our newly authorized 6.625% Senior Notes due 2043 at an issue price of 98.781%. | |||||
From time to time we have purchased our outstanding debt securities depending upon prevailing market conditions, our liquidity requirements and other factors; such purchases may be commenced or suspended at any time without notice. No such purchases were made during 2013; principal amounts of parent company debt purchased during the prior two years are as follows (dollars in thousands): | |||||
2012 | 2011 | ||||
7% Senior Notes | $ | 4,836 | $ | – | |
8.125% Senior Notes | – | 21,359 | |||
7.125% Senior Notes | 423,140 | 54,860 | |||
8.65% Junior Subordinated Deferrable Interest Debentures | 88,204 | 1,350 | |||
Total | $ | 516,180 | $ | 77,569 | |
As a result of the purchases, we recognized pre-tax losses of $24.2 million and $6.4 million for the years ended December 31, 2012 and 2011, respectively, which are reflected in Selling, general and other expenses. | |||||
Our 3¾% Convertible Senior Subordinated Notes due 2014 are convertible into our common shares at $21.24 per share at any time before their maturity, subject to certain restrictions contained in the notes, at a conversion rate of 47.081 shares per each $1,000 principal amount of notes subject to adjustment. Future dividends will reduce the conversion price per share by the amount charged to shareholders' equity on a per share basis. At December 31, 2013, the notes are convertible into an aggregate of 4,594,209 shares. | |||||
Our senior note indentures contain covenants that restrict our ability to incur more Indebtedness or issue Preferred Stock of Subsidiaries unless, at the time of such incurrence or issuance, the Company meets a specified ratio of Consolidated Debt to Consolidated Tangible Net Worth, limit the ability of the Company and Material Subsidiaries to incur, in certain circumstances, Liens, limit the ability of Material Subsidiaries to incur Funded Debt in certain circumstances, and contain other terms and restrictions all as defined in the senior note indentures. We have the ability to incur substantial additional indebtedness or make distributions to our shareholders and still remain in compliance with these restrictions. If we are unable to meet the specified ratio, we would not be able to issue additional Indebtedness or Preferred Stock, but our inability to meet the applicable ratio would not result in a default under our senior note indentures. The senior note indentures do not restrict the payment of dividends. | |||||
Subsidiary Debt: | |||||
Jefferies 3.875% Convertible Senior Debentures due 2029 are convertible into our common shares; each $1,000 are convertible into 21.9727 common shares (equivalent to a conversion price of approximately $45.51). The debentures are convertible at the holders' option any time beginning on August 1, 2029 and convertible at any time if: 1) our common stock price is greater than or equal to 130% of the conversion price for at least 20 trading days in a period of 30 consecutive trading days; 2) if the trading price per debenture is less than 95% of the price of our common stock times the conversion ratio for any 10 consecutive trading days; 3) if the debentures are called for redemption; or 4) upon the occurrence of specific corporate actions. The debentures may be redeemed for par, plus accrued interest, on or after November 1, 2012 if the price of our common stock is greater than 130% of the conversion price for at least 20 days in a period of 30 consecutive trading days and we may redeem the debentures for par, plus accrued interest, at our election any time on or after November 1, 2017. Holders may require us to repurchase the debentures for par, plus accrued interest, on November 1, 2017, 2019 and 2024. In addition to ordinary interest, commencing November 1, 2017, contingent interest will accrue at 0.375% if the average trading price of a debenture for 5 trading days ending on and including the third trading day immediately preceding a six-month interest period equals or exceeds $1,200 per $1,000 debenture. | |||||
On August 26, 2011, Jefferies entered into a committed senior secured revolving credit facility ("Jefferies Credit Facility") with a group of commercial banks in U.S. dollars, Euros and Sterling, in an aggregate committed amount of $950.0 million with availability subject to one or more borrowing bases and of which $250.0 million can be borrowed by Jefferies Bache Limited without a borrowing base requirement. The borrowers under the Jefferies Credit Facility are Jefferies Bache Financial Services, Inc., Jefferies Bache, LLC and Jefferies Bache Limited. The Jefferies Credit Facility is guaranteed by Jefferies Group LLC and contains certain financial covenants, including, but not limited to, restrictions on future indebtedness of Jefferies subsidiaries, requires Jefferies Group LLC and certain of Jefferies subsidiaries to maintain specified level of tangible net worth and liquidity amounts and to maintain specified levels of regulated capital. The Jefferies Credit Facility terminates on August 26, 2014. Interest is based on, in the case of U.S. dollar borrowings, the Federal funds rate or the London Interbank Offered Rate or, in the case of Euro and Sterling borrowings, the Euro Interbank Offered Rate and the London Interbank Offered Rate, respectively. At December 31, 2013, borrowings under the Jefferies Credit Facility were denominated in U.S. dollars and Jefferies is in compliance with debt covenants under the Jefferies Credit Facility. | |||||
During 2013, National Beef's credit facility was amended and restated to increase the term loan to $375.0 million, increase the revolving credit facility to $300.0 million, extend the maturity to October 2018 and reduce the term loan's required quarterly principal payments to $6.25 million. At December 31, 2012, National Beef's credit facility consisted of a $296.0 million outstanding term loan and a revolving line of credit of up to $250.0 million. The term loan and the revolving credit facility bear interest at the Base Rate or the LIBOR Rate (as defined in the credit facility), plus a margin ranging from .75% to 2.50% depending upon certain financial ratios and the rate selected. At December 31, 2013, the interest rate on the outstanding term loan was 2.41%. The amended credit facility contains a minimum tangible net worth covenant, but does not contain the numerical covenants requiring certain leverage and fixed charge ratios that were in the previous agreement. At December 31, 2013, National Beef met the tangible net worth covenant. The credit facility is secured by a first priority lien on substantially all of the assets of National Beef and its subsidiaries. | |||||
Borrowings under the revolving credit facility are available for National Beef's working capital requirements, capital expenditures and other general corporate purposes. Unused capacity under the facility can also be used to issue letters of credit; letters of credit aggregating $21.8 million were outstanding at December 31, 2013. Amounts available under the revolver are subject to a borrowing base calculation primarily comprised of receivable and inventory balances. At December 31, 2013, after deducting outstanding amounts and issued letters of credit $240.0 million of the unused revolver was available to National Beef. | |||||
Mezzanine_Equity
Mezzanine Equity | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Mezzanine Equity [Abstract] | ' | ||||||
Mezzanine Equity | ' | ||||||
Note 19. Mezzanine Equity | |||||||
Redeemable Noncontrolling Interests in Subsidiary | |||||||
Redeemable noncontrolling interests in subsidiary are held by minority owners of National Beef, principally USPB, NBPCo Holdings and the chief executive officer of National Beef. The holders of these interests share in the profits and losses of National Beef on a pro rata basis with us. However, the minority owners have the right to require us to purchase their interests under certain specified circumstances at fair value (put rights), and we also have the right to purchase their interests under certain specified circumstances at fair value (call rights). Each of the holders of the put rights has the right to make an election that requires us to purchase up to one-third of their interests on December 30, 2016, one-third on December 30, 2018, and the remainder on December 30, 2021. In addition, USPB may elect to exercise their put rights following the termination of the cattle supply agreement, and the chief executive officer following the termination of his employment. | |||||||
Our call rights with respect to USPB may be exercised following the termination of the cattle supply agreement or after USPB's ownership interest is less than 20% of their interest held at the time we acquired National Beef. Our call rights with respect to other members may be exercised after the ten year anniversary of our acquisition of National Beef if such member's ownership interest is less than 50% of the interest held at the time we acquired National Beef. Additionally, we may acquire the chief executive officer's interest following the termination of his employment. | |||||||
Redeemable noncontrolling interests in National Beef are reflected in the Consolidated Statements of Financial Condition at fair value. The following table reconciles National Beef's redeemable noncontrolling interests activity during the years ended December 31, 2013 and 2012 (in thousands): | |||||||
2013 | 2012 | ||||||
As of January 1, | $ | 241,649 | $ | 235,909 | |||
Income (loss) allocated to redeemable noncontrolling | |||||||
interests | (9,282 | ) | 12,235 | ||||
Net distributions to redeemable noncontrolling interests | (8,073 | ) | (12,722 | ) | |||
Increase in fair value of redeemable noncontrolling | |||||||
interests charged to additional paid-in capital | 16,781 | 6,227 | |||||
Balance, December 31, | $ | 241,075 | $ | 241,649 | |||
At acquisition, we prepared a projection of future cash flows of National Beef, which was used along with other information to allocate the purchase price to National Beef's individual assets and liabilities. At December 31, 2013, we calculated the fair value of the redeemable noncontrolling interests by updating its estimate of future cash flows, as well as considering other market comparable information deemed appropriate. The projected future cash flows consider estimated revenue growth, cost of sales changes, capital expenditures and other unobservable inputs. However, the most significant unobservable inputs affecting the estimate of fair value are the discount rate (12.23%) and the terminal growth rate (2%) used to calculate the capitalization rate of the terminal value. | |||||||
The table below is a sensitivity analysis which shows the fair value of the redeemable noncontrolling interests using the assumed discount and the terminal growth rates and fair values under different rate assumptions as of December 31, 2013 (dollars in millions): | |||||||
Discount Rates | |||||||
Terminal Growth Rates | 11.98% | 12.23% | 12.48% | ||||
1.75% | $ | 245.7 | $ | 238.1 | $ | 230.8 | |
2.00% | $ | 249 | $ | 241.1 | $ | 233.6 | |
2.25% | $ | 252.3 | $ | 244.2 | $ | 236.5 | |
The projection of future cash flows is updated with input from National Beef personnel. The estimate is reviewed by personnel at our corporate office as part of the normal process for the preparation of our quarterly and annual financial statements. | |||||||
Mandatorily Redeemable Convertible Preferred Shares | |||||||
As mentioned above, in connection with the Jefferies acquisition we issued a new series of 3.25% Cumulative Convertible Preferred Shares ("Preferred Shares") ($125.0 million at mandatory redemption value) in exchange for Jefferies outstanding 3.25% Series A-1 Cumulative Convertible Preferred Stock. The Preferred Shares have a 3.25% annual, cumulative cash dividend and are currently convertible into 4,162,200 common shares an effective conversion price of $30.03 per share. The Preferred Shares are callable beginning in 2023 at a price of $1,000 per share plus accrued interest and are mandatorily redeemable in 2038. | |||||||
Common_Shares_Compensation_Pla
Common Shares, Compensation Plans And Preferred Shares | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Common Shares, Compensation Plans And Preferred Shares [Abstract] | ' | |||||||||
Common Shares, Compensation Plans And Preferred Shares | ' | |||||||||
Note 20. Common Shares, Compensation Plans and Preferred Shares | ||||||||||
The Board of Directors from time to time has authorized acquisitions of our common shares. At December 31, 2013, we are authorized to repurchase 25,000,000 common shares. | ||||||||||
Prior to the acquisition of Jefferies, we had two share-based compensation plans: a fixed stock option plan and a senior executive warrant plan. The fixed stock option plan provides for the issuance of stock options and stock appreciation rights to non-employee directors and certain employees at not less than the fair market value of the underlying stock at the date of grant. Options granted to employees under this plan are intended to qualify as incentive stock options to the extent permitted under the Internal Revenue Code and become exercisable in five equal annual instalments starting one year from date of grant. Options granted to non-employee directors become exercisable in four equal annual instalments starting one year from date of grant. No stock appreciation rights have been granted. At December 31, 2013 and 2012, 7,124,429 and 7,308,705, respectively, of our common shares were reserved for stock options and warrants. | ||||||||||
In connection with the Jefferies acquisition, each restricted share of Jefferies common stock and each RSU of Jefferies common stock was converted at the Exchange Ratio into an award of restricted shares or RSUs of Leucadia, with all such awards subject to the same terms and conditions, including, without limitation, vesting and, in the case of performance-based RSUs, performance being measured at existing targets. In addition, Jefferies share-based compensation plans were assumed by us and awards are now issued in our common shares. At our annual shareholder meeting in July 2013, shareholders approved our 2003 Incentive Compensation Plan, as amended and restated (the "Incentive Plan") and the 1999 Directors' Stock Compensation Plan ("Directors' Plan"), as amended and restated that, among other things, permits the grant of awards to our employees and directors who were not previously employees or directors of Jefferies. | ||||||||||
Compensation and benefits expense included $87.2 million, $14.3 million and $23.0 million for the years ended December 31, 2013, 2012 and 2011, respectively, for share-based compensation expense relating to grants made under our share-based compensation plan. Total compensation cost includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. The total tax benefit recognized in results of operations related to share-based compensation expenses was $33.2 million, $4.9 million and $7.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, total unrecognized compensation cost related to nonvested share-based compensation plans was $178.3 million; this cost is expected to be recognized over a weighted-average period of 2.4 years. | ||||||||||
The net tax benefit related to share-based compensation plans recognized in additional paid-in capital was $2.9 million during the year ended December 31, 2013, and was not significant during the years ended December 31, 2012 and 2011. Cash flows resulting from tax deductions in excess of the grant date fair value of share-based awards are included in cash flows from financing activities; accordingly, we reflected the excess tax benefit related to share-based compensation in cash flows from financing activities of $3.1 million for the year ended December 31, 2013; amounts for the years ended December 31, 2012 and 2011 were not significant. | ||||||||||
At December 31, 2013, there were 5,242,000 shares of restricted stock outstanding with future service required, 4,793,000 RSUs outstanding with future service required, 8,316,000 RSUs outstanding with no future service required and 1,108,000 shares issuable under other plans. Excluding shares issuable pursuant to outstanding stock options and warrants, the maximum potential increase to common shares outstanding resulting from these outstanding awards is 14,217,000. | ||||||||||
Senior Executive Warrant Plan. On March 6, 2006, our Board of Directors, upon the recommendation of the Compensation Committee of the Board, approved, subject to shareholder approval, the grant of warrants to purchase 2,000,000 common shares to each of our then Chairman and President at an exercise price equal to $28.515 per share (105% of the closing price per share of a common share on that date). In May 2006, shareholder approval was received and the warrants were issued; the warrants vested over a four year period and were scheduled by their terms to expire on March 5, 2011. In February 2011, each of our then Chairman and President exercised these warrants, on a cashless exercise basis, pursuant to which they each received 261,599 common shares (determined using a value per share of $32.806 as set forth in the warrant). All of the common shares obtained upon exercise of the warrants were immediately sold in a private transaction. | ||||||||||
On March 7, 2011, the Compensation Committee of our Board of Directors granted warrants to purchase 2,000,000 common shares to each of our then Chairman and President at an exercise price of $33.33 per share (105% of the closing price per share of a common share on the grant date), subject to shareholder approval. In May 2011, the required shareholder approval was received and the warrants were issued. The warrants expire in 2016 and vest in five equal tranches with 20% vesting on the date shareholder approval was received and an additional 20% vesting in each subsequent year. Compensation cost was determined as of the approval date and will be recognized in the financial statements over the vesting period of the warrants. The assumptions detailed below used to value options in 2011 were also used to value the warrants granted during 2011, resulting in a fair value per warrant granted of $13.35. We have recorded share-based compensation expense related to this grant of warrants of $4.9 million, $11.2 million and $18.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||
Fixed Stock Option Plan. A summary of activity with respect to our stock options for the three years ended December 31, 2013 is as follows: | ||||||||||
Weighted- | ||||||||||
Common | Weighted- | Average | ||||||||
Shares | Average | Remaining | Aggregate | |||||||
Subject | Exercise | Contractual | Intrinsic | |||||||
to Option | Prices | Term | Value | |||||||
Balance at December 31, 2010 | 2,622,500 | $ | 27.61 | |||||||
Granted | 12,000 | $ | 35.78 | |||||||
Exercised | (255,445 | ) | $ | 27.89 | $ | 2,412,000 | ||||
Cancelled | (127,600 | ) | $ | 27.63 | ||||||
Balance at December 31, 2011 | 2,251,455 | $ | 27.62 | |||||||
Granted | 919,500 | $ | 23.2 | |||||||
Exercised | – | – | $ | – | ||||||
Cancelled | (593,455 | ) | $ | 27.42 | ||||||
Balance at December 31, 2012 | 2,577,500 | $ | 26.1 | |||||||
Granted | 51,432 | $ | 26.06 | |||||||
Exercised | (184,276 | ) | $ | 24.65 | $ | 603,000 | ||||
Cancelled | (27,408 | ) | $ | 38.68 | ||||||
Balance at December 31, 2013 | 2,417,248 | $ | 25.64 | 3.0 years | $ | 6,600,000 | ||||
Exercisable at December 31, 2013 | 1,100,064 | $ | 27.13 | 1.5 years | $ | 1,412,000 | ||||
The following summary presents the weighted-average assumptions used for grants made during each of the three years in the period ended December 31, 2013: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Options | Options | Options | ||||||||
Risk free interest rate | 1.26 | % | 0.53 | % | 1.58 | % | ||||
Expected volatility | 39.17 | % | 37.66 | % | 45.25 | % | ||||
Expected dividend yield | 0.85 | % | 1.08 | % | 0.7 | % | ||||
Expected life | 4.0 years | 4.0 years | 4.3 years | |||||||
Weighted-average fair value per grant | $ | 7.67 | $ | 5.97 | $ | 13.18 | ||||
The expected life assumptions were based on historical behavior and incorporated post-vesting forfeitures for each type of award and population identified. The expected volatility was based on the historical behavior of our stock price. | ||||||||||
Incentive Plan. The Incentive Plan allows 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 to employees and service providers. | ||||||||||
The Incentive Plan allows for grants of restricted stock awards, whereby employees are granted restricted shares of common stock subject to forfeiture. The Incentive Plan also allows for grants of RSUs. RSUs give a participant the right to receive fully vested 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 our common stock. | ||||||||||
We may grant restricted stock and RSUs 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. Jefferies has granted restricted stock and RSUs to certain senior executives with both performance and service conditions. The awards granted to senior executives are amortized over the service period if we have determined it is probable that the performance condition will be achieved. | ||||||||||
The Deferred Compensation Plan (the "DCP") has been implemented under the Incentive Plan. The DCP permits eligible executive officers and other employees to defer cash compensation, some or all of which may be deemed invested in stock units. A portion of the deferrals may also be directed to notional investments in a money market fund or certain of the employee investment opportunities. Stock units generally have been acquired at a discounted price, which encourages employee participation in the DCP and enhances long-term retention of equity interests by participants and aligns executive interests with those of shareholders. Amounts recognized as compensation cost have not been significant. The shares to be delivered in connection with DCP stock units and options are drawn from the Incentive Plan. | ||||||||||
The Incentive Plan contains two separate reservations of our common shares for awards. The plan's "evergreen" share reservation provides that an equity award can be granted if the shares subject to the award, plus the number of shares subject to other outstanding awards under the evergreen reservation, do not exceed 12.15% of our common shares outstanding immediately before the grant but in no event more than 49,922,459. For purposes of the evergreen reservation, an award of an option or stock appreciation right is considered to be outstanding until it is exercised, and other awards are considered to be outstanding until the end of the quarter preceding the quarter in which all service-based vesting requirements have been met, except that in any event an award is considered outstanding for the remainder of the calendar year in which it is granted. At December 31, 2013, 34,257,000 common shares were available for new grants under the evergreen reservation, although shares in excess of that number would become available thereafter. Of this amount, no more than 8,100,000 may be used for incentive stock options. The Incentive Plan separately reserves common shares for options and deferred shares granted upon the elective deferral of cash compensation by employees under the DCP; at December 31, 2013, 5,307,000 common shares remain available for new grants under the DCP. | ||||||||||
Because the Incentive Plan makes shares available for equity awards under an evergreen formula, the number of shares available under the Incentive Plan will vary over time. The number of shares outstanding, and thus the shares available under the Incentive Plan, may vary due to our repurchases of shares and issuances of shares in acquisitions, to raise capital, and under the Incentive Plan and other compensatory plans, and as a result of other possible transactions. | ||||||||||
The following table details the activity in restricted stock during the year ended December 31, 2013 (in thousands, except per share amounts): | ||||||||||
Weighted Average | ||||||||||
Grant Date | ||||||||||
2013 | Fair Value | |||||||||
Balance at January 1, 2013 | – | $ | – | |||||||
Converted in connection with the Jefferies acquisition | 6,895 | $ | 26.9 | |||||||
Grants | 462 | $ | 27.38 | |||||||
Forfeited | (144 | ) | $ | 26.9 | ||||||
Fulfillment of service requirement | (1,971 | ) | $ | 26.9 | ||||||
Balance at December 31, 2013 | 5,242 | $ | 26.94 | |||||||
The following table details the activity in restricted stock units during the year ended December 31, 2013 (in thousands, except per share amounts): | ||||||||||
Future | No Future | Future | No Future | |||||||
Service | Service | Service | Service | |||||||
Required | Required | Required | Required | |||||||
Balance at January 1, 2013 | – | – | $ | – | $ | – | ||||
Converted in connection with the Jefferies acquisition | 5,167 | 9,527 | $ | 26.9 | $ | 26.9 | ||||
Grants | – | 145 | $ | – | $ | 24.32 | ||||
Distributions of underlying shares | – | (1,603 | ) | $ | – | $ | 26.9 | |||
Forfeited | (106 | ) | (21 | ) | $ | 26.9 | $ | 26.83 | ||
Fulfillment of service requirement | (268 | ) | 268 | $ | 26.9 | $ | 26.9 | |||
Balance at December 31, 2013 | 4,793 | 8,316 | $ | 26.9 | $ | 26.86 | ||||
At December 31, 2013, grants includes approximately 82,000 dividend equivalents declared on RSUs with no future service requirement; the weighted average grant date fair value of the dividend equivalents was approximately $22.34. | ||||||||||
Directors' Plan. Under our Directors' Plan, we will issue each nonemployee director of Leucadia $120,000 of restricted stock. These grants will be made on the date directors are elected or reelected at our annual shareholders' meeting. These shares vest three years after the date of grant and are expensed over the requisite service period. At December 31, 2013, 256,000 common shares are issuable upon settlement of deferred shares granted in previous years and 484,000 shares are available for future grants. | ||||||||||
Additionally, the Directors' Plan permits each nonemployee director to elect to be paid annual retainer fees, meeting fees and fees for service as chairman of a Board committee in the form of cash, deferred cash or deferred shares. If deferred cash is elected, interest is credited to such deferred cash at the prime interest rate in effect at the date of each annual meeting of stockholders. If deferred shares are elected, dividend equivalents equal to dividends declared and paid on our common stock are credited to a director's account and reinvested as additional deferred shares. | ||||||||||
Other Stock-Based Plans. Historically, Jefferies also sponsored an Employee Stock Purchase Plan and an Employee Stock Ownership Plan, both of which were assumed by us in connection with the Jefferies acquisition. Amounts related to these plans have not been significant. | ||||||||||
Restricted Cash Awards. Jefferies provides 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 ranging from one to eight years, with an approximate average term of three years. These awards are amortized to compensation expense over the relevant service period. At December 31, 2013, the remaining unamortized amount of these awards was $185.0 million and is included within Other assets in the Consolidated Statements of Financial Condition. | ||||||||||
Preferred Shares. At December 31, 2013 and 2012, 6,000,000 of preferred shares (redeemable and non-redeemable), par value $1 per share, were authorized and not issued. | ||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||
Accumulated Other Comprehensive Income | ' | |||||||||
Note 21. Accumulated Other Comprehensive Income | ||||||||||
Activity in accumulated other comprehensive income is reflected in the Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Changes in Equity but not in the Consolidated Statements of Operations. A summary of accumulated other comprehensive income, net of taxes at December 31, 2013, 2012 and 2011 is as follows (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net unrealized gains on available for sale securities | $ | 589,393 | $ | 803,430 | $ | 998,151 | ||||
Net unrealized foreign exchange gains (losses) | 16,803 | (6,097 | ) | (3,168 | ) | |||||
Net unrealized losses on derivative instruments | (169 | ) | (154 | ) | – | |||||
Net minimum pension liability | (67,977 | ) | (92,050 | ) | (83,537 | ) | ||||
Net postretirement benefit | – | – | 975 | |||||||
$ | 538,050 | $ | 705,129 | $ | 912,421 | |||||
For the year ended December 31, 2013, significant amounts reclassified out of accumulated other comprehensive income to net income (loss) are as follows (in thousands): | ||||||||||
Amount Reclassified | ||||||||||
Details about Accumulated Other | from Accumulated | Affected Line Item in the | ||||||||
Comprehensive Income | Other Comprehensive | Consolidated Statement | ||||||||
Components | Income | of Operations | ||||||||
Net unrealized gains (losses) on | Net realized securities gains | |||||||||
available for sale securities, net of | ||||||||||
income tax provision (benefit) of $118,292 | $ | 213,058 | ||||||||
Amortization of defined benefit | Compensation and benefits, which | |||||||||
pension plan actuarial gains (losses), | includes pension expense. See the | |||||||||
net of income tax provision (benefit) | pension footnote for information on | |||||||||
of $(2,665) | (4,799 | ) | this component. | |||||||
Total reclassifications for the period, | ||||||||||
net of tax | $ | 208,259 | ||||||||
Pension_Plans_And_Postretireme
Pension Plans And Postretirement Benefits | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Pension Plans And Postretirement Benefits [Abstract] | ' | |||||||||
Pension Plans And Postretirement Benefits | ' | |||||||||
Note 22. Pension Plans and Postretirement Benefits | ||||||||||
U.S. Pension Plans | ||||||||||
Pursuant to the agreement to sell one of our former subsidiaries, WilTel Communications Group, Inc. the responsibility for WilTel's defined benefit pension plan was retained by us. All benefits under this plan were frozen as of the date of sale. Prior to the acquisition of Jefferies, Jefferies sponsored a defined benefit pension plan covering certain employees; benefits under that plan were frozen as of December 31, 2005. | ||||||||||
A summary of activity with respect to both plans is as follows (in thousands): | ||||||||||
2013 | 2012 | |||||||||
Change in projected benefit obligation: | ||||||||||
Projected benefit obligation, beginning of year | $ | 275,858 | $ | 251,949 | ||||||
Projected benefit obligation of Jefferies plan at March 1, 2013 | 51,599 | – | ||||||||
Interest cost | 12,286 | 10,886 | ||||||||
Actuarial (gains) losses | (36,197 | ) | 19,315 | |||||||
Benefits paid | (8,502 | ) | (6,292 | ) | ||||||
Projected benefit obligation, end of year | $ | 295,044 | $ | 275,858 | ||||||
Change in plan assets: | ||||||||||
Fair value of plan assets, beginning of year | $ | 194,314 | $ | 188,876 | ||||||
Jefferies plan assets at March 1, 2013 | 41,290 | – | ||||||||
Actual return on plan assets | 6,454 | 8,726 | ||||||||
Employer contributions | 6,475 | 3,728 | ||||||||
Benefits paid | (8,502 | ) | (6,292 | ) | ||||||
Administrative expenses | (951 | ) | (724 | ) | ||||||
Fair value of plan assets, end of year | $ | 239,080 | $ | 194,314 | ||||||
Funded status at end of year | $ | (55,964 | ) | $ | (81,544 | ) | ||||
As of December 31, 2013 and 2012, $78.8 million and $118.2 million, respectively, of the net amount recognized in the consolidated balance sheet was reflected as a charge to accumulated other comprehensive income (loss) (substantially all of which were cumulative losses) and $56.0 million and $81.5 million, respectively, was reflected as accrued pension cost. | ||||||||||
The following table summarizes the components of net periodic pension cost and other amounts recognized in other comprehensive income (loss) excluding taxes (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Components of net periodic pension cost: | ||||||||||
Interest cost | $ | 12,286 | $ | 10,886 | $ | 11,233 | ||||
Expected return on plan assets | (9,746 | ) | (8,292 | ) | (6,091 | ) | ||||
Actuarial losses | 7,464 | 5,852 | 2,659 | |||||||
Net periodic pension cost | $ | 10,004 | $ | 8,446 | $ | 7,801 | ||||
Amounts recognized in other comprehensive income (loss): | ||||||||||
Net (gain) loss arising during the period | $ | (31,952 | ) | $ | 19,604 | $ | 38,989 | |||
Amortization of net loss | (7,464 | ) | (5,852 | ) | (2,659 | ) | ||||
Total recognized in other comprehensive income (loss) | $ | (39,416 | ) | $ | 13,752 | $ | 36,330 | |||
Net amount recognized in net periodic benefit cost and other | ||||||||||
comprehensive income (loss) | $ | (29,412 | ) | $ | 22,198 | $ | 44,131 | |||
The amounts in accumulated other comprehensive income (loss) at the end of each year have not yet been recognized as components of net periodic pension cost in the Consolidated Statements of Operations. The estimated net loss that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2014 is $4.3 million. | ||||||||||
No employer contributions are expected to be paid in 2014. | ||||||||||
We use a December 31 measurement date for the WilTel plan and a November 30 date for the Jefferies plan. The assumptions used are as follows: | ||||||||||
2013 | 2012 | |||||||||
WilTel Plan | ||||||||||
Discount rate used to determine benefit obligation | 4.71 | % | 3.85 | % | ||||||
Weighted-average assumptions used to determine | ||||||||||
net pension cost: | ||||||||||
Discount rate | 3.85 | % | 4.4 | % | ||||||
Expected long-term return on plan assets | 4 | % | 4.25 | % | ||||||
Jefferies Plan | ||||||||||
Discount rate used to determine benefit obligation | 5.1 | % | – | |||||||
Weighted-average assumptions used to determine | ||||||||||
net pension cost: | ||||||||||
Discount rate | 5.1 | % | – | |||||||
Expected long-term return on plan assets | 6.75 | % | – | |||||||
The following pension benefit payments are expected to be paid (in thousands): | ||||||||||
2014 | $ | 6,329 | ||||||||
2015 | 7,952 | |||||||||
2016 | 11,072 | |||||||||
2017 | 11,149 | |||||||||
2018 | 10,888 | |||||||||
2019 – 2023 | 90,590 | |||||||||
U.S. Plan Assets | ||||||||||
The information below on the plan assets for the WilTel plan and the Jefferies plan is presented separately for the plans as the investments are managed independently. Cash equivalents are valued at cost, which approximates fair value and are categorized in Level 1 of the fair value hierarchy. The estimated fair values for securities measured using Level 1 inputs are determined using publicly quoted market prices in active markets for identical assets. Certain fixed income securities are | ||||||||||
measured using Level 2 inputs. Although these securities trade in brokered markets, the market for certain securities is sometimes inactive. Valuation inputs include benchmark yields, reported trades, broker dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers, reference data, and industry and economic events. Neither plan had any assets classified within Level 3 of the fair value hierarchy. | ||||||||||
WilTel Plan Assets. At December 31, 2013, the WilTel plan assets at fair value consisted of the following (all of which were classified as Level 1) (in thousands): | ||||||||||
Total | ||||||||||
Cash and cash equivalents | $ | 20,075 | ||||||||
Fixed income securities: | ||||||||||
U.S. Government and agencies | 4,860 | |||||||||
Public utilities | 13,243 | |||||||||
All other corporates | 153,486 | |||||||||
Total | $ | 191,664 | ||||||||
At December 31, 2012, the WilTel plan assets at fair value consisted of the following (in thousands): | ||||||||||
Fair Value Measurements Using | ||||||||||
Total | Level 1 | Level 2 | ||||||||
Cash and cash equivalents | $ | 21,493 | $ | 21,493 | $ | – | ||||
Fixed income securities: | ||||||||||
U.S. Government and agencies | 4,522 | 4,522 | – | |||||||
Public utilities | 7,490 | 7,490 | – | |||||||
Foreign governments | 2,253 | 2,253 | – | |||||||
All other corporates | 158,556 | 157,492 | 1,064 | |||||||
Total | $ | 194,314 | $ | 193,250 | $ | 1,064 | ||||
The current investment objectives are designed to minimize investment losses due to rising interest rates while providing a stable and predictable stream of investment income. To further mitigate investment losses, we have placed certain investment restrictions and limitations over plan assets. The restrictions and limitations include the following: | ||||||||||
Plan assets are split into three separate portfolios, each with different duration and asset mixes. The Investment Grade ("IG") portfolio consists of investment grade fixed income corporate bonds with a maximum portfolio duration of 5 years. The Fixed Income ("FI") portfolio consists of short and medium term investment grade bonds, government instruments, and cash and cash equivalents with a maximum portfolio duration of 2 years. | ||||||||||
The High Yield ("HY") portfolio consists of below investment grade corporate bonds with a maximum portfolio duration of 5 years. | ||||||||||
Fixed income securities held within the IG and FI portfolios will all be rated BBB- or better at the time of purchase, there will be no more than 5% at market in any one security (U.S. government and agency positions excluded), no more than a 30-year maturity in any one security and investments in standard collateralized mortgage obligations are limited to securities that are currently paying interest, receiving principal, do not contain leverage and are limited to 10% of the market value of the portfolio. Securities purchased or held within the HY portfolio will all be rated B- or higher. However, the portfolio can hold up to 10% in CCC rated bonds that may result from credit downgrades. | ||||||||||
The FI portfolio is managed to maximize the value of plan assets by minimizing exposure to changes in market interest rates while the IG and HY portfolios are managed to enhance investment income with a focus on minimizing credit losses and changes in market interest rates. This investment strategy provides us with more flexibility in managing the plan should interest rates rise and result in a decrease in the discounted value of benefit obligations. | ||||||||||
To develop the assumption for the expected long-term rate of return on plan assets, we considered the following underlying assumptions: 2.25% current expected inflation, 1.5% to 2.5% real rate of return for short duration risk-free investments, 0.2% inflation risk premium and 0.75% default risk premium for the portion of the portfolio invested in corporate bonds. We then weighted these assumptions based on invested assets and assumed that investment expenses were offset by expected returns in excess of benchmarks, which resulted in the selection of the 4.0% expected long-term rate of return assumption for 2013. | ||||||||||
Jefferies Plan Assets. At December 31, 2013, the Jefferies plan assets at fair value consisted of the following (in thousands): | ||||||||||
Fair Value Measurements Using | ||||||||||
Total | Level 1 | Level 2 | ||||||||
Cash and cash equivalents | $ | 931 | $ | 931 | $ | – | ||||
Listed equity securities | 27,663 | 27,663 | – | |||||||
Fixed income securities: | ||||||||||
Corporate debt securities | 7,743 | – | 7,743 | |||||||
Foreign corporate debt securities | 1,140 | – | 1,140 | |||||||
U.S. Government securities | 4,055 | 4,055 | – | |||||||
Agency mortgage-backed securities | 3,949 | – | 3,949 | |||||||
Commercial mortgage-backed securities | 1,280 | – | 1,280 | |||||||
Asset-backed securities | 461 | – | 461 | |||||||
Other | 194 | – | 194 | |||||||
Total | $ | 47,416 | $ | 32,649 | $ | 14,767 | ||||
Assets in the plan are invested under guidelines adopted by the plan's administrative committee. Because the plan exists to provide a vehicle for funding future benefit obligations, the investment objectives of the portfolio take into account the nature and timing of future plan liabilities. The policy recognizes that the portfolio's long-term investment performance and its ability to meet the plan's overall objectives are dependent on the strategic asset allocation which includes adequate diversification among assets classes. | ||||||||||
The target allocation of plan assets for 2014 is approximately 50% equities and 50% fixed income securities. The target asset allocation was determined based on the risk tolerance characteristics of the plan and, at times, may be adjusted to achieve the plan's investment objective and to minimize any concentration of investment risk. The plan's administrative committee evaluates the asset allocation strategy and adjusts the allocation if warranted based upon market conditions and the impact of the investment strategy on future contribution requirements. The expected long-term rate of return assumption is based on an analysis of historical experience of the portfolio and the summation of prospective returns for each asset class in proportion to the fund's current asset allocation. | ||||||||||
The equity portfolio may invest up to 5% of the market value of the portfolio in any one company and may invest up to 10% of the market value of the portfolio in any one sector or up to two times the percentage weighting of any one sector as defined by the S&P 500 or the Russell 1000 Value indices, whichever is higher. Permissible investments specified under the equity portfolio of the plan include equity securities of U.S. and non-U.S. incorporated entities and private placement securities issued pursuant to Rule 144A. At least 75% of the market value of the fixed income portfolio must be invested in investment grade securities rated BBB-/Baa3, including cash and cash equivalents. Permissible investments specified under the fixed income portfolio of the plan include: public or private debt obligations issued or guaranteed by U.S. or foreign issuers; preferred, hybrid, mortgage or asset-backed securities; senior loans; and derivatives and foreign currency exchange contracts. | ||||||||||
German Pension Plan | ||||||||||
In connection with the acquisition of Jefferies Bache from Prudential in 2011, Jefferies acquired a defined benefits pension plan located in Germany for the benefit of eligible employees of Jefferies Bache in that territory. The German pension plan has no plan assets and is therefore unfunded; however, Jefferies has purchased insurance contracts from multi-national insurers held in the name of Jefferies Bache Limited to provide for the plan's future obligations. The investments in these insurance contracts are included in Financial Instruments owned — Trading assets in the Consolidated Statement of Financial Condition in the amount of $19.7 million at December 31, 2013. Jefferies expects to pay the pension liability from the cash flows available to it under the insurance contracts. All costs relating to the plan (including insurance premiums and other costs as computed by the insurers) are paid by Jefferies. In connection with the acquisition, Prudential agreed that any insurance premiums and funding obligations related to pre-acquisition date service will be reimbursed to Jefferies by Prudential. | ||||||||||
The provisions and assumptions used in the German pension plan are based on local conditions in Germany. Jefferies did not contribute to the plan during the year ended December 31, 2013. | ||||||||||
The following tables summarize the changes in the projected benefit obligation and the components of net periodic pension cost for the period from the acquisition of Jefferies to December 31, 2013 (in thousands): | ||||||||||
2013 | ||||||||||
Change in projected benefit obligation: | ||||||||||
Projected benefit obligation at March 1, 2013 | $ | 24,494 | ||||||||
Service cost | 51 | |||||||||
Interest cost | 685 | |||||||||
Actuarial losses | 1,002 | |||||||||
Currency adjustment | 1,053 | |||||||||
Benefits paid | (917 | ) | ||||||||
Projected benefit obligation, end of year | $ | 26,368 | ||||||||
Components of net periodic pension cost: | ||||||||||
Service cost | $ | 51 | ||||||||
Interest cost | 685 | |||||||||
Net amortization | 179 | |||||||||
Net periodic pension cost | $ | 915 | ||||||||
The amount in accumulated other comprehensive income at December 31, 2013 is a charge of $1.0 million. The following are assumptions used to determine the actuarial present value of the projected benefit obligation and net periodic pension benefit cost for the period from the acquisition of Jefferies to December 31, 2013: | ||||||||||
2013 | ||||||||||
Projected benefit obligation | ||||||||||
Discount rate | 3.4 | % | ||||||||
Rate of compensation increase | 3 | % | ||||||||
Net periodic pension benefit cost | ||||||||||
Discount rate | 3.6 | % | ||||||||
Rate of compensation increase | 3 | % | ||||||||
The following pension benefit payments are expected to be paid (in thousands): | ||||||||||
2014 | $ | 1,374 | ||||||||
2015 | 1,399 | |||||||||
2016 | 1,417 | |||||||||
2017 | 1,395 | |||||||||
2018 | 1,391 | |||||||||
2019 – 2023 | 7,908 | |||||||||
Other | ||||||||||
We have defined contribution pension plans covering certain employees. Contributions and costs are a percent of each covered employee's salary. Amounts charged to expense related to such plans were $6.3 million, $2.8 million and $2.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||
We provide certain health care and other benefits to certain retired employees under plans which are currently unfunded. We pay the cost of postretirement benefits as they are incurred. Accumulated postretirement benefit obligations and amounts recognized in the consolidated statements of operations and in accumulated other comprehensive income (loss) were not significant. | ||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
Note 23. Income Taxes | ||||||||||
The principal components of deferred taxes at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||
2013 | 2012 | |||||||||
Deferred Tax Asset: | ||||||||||
NOL carryover | $ | 1,283,947 | $ | 1,332,510 | ||||||
Compensation | 400,002 | – | ||||||||
Long-term debt | 184,669 | – | ||||||||
Other assets | 118,914 | 60,687 | ||||||||
Securities valuation reserves | 51,597 | 43,613 | ||||||||
Intangible assets, net and goodwill | 17,349 | 18,062 | ||||||||
Other liabilities | 49,074 | 58,067 | ||||||||
2,105,552 | 1,512,939 | |||||||||
Valuation allowance | (132,607 | ) | (109,181 | ) | ||||||
1,972,945 | 1,403,758 | |||||||||
Deferred Tax Liability: | ||||||||||
Unrealized gains on investments | (23,851 | ) | (175,801 | ) | ||||||
Amortization of intangible assets | (98,798 | ) | – | |||||||
Property and equipment | (3,822 | ) | (10,770 | ) | ||||||
Other | (36,531 | ) | (2,572 | ) | ||||||
(163,002 | ) | (189,143 | ) | |||||||
Net deferred tax asset | $ | 1,809,943 | $ | 1,214,615 | ||||||
As of December 31, 2013, we have consolidated U.S. federal NOLs of $1.2 billion that may be used to offset the taxable income of any member of our consolidated tax group. In addition, we have $2.2 billion of U.S. federal NOLs that are only available to offset the taxable income of certain subsidiaries. Unused federal NOLs do not begin to expire until 2021, except for certain NOLs that begin to expire sooner but are fully reserved for in the valuation allowance. Approximately $640.0 million of our NOLs can be used to fully offset federal minimum taxable income, and no federal regular or minimum income tax would be payable on such income. We have various state NOLs that expire at different times, which are reflected in the above table to the extent our estimate of future taxable income will be apportioned to those states. We have gross foreign net operating loss carryforwards of approximately $89.1 million. There is a full valuation allowance on all foreign net operating loss carryforwards except for those in the United Kingdom, which can be carried forward indefinitely. Uncertainties that may affect the utilization of our tax attributes include future operating results, tax law changes, rulings by taxing authorities regarding whether certain transactions are taxable or deductible and expiration of carryforward periods. | ||||||||||
Under certain circumstances, the ability to use the NOLs and future deductions could be substantially reduced if certain changes in ownership were to occur. In order to reduce this possibility, our certificate of incorporation includes a charter restriction that prohibits transfers of our common stock under certain circumstances. | ||||||||||
At December 31, 2013, we had approximately $134.0 million of earnings attributable to foreign subsidiaries for which no U.S. federal income tax provision has been recorded because these earnings are permanently invested abroad. Accordingly, a deferred tax liability of approximately $35.0 million has not been recorded with respect to these earnings. | ||||||||||
The provision for income taxes for continuing operations for each of the three years in the period ended December 31, 2013 was as follows (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
State income taxes | $ | 32,917 | $ | 35,489 | $ | 10,653 | ||||
Federal income taxes: | ||||||||||
Current | 2,900 | 1,001 | - | |||||||
Deferred | 56,433 | 482,163 | 28,598 | |||||||
Increase in valuation allowance | 12,287 | - | - | |||||||
Foreign income taxes | 6,204 | 12,500 | 23,147 | |||||||
$ | 110,741 | $ | 531,153 | $ | 62,398 | |||||
For the year ended December 31, 2013, we increased our valuation allowance to reserve for a portion of our net deferred tax asset for state income taxes, resulting from the change in our expected state tax filings as a result of the Jefferies acquisition. In addition, the valuation allowance increased by $11.1 million as a result of the valuation allowance required for Jefferies net deferred tax assets at the date of acquisition. | ||||||||||
The table below reconciles the expected statutory federal income tax to the actual income tax provision (benefit) (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Expected federal income tax | $ | 165,215 | $ | 496,399 | $ | 33,363 | ||||
State income taxes, net of federal income tax benefit | 21,396 | 24,120 | 7,781 | |||||||
Increase in valuation allowance | 12,287 | - | - | |||||||
Tax expense not provided on income recorded on the Jefferies | ||||||||||
investment prior to the acquisition | (63,952 | ) | - | - | ||||||
Reversal of prior years' deferred tax liability related to Jefferies investment | (33,972 | ) | - | - | ||||||
Accounting expense for warrants in excess of tax deduction | - | - | 7,141 | |||||||
Foreign rate differential | (4,750 | ) | - | - | ||||||
Permanent differences | 12,832 | 2,921 | (2,593 | ) | ||||||
Foreign taxes | 4,033 | 8,125 | 15,044 | |||||||
Other | (2,348 | ) | (412 | ) | 1,662 | |||||
Actual income tax provision | $ | 110,741 | $ | 531,153 | $ | 62,398 | ||||
As discussed above, we elected the fair value option for our investment in Jefferies for periods prior to the Jefferies acquisition in March 2013. As of December 31, 2012, we had recorded a deferred tax liability related to our investment in Jefferies; as reflected in the table above, the income tax provision includes the reversal of that deferred tax liability for the year ended December 31, 2013. Since there was no net income tax provision recorded for income related to the fair value option for Jefferies for the year ended December 31, 2013, our effective tax rate was lower as a result of the acquisition, and the impact on the tax provision is reflected in the table above. | ||||||||||
The following table reconciles the total amount of unrecognized tax benefits as of the beginning and end of the periods presented (in thousands): | ||||||||||
Unrecognized | ||||||||||
Tax Benefits | Interest | Total | ||||||||
As of January 1, 2011 | $ | 6,340 | $ | 2,980 | $ | 9,320 | ||||
Interest expense recognized | - | 500 | 500 | |||||||
Audit payments | - | - | - | |||||||
Reductions as a result of the lapse of the statute of | ||||||||||
limitations | - | - | - | |||||||
Balance, December 31, 2011 | 6,340 | 3,480 | 9,820 | |||||||
Increases based on tax positions related to current period | 5,250 | - | 5,250 | |||||||
Interest expense recognized | - | 700 | 700 | |||||||
Audit payments | - | - | - | |||||||
Reductions as a result of the lapse of the statute of | ||||||||||
limitations | - | - | - | |||||||
Balance, December 31, 2012 | 11,590 | $ | 4,180 | $ | 15,770 | |||||
Jefferies amounts at date of acquisition | 129,010 | 17,100 | 146,110 | |||||||
Increases based on tax positions related to current period | 8,750 | - | 8,750 | |||||||
Increases based on tax positions related to prior periods | 14,780 | - | 14,780 | |||||||
Decreases based on tax positions related to prior periods | (18,300 | ) | - | (18,300 | ) | |||||
Interest expense recognized | - | 7,000 | 7,000 | |||||||
Audit payments | (310 | ) | (110 | ) | (420 | ) | ||||
Reductions as a result of the lapse of the statute of | ||||||||||
limitations | - | - | - | |||||||
Balance, December 31, 2013 | $ | 145,520 | $ | 28,170 | $ | 173,690 | ||||
The statute of limitations with respect to our federal income tax returns has expired for all years through 2009. Our New York State and New York City income tax returns are currently being audited for the 2009 to 2011 period. Prior to becoming a wholly-owned subsidiary, Jefferies filed a consolidated U.S. federal income tax return with its qualifying subsidiaries and was subject to income tax in various states, municipalities and foreign jurisdictions. Jefferies is currently under examination by the Internal Revenue Service and other major tax jurisdictions. The statute of limitations with respect to Jefferies federal income tax returns has expired for all years through 2005. | ||||||||||
We do not expect that resolution of these examinations will have a significant effect on our consolidated financial position, but could have a significant impact on the consolidated results of operations for the period in which resolution occurs. Over the next twelve months, we believe it is reasonably possible that various tax examinations will be concluded and statutes of limitation will expire which would have the effect of reducing the balance of unrecognized tax benefits by $3.6 million. If recognized, the total amount of unrecognized tax benefits reflected in the table above would lower our effective income tax rate. | ||||||||||
Net_Realized_Securities_Gains_
Net Realized Securities Gains (Losses) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Net Realized Securities Gains (Losses) [Abstract] | ' | |||||||||
Net Realized Securities Gains (Losses) | ' | |||||||||
Note 24. Net Realized Securities Gains (Losses): | ||||||||||
The following summarizes net realized securities gains (losses) for each of the three years in the period ended December 31, 2013 (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Net realized gains on securities | $ | 245,262 | $ | 592,978 | $ | 644,777 | ||||
Write-down of investments (a) | (1,621 | ) | (2,461 | ) | (3,586 | ) | ||||
Net unrealized gains (losses) on trading securities | 316 | 64 | 285 | |||||||
$ | 243,957 | $ | 590,581 | $ | 641,476 | |||||
(a) Consists of provisions to write down investments resulting from declines in fair values believed to be other than temporary. | ||||||||||
During 2006 and 2007, we invested an aggregate of $452.2 million in Fortescue Metals Group Ltd's Pilbara iron ore and infrastructure project in Western Australia. In exchange for our cash investment, we received 278 million common shares of Fortescue and a $100.0 million unsecured note issued by Fortescue's subsidiary, Chichester Metals Pty Ltd, that accrued interest at 4% of the revenue, net of government royalties, invoiced from the iron ore produced from certain project areas (the "FMG Note"). We sold our Fortescue common shares during 2010 to 2012, recognizing net realized security gains on the sales of $543.7 million and $628.2 million for the years ended December 31, 2012 and 2011, respectively. | ||||||||||
During the fourth quarter of 2012, Chichester redeemed the FMG Note for aggregate cash consideration of $715.0 million, resulting in the recognition in investment and other income of a pre-tax gain of $526.2 million, and the parties agreed to settle all pending litigation and disputes without any additional payment. As a result, we no longer receive interest payments on the FMG Note. | ||||||||||
We have received aggregate cash proceeds in excess of its Fortescue investment of $2.313 billion, which reflects all sales of Fortescue common shares, interest collected on the FMG Note (net of withholding taxes), the redemption of the FMG Note, expenses and the cost of its investment. | ||||||||||
Net realized gains on securities during 2013 include a gain of $227.6 million related to our exchange of Inmet shares for First Quantum shares and cash as discussed above. | ||||||||||
Proceeds from sales of investments classified as available for sale were $1.8 billion, $1.4 billion and $4.2 billion during 2013, 2012 and 2011, respectively. Gross gains of $240.4 million, $546.4 million and $638.9 million and gross losses of $1.7 million, $.7 million and $5.2 million were realized on these sales during 2013, 2012 and 2011, respectively. | ||||||||||
Other_Results_Of_Operations_In
Other Results Of Operations Information | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Other Results Of Operations Information [Abstract] | ' | ||||||
Other Results of Operations Information | ' | ||||||
Note 25. Other Results of Operations Information: | |||||||
Other income for each of the three years in the period ended December 31, 2013 consists of the following (in thousands): | |||||||
2013 | 2012 | 2011 | |||||
Manufacturing revenues | $ | 310,624 | $ | 252,752 | $ | 244,918 | |
Dividend income | 5,553 | 5,954 | 18,359 | ||||
Income from associated companies classified as other revenues | 92,180 | – | – | ||||
Income from FMG Note including gain recognized on redemption | – | 642,993 | 214,455 | ||||
Gain on forgiveness of debt | – | – | 81,848 | ||||
Government grants reimbursement | 3,745 | 747 | 5,366 | ||||
Rental income | 13,158 | 11,725 | 11,126 | ||||
Winery revenues | 8,301 | 47,801 | 38,161 | ||||
Other | 55,676 | 21,677 | 29,764 | ||||
$ | 489,237 | $ | 983,649 | $ | 643,997 | ||
Other income for the other operations segment includes government grants that reimbursed us for certain of our prior expenditures related to energy projects, which were fully expensed as incurred. | |||||||
Taxes, other than income or payroll, amounted to $17.0 million, $10.7 million and $4.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||
Advertising costs amounted to $14.6 million, $12.4 million and $0.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||
Earnings_Loss_Per_Common_Share
Earnings (Loss) Per Common Share | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings (Loss) Per Common Share [Abstract] | ' | |||||||
Earnings (Loss) Per Common Share | ' | |||||||
Note 26. Earnings (Loss) Per Common Share | ||||||||
Basic and diluted earnings (loss) per share amounts were calculated by dividing net income (loss) by the weighted average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings (loss) per share are as follows for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||
2013 | 2012 | 2011 | ||||||
Numerator for earnings (loss) per share: | ||||||||
Net income attributable to Leucadia | ||||||||
National Corporation common shareholders | $ | 369,240 | $ | 854,466 | $ | 25,231 | ||
Less: Allocation of earnings to participating securities (1) | (4,919 | ) | – | – | ||||
Net income attributable to Leucadia | ||||||||
National Corporation common shareholders for | ||||||||
basic earnings (loss) per share | 364,321 | 854,466 | 25,231 | |||||
Less: Adjustment to allocation of earnings to | ||||||||
participating securities related to diluted shares (1) | (110 | ) | – | – | ||||
Mandatorily redeemable convertible preferred share | ||||||||
dividends | 3,397 | – | – | |||||
Interest on 3.75% Convertible Notes | 2,635 | 2,626 | – | |||||
Net income attributable to Leucadia | ||||||||
National Corporation common shareholders for | ||||||||
diluted earnings (loss) per share | $ | 370,243 | $ | 857,092 | $ | 25,231 | ||
Denominator for earnings (loss) per share: | ||||||||
Denominator for basic earnings (loss) per share – | ||||||||
weighted average shares | 339,673 | 244,583 | 244,425 | |||||
Stock options | 55 | – | 73 | |||||
Warrants | – | – | 75 | |||||
Mandatorily redeemable convertible preferred shares | 3,468 | – | – | |||||
3.875% Convertible Senior Debentures | – | – | – | |||||
3.75% Convertible Notes | 4,538 | 4,331 | – | |||||
Denominator for diluted earnings (loss) per share | 347,734 | 248,914 | 244,573 | |||||
(1) Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 9,353,400 for the year ended December 31, 2013. Dividends declared on participating securities during the year ended December 31, 2013 were $2.8 million. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. | ||||||||
Options to purchase 1,711,096, 2,280,711 and 1,639,375 weighted-average shares of common stock were outstanding during the years ended December 31, 2013, 2012 and 2011, respectively, but were not included in the computation of diluted per share amounts as the effect was antidilutive. | ||||||||
For each year in the table above, the denominator for diluted earnings (loss) per share does not include weighted-average common shares of 4,000,000 related to outstanding warrants to purchase common shares at $33.33 per share, as the effect was antidilutive. | ||||||||
For the year ended December 31, 2013, shares related to the 3.875% Convertible Senior Debentures were not included in the computation of diluted per share amounts as the conversion price exceeded the average market price. For the year ended December 31, 2011, 4,283,518 shares related to the 3.75% Convertible Notes were not included in the computation of diluted per share amounts as the effect was antidilutive. | ||||||||
Commitments_Contingencies_And_
Commitments, Contingencies And Guarantees | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Commitments, Contingencies And Guarantees [Abstract] | ' | ||||||||||||||
Commitments, Contingencies And Guarantees | ' | ||||||||||||||
Note 27. Commitments, Contingencies and Guarantees | |||||||||||||||
Commitments | |||||||||||||||
We and our subsidiaries rent office space and office equipment under noncancellable operating leases with terms varying principally from one to thirty years. Rental expense (net of sublease rental income) was $64.6 million, $19.7 million and $6.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Future minimum annual rentals (exclusive of month-to-month leases, real estate taxes, maintenance and certain other charges) under these leases at December 31, 2013 are as follows (in thousands): | |||||||||||||||
2014 | $ | 100,401 | |||||||||||||
2015 | 78,271 | ||||||||||||||
2016 | 76,532 | ||||||||||||||
2017 | 70,639 | ||||||||||||||
2018 | 62,518 | ||||||||||||||
Thereafter | 451,756 | ||||||||||||||
840,117 | |||||||||||||||
Less: sublease income | (50,042 | ) | |||||||||||||
$ | 790,075 | ||||||||||||||
Effective December 30, 2004, National Beef finalized an agreement with the City of Dodge City, Kansas, whereby in consideration of certain improvements made to the city water and wastewater systems, National Beef committed to make a series of service charge payments totaling $19.3 million over a 20 year period, of which $8.3 million remains as of December 31, 2013. Payments under the commitment will be approximately $0.8 million in each of the years 2014 through 2017, with the remaining balance of $5.1 million to be paid in subsequent years. | |||||||||||||||
National Beef makes verbal commitments to cattle producers to purchase cattle approximately one week in advance of delivery of those cattle to its plants. The actual value paid for these cattle is determined after the cattle are delivered, weighed and inspected at National Beef's facilities. The total value of verbal commitments to purchase cattle as of December 31, 2013 was $110.1 million. | |||||||||||||||
All of Linkem's outstanding shares, including the shares owned by us, are pledged as collateral for its bank credit line, which was fully drawn at December 31, 2013. | |||||||||||||||
The following table summarizes Jefferies commitments associated with certain business activities (in millions): | |||||||||||||||
Expected Maturity Date | |||||||||||||||
2016 | 2018 | 2020 | |||||||||||||
and | and | and | Maximum | ||||||||||||
2014 | 2015 | 2017 | 2019 | Later | Payout | ||||||||||
Equity commitments (1) | $ | 1.8 | $ | 7.4 | $ | 0.8 | $ | – | $ | 418.2 | $ | 428.2 | |||
Loan commitments (1) | 33.2 | 19 | 322.6 | 92.8 | – | 467.6 | |||||||||
Mortgage-related commitments | 819.9 | 492.9 | 202.8 | – | – | 1,515.60 | |||||||||
Forward starting reverse repos and repos | 702.3 | – | – | – | – | 702.3 | |||||||||
$ | 1,557.20 | $ | 519.3 | $ | 526.2 | $ | 92.8 | $ | 418.2 | $ | 3,113.70 | ||||
(1) Equity and loan commitments are presented by contractual maturity date. The amounts are however available on demand. | |||||||||||||||
The table below presents Jefferies credit exposure from loan commitments, including funded amounts, summarized by period of expiration. Credit exposure is based on the external credit ratings of the underlying or referenced assets of the loan commitments. Since commitments associated with these business activities may expire unused, they do not necessarily reflect the actual future cash funding requirements (in millions): | |||||||||||||||
Total | Corporate | Corporate | |||||||||||||
Greater | Corporate | Lending | Lending | ||||||||||||
0 - 12 | 5-Jan | Than | Lending | Exposure at | Commitments | ||||||||||
Credit Ratings | Months | Years | 5 Years | Exposure (1) | Fair Value (2) | -3 | |||||||||
Non-investment grade | $ | – | $ | 79.1 | $ | – | $ | 79.1 | $ | 9.5 | $ | 69.6 | |||
Unrated | 35.6 | 669.1 | – | 704.7 | 306.7 | 398 | |||||||||
Total | $ | 35.6 | $ | 748.2 | $ | – | $ | 783.8 | $ | 316.2 | $ | 467.6 | |||
(1) Total corporate lending exposure represents the potential loss assuming the fair value of funded loans and lending commitments were zero. | |||||||||||||||
(2) The corporate lending exposure at fair value includes $321.1 million of funded loans included in Trading assets and a $4.9 million net liability related to lending commitments recorded in Trading liabilities in the Consolidated Statement of Financial Condition. | |||||||||||||||
(3) Amounts represent the notional amount of unfunded lending commitments. | |||||||||||||||
Equity Commitments. Jefferies has commitments to invest $600.0 million and $291.0 million in Jefferies Finance and Jefferies LoanCore, and has funded $337.3 million and $175.5 million, respectively. See Note 12 for additional information regarding | |||||||||||||||
these investments. | |||||||||||||||
Jefferies has committed to invest $5.9 million in Jefferies Capital Partners LLC, the manager of Jefferies Capital Partners IV L.P., Jefferies Capital Partners V L.P. and a related parallel fund, the SBI USA Fund (Jefferies Capital Partners V L.P. and the SBI USA Fund are collectively "Fund V"), of which Jefferies has funded approximately $1.0 million of its commitment. | |||||||||||||||
Jefferies has committed to invest in aggregate up to $85.0 million in Fund V, private equity funds managed by a team led by Brian Friedman, our President and a Director, comprised of up to $75.0 million in the SBI USA Fund and $10.0 million in Jefferies Capital Partners V L.P, of which Jefferies has funded approximately $47.0 million and $6.3 million of its commitments to the SBI USA Fund and Jefferies Capital Partners V L.P., respectively, leaving approximately $31.7 million unfunded in aggregate. | |||||||||||||||
Jefferies has committed to invest up to $45.9 million in Jefferies Capital Partners IV L.P. and $3.1 million in JCP IV LLC, the General Partner of Jefferies Capital Partners IV L.P. and has funded approximately $38.7 million and $2.3 million of its commitments to Jefferies Capital Partners IV L.P. and JCP IV LLC, respectively, leaving approximately $8.0 million unfunded in aggregate. | |||||||||||||||
Jefferies had other equity commitments to invest up to $30.8 million in various other investments of which $5.4 million remained unfunded. | |||||||||||||||
Loan Commitments. From time to time Jefferies makes commitments to extend credit to investment banking and other clients in loan syndication, acquisition finance and securities 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. Jefferies has $241.4 million of outstanding loan commitments to clients. | |||||||||||||||
Jefferies and MassMutual have entered into a Secured Revolving Credit Facility, to be funded equally, to support loan underwritings by Jefferies Finance. At December 31, 2013, the Secured Revolving Credit Facility of $700.0 million is scheduled to mature March 1, 2016 with automatic one year extensions subject to a 60 day termination notice by either party. As of December 31, 2013, Jefferies has funded $123.8 million of its $350.0 million commitment to LoanCore. | |||||||||||||||
The unfunded loan commitments to Jefferies Finance of $226.2 million is unrated and included in the total unrated lending commitments of $398.0 million presented in the table above. | |||||||||||||||
Mortgage-Related Commitments. Jefferies enters into forward contracts to purchase mortgage participation certificates and mortgage-backed securities. The mortgage participation certificates evidence interests in mortgage loans insured by the Federal Housing Administration and the mortgage-backed securities are insured or guaranteed by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or the Government National Mortgage Association (Ginnie Mae). Jefferies frequently securitizes the mortgage participation certificates and mortgage-backed securities. The fair value of mortgage-related commitments recorded in the Consolidated Statement of Financial Condition was $54.2 million. | |||||||||||||||
Forward Starting Reverse Repos and Repos. Jefferies enters 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. | |||||||||||||||
Contingencies | |||||||||||||||
Sevenputative class action lawsuits have been filed on behalf of a putative class consisting of Jefferies stockholders in New York and Delaware concerning the merger transaction whereby Jefferies became our wholly-owned subsidiary. Three were filed in the Supreme Court of the State of New York: (1) Howard Lasker IRA v. Jefferies Group, Inc. et al. (Index No. 653924/2012), filed on November 14, 2012 in New York County; (2) Lowinger v. Leucadia National Corp. et al. (Index No. 653958/2012), filed on November 15, 2012 in New York County; and (3) Jiannaras v. Jefferies Group, Inc., et al. (Index No. 702866/2012), filed on November 16, 2012 in Queens County. Four were filed in the Court of Chancery of the State of Delaware: (1) Oklahoma Firefighters Pension & Retirement System v. Handler et al. (C.A. No. 8054-CS), filed on November 21, 2012; (2) Laborers' District Council Pension and Disability Trust Fund No. 2 et al. v. Campbell et al. (C.A. No. 8059-CS), filed on November 26, 2012; (3) Genesee County Employees' Retirement System v. Handler et al. (C.A. No. 8096-CS), filed on December 11, 2012; and (4) Gelfand v. Handler et al. (C.A. No. 8228-CS), filed on January 17, 2013 (collectively, the "Actions"). The class actions, filed on behalf of Jefferies shareholders prior to the merger, name as defendants Jefferies, the members of the board of directors of Jefferies, the members of our board of directors and, in certain of the actions, certain merger-related subsidiaries. The Actions seek, among other things, equitable relief and unspecified monetary damages. | |||||||||||||||
The New York actions were consolidated and have been stayed through pretrial discovery in deference to the Delaware actions, which also have been consolidated. The consolidated Delaware action alleges that the members of Jefferies board of directors breached their fiduciary duties in connection with the merger transactions by engaging in a flawed process, agreeing to sell Jefferies for inadequate consideration pursuant to an agreement that contains improper deal protection terms, and failing to disclose material information concerning the merger transactions, and further that we aided and abetted the directors' breaches of fiduciary duties (the Court has since dismissed the former Jefferies independent directors from the action). The action also alleges breaches of fiduciary duty against Messrs. Handler and Friedman in their capacities as officers of Jefferies, and against Messrs. Handler, Friedman, Cumming and Steinberg, collectively, as purported controlling shareholders of Jefferies. The plaintiffs have moved for class certification. We are unable to predict the outcome of this litigation or to estimate the amount of or range of any reasonably possible loss. | |||||||||||||||
We and certain of our subsidiaries and officers are named as defendants in a consumer class action captioned Sykes v. Mel Harris & Associates, LLC, et al., 09 Civ. 8486 (DC), in the United States District Court for the Southern District of New York. The named defendants also include the Mel Harris law firm, certain individuals and members associated with the law firm, and a process server, Samserv, Inc. and certain of its employees. The action arises out of the law firm's obtaining default judgments against approximately 124,000 individuals in New York City Civil Court with respect to consumer debt purchased by our subsidiaries. We asserted that we were an investor with respect to the subject purchased consumer debt and were regularly informed of the amounts received from debt collections, but otherwise had no involvement in any alleged illegal debt collection activities. | |||||||||||||||
The complaint alleges that the defendants fraudulently obtained the default judgments in violation of the Fair Debt Collection Practices Act, the Racketeer Influenced and Corrupt Organizations Act, the New York General Business Law and the New York Judiciary Law (alleged only as to the law firm) and seeks injunctive relief, declaratory relief and damages on behalf of the named plaintiffs and others similarly situated. Defendants' motions to dismiss were denied in part (including as to the claims made against us and our subsidiaries) and granted in part (including as to certain of the claims made against our officers) (the "Dismissal Decision"). In September 2012, the Court issued a decision granting plaintiffs' motion to certify a Rule 23(b)(2) class and a Rule 23(b)(3) class (the "Certification Decision"). Neither the Dismissal Decision nor the Certification Decision addresses the ultimate merits of the case. | |||||||||||||||
At a November 2012 status conference, the parties advised the Court of their intention to attempt to resolve the dispute through mediation. Those efforts were not successful and the parties advised the Court. On March 28, 2013, the Court entered its certification order, certifying a Rule 23(b)(2) class of "all persons who have been or will be sued by the Mel Harris defendants as counsel for the Leucadia defendants in actions commenced in New York City Civil Court and where a default judgment has or will be sought" and a Rule 23(b)(3) class of "all persons who have been sued by the Mel Harris defendants as counsel for the Leucadia defendants in actions commenced in New York City Civil Court and where a default judgment has been obtained." (the "Certification Order"). | |||||||||||||||
On July 19, 2013, the United States Court of Appeals for the Second Circuit granted our leave to appeal the District Court's March Certification Order. In connection with the appeal, the District Court has granted a stay of the proceedings pending the Court of Appeals' decision. The appeal was heard on February 7, 2014. | |||||||||||||||
Determinations of both the probability and the estimated amount of loss or potential loss are judgments made in the context of developments in the litigation. We review these developments regularly with our outside counsel. Because we determined that we would be willing to resolve this matter with plaintiffs for $20.0 million, we accrued a litigation reserve for this contingency in that amount. In arriving at this reserve amount, we considered a number of factors, including that (i) while the damages sought are indeterminate, payment of this reserved amount would not resolve the case at this time, (ii) there is uncertainty as to the outcome of pending proceedings (including motions and appeals respecting class certification), (iii) there are significant factual issues to be determined or resolved, (vi) relevant law is unsettled and untested legal theories are presented, (v) we have numerous defenses to the plaintiffs' claims, (vi) there are no adverse rulings by the Court on the merits of plaintiffs' claims and (vii) several important litigation milestones, such as the completion of discovery and the filing of summary judgment motions, have not yet occurred. | |||||||||||||||
We also note that the plaintiffs in the action – the class members certified under Federal Rule of Civil Procedure 23(b)(3) –have alleged certain categories of damages under each of the statutes underlying their claims. These damages include (i) statutory damages, which are capped under the Fair Debt Collection Practices Act at $0.5 million for the class, and (ii) actual damages. While not fully described in the complaint, it appears that plaintiffs' claim for actual damages includes not only incidental costs incurred in connection with the default judgments (including, for example, subway fares to the courthouse and bank fees), costs relating to emotional distress and costs related to reputational damage allegedly arising as a result of the long-term effects of the default judgments, but also the full amount of the debt that class members paid (whether owed or not) following entry of the default judgments. The amount of debt collected to date totals approximately $90.0 million. If the plaintiffs are successful in proving their claims and in proving actual damages, plaintiffs' damages may be subject to prejudgment interest and trebling under the Racketeer Influenced and Corrupt Organizations Act. | |||||||||||||||
Jefferies has reached a non-prosecution agreement with the United States Attorney for the District of Connecticut and a settlement agreement in principle with the SEC, which remains subject to review and approval by the SEC Commissioners, relating to an investigation of the purchases and sales of mortgage-backed securities. That investigation arose from a matter that came to light in late 2011, at which time Jefferies terminated a mortgage-backed-securities trader who was then indicted by the United States Attorney for the District of Connecticut in January 2013 and separately charged in a civil complaint by the SEC. Those agreements include an aggregate $25.0 million payment, of which approximately $11.0 million are payments to trading counterparties impacted by those activities, approximately $10.0 million of which is a fine payable to the U.S. Attorney's Office, and approximately $4.0 million of which is a fine payable to the SEC. Jefferies has reserved $22.4 million relating to remaining amounts we estimate to be paid related to this matter. | |||||||||||||||
We and our subsidiaries are parties to other legal and regulatory proceedings that are considered to be either ordinary, routine litigation incidental to their business or not significant to our consolidated financial position. We and our subsidiaries 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 do not believe that any of these actions will have a significant adverse effect on our consolidated financial position or liquidity, but any amounts paid could be significant to results of operations for the period. | |||||||||||||||
Guarantees | |||||||||||||||
Derivative Contracts. Jefferies dealer activities cause it to make markets and trade in a variety of derivative instruments. Certain derivative contracts that Jefferies has entered into meet the accounting definition of a guarantee under 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 Jefferies 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 GAAP (in millions): | |||||||||||||||
Expected Maturity Date | |||||||||||||||
2016 | 2018 | 2020 | Notional/ | ||||||||||||
and | and | and | Maximum | ||||||||||||
Guarantee Type | 2014 | 2015 | 2017 | 2019 | Later | Payout | |||||||||
Derivative contracts – non-credit related | $ | 841,439.90 | $ | 4,695.20 | $ | 14.7 | $ | 1.2 | $ | 532.4 | $ | 846,683.40 | |||
Written derivative contracts – credit | |||||||||||||||
related | – | – | – | 2,708.10 | – | 2,708.10 | |||||||||
Total derivative contracts | $ | 841,439.90 | $ | 4,695.20 | $ | 14.7 | $ | 2,709.30 | $ | 532.4 | $ | 849,391.50 | |||
The external credit ratings of the underlying or referenced assets for our credit related derivatives contracts (in millions): | |||||||||||||||
External Credit Rating | |||||||||||||||
Below | Notional/ | ||||||||||||||
AAA/ | AA/ | Investment | Maximum | ||||||||||||
Aaa | Aa | A | BBB/Baa | Grade | Unrated | Payout | |||||||||
Credit related derivative contracts: | |||||||||||||||
Index credit default swaps | $ | 2,678.60 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 2,678.60 | |
Single name credit default swaps | – | 3 | 2.5 | 24 | – | – | 29.5 | ||||||||
The derivative contracts deemed to meet the definition of a guarantee under 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). Jefferies substantially mitigates its 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. Jefferies believes notional amounts overstate its expected payout and that fair value of these contracts is a more relevant measure of its obligations. The fair value of derivative contracts meeting the definition of a guarantee is approximately $229.5 million. | |||||||||||||||
Berkadia. We have agreed to reimburse Berkshire Hathaway for up to one-half of any losses incurred under a $2.5 billion surety policy securing outstanding commercial paper issued by an affiliate of Berkadia. As of December 31, 2013, the aggregate amount of commercial paper outstanding was $2.47 billion. | |||||||||||||||
Other Guarantees. Jefferies is a member of various exchanges and clearing houses. In the normal course of business Jefferies 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. Jefferies obligations under such guarantees could exceed the collateral amounts posted. Jefferies maximum potential liability under these arrangements cannot be quantified; however, the potential for Jefferies to be required to make payments under such guarantees is deemed remote. Accordingly no liability has been recognized for these arrangements. | |||||||||||||||
Stand by Letters of Credit. At December 31, 2013, Jefferies provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $32.0 million, which expire within one year. Standby letters of credit commit Jefferies 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 subsidiaries of ours have outstanding letters of credit aggregating $29.5 million at December 31, 2013. | |||||||||||||||
Net_Capital_Requirements
Net Capital Requirements | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Net Capital Requirements [Abstract] | ' | ||||
Net Capital Requirements | ' | ||||
Note 28. Net Capital Requirements | |||||
As broker-dealers registered with the SEC and member firms of the Financial Industry Regulatory Authority ("FINRA"), Jefferies LLC and Jefferies Execution Services, Inc. ("Jefferies Execution"), are subject to the SEC Net Capital Rule ("Rule 15c3-1"), which requires the maintenance of minimum net capital and which may limit distributions from the broker-dealers. Jefferies LLC and Jefferies Execution have elected to calculate minimum capital requirements under the alternative method as permitted by Rule 15c3-1. Jefferies Bache, LLC is also registered as a Futures Commission Merchant and is subject to Rule 1.17 of the Commodities Futures Trading Commission. Jefferies designated self-regulatory organization is FINRA for our U.S. broker-dealers and the Chicago Mercantile Exchange for Jefferies Bache, LLC. | |||||
Jefferies LLC, Jefferies Execution and Jefferies Bache, LLC's net capital, adjusted net capital, and excess net capital are as follows (in thousands): | |||||
Net Capital | Excess | ||||
Net Capital | |||||
Jefferies LLC | $ | 891,487 | $ | 841,539 | |
Jefferies Execution | 4,487 | 4,237 | |||
Adjusted | Excess | ||||
Net Capital | Net Capital | ||||
Jefferies Bache, LLC | $ | 197,957 | $ | 86,293 | |
Certain other U.S. and non-U.S. subsidiaries of Jefferies are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions, including Jefferies International Limited and Jefferies Bache Limited which are subject to the regulatory supervision and requirements of the Financial Conduct Authority in the United Kingdom. | |||||
The regulatory capital requirements referred to above may restrict our ability to withdraw capital from our subsidiaries. | |||||
Other_Fair_Value_Information
Other Fair Value Information | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Fair Value Information [Abstract] | ' | ||||||||
Other Fair Value Information | ' | ||||||||
Note 29. Other Fair Value Information | |||||||||
Our principal financial instruments that are not recognized at fair value on a recurring basis are notes receivable from sales of assets, short-term borrowings and long-term debt. The carrying amounts and estimated fair values of these financial instruments are as follows (in thousands): | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Carrying | Fair | Carrying | Fair | ||||||
Amount | Value | Amount | Value | ||||||
Other Assets: | |||||||||
Notes receivable (a) | $ | 95,042 | $ | 95,606 | $ | 46,541 | $ | 46,770 | |
Financial Liabilities: | |||||||||
Short-term borrowings (b) | 12,000 | 12,000 | – | – | |||||
Long-term debt (b) | 8,180,865 | 8,230,191 | 1,358,695 | 1,449,576 | |||||
(a) Notes receivable: The fair values of notes receivable are primarily measured using Level 2 and 3 inputs principally based on discounted future cash flows using market interest rates for similar instruments. | |||||||||
(b) Short-term borrowings and long-term debt: The fair values of short term borrowings are estimated to be the carrying amount. The fair values of non-variable rate debt are estimated using quoted prices and estimated rates that would be available for debt with similar terms. The fair value of variable rate debt is estimated to be the carrying amount. | |||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Note 30. Related Party Transactions | |
Jefferies Capital Partners and JEP IV Related Funds. Jefferies has loans to and/or equity investments in private equity funds and in Jefferies Capital Partners, LLC, the manager to the Jefferies Capital Partners funds, which are managed by a team led by Brian Friedman ("Private Equity Related Funds"). Reflected in our Consolidated Statement of Financial Condition at December 31, 2013 are loans to and/or equity investments in Private Equity Related Funds of $61.7 million. For the period from the acquisition of Jefferies through December 31, 2013, revenues aggregating $10.1 million were recorded related to the Private Equity Related Funds. For further information regarding our commitments and funded amounts to Private Equity Related Funds, see Note 27. | |
Berkadia Commercial Mortgage, LLC. At December 31, 2013, Jefferies has commitments to purchase $300.0 million in agency commercial mortgage-backed securities from Berkadia. | |
Officers, Directors and Employees. We have $13.9 million of loans outstanding to certain employees (none of whom are an executive officer or director of the Company) that are included in Other assets in the Consolidated Statements of Financial Condition at December 31, 2013. | |
National Beef. National Beef enters into transactions with an affiliate of NBPCo Holdings and USPB, owners of redeemable noncontrolling interests in National Beef. For the year ended December 31, 2013, sales to and purchases from the affiliate of NBPCo Holdings were $25.6 million and $9.4 million, respectively. For the year ended December 31, 2012, sales to and purchases from the affiliate of NBPCo Holdings were $74.2 million and $17.5 million, respectively. We believe these transactions are based upon prevailing market prices on terms that could be obtained from an unaffiliated party. National Beef has entered into a cattle supply agreement with USPB pursuant to which National Beef has agreed to purchase through USPB from the members of USPB 735,385 head of cattle per year (subject to adjustment), based on pricing grids furnished by National Beef to the members of USPB. National Beef believes the pricing grids are based on terms that could be obtained from an unaffiliated party. National Beef obtained approximately 20% of its cattle requirements through USPB during 2013 and 2012. At December 31, 2013, amounts due from and payable to these related parties were not significant. | |
Discontinued_Operations_And_As
Discontinued Operations And Assets Held For Sale | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Discontinued Operations And Assets Held For Sale [Abstract] | ' | |||||||||
Discontinued Operations And Assets Held For Sale | ' | |||||||||
Note 31. Discontinued Operations and Assets Held for Sale | ||||||||||
In October 2013, we concluded that we would no longer continue to fund Sangart's research and development operations, through which we had conducted our medical product development operations. We commenced and completed an orderly shut-down of Sangart's operations during 2013; as a result, our medical product development operations have been classified as a discontinued operation. | ||||||||||
In December 2013, we entered into an agreement to sell Premier, through which we had conducted our gaming entertainment operations, for aggregate cash consideration of $250.0 million. Closing of the transaction is subject to regulatory approval and customary closing conditions, and is not expected to occur until the second quarter of 2014. As a result, our gaming entertainment segment has been classified as a discontinued operation. | ||||||||||
In October 2012, we sold Keen Energy Services, LLC for cash consideration of $100.0 million and a four-year interest bearing promissory note issued by the purchaser which was valued at $37.5 million. We also retained Keen's net working capital, principally customer receivables and trade payables. We recorded a pre-tax loss on sale of discontinued operations of $18.0 million for the year ended December 31, 2012. As a result, our oil and gas drilling services segment has been classified as a discontinued operation. | ||||||||||
During the third quarter of 2013, we sold a small power production business and recorded a pre-tax gain on sale of discontinued operations of $6.4 million. | ||||||||||
A summary of the results of discontinued operations for Sangart, Premier, Keen and the power production business is as follows for the three years ended December 31, 2013 (in thousands): | ||||||||||
2013 | 2012 | 2011 | ||||||||
Revenues and other income: | ||||||||||
Oil and gas drilling services | $ | – | $ | 95,674 | $ | 133,782 | ||||
Gaming entertainment | 114,844 | 119,330 | 117,217 | |||||||
Investment and other income | 946 | 4,968 | 3,715 | |||||||
115,790 | 219,972 | 254,714 | ||||||||
Expenses: | ||||||||||
Direct operating expenses: | ||||||||||
Oil and gas drilling services | – | 79,143 | 100,639 | |||||||
Gaming entertainment | 85,233 | 88,127 | 84,795 | |||||||
Compensation and benefits | 19,528 | 24,402 | 23,402 | |||||||
Depreciation and amortization | 8,919 | 28,475 | 38,681 | |||||||
Selling, general and other expenses | 20,897 | 36,509 | 37,616 | |||||||
134,577 | 256,656 | 285,133 | ||||||||
Loss from discontinued | ||||||||||
operations before income taxes | (18,787 | ) | (36,684 | ) | (30,419 | ) | ||||
Income tax (benefit) | (6,563 | ) | (12,660 | ) | (11,475 | ) | ||||
Loss from discontinued | ||||||||||
operations after income taxes | $ | (12,224 | ) | $ | (24,024 | ) | $ | (18,944 | ) | |
Income from discontinued operations also reflects distributions of $5.7 million and $4.7 million for 2012 and 2011, respectively, from our subsidiary, Empire Insurance Company, which has been undergoing a voluntary liquidation, was classified as a discontinued operation in 2001 and was written-off based on its expected future cash flows at that time. During 2013, we sold Empire for cash consideration of $3.2 million, subject to certain post-closing working capital adjustments, and the sale resulted in the recognition of a tax benefit of $5.4 million. Gain on disposal of discontinued operations reflects an after tax gain of $8.6 million for this sale. | ||||||||||
During 2012, we sold our small Caribbean-based telecommunications provider for aggregate consideration of $27.5 million, net of working capital adjustments, and recognized a pre-tax gain on sale of discontinued operations of $11.7 million. We have not classified this business' historical results of operations or its assets and liabilities as discontinued operations because such amounts were not significant. | ||||||||||
During 2011, additional final payments were received from the buyer of our telecommunications segment and we recognized a pre-tax gain from discontinued operations of $9.7 million. | ||||||||||
In February 2014 we entered into an agreement to sell substantially all of our real estate properties and operations and BRP to HomeFed for HomeFed common shares. Results of operations for our real estate properties and operations are reflected in the other operations segment. Assets included in the transaction with HomeFed have been included with Other assets as Assets held for sale in the Consolidated Statement of Financial Condition at December 31, 2013 and include the following components (in thousands): | ||||||||||
2013 | ||||||||||
Real estate | $ | 112,016 | ||||||||
Investment in associated company | 30,793 | |||||||||
Other, net | 17,310 | |||||||||
$ | 160,119 | |||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segment Information [Abstract] | ' | |||||||||
Segment Information | ' | |||||||||
Note 32. Segment Information | ||||||||||
Our reportable segments consist of our consolidated operating units, which offer different products and services and are managed separately. Jefferies is a global full-service, integrated securities and investment banking firm. National Beef processes, packages and delivers fresh and frozen beef and beef by-products for sale to customers in the U.S. and international markets. Other operations primarily consist of manufacturing, energy projects, asset management, real estate and, for periods prior to their spin-off to shareholders in February 2013, Crimson. | ||||||||||
Corporate assets primarily consist of financial instruments owned, the deferred tax asset (exclusive of Jefferies deferred tax asset), cash and cash equivalents and corporate revenues primarily consist of principal transactions, interest and other income and net realized securities gains and losses. Corporate assets also included our minority investment in Jefferies, prior to our acquisition of all of Jefferies, and our former investment in Mueller, both of which were accounted for at fair value rather than under the equity method of accounting. Corporate assets include our investment in the First Quantum, Inmet and Fortescue common shares for the periods they were owned. Corporate assets, revenues, overhead expenses and interest expense are not allocated to the operating units. | ||||||||||
Certain information concerning our segments is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired, which was March 1, 2013 for Jefferies and December 30, 2011 for National Beef. Since National Beef's operating activities subsequent to the acquisition during 2011 were not significant they have not been included in our 2011 Consolidated Statement of Operations. | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In thousands) | ||||||||||
Net Revenues: | ||||||||||
Investment Banking & Capital Markets | $ | 2,134,002 | $ | – | $ | – | ||||
Beef Processing Services | 7,487,724 | 7,480,934 | – | |||||||
Other Operations (1) | 347,275 | 333,415 | 410,526 | |||||||
Corporate | 460,490 | 1,590,983 | 232,105 | |||||||
Total consolidated net revenues | $ | 10,429,491 | $ | 9,405,332 | $ | 642,631 | ||||
Income (loss) from continuing operations before | ||||||||||
income taxes and income related to | ||||||||||
associated companies: | ||||||||||
Investment Banking & Capital Markets | $ | 260,984 | $ | – | $ | – | ||||
Beef Processing Services | (42,358 | ) | 59,048 | – | ||||||
Other Operations (1) | (108,395 | ) | (38,859 | ) | 58,674 | |||||
Corporate | 242,771 | 1,309,444 | (25,364 | ) | ||||||
Total consolidated income from | ||||||||||
continuing operations before income | ||||||||||
taxes and income related to | ||||||||||
associated companies | $ | 353,002 | $ | 1,329,633 | $ | 33,310 | ||||
Depreciation and amortization expenses: | ||||||||||
Investment Banking & Capital Markets | $ | 59,631 | $ | – | $ | – | ||||
Beef Processing Services | 88,483 | 83,063 | – | |||||||
Other Operations | 18,628 | 25,786 | 25,191 | |||||||
Corporate | 9,924 | 19,727 | 23,296 | |||||||
Total consolidated depreciation and | ||||||||||
amortization expenses | $ | 176,666 | $ | 128,576 | $ | 48,487 | ||||
Identifiable assets employed: | ||||||||||
Investment Banking & Capital Markets (2) | $ | 40,168,572 | $ | – | $ | – | ||||
Beef Processing | 1,703,662 | 1,797,152 | 1,786,855 | |||||||
Other Operations | 942,260 | 885,236 | 881,115 | |||||||
Loans to and investments in associated | ||||||||||
companies | 556,468 | 807,474 | 793,766 | |||||||
Corporate | 4,495,819 | 5,859,256 | 5,586,990 | |||||||
Assets of discontinued operations | – | – | 214,463 | |||||||
Total consolidated assets | $ | 47,866,781 | $ | 9,349,118 | $ | 9,263,189 | ||||
Net revenues for the investment banking and capital markets segment are recorded in the geographic region in which the position was risk-managed, in the case of investment banking, in which the senior coverage banker is located, or for asset management, according to the location of the investment advisor. Net revenues by geographic region for the period from the Jefferies acquisition through December 31, 2013 were as follows (in thousands): | ||||||||||
Americas (3) | $ | 1,639,495 | ||||||||
Europe (4) | 448,181 | |||||||||
Asia | 46,326 | |||||||||
$ | 2,134,002 | |||||||||
(1) For the year ended December 31, 2011, includes $81.8 million gain on forgiveness of bank indebtedness related to a real estate property. | ||||||||||
(2) At December 31, 2013, includes $701.9 million of Jefferies loans to and investments in associated companies and $524.8 million of Jefferies deferred tax asset, net. | ||||||||||
(3) Substantially all relates to U.S. results. | ||||||||||
(4) Substantially all relates to U.K. results. | ||||||||||
Other operations includes pre-tax losses of $87.9 million, $32.8 million and $28.6 million for the years ended December 31, 2013, 2012 and 2011, respectively, for the investigation and evaluation of various energy related projects. There were no significant operating revenues or identifiable assets associated with these activities in any period; however, other income includes $5.4 million in 2011 with respect to government grants to reimburse us for certain of its prior expenditures, which were fully expensed as incurred. Such amounts were not significant in 2013 and 2012. | ||||||||||
Net realized securities gains for corporate aggregated $243.5 million, $590.6 million and $641.5 million during 2013, 2012 and 2011, respectively. In 2013, realized security gains include $227.6 million related to the sale of Inmet. In 2012 and 2011, realized securities gains included gains of $543.7 million and $628.2 million, respectively, from the sale of our common shares of Fortescue. Corporate other income includes a gain on the redemption of the FMG Note of $526.2 million in 2012. | ||||||||||
Depreciation and amortization expenses for other operations include amounts classified within Cost of sales and Selling, general and other expenses in the Consolidated Statements of Operations. | ||||||||||
Interest expense classified as a component of Net revenues relates to the investment banking & capital markets segment. For the years ended December 31, 2013 and 2012, interest expense classified as a component of Expenses was primarily comprised of beef processing services ($12.3 million and $12.4 million, respectively) and corporate ($72.2 million and $80.2 million, respectively). For the year ended December 31, 2011 interest expense was primarily comprised of corporate; interest expense for other segments was not significant. | ||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Selected Quarterly Financial Data [Abstract] | ' | ||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||
Note 33. Selected Quarterly Financial Data (Unaudited): | |||||||||||||
First | Second | Third | Fourth | ||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||
(In thousands, except per share amounts) | |||||||||||||
2013 | |||||||||||||
Net revenues | $ | 2,297,613 | $ | 2,675,725 | $ | 2,534,235 | $ | 2,921,918 | |||||
Income (loss) from continuing operations | $ | 304,156 | $ | 60,574 | $ | 11,662 | $ | (15,090 | ) | ||||
Loss from discontinued operations, net of taxes | $ | (3,542 | ) | $ | (2,423 | ) | $ | (1,439 | ) | $ | (4,820 | ) | |
Gain (loss) on disposal of discontinued operations, net of taxes | $ | (325 | ) | $ | 385 | $ | 4,160 | $ | 8,895 | ||||
Net (income) loss attributable to the noncontrolling interest | $ | 622 | $ | 729 | $ | (253 | ) | $ | 64 | ||||
Net (income) loss attributable to the redeemable noncontrolling | |||||||||||||
interests | $ | 4,531 | $ | (5,638 | ) | $ | (10,132 | ) | $ | 20,521 | |||
Preferred stock dividends | $ | (339 | ) | $ | (1,015 | ) | $ | (1,027 | ) | $ | (1,016 | ) | |
Net income | $ | 305,103 | $ | 52,612 | $ | 2,971 | $ | 8,554 | |||||
Basic earnings (loss) per common share attributable to | |||||||||||||
Leucadia National Corporation common shareholders: | |||||||||||||
Income (loss) from continuing operations | $ | 1.11 | $ | 0.14 | $ | - | $ | 0.01 | |||||
Loss from discontinued operations | (.01 | ) | - | - | (.01 | ) | |||||||
Gain (loss) on disposal of discontinued operations | - | - | 0.01 | 0.02 | |||||||||
Net income | $ | 1.1 | $ | 0.14 | $ | 0.01 | $ | 0.02 | |||||
Number of shares used in calculation | 275,735 | 367,752 | 367,641 | 368,146 | |||||||||
Diluted earnings (loss) per common share attributable to | |||||||||||||
Leucadia National Corporation common shareholders: | |||||||||||||
Income (loss) from continuing operations | $ | 1.09 | $ | 0.14 | $ | - | $ | 0.01 | |||||
Loss from discontinued operations | (.01 | ) | - | - | (.01 | ) | |||||||
Gain (loss) on disposal of discontinued operations | - | - | 0.01 | 0.02 | |||||||||
Net income | $ | 1.08 | $ | 0.14 | $ | 0.01 | $ | 0.02 | |||||
Number of shares used in calculation | 281,587 | 367,837 | 367,687 | 368,262 | |||||||||
2012 | |||||||||||||
Net revenues | $ | 2,727,030 | $ | 1,716,274 | $ | 2,186,582 | $ | 2,775,446 | |||||
Income (loss) from continuing operations | $ | 489,322 | $ | (180,426 | ) | $ | 122,132 | $ | 456,101 | ||||
Loss from discontinued operations, net of taxes | $ | (2,087 | ) | $ | (7,342 | ) | $ | (3,172 | ) | $ | (5,760 | ) | |
Gain (loss) on disposal of discontinued operations, net of taxes | $ | - | $ | - | $ | (4,626 | ) | $ | 499 | ||||
Net (income) loss attributable to the noncontrolling interest | $ | (202 | ) | $ | 297 | $ | 972 | $ | 993 | ||||
Net (income) loss attributable to the redeemable noncontrolling | |||||||||||||
Interests | $ | 3,844 | $ | (9,780 | ) | $ | (8,632 | ) | $ | 2,333 | |||
Net income (loss) | $ | 490,877 | $ | (197,251 | ) | $ | 106,674 | $ | 454,166 | ||||
Basic earnings (loss) per common share attributable to | |||||||||||||
Leucadia National Corporation common shareholders: | |||||||||||||
Income (loss) from continuing operations | $ | 2.02 | $ | (.78 | ) | $ | 0.47 | $ | 1.88 | ||||
Loss from discontinued operations | (.01 | ) | (.03 | ) | (.01 | ) | (.02 | ) | |||||
Gain (loss) on disposal of discontinued operations | - | - | (.02 | ) | - | ||||||||
Net income (loss) | $ | 2.01 | $ | (.81 | ) | $ | 0.44 | $ | 1.86 | ||||
Number of shares used in calculation | 244,583 | 244,583 | 244,583 | 244,583 | |||||||||
Diluted earnings (loss) per common share attributable to | |||||||||||||
Leucadia National Corporation common shareholders: | |||||||||||||
Income (loss) from continuing operations | $ | 1.98 | $ | (.78 | ) | $ | 0.46 | $ | 1.85 | ||||
Loss from discontinued operations | (.01 | ) | (.03 | ) | (.01 | ) | (.02 | ) | |||||
Gain (loss) on disposal of discontinued operations | - | - | (.02 | ) | - | ||||||||
Net income (loss) | $ | 1.97 | $ | (.81 | ) | $ | 0.43 | $ | 1.83 | ||||
Number of shares used in calculation | 248,945 | 244,583 | 248,910 | 248,922 | |||||||||
Commission revenues and Floor brokerage and clearing fees for the second and third quarter of 2013 have been revised to reflect certain exchange fees charged to customers in Jefferies futures business on a gross rather than net basis. Net revenues and Expenses were each increased by $12.0 million in the second quarter of 2013 and $18.6 million in the third quarter of 2013 from amounts previously reported. There was no impact on Net income. | |||||||||||||
The second quarter of 2013 includes an out of period adjustment of $16.4 million to record Berkadia income related to prior periods. The fourth quarter of 2013 includes an out of period adjustment of $15.4 million to record real estate impairment charges related to prior periods. | |||||||||||||
Revenues and other income for the fourth quarter of 2012 include a gain on the redemption of the FMG Note of $526.2 million. | |||||||||||||
In 2013 and 2012, the totals of quarterly per share amounts do not equal annual per share amounts because of changes in outstanding shares during the year. | |||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Consolidation | ' |
Consolidation | |
Our policy is to consolidate all entities in which we control by ownership a majority of the outstanding voting stock. In addition, we consolidate entities which meet the definition of a variable interest entity for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity 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. We consider special allocations of cash flows and preferences, if any, to determine amounts allocable to noncontrolling interests. All intercompany transactions and balances are eliminated in consolidation. | |
In situations where we have significant influence, but not control, of an entity that does not qualify as a variable interest entity, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under GAAP. We have also formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. Our subsidiaries may 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. | |
Revenue Recognition Policies | ' |
Revenue Recognition Policies | |
Beef Processing and Other Operations | |
Revenues are recognized when the following conditions are met: (1) collectibility is reasonably assured; (2) title to the product has passed or the service has been rendered and earned; (3) persuasive evidence of an arrangement exists; and (4) there is a fixed or determinable price. National Beef's revenues are recognized based on the terms of the sale, which for beef processing operations is typically upon delivery to customers. Manufacturing revenues are recognized when title passes. | |
Investment Banking Activities | |
Commissions. All customer securities transactions are reported in the Consolidated Statements of Financial Condition on a settlement date basis with related income reported on a trade date basis. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. These arrangements are accounted for on an accrual basis and, as we are not the primary obligor for these arrangements, netted against commission revenues in the Consolidated Statements of Operations. The commissions and related expenses on client transactions executed by Jefferies Bache, LLC, a futures commission merchant, are recorded on a half-turn basis. | |
Principal Transactions. Trading assets and trading liabilities are carried at fair value with gains and losses reflected in Principal transactions in the Consolidated Statements of Operations on a trade date basis. Fees received on loans carried at fair value are also recorded within Principal transactions. | |
Investment Banking. Underwriting revenues and fees from mergers and acquisitions, restructuring and other investment banking advisory assignments or engagements are recorded when the services related to the underlying transactions are completed under the terms of the assignment or engagement. Expenses associated with such assignments are deferred until reimbursed by the client, the related revenue is recognized or the engagement is otherwise concluded. Expenses are recorded net of client reimbursements and netted against revenues. Unreimbursed expenses with no related revenues are included in Selling, general and administrative expenses in the Consolidated Statements of Operations. | |
Interest Revenue and Expense. Interest expense that is deducted from Revenues to arrive at Net revenues is related to Jefferies operations. Contractual interest on Trading assets and Trading liabilities is recognized on an accrual basis as a component of Interest revenue and Interest 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 in the Consolidated Statements of Operations rather than as a component of interest revenue or expense. Discounts/premiums arising on long-term debt are accreted/amortized to Interest expense using the effective yield method over the remaining lives of the underlying debt obligations. | |
Cash Equivalents | ' |
Cash Equivalents | |
Cash equivalents include highly liquid investments, including money market funds, not held for resale with original maturities of three months or less. | |
Cash And Securities Segregated And On Deposit For Regulatory Purposes Or Deposited With Clearing And Depository Organizations | ' |
Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations | |
In accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Jefferies 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. In addition, certain financial instruments used for initial and variation margin purposes with clearing and depository organizations are recorded in this caption. Jefferies Bache, LLC, as a futures commission merchant, is obligated by rules mandated by the Commodities Futures Trading Commission under the Commodities Exchange Act, to segregate or set aside cash or qualified securities to satisfy such regulations, which regulations have been promulgated to protect customer assets. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets. | |
Financial Instruments | ' |
Financial Instruments | |
Trading assets and trading liabilities are recorded at fair value, either as required by accounting pronouncements or through the fair value option election. Trading assets and trading liabilities include Jefferies trading activities, financial instruments of other consolidated entities that are accounted for through the fair value option election and, prior to the Jefferies acquisition, trading assets include our investment in Jefferies common shares. Gains and losses on trading assets and trading liabilities are recognized in our Consolidated Statements of Operations in Principal transactions. Available for sales securities are reflected at fair value, with unrealized gains and losses reflected as a separate component of equity, net of taxes. When sold, realized gains and losses on available for sale securities are reflected in the caption Net realized securities gains. The cost of securities sold is based on average cost. Fair value 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 | ' |
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 as of the reported date. | |
Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments whose fair value have been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. | |
Level 3: Instruments that have little to no pricing observability as of the reported date. These financial instruments are measured using management's best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. | |
Financial instruments are valued at quoted market prices, if available. Certain financial instruments have bid and ask prices that can be observed in the marketplace. For financial instruments whose inputs are based on bid-ask prices, the financial instrument is valued at the point within the bid-ask range that meets our best estimate of fair value. We use prices and inputs that are current as of the measurement date. For financial instruments that do not have readily determinable fair values using quoted market prices, the determination of fair value is based upon consideration of available information, including types of financial instruments, current financial information, restrictions on dispositions, fair values of underlying financial instruments and quotations for similar instruments. | |
The valuation of financial instruments may include the use of valuation models and other techniques. Adjustments to valuations derived from valuation models may be made when, in management's judgment, features of the financial instrument such as its complexity, the market in which the financial instrument is traded and risk uncertainties about market conditions require that an adjustment be made to the value derived from the models. Adjustments from the price derived from a valuation model reflect management's judgment that other participants in the market for the financial instrument being measured at fair value would also consider in valuing that same financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. | |
The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument and market conditions. As the observability of prices and inputs may change for a financial instrument from period to period, this condition may cause a transfer of an instrument among the fair value hierarchy levels. Transfers among the levels are recognized at the beginning of each period. The degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. | |
Jefferies Valuation Process For Financial Instruments | ' |
Jefferies Valuation Process for Financial Instruments | |
The Jefferies Independent Price Verification ("IPV") Group, which is part of the Jefferies finance department, in partnership with Jefferies Risk Management, is responsible for establishing Jefferies valuation policies and procedures. The IPV Group and Risk Management, which are independent of business functions, play an important role and serve as a control function in determining that Jefferies financial instruments are appropriately valued and that fair value measurements are reliable. This is particularly important where prices or valuations that require inputs are less observable. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and that the assumptions are reasonable. The IPV Group reports to the Jefferies Global Controller and is subject to the oversight of the IPV Committee, which includes senior members of Jefferies finance department and other personnel. Jefferies independent price verification policies and procedures are reviewed, at a minimum, annually and changes to the policies require the approval of the IPV Committee. | |
Price Testing Process. The business units are responsible for determining the fair value of Jefferies financial instruments using approved valuation models and methodologies. In order to ensure that the business unit valuations represent a fair value exit price, the IPV Group tests and validates the fair value of the financial instruments inventory. In the testing process, the IPV Group obtains prices and valuation inputs from sources independent of Jefferies, consistently adheres to established procedures set forth in the valuation policies for sourcing prices and valuation inputs and utilizing valuation methodologies. Sources used to validate fair value prices and inputs include, but are not limited to, exchange data, recently executed transactions, pricing data obtained from third party vendors, pricing and valuation services, broker quotes and observed comparable transactions. | |
To the extent discrepancies between the business unit valuations and the pricing or valuations resulting from the price testing process are identified, such discrepancies are investigated by the IPV Group and fair values are adjusted, as appropriate. The IPV Group maintains documentation of its testing, results, rationale and recommendations and prepares a monthly summary of its valuation results. This process also forms the basis for the classification of fair values within the fair value hierarchy (i.e., Level 1, Level 2 or Level 3). The IPV Group utilizes the additional expertise of Risk Management personnel in valuing more complex financial instruments and financial instruments with less or limited pricing observability. The results of the valuation testing are reported to the IPV Committee on a monthly basis, which discusses the results and is charged with the final conclusions as to the financial instrument fair values in the consolidated financial statements. This process specifically assists management in asserting as to the fair presentation of our financial condition and results of operations as included within our Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. At each quarter end, the overall valuation results, as concluded upon by the IPV Committee, are presented to the Jefferies Audit Committee. | |
Judgment exercised in determining Level 3 fair value measurements is supplemented by daily analysis of profit and loss performed by the Product Control functions. Gains and losses, which result from changes in fair value, are evaluated and corroborated daily based on an understanding of each of the trading desks' overall risk positions and developments in a particular market on the given day. Valuation techniques generally rely on recent transactions of suitably comparable financial instruments and use the observable inputs from those comparable transactions as a validation basis for Level 3 inputs. Level 3 fair value measurements are further validated through subsequent sales testing and market comparable sales, if such information is available. Level 3 fair value measurements require documentation of the valuation rationale applied, which is reviewed for consistency in application from period to period; and the documentation includes benchmarking the assumptions underlying the valuation rationale against relevant analytic data. | |
Third Party Pricing Information. Pricing information obtained from external data providers (including independent pricing services and brokers) may incorporate a range of market quotes from dealers, recent market transactions and benchmarking model derived prices to quoted market prices and trade data for comparable securities. External pricing data is subject to evaluation for reasonableness by the IPV Group using a variety of means including comparisons of prices to those of similar product types, quality and maturities, consideration of the narrowness or wideness of the range of prices obtained, knowledge of recent market transactions and an assessment of the similarity in prices to comparable dealer offerings in a recent time period. Jefferies has a process whereby it challenges the appropriateness of pricing information obtained from external data providers (including independent pricing services and brokers) in order to validate the data for consistency with the definition of a fair value exit price. Jefferies process includes understanding and evaluating the external data providers' valuation methodologies. For corporate, U.S. government and agency, and municipal debt securities, and loans, to the extent independent pricing services or broker quotes are utilized in our valuation process, the vendor service providers are collecting and aggregating observable market information as to recent trade activity and active bid-ask submissions. The composite pricing information received from the independent pricing service is not based on unobservable inputs or proprietary models. For mortgage- and other asset-backed securities and collateralized debt obligations, the independent pricing service uses a matrix evaluation approach incorporating both observable yield curves and market yields on comparable securities as well as implied inputs from observed trades for comparable securities in order to determine prepayment speeds, cumulative default rates and loss severity. Further, Jefferies considers pricing data from multiple service providers as available as well as compares pricing data to prices observed for recent transactions, if any, in order to corroborate valuation inputs. | |
Model Review Process. Where a pricing model is to be used to determine fair value, the pricing model is reviewed for theoretical soundness and appropriateness by Risk Management, independent from the trading desks, and then approved by Risk Management to be used in the valuation process. Review and approval of a model for use may include benchmarking the model against relevant third party valuations, testing sample trades in the model, backtesting the results of the model against actual trades and stress-testing the sensitivity of the pricing model using varying inputs and assumptions. In addition, recently executed comparable transactions and other observable market data are considered for purposes of validating assumptions underlying the model. Models are independently reviewed and validated by Risk Management annually or more frequently if market conditions or use of the valuation model changes. | |
Investments In Managed Funds | ' |
Investments in Managed Funds | |
Investments in managed funds include our investments in funds managed by us and our investments in related party managed funds in which we are entitled to a portion of the management and/or performance fees. Investments in nonconsolidated managed funds are accounted for at fair value with gains or losses included in the Consolidated Statements of Operations. | |
Asset management fees and investment income from managed funds include revenues we earn from management, administrative and performance fees from funds and accounts managed by us, revenues from management and performance fees we earn from related-party managed funds and investment income from our investments in these funds. We earn fees in connection with management and investment advisory services performed for various funds and managed accounts. These fees are based on assets under management or an agreed upon notional amount and may include performance fees based upon the performance of the funds. Management and administrative fees are generally recognized over the period that the related service is provided. Generally, performance fees are earned when the return on assets under management exceeds certain benchmark returns, "high-water marks" or other performance targets. Performance fees are accrued (or reversed) on a monthly basis based on measuring performance to date versus any relevant benchmark return hurdles stated in the investment management agreement. Performance fees are not subject to adjustment once the measurement period ends (generally annual periods) and the performance fees have been realized. | |
Loans To And Investments In Associated Companies | ' |
Loans to and Investments in Associated Companies | |
Loans to and investments in associated companies include investments in private equity and other operating entities in which we exercise significant influence over operating and capital decisions and loans issued in connection with such investments. Loans to and investments in associated companies are accounted for using the equity method. See Notes 12 and 30 for additional information regarding certain of these investments. | |
Under the equity method of accounting, our share of the investee's underlying net income or loss is recorded as Income (loss) related to associated companies, or as part of Other revenues if such investees are considered to be an extension of our business. Income (loss) for investees for which the fair value option was elected are reported as Principal transactions revenues. | |
Receivables From And Payables To Customers Of Securities Operations | ' |
Receivables from and Payables to Customers of Securities Operations | |
Receivables from and payables to customers of securities operations include amounts receivable and payable on cash and margin transactions. Securities owned by customers and held as collateral for these receivables are not reflected in the accompanying consolidated financial statements. Receivables from officers and directors included within this financial statement line item represent balances arising from their individual security transactions. These transactions are subject to the same regulations as customer transactions and are provided on substantially the same terms. | |
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, Jefferies borrows 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. Jefferies has an active securities borrowed and lending matched book business in which it borrows securities from one party and lends them to another party. When Jefferies borrows securities, it generally provides cash to the lender as collateral, which is reflected in the Consolidated Statements of Financial Condition as Securities borrowed. Jefferies earns interest revenues on this cash collateral. Similarly, when Jefferies lends securities to another party, that party provides cash to Jefferies as collateral, which is reflected in the Consolidated Statements of Financial Condition as Securities loaned. Jefferies pays 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. Jefferies monitors the fair value of the securities borrowed and loaned on a daily basis and requests additional collateral or returns 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. Repos are presented in the Consolidated Statements of Financial Condition on a net-basis-by counterparty, where permitted by GAAP. The fair value of the underlying securities is monitored 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. | |
Property, Equipment And Leasehold Improvements | ' |
Property, Equipment and Leasehold Improvements | |
Property, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are provided principally on the straight-line method over the estimated useful lives of the assets or, if less, the term of the underlying lease. | |
Impairment Of Long-Lived Assets | ' |
Impairment of Long-Lived Assets | |
We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. When testing for impairment, we group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (or asset group). The determination of whether an asset group is recoverable is based on management's estimate of undiscounted future cash flows directly attributable to the asset group as compared to its carrying value. If the carrying amount of the asset group is greater than the undiscounted cash flows, an impairment loss would be recognized for the amount by which the carrying amount of the asset group exceeds its estimated fair value. | |
National Beef's beef processing facility located in Brawley, California was originally acquired by National Beef in May 2006. When National Beef was acquired by us in December 2011, the Brawley facility was recorded at its then fair value, which was based in part on market studies and appraisals prepared by an independent valuation and appraisal firm. The facility was profitable for periods through 2011 during a period of favorable industry margins and when the plant had access to a sufficient supply of cattle. However, more recently National Beef has struggled to achieve acceptable gross margins and to overcome the declining supply of fed cattle available to the plant and fixed cost inefficiencies inherent in a single shift plant. There is not an adequate supply of fed cattle to operate the plant efficiently and our outlook is for the supply to continue to decline. | |
After exhausting all opportunities to improve the operating performance of the Brawley beef processing facility, during the fourth quarter of 2013 National Beef concluded that the facility would continue to generate losses for the foreseeable future, resulting in a decision in December 2013 to close the facility in April 2014. Subsequent to closing the plant, National Beef plans to hold the plant in "mothballed" status indefinitely. National Beef evaluated the recoverability of the long-lived assets at Brawley, which had an aggregate carrying amount of $93.2 million at December 31, 2013, and based on its estimate of future undiscounted cash flows concluded that the carrying value was not recoverable and the facility was impaired. In performing this evaluation, National Beef determined that the Brawley facility is the asset group that represents the lowest level of cash flows that are largely independent of the cash flows of other assets and liabilities. | |
The management of National Beef engaged an independent valuation and appraisal firm to assist in estimating the fair value of the long-lived assets at Brawley. National Beef's estimate of fair value was based on an orderly liquidation technique, which represents the amount that can be realized in a liquidation sale, given a reasonable period of time to find a purchaser, assuming an as-is where-is condition. In preparing its analysis, National Beef considered current market conditions, replacement cost, as well as the age, physical and functional characteristics of the long-lived assets. | |
As a result, National Beef concluded that the fair value of the long-lived assets at the Brawley facility is $29.9 million at December 31, 2013, and recorded an impairment loss of $63.3 million, which is reflected in Selling, general and other expenses in the Consolidated Statement of Operations for the year ended December 31, 2013. As with any estimate of fair value, future market, regulatory and general economic conditions as well as the obsolescence, future deterioration of, or inability to locate a purchaser should National Beef decide to sell the facility could have a significant effect on their future value. | |
In addition to the long-lived asset impairment charge, National Beef expects to incur additional costs relating to the closing of the facility during 2014. These costs include costs for fulfilling certain contractual obligations, employee separation and retention, systems decommissioning and various other expenses. National Beef currently estimates that these costs could be up to $20.0 million in the aggregate. Under GAAP, these costs may not be accrued until they are actually incurred. | |
Excluding the National Beef impairment, we recorded impairment charges in Selling, general and other expenses of $20.0 million in 2013 and $4.2 million in 2012; all related to various real estate development projects. Prior to the impairment charges in 2013, these projects had a book value of $32.3 million; after recognizing the impairment charges the carrying value of the real estate projects was reduced to their estimated fair value of $12.3 million. Estimates of fair value were principally determined using discounted cash flow analyses and/or current and expected market conditions for the specific geographic area. For the year ended December 31, 2013, impairment charges related to real estate include an out of period adjustment of $15.4 million to record charges related to prior periods. | |
Substantially all of our operating businesses sell products or services that are impacted by general economic conditions in the U.S. and to a lesser extent internationally. In recent years general economic conditions reduced the demand for products or services sold by our operating subsidiaries and/or resulted in reduced pricing for products or services. A worsening of current economic conditions could cause a decline in estimated future cash flows expected to be generated by our operations and investments. If future undiscounted cash flows are estimated to be less than the carrying amounts of the asset groups used to generate those cash flows in subsequent reporting periods, particularly for those with large investments in intangible assets and property and equipment (for example, investment banking & capital markets, beef processing, manufacturing, real estate and certain associated company investments), impairment charges would have to be recorded. | |
Intangible Assets, Net And Goodwill | ' |
Intangible Assets, Net and Goodwill | |
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. If future undiscounted cash flows are estimated to be less than the carrying amounts of the asset groups used to generate those cash flows in subsequent reporting periods, particularly for those with large investments in amortizable intangible assets, impairment charges would have to be recorded. | |
An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when certain events or circumstances exist indicating an assessment for impairment is necessary. Impairment exists when the carrying amount exceeds its fair value. Fair value will be determined using valuation techniques consistent with what a market participant would use. All of our annual indefinite-lived intangible assets were recognized in connection with the Jefferies acquisition, and our impairment testing date is as of August 1. When tested, there was no significant impairment recognized for intangible assets. | |
Goodwill. At acquisition, we allocate the cost of a business acquisition to the specific tangible and intangible assets acquired and liabilities assumed based upon their fair values. Significant judgments and estimates are often made by management to determine these values, and may include the use of appraisals, consideration of market quotes for similar transactions, use of discounted cash flow techniques or consideration of other information we believe to be relevant. Any excess of the cost of a business acquisition over the fair values of the net assets and liabilities acquired is recorded as goodwill, which is not amortized to expense. Substantially all of our goodwill was recognized in connection with the Jefferies acquisition. | |
At least annually, and more frequently if warranted, we will assess whether goodwill has been impaired. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not impaired. If the estimated fair value is less than carrying value, further analysis is necessary to determine the amount of impairment, if any. The fair values will be 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 fair value include market capitalization, price-to-book multiples of comparable exchange traded companies, multiples of merger and acquisitions of similar businesses and/or projected cash flows. 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. Our annual goodwill impairment testing date related to Jefferies as of August 1 did not indicate any goodwill impairment in any of Jefferies reporting units; see Note 14 for more information. | |
Inventories And Cost Of Sales | ' |
Inventories and Cost of Sales | |
National Beef's inventories consist primarily of meat products and supplies, and are stated at the lower of cost or market, with cost principally determined under the first-in-first-out method for meat products and average cost for supplies. | |
Manufacturing inventories are stated at the lower of cost or market, with cost principally determined under the first-in-first-out method. Manufacturing cost of sales principally includes product and manufacturing costs, inbound and outbound shipping costs and handling costs. | |
Income Taxes | ' |
Income Taxes | |
We record a valuation allowance to reduce our net deferred tax asset to the net amount that is more likely than not to be realized. If in the future we determine that it is more likely than not that we will be able to realize our net deferred tax asset in excess of our net recorded amount, an adjustment to increase the net deferred tax asset would increase income in such period. If in the future we were to determine that we would not be able to realize all or part of its recorded net deferred tax asset, an adjustment to decrease the net deferred tax asset would be charged to income in such period. We are required to consider all available evidence, both positive and negative, and to weight the evidence when determining whether a valuation allowance is required and the amount of such valuation allowance. Generally, greater weight is required to be placed on objectively verifiable evidence when making this assessment, in particular on recent historical operating results. | |
Our estimate of future taxable income considers all available evidence, both positive and negative, about our operating businesses and investments, includes an aggregation of individual projections for each significant operating business and investment, estimated apportionment factors for state and local taxing jurisdictions and included all future years that we estimate we will have available net operating loss carryforwards ("NOLs") (until 2029). We believe that our estimate of future taxable income is reasonable but inherently uncertain, and if our current or future operations and investments generate taxable income different than the projected amounts, further adjustments to the valuation allowance are possible. The current balance of the deferred tax valuation allowance principally reserves for NOLs of certain subsidiaries that are not available to offset income generated by other members of the consolidated tax return group. | |
We also record reserves for unrecognized tax benefits based on our assessment of the probability of successfully sustaining tax filing positions. Interest and penalties, if any, are recorded as components of income tax expense. Management exercises significant judgment when assessing the probability of successfully sustaining tax filing positions, and in determining whether a contingent tax liability should be recorded and if so estimating the amount. If our tax filing positions are successfully challenged, payments could be required that are in excess of reserved amounts or we may be required to reduce the carrying amount of our net deferred tax asset, either of which could be significant to our Consolidated Statement of Financial Condition or results of operations. | |
Share-based Compensation | ' |
Share-based Compensation | |
Share-based awards are measured based on the fair value of the award as determined in accordance with GAAP and recognized over the required service or vesting period. The fair value of options and warrants are estimated at the date of grant using the Black-Scholes option pricing model. Expected forfeitures are included in determining share-based compensation expense. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
Assets and liabilities of foreign subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the end of a period. Revenues and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating foreign currency financial statements into U.S. dollars, net of hedging gains or losses and taxes, if any, are included in other comprehensive income. Gains or losses resulting from foreign currency transactions are included in the Consolidated Statements of Operations. | |
Earnings Per Common Share | ' |
Earnings per Common Share | |
Basic earnings per share ("EPS") is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding and certain other shares committed to be, but not yet issued. Net earnings available to common shareholders represent net earnings to common shareholders reduced by the allocation of earnings to participating securities. Losses are not allocated to participating securities. Common shares outstanding and certain other shares committed to be, but not yet issued, include restricted stock and restricted stock units ("RSUs") for which no future service is required. Diluted EPS is computed by dividing net earnings available to common shareholders plus dividends on dilutive mandatorily redeemable convertible preferred shares and interest on convertible notes by the weighted average number of common shares outstanding and certain other shares committed to be, but not yet issued, plus all dilutive common stock equivalents outstanding during the period. | |
Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and, therefore, are included in the earnings allocation in computing earnings per share under the two-class method of earnings per share. Restricted stock and RSUs granted as part of share-based compensation contain nonforfeitable rights to dividends and dividend equivalents, respectively, and therefore, prior to the requisite service being rendered for the right to retain the award, restricted stock and RSUs meet the definition of a participating security. As such, we calculate basic and diluted earnings per share under the two-class method. | |
Securitization Activities | ' |
Securitization Activities | |
Jefferies engages in securitization activities related to corporate loans, commercial mortgage loans and mortgage-backed and other asset-backed securities. Such transfers of financial assets are accounted for as sales when we have relinquished control over the transferred assets. The gain or loss on sale of such financial assets depends, in part, on the previous carrying amount of the assets involved in the transfer allocated between the assets sold and the retained interests, if any, based upon their respective fair values at the date of sale. We may retain interests in the securitized financial assets as one or more tranches of the securitization. These retained interests are included within Trading assets in the Consolidated Statements of Financial Condition at fair value. Any changes in the fair value of such retained interests are recognized in the Consolidated Statements of Operations. | |
When a transfer of assets does not meet the criteria of a sale, the transfer is accounted for as a secured borrowing and we continue to recognize the assets of a secured borrowing in Trading assets and recognize the associated financing in Other secured financings. | |
Contingencies | ' |
Contingencies | |
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 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, can be highly subjective and is subject to significant change with the passage of time as more information becomes available. Estimating the ultimate impact of litigation matters is inherently uncertain, in particular because the ultimate outcome will rest on events and decisions of others that may not be within our power to control. We do not believe that any of our current litigation will have a significant adverse effect on our consolidated financial position, results of operations or liquidity; however, if amounts paid at the resolution of litigation are in excess of recorded reserve amounts, the excess could be significant in relation to results of operations for that period. For further information, see Note 27. | |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Acquisitions [Abstract] | ' | ||||||
Schedule Of Allocation Of The Purchase Price To The Assets Acquired And Liabilities Assumed At Acquisition Date | ' | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 3,017,958 | |||||
Cash and securities segregated and on deposit for regulatory purposes or | |||||||
deposited with clearing and depository organizations | 3,728,742 | ||||||
Trading assets | 16,413,535 | ||||||
Loans to and investments in associated companies | 766,893 | ||||||
Securities borrowed | 5,315,488 | ||||||
Securities purchased under agreements to resell | 3,578,366 | ||||||
Intangible assets, net | 282,852 | ||||||
Goodwill | 1,722,591 | ||||||
Deferred tax asset, net | 539,384 | ||||||
Other assets | 4,386,419 | ||||||
Total assets | 39,752,228 | ||||||
Liabilities | |||||||
Short-term borrowings | 100,000 | ||||||
Trading liabilities | 9,766,876 | ||||||
Securities loaned | 1,902,687 | ||||||
Securities sold under agreements to repurchase | 7,976,492 | ||||||
Payables to customers of securities operations | 5,450,781 | ||||||
Trade payables, expense accruals and other liabilities | 2,724,136 | ||||||
Mandatorily redeemable preferred interest in JHYH held by Leucadia | 358,951 | ||||||
Long-term debt | 6,345,536 | ||||||
Total liabilities | 34,625,459 | ||||||
Noncontrolling interests | 356,180 | ||||||
Net assets acquired | $ | 4,770,589 | |||||
Amounts Allocated To Intangible Assets, The Amortization Period And Goodwill | ' | ||||||
Amortization | |||||||
Amount | Years | ||||||
Customer relationships | $ | 136,002 | 9 to 18 years | ||||
Tradenames and related trademarks | 131,299 | 35 years | |||||
Exchange and clearing organization | |||||||
membership interests and registrations | 15,551 | Indefinite | |||||
Subtotal, intangible assets | 282,852 | ||||||
Goodwill | 1,722,591 | ||||||
Total | $ | 2,005,443 | |||||
Pro Forma Operating Results | ' | ||||||
2013 | 2012 | 2011 | |||||
Net revenues | $ | 11,087,668 | $ | 12,253,259 | $ | 7,681,167 | |
Net income attributable to Leucadia National Corporation | |||||||
common shareholders | $ | 267,160 | $ | 900,044 | $ | 112,754 | |
Basic income per common share attributable to Leucadia | |||||||
National Corporation common shareholders | $ | 0.7 | $ | 2.37 | $ | 0.46 | |
Diluted income per common share attributable to Leucadia | |||||||
National Corporation common shareholders | $ | 0.7 | $ | 2.33 | $ | 0.46 |
Cash_and_Cash_Equivalents_Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Cash And Cash Equivalents [Abstract] | ' | ||||
Schedule Of Cash And Cash Equivalents | ' | ||||
2013 | 2012 | ||||
Cash in banks | $ | 1,174,480 | $ | 143,517 | |
Money market and other short-term investments | 2,733,115 | 2,443 | |||
Total cash and cash equivalents | $ | 3,907,595 | $ | 145,960 |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||
Schedule Of Assets And Liabilities Measured On Recurring Basis At Fair Value | ' | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||
Counterparty | |||||||||||||||||||||||
and | |||||||||||||||||||||||
Cash | |||||||||||||||||||||||
Collateral | |||||||||||||||||||||||
Level 1 (1) | Level 2 (1) | Level 3 | Netting (2) | Total | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Trading assets, at fair value: | |||||||||||||||||||||||
Corporate equity securities | $ | 1,957,963 | $ | 175,493 | $ | 9,884 | $ | – | $ | 2,143,340 | |||||||||||||
Corporate debt securities | – | 2,961,857 | 25,666 | – | 2,987,523 | ||||||||||||||||||
Collateralized debt obligations | – | 182,095 | 37,216 | – | 219,311 | ||||||||||||||||||
U.S. government and federal agency securities | 2,293,221 | 40,389 | – | – | 2,333,610 | ||||||||||||||||||
Municipal securities | – | 664,054 | – | – | 664,054 | ||||||||||||||||||
Sovereign obligations | 1,458,803 | 889,685 | – | – | 2,348,488 | ||||||||||||||||||
Residential mortgage-backed securities | – | 2,932,268 | 105,492 | – | 3,037,760 | ||||||||||||||||||
Commercial mortgage-backed securities | – | 1,130,410 | 17,568 | – | 1,147,978 | ||||||||||||||||||
Other asset-backed securities | – | 55,475 | 12,611 | – | 68,086 | ||||||||||||||||||
Loans and other receivables | – | 1,203,238 | 145,890 | – | 1,349,128 | ||||||||||||||||||
Derivatives | 40,952 | 2,472,238 | 1,493 | (2,253,589 | ) | 261,094 | |||||||||||||||||
Investments at fair value | – | 40 | 101,242 | – | 101,282 | ||||||||||||||||||
Physical commodities | – | 37,888 | – | – | 37,888 | ||||||||||||||||||
Total trading assets | $ | 5,750,939 | $ | 12,745,130 | $ | 457,062 | $ | (2,253,589 | ) | $ | 16,699,542 | ||||||||||||
Available for sale securities: | |||||||||||||||||||||||
Corporate equity securities | $ | 252,531 | $ | – | $ | – | $ | – | $ | 252,531 | |||||||||||||
Corporate debt securities | – | 51,163 | – | – | 51,163 | ||||||||||||||||||
U.S. government securities | 1,781,266 | – | – | – | 1,781,266 | ||||||||||||||||||
Residential mortgage-backed securities | – | 579,162 | – | – | 579,162 | ||||||||||||||||||
Commercial mortgage-backed securities | – | 17,985 | – | – | 17,985 | ||||||||||||||||||
Other asset-backed securities | – | 184,036 | – | – | 184,036 | ||||||||||||||||||
Total available for sale securities | $ | 2,033,797 | $ | 832,346 | – | $ | – | $ | 2,866,143 | ||||||||||||||
Cash and cash equivalents | $ | 3,907,595 | $ | – | – | $ | – | $ | 3,907,595 | ||||||||||||||
Investments in managed funds | $ | – | $ | – | $ | 57,285 | $ | – | $ | 57,285 | |||||||||||||
Cash and securities segregated and on deposit for regulatory | |||||||||||||||||||||||
purposes or deposited with clearing and depository | |||||||||||||||||||||||
organizations (3) | $ | 3,616,602 | $ | – | $ | – | $ | – | $ | 3,616,602 | |||||||||||||
Securities received as collateral | $ | 11,063 | $ | – | $ | – | $ | – | $ | 11,063 | |||||||||||||
Liabilities: | |||||||||||||||||||||||
Trading liabilities: | |||||||||||||||||||||||
Corporate equity securities | $ | 1,804,392 | $ | 40,358 | $ | 38 | $ | – | $ | 1,844,788 | |||||||||||||
Corporate debt securities | – | 1,346,078 | – | – | 1,346,078 | ||||||||||||||||||
U.S. government and federal agency securities | 1,324,326 | – | – | 1,324,326 | |||||||||||||||||||
Sovereign obligations | 1,360,269 | 471,088 | – | – | 1,831,357 | ||||||||||||||||||
Residential mortgage-backed securities | – | 34,691 | – | – | 34,691 | ||||||||||||||||||
Loans | – | 672,838 | 22,462 | – | 695,300 | ||||||||||||||||||
Derivatives | 43,829 | 2,480,463 | 8,398 | (2,352,611 | ) | 180,079 | |||||||||||||||||
Physical commodities | – | 36,483 | – | – | 36,483 | ||||||||||||||||||
Total trading liabilities | 4,532,816 | $ | 5,081,999 | $ | 30,898 | $ | (2,352,611 | ) | $ | 7,293,102 | |||||||||||||
Other secured financings | $ | – | $ | 31,000 | $ | 8,711 | $ | – | $ | 39,711 | |||||||||||||
Obligation to return securities received as collateral | $ | 11,063 | $ | – | $ | – | $ | – | $ | 11,063 | |||||||||||||
31-Dec-12 | |||||||||||||||||||||||
Counterparty | |||||||||||||||||||||||
and Cash | |||||||||||||||||||||||
Collateral | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting | Total | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Trading assets, at fair value: | |||||||||||||||||||||||
Investment in Jefferies common shares | $ | 1,077,172 | $ | – | $ | – | $ | – | $ | 1,077,172 | |||||||||||||
Available for sale securities: | |||||||||||||||||||||||
Corporate equity securities | $ | 934,823 | $ | – | $ | – | $ | – | $ | 934,823 | |||||||||||||
Corporate debt securities | – | 16,648 | – | – | 16,648 | ||||||||||||||||||
U.S. government and federal agency securities | 1,657,022 | 6,490 | – | – | 1,663,512 | ||||||||||||||||||
Residential mortgage-backed securities | – | 601,456 | – | – | 601,456 | ||||||||||||||||||
Commercial mortgage-backed securities | – | 59,113 | – | – | 59,113 | ||||||||||||||||||
Other asset-backed securities | – | 80,556 | – | – | 80,556 | ||||||||||||||||||
Other | – | 884 | – | – | 884 | ||||||||||||||||||
Total available for sale securities | $ | 2,591,845 | $ | 765,147 | $ | – | $ | – | $ | 3,356,992 | |||||||||||||
Cash and cash equivalents | $ | 145,960 | $ | – | $ | – | $ | – | $ | 145,960 | |||||||||||||
(1) During 2013, listed equity options with a fair value of $403.0 million within Trading assets and $423.0 million within Trading liabilities were transferred from Level 1 to Level 2 as adjustments to the exchange closing price are necessary to best reflect the fair value of the population at its exit price. | |||||||||||||||||||||||
(2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. | |||||||||||||||||||||||
(3) Securities comprise U.S. government securities segregated for regulatory purposes with a fair value of $304.2 million. | |||||||||||||||||||||||
Investments Measured At Fair Value Based On Net Asset Value | ' | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||
Redemption | |||||||||||||||||||||||
Unfunded | Frequency | ||||||||||||||||||||||
Fair Value (6) | Commitments | (if currently eligible) | |||||||||||||||||||||
Equity Long/Short Hedge Funds (1) | $ | 20,927 | $ | – | Monthly/Quarterly | ||||||||||||||||||
High Yield Hedge Funds (2) | 244 | – | – | ||||||||||||||||||||
Fund of Funds (3) | 494 | 94 | – | ||||||||||||||||||||
Equity Funds (4) | 66,495 | 40,816 | – | ||||||||||||||||||||
Convertible Bond Funds (5) | 3,473 | – | At Will | ||||||||||||||||||||
Total (7) | $ | 91,633 | $ | 40,910 | |||||||||||||||||||
(1) This category includes investments in hedge funds that invest, long and short, in equity securities in domestic and international markets in both the public and private sectors. Investments representing approximately 98% of the fair value of investments in this category are redeemable with 30 to 65 days prior written notice. The remaining investments in this category cannot be redeemed as they are in liquidation and distributions will be received through the liquidation of the underlying assets of the funds. We are unable to estimate when the underlying assets will be liquidated. | |||||||||||||||||||||||
(2) Includes investments in funds that invest in domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. The underlying assets of the funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated. | |||||||||||||||||||||||
(3) Includes investments in fund of funds that invest in various private equity funds. Approximately 98% of the fair value of investments in this category is managed by us and has no redemption provisions, instead distributions are received through the liquidation of the underlying assets of the fund of funds, which are estimated to be liquidated in one to two years. For the remaining investments, we have requested redemption; however, we are unable to estimate when these funds will be received. | |||||||||||||||||||||||
(4) Investments representing approximately 99% of the fair value of investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed, instead distributions are received through the liquidation of the underlying assets of the funds which are expected to liquidate in one to eight years. The remaining investments are in liquidation and we are unable to estimate when the underlying assets will be fully liquidated. This category includes investments in equity funds managed by us with a fair value of $54.4 million and unfunded commitments of $39.2 million. | |||||||||||||||||||||||
(5) Investment in the Jefferies Umbrella Fund, an open-ended investment company managed by us that invests primarily in convertible bonds. The investment is redeemable with 5 days prior written notice. | |||||||||||||||||||||||
(6) Fair value has been estimated using the net asset value derived from each of the funds' capital statements. | |||||||||||||||||||||||
(7) Investments at fair value in the Consolidated Statements of Financial Condition include $66.9 million of direct investments which do not have the characteristics of investment companies and therefore not included within this table. We have unfunded commitments to such investments of $3.3 million in aggregate at December 31, 2013. | |||||||||||||||||||||||
Summary Of Trading Assets And Trading Liabilities | ' | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||
Trading Assets | Trading Liabilities | ||||||||||||||||||||||
Exchange closing prices | 12 | % | 25 | % | |||||||||||||||||||
Recently observed transaction prices | 5 | % | 4 | % | |||||||||||||||||||
External pricing services | 68 | % | 66 | % | |||||||||||||||||||
Broker quotes | 3 | % | 3 | % | |||||||||||||||||||
Valuation techniques | 12 | % | 2 | % | |||||||||||||||||||
100 | % | 100 | % | ||||||||||||||||||||
Summary Of Changes In Fair Value Of Financial Assets And Liabilities Classified As Level 3 | ' | ||||||||||||||||||||||
Period from the Jefferies Acquisition through December 31, 2013 (3) | |||||||||||||||||||||||
Changes in | |||||||||||||||||||||||
unrealized gains | |||||||||||||||||||||||
(losses) relating | |||||||||||||||||||||||
Total gains | to instruments | ||||||||||||||||||||||
(losses) | Net transfers | still held at | |||||||||||||||||||||
Beginning | (realized and | into (out of) | Ending | December 31, | |||||||||||||||||||
Balance | unrealized) (1) | Purchases | Sales | Settlements | Level 3 | Balance | 2013 (1) | ||||||||||||||||
Assets: | |||||||||||||||||||||||
Trading assets: | |||||||||||||||||||||||
Corporate equity securities | $ | 13,234 | $ | 1,551 | $ | 3,583 | $ | (7,141 | ) | $ | – | $ | (1,343 | ) | $ | 9,884 | $ | (419 | ) | ||||
Corporate debt securities | 31,820 | (2,454 | ) | 31,014 | (34,125 | ) | – | (589 | ) | 25,666 | (2,749 | ) | |||||||||||
Collateralized debt obligations | 24,736 | (2,309 | ) | 45,437 | (32,874 | ) | – | 2,226 | 37,216 | (8,384 | ) | ||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||
securities | 169,426 | (4,897 | ) | 89,792 | (150,807 | ) | (11,007 | ) | 12,985 | 105,492 | (6,932 | ) | |||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||
securities | 17,794 | (4,469 | ) | 20,130 | (13,538 | ) | (100 | ) | (2,249 | ) | 17,568 | (3,794 | ) | ||||||||||
Other asset-backed securities | 1,292 | (4,535 | ) | 105,291 | (104,711 | ) | – | 15,274 | 12,611 | (3,497 | ) | ||||||||||||
Loans and other receivables | 170,986 | 15,008 | 287,757 | (115,231 | ) | (211,805 | ) | (825 | ) | 145,890 | 13,402 | ||||||||||||
Investments, at fair value | 75,067 | 1,678 | 28,594 | (102 | ) | (5,012 | ) | 1,017 | 101,242 | 1,705 | |||||||||||||
Investments in managed funds | 59,976 | 9,863 | 15,651 | (17 | ) | (28,188 | ) | – | 57,285 | 9,863 | |||||||||||||
Liabilities: | |||||||||||||||||||||||
Trading liabilities: | |||||||||||||||||||||||
Corporate equity securities | $ | 38 | $ | – | $ | – | $ – | $ | – | $ | – | $ | 38 | $ | – | ||||||||
Residential mortgage-backed | |||||||||||||||||||||||
securities | 1,542 | (1,542 | ) | – | – | – | – | – | – | ||||||||||||||
Net derivatives (2) | 11,185 | 4,408 | – | (300 | ) | (8,515 | ) | 127 | 6,905 | 1,609 | |||||||||||||
Loans | 7,398 | 2,959 | (16,027 | ) | 28,065 | 67 | – | 22,462 | (2,970 | ) | |||||||||||||
(1) Realized and unrealized gains (losses) are reported in Principal transactions in the Consolidated Statements of Operations. | |||||||||||||||||||||||
(2) Net derivatives represent Trading assets - Derivatives and Trading liabilities - Derivatives. | |||||||||||||||||||||||
(3) In addition to the above changes in the fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy, during the period from the Jefferies acquisition through December 31, 2013, secured financings of $8.7 million were issued. | |||||||||||||||||||||||
Quantitative Information About Significant Unobservable Inputs Used In Level 3 Fair Value Measurements | ' | ||||||||||||||||||||||
Fair Value | Valuation | Significant | Weighted | ||||||||||||||||||||
Financial Instruments Owned | (in thousands) | Technique | Unobservable Input(s) | Input/Range | Average | ||||||||||||||||||
Corporate equity securities | $ | 8,034 | |||||||||||||||||||||
Non-exchange traded securities | Market approach | EBITDA (a) multiple | 4.0 to 5.5 | 4.53 | |||||||||||||||||||
Warrants | Option model | Volatility | 36 | % | – | ||||||||||||||||||
Corporate debt securities | $ | 17,699 | |||||||||||||||||||||
Scenario analysis | Estimated recovery percentage | 24 | % | – | |||||||||||||||||||
Comparable pricing | Comparable bond or loan price | $69.10 to $70.50 | $ | 69.91 | |||||||||||||||||||
Market approach | Yield | 13 | % | – | |||||||||||||||||||
Collateralized debt obligations | $ | 34,316 | |||||||||||||||||||||
Discounted cash flows | Constant prepayment rate | 0% to 20 | % | 13 | % | ||||||||||||||||||
Constant default rate | 2% to 3 | % | 2 | % | |||||||||||||||||||
Loss severity | 30% to 85 | % | 38 | % | |||||||||||||||||||
Yield | 3% to 91 | % | 28 | % | |||||||||||||||||||
Residential mortgage-backed | $ | 105,492 | |||||||||||||||||||||
Discounted cash flows | Constant prepayment rate | 2% to 50 | % | 11 | % | ||||||||||||||||||
Constant default rate | 1% to 100 | % | 17 | % | |||||||||||||||||||
Loss severity | 30% to 90 | % | 48 | % | |||||||||||||||||||
Yield | 0% to 20 | % | 7 | % | |||||||||||||||||||
Commercial mortgage-backed | $ | 17,568 | Discounted cash flows | ||||||||||||||||||||
Yield | 12% to 20 | % | 14 | % | |||||||||||||||||||
Cumulative loss rate | 5% to 28.2 | % | 11 | % | |||||||||||||||||||
Other asset-backed securities | $ | 12,611 | |||||||||||||||||||||
Discounted cash flows | Constant prepayment rate | 4% to 30 | % | 17 | % | ||||||||||||||||||
Constant default rate | 2% to 11 | % | 7 | % | |||||||||||||||||||
Loss severity | 40% to 92 | % | 64 | % | |||||||||||||||||||
Yield | 3% to 29 | % | 18 | % | |||||||||||||||||||
Loans and other receivables | $ | 101,931 | |||||||||||||||||||||
Comparable pricing | Comparable bond or loan price | $91 to $101 | $ | 98.9 | |||||||||||||||||||
Market approach | Yield | 8.75% to 13.5 | % | 10 | % | ||||||||||||||||||
EBITDA (a) multiple | 6.9 | – | |||||||||||||||||||||
Scenario analysis | Estimated recovery percentage | 16.9% to 92 | % | 74 | % | ||||||||||||||||||
Derivatives | $ | 1,493 | |||||||||||||||||||||
Loan commitments | Comparable pricing | Comparable bond or loan price | $100.88 | – | |||||||||||||||||||
Investments at fair value | $ | 30,203 | |||||||||||||||||||||
Private equity securities | Comparable pricing | Comparable share price | $414 | – | |||||||||||||||||||
Market approach | Discount rate | 15% to 30 | % | 23 | % | ||||||||||||||||||
Fair Value | Valuation | Significant | Weighted | ||||||||||||||||||||
Trading Liabilities | (in thousands) | Technique | Unobservable Input(s) | Input/Range | Average | ||||||||||||||||||
Derivatives | $ | 8,398 | |||||||||||||||||||||
Equity options | Option model | Volatility | 36.25% to 41 | % | 39 | % | |||||||||||||||||
Loans | $ | 8,106 | Comparable pricing | Comparable bond or loan price | $101.88 | – | |||||||||||||||||
(a) Earnings before interest, taxes, depreciation and amortization ("EBITDA"). | |||||||||||||||||||||||
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 | ' | ||||||||||||||||||||||
Financial Instruments Owned: | |||||||||||||||||||||||
Loans and other receivables | $ | 15,327 | |||||||||||||||||||||
Financial Instruments Sold: | |||||||||||||||||||||||
Loans | $ | (32 | ) | ||||||||||||||||||||
Loan commitments | $ | (1,007 | ) | ||||||||||||||||||||
Summary Of Amount By Which Contractual Principal Exceeds Fair Value For Loans And Other Receivables Measured At Fair Value Under Fair Value Option | ' | ||||||||||||||||||||||
Loans and other receivables (2) | $ | 264,896 | |||||||||||||||||||||
Loans greater than 90 days past due (1) (2) | $ | – | |||||||||||||||||||||
(1) The aggregate fair value of loans that were 90 or more days past due was $0. | |||||||||||||||||||||||
(2) Interest income is recognized separately from other changes in fair value and is included within Interest income in the Consolidated Statements of Operations. | |||||||||||||||||||||||
Schedule Of Changes In Fair Value Of Investments Reflected As Principal Transactions | ' | ||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||
Mueller | $ | 30,018 | $ | (6,093 | ) | ||||||||||||||||||
Jefferies | 301,341 | (668,282 | ) | ||||||||||||||||||||
Total | $ | 331,359 | $ | (674,375 | ) |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||
Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure | ' | ||||||||||||
31-Dec-13 | |||||||||||||
Assets | Liabilities | ||||||||||||
Number of | Number of | ||||||||||||
Fair Value | Contracts | Fair Value | Contracts | ||||||||||
Interest rate contracts | $ | 1,165,977 | 63,967 | $ | 1,131,166 | 77,338 | |||||||
Foreign exchange contracts | 653,772 | 118,707 | 693,658 | 112,417 | |||||||||
Equity contracts | 501,784 | 1,742,343 | 474,985 | 1,800,603 | |||||||||
Commodity contracts | 141,280 | 797,529 | 173,119 | 788,717 | |||||||||
Credit contracts: centrally cleared swaps | 49,531 | 49 | 51,632 | 46 | |||||||||
Credit contracts: other credit derivatives | 2,339 | 16 | 8,130 | 19 | |||||||||
Total | 2,514,683 | 2,532,690 | |||||||||||
Counterparty/cash-collateral netting | (2,253,589 | ) | (2,352,611 | ) | |||||||||
Total per Consolidated Statement of Financial Condition | $ | 261,094 | $ | 180,079 | |||||||||
Unrealized and Realized Gains (Losses) on Derivative Contracts | ' | ||||||||||||
Interest rate contracts | $ | 132,661 | |||||||||||
Foreign exchange contracts | 4,937 | ||||||||||||
Equity contracts | 3,783 | ||||||||||||
Commodity contracts | 45,546 | ||||||||||||
Credit contracts | (12,850 | ) | |||||||||||
Total | $ | 174,077 | |||||||||||
Remaining Contract Maturity Of Fair Value Of OTC Derivative Assets And Liabilities | ' | ||||||||||||
OTC Derivative Assets (1) (2) (4) | |||||||||||||
Cross- | |||||||||||||
Greater Than | Maturity | ||||||||||||
0-12 Months | 1-5 Years | 5 Years | Netting (3) | Total | |||||||||
Commodity swaps, options and forwards | $ | 43,519 | $ | 699 | $ | – | $ | (198 | ) | $ | 44,020 | ||
Credit default swaps | – | – | 413 | – | 413 | ||||||||
Equity swaps and options | 4,394 | – | – | – | 4,394 | ||||||||
Total return swaps | 948 | – | – | – | 948 | ||||||||
Foreign currency forwards, swaps and options | 89,072 | 37,798 | 52 | (11,192 | ) | 115,730 | |||||||
Interest rate swaps, options and forwards | 96,983 | 89,255 | 128,983 | (51,990 | ) | 263,231 | |||||||
Total | $ | 234,916 | $ | 127,752 | $ | 129,448 | $ | (63,380 | ) | 428,736 | |||
Cross product counterparty netting | (2,086 | ) | |||||||||||
Total OTC derivative assets included in | |||||||||||||
Trading assets | $ | 426,650 | |||||||||||
(1) At December 31, 2013, we held exchange traded derivative assets and other credit agreements with a fair value of $43.1 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 the Consolidated Statements of Financial Condition. At December 31, 2013 cash collateral received was $208.6 million. | |||||||||||||
(3) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. | |||||||||||||
(4) Derivative fair values include counterparty netting within product category. | |||||||||||||
OTC Derivative Liabilities (1) (2) (4) | |||||||||||||
Cross- | |||||||||||||
Greater Than | Maturity | ||||||||||||
0-12 Months | 1-5 Years | 5 Years | Netting (3) | Total | |||||||||
Commodity swaps, options and forwards | $ | 69,380 | $ | 203 | $ | – | $ | (198 | ) | $ | 69,385 | ||
Credit default swaps | 174 | 3,539 | 1,263 | – | 4,976 | ||||||||
Equity swaps and options | – | – | 3,332 | – | 3,332 | ||||||||
Total return swaps | 5,002 | – | – | – | 5,002 | ||||||||
Foreign currency forwards, swaps and options | 117,044 | 47,258 | – | (8,608 | ) | 155,694 | |||||||
Interest rate swaps, options and forwards | 24,142 | 124,352 | 136,683 | (51,990 | ) | 233,187 | |||||||
Total | $ | 215,742 | $ | 175,352 | $ | 141,278 | $ | (60,796 | ) | 471,576 | |||
Cross product counterparty netting | (2,086 | ) | |||||||||||
Total OTC derivative liabilities included in | |||||||||||||
Trading liabilities | $ | 469,490 | |||||||||||
(1) At December 31, 2013, we held exchange traded derivative liabilities and other credit agreements with a fair value of $18.2 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 the Consolidated Statements of Financial Condition. At December 31, 2013, cash collateral pledged was $307.7 million. | |||||||||||||
(3) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. | |||||||||||||
(4) Derivative fair values include counterparty netting within product category. | |||||||||||||
Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets | ' | ||||||||||||
A- or higher | $ | 251,967 | |||||||||||
BBB- to BBB+ | 18,541 | ||||||||||||
BB+ or lower | 95,072 | ||||||||||||
Unrated | 61,070 | ||||||||||||
Total | $ | 426,650 | |||||||||||
(1) We utilize internal credit ratings determined by Jefferies Risk Management. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. | |||||||||||||
Securitization_Activities_Tabl
Securitization Activities (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Securitization Activities [Abstract] | ' | ||||
Activity Related to Securitizations Accounted for as Sales | ' | ||||
Transferred assets | $ | 4,592.50 | |||
Proceeds on new securitizations | 4,609.00 | ||||
Net revenues | 10.7 | ||||
Cash flows received on retained interests | $ | 35.6 | |||
Summary Of Retained Interests In SPEs | ' | ||||
31-Dec-13 | |||||
Retained | |||||
Securitization Type | Total Assets | Interests | |||
U.S. government agency residential mortgage-backed securities | $ | 11,518.40 | $ | 281.3 | |
U.S. government agency commercial mortgage-backed securities | 5,385.60 | 96.8 | |||
Collateralized loan obligations | 728.5 | 9 |
Available_For_Sale_Securities_
Available For Sale Securities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Available For Sale Securities [Abstract] | ' | ||||||||
Amortized Cost, Gross Unrealized Gains And Losses And Estimated Fair Value Of Available For Sale Investments | ' | ||||||||
Amortized | Gross | Gross | Fair | ||||||
Cost | Unrealized | Unrealized | Value | ||||||
Gains | Losses | ||||||||
2013 | |||||||||
Bonds and notes: | |||||||||
U.S. Government securities | $ | 1,781,052 | $ | 226 | $ | 12 | $ | 1,781,266 | |
Residential mortgage-backed securities | 570,642 | 9,946 | 1,426 | 579,162 | |||||
Commercial mortgage-backed securities | 18,271 | 13 | 299 | 17,985 | |||||
Other asset-backed securities | 183,593 | 627 | 184 | 184,036 | |||||
All other corporates | 50,933 | 267 | 37 | 51,163 | |||||
Total fixed maturities | 2,604,491 | 11,079 | 1,958 | 2,613,612 | |||||
Equity securities: | |||||||||
Common stocks: | |||||||||
First Quantum Minerals Ltd. | 154,281 | – | 5,616 | 148,665 | |||||
Banks, trusts and insurance companies | 22,980 | 27,562 | – | 50,542 | |||||
Industrial, miscellaneous and all other | 21,012 | 32,312 | – | 53,324 | |||||
Total equity securities | 198,273 | 59,874 | 5,616 | 252,531 | |||||
$ | 2,802,764 | $ | 70,953 | $ | 7,574 | $ | 2,866,143 | ||
2012 | |||||||||
Bonds and notes: | |||||||||
U.S. Government and federal agency securities | $ | 1,663,225 | $ | 327 | $ | 40 | $ | 1,663,512 | |
Residential mortgage-backed securities | 585,772 | 16,506 | 822 | 601,456 | |||||
Commercial mortgage-backed securities | 58,683 | 583 | 153 | 59,113 | |||||
Other asset-backed securities | 80,866 | 78 | 388 | 80,556 | |||||
All other corporates | 16,377 | 275 | 4 | 16,648 | |||||
Total fixed maturities | 2,404,923 | 17,769 | 1,407 | 2,421,285 | |||||
Equity securities: | |||||||||
Common stocks: | |||||||||
Inmet Mining Corporation | 504,006 | 319,751 | – | 823,757 | |||||
Banks, trusts and insurance companies | 32,811 | 33,129 | 331 | 65,609 | |||||
Industrial, miscellaneous and all other | 23,195 | 22,562 | 300 | 45,457 | |||||
Total equity securities | 560,012 | 375,442 | 631 | 934,823 | |||||
Other investments | 1,054 | – | 170 | 884 | |||||
$ | 2,965,989 | $ | 393,211 | $ | 2,208 | $ | 3,356,992 | ||
Amortized Cost And Estimated Fair Value Of Investments Classified As Available For Sale By Contractual Maturity | ' | ||||||||
Amortized | Estimated | ||||||||
Cost | Fair Value | ||||||||
(In thousands) | |||||||||
Due within one year | $ | 1,787,428 | $ | 1,787,647 | |||||
Due after one year through five years | 44,018 | 44,243 | |||||||
Due after five years through ten years | 539 | 539 | |||||||
Due after ten years | – | – | |||||||
1,831,985 | 1,832,429 | ||||||||
Mortgage-backed and asset-backed securities | 772,506 | 781,183 | |||||||
$ | 2,604,491 | $ | 2,613,612 |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Variable Interest Entities [Abstract] | ' | ||||||||
Assets And Liabilities Of Consolidated VIEs | ' | ||||||||
Securitization | |||||||||
(In millions) | Vehicles | ||||||||
Cash | $ | – | |||||||
Financial instruments owned | 97.5 | ||||||||
Securities purchased under agreement to resell (2) | 195.1 | ||||||||
Other | 2.3 | ||||||||
Total assets | $ | 294.9 | |||||||
Other secured financings (1) | $ | 292.5 | |||||||
Other | 2.1 | ||||||||
Total liabilities | $ | 294.6 | |||||||
(1) Approximately $66.5 million of the secured financing represents an amount held by Jefferies in inventory and eliminated in consolidation at December 31, 2013. | |||||||||
(2) Securities purchased under agreement to resell represent an amount due under a collateralized transaction on a related consolidated entity, which is eliminated in consolidation. | |||||||||
Non-Consolidated Variable Interest Entities | ' | ||||||||
31-Dec-13 | |||||||||
Variable Interests | |||||||||
Financial Statement | Maximum | ||||||||
(In millions) | Carrying Amount | Exposure to loss | VIE Assets | ||||||
Collateralized loan obligations | $ | 11.9 | -2 | $ | 11.9 | -4 | $ | 1,122.30 | |
Agency mortgage- and asset-backed securitizations (1) | 1,226.00 | -2 | 1,226.00 | -4 | 5,857.30 | ||||
Non-agency mortgage- and asset-backed securitizations (1) | 840.1 | -2 | 840.1 | -4 | 78,070.80 | ||||
Asset management vehicle | 3.5 | -3 | 3.5 | -4 | 454.2 | ||||
Private equity vehicles | 40.8 | -3 | 68.8 | 89.4 | |||||
Total | $ | 2,122.30 | $ | 2,150.30 | $ | 85,594.00 | |||
(1) VIE assets represent the unpaid principal balance of the assets in these vehicles at December 31, 2013 and represent the underlying assets that provide the cash flows supporting our variable interests. | |||||||||
(2) Consists of debt securities accounted for at fair value, which are included within Trading assets. | |||||||||
(3) Consists of equity interests and loans, which are included within Investments in managed funds and Loans to and investments in associated companies. | |||||||||
(4) Our maximum exposure to loss in these non-consolidated VIEs is limited to our investment, which is represented by the financial statement carrying amount of our purchased or retained interests. | |||||||||
Summary Of Securities Issued By Securitization SPEs | ' | ||||||||
Non-agency | Agency | Total | |||||||
Variable interests in collateralized loan obligations | $ | 11.9 | $ | – | $ | 11.9 | |||
Variable interests in agency mortgage- and asset-backed securitizations | – | 1,226.00 | 1,226.00 | ||||||
Variable interests in non-agency mortgage- and asset-backed securitizations | 840.1 | – | 840.1 | ||||||
Additional securities in connection with trading and market making activities: | |||||||||
Residential mortgage-backed securities | 55.1 | 1,668.20 | 1,723.30 | ||||||
Commercial mortgage-backed securities | 27.9 | 581.9 | 609.8 | ||||||
Collateralized debt obligations | 27.9 | – | 27.9 | ||||||
Other asset-backed securities | 34.1 | – | 34.1 | ||||||
Total mortgage- and asset-backed securities in the Consolidated Statement | |||||||||
of Financial Condition | $ | 997 | $ | 3,476.10 | $ | 4,473.10 |
Loans_To_And_Investments_In_As1
Loans To And Investments In Associated Companies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Loans To And Investments In Associated Companies [Abstract] | ' | |||||||||
Schedule Of Investments In Associated Companies | ' | |||||||||
2013 | 2012 | |||||||||
Jefferies Finance, LLC | $ | 470,537 | $ | – | ||||||
Jefferies LoanCore LLC | 224,037 | – | ||||||||
Berkadia | 182,573 | 172,942 | ||||||||
Garcadia companies | 120,017 | 82,425 | ||||||||
HomeFed | 52,923 | 49,384 | ||||||||
Brooklyn Renaissance Plaza ("BRP") | – | 30,332 | ||||||||
Linkem S.p.A. | 173,577 | 86,424 | ||||||||
JHYH | – | 351,835 | ||||||||
Other | 34,677 | 34,132 | ||||||||
Total | $ | 1,258,341 | $ | 807,474 | ||||||
Schedule Of Income (Losses) Related To Associated Companies | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Berkadia | $ | 84,678 | $ | 38,026 | $ | 29,033 | ||||
Garcadia companies | 39,399 | 31,738 | 19,996 | |||||||
Linkem | (22,719 | ) | (18,890 | ) | (2,243 | ) | ||||
HomeFed | 3,539 | 1,891 | 1,410 | |||||||
JHYH | 7,178 | 33,938 | 11,211 | |||||||
Other | 6,966 | 1,946 | 2,606 | |||||||
Total | $ | 119,041 | $ | 88,649 | $ | 62,013 | ||||
Schedule Of Income (Losses) Related To Associated Companies Classified As Other Revenue | ' | |||||||||
Jefferies Finance | $ | 57,795 | ||||||||
Jefferies LoanCore | 35,300 | |||||||||
Other | (915 | ) | ||||||||
Total | $ | 92,180 | ||||||||
Schedule Of Summarized Data For Investments In Associated Companies | ' | |||||||||
2013 | 2012 | |||||||||
Assets | $ | 8,852,807 | $ | 6,848,157 | ||||||
Liabilities | 6,292,252 | 4,602,240 | ||||||||
Mandatorily redeemable interests | – | 1,089,506 | ||||||||
Noncontrolling interest | 11,491 | 10,423 | ||||||||
2013 | 2012 | 2011 | ||||||||
Revenues | $ | 2,710,205 | $ | 1,995,858 | $ | 1,403,352 | ||||
Income from continuing operations before | ||||||||||
extraordinary items | $ | 428,509 | $ | 255,038 | $ | 62,340 | ||||
Net income | $ | 434,969 | $ | 255,038 | $ | 62,340 | ||||
The Company's income related to | ||||||||||
associated companies | $ | 211,221 | $ | 88,649 | $ | 62,013 |
Financial_Statement_Offsetting1
Financial Statement Offsetting (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Financial Statement Offsetting [Abstract] | ' | |||||||||||||||
Summary Of Offsetting Assets And Liabilities | ' | |||||||||||||||
Netting in | Net Amounts in | |||||||||||||||
Consolidated | Consolidated | Additional | ||||||||||||||
Statement of | Statement of | Amounts | ||||||||||||||
Gross | Financial | Financial | Available for | Available | ||||||||||||
(In thousands) | Amounts | Condition (1) | Condition | Setoff (2) | Collateral (3) | Net Amount | ||||||||||
Assets at December 31, 2013 | ||||||||||||||||
Derivative contracts | $ | 2,514,682 | $ | (2,253,589 | ) | $ | 261,093 | $ | – | $ | – | $ | 261,093 | |||
Securities borrowing arrangements | $ | 5,359,846 | $ | – | $ | 5,359,846 | $ | (530,293 | ) | $ | (957,140 | ) | $ | 3,872,413 | ||
Reverse repurchase agreements | $ | 12,715,449 | $ | (8,968,529 | ) | $ | 3,746,920 | $ | (590,754 | ) | $ | (3,074,540 | ) | $ | 81,626 | |
Liabilities at December 31, 2013 | ||||||||||||||||
Derivative contracts | $ | 2,532,690 | $ | (2,352,611 | ) | $ | 180,079 | $ | – | $ | – | $ | 180,079 | |||
Securities lending arrangements | $ | 2,506,122 | $ | – | $ | 2,506,122 | $ | (530,293 | ) | $ | (1,942,271 | ) | $ | 33,558 | ||
Repurchase agreements | $ | 19,748,374 | $ | (8,968,529 | ) | $ | 10,779,845 | $ | (590,754 | ) | $ | (8,748,641 | ) | $ | 1,440,450 | |
(1) Netting is applied by counterparty when a legal right of offset exists under an enforceable master netting agreement, as permitted under GAAP. Further, for derivative assets and liabilities, netting is inclusive of cash paid or received as collateral under credit support agreements pursuant to the master netting agreement. | ||||||||||||||||
(2) Under enforceable master netting agreements with our counterparties, Jefferies has 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 under the provisions of GAAP. | ||||||||||||||||
(3) 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 derivative contracts, resale and repurchase agreements or securities borrowing or lending arrangements. | ||||||||||||||||
Intangible_Assets_Net_And_Good1
Intangible Assets, Net And Goodwill (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Intangible Assets, Net And Goodwill [Abstract] | ' | ||||
Schedule Of Intangible Assets, Net | ' | ||||
2013 | 2012 | ||||
Indefinite lived intangibles: | |||||
Exchange and clearing organization membership interests and registrations | $ | 14,916 | $ | – | |
Amortizable intangibles: | |||||
Customer and other relationships, net of accumulated amortization of | |||||
$117,139 and $70,823 | 502,409 | 416,304 | |||
Trademarks and tradename, net of accumulated amortization of $30,213 | |||||
and $15,731 | 364,779 | 263,839 | |||
Supply contracts, net of accumulated amortization of $20,162 and $9,874 | 129,833 | 140,121 | |||
Licenses, net of accumulated amortization of $4,100 and $3,508 | 7,928 | 8,520 | |||
Other, net of accumulated amortization of $4,500 and $4,467 | 664 | 1,047 | |||
Total intangibles | $ | 1,020,529 | $ | 829,831 | |
Summary Of Goodwill | ' | ||||
2013 | 2012 | ||||
National Beef | $ | 14,991 | $ | 14,991 | |
Jefferies | 1,724,557 | – | |||
Other operations | 8,551 | 9,204 | |||
$ | 1,748,099 | $ | 24,195 |
Inventory_Tables
Inventory (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Inventory [Abstract] | ' | ||||
Summary Of Inventory | ' | ||||
2013 | 2012 | ||||
Finished goods | $ | 273,291 | $ | 271,221 | |
Work in process | 34,701 | 61,069 | |||
Raw materials, supplies and other | 56,334 | 51,202 | |||
$ | 364,326 | $ | 383,492 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Long-Term Debt [Abstract] | ' | ||||
Schedule Of Indebtedness | ' | ||||
2013 | 2012 | ||||
Parent Company Debt: | |||||
Senior Notes: | |||||
7.75% Senior Notes due August 15, 2013, $94,500 principal | $ | – | $ | 94,461 | |
7% Senior Notes due August 15, 2013, $307,409 principal | – | 307,494 | |||
8.125% Senior Notes due September 15, 2015, $458,641 principal | 456,515 | 455,405 | |||
5.50% Senior Notes due October 18, 2023, $750,000 principal | 739,960 | – | |||
6.625% Senior Notes due October 23, 2043, $250,000 principal | 246,958 | – | |||
Subordinated Notes: | |||||
3.75% Convertible Senior Subordinated Notes due April 15, 2014, | |||||
$97,581 principal | 97,581 | 97,581 | |||
Total long-term debt – parent company | 1,541,014 | 954,941 | |||
Subsidiary Debt (non-recourse to Parent Company): | |||||
Jefferies: | |||||
5.875% Senior Notes, due June 8, 2014, $250,000 principal | 255,676 | – | |||
3.875% Senior Notes, due November 9, 2015, $500,000 principal | 516,204 | – | |||
5.5% Senior Notes, due March 15, 2016, $350,000 principal | 373,178 | – | |||
5.125% Senior Notes, due April 13, 2018, $800,000 principal | 854,011 | – | |||
8.5% Senior Notes, due July 15, 2019, $700,000 principal | 858,425 | – | |||
6.875% Senior Notes, due April 15, 2021, $750,000 principal | 866,801 | – | |||
2.25% Euro Medium Term Notes, due July 13, 2022, $5,283 principal | 4,792 | – | |||
5.125% Senior Notes, due January 20, 2023, $600,000 principal | 625,626 | – | |||
6.45% Senior Debentures, due June 8, 2027, $350,000 principal | 383,224 | – | |||
3.875% Convertible Senior Debentures, due November 1, 2029, | |||||
$345,000 principal | 349,707 | – | |||
6.25% Senior Debentures, due January 15, 2036, $500,000 principal | 513,343 | – | |||
6.50% Senior Notes, due January 20, 2043, $400,000 principal | 422,245 | – | |||
Secured credit facility, due August 26, 2014 | 200,000 | – | |||
National Beef Term Loans | 375,000 | 296,000 | |||
National Beef Revolving Credit Facility | – | 91,403 | |||
Other | 41,619 | 16,351 | |||
Total long-term debt – subsidiaries | 6,639,851 | 403,754 | |||
Long-term debt | $ | 8,180,865 | $ | 1,358,695 | |
Schedule Of Debt Repurchases | ' | ||||
2012 | 2011 | ||||
7% Senior Notes | $ | 4,836 | $ | – | |
8.125% Senior Notes | – | 21,359 | |||
7.125% Senior Notes | 423,140 | 54,860 | |||
8.65% Junior Subordinated Deferrable Interest Debentures | 88,204 | 1,350 | |||
Total | $ | 516,180 | $ | 77,569 |
Mezzanine_Equity_Tables
Mezzanine Equity (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Mezzanine Equity [Abstract] | ' | ||||||
Schedule Of Redeemable Noncontrolling Interests In Subsidiary | ' | ||||||
2013 | 2012 | ||||||
As of January 1, | $ | 241,649 | $ | 235,909 | |||
Income (loss) allocated to redeemable noncontrolling | |||||||
interests | (9,282 | ) | 12,235 | ||||
Net distributions to redeemable noncontrolling interests | (8,073 | ) | (12,722 | ) | |||
Increase in fair value of redeemable noncontrolling | |||||||
interests charged to additional paid-in capital | 16,781 | 6,227 | |||||
Balance, December 31, | $ | 241,075 | $ | 241,649 | |||
Sensitivity Analysis Of Fair Value Of Redeemable Noncontrolling Interests Using Discount And Terminal Growth Rates | ' | ||||||
Discount Rates | |||||||
Terminal Growth Rates | 11.98% | 12.23% | 12.48% | ||||
1.75% | $ | 245.7 | $ | 238.1 | $ | 230.8 | |
2.00% | $ | 249 | $ | 241.1 | $ | 233.6 | |
2.25% | $ | 252.3 | $ | 244.2 | $ | 236.5 |
Common_Shares_Compensation_Pla1
Common Shares, Compensation Plans And Preferred Shares (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Common Shares, Compensation Plans And Preferred Shares [Abstract] | ' | |||||||||
Summary Of Weighted-Average Assumptions Used For Grants | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Options | Options | Options | ||||||||
Risk free interest rate | 1.26 | % | 0.53 | % | 1.58 | % | ||||
Expected volatility | 39.17 | % | 37.66 | % | 45.25 | % | ||||
Expected dividend yield | 0.85 | % | 1.08 | % | 0.7 | % | ||||
Expected life | 4.0 years | 4.0 years | 4.3 years | |||||||
Weighted-average fair value per grant | $ | 7.67 | $ | 5.97 | $ | 13.18 | ||||
Activity of Restricted Stock | ' | |||||||||
Weighted Average | ||||||||||
Grant Date | ||||||||||
2013 | Fair Value | |||||||||
Balance at January 1, 2013 | – | $ | – | |||||||
Converted in connection with the Jefferies acquisition | 6,895 | $ | 26.9 | |||||||
Grants | 462 | $ | 27.38 | |||||||
Forfeited | (144 | ) | $ | 26.9 | ||||||
Fulfillment of service requirement | (1,971 | ) | $ | 26.9 | ||||||
Balance at December 31, 2013 | 5,242 | $ | 26.94 | |||||||
Activity of Restricted Stock Units | ' | |||||||||
Future | No Future | Future | No Future | |||||||
Service | Service | Service | Service | |||||||
Required | Required | Required | Required | |||||||
Balance at January 1, 2013 | – | – | $ | – | $ | – | ||||
Converted in connection with the Jefferies acquisition | 5,167 | 9,527 | $ | 26.9 | $ | 26.9 | ||||
Grants | – | 145 | $ | – | $ | 24.32 | ||||
Distributions of underlying shares | – | (1,603 | ) | $ | – | $ | 26.9 | |||
Forfeited | (106 | ) | (21 | ) | $ | 26.9 | $ | 26.83 | ||
Fulfillment of service requirement | (268 | ) | 268 | $ | 26.9 | $ | 26.9 | |||
Balance at December 31, 2013 | 4,793 | 8,316 | $ | 26.9 | $ | 26.86 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||
Summary Of Accumulated Other Comprehensive Income, Net Of Taxes | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Net unrealized gains on available for sale securities | $ | 589,393 | $ | 803,430 | $ | 998,151 | ||||
Net unrealized foreign exchange gains (losses) | 16,803 | (6,097 | ) | (3,168 | ) | |||||
Net unrealized losses on derivative instruments | (169 | ) | (154 | ) | – | |||||
Net minimum pension liability | (67,977 | ) | (92,050 | ) | (83,537 | ) | ||||
Net postretirement benefit | – | – | 975 | |||||||
$ | 538,050 | $ | 705,129 | $ | 912,421 | |||||
Schedule Of Accumulated Other Comprehensive Income Reclassifications | ' | |||||||||
Amount Reclassified | ||||||||||
Details about Accumulated Other | from Accumulated | Affected Line Item in the | ||||||||
Comprehensive Income | Other Comprehensive | Consolidated Statement | ||||||||
Components | Income | of Operations | ||||||||
Net unrealized gains (losses) on | Net realized securities gains | |||||||||
available for sale securities, net of | ||||||||||
income tax provision (benefit) of $118,292 | $ | 213,058 | ||||||||
Amortization of defined benefit | Compensation and benefits, which | |||||||||
pension plan actuarial gains (losses), | includes pension expense. See the | |||||||||
net of income tax provision (benefit) | pension footnote for information on | |||||||||
of $(2,665) | (4,799 | ) | this component. | |||||||
Total reclassifications for the period, | ||||||||||
net of tax | $ | 208,259 |
Pension_Plans_And_Postretireme1
Pension Plans And Postretirement Benefits (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Components Of Defined Benefit Pension Plans | ' | |||||||||
2013 | 2012 | |||||||||
Change in projected benefit obligation: | ||||||||||
Projected benefit obligation, beginning of year | $ | 275,858 | $ | 251,949 | ||||||
Projected benefit obligation of Jefferies plan at March 1, 2013 | 51,599 | – | ||||||||
Interest cost | 12,286 | 10,886 | ||||||||
Actuarial (gains) losses | (36,197 | ) | 19,315 | |||||||
Benefits paid | (8,502 | ) | (6,292 | ) | ||||||
Projected benefit obligation, end of year | $ | 295,044 | $ | 275,858 | ||||||
Change in plan assets: | ||||||||||
Fair value of plan assets, beginning of year | $ | 194,314 | $ | 188,876 | ||||||
Jefferies plan assets at March 1, 2013 | 41,290 | – | ||||||||
Actual return on plan assets | 6,454 | 8,726 | ||||||||
Employer contributions | 6,475 | 3,728 | ||||||||
Benefits paid | (8,502 | ) | (6,292 | ) | ||||||
Administrative expenses | (951 | ) | (724 | ) | ||||||
Fair value of plan assets, end of year | $ | 239,080 | $ | 194,314 | ||||||
Funded status at end of year | $ | (55,964 | ) | $ | (81,544 | ) | ||||
Components Of Net Periodic Pension Costs And Amounts Recognized In Other Comprehensive Income | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Components of net periodic pension cost: | ||||||||||
Interest cost | $ | 12,286 | $ | 10,886 | $ | 11,233 | ||||
Expected return on plan assets | (9,746 | ) | (8,292 | ) | (6,091 | ) | ||||
Actuarial losses | 7,464 | 5,852 | 2,659 | |||||||
Net periodic pension cost | $ | 10,004 | $ | 8,446 | $ | 7,801 | ||||
Amounts recognized in other comprehensive income (loss): | ||||||||||
Net (gain) loss arising during the period | $ | (31,952 | ) | $ | 19,604 | $ | 38,989 | |||
Amortization of net loss | (7,464 | ) | (5,852 | ) | (2,659 | ) | ||||
Total recognized in other comprehensive income (loss) | $ | (39,416 | ) | $ | 13,752 | $ | 36,330 | |||
Net amount recognized in net periodic benefit cost and other | ||||||||||
comprehensive income (loss) | $ | (29,412 | ) | $ | 22,198 | $ | 44,131 | |||
U.S. Pension Plans [Member] | ' | |||||||||
Schedule Of Assumptions For Pension Plan | ' | |||||||||
2013 | 2012 | |||||||||
WilTel Plan | ||||||||||
Discount rate used to determine benefit obligation | 4.71 | % | 3.85 | % | ||||||
Weighted-average assumptions used to determine | ||||||||||
net pension cost: | ||||||||||
Discount rate | 3.85 | % | 4.4 | % | ||||||
Expected long-term return on plan assets | 4 | % | 4.25 | % | ||||||
Jefferies Plan | ||||||||||
Discount rate used to determine benefit obligation | 5.1 | % | – | |||||||
Weighted-average assumptions used to determine | ||||||||||
net pension cost: | ||||||||||
Discount rate | 5.1 | % | – | |||||||
Expected long-term return on plan assets | 6.75 | % | – | |||||||
Schedule Of Expected Pension Benefit Payments | ' | |||||||||
2014 | $ | 6,329 | ||||||||
2015 | 7,952 | |||||||||
2016 | 11,072 | |||||||||
2017 | 11,149 | |||||||||
2018 | 10,888 | |||||||||
2019 – 2023 | 90,590 | |||||||||
German Pension Plan [Member] | ' | |||||||||
Changes in Projected Benefit Obligation | ' | |||||||||
2013 | ||||||||||
Change in projected benefit obligation: | ||||||||||
Projected benefit obligation at March 1, 2013 | $ | 24,494 | ||||||||
Service cost | 51 | |||||||||
Interest cost | 685 | |||||||||
Actuarial losses | 1,002 | |||||||||
Currency adjustment | 1,053 | |||||||||
Benefits paid | (917 | ) | ||||||||
Projected benefit obligation, end of year | $ | 26,368 | ||||||||
Components of Net Periodic Pension Cost | ' | |||||||||
Components of net periodic pension cost: | ||||||||||
Service cost | $ | 51 | ||||||||
Interest cost | 685 | |||||||||
Net amortization | 179 | |||||||||
Net periodic pension cost | $ | 915 | ||||||||
Schedule Of Assumptions For Pension Plan | ' | |||||||||
2013 | ||||||||||
Projected benefit obligation | ||||||||||
Discount rate | 3.4 | % | ||||||||
Rate of compensation increase | 3 | % | ||||||||
Net periodic pension benefit cost | ||||||||||
Discount rate | 3.6 | % | ||||||||
Rate of compensation increase | 3 | % | ||||||||
Schedule Of Expected Pension Benefit Payments | ' | |||||||||
2014 | $ | 1,374 | ||||||||
2015 | 1,399 | |||||||||
2016 | 1,417 | |||||||||
2017 | 1,395 | |||||||||
2018 | 1,391 | |||||||||
2019 – 2023 | 7,908 | |||||||||
WilTel Plan [Member] | ' | |||||||||
Schedule Of Plan's Assets At Fair Value | ' | |||||||||
Total | ||||||||||
Cash and cash equivalents | $ | 20,075 | ||||||||
Fixed income securities: | ||||||||||
U.S. Government and agencies | 4,860 | |||||||||
Public utilities | 13,243 | |||||||||
All other corporates | 153,486 | |||||||||
Total | $ | 191,664 | ||||||||
At December 31, 2012, the WilTel plan assets at fair value consisted of the following (in thousands): | ||||||||||
Fair Value Measurements Using | ||||||||||
Total | Level 1 | Level 2 | ||||||||
Cash and cash equivalents | $ | 21,493 | $ | 21,493 | $ | – | ||||
Fixed income securities: | ||||||||||
U.S. Government and agencies | 4,522 | 4,522 | – | |||||||
Public utilities | 7,490 | 7,490 | – | |||||||
Foreign governments | 2,253 | 2,253 | – | |||||||
All other corporates | 158,556 | 157,492 | 1,064 | |||||||
Total | $ | 194,314 | $ | 193,250 | $ | 1,064 | ||||
Jefferies Plan [Member] | ' | |||||||||
Schedule Of Plan's Assets At Fair Value | ' | |||||||||
Fair Value Measurements Using | ||||||||||
Total | Level 1 | Level 2 | ||||||||
Cash and cash equivalents | $ | 931 | $ | 931 | $ | – | ||||
Listed equity securities | 27,663 | 27,663 | – | |||||||
Fixed income securities: | ||||||||||
Corporate debt securities | 7,743 | – | 7,743 | |||||||
Foreign corporate debt securities | 1,140 | – | 1,140 | |||||||
U.S. Government securities | 4,055 | 4,055 | – | |||||||
Agency mortgage-backed securities | 3,949 | – | 3,949 | |||||||
Commercial mortgage-backed securities | 1,280 | – | 1,280 | |||||||
Asset-backed securities | 461 | – | 461 | |||||||
Other | 194 | – | 194 | |||||||
Total | $ | 47,416 | $ | 32,649 | $ | 14,767 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Schedule Of Principal Components Of Deferred Taxes | ' | |||||||||
2013 | 2012 | |||||||||
Deferred Tax Asset: | ||||||||||
NOL carryover | $ | 1,283,947 | $ | 1,332,510 | ||||||
Compensation | 400,002 | – | ||||||||
Long-term debt | 184,669 | – | ||||||||
Other assets | 118,914 | 60,687 | ||||||||
Securities valuation reserves | 51,597 | 43,613 | ||||||||
Intangible assets, net and goodwill | 17,349 | 18,062 | ||||||||
Other liabilities | 49,074 | 58,067 | ||||||||
2,105,552 | 1,512,939 | |||||||||
Valuation allowance | (132,607 | ) | (109,181 | ) | ||||||
1,972,945 | 1,403,758 | |||||||||
Deferred Tax Liability: | ||||||||||
Unrealized gains on investments | (23,851 | ) | (175,801 | ) | ||||||
Amortization of intangible assets | (98,798 | ) | – | |||||||
Property and equipment | (3,822 | ) | (10,770 | ) | ||||||
Other | (36,531 | ) | (2,572 | ) | ||||||
(163,002 | ) | (189,143 | ) | |||||||
Net deferred tax asset | $ | 1,809,943 | $ | 1,214,615 | ||||||
Schedule Of Provision (Benefit) For Income Taxes | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
State income taxes | $ | 32,917 | $ | 35,489 | $ | 10,653 | ||||
Federal income taxes: | ||||||||||
Current | 2,900 | 1,001 | - | |||||||
Deferred | 56,433 | 482,163 | 28,598 | |||||||
Increase in valuation allowance | 12,287 | - | - | |||||||
Foreign income taxes | 6,204 | 12,500 | 23,147 | |||||||
$ | 110,741 | $ | 531,153 | $ | 62,398 | |||||
Schedule Of Reconciliation Of Expected Statutory Federal Income Tax To Actual Income Tax Provision (Benefit) | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Expected federal income tax | $ | 165,215 | $ | 496,399 | $ | 33,363 | ||||
State income taxes, net of federal income tax benefit | 21,396 | 24,120 | 7,781 | |||||||
Increase in valuation allowance | 12,287 | - | - | |||||||
Tax expense not provided on income recorded on the Jefferies | ||||||||||
investment prior to the acquisition | (63,952 | ) | - | - | ||||||
Reversal of prior years' deferred tax liability related to Jefferies investment | (33,972 | ) | - | - | ||||||
Accounting expense for warrants in excess of tax deduction | - | - | 7,141 | |||||||
Foreign rate differential | (4,750 | ) | - | - | ||||||
Permanent differences | 12,832 | 2,921 | (2,593 | ) | ||||||
Foreign taxes | 4,033 | 8,125 | 15,044 | |||||||
Other | (2,348 | ) | (412 | ) | 1,662 | |||||
Actual income tax provision | $ | 110,741 | $ | 531,153 | $ | 62,398 | ||||
Schedule Of Reconciliation Of Unrecognized Tax Benefits | ' | |||||||||
Unrecognized | ||||||||||
Tax Benefits | Interest | Total | ||||||||
As of January 1, 2011 | $ | 6,340 | $ | 2,980 | $ | 9,320 | ||||
Interest expense recognized | - | 500 | 500 | |||||||
Audit payments | - | - | - | |||||||
Reductions as a result of the lapse of the statute of | ||||||||||
limitations | - | - | - | |||||||
Balance, December 31, 2011 | 6,340 | 3,480 | 9,820 | |||||||
Increases based on tax positions related to current period | 5,250 | - | 5,250 | |||||||
Interest expense recognized | - | 700 | 700 | |||||||
Audit payments | - | - | - | |||||||
Reductions as a result of the lapse of the statute of | ||||||||||
limitations | - | - | - | |||||||
Balance, December 31, 2012 | 11,590 | $ | 4,180 | $ | 15,770 | |||||
Jefferies amounts at date of acquisition | 129,010 | 17,100 | 146,110 | |||||||
Increases based on tax positions related to current period | 8,750 | - | 8,750 | |||||||
Increases based on tax positions related to prior periods | 14,780 | - | 14,780 | |||||||
Decreases based on tax positions related to prior periods | (18,300 | ) | - | (18,300 | ) | |||||
Interest expense recognized | - | 7,000 | 7,000 | |||||||
Audit payments | (310 | ) | (110 | ) | (420 | ) | ||||
Reductions as a result of the lapse of the statute of | ||||||||||
limitations | - | - | - | |||||||
Balance, December 31, 2013 | $ | 145,520 | $ | 28,170 | $ | 173,690 |
Net_Realized_Securities_Gains_1
Net Realized Securities Gains (Losses) (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Net Realized Securities Gains (Losses) [Abstract] | ' | |||||||||
Summary Of Net Securities Gains (Losses) | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Net realized gains on securities | $ | 245,262 | $ | 592,978 | $ | 644,777 | ||||
Write-down of investments (a) | (1,621 | ) | (2,461 | ) | (3,586 | ) | ||||
Net unrealized gains (losses) on trading securities | 316 | 64 | 285 | |||||||
$ | 243,957 | $ | 590,581 | $ | 641,476 | |||||
(a) Consists of provisions to write down investments resulting from declines in fair values believed to be other than temporary. | ||||||||||
Other_Results_Of_Operations_In1
Other Results Of Operations Information (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Other Results Of Operations Information [Abstract] | ' | ||||||
Schedule Of Other Income | ' | ||||||
2013 | 2012 | 2011 | |||||
Manufacturing revenues | $ | 310,624 | $ | 252,752 | $ | 244,918 | |
Dividend income | 5,553 | 5,954 | 18,359 | ||||
Income from associated companies classified as other revenues | 92,180 | – | – | ||||
Income from FMG Note including gain recognized on redemption | – | 642,993 | 214,455 | ||||
Gain on forgiveness of debt | – | – | 81,848 | ||||
Government grants reimbursement | 3,745 | 747 | 5,366 | ||||
Rental income | 13,158 | 11,725 | 11,126 | ||||
Winery revenues | 8,301 | 47,801 | 38,161 | ||||
Other | 55,676 | 21,677 | 29,764 | ||||
$ | 489,237 | $ | 983,649 | $ | 643,997 |
Earnings_Loss_Per_Common_Share1
Earnings (Loss) Per Common Share (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings (Loss) Per Common Share [Abstract] | ' | |||||||
Earnings Per Share Computation | ' | |||||||
2013 | 2012 | 2011 | ||||||
Numerator for earnings (loss) per share: | ||||||||
Net income attributable to Leucadia | ||||||||
National Corporation common shareholders | $ | 369,240 | $ | 854,466 | $ | 25,231 | ||
Less: Allocation of earnings to participating securities (1) | (4,919 | ) | – | – | ||||
Net income attributable to Leucadia | ||||||||
National Corporation common shareholders for | ||||||||
basic earnings (loss) per share | 364,321 | 854,466 | 25,231 | |||||
Less: Adjustment to allocation of earnings to | ||||||||
participating securities related to diluted shares (1) | (110 | ) | – | – | ||||
Mandatorily redeemable convertible preferred share | ||||||||
dividends | 3,397 | – | – | |||||
Interest on 3.75% Convertible Notes | 2,635 | 2,626 | – | |||||
Net income attributable to Leucadia | ||||||||
National Corporation common shareholders for | ||||||||
diluted earnings (loss) per share | $ | 370,243 | $ | 857,092 | $ | 25,231 | ||
Denominator for earnings (loss) per share: | ||||||||
Denominator for basic earnings (loss) per share – | ||||||||
weighted average shares | 339,673 | 244,583 | 244,425 | |||||
Stock options | 55 | – | 73 | |||||
Warrants | – | – | 75 | |||||
Mandatorily redeemable convertible preferred shares | 3,468 | – | – | |||||
3.875% Convertible Senior Debentures | – | – | – | |||||
3.75% Convertible Notes | 4,538 | 4,331 | – | |||||
Denominator for diluted earnings (loss) per share | 347,734 | 248,914 | 244,573 | |||||
(1) Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 9,353,400 for the year ended December 31, 2013. Dividends declared on participating securities during the year ended December 31, 2013 were $2.8 million. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. | ||||||||
Recovered_Sheet1
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Commitments, Contingencies And Guarantees [Abstract] | ' | ||||||||||||||
Future Minimum Lease Commitments for Noncancelable Operating Leases | ' | ||||||||||||||
2014 | $ | 100,401 | |||||||||||||
2015 | 78,271 | ||||||||||||||
2016 | 76,532 | ||||||||||||||
2017 | 70,639 | ||||||||||||||
2018 | 62,518 | ||||||||||||||
Thereafter | 451,756 | ||||||||||||||
840,117 | |||||||||||||||
Less: sublease income | (50,042 | ) | |||||||||||||
$ | 790,075 | ||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||
Expected Maturity Date | |||||||||||||||
2016 | 2018 | 2020 | |||||||||||||
and | and | and | Maximum | ||||||||||||
2014 | 2015 | 2017 | 2019 | Later | Payout | ||||||||||
Equity commitments (1) | $ | 1.8 | $ | 7.4 | $ | 0.8 | $ | – | $ | 418.2 | $ | 428.2 | |||
Loan commitments (1) | 33.2 | 19 | 322.6 | 92.8 | – | 467.6 | |||||||||
Mortgage-related commitments | 819.9 | 492.9 | 202.8 | – | – | 1,515.60 | |||||||||
Forward starting reverse repos and repos | 702.3 | – | – | – | – | 702.3 | |||||||||
$ | 1,557.20 | $ | 519.3 | $ | 526.2 | $ | 92.8 | $ | 418.2 | $ | 3,113.70 | ||||
(1) Equity and loan commitments are presented by contractual maturity date. The amounts are however available on demand. | |||||||||||||||
Credit Exposure From Loan Commitments | ' | ||||||||||||||
Total | Corporate | Corporate | |||||||||||||
Greater | Corporate | Lending | Lending | ||||||||||||
0 - 12 | 5-Jan | Than | Lending | Exposure at | Commitments | ||||||||||
Credit Ratings | Months | Years | 5 Years | Exposure (1) | Fair Value (2) | -3 | |||||||||
Non-investment grade | $ | – | $ | 79.1 | $ | – | $ | 79.1 | $ | 9.5 | $ | 69.6 | |||
Unrated | 35.6 | 669.1 | – | 704.7 | 306.7 | 398 | |||||||||
Total | $ | 35.6 | $ | 748.2 | $ | – | $ | 783.8 | $ | 316.2 | $ | 467.6 | |||
(1) Total corporate lending exposure represents the potential loss assuming the fair value of funded loans and lending commitments were zero. | |||||||||||||||
(2) The corporate lending exposure at fair value includes $321.1 million of funded loans included in Trading assets and a $4.9 million net liability related to lending commitments recorded in Trading liabilities in the Consolidated Statement of Financial Condition. | |||||||||||||||
(3) Amounts represent the notional amount of unfunded lending commitments. | |||||||||||||||
Guarantees | ' | ||||||||||||||
Expected Maturity Date | |||||||||||||||
2016 | 2018 | 2020 | Notional/ | ||||||||||||
and | and | and | Maximum | ||||||||||||
Guarantee Type | 2014 | 2015 | 2017 | 2019 | Later | Payout | |||||||||
Derivative contracts – non-credit related | $ | 841,439.90 | $ | 4,695.20 | $ | 14.7 | $ | 1.2 | $ | 532.4 | $ | 846,683.40 | |||
Written derivative contracts – credit | |||||||||||||||
related | – | – | – | 2,708.10 | – | 2,708.10 | |||||||||
Total derivative contracts | $ | 841,439.90 | $ | 4,695.20 | $ | 14.7 | $ | 2,709.30 | $ | 532.4 | $ | 849,391.50 | |||
External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts | ' | ||||||||||||||
External Credit Rating | |||||||||||||||
Below | Notional/ | ||||||||||||||
AAA/ | AA/ | Investment | Maximum | ||||||||||||
Aaa | Aa | A | BBB/Baa | Grade | Unrated | Payout | |||||||||
Credit related derivative contracts: | |||||||||||||||
Index credit default swaps | $ | 2,678.60 | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 2,678.60 | |
Single name credit default swaps | – | 3 | 2.5 | 24 | – | – | 29.5 |
Net_Capital_Requirements_Table
Net Capital Requirements (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Net Capital Requirements [Abstract] | ' | ||||
Net Capital, Adjusted Net Capital And Excess Net Capital | ' | ||||
Net Capital | Excess | ||||
Net Capital | |||||
Jefferies LLC | $ | 891,487 | $ | 841,539 | |
Jefferies Execution | 4,487 | 4,237 | |||
Adjusted | Excess | ||||
Net Capital | Net Capital | ||||
Jefferies Bache, LLC | $ | 197,957 | $ | 86,293 |
Other_Fair_Value_Information_T
Other Fair Value Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Fair Value Information [Abstract] | ' | ||||||||
Methods And Assumptions Used To Estimate The Fair Values | ' | ||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Carrying | Fair | Carrying | Fair | ||||||
Amount | Value | Amount | Value | ||||||
Other Assets: | |||||||||
Notes receivable (a) | $ | 95,042 | $ | 95,606 | $ | 46,541 | $ | 46,770 | |
Financial Liabilities: | |||||||||
Short-term borrowings (b) | 12,000 | 12,000 | – | – | |||||
Long-term debt (b) | 8,180,865 | 8,230,191 | 1,358,695 | 1,449,576 | |||||
(a) Notes receivable: The fair values of notes receivable are primarily measured using Level 2 and 3 inputs principally based on discounted future cash flows using market interest rates for similar instruments. | |||||||||
(b) Short-term borrowings and long-term debt: The fair values of short term borrowings are estimated to be the carrying amount. The fair values of non-variable rate debt are estimated using quoted prices and estimated rates that would be available for debt with similar terms. The fair value of variable rate debt is estimated to be the carrying amount. | |||||||||
Discontinued_Operations_And_As1
Discontinued Operations And Assets Held For Sale (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Discontinued Operations And Assets Held For Sale [Abstract] | ' | |||||||||
Results Of Discontinued Operations | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Revenues and other income: | ||||||||||
Oil and gas drilling services | $ | – | $ | 95,674 | $ | 133,782 | ||||
Gaming entertainment | 114,844 | 119,330 | 117,217 | |||||||
Investment and other income | 946 | 4,968 | 3,715 | |||||||
115,790 | 219,972 | 254,714 | ||||||||
Expenses: | ||||||||||
Direct operating expenses: | ||||||||||
Oil and gas drilling services | – | 79,143 | 100,639 | |||||||
Gaming entertainment | 85,233 | 88,127 | 84,795 | |||||||
Compensation and benefits | 19,528 | 24,402 | 23,402 | |||||||
Depreciation and amortization | 8,919 | 28,475 | 38,681 | |||||||
Selling, general and other expenses | 20,897 | 36,509 | 37,616 | |||||||
134,577 | 256,656 | 285,133 | ||||||||
Loss from discontinued | ||||||||||
operations before income taxes | (18,787 | ) | (36,684 | ) | (30,419 | ) | ||||
Income tax (benefit) | (6,563 | ) | (12,660 | ) | (11,475 | ) | ||||
Loss from discontinued | ||||||||||
operations after income taxes | $ | (12,224 | ) | $ | (24,024 | ) | $ | (18,944 | ) | |
Schedule Of Assets Held For Sale | ' | |||||||||
2013 | ||||||||||
Real estate | $ | 112,016 | ||||||||
Investment in associated company | 30,793 | |||||||||
Other, net | 17,310 | |||||||||
$ | 160,119 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segment Information [Abstract] | ' | |||||||||
Schedule Of Segment Reporting Information, By Segment | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
(In thousands) | ||||||||||
Net Revenues: | ||||||||||
Investment Banking & Capital Markets | $ | 2,134,002 | $ | – | $ | – | ||||
Beef Processing Services | 7,487,724 | 7,480,934 | – | |||||||
Other Operations (1) | 347,275 | 333,415 | 410,526 | |||||||
Corporate | 460,490 | 1,590,983 | 232,105 | |||||||
Total consolidated net revenues | $ | 10,429,491 | $ | 9,405,332 | $ | 642,631 | ||||
Income (loss) from continuing operations before | ||||||||||
income taxes and income related to | ||||||||||
associated companies: | ||||||||||
Investment Banking & Capital Markets | $ | 260,984 | $ | – | $ | – | ||||
Beef Processing Services | (42,358 | ) | 59,048 | – | ||||||
Other Operations (1) | (108,395 | ) | (38,859 | ) | 58,674 | |||||
Corporate | 242,771 | 1,309,444 | (25,364 | ) | ||||||
Total consolidated income from | ||||||||||
continuing operations before income | ||||||||||
taxes and income related to | ||||||||||
associated companies | $ | 353,002 | $ | 1,329,633 | $ | 33,310 | ||||
Depreciation and amortization expenses: | ||||||||||
Investment Banking & Capital Markets | $ | 59,631 | $ | – | $ | – | ||||
Beef Processing Services | 88,483 | 83,063 | – | |||||||
Other Operations | 18,628 | 25,786 | 25,191 | |||||||
Corporate | 9,924 | 19,727 | 23,296 | |||||||
Total consolidated depreciation and | ||||||||||
amortization expenses | $ | 176,666 | $ | 128,576 | $ | 48,487 | ||||
Identifiable assets employed: | ||||||||||
Investment Banking & Capital Markets (2) | $ | 40,168,572 | $ | – | $ | – | ||||
Beef Processing | 1,703,662 | 1,797,152 | 1,786,855 | |||||||
Other Operations | 942,260 | 885,236 | 881,115 | |||||||
Loans to and investments in associated | ||||||||||
companies | 556,468 | 807,474 | 793,766 | |||||||
Corporate | 4,495,819 | 5,859,256 | 5,586,990 | |||||||
Assets of discontinued operations | – | – | 214,463 | |||||||
Total consolidated assets | $ | 47,866,781 | $ | 9,349,118 | $ | 9,263,189 | ||||
(1) For the year ended December 31, 2011, includes $81.8 million gain on forgiveness of bank indebtedness related to a real estate property. | ||||||||||
(2) At December 31, 2013, includes $701.9 million of Jefferies loans to and investments in associated companies and $524.8 million of Jefferies deferred tax asset, net. | ||||||||||
Schedule Of Net Revenues By Geographic Region | ' | |||||||||
Americas (3) | $ | 1,639,495 | ||||||||
Europe (4) | 448,181 | |||||||||
Asia | 46,326 | |||||||||
$ | 2,134,002 | |||||||||
(3) Substantially all relates to U.S. results. | ||||||||||
(4) Substantially all relates to U.K. results. | ||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Selected Quarterly Financial Data [Abstract] | ' | ||||||||||||
Schedule Of Selected Quarterly Financial Data | ' | ||||||||||||
First | Second | Third | Fourth | ||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||
(In thousands, except per share amounts) | |||||||||||||
2013 | |||||||||||||
Net revenues | $ | 2,297,613 | $ | 2,675,725 | $ | 2,534,235 | $ | 2,921,918 | |||||
Income (loss) from continuing operations | $ | 304,156 | $ | 60,574 | $ | 11,662 | $ | (15,090 | ) | ||||
Loss from discontinued operations, net of taxes | $ | (3,542 | ) | $ | (2,423 | ) | $ | (1,439 | ) | $ | (4,820 | ) | |
Gain (loss) on disposal of discontinued operations, net of taxes | $ | (325 | ) | $ | 385 | $ | 4,160 | $ | 8,895 | ||||
Net (income) loss attributable to the noncontrolling interest | $ | 622 | $ | 729 | $ | (253 | ) | $ | 64 | ||||
Net (income) loss attributable to the redeemable noncontrolling | |||||||||||||
interests | $ | 4,531 | $ | (5,638 | ) | $ | (10,132 | ) | $ | 20,521 | |||
Preferred stock dividends | $ | (339 | ) | $ | (1,015 | ) | $ | (1,027 | ) | $ | (1,016 | ) | |
Net income | $ | 305,103 | $ | 52,612 | $ | 2,971 | $ | 8,554 | |||||
Basic earnings (loss) per common share attributable to | |||||||||||||
Leucadia National Corporation common shareholders: | |||||||||||||
Income (loss) from continuing operations | $ | 1.11 | $ | 0.14 | $ | - | $ | 0.01 | |||||
Loss from discontinued operations | (.01 | ) | - | - | (.01 | ) | |||||||
Gain (loss) on disposal of discontinued operations | - | - | 0.01 | 0.02 | |||||||||
Net income | $ | 1.1 | $ | 0.14 | $ | 0.01 | $ | 0.02 | |||||
Number of shares used in calculation | 275,735 | 367,752 | 367,641 | 368,146 | |||||||||
Diluted earnings (loss) per common share attributable to | |||||||||||||
Leucadia National Corporation common shareholders: | |||||||||||||
Income (loss) from continuing operations | $ | 1.09 | $ | 0.14 | $ | - | $ | 0.01 | |||||
Loss from discontinued operations | (.01 | ) | - | - | (.01 | ) | |||||||
Gain (loss) on disposal of discontinued operations | - | - | 0.01 | 0.02 | |||||||||
Net income | $ | 1.08 | $ | 0.14 | $ | 0.01 | $ | 0.02 | |||||
Number of shares used in calculation | 281,587 | 367,837 | 367,687 | 368,262 | |||||||||
2012 | |||||||||||||
Net revenues | $ | 2,727,030 | $ | 1,716,274 | $ | 2,186,582 | $ | 2,775,446 | |||||
Income (loss) from continuing operations | $ | 489,322 | $ | (180,426 | ) | $ | 122,132 | $ | 456,101 | ||||
Loss from discontinued operations, net of taxes | $ | (2,087 | ) | $ | (7,342 | ) | $ | (3,172 | ) | $ | (5,760 | ) | |
Gain (loss) on disposal of discontinued operations, net of taxes | $ | - | $ | - | $ | (4,626 | ) | $ | 499 | ||||
Net (income) loss attributable to the noncontrolling interest | $ | (202 | ) | $ | 297 | $ | 972 | $ | 993 | ||||
Net (income) loss attributable to the redeemable noncontrolling | |||||||||||||
Interests | $ | 3,844 | $ | (9,780 | ) | $ | (8,632 | ) | $ | 2,333 | |||
Net income (loss) | $ | 490,877 | $ | (197,251 | ) | $ | 106,674 | $ | 454,166 | ||||
Basic earnings (loss) per common share attributable to | |||||||||||||
Leucadia National Corporation common shareholders: | |||||||||||||
Income (loss) from continuing operations | $ | 2.02 | $ | (.78 | ) | $ | 0.47 | $ | 1.88 | ||||
Loss from discontinued operations | (.01 | ) | (.03 | ) | (.01 | ) | (.02 | ) | |||||
Gain (loss) on disposal of discontinued operations | - | - | (.02 | ) | - | ||||||||
Net income (loss) | $ | 2.01 | $ | (.81 | ) | $ | 0.44 | $ | 1.86 | ||||
Number of shares used in calculation | 244,583 | 244,583 | 244,583 | 244,583 | |||||||||
Diluted earnings (loss) per common share attributable to | |||||||||||||
Leucadia National Corporation common shareholders: | |||||||||||||
Income (loss) from continuing operations | $ | 1.98 | $ | (.78 | ) | $ | 0.46 | $ | 1.85 | ||||
Loss from discontinued operations | (.01 | ) | (.03 | ) | (.01 | ) | (.02 | ) | |||||
Gain (loss) on disposal of discontinued operations | - | - | (.02 | ) | - | ||||||||
Net income (loss) | $ | 1.97 | $ | (.81 | ) | $ | 0.43 | $ | 1.83 | ||||
Number of shares used in calculation | 248,945 | 244,583 | 248,910 | 248,922 |
Nature_Of_Operations_Details
Nature Of Operations (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Feb. 25, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Jefferies [Member] | National Beef [Member] | National Beef [Member] | Idaho Timber [Member] | Conwed Plastics [Member] | Beef Processing Facility [Member] | Case-Ready Facility [Member] | Tanning Facility [Member] | |||
item | item | National Beef [Member] | National Beef [Member] | National Beef [Member] | ||||||
item | item | item | ||||||||
Foreign facilities | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Domestic facilities | ' | ' | ' | ' | ' | 10 | 4 | 3 | 2 | 1 |
Business acquisition, share conversion ratio | ' | ' | 0.81 | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock owned | ' | ' | 58,006,024 | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding common stock owned | ' | ' | 28.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage interest owned in subsidiary | ' | ' | ' | 78.90% | 78.90% | ' | ' | ' | ' | ' |
Spin off of Crimson Wine Group, Ltd. | $197,000 | $197,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of Crimson received for every 10 shares of Leucadia common shares | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
National Beef [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Carrying value of asset prior to impairment | ' | $93.20 | ' |
Impaired asset fair value | 29.9 | 29.9 | ' |
National Beef [Member] | Selling, General And Other Expenses [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Asset impairment charges | ' | 63.3 | ' |
National Beef [Member] | Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Costs expected to be incurred related to closing a facility | ' | 20 | ' |
Real Estate [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Asset impairment charges | ' | 20 | 4.2 |
Carrying value of asset prior to impairment | ' | 32.3 | ' |
Out of period adjustment | 15.4 | 15.4 | ' |
Impaired asset fair value | $12.30 | $12.30 | ' |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
National Beef [Member] | National Beef [Member] | National Beef [Member] | National Beef [Member] | USPB [Member] | NBPCo [Member] | Jefferies [Member] | Jefferies [Member] | 3.875% Convertible Senior Debentures due 2029 [Member] | |||
Exercise Of Put Rights [Member] | Sale Of Interest [Member] | Jefferies [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | $14,800,000 | ' | ' | ' | ' | $18,500,000 | ' | ' |
Fair value of stock on date of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000,000 | ' | ' |
Aggregate net cash consideration paid for interest acquired | ' | ' | ' | 867,900,000 | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | 4,770,600,000 | ' | ' |
Aggregate cash consideration paid for interest acquired | ' | ' | ' | 875,400,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest sold | ' | ' | ' | ' | ' | 0.70% | ' | ' | ' | ' | ' |
Payment for redemption of ownership | ' | ' | ' | ' | 75,900,000 | ' | ' | ' | ' | ' | ' |
Ownership percentage due to acquisition | ' | ' | ' | 76.10% | 79.60% | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | 78.90% | 78.90% | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest percentage | ' | ' | ' | ' | ' | ' | 15.10% | 5.30% | ' | ' | ' |
Put right exercise percentage | ' | ' | ' | ' | 5.10% | ' | ' | ' | ' | ' | ' |
Proceeds from sale of interests | 7,500,000 | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' |
Aggregate investment in entity | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000,000 | ' | ' |
Conversion of stock, common shares issued | ' | ' | ' | ' | ' | ' | ' | ' | 119,363,000 | ' | ' |
Mandatorily redeemable convertible preferred shares redemption value | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' |
Convertible Senior Debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 345,000,000 |
Dividend rate on preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' |
Conversion price per common per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45.51 |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.88% |
Goodwill deductible for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | 111,500,000 | ' | ' |
Removal of deferred tax liability reversal related to investment | ' | ' | ' | ' | ' | ' | ' | ' | 34,000,000 | ' | ' |
Write off deferred tax asset related to investment in Jefferies | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,800,000 | ' |
Write off of a portion of deferred tax asset for state income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,300,000 | ' |
Acquisitions_Schedule_Of_Alloc
Acquisitions (Schedule Of Allocation Of The Purchase Price To The Assets Acquired And Liabilities Assumed At Acquisition Date) (Details) (USD $) | Feb. 28, 2013 |
In Thousands, unless otherwise specified | |
Acquisitions [Abstract] | ' |
Cash and cash equivalents | $3,017,958 |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 3,728,742 |
Trading assets | 16,413,535 |
Loans to and investments in associated companies | 766,893 |
Securities borrowed | 5,315,488 |
Securities purchased under agreements to resell | 3,578,366 |
Intangible assets, net | 282,852 |
Goodwill | 1,722,591 |
Deferred tax asset, net | 539,384 |
Other assets | 4,386,419 |
Total assets | 39,752,228 |
Short-term borrowings | 100,000 |
Trading liabilities | 9,766,876 |
Securities loaned | 1,902,687 |
Securities sold under agreements to repurchase | 7,976,492 |
Payables to customers of securities operations | 5,450,781 |
Trade payables, expense accruals and other liabilities | 2,724,136 |
Mandatorily redeemable preferred interest in JHYH held by Leucadia | 358,951 |
Long-term debt | 6,345,536 |
Total liabilities | 34,625,459 |
Noncontrolling interests | 356,180 |
Net assets acquired | $4,770,589 |
Acquisitions_Amounts_Allocated
Acquisitions (Amounts Allocated To Intangible Assets, The Amortization Period And Goodwill) (Details) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2013 |
Business Acquisition [Line Items] | ' |
Intangible assets | $282,852 |
Goodwill | 1,722,591 |
Jefferies [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets | 282,852 |
Goodwill | 1,722,591 |
Total | 2,005,443 |
Customer Relationships [Member] | Jefferies [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets | 136,002 |
Tradenames And Related Trademarks [Member] | Jefferies [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets | 131,299 |
Amortization Years | '35 years |
Exchange And Clearing Organization Membership Interests And Registrations [Member] | Jefferies [Member] | ' |
Business Acquisition [Line Items] | ' |
Intangible assets | $15,551 |
Minimum [Member] | Customer Relationships [Member] | Jefferies [Member] | ' |
Business Acquisition [Line Items] | ' |
Amortization Years | '9 years |
Maximum [Member] | Customer Relationships [Member] | Jefferies [Member] | ' |
Business Acquisition [Line Items] | ' |
Amortization Years | '18 years |
Acquisitions_Pro_Forma_Operati
Acquisitions (Pro Forma Operating Results) (Details) (Jefferies And National Beef [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Jefferies And National Beef [Member] | ' | ' | ' |
Net revenues | $11,087,668 | $12,253,259 | $7,681,167 |
Net income attributable to Leucadia National Corporation common shareholders | $267,160 | $900,044 | $112,754 |
Basic income per common share attributable to Leucadia National Corporation common shareholders | $0.70 | $2.37 | $0.46 |
Diluted income per common share attributable to Leucadia National Corporation common shareholders | $0.70 | $2.33 | $0.46 |
Cash_and_Cash_Equivalents_Deta
Cash and Cash Equivalents (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash And Cash Equivalents [Abstract] | ' | ' |
Cash in banks | $1,174,480 | $143,517 |
Money market and other short-term investments | 2,733,115 | 2,443 |
Total cash and cash equivalents | $3,907,595 | $145,960 |
Fair_Value_Disclosures_Narrati
Fair Value Disclosures (Narrative) (Details) (USD $) | 10 Months Ended | 12 Months Ended | 10 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Non-Agency Residential Mortgage Backed Securities [Member] | Commercial Mortgage-Backed Securities [Member] | Corporate Debt Securities [Member] | Corporate Equity Securities [Member] | Collateralized Debt Obligations [Member] | Other Asset-Backed Securities [Member] | Loans And Other Receivables [Member] | Investments At Fair Value [Member] | Knight Capital [Member] | Knight Capital And KCG [Member] | Jefferies [Member] | Jefferies [Member] | Jefferies [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers of assets from Level 2 to Level 3 | $82,400,000 | ' | ' | ' | $58,800,000 | ' | $200,000 | $2,300,000 | $2,800,000 | $16,400,000 | $800,000 | $1,000,000 | ' | ' | ' | ' | ' |
Transfers of assets from Level 3 to Level 2 | 55,900,000 | ' | ' | ' | 45,900,000 | 2,200,000 | 800,000 | 3,600,000 | 600,000 | 1,100,000 | 1,700,000 | ' | ' | ' | ' | ' | ' |
Transfers of liabilities from Level 2 to Level 3 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers of liabilities from Level 3 to Level 2 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains (losses) on Level 3 assets (realized and unrealized) | 9,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains (losses) on Level 3 liabilities (realized and unrealized) | -5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers of loans accounted for as secured financings | 8,700,000 | 8,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excluded Securities from unobservable quantitative information | ' | 127,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration from merger, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.75 | ' | ' | ' | ' |
Cash consideration from merger | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,000,000 | ' | ' | ' | ' |
Percentage of outstanding common stock owned that were bought out | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63.00% | ' | ' | ' | ' |
Changes in fair value of investments reflected as principal transactions | ' | ' | $331,359,000 | ($674,375,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19,500,000 | $182,700,000 | $301,341,000 | ($668,282,000) |
Fair_Value_Disclosures_Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Measured On Recurring Basis At Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivatives | $261,094,000 | ' | |
Derivatives | -2,253,589,000 | [1] | ' |
Total trading assets | 16,699,542,000 | 1,077,172,000 | |
Total available for sale securities | 2,866,143,000 | 3,356,992,000 | |
Cash and cash equivalents | 3,907,595,000 | 145,960,000 | |
Investments in managed funds | 57,285,000 | ' | |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 3,616,602,000 | [2] | ' |
Securities received as collateral | 11,063,000 | ' | |
Derivatives | 180,079,000 | ' | |
Derivatives | -2,352,611,000 | [1] | ' |
Total trading liabilities | 7,293,102,000 | ' | |
Other secured financings | 39,711,000 | ' | |
Obligation to return securities received as collateral | 11,063,000 | ' | |
US government and Federal agency securities segregated for regulatory purposes | 304,200,000 | ' | |
Trading Liabilities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Corporate equity securities | 1,844,788,000 | ' | |
Corporate debt securities | 1,346,078,000 | ' | |
U.S. government and federal agency securities | 1,324,326,000 | ' | |
Sovereign obligations | 1,831,357,000 | ' | |
Loans | 695,300,000 | ' | |
Derivatives | 180,079,000 | ' | |
Physical commodities | 36,483,000 | ' | |
Fair value, equity options transfer from Level 1 to Level 2 | 423,000,000 | ' | |
Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Corporate equity securities | 2,143,340,000 | ' | |
Corporate debt securities | 2,987,523,000 | ' | |
Collateralized debt obligations | 219,311,000 | ' | |
U.S. government and federal agency securities | 2,333,610,000 | ' | |
Municipal securities | 664,054,000 | ' | |
Sovereign obligations | 2,348,488,000 | ' | |
Loans and other receivables | 1,349,128,000 | ' | |
Derivatives | 261,094,000 | ' | |
Investments at fair value | 101,282,000 | ' | |
Investment in associated companies carried at fair value | ' | 1,077,172,000 | |
Physical commodities | 37,888,000 | ' | |
Fair value, equity options transfer from Level 1 to Level 2 | 403,000,000 | ' | |
Available For Sale Securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Corporate equity securities | 252,531,000 | 934,823,000 | |
Corporate debt securities | 51,163,000 | 16,648,000 | |
U.S. government and federal agency securities | 1,781,266,000 | 1,663,512,000 | |
Other | ' | 884,000 | |
Residential Mortgage-Backed Securities [Member] | Trading Liabilities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, liabilities | 34,691,000 | ' | |
Residential Mortgage-Backed Securities [Member] | Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 3,037,760,000 | ' | |
Residential Mortgage-Backed Securities [Member] | Available For Sale Securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 579,162,000 | 601,456,000 | |
Commercial Mortgage-Backed Securities [Member] | Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 1,147,978,000 | ' | |
Commercial Mortgage-Backed Securities [Member] | Available For Sale Securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 17,985,000 | 59,113,000 | |
Other Asset-Backed Securities [Member] | Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 68,086,000 | ' | |
Other Asset-Backed Securities [Member] | Available For Sale Securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 184,036,000 | 80,556,000 | |
Level 1 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Total trading assets | 5,750,939,000 | [3] | ' |
Total available for sale securities | 2,033,797,000 | [3] | 2,591,845,000 |
Cash and cash equivalents | 3,907,595,000 | [3] | 145,960,000 |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 3,616,602,000 | [2],[3] | ' |
Securities received as collateral | 11,063,000 | [3] | ' |
Total trading liabilities | 4,532,816,000 | [3] | ' |
Obligation to return securities received as collateral | 11,063,000 | [3] | ' |
Level 1 [Member] | Trading Liabilities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Corporate equity securities | 1,804,392,000 | [3] | ' |
U.S. government and federal agency securities | 1,324,326,000 | [3] | ' |
Sovereign obligations | 1,360,269,000 | [3] | ' |
Derivatives | 43,829,000 | [3] | ' |
Level 1 [Member] | Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Corporate equity securities | 1,957,963,000 | [3] | ' |
U.S. government and federal agency securities | 2,293,221,000 | [3] | ' |
Sovereign obligations | 1,458,803,000 | [3] | ' |
Derivatives | 40,952,000 | [3] | ' |
Investment in associated companies carried at fair value | ' | 1,077,172,000 | |
Level 1 [Member] | Available For Sale Securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Corporate equity securities | 252,531,000 | [3] | 934,823,000 |
U.S. government and federal agency securities | 1,781,266,000 | [3] | 1,657,022,000 |
Level 2 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Total trading assets | 12,745,130,000 | [3] | ' |
Total available for sale securities | 832,346,000 | [3] | 765,147,000 |
Total trading liabilities | 5,081,999,000 | [3] | ' |
Other secured financings | 31,000,000 | [3] | ' |
Level 2 [Member] | Trading Liabilities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Corporate equity securities | 40,358,000 | [3] | ' |
Corporate debt securities | 1,346,078,000 | [3] | ' |
Sovereign obligations | 471,088,000 | [3] | ' |
Loans | 672,838,000 | [3] | ' |
Derivatives | 2,480,463,000 | [3] | ' |
Physical commodities | 36,483,000 | [3] | ' |
Level 2 [Member] | Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Corporate equity securities | 175,493,000 | [3] | ' |
Corporate debt securities | 2,961,857,000 | [3] | ' |
Collateralized debt obligations | 182,095,000 | [3] | ' |
U.S. government and federal agency securities | 40,389,000 | [3] | ' |
Municipal securities | 664,054,000 | [3] | ' |
Sovereign obligations | 889,685,000 | [3] | ' |
Loans and other receivables | 1,203,238,000 | [3] | ' |
Derivatives | 2,472,238,000 | [3] | ' |
Investments at fair value | 40,000 | [3] | ' |
Physical commodities | 37,888,000 | [3] | ' |
Level 2 [Member] | Available For Sale Securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Corporate debt securities | 51,163,000 | [3] | 16,648,000 |
U.S. government and federal agency securities | ' | 6,490,000 | |
Other | ' | 884,000 | |
Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | Trading Liabilities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, liabilities | 34,691,000 | [3] | ' |
Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 2,932,268,000 | [3] | ' |
Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | Available For Sale Securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 579,162,000 | [3] | 601,456,000 |
Level 2 [Member] | Commercial Mortgage-Backed Securities [Member] | Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 1,130,410,000 | [3] | ' |
Level 2 [Member] | Commercial Mortgage-Backed Securities [Member] | Available For Sale Securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 17,985,000 | [3] | 59,113,000 |
Level 2 [Member] | Other Asset-Backed Securities [Member] | Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 55,475,000 | [3] | ' |
Level 2 [Member] | Other Asset-Backed Securities [Member] | Available For Sale Securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 184,036,000 | [3] | 80,556,000 |
Level 3 [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Total trading assets | 457,062,000 | ' | |
Investments in managed funds | 57,285,000 | ' | |
Total trading liabilities | 30,898,000 | ' | |
Other secured financings | 8,711,000 | ' | |
Level 3 [Member] | Trading Liabilities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Corporate equity securities | 38,000 | ' | |
Loans | 22,462,000 | ' | |
Derivatives | 8,398,000 | ' | |
Level 3 [Member] | Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Corporate equity securities | 9,884,000 | ' | |
Corporate debt securities | 25,666,000 | ' | |
Collateralized debt obligations | 37,216,000 | ' | |
Loans and other receivables | 145,890,000 | ' | |
Derivatives | 1,493,000 | ' | |
Investments at fair value | 101,242,000 | ' | |
Level 3 [Member] | Residential Mortgage-Backed Securities [Member] | Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 105,492,000 | ' | |
Level 3 [Member] | Commercial Mortgage-Backed Securities [Member] | Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 17,568,000 | ' | |
Level 3 [Member] | Other Asset-Backed Securities [Member] | Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Mortgage- and asset-backed securities, assets | 12,611,000 | ' | |
Counterparty and Cash Collateral Netting [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Total trading assets | -2,253,589,000 | [4] | ' |
Total trading liabilities | -2,352,611,000 | [4] | ' |
Counterparty and Cash Collateral Netting [Member] | Trading Liabilities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivatives | -2,352,611,000 | [4] | ' |
Counterparty and Cash Collateral Netting [Member] | Trading Assets [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Derivatives | ($2,253,589,000) | [4] | ' |
[1] | Netting is applied by counterparty when a legal right of offset exists under an enforceable master netting agreement, as permitted under GAAP. Further, for derivative assets and liabilities, netting is inclusive of cash paid or received as collateral under credit support agreements pursuant to the master netting agreement. | ||
[2] | Securities comprise U.S. government securities segregated for regulatory purposes with a fair value of $304.2 million. | ||
[3] | During 2013, listed equity options with a fair value of $403.0 million within Trading assets and $423.0 million within Trading liabilities were transferred from Level 1 to Level 2 as adjustments to the exchange closing price are necessary to best reflect the fair value of the population at its exit price. | ||
[4] | Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. |
Fair_Value_Disclosures_Investm
Fair Value Disclosures (Investments Measured At Fair Value Based On Net Asset Value) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Fair Value | $91,633 | [1],[2] |
Unfunded commitments | 40,910 | [2] |
Equity Long/Short Hedge Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Fair Value | 20,927 | [1],[3] |
Redemption Frequency (if currently eligible) | 'Monthly/Quarterly | [3] |
High Yield Hedge Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Fair Value | 244 | [1],[4] |
Fund Of Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Fair Value | 494 | [1],[5] |
Unfunded commitments | 94 | [5] |
Equity Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Fair Value | 66,495 | [1],[6] |
Unfunded commitments | 40,816 | [6] |
Convertible Bond Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Fair Value | $3,473 | [1],[7] |
Redemption Frequency (if currently eligible) | 'At Will | [7] |
[1] | Fair value has been estimated using the net asset value derived from each of the funds' capital statements. | |
[2] | Investments at fair value in the Consolidated Statements of Financial Condition include $66.9 million of direct investments which do not have the characteristics of investment companies and therefore not included within this table. We have unfunded commitments to such investments of $3.3 million in aggregate at December 31, 2013. | |
[3] | This category includes investments in hedge funds that invest, long and short, in equity securities in domestic and international markets in both the public and private sectors. Investments representing approximately 98% of the fair value of investments in this category are redeemable with 30 to 65 days prior written notice. The remaining investments in this category cannot be redeemed as they are in liquidation and distributions will be received through the liquidation of the underlying assets of the funds. We are unable to estimate when the underlying assets will be liquidated. | |
[4] | Includes investments in funds that invest in domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. The underlying assets of the funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated. | |
[5] | Includes investments in fund of funds that invest in various private equity funds. Approximately 98% of the fair value of investments in this category is managed by us and has no redemption provisions, instead distributions are received through the liquidation of the underlying assets of the fund of funds, which are estimated to be liquidated in one to two years. For the remaining investments, we have requested redemption; however, we are unable to estimate when these funds will be received. | |
[6] | Investments representing approximately 99% of the fair value of investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed, instead distributions are received through the liquidation of the underlying assets of the funds which are expected to liquidate in one to eight years. The remaining investments are in liquidation and we are unable to estimate when the underlying assets will be fully liquidated. This category includes investments in equity funds managed by us with a fair value of $54.4 million and unfunded commitments of $39.2 million. | |
[7] | Investment in the Jefferies Umbrella Fund, an open-ended investment company managed by us that invests primarily in convertible bonds. The investment is redeemable with 5 days prior written notice. |
Fair_Value_Disclosures_Investm1
Fair Value Disclosures (Investments Measured At Fair Value Based On Net Asset Value) (Additional Information) (Details) (USD $) | Dec. 31, 2013 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Unfunded commitments | $40,910,000 | [1] |
Equity Long/Short Hedge Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Percentage of redeemable investments | 98.00% | |
Funds Of Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Percentage of investments with no redemption provisions | 98.00% | |
Equity Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Percentage of investments in certain industries | 99.00% | |
Convertible Bonds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Notice period redemption of investments prior written notice period | '5 days | |
Investments Which Are Not Investment Companies [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Unfunded commitments | 3,300,000 | |
Investments at fair value | 66,900,000 | |
Minimum [Member] | Equity Long/Short Hedge Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Notice period redemption of investments prior written notice period | '30 days | |
Minimum [Member] | Funds Of Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Estimated period for the liquidation of the underlying assets | '1 year | |
Minimum [Member] | Equity Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Estimated period for the liquidation of the underlying assets | '1 year | |
Maximum [Member] | Equity Long/Short Hedge Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Notice period redemption of investments prior written notice period | '65 days | |
Maximum [Member] | Funds Of Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Estimated period for the liquidation of the underlying assets | '2 years | |
Maximum [Member] | Equity Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Estimated period for the liquidation of the underlying assets | '8 years | |
Managed By Entity [Member] | Equity Funds [Member] | ' | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | |
Fair value of investments in equity funds managed by entity | 54,400,000 | |
Unfunded commitments | $39,200,000 | |
[1] | Investments at fair value in the Consolidated Statements of Financial Condition include $66.9 million of direct investments which do not have the characteristics of investment companies and therefore not included within this table. We have unfunded commitments to such investments of $3.3 million in aggregate at December 31, 2013. |
Fair_Value_Disclosures_Summary
Fair Value Disclosures (Summary Of Trading Assets And Trading Liabilities) (Details) | Dec. 31, 2013 |
Trading Assets and Trading Liabilities Measured Using Different Valuation Basis [Line Items] | ' |
Trading assets | 100.00% |
Trading liabilities | 100.00% |
Exchange Closing Prices [Member] | ' |
Trading Assets and Trading Liabilities Measured Using Different Valuation Basis [Line Items] | ' |
Trading assets | 12.00% |
Trading liabilities | 25.00% |
Recently Observed Transaction Prices [Member] | ' |
Trading Assets and Trading Liabilities Measured Using Different Valuation Basis [Line Items] | ' |
Trading assets | 5.00% |
Trading liabilities | 4.00% |
External Pricing Services [Member] | ' |
Trading Assets and Trading Liabilities Measured Using Different Valuation Basis [Line Items] | ' |
Trading assets | 68.00% |
Trading liabilities | 66.00% |
Broker Quotes [Member] | ' |
Trading Assets and Trading Liabilities Measured Using Different Valuation Basis [Line Items] | ' |
Trading assets | 3.00% |
Trading liabilities | 3.00% |
Valuation Techniques [Member] | ' |
Trading Assets and Trading Liabilities Measured Using Different Valuation Basis [Line Items] | ' |
Trading assets | 12.00% |
Trading liabilities | 2.00% |
Fair_Value_Disclosures_Summary1
Fair Value Disclosures (Summary Of Changes In Fair Value Of Financial Assets And Liabilities Classified As Level 3) (Details) (USD $) | 10 Months Ended | |
Dec. 31, 2013 | ||
Total gains (losses) (realized and unrealized) | $9,400,000 | |
Total gains (losses) (realized and unrealized) | -5,800,000 | |
Secured financings issued | 8,700,000 | |
Corporate Equity Securities [Member] | ' | |
Beginning Balance | 13,234,000 | [1] |
Total gains (losses) (realized and unrealized) | 1,551,000 | [1],[2] |
Purchases | 3,583,000 | [1] |
Sales | -7,141,000 | [1] |
Net transfers into/ (out of) Level 3 | -1,343,000 | [1] |
Ending Balance | 9,884,000 | [1] |
Change in unrealized gains/(losses) relating to instruments still held | -419,000 | [1],[2] |
Beginning Balance | 38,000 | [1] |
Ending Balance | 38,000 | [1] |
Corporate Debt Securities [Member] | ' | |
Beginning Balance | 31,820,000 | [1] |
Total gains (losses) (realized and unrealized) | -2,454,000 | [1],[2] |
Purchases | 31,014,000 | [1] |
Sales | -34,125,000 | [1] |
Net transfers into/ (out of) Level 3 | -589,000 | [1] |
Ending Balance | 25,666,000 | [1] |
Change in unrealized gains/(losses) relating to instruments still held | -2,749,000 | [1],[2] |
Collateralized Debt Obligations [Member] | ' | |
Beginning Balance | 24,736,000 | [1] |
Total gains (losses) (realized and unrealized) | -2,309,000 | [1],[2] |
Purchases | 45,437,000 | [1] |
Sales | -32,874,000 | [1] |
Net transfers into/ (out of) Level 3 | 2,226,000 | [1] |
Ending Balance | 37,216,000 | [1] |
Change in unrealized gains/(losses) relating to instruments still held | -8,384,000 | [1],[2] |
Residential Mortgage-Backed Securities [Member] | ' | |
Beginning Balance | 169,426,000 | [1] |
Total gains (losses) (realized and unrealized) | -4,897,000 | [1],[2] |
Purchases | 89,792,000 | [1] |
Sales | -150,807,000 | [1] |
Settlements | -11,007,000 | [1] |
Net transfers into/ (out of) Level 3 | 12,985,000 | [1] |
Ending Balance | 105,492,000 | [1] |
Change in unrealized gains/(losses) relating to instruments still held | -6,932,000 | [1],[2] |
Beginning Balance | 1,542,000 | [1] |
Total gains (losses) (realized and unrealized) | -1,542,000 | [1],[2] |
Commercial Mortgage-Backed Securities [Member] | ' | |
Beginning Balance | 17,794,000 | [1] |
Total gains (losses) (realized and unrealized) | -4,469,000 | [1],[2] |
Purchases | 20,130,000 | [1] |
Sales | -13,538,000 | [1] |
Settlements | -100,000 | [1] |
Net transfers into/ (out of) Level 3 | -2,249,000 | [1] |
Ending Balance | 17,568,000 | [1] |
Change in unrealized gains/(losses) relating to instruments still held | -3,794,000 | [1],[2] |
Other Asset-Backed Securities [Member] | ' | |
Beginning Balance | 1,292,000 | [1] |
Total gains (losses) (realized and unrealized) | -4,535,000 | [1],[2] |
Purchases | 105,291,000 | [1] |
Sales | -104,711,000 | [1] |
Net transfers into/ (out of) Level 3 | 15,274,000 | [1] |
Ending Balance | 12,611,000 | [1] |
Change in unrealized gains/(losses) relating to instruments still held | -3,497,000 | [1],[2] |
Loans And Other Receivables [Member] | ' | |
Beginning Balance | 170,986,000 | [1] |
Total gains (losses) (realized and unrealized) | 15,008,000 | [1],[2] |
Purchases | 287,757,000 | [1] |
Sales | -115,231,000 | [1] |
Settlements | -211,805,000 | [1] |
Net transfers into/ (out of) Level 3 | -825,000 | [1] |
Ending Balance | 145,890,000 | [1] |
Change in unrealized gains/(losses) relating to instruments still held | 13,402,000 | [1],[2] |
Investments At Fair Value [Member] | ' | |
Beginning Balance | 75,067,000 | [1] |
Total gains (losses) (realized and unrealized) | 1,678,000 | [1],[2] |
Purchases | 28,594,000 | [1] |
Sales | -102,000 | [1] |
Settlements | -5,012,000 | [1] |
Net transfers into/ (out of) Level 3 | 1,017,000 | [1] |
Ending Balance | 101,242,000 | [1] |
Change in unrealized gains/(losses) relating to instruments still held | 1,705,000 | [1],[2] |
Investments in managed funds [Member] | ' | |
Beginning Balance | 59,976,000 | [1] |
Total gains (losses) (realized and unrealized) | 9,863,000 | [1],[2] |
Purchases | 15,651,000 | [1] |
Sales | -17,000 | [1] |
Settlements | -28,188,000 | [1] |
Ending Balance | 57,285,000 | [1] |
Change in unrealized gains/(losses) relating to instruments still held | 9,863,000 | [1],[2] |
Net Derivatives [Member] | ' | |
Beginning Balance | 11,185,000 | [1],[3] |
Total gains (losses) (realized and unrealized) | 4,408,000 | [1],[2],[3] |
Sales | -300,000 | [1],[3] |
Settlements | -8,515,000 | [1],[3] |
Net transfers into/ (out of) Level 3 | 127,000 | [1],[3] |
Ending Balance | 6,905,000 | [1],[3] |
Change in unrealized gains/(losses) relating to instruments still held | 1,609,000 | [1],[2],[3] |
Loans [Member] | ' | |
Beginning Balance | 7,398,000 | [1] |
Total gains (losses) (realized and unrealized) | 2,959,000 | [1],[2] |
Purchases | -16,027,000 | [1] |
Sales | 28,065,000 | [1] |
Settlements | 67,000 | [1] |
Ending Balance | 22,462,000 | [1] |
Change in unrealized gains/(losses) relating to instruments still held | ($2,970,000) | [1],[2] |
[1] | In addition to the above changes in the fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy, during the period from the Jefferies acquisition through December 31, 2013, secured financings of $8.7 million were issued. | |
[2] | Realized and unrealized gains (losses) are reported in Principal transactions in the Consolidated Statements of Operations. | |
[3] | Net derivatives represent Trading assets - Derivatives and Trading liabilities - Derivatives. |
Fair_Value_Disclosures_Quantit
Fair Value Disclosures (Quantitative Information About Significant Unobservable Inputs Used In Level 3 Fair Value Measurements) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Derivatives, Liabilities [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value of Trading Liabilities | 8,398,000 | |
Equity Options [Member] | Derivatives, Liabilities [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Valuation Technique | 'Option model | |
Significant Unobservable Input(s) | 'Volatility | |
Fair value assumptions expected volatility inputs, weighted average | 39.00% | |
Equity Options [Member] | Minimum [Member] | Derivatives, Liabilities [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair value assumptions expected volatility inputs | 36.25% | |
Equity Options [Member] | Maximum [Member] | Derivatives, Liabilities [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair value assumptions expected volatility inputs | 41.00% | |
Loans [Member] | Liabilities [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value of Financial Instruments Owned | 8,106,000 | |
Valuation Technique | 'Comparable pricing | |
Significant Unobservable Input(s) | 'Comparable bond or loan price | |
Fair Value Inputs, Comparable bond or loan price | 101.88 | |
Corporate Equity Securities [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value of Financial Instruments Owned | 8,034,000 | |
Corporate Equity Securities [Member] | Minimum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | 4 | |
Corporate Equity Securities [Member] | Maximum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | 5.5 | |
Corporate Equity Securities [Member] | Non-exchange traded securities [Member] | Range One [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Valuation Technique | 'Market approach | |
Significant Unobservable Input(s) | 'EBITDA (a) multiple | [1] |
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple, Weighted Average | 4.53 | |
Corporate Equity Securities [Member] | Warrants [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Valuation Technique | 'Option model | |
Significant Unobservable Input(s) | 'Volatility | |
Fair value assumptions expected volatility inputs | 36.00% | |
Corporate Debt Securities [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value of Financial Instruments Owned | 17,699,000 | |
Corporate Debt Securities [Member] | Range One [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Valuation Technique | 'Scenario analysis | |
Significant Unobservable Input(s) | 'Estimated recovery percentage | |
Fair value assumptions estimated recovery percentage inputs | 24.00% | |
Corporate Debt Securities [Member] | Range Two [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Valuation Technique | 'Comparable pricing | |
Significant Unobservable Input(s) | 'Comparable bond or loan price | |
Fair Value Inputs, Comparable bond or loan price, weighted average | 69.91 | |
Corporate Debt Securities [Member] | Range Three [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Valuation Technique | 'Market approach | |
Significant Unobservable Input(s) | 'Yield | |
Fair Value Inputs, Yield | 13.00% | |
Corporate Debt Securities [Member] | Minimum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Comparable bond or loan price | 69.1 | |
Corporate Debt Securities [Member] | Maximum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Comparable bond or loan price | 70.5 | |
Collateralized Debt Obligations [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value of Financial Instruments Owned | 34,316,000 | |
Valuation Technique | 'Discounted cash flows | |
Collateralized Debt Obligations [Member] | Range One [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Constant prepayment rate | |
Fair Value Inputs, Constant prepayment rate, weighted average | 13.00% | |
Collateralized Debt Obligations [Member] | Range Two [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Constant default rate | |
Fair Value Inputs, Constant default rate, weighted average | 2.00% | |
Collateralized Debt Obligations [Member] | Range Three [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Loss severity | |
Fair Value Inputs, Loss severity, weighted average | 38.00% | |
Collateralized Debt Obligations [Member] | Range Four [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Yield | |
Fair Value Inputs, Yield, weighted average | 28.00% | |
Collateralized Debt Obligations [Member] | Minimum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Constant prepayment rate | 0.00% | |
Fair Value Inputs, Constant default rate | 2.00% | |
Fair Value Inputs, Loss severity | 30.00% | |
Fair Value Inputs, Yield | 3.00% | |
Collateralized Debt Obligations [Member] | Maximum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Constant prepayment rate | 20.00% | |
Fair Value Inputs, Constant default rate | 3.00% | |
Fair Value Inputs, Loss severity | 85.00% | |
Fair Value Inputs, Yield | 91.00% | |
Residential Mortgage-Backed Securities [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value of Financial Instruments Owned | 105,492,000 | |
Valuation Technique | 'Discounted cash flows | |
Residential Mortgage-Backed Securities [Member] | Range One [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Constant prepayment rate | |
Fair Value Inputs, Constant prepayment rate, weighted average | 11.00% | |
Residential Mortgage-Backed Securities [Member] | Range Two [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Constant default rate | |
Fair Value Inputs, Constant default rate, weighted average | 17.00% | |
Residential Mortgage-Backed Securities [Member] | Range Three [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Loss severity | |
Fair Value Inputs, Loss severity, weighted average | 48.00% | |
Residential Mortgage-Backed Securities [Member] | Range Four [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Yield | |
Fair Value Inputs, Yield, weighted average | 7.00% | |
Residential Mortgage-Backed Securities [Member] | Minimum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Constant prepayment rate | 2.00% | |
Fair Value Inputs, Constant default rate | 1.00% | |
Fair Value Inputs, Loss severity | 30.00% | |
Fair Value Inputs, Yield | 0.00% | |
Residential Mortgage-Backed Securities [Member] | Maximum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Constant prepayment rate | 50.00% | |
Fair Value Inputs, Constant default rate | 100.00% | |
Fair Value Inputs, Loss severity | 90.00% | |
Fair Value Inputs, Yield | 20.00% | |
Commercial Mortgage-Backed Securities [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value of Financial Instruments Owned | 17,568,000 | |
Valuation Technique | 'Discounted cash flows | |
Commercial Mortgage-Backed Securities [Member] | Range One [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Yield | |
Fair Value Inputs, Yield, weighted average | 14.00% | |
Commercial Mortgage-Backed Securities [Member] | Range Two [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Cumulative loss rate | |
Fair Value Inputs, Cumulative loss rate, weighted average | 11.00% | |
Commercial Mortgage-Backed Securities [Member] | Minimum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Yield | 12.00% | |
Fair Value Inputs, Cumulative loss rate | 5.00% | |
Commercial Mortgage-Backed Securities [Member] | Maximum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Yield | 20.00% | |
Fair Value Inputs, Cumulative loss rate | 28.20% | |
Loans And Other Receivables [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value of Financial Instruments Owned | 101,931,000 | |
Loans And Other Receivables [Member] | Range One [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Valuation Technique | 'Comparable pricing | |
Significant Unobservable Input(s) | 'Comparable bond or loan price | |
Fair Value Inputs, Comparable bond or loan price, weighted average | 98.9 | |
Loans And Other Receivables [Member] | Range Two [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Valuation Technique | 'Market approach | |
Significant Unobservable Input(s) | 'Yield | |
Fair Value Inputs, Yield, weighted average | 10.00% | |
Loans And Other Receivables [Member] | Range Three [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'EBITDA (a) multiple | [1] |
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple | 6.9 | |
Loans And Other Receivables [Member] | Range Four [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Valuation Technique | 'Scenario analysis | |
Significant Unobservable Input(s) | 'Estimated recovery percentage | |
Fair value assumptions estimated recovery percentage, weighted average | 74.00% | |
Loans And Other Receivables [Member] | Minimum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair value assumptions estimated recovery percentage inputs | 16.90% | |
Fair Value Inputs, Yield | 8.75% | |
Fair Value Inputs, Comparable bond or loan price | 91 | |
Loans And Other Receivables [Member] | Maximum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair value assumptions estimated recovery percentage inputs | 92.00% | |
Fair Value Inputs, Yield | 13.50% | |
Fair Value Inputs, Comparable bond or loan price | 101 | |
Other Asset-Backed Securities [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value of Financial Instruments Owned | 12,611,000 | |
Valuation Technique | 'Discounted cash flows | |
Other Asset-Backed Securities [Member] | Range One [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Constant prepayment rate | |
Fair Value Inputs, Constant prepayment rate, weighted average | 17.00% | |
Other Asset-Backed Securities [Member] | Range Two [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Constant default rate | |
Fair Value Inputs, Constant default rate, weighted average | 7.00% | |
Other Asset-Backed Securities [Member] | Range Three [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Loss severity | |
Fair Value Inputs, Loss severity, weighted average | 64.00% | |
Other Asset-Backed Securities [Member] | Range Four [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Significant Unobservable Input(s) | 'Yield | |
Fair Value Inputs, Yield, weighted average | 18.00% | |
Other Asset-Backed Securities [Member] | Minimum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Constant prepayment rate | 4.00% | |
Fair Value Inputs, Constant default rate | 2.00% | |
Fair Value Inputs, Loss severity | 40.00% | |
Fair Value Inputs, Yield | 3.00% | |
Other Asset-Backed Securities [Member] | Maximum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Constant prepayment rate | 30.00% | |
Fair Value Inputs, Constant default rate | 11.00% | |
Fair Value Inputs, Loss severity | 92.00% | |
Fair Value Inputs, Yield | 29.00% | |
Derivatives, Assets [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value of Financial Instruments Owned | 1,493,000 | |
Derivatives, Assets [Member] | Loan commitments [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Valuation Technique | 'Comparable pricing | |
Significant Unobservable Input(s) | 'Comparable bond or loan price | |
Fair Value Inputs, Comparable bond or loan price | 100.875 | |
Investments At Fair Value [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value of Financial Instruments Owned | 30,203,000 | |
Investments At Fair Value [Member] | Private equity securities [Member] | Range One [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Valuation Technique | 'Comparable pricing | |
Significant Unobservable Input(s) | 'Comparable share price | |
Fair Value Inputs, Comparable share price | 414 | |
Investments At Fair Value [Member] | Private equity securities [Member] | Range Two [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Valuation Technique | 'Market approach | |
Significant Unobservable Input(s) | 'Discount rate | |
Fair Value Inputs, Discount rate, weighted average | 23.00% | |
Investments At Fair Value [Member] | Private equity securities [Member] | Minimum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Discount rate | 15.00% | |
Investments At Fair Value [Member] | Private equity securities [Member] | Maximum [Member] | ' | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | |
Fair Value Inputs, Discount rate | 30.00% | |
[1] | Earnings before interest, taxes, depreciation and amortization ("EBITDA"). |
Fair_Value_Disclosures_Summary2
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) (Details) (USD $) | 10 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Financial Instruments [Line Items] | ' |
Loans and other receivables | $15,327 |
Financial Instruments Sold [Member] | ' |
Financial Instruments [Line Items] | ' |
Loans | -32 |
Loan Commitments | ($1,007) |
Fair_Value_Disclosures_Summary3
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) (Details) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | |
Loans and other receivables | $264,896 | [1] |
Loans greater than 90 days past due | ' | [1],[2] |
Aggregate fair value of loans 90 or more days past due | $0 | |
[1] | Interest income is recognized separately from other changes in fair value and is included within Interest income in the Consolidated Statements of Operations. | |
[2] | The aggregate fair value of loans that were 90 or more days past due was $0. |
Fair_Value_Disclosures_Schedul1
Fair Value Disclosures (Schedule Of Changes In Fair Value Of Investments Reflected As Principal Transactions) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in fair value of investments reflected as principal transactions | ' | $331,359 | ($674,375) |
Mueller [Member] | ' | ' | ' |
Changes in fair value of investments reflected as principal transactions | ' | 30,018 | -6,093 |
Jefferies [Member] | ' | ' | ' |
Changes in fair value of investments reflected as principal transactions | $182,700 | $301,341 | ($668,282) |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Derivative Financial Instruments [Abstract] | ' |
Fair value of derivative instruments in a liability position | $170.20 |
Collateral posted for derivative instruments in a liability position | 127.7 |
Additional collateral required for derivative instruments in a liability position | $49.40 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure) (Details) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | |
Fair Value, Assets | $2,514,683 | |
Fair Value, Liabilities | 2,532,690 | |
Counterparty/cash-collateral netting, Assets | -2,253,589 | [1] |
Counterparty/cash-collateral netting, Liabilities | -2,352,611 | [1] |
Total Derivative Assets per Consolidated Statement of Financial Condition | 261,094 | |
Total Derivative Liabilities per Consolidated Statement of Financial Condition | 180,079 | |
Interest Rate Contracts [Member] | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Fair Value, Assets | 1,165,977 | |
Number of Contracts, Assets | 63,967 | |
Fair Value, Liabilities | 1,131,166 | |
Number of Contracts, Liabilities | 77,338 | |
Foreign Exchange Contracts [Member] | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Fair Value, Assets | 653,772 | |
Number of Contracts, Assets | 118,707 | |
Fair Value, Liabilities | 693,658 | |
Number of Contracts, Liabilities | 112,417 | |
Equity Contracts [Member] | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Fair Value, Assets | 501,784 | |
Number of Contracts, Assets | 1,742,343 | |
Fair Value, Liabilities | 474,985 | |
Number of Contracts, Liabilities | 1,800,603 | |
Commodity Contracts [Member] | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Fair Value, Assets | 141,280 | |
Number of Contracts, Assets | 797,529 | |
Fair Value, Liabilities | 173,119 | |
Number of Contracts, Liabilities | 788,717 | |
Credit Contracts: Centrally Cleared Swaps [Member] | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Fair Value, Assets | 49,531 | |
Number of Contracts, Assets | 49 | |
Fair Value, Liabilities | 51,632 | |
Number of Contracts, Liabilities | 46 | |
Credit Contracts: Other Credit Derivatives [Member] | ' | |
Derivatives, Fair Value [Line Items] | ' | |
Fair Value, Assets | 2,339 | |
Number of Contracts, Assets | 16 | |
Fair Value, Liabilities | $8,130 | |
Number of Contracts, Liabilities | 19 | |
[1] | Netting is applied by counterparty when a legal right of offset exists under an enforceable master netting agreement, as permitted under GAAP. Further, for derivative assets and liabilities, netting is inclusive of cash paid or received as collateral under credit support agreements pursuant to the master netting agreement. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Unrealized And Realized Gains (Losses) On Derivative Contracts (Details) (USD $) | 10 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Unrealized and realized gains (losses) | $174,077 |
Interest Rate Contracts [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Unrealized and realized gains (losses) | 132,661 |
Foreign Exchange Contracts [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Unrealized and realized gains (losses) | 4,937 |
Equity Contracts [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Unrealized and realized gains (losses) | 3,783 |
Commodity Contracts [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Unrealized and realized gains (losses) | 45,546 |
Credit Contracts [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Unrealized and realized gains (losses) | ($12,850) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Remaining Contract Maturity Of Fair Value Of OTC Derivative Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | |
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 | $234,916,000 | [1],[2],[3] |
OTC derivative assets having maturity period of 1 to 5 years | 127,752,000 | [1],[2],[3] |
OTC derivative assets having maturity period of greater than 5 years | 129,448,000 | [1],[2],[3] |
OTC derivative assets cross-maturity netting | -63,380,000 | [1],[2],[3],[4] |
Total OTC derivative assets, net of cross-maturity netting | 428,736,000 | [1],[2],[3] |
Cross product counterparty netting | -2,086,000 | [1],[2],[3] |
Total OTC derivative assets included in Trading assets | 426,650,000 | [1],[2],[3],[5] |
OTC derivative liabilities having maturity period of 0 to 12 months | 215,742,000 | [3],[6],[7] |
OTC derivative liabilities having maturity period of 1 to 5 years | 175,352,000 | [3],[6],[7] |
OTC derivative liabilities having maturity period of greater than 5 years | 141,278,000 | [3],[6],[7] |
OTC derivative liabilities cross-maturity netting | -60,796,000 | [3],[4],[6],[7] |
Total OTC derivative liabilities, net of cross-maturity netting | 471,576,000 | [3],[6],[7] |
Cross product counterparty netting | -2,086,000 | [3],[6],[7] |
Total OTC derivative liabilities included in Trading liabilities | 469,490,000 | [3],[6],[7] |
Exchange traded derivative assets and other credit agreements | 43,100,000 | |
Cash collateral received | 208,600,000 | |
Exchange traded derivative liabilities and other credit agreements | 18,200,000 | |
Cash collateral pledged | 307,700,000 | |
Commodity Swaps, Options And Forwards [Member] | ' | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | ' | |
OTC derivative assets having maturity period of 0 to 12 months | 43,519,000 | [1],[2],[3] |
OTC derivative assets having maturity period of 1 to 5 years | 699,000 | [1],[2],[3] |
OTC derivative assets cross-maturity netting | -198,000 | [1],[2],[3],[4] |
Total OTC derivative assets, net of cross-maturity netting | 44,020,000 | [1],[2],[3] |
OTC derivative liabilities having maturity period of 0 to 12 months | 69,380,000 | [3],[6],[7] |
OTC derivative liabilities having maturity period of 1 to 5 years | 203,000 | [3],[6],[7] |
OTC derivative liabilities cross-maturity netting | -198,000 | [3],[4],[6],[7] |
Total OTC derivative liabilities, net of cross-maturity netting | 69,385,000 | [3],[6],[7] |
Credit Default Swaps [Member] | ' | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | ' | |
OTC derivative assets having maturity period of greater than 5 years | 413,000 | [1],[2],[3] |
Total OTC derivative assets, net of cross-maturity netting | 413,000 | [1],[2],[3] |
OTC derivative liabilities having maturity period of 0 to 12 months | 174,000 | [3],[6],[7] |
OTC derivative liabilities having maturity period of 1 to 5 years | 3,539,000 | [3],[6],[7] |
OTC derivative liabilities having maturity period of greater than 5 years | 1,263,000 | [3],[6],[7] |
Total OTC derivative liabilities, net of cross-maturity netting | 4,976,000 | [3],[6],[7] |
Equity Swaps And Options [Member] | ' | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | ' | |
OTC derivative assets having maturity period of 0 to 12 months | 4,394,000 | [1],[2],[3] |
Total OTC derivative assets, net of cross-maturity netting | 4,394,000 | [1],[2],[3] |
OTC derivative liabilities having maturity period of greater than 5 years | 3,332,000 | [3],[6],[7] |
Total OTC derivative liabilities, net of cross-maturity netting | 3,332,000 | [3],[6],[7] |
Total Return Swaps [Member] | ' | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | ' | |
OTC derivative assets having maturity period of 0 to 12 months | 948,000 | [1],[2],[3] |
Total OTC derivative assets, net of cross-maturity netting | 948,000 | [1],[2],[3] |
OTC derivative liabilities having maturity period of 0 to 12 months | 5,002,000 | [3],[6],[7] |
Total OTC derivative liabilities, net of cross-maturity netting | 5,002,000 | [3],[6],[7] |
Foreign Currency Forwards, Swaps And Options [Member] | ' | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | ' | |
OTC derivative assets having maturity period of 0 to 12 months | 89,072,000 | [1],[2],[3] |
OTC derivative assets having maturity period of 1 to 5 years | 37,798,000 | [1],[2],[3] |
OTC derivative assets having maturity period of greater than 5 years | 52,000 | [1],[2],[3] |
OTC derivative assets cross-maturity netting | -11,192,000 | [1],[2],[3],[4] |
Total OTC derivative assets, net of cross-maturity netting | 115,730,000 | [1],[2],[3] |
OTC derivative liabilities having maturity period of 0 to 12 months | 117,044,000 | [3],[6],[7] |
OTC derivative liabilities having maturity period of 1 to 5 years | 47,258,000 | [3],[6],[7] |
OTC derivative liabilities cross-maturity netting | -8,608,000 | [3],[4],[6],[7] |
Total OTC derivative liabilities, net of cross-maturity netting | 155,694,000 | [3],[6],[7] |
Interest Rate Swaps And Options [Member] | ' | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | ' | |
OTC derivative assets having maturity period of 0 to 12 months | 96,983,000 | [1],[2],[3] |
OTC derivative assets having maturity period of 1 to 5 years | 89,255,000 | [1],[2],[3] |
OTC derivative assets having maturity period of greater than 5 years | 128,983,000 | [1],[2],[3] |
OTC derivative assets cross-maturity netting | -51,990,000 | [1],[2],[3],[4] |
Total OTC derivative assets, net of cross-maturity netting | 263,231,000 | [1],[2],[3] |
OTC derivative liabilities having maturity period of 0 to 12 months | 24,142,000 | [3],[6],[7] |
OTC derivative liabilities having maturity period of 1 to 5 years | 124,352,000 | [3],[6],[7] |
OTC derivative liabilities having maturity period of greater than 5 years | 136,683,000 | [3],[6],[7] |
OTC derivative liabilities cross-maturity netting | -51,990,000 | [3],[4],[6],[7] |
Total OTC derivative liabilities, net of cross-maturity netting | $233,187,000 | [3],[6],[7] |
[1] | At December 31, 2013, we held exchange traded derivative assets and other credit agreements with a fair value of $43.1 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 the Consolidated Statements of Financial Condition. At December 31, 2013 cash collateral received was $208.6 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. | |
[5] | We utilize internal credit ratings determined by Jefferies Risk Management. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. | |
[6] | At December 31, 2013, we held exchange traded derivative liabilities and other credit agreements with a fair value of $18.2 million, which are not included in this table. | |
[7] | OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged in the Consolidated Statements of Financial Condition. At December 31, 2013, cash collateral pledged was $307.7 million. |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets) (Details) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Derivative Financial Instruments [Abstract] | ' | |
Fair value of OTC derivatives assets, Counterparty credit quality, A- or higher | $251,967 | [1] |
Fair value of OTC derivatives assets, Counterparty credit quality, BBB- to BBB+ | 18,541 | [1] |
Fair value of OTC derivatives assets, Counterparty credit quality, BB+ or lower | 95,072 | [1] |
Fair value of OTC derivatives assets, Counterparty credit quality, Unrated | 61,070 | [1] |
Fair value of Over the Counter Derivatives Assets Counterparty credit quality | $426,650 | [1],[2],[3],[4] |
[1] | We utilize internal credit ratings determined by Jefferies Risk Management. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. | |
[2] | At December 31, 2013, we held exchange traded derivative assets and other credit agreements with a fair value of $43.1 million, which are not included in this table. | |
[3] | OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received in the Consolidated Statements of Financial Condition. At December 31, 2013 cash collateral received was $208.6 million. | |
[4] | Derivative fair values include counterparty netting within product category. |
Collateralized_Transactions_Na
Collateralized Transactions (Narrative) (Details) (USD $) | Dec. 31, 2013 |
Collateralized Transactions [Abstract] | ' |
Fair value of securities received as collateral | $21,900,000,000 |
Obligation to return securities received as collateral | 11,063,000 |
Securities received as collateral | $11,063,000 |
Securitization_Activities_Acti
Securitization Activities (Activity Related to Securitizations Accounted for as Sales) (Details) (USD $) | 10 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Securitization Activities [Abstract] | ' |
Transferred assets | $4,592.50 |
Proceeds on new securitizations | 4,609 |
Net revenues | 10.7 |
Cash flows received on retained interests | $35.60 |
Securitization_Activities_Summ
Securitization Activities (Summary Of Retained Interests In SPEs) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
U.S. Government agency residential mortgage-backed Securities | $11,518.40 |
U.S. Government agency commercial mortgage-backed Securities | 5,385.60 |
Collateralized loan obligations | 728.5 |
Residential Mortgage-Backed Securities [Member] | ' |
Retained Interests | 281.3 |
Commercial Mortgage-Backed Securities [Member] | ' |
Retained Interests | 96.8 |
Collateralized Loan Obligations Securitizations [Member] | ' |
Retained Interests | $9 |
Available_For_Sale_Securities_1
Available For Sale Securities (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Investments [Line Items] | ' | ' | ' |
Net realized securities gains | $243,957,000 | $590,581,000 | $641,476,000 |
Inmet Mining Corporation [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Shares of common stock owned | ' | 11,042,413 | ' |
Percentage of outstanding shares | ' | 15.90% | ' |
Net realized securities gains | 227,600,000 | ' | ' |
Aggregate net proceeds | 391,200,000 | ' | ' |
First Quantum Minerals Ltd [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Shares of common stock received | 18,202,313 | ' | ' |
Fair value of shares received | 340,400,000 | ' | ' |
Number of shares sold | 9,952,313 | ' | ' |
Aggregate net proceeds | $184,700,000 | ' | ' |
Available_For_Sale_Securities_2
Available For Sale Securities (Amortized Cost, Gross Unrealized Gains And Losses And Estimated Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | $2,802,764 | $2,965,989 |
Gross Unrealized Gains | 70,953 | 393,211 |
Gross Unrealized Losses | 7,574 | 2,208 |
Estimated Fair Value | 2,866,143 | 3,356,992 |
U.S. Government Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 1,781,052 | 1,663,225 |
Gross Unrealized Gains | 226 | 327 |
Gross Unrealized Losses | 12 | 40 |
Estimated Fair Value | 1,781,266 | 1,663,512 |
Residential Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 570,642 | 585,772 |
Gross Unrealized Gains | 9,946 | 16,506 |
Gross Unrealized Losses | 1,426 | 822 |
Estimated Fair Value | 579,162 | 601,456 |
Commercial Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 18,271 | 58,683 |
Gross Unrealized Gains | 13 | 583 |
Gross Unrealized Losses | 299 | 153 |
Estimated Fair Value | 17,985 | 59,113 |
Other Asset-Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 183,593 | 80,866 |
Gross Unrealized Gains | 627 | 78 |
Gross Unrealized Losses | 184 | 388 |
Estimated Fair Value | 184,036 | 80,556 |
All Other Corporates [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 50,933 | 16,377 |
Gross Unrealized Gains | 267 | 275 |
Gross Unrealized Losses | 37 | 4 |
Estimated Fair Value | 51,163 | 16,648 |
Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 2,604,491 | 2,404,923 |
Gross Unrealized Gains | 11,079 | 17,769 |
Gross Unrealized Losses | 1,958 | 1,407 |
Estimated Fair Value | 2,613,612 | 2,421,285 |
Common Stocks: First Quantum Minerals Ltd [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 154,281 | ' |
Gross Unrealized Losses | 5,616 | ' |
Estimated Fair Value | 148,665 | ' |
Common Stocks: Inmet Mining Corporation [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | ' | 504,006 |
Gross Unrealized Gains | ' | 319,751 |
Estimated Fair Value | ' | 823,757 |
Common Stocks: Banks, Trusts And Insurance Companies [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 22,980 | 32,811 |
Gross Unrealized Gains | 27,562 | 33,129 |
Gross Unrealized Losses | ' | 331 |
Estimated Fair Value | 50,542 | 65,609 |
Common Stocks: Industrial, Miscellaneous And All Other [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 21,012 | 23,195 |
Gross Unrealized Gains | 32,312 | 22,562 |
Gross Unrealized Losses | ' | 300 |
Estimated Fair Value | 53,324 | 45,457 |
Corporate Equity Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 198,273 | 560,012 |
Gross Unrealized Gains | 59,874 | 375,442 |
Gross Unrealized Losses | 5,616 | 631 |
Estimated Fair Value | 252,531 | 934,823 |
Other Investments [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | ' | 1,054 |
Gross Unrealized Losses | ' | 170 |
Estimated Fair Value | ' | $884 |
Available_For_Sale_Securities_3
Available For Sale Securities (Amortized Cost And Estimated Fair Value Of Investments Classified As Available For Sale By Contractual Maturity) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Available For Sale Securities [Abstract] | ' |
Due within one year, Amortized Cost | $1,787,428 |
Due after one year through five years, Amortized Cost | 44,018 |
Due after five years through ten years, Amortized Cost | 539 |
Fixed maturities investments excluding mortgage-backed and asset-backed securities, amortized cost | 1,831,985 |
Mortgage-backed and asset-backed securities, Amortized Cost | 772,506 |
Total fixed maturities investments, Amortized Cost | 2,604,491 |
Due within one year, Estimated Fair Value | 1,787,647 |
Due after one year through five years, Estimated Fair Value | 44,243 |
Due after five years through ten years, Estimated Fair Value | 539 |
Fixed maturities investments excluding mortgage-backed and asset-backed securities, estimated fair value | 1,832,429 |
Mortgage-backed and asset-backed securities, Estimated Fair Value | 781,183 |
Total fixed maturities investments, Estimated Fair Value | $2,613,612 |
Variable_Interest_Entities_Nar
Variable Interest Entities (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Variable Interest Entity [Line Items] | ' | |
Maximum exposure to loss | $2,150,300,000 | |
SBI USA Fund [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Commitment funded | 47,000,000 | |
Carrying amount of equity investment | 39,200,000 | |
Maximum amount committed to invest as per agreement | 75,000,000 | |
JEP IV [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying amount of equity investment | 1,600,000 | |
Jefferies [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Maximum exposure to loss | 76,900,000 | |
Collateralized Loan Obligations [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Variable Interest Entity, Fair Value of Debt Securities | 2,900,000 | |
Maximum exposure to loss | 11,900,000 | [1] |
Collateralized Loan Obligations [Member] | Jefferies [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Liabilities related to these securitization of vehicles | ($167,000) | |
[1] | Our maximum exposure to loss in these non-consolidated VIEs is limited to our investment, which is represented by the financial statement carrying amount of our purchased or retained interests. |
Variable_Interest_Entities_Ass
Variable Interest Entities (Assets And Liabilities Of Consolidated VIEs) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Variable Interest Entity [Line Items] | ' | ' | ' | |
Cash | $3,907,595,000 | $145,960,000 | ' | |
Financial instruments owned | 19,565,685,000 | 4,434,164,000 | ' | |
Securities purchased under agreement to resell | 3,746,920,000 | ' | ' | |
Other | 1,651,073,000 | 1,028,695,000 | ' | |
Total | 47,866,781,000 | 9,349,118,000 | 9,263,189,000 | |
Other secured financings | 234,711,000 | ' | ' | |
Total liabilities | 37,327,653,000 | 2,339,834,000 | ' | |
Securitization Vehicles [Member] | ' | ' | ' | |
Variable Interest Entity [Line Items] | ' | ' | ' | |
Financial instruments owned | 97,500,000 | ' | ' | |
Securities purchased under agreement to resell | 195,100,000 | [1] | ' | ' |
Other | 2,300,000 | ' | ' | |
Total | 294,900,000 | ' | ' | |
Other secured financings | 292,500,000 | [2] | ' | ' |
Other | 2,100,000 | ' | ' | |
Total liabilities | 294,600,000 | ' | ' | |
Jefferies [Member] | ' | ' | ' | |
Variable Interest Entity [Line Items] | ' | ' | ' | |
Secured financings eliminated in consolidation | $66,500,000 | ' | ' | |
[1] | Securities purchased under agreement to resell represent an amount due under a collateralized transaction on a related consolidated entity, which is eliminated in consolidation. | |||
[2] | Approximately $66.5 million of the secured financing represents an amount held by Jefferies in inventory and eliminated in consolidation at December 31, 2013. |
Variable_Interest_Entities_Non
Variable Interest Entities (Non-Consolidated Variable Interest Entities) (Details) (USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | |
Total Financial Statement Carrying Amount | $2,122.30 | |
Total Maximum exposure to loss in non-consolidated VIEs | 2,150.30 | |
Total VIE Assets | 85,594 | |
Collateralized Loan Obligations [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Total Financial Statement Carrying Amount | 11.9 | [1] |
Total Maximum exposure to loss in non-consolidated VIEs | 11.9 | [2] |
Total VIE Assets | 1,122.30 | |
Agency Mortgage- And Asset-Backed Securitizations [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Total Financial Statement Carrying Amount | 1,226 | [1],[3] |
Total Maximum exposure to loss in non-consolidated VIEs | 1,226 | [2],[3] |
Total VIE Assets | 5,857.30 | [3] |
Non-Agency Mortgage- And Asset-Backed Securitizations [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Total Financial Statement Carrying Amount | 840.1 | [1],[3] |
Total Maximum exposure to loss in non-consolidated VIEs | 840.1 | [2],[3] |
Total VIE Assets | 78,070.80 | [3] |
Asset Management Vehicle [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Total Financial Statement Carrying Amount | 3.5 | [4] |
Total Maximum exposure to loss in non-consolidated VIEs | 3.5 | [2] |
Total VIE Assets | 454.2 | |
Private Equity Vehicles [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Total Financial Statement Carrying Amount | 40.8 | [4] |
Total Maximum exposure to loss in non-consolidated VIEs | 68.8 | |
Total VIE Assets | $89.40 | |
[1] | Consists of debt securities accounted for at fair value, which are included within Trading assets. | |
[2] | Our maximum exposure to loss in these non-consolidated VIEs is limited to our investment, which is represented by the financial statement carrying amount of our purchased or retained interests. | |
[3] | VIE assets represent the unpaid principal balance of the assets in these vehicles at December 31, 2013 and represent the underlying assets that provide the cash flows supporting our variable interests. | |
[4] | Consists of equity interests and loans, which are included within Investments in managed funds and Loans to and investments in associated companies. |
Variable_Interest_Entities_Sum
Variable Interest Entities (Summary Of Securities Issued By Securitization SPEs) (Details) (USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | $2,122.30 | |
Mortgage-And Asset-Backed Securitizations-Agency [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 1,226 | |
Mortgage-And Asset-Backed Securitizations-Non-agency [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 840.1 | |
Mortgage-And Asset-Backed Securities [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 4,473.10 | |
Collateralized Loan Obligations [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 11.9 | [1] |
Residential Mortgage-Backed Securities [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 1,723.30 | |
Commercial Mortgage-Backed Securities [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 609.8 | |
Collateralized Debt Obligations [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 27.9 | |
Other Asset-Backed Securities [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 34.1 | |
Nonagency [Member] | Mortgage-And Asset-Backed Securitizations-Non-agency [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 840.1 | |
Nonagency [Member] | Mortgage-And Asset-Backed Securities [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 997 | |
Nonagency [Member] | Collateralized Loan Obligations [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 11.9 | |
Nonagency [Member] | Residential Mortgage-Backed Securities [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 55.1 | |
Nonagency [Member] | Commercial Mortgage-Backed Securities [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 27.9 | |
Nonagency [Member] | Collateralized Debt Obligations [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 27.9 | |
Nonagency [Member] | Other Asset-Backed Securities [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 34.1 | |
Agency [Member] | Mortgage-And Asset-Backed Securitizations-Agency [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 1,226 | |
Agency [Member] | Mortgage-And Asset-Backed Securities [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 3,476.10 | |
Agency [Member] | Residential Mortgage-Backed Securities [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | 1,668.20 | |
Agency [Member] | Commercial Mortgage-Backed Securities [Member] | ' | |
Variable Interest Entity [Line Items] | ' | |
Carrying Amount | $581.90 | |
[1] | Consists of debt securities accounted for at fair value, which are included within Trading assets. |
Loans_To_And_Investments_In_As2
Loans To And Investments In Associated Companies (Jefferies Finance) (Narrative) (Details) (Jefferies Finance [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Jefferies Finance [Member] | ' |
Investments In Associated Companies [Line Items] | ' |
Equity commitment | $600 |
Total line of credit facility commitment under joint venture | 700 |
Funded portion of line of credit commitment | 123.8 |
Line of credit facility commitment of Jefferies | 350 |
Funded Equity Commitments | 337.3 |
Termination notice | '60 days |
Receivables | 31.1 |
Net underwriting fees | 125.8 |
Administrative services | 14.2 |
Origination fees | $12 |
Loans_To_And_Investments_In_As3
Loans To And Investments In Associated Companies (Jefferies LoanCore) (Narrative) (Details) (Jefferies LoanCore [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Jefferies LoanCore [Member] | ' |
Investments In Associated Companies [Line Items] | ' |
Aggregate equity commitment | $600 |
Equity commitment | 291 |
Funded Equity Commitments | $175.50 |
Percentage of voting interest | 48.50% |
Loans_To_And_Investments_In_As4
Loans To And Investments In Associated Companies (Berkadia) (Narrative) (Details) (Berkadia [Member], USD $) | 1 Months Ended | 12 Months Ended |
Dec. 31, 2009 | Dec. 31, 2013 | |
Berkadia [Member] | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' |
Percentage of ownership owned | ' | 50.00% |
Capital contributed | $217,200,000 | ' |
Distributions received | ' | 229,700,000 |
Surety policy issued | ' | 2,500,000,000 |
Reimbursement of losses incurred, maximum percentage | ' | 50.00% |
Commercial paper | ' | $2,470,000,000 |
Loans_To_And_Investments_In_As5
Loans To And Investments In Associated Companies (Linkem) (Narrative) (Details) (Linkem) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | EUR (€) | |
Investments In Associated Companies [Line Items] | ' | ' |
Percentage of ownership owned | 40.20% | ' |
Cash consideration | $138.40 | ' |
Percentage of ownership if notes are converted | 53.00% | ' |
Payments to acquire convertible notes | 81.2 | ' |
Convertible notes principal amount | ' | € 58.90 |
Excess investment amortization period, years | '12 years | ' |
Interest rate on convertible notes | 5.00% | ' |
Loans_To_And_Investments_In_As6
Loans To And Investments In Associated Companies (HomeFed) (Narrative) (Details) (USD $) | Dec. 31, 2013 | Feb. 28, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | HomeFed Corporation [Member] | HomeFed Corporation [Member] | Company Chairman [Member] |
Subsequent Event [Member] | |||
Investments In Associated Companies [Line Items] | ' | ' | ' |
Cash paid on acquisition of common shares | ' | $18 | ' |
Common shares acquired | ' | 7,500,000 | ' |
Percentage of ownership owned | 31.40% | 65.00% | 9.40% |
Maximum voting rights as a percentage of total voting securities voting | ' | 45.00% | ' |
Shares of common stock owned | 2,474,226 | ' | ' |
Loans_To_And_Investments_In_As7
Loans To And Investments In Associated Companies (Schedule Of Investments In Associated Companies) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments In Associated Companies [Line Items] | ' | ' |
Equity method investments | $1,258,341 | $807,474 |
JHYH [Member] | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' |
Equity method investments | ' | 351,835 |
Jefferies Finance [Member] | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' |
Equity method investments | 470,537 | ' |
Jefferies LoanCore [Member] | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' |
Equity method investments | 224,037 | ' |
Berkadia [Member] | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' |
Equity method investments | 182,573 | 172,942 |
Garcadia [Member] | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' |
Equity method investments | 120,017 | 82,425 |
HomeFed Corporation [Member] | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' |
Equity method investments | 52,923 | 49,384 |
Brooklyn Renaissance Plaza [Member] | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' |
Equity method investments | ' | 30,332 |
Linkem | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' |
Equity method investments | 173,577 | 86,424 |
Other [Member] | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' |
Equity method investments | $34,677 | $34,132 |
Loans_To_And_Investments_In_As8
Loans To And Investments In Associated Companies (Schedule Of Income (Losses) Related To Associated Companies) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investments In Associated Companies [Line Items] | ' | ' | ' | ' |
Income (losses) related to associated companies before income taxes | ' | $119,041,000 | $88,649,000 | $62,013,000 |
Berkadia [Member] | ' | ' | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' | ' | ' |
Income (losses) related to associated companies before income taxes | ' | 84,678,000 | 38,026,000 | 29,033,000 |
Out of period adjustment | 16,400,000 | 16,400,000 | ' | ' |
Garcadia [Member] | ' | ' | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' | ' | ' |
Income (losses) related to associated companies before income taxes | ' | 39,399,000 | 31,738,000 | 19,996,000 |
HomeFed Corporation [Member] | ' | ' | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' | ' | ' |
Income (losses) related to associated companies before income taxes | ' | 3,539,000 | 1,891,000 | 1,410,000 |
Linkem | ' | ' | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' | ' | ' |
Income (losses) related to associated companies before income taxes | ' | -22,719,000 | -18,890,000 | -2,243,000 |
JHYH [Member] | ' | ' | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' | ' | ' |
Income (losses) related to associated companies before income taxes | ' | 7,178,000 | 33,938,000 | 11,211,000 |
Other [Member] | ' | ' | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' | ' | ' |
Income (losses) related to associated companies before income taxes | ' | $6,966,000 | $1,946,000 | $2,606,000 |
Loans_To_And_Investments_In_As9
Loans To And Investments In Associated Companies (Schedule Of Income (Losses) Related To Associated Companies Classified As Other Revenue) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Investments In Associated Companies [Line Items] | ' |
Income (losses) related to associated companies classified as Other revenue | $92,180 |
Jefferies Finance [Member] | ' |
Investments In Associated Companies [Line Items] | ' |
Income (losses) related to associated companies classified as Other revenue | 57,795 |
Jefferies LoanCore [Member] | ' |
Investments In Associated Companies [Line Items] | ' |
Income (losses) related to associated companies classified as Other revenue | 35,300 |
Other [Member] | ' |
Investments In Associated Companies [Line Items] | ' |
Income (losses) related to associated companies classified as Other revenue | ($915) |
Recovered_Sheet2
Loans To And Investments In Associated Companies (Schedule Of Summarized Data For Investments In Associated Companies) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investments In Associated Companies [Line Items] | ' | ' | ' |
Assets | $47,866,781,000 | $9,349,118,000 | $9,263,189,000 |
Liabilities | 37,327,653,000 | 2,339,834,000 | ' |
Mandatorily redeemable interests | 125,000,000 | ' | ' |
Noncontrolling interest | 70,591,000 | 367,000 | ' |
Income related to associated companies | 211,221,000 | 88,649,000 | 62,013,000 |
Associated Companies [Member] | ' | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' | ' |
Assets | 8,852,807,000 | 6,848,157,000 | ' |
Liabilities | 6,292,252,000 | 4,602,240,000 | ' |
Mandatorily redeemable interests | ' | 1,089,506,000 | ' |
Noncontrolling interest | 11,491,000 | 10,423,000 | ' |
Revenues | 2,710,205,000 | 1,995,858,000 | 1,403,352,000 |
Income from continuing operations before extraordinary items | 428,509,000 | 255,038,000 | 62,340,000 |
Net income | 434,969,000 | 255,038,000 | 62,340,000 |
Income related to associated companies | 211,221,000 | 88,649,000 | 62,013,000 |
Undistributed earnings of equity method investments | 118,300,000 | ' | ' |
Jefferies [Member] | ' | ' | ' |
Investments In Associated Companies [Line Items] | ' | ' | ' |
Mandatorily redeemable interests | $125,000,000 | ' | ' |
Financial_Statement_Offsetting2
Financial Statement Offsetting (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Statement Offsetting [Abstract] | ' | ' |
Repurchase agreements | $10,779,845 | $391,705 |
Financial_Statement_Offsetting3
Financial Statement Offsetting (Summary Of Offsetting Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Financial Statement Offsetting [Abstract] | ' | ' | |
Derivative contracts, Gross Amounts | $2,514,682 | ' | |
Derivative contracts, Netting in Consolidated Statement of Financial Condition | -2,253,589 | [1] | ' |
Derivative contracts, Net Amounts in Consolidated Statement of Financial Condition | 261,093 | ' | |
Derivative contracts, Net Amount | 261,093 | ' | |
Securities borrowing arrangements, Gross Amounts | 5,359,846 | ' | |
Securities borrowing arrangements, Net Amounts in Consolidated Statement of Financial Condition | 5,359,846 | ' | |
Securities borrowing arrangements, Additional Amounts Available for Setoff | -530,293 | [2] | ' |
Securities borrowing arrangements, Available Collateral | -957,140 | [3] | ' |
Securities borrowing arrangements, Net Amount | 3,872,413 | ' | |
Reverse repurchase agreements, Gross Amounts | 12,715,449 | ' | |
Reverse repurchase agreements, Netting in Consolidated Statement of Financial Condition | -8,968,529 | [1] | ' |
Reverse repurchase agreements, Net Amounts in Consolidated Statement of Financial Condition | 3,746,920 | ' | |
Reverse repurchase agreements, Additional Amounts Available for Setoff | -590,754 | [2] | ' |
Reverse repurchase agreements, Available Collateral | -3,074,540 | [3] | ' |
Reverse repurchase agreements, Net Amount | 81,626 | ' | |
Derivative contracts, Gross Amounts | 2,532,690 | ' | |
Derivative contracts, Netting in Consolidated Statement of Financial Condition | -2,352,611 | [1] | ' |
Derivative contracts, Net Amounts in Consolidated Statement of Financial Condition | 180,079 | ' | |
Derivative contracts, Net Amount | 180,079 | ' | |
Securities lending arrangements, Gross Amounts | 2,506,122 | ' | |
Securities lending arrangements, Net Amounts in Consolidated Statement of Financial Condition | 2,506,122 | ' | |
Securities lending arrangements, Additional Amounts Available for Setoff | -530,293 | [2] | ' |
Securities lending arrangements, Available Collateral | -1,942,271 | [3] | ' |
Securities lending arrangements, Net Amount | 33,558 | ' | |
Repurchase agreements, Gross Amounts | 19,748,374 | ' | |
Repurchase agreements, Netting in Consolidated Statement of Financial Condition | -8,968,529 | [1] | ' |
Repurchase agreements, Net Amounts in Consolidated Statement of Financial Condition | 10,779,845 | 391,705 | |
Repurchase agreements, Additional Amounts Available for Setoff | -590,754 | [2] | ' |
Repurchase agreements, Available Collateral | -8,748,641 | [3] | ' |
Repurchase agreements, Net Amount | $1,440,450 | ' | |
[1] | Netting is applied by counterparty when a legal right of offset exists under an enforceable master netting agreement, as permitted under GAAP. Further, for derivative assets and liabilities, netting is inclusive of cash paid or received as collateral under credit support agreements pursuant to the master netting agreement. | ||
[2] | Under enforceable master netting agreements with our counterparties, Jefferies has 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 under the provisions of GAAP. | ||
[3] | 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 derivative contracts, resale and repurchase agreements or securities borrowing or lending arrangements. |
Intangible_Assets_Net_And_Good2
Intangible Assets, Net And Goodwill (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense on intangible assets | $74,800,000 | $53,700,000 | $7,100,000 |
Future amortization expense, 2014 | 66,000,000 | ' | ' |
Future amortization expense, 2015 | 63,100,000 | ' | ' |
Future amortization expense, 2016 | 61,100,000 | ' | ' |
Future amortization expense, 2017 | 61,000,000 | ' | ' |
Future amortization expense, 2018 | 60,800,000 | ' | ' |
Goodwill | 1,748,099,000 | 24,195,000 | ' |
Jefferies Investment Banking, Equities And Fixed Income Reporting Units [Member] | ' | ' | ' |
Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | $1,665,300,000 | ' | ' |
Intangible_Assets_Net_And_Good3
Intangible Assets, Net And Goodwill (Schedule Of Intangible Assets, Net) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Line Items] | ' | ' |
Intangible assets, net (excluding goodwill) | $1,020,529 | $829,831 |
Exchange And Clearing Organization Membership Interests And Registrations [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Indefinite lived intangibles | 14,916 | ' |
Customer And Other Relationships [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Intangible assets, net (excluding goodwill) | 502,409 | 416,304 |
Intangibles, accumulated amortization | 117,139 | 70,823 |
Trademarks And Tradename [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Intangible assets, net (excluding goodwill) | 364,779 | 263,839 |
Intangibles, accumulated amortization | 30,213 | 15,731 |
Supply Contracts [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Intangible assets, net (excluding goodwill) | 129,833 | 140,121 |
Intangibles, accumulated amortization | 20,162 | 9,874 |
Licenses [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Intangible assets, net (excluding goodwill) | 7,928 | 8,520 |
Intangibles, accumulated amortization | 4,100 | 3,508 |
Other Intangible Assets [Member] | ' | ' |
Intangible Assets [Line Items] | ' | ' |
Intangible assets, net (excluding goodwill) | 664 | 1,047 |
Intangibles, accumulated amortization | $4,500 | $4,467 |
Intangible_Assets_Net_And_Good4
Intangible Assets, Net And Goodwill (Summary Of Goodwill) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill | $1,748,099 | $24,195 |
Other Operations [Member] | ' | ' |
Goodwill | 8,551 | 9,204 |
National Beef [Member] | ' | ' |
Goodwill | 14,991 | 14,991 |
Jefferies [Member] | ' | ' |
Goodwill | $1,724,557 | ' |
Inventory_Details
Inventory (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Finished goods | $273,291 | $271,221 |
Work in process | 34,701 | 61,069 |
Raw materials, supplies and other | 56,334 | 51,202 |
Inventory, net | $364,326 | $383,492 |
Property_Equipment_And_Leaseho1
Property, Equipment And Leasehold Improvements, Net (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $1,299,636 | $1,242,986 |
Accumulated depreciation and amortization | -413,777 | -385,626 |
Property, equipment and leasehold improvements, net | 885,859 | 857,360 |
Land, Buildings And Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 510,717 | 622,040 |
Beef Processing Machinery And Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 243,026 | 240,412 |
Other Machinery And Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 157,164 | 174,044 |
Corporate Aircraft [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 104,780 | 112,071 |
Depreciable Lives | '10 years | ' |
Furniture, Fixtures And Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 210,916 | 37,021 |
Construction In Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 69,717 | 53,302 |
Other PP&E [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 3,316 | 4,096 |
Premier [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, equipment and leasehold improvements, net | $229,000 | $208,500 |
Minimum [Member] | Land, Buildings And Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '5 years | ' |
Minimum [Member] | Beef Processing Machinery And Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '2 years | ' |
Minimum [Member] | Other Machinery And Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '3 years | ' |
Minimum [Member] | Furniture, Fixtures And Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '2 years | ' |
Minimum [Member] | Other PP&E [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '3 years | ' |
Maximum [Member] | Land, Buildings And Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '45 years | ' |
Maximum [Member] | Beef Processing Machinery And Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '15 years | ' |
Maximum [Member] | Other Machinery And Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '15 years | ' |
Maximum [Member] | Furniture, Fixtures And Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '10 years | ' |
Maximum [Member] | Other PP&E [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives | '10 years | ' |
ShortTerm_Borrowings_Details
Short-Term Borrowings (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Short-Term Borrowings [Abstract] | ' |
Short-term borrowings | $12,000 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
National Beef [Member] | Selling, General And Other Expenses [Member] | Selling, General And Other Expenses [Member] | 3.875% Convertible Senior Debentures, due November 1, 2029 [Member] | Revolving Credit Facility [Member] | 3.75% Convertible Senior Subordinated Notes Due April 15, 2014 [Member] | 3.75% Convertible Senior Subordinated Notes Due April 15, 2014 [Member] | 3.75% Convertible Senior Subordinated Notes Due April 15, 2014 [Member] | 5.5% Senior Notes Due 2023 [Member] | 6.625% Senior Notes Due 2043 [Member] | Jefferies Senior Secured Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||
National Beef [Member] | National Beef [Member] | National Beef [Member] | Revolving Credit Facility And Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility And Term Loan [Member] | ||||||||||||
National Beef [Member] | National Beef [Member] | National Beef [Member] | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt subject to mandatory redemption, 2014 | $601,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt subject to mandatory redemption, 2015 | 987,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt subject to mandatory redemption, 2016 | 381,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt subject to mandatory redemption, 2017 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt subject to mandatory redemption, 2018 | 1,075,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | 3.88% | ' | 3.75% | 3.75% | 3.75% | 5.50% | 6.63% | ' | 2.41% | ' | ' | ' | ' |
Aggregate pre-tax losses | ' | ' | -24,200,000 | -6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issuable upon potential conversion of convertible notes | ' | ' | ' | ' | ' | ' | 4,594,209 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issuable upon conversion per $1000 debenture | ' | ' | ' | ' | 21.9727 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental principal amount of notes | ' | ' | ' | ' | $1,000 | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price per common share for convertible notes | ' | ' | ' | ' | $45.51 | ' | $21.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate of shares per one thousand dollars of principal amount | ' | ' | ' | ' | ' | ' | 47.081 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent interest rate percent | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading period for contingent interest | ' | ' | ' | ' | '5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum average trading price for 5 trading days per $1,000 debenture | ' | ' | ' | ' | $1,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock price as a percent of conversion price minimum | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earliest period of conversion price | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consecutive trading days | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consecutive trading days | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading price per debenture related to common stock | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility loan, maximum amount | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | 950,000,000 | 375,000,000 | ' | ' | 300,000,000 | ' |
Borrowed unsecured credit facility with no borrowing base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' |
Maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2023 | '2043 | ' | ' | ' | ' | ' | ' |
Principal issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' |
Issue price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.64% | 98.78% | ' | ' | ' | ' | ' | ' |
Debt Instrument Maturity Date | ' | ' | ' | ' | 1-Nov-29 | 1-Oct-18 | 15-Apr-14 | 15-Apr-14 | ' | ' | ' | ' | 1-Oct-18 | ' | ' | ' | ' |
Term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 296,000,000 | ' | ' | ' |
Term loan quarterly principal payment | ' | 6,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage added to base rate or LIBOR rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | 2.50% |
Nonrecourse indebtedness collateralized by assets | 616,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets pledged for indebtedness | 2,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate outstanding letters of credit | ' | 21,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of revolver available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $240,000,000 | ' |
LongTerm_Debt_Schedule_Of_Inde
Long-Term Debt (Schedule Of Indebtedness) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | 7.75% Senior Notes Due August 15, 2013 [Member] | 7% Senior Notes Due August 15, 2013 [Member] | 8.125% Senior Notes Due September 15, 2015 [Member] | 8.125% Senior Notes Due September 15, 2015 [Member] | 5.50% Senior Notes due October 18, 2023 [Member] | 6.625% Senior Notes due October 23, 2043 [Member] | 3.75% Convertible Senior Subordinated Notes Due April 15, 2014 [Member] | 3.75% Convertible Senior Subordinated Notes Due April 15, 2014 [Member] | 3.75% Convertible Senior Subordinated Notes Due April 15, 2014 [Member] | 5.875% Senior Notes, due June 8, 2014 [Member] | 3.875% Senior Notes, due November 9, 2015 [Member] | 5.5% Senior Notes, due March 15, 2016 [Member] | 5.125% Senior Notes, due April 13, 2018 [Member] | 8.5% Senior Notes, due July 15, 2019 [Member] | 6.875% Senior Notes, due April 15, 2021 [Member] | 2.25% Euro Medium Term Notes, due July 13, 2022 [Member] | 5.125% Senior Notes, due January 20, 2023 [Member] | 6.45% Senior Debentures, due June 8, 2027 [Member] | 3.875% Convertible Senior Debentures, due November 1, 2029 [Member] | 6.25% Senior Debentures, due January 15, 2036 [Member] | 6.50% Senior Notes, due January 20, 2043 [Member] | Secured credit facility, due August 26, 2014 [Member] | Other [Member] | Other [Member] | National Beef [Member] | National Beef [Member] | National Beef [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Subsidiary [Member] | Subsidiary [Member] | ||
Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | 7% Senior Notes Due August 15, 2013 [Member] | 8.125% Senior Notes Due September 15, 2015 [Member] | 8.125% Senior Notes Due September 15, 2015 [Member] | 7.125% Senior Notes Due 2017 [Member] | 7.125% Senior Notes Due 2017 [Member] | 8.65% Junior Subordinated Deferrable Interest Debentures Due 2027 [Member] | 8.65% Junior Subordinated Deferrable Interest Debentures Due 2027 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $8,180,865 | $1,358,695 | $94,461 | $307,494 | $456,515 | $455,405 | $739,960 | $246,958 | $97,581 | $97,581 | ' | $255,676 | $516,204 | $373,178 | $854,011 | $858,425 | $866,801 | $4,792 | $625,626 | $383,224 | $349,707 | $513,343 | $422,245 | $200,000 | $41,619 | $16,351 | $91,403 | $375,000 | $296,000 | $1,541,014 | $954,941 | ' | ' | ' | ' | ' | ' | ' | $6,639,851 | $403,754 |
Interest rate | ' | ' | 7.75% | 7.00% | 8.13% | 8.13% | 5.50% | 6.63% | 3.75% | 3.75% | 3.75% | 5.88% | 3.88% | 5.50% | 5.13% | 8.50% | 6.88% | 2.25% | 5.13% | 6.45% | 3.88% | 6.25% | 6.50% | ' | ' | ' | ' | 2.41% | ' | ' | ' | 7.00% | 8.13% | 8.13% | 7.13% | 7.13% | 8.65% | 8.65% | ' | ' |
Maturity date | ' | ' | 15-Aug-13 | 15-Aug-13 | 15-Sep-15 | 15-Sep-15 | 18-Oct-23 | 23-Oct-43 | 15-Apr-14 | 15-Apr-14 | ' | 8-Jun-14 | 9-Nov-15 | 15-Mar-16 | 13-Apr-18 | 15-Jul-19 | 15-Apr-21 | 13-Jul-22 | 20-Jan-23 | 8-Jun-27 | 1-Nov-29 | 15-Jan-36 | 20-Jan-43 | 26-Aug-14 | ' | ' | 1-Oct-18 | 1-Oct-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal | ' | ' | $94,500 | $307,409 | $458,641 | $458,641 | $750,000 | $250,000 | $97,581 | $97,581 | ' | $250,000 | $500,000 | $350,000 | $800,000 | $700,000 | $750,000 | $5,283 | $600,000 | $350,000 | $345,000 | $500,000 | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_Of_Debt
Long-Term Debt (Schedule Of Debt Repurchases) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 |
Parent Company [Member] | Parent Company [Member] | 7% Senior Notes Due August 15, 2013 [Member] | 7% Senior Notes Due August 15, 2013 [Member] | 8.125% Senior Notes Due September 15, 2015 [Member] | 8.125% Senior Notes Due September 15, 2015 [Member] | 8.125% Senior Notes Due September 15, 2015 [Member] | 8.125% Senior Notes Due September 15, 2015 [Member] | 7.125% Senior Notes Due 2017 [Member] | 7.125% Senior Notes Due 2017 [Member] | 8.65% Junior Subordinated Deferrable Interest Debentures Due 2027 [Member] | 8.65% Junior Subordinated Deferrable Interest Debentures Due 2027 [Member] | |
Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amounts repurchased | $516,180 | $77,569 | ' | $4,836 | ' | ' | $21,359 | ' | $423,140 | $54,860 | $88,204 | $1,350 |
Interest rate | ' | ' | 7.00% | 7.00% | 8.13% | 8.13% | 8.13% | 8.13% | 7.13% | 7.13% | 8.65% | 8.65% |
Mezzanine_Equity_Narrative_Det
Mezzanine Equity (Narrative) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Purchase Requirement [Line Items] | ' |
Fair value discount rate | 12.23% |
Terminal growth rate | 2.00% |
Mandatorily redeemable convertible preferred shares redemption value | $125,000 |
Jefferies [Member] | ' |
Purchase Requirement [Line Items] | ' |
Mandatorily redeemable convertible preferred shares redemption value | $125,000 |
Dividend rate on preferred stock | 3.25% |
Mandatorily redeemable preferred shares callable price per share | $1,000 |
Mandatory redeemable preferred stock, effective conversion price per share | $30.03 |
Mandatory redeemable preferred stock, number of shares in conversion | 4,162,200 |
National Beef [Member] | Fifth Anniversary [Member] | Put Rights [Member] | ' |
Purchase Requirement [Line Items] | ' |
Ownership interest | 33.30% |
Anniversary of acquisition | '5 years |
National Beef [Member] | Seventh Anniversary [Member] | Put Rights [Member] | ' |
Purchase Requirement [Line Items] | ' |
Ownership interest | 33.30% |
Anniversary of acquisition | '7 years |
USPB [Member] | Maximum [Member] | Call Rights [Member] | ' |
Purchase Requirement [Line Items] | ' |
Ownership interest | 20.00% |
Other Members [Member] | Call Rights [Member] | ' |
Purchase Requirement [Line Items] | ' |
Anniversary of acquisition | '10 years |
Other Members [Member] | Maximum [Member] | Call Rights [Member] | ' |
Purchase Requirement [Line Items] | ' |
Ownership interest | 50.00% |
Mezzanine_Equity_Schedule_Of_R
Mezzanine Equity (Schedule Of Redeemable Noncontrolling Interests In Subsidiary) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Mezzanine Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
As of January 1, | ' | ' | ' | $241,649 | ' | ' | ' | $235,909 | $241,649 | $235,909 |
Income (loss) allocated to redeemable noncontrolling interests | -20,521 | 10,132 | 5,638 | -4,531 | -2,333 | 8,632 | 9,780 | -3,844 | -9,282 | 12,235 |
Net distributions to redeemable noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -8,073 | -12,722 |
Increase in fair value of redeemable noncontrolling interests charged to additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | 16,781 | 6,227 |
Balance, December 31, | $241,075 | ' | ' | ' | $241,649 | ' | ' | ' | $241,075 | $241,649 |
Mezzanine_Equity_Sensitivity_A
Mezzanine Equity (Sensitivity Analysis Of Fair Value Of Redeemable Noncontrolling Interests Using Discount And Terminal Growth Rates) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Discount rate assumed in determining fair value | 12.23% |
Terminal growth rate assumed in determining fair value | 2.00% |
Rate 11.98% Discount Rate [Member] | Rate 1.75% Terminal Growth Rates [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair value of redeemable noncontrolling interests | 245.7 |
Discount rate assumed in determining fair value | 11.98% |
Terminal growth rate assumed in determining fair value | 1.75% |
Rate 11.98% Discount Rate [Member] | Rate 2.00% Terminal Growth Rates [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair value of redeemable noncontrolling interests | 249 |
Discount rate assumed in determining fair value | 11.98% |
Terminal growth rate assumed in determining fair value | 2.00% |
Rate 11.98% Discount Rate [Member] | Rate 2.25% Terminal Growth Rates [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair value of redeemable noncontrolling interests | 252.3 |
Discount rate assumed in determining fair value | 11.98% |
Terminal growth rate assumed in determining fair value | 2.25% |
Rate 12.23% Discount Rate [Member] | Rate 1.75% Terminal Growth Rates [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair value of redeemable noncontrolling interests | 238.1 |
Discount rate assumed in determining fair value | 12.23% |
Terminal growth rate assumed in determining fair value | 1.75% |
Rate 12.23% Discount Rate [Member] | Rate 2.00% Terminal Growth Rates [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair value of redeemable noncontrolling interests | 241.1 |
Discount rate assumed in determining fair value | 12.23% |
Terminal growth rate assumed in determining fair value | 2.00% |
Rate 12.23% Discount Rate [Member] | Rate 2.25% Terminal Growth Rates [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair value of redeemable noncontrolling interests | 244.2 |
Discount rate assumed in determining fair value | 12.23% |
Terminal growth rate assumed in determining fair value | 2.25% |
Rate 12.48% Discount Rate [Member] | Rate 1.75% Terminal Growth Rates [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair value of redeemable noncontrolling interests | 230.8 |
Discount rate assumed in determining fair value | 12.48% |
Terminal growth rate assumed in determining fair value | 1.75% |
Rate 12.48% Discount Rate [Member] | Rate 2.00% Terminal Growth Rates [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair value of redeemable noncontrolling interests | 233.6 |
Discount rate assumed in determining fair value | 12.48% |
Terminal growth rate assumed in determining fair value | 2.00% |
Rate 12.48% Discount Rate [Member] | Rate 2.25% Terminal Growth Rates [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair value of redeemable noncontrolling interests | 236.5 |
Discount rate assumed in determining fair value | 12.48% |
Terminal growth rate assumed in determining fair value | 2.25% |
Common_Shares_Compensation_Pla2
Common Shares, Compensation Plans And Preferred Shares (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Shares authorized to be repurchased | 25,000,000 | ' | ' |
Share-based compensation | $87,309,000 | $14,459,000 | $23,264,000 |
Net tax benefit related to share-based compensation plans recognized as additional paid in capital | 2,900,000 | ' | ' |
Weighted-average fair value per grant | $7.67 | $5.97 | $13.18 |
Shares reserved for stock options and warrants | 7,124,429 | 7,308,705 | ' |
Total unrecognized compensation cost related to nonvested share-based awards | 178,300,000 | ' | ' |
Preferred shares authorized | 6,000,000 | 6,000,000 | ' |
Preferred shares, par value | $1 | $1 | ' |
Employee service share-based compensation, unrecognized compensation costs on nonvested awards, weighted average period of recognition | '2 years 4 months 24 days | ' | ' |
Unamortized portion of compensation expense for restricted cash awards | 185,000,000 | ' | ' |
Potential maximum increase to common shares outstanding from restricted stock and other shares | 14,217,000 | ' | ' |
Tax benefit for issuance of share-based awards | 33,200,000 | 4,900,000 | 7,800,000 |
Total compensation cost related to share-based compensation plans | 87,200,000 | 14,300,000 | 23,000,000 |
Cash flows resulting from tax deductions in excess of the grant-date fair value of share-based awards | 3,100,000 | ' | ' |
Evergreen Incentive Plan [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Stock available for grant | 34,257,000 | ' | ' |
Maximum number of shares available for grant as a percent of outstanding common stock | 12.15% | ' | ' |
Maximum number of shares available for grant | 49,922,459 | ' | ' |
Maximum number of shares available for issuance for incentive stock options | 8,100,000 | ' | ' |
Deferred Compensation Plan [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Stock available for grant | 5,307,000 | ' | ' |
Directors Plan [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Stock available for grant | 484,000 | ' | ' |
Shares issuable upon settlement of deferred shares | 256,000 | ' | ' |
Grants vesting period | '3 years | ' | ' |
Value of shares to be granted to each non employee director | 120,000 | ' | ' |
Other Shares Issuable [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Other shares issuable | 1,108,000 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Restricted shares, Outstanding | 5,242,000 | ' | ' |
Grants, weighted average grant date fair value | $27.38 | ' | ' |
Warrants Issued In 2006 [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Warrants to purchase common shares granted to each of Chairman and President | ' | ' | 2,000,000 |
Exercise price | ' | ' | $28.52 |
Value of share on exercise date | ' | ' | $32.81 |
Exercise price as a percentage of closing price per share | ' | ' | 105.00% |
Warrants expiration date | ' | ' | 5-Mar-11 |
Common shares received upon warrants exercised by each of Chairman and President | ' | ' | 261,599 |
Vesting tranches | ' | ' | 4 |
Warrants Issued In 2011 [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Warrants to purchase common shares granted to each of Chairman and President | ' | ' | 2,000,000 |
Exercise price | ' | ' | $33.33 |
Exercise price as a percentage of closing price per share | ' | ' | 105.00% |
Warrants expiration date | ' | ' | '2016 |
Vesting upon shareholder approval | ' | ' | 20.00% |
Additional vesting percentage | ' | ' | 20.00% |
Vesting tranches | ' | ' | 5 |
Share-based compensation | 4,900,000 | 11,200,000 | 18,900,000 |
Weighted-average fair value per grant | ' | ' | $13.35 |
Future Service Required [Member] | Restricted Stock Units [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Number of years in which Restricted Stock Awards vests | '4 years | ' | ' |
Restricted shares, Outstanding | 4,793,000 | ' | ' |
Future Service Required [Member] | Restricted Stock [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Restricted shares, Outstanding | 5,242,000 | ' | ' |
No Future Service Required [Member] | Restricted Stock Units [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Restricted shares, Outstanding | 8,316,000 | ' | ' |
Grants, weighted average grant date fair value | $24.32 | ' | ' |
No Future Service Required [Member] | Dividend Equivalents [Member] | Restricted Stock Units [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Dividend equivalents declared on restricted stock units | $82,000 | ' | ' |
Grants, weighted average grant date fair value | $22.34 | ' | ' |
Minimum [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Vesting period for restricted cash awards | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Vesting period for restricted cash awards | '8 years | ' | ' |
Weighted Average [Member] | ' | ' | ' |
Common Shares, Compensation Plans And Preferred Shares [Line Items] | ' | ' | ' |
Vesting period for restricted cash awards | '3 years | ' | ' |
Common_Shares_Compensation_Pla3
Common Shares, Compensation Plans And Preferred Shares (Summary Of Company's Stock Options) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Shares, Compensation Plans And Preferred Shares [Abstract] | ' | ' | ' |
Common Shares Subject to Option, Beginning balance | 2,577,500 | 2,251,455 | 2,622,500 |
Common Shares Subject to Option, Granted | 51,432 | 919,500 | 12,000 |
Common Shares Subject to Option, Exercised | -184,276 | ' | -255,445 |
Common Shares Subject to Option, Cancelled | -27,408 | -593,455 | -127,600 |
Common Shares Subject to Option, Ending balance | 2,417,248 | 2,577,500 | 2,251,455 |
Common Shares Subject to Option, Exercisable | 1,100,064 | ' | ' |
Weighted-Average Exercise Prices, Beginning balance | $26.10 | $27.62 | $27.61 |
Weighted-Average Exercise Prices, Granted | $26.06 | $23.20 | $35.78 |
Weighted-Average Exercise Prices, Exercised | $24.65 | ' | $27.89 |
Weighted-Average Exercise Prices, Cancelled | $38.68 | $27.42 | $27.63 |
Weighted-Average Exercise Prices, Ending balance | $25.64 | $26.10 | $27.62 |
Weighted-Average Exercise Prices, Exercisable | $27.13 | ' | ' |
Weighted-Average Remaining Contractual Term | '3 years | ' | ' |
Weighted-Average Remaining Contractual Term, Exercisable | '1 year 6 months | ' | ' |
Aggregate Intrinsic Value, Exercised | $603,000 | ' | $2,412,000 |
Aggregate Intrinsic Value, Outstanding | 6,600,000 | ' | ' |
Aggregate Intrinsic Value, Exercisable | $1,412,000 | ' | ' |
Common_Shares_Compensation_Pla4
Common Shares, Compensation Plans And Preferred Shares (Summary Of Weighted-Average Assumptions Used For Grants) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Shares, Compensation Plans And Preferred Shares [Abstract] | ' | ' | ' |
Risk free interest rate | 1.26% | 0.53% | 1.58% |
Expected volatility | 39.17% | 37.66% | 45.25% |
Expected dividend yield | 0.85% | 1.08% | 0.70% |
Expected life, years | '4 years | '4 years | '4 years 3 months 18 days |
Weighted-average fair value per grant | $7.67 | $5.97 | $13.18 |
Common_Shares_Compensation_Pla5
Common Shares, Compensation Plans And Preferred Shares (Activity of Restricted Stock) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Converted in connection with the Jefferies acquisition | 6,895,000 |
Grants | 462,000 |
Forfeited | -144,000 |
Fulfillment of service requirement | -1,971,000 |
Balance, end of period | 5,242,000 |
Converted in connection with the Jefferies acquisition, weighted average grant date fair value | $26.90 |
Grants, weighted average grant date fair value | $27.38 |
Forfeited, weighted average grant date fair value | $26.90 |
Fulfillment of service requirement, weighted average grant date fair value | $26.90 |
Balance, end of period, weighted average grant date fair value | $26.94 |
Common_Shares_Compensation_Pla6
Common Shares, Compensation Plans And Preferred Shares (Activity of Restricted Stock Units) (Details) (Restricted Stock Units [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Future Service Required [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Converted in connection with the Jefferies acquisition | 5,167,000 |
Forfeited | -106,000 |
Fulfillment of service requirement | -268,000 |
Balance, end of period | 4,793,000 |
Converted in connection with the Jefferies acquisition, weighted average grant date fair value | $26.90 |
Forfeited, weighted average grant date fair value | $26.90 |
Fulfillment of service requirement, weighted average grant date fair value | $26.90 |
Balance, end of period, weighted average grant date fair value | $26.90 |
No Future Service Required [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Converted in connection with the Jefferies acquisition | 9,527,000 |
Grants | 145,000 |
Distribution of underlying shares | -1,603,000 |
Forfeited | -21,000 |
Fulfillment of service requirement | 268,000 |
Balance, end of period | 8,316,000 |
Converted in connection with the Jefferies acquisition, weighted average grant date fair value | $26.90 |
Grants, weighted average grant date fair value | $24.32 |
Distribution of underlying shares, weighted average grant date fair value | $26.90 |
Forfeited, weighted average grant date fair value | $26.83 |
Fulfillment of service requirement, weighted average grant date fair value | $26.90 |
Balance, end of period, weighted average grant date fair value | $26.86 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Summary Of Accumulated Other Comprehensive Income, Net Of Taxes) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income, net | $538,050 | $705,129 | $912,421 |
Net Unrealized Gains On Available For Sale Securities [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income, net | 589,393 | 803,430 | 998,151 |
Net Unrealized Foreign Exchange Gains (Losses) [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income, net | 16,803 | -6,097 | -3,168 |
Net Unrealized Losses On Derivative Instruments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income, net | -169 | -154 | ' |
Net Minimum Pension Liability [Member] | Accumulated Defined Benefit Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income, net | -67,977 | -92,050 | -83,537 |
Net Postretirement Benefit [Member] | Accumulated Defined Benefit Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income, net | ' | ' | $975 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income Reclassifications) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net realized securities gains | ' | ' | ' | ' | ' | ' | ' | ' | $243,957 | $590,581 | $641,476 |
Amortization of defined benefit pension plan actuarial gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | -4,799 | -3,118 | -1,064 |
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 110,741 | 531,153 | 62,398 |
Total reclassifications for the period, net of tax | -15,090 | 11,662 | 60,574 | 304,156 | 456,101 | 122,132 | -180,426 | 489,322 | 361,302 | 887,129 | 32,925 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total reclassifications for the period, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 208,259 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Unrealized Gains On Available For Sale Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net realized securities gains | ' | ' | ' | ' | ' | ' | ' | ' | 213,058 | ' | ' |
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 118,292 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of defined benefit pension plan actuarial gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | -4,799 | ' | ' |
Income tax provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ($2,665) | ' | ' |
Pension_Plans_And_Postretireme2
Pension Plans And Postretirement Benefits (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Contribution Plan [Member] | ' | ' | ' |
Pension Plan Disclosure [Line Items] | ' | ' | ' |
Pension expense | $6.30 | $2.80 | $2.20 |
U.S. Pension Plans [Member] | ' | ' | ' |
Pension Plan Disclosure [Line Items] | ' | ' | ' |
Charge to accumulated other comprehensive income (loss) | 78.8 | 118.2 | ' |
Accrued pension cost | 56 | 81.5 | ' |
Estimated net loss that will be amortized from AOCI next year | 4.3 | ' | ' |
German Pension Plan [Member] | ' | ' | ' |
Pension Plan Disclosure [Line Items] | ' | ' | ' |
Investment in Insurance contract | 19.7 | ' | ' |
Accumulated other comprehensive income (loss) | ($1) | ' | ' |
Jefferies Plan [Member] | ' | ' | ' |
Pension Plan Disclosure [Line Items] | ' | ' | ' |
Expected long-term rate of return assumption | 6.75% | ' | ' |
Maximum percentage of Investment in Equity in One company | 5.00% | ' | ' |
Maximum percentage of Investment in Equity of One Sector | 10.00% | ' | ' |
Minimum percentage of fixed income portfolio invested in investment grade securities rated BBB-/Baa3, including cash and cash equivalents | 75.00% | ' | ' |
Jefferies Plan [Member] | Corporate Equity Securities [Member] | ' | ' | ' |
Pension Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation of plan assets | 50.00% | ' | ' |
Jefferies Plan [Member] | Fixed Income [Member] | ' | ' | ' |
Pension Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation of plan assets | 50.00% | ' | ' |
WilTel Plan [Member] | ' | ' | ' |
Pension Plan Disclosure [Line Items] | ' | ' | ' |
Current expected inflation rate | 2.25% | ' | ' |
Short duration risk-free real rate of return, minimum | 1.50% | ' | ' |
Short duration risk-free real rate of return, maximum | 2.50% | ' | ' |
Inflation risk premium rate | 0.20% | ' | ' |
Default risk premium rate | 0.75% | ' | ' |
Expected long-term rate of return assumption | 4.00% | 4.25% | ' |
Investment Grade Portfolio [Member] | ' | ' | ' |
Pension Plan Disclosure [Line Items] | ' | ' | ' |
Maximum duration, portfolio | '5 years | ' | ' |
Fixed Income Portfolio [Member] | ' | ' | ' |
Pension Plan Disclosure [Line Items] | ' | ' | ' |
Maximum duration, portfolio | '2 years | ' | ' |
Investments Restrictions And Limitations [Member] | Investment Grade And Fixed Income [Member] | ' | ' | ' |
Pension Plan Disclosure [Line Items] | ' | ' | ' |
Maximum percentage of a single security | 5.00% | ' | ' |
Maturity limit in any one security, years | '30 years | ' | ' |
Percentage of maximum market value of the portfolio in collateralized mortgage obligations | 10.00% | ' | ' |
High Yield Portfolio [Member] | ' | ' | ' |
Pension Plan Disclosure [Line Items] | ' | ' | ' |
Maximum percentage of CCC rated bonds | 10.00% | ' | ' |
Maximum duration, portfolio | '5 years | ' | ' |
Pension_Plans_And_Postretireme3
Pension Plans And Postretirement Benefits (Components Of Defined Benefit Pension Plans) (Details) (USD $) | 12 Months Ended | 10 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
U.S. Pension Plans [Member] | U.S. Pension Plans [Member] | U.S. Pension Plans [Member] | German Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Projected benefit obligation at beginning of year | $275,858,000 | $251,949,000 | ' | $24,494,000 |
Projected benefit obligation of Jefferies plan at March 1, 2013 | 51,599,000 | ' | ' | ' |
Service cost | ' | ' | ' | 51,000 |
Interest cost | 12,286,000 | 10,886,000 | 11,233,000 | 685,000 |
Actuarial (gains) losses | -36,197,000 | 19,315,000 | ' | 1,002,000 |
Currency adjustment | ' | ' | ' | 1,053,000 |
Benefits paid | -8,502,000 | -6,292,000 | ' | -917,000 |
Projected benefit obligation at end of year | 295,044,000 | 275,858,000 | 251,949,000 | 26,368,000 |
Fair value of plan assets at beginning of year | 194,314,000 | 188,876,000 | ' | ' |
Jefferies plan assets at March 1, 2013 | 41,290,000 | ' | ' | ' |
Actual return on plan assets | 6,454,000 | 8,726,000 | ' | ' |
Employer contributions | 6,475,000 | 3,728,000 | ' | ' |
Administrative expenses | -951,000 | -724,000 | ' | ' |
Fair value of plan assets at end of year | 239,080,000 | 194,314,000 | 188,876,000 | ' |
Funded Status at end of year | ($55,964,000) | ($81,544,000) | ' | ' |
Pension_Plans_And_Postretireme4
Pension Plans And Postretirement Benefits (Components Of Net Periodic Pension Costs And Amounts Recognized In Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | 10 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
U.S. Pension Plans [Member] | U.S. Pension Plans [Member] | U.S. Pension Plans [Member] | German Pension Plan [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Service cost | ' | ' | ' | $51 |
Interest cost | 12,286 | 10,886 | 11,233 | 685 |
Expected return on plan assets | -9,746 | -8,292 | -6,091 | ' |
Actuarial losses | 7,464 | 5,852 | 2,659 | ' |
Net amortization | ' | ' | ' | 179 |
Net periodic pension cost | 10,004 | 8,446 | 7,801 | 915 |
Net (gain) loss arising during the period | -31,952 | 19,604 | 38,989 | ' |
Amortization of net loss | -7,464 | -5,852 | -2,659 | ' |
Total recognized in other comprehensive income (loss) | -39,416 | 13,752 | 36,330 | ' |
Net amount recognized in net periodic benefit cost and other comprehensive income (loss) | ($29,412) | $22,198 | $44,131 | ' |
Pension_Plans_And_Postretireme5
Pension Plans And Postretirement Benefits (Schedule Of Assumptions For Pensions Plan) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
WilTel Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate used to determine benefit obligation | 4.71% | 3.85% |
Discount rate, weighted-average assumptions used to determine net cost | 3.85% | 4.40% |
Expected long-term return on plan assets, weighted-average assumptions used to determine net cost | 4.00% | 4.25% |
Jefferies Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate used to determine benefit obligation | 5.10% | ' |
Discount rate, weighted-average assumptions used to determine net cost | 5.10% | ' |
Expected long-term return on plan assets, weighted-average assumptions used to determine net cost | 6.75% | ' |
German Pension Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate used to determine benefit obligation | 3.40% | ' |
Projected benefit obligation, Rate of compensation increase | 3.00% | ' |
Discount rate, weighted-average assumptions used to determine net cost | 3.60% | ' |
Net periodic pension benefit cost, Rate of compensation increase | 3.00% | ' |
Pension_Plans_And_Postretireme6
Pension Plans And Postretirement Benefits (Schedule Of Plan's Assets At Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
WilTel Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | $191,664,000 | $194,314,000 |
WilTel Plan [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | ' | 193,250,000 |
WilTel Plan [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | ' | 1,064,000 |
WilTel Plan [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 20,075,000 | 21,493,000 |
WilTel Plan [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | ' | 21,493,000 |
WilTel Plan [Member] | U.S. Government And Agencies [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 4,860,000 | 4,522,000 |
WilTel Plan [Member] | U.S. Government And Agencies [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | ' | 4,522,000 |
WilTel Plan [Member] | Public Utilities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 13,243,000 | 7,490,000 |
WilTel Plan [Member] | Public Utilities [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | ' | 7,490,000 |
WilTel Plan [Member] | Foreign Governments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | ' | 2,253,000 |
WilTel Plan [Member] | Foreign Governments [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | ' | 2,253,000 |
WilTel Plan [Member] | All Other Corporates [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 153,486,000 | 158,556,000 |
WilTel Plan [Member] | All Other Corporates [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | ' | 157,492,000 |
WilTel Plan [Member] | All Other Corporates [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | ' | 1,064,000 |
Jefferies Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 47,416,000 | ' |
Jefferies Plan [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 32,649,000 | ' |
Jefferies Plan [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 14,767,000 | ' |
Jefferies Plan [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 931,000 | ' |
Jefferies Plan [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 931,000 | ' |
Jefferies Plan [Member] | Listed Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 27,663,000 | ' |
Jefferies Plan [Member] | Listed Equity Securities [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 27,663,000 | ' |
Jefferies Plan [Member] | U.S. Government Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 4,055,000 | ' |
Jefferies Plan [Member] | U.S. Government Securities [Member] | Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 4,055,000 | ' |
Jefferies Plan [Member] | Corporate Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 7,743,000 | ' |
Jefferies Plan [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 7,743,000 | ' |
Jefferies Plan [Member] | Foreign Corporate Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 1,140,000 | ' |
Jefferies Plan [Member] | Foreign Corporate Debt Securities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 1,140,000 | ' |
Jefferies Plan [Member] | Agency Mortgage-Backed Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 3,949,000 | ' |
Jefferies Plan [Member] | Agency Mortgage-Backed Securities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 3,949,000 | ' |
Jefferies Plan [Member] | Commercial Mortgage-Backed Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 1,280,000 | ' |
Jefferies Plan [Member] | Commercial Mortgage-Backed Securities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 1,280,000 | ' |
Jefferies Plan [Member] | Asset-Backed Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 461,000 | ' |
Jefferies Plan [Member] | Asset-Backed Securities [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 461,000 | ' |
Jefferies Plan [Member] | Other [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | 194,000 | ' |
Jefferies Plan [Member] | Other [Member] | Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value | $194,000 | ' |
Pension_Plans_And_Postretireme7
Pension Plans And Postretirement Benefits (Schedule Of Expected Pension Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
U.S. Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $6,329,000 |
2015 | 7,952,000 |
2016 | 11,072,000 |
2017 | 11,149,000 |
2018 | 10,888,000 |
2019 - 2023 | 90,590,000 |
German Pension Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 1,374,000 |
2015 | 1,399,000 |
2016 | 1,417,000 |
2017 | 1,395,000 |
2018 | 1,391,000 |
2019 - 2023 | $7,908,000 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Income Taxes [Line Items] | ' |
Increase in valuation allowance | $12,287,000 |
NOLs to offset federal minimum taxable income | 640,000,000 |
Deferred tax liability not recorded on earnings of foreign subsidiaries permanently invested abroad | 35,000,000 |
Undistributed earnings of foreign subsidiaries | 134,000,000 |
Expected decrease in unrecognized tax benefit related to uncertain tax position over next 12 months | 3,600,000 |
Foreign [Member] | ' |
Income Taxes [Line Items] | ' |
Operating loss carryforwards | 89,100,000 |
Consolidated Tax Group [Member] | ' |
Income Taxes [Line Items] | ' |
Operating loss carryforwards | 1,200,000,000 |
Jefferies [Member] | ' |
Income Taxes [Line Items] | ' |
Increase in valuation allowance | 11,100,000 |
Subsidiary [Member] | ' |
Income Taxes [Line Items] | ' |
Operating loss carryforwards | $2,200,000,000 |
Income_Taxes_Schedule_Of_Princ
Income Taxes (Schedule Of Principal Components Of Deferred Taxes) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
NOL carryover | $1,283,947 | $1,332,510 |
Other assets | 118,914 | 60,687 |
Compensation | 400,002 | ' |
Long-term debt | 184,669 | ' |
Securities valuation reserves | 51,597 | 43,613 |
Intangible assets, net and goodwill | 17,349 | 18,062 |
Other liabilities | 49,074 | 58,067 |
Gross tax assets | 2,105,552 | 1,512,939 |
Valuation allowance | -132,607 | -109,181 |
Deferred Tax Assets, Net of Valuation Allowance, Total | 1,972,945 | 1,403,758 |
Unrealized gains on investments | -23,851 | -175,801 |
Amortization of intangible assets | -98,798 | ' |
Property and equipment | -3,822 | -10,770 |
Other | -36,531 | -2,572 |
Gross tax liability | -163,002 | -189,143 |
Net deferred tax asset | $1,809,943 | $1,214,615 |
Income_Taxes_Schedule_Of_Provi
Income Taxes (Schedule Of Provision (Benefit) For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
State income taxes | $32,917 | $35,489 | $10,653 |
Federal income taxes, current | 2,900 | 1,001 | ' |
Federal income taxes, deferred | 56,433 | 482,163 | 28,598 |
Increase in valuation allowance | 12,287 | ' | ' |
Foreign income taxes | 6,204 | 12,500 | 23,147 |
Actual income tax provision (benefit) | $110,741 | $531,153 | $62,398 |
Income_Taxes_Schedule_Of_Recon
Income Taxes (Schedule Of Reconciliation Of Expected Statutory Federal Income Tax To Actual Income Tax Provision (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Expected federal income tax | $165,215 | $496,399 | $33,363 |
State income taxes, net of federal income tax benefit | 21,396 | 24,120 | 7,781 |
Increase in valuation allowance | 12,287 | ' | ' |
Tax expense not provided on income recorded on the Jefferies investment prior to the acquisition | -63,952 | ' | ' |
Reversal of prior years' deferred tax liability related to acquisition | -33,972 | ' | ' |
Accounting expense for warrants in excess of tax deduction | ' | ' | 7,141 |
Foreign rate differential | -4,750 | ' | ' |
Permanent differences | 12,832 | 2,921 | -2,593 |
Foreign taxes | 4,033 | 8,125 | 15,044 |
Other | -2,348 | -412 | 1,662 |
Actual income tax provision (benefit) | $110,741 | $531,153 | $62,398 |
Income_Taxes_Schedule_Of_Recon1
Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrecognized Tax Benefits Components [Line Items] | ' | ' | ' |
As of beginning of year | $15,770 | $9,820 | $9,320 |
Jefferies amounts at date of acquisition | 146,110 | ' | ' |
Increases based on tax positions related to current period | 8,750 | 5,250 | ' |
Increases based on tax positions related to prior periods | 14,780 | ' | ' |
Decreases based on tax positions related to prior periods | -18,300 | ' | ' |
Interest expense recognized | 7,000 | 700 | 500 |
Audit payments | -420 | ' | ' |
Reduction as a result of the lapse of the statute of limitations | ' | ' | ' |
Balance, at end of year | 173,690 | 15,770 | 9,820 |
Interest [Member] | ' | ' | ' |
Unrecognized Tax Benefits Components [Line Items] | ' | ' | ' |
As of beginning of year | 4,180 | 3,480 | 2,980 |
Jefferies amounts at date of acquisition | 17,100 | ' | ' |
Increases based on tax positions related to current period | ' | ' | ' |
Increases based on tax positions related to prior periods | ' | ' | ' |
Decreases based on tax positions related to prior periods | ' | ' | ' |
Interest expense recognized | 7,000 | 700 | 500 |
Audit payments | -110 | ' | ' |
Reduction as a result of the lapse of the statute of limitations | ' | ' | ' |
Balance, at end of year | 28,170 | 4,180 | 3,480 |
Unrecognized Tax Benefits [Member] | ' | ' | ' |
Unrecognized Tax Benefits Components [Line Items] | ' | ' | ' |
As of beginning of year | 11,590 | 6,340 | 6,340 |
Jefferies amounts at date of acquisition | 129,010 | ' | ' |
Increases based on tax positions related to current period | 8,750 | 5,250 | ' |
Increases based on tax positions related to prior periods | 14,780 | ' | ' |
Decreases based on tax positions related to prior periods | -18,300 | ' | ' |
Interest expense recognized | ' | ' | ' |
Audit payments | -310 | ' | ' |
Reduction as a result of the lapse of the statute of limitations | ' | ' | ' |
Balance, at end of year | $145,520 | $11,590 | $6,340 |
Net_Realized_Securities_Gains_2
Net Realized Securities Gains (Losses) (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | 36 Months Ended | 12 Months Ended | |||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | Dec. 31, 2012 | Dec. 31, 2013 |
Fortescue [Member] | Fortescue [Member] | Fortescue [Member] | Fortescue [Member] | Fortescue [Member] | Inmet Mining Corporation [Member] | ||||
Net Securities Gains (Losses) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash investment | ' | ' | ' | ' | ' | ' | $452,200,000 | ' | ' |
Common shares acquired | ' | ' | ' | ' | ' | ' | 278 | ' | ' |
Investment in note receivable | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' |
Percentage of iron ore revenue, net of government royalties, that is used to calculate interest on note | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Aggregate cash consideration for FMG note | ' | 715,000,000 | ' | 715,000,000 | ' | ' | ' | ' | ' |
Pre-tax gain on redemption of FMG note | ' | ' | ' | 526,200,000 | ' | ' | ' | ' | ' |
Net realized securities gains | 243,957,000 | 590,581,000 | 641,476,000 | ' | 543,700,000 | 628,200,000 | ' | ' | 227,600,000 |
Proceeds from sales of investments | 1,800,000,000 | 1,400,000,000 | 4,200,000,000 | ' | ' | ' | ' | ' | ' |
Aggregate cash proceeds in excess of investment | ' | ' | ' | ' | ' | ' | ' | 2,313,000,000 | ' |
Gross gains | 240,400,000 | 546,400,000 | 638,900,000 | ' | ' | ' | ' | ' | ' |
Gross losses | $1,700,000 | $700,000 | $5,200,000 | ' | ' | ' | ' | ' | ' |
Net_Realized_Securities_Gains_3
Net Realized Securities Gains (Losses) (Summary Of Net Securities Gains (Losses)) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Net Realized Securities Gains (Losses) [Abstract] | ' | ' | ' | |||
Net realized gains on securities | $245,262 | $592,978 | $644,777 | |||
Write-down of investments | -1,621 | [1] | -2,461 | [1] | -3,586 | [1] |
Net unrealized gains (losses) on trading securities | 316 | 64 | 285 | |||
Net securities gains (losses) | $243,957 | $590,581 | $641,476 | |||
[1] | Consists of provisions to write down investments resulting from declines in fair values believed to be other than temporary. |
Recovered_Sheet3
Other Results of Operations Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Results Of Operations Information [Abstract] | ' | ' | ' |
Manufacturing revenues | $310,624,000 | $252,752,000 | $244,918,000 |
Dividend income | 5,553,000 | 5,954,000 | 18,359,000 |
Income from associated companies classified as other revenues | 92,180,000 | ' | ' |
Income from FMG Note including gain recognized on redemption | ' | 642,993,000 | 214,455,000 |
Gain on forgiveness of debt | ' | ' | 81,848,000 |
Government grants reimbursement | 3,745,000 | 747,000 | 5,366,000 |
Rental income | 13,158,000 | 11,725,000 | 11,126,000 |
Winery revenues | 8,301,000 | 47,801,000 | 38,161,000 |
Other | 55,676,000 | 21,677,000 | 29,764,000 |
Total other income | 489,237,000 | 983,649,000 | 643,997,000 |
Taxes other than income or payroll | 17,000,000 | 10,700,000 | 4,200,000 |
Advertising costs | $14,600,000 | $12,400,000 | $700,000 |
Earnings_Loss_Per_Common_Share2
Earnings (Loss) Per Common Share (Narrative) (Details) (USD $) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Warrants [Member] | Warrants [Member] | Warrants [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | 3.75% Convertible Senior Subordinated Notes Due April 15, 2014 [Member] | 3.75% Convertible Senior Subordinated Notes Due April 15, 2014 [Member] | 3.75% Convertible Senior Subordinated Notes Due April 15, 2014 [Member] | 3.75% Convertible Senior Subordinated Notes Due April 15, 2014 [Member] | 3.875% Convertible Senior Debentures, due November 1, 2029 [Member] | |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities excluded from computation of earnings per share amount | 4,000,000 | 4,000,000 | 4,000,000 | 1,711,096 | 2,280,711 | 1,639,375 | 4,283,518 | ' | ' | ' | ' |
Exercise price | $33.33 | $33.33 | $33.33 | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes interest rate | ' | ' | ' | ' | ' | ' | ' | 3.75% | 3.75% | 3.75% | 3.88% |
Earnings_Loss_Per_Common_Share3
Earnings (Loss) Per Common Share (Earnings Per Share Computation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income attributable to Leucadia National Corporation common shareholders | $8,554,000 | $2,971,000 | $52,612,000 | $305,103,000 | $454,166,000 | $106,674,000 | ($197,251,000) | $490,877,000 | $369,240,000 | $854,466,000 | $25,231,000 | |
Less: Allocation of earnings to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -4,919,000 | [1] | ' | ' |
Net income attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | 364,321,000 | 854,466,000 | 25,231,000 | |
Less: Adjustment to allocation of earnings to participating securities related to diluted shares | ' | ' | ' | ' | ' | ' | ' | ' | -110,000 | [1] | ' | ' |
Mandatorily redeemable convertible preferred share dividends | ' | ' | ' | ' | ' | ' | ' | ' | 3,397,000 | ' | ' | |
Interest on 3.75% Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | 2,635,000 | 2,626,000 | ' | |
Net income attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | 370,243,000 | 857,092,000 | 25,231,000 | |
Denominator for basic earnings (loss) per share - weighted average shares | 368,146,000 | 367,641,000 | 367,752,000 | 275,735,000 | 244,583,000 | 244,583,000 | 244,583,000 | 244,583,000 | 339,673,000 | 244,583,000 | 244,425,000 | |
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | 55,000 | ' | 73,000 | |
Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | |
Mandatorily redeemable convertible preferred shares | ' | ' | ' | ' | ' | ' | ' | ' | 3,468,000 | ' | ' | |
Denominator for diluted earnings (loss) per share | 368,262,000 | 367,687,000 | 367,837,000 | 281,587,000 | 248,922,000 | 248,910,000 | 244,583,000 | 248,945,000 | 347,734,000 | 248,914,000 | 244,573,000 | |
Weighted average shares of participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 9,353,400 | ' | ' | |
Dividends declared on participating securities | ' | ' | ' | ' | ' | ' | ' | ' | $2,800,000 | ' | ' | |
3.875% Convertible Senior Debentures, due November 1, 2029 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Convertible Debenture/Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Convertible notes interest rate | 3.88% | ' | ' | ' | ' | ' | ' | ' | 3.88% | ' | ' | |
3.75% Convertible Senior Subordinated Notes Due April 15, 2014 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Convertible Debenture/Notes | ' | ' | ' | ' | ' | ' | ' | ' | 4,538,000 | 4,331,000 | ' | |
Convertible notes interest rate | 3.75% | ' | ' | 3.75% | 3.75% | ' | ' | ' | 3.75% | 3.75% | ' | |
[1] | Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 9,353,400 for the year ended December 31, 2013. Dividends declared on participating securities during the year ended December 31, 2013 were $2.8 million. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. |
Commitments_Contingencies_And_1
Commitments, Contingencies And Guarantees (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||
lawsuit | Revolving Credit Facility [Member] | Jefferies Finance [Member] | Jefferies Finance [Member] | Jefferies LoanCore [Member] | Berkadia [Member] | National Beef [Member] | National Beef [Member] | Jefferies [Member] | Jefferies [Member] | Jefferies [Member] | Leucadia [Member] | Other Subisidiaries [Member] | Jefferies Capital Partners LLC [Member] | Jefferies Capital Partners IV L.P.[Member] | JCP IV LLC [Member] | Jefferies Capital Partners IV L.P. and JCP IV LLC [Member] | Other Investments [Member] | SBI USA Fund [Member] | Jefferies Capital Partners V L.P.[Member] | Fund V [Member] | Minimum [Member] | Maximum [Member] | |||||
plaintiff | Unrated [Member] | Standby Letters Of Credit [Member] | Unrated [Member] | ||||||||||||||||||||||||
Commitments Contingencies And Guarantees [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Noncancellable operating lease terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '30 years | ||
Rental expense (net of sublease rental income) | $64,600,000 | $19,700,000 | $6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Service charge commitments for city improvements | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Service charge commitment for city improvements, duration of payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Service charge commitments for city improvements, remaining amount | ' | ' | ' | ' | ' | ' | ' | ' | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Service charge commitment future payment for city improvements, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Service charge commitment future payment for city improvements, 2015 | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Service charge commitment future payment for city improvements, 2016 | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Service charge commitment future payment for city improvements, 2017 | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Service charge commitment for city improvements remaining balance to be paid in subsequent years | ' | ' | ' | ' | ' | ' | ' | ' | 5,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase commitments | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | 110,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Equity commitments | ' | ' | ' | ' | 600,000,000 | ' | 291,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | 45,900,000 | 3,100,000 | ' | 30,800,000 | 75,000,000 | 10,000,000 | 85,000,000 | ' | ' | ||
Funded equity commitments | ' | ' | ' | ' | 337,300,000 | ' | 175,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 38,700,000 | 2,300,000 | ' | ' | 47,000,000 | 6,300,000 | ' | ' | ' | ||
Unfunded equity commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | 5,400,000 | ' | ' | 31,700,000 | ' | ' | ||
Loan commitments outstanding to clients | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 241,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Revolving credit facility | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Termination notice period | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Funded loan commitments, fair value | ' | ' | ' | 123,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Unfunded loan commitments | ' | ' | ' | ' | ' | 226,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Line of credit facility commitment of Jefferies | ' | ' | ' | 350,000,000 | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Corporate lending commitments. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 467,600,000 | [1] | ' | 398,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of mortgage-related commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fair value of derivative contracts meeting the definition of a guarantee | 229,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amount accrued for estimated probable losses in connection with litigation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Approximate number of plaintiffs | 124,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of class action lawsuits | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum statutory damages sought | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amount of debt collected to date | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Surety policy issued | ' | ' | ' | ' | ' | ' | ' | 2,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reimbursement of losses incurred, maximum percentage | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Aggregate amount of commercial paper outstanding | ' | ' | ' | ' | ' | ' | ' | 2,470,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | 21,800,000 | ' | ' | 32,000,000 | ' | ' | 29,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Settlement amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Payments to trading counterparties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fine payable to the U.S. Attorney's Office | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fine payable to the SEC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amount reserved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Expiration period maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Amounts represent the notional amount of unfunded lending commitments. |
Commitments_Contingencies_And_2
Commitments, Contingencies And Guarantees (Future Minimum Lease Commitments For Noncancelable Operating Leases) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | ' |
2014 | $100,401 |
2015 | 78,271 |
2016 | 76,532 |
2017 | 70,639 |
2018 | 62,518 |
Thereafter | 451,756 |
Future minimum annual rentals | 840,117 |
Less: sublease income | -50,042 |
Future minimum annual rentals net of sublease income | $790,075 |
Commitments_Contingencies_And_3
Commitments, Contingencies And Guarantees (Commitments And Contingencies) (Details) (Jefferies [Member], USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
Commitments And Guarantee Obligations [Line Items] | ' | |
2014 | $1,557.20 | |
2015 | 519.3 | |
2016 and 2017 | 526.2 | |
2018 and 2019 | 92.8 | |
2020 and Later | 418.2 | |
Maximum Payout | 3,113.70 | |
Equity Commitments [Member] | ' | |
Commitments And Guarantee Obligations [Line Items] | ' | |
2014 | 1.8 | [1] |
2015 | 7.4 | [1] |
2016 and 2017 | 0.8 | [1] |
2020 and Later | 418.2 | [1] |
Maximum Payout | 428.2 | [1] |
Loan Commitments [Member] | ' | |
Commitments And Guarantee Obligations [Line Items] | ' | |
2014 | 33.2 | [1] |
2015 | 19 | [1] |
2016 and 2017 | 322.6 | [1] |
2018 and 2019 | 92.8 | [1] |
Maximum Payout | 467.6 | [1] |
Mortgage-Related Commitments [Member] | ' | |
Commitments And Guarantee Obligations [Line Items] | ' | |
2014 | 819.9 | |
2015 | 492.9 | |
2016 and 2017 | 202.8 | |
Maximum Payout | 1,515.60 | |
Forward Starting Reverse Repos And Repos [Member] | ' | |
Commitments And Guarantee Obligations [Line Items] | ' | |
2014 | 702.3 | |
Maximum Payout | $702.30 | |
[1] | Equity and loan commitments are presented by contractual maturity date. The amounts are however available on demand. |
Commitments_Contingencies_And_4
Commitments, Contingencies And Guarantees (Credit Exposure From Loan Commitments) (Details) (USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
Commitments And Guarantee Obligations [Line Items] | ' | |
Corporate lending exposure at fair value of funded loans included in trading assets | $321.10 | |
Corporate lending commitments carried at fair value included in trading liabilities | 4.9 | |
Jefferies [Member] | ' | |
Commitments And Guarantee Obligations [Line Items] | ' | |
0 - 12 Months | 35.6 | |
1 -5 Years | 748.2 | |
Total Corporate Lending Exposure | 783.8 | [1] |
Corporate Lending Exposure at Fair Value | 316.2 | [2] |
Corporate Lending Commitments | 467.6 | [3] |
Jefferies [Member] | Non-investment grade [Member] | ' | |
Commitments And Guarantee Obligations [Line Items] | ' | |
1 -5 Years | 79.1 | |
Total Corporate Lending Exposure | 79.1 | [1] |
Corporate Lending Exposure at Fair Value | 9.5 | [2] |
Corporate Lending Commitments | 69.6 | [3] |
Jefferies [Member] | Unrated [Member] | ' | |
Commitments And Guarantee Obligations [Line Items] | ' | |
0 - 12 Months | 35.6 | |
1 -5 Years | 669.1 | |
Total Corporate Lending Exposure | 704.7 | [1] |
Corporate Lending Exposure at Fair Value | 306.7 | [2] |
Corporate Lending Commitments | $398 | [3] |
[1] | Total corporate lending exposure represents the potential loss assuming the fair value of funded loans and lending commitments were zero. | |
[2] | The corporate lending exposure at fair value includes $321.1 million of funded loans included in Trading assets and a $4.9 million net liability related to lending commitments recorded in Trading liabilities in the Consolidated Statement of Financial Condition. | |
[3] | Amounts represent the notional amount of unfunded lending commitments. |
Commitments_Contingencies_And_5
Commitments, Contingencies And Guarantees (Guarantees) (Details) (Jefferies [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Guarantee Obligations [Line Items] | ' |
Maximum Payout | $3,113.70 |
Derivative Contracts - Non-Credit Related [Member] | Notional [Member] | ' |
Guarantee Obligations [Line Items] | ' |
2014 | 841,439.90 |
2015 | 4,695.20 |
2016 and 2017 | 14.7 |
2018 and 2019 | 1.2 |
2020 and Later | 532.4 |
Maximum Payout | 846,683.40 |
Written Derivative Contracts - Credit Related [Member] | Notional [Member] | ' |
Guarantee Obligations [Line Items] | ' |
2018 and 2019 | 2,708.10 |
Maximum Payout | 2,708.10 |
Total Derivative Contracts [Member] | Notional [Member] | ' |
Guarantee Obligations [Line Items] | ' |
2014 | 841,439.90 |
2015 | 4,695.20 |
2016 and 2017 | 14.7 |
2018 and 2019 | 2,709.30 |
2020 and Later | 532.4 |
Maximum Payout | $849,391.50 |
Commitments_Contingencies_And_6
Commitments, Contingencies And Guarantees (External Credit Ratings Of Underlying Or Referenced Assets For Credit Related Derivatives Contracts) (Details) (Jefferies [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Commitments And Guarantee Obligations [Line Items] | ' |
Maximum Payout | $3,113.70 |
AAA/Aaa [Member] | Index credit default swaps [Member] | ' |
Commitments And Guarantee Obligations [Line Items] | ' |
Maximum Payout | 2,678.60 |
AA/Aa [Member] | Single name credit default swaps [Member] | ' |
Commitments And Guarantee Obligations [Line Items] | ' |
Maximum Payout | 3 |
A [Member] | Single name credit default swaps [Member] | ' |
Commitments And Guarantee Obligations [Line Items] | ' |
Maximum Payout | 2.5 |
BBB/Baa [Member] | Single name credit default swaps [Member] | ' |
Commitments And Guarantee Obligations [Line Items] | ' |
Maximum Payout | 24 |
Notional/Maximum Payout [Member] | Index credit default swaps [Member] | ' |
Commitments And Guarantee Obligations [Line Items] | ' |
Maximum Payout | 2,678.60 |
Notional/Maximum Payout [Member] | Single name credit default swaps [Member] | ' |
Commitments And Guarantee Obligations [Line Items] | ' |
Maximum Payout | $29.50 |
Net_Capital_Requirements_Detai
Net Capital Requirements (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Jefferies LLC [Member] | ' |
Net Capital Requirements [Line Items] | ' |
Net Capital | $891,487 |
Excess Net Capital | 841,539 |
Jefferies Execution [Member] | ' |
Net Capital Requirements [Line Items] | ' |
Net Capital | 4,487 |
Excess Net Capital | 4,237 |
Jefferies Bache, LLC [Member] | ' |
Net Capital Requirements [Line Items] | ' |
Adjusted Net Capital | 197,957 |
Excess Net Capital | $86,293 |
Other_Fair_Value_Information_D
Other Fair Value Information (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Short-term borrowings | $12,000 | ' | ||
Long-term debt | 8,180,865 | 1,358,695 | ||
Carrying Amount [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Notes Receivable | 95,042 | [1] | 46,541 | [1] |
Short-term borrowings | 12,000 | [2] | ' | [2] |
Long-term debt | 8,180,865 | [2] | 1,358,695 | [2] |
Fair Value [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Notes Receivable | 95,606 | [1] | 46,770 | [1] |
Short-term borrowings | 12,000 | [2] | ' | [2] |
Long-term debt | $8,230,191 | [2] | $1,449,576 | [2] |
[1] | Notes receivable: The fair values of notes receivable are primarily measured using Level 2 and 3 inputs principally based on discounted future cash flows using market interest rates for similar instruments. | |||
[2] | Short-term borrowings and long-term debt: The fair values of short term borrowings are estimated to be the carrying amount. The fair values of non-variable rate debt are estimated using quoted prices and estimated rates that would be available for debt with similar terms. The fair value of variable rate debt is estimated to be the carrying amount. |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 10 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
item | Private Equity Related Funds [Member] | Private Equity Related Funds [Member] | ||
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Loans to and/or equity investments in related funds | ' | ' | ' | $61.70 |
Revenues from private equity related funds | ' | ' | 10.1 | ' |
Purchase commitments | 300 | ' | ' | ' |
Loans outstanding to certain employees | 13.9 | ' | ' | ' |
Sales to related party | 25.6 | 74.2 | ' | ' |
Purchases from related party | $9.40 | $17.50 | ' | ' |
Head of cattle to be purchased per year from members of USPB, actual number | 735,385 | ' | ' | ' |
Percentage of cattle requirements obtained through USPB | 20.00% | 20.00% | ' | ' |
Discontinued_Operations_And_As2
Discontinued Operations And Assets Held For Sale (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | |
Premier [Member] | Empire [Member] | Empire [Member] | Empire [Member] | Caribbean-Based Telecommunications Provider [Member] | Caribbean-Based Telecommunications Provider [Member] | Keen [Member] | Keen [Member] | Power Production Business [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected aggregate cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration from sale of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' |
Term of note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' |
Promissory note receivable from sale of Keen | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500,000 | ' | ' |
Pre-tax gain (loss) on sale of discontinued operations | ' | ' | ' | ' | ' | ' | 10,106,000 | -6,349,000 | 9,669,000 | ' | ' | ' | ' | 11,700,000 | 9,700,000 | ' | -18,000,000 | 6,400,000 |
Tax benefit on sale of discontinued operations | ' | ' | ' | ' | ' | ' | 3,009,000 | 2,222,000 | -3,384,000 | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' |
After-tax gain (loss) on sale of discontinued operations | 8,895,000 | 4,160,000 | 385,000 | -325,000 | 499,000 | -4,626,000 | 13,115,000 | -4,127,000 | 6,285,000 | ' | 8,600,000 | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 | 4,700,000 | ' | ' | ' | ' | ' |
Cash consideration on sale of discontinued operation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | 27,500,000 | ' | ' | ' | ' |
Assets held-for-sale | $160,119,000 | ' | ' | ' | ' | ' | $160,119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_And_As3
Discontinued Operations And Assets Held For Sale (Results Of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ($6,563) | ($12,660) | ($11,475) |
Loss from discontinued operations after income taxes | -4,820 | -1,439 | -2,423 | -3,542 | -5,760 | -3,172 | -7,342 | -2,087 | -12,224 | -18,361 | -14,254 |
Discontinued Operating Companies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment and other income | ' | ' | ' | ' | ' | ' | ' | ' | 946 | 4,968 | 3,715 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 115,790 | 219,972 | 254,714 |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 19,528 | 24,402 | 23,402 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 8,919 | 28,475 | 38,681 |
Selling, general and other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 20,897 | 36,509 | 37,616 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 134,577 | 256,656 | 285,133 |
Loss from discontinued operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -18,787 | -36,684 | -30,419 |
Income tax (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -6,563 | -12,660 | -11,475 |
Loss from discontinued operations after income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -12,224 | -24,024 | -18,944 |
Oil And Gas Drilling Services [Member] | Discontinued Operating Companies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,674 | 133,782 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,143 | 100,639 |
Gaming Entertainment [Member] | Discontinued Operating Companies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 114,844 | 119,330 | 117,217 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | $85,233 | $88,127 | $84,795 |
Discontinued_Operations_And_As4
Discontinued Operations And Assets Held For Sale (Schedule Of Assets Held For Sale) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Assets held-for-sale | $160,119 |
Real Estate [Member] | ' |
Assets held-for-sale | 112,016 |
Investment In Associated Company [Member] | ' |
Assets held-for-sale | 30,793 |
Other Assets [Member] | ' |
Assets held-for-sale | $17,310 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | $47,866,781,000 | $9,349,118,000 | $9,263,189,000 |
Net realized securities gains | 243,957,000 | 590,581,000 | 641,476,000 |
Government grants reimbursement | 3,745,000 | 747,000 | 5,366,000 |
Interest expense | 84,964,000 | 92,581,000 | 111,707,000 |
Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net realized securities gains | 243,500,000 | 590,600,000 | 641,500,000 |
Pre-tax gain on redemption of FMG note | ' | 526,200,000 | ' |
Interest expense | 72,200,000 | 80,200,000 | ' |
Beef Processing Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Interest expense | 12,300,000 | 12,400,000 | ' |
Leucadia Other Operations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Pre-tax losses of investigation and evaluation of various energy related projects | 87,900,000 | 32,800,000 | 28,600,000 |
Government grants reimbursement | ' | ' | 5,400,000 |
Fortescue [Member] | Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net realized securities gains | ' | 543,700,000 | 628,200,000 |
Inmet Mining Corporation [Member] | Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net realized securities gains | $227,600,000 | ' | ' |
Segment_Information_Schedule_O
Segment Information (Schedule Of Segment Reporting Information, By Segment) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Revenues | $10,429,491,000 | $9,405,332,000 | $642,631,000 | |||
Income (loss) from continuing operations before income taxes and income related to associated companies | 353,002,000 | 1,329,633,000 | 33,310,000 | |||
Depreciation and amortization expenses | 176,666,000 | 128,576,000 | 48,487,000 | |||
Identifiable assets employed | 47,866,781,000 | 9,349,118,000 | 9,263,189,000 | |||
Gain on forgiveness of bank indebtedness | ' | ' | 81,800,000 | |||
Deferred tax asset, net | 1,972,945,000 | 1,403,758,000 | ' | |||
Loans to and investments in associated companies | 1,258,341,000 | 807,474,000 | ' | |||
Beef Processing Services [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Revenues | 7,487,724,000 | 7,480,934,000 | ' | |||
Income (loss) from continuing operations before income taxes and income related to associated companies | -42,358,000 | 59,048,000 | ' | |||
Depreciation and amortization expenses | 88,483,000 | 83,063,000 | ' | |||
Identifiable assets employed | 1,703,662,000 | 1,797,152,000 | 1,786,855,000 | |||
Investment Banking & Capital Markets [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Revenues | 2,134,002,000 | ' | ' | |||
Income (loss) from continuing operations before income taxes and income related to associated companies | 260,984,000 | ' | ' | |||
Depreciation and amortization expenses | 59,631,000 | ' | ' | |||
Identifiable assets employed | 40,168,572,000 | [1] | ' | [1] | ' | [1] |
Other Operations [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Revenues | 347,275,000 | [2] | 333,415,000 | [2] | 410,526,000 | [2] |
Income (loss) from continuing operations before income taxes and income related to associated companies | -108,395,000 | [2] | -38,859,000 | [2] | 58,674,000 | [2] |
Depreciation and amortization expenses | 18,628,000 | 25,786,000 | 25,191,000 | |||
Identifiable assets employed | 942,260,000 | 885,236,000 | 881,115,000 | |||
Associated Companies [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Identifiable assets employed | 556,468,000 | 807,474,000 | 793,766,000 | |||
Corporate [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Net Revenues | 460,490,000 | 1,590,983,000 | 232,105,000 | |||
Income (loss) from continuing operations before income taxes and income related to associated companies | 242,771,000 | 1,309,444,000 | -25,364,000 | |||
Depreciation and amortization expenses | 9,924,000 | 19,727,000 | 23,296,000 | |||
Identifiable assets employed | 4,495,819,000 | 5,859,256,000 | 5,586,990,000 | |||
Leucadia Discontinied Operations [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Identifiable assets employed | ' | ' | 214,463,000 | |||
Jefferies [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Deferred tax asset, net | 524,800,000 | ' | ' | |||
Jefferies [Member] | Associated Companies [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Loans to and investments in associated companies | $701,900,000 | ' | ' | |||
[1] | At December 31, 2013, includes $701.9 million of Jefferies loans to and investments in associated companies and $524.8 million of Jefferies deferred tax asset, net. | |||||
[2] | For the year ended December 31, 2011, includes $81.8 million gain on forgiveness of bank indebtedness related to a real estate property. |
Segment_Information_Schedule_O1
Segment Information (Schedule Of Net Revenues By Geographic Region) (Details) (USD $) | 3 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net Revenues By Geographic Region [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | $2,921,918 | $2,534,235 | $2,675,725 | $2,297,613 | $2,775,446 | $2,186,582 | $1,716,274 | $2,727,030 | $2,134,002 | $11,002,752 | $9,405,332 | $642,631 | |
Americas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Revenues By Geographic Region [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,639,495 | [1] | ' | ' | ' |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Revenues By Geographic Region [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 448,181 | [2] | ' | ' | ' |
Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Revenues By Geographic Region [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $46,326 | ' | ' | ' | |
[1] | Substantially all relates to U.S. results. | ||||||||||||
[2] | Substantially all relates to U.K. results. |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Net Revenues [Member] | Net Revenues [Member] | Expenses [Member] | Expenses [Member] | Fortescue [Member] | Berkadia [Member] | Berkadia [Member] | Real Estate [Member] | Real Estate [Member] | |
Selected Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax gain on redemption of FMG note | ' | ' | ' | ' | $526.20 | ' | ' | ' | ' |
Increase in previously reported amount | 18.6 | 12 | 18.6 | 12 | ' | ' | ' | ' | ' |
Out of period adjustment | ' | ' | ' | ' | ' | $16.40 | $16.40 | $15.40 | $15.40 |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data (Schedule of Selected Quarterly Financial Data) (Details) (USD $) | 3 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | $2,921,918 | $2,534,235 | $2,675,725 | $2,297,613 | $2,775,446 | $2,186,582 | $1,716,274 | $2,727,030 | $2,134,002 | $11,002,752 | $9,405,332 | $642,631 |
Income (loss) from continuing operations | -15,090 | 11,662 | 60,574 | 304,156 | 456,101 | 122,132 | -180,426 | 489,322 | ' | 361,302 | 887,129 | 32,925 |
Loss from discontinued operations, net of taxes | -4,820 | -1,439 | -2,423 | -3,542 | -5,760 | -3,172 | -7,342 | -2,087 | ' | -12,224 | -18,361 | -14,254 |
Gain (loss) on disposal of discontinued operations, net of taxes | 8,895 | 4,160 | 385 | -325 | 499 | -4,626 | ' | ' | ' | 13,115 | -4,127 | 6,285 |
Net (income) loss attributable to the noncontrolling interest | 64 | -253 | 729 | 622 | 993 | 972 | 297 | -202 | ' | 1,162 | 2,060 | 275 |
Net (income) loss attributable to the redeemable noncontrolling interests | 20,521 | -10,132 | -5,638 | 4,531 | 2,333 | -8,632 | -9,780 | 3,844 | ' | 9,282 | -12,235 | ' |
Preferred stock dividends | -1,016 | -1,027 | -1,015 | -339 | ' | ' | ' | ' | ' | -3,397 | ' | ' |
Net income (loss) | $8,554 | $2,971 | $52,612 | $305,103 | $454,166 | $106,674 | ($197,251) | $490,877 | ' | $369,240 | $854,466 | $25,231 |
Income (loss) from continuing operations - basic | $0.01 | ' | $0.14 | $1.11 | $1.88 | $0.47 | ($0.78) | $2.02 | ' | $1.06 | $3.58 | $0.13 |
Loss from discontinued operations - basic | ($0.01) | ' | ' | ($0.01) | ($0.02) | ($0.01) | ($0.03) | ($0.01) | ' | ($0.03) | ($0.07) | ($0.05) |
Gain (loss) on disposal of discontinued operations | $0.02 | $0.01 | ' | ' | ' | ($0.02) | ' | ' | ' | $0.04 | ($0.02) | $0.02 |
Net income (loss) - basic | $0.02 | $0.01 | $0.14 | $1.10 | $1.86 | $0.44 | ($0.81) | $2.01 | ' | $1.07 | $3.49 | $0.10 |
Number of shares used in calculation - basic | 368,146 | 367,641 | 367,752 | 275,735 | 244,583 | 244,583 | 244,583 | 244,583 | ' | 339,673 | 244,583 | 244,425 |
Income (loss) from continuing operations - diluted | $0.01 | ' | $0.14 | $1.09 | $1.85 | $0.46 | ($0.78) | $1.98 | ' | $1.06 | $3.53 | $0.13 |
Loss from discontinued operations - diluted | ($0.01) | ' | ' | ($0.01) | ($0.02) | ($0.01) | ($0.03) | ($0.01) | ' | ($0.03) | ($0.07) | ($0.05) |
Gain (loss) on disposal of discontinued operations - diluted | $0.02 | $0.01 | ' | ' | ' | ($0.02) | ' | ' | ' | $0.03 | ($0.02) | $0.02 |
Net income (loss) - diluted | $0.02 | $0.01 | $0.14 | $1.08 | $1.83 | $0.43 | ($0.81) | $1.97 | ' | $1.06 | $3.44 | $0.10 |
Number of shares used in calculation - diluted | 368,262 | 367,687 | 367,837 | 281,587 | 248,922 | 248,910 | 244,583 | 248,945 | ' | 347,734 | 248,914 | 244,573 |