Jefferies Financial (JEF) 10-K 19 Feb 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Feb. 11, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Central Index Key	96,223
Entity Registrant Name	LEUCADIA NATIONAL CORP
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		362,243,256
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 8,196,406,000

Consolidated Statements Of Fina

Consolidated Statements Of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 3,638,648	$ 4,276,775
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	751,084	3,444,674
Financial instruments owned, including securities pledged of $12,207,123 and $14,794,488:
Trading assets, at fair value	18,293,090	19,612,490
Available for sale securities	207,355	1,608,769
Total financial instruments owned	18,500,445	21,221,259
Investments in managed funds	603,720	281,470
Loans to and investments in associated companies	1,757,369	1,712,568
Securities borrowed	6,975,136	6,853,103
Securities purchased under agreements to resell	3,854,746	3,926,858
Securities received as collateral	0	5,418
Receivables	3,830,967	3,934,825
Property, equipment and leasehold improvements, net	721,875	726,376
Intangible assets, net and goodwill	2,648,362	2,720,763
Deferred tax asset, net	1,575,368	1,712,535
Other assets	1,482,092	1,807,284
Total	46,339,812	52,623,908
LIABILITIES
Short-term borrowings	310,659	12,000
Trading liabilities, at fair value	6,840,430	8,904,592
Securities loaned	3,014,300	2,598,487
Securities sold under agreements to repurchase	9,966,868	10,672,157
Other secured financings	910,357	705,126
Obligation to return securities received as collateral	0	5,418
Payables, expense accruals and other liabilities	7,107,081	10,516,491
Long-term debt	7,407,594	8,527,929
Total liabilities	$ 35,557,289	$ 41,942,200
Commitments and contingencies
MEZZANINE EQUITY
Redeemable noncontrolling interests	$ 191,633	$ 186,686
Mandatorily redeemable convertible preferred shares	125,000	125,000
EQUITY
Common shares, par value $1 per share, authorized 600,000,000 shares; 0 and 367,498,615 shares issued and outstanding, after deducting 0 and 48,447,573 shares held in treasury	362,617	367,499
Additional paid-in capital	4,986,819	5,059,508
Accumulated other comprehensive income	438,793	447,082
Retained earnings	4,612,982	4,428,069
Total Leucadia National Corporation shareholders’ equity	10,401,211	10,302,158
Noncontrolling interests	64,679	67,864
Total equity	10,465,890	10,370,022
Total	$ 46,339,812	$ 52,623,908

Consolidated Statements Of Fin3

Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Securities pledged	$ 12,207,123	$ 14,794,488
EQUITY
Common shares, par value (USD per share)	$ 1	$ 1
Common shares, authorized	600,000,000	600,000,000
Common shares, issued and outstanding after deducting shares held in treasury	362,617,423	367,498,615
Treasury stock, shares	53,755,292	48,447,573

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Beef processing services	$ 7,396,869	$ 7,824,246	$ 7,486,332
Commissions	659,002	668,801	472,596
Principal transactions	642,824	662,213	574,895
Investment banking	1,417,807	1,526,637	997,955
Interest income	955,240	1,052,151	737,780
Net realized securities gains	62,957	30,394	243,957
Other	549,228	570,465	485,492
Total revenues	11,683,927	12,334,907	10,999,007
Interest expense	111,412	117,174	84,964
Net revenues	10,886,458	11,486,485	10,425,746
Expenses:
Cost of sales	7,677,233	8,024,286	7,567,707
Compensation and benefits	1,665,465	1,841,674	1,352,654
Floor brokerage and clearing fees	199,780	215,329	150,774
Interest expense	111,412	117,174	84,964
Depreciation and amortization	224,133	185,993	167,425
Provision for doubtful accounts	7,353	59,695	1,490
Selling, general and other expenses	754,827	799,639	674,188
Total expenses	10,640,203	11,243,790	9,999,202
Income from continuing operations before income taxes and income related to associated companies	246,255	242,695	426,544
Income related to associated companies	110,281	138,527	119,041
Income from continuing operations before income taxes	356,536	381,222	545,585
Income tax provision	109,947	165,971	136,481
Income from continuing operations	246,589	215,251	409,104
Income (loss) from discontinued operations, net of income tax provision (benefit) of $231, $(9,634) and $(32,303)	429	(17,893)	(60,026)
Gain on disposal of discontinued operations, net of income tax provision (benefit) of $2,743, $899 and $(3,009)	5,093	1,667	13,115
Net income	252,111	199,025	362,193
Net loss attributable to the noncontrolling interests	4,996	727	1,162
Net loss attributable to the redeemable noncontrolling interests	26,543	8,616	9,282
Preferred stock dividends	(4,063)	(4,062)	(3,397)
Net income attributable to Leucadia National Corporation common shareholders	$ 279,587	$ 204,306	$ 369,240
Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders:
Income from continuing operations (USD per share)	$ 0.73	$ 0.58	$ 1.20
Income (loss) from discontinued operations (USD per share)	0	(0.05)	(0.17)
Gain on disposal of discontinued operations (USD per share)	0.01	0.01	0.04
Net income (USD per share)	0.74	0.54	1.07
Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders:
Income from continuing operations (USD per share)	0.73	0.58	1.20
Gain on disposal of discontinued operations (USD per share)	0.01	0.01	0.03
Net income (USD per share)	0.74	0.54	1.06
Income from discontinued operations (USD per share)	$ 0	$ (0.05)	$ (0.17)
Amounts attributable to Leucadia National Corporation common shareholders:
Income from continuing operations, net of taxes	$ 274,065	$ 220,584	$ 415,093
Income (loss) from discontinued operations, net of taxes	429	(17,945)	(58,968)
Gain on disposal of discontinued operations, net of taxes	5,093	1,667	13,115
Net income attributable to Leucadia National Corporation common shareholders	279,587	204,306	369,240
Investment Banking And Capital Markets Segment [Member]
Revenues:
Interest expense	797,469	848,422	573,261
Expenses:
Interest expense	$ 797,469	$ 848,422	$ 573,261

Consolidated Statements Of Ope5

Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Income tax (benefit) from discontinued operations	$ 231	$ (9,634)	$ (32,303)
Income tax provision (benefit) related to gain (loss) on disposal of discontinued operations	$ 2,743	$ 899	$ (3,009)

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 252,111	$ 199,025	$ 362,193
Other comprehensive income (loss):
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $(5,029), $(4,923) and $(543)	(9,057)	(8,866)	(979)
Less: reclassification adjustment for net (gains) losses included in net income (loss), net of income tax provision (benefit) of $6,068, $1,631 and $118,292	(10,930)	(2,939)	(213,058)
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $(11,097), $(6,554) and $(118,835)	(19,987)	(11,805)	(214,037)
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $(5,174), $(6,837) and $865	(36,477)	(43,307)	22,900
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $149 and $0	0	(267)	0
Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $(5,174), $(6,986) and $865	(36,477)	(43,574)	22,900
Net unrealized gains (losses) on derivatives arising during the period, net of income tax provision (benefit) of $0, $0 and $(9)	0	0	(15)
Less: reclassification adjustment for derivative (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $(95) and $0	0	169	0
Net change in unrealized derivative gains (losses), net of income tax provision (benefit) of $0, $95 and $(9)	0	169	(15)
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $7,152, $(17,698) and $11,685	17,073	(38,959)	19,274
Less: reclassification adjustment for pension (gains) losses included in net income (loss), net of income tax provision (benefit) of $(17,159), $(1,676) and $(2,665)	31,102	3,201	4,799
Net change in pension liability benefits, net of income tax provision (benefit) of $24,311, $(16,022) and $14,350	48,175	(35,758)	24,073
Other comprehensive loss, net of income taxes	(8,289)	(90,968)	(167,079)
Comprehensive income	243,822	108,057	195,114
Comprehensive loss attributable to the noncontrolling interests	4,996	727	1,162
Comprehensive loss attributable to the redeemable noncontrolling interests	26,543	8,616	9,282
Preferred stock dividends	(4,063)	(4,062)	(3,397)
Comprehensive income attributable to Leucadia National Corporation common shareholders	$ 271,298	$ 113,338	$ 202,161

Consolidated Statements Of Com7

Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit)	$ (5,029)	$ (4,923)	$ (543)
Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit)	6,068	1,631	118,292
Net change in unrealized holding gains (losses) on investments, tax provision (benefit)	(11,097)	(6,554)	(118,835)
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit)	(5,174)	(6,837)	865
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), tax provision (benefit)	0	149	0
Net change in unrealized foreign exchange gains (losses), tax provision (benefit)	(5,174)	(6,986)	865
Net unrealized gains (losses) on derivatives arising during the period, tax provision (benefit)	0	0	(9)
Less: reclassification adjustment for derivative (gains) losses included in net income (loss), tax provision (benefit)	0	(95)	0
Net change in unrealized derivative gains (losses), tax provision (benefit)	0	95	(9)
Net pension and postretirement gains (losses) arising during the period, tax provision (benefit)	7,152	(17,698)	11,685
Less: reclassification adjustment for pension and postretirement (gains) losses included in net income (loss), tax provision (benefit)	(17,159)	(1,676)	(2,665)
Net change in pension liability and postretirement benefits, tax provision (benefit)	$ 24,311	$ (16,022)	$ 14,350

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net cash flows from operating activities:
Net income	$ 252,111	$ 199,025	$ 362,193
Adjustments to reconcile net income to net cash provided by (used for) operations:
Deferred income tax provision	134,016	126,885	70,047
Depreciation and amortization of property, equipment and leasehold improvements	164,067	124,977	111,175
Other amortization	8,006	14,767	27,789
Share-based compensation	74,087	109,838	87,309
Provision for doubtful accounts	20,168	69,907	13,945
Net securities gains	(62,957)	(30,394)	(243,957)
Income related to associated companies	(185,998)	(228,769)	(211,221)
Distributions from associated companies	223,658	176,491	137,098
Net (gains) losses related to property and equipment, and other assets	29,776	(27,784)	94,074
Gain on disposal of discontinued operations	(7,836)	(12,566)	(10,106)
Change in estimated litigation reserve	(96,500)	101,710	0
Net change in:
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	2,691,028	166,108	113,754
Trading assets	1,380,230	(3,223,327)	(383,682)
Investments in managed funds	(295,342)	(80,247)	2,674
Securities borrowed	(127,060)	(1,497,438)	(41,678)
Securities purchased under agreements to resell	56,377	(200,568)	(156,197)
Receivables from brokers, dealers and clearing organizations	551,021	11,872	336,263
Receivables from customers of securities operations	58,233	(349,767)	225
Other receivables	(145,634)	(161,415)	(93,690)
Other assets	83,414	(107,028)	23,488
Trading liabilities	(2,011,277)	1,832,930	(2,511,777)
Securities loaned	420,929	95,607	600,539
Securities sold under agreements to repurchase	(688,355)	(84,303)	2,794,412
Payables to brokers, dealers and clearing organizations	486,841	968,615	(507,722)
Payables to customers of securities operations	(3,455,080)	1,089,423	(249,305)
Trade payables, expense accruals and other liabilities	(225,711)	(3,546)	345,345
Other	(93,967)	(68,163)	(8,655)
Net cash provided by (used for) operating activities	(761,755)	(987,160)	702,340
Net cash flows from investing activities:
Acquisitions of property, equipment and leasehold improvements, and other assets	(295,894)	(600,837)	(166,129)
Proceeds from disposals of property and equipment, and other assets	22,820	52,011	24,400
Proceeds from disposal of discontinued operations, net of expenses and cash of operations sold	5,842	223,217	20,997
Cash acquired upon acquisition of Jefferies Group LLC	0	0	3,017,958
Acquisitions, net of cash acquired	0	(61,493)	0
Cash paid and cash of real estate operations sold to HomeFed Corporation	0	(19,730)	0
Advances on notes, loans and other receivables	(420,219)	(8,500)	(1,934)
Collections on notes, loans and other receivables	153,004	22,002	18,852
Loans to and investments in associated companies	(1,492,060)	(2,959,689)	(2,388,540)
Capital distributions and loan repayment from associated companies	1,389,262	2,756,320	2,381,145
Deconsolidation of asset management entities	(16,512)	(207,965)	0
Purchases of investments (other than short-term)	(873,831)	(1,821,635)	(3,789,166)
Proceeds from maturities of investments	379,629	1,191,349	2,368,734
Proceeds from sales of investments	1,931,656	1,878,427	1,838,029
Other	(2,532)	5,606	(724)
Net cash provided by investing activities	781,165	449,083	3,323,622
Net cash flows from financing activities:
Issuance of debt, net of issuance costs	363,595	1,002,636	2,038,226
Change in short-term borrowings	298,659	0	(88,000)
Reduction of debt	(1,316,494)	(434,278)	(1,894,301)
Net proceeds from other secured financings	205,231	470,415	114,711
Issuance of common shares	1,223	2,190	5,557
Cash and cash equivalents of Crimson Wine Group, Ltd., which was spun off	0	0	(21,042)
Net contributions from (distributions to) redeemable noncontrolling interests	5,165	(2,765)	(8,073)
Distributions to noncontrolling interests	(7,277)	(7,797)	(355,086)
Contributions from noncontrolling interests	15,469	54,259	65,870
Purchase of common shares for treasury	(125,754)	(75,728)	(40,024)
Dividends paid	(92,550)	(93,071)	(91,335)
Other	750	1,921	2,990
Net cash provided by (used for) financing activities	(651,983)	917,782	(270,507)
Effect of foreign exchange rate changes on cash	(5,554)	(10,525)	6,180
Net increase (decrease) in cash and cash equivalents	(638,127)	369,180	3,761,635
Cash and cash equivalents at January 1, including cash classified as assets of discontinued operations	4,276,775	3,907,595	145,960
Cash and cash equivalents at December 31, including cash classified as assets of discontinued operations	3,638,648	4,276,775	3,907,595
Supplemental disclosures of cash flow information:
Interest	980,266	1,038,201	722,695
Income tax payments, net	510	9,880	75,925
Non-cash investing activities:
Common stock issued for acquisition of Jefferies Group LLC	0	0	3,385,699
Issuance of mandatorily redeemable convertible preferred shares for acquisition of Jefferies Group LLC	0	0	125,000
Non-cash financing activities:
Net assets excluding cash and cash equivalents of Crimson Wine Group, Ltd., which was spun off	0	0	175,958
Issuance of common shares for debt conversion	$ 0	$ 97,546	$ 0

Consolidated Statements Of Chan

Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands	Total	Common Shares $1 Par Value [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Subtotal [Member]	Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2012	$ 6,767,635	$ 244,583	$ 1,577,528	$ 705,129	$ 4,240,028	$ 6,767,268	$ 367
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	368,078				369,240	369,240	(1,162)
Other comprehensive loss, net of taxes	(167,079)			(167,079)		(167,079)
Acquisition of Jefferies Group LLC	3,741,879	119,363	3,266,336			3,385,699	356,180
Distribution of common shares of Crimson Wine Group, Ltd. to shareholders	(197,000)				(197,000)	(197,000)
Contributions from noncontrolling interests	65,870					0	65,870
Distributions to noncontrolling interests	(355,086)					0	(355,086)
Change in interest in consolidated subsidiary	0		(4,422)			(4,422)	4,422
Share-based compensation expense	87,309		87,309			87,309
Change in fair value of redeemable noncontrolling interests	(16,781)		(16,781)			(16,781)
Issuance of common shares for debt conversion	0
Purchase of common shares for treasury	4,545	184	4,361			4,545
Purchase of common shares for treasury	(40,024)	(1,423)	(38,601)			(40,024)
Dividends ($.25 per common share)	(93,428)				(93,428)	(93,428)
Other	7,135	1,834	5,301			7,135
Ending balance at Dec. 31, 2013	10,173,053	364,541	4,881,031	538,050	4,318,840	10,102,462	70,591
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	203,579				204,306	204,306	(727)
Other comprehensive loss, net of taxes	(90,968)			(90,968)		(90,968)
Contributions from noncontrolling interests	72,221					0	72,221
Distributions to noncontrolling interests	(8,977)					0	(8,977)
Deconsolidation of asset management entities	(77,475)					0	(77,475)
Change in interest in consolidated subsidiary	0		(3,654)			(3,654)	3,654
Share-based compensation expense	109,838		109,838			109,838
Change in fair value of redeemable noncontrolling interests	45,401		45,401			45,401
Issuance of common shares for debt conversion	97,546	4,606	92,940			97,546
Purchase of common shares for treasury	813	36	777			813
Purchase of common shares for treasury	(75,728)	(2,990)	(72,738)			(75,728)
Dividends ($.25 per common share)	(95,077)				(95,077)	(95,077)
Other	15,796	1,306	5,913			7,219	8,577
Ending balance at Dec. 31, 2014	10,370,022	367,499	5,059,508	447,082	4,428,069	10,302,158	67,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	274,591				279,587	279,587	(4,996)
Other comprehensive loss, net of taxes	(8,289)			(8,289)		(8,289)
Contributions from noncontrolling interests	16,189					0	16,189
Distributions to noncontrolling interests	(7,277)					0	(7,277)
Deconsolidation of asset management entities	(8,193)					0	(8,193)
Change in interest in consolidated subsidiary	0		(1,092)			(1,092)	1,092
Share-based compensation expense	74,087		74,087			74,087
Change in fair value of redeemable noncontrolling interests	(26,325)		(26,325)			(26,325)
Issuance of common shares for debt conversion	0
Purchase of common shares for treasury	44	2	42			44
Purchase of common shares for treasury	(125,754)	(5,953)	(119,801)			(125,754)
Dividends ($.25 per common share)	(94,674)				(94,674)	(94,674)
Other	1,469	1,069	400			1,469	0
Ending balance at Dec. 31, 2015	$ 10,465,890	$ 362,617	$ 4,986,819	$ 438,793	$ 4,612,982	$ 10,401,211	$ 64,679

Consolidated Statements Of Ch10

Consolidated Statements Of Changes In Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Common shares, par value (USD per share)	$ 1	$ 1	$ 1
Dividends per common share (USD per share)	$ 0.25	$ 0.25	$ 0.25

Nature Of Operations

Nature Of Operations	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature Of Operations	Nature of Operations Leucadia National Corporation (“Leucadia” or the “Company”) is a diversified holding company focused on return on investment and long-term value creation to maximize shareholder value. We continuously review acquisitions of businesses, securities and assets that have the potential for significant long-term value creation, invest in a broad array of businesses, and evaluate the retention and disposition of our existing operations and holdings. Changes in the mix of our businesses and investments should be expected. Our financial services businesses and investments include Jefferies (investment banking and capital markets), Leucadia Asset Management (asset management), Berkadia (commercial mortgage banking and servicing), FXCM (a publicly traded company providing online foreign exchange trading), HomeFed (a publicly traded real estate company) and Foursight Capital and Chrome Capital (vehicle finance). We also own and have investments in a diverse array of other businesses, including National Beef (beef processing), HRG Group ("HRG"), formerly known as Harbinger (a publicly traded diversified holding company), Vitesse Energy and Juneau Energy (oil and gas exploration and development), Garcadia (automobile dealerships), Linkem (fixed wireless broadband services in Italy), Conwed Plastics and Idaho Timber (manufacturing), and Golden Queen (a gold and silver mining project). The structure of each of our investments was tailored to the unique opportunity each transaction presented. Our investments may be reflected in our consolidated results as operating subsidiaries, equity investments, receivables, securities, or in other ways, depending on the structure of our specific holdings. Jefferies is a global full-service, integrated securities and investment banking firm. In March 2013, Jefferies became an indirect wholly-owned subsidiary of Leucadia, yet retains a separate credit rating and continues to be a separate SEC reporting company. Through Jefferies, we own 50% of Jefferies Finance LLC ("Jefferies Finance"), our joint venture with Babson Capital Management LLC and Massachusetts Mutual Life Insurance Company. Jefferies Finance is a commercial finance company whose primary focus is the origination and syndication of senior secured debt of middle market and growth companies in the form of term and revolving loans. Through Jefferies, we also own a 48.5% voting interest in Jefferies LoanCore, a joint venture with the Government of Singapore Investment Corporation and LoanCore, LLC. Jefferies LoanCore originates, purchases and securitizes commercial real estate loans throughout the U.S. Jefferies has a November 30 th fiscal year, which it retains for standalone reporting purposes. 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 2015 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. Leucadia Asset Management supports and develops focused alternative asset management businesses led by distinct management teams. These primarily include Folger Hill, a multi-manager discretionary long/short equity hedge fund platform; Topwater Capital, a first-loss hedge fund; Mazama Capital Management, a long-only growth equity fund manager; and 54 Madison Capital, LLC, which targets real estate projects. After the end of 2015, we contributed an additional $33.7 million to 54 Madison for real estate projects. Our investment in FXCM Inc. ("FXCM") consists of a two -year senior secured term loan ( $192.7 million outstanding at December 31, 2015 ), with rights to a variable proportion of certain distributions in connection with an FXCM sale of assets or certain other events, and our right to require a sale of FXCM beginning in January 2018. Berkadia, our 50 -50 equity method joint venture with Berkshire Hathaway Inc., originates and brokers commercial real estate loans primarily in respect of multi-family housing units and services commercial real estate loans in the U.S. Our approximately 65% equity method interest of HomeFed, owns and develops residential and mixed use real estate properties. HomeFed is a public company traded on the NASD OTC Bulletin Board. During 2014, we sold substantially all of our standalone real estate operations to HomeFed; see Notes 11 and 29 for more information. We own 100% of Foursight Capital, an auto loan originator and servicer. We also own 83% of Chrome Capital, which provides leases on used Harley-Davidson motorcycles. We own 79% of National Beef Packing Company. National Beef processes and markets fresh and chilled boxed beef, ground beef, beef by-products, consumer-ready beef and pork, and wet blue leather for domestic and international markets. National Beef operates two beef processing facilities, three consumer-ready facilities and a wet blue tanning facility, all located in the U.S. National Beef operates one of the largest wet blue tanning facilities 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, direct mail and direct response television. National Beef also owns a refrigerated and livestock transportation and logistics company that provides transportation services for National Beef and third parties. We own approximately 23% of HRG, a diversified holding company that operates in four business segments: consumer products, insurance, energy and asset management. Its consumer products segment contains an approximate 58% ownership stake in Spectrum Brands, a global consumer products company. Its insurance segment includes an approximate 81% ownership stake in Fidelity & Guaranty Life ("FGL"). On November 8, 2015, FGL and Anbang Insurance Group Co., Ltd. ("Anbang") had entered into a definitive merger agreement pursuant to which Anbang will acquire FGL for $26.80 per share. HRG is a public company traded on the NYSE and we reflect this investment at fair value. Vitesse Energy, LLC is our 96% owned consolidated subsidiary that acquires and develops non-operated working and royalty oil and gas interests in the Bakken Shale oil field in North Dakota and Montana. Juneau Energy, LLC, a 98% owned consolidated subsidiary, engages in the exploration, development and production of oil and gas from onshore, unconventional resource areas. Juneau currently has interests in acreage in the Oklahoma and Texas Gulf Coast regions. Garcadia is an equity method joint venture that owns and operates 27 automobile dealerships in California, Texas, Iowa and Michigan. We own approximately 75% . We own approximately 42% of the common shares of Linkem and convertible preferred shares which, if converted, would increase our ownership to approximately 56% of Linkem's common equity. Linkem provides residential broadband services using WiMAX and LTE technologies deployed over the 3.5 GHz spectrum band. Linkem operates in Italy, which has few cable television systems and poor broadband alternatives. Linkem is accounted for under the equity method. After the end of 2015, we purchased $33.3 million ( €30.5 million ) of additional convertible preferred shares. If all of our convertible preferred shares were converted, we would continue to own approximately 56% of Linkem's common equity. Conwed Plastics is our consolidated subsidiary that manufactures and markets lightweight plastic netting used for building and construction, erosion and sediment control, packaging, agricultural purposes, carpet padding, filtration, consumer products and other purposes. In 2014, Conwed acquired 80% of Filtrexx, a manufacturer and marketer of a knitted sock product with numerous applications in sediment control and storm water management, and 100% of Weaver Express, the leading installer of Filtrexx's knitted sock projects. Idaho Timber is our consolidated subsidiary engaged in the manufacture and distribution of various wood products, including the following principal activities: remanufacturing dimension lumber; remanufacturing, bundling and bar coding of home center boards for large retailers; and production of pine dimension lumber and 5/4” radius-edge, pine decking. Golden Queen Mining Company, LLC owns the Soledad Mountain project, a fully-permitted, open pit, heap leach gold and silver project in Kern County, California. We and the Clay family have formed and made contributions to a limited liability company, controlled by us, through which we invested in Golden Queen Mining Company, LLC for the development and operation of the project. Our effective ownership of Golden Queen Mining Company, LLC is approximately 35% and is accounted for under the equity method. During August 2015, Jefferies sold an investment to Leucadia, for a cash payment of $124.4 million , which represented the fair value of the investment at the time of sale. This intercompany transaction had no impact on our consolidated results. 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. Certain amounts have been reclassified to be consistent with the 2015 presentation.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	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 can vote 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 LLC, a futures commission merchant, are recorded on a half-turn basis. In addition, we earn asset-based fees associated with the management and supervision of assets, account services and administration related to customer accounts. Principal Transactions. 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 income 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 income 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. Interest revenue related to Securities borrowed and Securities purchased under agreements to resell activities and interest expense related to Securities loaned and Securities sold under agreements to repurchase activities are recognized on an accrual basis. 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 LLC, as a futures commission merchant, is obligated by rules mandated by the Commodities Futures Trading Commission ("CFTC") under the Commodities Exchange Act, to segregate or set aside cash or qualified securities to satisfy such regulations, which regulations have been promulgated to protect customer assets. During October 2015, Jefferies ceased being a full service futures commission merchant. As a result, Jefferies no longer carries customer or proprietary accounts or holds any customer monies or funds. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets. Financial Instruments and Fair Value Trading assets and Trading liabilities are recorded at fair value, either as required by accounting pronouncements or through the fair value option election. 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. 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 . Jefferies 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, 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 services use a matrix evaluation approach incorporating both observable yield curves and market yields on comparable securities as well as implied inputs from observed trades for comparable securities in order to determine prepayment speeds, cumulative default rates and loss severity. Further, 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 Note 11 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 is reported as Principal transactions revenues. Receivables and Provision for Doubtful Accounts At December 31, 2015 and 2014 , Receivables include receivables from brokers, dealers and clearing organizations of $1,616.3 million and $2,187.5 million , respectively, and receivables from customers of securities operations of $1,191.3 million and $1,250.5 million , respectively. During the fourth quarter of 2014, Jefferies recognized a bad debt provision, which primarily relates to a receivable of $52.3 million from a client to which Jefferies provided futures clearing and execution services, which declared bankruptcy. 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. During the fourth quarter of 2013, after exhausting all opportunities to improve the operating performance of the Brawley beef processing facility, which had been adversely affected by the declining supply of fed cattle available to the plant and fixed cost inefficiencies inherent in a single shift plant, National Beef concluded that this facility would continue to generate losses for the foreseeable future. This resulted in a decision in December 2013 to close the facility in the second quarter of 2014. 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 was the asset group that represented the lowest level of cash flows that were 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 was $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 incurred additional costs relating to the closing of the facility during 2014 of $6.9 million . These costs include employee separation and retention, systems decommissioning and various other expenses. Of these amounts, $4.6 million related to employee separation, which is included in Compensation and benefits, and the various other costs are included in Selling, general and other expenses in the Consolidated Statement of Operations. In 2015, we recorded impairment charges in Selling, general and other expenses of $27.7 million , primarily related to a $20.3 million impairment at our Juneau Energy oil and gas company and an additional impairment charge related to the Brawley plant of $4.7 million . For the oil and gas impairment test, we compare expected undiscounted future net cash flows to the unamortized capitalized cost of the asset. If the future undiscounted net cash flows are lower than the unamortized capital cost, we reduce the capitalized cost to fair market value. We used a third party reserve report in which the cash flows were calculated using West Texas Intermediate (oil) and Henry Hub (gas) NYMEX futures prices as of December 31, 2015. For one of our oil fields, the undiscounted net cash flows were lower than the unamortized capital cost and as a result, we wrote off the total capital cost. There were no significant impairment charges in 2014. Excluding the National Beef impairment, we recorded impairment charges in Selling, general and other expenses of $20.0 million in 2013, 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, property and equipment and other long-lived assets (for example, Jefferies, National Beef, manufacturing, oil and gas exploration and production 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 generally 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 c

Accounting Developments

Accounting Developments	12 Months Ended
	Dec. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting Developments	Accounting Developments Discontinued Operations . In January 2015, we adopted new Financial Accounting Standards Board (“FASB”) guidance on the reporting of discontinued operations. The new guidance requires that disposal of a component of an entity or a group of components of an entity be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, and would require expanded disclosures. The adoption of this guidance did not have an impact on our consolidated financial statements. Revenue Recognition. In May 2014, the FASB issued new guidance that defines how companies report revenues from contracts with customers, and also requires enhanced disclosures. The core principle of this new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This guidance originally was effective for interim and annual periods beginning after December 15, 2016. In August 2015, the FASB issued guidance that deferred the effective date by one year, with early adoption on the original effective date permitted. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Repurchase Agreements. In January 2015, we adopted the FASB’s new guidance that changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. This guidance did not significantly impact our consolidated results of operations, financial condition or cash flows. Effective for interim periods beginning after March 31, 2015, the guidance also requires new disclosures about transfers that are accounted for as sales in transactions that are economically similar to repurchase agreements and increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. We have provided the additional disclosures in our consolidated financial statements. Consolidation. In February 2015, the FASB issued new guidance that amends current consolidation guidance including changes to both the variable and voting interest models used to evaluate whether an entity should be consolidated. This guidance also eliminates the deferral of certain consolidation standards for entities considered to be investment companies. This guidance will be effective for annual and interim periods beginning after December 15, 2015, and early adoption is permitted. We will adopt this guidance in the first quarter of fiscal 2016. The adoption of this guidance is not expected to have a significant impact on our consolidated financial statements. Debt Issuance Costs. In April 2015, the FASB issued new guidance that requires debt issuance costs related to a recognized debt liability be presented in the Consolidated Statements of Financial Condition as a direct deduction from the carrying amount of that debt liability. This guidance will be effective for annual and interim periods beginning after December 15, 2015, and early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on our Consolidated Statements of Financial Condition. Investments in Certain Entities That Calculate Net Asset Value. In May 2015, the FASB issued new guidance that removes the requirement to include investments in the fair value hierarchy for which the fair value is measured at net asset value ("NAV") using the practical expedient. The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value practical expedient. Rather, those disclosures are limited to investments for which we have elected to measure the fair value using that practical expedient. The guidance is effective retrospectively for annual and interim periods beginning after December 15, 2015. Early adoption is permitted and we have early adopted this guidance during the second quarter of 2015. Since the guidance only impacts our disclosures, adoption did not impact our consolidated financial statements. Financial Instruments. In January 2016, the FASB issued new guidance that affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The guidance is effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact this new guidance will have on our consolidated financial statements.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions	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) became 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 $44.53 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 $5.5 billion at December 31, 2015 . For the year ended December 31, 2013, we expensed costs related to the acquisition of Jefferies of $18.5 million . Presented below for the year ended December 31, 2013, are unaudited pro forma operating results assuming the acquisition of Jefferies had occurred on January 1, 2012 (in thousands, except per share amounts): Net revenues $ 11,083,248 Net income attributable to Leucadia National Corporation common shareholders $ 267,160 Basic income per common share attributable to Leucadia National Corporation common shareholders $ 0.70 Diluted income per common share attributable to Leucadia National Corporation common shareholders $ 0.70 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 5. 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 ). 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 January 1, 2012.

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures The following is a summary of our financial instruments and trading liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on NAV of $36.7 million and $42.2 million , respectively, by level within the fair value hierarchy at December 31, 2015 and 2014 (in thousands): December 31, 2015 Level 1 (1) Level 2 (1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,803,243 $ 133,732 $ 40,906 $ — $ 2,977,881 Corporate debt securities — 2,867,165 25,876 — 2,893,041 Collateralized debt obligations — 89,144 85,092 — 174,236 U.S. government and federal agency securities 2,555,018 90,633 — — 2,645,651 Municipal securities — 487,141 — — 487,141 Sovereign obligations 1,251,366 1,407,955 120 — 2,659,441 Residential mortgage-backed securities — 2,731,070 70,263 — 2,801,333 Commercial mortgage-backed securities — 1,014,913 14,326 — 1,029,239 Other asset-backed securities — 118,629 42,925 — 161,554 Loans and other receivables — 1,123,044 189,289 — 1,312,333 Derivatives 2,253 4,406,207 19,785 (4,165,446 ) 262,799 Investments at fair value — 26,224 199,794 — 226,018 Investment in FXCM — — 625,689 — 625,689 Total trading assets, excluding investments at fair value based on NAV $ 6,611,880 $ 14,495,857 $ 1,314,065 $ (4,165,446 ) $ 18,256,356 Available for sale securities: Corporate equity securities $ 73,579 $ — $ — $ — $ 73,579 Corporate debt securities — 4,744 — — 4,744 U.S. government securities 63,945 — — — 63,945 Residential mortgage-backed securities — 23,240 — — 23,240 Commercial mortgage-backed securities — 2,374 — — 2,374 Other asset-backed securities — 39,473 — — 39,473 Total available for sale securities $ 137,524 $ 69,831 $ — $ — $ 207,355 Cash and cash equivalents $ 3,638,648 $ — $ — $ — $ 3,638,648 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 751,084 $ — $ — $ — $ 751,084 Liabilities: Trading liabilities: Corporate equity securities $ 1,428,048 $ 36,518 $ 38 $ — $ 1,464,604 Corporate debt securities — 1,556,941 — — 1,556,941 Collateralized debt obligations 1,488,121 — — — 1,488,121 U.S. government and federal agency securities 837,614 505,382 — — 1,342,996 Sovereign obligations — 117 — — 117 Loans — 758,939 10,469 — 769,408 Derivatives 364 4,456,334 19,543 (4,257,998 ) 218,243 Total trading liabilities $ 3,754,147 $ 7,314,231 $ 30,050 $ (4,257,998 ) $ 6,840,430 Other secured financings $ — $ — $ 544 $ — $ 544 December 31, 2014 Level 1 (1) Level 2 (1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Trading assets, at fair value: Corporate equity securities $ 3,130,892 $ 226,441 $ 20,964 $ — $ 3,378,297 Corporate debt securities (3) — 3,342,276 22,766 — 3,365,042 Collateralized debt obligations (3) — 306,218 124,650 — 430,868 U.S. government and federal agency securities 2,694,268 81,273 — — 2,775,541 Municipal securities — 590,849 — — 590,849 Sovereign obligations 1,968,747 790,764 — — 2,759,511 Residential mortgage-backed securities — 2,879,954 82,557 — 2,962,511 Commercial mortgage-backed securities — 966,651 26,655 — 993,306 Other asset-backed securities — 137,387 2,294 — 139,681 Loans and other receivables — 1,458,760 97,258 — 1,556,018 Derivatives 65,145 5,046,278 54,190 (4,759,345 ) 406,268 Investments at fair value — 73,148 77,047 — 150,195 Physical commodities — 62,234 — — 62,234 Total trading assets, excluding investments at fair value based on NAV $ 7,859,052 $ 15,962,233 $ 508,381 $ (4,759,345 ) $ 19,570,321 Available for sale securities: Corporate equity securities $ 89,353 $ — $ — $ — $ 89,353 Corporate debt securities — 30,403 — — 30,403 U.S. government securities 593,773 — — — 593,773 Residential mortgage-backed securities — 606,683 — — 606,683 Commercial mortgage-backed securities — 43,401 — — 43,401 Other asset-backed securities — 245,156 — — 245,156 Total available for sale securities $ 683,126 $ 925,643 $ — $ — $ 1,608,769 Cash and cash equivalents $ 4,276,775 $ — $ — $ — $ 4,276,775 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (4) $ 3,444,674 $ — $ — $ — $ 3,444,674 Securities received as collateral $ 5,418 $ — $ — $ — $ 5,418 Liabilities: Trading liabilities: Corporate equity securities $ 1,934,469 $ 74,681 $ 38 $ — $ 2,009,188 Corporate debt securities — 1,611,994 223 — 1,612,217 Collateralized debt obligations — 4,557 — — 4,557 U.S. government and federal agency securities 2,253,055 — — — 2,253,055 Sovereign obligations 1,217,075 574,010 — — 1,791,085 Loans — 856,525 14,450 — 870,975 Derivatives 52,778 5,117,803 49,552 (4,856,618 ) 363,515 Total trading liabilities $ 5,457,377 $ 8,239,570 $ 64,263 $ (4,856,618 ) $ 8,904,592 Other secured financings $ — $ — $ 30,825 $ — $ 30,825 Obligation to return securities received as collateral $ 5,418 $ — $ — $ — $ 5,418 (1) There were no material transfers between Level 1 and Level 2 during the year ended December 31, 2015 . During 2014, equity options presented within Trading assets and Trading liabilities of $6.1 million and $6.6 million , respectively, were transferred from Level 1 to Level 2 as adjustments were incorporated into the valuation approach for such contracts to estimate the point within the bid-ask range that meets the best estimate of fair value. (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. (3) Level 3 Collateralized debt obligations increased by $33.2 million with a corresponding decrease in Level 3 Corporate debt securities from those previously reported to correct for the classification of certain positions. The total amount of Level 3 assets remained unchanged. (4) Securities comprise U.S. government securities segregated for regulatory purposes with a fair value of $453.7 million at December 31, 2014 and CFTC approved money market funds with a fair value of $545.0 million at December 31, 2014. 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 for comparable issuers. Collateralized Debt Obligations Collateralized debt obligations are measured based on prices observed for recently executed market transactions of the same or similar security or based on valuations received from third party brokers or data providers and are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability and significance of the pricing inputs. Valuation that is based on recently executed market transactions of similar securities incorporates additional review and analysis of pricing inputs and comparability criteria including but not limited to collateral type, tranche type, rating, origination year, prepayment rates, default rates, and severities. U.S. Government and Federal Agency Securities • U.S. Treasury Securities: U.S. Treasury securities are measured based on quoted market prices and categorized within Level 1 of the fair value hierarchy. • U.S. Agency Issued Debt Securities: Callable and non-callable U.S. agency issued debt securities are measured primarily based on quoted market prices obtained from external pricing services. 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 Interest-Only and Inverse Interest-Only Securities ("Agency Inverse IOs"): The fair value of Agency Inverse IOs is estimated using expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral. We use prices observed for recently executed transactions to develop market-clearing spread and yield curve assumptions. Valuation inputs with regard to the underlying collateral incorporate weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer, and weighted average loan age. Agency Inverse IOs are categorized within Level 2 or Level 3 of the fair value hierarchy. We also use vendor data in developing our assumptions, as appropriate. • Non-Agency Residential Mortgage-Backed Securities: Fair values are determined primarily using discounted cash flow methodologies and securities are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability and significance of the pricing inputs used. Performance attributes of the underlying mortgage loans are evaluated to estimate pricing inputs, such as prepayment rates, default rates and the severity of credit losses. Attributes of the underlying mortgage loans that affect the pricing inputs include, but are not limited to, weighted average coupon; average and maximum loan size; loan-to-value; credit scores; documentation type; geographic location; weighted average loan age; originator; servicer; historical prepayment, default and loss severity experience of the mortgage loan pool; and delinquency rate. Yield curves used in the discounted cash flow models are based on observed market prices for comparable securities and published interest rate data to estimate market yields. Commercial Mortgage-Backed Securities • Agency Commercial Mortgage-Backed Securities: Government National Mortgage Association (“GNMA”) project loans are measured based on inputs corroborated from and benchmarked to observed prices of recent securitization transactions of similar securities with adjustments incorporating an evaluation for various factors, including prepayment speeds, default rates, and cash flow structures as well as the likelihood of pricing levels in the current market environment. Federal National Mortgage Association (“FNMA”) Delegated Underwriting and Servicing (“DUS”) mortgage-backed securities are generally measured by using prices observed for recently executed market transactions to estimate market-clearing spread levels for purposes of estimating fair value. GNMA project loan bonds and FNMA DUS mortgage-backed securities are categorized within Level 2 of the fair value hierarchy. • Non-Agency Commercial Mortgage-Backed Securities: Non-agency commercial mortgage-backed securities are measured using pricing data obtained from external pricing services and prices observed for recently executed market transactions and are categorized within Level 2 and Level 3 of the fair value hierarchy. Other Asset-Backed Securities Other asset-backed securities include, but are not limited to, securities backed by auto loans, credit card receivables, student loans and other consumer loans and are categorized within Level 2 and Level 3 of the fair value hierarchy. Valuations are primarily determined using pricing data obtained from external pricing services and prices observed for recently executed market transactions. Loans and Other Receivables • Corporate Loans: Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market price quotations where market price quotations from external pricing services are supported by market transaction data. Corporate loans categorized within Level 3 of the fair value hierarchy are measured based on market price quotations that are considered to be less transparent, market prices for debt securities of the same creditor, and estimates of future cash flow incorporating assumptions regarding creditor default and recovery rates and consideration of the issuer’s capital structure. • Participation Certificates in Agency Residential Loans: Valuations of participation certificates in agency residential loans are based on observed market prices of recently executed purchases and sales of similar loans. The loan participation certificates are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions and availability of data provider pricing. • Project Loans and Participation Certificates in GNMA Project and Construction Loans: Valuations of participation certificates in GNMA project and construction loans are based on inputs corroborated from and benchmarked to observed prices of recent securitizations of assets with similar underlying loan collateral to derive an implied spread. Securitization prices are adjusted to estimate the fair value of the loans incorporating an evaluation for various factors, including prepayment speeds, default rates, and cash flow structures as well as the likelihood of pricing levels in the current market environment. The measurements are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions. • Consumer Loans and Funding Facilities: Consumer and small business whole loans and related funding facilities are valued based on observed market transactions incorporating additional valuation inputs including, but not limited to, delinquency and default rates, prepayment rates, borrower characteristics, loan risk grades and loan age. These assets are categorized within Level 2 or Level 3 of the fair value hierarchy. • Escrow and Trade Claim Receivables: Escrow and trade claim receivables are categorized within Level 3 of the fair value hierarchy where fair value is estimated based on reference to market prices and implied yields of debt securities of the same or similar issuers. Escrow and trade claim receivables are categorized within Level 2 of the fair value hierarchy where fair value is based on recent trade activity in the same security. Derivatives • Listed Derivative Contracts: Listed derivative contracts that are actively traded are measured based on quoted exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy. Listed derivatives for which there is limited trading activity are measured based on incorporating the closing auction price of the underlying equity security, use similar valuation approaches as those applied to over-the-counter derivative contracts and are categorized within Level 2 of the fair value hierarchy. • OTC Derivative Contracts: Over-the-counter ("OTC") derivative contracts are generally valued using models, whose inputs reflect assumptions that we believe market participants would use in valuing the derivative in a current period transaction. Inputs to valuation models are appropriately calibrated to market data. For many OTC derivative contracts, the valuation models do not involve material subjectivity as the methodologies do not entail significant judgment and the inputs to valuation models do not involve a high degree of subjectivity as the valuation model inputs are readily observable or can be derived from actively quoted markets. OTC derivative contracts are primarily categorized within Level 2 of the fair value hierarchy given the observability and significance of the inputs to the valuation models. Where significant inputs to the valuation are unobservable, derivative instruments are categorized within Level 3 of the fair value hierarchy. OTC options include OTC equity, foreign exchange, interest rate and commodity options measured using various valuation models, such as the Black-Scholes, with key inputs impacting the valuation including the underlying security, foreign exchange spot rate or commodity price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Discounted cash flow models are utilized to measure certain OTC derivative contracts including the valuations of our interest rate swaps, which incorporate observable inputs related to interest rate curves, valuations of our foreign exchange forwards and swaps, which incorporate observable inputs related to foreign currency spot rates and forward curves and valuations of our commodity swaps and forwards, which incorporate observable inputs related to commodity spot prices and forward curves. Credit default swaps include both index and single-name credit default swaps. External prices are available as inputs in measuring index credit default swaps and single-name credit default swaps. For commodity and equity total return swaps, market prices are observable for the underlying asset and used as the basis for measuring the fair value of the derivative contracts. Total return swaps executed on other underlyings are measured based on valuations received from external pricing services. • National Beef Derivatives: National Beef uses futures contracts in order to reduce its exposure associated with entering into firm commitments to purchase live cattle at prices determined prior to the delivery of the cattle as well as firm commitments to sell certain beef products at sales prices determined prior to shipment. The futures contracts and their related firm purchase commitments are accounted for at fair value, which are classified as Level 1 or Level 2 within the fair value hierarchy. Certain firm commitments for live cattle purchases and all firm commitments for sales are treated as normal purchases and sales and therefore not marked to market. Fair values classified as Level 1 are calculated based on the quoted market prices of identical assets or liabilities compared to National Beef's cost of those same assets or liabilities. Fair values classified as Level 2 are calculated based on the difference between the contracted price for live cattle and the relevant quoted market price for live cattle futures. • Oil Futures Derivatives: Vitesse uses call and put options in order to reduce exposure to future oil price fluctuations. Vitesse accounts for the derivative instruments at fair value, which are classified as Level 2 within the fair value hierarchy. Fair values classified as Level 2 are determined under the income valuation technique using an option-pricing model that is based on directly or indirectly observable inputs. Investment in FXCM In January 2015, we entered into a credit agreement with FXCM, and provided FXCM a $300 million two -year senior secured term loan with rights to a variable proportion of certain distributions in connection with an FXCM sale of assets or certain other events, and to require a sale of FXCM beginning in January 2018. FXCM is an online provider of foreign exchange trading and related services. The loan had an initial interest rate of 10% per annum, increasing by 1.5% per annum each quarter, not to exceed 20.5% per annum. The variable proportion of distributions is as follows: 100% until amounts due under the loan are repaid; 50% of the next $350 million ; then 90% of the next $500 million (this was an amount initially set at a range between $500 million to $680 million and based on payments made by FXCM to us through April 16, 2015, this amount became $500 million ); and 60% of all amounts thereafter. During the year ended December 31, 2015 , we received $144.7 million of principal, interest and fees from FXCM and $192.7 million remained outstanding under the credit agreement as of December 31, 2015 . FXCM is considered a variable interest entity and our term loan with rights is a variable interest. We have determined that we are not the primary beneficiary of FXCM because we do not have the power to direct the activities that most significantly impact FXCM’s performance. Therefore, we are not consolidating FXCM. We view the FXCM loan and associated rights as one integrated transaction; since the rights, as derivatives, are accounted for at fair value, we have elected the fair value option for the loan. The total amount of our investment in FXCM is reported within Trading assets, at fair value in our Consolidated Statement of Financial Condition, and unrealized and realized changes in value, including the component related to interest income on the loan, are included within Principal transactions in the Consolidated Statements of Operations. During the year ended December 31, 2015 , we recorded in Principal transactions an aggregate $491.3 million of unrealized and realized gains (losses), interest income and fees relating to our investment in FXCM. Our maximum exposure to loss as a result of our involvement with FXCM is limited to the carrying value of our investment ( $625.7 million at December 31, 2015 ). We engaged an independent valuation firm to assist management in estimating the fair value of our loan and rights in FXCM. Our estimate of fair value was determined using valuation models with inputs including management’s assumptions concerning the amount and timing of expected cash flows; the loan’s implied credit rating and effective yield; implied total equity value, based primarily on the publicly traded FXCM stock price; volatility; risk-free rate; and term. Because of these inputs and the degree of judgment involved, we have categorized our investment in FXCM in Level 3. The valuation is most significantly impacted by the inputs and assumptions related to the publicly traded stock price, volatility and the time to liquidity event. A $1.00 change in the price of FXCM’s shares alone (representing about 6% of the price at December 31, 2015 after FXCM completed a one-for-ten reverse split of its common stock), would result in a change of about $15 million in this valuation, assuming no change in any other factors we considered. Likewise, a 10% change in the assumed volatility would result in a change of about $18 million in this valuation, assuming no other change in any other factors. A three month change in the estimated time to liquidity event would result in a change of about $8 million in this valuation, assuming no change in any other factors. As we adjust to fair value each quarter, we anticipate there could be volatility in the FXCM valuation, which could materially impact our results in a given period. 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 based on NAV and Investments in managed funds include investments in hedge funds, fund of funds, private equity funds, convertible bond funds and other funds, which are measured at the NAV of the funds provided by the fund managers and are excluded from the fair value hierarchy. Investments at fair value also include direct equity investments in private companies, which are measured at fair value using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/EBITDA, price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy. Additionally, investments at fair value include investments in insurance contracts relating to our defined benefit plan in Germany. Fair value for the insurance contracts is determined using a third party and is categorized within Level 3 of the fair value hierarchy. The following tables present information about our investments in entities that have the characteristics of an investment company and are measured based on NAV. (in thousands). Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) December 31, 2015 Equity Long/Short Hedge Funds (2) $ 482,570 $ — (2) Fixed Income and High Yield Hedge Funds (3) 1,703 — — Fund of Funds (4) 287 94 — Equity Funds (5) 42,111 20,791 — Convertible Bond Funds (6) 326 — At Will Multi-strategy Fund (7) 113,458 — — Total $ 640,455 $ 20,885 December 31, 2014 Equity Long/Short Hedge Funds (2) $ 146,134 $ — Monthly/Quarterly Fixed Income and High Yield Hedge Funds (3) 2,704 — — Fund of Funds (4) 323 94 — Equity Funds (5) 65,216 26,023 — Convertible Bond Funds (6) 3,355 — At Will Multi-strategy Fund (7) 105,954 — — Total $ 323,686 $ 26,117 (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements. (2) This category includes investments in hedge funds that invest, long and short, in equity securities in domestic and international markets in both the public and private sectors. At December 31, 2015 , investments with a fair value of $107.1 million and at December 31, 2014 substantially all of the investments in this category are redeemable with 30 to 90 days prior written notice, and includes an investment in a private asset management fund managed by us with a fair value of $52.4 million and $117.2 million at December 31, 2015 and 2014 , respectively. At December 31, 2015 , this category also includes investments in two Folger Hill feeder funds that invest solely in a Folger Hill master fund that makes long/short equity investments, with broad industry and geographic diversification. Investment in these funds is subject to a lock-up until August 15, 2019, subject to certain release events and other withdrawal rights. Following this date, investments can be redeemed as of any calendar quarter-end with no less than 45 calendar days’ notice, subject to certain limitations. At December 31, 2015 , our investments in these two funds had an aggregate fair value of $375.5 million . (3) Includes investments in funds that invest in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. At December 31, 2015 and 2014 , the underlying assets of 8% and 8% , respectively, of these funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated. (4) Includes investments in fund of funds that invest in various private equity funds. At December 31, 2015 and 2014 , approximately 95% and 95% , respectively, of the fair value of investments in this category is managed by us and have no redemption provisions, instead distributions are received through the liquidation of the underlying assets of the fund of funds, which are estimated to be liquidated in the next twelve months. For the remaining investments, we have requested redemption; however, we are unable to estimate when these funds will be received. (5) At December 31, 2015 and 2014 , investments representing approximately 100% and 99% , respectively, of the fair value of investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed, instead distributions are received through the liquidation of the underlying assets of the funds which are expected to liquidate in one to eight years. (6) Investment in the Jefferies Umbrella Fund, an open-ended investment company managed by Jefferies that invests primarily in convertible bonds. The remaining investments are in liquidation and we are unable to estimate when the underlying assets will be fully liquidated. (7) Investment in private asset management fund managed by us that employs a variety of investment strategies and can invest in U.S. and non-U.S. equity and equity related securities, futures, exchange traded funds, fixed income securities, preferred securities, options, forward contra

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	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 and Trading liabilities, 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 primarily recognized in Principal transactions 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 its own exposure to market and credit risks resulting from trading activities. See Notes 5 and 26 for additional disclosures about derivative financial instruments. Derivatives are subject to various risks similar to other financial instruments, including market, credit and operational risk. The risks of derivatives should not be viewed in isolation, but rather should be considered on an aggregate basis along with our other trading-related activities. 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, Jefferies may enter into International Swaps and Derivative Association, Inc. (“ISDA”) master netting agreements and similar agreements 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. See Note 12 for additional information with respect to financial statement offsetting. The following tables present the fair value and related number of derivative contracts categorized by type of derivative contract as reflected in the Consolidated Statements of Financial Condition at December 31, 2015 and 2014 . 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): Assets Liabilities Fair Value Number of Contracts Fair Value Number of Contracts December 31, 2015 Interest rate contracts $ 2,910,093 56,748 $ 2,849,958 74,904 Foreign exchange contracts 472,869 8,118 470,649 7,404 Equity contracts 1,017,611 3,057,754 1,094,597 2,947,416 Commodity contracts 8,248 2,867 882 1,973 Credit contracts: centrally cleared swaps 2,447 299 841 44 Credit contracts: other credit derivatives 16,977 100 59,314 135 Total 4,428,245 4,476,241 Counterparty/cash-collateral netting (4,165,446 ) (4,257,998 ) Total $ 262,799 $ 218,243 December 31, 2014 Interest rate contracts $ 2,299,807 71,505 $ 2,292,691 89,861 Foreign exchange contracts 1,514,881 12,861 1,519,349 12,752 Equity contracts 1,050,990 2,271,507 1,058,015 2,051,469 Commodity contracts 276,726 1,031,568 303,206 1,020,418 Credit contracts: centrally cleared swaps 17,831 27 23,264 22 Credit contracts: other credit derivatives 5,378 18 23,608 27 Total 5,165,613 5,220,133 Counterparty/cash-collateral netting (4,759,345 ) (4,856,618 ) Total $ 406,268 $ 363,515 The following table presents unrealized and realized gains (losses) on derivative contracts as reflected in the Consolidated Statements of Operations for the years ended December 31, 2015 and 2014 and the period from the Jefferies acquisition through December 31, 2013 (in thousands): For the year ended December 31, 2015 For the year ended December 31, 2014 For the period from the Jefferies acquisition through December 31, 2013 Interest rate contracts $ (36,792 ) $ (149,587 ) $ 132,397 Foreign exchange contracts 36,233 39,872 5,514 Equity contracts (137,219 ) (327,978 ) (21,216 ) Commodity contracts (13,625 ) 58,746 45,546 Credit contracts (16,223 ) (23,934 ) (18,098 ) Total $ (167,626 ) $ (402,881 ) $ 144,143 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, 2015 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross- Maturity Netting (4) Total Commodity swaps, options and forwards $ 7,743 $ 18,955 $ — $ — $ 26,698 Credit default swaps — 6,022 — (2,839 ) 3,183 Equity swaps and options 26,278 7,112 — (3,782 ) 29,608 Total return swaps 8,648 252 — (1 ) 8,899 Foreign currency forwards, swaps and options 82,707 15,780 — (7,462 ) 91,025 Interest rate swaps, options and forwards 57,655 158,874 63,816 (43,881 ) 236,464 Total $ 183,031 $ 206,995 $ 63,816 $ (57,965 ) 395,877 Cross product counterparty netting (13,063 ) Total OTC derivative assets included in Trading assets $ 382,814 (1) At December 31, 2015 , we held exchange traded derivative assets and other credit agreements with a fair value of $24.4 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, 2015 cash collateral received was $144.4 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 5,510 $ — $ — $ — $ 5,510 Credit default swaps — 2,628 31,982 (2,839 ) 31,771 Equity swaps and options 4,880 28,516 3,046 (3,782 ) 32,660 Total return swaps 22,644 774 2,540 (1 ) 25,957 Foreign currency forwards, swaps and options 98,726 12,255 — (7,462 ) 103,519 Fixed income forwards 2,522 — — — 2,522 Interest rate swaps, options and forwards 41,938 91,139 89,934 (43,881 ) 179,130 Total $ 176,220 $ 135,312 $ 127,502 $ (57,965 ) 381,069 Cross product counterparty netting (13,063 ) Total OTC derivative liabilities included in Trading liabilities $ 368,006 (1) At December 31, 2015 , we held exchange traded derivative liabilities and other credit agreements with a fair value of $87.2 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, 2015 , cash collateral pledged was $237.0 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. At December 31, 2015 , 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 $ 195,503 BBB- to BBB+ 76,796 BB+ or lower 50,581 Unrated 59,934 Total $ 382,814 (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, 2015 and 2014 is $114.5 million and $269.0 million , respectively, for which Jefferies has posted collateral of $97.2 million and $234.6 million , respectively, in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2015 and 2014 , Jefferies would have been required to post an additional $19.7 million and $55.1 million , respectively, of collateral to its counterparties. Other Derivatives National Beef uses futures contracts in order to reduce its exposure associated with entering into firm commitments to purchase live cattle at prices determined prior to the delivery of the cattle as well as firm commitments to sell certain beef products at sales prices determined prior to shipment. National Beef accounts for the futures contracts and their related firm purchase commitments at fair value. Certain firm commitments for live cattle purchases and all firm commitments for sales are treated as normal purchases and sales and therefore not marked to market. The gains and losses associated with the change in fair value of the futures contracts and the offsetting gains and losses associated with changes in the market value of certain of the firm purchase commitments related to the futures contracts are recorded to income and expense in the period of change. Vitesse uses call and put options in order to reduce exposure to future oil price fluctuations. Vitesse accounts for the derivative instruments at fair value. The gains and losses associated with the change in fair value of the derivatives are recorded in income.

Collateralized Transactions

Collateralized Transactions	12 Months Ended
	Dec. 31, 2015
Collateralized Transactions [Abstract]
Collateralized Transactions	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 monitors the fair value of the securities loaned and borrowed on a daily basis as compared with the related payable or receivable, and requests additional collateral or returns 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. The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by class of collateral pledged and remaining contractual maturity (in thousands): Collateral Pledged Securities Lending Arrangements Repurchase Agreements Total Corporate equity securities $ 2,200,273 $ 271,519 $ 2,471,792 Corporate debt securities 779,044 1,721,583 2,500,627 Mortgage- and asset-backed securities — 3,537,812 3,537,812 U.S. government and federal agency securities 34,983 12,003,521 12,038,504 Municipal securities — 357,350 357,350 Sovereign securities — 1,804,103 1,804,103 Loans and other receivables — 462,534 462,534 Total $ 3,014,300 $ 20,158,422 $ 23,172,722 Contractual Maturity Overnight and Continuous Up to 30 Days 30 to 90 Days Greater than 90 Days Total Securities lending arrangements $ 1,522,475 $ — $ 973,201 $ 518,624 $ 3,014,300 Repurchase agreements 7,848,231 5,218,059 5,291,729 1,800,403 20,158,422 Total $ 9,370,706 $ 5,218,059 $ 6,264,930 $ 2,319,027 $ 23,172,722 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, 2015 and 2014 , the approximate fair value of securities received as collateral by Jefferies that may be sold or repledged was $26.2 billion and $25.8 billion , respectively. A substantial portion of these securities have been sold or repledged.

Securitization Activities

Securitization Activities	12 Months Ended
	Dec. 31, 2015
Securitization Activities [Abstract]
Securitization Activities	Securitization Activities Jefferies engages in securitization activities related to corporate loans, commercial mortgage loans, consumer 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. Beginning in the third quarter of 2014, another of our subsidiaries utilized an SPE to securitize automobile loans receivable. This SPE is a variable interest entity and our subsidiary is the primary beneficiary; the related assets and the secured borrowings are recognized in the Consolidated Statement of Financial Condition. These secured borrowings do not have recourse to our subsidiary’s general credit. See Note 10 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. Subsequently, revenues recognized upon securitization are reflected as net underwriting revenues. 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 in the form of mortgage- and other asset-backed securities or collateralized loan obligations), which are included within Trading assets and are generally initially categorized as Level 2 within the fair value hierarchy. Jefferies applies fair value accounting to the securities. If Jefferies has not relinquished control over the transferred assets, the assets continue to be recognized in Trading assets and a corresponding liability is recognized in Other secured financings. The related liabilities do not have recourse to Jefferies general credit. The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement during the years ended December 31, 2015 and 2014 and the period from the Jefferies acquisition through December 31, 2013 (in millions): For the year ended December 31, 2015 For the year ended December 31, 2014 For the period from the Jefferies acquisition through December 31, 2013 Transferred assets $ 5,770.5 $ 6,112.6 $ 4,592.5 Proceeds on new securitizations 5,811.3 6,221.1 4,609.0 Cash flows received on retained interests 31.2 46.3 35.6 Jefferies has no explicit or implicit arrangements to provide additional financial support to these SPEs, has no liabilities related to these SPEs and has no outstanding derivative contracts executed in connection with these securitizations at December 31, 2015 and 2014 . The following table summarizes our retained interests in SPEs where Jefferies transferred assets and has continuing involvement and received sale accounting treatment (in millions): December 31, 2015 December 31, 2014 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 10,901.9 $ 203.6 $ 19,196.9 $ 226.9 U.S. government agency commercial mortgage-backed securities 2,313.4 87.2 5,848.5 204.7 Collateralized loan obligations 4,538.4 51.5 4,511.8 108.4 Consumer and other loans 655.0 31.0 — — Total assets represent the unpaid principal amount of assets in the SPEs 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 securitization 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. 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 Jefferies purchased securities through these market-making activities 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 section presented in Note 10.

Available For Sale Securities

Available For Sale Securities	12 Months Ended
	Dec. 31, 2015
Investments [Abstract]
Available For Sale Securities	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, 2015 and 2014 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value 2015 Bonds and notes: U.S. government securities $ 63,968 $ 2 $ 25 $ 63,945 Residential mortgage-backed securities 23,033 308 101 23,240 Commercial mortgage-backed securities 2,392 — 18 2,374 Other asset-backed securities 39,633 — 160 39,473 All other corporates 4,794 7 57 4,744 Total fixed maturities 133,820 317 361 133,776 Equity securities: Common stocks: Banks, trusts and insurance companies 35,071 10,201 — 45,272 Industrial, miscellaneous and all other 17,946 10,361 — 28,307 Total equity securities 53,017 20,562 — 73,579 $ 186,837 $ 20,879 $ 361 $ 207,355 2014 Bonds and notes: U.S. government securities $ 593,803 $ 33 $ 63 $ 593,773 Residential mortgage-backed securities 597,402 10,959 1,678 606,683 Commercial mortgage-backed securities 42,991 484 74 43,401 Other asset-backed securities 245,533 619 996 245,156 All other corporates 30,519 60 176 30,403 Total fixed maturities 1,510,248 12,155 2,987 1,519,416 Equity securities: Common stocks: Banks, trusts and insurance companies 31,853 18,740 — 50,593 Industrial, miscellaneous and all other 20,355 18,405 — 38,760 Total equity securities 52,208 37,145 — 89,353 $ 1,562,456 $ 49,300 $ 2,987 $ 1,608,769 The amortized cost and estimated fair value of investments classified as available for sale at December 31, 2015 , 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 Cost Estimated Fair Value (In thousands) Due within one year $ 68,250 $ 68,178 Due after one year through five years 512 511 Due after five years through ten years — — Due after ten years — — 68,762 68,689 Mortgage-backed and asset-backed securities 65,058 65,087 $ 133,820 $ 133,776 At December 31, 2015 , 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. During the first quarter of 2013, we exchanged our investment in Inmet Mining Corporation for 18,202,313 shares of First Quantum Minerals Ltd., 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 2013. During 2013 and 2014, we sold our interest in First Quantum.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2015
Variable Interest Entity, Measure of Activity [Abstract]
Variable Interest Entities	Variable Interest Entities Variable interest entities ("VIEs") are entities in which equity investors lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has both the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. Our variable interests in VIEs include debt and equity interests, an equity interest in an associated company, commitments, guarantees and certain fees. Our involvement with VIEs arises primarily from the following activities of Jefferies, but also includes other activities discussed below: • Purchases of securities in connection with our trading and secondary market making activities, • Retained interests held as a result of securitization activities, including the resecuritization of mortgage- and other asset-backed securities and the securitization of commercial mortgage, corporate and consumer loans, • Acting as placement agent and/or underwriter in connection with client-sponsored securitizations, • Financing of agency and non-agency mortgage- and other asset-backed securities, • Warehousing funding arrangements for client-sponsored consumer loan vehicles and collateralized loan obligations (“CLOs”) through participation certificates and revolving loan commitments, and • Loans to, investments in and fees from various investment fund vehicles. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. Our considerations in determining the VIE’s most significant activities and whether we have power to direct those activities include, but are not limited to, the VIE’s purpose and design and the risks passed through to investors, the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE’s initial design and the existence of explicit or implicit financial guarantees. In situations where we have determined that the power over the VIE’s most significant activities is shared, we assess whether we are the party with the power over the majority of the significant activities. If we are the party with the power over the majority of the significant activities, we meet the "power" criteria of the primary beneficiary. If we do not have the power over a majority of the significant activities or we determine that decisions require consent of each sharing party, we do not meet the "power" criteria of the primary beneficiary. We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires significant judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests. Consolidated VIEs The following 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, 2015 and 2014 . Securitization Vehicles 2015 2014 (In millions) Cash $ 1.1 $ 0.5 Financial instruments owned 68.3 62.7 Securities purchased under agreement to resell (1) 717.3 575.2 Other 160.2 107.1 Total assets $ 946.9 $ 745.5 Other secured financings (2) $ 932.4 $ 737.0 Other 14.5 8.5 Total liabilities $ 946.9 $ 745.5 (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 $22.1 million and $39.7 million of the secured financing represents an amount held by Jefferies in inventory and eliminated in consolidation at December 31, 2015 and 2014 , respectively. Securitization vehicles. Jefferies is the primary beneficiary of securitization vehicles associated with their financing of consumer and small business loans. In the creation of the securitization vehicles, Jefferies was involved in the decisions made during the establishment and design of the entities and holds variable interests consisting of the securities retained that could potentially be significant. The assets of the VIEs consist of the small business loans and term loans backed by consumer installment receivables, which are available for the benefit of the vehicles' beneficial interest holders. The creditors of the VIEs do not have recourse to Jefferies general credit and the assets of the VIEs are not available to satisfy any other debt. Jefferies is also the primary beneficiary of mortgage-backed financing vehicles to which Jefferies sells agency and non-agency residential and commercial mortgage loans and 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 Jefferies general credit and each such VIE’s assets are not available to satisfy any other debt. At December 31, 2015 and 2014 , another of our subsidiaries is the primary beneficiary of SPEs it utilized to securitize automobile loans receivable. Our subsidiary acts as the servicer for which it receives a fee, and owns the equity interest in the SPEs. The notes issued by the SPEs are secured solely by the assets of the SPEs and do not have recourse to our subsidiary’s general credit and the assets of the VIEs are not available to satisfy any other debt. Nonconsolidated VIEs The following tables present information about Jefferies variable interests in nonconsolidated VIEs. Variable Interests Financial Statement Carrying Amount (1) Assets Maximum Exposure to Loss VIE Assets (In millions) December 31, 2015 Collateralized loan obligations $ 73.6 $ 458.1 $ 6,368.7 Consumer loan vehicles 188.3 845.8 1,133.0 Asset management vehicles 0.5 0.5 45.5 Private equity vehicles 27.3 40.7 80.8 Total $ 289.7 $ 1,345.1 $ 7,628.0 December 31, 2014 Collateralized loan obligations $ 134.0 $ 926.9 $ 7,737.1 Consumer loan vehicles 170.6 797.8 485.2 Asset management vehicles 11.3 11.3 432.3 Private equity vehicles 44.3 59.2 92.8 Total $ 360.2 $ 1,795.2 $ 8,747.4 (1) There were no significant liabilities at December 31, 2015 or December 31, 2014 . Jefferies maximum exposure to loss often differs from the carrying value of the variable interests. The maximum exposure to loss is dependent on the nature of the variable interests in the VIEs and is limited to the notional amounts of certain loan commitments and guarantees. Jefferies maximum exposure to loss does not include the offsetting benefit of any financial instruments that may be utilized to hedge the risks associated with its variable interests and is not reduced by the amount of collateral held as part of a transaction with a VIE. Collateralized Loan Obligations. Assets collateralizing the CLOs include bank loans, participation interests and sub-investment grade and senior secured U.S. loans. Jefferies underwrites securities issued in CLO transactions on behalf of sponsors and provides advisory services to the sponsors. Jefferies may also sell corporate loans to the CLOs. Jefferies variable interests in connection with collateralized loan obligations where it has been involved in providing underwriting and/or advisory services consist of the following: • Forward sale agreements whereby we commit to sell, at a fixed price, corporate loans and ownership interests in an entity holding such corporate loans to CLOs • Warehouse funding arrangements in the form of participation interests in corporate loans held by CLOs and commitments to fund such participation interests • Trading positions in securities issued in a CLO transaction • Investments in variable funding notes issued by CLOs • A guarantee to a CLO managed by Jefferies Finance, whereby we guarantee certain of the obligations of Jefferies Finance to the CLO In addition, Jefferies owns variable interests in CLOs previously managed by Jefferies. These variable interests consist of debt securities and a right to a portion of the CLOs’ management and incentive fees. Jefferies exposure to loss from these CLOs is limited to its investments in the debt securities held. Management and incentives fees are accrued as the amounts become realizable. These CLOs represent interests in assets consisting primarily of senior secured loans, unsecured loans and high yield bonds. Consumer Loan Vehicles. Jefferies provides financing and lending related services to certain client-sponsored VIEs in the form of revolving funding note agreements, revolving credit facilities and forward purchase agreements. The underlying assets, which are collateralizing the vehicles, are primarily comprised of unsecured consumer and small business loans. In addition, Jefferies may provide structuring and advisory services and act as an underwriter or placement agent for securities issued by the vehicles. Jefferies does not control the activities of these entities. Asset Management Vehicle. Jefferies managed the Jefferies Umbrella Fund, an "umbrella structure" company that invested primarily in convertible bonds and enabled investors to choose between one or more investment objectives by investing in one or more sub-funds within the same structure. Jefferies variable interests in the Jefferies Umbrella Fund consist of equity interests, management fees and performance fees. Effective May 2015, the Jefferies Umbrella Fund was placed into liquidation. Jefferies manages an asset management vehicle that provides investors with exposure to absolute return strategies, primarily including merger arbitrage, relative value and stock loan arbitrage. Jefferies variable interests in this asset management vehicle consist of management 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 L.P."). As of December 31, 2015 and 2014 , Jefferies funded approximately $64.6 million and $60.1 million , respectively, of its commitment. The carrying amount of Jefferies equity investment was $26.2 million and $43.1 million at December 31, 2015 and 2014 , respectively. Jefferies exposure to loss is limited to its equity commitment. The SBI USA Fund L.P. has assets consisting primarily of private equity and equity related investments. Jefferies has a variable interest in Jefferies Employees Partners IV, LLC ("JEP IV") consisting of an equity investment. The carrying amount of Jefferies equity investment was $1.1 million and $1.2 million at December 31, 2015 and 2014 , respectively. Jefferies exposure to loss is limited to its equity investment. JEP IV has assets consisting primarily of private equity and equity related investments. Jefferies has provided a guarantee of a portion of Energy Partners I, LP's obligations under a credit agreement. Energy Partners I, LP is a private equity fund owned and managed by certain of our employees. At December 31, 2015 , the carrying value and maximum exposure to loss of the guarantee were $ 11,000 and $3.0 million , respectively. Energy Partners I, LP, has assets consisting primarily of debt and equity investments. Mortgage- and Other Asset-Backed Vehicles. In connection with Jefferies secondary trading and market-making activities, Jefferies buys and sells agency and non-agency mortgage-backed and other asset-backed securities, which are issued by third party securitization SPEs and are generally considered variable interests in VIEs. Securities issued by securitization SPEs are backed by residential mortgage loans, U.S. agency collateralized mortgage obligations, commercial mortgage loans, collateralized debt obligations and CLOs and other consumer loans, such as installment receivables, auto loans and student loans. These securities are accounted for at fair value and included in Trading assets in our Consolidated Statements of Financial Condition. Jefferies has no other involvement with the related SPEs and therefore does not consolidate these entities. Jefferies also engages in underwriting, placement and structuring activities for third-party-sponsored securitization trusts generally through agency (Fannie Mae, Freddie Mac and Ginnie Mae) or non-agency sponsored SPEs and may purchase loans or mortgage-backed securities from third parties that are subsequently transferred into the securitization trusts. The securitizations are backed by residential and commercial mortgage, home equity and auto loans. Jefferies does not consolidate agency sponsored securitizations as it does not have the power to direct the activities of the SPEs that most significantly impact their economic performance. Further, Jefferies is not the servicer of non-agency sponsored securitizations and therefore does not have power to direct the most significant activities of the SPEs and accordingly, does not consolidate these entities. Jefferies may retain unsold senior and/or subordinated interests at the time of securitization in the form of securities issued by the SPEs. Jefferies transfers existing securities, typically mortgage-backed securities, into resecuritization vehicles. These transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests occur in connection with both agency and non-agency sponsored VIEs. The consolidation analysis is largely dependent on Jefferies role and interest in the resecuritization trusts. Most resecuritizations in which Jefferies is involved are in connection with investors seeking securities with specific risk and return characteristics. As such, we have concluded that the decision-making power is shared between Jefferies and the investor(s), considering the joint efforts involved in structuring the trust and selecting the underlying assets as well as the level of security interests the investor(s) hold in the SPE; therefore, Jefferies does not consolidate the resecuritization VIEs. At December 31, 2015 and 2014 , Jefferies held $3,359.1 million and $3,186.9 million of agency mortgage-backed securities, respectively, and $630.5 million and $1,120.0 million of non-agency mortgage- and other asset-backed securities, respectively, as a result of its secondary trading and market-making activities, underwriting, placement and structuring activities and resecuritization activities. Jefferies maximum exposure to loss on these securities is limited to the carrying value of its investments in these securities. Mortgage- and other asset-backed securitization vehicles discussed within this section are not included in the above table containing information about Jefferies variable interests in nonconsolidated VIEs. We also have a variable interest in a nonconsolidated VIE consisting of our equity interest in an associated company, Golden Queen Mining Company, LLC. See Note 11 for further discussion. In addition, at December 31, 2015 , we have a variable interest in a nonconsolidated VIE consisting of our senior secured term loan receivable with rights with FXCM. See Note 5 for further discussion.

Loans To And Investments In Ass

Loans To And Investments In Associated Companies	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Loans To And Investments In Associated Companies	Loans to and Investments in Associated Companies A summary of loans to and investments in associated companies at December 31, 2015 and 2014 accounted for under the equity method of accounting is as follows (in thousands): Jefferies Finance Jefferies LoanCore Berkadia Garcadia Companies Linkem HomeFed Golden Queen Mining Company, LLC (1) Other Total Loans to and investments in associated companies as of December 31, 2012 $ — $ — $ 172,942 $ 82,425 $ 86,424 $ 49,384 $ — $ 416,299 $ 807,474 2013 Activity: Amounts at date of Jefferies acquisition 510,684 217,299 — — — — — 38,911 766,894 Income (losses) related to associated companies — — 84,678 39,399 (22,719 ) 3,539 — 14,144 119,041 Income (losses) related to associated companies classified as other revenues 57,795 35,300 — — — — — (915 ) 92,180 Contributions to (distributions from) associated companies, net (97,942 ) (28,562 ) (69,016 ) (1,807 ) 107,385 — — (39,761 ) (129,703 ) Other, including foreign exchange and unrealized gain (losses) — — (6,031 ) — 2,487 — — (394,001 ) (397,545 ) Loans to and investments in associated companies as of December 31, 2013 470,537 224,037 182,573 120,017 173,577 52,923 — 34,677 1,258,341 2014 Activity: Income (losses) related to associated companies — — 101,187 49,416 (14,633 ) 3,150 (1,402 ) 809 138,527 Income (losses) related to associated companies classified as other revenues 72,701 18,793 — — — — — (1,252 ) 90,242 Contributions to (distributions from) associated companies, net (34,347 ) 16,117 (72,721 ) (1,494 ) 18,390 — 105,000 (4,067 ) 26,878 Other, including foreign exchange and unrealized gain (losses) — — (2,528 ) — (18,280 ) 215,709 — 3,679 198,580 Loans to and investments in associated companies as of December 31, 2014 508,891 258,947 208,511 167,939 159,054 271,782 103,598 33,846 1,712,568 2015 Activity: Income (losses) related to associated companies — — 78,092 53,182 (15,577 ) 3,596 (1,775 ) (7,237 ) 110,281 Income (losses) related to associated companies classified as other revenues 40,884 36,554 — — — — — (1,721 ) 75,717 Contributions to (distributions from) associated companies, net (21,200 ) (6,760 ) (89,560 ) (48,461 ) 21,138 — 12,500 11,483 (120,860 ) Other, including foreign exchange and unrealized gain (losses) — — (6,057 ) — (14,466 ) — — 186 (20,337 ) Loans to and investments in associated companies as of December 31, 2015 $ 528,575 $ 288,741 $ 190,986 $ 172,660 $ 150,149 $ 275,378 $ 114,323 $ 36,557 $ 1,757,369 (1) At December 31, 2015 and 2014 , the balance reflects $33.7 million and $33.7 million , respectively, related to a noncontrolling interest. Jefferies Finance In October 2004, Jefferies entered into an agreement with Massachusetts Mutual Life Insurance Company ("MassMutual") and Babson Capital Management LLC to form Jefferies Finance, a joint venture entity. Jefferies Finance is a commercial finance company whose primary focus is the origination and syndication of senior secured debt to middle market and growth companies in the form of term and revolving loans. Loans are originated primarily through the investment banking efforts of Jefferies. Jefferies Finance may also originate other debt products such as second lien term, bridge and mezzanine loans, as well as related equity co‑investments. Jefferies Finance also purchases syndicated loans in the secondary market. Jefferies and MassMutual each made equity commitments to Jefferies Finance of $600.0 million . At December 31, 2015 , approximately $497.4 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. During 2015, the Secured Revolving Credit Facility was modified and reduced from a committed and discretionary total of $1.0 billion to a total committed amount of $500.0 million at December 31, 2015 . Advances are shared equally between Jefferies and MassMutual. The facility 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, 2015 and 2014 , $19.3 million and $0.0 million , respectively, of Jefferies $250.0 million and $350.0 million commitment, respectively, 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 fees of $122.7 million , $199.5 million and $125.8 million during 2015, 2014 and 2013 , respectively, which are recognized in Investment banking revenues in the Consolidated Statements of Operations. In addition, Jefferies paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance of $5.9 million , $10.6 million and $12.0 million during 2015, 2014 and 2013 , respectively, which are recognized within Selling, general and other expenses in the Consolidated Statements of Operations. During the years ended December 31, 2015, 2014 and 2013 , Jefferies acted as placement agent in connection with several CLOs managed by Jefferies Finance, for which Jefferies recognized fees of $6.2 million , $4.6 million and $1.9 million , respectively, which are included in Investment banking revenues in the Consolidated Statements of Operations. At December 31, 2015 and 2014 , Jefferies held securities issued by the CLOs managed by Jefferies Finance, which are included within Trading assets, and provided a guarantee, whereby Jefferies is required to make payments to a CLO in the event Jefferies Finance is unable to meet its obligation to the CLO. Additionally, Jefferies has entered into participation agreements and derivative contracts with Jefferies Finance whose underlying is based on certain securities issued by the CLOs. There were no significant revenues recognized by Jefferies in connection with its roles related to the execution of the CLOs. During 2015 , 2014 and the 2013 period, Jefferies acted as underwriter in connection with senior notes issued by Jefferies Finance, for which Jefferies recognized net underwriting fees of $1.3 million , $7.7 million and $6.0 million , respectively, which are included in Investment banking revenues in the Consolidated Statements of Operations. Under a service agreement, Jefferies charged Jefferies Finance $51.7 million , $41.6 million and $14.2 million for services provided during 2015, 2014 and 2013 , respectively. Receivables from Jefferies Finance, included within Other assets in the Consolidated Statements of Financial Condition, were $7.8 million and $41.5 million at December 31, 2015 and 2014 , respectively. 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 . At December 31, 2015 and 2014 , Jefferies has funded $207.4 million and $200.9 million , respectively, 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 Inc. 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, 2015 , cumulative cash distributions received from this investment aggregated $393.9 million . Berkadia originates commercial/multifamily real estate loans that are sold to U.S. government agencies, and originates and brokers commercial/multifamily mortgage loans which are not part of government agency programs. Berkadia is 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. 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. 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, 2015 , the aggregate amount of commercial paper outstanding was $2.47 billion . Garcadia Garcadia is a joint venture between us and Garff Enterprises, Inc. that owns and operates 27 automobile dealerships comprised of domestic and foreign automobile makers. The Garcadia joint venture agreement specifies that we and Garff shall have equal board representation and equal votes on all matters affecting Garcadia, and that all cash flows from Garcadia will be allocated 65% to us and 35% to Garff, with the exception of one dealership from which we receive 83% of all cash flows and five other dealerships from which we receive 71% of all cash flows. Garcadia’s strategy is to acquire automobile dealerships in primary or secondary market locations meeting its specified return criteria. Linkem We own approximately 42% of the common shares of Linkem, a fixed wireless broadband services provider in Italy, at a cost of $142.9 million . In addition, we had purchased 5% convertible notes issued by Linkem for $108.6 million ( €81.2 million principal amount, including interest in kind). During 2015, these notes and a $1.1 million ( €1.0 million ) loan were swapped for convertible preferred equity with similar terms. In 2015, we also purchased an additional $14.2 million ( €13.3 million principal amount) of convertible preferred equity. If all of our convertible preferred equity was converted, it would increase our ownership to approximately 56% 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, 2015 , we own 9,974,226 shares of HomeFed’s common stock, representing approximately 65% of HomeFed’s outstanding common shares; 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, assuming all HomeFed shares not owned by us are voted. HomeFed develops and owns residential and mixed-use real estate properties. 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 4.8% of HomeFed is beneficially owned by our Chairman at December 31, 2015 . Our Chairman also serves as HomeFed’s Chairman, and our President is a Director of HomeFed. During 2014, we sold to HomeFed substantially all of our real estate properties and operations, our interest in Brooklyn Renaissance Plaza (“BRP”) and cash of approximately $14.0 million , in exchange for 7,500,000 newly issued unregistered HomeFed common shares. Under GAAP, we are not permitted to immediately recognize any gain on real estate sale transactions in which the seller does not receive cash; accordingly the gain on sale of approximately $36.1 million was deferred and is being recognized into income over time. Since we do not control HomeFed, our investment in HomeFed is 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. We have a registration rights agreement with HomeFed that covers all of our HomeFed shares. Golden Queen Mining Company During 2014 and 2015, we invested $83.0 million , net cash in a limited liability company (Gauss LLC) to partner with the Clay family and Golden Queen Mining Co. Ltd., to jointly fund, develop and operate the Soledad Mountain gold and silver mine project. Previously 100% owned by Golden Queen Mining Co. Ltd., the project is a fully-permitted, open pit, heap leach gold and silver project located in Kern County, California. Construction is essentially complete and mining activities and project commissioning commenced in the fourth quarter of 2015. In exchange for a noncontrolling ownership interest in Gauss LLC, the Clay family contributed $34.5 million , net in cash. Gauss LLC invested both our and the Clay family’s net contributions totaling $117.5 million to the joint venture, Golden Queen Mining Company, LLC, in exchange for a 50% ownership interest. Golden Queen Mining Co., Ltd. contributed the Soledad Mountain project to the joint venture in exchange for the other 50% interest. As a result of our consolidating Gauss LLC, our Loans to and investments in associated companies reflects Gauss LLC’s net investment of $117.5 million in the joint venture, which includes both the amount we contributed and the amount contributed by the Clay family. The joint venture, Golden Queen Mining Company, LLC, is considered a VIE as the voting rights of the investors are not proportional to their obligations to absorb the expected losses and their rights to receive the expected residual returns, given the provision of services to the joint venture by Golden Queen Mining Co. Ltd. Golden Queen Mining Co. Ltd. has entered into an agreement with the joint venture for the provision of executive officers, financial, managerial, administrative and other services, and office space and equipment. We have determined that we are not the primary beneficiary of the joint venture and are therefore not consolidating its results. Our maximum exposure to loss as a result of our involvement with the joint venture is limited to our investment. Other 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 in 2013, 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, 2015 and 2014 and for the three years ended December 31, 2015 (in thousands): 2015 2014 Assets $ 18,489,684 $ 12,683,212 Liabilities 14,990,876 9,350,034 Noncontrolling interest 39,038 12,718 2015 2014 2013 Revenues $ 3,946,252 $ 3,201,823 $ 2,710,205 Income from continuing operations before extraordinary items $ 398,369 $ 431,654 $ 428,509 Net income $ 398,369 $ 431,654 $ 434,969 The Company’s income related to associated companies $ 185,998 $ 228,769 $ 211,221 Except for our investment in Berkadia and Jefferies Finance, 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. See Note 26 for further discussion of these guarantees. Included in consolidated retained earnings at December 31, 2015 is approximately $117.1 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, 2015
Offsetting [Abstract]
Financial Statement Offsetting	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 –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 master netting 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. 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 central clearing parties. Under these arrangements, the central clearing counterparty facilitates settlement between counterparties based on the net payable owed or receivable due and, with respect to daily settlement, cash is generally only required to be deposited to the extent of the net amount. In the event of default, a net termination amount is determined based on the market values of all outstanding positions and the clearing organization or clearing member provides for the liquidation and settlement of the net termination amount among all counterparties to the open repurchase and/or securities lending transactions. The following table provides information regarding derivative contracts, repurchase agreements and securities borrowing and lending arrangements that are recognized in the Consolidated Statements of Financial Condition and 1 ) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under 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. (In thousands) Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets at December 31, 2015 Derivative contracts $ 4,428,245 $ (4,165,446 ) $ 262,799 $ — $ — $ 262,799 Securities borrowing arrangements $ 6,975,136 $ — $ 6,975,136 $ (478,991 ) $ (667,099 ) $ 5,829,046 Reverse repurchase agreements $ 14,046,300 $ (10,191,554 ) $ 3,854,746 $ (83,452 ) $ (3,745,215 ) $ 26,079 Liabilities at December 31, 2015 Derivative contracts $ 4,476,241 $ (4,257,998 ) $ 218,243 $ — $ — $ 218,243 Securities lending arrangements $ 3,014,300 $ — $ 3,014,300 $ (478,991 ) $ (2,499,395 ) $ 35,914 Repurchase agreements $ 20,158,422 $ (10,191,554 ) $ 9,966,868 $ (83,452 ) $ (8,068,468 ) $ 1,814,948 Assets at December 31, 2014 Derivative contracts $ 5,165,613 $ (4,759,345 ) $ 406,268 $ — $ — $ 406,268 Securities borrowing arrangements $ 6,853,103 $ — $ 6,853,103 $ (680,222 ) $ (1,274,196 ) $ 4,898,685 Reverse repurchase agreements $ 14,059,133 $ (10,132,275 ) $ 3,926,858 $ (634,568 ) $ (3,248,817 ) $ 43,473 Liabilities at December 31, 2014 Derivative contracts $ 5,220,133 $ (4,856,618 ) $ 363,515 $ — $ — $ 363,515 Securities lending arrangements $ 2,598,487 $ — $ 2,598,487 $ (680,222 ) $ (1,883,140 ) $ 35,125 Repurchase agreements $ 20,804,432 $ (10,132,275 ) $ 10,672,157 $ (634,568 ) $ (8,810,770 ) $ 1,226,819 (1) Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in the balance sheet because other provisions of GAAP are not met. Further, for derivative assets and liabilities, amounts netted include cash collateral paid or received. (2) Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3) At December 31, 2015 , amounts include $5,796.1 million of securities borrowing arrangements, for which we have received securities collateral of $5,613.3 million , and $1,807.2 million of repurchase agreements, for which we have pledged securities collateral of $1,875.3 million , which are subject to master netting agreements but we have not yet determined the agreements to be legally enforceable. At December 31, 2014 , amounts include $4,847.4 million of securities borrowing arrangements, for which we have received securities collateral of $4,694.0 million , and $1,201.9 million of repurchase agreements, for which we have pledged securities collateral of $1,238.4 million , which are subject to master netting agreements but we have not yet determined the agreements to be legally enforceable.

Intangible Assets, Net And Good

Intangible Assets, Net And Goodwill	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net And Goodwill	Intangible Assets, Net and Goodwill A summary of intangible assets, net and goodwill at December 31, 2015 and 2014 is as follows (in thousands): 2015 2014 Indefinite lived intangibles: Exchange and clearing organization membership interests and registrations $ 11,897 $ 14,528 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $191,761 and $155,548 456,222 493,501 Trademarks and tradename, net of accumulated amortization of $64,052 and $47,101 330,172 347,883 Supply contracts, net of accumulated amortization of $40,684 and $30,433 109,311 119,562 Other, net of accumulated amortization of $5,216 and $4,703 4,419 2,900 Total intangible assets, net 912,021 978,374 Goodwill: National Beef 14,991 14,991 Jefferies 1,712,799 1,718,847 Other operations 8,551 8,551 Total goodwill 1,736,341 1,742,389 Total intangible assets, net and goodwill $ 2,648,362 $ 2,720,763 Amortization expense on intangible assets was $63.9 million , $66.2 million and $74.8 million for the years ended December 31, 2015, 2014 and 2013 , respectively. The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows: 2016 - $63.4 million ; 2017 - $63.5 million ; 2018 - $63.6 million ; 2019 - $63.5 million ; and 2020 - $63.2 million . Goodwill Impairment Testing The quantitative goodwill impairment test is performed at our reporting unit level and consists of two steps. In the first step, the fair value of each reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, then a second step is performed in order to measure the amount of the impairment loss, if any, which is based on comparing the implied fair value of the reporting unit’s goodwill to the carrying value. The estimated fair values are based on 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 mergers and acquisitions of similar businesses and/or projected cash flows. In addition, as the fair values determined under a market approach represent a noncontrolling interest, we applied a control premium to arrive at the estimated fair value of our reporting units on a controlling basis. An independent valuation specialist was engaged to assist with the valuation process for Jefferies as of August 1, 2015, as well as for National Beef as of December 31, 2015. The results of our annual impairment test related to Jefferies, National Beef and other operations indicated goodwill was not impaired when tested. Intangible Assets Impairment Testing 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, 2015. We elected to perform a quantitative assessment of membership interests and registrations that have available quoted sales prices, as well as all other membership interests and registrations related to the Bache business. A qualitative assessment was performed on the remainder of Jefferies indefinite-life intangible assets. In applying the quantitative assessment, we recognized an impairment loss of $1.3 million on certain exchange memberships based on a decline in fair value at August 1, 2015. With regard to the qualitative assessment of the remaining indefinite-life intangible assets, based on our assessment of market conditions, the utilization of the assets and replacement costs associated with the assets, we have concluded that it is not more likely than not that the intangible assets are impaired. As a result of Jefferies management’s decisions during the fourth quarter of 2014 to pursue strategic alternatives for Jefferies Futures business and to liquidate Jefferies International Asset Management business, Jefferies performed additional impairment testing of indefinite- and finite-life intangible assets that are associated with those reporting units. Estimating the fair value of customer relationship intangible assets using a discounted cash flow methodology, Jefferies recognized impairment losses at November 30, 2014 of $7.5 million and $0.1 million in the Futures business and the International Asset Management business, respectively, which are recognized in Selling, general and other expenses in the Consolidated Statements of Operations.

Inventory

Inventory	12 Months Ended
	Dec. 31, 2015
Inventory, Net [Abstract]
Inventory	Inventory A summary of inventory at December 31, 2015 and 2014 which is classified as Other assets is as follows (in thousands): 2015 2014 Finished goods $ 211,426 $ 343,959 Work in process 34,091 40,951 Raw materials, supplies and other 42,556 37,993 $ 288,073 $ 422,903

Property, Equipment And Leaseho

Property, Equipment And Leasehold Improvements, Net	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Equipment and Leasehold Improvements, Net	Property, Equipment and Leasehold Improvements, Net A summary of property, equipment and leasehold improvements, net at December 31, 2015 and 2014 is as follows (in thousands): Depreciable Lives (in years) 2015 2014 Land, buildings and leasehold improvements 5-45 $ 371,383 $ 321,098 Beef processing machinery and equipment 2-15 315,238 283,360 Other machinery and equipment 3-15 113,412 110,075 Corporate aircraft 10 104,862 104,780 Furniture, fixtures and office equipment 2-10 311,845 283,436 Construction in progress N/A 38,903 40,788 Other 3-10 4,909 4,598 1,260,552 1,148,135 Accumulated depreciation and amortization (538,677 ) (421,759 ) $ 721,875 $ 726,376

Short-Term Borrowings

Short-Term Borrowings	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Short-Term Borrowings	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, as well as borrowings under revolving credit facilities. 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, 2015 and 2014 , $310.7 million and $12.0 million , respectively, was outstanding, all of which was secured financing. At December 31, 2015 , the interest rate on short-term borrowings outstanding was 0.85% per annum. In October 2015, Jefferies entered into a secured revolving loan facility (“Loan Facility”) with Pacific Western Bank. Pacific Western Bank agrees to make available a revolving loan facility in a maximum principal amount of $50.0 million in U.S. dollars to purchase eligible receivables that meet certain requirements as defined in the Loan Facility agreement. Interest is based on an annual rate equal to the lesser of the LIBOR rate plus 3.75% or the maximum rate as defined in the Loan Facility agreement. In April 2015, Jefferies entered into a committed revolving credit facility (“Intraday Credit Facility”) with the Bank of New York Mellon under which, the Bank of New York Mellon has agreed to make revolving intraday credit advances for an aggregate committed amount of $500.0 million in U.S. dollars. The term of the Intraday Credit Facility was six months after the closing date, but could be extended for an additional six months upon Jefferies request and at the lender's discretion. On October 22, 2015, Jefferies amended and restated the Intraday Credit Facility and reduced the aggregate committed amount to $300.0 million in U.S. dollars and extended the termination date to October 21, 2016, which can be extended for 364 days upon Jefferies request and at the lender's discretion. The Intraday Credit Facility contains a financial covenant, which includes a minimum regulatory net capital requirement. Interest is based on the higher of the Federal funds effective rate plus 0.5% or the prime rate. At December 31, 2015 , Jefferies was in compliance with debt covenants under the Intraday Credit Facility.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The principal amount (net of unamortized discounts and premiums), stated interest rate and maturity date of outstanding debt at December 31, 2015 and 2014 are as follows (dollars in thousands): 2015 2014 Parent Company Debt: Senior Notes: 8.125% Senior Notes due September 15, 2015, $0 and $458,641 principal $ — $ 457,723 5.50% Senior Notes due October 18, 2023, $750,000 principal 741,583 740,748 6.625% Senior Notes due October 23, 2043, $250,000 principal 247,027 246,991 Total long-term debt – Parent Company 988,610 1,445,462 Subsidiary Debt (non-recourse to Parent Company): Jefferies: 3.875% Senior Notes, due November 9, 2015, $0 and $500,000 principal — 507,944 5.5% Senior Notes, due March 15, 2016, $350,000 principal 353,025 363,229 5.125% Senior Notes, due April 13, 2018, $800,000 principal 830,298 842,359 8.5% Senior Notes, due July 15, 2019, $700,000 principal 806,125 832,797 2.375% Euro Senior Notes, due May 20, 2020, $528,625 and $622,175 principal 527,606 620,725 6.875% Senior Notes, due April 15, 2021, $750,000 principal 838,765 853,091 2.25% Euro Medium Term Notes, due July 13, 2022, $4,229 and $4,977 principal 3,779 4,379 5.125% Senior Notes, due January 20, 2023, $600,000 principal 620,890 623,311 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 379,711 381,515 3.875% Convertible Senior Debentures, due November 1, 2029, $345,000 principal 347,307 348,568 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 512,730 513,046 6.50% Senior Notes, due January 20, 2043, $400,000 principal 421,656 421,960 Secured credit facility — 170,000 National Beef Term Loan 310,000 345,000 National Beef Revolving Credit Facility 121,961 135,144 54 Madison debt 116,211 — Foursight Credit Facilities 110,253 27,000 Other 118,667 92,399 Total long-term debt – subsidiaries 6,418,984 7,082,467 Long-term debt $ 7,407,594 $ 8,527,929 At December 31, 2015 , $1.6 billion of consolidated assets (primarily receivables, property and equipment and other assets) are pledged for indebtedness aggregating $777.1 million , principally for National Beef, Foursight and 54 Madison subsidiary debt. The aggregate annual mandatory redemptions of all long-term debt during the five year period ending December 31, 2020 are as follows: 2016 - $485.1 million ; 2017 - $468.4 million ; 2018 - $1,282.4 million ; 2019 - $809.1 million ; and 2020 - $548.1 million . Parent Company Debt : 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 2015, 2014 and 2013 . 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 22.4574 common shares (equivalent to a conversion price of approximately $44.53 ). 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. At December 31, 2014 , Jefferies had 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 $750.0 million with availability subject to one or more borrowing bases. The Jefferies Credit Facility contained certain financial covenants, including, but not limited to, restrictions on future indebtedness of Jefferies subsidiaries, minimum tangible net worth and liquidity requirements amounts and minimum capital requirements. Interest was based on, in the case of U.S. dollar borrowings, the Federal funds rate or the London Interbank Offered Rate or, in the case of non-U.S. dollar borrowings, was based on the London Interbank Offered Rate. The obligations of each borrower under the Credit Facility were secured by substantially all the assets of such borrower, but none of the borrowers was responsible for any obligations of any other borrower. Jefferies terminated the Credit Facility on July 31, 2015, due to the exiting of the Bache business. For further information with respect to Jefferies use of the Credit Facility, see Note 32. At December 31, 2015 , National Beef’s credit facility consisted of a $375.0 million term loan and a revolving credit facility of $375.0 million , which matures in October 2018. 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 2.75% depending upon certain financial ratios and the rate selected. At December 31, 2015 , the interest rate on the outstanding term loan was 3.0% and the interest rate on the outstanding revolving credit facility was 3.0% . The credit facility contains a minimum tangible net worth covenant; at December 31, 2015 , National Beef met this 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 $19.8 million were outstanding at December 31, 2015 . Amounts available under the revolver are subject to a borrowing base calculation primarily comprised of receivable and inventory balances. At December 31, 2015 , after deducting outstanding amounts and issued letters of credit, $109.9 million of the unused revolver was available to National Beef. At December 31, 2015, 54 Madison had $115.7 million of 6% term loan debt that matures in 2017 and 2018. As discussed further in Note 29, the holders of the debt are also investors in 54 Madison. At December 31, 2015, Foursight’s credit facilities consisted of two warehouse credit commitments aggregating $175.0 million , which mature in March 2016 and December 2018. The 2016 credit facility bears interest based on the three-month LIBOR plus a margin of 1.75% and the 2018 credit facility bears interest based on the one-month LIBOR plus a margin of 2.15% . As a condition of the 2016 credit facility, Foursight is obligated to maintain interest rate caps with a notional amount no less than the outstanding loan on any day. The credit facilities are secured by first priority liens on auto loan receivables owed to Foursight of approximately $143.0 million at December 31, 2015.

Mezzanine Equity

Mezzanine Equity	12 Months Ended
	Dec. 31, 2015
Temporary Equity Disclosure [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests Redeemable noncontrolling interests primarily relate to National Beef and are held by its minority owners, 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, 2015 and 2014 (in thousands): 2015 2014 As of January 1, $ 184,333 $ 241,075 Loss allocated to redeemable noncontrolling interests (26,465 ) (8,576 ) Contributions from redeemable noncontrolling interests 5,263 — Distributions to redeemable noncontrolling interests — (2,765 ) Increase (decrease) in fair value of redeemable noncontrolling interests charged to additional paid-in capital 26,227 (45,401 ) Balance, December 31, $ 189,358 $ 184,333 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, 2015 , we calculated the fair value of the redeemable noncontrolling interests by updating our 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 ( 12.50% ) and the terminal growth rate ( 2.00% ) 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, 2015 (dollars in millions): Discount Rates Terminal Growth Rates 12.25% 12.50% 12.75% 1.75 % $ 191.2 $ 188.1 $ 185.0 2.00 % $ 192.6 $ 189.4 $ 186.3 2.25 % $ 194.1 $ 190.7 $ 187.6 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. At December 31, 2015 and 2014 , redeemable noncontrolling interests also include the noncontrolling interest in a business acquired by Conwed of $2.3 million and $2.4 million , respectively. 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 And Compensation

Common Shares And Compensation Plans	12 Months Ended
	Dec. 31, 2015
Share-based Compensation [Abstract]
Common Shares And Compensation Plans	Common Shares and Compensation Plans The Board of Directors from time to time has authorized the repurchase of our common shares. At December 31, 2015 , we are authorized to repurchase 20,000,000 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 provided 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 were intended to qualify as incentive stock options to the extent permitted under the Internal Revenue Code and became exercisable in five equal annual installments starting one year from date of grant. Options granted to non-employee directors became exercisable in four equal annual installments starting one year from date of grant. No stock appreciation rights have been granted. In March 2014, we terminated authorization to issue options and rights under our option plan. No shares remain available for future issuances under our option plan or warrant plan. At December 31, 2015 and 2014 , 4,661,272 and 5,640,034 , respectively, of our common shares were reserved for stock options and warrants. Compensation and benefits expense included $74.1 million , $109.8 million and $87.2 million for the years ended December 31, 2015, 2014 and 2013 , respectively, for share-based compensation expense relating to grants made under our share-based compensation plans. 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 $27.3 million , $39.9 million and $33.2 million for the years ended December 31, 2015, 2014 and 2013 , respectively. As of December 31, 2015 , total unrecognized compensation cost related to nonvested share-based compensation plans was $41.8 million ; this cost is expected to be recognized over a weighted-average period of 1.9 years. The net tax benefit (detriment) related to share-based compensation plans recognized in additional paid-in capital was $(5.9) million , $1.3 million and $2.9 million during the years ended December 31, 2015, 2014 and 2013 , respectively. 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. Such amounts for the years ended December 31, 2015, 2014 and 2013 were not significant. At December 31, 2015 , there were 2,004,000 shares of restricted stock outstanding with future service required, 3,388,000 RSUs outstanding with future service required, 8,583,000 RSUs outstanding with no future service required and 927,000 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 12,898,000 . Senior Executive Warrant Plan. 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 then 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 is recognized in the financial statements over the vesting period of the warrants. We have recorded share-based compensation expense related to this grant of warrants of $1.0 million , $5.3 million and $4.9 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Fixed Stock Option Plan. A summary of activity with respect to our stock options for the three years ended December 31, 2015 is as follows: Common Shares Subject to Option Weighted- Average Exercise Prices Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Balance at December 31, 2012 2,577,500 $ 26.10 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 Granted — $ — Exercised (35,536 ) $ 22.87 $ 58,000 Cancelled (741,678 ) $ 27.39 Balance at December 31, 2014 1,640,034 $ 24.91 Granted — $ — Exercised (2,030 ) $ 21.66 $ 6,000 Cancelled (976,732 ) $ 24.88 Balance at December 31, 2015 661,272 $ 24.97 2.1 years $ — Exercisable at December 31, 2015 391,274 $ 25.75 1.7 years $ — The following summary presents the weighted-average assumptions used for grants made during 2013 . There were no grants during 2014 or 2015. Risk free interest rate 1.26 % Expected volatility 39.17 % Expected dividend yield 0.85 % Expected life 4.0 years Weighted-average fair value per grant $ 7.67 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. 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 the underlying common shares as cash amounts or as deemed reinvestments in additional RSUs. Restricted stock and RSUs may be granted to new employees as "sign-on" awards, to existing employees as "retention" awards and to certain executive officers as awards for multiple years. Sign-on and retention awards are generally subject to annual ratable vesting over a four year service period and are amortized as compensation expense on a straight line basis over the related four years. 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’s “evergreen” share reservation was terminated on March 21, 2014; the number of equity awards available under the Incentive Plan was set at 20,000,000 . At December 31, 2015 , 18,165,279 common shares remained available for new grants under the Incentive Plan. Shares issued pursuant to the DCP reduce the shares available under the Incentive Plan. The following table details the activity in restricted stock during the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share amounts): Weighted Average Grant Date Fair Value Balance at January 1, 2013 — $ — Converted in connection with the Jefferies acquisition 6,895 $ 26.90 Grants 462 $ 27.38 Forfeited (144 ) $ 26.90 Fulfillment of service requirement (1,971 ) $ 26.90 Balance at December 31, 2013 5,242 $ 26.94 Grants 864 $ 27.03 Forfeited (202 ) $ 26.90 Fulfillment of service requirement (2,521 ) $ 26.89 Balance at December 31, 2014 3,383 $ 27.00 Grants 602 $ 18.63 Forfeited (94 ) $ 28.12 Fulfillment of service requirement (1,887 ) $ 26.87 Balance at December 31, 2015 2,004 $ 24.56 The following table details the activity in restricted stock units during the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share amounts): Future Service Required No Future Service Required Future Service Required No Future Service Required Balance at January 1, 2013 — — $ — $ — Converted in connection with the Jefferies acquisition 5,167 9,527 $ 26.90 $ 26.90 Grants — 145 $ — $ 24.32 Distributions of underlying shares — (1,603 ) $ — $ 26.90 Forfeited (106 ) (21 ) $ 26.90 $ 26.83 Fulfillment of service requirement (268 ) 268 $ 26.90 $ 26.90 Balance at December 31, 2013 4,793 8,316 $ 26.90 $ 26.86 Grants — 97 $ — $ 20.89 Distributions of underlying shares — (366 ) $ — $ 26.85 Forfeited (135 ) — $ 26.90 $ — Fulfillment of service requirement (420 ) 420 $ 26.90 $ 26.90 Balance at December 31, 2014 4,238 8,467 $ 26.90 $ 26.79 Grants — 121 $ — $ 18.95 Distributions of underlying shares — (229 ) $ — $ 22.34 Forfeited (626 ) — $ 26.90 $ — Fulfillment of service requirement (224 ) 224 $ 26.90 $ 26.90 Balance at December 31, 2015 3,388 8,583 $ 26.90 $ 26.68 At December 31, 2015 and 2014 , respectively, grants include approximately 106,000 and 88,000 dividend equivalents declared on RSUs; the weighted average grant date fair values of the dividend equivalents were approximately $18.13 and $20.41 , respectively. Directors’ Plan. Under our Directors’ Plan, we will issue each nonemployee director of Leucadia $120,000 of restricted stock or restricted stock units. These grants will be made on the date directors are elected or reelected at our annual shareholders’ meeting. These shares vest over three years from the date of grant and are expensed over the requisite service period. At December 31, 2015 , 289,044 common shares were issuable upon settlement of outstanding restricted stock units and 398,550 shares are available for future grants. 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. These awards are amortized to compensation expense over the relevant service period. At December 31, 2015 , the remaining unamortized amount of these awards was $258.3 million and is included within Other assets in the Consolidated Statements of Financial Condition.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	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, 2015, 2014 and 2013 is as follows (in thousands): 2015 2014 2013 Net unrealized gains on available for sale securities $ 557,601 $ 577,588 $ 589,393 Net unrealized foreign exchange gains (losses) (63,248 ) (26,771 ) 16,803 Net unrealized losses on derivative instruments — — (169 ) Net minimum pension liability (55,560 ) (103,735 ) (67,977 ) $ 438,793 $ 447,082 $ 538,050 For the years ended December 31, 2015 and 2014 , significant amounts reclassified out of accumulated other comprehensive income to net income (loss) are as follows (in thousands): Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statement of Operations 2015 2014 Net unrealized gains (losses) on available for sale securities, net of income tax provision of $6,068 and $1,631 $ 10,930 $ 2,939 Net realized securities gains Net unrealized foreign exchange gains, net of income tax provision of $0 and $149 — 267 Loss from discontinued operations, net of income tax (benefit) Net unrealized losses on derivatives, net of income tax (benefit) of $0 and $(95) — (169 ) Income related to associated companies Amortization of defined benefit pension plan actuarial gains (losses), net of income tax (benefit) of $(17,159) and $(1,676) (31,102 ) (3,201 ) Compensation and benefits, which includes pension expense. See Note 21 for information on this component. Total reclassifications for the period, net of tax $ (20,172 ) $ (164 )

Pension Plans And Postretiremen

Pension Plans And Postretirement Benefits	12 Months Ended
	Dec. 31, 2015
Pension and Other Postretirement Benefit Expense [Abstract]
Pension Plans And Postretirement Benefits	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. Late in 2015, we launched a limited time voluntary lump sum offer to approximately 4,000 of the deferred vested participants of the WilTel plan. Approximately 2,400 participants accepted the lump sum offer and benefit payments totaling $110.7 million were paid out of plan assets. We also recorded a $40.7 million settlement charge in 2015 related to the participant acceptances. A summary of activity with respect to both plans is as follows (in thousands): 2015 2014 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 352,126 $ 295,044 Interest cost 12,958 14,239 Actuarial (gains) losses (35,799 ) 52,125 Benefits paid (122,260 ) (9,282 ) Projected benefit obligation, end of year $ 207,025 $ 352,126 Change in plan assets: Fair value of plan assets, beginning of year $ 240,010 $ 239,080 Actual return on plan assets (250 ) 11,175 Employer contributions 1,000 — Benefits paid (122,260 ) (9,282 ) Administrative expenses (781 ) (963 ) Fair value of plan assets, end of year $ 117,719 $ 240,010 Funded status at end of year $ (89,306 ) $ (112,116 ) As of December 31, 2015 and 2014 , $54.0 million and $126.2 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 $89.3 million and $112.1 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): 2015 2014 2013 Components of net periodic pension cost: Interest cost $ 12,958 $ 14,239 $ 12,286 Expected return on plan assets (10,581 ) (10,115 ) (9,746 ) Settlement charge 40,973 — — Actuarial losses 6,963 4,634 7,464 Net periodic pension cost $ 50,313 $ 8,758 $ 10,004 Amounts recognized in other comprehensive income (loss): Net (gain) loss arising during the period $ (24,186 ) $ 52,027 $ (31,952 ) Settlement charge (40,973 ) — — Amortization of net loss (6,963 ) (4,634 ) (7,464 ) Total recognized in other comprehensive income (loss) $ (72,122 ) $ 47,393 $ (39,416 ) Net amount recognized in net periodic benefit cost and other comprehensive income (loss) $ (21,809 ) $ 56,151 $ (29,412 ) 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 2016 is $2.0 million . $20.0 million of employer contributions are expected to be paid in 2016 . 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: 2015 2014 WilTel Plan Discount rate used to determine benefit obligation 4.00 % 3.76 % Weighted-average assumptions used to determine net pension cost: Discount rate 3.76 % 4.71 % Expected long-term return on plan assets 4.00 % 4.00 % Jefferies Plan Discount rate used to determine benefit obligation 4.10 % 4.30 % Weighted-average assumptions used to determine net pension cost: Discount rate 4.30 % 5.10 % Expected long-term return on plan assets 6.75 % 6.75 % The following pension benefit payments are expected to be paid (in thousands): 2016 $ 10,503 2017 8,818 2018 9,962 2019 10,001 2020 10,506 2021 – 2025 65,960 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, 2015 and 2014 , the WilTel plan assets at fair value consisted of the following (in thousands): Fair Value Measurements Using Total Level 1 Level 2 2015 Cash and cash equivalents $ 3,026 $ 3,026 $ — Fixed income securities: U.S. government and agencies 5,988 5,988 — Public utilities 8,978 — 8,978 All other corporates 52,696 — 52,696 Total $ 70,688 $ 9,014 $ 61,674 2014 Cash and cash equivalents $ 14,669 $ 14,669 $ — Fixed income securities: U.S. government and agencies 3,719 3,719 — Public utilities 15,669 — 15,669 All other corporates 154,868 — 154,868 Total $ 188,925 $ 18,388 $ 170,537 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 2015 . Jefferies Plan Assets. At December 31, 2015 and 2014 , the Jefferies plan assets at fair value consisted of the following (in thousands): Fair Value Measurements Using Total Level 1 Level 2 2015 Cash and cash equivalents $ 487 $ 487 $ — Listed equity securities 29,156 29,156 — Fixed income securities: Corporate debt securities 6,598 — 6,598 Foreign corporate debt securities 2,140 — 2,140 U.S. government securities 3,975 3,975 — Agency mortgage-backed securities 3,504 — 3,504 Commercial mortgage-backed securities 425 — 425 Asset-backed securities 746 — 746 Total $ 47,031 $ 33,618 $ 13,413 2014 Cash and cash equivalents $ 373 $ 373 $ — Listed equity securities 31,327 31,327 — Fixed income securities: Corporate debt securities 6,482 — 6,482 Foreign corporate debt securities 1,321 — 1,321 U.S. government securities 5,929 5,929 — Agency mortgage-backed securities 3,883 — 3,883 Commercial mortgage-backed securities 1,080 — 1,080 Asset-backed securities 690 — 690 Total $ 51,085 $ 37,629 $ 13,456 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 2016 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 Statements of Financial Condition in the amounts of $15.3 million and $18.1 million at December 31, 2015 and 2014 , respectively. 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, 2015 . The following tables summarize the changes in the projected benefit obligation and the components of net periodic pension cost for the years ended December 31, 2015 and 2014 and for the period from the acquisition of Jefferies to December 31, 2013 (in thousands): 2015 2014 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 28,434 $ 26,368 Service cost — 40 Interest cost 523 801 Actuarial losses (40 ) 4,630 Currency adjustment (4,303 ) (2,212 ) Benefits paid (1,069 ) (1,193 ) Projected benefit obligation, end of year $ 23,545 $ 28,434 2015 2014 2013 Components of net periodic pension cost: Service cost $ — $ 40 $ 51 Interest cost 523 801 685 Net amortization 325 244 179 Net periodic pension cost $ 848 $ 1,085 $ 915 The amounts in accumulated other comprehensive income at December 31, 2015 and 2014 are charges of $4.9 million and $5.3 million , respectively. The following are assumptions used to determine the actuarial present value of the projected benefit obligation and net periodic pension benefit cost for the years ended December 31, 2015 and 2014 : 2015 2014 Projected benefit obligation Discount rate 2.20 % 2.10 % Rate of compensation increase (1) N/A 3.00 % Net periodic pension benefit cost Discount rate 2.10 % 3.40 % Rate of compensation increase (1) N/A 3.00 % (1) There were no active participants in the plan at December 31, 2015. The following pension benefit payments are expected to be paid (in thousands): 2016 $ 1,143 2017 1,124 2018 1,133 2019 1,110 2020 1,159 2021 – 2025 5,831 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 $9.6 million , $9.3 million and $6.3 million for the years ended December 31, 2015, 2014 and 2013 . 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, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The principal components of deferred taxes at December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Deferred tax asset: NOL carryover $ 1,375,759 $ 1,266,972 Compensation 284,761 334,576 Long-term debt 89,160 134,079 Other assets 162,393 160,586 Securities valuation reserves 32,141 25,499 Intangible assets, net and goodwill 6,855 13,842 Other liabilities 40,393 57,006 1,991,462 1,992,560 Valuation allowance (97,177 ) (110,404 ) 1,894,285 1,882,156 Deferred tax liability: Unrealized gains on investments (153,035 ) (10,406 ) Amortization of intangible assets (103,561 ) (97,268 ) Property and equipment (4,151 ) (866 ) Other (58,170 ) (61,081 ) (318,917 ) (169,621 ) Net deferred tax asset $ 1,575,368 $ 1,712,535 As of December 31, 2015 , we have consolidated U.S. federal NOLs of $1.6 billion that may be used to offset the taxable income of any member of our consolidated tax group. In addition, we have $2.1 billion of U.S. federal NOLs that are only available to offset the taxable income of certain subsidiaries. Federal NOLs begin to expire in 2017, with a substantial amount expiring between 2022 and 2025. Approximately $575.3 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 $74.4 million . There is a valuation allowance with respect to $7.2 million of these foreign net operating loss carryforwards. 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, 2015 , we had approximately $205.0 million of earnings attributable to foreign subsidiaries for which no U.S. federal income tax provision has been recorded because, except to the extent such earnings can be repatriated tax efficiently, these earnings are permanently invested abroad. Accordingly, a deferred tax liability of approximately $59.0 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, 2015 was as follows (in thousands): 2015 2014 2013 Current taxes: Federal $ 709 $ 746 $ 2,900 State and local (25,308 ) 17,232 22,006 Foreign 3,504 12,375 9,050 Total current income taxes (21,095 ) 30,353 33,956 Deferred taxes: Federal 134,590 97,190 82,173 State and local 4,552 30,707 23,198 Foreign (8,100 ) 7,721 (2,846 ) Total deferred income taxes 131,042 135,618 102,525 Provision for income taxes $ 109,947 $ 165,971 $ 136,481 For the year ended December 31, 2015, we recorded a benefit related to certain state and local net operating loss carryforwards which we now believe are more likely than not to be realized in the future, a significant portion of which results from recently enacted state and local tax law changes. For the year ended December 31, 2014, we decreased our valuation allowance with respect to certain NOLs which we now believe are more likely than not to be utilized before they expire. 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 for 2013 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): 2015 2014 2013 Expected federal income tax $ 124,788 $ 133,428 $ 190,955 State income taxes, net of federal income tax benefit (6,928 ) 31,160 21,396 Increase (decrease) in valuation allowance (13,227 ) (22,203 ) 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 ) Foreign rate differential (10,130 ) (14,305 ) (4,750 ) Permanent differences 8,064 6,181 13,210 Tax exempt income (6,789 ) (6,812 ) (4,033 ) Income allocated to noncontrolling interest, not subject to tax 11,039 3,270 3,655 Nondeductible settlements — 24,500 — Foreign taxes (2,989 ) 2,542 4,033 Other 6,119 8,210 (2,348 ) Actual income tax provision $ 109,947 $ 165,971 $ 136,481 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): Gross Unrecognized Tax Benefits Interest Total As of January 1, 2013 $ 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 Increases based on tax positions related to current period 5,630 — 5,630 Increases based on tax positions related to prior periods 4,340 — 4,340 Decreases based on tax positions related to prior periods (3,940 ) — (3,940 ) Interest expense recognized — 9,200 9,200 Audit payments (2,960 ) (100 ) (3,060 ) Reductions as a result of the lapse of the statute of limitations — — — Balance, December 31, 2014 148,590 37,270 185,860 Increases based on tax positions related to current period 3,475 — 3,475 Increases based on tax positions related to prior periods 22,030 — 22,030 Decreases based on tax positions related to prior periods (15,349 ) (4,884 ) (20,233 ) Interest expense recognized — 10,336 10,336 Audit payments — — — Reductions as a result of the lapse of the statute of limitations (7,879 ) (3,641 ) (11,520 ) Balance, December 31, 2015 $ 150,867 $ 39,081 $ 189,948 The statute of limitations with respect to our federal income tax returns has expired for all years through 2011. Our New York State and New York City income tax returns are currently being audited for the 2009 to 2011 period and 2009 to 2012 period, respectively. 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 2006. 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 $4.3 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, 2015
Gain (Loss) on Investments [Abstract]
Net Realized Securities Gains (Losses)	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, 2015 (in thousands): 2015 2014 2013 Net realized gains on securities $ 14,112 $ 30,686 $ 245,262 Write-down of investments (a) — (111 ) (1,621 ) Other (b) 48,845 (181 ) 316 $ 62,957 $ 30,394 $ 243,957 (a) Consists of provisions to write down investments resulting from declines in fair values believed to be other than temporary. (b) In 2015, primarily relates to a recovery of $35.0 million of an investment in a non-public security written off in prior years. 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 $1.9 billion , $1.9 billion and $1.8 billion during 2015 , 2014 and 2013 , respectively. Gross gains of $16.9 million , $12.6 million and $240.4 million were realized on these sales during 2015 , 2014 and 2013 , respectively; gross losses were $2.8 million during 2015 and not significant during 2014 and 2013 .

Other Results Of Operations Inf

Other Results Of Operations Information	12 Months Ended
	Dec. 31, 2015
Nonoperating Income (Expense) [Abstract]
Other Results of Operations Information	Other Results of Operations Information Other income for each of the three years in the period ended December 31, 2015 consists of the following (in thousands): 2015 2014 2013 Manufacturing revenues $ 391,920 $ 379,274 $ 310,624 Dividend income 5,482 7,379 5,553 Income from associated companies classified as other revenues 75,717 90,242 92,180 Revenues of oil and gas exploration and production businesses 45,939 19,373 — Gain on sale of equity interest — 22,714 — Rental income 1,872 5,877 13,158 Winery revenues — — 8,301 Other 28,298 45,606 55,676 $ 549,228 $ 570,465 $ 485,492 Taxes, other than income or payroll, amounted to $21.9 million , $17.0 million and $17.0 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Advertising costs amounted to $18.1 million , $14.5 million and $14.6 million for the years ended December 31, 2015, 2014 and 2013 , respectively.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share	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, 2015, 2014 and 2013 (in thousands): 2015 2014 2013 Numerator for earnings (loss) per share: Net income attributable to Leucadia National Corporation common shareholders $ 279,587 $ 204,306 $ 369,240 Less: Allocation of earnings to participating securities (1) (4,711 ) (4,761 ) (4,919 ) Net income attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share 274,876 199,545 364,321 Less: Adjustment to allocation of earnings to participating securities related to diluted shares (1) (34 ) (75 ) (110 ) Mandatorily redeemable convertible preferred share dividends — — 3,397 Interest on 3.75% Convertible Notes — 739 2,635 Net income attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share $ 274,842 $ 200,209 $ 370,243 Denominator for earnings (loss) per share: Denominator for basic earnings (loss) per share – weighted average shares 372,430 371,889 339,673 Stock options 1 29 55 Warrants — — — Mandatorily redeemable convertible preferred shares — — 3,468 3.875% Convertible Senior Debentures — — — 3.75% Convertible Notes — 1,415 4,538 Denominator for diluted earnings (loss) per share 372,431 373,333 347,734 (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 6,500,000 , 9,040,900 and 9,353,400 for the years ended December 31, 2015, 2014 and 2013 , respectively. Dividends declared on participating securities during the years ended December 31, 2015, 2014 and 2013 were $1.5 million , $2.2 million and $2.8 million , respectively. 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 1,000,137 , 1,572,777 and 1,711,096 weighted-average shares of common stock were outstanding during the years ended December 31, 2015, 2014 and 2013 , 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 years ended December 31, 2015, 2014 and 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 years ended December 31, 2015 and 2014, 4,162,200 shares related to the mandatorily redeemable convertible preferred shares 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, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies And Guarantees	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 $84.0 million , $79.6 million and $63.9 million for the years ended December 31, 2015, 2014 and 2013 , 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, 2015 are as follows (in thousands): 2016 $ 83,230 2017 80,167 2018 75,785 2019 66,339 2020 57,198 Thereafter 409,417 772,136 Less: sublease income (10,854 ) $ 761,282 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 $6.6 million remains as of December 31, 2015 . Payments under the commitment will be approximately $0.8 million in each of the years 2016 through 2018, with the remaining balance of $4.1 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, 2015 was $68.5 million . The following table summarizes commitments associated with certain business activities (in millions): Expected Maturity Date 2016 2017 2018 and 2019 2020 and 2021 2022 and Later Maximum Payout Equity commitments (1) $ 106.8 $ 25.3 $ 43.9 $ 35.9 $ 189.5 $ 401.4 Loan commitments (1) 247.3 170.7 81.4 — — 499.4 Mortgage-related and other purchase commitments 1,571.4 312.5 1,013.7 — — 2,897.6 Forward starting reverse repos and repos 1,635.0 — — — — 1,635.0 Other unfunded commitments (1) 87.0 186.9 20.2 5.7 35.6 335.4 $ 3,647.5 $ 695.4 $ 1,159.2 $ 41.6 $ 225.1 $ 5,768.8 (1) Equity commitments, loan commitments and other unfunded commitments are presented by contractual maturity date. The amounts are however mostly available on demand. Equity Commitments. Equity commitments include commitments to invest in Jefferies joint ventures, Jefferies Finance and Jefferies LoanCore, and commitments to invest in private equity funds and in Jefferies Capital Partners, LLC, the manager of the private equity funds, which are managed by a team led by Brian P. Friedman, our President and a Director. As of December 31, 2015 , Jefferies outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds was $23.6 million . See Note 11 for additional information regarding Jefferies investments in Jefferies Finance and Jefferies LoanCore. In August 2014, we and Solomon Kumin established Folger Hill Asset Management LLC (“Folger Hill”); we committed to provide Folger Hill with a three -year, $20 million revolving credit facility to fund its start-up and initial operating expenses. As of December 31, 2015 , $7.4 million has been provided to Folger Hill under the revolving credit facility. During 2015, we expanded our asset management business to include 54 Madison Capital, LLC. We made a capital commitment of $225.0 million to this new fund, which will target real estate projects. In 2015, we invested $38.4 million in 54 Madison Capital, LLC. Additionally, as of December 31, 2015 , Jefferies had other equity commitments to invest up to $4.4 million in various other investments. 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 and to SPE sponsors in connection with the funding of CLO and other asset-backed transactions. These commitments and any related drawdowns of these facilities typically have fixed maturity dates and are contingent on certain representations, warranties and contractual conditions applicable to the borrower. As of December 31, 2015 , Jefferies has $268.7 million of outstanding loan commitments to clients. Loan commitments outstanding as of December 31, 2015 , also include Jefferies portion of the outstanding secured revolving credit facility provided to Jefferies Finance, to support loan underwritings by Jefferies Finance. Mortgage-Related and Other Purchase Commitments. Jefferies enters into forward contracts to purchase mortgage participation certificates, mortgage-backed securities and consumer loans. The mortgage participation certificates evidence interests in mortgage loans insured by the Federal Housing Administration and the mortgage-backed securities are insured or guaranteed by the FNMA (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or the GNMA (Ginnie Mae). Jefferies frequently securitizes the mortgage participation certificates and mortgage-backed securities. The fair value of mortgage-related and other purchase commitments recorded in the Consolidated Statement of Financial Condition at December 31, 2015 was $238.6 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. Other Unfunded Commitments. Other unfunded commitments include obligations in the form of revolving notes to provide financing to asset-backed and CLO vehicles. Upon advancing funds, drawn amounts are collateralized by the assets of an entity. Contingencies Sykes v. Mel Harris & Associates, LLC. -- 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., 9 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 complaint alleges that default judgments obtained by the law firm against approximately 124,000 individuals in New York courts with respect to consumer debt purchased by our subsidiaries violated 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). The complaint seeks injunctive relief, declaratory relief and damages on behalf of the named plaintiffs and others similarly situated. 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. On December 29, 2010, the District Court denied defendants’ motions to dismiss in part (including as to the claims made against us and our subsidiaries) and granted them in part (including as to certain of the claims made against our officers). On March 28, 2013, the Court certified a Rule 23(b)(2) class and a Rule 23(b)(3) class. On February 10, 2015, the Second Circuit affirmed the certification of these classes. None of these decisions addresses the ultimate merits of the case. On March 18, 2015, we and plaintiffs executed a settlement agreement that provided additional detail regarding the terms of a settlement set out in a December 14, 2014 binding term sheet pursuant to which we have previously accrued approximately $50 million . On November 12, 2015, plaintiffs executed a settlement agreement with the other defendants in the case, and we and plaintiffs executed a first amendment to our settlement agreement to modify the agreement to reflect that settlement of all claims as to all parties had been reached. Both our settlement agreement and that of the other defendants were submitted to the Court on November 12, 2015. On November 16, 2015, the Court entered an order that, among other things, preliminarily approved the settlement agreements, authorized the parties to send notice to the settlement class members and set a fairness hearing for May 11, 2016. Haverhill Retirement System v. Asali, et al. -- On May 2, 2014, plaintiff Haverhill Retirement System (“Haverhill”) filed an amended putative class action and derivative lawsuit (the “Complaint”) entitled Haverhill Retirement System v. Asali , et al. in the Court of Chancery of the State of Delaware (the “Court of Chancery”) against Harbinger Capital Partners LLC, Harbinger Capital Partners Master Fund I, Ltd., Global Opportunities Breakaway Ltd., Harbinger Capital Partners Special Situations Fund, L.P. (collectively, the “Harbinger Funds”), the members of the board of directors of Harbinger Group, Inc. (“Harbinger”), nominal defendant Harbinger, as well as Leucadia. The Complaint alleges, among other things, that the directors of Harbinger breached their fiduciary duties in connection with Leucadia’s March 2014 purchase of preferred securities of subsidiaries of the Harbinger Funds that were exchangeable into Harbinger common stock owned by the Harbinger Funds, certain flaws in the process employed by the special committee of directors appointed by the Harbinger board in connection therewith, and that Leucadia aided and abetted the Harbinger board’s breaches of fiduciary, as well as a claim of unjust enrichment against Leucadia. On April 1, 2014, the Chancery Court denied Haverhill’s motion for expedited proceedings associated with the complaint originally filed by Haverhill on March 26, 2014. Haverhill filed an amended complaint on May 2, 2014. On July 2, 2014, the defendants moved to dismiss the amended complaint. On August 12, 2014, Plaintiffs filed another amended complaint. The amended complaint dropped Plaintiff’s unjust enrichment claim against Leucadia. With respect to remedies sought, the amended complaint no longer sought an injunction against installing Leucadia designees as Board members and no longer sought rescission of Leucadia’s right to select the director class to which one of its designees would be appointed. A term sheet reflecting a settlement among the parties, that did not provide for any payment by the Company, was signed on October 15, 2014. On December 19, 2014, final settlement papers were submitted to the Court. On June 8, 2015, a settlement hearing took place, at which the Court rejected the settlement. The parties then negotiated a stipulation under which the case will be dismissed. The court approved the stipulation and proposed dismissal on January 7, 2016. Following notice to Harbinger's stockholders of the proposed dismissal, Harbinger will notify the court that the notice has been provided and we expect that the case will be dismissed. 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 Guarantee Type 2016 2017 2018 and 2019 2020 and 2021 2022 and Later Notional/ Maximum Payout Derivative contracts – non-credit related $ 11,840.6 $ 584.6 $ 142.8 $ — $ 414.4 $ 12,982.4 Written derivative contracts – credit related — — 115.4 955.4 10.0 1,080.8 Total derivative contracts $ 11,840.6 $ 584.6 $ 258.2 $ 955.4 $ 424.4 $ 14,063.2 The external credit ratings of the underlying or referenced assets for our credit related derivatives contracts (in millions): External Credit Rating AAA/ Aaa AA/ Aa A BBB/Baa Below Investment Grade Unrated Notional/ Maximum Payout Credit related derivative contracts: Index credit default swaps $ 698.4 $ — $ — $ — $ — $ — $ 698.4 Single name credit default swaps $ — $ — $ 10.0 $ 57.5 $ 264.3 $ 50.6 382.4 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 Jefferies manages the risk associated with these contracts in the context of its 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 $394.8 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, 2015 , the aggregate amount of commercial paper outstanding was $2.47 billion . Loan Guarantee . Jefferies has provided a guarantee to Jefferies Finance that matures in January 2021, whereby Jefferies is required to make certain payments to a SPE sponsored by Jefferies Finance in the event that Jefferies Finance is unable to meet its obligations to the SPE and a guarantee of a credit agreement with an indefinite term for a fund owned by employees. At December 31, 2015 , the maximum amount payable under these guarantees is $21.8 million . 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. Indemnification. In connection with the 2013 sale of Empire Insurance Company, we agreed to indemnify the buyer for certain of Empire’s lease obligations that were assumed by another subsidiary of ours as part of the sale of Empire. Our subsidiary was subsequently sold in 2014 to HomeFed as part of the real estate transaction with HomeFed. Although HomeFed has agreed to indemnify us for these lease obligations, our indemnification obligation under the Empire transaction remains. The primary lease expires in 2018 and the aggregate amount of lease obligation as of December 31, 2015 was approximately $30.7 million . Substantially all of the space under the primary lease has been sublet to various third-party tenants for the full length of the lease term in amounts in excess of the obligations under the primary lease. Standby Letters of Credit. At December 31, 2015 , Jefferies provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $33.1 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 $23.1 million at December 31, 2015 .

Net Capital Requirements

Net Capital Requirements	12 Months Ended
	Dec. 31, 2015
Brokers and Dealers [Abstract]
Net Capital Requirements	Net Capital Requirements Jefferies operates broker-dealers registered with the SEC and member firms of the Financial Industry Regulatory Authority ("FINRA"). Jefferies LLC and Jefferies Execution are subject to the Securities and Exchange Commission Uniform Net Capital Rule ("Rule 15c3-1"), which requires the maintenance of minimum net capital and have elected to calculate minimum capital requirements under the alternative method as permitted by Rule 15c3-1 in calculating net capital. Jefferies, as a dually registered U.S. broker-dealer and futures commission merchant ("FCM"), is also subject to Rule 1.17 of the Commodity Futures Trading Commission ("CFTC") which sets forth minimum financial requirements. The minimum net capital requirement in determining excess net capital for a dually-registered U.S. broker-dealer and FCM is equal to the greater of the requirement under Rule 15c3-1 or CFTC Rule 1.17. Jefferies LLC and Jefferies Execution’s net capital and excess net capital are as follows (in thousands): Net Capital Excess Net Capital Jefferies LLC $ 1,556,602 $ 1,471,663 Jefferies Execution 9,647 9,397 FINRA is the designated self-regulatory organization (“DSRO”) for our U.S. broker-dealers and the Chicago Mercantile Exchange is the DSRO for Jefferies LLC as an FCM. Effective September 21, 2015, the National Futures Association is the DSRO for Jefferies as an FCM. 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 authorized and regulated by the Financial Conduct Authority in the United Kingdom. The regulatory capital requirements referred to above may restrict our ability to withdraw capital from our regulated subsidiaries.

Other Fair Value Information

Other Fair Value Information	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Other Fair Value Information	Other Fair Value Information The carrying amounts and estimated fair values of our principal financial instruments that are not recognized at fair value on a recurring basis are as follows (in thousands): December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Other Assets: Notes and loans receivable (a) $ 488,690 $ 490,208 $ 213,174 $ 217,171 Financial Liabilities: Short-term borrowings (b) 310,659 310,659 12,000 12,000 Long-term debt (b) 7,407,594 7,299,405 8,527,929 8,806,700 (a) Notes and loans receivable: The fair values 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, 2015
Related Party Transactions [Abstract]
Related Party Transactions	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 of the Jefferies Capital Partners funds, which are managed by a team led by Brian P. Friedman, our President and a Director ("Private Equity Related Funds"). Reflected in our Consolidated Statements of Financial Condition at December 31, 2015 and 2014 are loans to and/or equity investments in Private Equity Related Funds of $39.6 million and $60.7 million , respectively. Net losses aggregating $26.2 million and $14.9 million were recorded related to the Private Equity Related Funds for the years ended December 31, 2015 and 2014 , respectively, and net gains aggregating $10.1 million were recorded related to the Private Equity Related Funds for the period from the acquisition of Jefferies through December 31, 2013. For further information regarding our commitments and funded amounts to Private Equity Related Funds, see Note 26 . Berkadia Commercial Mortgage, LLC. At December 31, 2015 and 2014 , Jefferies has commitments to purchase $752.4 million and $344.8 million , respectively, in agency commercial mortgage-backed securities from Berkadia. HRG Group, Inc. As part of Jefferies loan secondary trading activities, it has unsettled purchases and sales of loans pertaining to portfolio companies within funds managed by HRG of $261.6 million and $232.0 million at December 31, 2015 and 2014 , respectively. Our Chairman also serves as HRG’s Chairman. Officers, Directors and Employees. We have $28.3 million and $20.1 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, 2015 and 2014 , respectively. Receivables from and payables to customers includes balances arising from officers, directors and employees individual security transactions. These transactions are subject to the same regulations as all customer transactions and are provided on substantially the same terms. During 2014, Jefferies sold private equity interests with a fair value of $4.0 million at their then fair value to a private equity fund owned by Jefferies employees and has also provided a guarantee of the fund’s credit agreement. At December 31, 2015 and 2014 , Jefferies provided a guarantee of a credit agreement for a private equity fund owned by Jefferies employees. National Beef. National Beef participates in a cattle supply agreement with a minority owner and holder of a redeemable noncontrolling interest in National Beef. Under this agreement National Beef has agreed to purchase 735,385 head of cattle each year (subject to adjustment), from the members of the minority owner, with prices based on those published by the U.S. Department of Agriculture, subject to adjustments for cattle performance. National Beef obtained approximately 28% and 23% of its cattle requirements under this agreement during 2015 and 2014 , respectively. National Beef also enters into transactions with an affiliate of another minority owner and holder of a redeemable noncontrolling interest in National Beef to buy and sell a limited number of beef products. During the year ended December 31, 2015 , sales to this affiliate were $31.0 million and purchases were $15.1 million . During the year ended December 31, 2014 , sales to this affiliate were $43.2 million and purchases were $12.7 million . At December 31, 2015 and 2014 , amounts due from and payable to these related parties were not significant. HomeFed. As more fully described in Note 11, during 2014 we sold to HomeFed substantially all of our real estate properties and operations, our interest in BRP and cash of approximately $14.0 million , in exchange for 7,500,000 newly issued unregistered HomeFed common shares. As discussed in Note 11, as a result of a 1998 distribution to all of our shareholders, approximately 4.8% of HomeFed is beneficially owned by our Chairman at December 31, 2015 . Our Chairman also serves as HomeFed’s Chairman and our President is a Director of HomeFed. 54 Madison. $115.7 million of long-term debt held by 54 Madison is owed to minority owners of 54 Madison. This long-term debt earns interest at 6% and matures in 2017 and 2018. See Note 11 for information on transactions with Jefferies Finance and Jefferies LoanCore.

Discontinued Operations And Ass

Discontinued Operations And Assets Held For Sale	12 Months Ended
	Dec. 31, 2015
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract]
Discontinued Operations And Assets Held For Sale	Discontinued Operations and Assets Held for Sale In September 2014, we decided not to proceed with further development of the Lake Charles clean energy project that would have used gasification technology to convert low-grade fossil fuels into clean-energy products. Our decision was based on final estimates of the likely ultimate cost of completion of the project. Project development costs to date have been expensed as incurred. As a result, we have classified the clean energy project as a discontinued operation. In July 2014, we sold Premier, through which we had conducted our gaming operations, for aggregate cash consideration of $250.0 million , subject to working capital adjustment. We recorded a pre-tax gain on sale of discontinued operations of $12.1 million in the third quarter of 2014. 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 . 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. A summary of the results of discontinued operations for the clean energy project, Premier, Sangart, and the small power production business is as follows for the years ended December 31, 2014 and 2013 ; discontinued operations for the year ended December 31, 2015 were not significant (in thousands): 2014 2013 Revenues and other income: Gaming entertainment $ 67,739 $ 114,844 Investment and other income 4,700 4,691 72,439 119,535 Expenses: Direct operating expenses - Gaming entertainment 48,877 85,233 Compensation and benefits 4,503 19,534 Depreciation and amortization 5,208 8,919 Selling, general and other expenses 41,378 98,178 99,966 211,864 Loss from discontinued operations before income taxes (27,527 ) (92,329 ) Income tax (benefit) (9,634 ) (32,303 ) Loss from discontinued operations after income taxes $ (17,893 ) $ (60,026 ) During 2013, we sold our subsidiary, Empire Insurance Company, which had been undergoing a voluntary liquidation, 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 for 2013 reflects an after-tax gain of $8.6 million for this sale. Gain on disposal of discontinued operations for the year ended December 31, 2015 , primarily relates to additional consideration received related to the 2012 sale of our small Caribbean-based telecommunications provider, and a reversal of a legal reserve.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information Our operating segments consist of our consolidated businesses, which offer different products and services and are managed separately. Our reportable segments, based on qualitative and quantitative requirements, are Jefferies, National Beef, and Corporate and other. Jefferies is a global full-service, integrated securities and investment banking firm. National Beef processes and markets fresh boxed beef, case-ready beef, beef by-products and wet blue leather for domestic and international markets. Corporate and other assets primarily consist of financial instruments owned, the deferred tax asset (exclusive of Jefferies deferred tax asset), cash and cash equivalents and corporate and other revenues primarily consist of interest, other income and net realized securities gains and losses. We do not allocate Corporate and other revenues or overhead expenses to the operating units. All other consists of our other financial services businesses and investments and our other merchant banking businesses and investments. Our other financial services businesses and investments include the Leucadia asset management platform, specialty finance companies, the commercial mortgage banking investment, the investment in HomeFed and the investment in FXCM. Our other merchant banking businesses and investments primarily include manufacturing, oil and gas exploration and development, real estate, and our investments in HRG, fixed wireless broadband services, automobile dealerships, and our gold and silver mining project. Certain information concerning our segments for the years ended December 31, 2015, 2014 and 2013 is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired. As discussed above, Jefferies became our wholly-owned subsidiary on March 1, 2013 and is reflected in our consolidated financial statements utilizing a one month lag. 2015 2014 2013 (In thousands) Net Revenues: Reportable Segments: Jefferies $ 2,476,133 $ 2,986,325 $ 2,134,002 National Beef 7,402,419 7,832,424 7,487,724 Corporate and other 78,122 60,720 50,190 Total net revenues related to reportable segments $ 9,956,674 $ 10,879,469 $ 9,671,916 All other (1) 950,784 607,016 753,830 Intercompany eliminations (2) (21,000 ) — — Total consolidated net revenues $ 10,886,458 $ 11,486,485 $ 10,425,746 Pre-tax income (loss) from continuing operations: Reportable Segments: Jefferies $ 119,165 $ 358,396 $ 260,984 National Beef (123,915 ) (40,303 ) (42,358 ) Corporate and other (45,592 ) (144,508 ) (91,917 ) Pre-tax income (loss) from continuing operations related to reportable segments (50,342 ) 173,585 126,709 All other (1) 492,762 305,752 491,093 Parent Company interest (85,884 ) (98,115 ) (72,217 ) Total consolidated pre-tax income from continuing operations $ 356,536 $ 381,222 $ 545,585 Depreciation and amortization expenses: Reportable Segments: Jefferies $ 92,165 $ 78,566 $ 59,631 National Beef 89,317 85,305 88,484 Corporate and other 3,744 5,627 9,924 Total depreciation and amortization expenses related to reportable segments $ 185,226 $ 169,498 $ 158,039 All other 38,907 16,495 9,386 Total consolidated depreciation and amortization expenses $ 224,133 $ 185,993 $ 167,425 Identifiable assets employed: Reportable Segments: Jefferies (3) $ 38,608,956 $ 44,563,808 $ 40,168,572 National Beef 1,516,130 1,718,521 1,703,662 Corporate and other 1,778,987 3,240,561 4,515,768 Identifiable assets employed related to reportable segments 41,904,073 49,522,890 46,388,002 All other 4,585,462 3,154,423 1,561,997 Intercompany eliminations (149,723 ) (53,405 ) (83,218 ) Total consolidated assets $ 46,339,812 $ 52,623,908 $ 47,866,781 (1) All other revenue and pre-tax income from continuing operations include $491.3 million of realized and unrealized gains relating to our investment in in FXCM for the year ended December 31, 2015 . (2) Revenue intercompany elimination relates to investment banking and advisory fee paid to Jefferies in connection with our entering into the agreement with FXCM. (3) At December 31, 2015, 2014 and 2013 , includes $320.2 million , $399.6 million and $524.8 million , respectively, of Jefferies deferred tax asset, net. Net revenues for Jefferies 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 Jefferies for the years ended December 31, 2015 and 2014 and for the period from the Jefferies acquisition through December 31, 2013 were as follows (in thousands): For the year ended December 31, 2015 For the year ended December 31, 2014 For the period from the Jefferies acquisition through December 31, 2013 Americas (1) $ 1,887,899 $ 2,257,870 $ 1,645,110 Europe (2) 510,044 634,358 441,795 Asia 78,190 94,097 47,097 $ 2,476,133 $ 2,986,325 $ 2,134,002 (1) Substantially all relates to United States results. (2) Substantially all relates to United Kingdom results. Consolidated net revenues exclusive of Jefferies principally relate to the United States for 2015, 2014 and 2013 . Net realized securities gains for Corporate and other aggregated $63.0 million , $30.4 million and $16.0 million during 2015, 2014 and 2013 , respectively. In 2013, All other includes realized security gains of $227.6 million related to the sale of Inmet. Interest expense classified as a component of Net revenues relates to Jefferies. For the years ended December 31, 2015, 2014 and 2013 , interest expense classified as a component of Expenses was primarily comprised of National Beef ( $16.0 million , $14.5 million and $12.3 million , respectively) and parent company interest ( $85.9 million , $98.1 million and $72.2 million , respectively).

Exit Costs

Exit Costs	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Exit Costs	Exit Costs Jefferies Bache. On April 9, 2015, Jefferies entered into an agreement with Société Générale S.A. (the "Agreement") to transfer certain client exchange and over-the-counter transactions associated with Jefferies futures business for the net book value of the over-the-counter transactions, calculated in accordance with certain principles set forth in the Agreement, plus the repayment of certain margin loans in respect of certain exchange transactions. In addition, Jefferies initiated a plan to substantially exit the remaining aspects of its futures business. At December 31, 2015 , Jefferies has transferred all of its client accounts to Société Générale S.A. and other brokers. Jefferies substantially completed the exit of the Bache business during its third quarter of 2015. In addition, Jefferies terminated its $750.0 million credit facility on July 31, 2015. During the year ended December 31, 2015 , Jefferies recognized costs of $3.8 million related to the Credit Facility. During the year ended December 31, 2015 , Jefferies recorded restructuring and impairment costs as follows (in thousands): Severance costs $ 30,327 Accelerated amortization of restricted stock and restricted cash awards 7,922 Accelerated amortization of capitalized software 19,745 Contract termination costs 11,247 Selling, general and other expenses 3,853 Total $ 73,094 Of the above costs, $28.7 million for the year ended December 31, 2015 are of a non-cash nature. Severance costs and amortization of restricted stock and restricted cash awards are recorded as Compensation and benefits, amortization of capitalized software is recorded as Depreciation and amortization and contract termination costs are recorded as Selling, general and other expenses on the Consolidated Statements of Operations for the year ended December 31, 2015 . Jefferies expects to incur approximately an additional $3.1 million of restructuring and exit costs in 2016 in connection with its exit activities comprised of severance and related benefits, including additional amortization for restricted stock and restricted cash awards, contract termination costs and additional amortization of capitalized software. The following summarizes Jefferies restructuring reserve activity (in thousands): Severance costs Other costs Contract termination costs Total restructuring costs Accelerated amortization of restricted stock and restricted cash awards Accelerated amortization of capitalized software Impairments Total Balance at March 31, 2015 $ — $ — $ — $ — Expenses 30,327 2,774 11,247 44,348 $ 7,922 $ 19,745 1,079 $ 73,094 Payments (25,522 ) (2,774 ) (11,247 ) (39,543 ) Liability at December 31, 2015 $ 4,805 $ — $ — $ 4,805

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data	Selected Quarterly Financial Data (Unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share amounts) 2015 Net revenues $ 3,184,683 $ 2,839,463 $ 2,366,096 $ 2,496,216 Income (loss) from continuing operations $ 374,429 $ 15,034 $ (181,912 ) $ 39,038 Income from discontinued operations, net of taxes $ — $ — $ 429 $ — Gain on disposal of discontinued operations, net of taxes $ — $ — $ 1,300 $ 3,793 Net loss attributable to the noncontrolling interest $ 234 $ 356 $ 1,238 $ 3,168 Net loss attributable to the redeemable noncontrolling interests $ 7,112 $ 2,031 $ 6,788 $ 10,612 Preferred stock dividends $ (1,016 ) $ (1,015 ) $ (1,016 ) $ (1,016 ) Net income (loss) attributable to Leucadia National Corporation common shareholders $ 380,759 $ 16,406 $ (173,173 ) $ 55,595 Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income (loss) from continuing operations $ 1.00 $ 0.04 $ (0.47 ) $ 0.14 Income from discontinued operations — — — — Gain on disposal of discontinued operations — — — 0.01 Net income (loss) $ 1.00 $ 0.04 $ (0.47 ) $ 0.15 Number of shares used in calculation 373,541 373,654 372,547 369,840 Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income (loss) from continuing operations $ 0.99 $ 0.04 $ (0.47 ) $ 0.14 Income from discontinued operations — — — — Gain on disposal of discontinued operations — — — 0.01 Net income (loss) $ 0.99 $ 0.04 $ (0.47 ) $ 0.15 Number of shares used in calculation 377,713 373,662 372,547 369,840 2014 Net revenues $ 2,942,524 $ 2,851,963 $ 3,003,643 $ 2,688,355 Income (loss) from continuing operations $ 100,846 $ 70,190 $ 58,253 $ (14,038 ) Income (loss) from discontinued operations, net of taxes $ (8,909 ) $ (4,240 ) $ (5,676 ) $ 932 Gain (loss) on disposal of discontinued operations, net of taxes $ — $ 500 $ 7,685 $ (6,518 ) Net (income) loss attributable to the noncontrolling interest $ (2,537 ) $ 912 $ 1,058 $ 1,294 Net (income) loss attributable to the redeemable noncontrolling interests $ 5,932 $ (1,273 ) $ (5,625 ) $ 9,582 Preferred stock dividends $ (1,016 ) $ (1,015 ) $ (1,016 ) $ (1,015 ) Net income (loss) attributable to Leucadia National Corporation common shareholders $ 94,316 $ 65,074 $ 54,679 $ (9,763 ) Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income (loss) from continuing operations $ 0.27 $ 0.18 $ 0.14 $ (0.01 ) Income (loss) from discontinued operations (0.02 ) (0.01 ) (0.02 ) — Gain (loss) on disposal of discontinued operations — — 0.02 (0.02 ) Net income (loss) $ 0.25 $ 0.17 $ 0.14 $ (0.03 ) Number of shares used in calculation 368,487 371,979 373,347 373,617 Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income (loss) from continuing operations $ 0.27 $ 0.18 $ 0.14 $ (0.01 ) Income (loss) from discontinued operations (0.02 ) (0.01 ) (0.02 ) — Gain (loss) on disposal of discontinued operations — — 0.02 (0.02 ) Net income (loss) $ 0.25 $ 0.17 $ 0.14 $ (0.03 ) Number of shares used in calculation 377,348 373,179 373,375 373,617 In 2015 and 2014 , 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 Polici44

Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Consolidation	Consolidation Our policy is to consolidate all entities in which we can vote 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 LLC, a futures commission merchant, are recorded on a half-turn basis. In addition, we earn asset-based fees associated with the management and supervision of assets, account services and administration related to customer accounts. Principal Transactions. 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 income 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 income 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. Interest revenue related to Securities borrowed and Securities purchased under agreements to resell activities and interest expense related to Securities loaned and Securities sold under agreements to repurchase activities are recognized on an accrual basis.
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 LLC, as a futures commission merchant, is obligated by rules mandated by the Commodities Futures Trading Commission ("CFTC") under the Commodities Exchange Act, to segregate or set aside cash or qualified securities to satisfy such regulations, which regulations have been promulgated to protect customer assets. During October 2015, Jefferies ceased being a full service futures commission merchant. As a result, Jefferies no longer carries customer or proprietary accounts or holds any customer monies or funds. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets.
Financial Instruments and Fair Value	Financial Instruments and Fair Value Trading assets and Trading liabilities are recorded at fair value, either as required by accounting pronouncements or through the fair value option election. 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.
Valuation Process for Financial Instruments	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 . Jefferies 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, 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 services use a matrix evaluation approach incorporating both observable yield curves and market yields on comparable securities as well as implied inputs from observed trades for comparable securities in order to determine prepayment speeds, cumulative default rates and loss severity. Further, 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 Note 11 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 is reported as Principal transactions revenues.
Receivables and Provision for Doubtful Accounts	Receivables and Provision for Doubtful Accounts At December 31, 2015 and 2014 , Receivables include receivables from brokers, dealers and clearing organizations of $1,616.3 million and $2,187.5 million , respectively, and receivables from customers of securities operations of $1,191.3 million and $1,250.5 million , respectively. During the fourth quarter of 2014, Jefferies recognized a bad debt provision, which primarily relates to a receivable of $52.3 million from a client to which Jefferies provided futures clearing and execution services, which declared bankruptcy.
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. During the fourth quarter of 2013, after exhausting all opportunities to improve the operating performance of the Brawley beef processing facility, which had been adversely affected by the declining supply of fed cattle available to the plant and fixed cost inefficiencies inherent in a single shift plant, National Beef concluded that this facility would continue to generate losses for the foreseeable future. This resulted in a decision in December 2013 to close the facility in the second quarter of 2014. 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 was the asset group that represented the lowest level of cash flows that were 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 was $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 incurred additional costs relating to the closing of the facility during 2014 of $6.9 million . These costs include employee separation and retention, systems decommissioning and various other expenses. Of these amounts, $4.6 million related to employee separation, which is included in Compensation and benefits, and the various other costs are included in Selling, general and other expenses in the Consolidated Statement of Operations. In 2015, we recorded impairment charges in Selling, general and other expenses of $27.7 million , primarily related to a $20.3 million impairment at our Juneau Energy oil and gas company and an additional impairment charge related to the Brawley plant of $4.7 million . For the oil and gas impairment test, we compare expected undiscounted future net cash flows to the unamortized capitalized cost of the asset. If the future undiscounted net cash flows are lower than the unamortized capital cost, we reduce the capitalized cost to fair market value. We used a third party reserve report in which the cash flows were calculated using West Texas Intermediate (oil) and Henry Hub (gas) NYMEX futures prices as of December 31, 2015. For one of our oil fields, the undiscounted net cash flows were lower than the unamortized capital cost and as a result, we wrote off the total capital cost. There were no significant impairment charges in 2014. Excluding the National Beef impairment, we recorded impairment charges in Selling, general and other expenses of $20.0 million in 2013, 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, property and equipment and other long-lived assets (for example, Jefferies, National Beef, manufacturing, oil and gas exploration and production 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 generally 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 indefinite-lived intangible assets were recognized in connection with the Jefferies acquisition, and our annual impairment testing date for Jefferies is as of August 1. 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, by comparing the implied fair value of the reporting unit’s goodwill to the carrying value of the reporting unit’s goodwill. 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 is as of August 1
Inventories and Cost of Sales	Inventories and Cost of Sales National Beef’s inventories consist primarily of beef products, beef by-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 beef 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.
Payables, Expense Accruals and other Liabilities	Payables, expense accruals and other liabilities At December 31, 2015 and 2014 , Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $2,757.2 million and $2,280.1 million , respectively, and payables to customers of securities operations of $2,780.5 million and $6,242.0 million , respectively.
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 our 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 weigh 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 2035). 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 are translated to U.S. dollars using the currency exchange rates at the end of the relevant period. Revenues and expenses are translated at average exchange rates during the period. The effects of exchange rate changes on the translation of the balance sheets, net of hedging gains or losses and taxes, if any, are included in other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income (Loss) and classified as Accumulated other comprehensive income in the Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. Gains or losses resulting from Jefferies foreign currency transactions are included in Principal transactions in the Consolidated Statements of Operations; gains or losses from foreign currency transactions unrelated to Jefferies were not significant.
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 within Principal transactions in the Consolidated Statements of Operations. When we transfer assets that do 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, and recognize the associated financing in Other secured financings in the Consolidated Statements of Financial Condition.
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 26.
Accounting Developments	Discontinued Operations . In January 2015, we adopted new Financial Accounting Standards Board (“FASB”) guidance on the reporting of discontinued operations. The new guidance requires that disposal of a component of an entity or a group of components of an entity be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results, and would require expanded disclosures. The adoption of this guidance did not have an impact on our consolidated financial statements. Revenue Recognition. In May 2014, the FASB issued new guidance that defines how companies report revenues from contracts with customers, and also requires enhanced disclosures. The core principle of this new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This guidance originally was effective for interim and annual periods beginning after December 15, 2016. In August 2015, the FASB issued guidance that deferred the effective date by one year, with early adoption on the original effective date permitted. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Repurchase Agreements. In January 2015, we adopted the FASB’s new guidance that changes the accounting for repurchase-to-maturity transactions and linked repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. This guidance did not significantly impact our consolidated results of operations, financial condition or cash flows. Effective for interim periods beginning after March 31, 2015, the guidance also requires new disclosures about transfers that are accounted for as sales in transactions that are economically similar to repurchase agreements and increased transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. We have provided the additional disclosures in our consolidated financial statements. Consolidation. In February 2015, the FASB issued new guidance that amends current consolidation guidance including changes to both the variable and voting interest models used to evaluate whether an entity should be consolidated. This guidance also eliminates the deferral of certain consolidation standards for entities considered to be investment companies. This guidance will be effective for annual and interim periods beginning after December 15, 2015, and early adoption is permitted. We will adopt this guidance in the first quarter of fiscal 2016. The adoption of this guidance is not expected to have a significant impact on our consolidated financial statements. Debt Issuance Costs. In April 2015, the FASB issued new guidance that requires debt issuance costs related to a recognized debt liability be presented in the Consolidated Statements of Financial Condition as a direct deduction from the carrying amount of that debt liability. This guidance will be effective for annual and interim periods beginning after December 15, 2015, and early adoption is permitted. The adoption of this guidance is not expected to have a significant impact on our Consolidated Statements of Financial Condition. Investments in Certain Entities That Calculate Net Asset Value. In May 2015, the FASB issued new guidance that removes the requirement to include investments in the fair value hierarchy for which the fair value is measured at net asset value ("NAV") using the practical expedient. The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value practical expedient. Rather, those disclosures are limited to investments for which we have elected to measure the fair value using that practical expedient. The guidance is effective retrospectively for annual and interim periods beginning after December 15, 2015. Early adoption is permitted and we have early adopted this guidance during the second quarter of 2015. Since the guidance only impacts our disclosures, adoption did not impact our consolidated financial statements. Financial Instruments. In January 2016, the FASB issued new guidance that affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The guidance is effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact this new guidance will have on our consolidated financial statements.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of Pro Forma Operating Results	Presented below for the year ended December 31, 2013, are unaudited pro forma operating results assuming the acquisition of Jefferies had occurred on January 1, 2012 (in thousands, except per share amounts): Net revenues $ 11,083,248 Net income attributable to Leucadia National Corporation common shareholders $ 267,160 Basic income per common share attributable to Leucadia National Corporation common shareholders $ 0.70 Diluted income per common share attributable to Leucadia National Corporation common shareholders $ 0.70

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule Of Assets And Liabilities Measured On Recurring Basis At Fair Value	The following is a summary of our financial instruments and trading liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on NAV of $36.7 million and $42.2 million , respectively, by level within the fair value hierarchy at December 31, 2015 and 2014 (in thousands): December 31, 2015 Level 1 (1) Level 2 (1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,803,243 $ 133,732 $ 40,906 $ — $ 2,977,881 Corporate debt securities — 2,867,165 25,876 — 2,893,041 Collateralized debt obligations — 89,144 85,092 — 174,236 U.S. government and federal agency securities 2,555,018 90,633 — — 2,645,651 Municipal securities — 487,141 — — 487,141 Sovereign obligations 1,251,366 1,407,955 120 — 2,659,441 Residential mortgage-backed securities — 2,731,070 70,263 — 2,801,333 Commercial mortgage-backed securities — 1,014,913 14,326 — 1,029,239 Other asset-backed securities — 118,629 42,925 — 161,554 Loans and other receivables — 1,123,044 189,289 — 1,312,333 Derivatives 2,253 4,406,207 19,785 (4,165,446 ) 262,799 Investments at fair value — 26,224 199,794 — 226,018 Investment in FXCM — — 625,689 — 625,689 Total trading assets, excluding investments at fair value based on NAV $ 6,611,880 $ 14,495,857 $ 1,314,065 $ (4,165,446 ) $ 18,256,356 Available for sale securities: Corporate equity securities $ 73,579 $ — $ — $ — $ 73,579 Corporate debt securities — 4,744 — — 4,744 U.S. government securities 63,945 — — — 63,945 Residential mortgage-backed securities — 23,240 — — 23,240 Commercial mortgage-backed securities — 2,374 — — 2,374 Other asset-backed securities — 39,473 — — 39,473 Total available for sale securities $ 137,524 $ 69,831 $ — $ — $ 207,355 Cash and cash equivalents $ 3,638,648 $ — $ — $ — $ 3,638,648 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 751,084 $ — $ — $ — $ 751,084 Liabilities: Trading liabilities: Corporate equity securities $ 1,428,048 $ 36,518 $ 38 $ — $ 1,464,604 Corporate debt securities — 1,556,941 — — 1,556,941 Collateralized debt obligations 1,488,121 — — — 1,488,121 U.S. government and federal agency securities 837,614 505,382 — — 1,342,996 Sovereign obligations — 117 — — 117 Loans — 758,939 10,469 — 769,408 Derivatives 364 4,456,334 19,543 (4,257,998 ) 218,243 Total trading liabilities $ 3,754,147 $ 7,314,231 $ 30,050 $ (4,257,998 ) $ 6,840,430 Other secured financings $ — $ — $ 544 $ — $ 544 December 31, 2014 Level 1 (1) Level 2 (1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Trading assets, at fair value: Corporate equity securities $ 3,130,892 $ 226,441 $ 20,964 $ — $ 3,378,297 Corporate debt securities (3) — 3,342,276 22,766 — 3,365,042 Collateralized debt obligations (3) — 306,218 124,650 — 430,868 U.S. government and federal agency securities 2,694,268 81,273 — — 2,775,541 Municipal securities — 590,849 — — 590,849 Sovereign obligations 1,968,747 790,764 — — 2,759,511 Residential mortgage-backed securities — 2,879,954 82,557 — 2,962,511 Commercial mortgage-backed securities — 966,651 26,655 — 993,306 Other asset-backed securities — 137,387 2,294 — 139,681 Loans and other receivables — 1,458,760 97,258 — 1,556,018 Derivatives 65,145 5,046,278 54,190 (4,759,345 ) 406,268 Investments at fair value — 73,148 77,047 — 150,195 Physical commodities — 62,234 — — 62,234 Total trading assets, excluding investments at fair value based on NAV $ 7,859,052 $ 15,962,233 $ 508,381 $ (4,759,345 ) $ 19,570,321 Available for sale securities: Corporate equity securities $ 89,353 $ — $ — $ — $ 89,353 Corporate debt securities — 30,403 — — 30,403 U.S. government securities 593,773 — — — 593,773 Residential mortgage-backed securities — 606,683 — — 606,683 Commercial mortgage-backed securities — 43,401 — — 43,401 Other asset-backed securities — 245,156 — — 245,156 Total available for sale securities $ 683,126 $ 925,643 $ — $ — $ 1,608,769 Cash and cash equivalents $ 4,276,775 $ — $ — $ — $ 4,276,775 Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (4) $ 3,444,674 $ — $ — $ — $ 3,444,674 Securities received as collateral $ 5,418 $ — $ — $ — $ 5,418 Liabilities: Trading liabilities: Corporate equity securities $ 1,934,469 $ 74,681 $ 38 $ — $ 2,009,188 Corporate debt securities — 1,611,994 223 — 1,612,217 Collateralized debt obligations — 4,557 — — 4,557 U.S. government and federal agency securities 2,253,055 — — — 2,253,055 Sovereign obligations 1,217,075 574,010 — — 1,791,085 Loans — 856,525 14,450 — 870,975 Derivatives 52,778 5,117,803 49,552 (4,856,618 ) 363,515 Total trading liabilities $ 5,457,377 $ 8,239,570 $ 64,263 $ (4,856,618 ) $ 8,904,592 Other secured financings $ — $ — $ 30,825 $ — $ 30,825 Obligation to return securities received as collateral $ 5,418 $ — $ — $ — $ 5,418 (1) There were no material transfers between Level 1 and Level 2 during the year ended December 31, 2015 . During 2014, equity options presented within Trading assets and Trading liabilities of $6.1 million and $6.6 million , respectively, were transferred from Level 1 to Level 2 as adjustments were incorporated into the valuation approach for such contracts to estimate the point within the bid-ask range that meets the best estimate of fair value. (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. (3) Level 3 Collateralized debt obligations increased by $33.2 million with a corresponding decrease in Level 3 Corporate debt securities from those previously reported to correct for the classification of certain positions. The total amount of Level 3 assets remained unchanged. (4) Securities comprise U.S. government securities segregated for regulatory purposes with a fair value of $453.7 million at December 31, 2014 and CFTC approved money market funds with a fair value of $545.0 million at December 31, 2014.
Investments Measured At Fair Value Based On Net Asset Value	The following tables present information about our investments in entities that have the characteristics of an investment company and are measured based on NAV. (in thousands). Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) December 31, 2015 Equity Long/Short Hedge Funds (2) $ 482,570 $ — (2) Fixed Income and High Yield Hedge Funds (3) 1,703 — — Fund of Funds (4) 287 94 — Equity Funds (5) 42,111 20,791 — Convertible Bond Funds (6) 326 — At Will Multi-strategy Fund (7) 113,458 — — Total $ 640,455 $ 20,885 December 31, 2014 Equity Long/Short Hedge Funds (2) $ 146,134 $ — Monthly/Quarterly Fixed Income and High Yield Hedge Funds (3) 2,704 — — Fund of Funds (4) 323 94 — Equity Funds (5) 65,216 26,023 — Convertible Bond Funds (6) 3,355 — At Will Multi-strategy Fund (7) 105,954 — — Total $ 323,686 $ 26,117 (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements. (2) This category includes investments in hedge funds that invest, long and short, in equity securities in domestic and international markets in both the public and private sectors. At December 31, 2015 , investments with a fair value of $107.1 million and at December 31, 2014 substantially all of the investments in this category are redeemable with 30 to 90 days prior written notice, and includes an investment in a private asset management fund managed by us with a fair value of $52.4 million and $117.2 million at December 31, 2015 and 2014 , respectively. At December 31, 2015 , this category also includes investments in two Folger Hill feeder funds that invest solely in a Folger Hill master fund that makes long/short equity investments, with broad industry and geographic diversification. Investment in these funds is subject to a lock-up until August 15, 2019, subject to certain release events and other withdrawal rights. Following this date, investments can be redeemed as of any calendar quarter-end with no less than 45 calendar days’ notice, subject to certain limitations. At December 31, 2015 , our investments in these two funds had an aggregate fair value of $375.5 million . (3) Includes investments in funds that invest in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. At December 31, 2015 and 2014 , the underlying assets of 8% and 8% , respectively, of these funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated. (4) Includes investments in fund of funds that invest in various private equity funds. At December 31, 2015 and 2014 , approximately 95% and 95% , respectively, of the fair value of investments in this category is managed by us and have no redemption provisions, instead distributions are received through the liquidation of the underlying assets of the fund of funds, which are estimated to be liquidated in the next twelve months. For the remaining investments, we have requested redemption; however, we are unable to estimate when these funds will be received. (5) At December 31, 2015 and 2014 , investments representing approximately 100% and 99% , respectively, of the fair value of investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed, instead distributions are received through the liquidation of the underlying assets of the funds which are expected to liquidate in one to eight years. (6) Investment in the Jefferies Umbrella Fund, an open-ended investment company managed by Jefferies that invests primarily in convertible bonds. The remaining investments are in liquidation and we are unable to estimate when the underlying assets will be fully liquidated. (7) Investment in private asset management fund managed by us that employs a variety of investment strategies and can invest in U.S. and non-U.S. equity and equity related securities, futures, exchange traded funds, fixed income securities, preferred securities, options, forward contracts and swaps. Withdrawals from the fund prior to the first year anniversary of the investment are subject to a 5% withdrawal fee and withdrawals during any calendar quarter are limited to 25% of the fund’s net asset value. Both of these restrictions can be waived by us, in our sole discretion.
Summary Of Changes In Fair Value Of Financial Assets And Liabilities Classified As Level 3	The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the year ended December 31, 2015 (in thousands): Year Ended December 31, 2015 Balance, December 31, 2014 Total gains (losses) (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance at December 31, 2015 Changes in unrealized gains (losses) relating to instruments still held at December 31, 2015 (1) Assets: Trading assets: Corporate equity securities $ 20,964 $ 11,154 $ 21,385 $ (6,391 ) $ — $ — $ (6,206 ) $ 40,906 $ 11,424 Corporate debt securities 22,766 (11,013 ) 21,534 (14,636 ) — — 7,225 25,876 (9,443 ) Collateralized debt obligations 124,650 (66,332 ) 104,998 (107,381 ) (5,754 ) — 34,911 85,092 (48,514 ) Municipal securities — 10 — — (21,551 ) — 21,541 — — Sovereign obligations — 47 1,032 (1,031 ) — — 72 120 39 Residential mortgage-backed securities 82,557 (12,951 ) 18,961 (31,762 ) (597 ) — 14,055 70,263 (4,498 ) Commercial mortgage-backed securities 26,655 (3,813 ) 3,480 (10,146 ) (6,861 ) — 5,011 14,326 (3,205 ) Other asset-backed securities 2,294 (990 ) 42,922 (1,299 ) (2 ) — — 42,925 (254 ) Loans and other receivables 97,258 (14,755 ) 792,345 (576,536 ) (124,365 ) — 15,342 189,289 (16,802 ) Investments at fair value 77,047 62,804 5,510 (425 ) (4,093 ) — 58,951 199,794 (1,964 ) Investment in FXCM — 491,341 279,000 — (144,652 ) — — 625,689 491,341 Liabilities: Trading liabilities: Corporate equity securities 38 — — — — — — 38 — Corporate debt securities 223 (110 ) (6,804 ) 6,691 — — — — — Net derivatives (2) (4,638 ) (7,310 ) (6,705 ) 13,522 37 2,437 2,415 (242 ) 4,754 Loans 14,450 (163 ) (2,059 ) 229 — — (1,988 ) 10,469 104 Other secured financings 30,825 — — — (15,704 ) 36,995 (51,572 ) 544 — The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the year ended December 31, 2014 (in thousands): Year Ended December 31, 2014 Balance, December 31, 2013 Total gains (losses) (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance, December 31, 2014 Changes in unrealized gains (losses) relating to instruments still held at December 31, 2014 (1) Assets: Trading assets: Corporate equity securities $ 9,884 $ 957 $ 18,138 $ (12,826 ) $ — $ — $ 4,811 $ 20,964 $ 2,324 Corporate debt securities 25,666 6,629 38,316 (40,328 ) — — (7,517 ) $ 22,766 8,982 Collateralized debt obligations 37,216 (6,386 ) 204,337 (181,757 ) (1,297 ) — 72,537 $ 124,650 (1,141 ) U.S. government and federal agency securities — 13 2,505 (2,518 ) — — — $ — — Residential mortgage backed securities 105,492 (9,870 ) 42,632 (61,689 ) (1,847 ) — 7,839 $ 82,557 (4,679 ) Commercial mortgage-backed securities 17,568 (4,237 ) 49,159 (51,360 ) (782 ) — 16,307 $ 26,655 (2,384 ) Other asset-backed securities 12,611 1,784 4,987 (18,002 ) — — 914 $ 2,294 1,484 Loans and other receivables 145,890 (31,311 ) 130,169 (92,140 ) (60,390 ) — 5,040 $ 97,258 (26,864 ) Investments at fair value 66,931 17,642 32,493 (23,324 ) (1,243 ) — (15,452 ) $ 77,047 1,985 Liabilities: Trading liabilities: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ — $ 38 $ — Corporate debt securities — (149 ) (565 ) 960 — — (23 ) $ 223 (8 ) Net derivatives (2) 6,905 15,055 (24,682 ) 1,094 322 — (3,332 ) $ (4,638 ) (15,615 ) Loans 22,462 — (18,332 ) 11,338 — — (1,018 ) $ 14,450 — Other secured financings 8,711 — — — (17,525 ) 39,639 — $ 30,825 — (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. 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). There were no significant Leucadia Level 3 trading assets or liabilities prior to the Jefferies acquisition. Period from the Jefferies Acquisition through December 31, 2013 (3) Beginning Balance Total gains (losses) (realized and unrealized) (1) Purchases Sales Settlements Net transfers into (out of) Level 3 Balance at December 31, 2013 Changes in unrealized gains (losses) relating to instruments still held at December 31, 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 39,693 (1,317 ) 28,515 (102 ) (875 ) 1,017 $ 66,931 (1,290 ) 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	December 31, 2015 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Corporate equity securities $ 20,285 Non-exchange traded securities Market approach EBITDA (a) multiple 4.4 — Transaction level $1 — Underlying stock price $5 to $102 $19.0 Corporate debt securities $ 20,257 Convertible bond model Discount rate/yield 86% — Market approach Transaction level $59 — Collateralized debt obligations $ 49,923 Discounted cash flows Constant prepayment rate 5% to 20% 13 % Constant default rate 2% to 8% 2 % Loss severity 25% to 90% 52 % Yield 6% to 13% 10 % Residential mortgage-backed securities $ 70,263 Discounted cash flows Constant prepayment rate 0% to 50% 13 % Constant default rate 1% to 9% 3 % Loss severity 25% to 70% 39 % Yield 1% to 9% 6 % Commercial mortgage-backed securities $ 14,326 Discounted cash flows Yield 7% to 30% 16 % Cumulative loss rate 2% to 63% 23 % Other asset-backed securities $ 21,463 Discounted cash flows Constant prepayment rate 6% to 8% 7 % Constant default rate 3% to 5% 4 % Loss severity 55% to 75% 62 % Yield 7% to 22% 18 % Over-collateralization Over-collateralization percentage 117% to 125% 118 % Loans and other receivables $ 161,470 Comparable pricing Comparable loan price $99 to $100 $99.7 Market approach Discount rate/yield 2% to 17% 12 % EBITDA (a) multiple 10.0 — Scenario analysis Estimated recovery percentage 6% to 100% 83 % Derivatives $ 19,785 Commodity forwards Market approach Discount rate/yield 47% — Transaction level $9,500,000 — Unfunded commitment Comparable pricing Comparable loan price $100 — Market approach Credit spread 298 bps — Total return swap Comparable pricing Comparable loan price $91.7 to $92.4 $92.1 Investments at fair value Private equity securities $ 29,940 Market approach Transaction Level $64 — Enterprise value $5,200,000 Discount rate 15% to 30% 23 % Investment in FXCM Term loan $ 203,700 Discounted cash flows Term based on the pay off 0 months to 1.0 year 0.4 years Rights 422,000 Option pricing model Volatility 110% — $ 625,700 Trading Liabilities Fair Value (in thousands) Valuation Significant Input/Range Weighted Average Derivatives $ 19,543 Equity options Option model Volatility 45% — Default rate Default probability 0% — Unfunded commitments Comparable pricing Comparable loan price $79 to $100 $82.6 Market approach Discount rate/yield 3% to 10% 10 % Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25% — Yield 11% — Total return swaps Comparable pricing Comparable loan price $91.7 to $92.4 $92.1 Loans $ 10,469 Comparable pricing Comparable loan price $100 — December 31, 2014 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Corporate equity securities $ 19,814 Non-exchange traded securities Market approach EBITDA (a) multiple 3.4 to 4.7 3.6 Scenario analysis Estimated recovery percentage 24% — Corporate debt securities $ 22,766 Convertible bond model Discount rate/yield 32% — Collateralized debt obligations $ 41,784 Discounted cash flows Constant prepayment rate 0% to 20% 13 % Constant default rate 0% to 2% 2 % Loss severity 0% to 70% 39 % Yield 2% to 51% 16 % Residential mortgage-backed securities $ 82,557 Discounted cash flows Constant prepayment rate 1% to 50% 13 % Constant default rate 1% to 100% 14 % Loss severity 20% to 80% 50 % Yield 3% to 13% 7 % Commercial mortgage-backed securities $ 26,655 Discounted cash flows Yield 8% to 12% 11 % Cumulative loss rate 4% to 72% 15 % Scenario analysis Estimated recovery percentage 90% — Other asset-backed securities $ 2,294 Discounted cash flows Constant prepayment rate 8% — Constant default rate 3% — Loss severity 70% — Yield 7% — Loans and other receivables $ 88,154 Comparable pricing Comparable loan price $100 to $101 $100.3 Market approach Yield 3% to 5% 4 % EBITDA (a) multiple 3.4 to 8.2 7.6 Scenario analysis Estimated recovery percentage 10% to 41% 36 % Derivatives $ 54,190 Foreign exchange options Option model Volatility 13% to 23% 17 % Commodity forwards Discounted cash flows Discount rate 17% — Loan commitments Comparable pricing Comparable loan price $100 — Investments at fair value Private equity securities $ 32,323 Market approach Transaction Level $50 — Market approach Discount rate 15% to 30% 23 % Trading Liabilities Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Derivatives $ 49,552 FX options Option model Volatility 13% to 23% 17 % Unfunded commitments Comparable pricing Comparable loan price $89 to $100 $92.0 Credit spread 45 bps — Market approach Yield 5% — Loans $ 14,450 Comparable pricing Comparable loan price $100 — Other secured financings $ 30,825 Comparable pricing Comparable loan price $81 to $100 $98.7 (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	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 years ended December 31, 2015 and 2014 and the period from the Jefferies acquisition through December 31, 2013 (in thousands): For the year ended December 31, 2015 For the year ended December 31, 2014 For the period from the Jefferies acquisition through December 31, 2013 Financial Instruments Owned: Loans and other receivables $ (17,389 ) $ (24,785 ) $ (15,327 ) Financial Instruments Sold: Loans $ (162 ) $ (585 ) $ (32 ) Loan commitments $ 7,502 $ (15,459 ) $ (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	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): Balance at December 31, 2015 Balance at December 31, 2014 Loans and other receivables (1) $ 408,369 $ 403,119 Loans and other receivables greater than 90 days past due (1) $ 29,720 $ 5,594 Loans and other receivables on nonaccrual status (1) (2) $ 54,652 $ (22,360 ) (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) Amount includes all loans and other receivables greater than 90 or more days past due.

Derivative Financial Instrume47

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure	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): Assets Liabilities Fair Value Number of Contracts Fair Value Number of Contracts December 31, 2015 Interest rate contracts $ 2,910,093 56,748 $ 2,849,958 74,904 Foreign exchange contracts 472,869 8,118 470,649 7,404 Equity contracts 1,017,611 3,057,754 1,094,597 2,947,416 Commodity contracts 8,248 2,867 882 1,973 Credit contracts: centrally cleared swaps 2,447 299 841 44 Credit contracts: other credit derivatives 16,977 100 59,314 135 Total 4,428,245 4,476,241 Counterparty/cash-collateral netting (4,165,446 ) (4,257,998 ) Total $ 262,799 $ 218,243 December 31, 2014 Interest rate contracts $ 2,299,807 71,505 $ 2,292,691 89,861 Foreign exchange contracts 1,514,881 12,861 1,519,349 12,752 Equity contracts 1,050,990 2,271,507 1,058,015 2,051,469 Commodity contracts 276,726 1,031,568 303,206 1,020,418 Credit contracts: centrally cleared swaps 17,831 27 23,264 22 Credit contracts: other credit derivatives 5,378 18 23,608 27 Total 5,165,613 5,220,133 Counterparty/cash-collateral netting (4,759,345 ) (4,856,618 ) Total $ 406,268 $ 363,515
Unrealized And Realized Gains (Losses) On Derivative Contracts	The following table presents unrealized and realized gains (losses) on derivative contracts as reflected in the Consolidated Statements of Operations for the years ended December 31, 2015 and 2014 and the period from the Jefferies acquisition through December 31, 2013 (in thousands): For the year ended December 31, 2015 For the year ended December 31, 2014 For the period from the Jefferies acquisition through December 31, 2013 Interest rate contracts $ (36,792 ) $ (149,587 ) $ 132,397 Foreign exchange contracts 36,233 39,872 5,514 Equity contracts (137,219 ) (327,978 ) (21,216 ) Commodity contracts (13,625 ) 58,746 45,546 Credit contracts (16,223 ) (23,934 ) (18,098 ) Total $ (167,626 ) $ (402,881 ) $ 144,143
Remaining Contract Maturity Of Fair Value Of OTC Derivative Assets And Liabilities	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, 2015 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross- Maturity Netting (4) Total Commodity swaps, options and forwards $ 7,743 $ 18,955 $ — $ — $ 26,698 Credit default swaps — 6,022 — (2,839 ) 3,183 Equity swaps and options 26,278 7,112 — (3,782 ) 29,608 Total return swaps 8,648 252 — (1 ) 8,899 Foreign currency forwards, swaps and options 82,707 15,780 — (7,462 ) 91,025 Interest rate swaps, options and forwards 57,655 158,874 63,816 (43,881 ) 236,464 Total $ 183,031 $ 206,995 $ 63,816 $ (57,965 ) 395,877 Cross product counterparty netting (13,063 ) Total OTC derivative assets included in Trading assets $ 382,814 (1) At December 31, 2015 , we held exchange traded derivative assets and other credit agreements with a fair value of $24.4 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, 2015 cash collateral received was $144.4 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 5,510 $ — $ — $ — $ 5,510 Credit default swaps — 2,628 31,982 (2,839 ) 31,771 Equity swaps and options 4,880 28,516 3,046 (3,782 ) 32,660 Total return swaps 22,644 774 2,540 (1 ) 25,957 Foreign currency forwards, swaps and options 98,726 12,255 — (7,462 ) 103,519 Fixed income forwards 2,522 — — — 2,522 Interest rate swaps, options and forwards 41,938 91,139 89,934 (43,881 ) 179,130 Total $ 176,220 $ 135,312 $ 127,502 $ (57,965 ) 381,069 Cross product counterparty netting (13,063 ) Total OTC derivative liabilities included in Trading liabilities $ 368,006 (1) At December 31, 2015 , we held exchange traded derivative liabilities and other credit agreements with a fair value of $87.2 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, 2015 , cash collateral pledged was $237.0 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets	At December 31, 2015 , 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 $ 195,503 BBB- to BBB+ 76,796 BB+ or lower 50,581 Unrated 59,934 Total $ 382,814 (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.

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Collateralized Transactions [Abstract]
Schedule of Collateralized Financing Transactions	The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by class of collateral pledged and remaining contractual maturity (in thousands): Collateral Pledged Securities Lending Arrangements Repurchase Agreements Total Corporate equity securities $ 2,200,273 $ 271,519 $ 2,471,792 Corporate debt securities 779,044 1,721,583 2,500,627 Mortgage- and asset-backed securities — 3,537,812 3,537,812 U.S. government and federal agency securities 34,983 12,003,521 12,038,504 Municipal securities — 357,350 357,350 Sovereign securities — 1,804,103 1,804,103 Loans and other receivables — 462,534 462,534 Total $ 3,014,300 $ 20,158,422 $ 23,172,722 Contractual Maturity Overnight and Continuous Up to 30 Days 30 to 90 Days Greater than 90 Days Total Securities lending arrangements $ 1,522,475 $ — $ 973,201 $ 518,624 $ 3,014,300 Repurchase agreements 7,848,231 5,218,059 5,291,729 1,800,403 20,158,422 Total $ 9,370,706 $ 5,218,059 $ 6,264,930 $ 2,319,027 $ 23,172,722

Securitization Activities (Tabl

Securitization Activities (Tables)	12 Months Ended
	Dec. 31, 2015
Securitization Activities [Abstract]
Activity Related To Securitizations Accounted For As Sales	The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement during the years ended December 31, 2015 and 2014 and the period from the Jefferies acquisition through December 31, 2013 (in millions): For the year ended December 31, 2015 For the year ended December 31, 2014 For the period from the Jefferies acquisition through December 31, 2013 Transferred assets $ 5,770.5 $ 6,112.6 $ 4,592.5 Proceeds on new securitizations 5,811.3 6,221.1 4,609.0 Cash flows received on retained interests 31.2 46.3 35.6
Summary Of Retained Interests In SPEs	The following table summarizes our retained interests in SPEs where Jefferies transferred assets and has continuing involvement and received sale accounting treatment (in millions): December 31, 2015 December 31, 2014 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 10,901.9 $ 203.6 $ 19,196.9 $ 226.9 U.S. government agency commercial mortgage-backed securities 2,313.4 87.2 5,848.5 204.7 Collateralized loan obligations 4,538.4 51.5 4,511.8 108.4 Consumer and other loans 655.0 31.0 — —

Available For Sale Securities (

Available For Sale Securities (Tables)	12 Months Ended
	Dec. 31, 2015
Investments [Abstract]
Amortized Cost, Gross Unrealized Gains And Losses And Estimated Fair Value Of Available For Sale Investments	The amortized cost, gross unrealized gains and losses and estimated fair value of investments classified as available for sale at December 31, 2015 and 2014 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value 2015 Bonds and notes: U.S. government securities $ 63,968 $ 2 $ 25 $ 63,945 Residential mortgage-backed securities 23,033 308 101 23,240 Commercial mortgage-backed securities 2,392 — 18 2,374 Other asset-backed securities 39,633 — 160 39,473 All other corporates 4,794 7 57 4,744 Total fixed maturities 133,820 317 361 133,776 Equity securities: Common stocks: Banks, trusts and insurance companies 35,071 10,201 — 45,272 Industrial, miscellaneous and all other 17,946 10,361 — 28,307 Total equity securities 53,017 20,562 — 73,579 $ 186,837 $ 20,879 $ 361 $ 207,355 2014 Bonds and notes: U.S. government securities $ 593,803 $ 33 $ 63 $ 593,773 Residential mortgage-backed securities 597,402 10,959 1,678 606,683 Commercial mortgage-backed securities 42,991 484 74 43,401 Other asset-backed securities 245,533 619 996 245,156 All other corporates 30,519 60 176 30,403 Total fixed maturities 1,510,248 12,155 2,987 1,519,416 Equity securities: Common stocks: Banks, trusts and insurance companies 31,853 18,740 — 50,593 Industrial, miscellaneous and all other 20,355 18,405 — 38,760 Total equity securities 52,208 37,145 — 89,353 $ 1,562,456 $ 49,300 $ 2,987 $ 1,608,769
Amortized Cost And Estimated Fair Value Of Investments Classified As Available For Sale By Contractual Maturity	The amortized cost and estimated fair value of investments classified as available for sale at December 31, 2015 , 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 Cost Estimated Fair Value (In thousands) Due within one year $ 68,250 $ 68,178 Due after one year through five years 512 511 Due after five years through ten years — — Due after ten years — — 68,762 68,689 Mortgage-backed and asset-backed securities 65,058 65,087 $ 133,820 $ 133,776

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Variable Interest Entity, Measure of Activity [Abstract]
Assets And Liabilities Of 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, 2015 and 2014 . Securitization Vehicles 2015 2014 (In millions) Cash $ 1.1 $ 0.5 Financial instruments owned 68.3 62.7 Securities purchased under agreement to resell (1) 717.3 575.2 Other 160.2 107.1 Total assets $ 946.9 $ 745.5 Other secured financings (2) $ 932.4 $ 737.0 Other 14.5 8.5 Total liabilities $ 946.9 $ 745.5 (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 $22.1 million and $39.7 million of the secured financing represents an amount held by Jefferies in inventory and eliminated in consolidation at December 31, 2015 and 2014 , respectively.
Non-Consolidated Variable Interest Entities	The following tables present information about Jefferies variable interests in nonconsolidated VIEs. Variable Interests Financial Statement Carrying Amount (1) Assets Maximum Exposure to Loss VIE Assets (In millions) December 31, 2015 Collateralized loan obligations $ 73.6 $ 458.1 $ 6,368.7 Consumer loan vehicles 188.3 845.8 1,133.0 Asset management vehicles 0.5 0.5 45.5 Private equity vehicles 27.3 40.7 80.8 Total $ 289.7 $ 1,345.1 $ 7,628.0 December 31, 2014 Collateralized loan obligations $ 134.0 $ 926.9 $ 7,737.1 Consumer loan vehicles 170.6 797.8 485.2 Asset management vehicles 11.3 11.3 432.3 Private equity vehicles 44.3 59.2 92.8 Total $ 360.2 $ 1,795.2 $ 8,747.4 (1) There were no significant liabilities at December 31, 2015 or December 31, 2014 .

Loans To And Investments In A52

Loans To And Investments In Associated Companies (Tables)	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule Of Loans To And Investments In Associated Companies	A summary of loans to and investments in associated companies at December 31, 2015 and 2014 accounted for under the equity method of accounting is as follows (in thousands): Jefferies Finance Jefferies LoanCore Berkadia Garcadia Companies Linkem HomeFed Golden Queen Mining Company, LLC (1) Other Total Loans to and investments in associated companies as of December 31, 2012 $ — $ — $ 172,942 $ 82,425 $ 86,424 $ 49,384 $ — $ 416,299 $ 807,474 2013 Activity: Amounts at date of Jefferies acquisition 510,684 217,299 — — — — — 38,911 766,894 Income (losses) related to associated companies — — 84,678 39,399 (22,719 ) 3,539 — 14,144 119,041 Income (losses) related to associated companies classified as other revenues 57,795 35,300 — — — — — (915 ) 92,180 Contributions to (distributions from) associated companies, net (97,942 ) (28,562 ) (69,016 ) (1,807 ) 107,385 — — (39,761 ) (129,703 ) Other, including foreign exchange and unrealized gain (losses) — — (6,031 ) — 2,487 — — (394,001 ) (397,545 ) Loans to and investments in associated companies as of December 31, 2013 470,537 224,037 182,573 120,017 173,577 52,923 — 34,677 1,258,341 2014 Activity: Income (losses) related to associated companies — — 101,187 49,416 (14,633 ) 3,150 (1,402 ) 809 138,527 Income (losses) related to associated companies classified as other revenues 72,701 18,793 — — — — — (1,252 ) 90,242 Contributions to (distributions from) associated companies, net (34,347 ) 16,117 (72,721 ) (1,494 ) 18,390 — 105,000 (4,067 ) 26,878 Other, including foreign exchange and unrealized gain (losses) — — (2,528 ) — (18,280 ) 215,709 — 3,679 198,580 Loans to and investments in associated companies as of December 31, 2014 508,891 258,947 208,511 167,939 159,054 271,782 103,598 33,846 1,712,568 2015 Activity: Income (losses) related to associated companies — — 78,092 53,182 (15,577 ) 3,596 (1,775 ) (7,237 ) 110,281 Income (losses) related to associated companies classified as other revenues 40,884 36,554 — — — — — (1,721 ) 75,717 Contributions to (distributions from) associated companies, net (21,200 ) (6,760 ) (89,560 ) (48,461 ) 21,138 — 12,500 11,483 (120,860 ) Other, including foreign exchange and unrealized gain (losses) — — (6,057 ) — (14,466 ) — — 186 (20,337 ) Loans to and investments in associated companies as of December 31, 2015 $ 528,575 $ 288,741 $ 190,986 $ 172,660 $ 150,149 $ 275,378 $ 114,323 $ 36,557 $ 1,757,369 (1) At December 31, 2015 and 2014 , the balance reflects $33.7 million and $33.7 million , respectively, related to a noncontrolling interest.
Schedule Of Summarized Data For Investments In Associated Companies	The following table provides summarized data for associated companies as of December 31, 2015 and 2014 and for the three years ended December 31, 2015 (in thousands): 2015 2014 Assets $ 18,489,684 $ 12,683,212 Liabilities 14,990,876 9,350,034 Noncontrolling interest 39,038 12,718 2015 2014 2013 Revenues $ 3,946,252 $ 3,201,823 $ 2,710,205 Income from continuing operations before extraordinary items $ 398,369 $ 431,654 $ 428,509 Net income $ 398,369 $ 431,654 $ 434,969 The Company’s income related to associated companies $ 185,998 $ 228,769 $ 211,221

Financial Statement Offsetting

Financial Statement Offsetting (Tables)	12 Months Ended
	Dec. 31, 2015
Offsetting [Abstract]
Summary Of Offsetting Assets And Liabilities	The following table provides information regarding derivative contracts, repurchase agreements and securities borrowing and lending arrangements that are recognized in the Consolidated Statements of Financial Condition and 1 ) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under 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. (In thousands) Gross Amounts Netting in Consolidated Statement of Financial Condition Net Amounts in Consolidated Statement of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets at December 31, 2015 Derivative contracts $ 4,428,245 $ (4,165,446 ) $ 262,799 $ — $ — $ 262,799 Securities borrowing arrangements $ 6,975,136 $ — $ 6,975,136 $ (478,991 ) $ (667,099 ) $ 5,829,046 Reverse repurchase agreements $ 14,046,300 $ (10,191,554 ) $ 3,854,746 $ (83,452 ) $ (3,745,215 ) $ 26,079 Liabilities at December 31, 2015 Derivative contracts $ 4,476,241 $ (4,257,998 ) $ 218,243 $ — $ — $ 218,243 Securities lending arrangements $ 3,014,300 $ — $ 3,014,300 $ (478,991 ) $ (2,499,395 ) $ 35,914 Repurchase agreements $ 20,158,422 $ (10,191,554 ) $ 9,966,868 $ (83,452 ) $ (8,068,468 ) $ 1,814,948 Assets at December 31, 2014 Derivative contracts $ 5,165,613 $ (4,759,345 ) $ 406,268 $ — $ — $ 406,268 Securities borrowing arrangements $ 6,853,103 $ — $ 6,853,103 $ (680,222 ) $ (1,274,196 ) $ 4,898,685 Reverse repurchase agreements $ 14,059,133 $ (10,132,275 ) $ 3,926,858 $ (634,568 ) $ (3,248,817 ) $ 43,473 Liabilities at December 31, 2014 Derivative contracts $ 5,220,133 $ (4,856,618 ) $ 363,515 $ — $ — $ 363,515 Securities lending arrangements $ 2,598,487 $ — $ 2,598,487 $ (680,222 ) $ (1,883,140 ) $ 35,125 Repurchase agreements $ 20,804,432 $ (10,132,275 ) $ 10,672,157 $ (634,568 ) $ (8,810,770 ) $ 1,226,819 (1) Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in the balance sheet because other provisions of GAAP are not met. Further, for derivative assets and liabilities, amounts netted include cash collateral paid or received. (2) Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3) At December 31, 2015 , amounts include $5,796.1 million of securities borrowing arrangements, for which we have received securities collateral of $5,613.3 million , and $1,807.2 million of repurchase agreements, for which we have pledged securities collateral of $1,875.3 million , which are subject to master netting agreements but we have not yet determined the agreements to be legally enforceable. At December 31, 2014 , amounts include $4,847.4 million of securities borrowing arrangements, for which we have received securities collateral of $4,694.0 million , and $1,201.9 million of repurchase agreements, for which we have pledged securities collateral of $1,238.4 million , which are subject to master netting agreements but we have not yet determined the agreements to be legally enforceable.

Intangible Assets, Net And Go54

Intangible Assets, Net And Goodwill (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule Of Intangible Assets, Net And Goodwill	A summary of intangible assets, net and goodwill at December 31, 2015 and 2014 is as follows (in thousands): 2015 2014 Indefinite lived intangibles: Exchange and clearing organization membership interests and registrations $ 11,897 $ 14,528 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $191,761 and $155,548 456,222 493,501 Trademarks and tradename, net of accumulated amortization of $64,052 and $47,101 330,172 347,883 Supply contracts, net of accumulated amortization of $40,684 and $30,433 109,311 119,562 Other, net of accumulated amortization of $5,216 and $4,703 4,419 2,900 Total intangible assets, net 912,021 978,374 Goodwill: National Beef 14,991 14,991 Jefferies 1,712,799 1,718,847 Other operations 8,551 8,551 Total goodwill 1,736,341 1,742,389 Total intangible assets, net and goodwill $ 2,648,362 $ 2,720,763

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2015
Inventory, Net [Abstract]
Summary Of Inventory	A summary of inventory at December 31, 2015 and 2014 which is classified as Other assets is as follows (in thousands): 2015 2014 Finished goods $ 211,426 $ 343,959 Work in process 34,091 40,951 Raw materials, supplies and other 42,556 37,993 $ 288,073 $ 422,903

Property, Equipment And Lease56

Property, Equipment And Leasehold Improvements, Net (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Summary Of Property, Equipment And Leasehold Improvements	A summary of property, equipment and leasehold improvements, net at December 31, 2015 and 2014 is as follows (in thousands): Depreciable Lives (in years) 2015 2014 Land, buildings and leasehold improvements 5-45 $ 371,383 $ 321,098 Beef processing machinery and equipment 2-15 315,238 283,360 Other machinery and equipment 3-15 113,412 110,075 Corporate aircraft 10 104,862 104,780 Furniture, fixtures and office equipment 2-10 311,845 283,436 Construction in progress N/A 38,903 40,788 Other 3-10 4,909 4,598 1,260,552 1,148,135 Accumulated depreciation and amortization (538,677 ) (421,759 ) $ 721,875 $ 726,376

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule Of Indebtedness	The principal amount (net of unamortized discounts and premiums), stated interest rate and maturity date of outstanding debt at December 31, 2015 and 2014 are as follows (dollars in thousands): 2015 2014 Parent Company Debt: Senior Notes: 8.125% Senior Notes due September 15, 2015, $0 and $458,641 principal $ — $ 457,723 5.50% Senior Notes due October 18, 2023, $750,000 principal 741,583 740,748 6.625% Senior Notes due October 23, 2043, $250,000 principal 247,027 246,991 Total long-term debt – Parent Company 988,610 1,445,462 Subsidiary Debt (non-recourse to Parent Company): Jefferies: 3.875% Senior Notes, due November 9, 2015, $0 and $500,000 principal — 507,944 5.5% Senior Notes, due March 15, 2016, $350,000 principal 353,025 363,229 5.125% Senior Notes, due April 13, 2018, $800,000 principal 830,298 842,359 8.5% Senior Notes, due July 15, 2019, $700,000 principal 806,125 832,797 2.375% Euro Senior Notes, due May 20, 2020, $528,625 and $622,175 principal 527,606 620,725 6.875% Senior Notes, due April 15, 2021, $750,000 principal 838,765 853,091 2.25% Euro Medium Term Notes, due July 13, 2022, $4,229 and $4,977 principal 3,779 4,379 5.125% Senior Notes, due January 20, 2023, $600,000 principal 620,890 623,311 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 379,711 381,515 3.875% Convertible Senior Debentures, due November 1, 2029, $345,000 principal 347,307 348,568 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 512,730 513,046 6.50% Senior Notes, due January 20, 2043, $400,000 principal 421,656 421,960 Secured credit facility — 170,000 National Beef Term Loan 310,000 345,000 National Beef Revolving Credit Facility 121,961 135,144 54 Madison debt 116,211 — Foursight Credit Facilities 110,253 27,000 Other 118,667 92,399 Total long-term debt – subsidiaries 6,418,984 7,082,467 Long-term debt $ 7,407,594 $ 8,527,929

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Temporary Equity Disclosure [Abstract]
Schedule Of Redeemable Noncontrolling Interests	The following table reconciles National Beef’s redeemable noncontrolling interests activity during the years ended December 31, 2015 and 2014 (in thousands): 2015 2014 As of January 1, $ 184,333 $ 241,075 Loss allocated to redeemable noncontrolling interests (26,465 ) (8,576 ) Contributions from redeemable noncontrolling interests 5,263 — Distributions to redeemable noncontrolling interests — (2,765 ) Increase (decrease) in fair value of redeemable noncontrolling interests charged to additional paid-in capital 26,227 (45,401 ) Balance, December 31, $ 189,358 $ 184,333
Sensitivity Analysis Of Fair Value Of Redeemable Noncontrolling Interests Using Discount And Terminal Growth Rates	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, 2015 (dollars in millions): Discount Rates Terminal Growth Rates 12.25% 12.50% 12.75% 1.75 % $ 191.2 $ 188.1 $ 185.0 2.00 % $ 192.6 $ 189.4 $ 186.3 2.25 % $ 194.1 $ 190.7 $ 187.6

Common Shares And Compensatio59

Common Shares And Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Share-based Compensation [Abstract]
Summary Of Company's Stock Options	Fixed Stock Option Plan. A summary of activity with respect to our stock options for the three years ended December 31, 2015 is as follows: Common Shares Subject to Option Weighted- Average Exercise Prices Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Balance at December 31, 2012 2,577,500 $ 26.10 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 Granted — $ — Exercised (35,536 ) $ 22.87 $ 58,000 Cancelled (741,678 ) $ 27.39 Balance at December 31, 2014 1,640,034 $ 24.91 Granted — $ — Exercised (2,030 ) $ 21.66 $ 6,000 Cancelled (976,732 ) $ 24.88 Balance at December 31, 2015 661,272 $ 24.97 2.1 years $ — Exercisable at December 31, 2015 391,274 $ 25.75 1.7 years $ —
Summary Of Weighted-Average Assumptions Used For Grants	The following summary presents the weighted-average assumptions used for grants made during 2013 . There were no grants during 2014 or 2015. Risk free interest rate 1.26 % Expected volatility 39.17 % Expected dividend yield 0.85 % Expected life 4.0 years Weighted-average fair value per grant $ 7.67
Activity of Restricted Stock	The following table details the activity in restricted stock during the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share amounts): Weighted Average Grant Date Fair Value Balance at January 1, 2013 — $ — Converted in connection with the Jefferies acquisition 6,895 $ 26.90 Grants 462 $ 27.38 Forfeited (144 ) $ 26.90 Fulfillment of service requirement (1,971 ) $ 26.90 Balance at December 31, 2013 5,242 $ 26.94 Grants 864 $ 27.03 Forfeited (202 ) $ 26.90 Fulfillment of service requirement (2,521 ) $ 26.89 Balance at December 31, 2014 3,383 $ 27.00 Grants 602 $ 18.63 Forfeited (94 ) $ 28.12 Fulfillment of service requirement (1,887 ) $ 26.87 Balance at December 31, 2015 2,004 $ 24.56
Activity of Restricted Stock Units	The following table details the activity in restricted stock units during the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share amounts): Future Service Required No Future Service Required Future Service Required No Future Service Required Balance at January 1, 2013 — — $ — $ — Converted in connection with the Jefferies acquisition 5,167 9,527 $ 26.90 $ 26.90 Grants — 145 $ — $ 24.32 Distributions of underlying shares — (1,603 ) $ — $ 26.90 Forfeited (106 ) (21 ) $ 26.90 $ 26.83 Fulfillment of service requirement (268 ) 268 $ 26.90 $ 26.90 Balance at December 31, 2013 4,793 8,316 $ 26.90 $ 26.86 Grants — 97 $ — $ 20.89 Distributions of underlying shares — (366 ) $ — $ 26.85 Forfeited (135 ) — $ 26.90 $ — Fulfillment of service requirement (420 ) 420 $ 26.90 $ 26.90 Balance at December 31, 2014 4,238 8,467 $ 26.90 $ 26.79 Grants — 121 $ — $ 18.95 Distributions of underlying shares — (229 ) $ — $ 22.34 Forfeited (626 ) — $ 26.90 $ — Fulfillment of service requirement (224 ) 224 $ 26.90 $ 26.90 Balance at December 31, 2015 3,388 8,583 $ 26.90 $ 26.68

Accumulated Other Comprehensi60

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary Of Accumulated Other Comprehensive Income, Net Of Taxes	A summary of accumulated other comprehensive income, net of taxes at December 31, 2015, 2014 and 2013 is as follows (in thousands): 2015 2014 2013 Net unrealized gains on available for sale securities $ 557,601 $ 577,588 $ 589,393 Net unrealized foreign exchange gains (losses) (63,248 ) (26,771 ) 16,803 Net unrealized losses on derivative instruments — — (169 ) Net minimum pension liability (55,560 ) (103,735 ) (67,977 ) $ 438,793 $ 447,082 $ 538,050
Schedule Of Accumulated Other Comprehensive Income Reclassifications	For the years ended December 31, 2015 and 2014 , significant amounts reclassified out of accumulated other comprehensive income to net income (loss) are as follows (in thousands): Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statement of Operations 2015 2014 Net unrealized gains (losses) on available for sale securities, net of income tax provision of $6,068 and $1,631 $ 10,930 $ 2,939 Net realized securities gains Net unrealized foreign exchange gains, net of income tax provision of $0 and $149 — 267 Loss from discontinued operations, net of income tax (benefit) Net unrealized losses on derivatives, net of income tax (benefit) of $0 and $(95) — (169 ) Income related to associated companies Amortization of defined benefit pension plan actuarial gains (losses), net of income tax (benefit) of $(17,159) and $(1,676) (31,102 ) (3,201 ) Compensation and benefits, which includes pension expense. See Note 21 for information on this component. Total reclassifications for the period, net of tax $ (20,172 ) $ (164 )

Pension Plans And Postretirem61

Pension Plans And Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2015
U.S. Pension Plans [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Components Of Defined Benefit Pension Plans	A summary of activity with respect to both plans is as follows (in thousands): 2015 2014 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 352,126 $ 295,044 Interest cost 12,958 14,239 Actuarial (gains) losses (35,799 ) 52,125 Benefits paid (122,260 ) (9,282 ) Projected benefit obligation, end of year $ 207,025 $ 352,126 Change in plan assets: Fair value of plan assets, beginning of year $ 240,010 $ 239,080 Actual return on plan assets (250 ) 11,175 Employer contributions 1,000 — Benefits paid (122,260 ) (9,282 ) Administrative expenses (781 ) (963 ) Fair value of plan assets, end of year $ 117,719 $ 240,010 Funded status at end of year $ (89,306 ) $ (112,116 )
Components Of Net Periodic Pension Costs And Amounts Recognized In Other Comprehensive Income	The following table summarizes the components of net periodic pension cost and other amounts recognized in other comprehensive income (loss) excluding taxes (in thousands): 2015 2014 2013 Components of net periodic pension cost: Interest cost $ 12,958 $ 14,239 $ 12,286 Expected return on plan assets (10,581 ) (10,115 ) (9,746 ) Settlement charge 40,973 — — Actuarial losses 6,963 4,634 7,464 Net periodic pension cost $ 50,313 $ 8,758 $ 10,004 Amounts recognized in other comprehensive income (loss): Net (gain) loss arising during the period $ (24,186 ) $ 52,027 $ (31,952 ) Settlement charge (40,973 ) — — Amortization of net loss (6,963 ) (4,634 ) (7,464 ) Total recognized in other comprehensive income (loss) $ (72,122 ) $ 47,393 $ (39,416 ) Net amount recognized in net periodic benefit cost and other comprehensive income (loss) $ (21,809 ) $ 56,151 $ (29,412 )
Schedule Of Assumptions For Pension Plan	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: 2015 2014 WilTel Plan Discount rate used to determine benefit obligation 4.00 % 3.76 % Weighted-average assumptions used to determine net pension cost: Discount rate 3.76 % 4.71 % Expected long-term return on plan assets 4.00 % 4.00 % Jefferies Plan Discount rate used to determine benefit obligation 4.10 % 4.30 % Weighted-average assumptions used to determine net pension cost: Discount rate 4.30 % 5.10 % Expected long-term return on plan assets 6.75 % 6.75 %
Schedule Of Expected Pension Benefit Payments	The following pension benefit payments are expected to be paid (in thousands): 2016 $ 10,503 2017 8,818 2018 9,962 2019 10,001 2020 10,506 2021 – 2025 65,960
U.S. Pension Plans [Member] | WilTel [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule Of Plan's Assets At Fair Value	WilTel Plan Assets. At December 31, 2015 and 2014 , the WilTel plan assets at fair value consisted of the following (in thousands): Fair Value Measurements Using Total Level 1 Level 2 2015 Cash and cash equivalents $ 3,026 $ 3,026 $ — Fixed income securities: U.S. government and agencies 5,988 5,988 — Public utilities 8,978 — 8,978 All other corporates 52,696 — 52,696 Total $ 70,688 $ 9,014 $ 61,674 2014 Cash and cash equivalents $ 14,669 $ 14,669 $ — Fixed income securities: U.S. government and agencies 3,719 3,719 — Public utilities 15,669 — 15,669 All other corporates 154,868 — 154,868 Total $ 188,925 $ 18,388 $ 170,537
U.S. Pension Plans [Member] | Jefferies [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule Of Plan's Assets At Fair Value	Jefferies Plan Assets. At December 31, 2015 and 2014 , the Jefferies plan assets at fair value consisted of the following (in thousands): Fair Value Measurements Using Total Level 1 Level 2 2015 Cash and cash equivalents $ 487 $ 487 $ — Listed equity securities 29,156 29,156 — Fixed income securities: Corporate debt securities 6,598 — 6,598 Foreign corporate debt securities 2,140 — 2,140 U.S. government securities 3,975 3,975 — Agency mortgage-backed securities 3,504 — 3,504 Commercial mortgage-backed securities 425 — 425 Asset-backed securities 746 — 746 Total $ 47,031 $ 33,618 $ 13,413 2014 Cash and cash equivalents $ 373 $ 373 $ — Listed equity securities 31,327 31,327 — Fixed income securities: Corporate debt securities 6,482 — 6,482 Foreign corporate debt securities 1,321 — 1,321 U.S. government securities 5,929 5,929 — Agency mortgage-backed securities 3,883 — 3,883 Commercial mortgage-backed securities 1,080 — 1,080 Asset-backed securities 690 — 690 Total $ 51,085 $ 37,629 $ 13,456
German Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule Of Assumptions For Pension Plan	The following are assumptions used to determine the actuarial present value of the projected benefit obligation and net periodic pension benefit cost for the years ended December 31, 2015 and 2014 : 2015 2014 Projected benefit obligation Discount rate 2.20 % 2.10 % Rate of compensation increase (1) N/A 3.00 % Net periodic pension benefit cost Discount rate 2.10 % 3.40 % Rate of compensation increase (1) N/A 3.00 % (1) There were no active participants in the plan at December 31, 2015.
Schedule Of Expected Pension Benefit Payments	The following pension benefit payments are expected to be paid (in thousands): 2016 $ 1,143 2017 1,124 2018 1,133 2019 1,110 2020 1,159 2021 – 2025 5,831
Changes in Projected Benefit Obligation	The following tables summarize the changes in the projected benefit obligation and the components of net periodic pension cost for the years ended December 31, 2015 and 2014 and for the period from the acquisition of Jefferies to December 31, 2013 (in thousands): 2015 2014 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 28,434 $ 26,368 Service cost — 40 Interest cost 523 801 Actuarial losses (40 ) 4,630 Currency adjustment (4,303 ) (2,212 ) Benefits paid (1,069 ) (1,193 ) Projected benefit obligation, end of year $ 23,545 $ 28,434
Components Of Pension Expense	2015 2014 2013 Components of net periodic pension cost: Service cost $ — $ 40 $ 51 Interest cost 523 801 685 Net amortization 325 244 179 Net periodic pension cost $ 848 $ 1,085 $ 915

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule Of Principal Components Of Deferred Taxes	The principal components of deferred taxes at December 31, 2015 and 2014 are as follows (in thousands): 2015 2014 Deferred tax asset: NOL carryover $ 1,375,759 $ 1,266,972 Compensation 284,761 334,576 Long-term debt 89,160 134,079 Other assets 162,393 160,586 Securities valuation reserves 32,141 25,499 Intangible assets, net and goodwill 6,855 13,842 Other liabilities 40,393 57,006 1,991,462 1,992,560 Valuation allowance (97,177 ) (110,404 ) 1,894,285 1,882,156 Deferred tax liability: Unrealized gains on investments (153,035 ) (10,406 ) Amortization of intangible assets (103,561 ) (97,268 ) Property and equipment (4,151 ) (866 ) Other (58,170 ) (61,081 ) (318,917 ) (169,621 ) Net deferred tax asset $ 1,575,368 $ 1,712,535
Schedule Of Provision (Benefit) For Income Taxes	The provision for income taxes for continuing operations for each of the three years in the period ended December 31, 2015 was as follows (in thousands): 2015 2014 2013 Current taxes: Federal $ 709 $ 746 $ 2,900 State and local (25,308 ) 17,232 22,006 Foreign 3,504 12,375 9,050 Total current income taxes (21,095 ) 30,353 33,956 Deferred taxes: Federal 134,590 97,190 82,173 State and local 4,552 30,707 23,198 Foreign (8,100 ) 7,721 (2,846 ) Total deferred income taxes 131,042 135,618 102,525 Provision for income taxes $ 109,947 $ 165,971 $ 136,481
Schedule Of Reconciliation Of Expected Statutory Federal Income Tax To Actual Income Tax Provision (Benefit)	The table below reconciles the expected statutory federal income tax to the actual income tax provision (benefit) (in thousands): 2015 2014 2013 Expected federal income tax $ 124,788 $ 133,428 $ 190,955 State income taxes, net of federal income tax benefit (6,928 ) 31,160 21,396 Increase (decrease) in valuation allowance (13,227 ) (22,203 ) 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 ) Foreign rate differential (10,130 ) (14,305 ) (4,750 ) Permanent differences 8,064 6,181 13,210 Tax exempt income (6,789 ) (6,812 ) (4,033 ) Income allocated to noncontrolling interest, not subject to tax 11,039 3,270 3,655 Nondeductible settlements — 24,500 — Foreign taxes (2,989 ) 2,542 4,033 Other 6,119 8,210 (2,348 ) Actual income tax provision $ 109,947 $ 165,971 $ 136,481
Schedule Of Reconciliation Of Unrecognized Tax Benefits	The following table reconciles the total amount of unrecognized tax benefits as of the beginning and end of the periods presented (in thousands): Gross Unrecognized Tax Benefits Interest Total As of January 1, 2013 $ 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 Increases based on tax positions related to current period 5,630 — 5,630 Increases based on tax positions related to prior periods 4,340 — 4,340 Decreases based on tax positions related to prior periods (3,940 ) — (3,940 ) Interest expense recognized — 9,200 9,200 Audit payments (2,960 ) (100 ) (3,060 ) Reductions as a result of the lapse of the statute of limitations — — — Balance, December 31, 2014 148,590 37,270 185,860 Increases based on tax positions related to current period 3,475 — 3,475 Increases based on tax positions related to prior periods 22,030 — 22,030 Decreases based on tax positions related to prior periods (15,349 ) (4,884 ) (20,233 ) Interest expense recognized — 10,336 10,336 Audit payments — — — Reductions as a result of the lapse of the statute of limitations (7,879 ) (3,641 ) (11,520 ) Balance, December 31, 2015 $ 150,867 $ 39,081 $ 189,948

Net Realized Securities Gains63

Net Realized Securities Gains (Losses) (Tables)	12 Months Ended
	Dec. 31, 2015
Gain (Loss) on Investments [Abstract]
Summary Of Net Securities Gains (Losses)	The following summarizes net realized securities gains (losses) for each of the three years in the period ended December 31, 2015 (in thousands): 2015 2014 2013 Net realized gains on securities $ 14,112 $ 30,686 $ 245,262 Write-down of investments (a) — (111 ) (1,621 ) Other (b) 48,845 (181 ) 316 $ 62,957 $ 30,394 $ 243,957 (a) Consists of provisions to write down investments resulting from declines in fair values believed to be other than temporary.

Other Results Of Operations I64

Other Results Of Operations Information (Tables)	12 Months Ended
	Dec. 31, 2015
Nonoperating Income (Expense) [Abstract]
Schedule Of Other Income	Other income for each of the three years in the period ended December 31, 2015 consists of the following (in thousands): 2015 2014 2013 Manufacturing revenues $ 391,920 $ 379,274 $ 310,624 Dividend income 5,482 7,379 5,553 Income from associated companies classified as other revenues 75,717 90,242 92,180 Revenues of oil and gas exploration and production businesses 45,939 19,373 — Gain on sale of equity interest — 22,714 — Rental income 1,872 5,877 13,158 Winery revenues — — 8,301 Other 28,298 45,606 55,676 $ 549,228 $ 570,465 $ 485,492

Earnings (Loss) Per Common Sh65

Earnings (Loss) Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share Computation	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, 2015, 2014 and 2013 (in thousands): 2015 2014 2013 Numerator for earnings (loss) per share: Net income attributable to Leucadia National Corporation common shareholders $ 279,587 $ 204,306 $ 369,240 Less: Allocation of earnings to participating securities (1) (4,711 ) (4,761 ) (4,919 ) Net income attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share 274,876 199,545 364,321 Less: Adjustment to allocation of earnings to participating securities related to diluted shares (1) (34 ) (75 ) (110 ) Mandatorily redeemable convertible preferred share dividends — — 3,397 Interest on 3.75% Convertible Notes — 739 2,635 Net income attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share $ 274,842 $ 200,209 $ 370,243 Denominator for earnings (loss) per share: Denominator for basic earnings (loss) per share – weighted average shares 372,430 371,889 339,673 Stock options 1 29 55 Warrants — — — Mandatorily redeemable convertible preferred shares — — 3,468 3.875% Convertible Senior Debentures — — — 3.75% Convertible Notes — 1,415 4,538 Denominator for diluted earnings (loss) per share 372,431 373,333 347,734 (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 6,500,000 , 9,040,900 and 9,353,400 for the years ended December 31, 2015, 2014 and 2013 , respectively. Dividends declared on participating securities during the years ended December 31, 2015, 2014 and 2013 were $1.5 million , $2.2 million and $2.8 million , respectively. 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 an66

Commitments, Contingencies and Guarantees (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Commitments for Noncancelable Operating Leases	Future minimum annual rentals (exclusive of month-to-month leases, real estate taxes, maintenance and certain other charges) under these leases at December 31, 2015 are as follows (in thousands): 2016 $ 83,230 2017 80,167 2018 75,785 2019 66,339 2020 57,198 Thereafter 409,417 772,136 Less: sublease income (10,854 ) $ 761,282
Commitments and Contingencies	The following table summarizes commitments associated with certain business activities (in millions): Expected Maturity Date 2016 2017 2018 and 2019 2020 and 2021 2022 and Later Maximum Payout Equity commitments (1) $ 106.8 $ 25.3 $ 43.9 $ 35.9 $ 189.5 $ 401.4 Loan commitments (1) 247.3 170.7 81.4 — — 499.4 Mortgage-related and other purchase commitments 1,571.4 312.5 1,013.7 — — 2,897.6 Forward starting reverse repos and repos 1,635.0 — — — — 1,635.0 Other unfunded commitments (1) 87.0 186.9 20.2 5.7 35.6 335.4 $ 3,647.5 $ 695.4 $ 1,159.2 $ 41.6 $ 225.1 $ 5,768.8 (1) Equity commitments, loan commitments and other unfunded commitments are presented by contractual maturity date. The amounts are however mostly available on demand.
Guarantees	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 Guarantee Type 2016 2017 2018 and 2019 2020 and 2021 2022 and Later Notional/ Maximum Payout Derivative contracts – non-credit related $ 11,840.6 $ 584.6 $ 142.8 $ — $ 414.4 $ 12,982.4 Written derivative contracts – credit related — — 115.4 955.4 10.0 1,080.8 Total derivative contracts $ 11,840.6 $ 584.6 $ 258.2 $ 955.4 $ 424.4 $ 14,063.2
External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts	The external credit ratings of the underlying or referenced assets for our credit related derivatives contracts (in millions): External Credit Rating AAA/ Aaa AA/ Aa A BBB/Baa Below Investment Grade Unrated Notional/ Maximum Payout Credit related derivative contracts: Index credit default swaps $ 698.4 $ — $ — $ — $ — $ — $ 698.4 Single name credit default swaps $ — $ — $ 10.0 $ 57.5 $ 264.3 $ 50.6 382.4

Net Capital Requirements (Table

Net Capital Requirements (Tables)	12 Months Ended
	Dec. 31, 2015
Brokers and Dealers [Abstract]
Net Capital, Adjusted Net Capital And Excess Net Capital	Jefferies LLC and Jefferies Execution’s net capital and excess net capital are as follows (in thousands): Net Capital Excess Net Capital Jefferies LLC $ 1,556,602 $ 1,471,663 Jefferies Execution 9,647 9,397

Other Fair Value Information (T

Other Fair Value Information (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Methods And Assumptions Used To Estimate The Fair Values	The carrying amounts and estimated fair values of our principal financial instruments that are not recognized at fair value on a recurring basis are as follows (in thousands): December 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Other Assets: Notes and loans receivable (a) $ 488,690 $ 490,208 $ 213,174 $ 217,171 Financial Liabilities: Short-term borrowings (b) 310,659 310,659 12,000 12,000 Long-term debt (b) 7,407,594 7,299,405 8,527,929 8,806,700 (a) Notes and loans receivable: The fair values 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 A69

Discontinued Operations And Assets Held For Sale (Tables)	12 Months Ended
	Dec. 31, 2015
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract]
Results Of Discontinued Operations	A summary of the results of discontinued operations for the clean energy project, Premier, Sangart, and the small power production business is as follows for the years ended December 31, 2014 and 2013 ; discontinued operations for the year ended December 31, 2015 were not significant (in thousands): 2014 2013 Revenues and other income: Gaming entertainment $ 67,739 $ 114,844 Investment and other income 4,700 4,691 72,439 119,535 Expenses: Direct operating expenses - Gaming entertainment 48,877 85,233 Compensation and benefits 4,503 19,534 Depreciation and amortization 5,208 8,919 Selling, general and other expenses 41,378 98,178 99,966 211,864 Loss from discontinued operations before income taxes (27,527 ) (92,329 ) Income tax (benefit) (9,634 ) (32,303 ) Loss from discontinued operations after income taxes $ (17,893 ) $ (60,026 )

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information, By Segment	Certain information concerning our segments for the years ended December 31, 2015, 2014 and 2013 is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired. As discussed above, Jefferies became our wholly-owned subsidiary on March 1, 2013 and is reflected in our consolidated financial statements utilizing a one month lag. 2015 2014 2013 (In thousands) Net Revenues: Reportable Segments: Jefferies $ 2,476,133 $ 2,986,325 $ 2,134,002 National Beef 7,402,419 7,832,424 7,487,724 Corporate and other 78,122 60,720 50,190 Total net revenues related to reportable segments $ 9,956,674 $ 10,879,469 $ 9,671,916 All other (1) 950,784 607,016 753,830 Intercompany eliminations (2) (21,000 ) — — Total consolidated net revenues $ 10,886,458 $ 11,486,485 $ 10,425,746 Pre-tax income (loss) from continuing operations: Reportable Segments: Jefferies $ 119,165 $ 358,396 $ 260,984 National Beef (123,915 ) (40,303 ) (42,358 ) Corporate and other (45,592 ) (144,508 ) (91,917 ) Pre-tax income (loss) from continuing operations related to reportable segments (50,342 ) 173,585 126,709 All other (1) 492,762 305,752 491,093 Parent Company interest (85,884 ) (98,115 ) (72,217 ) Total consolidated pre-tax income from continuing operations $ 356,536 $ 381,222 $ 545,585 Depreciation and amortization expenses: Reportable Segments: Jefferies $ 92,165 $ 78,566 $ 59,631 National Beef 89,317 85,305 88,484 Corporate and other 3,744 5,627 9,924 Total depreciation and amortization expenses related to reportable segments $ 185,226 $ 169,498 $ 158,039 All other 38,907 16,495 9,386 Total consolidated depreciation and amortization expenses $ 224,133 $ 185,993 $ 167,425 Identifiable assets employed: Reportable Segments: Jefferies (3) $ 38,608,956 $ 44,563,808 $ 40,168,572 National Beef 1,516,130 1,718,521 1,703,662 Corporate and other 1,778,987 3,240,561 4,515,768 Identifiable assets employed related to reportable segments 41,904,073 49,522,890 46,388,002 All other 4,585,462 3,154,423 1,561,997 Intercompany eliminations (149,723 ) (53,405 ) (83,218 ) Total consolidated assets $ 46,339,812 $ 52,623,908 $ 47,866,781 (1) All other revenue and pre-tax income from continuing operations include $491.3 million of realized and unrealized gains relating to our investment in in FXCM for the year ended December 31, 2015 . (2) Revenue intercompany elimination relates to investment banking and advisory fee paid to Jefferies in connection with our entering into the agreement with FXCM. (3) At December 31, 2015, 2014 and 2013 , includes $320.2 million , $399.6 million and $524.8 million , respectively, of Jefferies deferred tax asset, net.
Schedule Of Net Revenues By Geographic Region	Net revenues by geographic region for Jefferies for the years ended December 31, 2015 and 2014 and for the period from the Jefferies acquisition through December 31, 2013 were as follows (in thousands): For the year ended December 31, 2015 For the year ended December 31, 2014 For the period from the Jefferies acquisition through December 31, 2013 Americas (1) $ 1,887,899 $ 2,257,870 $ 1,645,110 Europe (2) 510,044 634,358 441,795 Asia 78,190 94,097 47,097 $ 2,476,133 $ 2,986,325 $ 2,134,002 (1) Substantially all relates to United States results. (2) Substantially all relates to United Kingdom results.

Exit Costs (Tables)

Exit Costs (Tables)	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	During the year ended December 31, 2015 , Jefferies recorded restructuring and impairment costs as follows (in thousands): Severance costs $ 30,327 Accelerated amortization of restricted stock and restricted cash awards 7,922 Accelerated amortization of capitalized software 19,745 Contract termination costs 11,247 Selling, general and other expenses 3,853 Total $ 73,094
Schedule of Restructuring Reserve	The following summarizes Jefferies restructuring reserve activity (in thousands): Severance costs Other costs Contract termination costs Total restructuring costs Accelerated amortization of restricted stock and restricted cash awards Accelerated amortization of capitalized software Impairments Total Balance at March 31, 2015 $ — $ — $ — $ — Expenses 30,327 2,774 11,247 44,348 $ 7,922 $ 19,745 1,079 $ 73,094 Payments (25,522 ) (2,774 ) (11,247 ) (39,543 ) Liability at December 31, 2015 $ 4,805 $ — $ — $ 4,805

Selected Quarterly Financial 72

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]
Schedule Of Selected Quarterly Financial Data	First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share amounts) 2015 Net revenues $ 3,184,683 $ 2,839,463 $ 2,366,096 $ 2,496,216 Income (loss) from continuing operations $ 374,429 $ 15,034 $ (181,912 ) $ 39,038 Income from discontinued operations, net of taxes $ — $ — $ 429 $ — Gain on disposal of discontinued operations, net of taxes $ — $ — $ 1,300 $ 3,793 Net loss attributable to the noncontrolling interest $ 234 $ 356 $ 1,238 $ 3,168 Net loss attributable to the redeemable noncontrolling interests $ 7,112 $ 2,031 $ 6,788 $ 10,612 Preferred stock dividends $ (1,016 ) $ (1,015 ) $ (1,016 ) $ (1,016 ) Net income (loss) attributable to Leucadia National Corporation common shareholders $ 380,759 $ 16,406 $ (173,173 ) $ 55,595 Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income (loss) from continuing operations $ 1.00 $ 0.04 $ (0.47 ) $ 0.14 Income from discontinued operations — — — — Gain on disposal of discontinued operations — — — 0.01 Net income (loss) $ 1.00 $ 0.04 $ (0.47 ) $ 0.15 Number of shares used in calculation 373,541 373,654 372,547 369,840 Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income (loss) from continuing operations $ 0.99 $ 0.04 $ (0.47 ) $ 0.14 Income from discontinued operations — — — — Gain on disposal of discontinued operations — — — 0.01 Net income (loss) $ 0.99 $ 0.04 $ (0.47 ) $ 0.15 Number of shares used in calculation 377,713 373,662 372,547 369,840 2014 Net revenues $ 2,942,524 $ 2,851,963 $ 3,003,643 $ 2,688,355 Income (loss) from continuing operations $ 100,846 $ 70,190 $ 58,253 $ (14,038 ) Income (loss) from discontinued operations, net of taxes $ (8,909 ) $ (4,240 ) $ (5,676 ) $ 932 Gain (loss) on disposal of discontinued operations, net of taxes $ — $ 500 $ 7,685 $ (6,518 ) Net (income) loss attributable to the noncontrolling interest $ (2,537 ) $ 912 $ 1,058 $ 1,294 Net (income) loss attributable to the redeemable noncontrolling interests $ 5,932 $ (1,273 ) $ (5,625 ) $ 9,582 Preferred stock dividends $ (1,016 ) $ (1,015 ) $ (1,016 ) $ (1,015 ) Net income (loss) attributable to Leucadia National Corporation common shareholders $ 94,316 $ 65,074 $ 54,679 $ (9,763 ) Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income (loss) from continuing operations $ 0.27 $ 0.18 $ 0.14 $ (0.01 ) Income (loss) from discontinued operations (0.02 ) (0.01 ) (0.02 ) — Gain (loss) on disposal of discontinued operations — — 0.02 (0.02 ) Net income (loss) $ 0.25 $ 0.17 $ 0.14 $ (0.03 ) Number of shares used in calculation 368,487 371,979 373,347 373,617 Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income (loss) from continuing operations $ 0.27 $ 0.18 $ 0.14 $ (0.01 ) Income (loss) from discontinued operations (0.02 ) (0.01 ) (0.02 ) — Gain (loss) on disposal of discontinued operations — — 0.02 (0.02 ) Net income (loss) $ 0.25 $ 0.17 $ 0.14 $ (0.03 ) Number of shares used in calculation 377,348 373,179 373,375 373,617

Nature Of Operations (Details)

Nature Of Operations (Details) $ / shares in Units, $ in Thousands, € in Millions	Feb. 25, 2013USD ($)	Aug. 31, 2015USD ($)	Feb. 19, 2016USD ($)	Feb. 19, 2016EUR (€)	Dec. 31, 2015USD ($)Segmentfacility	Dec. 31, 2013USD ($)	Nov. 08, 2015$ / shares	Jan. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Ratio of Crimson received of Leucadia common shares	0.10
Distribution of common shares of Crimson Wine Group, Ltd. to shareholders	$ 197,000					$ (197,000)
Jefferies Finance [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership owned					50.00%
Additions to real estate projects					$ 497,400
Jefferies LoanCore [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership owned					48.50%
Additions to real estate projects					$ 207,400				$ 200,900
54 Madison [Member]
Schedule of Equity Method Investments [Line Items]
Additions to real estate projects					$ 38,400
54 Madison [Member] | Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Additions to real estate projects			$ 33,700
FXCM [Member]
Schedule of Equity Method Investments [Line Items]
Term of loan receivable					2 years
Senior secured term loan receivable					$ 192,700			$ 300,000
Berkadia [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership owned					50.00%
HomeFed Corporation [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership owned					65.00%
Foursight Capital [Member]
Schedule of Equity Method Investments [Line Items]
Percentage interest owned in subsidiary					100.00%
Chrome Capital [Member]
Schedule of Equity Method Investments [Line Items]
Percentage interest owned in subsidiary					83.00%
National Beef [Member]
Schedule of Equity Method Investments [Line Items]
Percentage interest owned in subsidiary					79.00%
National Beef [Member] | Beef Processing Facility [Member]
Schedule of Equity Method Investments [Line Items]
Domestic facilities | facility					2
National Beef [Member] | Consumer-Ready Facility [Member]
Schedule of Equity Method Investments [Line Items]
Domestic facilities | facility					3
National Beef [Member] | Tanning Facility [Member]
Schedule of Equity Method Investments [Line Items]
Domestic facilities | facility					1
HRG [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of outstanding common stock owned					23.00%
Number of operating segments | Segment					4
Spectrum Brands [Member] | Product Segment [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of outstanding common stock owned					58.00%
Fidelity & Guaranty Life [Member] | Anbang [Member]
Schedule of Equity Method Investments [Line Items]
Acquisition price, share price (USD per share) | $ / shares							$ 26.80
Fidelity & Guaranty Life [Member] | Insurance Segment [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of outstanding common stock owned					81.00%
Vitesse Energy, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage interest owned in subsidiary					96.00%
Juneau Energy, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage interest owned in subsidiary					98.00%
Garcadia [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership owned					75.00%
Number of automobile dealerships | facility					27
Linkem [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership owned					42.00%
Percentage of ownership upon conversion of preferred shares					56.00%
Purchase of convertible preferred shares					$ 14,200
Linkem [Member] | Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership upon conversion of preferred shares			56.00%
Purchase of convertible preferred shares			$ 33,300	€ 30.5
Filtrexx [Member]
Schedule of Equity Method Investments [Line Items]
Percentage interest owned in subsidiary									80.00%
Weaver Express [Member]
Schedule of Equity Method Investments [Line Items]
Percentage interest owned in subsidiary									100.00%
Golden Queen Mining Company, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership owned					35.00%
Jefferies Group Inc [Member]
Schedule of Equity Method Investments [Line Items]
Payment for WeWork		$ 124,400

Significant Accounting Polici74

Significant Accounting Policies (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)field	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Long Lived Assets Held-for-sale [Line Items]
Receivables from brokers, dealers and clearing organizations	$ 2,187,500	$ 1,616,300	$ 2,187,500
Receivables from customers of securities operations	1,250,500	1,191,300	1,250,500
Provision for doubtful accounts		$ 7,353	59,695	$ 1,490
Number of oil fields | field		1
Payables to brokers, dealers and clearing organizations	2,280,100	$ 2,757,200	2,280,100
Payables to customers of securities operations	6,242,000	2,780,500	6,242,000
Real Estate [Member]
Long Lived Assets Held-for-sale [Line Items]
Carrying value of asset prior to impairment				32,300
Impaired asset fair value				12,300
Asset impairment charges				20,000
Out of period adjustment				15,400
Selling, General And Other Expenses [Member]
Long Lived Assets Held-for-sale [Line Items]
Asset impairment charges		27,700
Jefferies [Member]
Long Lived Assets Held-for-sale [Line Items]
Provision for doubtful accounts	$ 52,300
National Beef [Member]
Long Lived Assets Held-for-sale [Line Items]
Carrying value of asset prior to impairment				93,200
Impaired asset fair value				29,900
Additional costs related to closing the facility			6,900
National Beef [Member] | Selling, General And Other Expenses [Member]
Long Lived Assets Held-for-sale [Line Items]
Asset impairment charges		4,700		$ 63,300
National Beef [Member] | Compensation And Benefits [Member]
Long Lived Assets Held-for-sale [Line Items]
Additional costs related to closing the facility			$ 4,600
Juneau Energy, LLC [Member]
Long Lived Assets Held-for-sale [Line Items]
Asset impairment charges		$ 20,300

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2013	Mar. 01, 2013
Business Acquisition [Line Items]
Dividend rate on preferred stock	3.25%	3.25%
Mandatorily redeemable convertible preferred shares redemption value		$ 125,000	$ 125,000
Jefferies [Member]
Business Acquisition [Line Items]
Conversion of stock, common shares issued	119,363
Dividend rate on preferred stock	3.25%	3.25%
Mandatorily redeemable convertible preferred shares redemption value	$ 125,000
Aggregate purchase price	$ 4,770,600
Fair value of stock on date of acquisition					$ 1,300,000
Aggregate investment in entity			$ 5,500,000
Acquisition related costs				$ 18,500
Removal of deferred tax liability reversal				$ 34,000
Jefferies [Member] | 3.875% Convertible Senior Debentures due 2029 [Member]
Business Acquisition [Line Items]
Interest rate	3.875%
Convertible Senior Debentures	$ 345,000
Conversion price per common share			$ 44.53

Acquisitions (Pro Forma Operati

Acquisitions (Pro Forma Operating Results) (Details) - Jefferies Group Inc [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2013USD ($)$ / shares
Business Acquisition [Line Items]
Net revenues | $	$ 11,083,248
Net income attributable to Leucadia National Corporation common shareholders | $	$ 267,160
Basic income per common share attributable to Leucadia National Corporation common shareholders (USD per share) | $ / shares	$ 0.70
Diluted income per common share attributable to Leucadia National Corporation common shareholders (USD per share) | $ / shares	$ 0.70

Fair Value Disclosures (Schedul

Fair Value Disclosures (Schedule Of Assets And Liabilities Measured On Recurring Basis At Fair Value) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value based on NAV	$ 36,700	$ 42,200
Derivatives	262,799	406,268
Counterparty/cash-collateral netting, Assets	(4,165,446)	(4,759,345)
Total trading assets, excluding investments at fair value based on NAV	18,256,356	19,570,321
Total available for sale securities	207,355	1,608,769
Cash and cash equivalents	3,638,648	4,276,775
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	751,084	3,444,674
Securities received as collateral	0	5,418
Derivatives	218,243	363,515
Counterparty/cash-collateral netting, Liabilities	(4,257,998)	(4,856,618)
Total trading liabilities	6,840,430	8,904,592
Other secured financings	544	30,825
Obligation to return securities received as collateral	0	5,418
U.S. government securities segregated for regulatory purposes		453,700
Money market funds		545,000
Trading Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	1,464,604	2,009,188
Corporate debt securities	1,556,941	1,612,217
Collateralized debt obligations	1,488,121	4,557
U.S. government and federal agency securities	1,342,996	2,253,055
Sovereign obligations	117	1,791,085
Loans	769,408	870,975
Derivatives	218,243	363,515
Counterparty/cash-collateral netting, Liabilities	(4,257,998)	(4,856,618)
Transferred from Level 1 to Level 2		6,600
Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	2,977,881	3,378,297
Corporate debt securities	2,893,041	3,365,042
Collateralized debt obligations	174,236	430,868
U.S. government and federal agency securities	2,645,651	2,775,541
Municipal securities	487,141	590,849
Sovereign obligations	2,659,441	2,759,511
Loans and other receivables	1,312,333	1,556,018
Derivatives	262,799	406,268
Counterparty/cash-collateral netting, Assets	(4,165,446)	(4,759,345)
Investments at fair value	226,018	150,195
Investment in FXCM	625,689
Physical commodities		62,234
Transferred from Level 1 to Level 2		6,100
Available For Sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	73,579	89,353
Corporate debt securities	4,744	30,403
U.S. government and federal agency securities	63,945	593,773
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	2,801,333	2,962,511
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	23,240	606,683
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	1,029,239	993,306
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	2,374	43,401
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	161,554	139,681
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	39,473	245,156
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total trading assets, excluding investments at fair value based on NAV	6,611,880	7,859,052
Total available for sale securities	137,524	683,126
Cash and cash equivalents	3,638,648	4,276,775
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	751,084	3,444,674
Securities received as collateral		5,418
Total trading liabilities	3,754,147	5,457,377
Other secured financings	0	0
Obligation to return securities received as collateral		5,418
Level 1 [Member] | Trading Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	1,428,048	1,934,469
Corporate debt securities	0	0
Collateralized debt obligations	1,488,121	0
U.S. government and federal agency securities	837,614	2,253,055
Sovereign obligations	0	1,217,075
Loans	0	0
Derivatives	364	52,778
Level 1 [Member] | Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	2,803,243	3,130,892
Corporate debt securities	0	0
Collateralized debt obligations	0	0
U.S. government and federal agency securities	2,555,018	2,694,268
Municipal securities	0	0
Sovereign obligations	1,251,366	1,968,747
Loans and other receivables	0	0
Derivatives	2,253	65,145
Investments at fair value	0	0
Investment in FXCM	0
Physical commodities		0
Level 1 [Member] | Available For Sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	73,579	89,353
Corporate debt securities	0	0
U.S. government and federal agency securities	63,945	593,773
Level 1 [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	0	0
Level 1 [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	0	0
Level 1 [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	0	0
Level 1 [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	0	0
Level 1 [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	0	0
Level 1 [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	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total trading assets, excluding investments at fair value based on NAV	14,495,857	15,962,233
Total available for sale securities	69,831	925,643
Cash and cash equivalents	0	0
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	0	0
Securities received as collateral		0
Total trading liabilities	7,314,231	8,239,570
Other secured financings	0	0
Obligation to return securities received as collateral		0
Level 2 [Member] | Trading Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	36,518	74,681
Corporate debt securities	1,556,941	1,611,994
Collateralized debt obligations	0	4,557
U.S. government and federal agency securities	505,382	0
Sovereign obligations	117	574,010
Loans	758,939	856,525
Derivatives	4,456,334	5,117,803
Level 2 [Member] | Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	133,732	226,441
Corporate debt securities	2,867,165	3,342,276
Collateralized debt obligations	89,144	306,218
U.S. government and federal agency securities	90,633	81,273
Municipal securities	487,141	590,849
Sovereign obligations	1,407,955	790,764
Loans and other receivables	1,123,044	1,458,760
Derivatives	4,406,207	5,046,278
Investments at fair value	26,224	73,148
Investment in FXCM	0
Physical commodities		62,234
Level 2 [Member] | Available For Sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	0	0
Corporate debt securities	4,744	30,403
U.S. government and federal agency securities	0	0
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	2,731,070	2,879,954
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	23,240	606,683
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	1,014,913	966,651
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	2,374	43,401
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	118,629	137,387
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	39,473	245,156
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total trading assets, excluding investments at fair value based on NAV	1,314,065	508,381
Total available for sale securities	0	0
Cash and cash equivalents	0	0
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	0	0
Securities received as collateral		0
Total trading liabilities	30,050	64,263
Other secured financings	544	30,825
Obligation to return securities received as collateral		0
Increase corporate debt obligations		33,200
Level 3 [Member] | Trading Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	38	38
Corporate debt securities	0	223
Collateralized debt obligations	0	0
U.S. government and federal agency securities	0	0
Sovereign obligations	0	0
Loans	10,469	14,450
Derivatives	19,543	49,552
Level 3 [Member] | Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	40,906	20,964
Corporate debt securities	25,876	22,766
Collateralized debt obligations	85,092	124,650
U.S. government and federal agency securities	0	0
Municipal securities	0	0
Sovereign obligations	120	0
Loans and other receivables	189,289	97,258
Derivatives	19,785	54,190
Investments at fair value	199,794	77,047
Investment in FXCM	625,689
Physical commodities		0
Level 3 [Member] | Available For Sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	0	0
Corporate debt securities	0	0
U.S. government and federal agency securities	0	0
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	70,263	82,557
Level 3 [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	0	0
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	14,326	26,655
Level 3 [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	0	0
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	42,925	2,294
Level 3 [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	$ 0	$ 0

Fair Value Disclosures (Investm

Fair Value Disclosures (Investment in FXCM Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Unrealized and realized gains and interest income	$ 642,824	$ 662,213	$ 574,895
FXCM [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Senior secured term loan receivable	$ 192,700			$ 300,000
Term of loan receivable	2 years
Loan receivable interest rate percentage				10.00%
Increase in Interest rate per annum each quarter				1.50%
Percentage of distributions from sale of assets or certain other events until loan repayment				100.00%
Percentage of distributions from sale of assets or certain other events until next milestone amount				50.00%
Distributions milestone after loan repayment				$ 350,000
Percentage of distributions from sale of assets or certain other events until next milestone as a percentage of balance outstanding				90.00%
Balance outstanding used to calculate percentage of distributions from sale of assets or certain other events				$ 500,000
Percentage of distributions from sale of assets or certain other events thereafter				60.00%
Principal and interest payments received	$ 144,700
Unrealized and realized gains and interest income	491,300
Carrying value of Senior Secured Term Loan receivable and rights to future distributions	$ 625,700
Assumed change in price of shares (USD per share)	$ 1
Percentage of market price	6.00%
Reverse stock split	0.0001
Change in market value as a result of assumed change in price per share	$ 15,000
Change in assumed volatility	10.00%
Change in market value as a result of change in assumed volatility	$ 18,000
Estimated time to liquidity period	3 months
Estimated change in valuation	$ 8,000
FXCM [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loan receivable interest rate percentage				20.50%
Balance outstanding used to calculate percentage of distributions from sale of assets or certain other events				$ 680,000
FXCM [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance outstanding used to calculate percentage of distributions from sale of assets or certain other events				$ 500,000

Fair Value Disclosures (Inves79

Fair Value Disclosures (Investments Measured At Fair Value Based On Net Asset Value) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 640,455	$ 323,686
Unfunded Commitments	20,885	26,117
Equity Long/Short Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	482,570	146,134
Unfunded Commitments	$ 0	$ 0
Redemption Frequency (if currently eligible)	(2)	Monthly/Quarterly
Fixed Income and High Yield Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,703	$ 2,704
Unfunded Commitments	0	0
Fund Of Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	287	323
Unfunded Commitments	94	94
Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	42,111	65,216
Unfunded Commitments	20,791	26,023
Convertible Bond Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	326	3,355
Unfunded Commitments	$ 0	$ 0
Redemption Frequency (if currently eligible)	At Will	At Will
Multi-Strategy Fund [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 113,458	$ 105,954
Unfunded Commitments	$ 0	$ 0

Fair Value Disclosures (Inves80

Fair Value Disclosures (Investments Measured At Fair Value Based On Net Asset Value - Footnote) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)fund	Dec. 31, 2014USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments in managed funds	$ 603,720	$ 281,470
Equity Long/Short Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Amount redeemable	107,100
Investment in private asset management fund managed by company	$ 52,400	$ 117,200
Equity Long/Short Hedge Funds [Member] | Minimum [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
Equity Long/Short Hedge Funds [Member] | Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investments prior written notice period		90 days
Folger Hill Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Number of funds | fund	2
Notice period redemption of investments prior notice period (not less than)	45 days
Investments in managed funds	$ 375,500
Fixed Income and High Yield Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of funds being liquidated	8.00%	8.00%
Funds Of Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments with no redemption provisions	95.00%	95.00%
Estimated period for the liquidation of the underlying assets	12 months
Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments in certain industries	100.00%	99.00%
Equity Funds [Member] | Minimum [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
Equity Funds [Member] | Maximum [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
Multi-Strategy Fund [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fee to withdraw from fund	5.00%
Quarterly maximum withdrawal percentage	25.00%

Fair Value Disclosures (Other S

Fair Value Disclosures (Other Secured Financings Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Transfers of loans accounted for as secured financings	$ 0	$ 7.8

Fair Value Disclosures (Summary

Fair Value Disclosures (Summary Of Changes In Fair Value Of Financial Assets And Liabilities Classified As Level 3) (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) (realized and unrealized)	$ (3,400)	$ 455,500	$ (24,800)
Total gains (losses) (realized and unrealized)	(5,800)	7,600	(14,900)
Secured financings issued	8,700
Corporate Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	38	38	38
Total gains (losses) (realized and unrealized)	0	0	0
Purchases	0	0	0
Sales	0	0	0
Settlements	0	0	0
Issuances		0	0
Net transfers into/ (out of) Level 3	0	0	0
Ending Balance	38	38	38
Change in unrealized gains/(losses) relating to instruments still held	0	0	0
Corporate Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		223	0
Total gains (losses) (realized and unrealized)		(110)	(149)
Purchases		(6,804)	(565)
Sales		6,691	960
Settlements		0	0
Issuances		0	0
Net transfers into/ (out of) Level 3		0	(23)
Ending Balance	0	0	223
Change in unrealized gains/(losses) relating to instruments still held		0	(8)
Residential Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,542		0
Total gains (losses) (realized and unrealized)	(1,542)
Purchases	0
Sales	0
Settlements	0
Net transfers into/ (out of) Level 3	0
Ending Balance	0
Change in unrealized gains/(losses) relating to instruments still held	0
Net Derivative [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	11,185	(4,638)	6,905
Total gains (losses) (realized and unrealized)	4,408	(7,310)	15,055
Purchases	0	(6,705)	(24,682)
Sales	(300)	13,522	1,094
Settlements	(8,515)	37	322
Issuances		2,437	0
Net transfers into/ (out of) Level 3	127	2,415	(3,332)
Ending Balance	6,905	(242)	(4,638)
Change in unrealized gains/(losses) relating to instruments still held	1,609	4,754	(15,615)
Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7,398	14,450	22,462
Total gains (losses) (realized and unrealized)	2,959	(163)	0
Purchases	(16,027)	(2,059)	(18,332)
Sales	28,065	229	11,338
Settlements	67	0	0
Issuances		0	0
Net transfers into/ (out of) Level 3	0	(1,988)	(1,018)
Ending Balance	22,462	10,469	14,450
Change in unrealized gains/(losses) relating to instruments still held	(2,970)	104	0
Other Secured Financings [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		30,825	8,711
Total gains (losses) (realized and unrealized)		0	0
Purchases		0	0
Sales		0	0
Settlements		(15,704)	(17,525)
Issuances		36,995	39,639
Net transfers into/ (out of) Level 3		(51,572)	0
Ending Balance	8,711	544	30,825
Change in unrealized gains/(losses) relating to instruments still held		0	0
Corporate Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	13,234	20,964	9,884
Total gains (losses) (realized and unrealized)	1,551	11,154	957
Purchases	3,583	21,385	18,138
Sales	(7,141)	(6,391)	(12,826)
Settlements	0	0	0
Net transfers into (out of) Level 3	(1,343)	(6,206)	4,811
Ending Balance	9,884	40,906	20,964
Change in unrealized gains/(losses) relating to instruments still held	(419)	11,424	2,324
Corporate Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	31,820	22,766	25,666
Total gains (losses) (realized and unrealized)	(2,454)	(11,013)	6,629
Purchases	31,014	21,534	38,316
Sales	(34,125)	(14,636)	(40,328)
Settlements	0	0	0
Net transfers into (out of) Level 3	(589)	7,225	(7,517)
Ending Balance	25,666	25,876	22,766
Change in unrealized gains/(losses) relating to instruments still held	(2,749)	(9,443)	8,982
Collateralized Debt Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	24,736	124,650	37,216
Total gains (losses) (realized and unrealized)	(2,309)	(66,332)	(6,386)
Purchases	45,437	104,998	204,337
Sales	(32,874)	(107,381)	(181,757)
Settlements	0	(5,754)	(1,297)
Net transfers into (out of) Level 3	2,226	34,911	72,537
Ending Balance	37,216	85,092	124,650
Change in unrealized gains/(losses) relating to instruments still held	(8,384)	(48,514)	(1,141)
Municipal securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		0
Total gains (losses) (realized and unrealized)		10
Purchases		0
Sales		0
Settlements		(21,551)
Net transfers into (out of) Level 3		21,541
Ending Balance		0	0
Change in unrealized gains/(losses) relating to instruments still held		0
Sovereign securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		0
Total gains (losses) (realized and unrealized)		47
Purchases		1,032
Sales		(1,031)
Settlements		0
Net transfers into (out of) Level 3		72
Ending Balance		120	0
Change in unrealized gains/(losses) relating to instruments still held		39
U.S. Government And Federal Agency Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		0	0
Total gains (losses) (realized and unrealized)			13
Purchases			2,505
Sales			(2,518)
Settlements			0
Net transfers into (out of) Level 3			0
Ending Balance	0		0
Change in unrealized gains/(losses) relating to instruments still held			0
Residential Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	169,426	82,557	105,492
Total gains (losses) (realized and unrealized)	(4,897)	(12,951)	(9,870)
Purchases	89,792	18,961	42,632
Sales	(150,807)	(31,762)	(61,689)
Settlements	(11,007)	(597)	(1,847)
Net transfers into (out of) Level 3	12,985	14,055	7,839
Ending Balance	105,492	70,263	82,557
Change in unrealized gains/(losses) relating to instruments still held	(6,932)	(4,498)	(4,679)
Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	17,794	26,655	17,568
Total gains (losses) (realized and unrealized)	(4,469)	(3,813)	(4,237)
Purchases	20,130	3,480	49,159
Sales	(13,538)	(10,146)	(51,360)
Settlements	(100)	(6,861)	(782)
Net transfers into (out of) Level 3	(2,249)	5,011	16,307
Ending Balance	17,568	14,326	26,655
Change in unrealized gains/(losses) relating to instruments still held	(3,794)	(3,205)	(2,384)
Other Asset Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,292	2,294	12,611
Total gains (losses) (realized and unrealized)	(4,535)	(990)	1,784
Purchases	105,291	42,922	4,987
Sales	(104,711)	(1,299)	(18,002)
Settlements	0	(2)	0
Net transfers into (out of) Level 3	15,274	0	914
Ending Balance	12,611	42,925	2,294
Change in unrealized gains/(losses) relating to instruments still held	(3,497)	(254)	1,484
Loans And Other Receivables [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	170,986	97,258	145,890
Total gains (losses) (realized and unrealized)	15,008	(14,755)	(31,311)
Purchases	287,757	792,345	130,169
Sales	(115,231)	(576,536)	(92,140)
Settlements	(211,805)	(124,365)	(60,390)
Net transfers into (out of) Level 3	(825)	15,342	5,040
Ending Balance	145,890	189,289	97,258
Change in unrealized gains/(losses) relating to instruments still held	13,402	(16,802)	(26,864)
Investments at Fair Value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	39,693	77,047	66,931
Total gains (losses) (realized and unrealized)	(1,317)	62,804	17,642
Purchases	28,515	5,510	32,493
Sales	(102)	(425)	(23,324)
Settlements	(875)	(4,093)	(1,243)
Net transfers into (out of) Level 3	1,017	58,951	(15,452)
Ending Balance	66,931	199,794	77,047
Change in unrealized gains/(losses) relating to instruments still held	$ (1,290)	(1,964)	1,985
Investment in FXCM [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		0
Total gains (losses) (realized and unrealized)		491,341
Purchases		279,000
Sales		0
Settlements		(144,652)
Net transfers into (out of) Level 3		0
Ending Balance		625,689	$ 0
Change in unrealized gains/(losses) relating to instruments still held		$ 491,341

Fair Value Disclosures (Analysi

Fair Value Disclosures (Analysis of Level 3 Assets and Liabilities Narrative) (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
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	$ 236,700	$ 139,000
Transfers of assets from Level 3 to Level 2	55,900	85,800	54,600
Transfers of liabilities from Level 3 to Level 2	100
Transfers of liabilities from Level 2 to Level 3	0
Net gains (losses) on Level 3 assets (realized and unrealized)	(3,400)	455,500	(24,800)
Net gains (losses) on Level 3 liabilities (realized and unrealized)	(5,800)	7,600	(14,900)
Excluded assets from unobservable quantitative information		280,600	137,800
Excluded liabilities from unobservable quantitative information		600	300
Other Secured Financings [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of liabilities from Level 3 to Level 2		51,600
Net gains (losses) on Level 3 liabilities (realized and unrealized)		0	0
Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of liabilities from Level 3 to Level 2			1,000
Net gains (losses) on Level 3 liabilities (realized and unrealized)	2,959	(163)	0
Derivative Financial Instruments Liabilities Net [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of liabilities from Level 3 to Level 2			3,300
Collateralized Debt Obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	2,800	69,800	73,000
Transfers of assets from Level 3 to Level 2	600	34,900
Net gains (losses) on Level 3 assets (realized and unrealized)	(2,309)	(66,332)	(6,386)
Non-Agency Residential Mortgage-Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	58,800	30,400	30,300
Transfers of assets from Level 3 to Level 2	45,900	16,300	22,400
Commercial Mortgage Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3		11,300	16,600
Transfers of assets from Level 3 to Level 2	2,200	6,300
Net gains (losses) on Level 3 assets (realized and unrealized)	(4,469)	(3,813)	(4,237)
Municipal securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3		21,500
Net gains (losses) on Level 3 assets (realized and unrealized)		10
Other Asset Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	16,400
Transfers of assets from Level 3 to Level 2	1,100
Net gains (losses) on Level 3 assets (realized and unrealized)	(4,535)	(990)	1,784
Loans and Finance Receivables [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	800	20,100	8,500
Transfers of assets from Level 3 to Level 2	1,700	4,700	3,500
Net gains (losses) on Level 3 assets (realized and unrealized)	15,008	(14,755)	(31,311)
Corporate Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	200	7,400
Transfers of assets from Level 3 to Level 2	800		7,500
Net gains (losses) on Level 3 assets (realized and unrealized)	(2,454)	(11,013)	6,629
Corporate Equity Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	2,300		9,700
Transfers of assets from Level 3 to Level 2	3,600	7,700	4,900
Net gains (losses) on Level 3 assets (realized and unrealized)	1,551	11,154	957
Investments at Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	1,000	74,700
Transfers of assets from Level 3 to Level 2		15,800	15,500
Net gains (losses) on Level 3 assets (realized and unrealized)	$ (1,317)	$ 62,804	$ 17,642

Fair Value Disclosures Fair Val

Fair Value Disclosures Fair Value Disclosures (Quantitative Information About Significant Unobservable Inputs Used In Level 3 Fair Value Measurements) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Feb. 28, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Rights	$ 262,799,000	$ 406,268,000
Equity Option [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Probability of Default	0.00%
Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Trading Liabilities	$ 10,469,000	14,450,000	$ 22,462,000	$ 7,398,000
Other Secured Financings [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Trading Liabilities	544,000	30,825,000	8,711,000
Corporate Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	40,906,000	20,964,000	9,884,000	13,234,000
Corporate Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	25,876,000	22,766,000	25,666,000	31,820,000
Collateralized Debt Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	85,092,000	124,650,000	37,216,000	24,736,000
Residential Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	70,263,000	82,557,000	105,492,000	169,426,000
Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	14,326,000	26,655,000	17,568,000	17,794,000
Other Asset Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	42,925,000	2,294,000	12,611,000	1,292,000
Loans and Finance Receivables [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	189,289,000	97,258,000	145,890,000	170,986,000
Investments at Fair Value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	199,794,000	77,047,000	$ 66,931,000	$ 39,693,000
Investment in FXCM [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	$ 625,689,000	$ 0
Financial Instruments Owned [Member] | Derivatives, Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Constant prepayment rate	20.00%
Fair Value Inputs, Constant default rate	2.00%
Fair Value Inputs, Loss severity	25.00%
Fair Value Inputs, Yield	11.00%	5.00%
Fair Value of Trading Liabilities	$ 19,543,000	$ 49,552,000
Financial Instruments Owned [Member] | Derivatives, Liabilities [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price	$ 79	$ 89
Fair Value Inputs, Volatility		13.00%
Fair Value Inputs, Discount rate/yield	3.00%
Financial Instruments Owned [Member] | Derivatives, Liabilities [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price	$ 100	$ 100
Fair Value Inputs, Volatility		23.00%
Fair Value Inputs, Discount rate/yield	10.00%
Financial Instruments Owned [Member] | Derivatives, Liabilities [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price	$ 82.6	$ 92
Fair Value Inputs, Volatility		17.00%
Fair Value Inputs, Discount rate/yield	10.00%
Financial Instruments Owned [Member] | Derivatives, Liabilities [Member] | Equity Option [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Volatility	45.00%
Financial Instruments Owned [Member] | Derivatives, Liabilities [Member] | Total Return Swaps [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price	$ 91.7
Financial Instruments Owned [Member] | Derivatives, Liabilities [Member] | Total Return Swaps [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price	92.4
Financial Instruments Owned [Member] | Derivatives, Liabilities [Member] | Total Return Swaps [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price	92.1
Financial Instruments Owned [Member] | Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price	$ 100	$ 100
Fair Value of Trading Liabilities	$ 10,469,000	$ 14,450,000
Financial Instruments Owned [Member] | Other Secured Financings [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Trading Liabilities		$ 30,825,000
Financial Instruments Owned [Member] | Other Secured Financings [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price		$ 81
Financial Instruments Owned [Member] | Other Secured Financings [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price		100
Financial Instruments Owned [Member] | Other Secured Financings [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price		$ 98.7
Financial Instruments Owned [Member] | Corporate Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	$ 20,285,000	$ 19,814,000
Fair Value Inputs, EBITDA Multiple	4.4
Fair Value Inputs, Transaction Level	$ 1
Fair Value Inputs, Estimated Recovery Percentage		24.00%
Financial Instruments Owned [Member] | Corporate Equity Securities [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		3.4
Fair Value Inputs, Underlying stock price	5
Financial Instruments Owned [Member] | Corporate Equity Securities [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		4.7
Fair Value Inputs, Underlying stock price	$ 102
Financial Instruments Owned [Member] | Corporate Equity Securities [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple	0	3.6
Fair Value Inputs, Underlying stock price	$ 19
Financial Instruments Owned [Member] | Corporate Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	$ 20,257,000	$ 22,766,000
Fair Value Inputs, Transaction Level	$ 59
Fair Value Inputs, Discount rate/yield		32.00%
Financial Instruments Owned [Member] | Collateralized Debt Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	$ 49,923,000	$ 41,784,000
Financial Instruments Owned [Member] | Collateralized Debt Obligations [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Constant prepayment rate	5.00%	0.00%
Fair Value Inputs, Constant default rate	2.00%	0.00%
Fair Value Inputs, Loss severity	25.00%	0.00%
Fair Value Inputs, Yield	6.00%	2.00%
Financial Instruments Owned [Member] | Collateralized Debt Obligations [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Constant prepayment rate	20.00%	20.00%
Fair Value Inputs, Constant default rate	8.00%	2.00%
Fair Value Inputs, Loss severity	90.00%	70.00%
Fair Value Inputs, Yield	13.00%	51.00%
Financial Instruments Owned [Member] | Collateralized Debt Obligations [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Constant prepayment rate	13.00%	13.00%
Fair Value Inputs, Constant default rate	2.00%	2.00%
Fair Value Inputs, Loss severity	52.00%	39.00%
Fair Value Inputs, Yield	10.00%	16.00%
Financial Instruments Owned [Member] | Residential Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	$ 70,263,000	$ 82,557,000
Financial Instruments Owned [Member] | Residential Mortgage Backed Securities [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Constant prepayment rate	0.00%	1.00%
Fair Value Inputs, Constant default rate	1.00%	1.00%
Fair Value Inputs, Loss severity	25.00%	20.00%
Fair Value Inputs, Yield	1.00%	3.00%
Financial Instruments Owned [Member] | Residential Mortgage Backed Securities [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Constant prepayment rate	50.00%	50.00%
Fair Value Inputs, Constant default rate	9.00%	100.00%
Fair Value Inputs, Loss severity	70.00%	80.00%
Fair Value Inputs, Yield	9.00%	13.00%
Financial Instruments Owned [Member] | Residential Mortgage Backed Securities [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Constant prepayment rate	13.00%	13.00%
Fair Value Inputs, Constant default rate	3.00%	14.00%
Fair Value Inputs, Loss severity	39.00%	50.00%
Fair Value Inputs, Yield	6.00%	7.00%
Financial Instruments Owned [Member] | Commercial Mortgage Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	$ 14,326,000	$ 26,655,000
Fair Value Inputs, Estimated Recovery Percentage		90.00%
Financial Instruments Owned [Member] | Commercial Mortgage Backed Securities [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Yield	7.00%	8.00%
Fair Value Inputs, Cumulative loss rate	2.00%	4.00%
Financial Instruments Owned [Member] | Commercial Mortgage Backed Securities [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Yield	30.00%	12.00%
Fair Value Inputs, Cumulative loss rate	63.00%	72.00%
Financial Instruments Owned [Member] | Commercial Mortgage Backed Securities [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Yield	16.00%	11.00%
Fair Value Inputs, Cumulative loss rate	23.00%	15.00%
Financial Instruments Owned [Member] | Other Asset Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	$ 21,463,000	$ 2,294,000
Fair Value Inputs, Constant prepayment rate		8.00%
Fair Value Inputs, Constant default rate		3.00%
Fair Value Inputs, Loss severity		70.00%
Fair Value Inputs, Yield		7.00%
Financial Instruments Owned [Member] | Other Asset Backed Securities [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Constant prepayment rate	6.00%
Fair Value Inputs, Constant default rate	3.00%
Fair Value Inputs, Loss severity	55.00%
Fair Value Inputs, Yield	7.00%
Fair Value Inputs, Over Collateralization Percentage	117.00%
Financial Instruments Owned [Member] | Other Asset Backed Securities [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Constant prepayment rate	8.00%
Fair Value Inputs, Constant default rate	5.00%
Fair Value Inputs, Loss severity	75.00%
Fair Value Inputs, Yield	22.00%
Fair Value Inputs, Over Collateralization Percentage	125.00%
Financial Instruments Owned [Member] | Other Asset Backed Securities [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Constant prepayment rate	7.00%
Fair Value Inputs, Constant default rate	4.00%
Fair Value Inputs, Loss severity	62.00%
Fair Value Inputs, Yield	18.00%
Fair Value Inputs, Over Collateralization Percentage	118.00%
Financial Instruments Owned [Member] | Loans and Finance Receivables [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	$ 161,470,000	$ 88,154,000
Fair Value Inputs, EBITDA Multiple	10
Financial Instruments Owned [Member] | Loans and Finance Receivables [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		3.4
Fair Value Inputs, Yield		3.00%
Fair Value Inputs Comparable Bond Or Loan Price	$ 99	$ 100
Fair Value Inputs, Estimated Recovery Percentage	6.00%	10.00%
Fair Value Inputs, Discount rate/yield	2.00%
Financial Instruments Owned [Member] | Loans and Finance Receivables [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		8.2
Fair Value Inputs, Yield		5.00%
Fair Value Inputs Comparable Bond Or Loan Price	$ 100	$ 101
Fair Value Inputs, Estimated Recovery Percentage	100.00%	41.00%
Fair Value Inputs, Discount rate/yield	17.00%
Financial Instruments Owned [Member] | Loans and Finance Receivables [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, EBITDA Multiple		7.6
Fair Value Inputs, Yield		4.00%
Fair Value Inputs Comparable Bond Or Loan Price	$ 99.7	$ 100.3
Fair Value Inputs, Estimated Recovery Percentage	83.00%	36.00%
Fair Value Inputs, Discount rate/yield	12.00%
Financial Instruments Owned [Member] | Derivatives, Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	$ 19,785,000	$ 54,190,000
Fair Value Inputs, Transaction Level	$ 9,500,000
Fair Value Inputs Comparable Bond Or Loan Price	$ 100	$ 100
Fair Value Inputs, Credit Spread	2.98%	0.45%
Fair Value Inputs, Discount rate		17.00%
Fair Value Inputs, Discount rate/yield	47.00%
Financial Instruments Owned [Member] | Derivatives, Assets [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price	$ 91.7
Fair Value Inputs, Volatility		13.00%
Financial Instruments Owned [Member] | Derivatives, Assets [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price	92.4
Fair Value Inputs, Volatility		23.00%
Financial Instruments Owned [Member] | Derivatives, Assets [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price	$ 0
Fair Value Inputs, Volatility		17.00%
Fair Value Inputs, Discount rate/yield	0.00%
Financial Instruments Owned [Member] | Derivatives, Assets [Member] | Total Return Swaps [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Comparable Bond Or Loan Price	$ 92,100
Financial Instruments Owned [Member] | Investments at Fair Value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	$ 29,940,000	$ 32,323,000
Fair Value Inputs, Transaction Level	$ 64	$ 50
Fair Value Inputs, Enterprise Value	$ 5,200,000
Financial Instruments Owned [Member] | Investments at Fair Value [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount rate	15.00%	15.00%
Financial Instruments Owned [Member] | Investments at Fair Value [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount rate	30.00%	30.00%
Financial Instruments Owned [Member] | Investments at Fair Value [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Transaction Level	$ 0
Fair Value Inputs, Discount rate	23.00%	23.00%
Financial Instruments Owned [Member] | Investment in FXCM [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	$ 625,700,000
Fair Value Inputs, Volatility	110.00%
Fair Value of Senior Secured Term Loan Receivable	$ 203,700,000
Fair Value of Rights	$ 422,000,000
Financial Instruments Owned [Member] | Investment in FXCM [Member] | Minimum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Term based on the pay off	0 months
Financial Instruments Owned [Member] | Investment in FXCM [Member] | Maximum [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Term based on the pay off	1 year
Financial Instruments Owned [Member] | Investment in FXCM [Member] | Weighted Average [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Term based on the pay off	4 months 24 days
Financial Instruments Owned [Member] | Convertible Bond Model [Member] | Corporate Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Discount rate/yield	86.00%

Fair Value Disclosures (Summa85

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 ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and other receivables	$ (15,327)	$ (17,389)	$ (24,785)
Financial Instruments Sold [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans	(32)	(162)	(585)
Loan commitments	$ (1,007)	$ 7,502	$ (15,459)

Fair Value Disclosures (Summa86

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 ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Loans and other receivables	$ 408,369	$ 403,119
Loans and other receivables greater than 90 days past due	29,720	5,594
Loans and other receivables on nonaccrual status	$ 54,652	$ (22,360)

Fair Value Disclosures (Fair Va

Fair Value Disclosures (Fair Value Option Election Narrative) (Details) $ in Thousands, shares in Millions	2 Months Ended	12 Months Ended
	Feb. 28, 2013USD ($)	Dec. 31, 2015USD ($)directorshares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
90 days or more past due		$ 11,300	$ 0
Aggregate fair value of loans and other receivables on nonaccrual status		307,500	274,600
Trading assets, at fair value		18,293,090	19,612,490
Jefferies [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Changes in fair value of investments reflected as principal transactions	$ 182,700
KCG Holdings [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Changes in fair value of investments reflected as principal transactions		49,100	(14,700)	$ 19,500
HRG [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Changes in fair value of investments reflected as principal transactions		$ (28,000)	119,200
Shares owned, number | shares		46.6
Percentage of outstanding common stock owned		23.00%
Trading assets, at fair value		$ 631,900	$ 659,900
Cash consideration paid for shares		$ 475,600
Number of directors appointed | director		2
Maximum ownership percentage		27.50%
Restriction on sale, maximum percentage		4.90%

Derivative Financial Instrume88

Derivative Financial Instruments (Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure) (Details) $ in Thousands	Dec. 31, 2015USD ($)contract	Dec. 31, 2014USD ($)contract
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 4,428,245	$ 5,165,613
Fair Value, Liabilities	4,476,241	5,220,133
Counterparty/cash-collateral netting, Assets	(4,165,446)	(4,759,345)
Counterparty/cash-collateral netting, Liabilities	(4,257,998)	(4,856,618)
Total assets	262,799	406,268
Total liabilities	218,243	363,515
Interest Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 2,910,093	$ 2,299,807
Number of Contracts, Assets | contract	56,748	71,505
Fair Value, Liabilities	$ 2,849,958	$ 2,292,691
Number of Contracts, Liabilities | contract	74,904	89,861
Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 472,869	$ 1,514,881
Number of Contracts, Assets | contract	8,118	12,861
Fair Value, Liabilities	$ 470,649	$ 1,519,349
Number of Contracts, Liabilities | contract	7,404	12,752
Equity Contracts [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 1,017,611	$ 1,050,990
Number of Contracts, Assets | contract	3,057,754	2,271,507
Fair Value, Liabilities	$ 1,094,597	$ 1,058,015
Number of Contracts, Liabilities | contract	2,947,416	2,051,469
Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 8,248	$ 276,726
Number of Contracts, Assets | contract	2,867	1,031,568
Fair Value, Liabilities	$ 882	$ 303,206
Number of Contracts, Liabilities | contract	1,973	1,020,418
Credit Contracts: Centrally Cleared Swaps [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 2,447	$ 17,831
Number of Contracts, Assets | contract	299	27
Fair Value, Liabilities	$ 841	$ 23,264
Number of Contracts, Liabilities | contract	44	22
Credit Contracts: Other Credit Derivatives [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 16,977	$ 5,378
Number of Contracts, Assets | contract	100	18
Fair Value, Liabilities	$ 59,314	$ 23,608
Number of Contracts, Liabilities | contract	135	27

Derivative Financial Instrume89

Derivative Financial Instruments (Unrealized And Realized Gains (Losses) On Derivative Contracts (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	$ 144,143	$ (167,626)	$ (402,881)
Interest Rate Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	132,397	(36,792)	(149,587)
Foreign Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	5,514	36,233	39,872
Equity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(21,216)	(137,219)	(327,978)
Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	45,546	(13,625)	58,746
Credit Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	$ (18,098)	$ (16,223)	$ (23,934)

Derivative Financial Instrume90

Derivative Financial Instruments (Remaining Contract Maturity Of Fair Value Of OTC Derivative Assets And Liabilities) (Details) $ in Thousands	Dec. 31, 2015USD ($)
OTC Derivative Assets
0-12 Months	$ 183,031
1-5 Years	206,995
Greater Than 5 Years	63,816
Cross- Maturity Netting	(57,965)
Total	395,877
Cross product counterparty netting	(13,063)
Total	382,814
OTC Derivative Liabilities
0-12 Months	176,220
1-5 Years	135,312
Greater Than 5 Years	127,502
Cross-Maturity Netting	(57,965)
Total	381,069
Cross product counterparty netting	(13,063)
Total OTC derivative liabilities included in Trading liabilities	368,006
Exchange traded derivative assets and other credit agreements	24,400
Cash collateral received	144,400
Exchange traded derivative liabilities and other credit agreements	87,200
Cash collateral pledged	237,000
Commodity Swaps, Options And Forwards [Member]
OTC Derivative Assets
0-12 Months	7,743
1-5 Years	18,955
Greater Than 5 Years	0
Cross- Maturity Netting	0
Total	26,698
OTC Derivative Liabilities
0-12 Months	5,510
1-5 Years	0
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total	5,510
Credit Default Swaps [Member]
OTC Derivative Assets
0-12 Months	0
1-5 Years	6,022
Greater Than 5 Years	0
Cross- Maturity Netting	(2,839)
Total	3,183
OTC Derivative Liabilities
0-12 Months	0
1-5 Years	2,628
Greater Than 5 Years	31,982
Cross-Maturity Netting	(2,839)
Total	31,771
Equity Swaps And Options [Member]
OTC Derivative Assets
0-12 Months	26,278
1-5 Years	7,112
Greater Than 5 Years	0
Cross- Maturity Netting	(3,782)
Total	29,608
OTC Derivative Liabilities
0-12 Months	4,880
1-5 Years	28,516
Greater Than 5 Years	3,046
Cross-Maturity Netting	(3,782)
Total	32,660
Total Return Swaps [Member]
OTC Derivative Assets
0-12 Months	8,648
1-5 Years	252
Greater Than 5 Years	0
Cross- Maturity Netting	(1)
Total	8,899
OTC Derivative Liabilities
0-12 Months	22,644
1-5 Years	774
Greater Than 5 Years	2,540
Cross-Maturity Netting	(1)
Total	25,957
Foreign Currency Forwards, Swaps And Options [Member]
OTC Derivative Assets
0-12 Months	82,707
1-5 Years	15,780
Greater Than 5 Years	0
Cross- Maturity Netting	(7,462)
Total	91,025
OTC Derivative Liabilities
0-12 Months	98,726
1-5 Years	12,255
Greater Than 5 Years	0
Cross-Maturity Netting	(7,462)
Total	103,519
Fixed Income Forwards [Member]
OTC Derivative Liabilities
0-12 Months	2,522
1-5 Years	0
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total	2,522
Interest Rate Swaps, Options And Forwards [Member]
OTC Derivative Assets
0-12 Months	57,655
1-5 Years	158,874
Greater Than 5 Years	63,816
Cross- Maturity Netting	(43,881)
Total	236,464
OTC Derivative Liabilities
0-12 Months	41,938
1-5 Years	91,139
Greater Than 5 Years	89,934
Cross-Maturity Netting	(43,881)
Total	$ 179,130

Derivative Financial Instrume91

Derivative Financial Instruments (Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of OTC derivatives assets, Counterparty credit quality, A- or higher	$ 195,503
Fair value of OTC derivatives assets, Counterparty credit quality, BBB- to BBB+	76,796
Fair value of OTC derivatives assets, Counterparty credit quality, BB+ or lower	50,581
Fair value of OTC derivatives assets, Counterparty credit quality, Unrated	59,934
Total	$ 382,814

Derivative Financial Instrume92

Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments in a liability position	$ 114.5	$ 269
Collateral posted for derivative instruments in a liability position	97.2	234.6
Potential additional collateral required for derivative instruments in a liability position	$ 19.7	$ 55.1

Collateralized Transactions (Co

Collateralized Transactions (Collateral Pledged) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 3,014,300
Repurchase agreements	20,158,422
Total	23,172,722
Corporate Equity Securities [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	2,200,273
Repurchase agreements	271,519
Total	2,471,792
Corporate Debt Securities [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	779,044
Repurchase agreements	1,721,583
Total	2,500,627
Mortgage- and asset-backed securities [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0
Repurchase agreements	3,537,812
Total	3,537,812
U.S. Government And Federal Agency Securities [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	34,983
Repurchase agreements	12,003,521
Total	12,038,504
Municipal securities [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0
Repurchase agreements	357,350
Total	357,350
Sovereign securities [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0
Repurchase agreements	1,804,103
Total	1,804,103
Loans and Finance Receivables [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0
Repurchase agreements	462,534
Total	$ 462,534

Collateralized Transactions (94

Collateralized Transactions (Contractual Maturity) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 3,014,300
Repurchase agreements	20,158,422
Total	23,172,722
Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	1,522,475
Repurchase agreements	7,848,231
Total	9,370,706
Up to 30 Days [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0
Repurchase agreements	5,218,059
Total	5,218,059
30 to 90 Days [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	973,201
Repurchase agreements	5,291,729
Total	6,264,930
Greater than 90 Days [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	518,624
Repurchase agreements	1,800,403
Total	$ 2,319,027

Collateralized Transactions (De

Collateralized Transactions (Details) - USD ($) $ in Billions	Dec. 31, 2015	Dec. 31, 2014
Collateralized Transactions [Abstract]
Fair value of securities received as collateral that may be sold or repledged	$ 26.2	$ 25.8

Securitization Activities (Acti

Securitization Activities (Activity Related To Securitizations Accounted For As Sales) (Details) - USD ($) $ in Millions	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Securitization Activities [Abstract]
Transferred assets	$ 4,592.5	$ 5,770.5	$ 6,112.6
Proceeds on new securitizations	4,609	5,811.3	6,221.1
Cash flows received on retained interests	$ 35.6	$ 31.2	$ 46.3

Securitization Activities (Summ

Securitization Activities (Summary Of Retained Interests In SPEs) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Collateralized Loan Obligations Securitizations [Member]
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Collateralized loan obligations	$ 4,538.4	$ 4,511.8
Retained Interests	51.5	108.4
Commercial Mortgage Backed Securities [Member]
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
U.S. government agency commercial mortgage-backed securities	2,313.4	5,848.5
Retained Interests	87.2	204.7
Residential Mortgage Backed Securities [Member]
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
U.S. government agency residential mortgage-backed securities	10,901.9	19,196.9
Retained Interests	203.6	226.9
Consumer and Other Loans [Member]
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Consumer and other loans	655	0
Retained Interests	$ 31	$ 0

Available For Sale Securities98

Available For Sale Securities (Amortized Cost, Gross Unrealized Gains And Losses And Estimated Fair Value Of Available For Sale Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Amortized Cost	$ 186,837	$ 1,562,456
Gross Unrealized Gains	20,879	49,300
Gross Unrealized Losses	361	2,987
Estimated Fair Value	207,355	1,608,769
U.S. Government Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	63,968	593,803
Gross Unrealized Gains	2	33
Gross Unrealized Losses	25	63
Estimated Fair Value	63,945	593,773
Residential Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	23,033	597,402
Gross Unrealized Gains	308	10,959
Gross Unrealized Losses	101	1,678
Estimated Fair Value	23,240	606,683
Commercial Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	2,392	42,991
Gross Unrealized Gains	0	484
Gross Unrealized Losses	18	74
Estimated Fair Value	2,374	43,401
Other Asset Backed Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	39,633	245,533
Gross Unrealized Gains	0	619
Gross Unrealized Losses	160	996
Estimated Fair Value	39,473	245,156
All Other Corporates [Member]
Schedule of Investments [Line Items]
Amortized Cost	4,794	30,519
Gross Unrealized Gains	7	60
Gross Unrealized Losses	57	176
Estimated Fair Value	4,744	30,403
Debt Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	133,820	1,510,248
Gross Unrealized Gains	317	12,155
Gross Unrealized Losses	361	2,987
Estimated Fair Value	133,776	1,519,416
Common Stocks: Banks, Trusts And Insurance Companies [Member]
Schedule of Investments [Line Items]
Amortized Cost	35,071	31,853
Gross Unrealized Gains	10,201	18,740
Gross Unrealized Losses	0	0
Estimated Fair Value	45,272	50,593
Common Stocks: Industrial, Miscellaneous And All Other [Member]
Schedule of Investments [Line Items]
Amortized Cost	17,946	20,355
Gross Unrealized Gains	10,361	18,405
Gross Unrealized Losses	0	0
Estimated Fair Value	28,307	38,760
Corporate Equity Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	53,017	52,208
Gross Unrealized Gains	20,562	37,145
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 73,579	$ 89,353

Available For Sale Securities99

Available For Sale Securities (Amortized Cost And Estimated Fair Value Of Investments Classified As Available For Sale By Contractual Maturity) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Due within one year, Amortized Cost	$ 68,250
Due after one year through five years, Amortized Cost	512
Due after five year through ten years, Amortized Cost	0
Due after ten years, Amortized Cost	0
Fixed maturities investments excluding mortgage-backed and asset-backed securities, Amortized Cost	68,762
Mortgage-backed and asset-backed securities, Amortized Cost	65,058
Amortized Cost	186,837	$ 1,562,456
Due within one year, Estimated Fair Value	68,178
Due after one year through five years, Estimated Fair Value	511
Due after five year through ten years, Estimated Fair Value	0
Due after ten years, Estimated Fair Value	0
Fixed maturities investments excluding mortgage-backed and asset-backed securities, Estimated Fair Value	68,689
Mortgage-backed and asset-backed securities, Estimated Fair Value	65,087
Estimated Fair Value	207,355	1,608,769
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	133,820	1,510,248
Estimated Fair Value	$ 133,776	$ 1,519,416

Available For Sale Securitie100

Available For Sale Securities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Net realized securities gains		$ 62,957	$ 30,394	$ 243,957
Inmet Mining Corporation [Member]
Schedule of Investments [Line Items]
Aggregate net proceeds	$ 391,200
Net realized securities gains				$ 227,600
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

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($)	Jul. 26, 2010	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Carrying Amount		$ 289,700,000	$ 360,200,000
Total Maximum exposure to loss in non-consolidated VIEs		1,345,100,000	1,795,200,000
Agency Mortgage-Backed Securitizations [Member]
Variable Interest Entity [Line Items]
Carrying Amount		3,359,100,000	3,186,900,000
Nonagency Mortgage- And Asset-Backed Securitizations [Member]
Variable Interest Entity [Line Items]
Carrying Amount		630,500,000	1,120,000,000
SBI USA Fund [Member]
Variable Interest Entity [Line Items]
Maximum amount committed to invest as per agreement	$ 75,000,000
Commitment funded		64,600,000	60,100,000
Carrying amount of equity investment		26,200,000	43,100,000
JEP IV [Member]
Variable Interest Entity [Line Items]
Carrying amount of equity investment		1,100,000	$ 1,200,000
Energy Partners I Lp [Member]
Variable Interest Entity [Line Items]
Carrying Amount		11,000
Total Maximum exposure to loss in non-consolidated VIEs		$ 3,000,000

Variable Interest Entities (Ass

Variable Interest Entities (Assets And Liabilities Of Consolidated VIEs) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Cash	$ 3,638,648	$ 4,276,775
Financial instruments owned	18,500,445	21,221,259
Securities purchased under agreement to resell	3,854,746	3,926,858
Other	1,482,092	1,807,284
Total	46,339,812	52,623,908	$ 47,866,781
Other secured financings	910,357	705,126
Total liabilities	35,557,289	41,942,200
Jefferies [Member]
Variable Interest Entity [Line Items]
Secured financings eliminated in consolidation	22,100	39,700
Securitization Vehicles [Member]
Variable Interest Entity [Line Items]
Cash	1,100	500
Financial instruments owned	68,300	62,700
Securities purchased under agreement to resell	717,300	575,200
Other	160,200	107,100
Total	946,900	745,500
Other secured financings	932,400	737,000
Other	14,500	8,500
Total liabilities	$ 946,900	$ 745,500

Variable Interest Entities (Non

Variable Interest Entities (Non-Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Total financial statement carrying amount, assets	$ 289.7	$ 360.2
Total Maximum exposure to loss in non-consolidated VIEs	1,345.1	1,795.2
Total VIE assets	7,628	8,747.4
Collateralized Loan Obligations [Member]
Variable Interest Entity [Line Items]
Total financial statement carrying amount, assets	73.6	134
Total Maximum exposure to loss in non-consolidated VIEs	458.1	926.9
Total VIE assets	6,368.7	7,737.1
Consumer Loan Financing Vehicles [Member]
Variable Interest Entity [Line Items]
Total financial statement carrying amount, assets	188.3	170.6
Total Maximum exposure to loss in non-consolidated VIEs	845.8	797.8
Total VIE assets	1,133	485.2
Asset Management Vehicles [Member]
Variable Interest Entity [Line Items]
Total financial statement carrying amount, assets	0.5	11.3
Total Maximum exposure to loss in non-consolidated VIEs	0.5	11.3
Total VIE assets	45.5	432.3
Private Equity Vehicles [Member]
Variable Interest Entity [Line Items]
Total financial statement carrying amount, assets	27.3	44.3
Total Maximum exposure to loss in non-consolidated VIEs	40.7	59.2
Total VIE assets	$ 80.8	$ 92.8

Loans To And Investments In 104

Loans To And Investments In Associated Companies (Schedule of Loans to and Investments in Associated Companies) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance	$ 1,712,568	$ 1,258,341	$ 807,474
Amounts at date of Jefferies acquisition			766,894
Income related to associated companies	110,281	138,527	119,041
Income (losses) related to associated companies classified as Other revenue	75,717	90,242	92,180
Contributions to (distributions from) associated companies, net	(120,860)	26,878	(129,703)
Other, including foreign exchange and unrealized gain (losses)	(20,337)	198,580	(397,545)
Loans to and investments in associated companies ending balance	1,757,369	1,712,568	1,258,341
Noncontrolling interests	64,679	67,864
Jefferies Finance [Member]
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance	508,891	470,537	0
Amounts at date of Jefferies acquisition			510,684
Income related to associated companies	0	0	0
Income (losses) related to associated companies classified as Other revenue	40,884	72,701	57,795
Contributions to (distributions from) associated companies, net	(21,200)	(34,347)	(97,942)
Other, including foreign exchange and unrealized gain (losses)	0	0	0
Loans to and investments in associated companies ending balance	528,575	508,891	470,537
Jefferies LoanCore [Member]
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance	258,947	224,037	0
Amounts at date of Jefferies acquisition			217,299
Income related to associated companies	0	0	0
Income (losses) related to associated companies classified as Other revenue	36,554	18,793	35,300
Contributions to (distributions from) associated companies, net	(6,760)	16,117	(28,562)
Other, including foreign exchange and unrealized gain (losses)	0	0	0
Loans to and investments in associated companies ending balance	288,741	258,947	224,037
Berkadia [Member]
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance	208,511	182,573	172,942
Amounts at date of Jefferies acquisition			0
Income related to associated companies	78,092	101,187	84,678
Income (losses) related to associated companies classified as Other revenue	0	0	0
Contributions to (distributions from) associated companies, net	(89,560)	(72,721)	(69,016)
Other, including foreign exchange and unrealized gain (losses)	(6,057)	(2,528)	(6,031)
Loans to and investments in associated companies ending balance	190,986	208,511	182,573
Garcadia [Member]
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance	167,939	120,017	82,425
Amounts at date of Jefferies acquisition			0
Income related to associated companies	53,182	49,416	39,399
Income (losses) related to associated companies classified as Other revenue	0	0	0
Contributions to (distributions from) associated companies, net	(48,461)	(1,494)	(1,807)
Other, including foreign exchange and unrealized gain (losses)	0	0	0
Loans to and investments in associated companies ending balance	172,660	167,939	120,017
Linkem [Member]
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance	159,054	173,577	86,424
Amounts at date of Jefferies acquisition			0
Income related to associated companies	(15,577)	(14,633)	(22,719)
Income (losses) related to associated companies classified as Other revenue	0	0	0
Contributions to (distributions from) associated companies, net	21,138	18,390	107,385
Other, including foreign exchange and unrealized gain (losses)	(14,466)	(18,280)	2,487
Loans to and investments in associated companies ending balance	150,149	159,054	173,577
HomeFed Corporation [Member]
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance	271,782	52,923	49,384
Amounts at date of Jefferies acquisition			0
Income related to associated companies	3,596	3,150	3,539
Income (losses) related to associated companies classified as Other revenue	0	0	0
Contributions to (distributions from) associated companies, net	0	0	0
Other, including foreign exchange and unrealized gain (losses)	0	215,709	0
Loans to and investments in associated companies ending balance	275,378	271,782	52,923
Golden Queen Mining Company, LLC [Member]
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance	103,598	0	0
Amounts at date of Jefferies acquisition			0
Income related to associated companies	(1,775)	(1,402)	0
Income (losses) related to associated companies classified as Other revenue	0	0	0
Contributions to (distributions from) associated companies, net	12,500	105,000	0
Other, including foreign exchange and unrealized gain (losses)	0	0	0
Loans to and investments in associated companies ending balance	114,323	103,598	0
Noncontrolling interests	33,700	33,700
Other [Member]
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance	33,846	34,677	416,299
Amounts at date of Jefferies acquisition			38,911
Income related to associated companies	(7,237)	809	14,144
Income (losses) related to associated companies classified as Other revenue	(1,721)	(1,252)	(915)
Contributions to (distributions from) associated companies, net	11,483	(4,067)	(39,761)
Other, including foreign exchange and unrealized gain (losses)	186	3,679	(394,001)
Loans to and investments in associated companies ending balance	$ 36,557	$ 33,846	$ 34,677

Loans To And Investments In 105

Loans To And Investments In Associated Companies (Jefferies Finance) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment [Line Items]
Investment banking	$ 1,417,807	$ 1,526,637	$ 997,955
Receivables	3,830,967	3,934,825
Jefferies Finance [Member]
Investment [Line Items]
Equity commitment	600,000
Funded equity commitments	$ 497,400
Investment commitment extension	1 year
Termination notice	60 days
Total line of credit facility commitment under joint venture	$ 500,000	1,000,000
Credit facility, extension period	1 year
Funded portion of line of credit commitment	$ 19,300	0
Line of credit facility commitment of Jefferies	250,000	350,000
Service fee income	51,700	41,600	14,200
Receivables	7,800	41,500
Jefferies [Member]
Investment [Line Items]
Investment banking	122,700	199,500	125,800
Origination fees	5,900	10,600	12,000
Service fee income	6,200	4,600	1,900
Net underwriting fees	$ 1,300	$ 7,700	$ 6,000

Loans To And Investments In 106

Loans To And Investments In Associated Companies (Jefferies LoanCore) (Narrative) (Details) - Jefferies LoanCore [Member] - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Investment [Line Items]
Aggregate equity commitment	$ 600	$ 600
Funded equity commitments	207.4	200.9
Equity commitment	$ 291	$ 291
Percentage of voting interest	48.50%	48.50%

Loans To And Investments In 107

Loans To And Investments In Associated Companies (Berkadia) (Narrative) (Details) - Berkadia [Member] - USD ($) $ in Millions	12 Months Ended			84 Months Ended
	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2009	Dec. 31, 2015
Investment [Line Items]
Capital contributed			$ 217.2
Percentage of ownership owned	50.00%			50.00%
Contributions to (distributions from) associated companies, net				$ 393.9
Out of period adjustment		$ 16.4
Surety policy issued	$ 2,500
Reimbursement of losses incurred, maximum percentage	50.00%			50.00%
Commercial paper	$ 2,470			$ 2,470

Loans To And Investments In 108

Loans To And Investments In Associated Companies Loans To And Investments in Associated Companies (Garcadia) (Narrative) (Details) - Garcadia [Member]	12 Months Ended
	Dec. 31, 2015facility
Investment [Line Items]
Number of automobile dealerships	27
Percent of cash allocated	65.00%
One Dealership [Member]
Investment [Line Items]
Percent of cash allocated	83.00%
Five Dealerships [Member]
Investment [Line Items]
Percent of cash allocated	71.00%
Garff Enterprises [Member]
Investment [Line Items]
Number of automobile dealerships	27
Percent of cash allocated	35.00%

Loans To And Investments In 109

Loans To And Investments In Associated Companies (Linkem) (Narrative) (Details) - Linkem [Member] € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)
Investment [Line Items]
Percentage of ownership owned	42.00%	42.00%
Cash consideration	$ 142.9
Interest rate on convertible notes	5.00%
Payments to acquire convertible notes	$ 108.6
Convertible notes principal amount | €		€ 81.2
Shareholder loan	1.1	1
Purchase of convertible preferred shares	$ 14.2
Principal amount | €		€ 13.3
Percentage of ownership upon conversion of preferred shares	56.00%	56.00%
Excess investment amortization period, years	12 years

Loans To And Investments In 110

Loans To And Investments In Associated Companies (HomeFed) (Narrative) (Details) - HomeFed Corporation [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Investment [Line Items]
Shares of common stock owned	9,974,226
Percentage of ownership owned	65.00%
Maximum voting rights as a percentage of total voting securities voting	45.00%
Cash paid on acquisition of common shares		$ 14
Common shares acquired		7,500,000
Deferred gain on sale		$ 36.1
Company Chairman [Member]
Investment [Line Items]
Ownership percentage of company	4.80%

Loans To And Investments In 111

Loans To And Investments In Associated Companies (Golden Queen Mining Company) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Investment [Line Items]
Contributions from noncontrolling interests	$ 16,189	$ 72,221	$ 65,870
Golden Queen Mining Company, LLC [Member]
Investment [Line Items]
Prior ownership percentage			100.00%
Percentage of ownership owned	35.00%			35.00%
Golden Queen Mining Co, Ltd [Member]
Investment [Line Items]
Ownership percentage	50.00%			50.00%
Gauss LLC [Member]
Investment [Line Items]
Cash invested in Limited Liability Company				$ 83,000
Gauss LLC [Member] | Golden Queen Mining Company, LLC [Member]
Investment [Line Items]
Percentage of ownership owned	50.00%			50.00%
Total investment in associated company	$ 117,500			$ 117,500
Clay Family [Member]
Investment [Line Items]
Contributions from noncontrolling interests	$ 34,500

Loans To And Investments In 112

Loans To And Investments In Associated Companies (Schedule Of Summarized Data For Investments In Associated Companies) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investments In Associated Companies [Line Items]
Assets	$ 46,339,812	$ 52,623,908	$ 47,866,781
Liabilities	35,557,289	41,942,200
Noncontrolling interests	64,679	67,864
The Company’s income related to associated companies	185,998	228,769	211,221
Undistributed earnings of equity method investments	117,100
Associated Companies [Member]
Investments In Associated Companies [Line Items]
Assets	18,489,684	12,683,212
Liabilities	14,990,876	9,350,034
Noncontrolling interests	39,038	12,718
Revenues	3,946,252	3,201,823	2,710,205
Income from continuing operations before extraordinary items	398,369	431,654	428,509
Net income	398,369	431,654	434,969
The Company’s income related to associated companies	$ 185,998	$ 228,769	$ 211,221

Financial Statement Offsetti113

Financial Statement Offsetting (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Offsetting [Abstract]
Derivative contracts, Gross Amounts	$ 4,428,245	$ 5,165,613
Derivative contracts, Netting in Consolidated Statement of Financial Condition	(4,165,446)	(4,759,345)
Derivative contracts, Net Amounts in Consolidated Statement of Financial Condition	262,799	406,268
Derivative contracts, Additional Amounts Available for Setoff	0	0
Derivative contracts, Available Collateral	0	0
Derivative contracts, Net Amount	262,799	406,268
Securities borrowing arrangements, Gross Amounts	6,975,136	6,853,103
Securities borrowing arrangements, Netting in Consolidated Statement of Financial Condition	0	0
Securities borrowing arrangements, Net Amounts in Consolidated Statement of Financial Condition	6,975,136	6,853,103
Securities borrowing arrangements, Additional Amounts Available for Setoff	(478,991)	(680,222)
Securities borrowing arrangements, Available Collateral	(667,099)	(1,274,196)
Securities borrowing arrangements, Net Amount	5,829,046	4,898,685
Reverse repurchase agreements, Gross Amounts	14,046,300	14,059,133
Reverse repurchase agreements, Netting in Consolidated Statement of Financial Condition	(10,191,554)	(10,132,275)
Reverse repurchase agreements, Net Amounts in Consolidated Statement of Financial Condition	3,854,746	3,926,858
Reverse repurchase agreements, Additional Amounts Available for Setoff	(83,452)	(634,568)
Reverse repurchase agreements, Available Collateral	(3,745,215)	(3,248,817)
Reverse repurchase agreements, Net Amount	26,079	43,473
Derivative contracts, Gross Amounts	4,476,241	5,220,133
Derivative contracts, Netting in Consolidated Statement of Financial Condition	(4,257,998)	(4,856,618)
Derivative contracts, Net Amounts in Consolidated Statement of Financial Condition	218,243	363,515
Derivative contracts, Additional Amounts Available for Setoff	0	0
Derivative contracts, Available Collateral	0	0
Derivative contracts, Net Amount	218,243	363,515
Securities lending arrangements, Gross Amounts	3,014,300	2,598,487
Securities lending arrangements, Netting in Consolidated Statement of Financial Condition	0	0
Securities lending arrangements, Net Amounts in Consolidated Statement of Financial Condition	3,014,300	2,598,487
Securities lending arrangements, Additional Amounts Available for Setoff	(478,991)	(680,222)
Securities lending arrangements, Available Collateral	(2,499,395)	(1,883,140)
Securities lending arrangements, Net Amount	35,914	35,125
Repurchase agreements, Gross Amounts	20,158,422	20,804,432
Repurchase agreements, Netting in Consolidated Statement of Financial Condition	(10,191,554)	(10,132,275)
Repurchase agreements, Net Amounts in Consolidated Statement of Financial Condition	9,966,868	10,672,157
Repurchase agreements, Additional Amounts Available for Setoff	(83,452)	(634,568)
Repurchase agreements, Available Collateral	(8,068,468)	(8,810,770)
Repurchase agreements, Net Amount	1,814,948	1,226,819
Securities borrowing arrangements, Net Amount, Subject to Review	5,796,100	4,847,400
Securities borrowing arrangements, Collateral Received, Subject to Review	5,613,300	4,694,000
Repurchase agreements, Net Amount, Subject to Review	1,807,200	1,201,900
Repurchase agreements, Collateral Pledged, Subject to Review	$ 1,875,300	$ 1,238,400

Intangible Assets, Net And G114

Intangible Assets, Net And Goodwill (Schedule Of Intangible Assets, Net And Goodwill) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	$ 912,021	$ 978,374
Goodwill	1,736,341	1,742,389
Total intangible assets, net and goodwill	2,648,362	2,720,763
Other Operations [Member]
Intangible Assets [Line Items]
Goodwill	8,551	8,551
National Beef [Member]
Intangible Assets [Line Items]
Goodwill	14,991	14,991
Jefferies [Member]
Intangible Assets [Line Items]
Goodwill	1,712,799	1,718,847
Customer And Other Relationships [Member]
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	456,222	493,501
Intangibles, accumulated amortization	191,761	155,548
Trademarks And Tradename [Member]
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	330,172	347,883
Intangibles, accumulated amortization	64,052	47,101
Supply Contracts [Member]
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	109,311	119,562
Intangibles, accumulated amortization	40,684	30,433
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	4,419	2,900
Intangibles, accumulated amortization	5,216	4,703
Exchange And Clearing Organization Membership Interests And Registrations [Member]
Intangible Assets [Line Items]
Indefinite lived intangibles	$ 11,897	$ 14,528

Intangible Assets, Net And G115

Intangible Assets, Net And Goodwill (Narrative) (Details) - USD ($) $ in Millions	Nov. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Intangible Assets [Line Items]
Amortization expense on intangible assets		$ 63.9	$ 66.2	$ 74.8
Future amortization expense, 2016		63.4
Future amortization expense, 2017		63.5
Future amortization expense, 2018		63.6
Future amortization expense, 2019		63.5
Future amortization expense, 2020		63.2
Futures [Member]
Intangible Assets [Line Items]
Intangible assets impairment loss	$ 7.5
International Asset Management [Member]
Intangible Assets [Line Items]
Intangible assets impairment loss	$ 0.1
Jefferies LLC [Member]
Intangible Assets [Line Items]
Impairment loss		$ 1.3

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Inventory, Net [Abstract]
Finished goods	$ 211,426	$ 343,959
Work in process	34,091	40,951
Raw materials, supplies and other	42,556	37,993
Inventory, net	$ 288,073	$ 422,903

Property, Equipment And Leas117

Property, Equipment And Leasehold Improvements, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 1,260,552	$ 1,148,135
Accumulated depreciation and amortization	(538,677)	(421,759)
Property, equipment and leasehold improvements, net	721,875	726,376
Land, Buildings And Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 371,383	321,098
Land, Buildings And Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	5 years
Land, Buildings And Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	45 years
Beef Processing Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 315,238	283,360
Beef Processing Machinery And Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	2 years
Beef Processing Machinery And Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	15 years
Other Machinery And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 113,412	110,075
Other Machinery And Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	3 years
Other Machinery And Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	15 years
Corporate Aircraft [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 104,862	104,780
Depreciable Lives	10 years
Furniture, Fixtures And Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 311,845	283,436
Furniture, Fixtures And Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	2 years
Furniture, Fixtures And Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	10 years
Construction In Progress [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 38,903	40,788
Other PP&E [Member]
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 4,909	$ 4,598
Other PP&E [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	3 years
Other PP&E [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Depreciable Lives	10 years

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) - USD ($)	Oct. 22, 2015	Apr. 23, 2015	Oct. 31, 2015	Apr. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Short-term borrowings					$ 310,700,000	$ 12,000,000
Debt interest rate					0.85%
Line of Credit [Member] | Loan Facility [Member]
Short-term Debt [Line Items]
Committed amount			$ 50,000,000
Line of Credit [Member] | Loan Facility [Member] | LIBOR [Member]
Short-term Debt [Line Items]
Basis spread on variable rate			3.75%
Line of Credit [Member] | Intraday Credit Facility [Member]
Short-term Debt [Line Items]
Committed amount				$ 500,000,000
Debt term				6 months
Extension term				6 months
Line of Credit [Member] | Amended Intraday Credit Facility [Member]
Short-term Debt [Line Items]
Committed amount	$ 300,000,000
Extension term	364 days
Line of Credit [Member] | Amended Intraday Credit Facility [Member] | Federal Funds Rate [Member]
Short-term Debt [Line Items]
Basis spread on variable rate		0.50%

Long-Term Debt (Schedule Of Ind

Long-Term Debt (Schedule Of Indebtedness) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Long-term debt	$ 7,407,594	$ 8,527,929
Subsidiary [Member]
Debt Instrument [Line Items]
Long-term debt	6,418,984	7,082,467
Parent Company [Member]
Debt Instrument [Line Items]
Long-term debt	988,610	1,445,462
54 Madison [Member]
Debt Instrument [Line Items]
Long-term debt	$ 116,211	0
Interest rate	6.00%
Credit Facility [Member] | Foursight Capital [Member]
Debt Instrument [Line Items]
Long-term debt	$ 110,253	27,000
8.125% Senior Notes Due September 15, 2015 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 457,723
Interest rate	8.125%	8.125%
Maturity date	Sep. 15, 2015	Sep. 15, 2015
Principal	$ 0	$ 458,641
5.50% Senior Notes due October 18, 2023 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 741,583	$ 740,748
Interest rate	5.50%	5.50%
Maturity date	Oct. 18, 2023	Oct. 18, 2023
Principal	$ 750,000	$ 750,000
6.625% Senior Notes due October 23, 2043 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 247,027	$ 246,991
Interest rate	6.625%	6.625%
Maturity date	Oct. 23, 2043	Oct. 23, 2043
Principal	$ 250,000	$ 250,000
3.875% Senior Notes, due November 9, 2015 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 507,944
Interest rate	3.875%	3.875%
Maturity date	Nov. 9, 2015	Nov. 9, 2015
Principal	$ 0	$ 500,000
5.5% Senior Notes, due March 15, 2016 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 353,025	$ 363,229
Interest rate	5.50%	5.50%
Maturity date	Mar. 15, 2016	Mar. 15, 2016
Principal	$ 350,000	$ 350,000
5.125% Senior Notes, due April 13, 2018 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 830,298	$ 842,359
Interest rate	5.125%	5.125%
Maturity date	Apr. 13, 2018	Apr. 13, 2018
Principal	$ 800,000	$ 800,000
8.5% Senior Notes, due July 15, 2019 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 806,125	$ 832,797
Interest rate	8.50%	8.50%
Maturity date	Jul. 15, 2019	Jul. 15, 2019
Principal	$ 700,000	$ 700,000
2.375% Euro Senior Notes, due May 20, 2020 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 527,606	$ 620,725
Interest rate	2.375%	2.375%
Maturity date	May 20, 2020	May 20, 2020
Principal	$ 528,625	$ 622,175
6.875% Senior Notes, due April 15, 2021 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 838,765	$ 853,091
Interest rate	6.875%	6.875%
Maturity date	Apr. 15, 2021	Apr. 15, 2021
Principal	$ 750,000	$ 750,000
2.25% Euro Medium Term Notes, due July 13, 2022 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 3,779	$ 4,379
Interest rate	2.25%	2.25%
Maturity date	Jul. 13, 2022	Jul. 13, 2022
Principal	$ 4,229	$ 4,977
5.125% Senior Notes, due January 20, 2023 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 620,890	$ 623,311
Interest rate	5.125%	5.125%
Maturity date	Jan. 20, 2023	Jan. 20, 2023
Principal	$ 600,000	$ 600,000
6.45% Senior Debentures, due June 8, 2027 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 379,711	$ 381,515
Interest rate	6.45%	6.45%
Maturity date	Jun. 8, 2027	Jun. 8, 2027
Principal	$ 350,000	$ 350,000
3.875% Convertible Senior Debentures, due November 1, 2029 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 347,307	$ 348,568
Interest rate	3.875%	3.875%	3.875%
Maturity date	Nov. 1, 2029	Nov. 1, 2029
Principal	$ 345,000	$ 345,000
6.25% Senior Debentures, due January 15, 2036 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 512,730	$ 513,046
Interest rate	6.25%	6.25%
Maturity date	Jan. 15, 2036	Jan. 15, 2036
Principal	$ 500,000	$ 500,000
6.50% Senior Notes, due January 20, 2043 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 421,656	$ 421,960
Interest rate	6.50%	6.50%
Maturity date	Jan. 20, 2043	Jan. 20, 2043
Principal	$ 400,000	$ 400,000
Secured credit facility, due June 26, 2017 [Member]
Debt Instrument [Line Items]
Long-term debt	0	170,000
Term Loan [Member] | National Beef [Member]
Debt Instrument [Line Items]
Long-term debt	$ 310,000	345,000
Interest rate	3.00%
Term Loan [Member] | 54 Madison [Member]
Debt Instrument [Line Items]
Long-term debt	$ 115,700
Revolving Credit Facility [Member] | National Beef [Member]
Debt Instrument [Line Items]
Long-term debt	$ 121,961	135,144
Interest rate	3.00%
Other [Member]
Debt Instrument [Line Items]
Long-term debt	$ 118,667	$ 92,399

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Assets pledged for indebtedness	$ 1,600,000,000
Nonrecourse indebtedness collateralized by assets	777,100,000
Debt subject to mandatory redemption, 2016	485,100,000
Debt subject to mandatory redemption, 2017	468,400,000
Debt subject to mandatory redemption, 2018	1,282,400,000
Debt subject to mandatory redemption, 2019	809,100,000
Debt subject to mandatory redemption, 2020	548,100,000
Long-term debt	7,407,594,000	$ 8,527,929,000
National Beef [Member]
Debt Instrument [Line Items]
Aggregate outstanding letters of credit	$ 19,800,000
54 Madison [Member]
Debt Instrument [Line Items]
Interest rate	6.00%
Long-term debt	$ 116,211,000	0
Foursight Capital [Member] | Credit Facility [Member]
Debt Instrument [Line Items]
Assets pledged for indebtedness	143,000,000
Credit facility term loan, maximum amount	175,000,000
Long-term debt	$ 110,253,000	$ 27,000,000
3.875% Convertible Senior Debentures, due November 1, 2029 [Member]
Debt Instrument [Line Items]
Interest rate	3.875%	3.875%	3.875%
Incremental principal amount of notes	$ 1,000
Shares issuable upon conversion per $1000 debenture	22.4574
Conversion price per common share for convertible notes (USD per share)	$ 44.53
Common stock price as a percent of conversion price minimum	130.00%
Earliest period of conversion price	20 days
Consecutive trading days	30 days
Trading price per debenture related to common stock, maximum	95.00%
Consecutive trading days	10 days
Contingent interest rate percent	0.375%
Trading period for contingent interest	5 days
Minimum average trading price for 5 trading days per $1,000 debenture	$ 1,200
Long-term debt	$ 347,307,000	$ 348,568,000
Revolving Credit Facility [Member] | National Beef [Member]
Debt Instrument [Line Items]
Interest rate	3.00%
Credit facility term loan, maximum amount	$ 375,000,000
Long-term debt	121,961,000	135,144,000
Revolving Credit Facility [Member] | National Beef [Member] | Maximum [Member]
Debt Instrument [Line Items]
Amount of revolver available	$ 109,900,000
Jefferies Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility term loan, maximum amount		750,000,000
Term Loan [Member] | National Beef [Member]
Debt Instrument [Line Items]
Interest rate	3.00%
Credit facility term loan, maximum amount	$ 375,000,000
Long-term debt	310,000,000	$ 345,000,000
Term Loan [Member] | 54 Madison [Member]
Debt Instrument [Line Items]
Long-term debt	$ 115,700,000
Revolving Credit Facility And Term Loan [Member] | National Beef [Member] | Minimum [Member]
Debt Instrument [Line Items]
Percentage added to base rate or LIBOR rate	0.75%
Revolving Credit Facility And Term Loan [Member] | National Beef [Member] | Maximum [Member]
Debt Instrument [Line Items]
Percentage added to base rate or LIBOR rate	2.75%
March 2016 Credit Facility [Member] | Foursight Capital [Member] | Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Percentage added to base rate or LIBOR rate	1.75%
December 2018 Credit Facility [Member] | Foursight Capital [Member] | Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Percentage added to base rate or LIBOR rate	2.15%

Mezzanine Equity (Narrative) (D

Mezzanine Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 30, 2021	Dec. 30, 2018	Dec. 30, 2016
Purchase Requirement [Line Items]
Terminal growth rate		2.00%
Redeemable noncontrolling interests		$ 191,633	$ 186,686
Dividend rate on preferred stock	3.25%		3.25%
Mandatorily redeemable convertible preferred shares redemption value		$ 125,000	$ 125,000
3.25% Cumulative Convertible Preferred Shares [Member]
Purchase Requirement [Line Items]
Dividend rate on preferred stock		3.25%
Mandatorily redeemable convertible preferred shares redemption value		$ 125,000
Mandatory redeemable preferred stock, number of shares in conversion		4,162,200
Mandatory redeemable preferred stock, effective conversion price per share (USD per share)		$ 30.03
Mandatorily redeemable preferred shares callable price per share		$ 1,000
Conwed Plastics [Member]
Purchase Requirement [Line Items]
Redeemable noncontrolling interests		$ 2,300	$ 2,400
Jefferies [Member]
Purchase Requirement [Line Items]
Dividend rate on preferred stock	3.25%		3.25%
Mandatorily redeemable convertible preferred shares redemption value	$ 125,000
USPB [Member] | Call Rights [Member] | Maximum [Member]
Purchase Requirement [Line Items]
Ownership interests as a percent of original interest		20.00%
Other Members [Member] | Call Rights [Member] | Maximum [Member]
Purchase Requirement [Line Items]
Ownership interests as a percent of original interest		50.00%
Anniversary of acquisition		10 years
Scenario, Forecast [Member] | National Beef [Member] | Put Rights [Member]
Purchase Requirement [Line Items]
Put right interest percentage				33.30%	33.30%	33.30%

Mezzanine Equity (Schedule Of R

Mezzanine Equity (Schedule Of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance				$ 186,686					$ 186,686
Loss allocated to redeemable noncontrolling interests	$ (10,612)	$ (6,788)	$ (2,031)	(7,112)	$ (9,582)	$ 5,625	$ 1,273	$ (5,932)	(26,543)	$ (8,616)	$ (9,282)
Increase (decrease) in fair value of redeemable noncontrolling interests charged to additional paid-in capital									(26,325)	45,401	(16,781)
Ending balance	191,633				186,686				191,633	186,686
National Beef [Member]
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance				$ 184,333				$ 241,075	184,333	241,075
Loss allocated to redeemable noncontrolling interests									(26,465)	(8,576)
Contributions from redeemable noncontrolling interests									5,263	0
Distributions to redeemable noncontrolling interests									0	(2,765)
Increase (decrease) in fair value of redeemable noncontrolling interests charged to additional paid-in capital									26,227	(45,401)
Ending balance	$ 189,358				$ 184,333				$ 189,358	$ 184,333	$ 241,075

Mezzanine Equity (Sensitivity A

Mezzanine Equity (Sensitivity Analysis Of Fair Value Of Redeemable Noncontrolling Interests Using Discount And Terminal Growth Rates) (Details) $ in Millions	Dec. 31, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal growth rate assumed in determining fair value	2.00%
Rate 1.75% Terminal Growth Rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal growth rate assumed in determining fair value	1.75%
Rate 2.25% Terminal Growth Rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal growth rate assumed in determining fair value	2.25%
Discount Rate 0% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount growth rate assumed in determining fair value	12.25%
Discount Rate 0% [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	$ 191.2
Discount Rate 0% [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	192.6
Discount Rate 0% [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	$ 194.1
Discount Rate 0% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount growth rate assumed in determining fair value	12.50%
Discount Rate 0% [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	$ 188.1
Discount Rate 0% [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	189.4
Discount Rate 0% [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	$ 190.7
Discount Rate 0% [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount growth rate assumed in determining fair value	12.75%
Discount Rate 0% [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	$ 185
Discount Rate 0% [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	186.3
Discount Rate 0% [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	$ 187.6

Common Shares And Compensati124

Common Shares And Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	May. 31, 2011	Dec. 31, 2015USD ($)plan$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / sharesshares	Dec. 31, 2012shares	Mar. 07, 2011$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be repurchased		20,000,000
Number of share-based compensation plans | plan		2
Shares reserved for stock options and warrants		4,661,272	5,640,034
Total compensation cost related to share-based compensation plans | $		$ 74,100	$ 109,800	$ 87,200
Tax benefit for issuance of share-based awards | $		27,300	39,900	33,200
Total unrecognized compensation cost related to nonvested share-based awards | $		$ 41,800
Employee service share-based compensation, unrecognized compensation costs on nonvested awards, weighted average period of recognition		1 year 10 months 25 days
Net tax benefit related to share-based compensation plans recognized as additional paid in capital | $		$ (5,900)	1,300	2,900
Potential maximum increase to common shares outstanding from restricted stock and other shares		12,898,000
Share-based compensation | $		$ 74,087	109,838	87,309
Unamortized portion of compensation expense for restricted cash awards | $		$ 258,300
Directors Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock available for grant		398,550
Value of shares to be granted to each non employee director | $		$ 120
Grants vesting period		3 years
Shares issuable upon settlement of deferred shares		289,044
Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for grant		20,000,000
Stock available for grant		18,165,279
Warrants Issued In 2011 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants to purchase common shares granted to each of Chairman and President						2,000,000
Exercise price (USD per share) | $ / shares						$ 33.33
Exercise price as a percentage of closing price per share						105.00%
Warrants expiration date	2,016
Vesting tranches	5
Vesting upon shareholder approval	20.00%
Additional vesting percentage	20.00%
Share-based compensation | $		$ 1,000	$ 5,300	$ 4,900
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, future service required		2,004,000	3,383,000	5,242,000	0
Grants, weighted average grant date fair value (USD per share) | $ / shares		$ 18.63	$ 27.03	$ 27.38
Restricted Stock Units (RSUs) [Member] | Dividend Equivalents [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend equivalents declared on restricted stock units		106,000	88,000
Grants, weighted average grant date fair value (USD per share) | $ / shares		$ 18.13	$ 20.41
Other Shares Issuable [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other shares issuable		927,000
Future Service Required [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, future service required		2,004,000
Future Service Required [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, future service required		3,388,000	4,238,000	4,793,000	0
Grants, weighted average grant date fair value (USD per share) | $ / shares		$ 0	$ 0	$ 0
Future Service Required [Member] | Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of years in which Restricted Stock Awards vests		4 years
No Future Service Required [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, no future service required		8,583,000	8,467,000	8,316,000	0
Grants, weighted average grant date fair value (USD per share) | $ / shares		$ 18.95	$ 20.89	$ 24.32
Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for options granted		5 years
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for options granted		4 years

Common Shares And Compensati125

Common Shares And Compensation Plans (Summary Of Company's Stock Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common Shares Subject to Option
Beginning balance	1,640,034	2,417,248	2,577,500
Granted	0	0	51,432
Exercised	(2,030)	(35,536)	(184,276)
Cancelled	(976,732)	(741,678)	(27,408)
Ending balance	661,272	1,640,034	2,417,248
Exercisable	391,274
Weighted- Average Exercise Prices
Weighted-Average Exercise Prices, Beginning balance (USD per share)	$ 24.91	$ 25.64	$ 26.10
Weighted-Average Exercise Prices, Granted (USD per share)	0	0	26.06
Weighted-Average Exercise Prices, Exercised (USD per share)	21.66	22.87	24.65
Weighted-Average Exercise Prices, Cancelled (USD per share)	24.88	27.39	38.68
Weighted-Average Exercise Prices, Ending balance (USD per share)	24.97	$ 24.91	$ 25.64
Weighted-Average Exercise Prices, Exercisable (USD per share)	$ 25.75
Weighted-Average Remaining Contractual Term	2 years 1 month 6 days
Weighted-Average Remaining Contractual Term, Exercisable	1 year 8 months 12 days
Aggregate Intrinsic Value, Exercised	$ 6	$ 58	$ 603
Aggregate Intrinsic Value, Outstanding	0
Aggregate Intrinsic Value, Exercisable	$ 0

Common Shares And Compensati126

Common Shares And Compensation Plans (Summary Of Weighted-Average Assumptions Used For Grants) (Details)	12 Months Ended
	Dec. 31, 2013$ / shares
Share-based Compensation [Abstract]
Risk free interest rate	1.26%
Expected volatility	39.17%
Expected dividend yield	0.85%
Expected life	4 years
Weighted-average fair value per grant	$ 7.67

Common Shares And Compensati127

Common Shares And Compensation Plans (Activity of Restricted Stock) (Details) - Restricted Stock [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Shares
Balance, beginning of period	3,383	5,242	0
Converted in connection with the Jefferies acquisition			6,895
Grants	602	864	462
Forfeited	(94)	(202)	(144)
Fulfillment of service requirement	(1,887)	(2,521)	(1,971)
Balance, end of period	2,004	3,383	5,242
Weighted Average Grant Date Fair Value
Balance, beginning of period (USD per share)	$ 27	$ 26.94	$ 0
Converted in connection with the Jefferies acquisition (USD per share)			26.90
Grants (USD per share)	18.63	27.03	27.38
Forfeited (USD per share)	28.12	26.90	26.90
Fulfillment of service requirement (USD per share)	26.87	26.89	26.90
Balance, end of period (USD per share)	$ 24.56	$ 27	$ 26.94

Common Shares And Compensati128

Common Shares And Compensation Plans (Activity of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Future Service Required [Member]
Shares
Balance, beginning of period	4,238,000	4,793,000	0
Converted in connection with the Jefferies acquisition			5,167,000
Grants	0	0	0
Distributions of underlying shares	0	0	0
Forfeited	(626,000)	(135,000)	(106,000)
Fulfillment of service requirement	(224,000)	(420,000)	(268,000)
Balance, end of period	3,388,000	4,238,000	4,793,000
Weighted Average Grant Date Fair Value
Balance, beginning of period (USD per share)	$ 26.90	$ 26.90	$ 0
Converted in connection with the Jefferies acquisition (USD per share)			26.90
Grants (USD per share)	0	0	0
Distribution of underlying shares (USD per share)	0	0	0
Forfeited (USD per share)	26.90	26.90	26.90
Fulfillment of service requirement (USD per share)	26.90	26.90	26.90
Balance, end of period (USD per share)	$ 26.90	$ 26.90	$ 26.90
No Future Service Required [Member]
Shares
Balance, beginning of period	8,467,000	8,316,000	0
Converted in connection with the Jefferies acquisition			9,527,000
Grants	121,000	97,000	145,000
Distributions of underlying shares	(229,000)	(366,000)	(1,603,000)
Forfeited	0	0	(21,000)
Fulfillment of service requirement	(224,000)	(420,000)	(268,000)
Balance, end of period	8,583,000	8,467,000	8,316,000
Weighted Average Grant Date Fair Value
Balance, beginning of period (USD per share)	$ 26.79	$ 26.86	$ 0
Converted in connection with the Jefferies acquisition (USD per share)			26.90
Grants (USD per share)	18.95	20.89	24.32
Distribution of underlying shares (USD per share)	22.34	26.85	26.90
Forfeited (USD per share)	0	0	26.83
Fulfillment of service requirement (USD per share)	26.90	26.90	26.90
Balance, end of period, weighted average grant date fair value (USD per share)	$ 26.68	$ 26.79	$ 26.86

Accumulated Other Comprehens129

Accumulated Other Comprehensive Income (Summary Of Accumulated Other Comprehensive Income, Net Of Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, net	$ 438,793	$ 447,082	$ 538,050
Net Unrealized Gains (Losses) On Available For Sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, net	557,601	577,588	589,393
Net Unrealized Foreign Exchange Gains (Losses) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, net	(63,248)	(26,771)	16,803
Net Unrealized Losses On Derivative Instruments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, net	0	0	(169)
Accumulated Defined Benefit Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, net	$ (55,560)	$ (103,735)	$ (67,977)

Accumulated Other Comprehens130

Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income Reclassifications) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized securities gains	$ 62,957	$ 30,394	$ 243,957
Income related to associated companies	110,281	138,527	119,041
Compensation and benefits, which includes pension expense. See Note 21 for information on this component.	(31,102)	(3,201)	(4,799)
Total reclassifications for the period, net of tax	252,111	199,025	362,193
Income tax provision	109,947	165,971	$ 136,481
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	(20,172)	(164)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Unrealized Gains (Losses) On Available For Sale Securities [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized securities gains	10,930	2,939
Income tax provision	6,068	1,631
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Unrealized Foreign Exchange Gains (Losses) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss from discontinued operations, net of income tax (benefit)	0	267
Income tax provision	0	149
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Unrealized Losses On Derivative Instruments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income related to associated companies	0	(169)
Income tax provision	0	(95)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Compensation and benefits, which includes pension expense. See Note 21 for information on this component.	(31,102)	(3,201)
Income tax provision	$ (17,159)	$ (1,676)

Pension Plans And Postretire131

Pension Plans And Postretirement Benefits (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)participantportfolio	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Pension Plan Disclosure [Line Items]
Number of portfolios | portfolio	3
Pension expense	$ 9,600	$ 9,300	$ 6,300
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
High Yield Portfolio [Member]
Pension Plan Disclosure [Line Items]
Maximum duration, portfolio	5 years
High Yield Portfolio [Member] | Maximum [Member]
Pension Plan Disclosure [Line Items]
Maximum percentage of CCC rated bonds	10.00%
Investments Restrictions And Limitations [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%
U.S. Pension Plans [Member]
Pension Plan Disclosure [Line Items]
Settlement charge	$ 40,973	0	$ 0
Charge to accumulated other comprehensive income (loss)	54,000	126,200
Accrued pension cost	89,300	$ 112,100
Estimated net loss that will be amortized from AOCI next year	2,000
Estimated employer contributions in 2016	$ 20,000
U.S. Pension Plans [Member] | WilTel [Member]
Pension Plan Disclosure [Line Items]
Number of participants offered | participant	4,000
Number of participants accepted | participant	2,400
Distributions paid	$ 110,700
Settlement charge	$ 40,700
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%	4.00%
U.S. Pension Plans [Member] | Jefferies [Member]
Pension Plan Disclosure [Line Items]
Expected long-term rate of return assumption	6.75%	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%
U.S. Pension Plans [Member] | Corporate Equity Securities [Member] | Jefferies [Member]
Pension Plan Disclosure [Line Items]
Target allocation of plan assets	50.00%
U.S. Pension Plans [Member] | Fixed Income [Member] | Jefferies [Member]
Pension Plan Disclosure [Line Items]
Target allocation of plan assets	50.00%
German Pension Plan [Member]
Pension Plan Disclosure [Line Items]
Charge to accumulated other comprehensive income (loss)	$ 4,900	$ 5,300
Investment in Insurance contract	$ 15,300	$ 18,100

Pension Plans And Postretire132

Pension Plans And Postretirement Benefits (Components Of Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
U.S. Pension Plans [Member]
Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of year		$ 352,126	$ 295,044
Interest cost		12,958	14,239	$ 12,286
Actuarial (gains) losses		(35,799)	52,125
Benefits paid		(122,260)	(9,282)
Projected benefit obligation at end of year	$ 295,044	207,025	352,126	295,044
Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year		240,010	239,080
Actual return on plan assets		(250)	11,175
Employer contributions		1,000	0
Administrative expenses		(781)	(963)
Fair value of plan assets at end of year	239,080	117,719	240,010	239,080
Funded status at end of year		(89,306)	(112,116)
German Pension Plan [Member]
Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of year		28,434	26,368
Service cost	51	0	40
Interest cost	685	523	801
Actuarial (gains) losses		(40)	4,630
Currency adjustment		(4,303)	(2,212)
Benefits paid		(1,069)	(1,193)
Projected benefit obligation at end of year	$ 26,368	$ 23,545	$ 28,434	$ 26,368

Pension Plans And Postretire133

Pension Plans And Postretirement Benefits (Components Of Pension Expense) (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost		$ 12,958	$ 14,239	$ 12,286
Expected return on plan assets		(10,581)	(10,115)	(9,746)
Settlement charge		(40,973)	0	0
Actuarial losses		6,963	4,634	7,464
Net periodic pension cost		50,313	8,758	10,004
Net (gain) loss arising during the period		(24,186)	52,027	(31,952)
Amortization of net loss		(6,963)	(4,634)	(7,464)
Total recognized in other comprehensive income (loss)		(72,122)	47,393	(39,416)
Net amount recognized in net periodic benefit cost and other comprehensive income (loss)		(21,809)	56,151	$ (29,412)
German Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 51	0	40
Interest cost	685	523	801
Net amortization	179	325	244
Net periodic pension cost	$ 915	$ 848	$ 1,085

Pension Plans And Postretire134

Pension Plans And Postretirement Benefits (Schedule Of Assumptions For Pensions Plan) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
U.S. Pension Plans [Member] | WilTel [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate used to determine benefit obligation	4.00%	3.76%
Discount rate, weighted-average assumptions used to determine net cost	3.76%	4.71%
Expected long-term return on plan assets, weighted-average assumptions used to determine net cost	4.00%	4.00%
U.S. Pension Plans [Member] | Jefferies [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate used to determine benefit obligation	4.10%	4.30%
Discount rate, weighted-average assumptions used to determine net cost	4.30%	5.10%
Expected long-term return on plan assets, weighted-average assumptions used to determine net cost	6.75%	6.75%
German Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate used to determine benefit obligation	2.20%	2.10%
Projected benefit obligation, Rate of compensation increase		3.00%
Discount rate, weighted-average assumptions used to determine net cost	2.10%	3.40%
Net periodic pension benefit cost, Rate of compensation increase		3.00%

Pension Plans And Postretire135

Pension Plans And Postretirement Benefits (Schedule Of Plan's Assets At Fair Value) (Details) - U.S. Pension Plans [Member] - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	$ 117,719	$ 240,010	$ 239,080
Jefferies [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	47,031	51,085
Jefferies [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	33,618	37,629
Jefferies [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	13,413	13,456
Jefferies [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	487	373
Jefferies [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	487	373
Jefferies [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Jefferies [Member] | Listed Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	29,156	31,327
Jefferies [Member] | Listed Equity Securities [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	29,156	31,327
Jefferies [Member] | Listed Equity Securities [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Jefferies [Member] | Corporate Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	6,598	6,482
Jefferies [Member] | Corporate Debt Securities [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Jefferies [Member] | Corporate Debt Securities [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	6,598	6,482
Jefferies [Member] | Foreign Corporate Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	2,140	1,321
Jefferies [Member] | Foreign Corporate Debt Securities [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Jefferies [Member] | Foreign Corporate Debt Securities [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	2,140	1,321
Jefferies [Member] | U.S. Government Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	3,975	5,929
Jefferies [Member] | U.S. Government Securities [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	3,975	5,929
Jefferies [Member] | U.S. Government Securities [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Jefferies [Member] | Agency Mortgage-Backed Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	3,504	3,883
Jefferies [Member] | Agency Mortgage-Backed Securities [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Jefferies [Member] | Agency Mortgage-Backed Securities [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	3,504	3,883
Jefferies [Member] | Commercial Mortgage Backed Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	425	1,080
Jefferies [Member] | Commercial Mortgage Backed Securities [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Jefferies [Member] | Commercial Mortgage Backed Securities [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	425	1,080
Jefferies [Member] | Asset-Backed Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	746	690
Jefferies [Member] | Asset-Backed Securities [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
Jefferies [Member] | Asset-Backed Securities [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	746	690
WilTel [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	70,688	188,925
WilTel [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	9,014	18,388
WilTel [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	61,674	170,537
WilTel [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	3,026	14,669
WilTel [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	3,026	14,669
WilTel [Member] | Cash and Cash Equivalents [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
WilTel [Member] | U.S. Government And Federal Agency Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	5,988	3,719
WilTel [Member] | U.S. Government And Federal Agency Securities [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	5,988	3,719
WilTel [Member] | U.S. Government And Federal Agency Securities [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
WilTel [Member] | Public Utilities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	8,978	15,669
WilTel [Member] | Public Utilities [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
WilTel [Member] | Public Utilities [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	8,978	15,669
WilTel [Member] | All Other Corporate Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	52,696	154,868
WilTel [Member] | All Other Corporate Bonds [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	0	0
WilTel [Member] | All Other Corporate Bonds [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value	$ 52,696	$ 154,868

Pension Plans And Postretire136

Pension Plans And Postretirement Benefits (Schedule Of Expected Pension Benefit Payments) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Defined Benefit Plan Disclosure [Line Items]
2,016	$ 10,503
2,017	8,818
2,018	9,962
2,019	10,001
2,020	10,506
2021 - 2025	65,960
German Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2,016	1,143
2,017	1,124
2,018	1,133
2,019	1,110
2,020	1,159
2021 - 2025	$ 5,831

Income Taxes (Schedule Of Princ

Income Taxes (Schedule Of Principal Components Of Deferred Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
NOL carryover	$ 1,375,759	$ 1,266,972
Compensation	284,761	334,576
Long-term debt	89,160	134,079
Other assets	162,393	160,586
Securities valuation reserves	32,141	25,499
Intangible assets, net and goodwill	6,855	13,842
Other liabilities	40,393	57,006
Gross tax assets	1,991,462	1,992,560
Valuation allowance	(97,177)	(110,404)
Total deferred tax assets, net	1,894,285	1,882,156
Unrealized gains on investments	(153,035)	(10,406)
Amortization of intangible assets	(103,561)	(97,268)
Property and equipment	(4,151)	(866)
Other	(58,170)	(61,081)
Gross tax liability	(318,917)	(169,621)
Net deferred tax asset	$ 1,575,368	$ 1,712,535

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Loss Carryforwards [Line Items]
NOLs to offset federal minimum taxable income	$ 575,300
Valuation allowance	97,177	$ 110,404
Undistributed earnings of foreign subsidiaries	205,000
Deferred tax liability not recorded on earnings of foreign subsidiaries permanently invested abroad	59,000
Increase (decrease) in valuation allowance	13,227	$ 22,203	$ (12,287)
Expected decrease in unrecognized tax benefit related to uncertain tax position over next 12 months	4,300
Subsidiary [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	2,100,000
Consolidated Tax Group [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	1,600,000
Jefferies [Member]
Operating Loss Carryforwards [Line Items]
Increase (decrease) in valuation allowance			$ 11,100
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	74,400
Valuation allowance	$ 7,200

Income Taxes (Schedule Of Provi

Income Taxes (Schedule Of Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current taxes:
Federal	$ 709	$ 746	$ 2,900
State and local	(25,308)	17,232	22,006
Foreign	3,504	12,375	9,050
Total current income taxes	(21,095)	30,353	33,956
Deferred taxes:
Federal	134,590	97,190	82,173
State and local	4,552	30,707	23,198
Foreign	(8,100)	7,721	(2,846)
Total deferred income taxes	131,042	135,618	102,525
Actual income tax provision	$ 109,947	$ 165,971	$ 136,481

Income Taxes (Schedule Of Recon

Income Taxes (Schedule Of Reconciliation Of Expected Statutory Federal Income Tax To Actual Income Tax Provision (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Expected federal income tax	$ 124,788	$ 133,428	$ 190,955
State income taxes, net of federal income tax benefit	(6,928)	31,160	21,396
Increase (decrease) in valuation allowance	(13,227)	(22,203)	12,287
Tax expense not provided on income recorded on the Jefferies investment prior to the acquisition	0	0	(63,952)
Reversal of prior years’ deferred tax liability related to Jefferies investment	0	0	(33,972)
Foreign rate differential	(10,130)	(14,305)	(4,750)
Permanent differences	8,064	6,181	13,210
Tax exempt income	(6,789)	(6,812)	(4,033)
Income allocated to noncontrolling interest, not subject to tax	11,039	3,270	3,655
Nondeductible settlements	0	24,500	0
Foreign taxes	(2,989)	2,542	4,033
Other	6,119	8,210	(2,348)
Actual income tax provision	$ 109,947	$ 165,971	$ 136,481

Income Taxes (Schedule Of Re141

Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
As of beginning of year	$ 185,860	$ 173,690	$ 15,770
Jefferies amounts at date of acquisition			146,110
Increases based on tax positions related to current period	3,475	5,630	8,750
Increases based on tax positions related to prior periods	22,030	4,340	14,780
Decreases based on tax positions related to prior periods	(20,233)	(3,940)	(18,300)
Interest expense recognized	10,336	9,200	7,000
Audit payments	0	(3,060)	(420)
Reduction as a result of the lapse of the statute of limitations	(11,520)	0	0
Balance, at end of year	189,948	185,860	173,690
Gross Unrecognized Tax Benefits [Member]
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
As of beginning of year	148,590	145,520	11,590
Jefferies amounts at date of acquisition			129,010
Increases based on tax positions related to current period	3,475	5,630	8,750
Increases based on tax positions related to prior periods	22,030	4,340	14,780
Decreases based on tax positions related to prior periods	(15,349)	(3,940)	(18,300)
Interest expense recognized	0	0	0
Audit payments	0	(2,960)	(310)
Reduction as a result of the lapse of the statute of limitations	(7,879)	0	0
Balance, at end of year	150,867	148,590	145,520
Interest [Member]
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
As of beginning of year	37,270	28,170	4,180
Jefferies amounts at date of acquisition			17,100
Increases based on tax positions related to current period	0	0	0
Increases based on tax positions related to prior periods	0	0	0
Decreases based on tax positions related to prior periods	(4,884)	0	0
Interest expense recognized	10,336	9,200	7,000
Audit payments	0	(100)	(110)
Reduction as a result of the lapse of the statute of limitations	(3,641)	0	0
Balance, at end of year	$ 39,081	$ 37,270	$ 28,170

Net Realized Securities Gain142

Net Realized Securities Gains (Losses) (Summary Of Net Securities Gains (Losses)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain (Loss) on Investments [Abstract]
Net realized gains on securities	$ 14,112	$ 30,686	$ 245,262
Write-down of investments	0	(111)	(1,621)
Other	48,845	(181)	316
Net securities gains (losses)	62,957	$ 30,394	$ 243,957
Investment recovery	$ 35,000

Net Realized Securities Gain143

Net Realized Securities Gains (Losses) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain (Loss) on Investments [Line Items]
Net realized securities gains	$ 62,957	$ 30,394	$ 243,957
Proceeds from sales of investments	1,900,000	1,900,000	1,800,000
Gross gains	16,900	$ 12,600	240,400
Gross losses	$ 2,800
Inmet Mining Corporation [Member]
Gain (Loss) on Investments [Line Items]
Net realized securities gains			$ 227,600

Other Results of Operations 144

Other Results of Operations Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Nonoperating Income (Expense) [Abstract]
Manufacturing revenues	$ 391,920	$ 379,274	$ 310,624
Dividend income	5,482	7,379	5,553
Income from associated companies classified as other revenues	75,717	90,242	92,180
Revenues of oil and gas exploration and production businesses	45,939	19,373	0
Gain on sale of equity interest	0	22,714	0
Rental income	1,872	5,877	13,158
Winery revenues	0	0	8,301
Other	28,298	45,606	55,676
Total other income	549,228	570,465	485,492
Taxes other than income or payroll	21,900	17,000	17,000
Advertising costs	$ 18,100	$ 14,500	$ 14,600

Earnings (Loss) Per Common S145

Earnings (Loss) Per Common Share (Earnings Per Share Computation) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Leucadia National Corporation common shareholders	$ 55,595	$ (173,173)	$ 16,406	$ 380,759	$ (9,763)	$ 54,679	$ 65,074	$ 94,316	$ 279,587	$ 204,306	$ 369,240
Less: Allocation of earnings to participating securities									(4,711)	(4,761)	(4,919)
Net income attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share									274,876	199,545	364,321
Less: Adjustment to allocation of earnings to participating securities related to diluted shares (1)									(34)	(75)	(110)
Mandatorily redeemable convertible preferred share dividends									0	0	3,397
Interest on 3.75% Convertible Notes									0	739	2,635
Net income attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share									$ 274,842	$ 200,209	$ 370,243
Denominator for basic earnings (loss) per share – weighted average shares (shares)	369,840,000	372,547,000	373,654,000	373,541,000	373,617,000	373,347,000	371,979,000	368,487,000	372,430,000	371,889,000	339,673,000
Stock options (shares)									1,000	29,000	55,000
Warrants (shares)									0	0	0
Mandatorily redeemable convertible preferred shares (shares)									0	0	3,468,000
Denominator for diluted earnings (loss) per share (shares)	369,840,000	372,547,000	373,662,000	377,713,000	373,617,000	373,375,000	373,179,000	377,348,000	372,431,000	373,333,000	347,734,000
Weighted average shares of participating securities									6,500,000	9,040,900	9,353,400
Dividends declared on participating securities									$ 1,500	$ 2,200	$ 2,800
3.875% Convertible Senior Debentures, due November 1, 2029 [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Convertible Debenture/Notes (shares)									0	0	0
3.75% Convertible Senior Subordinated Notes Due April 15, 2014 [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Convertible Debenture/Notes (shares)									0	1,415,000	4,538,000

Earnings (Loss) Per Common S146

Earnings (Loss) Per Common Share (Narrative) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
3.875% Convertible Senior Debentures, due November 1, 2029 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Convertible notes interest rate	3.875%	3.875%	3.875%
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share amount	4,000,000	4,000,000	4,000,000
Exercise price	$ 33.33	$ 33.33	$ 33.33
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share amount	1,000,137	1,572,777	1,711,096
Redeemable Convertible Preferred Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share amount	4,162,200	4,162,200

Commitments, Contingencies A147

Commitments, Contingencies And Guarantees (Narrative) (Details) plaintif in Thousands	Dec. 30, 2004USD ($)	Aug. 31, 2014USD ($)	Dec. 31, 2015USD ($)plaintif	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Loss Contingencies [Line Items]
Rental expense (net of sublease rental income)			$ 84,000,000	$ 79,600,000	$ 63,900,000
Purchase commitments			752,400,000	$ 344,800,000
Loan commitments outstanding to clients			268,700,000
Fair value of mortgage-related and other purchase commitments			$ 238,600,000
Approximate number of plaintiffs | plaintif			124
Amount accrued for estimated probable losses in connection with litigation			$ 50,000,000
Fair value of derivative contracts meeting the definition of a guarantee			394,800,000
Lease obligations			30,700,000
Jefferies Capital Partners LLC And Its Private Equity Funds [Member]
Loss Contingencies [Line Items]
Equity commitments			23,600,000
Folger Hill Asset Management LLC [Member]
Loss Contingencies [Line Items]
Entity line of credit facility, Term		3 years
Revolving credit facility		$ 20,000,000
Amount funded under credit facility			7,400,000
Other Investments [Member]
Loss Contingencies [Line Items]
Equity commitments			4,400,000
National Beef [Member]
Loss Contingencies [Line Items]
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			6,600,000
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 future payment for city improvements, 2018			800,000
Service charge commitment for city improvements remaining balance to be paid in subsequent years			4,100,000
Purchase commitments			68,500,000
Letters of credit			19,800,000
54 Madison [Member]
Loss Contingencies [Line Items]
Equity commitments			225,000,000
Funded equity commitments			38,400,000
Jefferies Finance [Member]
Loss Contingencies [Line Items]
Funded equity commitments			497,400,000
Maximum amount payable under guarantee			$ 21,800,000
Berkadia [Member]
Loss Contingencies [Line Items]
Reimbursement of losses incurred, maximum percentage			50.00%
Surety policy issued			$ 2,500,000,000
Aggregate amount of commercial paper outstanding			2,470,000,000
Jefferies [Member] | Standby Letters Of Credit [Member]
Loss Contingencies [Line Items]
Letters of credit			$ 33,100,000
Expiration period maximum			1 year
Other Subisidiaries [Member]
Loss Contingencies [Line Items]
Letters of credit			$ 23,100,000
Minimum [Member]
Loss Contingencies [Line Items]
Noncancellable operating lease terms			1 year
Maximum [Member]
Loss Contingencies [Line Items]
Noncancellable operating lease terms			30 years

Commitments, Contingencies A148

Commitments, Contingencies And Guarantees (Future Minimum Lease Commitments For Noncancelable Operating Leases) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 83,230
2,017	80,167
2,018	75,785
2,019	66,339
2,020	57,198
Thereafter	409,417
Future minimum annual rentals	772,136
Less: sublease income	(10,854)
Future minimum annual rentals net of sublease income	$ 761,282

Commitments, Contingencies A149

Commitments, Contingencies And Guarantees (Commitments And Contingencies) (Details) $ in Millions	Dec. 31, 2015USD ($)
Guarantor Obligations [Line Items]
2,016	$ 3,647.5
2,017	695.4
2018 and 2019	1,159.2
2020 and 2021	41.6
2022 and Later	225.1
Maximum Payout	5,768.8
Equity Commitments [Member]
Guarantor Obligations [Line Items]
2,016	106.8
2,017	25.3
2018 and 2019	43.9
2020 and 2021	35.9
2022 and Later	189.5
Maximum Payout	401.4
Loan Commitments [Member]
Guarantor Obligations [Line Items]
2,016	247.3
2,017	170.7
2018 and 2019	81.4
2020 and 2021	0
2022 and Later	0
Maximum Payout	499.4
Mortgage Related and Other Purchase Commitments [Member]
Guarantor Obligations [Line Items]
2,016	1,571.4
2,017	312.5
2018 and 2019	1,013.7
2020 and 2021	0
2022 and Later	0
Maximum Payout	2,897.6
Forward Starting Reverse Repos And Repos [Member]
Guarantor Obligations [Line Items]
2,016	1,635
2,017	0
2018 and 2019	0
2020 and 2021	0
2022 and Later	0
Maximum Payout	1,635
Other Unfunded Commitments [Member]
Guarantor Obligations [Line Items]
2,016	87
2,017	186.9
2018 and 2019	20.2
2020 and 2021	5.7
2022 and Later	35.6
Maximum Payout	$ 335.4

Commitments, Contingencies A150

Commitments, Contingencies And Guarantees (Guarantees) (Details) - Notional [Member] $ in Millions	Dec. 31, 2015USD ($)
Derivative Contracts - Non-Credit Related [Member]
Guarantor Obligations [Line Items]
2,015	$ 11,840.6
2,016	584.6
2017 and 2018	142.8
2019 and 2020	0
2021 and Later	414.4
Maximum Payout	12,982.4
Written Derivative Contracts - Credit Related [Member]
Guarantor Obligations [Line Items]
2,015	0
2,016	0
2017 and 2018	115.4
2019 and 2020	955.4
2021 and Later	10
Maximum Payout	1,080.8
Total Derivative Contracts [Member]
Guarantor Obligations [Line Items]
2,015	11,840.6
2,016	584.6
2017 and 2018	258.2
2019 and 2020	955.4
2021 and Later	424.4
Maximum Payout	$ 14,063.2

Commitments, Contingencies A151

Commitments, Contingencies And Guarantees (External Credit Ratings Of Underlying Or Referenced Assets For Credit Related Derivatives Contracts) (Details) $ in Millions	Dec. 31, 2015USD ($)
Below Investment Grade [Member] | Index credit default swaps [Member]
Guarantor Obligations [Line Items]
Credit Related Derivative Contracts by External Credit Ratings	$ 0
Below Investment Grade [Member] | Single name credit default swaps [Member]
Guarantor Obligations [Line Items]
Credit Related Derivative Contracts by External Credit Ratings	264.3
AAA/Aaa [Member] | Index credit default swaps [Member]
Guarantor Obligations [Line Items]
Credit Related Derivative Contracts by External Credit Ratings	698.4
AAA/Aaa [Member] | Single name credit default swaps [Member]
Guarantor Obligations [Line Items]
Credit Related Derivative Contracts by External Credit Ratings	0
AA/Aa [Member] | Index credit default swaps [Member]
Guarantor Obligations [Line Items]
Credit Related Derivative Contracts by External Credit Ratings	0
AA/Aa [Member] | Single name credit default swaps [Member]
Guarantor Obligations [Line Items]
Credit Related Derivative Contracts by External Credit Ratings	0
A [Member] | Index credit default swaps [Member]
Guarantor Obligations [Line Items]
Credit Related Derivative Contracts by External Credit Ratings	0
A [Member] | Single name credit default swaps [Member]
Guarantor Obligations [Line Items]
Credit Related Derivative Contracts by External Credit Ratings	10
BBB/Baa [Member] | Index credit default swaps [Member]
Guarantor Obligations [Line Items]
Credit Related Derivative Contracts by External Credit Ratings	0
BBB/Baa [Member] | Single name credit default swaps [Member]
Guarantor Obligations [Line Items]
Credit Related Derivative Contracts by External Credit Ratings	57.5
Unrated [Member] | Index credit default swaps [Member]
Guarantor Obligations [Line Items]
Credit Related Derivative Contracts by External Credit Ratings	0
Unrated [Member] | Single name credit default swaps [Member]
Guarantor Obligations [Line Items]
Credit Related Derivative Contracts by External Credit Ratings	50.6
Notional/Maximum Payout [Member] | Index credit default swaps [Member]
Guarantor Obligations [Line Items]
Notional/ Maximum Payout	698.4
Notional/Maximum Payout [Member] | Single name credit default swaps [Member]
Guarantor Obligations [Line Items]
Notional/ Maximum Payout	$ 382.4

Net Capital Requirements (Detai

Net Capital Requirements (Details) $ in Thousands	Dec. 31, 2015USD ($)
Jefferies LLC [Member]
Net Capital Requirements [Line Items]
Net Capital	$ 1,556,602
Excess Net Capital	1,471,663
Jefferies Execution [Member]
Net Capital Requirements [Line Items]
Net Capital	9,647
Excess Net Capital	$ 9,397

Other Fair Value Information (D

Other Fair Value Information (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings	$ 310,659	$ 12,000
Long-term debt	7,407,594	8,527,929
Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	488,690	213,174
Short-term borrowings	310,659	12,000
Long-term debt	7,407,594	8,527,929
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	490,208	217,171
Short-term borrowings	310,659	12,000
Long-term debt	$ 7,299,405	$ 8,806,700

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)cattle	Dec. 31, 2014USD ($)shares
Related Party Transaction [Line Items]
Purchase commitments		$ 752,400	$ 344,800
Head of cattle to be purchased per year from members of USPB, actual number | cattle		735,385
Percentage of cattle requirements obtained through USPB		28.00%	23.00%
Sales to related party		$ 31,000	$ 43,200
Purchases from related party		15,100	12,700
Long term debt		7,407,594	8,527,929
Jefferies [Member]
Related Party Transaction [Line Items]
Private equity related funds sold			4,000
HomeFed Corporation [Member]
Related Party Transaction [Line Items]
Cash paid on acquisition of common shares			$ 14,000
Common shares acquired | shares			7,500,000
54 Madison [Member]
Related Party Transaction [Line Items]
Long term debt		$ 116,211	$ 0
Interest rate		6.00%
Private Equity Related Funds [Member]
Related Party Transaction [Line Items]
Loans to and/or equity investments in related funds		$ 39,600	60,700
Net income (losses) from private equity related funds	$ 10,100	(26,200)	(14,900)
Hrg Group [Member]
Related Party Transaction [Line Items]
Unsettled purchases and sales of loans		261,600	232,000
Employees [Member]
Related Party Transaction [Line Items]
Loans outstanding to related party		$ 28,300	$ 20,100
Company Chairman [Member] | HomeFed Corporation [Member]
Related Party Transaction [Line Items]
Ownership percentage of company		4.80%
Term Loan [Member] | 54 Madison [Member]
Related Party Transaction [Line Items]
Long term debt		$ 115,700

Discontinued Operations And 155

Discontinued Operations And Assets Held For Sale (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended									12 Months Ended
	Jul. 31, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on sale of discontinued operations											$ 7,836	$ 12,566	$ 10,106
Tax provision (benefit) on sale of discontinued operations											2,743	899	(3,009)
Gain on disposal of discontinued operations, net of taxes		$ 3,793	$ 1,300	$ 0	$ 0	$ (6,518)	$ 7,685	$ 500	$ 0		$ 5,093	$ 1,667	13,115
Premier [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration from sale of business	$ 250,000
Pre-tax gain (loss) on sale of discontinued operations							$ 12,100
Power Production Business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on sale of discontinued operations										$ 6,400
Empire [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration from sale of business													3,200
Tax provision (benefit) on sale of discontinued operations													(5,400)
Gain on disposal of discontinued operations, net of taxes													$ 8,600

Discontinued Operations And 156

Discontinued Operations And Assets Held For Sale (Results Of Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax (benefit)									$ 231	$ (9,634)	$ (32,303)
Loss from discontinued operations after income taxes	$ 0	$ 429	$ 0	$ 0	$ 932	$ (5,676)	$ (4,240)	$ (8,909)	$ 429	(17,893)	(60,026)
Discontinued Operating Companies [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment and other income										4,700	4,691
Total revenues										72,439	119,535
Compensation and benefits										4,503	19,534
Depreciation and amortization										5,208	8,919
Selling, general and other expenses										41,378	98,178
Total expenses										99,966	211,864
Loss from discontinued operations before income taxes										(27,527)	(92,329)
Income tax (benefit)										(9,634)	(32,303)
Loss from discontinued operations after income taxes										(17,893)	(60,026)
Discontinued Operating Companies [Member] | Gaming Entertainment [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues										67,739	114,844
Direct operating expenses - Gaming entertainment										$ 48,877	$ 85,233

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Net Revenues	$ 2,496,216	$ 2,366,096	$ 2,839,463	$ 3,184,683	$ 2,688,355	$ 3,003,643	$ 2,851,963	$ 2,942,524	$ 10,886,458	$ 11,486,485	$ 10,425,746
Total consolidated pre-tax income from continuing operations									356,536	381,222	545,585
Depreciation and amortization									224,133	185,993	167,425
Assets	46,339,812				52,623,908				46,339,812	52,623,908	47,866,781
Unrealized and realized gains and interest income									642,824	662,213	574,895
Deferred tax asset, net	1,575,368				1,712,535				1,575,368	1,712,535
FXCM [Member]
Segment Reporting Information [Line Items]
Unrealized and realized gains and interest income									491,300
Jefferies [Member]
Segment Reporting Information [Line Items]
Deferred tax asset, net	320,200				399,600				320,200	399,600	524,800
Parent Company Interest [Member]
Segment Reporting Information [Line Items]
Net Revenues									(21,000)	0	0
Assets	(149,723)				(53,405)				(149,723)	(53,405)	(83,218)
Parent Company Interest [Member]
Segment Reporting Information [Line Items]
Total consolidated pre-tax income from continuing operations									(85,884)	(98,115)	(72,217)
Jefferies [Member]
Segment Reporting Information [Line Items]
Net Revenues									2,476,133	2,986,325	2,134,002
Total consolidated pre-tax income from continuing operations									119,165	358,396	260,984
Depreciation and amortization									92,165	78,566	59,631
Assets	38,608,956				44,563,808				38,608,956	44,563,808	40,168,572
National Beef [Member]
Segment Reporting Information [Line Items]
Net Revenues									7,402,419	7,832,424	7,487,724
Total consolidated pre-tax income from continuing operations									(123,915)	(40,303)	(42,358)
Depreciation and amortization									89,317	85,305	88,484
Assets	1,516,130				1,718,521				1,516,130	1,718,521	1,703,662
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Net Revenues									78,122	60,720	50,190
Total consolidated pre-tax income from continuing operations									(45,592)	(144,508)	(91,917)
Depreciation and amortization									3,744	5,627	9,924
Assets	1,778,987				3,240,561				1,778,987	3,240,561	4,515,768
Total Reportable Segment [Member]
Segment Reporting Information [Line Items]
Net Revenues									9,956,674	10,879,469	9,671,916
Total consolidated pre-tax income from continuing operations									(50,342)	173,585	126,709
Depreciation and amortization									185,226	169,498	158,039
Assets	41,904,073				49,522,890				41,904,073	49,522,890	46,388,002
All other [Member]
Segment Reporting Information [Line Items]
Net Revenues									950,784	607,016	753,830
Total consolidated pre-tax income from continuing operations									492,762	305,752	491,093
Depreciation and amortization									38,907	16,495	9,386
Assets	$ 4,585,462				$ 3,154,423				$ 4,585,462	$ 3,154,423	$ 1,561,997

Segment Information (Schedul158

Segment Information (Schedule Of Net Revenues By Geographic Region) (Details) - USD ($) $ in Thousands	3 Months Ended								10 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 2,496,216	$ 2,366,096	$ 2,839,463	$ 3,184,683	$ 2,688,355	$ 3,003,643	$ 2,851,963	$ 2,942,524		$ 10,886,458	$ 11,486,485	$ 10,425,746
Jefferies [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									$ 2,134,002	2,476,133	2,986,325
Americas [Member] | Jefferies [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									1,645,110	1,887,899	2,257,870
Europe [Member] | Jefferies [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									441,795	510,044	634,358
Asia [Member] | Jefferies [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									$ 47,097	$ 78,190	$ 94,097

Segment Information (Narrative)

Segment Information (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Net realized securities gains	$ 62,957	$ 30,394	$ 243,957
Interest expense	111,412	117,174	84,964
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Net realized securities gains	63,000	30,400	16,000
Inmet Mining Corporation [Member]
Segment Reporting Information [Line Items]
Net realized securities gains			227,600
National Beef [Member]
Segment Reporting Information [Line Items]
Interest expense	16,000	14,500	12,300
Parent Company [Member]
Segment Reporting Information [Line Items]
Interest expense	$ 85,900	$ 98,100	$ 72,200

Exit Costs - Narrative (Details

Exit Costs - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Jul. 31, 2015	Dec. 31, 2014
Jefferies Senior Secured Revolving Credit Facility [Member]
Restructuring Cost and Reserve [Line Items]
Credit facility term loan, maximum amount			$ 750,000,000
Jefferies [Member]
Restructuring Cost and Reserve [Line Items]
Non-cash restructuring costs	$ 28,700,000
Expected costs	3,100,000
Jefferies [Member] | Jefferies Senior Secured Revolving Credit Facility [Member]
Restructuring Cost and Reserve [Line Items]
Credit facility term loan, maximum amount		$ 750,000,000
Recognized costs related to credit facility termination	$ 3,800,000

Exit Costs - Restructuring and

Exit Costs - Restructuring and Impairment Costs (Details) - Jefferies [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Restructuring Cost and Reserve [Line Items]
Impairment costs	$ 73,094
Severance Costs [Member]
Restructuring Cost and Reserve [Line Items]
Impairment costs	30,327
Accelerated Amortization of Restricted Stock and Restricted Cash Awards [Member]
Restructuring Cost and Reserve [Line Items]
Impairment costs	7,922
Accelerated Amortization of Capitalized Software [Member]
Restructuring Cost and Reserve [Line Items]
Impairment costs	19,745
Contract Termination Costs [Member]
Restructuring Cost and Reserve [Line Items]
Impairment costs	11,247
Selling, General and Other Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Impairment costs	$ 3,853

Exit Costs - Restructuring Rese

Exit Costs - Restructuring Reserve (Details) - Jefferies [Member] $ in Thousands	9 Months Ended
	Dec. 31, 2015USD ($)
Restructuring Reserve [Roll Forward]
Expenses	$ 73,094
Severance Costs [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	0
Expenses	30,327
Payments	(25,522)
Ending balance	4,805
Other Costs [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	0
Expenses	2,774
Payments	(2,774)
Ending balance	0
Contract Termination Costs [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	0
Expenses	11,247
Payments	(11,247)
Ending balance	0
Restructuring Costs [Member]
Restructuring Reserve [Roll Forward]
Beginning balance	0
Expenses	44,348
Payments	(39,543)
Ending balance	4,805
Accelerated Amortization of Restricted Stock and Restricted Cash Awards [Member]
Restructuring Reserve [Roll Forward]
Expenses	7,922
Accelerated Amortization of Capitalized Software [Member]
Restructuring Reserve [Roll Forward]
Expenses	19,745
Impairments [Member]
Restructuring Reserve [Roll Forward]
Expenses	$ 1,079

Selected Quarterly Financial163

Selected Quarterly Financial Data (Schedule of Selected Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Selected Quarterly Financial Information [Abstract]
Net revenues	$ 2,496,216	$ 2,366,096	$ 2,839,463	$ 3,184,683	$ 2,688,355	$ 3,003,643	$ 2,851,963	$ 2,942,524	$ 10,886,458	$ 11,486,485	$ 10,425,746
Income (loss) from continuing operations	39,038	(181,912)	15,034	374,429	(14,038)	58,253	70,190	100,846	246,589	215,251	409,104
Income from discontinued operations, net of taxes	0	429	0	0	932	(5,676)	(4,240)	(8,909)	429	(17,893)	(60,026)
Gain on disposal of discontinued operations, net of taxes	3,793	1,300	0	0	(6,518)	7,685	500	0	5,093	1,667	13,115
Net (income) loss attributable to the noncontrolling interest	3,168	1,238	356	234	1,294	1,058	912	(2,537)	4,996	727	1,162
Net (income) loss attributable to the redeemable noncontrolling interests	10,612	6,788	2,031	7,112	9,582	(5,625)	(1,273)	5,932	26,543	8,616	9,282
Preferred stock dividends	(1,016)	(1,016)	(1,015)	(1,016)	(1,015)	(1,016)	(1,015)	(1,016)	(4,063)	(4,062)	(3,397)
Net income attributable to Leucadia National Corporation common shareholders	$ 55,595	$ (173,173)	$ 16,406	$ 380,759	$ (9,763)	$ 54,679	$ 65,074	$ 94,316	$ 279,587	$ 204,306	$ 369,240
Income (loss) from continuing operations (USD per share)	$ 0.14	$ (0.47)	$ 0.04	$ 1	$ (0.01)	$ 0.14	$ 0.18	$ 0.27	$ 0.73	$ 0.58	$ 1.20
Income (loss) from discontinued operations (USD per share)	0	0	0	0	0	(0.02)	(0.01)	(0.02)	0	(0.05)	(0.17)
Gain (loss) on disposal of discontinued operations (USD per share)	0.01	0	0	0	(0.02)	0.02	0	0	0.01	0.01	0.04
Net income (loss) (USD per share)	$ 0.15	$ (0.47)	$ 0.04	$ 1	$ (0.03)	$ 0.14	$ 0.17	$ 0.25	$ 0.74	$ 0.54	$ 1.07
Number of shares used in calculation - basic (shares)	369,840	372,547	373,654	373,541	373,617	373,347	371,979	368,487	372,430	371,889	339,673
Income (loss) from continuing operations (USD per share)	$ 0.14	$ (0.47)	$ 0.04	$ 0.99	$ (0.01)	$ 0.14	$ 0.18	$ 0.27	$ 0.73	$ 0.58	$ 1.20
Income (loss) from discontinued operations (USD per share)	0	0	0	0	0	(0.02)	(0.01)	(0.02)	0	(0.05)	(0.17)
Gain (loss) on disposal of discontinued operations - diluted (USD per share)	0.01	0	0	0	(0.02)	0.02	0	0	0.01	0.01	0.03
Net income (USD per share)	$ 0.15	$ (0.47)	$ 0.04	$ 0.99	$ (0.03)	$ 0.14	$ 0.17	$ 0.25	$ 0.74	$ 0.54	$ 1.06
Number of shares used in calculation (shares)	369,840	372,547	373,662	377,713	373,617	373,375	373,179	377,348	372,431	373,333	347,734