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/A | ||
Amendment Flag | true | ||
Amendment Description | In reliance on General Instruction A. (4) to Form 10-K, we are filing this Amendment to our Form 10-K solely to add Schedule I as required pursuant to Rule 5.04 of Regulation S-X. | ||
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 CORPORATION | ||
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 |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant | Statements of Financial Condition December 31, 2015 and 2014 (Dollars in thousands, except par value) 2015 2014 ASSETS Cash and cash equivalents $ 353 $ 81 Financial instruments owned: Trading assets, at fair value 750,116 — Available for sale securities 14,104 11,927 Total financial instruments owned 764,220 11,927 Investments in subsidiaries 18,348,067 17,650,659 Advances to subsidiaries 123,805 114,220 Investments in associated companies 244,206 234,223 Deferred tax asset, net 221,310 247,330 Other assets 66,360 16,288 Total $ 19,768,321 $ 18,274,728 LIABILITIES Accrued interest payable $ 11,447 $ 22,429 Pension liabilities 78,007 107,939 Other payables, expense accruals and other liabilities 103,438 129,125 Advances from subsidiaries 8,060,608 6,142,615 Long-term debt 988,610 1,445,462 Total liabilities 9,242,110 7,847,570 Commitments and contingencies MEZZANINE EQUITY Mandatorily redeemable convertible preferred shares 125,000 125,000 EQUITY Common shares, par value $1 per share, authorized 600,000,000 shares; 362,617,423 and 367,498,615 shares issued and outstanding, after deducting 53,755,292 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 Total $ 19,768,321 $ 18,274,728 Statements of Operations For the years ended December 31, 2015 , 2014 and 2013 (In thousands, except per share amounts) 2015 2014 2013 Revenues: Principal transactions $ 491,341 $ — $ — Net realized securities losses — — (804 ) Other 1,477 752 1,535 Total revenues 492,818 752 731 Expenses: Compensation and benefits 58,899 60,830 68,806 WilTel pension 50,836 9,298 10,205 Interest 85,884 98,115 71,620 Intercompany interest expense 241,906 178,027 157,183 Selling, general and other expenses 28,081 115,163 40,502 465,606 461,433 348,316 Income (loss) from continuing operations before income taxes, income related to associated companies and equity in earnings of subsidiaries 27,212 (460,681 ) (347,585 ) Income related to associated companies 3,479 3,763 3,896 Income (loss) from continuing operations before income taxes and equity in earnings of subsidiaries 30,691 (456,918 ) (343,689 ) Income tax provision (benefit) 267 (139,832 ) (105,053 ) Income (loss) from continuing operations before equity in earnings of subsidiaries 30,424 (317,086 ) (238,636 ) Equity in earnings of subsidiaries, net of taxes 247,704 541,680 658,184 Income from continuing operations 278,128 224,594 419,548 Equity in income (loss) from discontinued operations, net of taxes 429 (17,893 ) (60,026 ) Equity in gain on disposal of discontinued operations, net of taxes 5,093 1,667 13,115 Net income 283,650 208,368 372,637 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 $ 0.73 $ 0.58 $ 1.20 Income (loss) from discontinued operations — (0.05 ) (0.17 ) Gain on disposal of discontinued operations 0.01 0.01 0.04 Net income $ 0.74 $ 0.54 $ 1.07 Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income from continuing operations $ 0.73 $ 0.58 $ 1.20 Income (loss) from discontinued operations — (0.05 ) (0.17 ) Gain on disposal of discontinued operations 0.01 0.01 0.03 Net income $ 0.74 $ 0.54 $ 1.06 Statements of Comprehensive Income (Loss) For the years ended December 31, 2015 , 2014 and 2013 (In thousands) 2015 2014 2013 Net income $ 283,650 $ 208,368 $ 372,637 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 — (267 ) — 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) — — (15 ) Less: reclassification adjustment for derivative (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $(95) and $0 — 169 — Net change in unrealized derivative gains (losses), net of income tax provision (benefit) of $0, $95 and $(9) — 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 275,361 117,400 205,558 Preferred stock dividends (4,063 ) (4,062 ) (3,397 ) Comprehensive income attributable to Leucadia National Corporation common shareholders $ 271,298 $ 113,338 $ 202,161 Statements of Cash Flows For the years ended December 31, 2015 , 2014 and 2013 (In thousands) 2015 2014 2013 Net cash flows from operating activities: Net income $ 283,650 $ 208,368 $ 372,637 Adjustments to reconcile net income to net cash used for operations: Deferred income tax benefit (2,457 ) (15,302 ) (5,146 ) Accretion of interest 1,788 2,029 1,222 Share-based compensation 74,087 109,838 87,230 Equity in earnings of subsidiaries (253,226 ) (525,454 ) (611,273 ) Net securities losses — — 804 Income related to associated companies (3,479 ) (3,763 ) (3,896 ) Distributions from associated companies 312 2,429 2,116 Change in estimated litigation reserve (88,500 ) 88,500 — Net change in: Trading assets (615,768 ) — — Other assets (47,261 ) (5,674 ) (514 ) Accrued interest payable (10,982 ) (762 ) 631 Pension liabilities 49,835 9,299 6,729 Other payables, expense accruals and other liabilities 5,451 (16,211 ) (8,889 ) Other 5,112 4,153 3,436 Net cash used for operating activities (601,438 ) (142,550 ) (154,913 ) Net cash flows from investing activities: Investments in subsidiaries (637,400 ) (1,460,159 ) (44,870 ) Distributions from subsidiaries 119,695 97,331 95,635 Advances on notes, loans and other receivables (279,000 ) (6,500 ) — Collections on notes, loans and other receivables 144,652 6,500 — Investments in associated companies (8,101 ) (1,399 ) (1,350 ) Capital distributions from associated companies 1,317 730 3,367 Purchases of investments (other than short-term) (7,968 ) (11,628 ) — Proceeds from sales of investments — — 1,373 Other 276 184 172 Net cash provided by (used for) investing activities (666,529 ) (1,374,941 ) 54,327 (continued) Schedule I - Condensed Financial Information of Registrant, continued LEUCADIA NATIONAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Cash Flows, continued For the years ended December 31, 2015 , 2014 and 2013 (In thousands) 2015 2014 2013 Net cash flows from financing activities: Issuance of debt, net of issuance costs $ — $ — $ 984,674 Reduction of debt (458,641 ) (34 ) (401,909 ) Advances from (to) subsidiaries, net 1,943,961 1,683,949 (356,224 ) Issuance of common shares 1,223 2,190 5,557 Purchase of common shares for treasury (125,754 ) (75,728 ) (40,024 ) Dividends paid (92,550 ) (93,071 ) (91,335 ) Net cash provided by financing activities 1,268,239 1,517,306 100,739 Net increase (decrease) in cash and cash equivalents 272 (185 ) 153 Cash and cash equivalents at January 1, 81 266 113 Cash and cash equivalents at December 31, $ 353 $ 81 $ 266 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 95,074 $ 96,847 $ 69,767 Income tax payments, net $ (2,332 ) $ 13,463 $ 12,319 Non-cash investing activities: Common stock issued for acquisition of Jefferies Group LLC $ — $ — $ 3,385,699 Issuance of mandatorily redeemable convertible preferred shares for acquisition of Jefferies Group LLC $ — $ — $ 125,000 Investments contributed to subsidiary $ — $ 5,000 $ — Investments transferred from subsidiary $ — $ 43,602 $ — Non-cash financing activities: Net assets excluding cash and cash equivalents of Crimson Wine Group, Ltd., which was spun off $ — $ — $ 175,958 Issuance of common shares for debt conversion $ — $ 97,546 $ — Notes to Condensed Financial Statements 1. Introduction and Basis of Presentation The accompanying condensed financial statements (the "Parent Company Financial Statements"), including the notes thereto, should be read in conjunction with the consolidated financial statements of Leucadia National Corporation and Subsidiaries (the "Company") and the notes thereto found in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 ("2015 10-K"). For purposes of these condensed non-consolidated financial statements, the Company's wholly-owned and majority owned subsidiaries are accounted for using the equity method of accounting ("equity method subsidiaries"). The Parent Company Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). The significant accounting policies of the Parent Company Financial Statements are those used by the Company on a consolidated basis, to the extent applicable. For further information regarding the significant accounting policies refer to Note 2, Significant Accounting Policies, in the Company's consolidated financial statements included in the 2015 10-K. The Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, goodwill and intangible assets, the ability to realize deferred tax assets and the recognition and measurement of uncertain tax positions. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates. 2. Transactions with Subsidiaries The Parent Company has transactions with its equity method subsidiaries, many of which are structured as interest bearing advances to/from its subsidiaries. Intercompany interest expense primarily reflects the interest on funding advances incurred by the Parent to its wholly-owned subsidiary which holds assets related to its treasury function. Interest is incurred on funding advances based on the prime rate plus .125% . Although there is frequent cash movement between these subsidiaries and the Parent, they do not represent cash dividends. As such, the Parent Company received no cash dividends from its subsidiaries during the three years ended December 31, 2015. In 2014, the Parent Company agreed to a settlement relating to the acquisition of its wholly-owned subsidiary, Jefferies Group LLC. Amounts accrued in 2014, include $70.0 million to certain former equity holders of Jefferies Group Inc., along with attorney fees and are included in the Selling, general and other expenses line item in the Statements of Operations. 3. Commitments, Contingencies and Guarantees In the normal course of its business, the Parent Company has various commitments, contingencies and guarantees as described in Note 26, Commitments, Contingencies and Guarantees, and Note 18, Mezzanine Equity, in the Company's consolidated financial statements included in the 2015 10-K. 4. Restricted Net Assets For a discussion of the Company's regulatory requirements, see Note 27, Net Capital Requirements, in the Company's consolidated financial statements included in the 2015 10-K. Some of the Company's consolidated subsidiaries also have credit agreements which may restrict the payment of cash dividends, or the ability to make loans or advances to the Parent Company. At December 31, 2015 and 2014, $6,264.4 million and $6,230.4 million , respectively, of net assets of the Parent Company's consolidated subsidiaries are restricted as to the payment of cash dividends, or the ability to make loans or advances to the Parent Company. At December 31, 2015 and 2014, $5,202.7 million and $5,357.7 million , respectively, of these net assets are restricted as they reflect regulatory capital requirements or require regulatory approval prior to the payment of cash dividends and advances to the Parent Company. Included in retained earnings of the Parent Company at December 31, 2015 and 2014 are $117.1 million and $123.4 million , respectively, of undistributed earnings of unconsolidated associated companies. For further information, see Note 11, Loans to and Investments in Associated Companies, in the Company's consolidated financial statements included in the 2015 10-K. |
Schedule I - Condensed Financi3
Schedule I - Condensed Financial Information of Registrant (Statements of Financial Condition) (Details) - Parent Company [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Cash and cash equivalents | $ 353 | $ 81 | $ 266 | $ 113 |
Financial instruments owned: | ||||
Trading assets, at fair value | 750,116 | 0 | ||
Available for sale securities | 14,104 | 11,927 | ||
Total financial instruments owned | 764,220 | 11,927 | ||
Investments in subsidiaries | 18,348,067 | 17,650,659 | ||
Advances to subsidiaries | 123,805 | 114,220 | ||
Investments in associated companies | 244,206 | 234,223 | ||
Deferred tax asset, net | 221,310 | 247,330 | ||
Other assets | 66,360 | 16,288 | ||
Total | 19,768,321 | 18,274,728 | ||
LIABILITIES | ||||
Accrued interest payable | 11,447 | 22,429 | ||
Pension liabilities | 78,007 | 107,939 | ||
Other payables, expense accruals and other liabilities | 103,438 | 129,125 | ||
Advances from subsidiaries | 8,060,608 | 6,142,615 | ||
Long-term debt | 988,610 | 1,445,462 | ||
Total liabilities | $ 9,242,110 | $ 7,847,570 | ||
Commitments and contingencies | ||||
MEZZANINE EQUITY | ||||
Mandatorily redeemable convertible preferred shares | $ 125,000 | $ 125,000 | ||
EQUITY | ||||
Common shares, par value $1 per share, authorized 600,000,000 shares; 362,617,423 and 367,498,615 shares issued and outstanding, after deducting 53,755,292 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 | ||
Total | $ 19,768,321 | $ 18,274,728 |
Schedule I - Condensed Financi4
Schedule I - Condensed Financial Information of Registrant (Statements of Financial Condition) (Parenthetical) (Details) - Parent Company [Member] - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
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 |
Schedule I - Condensed Financi5
Schedule I - Condensed Financial Information of Registrant (Statements of Operations) (Details) - Parent Company [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Principal transactions | $ 491,341 | $ 0 | $ 0 |
Net realized securities losses | 0 | 0 | (804) |
Other | 1,477 | 752 | 1,535 |
Total revenues | 492,818 | 752 | 731 |
Expenses: | |||
Compensation and benefits | 58,899 | 60,830 | 68,806 |
WilTel pension | 50,836 | 9,298 | 10,205 |
Interest | 85,884 | 98,115 | 71,620 |
Intercompany interest expense | 241,906 | 178,027 | 157,183 |
Selling, general and other expenses | 28,081 | 115,163 | 40,502 |
Total expenses | 465,606 | 461,433 | 348,316 |
Income (loss) from continuing operations before income taxes, income related to associated companies and equity in earnings of subsidiaries | 27,212 | (460,681) | (347,585) |
Income related to associated companies | 3,479 | 3,763 | 3,896 |
Income (loss) from continuing operations before income taxes and equity in earnings of subsidiaries | 30,691 | (456,918) | (343,689) |
Income tax provision (benefit) | 267 | (139,832) | (105,053) |
Income (loss) from continuing operations before equity in earnings of subsidiaries | 30,424 | (317,086) | (238,636) |
Equity in earnings of subsidiaries, net of taxes | 247,704 | 541,680 | 658,184 |
Income from continuing operations | 278,128 | 224,594 | 419,548 |
Equity in income (loss) from discontinued operations, net of taxes | 429 | (17,893) | (60,026) |
Equity in gain on disposal of discontinued operations, net of taxes | 5,093 | 1,667 | 13,115 |
Net income | 283,650 | 208,368 | 372,637 |
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 |
Income from discontinued operations (USD per share) | 0 | (0.05) | (0.17) |
Gain on disposal of discontinued operations (USD per share) | 0.01 | 0.01 | 0.03 |
Net income (USD per share) | $ 0.74 | $ 0.54 | $ 1.06 |
Schedule I - Condensed Financi6
Schedule I - Condensed Financial Information of Registrant (Statements of Comprehensive Income (Loss) (Details) - Parent Company [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Statement of Income Captions [Line Items] | |||
Net income | $ 283,650 | $ 208,368 | $ 372,637 |
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 | 275,361 | 117,400 | 205,558 |
Preferred stock dividends | (4,063) | (4,062) | (3,397) |
Comprehensive income attributable to Leucadia National Corporation common shareholders | $ 271,298 | $ 113,338 | $ 202,161 |
Schedule I - Condensed Financi7
Schedule I - Condensed Financial Information of Registrant (Statements of Comprehensive Income (Loss) (Parenthetical) (Details) - Parent Company [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Statement of Income Captions [Line Items] | |||
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 |
Schedule I - Condensed Financi8
Schedule I - Condensed Financial Information of Registrant (Statements of Cash Flows) (Details) - Parent Company [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net cash flows from operating activities: | |||
Net income | $ 283,650 | $ 208,368 | $ 372,637 |
Adjustments to reconcile net income to net cash used for operations: | |||
Deferred income tax benefit | (2,457) | (15,302) | (5,146) |
Accretion of interest | 1,788 | 2,029 | 1,222 |
Share-based compensation | 74,087 | 109,838 | 87,230 |
Equity in earnings of subsidiaries | (253,226) | (525,454) | (611,273) |
Net securities losses | 0 | 0 | 804 |
Income related to associated companies | 3,479 | 3,763 | 3,896 |
Distributions from associated companies | 312 | 2,429 | 2,116 |
Change in estimated litigation reserve | (88,500) | 88,500 | 0 |
Net change in: | |||
Trading assets | (615,768) | 0 | 0 |
Other assets | (47,261) | (5,674) | (514) |
Accrued interest payable | (10,982) | (762) | 631 |
Pension liabilities | 49,835 | 9,299 | 6,729 |
Other payables, expense accruals and other liabilities | 5,451 | (16,211) | (8,889) |
Other | 5,112 | 4,153 | 3,436 |
Net cash used for operating activities | (601,438) | (142,550) | (154,913) |
Net cash flows from investing activities: | |||
Investments in subsidiaries | (637,400) | (1,460,159) | (44,870) |
Distributions from subsidiaries | 119,695 | 97,331 | 95,635 |
Advances on notes, loans and other receivables | (279,000) | (6,500) | 0 |
Collections on notes, loans and other receivables | 144,652 | 6,500 | 0 |
Investments in associated companies | (8,101) | (1,399) | (1,350) |
Capital distributions from associated companies | 1,317 | 730 | 3,367 |
Purchases of investments (other than short-term) | (7,968) | (11,628) | 0 |
Proceeds from sales of investments | 0 | 0 | 1,373 |
Other | 276 | 184 | 172 |
Net cash provided by (used for) investing activities | (666,529) | (1,374,941) | 54,327 |
Net cash flows from financing activities: | |||
Issuance of debt, net of issuance costs | 0 | 0 | 984,674 |
Reduction of debt | (458,641) | (34) | (401,909) |
Advances from (to) subsidiaries, net | 1,943,961 | 1,683,949 | (356,224) |
Issuance of common shares | 1,223 | 2,190 | 5,557 |
Purchase of common shares for treasury | (125,754) | (75,728) | (40,024) |
Dividends paid | (92,550) | (93,071) | (91,335) |
Net cash provided by financing activities | 1,268,239 | 1,517,306 | 100,739 |
Net increase (decrease) in cash and cash equivalents | 272 | (185) | 153 |
Cash and cash equivalents at January 1, | 81 | 266 | 113 |
Cash and cash equivalents at December 31, | 353 | 81 | 266 |
Supplemental disclosures of cash flow information: | |||
Interest | 95,074 | 96,847 | 69,767 |
Income tax payments, net | (2,332) | 13,463 | 12,319 |
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 |
Investments contributed to subsidiary | 0 | 5,000 | 0 |
Investments transferred from subsidiary | 0 | 43,602 | 0 |
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 |
Schedule I - Condensed Financi9
Schedule I - Condensed Financial Information of Registrant (Transactions with Subsidiaries) (Details) - Parent Company [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Former Equity Holders of Jefferies Group Inc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Payments to former equity holders of Jefferies Group Inc | $ 70 | |
Prime Rate [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Basis spread on variable rate | 0.125% |
Schedule I - Condensed Financ10
Schedule I - Condensed Financial Information of Registrant (Restricted Net Assets) (Details) - Parent Company [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Registration Payment Arrangement [Line Items] | ||
Assets that may be restricted to the payment of cash dividends and advances | $ 6,264.4 | $ 6,230.4 |
Other restricted assets | 5,202.7 | 5,357.7 |
Undistributed earnings of unconsolidated subsidiaries | $ 117.1 | $ 123.4 |