Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 16, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
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 | 359,807,465 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 5,757,059,412 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Cash and cash equivalents | $ 3,807,558 | $ 3,638,648 | $ 4,276,775 | $ 3,907,595 |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 857,337 | 751,084 | ||
Financial instruments owned, including securities pledged of $9,706,881 and $12,207,123: | ||||
Trading assets, at fair value | 14,985,237 | 18,293,090 | ||
Available for sale securities | 301,049 | 207,355 | ||
Total financial instruments owned | 15,286,286 | 18,500,445 | ||
Investments in managed funds | 515,318 | 603,720 | ||
Loans to and investments in associated companies | 2,125,098 | 1,757,369 | ||
Securities borrowed | 7,743,562 | 6,975,136 | ||
Securities purchased under agreements to resell | 3,862,488 | 3,854,746 | ||
Receivables | 4,425,178 | 3,830,967 | ||
Property, equipment and leasehold improvements, net | 709,242 | 721,875 | ||
Intangible assets, net and goodwill | 2,513,678 | 2,648,362 | ||
Deferred tax asset, net | 1,461,815 | 1,575,368 | ||
Assets held for sale | 128,083 | 0 | ||
Other assets | 1,635,664 | 1,473,464 | ||
Total assets | 45,071,307 | 46,331,184 | 52,614,324 | |
LIABILITIES | ||||
Short-term borrowings | 525,842 | 310,659 | ||
Trading liabilities, at fair value | 8,388,619 | 6,840,430 | ||
Securities loaned | 2,819,132 | 3,014,300 | ||
Securities sold under agreements to repurchase | 6,791,676 | 9,966,868 | ||
Other secured financings | 1,026,429 | 908,741 | ||
Payables, expense accruals and other liabilities | 7,373,708 | 7,107,081 | ||
Long-term debt | 7,380,443 | 7,400,582 | ||
Total liabilities | 34,305,849 | 35,548,661 | ||
Commitments and contingencies | ||||
MEZZANINE EQUITY | ||||
Redeemable noncontrolling interests | 336,809 | 191,633 | ||
Mandatorily redeemable convertible preferred shares | 125,000 | 125,000 | ||
EQUITY | ||||
Common shares, par value $1 per share, authorized 600,000,000 shares; 359,425,061 and 362,617,423 shares issued and outstanding, after deducting 56,947,654 and 53,755,292 shares held in treasury | 359,425 | 362,617 | ||
Additional paid-in capital | 4,812,587 | 4,986,819 | ||
Accumulated other comprehensive income | 310,697 | 438,793 | 447,082 | |
Retained earnings | 4,645,391 | 4,612,982 | ||
Total Leucadia National Corporation shareholders’ equity | 10,128,100 | 10,401,211 | ||
Noncontrolling interests | 175,549 | 64,679 | ||
Total equity | 10,303,649 | 10,465,890 | $ 10,370,022 | $ 10,173,053 |
Total | $ 45,071,307 | $ 46,331,184 |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Securities pledged | $ 9,706,881 | $ 12,207,123 |
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 | 359,425,061 | 362,617,423 |
Treasury stock, shares | 56,947,654 | 53,755,292 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Beef processing services | $ 7,021,902 | $ 7,396,869 | $ 7,824,246 |
Commissions | 611,574 | 659,002 | 668,801 |
Principal transactions | 603,822 | 642,824 | 662,213 |
Investment banking | 1,193,973 | 1,417,807 | 1,526,637 |
Interest income | 926,255 | 955,240 | 1,052,151 |
Net realized securities gains | 29,542 | 62,957 | 30,394 |
Other | 488,186 | 549,228 | 570,465 |
Total revenues | 10,875,254 | 11,683,927 | 12,334,907 |
Interest expense | 108,703 | 115,804 | 120,935 |
Net revenues | 10,062,617 | 10,886,458 | 11,486,485 |
Expenses: | |||
Cost of sales | 6,850,807 | 7,677,233 | 8,024,286 |
Compensation and benefits | 1,730,585 | 1,665,465 | 1,841,674 |
Floor brokerage and clearing fees | 167,205 | 199,780 | 215,329 |
Interest expense | 108,703 | 115,804 | 120,935 |
Depreciation and amortization | 211,593 | 224,133 | 185,993 |
Provision for doubtful accounts | 24,580 | 7,353 | 59,695 |
Selling, general and other expenses | 807,312 | 750,435 | 795,878 |
Total expenses | 9,900,785 | 10,640,203 | 11,243,790 |
Income from continuing operations before income taxes and income related to associated companies | 161,832 | 246,255 | 242,695 |
Income related to associated companies | 154,598 | 110,281 | 138,527 |
Income from continuing operations before income taxes | 316,430 | 356,536 | 381,222 |
Income tax provision | 122,109 | 109,947 | 165,971 |
Income from continuing operations | 194,321 | 246,589 | 215,251 |
Income (loss) from discontinued operations, net of income tax provision (benefit) of $0, $231 and $(9,634) | 0 | 429 | (17,893) |
Gain on disposal of discontinued operations, net of income tax provision of $0, $2,743 and $899 | 0 | 5,093 | 1,667 |
Net income | 194,321 | 252,111 | 199,025 |
Net loss attributable to the noncontrolling interests | 1,426 | 4,996 | 727 |
Net (income) loss attributable to the redeemable noncontrolling interests | (65,746) | 26,543 | 8,616 |
Preferred stock dividends | (4,063) | (4,063) | (4,062) |
Net income attributable to Leucadia National Corporation common shareholders | $ 125,938 | $ 279,587 | $ 204,306 |
Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: | |||
Income from continuing operations (USD per share) | $ 0.34 | $ 0.73 | $ 0.58 |
Income (loss) from discontinued operations (USD per share) | 0 | 0 | (0.05) |
Gain on disposal of discontinued operations (USD per share) | 0 | 0.01 | 0.01 |
Net income (USD per share) | 0.34 | 0.74 | 0.54 |
Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: | |||
Income from continuing operations (USD per share) | 0.34 | 0.73 | 0.58 |
Income (loss) from discontinued operations (USD per share) | 0 | 0 | (0.05) |
Gain on disposal of discontinued operations (USD per share) | 0 | 0.01 | 0.01 |
Net income (USD per share) | $ 0.34 | $ 0.74 | $ 0.54 |
Amounts attributable to Leucadia National Corporation common shareholders: | |||
Income from continuing operations, net of taxes | $ 125,938 | $ 274,065 | $ 220,584 |
Income (loss) from discontinued operations, net of taxes | 0 | 429 | (17,945) |
Gain on disposal of discontinued operations, net of taxes | 0 | 5,093 | 1,667 |
Net income attributable to Leucadia National Corporation common shareholders | 125,938 | 279,587 | 204,306 |
Investment Banking And Capital Markets Segment [Member] | |||
Revenues: | |||
Interest expense | 812,637 | 797,469 | 848,422 |
Expenses: | |||
Interest expense | $ 812,637 | $ 797,469 | $ 848,422 |
Consolidated Statements Of Ope5
Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Income tax provision (benefit) from discontinued operations | $ 0 | $ 231 | $ (9,634) |
Income tax provision (benefit) related to gain on disposal of discontinued operations | $ 0 | $ 2,743 | $ 899 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 194,321 | $ 252,111 | $ 199,025 |
Other comprehensive income (loss): | |||
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $2,262, $(5,029) and $(4,923) | 3,900 | (9,057) | (8,866) |
Less: reclassification adjustment for net (gains) losses included in net income (loss), net of income tax provision (benefit) of $2, $6,068 and $1,631 | (4) | (10,930) | (2,939) |
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $2,260, $(11,097) and $(6,554) | 3,896 | (19,987) | (11,805) |
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $(3,530), $(5,174) and $(6,837) | (121,581) | (36,477) | (43,307) |
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $149 | 0 | 0 | (267) |
Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $(3,530), $(5,174) and $(6,986) | (121,581) | (36,477) | (43,574) |
Net unrealized gains (losses) on instrument specific credit risk arising during the period, net of income tax provision (benefit) of $(4,251), $0 and $0 | (6,494) | 0 | 0 |
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $0 | 0 | 0 | 0 |
Net change in unrealized instrument specific credit risk gains (losses), net of income tax provision (benefit) of $(4,251), $0 and $0 | (6,494) | 0 | 0 |
Net unrealized gains (losses) on derivatives arising during the period, net of income tax provision (benefit) of $0, $0 and $0 | 0 | 0 | 0 |
Less: reclassification adjustment for derivative (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $(95) | 0 | 0 | 169 |
Net change in unrealized derivative gains (losses), net of income tax provision (benefit) of $0, $0 and $95 | 0 | 0 | 169 |
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $(2,516), $7,152 and $(17,698) | (5,451) | 17,073 | (38,959) |
Less: reclassification adjustment for pension (gains) losses included in net income (loss), net of income tax provision (benefit) of $(700), $(17,159) and $(1,676) | (1,534) | (31,102) | (3,201) |
Net change in pension liability benefits, net of income tax provision (benefit) of $(1,816), $24,311 and $(16,022) | (3,917) | 48,175 | (35,758) |
Other comprehensive loss, net of income taxes | (128,096) | (8,289) | (90,968) |
Comprehensive income | 66,225 | 243,822 | 108,057 |
Comprehensive loss attributable to the noncontrolling interests | 1,426 | 4,996 | 727 |
Comprehensive (income) loss attributable to the redeemable noncontrolling interests | (65,746) | 26,543 | 8,616 |
Preferred stock dividends | (4,063) | (4,063) | (4,062) |
Comprehensive income (loss) attributable to Leucadia National Corporation common shareholders | $ (2,158) | $ 271,298 | $ 113,338 |
Consolidated Statements Of Com7
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit) | $ 2,262 | $ (5,029) | $ (4,923) |
Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit) | 2 | 6,068 | 1,631 |
Net change in unrealized holding gains (losses) on investments, tax provision (benefit) | 2,260 | (11,097) | (6,554) |
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit) | (3,530) | (5,174) | (6,837) |
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), tax provision (benefit) | 0 | 0 | 149 |
Net change in unrealized foreign exchange gains (losses), tax provision (benefit) | (3,530) | (5,174) | (6,986) |
Net unrealized gains (losses) on instrument specific credit risk arising during the period, income tax provision (benefit) | (4,251) | 0 | 0 |
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), income tax provision (benefit) | 0 | 0 | 0 |
Net change in unrealized instrument specific credit risk gains (losses), income tax provision (benefit) | (4,251) | 0 | 0 |
Net unrealized gains (losses) on derivatives arising during the period, tax provision (benefit) | 0 | 0 | 0 |
Less: reclassification adjustment for derivative (gains) losses included in net income (loss), tax provision (benefit) | 0 | 0 | (95) |
Net change in unrealized derivative gains (losses), tax provision (benefit) | 0 | 0 | 95 |
Net pension and postretirement gains (losses) arising during the period, tax provision (benefit) | (2,516) | 7,152 | (17,698) |
Less: reclassification adjustment for pension and postretirement (gains) losses included in net income (loss), tax provision (benefit) | (700) | (17,159) | (1,676) |
Net change in pension liability and postretirement benefits, tax provision (benefit) | $ (1,816) | $ 24,311 | $ (16,022) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net cash flows from operating activities: | |||
Net income | $ 194,321 | $ 252,111 | $ 199,025 |
Adjustments to reconcile net income to net cash provided by (used for) operations: | |||
Deferred income tax provision | 118,631 | 134,016 | 126,885 |
Depreciation and amortization of property, equipment and leasehold improvements | 144,116 | 164,067 | 124,977 |
Other amortization | 22,673 | 8,006 | 14,767 |
Share-based compensation | 33,597 | 74,087 | 109,838 |
Provision for doubtful accounts | 34,252 | 20,168 | 69,907 |
Net securities gains | (29,542) | (62,957) | (30,394) |
Income related to associated companies | (171,782) | (185,998) | (228,769) |
Distributions from associated companies | 191,455 | 223,658 | 176,491 |
Net (gains) losses related to property and equipment, and other assets | 83,053 | 29,776 | (27,784) |
Gain on disposal of discontinued operations | 0 | (7,836) | (12,566) |
Change in estimated litigation reserve | 0 | (96,500) | 101,710 |
Net change in: | |||
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | (107,771) | 2,691,028 | 166,108 |
Trading assets | 2,687,399 | 1,380,230 | (3,223,327) |
Investments in managed funds | 75,144 | (295,342) | (80,247) |
Securities borrowed | (805,779) | (127,060) | (1,497,438) |
Securities purchased under agreements to resell | (112,777) | 56,377 | (200,568) |
Receivables from brokers, dealers and clearing organizations | (488,623) | 551,021 | 11,872 |
Receivables from customers of securities operations | 340,690 | 58,233 | (349,767) |
Other receivables | (162,748) | (145,634) | (161,415) |
Other assets | (283,234) | 83,414 | (107,028) |
Trading liabilities | 1,727,698 | (2,011,277) | 1,832,930 |
Securities loaned | (122,946) | 420,929 | 95,607 |
Securities sold under agreements to repurchase | (3,144,433) | (688,355) | (84,303) |
Payables to brokers, dealers and clearing organizations | 569,246 | 486,841 | 968,615 |
Payables to customers of securities operations | (483,188) | (3,455,080) | 1,089,423 |
Trade payables, expense accruals and other liabilities | 361,295 | (225,711) | (3,546) |
Other | (61,900) | (93,967) | (68,163) |
Net cash provided by (used for) operating activities | 608,847 | (761,755) | (987,160) |
Net cash flows from investing activities: | |||
Acquisitions of property, equipment and leasehold improvements, and other assets | (318,678) | (295,894) | (600,837) |
Proceeds from disposals of property and equipment, and other assets | 62,463 | 22,820 | 52,011 |
Proceeds from disposal of discontinued operations, net of expenses and cash of operations sold | 0 | 5,842 | 223,217 |
Acquisitions, net of cash acquired | (9,673) | 0 | (61,493) |
Cash paid and cash of real estate operations sold to HomeFed Corporation | 0 | 0 | (19,730) |
Advances on notes, loans and other receivables | (342,281) | (420,219) | (8,500) |
Collections on notes, loans and other receivables | 121,825 | 153,004 | 22,002 |
Loans to and investments in associated companies | (763,528) | (1,492,060) | (2,959,689) |
Capital distributions and loan repayment from associated companies | 703,108 | 1,389,262 | 2,756,320 |
Deconsolidation of asset management entities | (326) | (16,512) | (207,965) |
Purchases of investments (other than short-term) | (739,298) | (873,831) | (1,821,635) |
Proceeds from maturities of investments | 162,393 | 379,629 | 1,191,349 |
Proceeds from sales of investments | 483,360 | 1,931,656 | 1,878,427 |
Other | 978 | (2,532) | 5,606 |
Net cash provided by (used for) investing activities | (639,657) | 781,165 | 449,083 |
Net cash flows from financing activities: | |||
Issuance of debt, net of issuance costs | 1,020,050 | 363,595 | 1,002,636 |
Net change in short-term borrowings | 204,882 | 298,659 | 0 |
Repayment of debt | (962,515) | (1,316,494) | (434,278) |
Net change in other secured financings | 116,702 | 205,231 | 470,415 |
Net change in bank overdrafts | (46,536) | 0 | 0 |
Issuance of common shares | 1,062 | 1,223 | 2,190 |
Net contributions from (distributions to) redeemable noncontrolling interests | (52,889) | 5,165 | (2,765) |
Distributions to noncontrolling interests | (18,544) | (7,277) | (7,797) |
Contributions from noncontrolling interests | 154,522 | 15,469 | 54,259 |
Purchase of common shares for treasury | (95,020) | (125,754) | (75,728) |
Dividends paid | (91,296) | (92,550) | (93,071) |
Other | 488 | 750 | 1,921 |
Net cash provided by (used for) financing activities | 230,906 | (651,983) | 917,782 |
Effect of foreign exchange rate changes on cash | (25,980) | (5,554) | (10,525) |
Cash classified as assets held for sale | (5,206) | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 168,910 | (638,127) | 369,180 |
Cash and cash equivalents at January 1, | 3,638,648 | 4,276,775 | 3,907,595 |
Cash and cash equivalents at December 31, | 3,807,558 | 3,638,648 | 4,276,775 |
Supplemental disclosures of cash flow information: | |||
Interest | 957,140 | 980,266 | 1,038,201 |
Income tax payments, net | (13,738) | 510 | 9,880 |
Non-cash investing activities: | |||
Transfer of investment in FXCM from trading assets to Loans to and investments in associated companies | 334,500 | 0 | 0 |
Non-cash financing activities: | |||
Issuance of common shares for debt conversion | $ 0 | $ 0 | $ 97,546 |
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 Interest [Member] |
Beginning 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 | (75,728) | (2,990) | (72,738) | (75,728) | |||
Dividends ($.25 per common share) | (95,077) | (95,077) | (95,077) | ||||
Other | 16,609 | 1,342 | 6,690 | 8,032 | 8,577 | ||
Ending balance at Dec. 31, 2014 | 10,370,022 | 367,499 | 5,059,508 | 447,082 | 4,428,069 | 10,302,158 | 67,864 |
Beginning balance at Dec. 31, 2013 | 10,173,053 | 364,541 | 4,881,031 | 538,050 | 4,318,840 | 10,102,462 | 70,591 |
Ending balance at Dec. 31, 2015 | 10,465,890 | 362,617 | 4,986,819 | 438,793 | 4,612,982 | 10,401,211 | 64,679 |
Beginning balance at Dec. 31, 2014 | 10,370,022 | 367,499 | 5,059,508 | 447,082 | 4,428,069 | 10,302,158 | 67,864 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 274,591 | 279,587 | 279,587 | (4,996) | |||
Other comprehensive loss, net of taxes | (8,289) | (8,289) | (8,289) | ||||
Contributions from noncontrolling interests | 16,189 | 0 | 16,189 | ||||
Distributions to noncontrolling interests | (7,277) | 0 | (7,277) | ||||
Deconsolidation of asset management entities | (8,193) | 0 | (8,193) | ||||
Change in interest in consolidated subsidiary | 0 | (1,092) | (1,092) | 1,092 | |||
Share-based compensation expense | 74,087 | 74,087 | 74,087 | ||||
Change in fair value of redeemable noncontrolling interests | (26,325) | (26,325) | (26,325) | ||||
Issuance of common shares for debt conversion | 0 | ||||||
Purchase of common shares for treasury | (125,754) | (5,953) | (119,801) | (125,754) | |||
Dividends ($.25 per common share) | (94,674) | (94,674) | (94,674) | ||||
Other | 1,513 | 1,071 | 442 | 1,513 | |||
Ending balance at Dec. 31, 2015 | 10,465,890 | 362,617 | 4,986,819 | 438,793 | 4,612,982 | 10,401,211 | 64,679 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 124,512 | 125,938 | 125,938 | (1,426) | |||
Other comprehensive loss, net of taxes | (128,096) | (128,096) | (128,096) | ||||
Contributions from noncontrolling interests | 154,522 | 0 | 154,522 | ||||
Distributions to noncontrolling interests | (18,544) | 0 | (18,544) | ||||
Deconsolidation of asset management entities | (9,709) | 0 | (9,709) | ||||
Change in interest in consolidated subsidiary | 0 | (261) | (261) | 261 | |||
Reclassification to redeemable noncontrolling interest | (14,234) | 0 | (14,234) | ||||
Share-based compensation expense | 33,597 | 33,597 | 33,597 | ||||
Change in fair value of redeemable noncontrolling interests | (115,963) | (115,963) | (115,963) | ||||
Issuance of common shares for debt conversion | 0 | ||||||
Purchase of common shares for treasury | (95,020) | (5,434) | (89,586) | (95,020) | |||
Dividends ($.25 per common share) | (93,529) | (93,529) | (93,529) | ||||
Other | 223 | 2,242 | (2,019) | 223 | |||
Ending balance at Dec. 31, 2016 | $ 10,303,649 | $ 359,425 | $ 4,812,587 | $ 310,697 | $ 4,645,391 | $ 10,128,100 | $ 175,549 |
Consolidated Statements Of Ch10
Consolidated Statements Of Changes In Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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, 2016 | |
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 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, investment sales and servicing), FXCM (provider of online foreign exchange trading services), HomeFed (a publicly traded real estate company) and Foursight Capital (vehicle finance). We also own and have investments in a diverse array of other businesses, including National Beef (beef processing), HRG Group ("HRG") (insurance and consumer products), Vitesse Energy and Juneau Energy (oil and gas exploration and development), Garcadia (automobile dealerships), Linkem (fixed wireless broadband services in Italy), Conwed Plastics ("Conwed") and Idaho Timber (manufacturing companies), and Golden Queen (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 consolidated subsidiaries, equity investments, 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 (now Barings, 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, the Canadian Pension Plan Investment Board and LoanCore, LLC. Jefferies LoanCore originates, purchases and securitizes commercial real estate loans throughout the U.S. Jefferies has a November 30 th year-end, 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 2016 for the purpose of evaluating whether additional financial statement disclosures or adjustments are required to this Annual Report on Form 10-K, and we have concluded that no additional adjustments are warranted. Leucadia Asset Management supports and develops focused alternative asset management businesses led by distinct management teams. These primarily include Folger Hill Asset Management LLC ("Folger Hill"), a multi-manager discretionary long/short equity hedge fund platform; Topwater Capital, a first-loss product; 54 Madison Capital, LLC ("54 Madison"), which invests in real estate projects; CoreCommodity Management LLC, an asset manager that focuses on commodities strategies; Tenacis Capital, a systematic macro investment platform; Lake Hill, an electronic trader in listed options and futures across asset classes; as well as several other smaller businesses. In addition, several investment management businesses, including Jefferies Strategic Investments Division, operate under Jefferies and are included under our marketing of the LAM platform. Prior to September 1, 2016, our investment in FXCM Group, LLC ("FXCM") and associated companies consisted of a senior secured term loan due January 2017, with rights to a variable proportion of certain future distributions. On September 1, 2016, we, FXCM Inc. and FXCM Holdings, LLC ("FXCM Holdings") entered into an agreement that amended the terms of our loan and associated rights. Among other changes, the amendments extended the maturity of the term loan by one year to January 2018 to allow FXCM more time to optimize remaining asset sales ( $154.5 million was outstanding under this loan at December 31, 2016 ); gave Leucadia a 49.9% common membership interest in FXCM and up to 65% of all distributions; created a six -member board for FXCM, comprised of three directors appointed by Leucadia and three directors appointed by FXCM Holdings; put in place a long-term incentive program for FXCM's senior management; entered into a management agreement pursuant to which FXCM Holdings will manage the assets and day-to-day operations of FXCM and its subsidiaries; and gave FXCM Holdings the same right Leucadia has to require a sale of FXCM beginning in January 2018. See Notes 4 and 10 to our consolidated financial statements for additional information. Berkadia, our 50 -50 equity method joint venture with Berkshire Hathaway Inc., is a U.S. commercial real estate company providing capital solutions, investment sales advisory and mortgage servicing for multifamily and commercial properties. We own an approximate 65% equity method interest of HomeFed, which 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 10 and 28 for more information. We own 100% of Foursight Capital, an auto loan originator and servicer, and 85% of Chrome Capital, which owns and manages a portfolio of leases on used Harley-Davidson motorcycles and is in the process of winding down. We own 78.9% 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 directly to customers 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 publicly traded company (NYSE: HRG), and we reflect this investment at fair value based on quoted market prices. HRG primarily owns approximately 58% of Spectrum Brands, a publicly traded (NYSE: SPB) global consumer products company; an approximately 80% ownership stake in Fidelity & Guaranty Life ("FGL"), a publicly traded (NYSE: FGL) life insurance and annuity products company; and Front Street, a long-term reinsurance company. On November 8, 2015, FGL and Anbang Insurance Group Co., Ltd. ("Anbang") entered into a definitive merger agreement pursuant to which Anbang will acquire FGL for $26.80 per share in cash. In February 2017, FGL and Anbang amended the merger agreement which extends the outside termination date to April 17, 2017. The amendment also gives FGL the right to solicit, respond to, evaluate and negotiate competing offers, but provides that FGL may not sign a competing definitive agreement prior to the termination date. Vitesse Energy, LLC ("Vitesse") 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 as well as the Denver-Julesburg Basin in Wyoming. Juneau Energy, LLC ("Juneau") is our 98% owned consolidated subsidiary that engages in the exploration, development and production of oil and gas from onshore, unconventional resource areas. Juneau currently has non-operated working interests and acreage in the Texas Gulf Coast region. Garcadia is an equity method joint venture that owns and operates 28 automobile dealerships in California, Texas, Iowa and Michigan. We own approximately 75% . We own approximately 42% of the common shares of Linkem, as well as convertible preferred shares which, if converted, would increase our ownership to approximately 57% of Linkem's common equity at December 31, 2016 . Linkem provides residential broadband services using 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. Conwed 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 January 2017, we sold 100% of Conwed to Schweitzer-Mauduit International, Inc., (NYSE:SWM) for $295 million in cash plus potential earn-out payments over five years of up to $40 million in cash to the extent the results of Conwed’s subsidiary, Filtrexx International, exceed certain performance thresholds. The pre-tax gain of approximately $180 million recognized upon closing will be reflected in our results of operations for the three months ended March 31, 2017. See also Note 29 for more information. 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 ("Golden Queen") owns the Soledad Mountain project, an open pit, heap leach gold and silver mining project in Kern County, California, which commenced gold and silver production in March 2016. 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 for the development and operation of the project. Our effective ownership of Golden Queen is approximately 35% and is accounted for under the equity method. Certain amounts have been reclassified to be consistent with the 2016 presentation. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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. 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 and Other Fees. 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. 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. Interest on short- and long-term borrowings is recorded on an accrual basis as Interest 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 and certificates of deposit, not held for resale with original maturities of three months or less. Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations In accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Jefferies LLC, as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets. In addition, certain exchange and/or clearing organizations require cash and/or securities to be deposited by us to conduct day to day activities. Financial Instruments and Fair Value 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 fair values for which have been derived using model inputs that are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 3: Instruments that have little to no pricing observability 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 reflected at fair value. 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 determines 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 determined 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 trading desk's 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. 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 processes challenges the appropriateness of pricing information obtained from external data providers (including independent pricing services and brokers) 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 Jefferies valuation process, the vendor service providers are collecting and aggregating observable market information as to recent trade activity and active bid-ask submissions. The composite pricing information received from the independent pricing service is thus not based on unobservable inputs or proprietary models. For mortgage- and other asset-backed securities, collateralized debt obligations ("CDOs") and collateralized loan obligations ("CLOs"), 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 . If a pricing model is used to determine fair value, the pricing model is reviewed for theoretical soundness and appropriateness by Risk Management, independent from the trading desks, and then approved by Risk Management to be used in the valuation process. Review and approval of a model for use may include benchmarking the model against relevant third party valuations, testing sample trades in the model, backtesting the results of the model against actual trades and stress-testing the sensitivity of the pricing model using varying inputs and assumptions. In addition, recently executed comparable transactions and other observable market data are considered for purposes of validating assumptions underlying the model. Models are independently reviewed and validated by Risk Management annually or more frequently if market conditions or use of the valuation model changes. Investments in Managed Funds Investments in managed funds include our investments in funds managed by us and our investments in related party managed funds in which we are entitled to a portion of the management and/or performance fees. Investments in nonconsolidated managed funds are accounted for at fair value based on the net asset value (“NAV”) of the funds provided by the fund managers with gains or losses included in 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 10 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, 2016 and 2015 , Receivables include receivables from brokers, dealers and clearing organizations of $2,062.9 million and $1,616.3 million , respectively, and receivables from customers of securities operations of $843.1 million and $1,191.3 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. Jefferies earns and incurs interest over the term of the repo, which is reflected in Interest revenue and Interest expense in the Consolidated Statements of Earnings on an accrual basis. Repos are presented in the Consolidated Statements of Financial Condition on a net-basis-by counterparty, where permitted by GAAP. The fair value of the underlying securities is monitored daily versus the related receivable or payable balances. Should the fair value of the underlying securities decline or increase, additional collateral is requested or excess collateral is returned, as appropriate. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are provided principally on the straight-line method over the estimated useful lives of the assets or, if less, the term of the underlying lease. Impairment of Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate, in management’s judgment, that the carrying value of such assets may not be recoverable. When testing for impairment, we group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (or asset group). The determination of whether an asset group is recoverable is based on management’s estimate of undiscounted future cash flows directly attributable to the asset group as compared to its carrying value. If the carrying amount of the asset group is greater than the undiscounted cash flows, an impairment loss would be recognized for the amount by which the carrying amount of the asset group exceeds its estimated fair value. National Beef closed its Brawley beef processing facility in the second quarter of 2014. National Beef incurred 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 oil and gas company and an 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. In 2016, Juneau recorded impairment charges in Selling, general and other expenses of $56.3 million related to write-downs of unproved oil and gas properties. Juneau assesses its unproved oil and gas properties for impairment based on remaining lease terms, drilling results or future plans to develop acreage and they record impairment expense for any decline in value. In the third quarter of 2016, Juneau curtailed development of its southern acreage in the East Eagle Ford and its Houston County acreage. As a result, an impairment was recorded for the difference between the carrying value and the estimated net realizable value of the acreage. 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 development 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 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 and National Beef as of December 31. See Note 12 for further information with respect to our impairment charges related to intangible assets during 2015 and 2016. 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 o |
Accounting Developments
Accounting Developments | 12 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Developments | Accounting Developments Revenue Recognition. In May 2014, the Financial Accounting Standards Board (“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 is effective for interim and annual periods beginning after December 15, 2017. We intend to adopt the new guidance with a cumulative-effect adjustment to opening retained earnings and our evaluation of the impact this new guidance will have on our consolidated financial statements is ongoing. Consolidation. In January 2016, we adopted the FASB's new guidance that amended the 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. The adoption of this guidance did not have a significant impact on our consolidated financial statements. Debt Issuance Costs. In January 2016, we adopted the FASB's 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. The guidance is effective retrospectively and we have adopted this guidance in the first quarter of 2016. The adoption of this guidance resulted in the following adjustments to the Consolidated Statement of Financial Condition on December 31, 2015: a decrease of $8.6 million to Other assets, a decrease of $7.0 million to Long-term debt and a decrease of $1.6 million to Other secured financings. The adoption of this guidance also resulted in the following adjustments to the Consolidated Statements of Operations for the years ended December 31, 2015 and 2014: a decrease of $4.4 million and $3.8 million , respectively, to Selling, general and other expenses and an increase of $4.4 million and $3.8 million , respectively, to Interest expense. 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 of the new guidance related to equity investments and the presentation and disclosure requirements of financial instruments on our consolidated financial statements. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option and we adopted this guidance in the first quarter of 2016. The guidance on financial liabilities under the fair value option did not have a significant impact on our consolidated financial statements. Leases. In February 2016, the FASB issued new guidance that affects the accounting and disclosure requirements for leases. The FASB requires the recognition of lease assets and lease liabilities on the statement of financial condition. The guidance is effective for annual and interim periods beginning after December 15, 2018. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Share-Based Payments to Employees. In March 2016, the FASB issued new guidance to simplify and improve accounting for share-based payments. The amendments include income tax consequences, the accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance is effective for annual and interim periods beginning after December 15, 2016. We do not believe the adoption of this accounting guidance will have a material effect on our consolidated financial statements. Financial Instruments - Credit Losses. In June 2016, the FASB issued new guidance for estimating credit losses on certain types of financial instruments by introducing an approach based on expected losses. The guidance is effective for annual and interim periods beginning after December 15, 2019. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Cash Flow Classifications. In August 2016, the FASB issued new guidance to reduce the diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for annual and interim periods beginning after December 15, 2017. In November 2016, the FASB issued new guidance on restricted cash. The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. 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. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The following is a summary of our financial instruments, trading liabilities and long-term debt that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on NAV (within trading assets) of $24.3 million and $36.7 million , respectively, by level within the fair value hierarchy at December 31, 2016 and 2015 (in thousands): December 31, 2016 Level 1 (1) Level 2 (1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,522,977 $ 92,839 $ 21,739 $ — $ 2,637,555 Corporate debt securities — 2,675,020 25,005 — 2,700,025 CDOs and CLOs — 54,306 54,354 — 108,660 U.S. government and federal agency securities 2,389,397 56,726 — — 2,446,123 Municipal securities — 708,469 27,257 — 735,726 Sovereign obligations 1,432,556 990,492 — — 2,423,048 Residential mortgage-backed securities — 960,494 38,772 — 999,266 Commercial mortgage-backed securities — 296,405 20,580 — 316,985 Other asset-backed securities — 63,587 40,911 — 104,498 Loans and other receivables — 1,557,233 81,872 — 1,639,105 Derivatives 3,825 4,616,822 6,429 (4,255,998 ) 371,078 Investments at fair value — — 314,359 — 314,359 Investment in FXCM — — 164,500 — 164,500 Total trading assets, excluding investments at fair value based on NAV $ 6,348,755 $ 12,072,393 $ 795,778 $ (4,255,998 ) $ 14,960,928 Available for sale securities: Corporate equity securities $ 79,425 $ — $ — $ — $ 79,425 Corporate debt securities — 179 — — 179 U.S. government securities 174,933 — — — 174,933 Residential mortgage-backed securities — 19,133 — — 19,133 Commercial mortgage-backed securities — 8,337 — — 8,337 Other asset-backed securities — 19,042 — — 19,042 Total available for sale securities $ 254,358 $ 46,691 $ — $ — $ 301,049 Liabilities: Trading liabilities: Corporate equity securities $ 1,593,548 $ 16,806 $ 313 $ — $ 1,610,667 Corporate debt securities — 1,718,424 523 — 1,718,947 U.S. government and federal agency securities 976,497 — — — 976,497 Sovereign obligations 1,375,590 1,253,754 — — 2,629,344 Loans — 801,977 378 — 802,355 Derivatives 2,566 4,867,586 9,870 (4,229,213 ) 650,809 Total trading liabilities $ 3,948,201 $ 8,658,547 $ 11,084 $ (4,229,213 ) $ 8,388,619 Other secured financings $ — $ 41,350 $ 418 $ — $ 41,768 Long-term debt - structured notes $ — $ 248,856 $ — $ — $ 248,856 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 CDOs and CLOs — 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 Liabilities: Trading liabilities: Corporate equity securities $ 1,428,048 $ 36,518 $ 38 $ — $ 1,464,604 Corporate debt securities — 1,556,941 — — 1,556,941 U.S. government and federal agency securities (3) 1,488,121 — — — 1,488,121 Sovereign obligations (3) 837,614 505,382 — — 1,342,996 Residential mortgage-backed securities (3) — 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 (4) $ — $ 67,801 $ 544 $ — $ 68,345 (1) There were no material transfers between Level 1 and Level 2 during the years ended December 31, 2016 and 2015 . (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. (3) There was an immaterial revision in the row labeling in our Annual Report on Form 10-K for the year ended December 31, 2015. We have revised the labels to "U.S. government and federal agency securities" (originally reported as "Collateralized debt obligations"), "Sovereign obligations" (originally reported as "U.S. government and federal agency securities") and "Residential mortgage-backed securities" (originally reported as "Sovereign obligations"). (4) Level 2 liabilities include $67.8 million of other secured financings that were previously not disclosed in our Annual Report on Form 10-K for the year ended December 31, 2015 . The following is a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis: Corporate Equity Securities • Exchange Traded Equity Securities: Exchange traded equity securities are measured based on quoted closing exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy, otherwise they are categorized within Level 2 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/Earnings before interest, taxes, depreciation and amortization ("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 measured primarily using pricing data from external pricing services, prices observed for recently executed market transactions and broker quotations are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange traded equity warrants are generally categorized within Level 3 of the fair value hierarchy and are measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Corporate Debt Securities • Corporate Bonds: Corporate bonds are measured primarily using pricing data from external pricing services and broker quotations, where available, prices observed for recently executed market transactions and bond spreads or credit default swap spreads of the issuer adjusted for basis differences between the swap curve and the bond curve. Corporate bonds measured using these valuation methods are categorized within Level 2 of the fair value hierarchy. If broker quotes, pricing data or spread data is not available, alternative valuation techniques are used including cash flow models incorporating interest rate curves, single name or index credit default swap curves for comparable issuers and recovery rate assumptions. Corporate bonds measured using alternative valuation techniques are categorized within Level 3 of the fair value hierarchy and are a limited portion of our corporate bonds. • High Yield Corporate and Convertible Bonds: A significant portion of our high yield corporate and convertible bonds are categorized within Level 2 of the fair value hierarchy and are measured primarily using broker quotations and pricing data from external pricing services, where available, and prices observed 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. CDOs and CLOs CDOs and CLOs 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 loss severity. U.S. Government and Federal Agency Securities • U.S. Treasury Securities: U.S. Treasury securities are measured based on quoted market prices and categorized within Level 1 of the fair value hierarchy. • U.S. Agency Issued Debt Securities: Callable and non-callable U.S. agency issued debt securities are measured primarily based on quoted market prices obtained from external pricing services and are generally categorized within Level 1 or Level 2 of the fair value hierarchy. Municipal Securities Municipal securities are measured based on quoted prices obtained from external pricing services and are generally categorized within Level 2 of the fair value hierarchy. Sovereign Obligations Foreign sovereign government obligations are measured based on quoted market prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size. To the extent external price quotations are not available or recent transactions have not been observed, valuation techniques incorporating interest rate yield curves and country spreads for bonds of similar issuers, seniority and maturity are used to determine fair value of sovereign bonds or obligations. Foreign sovereign government obligations are classified in Level 1, Level 2 or Level 3 of the fair value hierarchy, primarily based on the country of issuance. Residential Mortgage-Backed Securities • Agency Residential Mortgage-Backed Securities: Agency residential mortgage-backed securities include mortgage pass-through securities (fixed and adjustable rate), collateralized mortgage obligations and interest-only and principal-only securities and are generally measured using market price quotations from external pricing services and categorized within Level 2 of the fair value hierarchy. • Agency Residential Interest-Only and Inverse Interest-Only Securities ("Agency Inverse IOs"): The fair value of Agency Inverse IOs is estimated using expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral. We use prices observed for recently executed transactions to develop market-clearing spread and yield curve assumptions. Valuation inputs with regard to the underlying collateral incorporate weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer, and weighted average loan age. Agency Inverse IOs are categorized within Level 2 of the fair value hierarchy. We also use vendor data in developing our assumptions, as appropriate. • Non-Agency Residential Mortgage-Backed Securities: Fair values are determined primarily using discounted cash flow methodologies and securities are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability and significance of the pricing inputs used. Performance attributes of the underlying mortgage loans are evaluated to estimate pricing inputs, such as prepayment rates, default rates and the severity of credit losses. Attributes of the underlying mortgage loans that affect the pricing inputs include, but are not limited to, weighted average coupon; average and maximum loan size; loan-to-value; credit scores; documentation type; geographic location; weighted average loan age; originator; servicer; historical prepayment, default and loss severity experience of the mortgage loan pool; and delinquency rate. Yield curves used in the discounted cash flow models are based on observed market prices for comparable securities and published interest rate data to estimate market yields. Commercial Mortgage-Backed Securities • Agency Commercial Mortgage-Backed Securities: Government National Mortgage Association (“GNMA”) project loans are measured based on inputs corroborated from and benchmarked to observed prices of recent securitization transactions of similar securities with adjustments incorporating an evaluation for various factors, including prepayment speeds, default rates, and cash flow structures as well as the likelihood of pricing levels in the current market environment. Federal National Mortgage Association (“FNMA”) Delegated Underwriting and Servicing (“DUS”) mortgage-backed securities are generally measured by using prices observed for recently executed market transactions to estimate market-clearing spread levels for purposes of estimating fair value. GNMA project loan bonds and FNMA DUS mortgage-backed securities are categorized within Level 2 of the fair value hierarchy. • Non-Agency Commercial Mortgage-Backed Securities: Non-agency commercial mortgage-backed securities are measured using pricing data obtained from external pricing services and prices observed for recently executed market transactions and are categorized within Level 2 and Level 3 of the fair value hierarchy. Other Asset-Backed Securities Other asset-backed securities include, but are not limited to, securities backed by auto loans, credit card receivables, student loans and other consumer loans and are categorized within Level 2 and Level 3 of the fair value hierarchy. Valuations are primarily determined using pricing data obtained from external pricing services and broker quotes and prices observed for recently executed market transactions. Loans and Other Receivables • Corporate Loans: Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market price quotations where market price quotations from external pricing services are supported by transaction data. Corporate loans categorized within Level 3 of the fair value hierarchy are measured based on price quotations that are considered to be less transparent, market prices for debt securities of the same creditor, and estimates of future cash 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 swaps and 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. Investments at Fair Value Investments at fair value included in Trading assets on the Consolidated Statements of Financial Condition 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 analysis 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 Jefferies defined benefit plan in Germany. Fair value for the insurance contracts are determined using a third party and is categorized within Level 3 of the fair value hierarchy. Investment in FXCM In January 2015, we entered into a credit agreement with FXCM, and provided FXCM a $300 million senior secured term loan due January 2017, with rights to a variable proportion of certain future 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 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 was 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, 2016 , we received $72.1 million of principal, interest and fees from FXCM and $154.5 million remained outstanding under the credit agreement as of December 31, 2016 . Through the first quarter of 2016 interest accrued at 16.0% per annum; in the second quarter of 2016 interest accrued at 17.5% per annum; in the third quarter of 2016 interest accrued at 19.0% per annum; and in the fourth quarter of 2016 interest accrued at 20.5% per annum. At December 31, 2015, we viewed the FXCM loan and associated rights as one integrated transaction; since the rights, as derivatives, were accounted for at fair value, we had elected the fair value option for the loan. At December 31, 2015, the total amount of our investment in FXCM was reported within Trading assets, at fair value in our Consolidated Statements of Financial Condition, and unrealized and realized changes in value, including the component related to interest income on the loan, were included within Principal transactions in the Consolidated Statements of Operations. We recorded in Principal transactions an aggregate $(54.6) million and $491.3 million during the years ended December 31, 2016 and 2015 , respectively, of unrealized and realized gains (losses), interest income and fees relating to our investment in FXCM. On September 1, 2016, we, FXCM Inc. and FXCM Holdings entered into an agreement that amended the terms of our loan and associated rights. Among other changes, the amendments extended the maturity of the term loan by one year to January 2018 to allow FXCM more time to optimize remaining asset sales; gave Leucadia a 49.9% common membership interest in FXCM, and up to 65% of all distributions; created a six -member board for FXCM, comprised of three directors appointed by Leucadia and three directors appointed by FXCM Holdings; put in place a long-term incentive program for FXCM's senior management; entered into a management agreement pursuant to which FXCM Holdings will manage the assets and day-to-day operations of FXCM and its subsidiaries; and gave FXCM Holdings the same right Leucadia has to require a sale of FXCM beginning in January 2018. Distributions to Leucadia under the amended agreements are now: 100% until amounts due under the loan are repaid; 45% of the next $350 million ; then 79.2% of the next $500 million ; and 51.6% of all amounts thereafter. During February 2017, FXCM Holdings and FXCM's U.S. subsidiary, Forex Capital Markets LLC ("FXCM U.S.") settled complaints filed by the National Futures Association ("NFA") and the Commodity Futures Trading Commission ("CFTC") against FXCM U.S. and certain of its principals relating to matters that occurred between 2010 and 2014. The NFA settlement has no monetary fine and the CFTC settlement has a $7 million fine. As part of the settlements, FXCM U.S. will be withdrawing from business and has agreed to sell FXCM U.S.'s customer accounts to Gain Capital Holdings, Inc. FXCM U.S. generates approximately 20% of FXCM's revenue, but is not currently profitable. The proceeds from any sale of the U.S. accounts, net of closure and severance costs, as well as regulatory capital released after a sale, will be used to pay down the Leucadia term loan. As part of the settlement, Leucadia, FXCM Holdings and FXCM have amended the management and incentive compensation agreements, giving any three directors of the FXCM board the right to terminate management and any unvested incentive compensation at any time. On February 21, 2017, Drew Niv resigned as the Chief Executive Officer of FXCM, although he will remain in an advisory position. Brendan Callan will become the interim Chief Executive Officer of FXCM and Leucadia's Jimmy Hallac will become Chairman of the Board of FXCM. In addition, on February 21, 2017, Mr. Niv resigned from his positions as Chief Executive Officer and Chairman of the Board of FXCM Inc., but will remain as acting Chief Executive Officer of FXCM Inc. until his successor is identified. In addition, FXCM Inc. announced that it will be changing its name to Global Brokerage Inc. effective February 27, 2017. We do not hold any interest in FXCM Inc., the publicly traded company and issuer of senior convertible notes. FXCM Inc. holds an economic interest of 68.0% in FXCM Holdings, LLC, which in turn holds 50.1% of FXCM Group, LLC. As more fully described above, we own the remaining 49.9% of FXCM Group, LLC, and our senior secured term loan is also with FXCM Group, LLC, which is a holding company for all of FXCM Group, LLC's affiliated operating subsidiaries. Net profits and proceeds generated by these subsidiaries, and from the sales of these subsidiaries, flow first to FXCM Group, LLC, where they are applied to the outstanding balance of our term loan and then, in accordance with the agreement described above, to us and FXCM Holdings, LLC. A portion of the profits and proceeds that flow to FXCM Holdings, LLC then flow to FXCM Inc., in accordance with its economic interest. We refer to FXCM Group, LLC as "FXCM." Through the amendments on September 1, 2016, our derivative rights were exchanged for a 49.9% common membership interest in FXCM and up to 65% of all distributions. We gained the ability to significantly influence FXCM through our common membership interest and our seats on the board of directors. As a result, we classify our equity investment in FXCM in our December 31, 2016 Consolidated Statement of Financial Condition as Loans to and investments in associated companies. We account for our equity interest on a one month lag. As the amendments only extended the maturity of the term loan, we continue to use the fair value option and classify our term loan within Trading assets, at fair value. FXCM is considered a variable interest entity ("VIE") and our term loan and equity ownership are variable interests. 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 do not consolidate FXCM and we account for our equity interest as an investment in an associated company. Our maximum exposure to loss as a result of our involvement with FXCM is limited to the carrying value of the term loan ( $164.5 million ) and the investment in associated company ( $336.3 million ), which totaled $500.8 million at December 31, 2016 . We engaged an independent valuation firm to assist management in estimating the fair value of our loan to 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 and the loan’s implied credit rating and effective yield. Because of these inputs and the degree of judgment involved, we have categorized our term loan in Level 3. We also engaged an independent valuation firm to assist management in estimating the fair value of our equity interest in FXCM on September 1, 2016. Our estimate of fair value was determined using valuation models with inputs including management's assumptions concerning the implied total equity value, based primarily on the publicly traded FXCM Inc. stock price; volatility; risk-free rate; and term. Investments at Fair Value Based on NAV 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. 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, 2016 Equity Long/Short Hedge Funds (2) $ 363,256 $ — (2) Fixed Income and High Yield Hedge Funds (3) 772 — — Fund of Funds (4) 230 — — Equity Funds (5) 42,179 20,295 — Multi-strategy Fund (6) 133,190 — Monthly/Quarterly Total $ 539,627 $ 20,295 December 31, 2015 (7) Equity Long/Short Hedge Funds (2) $ 430,207 $ — (2) Fixed Income and High Yield Hedge Funds (3) 1,703 — — Fund of Funds (4) 287 94 — Equity Funds (5) 42,111 20,791 — Multi-strategy Fund (6) 165,821 — Monthly/Quarterly Convertible Bond Funds (8) 326 — At Will Total $ 640,455 $ 20,885 (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements. (2) Thi |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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 material 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 legally enforceable 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 and our Leucadia Asset Management businesses 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 4 and 25 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 11 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, 2016 and 2015 . 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, 2016 Interest rate contracts $ 3,282,245 29,032 $ 3,159,457 34,845 Foreign exchange contracts 529,669 7,826 516,869 8,319 Equity contracts 786,987 2,843,329 1,169,201 2,414,715 Commodity contracts 1,906 2,766 6,430 7,289 Credit contracts: centrally cleared swaps 7,044 98 2,562 19,900 Credit contracts: other credit derivatives 19,225 213 25,503 184 Total 4,627,076 4,880,022 Counterparty/cash-collateral netting (4,255,998 ) (4,229,213 ) Total per Consolidated Statement of Financial Condition $ 371,078 $ 650,809 December 31, 2015 Interest rate contracts $ 2,910,093 56,748 $ 2,849,958 74,904 Foreign exchange contracts (1) 453,527 8,089 466,021 7,376 Equity contracts 1,017,611 3,057,754 1,094,597 2,947,416 Commodity contracts (1) 27,590 2,896 5,510 2,001 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 per Consolidated Statement of Financial Condition $ 262,799 $ 218,243 (1) Commodity contracts increased in assets by a fair value of $19.3 million and by 29 contracts and in liabilities by a fair value of $4.6 million and by 28 contracts with corresponding decreases in foreign exchange contracts from those amounts previously reported to correct for the classification of certain contracts. The total amount of contracts remained unchanged. 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, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 Interest rate contracts $ (36,559 ) $ (36,792 ) $ (149,587 ) Foreign exchange contracts 20,401 36,233 39,872 Equity contracts (635,305 ) (137,219 ) (327,978 ) Commodity contracts (3,339 ) (13,625 ) 58,746 Credit contracts 5,013 (16,223 ) (23,934 ) Total $ (649,789 ) $ (167,626 ) $ (402,881 ) The net gains (losses) on derivative contracts in the table above are one of a number of activities comprising Jefferies business activities and are before consideration of economic hedging transactions, which generally offset the net gains (losses) included above. Jefferies substantially mitigates its exposure to market risk on its cash instruments through derivative contracts, which generally provide offsetting revenues, and Jefferies manages the risk associated with these contracts in the context of its overall risk management framework. 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, 2016 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross- Maturity Netting (4) Total Equity swaps and options $ 27,436 $ 5,727 $ — $ — $ 33,163 Credit default swaps — 4,542 3,463 (1,588 ) 6,417 Total return swaps 20,749 389 — (200 ) 20,938 Foreign currency forwards, swaps and options 95,112 35,988 — (10,547 ) 120,553 Interest rate swaps, options and forwards 120,053 189,153 134,507 (71,604 ) 372,109 Total $ 263,350 $ 235,799 $ 137,970 $ (83,939 ) 553,180 Cross product counterparty netting (623 ) Total OTC derivative assets included in Trading assets $ 552,557 (1) At December 31, 2016 , we held exchange traded derivative assets and other credit agreements with a fair value of $25.4 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, 2016 , cash collateral received was $217.4 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 $ 3,214 $ 1,218 $ — $ — $ 4,432 Equity swaps and options 10,993 20,354 — — 31,347 Credit default swaps 16 1,594 7,147 (1,588 ) 7,169 Total return swaps 12,088 2,407 — (200 ) 14,295 Foreign currency forwards, swaps and options 92,375 26,011 — (10,547 ) 107,839 Fixed income forwards 3,401 — — — 3,401 Interest rate swaps, options and forwards 108,085 121,975 92,029 (71,604 ) 250,485 Total $ 230,172 $ 173,559 $ 99,176 $ (83,939 ) 418,968 Cross product counterparty netting (623 ) Total OTC derivative liabilities included in Trading liabilities $ 418,345 (1) At December 31, 2016 , we held exchange traded derivative liabilities and other credit agreements with a fair value of $414.2 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, 2016 , cash collateral pledged was $190.6 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. At December 31, 2016 , 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 $ 380,574 BBB- to BBB+ 39,595 BB+ or lower 51,834 Unrated 80,554 Total $ 552,557 (1) Jefferies utilizes internal credit ratings determined by the Jefferies Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. Contingent Features Certain of 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, 2016 and 2015 is $70.6 million and $114.5 million , respectively, for which Jefferies has posted collateral of $44.4 million and $97.2 million , respectively, in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2016 and 2015 , Jefferies would have been required to post an additional $26.1 million and $19.7 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 at fair value. Firm commitments for sales are treated as normal sales and therefore not marked to market. Certain firm commitments to purchase cattle, are marked to market when a price has been agreed upon, otherwise they are treated as normal purchases 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 are recorded to income and expense in the period of change. Vitesse uses swaps and 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, 2016 | |
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 its 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 December 31, 2016 Corporate equity securities $ 2,046,243 $ 66,291 $ 2,112,534 Corporate debt securities 731,276 1,907,888 2,639,164 Mortgage- and asset-backed securities — 2,171,480 2,171,480 U.S. government and federal agency securities 41,613 9,232,624 9,274,237 Municipal securities — 553,010 553,010 Sovereign securities — 2,625,079 2,625,079 Loans and other receivables — 455,960 455,960 Total $ 2,819,132 $ 17,012,332 $ 19,831,464 December 31, 2015 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 December 31, 2016 Securities lending arrangements $ 2,131,891 $ 39,673 $ 104,516 $ 543,052 $ 2,819,132 Repurchase agreements 9,147,176 2,008,119 3,809,533 2,047,504 17,012,332 Total $ 11,279,067 $ 2,047,792 $ 3,914,049 $ 2,590,556 $ 19,831,464 December 31, 2015 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 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, 2016 and 2015 , the approximate fair value of securities received as collateral by Jefferies that may be sold or repledged was $25.5 billion and $26.2 billion , respectively. A substantial portion of these securities have been sold or repledged. |
Securitization Activities
Securitization Activities | 12 Months Ended |
Dec. 31, 2016 | |
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 the securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of VIEs; however, the SPEs are generally not consolidated as Jefferies is not considered the primary beneficiary for these SPEs. 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 Principal transaction revenues 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 CLOs), 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. The following table presents activity related to Jefferies securitizations that were accounted for as sales in which it had continuing involvement during the years ended December 31, 2016, 2015 and 2014 (in millions): 2016 2015 2014 Transferred assets $ 5,786.0 $ 5,770.5 $ 6,112.6 Proceeds on new securitizations 5,809.0 5,811.3 6,221.1 Cash flows received on retained interests 28.2 31.2 46.3 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, 2016 and 2015 . The following table summarizes Jefferies retained interests in SPEs where it transferred assets and has continuing involvement and received sale accounting treatment (in millions): December 31, 2016 December 31, 2015 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 7,584.9 $ 31.0 $ 10,901.9 $ 203.6 U.S. government agency commercial mortgage-backed securities 1,806.3 29.6 2,313.4 87.2 CLOs 4,102.2 37.0 4,538.4 51.5 Consumer and other loans 395.7 25.3 655.0 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. To the extent Jefferies purchased securities through these market-making activities and Jefferies is not deemed to be the primary beneficiary of the VIE, these securities are included in agency and non-agency mortgage- and asset-backed securitizations in the nonconsolidated VIE section presented in Note 9. Foursight Capital also utilized SPEs to securitize automobile loans receivable. These SPEs are VIEs and our subsidiary is the primary beneficiary; the related assets and the secured borrowings are recognized in the Consolidated Statements of Financial Condition. These secured borrowings do not have recourse to our subsidiary’s general credit. See Note 9 for further information on securitization activities and VIEs. |
Available For Sale Securities
Available For Sale Securities | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value 2016 Bonds and notes: U.S. government securities $ 174,938 $ 8 $ 13 $ 174,933 Residential mortgage-backed securities 19,129 108 104 19,133 Commercial mortgage-backed securities 8,275 64 2 8,337 Other asset-backed securities 18,918 124 — 19,042 All other corporates 180 — 1 179 Total fixed maturities 221,440 304 120 221,624 Equity securities: Common stocks: Banks, trusts and insurance companies 35,071 15,115 — 50,186 Industrial, miscellaneous and all other 17,946 11,293 — 29,239 Total equity securities 53,017 26,408 — 79,425 $ 274,457 $ 26,712 $ 120 $ 301,049 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 The amortized cost and estimated fair value of investments classified as available for sale at December 31, 2016 , 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 $ 174,938 $ 174,933 Due after one year through five years 180 179 175,118 175,112 Mortgage-backed and asset-backed securities 46,322 46,512 $ 221,440 $ 221,624 At December 31, 2016 , 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. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Variable Interest Entities | Variable Interest Entities VIEs are entities in which equity investors lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has both 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, equity interests in associated companies, commitments, guarantees and certain fees. Our involvement with VIEs arises primarily from the following activities, 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, • Real estate investments, • Warehousing funding arrangements for client-sponsored consumer loan vehicles and CLOs through participation certificates and revolving loan and note 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 most significant activities. If we are the party with the power over the most significant activities, we meet the "power" criteria of the primary beneficiary. If we do not have the power over the most significant activities or we determine that decisions require consent of each sharing party, we do not meet the "power" criteria of the primary beneficiary. We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires significant judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests. Consolidated VIEs The following 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, 2016 and 2015 (in millions). The assets and liabilities in the table below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. December 31, 2016 December 31, 2015 Securitization Vehicles Real Estate Investment Vehicle Securitization Vehicles Cash $ 18.4 $ 2.2 $ 1.1 Financial instruments owned 86.6 — 68.3 Securities purchased under agreement to resell (1) 733.5 — 717.3 Receivables 277.7 296.9 149.8 Loans to and investments in associated companies — 108.7 — Other 14.5 10.8 8.8 Total assets $ 1,130.7 $ 418.6 $ 945.3 Other secured financings (2) $ 1,083.8 $ — $ 930.8 Long-term debt 24.1 243.9 — Other 22.3 11.7 14.5 Total liabilities $ 1,130.2 $ 255.6 $ 945.3 Noncontrolling interests $ — $ 98.7 $ — (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 $57.6 million and $22.1 million of the secured financing represents an amount held by Jefferies in inventory and eliminated in consolidation at December 31, 2016 and 2015 , 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 and retained interests in securities issued. The assets of these VIEs consist of reverse repurchase agreements, which are available for the benefit of the vehicle’s debt holders. The creditors of these VIEs do not have recourse to Jefferies general credit and each such VIE’s assets are not available to satisfy any other debt. At December 31, 2016 and 2015 , Foursight Capital is the primary beneficiary of SPEs it utilized to securitize automobile loans receivable. Foursight Capital 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 Foursight Capital's general credit and the assets of the VIEs are not available to satisfy any other debt. During the year ended December 31, 2016 , a pool of automobile loan receivables aggregating $228.3 million was securitized by Foursight Capital in connection with a secured borrowing offering. The majority of the proceeds from issuance of the secured borrowing were used to pay down Foursight Capital’s two credit facilities. Real Estate Investment Vehicle. 54 Madison, which we consolidate through our control of the 54 Madison investment committee, has real estate investments in which it is the primary beneficiary. 54 Madison was involved in the decisions made during the establishment and design of the investment entities. 54 Madison variable interests consist of its investment in and management of the assets within these entities. The assets of these VIEs consist primarily of financing note receivables and investments in associated companies, which are available for the benefit of the VIEs' debt holders. The debt holders of these VIEs have recourse to 54 Madison'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 our variable interests in nonconsolidated VIEs as of December 31, 2016 and 2015 (in millions): Financial Statement Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities December 31, 2016 CLOs $ 264.7 $ 4.8 $ 930.0 $ 4,472.9 Consumer loan vehicles 90.3 — 219.6 985.5 Related party private equity vehicles 37.6 — 63.6 155.6 Real estate investment vehicle 90.3 — 101.8 85.6 Other private investment vehicles 84.0 — 95.8 4,529.7 Total $ 566.9 $ 4.8 $ 1,410.8 $ 10,229.3 December 31, 2015 CLOs $ 73.6 $ 0.2 $ 458.1 $ 6,368.7 Consumer loan vehicles 188.3 — 845.8 1,133.0 Related party private equity vehicles 39.3 — 65.8 168.2 Other private investment vehicles 88.0 — 91.4 4,846.1 Total $ 389.2 $ 0.2 $ 1,461.1 $ 12,516.0 Our maximum exposure to loss often differs from the carrying value of the variable interests. The maximum exposure to loss is dependent on the nature of the variable interests in the VIEs and is limited to the notional amounts of certain loan and equity commitments and guarantees. Our maximum exposure to loss does not include the offsetting benefit of any financial instruments that may be utilized to hedge the risks associated with 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 CLOs where it has been involved in providing underwriting and/or advisory services consist of the following: • Forward sale agreements whereby Jefferies commits 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, and • A guarantee to a CLO managed by Jefferies Finance, whereby Jefferies guarantees certain of the obligations of Jefferies Finance to the CLO. In addition, Jefferies owned variable interests in a CLO previously managed by Jefferies. During 2016, the CLO was liquidated and Jefferies variable interests, which consisted of debt securities and a right to a portion of the CLOs’ management and incentive fees, were repaid. Jefferies exposure to loss from the CLO was limited to its investments in the debt securities held. The assets of the CLO consisted 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. Related Party Private Equity Vehicles. Jefferies has committed to invest equity in private equity funds (the "JCP Funds") managed by Jefferies Capital Partners, LLC (the "JCP Manager"). Additionally, Jefferies has committed to invest equity in the general partners of the JCP Funds (the "JCP General Partners") and the JCP Manager. Jefferies variable interests in the JCP Funds, JCP General Partners and JCP Manager (collectively, the "JCP Entities") consist of equity interests that, in total, provide Jefferies with limited and general partner investment returns of the JCP Funds, a portion of the carried interest earned by the JCP General Partners and a portion of the management fees earned by the JCP Manager. Jefferies total equity commitment in the JCP Entities is $148.1 million , of which $125.1 million and $124.6 million was funded as of December 31, 2016 and 2015 , respectively. The carrying value of Jefferies equity investments in the JCP Entities was $37.6 million and $39.3 million at December 31, 2016 and 2015 , respectively. Jefferies exposure to loss is limited to the total of its carrying value and unfunded equity commitment. The assets of the JCP Entities primarily consist of private equity and equity related investments. Jefferies has also provided a guarantee of a portion of Energy Partners I, LP's obligations under a credit agreement. Energy Partners I, LP is a private equity fund owned and managed by our employees. The maximum exposure to loss of the guarantee was $3.0 million as of December 31, 2016 and 2015 . Energy Partners I, LP, has assets consisting primarily of debt and equity investments. Real Estate Investment Vehicle. In the first quarter of 2016, 54 Madison committed to invest $98.0 million in a real estate investment vehicle, of which $86.5 million was funded as of December 31, 2016 . 54 Madison's maximum exposure to loss is limited to its equity commitment. 54 Madison is not the primary beneficiary of the investment vehicle as it does not have the power to control the most important activities of the VIE. The assets of the VIE consist primarily of an investment in a real estate project. Other Private Investment Vehicles. We had commitments to invest $111.4 million and $76.4 million as of December 31, 2016 and 2015 , respectively, in various other private investment vehicles, of which $99.6 million and $73.0 million was funded as of December 31, 2016 and 2015 , respectively. The carrying amount of our equity investment was $84.0 million and $88.0 million at December 31, 2016 and 2015 , respectively. Our exposure to loss is limited to the total loss of our carrying value and unfunded equity commitment. These private investment vehicles have assets primarily consisting of private and public equity investments, debt instruments and various oil and gas assets. Mortgage- and Other Asset-Backed 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, CDOs and CLOs and other consumer loans, such as installment receivables, auto loans and student loans. These securities are accounted for at fair value and included in 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 (FNMA ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and GNMA ("Ginnie Mae")) or non-agency-sponsored SPEs and may purchase loans or mortgage-backed securities from third parties that are subsequently transferred into the securitization trusts. The securitizations are backed by residential and commercial mortgage, home equity and auto loans. 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, Jefferies has 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, 2016 and 2015 , Jefferies held $1,002.2 million and $3,359.1 million of agency mortgage-backed securities, respectively, and $439.4 million and $630.5 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. See Note 10 for further discussion. In addition, we have a variable interest in a nonconsolidated VIE consisting of our senior secured term loan receivable and equity interest in FXCM. See Notes 4 and 10 for further discussion. |
Loans To And Investments In Ass
Loans To And Investments In Associated Companies | 12 Months Ended |
Dec. 31, 2016 | |
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 for the years ended December 31, 2016, 2015 and 2014 accounted for under the equity method of accounting is as follows (in thousands): Loans to and investments in associated companies as of December 31, 2015 Income (losses) related to associated companies Income (losses) related to associated companies classified as other revenues Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of December 31, 2016 Jefferies Finance $ 528,575 $ — $ (1,761 ) $ (36,350 ) $ — $ 490,464 Jefferies LoanCore 288,741 — 21,221 (155,231 ) — 154,731 Berkadia 190,986 94,201 — (100,766 ) 22 184,443 FXCM (1) — 1,919 — — 334,339 336,258 Garcadia Companies 172,660 52,266 — (39,111 ) — 185,815 Linkem 150,149 (22,867 ) — 33,303 (6,585 ) 154,000 HomeFed 275,378 23,893 — 2,960 — 302,231 Golden Queen (2) 114,323 (3,021 ) — — — 111,302 54 Madison (3) — 4,255 — 153,503 3,642 161,400 Other 36,557 3,952 (2,276 ) 9,622 (3,401 ) 44,454 Total $ 1,757,369 $ 154,598 $ 17,184 $ (132,070 ) $ 328,017 $ 2,125,098 Loans to and investments in associated companies as of December 31, 2014 Income (losses) related to associated companies Income (losses) related to associated companies classified as other revenues Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of December 31, 2015 Jefferies Finance $ 508,891 $ — $ 40,884 $ (21,200 ) $ — $ 528,575 Jefferies LoanCore 258,947 — 36,554 (6,760 ) — 288,741 Berkadia 208,511 78,092 — (89,560 ) (6,057 ) 190,986 Garcadia Companies 167,939 53,182 — (48,461 ) — 172,660 Linkem 159,054 (15,577 ) — 21,138 (14,466 ) 150,149 HomeFed 271,782 3,596 — — — 275,378 Golden Queen (2) 103,598 (1,775 ) — 12,500 — 114,323 Other 33,846 (7,237 ) (1,721 ) 11,483 186 36,557 Total $ 1,712,568 $ 110,281 $ 75,717 $ (120,860 ) $ (20,337 ) $ 1,757,369 Loans to and investments in associated companies as of December 31, 2013 Income (losses) related to associated companies Income (losses) related to associated companies classified as other revenues Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of December 31, 2014 Jefferies Finance $ 470,537 $ — $ 72,701 $ (34,347 ) $ — $ 508,891 Jefferies LoanCore 224,037 — 18,793 16,117 — 258,947 Berkadia 182,573 101,187 — (72,721 ) (2,528 ) 208,511 Garcadia Companies 120,017 49,416 — (1,494 ) — 167,939 Linkem 173,577 (14,633 ) — 18,390 (18,280 ) 159,054 HomeFed 52,923 3,150 — — 215,709 271,782 Golden Queen (2) — (1,402 ) — 105,000 — 103,598 Other 34,677 809 (1,252 ) (4,067 ) 3,679 33,846 Total $ 1,258,341 $ 138,527 $ 90,242 $ 26,878 $ 198,580 $ 1,712,568 (1) As discussed more fully in Note 4, on September 1, 2016, we amended the terms of our loan and associated rights with FXCM. Through the amendments, we converted our participation rights for a 49.9% common membership ownership in FXCM. Our term loan remains classified within Trading assets, at fair value. (2) At December 31, 2016, 2015 and 2014 , the balance reflects $32.8 million , $33.7 million and $33.7 million , respectively, related to a noncontrolling interest. (3) At December 31, 2016 , the balance reflects $95.3 million related to noncontrolling interests. Jefferies Finance In October 2004, Jefferies entered into an agreement with Massachusetts Mutual Life Insurance Company ("MassMutual") and Babson Capital Management LLC (now Barings, 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, 2016 , approximately $493.9 million of Jefferies commitment was funded. The investment commitment is scheduled to expire on March 1, 2017 with automatic one year extensions absent a 60 day termination notice by either party. In addition, Jefferies and MassMutual have entered into a Secured Revolving Credit Facility, to be funded equally, to support loan underwritings by Jefferies Finance. The Secured Revolving Credit Facility bears interest based on the interest rates of the related Jefferies Finance underwritten loans and is secured by the underlying loans funded by the proceeds of the facility. The total Secured Revolving Credit Facility is for a committed amount of $500.0 million at December 31, 2016 and 2015 . Advances are shared equally between Jefferies and MassMutual. The facility is scheduled to mature on March 1, 2017 with automatic one year extensions absent a 60 day termination notice by either party. At December 31, 2016 and 2015 , $0.0 and $19.3 million , respectively, of Jefferies $250.0 million commitment were 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 $112.6 million , $122.7 million and $199.5 million during 2016, 2015 and 2014 , 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 $0.5 million , $5.9 million and $10.6 million during 2016, 2015 and 2014 , respectively, which are recognized within Selling, general and other expenses in the Consolidated Statements of Operations. During the years ended December 31, 2016, 2015 and 2014 , Jefferies acted as placement agent in connection with several CLOs managed by Jefferies Finance, for which Jefferies recognized fees of $2.6 million , $6.2 million and $4.6 million , respectively, which are included in Investment banking revenues in the Consolidated Statements of Operations. At December 31, 2016 and 2015 , 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 based on certain securities issued by the CLO. Jefferies acted as underwriter in connection with senior notes issued by Jefferies Finance, for which Jefferies recognized underwriting fees of $1.3 million and $7.7 million during the years ended December 31, 2015 and 2014, respectively, which are included in Investment banking revenues in the Consolidated Statements of Operations. Under a service agreement, Jefferies charged Jefferies Finance $46.1 million , $51.7 million and $41.6 million for services provided during 2016, 2015 and 2014 , respectively. At December 31, 2016 , Jefferies had a payable to Jefferies Finance, included within Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition of $5.8 million . At December 31, 2015 , Jefferies had a receivable from Jefferies Finance, included within Other assets in the Consolidated Statements of Financial Condition of $7.8 million . Jefferies LoanCore In February 2011, Jefferies entered into a joint venture agreement with the Government of Singapore Investment Corporation ("GIC") and LoanCore, LLC and formed Jefferies LoanCore, a commercial real estate finance company. In March 2016, the Canada Pension Plan Investment Board acquired a 24% equity interest in Jefferies LoanCore through a direct acquisition from the GIC. Jefferies LoanCore originates and purchases commercial real estate loans throughout the U.S. with the support of the investment banking and securitization capabilities of Jefferies and the real estate and mortgage investment expertise of the GIC and LoanCore, LLC. During the second quarter of 2016, Jefferies LoanCore's aggregate equity commitments were reduced from $600.0 million to $400.0 million . At December 31, 2016 and 2015 , Jefferies had funded $70.1 million and $207.4 million , respectively, of each of its $194.0 million and $291.0 million equity commitments, respectively, and has a 48.5% voting interest in Jefferies LoanCore. Jefferies LoanCore has entered into master repurchase agreements with Jefferies. During 2016, 2015 and 2014 , Jefferies recognized interest income of $8.4 million , $10.7 million and $1.2 million , respectively, related to these agreements. In connection with such master repurchase agreements, at December 31, 2016 and 2015 , Jefferies had securities purchased with agreements to resell from Jefferies LoanCore of $68.1 million and $175.1 million , respectively. 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, 2016 , cumulative cash distributions received from this investment aggregated $494.6 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 an investment sales advisor focused on the multifamily industry. Berkadia is a servicer of commercial real estate loans in the U.S., performing primary, master and special servicing functions for U.S. government agency programs, commercial mortgage-backed securities transactions, banks, insurance companies and other financial institutions. 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, 2016 , the aggregate amount of commercial paper outstanding was $1.47 billion . FXCM As discussed more fully in Note 4, at December 31, 2016 , Leucadia has a 49.9% common membership interest in FXCM and a senior secured term loan with FXCM due January 2018. On September 1, 2016, we gained the ability to significantly influence FXCM through our common membership interest and our seats on the board of directors. As a result, we now classify our equity investment in FXCM in our Consolidated Statements of Financial Condition as Loans to and investments in associated companies. Our term loan remains classified within Trading assets, at fair value. We account for our equity interest in FXCM on a one month lag. We are amortizing our basis difference between the estimated fair value and the underlying book value of FXCM customer relationships, technology, trade name, leases and long-term debt over their respective useful lives. FXCM is considered a VIE and our term loan and equity interest are variable interests. 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 do not consolidate FXCM. Garcadia Garcadia is a joint venture between us and Garff Enterprises, Inc. ("Garff") that owns and operates 28 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 four 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 own 5% convertible preferred stock, which is automatically convertible to common shares in 2020. If all of our convertible preferred equity was converted, it would increase our ownership to approximately 57% of Linkem’s common equity at December 31, 2016 . 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, 2016 , we own 10,054,226 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, 2016 . 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. 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, which commenced gold and silver production in March 2016. 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, 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, 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. The excess of Gauss LLC's investment in Golden Queen's underlying book value is being amortized to expense over the estimated life of mine gold and silver sales. 54 Madison We own approximately 48.1% of 54 Madison, which we consolidate through our control of the 54 Madison investment committee. 54 Madison seeks long-term capital appreciation through investment in real estate development and similar projects. 54 Madison invests both in projects which they consolidate and projects where they have significant influence and utilize the equity method of accounting. During the year ended December 31, 2016 , 54 Madison invested $153.5 million in projects accounted for under the equity method and $90.7 million of that was contributed from noncontrolling interests. Other The following table provides summarized data for associated companies as of December 31, 2016 and 2015 and for the three years ended December 31, 2016 (in thousands): 2016 2015 Assets $ 16,964,850 $ 18,489,684 Liabilities 13,097,022 14,990,876 Noncontrolling interest 132,789 39,038 2016 2015 2014 Revenues $ 4,275,016 $ 3,946,252 $ 3,201,823 Income from continuing operations before extraordinary items $ 422,167 $ 398,369 $ 431,654 Net income $ 430,291 $ 398,369 $ 431,654 The Company’s income related to associated companies $ 171,782 $ 185,998 $ 228,769 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 25 for further discussion of these guarantees. Included in consolidated retained earnings at December 31, 2016 is approximately $126.2 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, 2016 | |
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. In cases where Jefferies has not determined an agreement to be enforceable, the related amounts are not offset. 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 contracts or 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, 2016 Derivative contracts $ 4,627,076 $ (4,255,998 ) $ 371,078 $ — $ — $ 371,078 Securities borrowing arrangements $ 7,743,562 $ — $ 7,743,562 $ (710,611 ) $ (647,290 ) $ 6,385,661 Reverse repurchase agreements $ 14,083,144 $ (10,220,656 ) $ 3,862,488 $ (176,275 ) $ (3,591,654 ) $ 94,559 Liabilities at December 31, 2016 Derivative contracts $ 4,880,022 $ (4,229,213 ) $ 650,809 $ — $ — $ 650,809 Securities lending arrangements $ 2,819,132 $ — $ 2,819,132 $ (710,611 ) $ (2,064,299 ) $ 44,222 Repurchase agreements $ 17,012,332 $ (10,220,656 ) $ 6,791,676 $ (176,275 ) $ (5,780,909 ) $ 834,492 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 (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, 2016 , amounts include $6,337.5 million of securities borrowing arrangements, for which we have received securities collateral of $6,146.0 million , and $810.4 million of repurchase agreements, for which we have pledged securities collateral of $834.2 million , which are subject to master netting agreements but we have not yet determined the agreements to be legally enforceable. 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. |
Intangible Assets, Net And Good
Intangible Assets, Net And Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 is as follows (in thousands): 2016 2015 Indefinite lived intangibles: Exchange and clearing organization membership interests and registrations $ 9,041 $ 11,897 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $198,674 and $191,761 378,136 456,222 Trademarks and tradename, net of accumulated amortization of $78,778 and $64,052 309,382 330,172 Supply contracts, net of accumulated amortization of $47,867 and $40,684 95,733 109,311 Other, net of accumulated amortization of $2,914 and $5,216 5,672 4,419 Total intangible assets, net 797,964 912,021 Goodwill: National Beef 14,991 14,991 Jefferies 1,696,864 1,712,799 Other operations 3,859 8,551 Total goodwill 1,715,714 1,736,341 Total intangible assets, net and goodwill $ 2,513,678 $ 2,648,362 Amortization expense on intangible assets was $63.4 million , $63.9 million and $66.2 million for the years ended December 31, 2016, 2015 and 2014 , respectively. The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows: 2017 - $58.5 million ; 2018 - $58.5 million ; 2019 - $58.5 million ; 2020 - $58.5 million ; and 2021 - $58.1 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 price-to-book multiples of comparable exchange traded companies, multiples of mergers and acquisitions of similar businesses, projected cash flows and market capitalization. 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, 2016. The results of our annual impairment test related to Jefferies, National Beef and other operations indicated goodwill was not impaired. Intangible Assets Impairment Testing Jefferies also performed its annual impairment testing of its intangible assets with an indefinite useful life, which consists of exchange and clearing organization membership interests and registrations, at August 1, 2016. Jefferies elected to perform a quantitative assessment of membership interests and registrations that have available quoted sales prices, as well as certain other membership interests and registrations that have declined in utilization. A qualitative assessment was performed on the remainder of Jefferies indefinite-life intangible assets. In applying the quantitative assessment, Jefferies recognized an impairment loss of $1.3 million and $1.3 million on certain exchange membership interests and registrations during the during the years ended December 31, 2016 and 2015 , respectively. With regard to its qualitative assessment of the remaining indefinite-life intangible assets, based on its assessment of market conditions, the utilization of the assets and replacement costs associated with the assets, Jefferies has concluded that it is not more likely than not that the intangible assets are impaired. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2016 | |
Inventory, Net [Abstract] | |
Inventory | Inventory A summary of inventory at December 31, 2016 and 2015 which is classified as Other assets is as follows (in thousands): 2016 2015 Finished goods $ 243,488 $ 211,426 Work in process 35,714 34,091 Raw materials, supplies and other 30,733 42,556 $ 309,935 $ 288,073 |
Property, Equipment And Leaseho
Property, Equipment And Leasehold Improvements, Net | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 is as follows (in thousands): Depreciable Lives (in years) 2016 2015 Land, buildings and leasehold improvements 5-25 $ 379,927 $ 371,383 Beef processing machinery and equipment 2-15 330,453 315,238 Other machinery and equipment 3-15 30,716 113,412 Corporate aircraft 10 104,862 104,862 Furniture, fixtures and office equipment 3-10 323,276 311,845 Construction in progress N/A 54,693 38,903 Other 3-10 3,441 4,909 1,227,368 1,260,552 Accumulated depreciation and amortization (518,126 ) (538,677 ) $ 709,242 $ 721,875 |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings Short-term borrowings December 31, 2016 and 2015 represent Jefferies bank loans and overdrafts that are payable on demand and that must be repaid within one year or less, as well as borrowings under revolving loan and credit facilities as follows (in thousands): 2016 2015 Bank loans (1) $ 372,301 $ 262,000 Secured revolving loan facilities 57,086 48,659 Floating rate puttable notes 96,455 — Total short-term borrowings $ 525,842 $ 310,659 At December 31, 2016 and 2015 , the weighted average interest rate on short-term borrowings outstanding is 1.77% and .85% per annum, respectively. During 2016, under Jefferies $2.0 billion Euro Medium Term Note Program, Jefferies issued floating rate puttable notes with principal amounts of €91.0 million . These notes are currently redeemable, so Jefferies classifies them as short-term borrowings. On February 19, 2016, Jefferies entered into a demand loan margin financing facility (“Demand Loan Facility”) in a maximum principal amount of $25.0 million to satisfy certain of its margin obligations. Interest is based on an annual rate equal to weighted average LIBOR as defined in the Demand Loan Facility agreement plus 150 basis points . The Demand Loan Facility was terminated with an effective date of November 30, 2016. In October 2015, Jefferies entered into a secured revolving loan facility (“First Secured Revolving Loan Facility”) whereby the lender 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 First Secured Revolving 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 Secured Revolving Loan Facility agreement. On December 14, 2015, Jefferies entered into a second secured revolving loan facility (“Second Secured Revolving Loan Facility”) whereby the lender agrees to make available a revolving loan facility in a maximum principal amount of $50.0 million to purchase eligible receivables that meet certain requirements as defined in the Second Secured Revolving Loan Facility agreement. Interest is based on an annual rate equal to the lesser of the LIBOR rate plus 4.25% or the maximum rate as defined in the Second Secured Revolving Loan Facility agreement. The Bank of New York Mellon agrees to make revolving intraday credit advances (“Intraday Credit Facility”) for an aggregate committed amount of $250.0 million . 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, 2016 , Jefferies was in compliance with debt covenants under the Intraday Credit Facility. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 are as follows (dollars in thousands): 2016 2015 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 741,264 $ 740,239 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,627 246,583 Total long-term debt – Parent Company 987,891 986,822 Subsidiary Debt (non-recourse to Parent Company): Jefferies: 5.5% Senior Notes, due March 15, 2016, $350,000 principal — 353,025 5.125% Senior Notes, due April 13, 2018, $800,000 principal 817,813 830,298 8.5% Senior Notes, due July 15, 2019, $700,000 principal 778,367 806,125 2.375% Euro Senior Notes, due May 20, 2020, $529,975 and $528,625 principal 528,250 526,436 6.875% Senior Notes, due April 15, 2021, $750,000 principal 823,797 838,765 2.25% Euro Medium Term Notes, due July 13, 2022, $4,240 and $4,229 principal 3,848 3,779 5.125% Senior Notes, due January 20, 2023, $600,000 principal 618,355 620,890 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 377,806 379,711 3.875% Convertible Senior Debentures, due November 1, 2029, $345,000 principal 346,163 347,307 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 512,396 512,730 6.50% Senior Notes, due January 20, 2043, $400,000 principal 421,333 421,656 Structured Notes (1) (2) 255,203 — National Beef Term Loan 273,811 310,000 National Beef Revolving Credit Facility — 120,080 54 Madison Term Loans 406,028 116,211 Foursight Capital Credit Facilities 97,138 109,501 Other 132,244 117,246 Total long-term debt – subsidiaries 6,392,552 6,413,760 Long-term debt $ 7,380,443 $ 7,400,582 (1) Includes $248.9 million at fair value at December 31, 2016 . (2) Of the $255.2 million of structured notes at December 31, 2016 , $6.3 million matures in 2018, $10.7 million matures in 2019, and the remaining $238.2 million matures in 2024 or thereafter. At December 31, 2016 , $2.0 billion of consolidated assets (primarily receivables, property and equipment and other assets) are pledged for indebtedness aggregating $916.0 million , principally for National Beef, Foursight Capital and 54 Madison subsidiary debt. The aggregate annual mandatory redemptions of all long-term debt during the five year period ending December 31, 2021 are as follows: 2017 - $420.7 million ; 2018 - $1,172.2 million ; 2019 - $958.4 million ; 2020 - $669.0 million ; and 2021 - $792.0 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. 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 22.7634 common shares (equivalent to a conversion price of approximately $43.93 per share). 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. During the year ended December 31, 2016 , Jefferies issued structured notes with a total principal amount of approximately $275.4 million . Structured notes of $248.9 million at December 31, 2016 contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in Accumulated other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transaction revenues. In addition, on January 21, 2016, Jefferies issued $15.0 million of Class A Notes, due 2022, and $7.5 million of Class B Notes, due 2022, secured by aircraft and related operating leases and which were non-recourse to Jefferies. In June 2016, the Class A Notes and the Class B Notes were repurchased and retired. In January 2017, Jefferies issued 4.85% senior notes with a principal amount of $750.0 million , due 2027. At December 31, 2016 , National Beef’s credit facility consisted of a term loan with an outstanding balance of $273.8 million and a revolving credit facility with a commitment of $285.0 million , both of which mature in October 2018. The revolving credit facility commitment was voluntarily reduced by National Beef in the third quarter of 2016 from $375.0 million to $285.0 million . The term loan and the revolving credit facility bear interest at the Base Rate or the LIBOR Rate (as defined in the credit facility), plus a margin ranging from .75% to 2.75% depending upon certain financial ratios and the rate selected. At December 31, 2016 , the interest rate on the outstanding term loan was 2.6% . The credit facility contains a minimum tangible net worth covenant; at December 31, 2016 , 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 $12.5 million were outstanding at December 31, 2016 . Amounts available under the revolver are subject to a borrowing base calculation primarily comprised of receivable and inventory balances. At December 31, 2016 , after deducting outstanding amounts and issued letters of credit, $234.5 million of the unused revolver was available to National Beef. At December 31, 2016 , 54 Madison had $63.9 million of 6.0% term loan debt maturing in January 2018, $162.5 million of 5.5% term loan debt that maturing in February 2019, $0.5 million of 3.5% term loan debt maturing in March 2019, $79.0 million of 4.15% term loan debt that maturing in April 2019, $104.0 million of 5.5% term loan debt maturing in January 2020 and $0.5 million of 3.5% term loan debt maturing in January 2020. As discussed further in Note 28, the majority of the debt holders are also investors in 54 Madison. At December 31, 2016 , Foursight Capital’s credit facilities consisted of two warehouse credit commitments aggregating $200.0 million , which mature in March 2017 and December 2018. The 2017 credit facility bears interest based on the three-month LIBOR plus a credit spread fixed through its maturity and the 2018 credit facility bears interest based on the one-month LIBOR plus a credit spread fixed through its maturity. As a condition of the 2017 credit facility, Foursight Capital is obligated to maintain interest rate caps with a notional amount no less than the outstanding loan on any day, which was $43.1 million at December 31, 2016 . The credit facilities are secured by first priority liens on auto loan receivables owed to Foursight Capital of approximately $115.2 million at December 31, 2016 . |
Mezzanine Equity
Mezzanine Equity | 12 Months Ended |
Dec. 31, 2016 | |
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. Holders of the put rights had from December 30, 2016 through January 29, 2017 to make an election that would require us to purchase up to one-third of their interests. The holders of the put rights did not make such election. 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, 2016 and 2015 (in thousands): 2016 2015 As of January 1, $ 189,358 $ 184,333 Income (loss) allocated to redeemable noncontrolling interests 68,811 (26,465 ) Contributions from redeemable noncontrolling interests — 5,263 Distributions to redeemable noncontrolling interests (53,701 ) — Increase in fair value of redeemable noncontrolling interests charged to additional paid-in capital 117,494 26,227 Balance, December 31, $ 321,962 $ 189,358 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, 2016 , we calculated the fair value of the redeemable noncontrolling interests by updating our estimate of future cash flows. 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 ( 10.90% ) 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, 2016 (dollars in millions): Discount Rates Terminal Growth Rates 10.65% 10.90% 11.15% 1.75 % $ 326.5 $ 317.8 $ 309.6 2.00 % $ 331.0 $ 322.0 $ 313.4 2.25 % $ 335.7 $ 326.3 $ 317.5 The projection of future cash flows is updated with input from National Beef personnel. The estimate is reviewed by personnel at our corporate office as part of the normal process for the preparation of our quarterly and annual financial statements. At December 31, 2016 , redeemable noncontrolling interests also includes other redeemable noncontrolling interests of $14.8 million , primarily related to our oil and gas exploration and development businesses. At December 31, 2015 , redeemable noncontrolling interests also included the noncontrolling interest in a business acquired by Conwed of $2.3 million . Mandatorily Redeemable Convertible Preferred Shares 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. |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Compensation Plans | Compensation Plans Incentive Plan Upon completion of our combination with Jefferies, we assumed the 2003 Incentive Compensation Plan, as Amended and Restated July 25, 2013 (the "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, restricted stock units ("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. Restricted stock and RSUs are granted to certain senior executives with market, performance and service conditions. Market conditions are incorporated into the grant-date fair value of senior executive awards using a Monte Carlo valuation model. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market condition is not met. Awards with performance conditions are amortized over the service period if it is determined that it is probable that the performance condition will be achieved. Awards granted to senior executives related to the 2015 and 2014 fiscal years did not meet performance targets, and as a result, compensation expense has been adjusted to reflect the reduced number of shares that have vested. 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 under the DCP 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, 2016 , 14,838,855 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, 2016, 2015 and 2014 (in thousands, except per share amounts): Weighted- Average Grant Date Fair Value Balance at January 1, 2014 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 Grants 356 $ 18.23 Forfeited (24 ) $ 26.90 Fulfillment of service requirement (974 ) $ 25.65 Balance at December 31, 2016 1,362 $ 22.09 The following table details the activity in RSUs during the years ended December 31, 2016, 2015 and 2014 (in thousands, except per share amounts): Future Service Required No Future Service Required Future Service Required No Future Service Required Balance at January 1, 2014 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 Grants — 128 $ — $ 14.21 Distributions of underlying shares — (1,683 ) $ — $ 26.59 Forfeited — — $ — $ — Fulfillment of service requirement (3,320 ) 3,320 $ 26.90 $ 26.90 Balance at December 31, 2016 68 10,348 $ 26.90 $ 26.61 At December 31, 2016 and 2015 , respectively, grants include approximately 108,000 and 106,000 dividend equivalents declared on RSUs; the weighted-average grant date fair values of the dividend equivalents were approximately $13.53 and $18.13 , respectively. Senior Executive Compensation Plan On February 19, 2016, the Compensation Committee of our Board of Directors approved an executive compensation plan for our CEO and our President (together, our "Senior Executives") in respect of 2016 that will be based on performance metrics achieved over a three -year period from 2016 through 2018. The Compensation Committee eliminated cash incentive bonuses for 2016 and 100% of each of our CEO and President's compensation beyond their base salaries will be composed entirely of performance based RSUs that will vest at the end of 2018 if certain performance criteria are met. Any vested RSUs will be subject to a post-vesting, three -year holding period such that no vested RSUs can be sold or transferred until the first quarter of 2022. Performance-vesting of the award will be based equally on the compound annual growth rates of Leucadia's Total Shareholder Return ("TSR"), which will be measured from the December 31, 2015 stock price of $17.39 , and Leucadia's Return on Tangible Deployable Equity ("ROTDE"), the annual, two- and three-year results of which will be used to determine vesting. TSR is based on annualized rate of return reflecting price appreciation plus reinvestment of dividends and distributions to shareholders. ROTDE is net income adjusted for amortization of intangible assets divided by tangible book value at the beginning of year adjusted for intangible assets and deferred tax assets. If Leucadia's TSR and ROTDE annual compound growth rates are less than 4% , our Senior Executives will not receive any incentive compensation. If Leucadia's TSR and ROTDE grow between 4% and 8% on a compounded basis over the three-year measurement period, each of our Senior Executives will be eligible to receive between 846,882 and 1,693,766 RSUs. If TSR and ROTDE growth rates are greater than 8% , our Senior Executives are eligible to receive up to 50% additional incentive compensation on a pro rata basis up to 12% growth rates. When determining whether RSUs will vest, the calculation will be weighted equally between TSR and ROTDE. If TSR growth was below minimum thresholds, but ROTDE growth was above minimum thresholds, our Senior Executives would still be eligible to receive some number of vested RSUs based on ROTDE growth. The TSR award contains a market condition and compensation expense is recognized over the service period and will not be reversed if the market condition is not met. The ROTDE award contains a performance condition and compensation expense is recognized over the service period if it is determined that it is probable that the performance condition will be achieved. The following table details the activity in RSUs related to the senior executive compensation plan during the year ended December 31, 2016 (in thousands, except per share amounts): Target Number of Shares Weighted- Average Grant Date Fair Value Balance at December 31, 2015 — $ — Grants 3,434 $ 9.68 Forfeited — $ — Balance at December 31, 2016 3,434 $ 9.68 At December 31, 2016 , grants include approximately 47,000 dividend equivalents declared on RSUs; the weighted-average grant date fair values of the dividend equivalents were approximately $13.63 . In January 2017, the Compensation Committee of the Leucadia Board of Directors granted an executive-compensation plan for our Senior Executives for compensation year 2017 (the "2017 Plan") that is identical to the plan described above and is based upon performance metrics achieved over the three-year period from 2017 through 2019. For the 2017 Plan, if Leucadia's TSR and ROTDE annual compound growth rates are less than 4% , our Senior Executives will not receive any incentive compensation. If Leucadia's TSR and ROTDE grow between 4% and 8% on a compounded basis over the three-year measurement period, each of our Senior Executives will be eligible to receive between 537,634 and 1,075,268 RSUs. If TSR and ROTDE growth rates are greater than 8% , our Senior Executives are eligible to receive up to 50% additional incentive compensation on a pro rata basis up to 12% growth rates. Directors’ Plan Upon completion of our combination with Jefferies, we also assumed the 1999 Directors' Stock Compensation Plan, as Amended and Restated July 25, 2013 (the "Directors' Plan"). Under the Directors’ Plan, we issue each nonemployee director of Leucadia $120,000 of restricted stock or RSUs each year. These grants are 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, 2016 , 307,322 common shares were issuable upon settlement of outstanding restricted stock units and 340,759 shares are available for future grants. Other Compensation Plans 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. Prior to the acquisition of Jefferies, we had two share-based compensation plans: a fixed stock option plan and a senior executive warrant plan. • 1999 Stock Option Plan . This 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 ceased issuing options and rights under our option plan. No shares remain available for future grants under this plan. • Senior Executive Warrant Plan. The warrants to purchase 2,000,000 common shares that were granted in 2011 to each of our then Chairman and then President expired unexercised during the first quarter of 2016. We had recorded share-based compensation expense related to this grant of warrants of $1.0 million and $5.3 million for the years ended December 31, 2015 and 2014, respectively. No shares remain available for future grants under this warrant plan. At December 31, 2016 and 2015 , 641,478 and 4,661,272 , respectively, of our common shares were reserved for stock options and warrants. A summary of activity with respect to our stock options during the years ended December 31, 2016, 2015 and 2014 is as follows: Common Shares Subject to Option Weighted- Average Exercise Prices Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value 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 Granted — $ — Exercised — $ — $ — Cancelled (19,794 ) $ 30.49 Balance at December 31, 2016 641,478 $ 24.80 1.1 years $ 144,000 Exercisable at December 31, 2016 503,430 $ 25.31 0.8 years $ 93,000 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, 2016 , the remaining unamortized amount of these awards was $468.3 million and is included within Other assets in the Consolidated Statements of Financial Condition. Stock-Based Compensation Expense Compensation and benefits expense included $33.6 million , $74.1 million and $109.8 million for the years ended December 31, 2016, 2015 and 2014 , 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 $12.4 million , $27.3 million and $39.9 million for the years ended December 31, 2016, 2015 and 2014 , respectively. As of December 31, 2016 , total unrecognized compensation cost related to nonvested share-based compensation plans was $49.2 million ; this cost is expected to be recognized over a weighted-average period of 1.8 years. The net tax benefit (detriment) related to share-based compensation plans recognized in additional paid-in capital was $(4.2) million , $(5.9) million and $1.3 million during the years ended December 31, 2016, 2015 and 2014 , 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, 2016, 2015 and 2014 were not significant. At December 31, 2016 , there were 1,362,000 shares of restricted stock outstanding with future service required, 3,502,000 RSUs outstanding with future service required (including target RSUs issuable under the senior executive compensation plan), 10,348,000 RSUs outstanding with no future service required and 800,000 shares issuable under other plans. Excluding shares issuable pursuant to outstanding stock options, the maximum potential increase to common shares outstanding resulting from these outstanding awards is 14,650,000 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014 is as follows (in thousands): 2016 2015 2014 Net unrealized gains on available for sale securities $ 561,497 $ 557,601 $ 577,588 Net unrealized foreign exchange losses (184,829 ) (63,248 ) (26,771 ) Net change in instrument specific credit risk (6,494 ) — — Net minimum pension liability (59,477 ) (55,560 ) (103,735 ) $ 310,697 $ 438,793 $ 447,082 For the years ended December 31, 2016 and 2015 , 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 2016 2015 Net unrealized gains (losses) on available for sale securities, net of income tax provision of $2 and $6,068 $ 4 $ 10,930 Net realized securities gains Amortization of defined benefit pension plan actuarial gains (losses), net of income tax (benefit) of $(700) and $(17,159) (1,534 ) (31,102 ) Compensation and benefits, which includes pension expense. See Note 20 for information on this component. Total reclassifications for the period, net of tax $ (1,530 ) $ (20,172 ) |
Pension Plans And Postretiremen
Pension Plans And Postretirement Benefits | 12 Months Ended |
Dec. 31, 2016 | |
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, LLC, 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): 2016 2015 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 207,025 $ 352,126 Interest cost 8,464 12,958 Actuarial (gains) losses (544 ) (35,799 ) Benefits paid (9,540 ) (122,260 ) Projected benefit obligation, end of year $ 205,405 $ 207,025 Change in plan assets: Fair value of plan assets, beginning of year $ 117,719 $ 240,010 Actual return on plan assets 2,947 (250 ) Employer contributions 19,100 1,000 Benefits paid (9,540 ) (122,260 ) Administrative expenses (2,712 ) (781 ) Fair value of plan assets, end of year $ 127,514 $ 117,719 Funded status at end of year $ (77,891 ) $ (89,306 ) As of December 31, 2016 and 2015 , $58.9 million and $54.0 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 $77.9 million and $89.3 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): 2016 2015 2014 Components of net periodic pension cost: Interest cost $ 8,464 $ 12,958 $ 14,239 Expected return on plan assets (7,589 ) (10,581 ) (10,115 ) Settlement charge — 40,973 — Actuarial losses 1,908 6,963 4,634 Net periodic pension cost $ 2,783 $ 50,313 $ 8,758 Amounts recognized in other comprehensive income (loss): Net (gain) loss arising during the period $ 6,811 $ (24,186 ) $ 52,027 Settlement charge — (40,973 ) — Amortization of net loss (1,908 ) (6,963 ) (4,634 ) Total recognized in other comprehensive income (loss) $ 4,903 $ (72,122 ) $ 47,393 Net amount recognized in net periodic benefit cost and other comprehensive income (loss) $ 7,686 $ (21,809 ) $ 56,151 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 2017 is $2.2 million . $11.8 million of employer contributions are expected to be paid in 2017 . 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: 2016 2015 WilTel Plan Discount rate used to determine benefit obligation 3.85 % 4.00 % Weighted-average assumptions used to determine net pension cost: Discount rate 4.00 % 3.76 % Expected long-term return on plan assets 7.00 % 4.00 % Jefferies Plan Discount rate used to determine benefit obligation 3.90 % 4.10 % Weighted-average assumptions used to determine net pension cost: Discount rate 4.10 % 4.30 % Expected long-term return on plan assets 6.25 % 6.75 % The following pension benefit payments are expected to be paid (in thousands): 2017 $ 10,214 2018 9,841 2019 9,879 2020 9,828 2021 9,625 2022 – 2026 66,359 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, 2016 and 2015 , the WilTel plan assets at fair value consisted of the following (in thousands): Fair Value Measurements Using Total Level 1 Level 2 2016 Cash and cash equivalents $ 919 $ 919 $ — Growth Portfolio 51,852 — 51,852 Liability-Driven Investing Portfolio 24,751 — 24,751 Total $ 77,522 $ 919 $ 76,603 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 The current investment objectives are designed to close the funding gap while mitigating funded status volatility through a combination of liability hedging and investment returns. As plan funded status improves, the asset allocation will move along a predetermined, de-risking glide path that reallocates capital from growth assets to liability-hedging assets in order to reduce funded status volatility and lock in funded status gains. Plan assets are split into two separate portfolios, each with different asset mixes and objections • The Growth Portfolio consists of global equities and high yield investments. • The Liability-Driven Investing ("LDI") Portfolio consists of long duration credit bonds and a suite of long duration, Treasury-based instruments designed to provide capital-efficient interest rate exposure as well as target specific maturities. The objective of the LDI Portfolio is to seek to achieve performance similar to the WilTel plan's liability by seeking to match the interest rate sensitivity and credit sensitivity. The LDI Portfolio is managed to mitigate volatility in funded status deriving from changes in the discounted value of benefit obligations from market movements in the interest rate and credit components of the underlying discount curve. 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, 1.0% to 1.5% real rate of return for long duration risk free investments and an additional 1.0% to 1.5% return premium for corporate credit risk. For U.S. and international equity we assume an equity risk premium over cash equal to 4.0% . 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 7.0% expected long-term rate of return assumption for 2016 . Jefferies Plan Assets. At December 31, 2016 and 2015 , the Jefferies plan assets at fair value consisted of the following (in thousands): Fair Value Measurements Using Total (1) Level 1 Level 2 2016 Cash and cash equivalents $ 1,135 $ 1,135 $ — Listed equity securities (2) 32,342 32,342 — Fixed income securities: Corporate debt securities 4,906 — 4,906 Foreign corporate debt securities 1,835 — 1,835 U.S. government securities 5,370 5,370 — Agency mortgage-backed securities 3,330 — 3,330 Commercial mortgage-backed securities 591 — 591 Asset-backed securities 483 — 483 Total $ 49,992 $ 38,847 $ 11,145 2015 Cash and cash equivalents $ 487 $ 487 $ — Listed equity securities (2) 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 (1) There are no plan assets classified within Level 3 of the fair value hierarchy. (2) Listed equity securities are diversified across a spectrum of primarily U.S. large-cap companies. 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 2017 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 investment in these insurance contracts is included in Financial Instruments owned - Trading assets in the Consolidated Statements of Financial Condition and has a fair value of $15.2 million and $15.3 million at December 31, 2016 and 2015 , respectively. Jefferies expects to pay the pension obligations 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, 2016 . 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, 2016, 2015 and 2014 (in thousands): 2016 2015 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 23,545 $ 28,434 Interest cost 529 523 Actuarial (gains) losses 1,157 (40 ) Benefits paid (1,104 ) (1,069 ) Currency adjustment 39 (4,303 ) Projected benefit obligation, end of year $ 24,166 $ 23,545 2016 2015 2014 Components of net periodic pension cost: Service cost $ — $ — $ 40 Interest cost 529 523 801 Net amortization 326 325 244 Net periodic pension cost $ 855 $ 848 $ 1,085 The amounts in Accumulated other comprehensive income at December 31, 2016 and 2015 are charges of $5.7 million and $4.9 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, 2016 and 2015 : 2016 2015 Projected benefit obligation Discount rate 1.70 % 2.20 % Rate of compensation increase (1) N/A N/A Net periodic pension benefit cost Discount rate 2.20 % 2.10 % Rate of compensation increase (1) N/A N/A (1) There were no active participants in the plan at December 31, 2016 and 2015 . The following pension benefit payments are expected to be paid (in thousands): 2017 $ 1,142 2018 1,147 2019 1,122 2020 1,169 2021 1,177 2022 – 2026 5,814 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 , $9.6 million and $9.3 million for the years ended December 31, 2016, 2015 and 2014 , respectively. We provide certain health care and other benefits to certain retired employees under plans which are currently unfunded. We pay the cost of postretirement benefits as they are incurred. Accumulated postretirement benefit obligations and amounts recognized in the consolidated statements of operations and in accumulated other comprehensive income (loss) were not significant. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes for continuing operations for each of the three years in the period ended December 31, 2016 was as follows (in thousands): 2016 2015 2014 Current taxes: U.S. Federal $ (574 ) $ 709 $ 746 U.S. State and local 8,672 (25,308 ) 17,232 Foreign (4,620 ) 3,504 12,375 Total current 3,478 (21,095 ) 30,353 Deferred taxes: U.S. Federal 108,241 134,590 97,190 U.S. State and local 8,335 4,552 30,707 Foreign 2,055 (8,100 ) 7,721 Total deferred 118,631 131,042 135,618 Total income tax provision $ 122,109 $ 109,947 $ 165,971 For the year ended December 31, 2016 , our provision for income taxes included a $24.9 million charge related to previously issued stock awards. The majority of the awards expired during the first quarter of 2016. The tax deductions associated with the remainder of the awards was less than the compensation cost recognized for financial reporting purposes. For the year ended December 31, 2015 , we recorded a benefit related to certain state and local net operating loss carryforwards which we believe are more likely than not to be realized in the future, a significant portion of which resulted from 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 believed were more likely than not to be utilized before they expire. The following table presents the U.S. and non-U.S. components of income from continuing operations before income taxes for each of the three years in the period ended December 31, 2016 (in thousands): 2016 2015 2014 U.S. $ 337,374 $ 336,856 $ 374,547 Non-U.S. (1) (20,944 ) 19,680 6,675 Income from continuing operations before income taxes $ 316,430 $ 356,536 $ 381,222 (1) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S. For each of the three years in the period ended December 31, 2016 , income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate of 35% to income from continuing operations before income taxes as a result of the following (dollars in thousands): 2016 2015 2014 Amount Percent Amount Percent Amount Percent Computed expected federal income tax $ 110,751 35.0 % $ 124,788 35.0 % $ 133,428 35.0 % Increase (decrease) in income taxes resulting from: State and local income taxes, net of federal income tax benefit 1,045 0.3 (6,928 ) (1.9 ) 31,160 8.2 International operations (including foreign rate differential) (3,405 ) (1.1 ) (10,130 ) (2.8 ) (14,305 ) (3.8 ) Increase (decrease) in valuation allowance 2,825 0.9 (13,227 ) (3.7 ) (22,203 ) (5.8 ) Permanent differences 7,523 2.4 8,064 2.3 6,181 1.6 Tax exempt income (4,640 ) (1.5 ) (6,789 ) (1.9 ) (6,812 ) (1.8 ) Income allocated to noncontrolling interest, not subject to tax (22,512 ) (7.1 ) 11,039 3.1 3,270 0.9 Excess stock detriment 24,907 7.9 — — — — Nondeductible settlements — — — — 24,500 6.4 Foreign taxes 268 0.1 (2,989 ) (1.0 ) 2,542 0.7 Other 5,347 1.7 6,119 1.7 8,210 2.1 Actual income tax provision $ 122,109 38.6 % $ 109,947 30.8 % $ 165,971 43.5 % The following table presents a reconciliation of gross unrecognized tax benefits for each of the three years in the period ended December 31, 2016 (in thousands): 2016 2015 2014 Balance at beginning of period $ 150,867 $ 148,590 $ 145,520 Increases based on tax positions related to the current period 5,045 3,475 5,630 Increases based on tax positions related to prior periods 3,697 22,030 4,340 Decreases based on tax positions related to prior periods (9,414 ) (15,349 ) (3,940 ) Decreases related to settlements with taxing authorities (1,347 ) (7,879 ) (2,960 ) Balance at end of period $ 148,848 $ 150,867 $ 148,590 Net interest expense related to unrecognized tax benefits was $8.6 million , $4.2 million and $9.2 million for the years ended December 31, 2016, 2015 and 2014 , respectively. At December 31, 2016 and 2015 , we had interest accrued of approximately $47.7 million and $39.1 million , respectively, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. No material penalties were accrued for the years ended December 31, 2016 and 2015 . The statute of limitations with respect to our federal income tax returns has expired for all years through 2012. Our 2013 federal tax return is currently under examination by the Internal Revenue Service. Our New York State and New York City income tax returns are currently being audited for the 2012 to 2014 period and 2011 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 $3.7 million . If recognized, the total amount of unrecognized tax benefits reflected in the table above would lower our effective income tax rate. The principal components of deferred taxes at December 31, 2016 and 2015 are as follows (in thousands): 2016 2015 Deferred tax asset: Net operating loss carryover $ 1,262,584 $ 1,375,759 Compensation and benefits 309,100 284,761 Long-term debt 54,102 89,160 Other assets 165,777 162,393 Securities valuation reserves 12,345 32,141 Intangible assets, net and goodwill 311 6,855 Other liabilities 39,188 40,393 1,843,407 1,991,462 Valuation allowance (106,042 ) (97,177 ) 1,737,365 1,894,285 Deferred tax liability: Unrealized gains on investments (998 ) (5,335 ) Amortization of intangible assets (107,437 ) (103,561 ) Property and equipment (14,228 ) (4,151 ) Investment in FXCM (117,594 ) (147,700 ) Other (35,293 ) (58,170 ) (275,550 ) (318,917 ) Net deferred tax asset $ 1,461,815 $ 1,575,368 As of December 31, 2016 , 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 $1.8 billion of U.S. federal NOLs that are only available to offset the taxable income of certain subsidiaries. Federal NOLs begin to expire in 2022, with a substantial amount expiring between 2022 and 2025. Approximately $258.6 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 $56.3 million . There is a valuation allowance with respect to $6.7 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, 2016 and 2015 , we had approximately $157.0 million and $205.0 million , respectively, of earnings attributable to foreign subsidiaries that are indefinitely reinvested abroad and for which no U.S. federal income tax provision has been recorded. Accordingly, deferred tax liabilities of approximately $55.0 million and $59.0 million have not been recorded with respect to these earnings at December 31, 2016 and 2015 , respectively. |
Net Realized Securities Gains (
Net Realized Securities Gains (Losses) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (in thousands): 2016 2015 2014 Net realized gains (losses) on securities $ (286 ) $ 14,112 $ 30,686 Other (1) 29,828 48,845 (292 ) $ 29,542 $ 62,957 $ 30,394 (1) In 2015, primarily relates to a recovery of $35.0 million of an investment in a non-public security written down in prior years. Proceeds from sales of investments classified as available for sale were $0.5 billion , $1.9 billion and $1.9 billion during 2016 , 2015 and 2014 , respectively. Gross gains of $0.1 million , $16.9 million and $12.6 million were realized on these sales during 2016 , 2015 and 2014 , respectively; gross losses were $0.4 million during 2016 , $2.8 million during 2015 and not significant during 2014 . |
Other Results Of Operations Inf
Other Results Of Operations Information | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 consists of the following (in thousands): 2016 2015 2014 Manufacturing revenues $ 412,826 $ 391,920 $ 379,274 Income (loss) from managed funds (69,038 ) (37,237 ) 12,251 Asset management fees 29,492 34,777 27,990 Dividend income 3,856 5,482 7,379 Income from associated companies classified as other revenues 17,184 75,717 90,242 Revenues of oil and gas exploration and development businesses 49,890 45,939 19,373 Gain on sale of equity interest — — 22,714 Other 43,976 32,630 11,242 $ 488,186 $ 549,228 $ 570,465 Taxes, other than income or payroll, amounted to $35.4 million , $21.9 million and $17.0 million for the years ended December 31, 2016, 2015 and 2014 , respectively. Advertising costs amounted to $20.0 million , $18.1 million and $14.5 million for the years ended December 31, 2016, 2015 and 2014 , respectively. |
Common Shares and Earnings (Los
Common Shares and Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Common Shares and Earnings (Loss) Per Common Share | Common Shares and 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, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 Numerator for earnings (loss) per share: Net income attributable to Leucadia National Corporation common shareholders $ 125,938 $ 279,587 $ 204,306 Allocation of earnings to participating securities (1) (574 ) (4,711 ) (4,761 ) Net income attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share 125,364 274,876 199,545 Adjustment to allocation of earnings to participating securities related to diluted shares (1) (19 ) (34 ) (75 ) Mandatorily redeemable convertible preferred share dividends — — — Interest on 3.75% Convertible Notes — — 739 Net income attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share $ 125,345 $ 274,842 $ 200,209 Denominator for earnings (loss) per share: Denominator for basic earnings (loss) per share – weighted-average shares 371,211 372,430 371,889 Stock options — 1 29 Warrants — — — Senior executive compensation plan awards 307 — — Mandatorily redeemable convertible preferred shares — — — 3.875% Convertible Senior Debentures — — — 3.75% Convertible Notes — — 1,415 Denominator for diluted earnings (loss) per share 371,518 372,431 373,333 (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 1,986,800 , 6,500,000 and 9,040,900 for the years ended December 31, 2016, 2015 and 2014 , respectively. Dividends declared on participating securities during the years ended December 31, 2016, 2015 and 2014 were $0.4 million , $1.5 million and $2.2 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 656,894 , 1,000,137 and 1,572,777 weighted-average shares of common stock were outstanding during the years ended December 31, 2016, 2015 and 2014 , respectively, but were not included in the computation of diluted per share amounts as the effect was antidilutive. For the years ended December 31, 2016, 2015 and 2014 ,weighted-average common shares of 923,077 , 4,000,000 and 4,000,000 , respectively, related to outstanding warrants to purchase common shares at $33.33 per share, were not included in the computation of diluted per share amounts as the effect was antidilutive. For the years ended December 31, 2016, 2015 and 2014 , 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, 2016, 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. The Board of Directors from time to time has authorized the repurchase of our common shares. At December 31, 2016 , we are authorized to repurchase 16,161,588 common shares. |
Commitments, Contingencies And
Commitments, Contingencies And Guarantees | 12 Months Ended |
Dec. 31, 2016 | |
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 twenty-three years. Rental expense (net of sublease rental income) was $80.4 million , $84.0 million and $79.6 million for the years ended December 31, 2016, 2015 and 2014 , 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, 2016 are as follows (in thousands): 2017 $ 91,057 2018 87,405 2019 76,194 2020 62,186 2021 57,704 Thereafter 572,845 947,391 Less: sublease income (19,204 ) $ 928,187 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 $5.8 million remains as of December 31, 2016 . Payments under the commitment will be approximately $0.8 million in each of the years 2017 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, 2016 was $103.8 million . The following table summarizes commitments associated with certain business activities (in millions): Expected Maturity Date 2017 2018 2019 2021 2023 Maximum Payout Equity commitments (1) $ 192.4 $ 22.1 $ 13.0 $ — $ 243.3 $ 470.8 Loan commitments (1) 315.3 16.9 71.6 44.0 — 447.8 Underwriting commitments 349.4 — — — — 349.4 Forward starting reverse repos (2) 4,668.7 — — — — 4,668.7 Forward starting repos (2) 2,539.2 — — — — 2,539.2 Other unfunded commitments (1) — 37.0 4.8 33.8 13.2 88.8 $ 8,065.0 $ 76.0 $ 89.4 $ 77.8 $ 256.5 $ 8,564.7 (1) Equity commitments, loan commitments and other unfunded commitments are presented by contractual maturity date. The amounts are however mostly available on demand. (2) At December 31, 2016 , $4,592.9 million within forward starting reverse repos and $2,464.6 million within repos settled within three business days. 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, 2016 , Jefferies outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds was $23.1 million . See Note 10 for additional information regarding Jefferies commitments related to Jefferies Finance and Jefferies LoanCore. Our equity commitments also include our commitment to invest in 54 Madison, a fund which targets real estate projects. We plan to invest a cumulative total of $225.0 million to this fund, of which we have already contributed $114.9 million . Capital commitments are contingent upon approval of the related investment by the investment committee, which we control. Through December 31, 2016 , approved unfunded commitments totaled $37.4 million . In January 2017, we participated in a preferred equity financing for Linkem. Existing shareholders, along with funds managed by BlackRock, invested €100 million in cash in exchange for shares of Linkem to fund future expansion plans, of which Leucadia's share was €30 million . In December 2016, we committed to invest $125.0 million in a separate account managed by Folger Hill Asia; we invested $75.0 million of this commitment in January 2017. Additionally, as of December 31, 2016 , we have other equity commitments to invest up to $23.4 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, 2016 , Jefferies has $182.1 million of outstanding loan commitments to clients. Loan commitments outstanding as of December 31, 2016 , also include Jefferies portion of the outstanding secured revolving credit facility provided to Jefferies Finance, to support loan underwritings by Jefferies Finance. At December 31, 2016 , $0.0 of Jefferies $250.0 million commitment was funded. In August 2014, we and Solomon Kumin established 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, 2016 , $9.4 million has been provided to Folger Hill under the revolving credit facility. Underwriting Commitments. In connection with investment banking activities, Jefferies may from time to time provide underwriting commitments to our clients in connection with capital raising transactions. 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 were 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 included 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) and sought injunctive relief, declaratory relief and damages on behalf of the named plaintiffs and others similarly situated. 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 as a result of 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. On June 23, 2016, the settlement agreement became final and the case was closed. 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 would be dismissed, which the Court approved on January 7, 2016. On February 17, 2016 the Court was notified that disclosure of the proposed dismissal had been provided to Harbinger's stockholders in accordance with that stipulation, and the case was closed. We and our subsidiaries are parties to 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 as of December 31, 2016 (in millions): Expected Maturity Date Guarantee Type 2017 2018 2019 2021 2023 Notional/ Maximum Payout Derivative contracts – non-credit related $ 18,838.6 $ 820.4 $ — $ — $ 421.8 $ 20,080.8 Written derivative contracts – credit related — 52.2 24.6 360.8 — 437.6 Total derivative contracts $ 18,838.6 $ 872.6 $ 24.6 $ 360.8 $ 421.8 $ 20,518.4 The following table summarizes the external credit ratings of the underlying or referenced assets for our credit related derivatives contracts as of December 31, 2016 (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 $ 54.0 $ — $ — $ — $ — $ — $ 54.0 Single name credit default swaps — — 79.5 42.9 261.2 — 383.6 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 $313.1 million as of December 31, 2016 . 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, 2016 , the aggregate amount of commercial paper outstanding was $1.47 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. The maximum amount payable under the guarantee is $18.1 million at December 31, 2016 . Jefferies has also provided a guarantee of a portion of Energy Partners I, LP’s obligations under a credit agreement. At December 31, 2016 , the maximum exposure to loss of the guarantee is $3.0 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, 2016 was approximately $20.8 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, 2016 , Jefferies provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $33.3 million . 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 $13.6 million at December 31, 2016 . Primarily all letters of credit expire within one year. |
Net Capital Requirements
Net Capital Requirements | 12 Months Ended |
Dec. 31, 2016 | |
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 LLC is also registered as a futures commission merchant ("FCM") and is subject to Rule 1.17 of the CFTC which sets forth minimum financial requirements. The minimum net capital requirement in determining excess net capital for a dually-registered U.S. broker-dealer and FCM is equal to the greater of the requirement under Rule 15c3-1 or CFTC Rule 1.17. Jefferies LLC and Jefferies Execution’s net capital and excess net capital are as follows (in thousands): Net Capital Excess Net Capital Jefferies LLC $ 1,467,729 $ 1,398,748 Jefferies Execution 8,260 8,010 FINRA is the designated self-regulatory organization (“DSRO”) for Jefferies U.S. broker-dealers and the NFA 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 which is 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 Jefferies regulated subsidiaries. Some of our other 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. |
Other Fair Value Information
Other Fair Value Information | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Other Assets: Notes and loans receivable (1) $ 962,938 $ 958,377 $ 488,690 $ 490,208 Financial Liabilities: Short-term borrowings (2) 525,842 525,842 310,659 310,659 Long-term debt (2) 7,131,587 7,221,459 7,400,582 7,299,405 (1) 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. (2) Short-term borrowings and long-term debt: The fair values of short-term borrowings are estimated to be the carrying amount. The fair values of non-variable rate debt are estimated using quoted prices and estimated rates that would be available for debt with similar terms. The fair value of variable rate debt is estimated to be the carrying amount. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Jefferies Capital Partners Related Funds. Jefferies has equity investments in the JCP Manager and in private equity 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, 2016 and 2015 are Jefferies equity investments in Private Equity Related Funds of $37.7 million and $39.6 million , respectively. Net gains (losses) aggregating $(2.3) million , $(26.2) million and $(14.9) million were recorded related to the Private Equity Related Funds for the years ended December 31, 2016, 2015 and 2014 , respectively. For further information regarding our commitments and funded amounts to Private Equity Related Funds, see Notes 9 and 25 . Berkadia Commercial Mortgage, LLC. At December 31, 2016 and 2015 , Jefferies has commitments to purchase $817.0 million and $752.4 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 at December 31, 2015 . Our Chairman also serves as HRG’s Chairman. Officers, Directors and Employees. We have $41.2 million and $28.3 million of loans outstanding to certain employees (none of whom are an executive officer or director of the Company) at December 31, 2016 and 2015 , 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, 2016 and 2015 , 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 27% and 28% of its cattle requirements under this agreement during 2016 and 2015 , 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, 2016 , sales to this affiliate were $30.9 million and purchases were $14.8 million . During the year ended December 31, 2015 , sales to this affiliate were $31.0 million and purchases were $15.1 million . At December 31, 2016 and 2015 , amounts due from and payable to these related parties were not significant. HomeFed. As more fully described in Note 10, 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 10, 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, 2016 . Our Chairman also serves as HomeFed’s Chairman and our President is a Director of HomeFed. 54 Madison. At December 31, 2016 and 2015 , approximately $230.2 million and $115.7 million , respectively, of long-term debt held by 54 Madison is owed to minority owners of 54 Madison. The interest rate on these long-term notes range between 4.2% and 6.0% . The employees of the asset manager of 54 Madison and employees of certain asset managers of 54 Madison's investments are also employees of Leucadia. These employees are also minority owners of 54 Madison. In the first quarter of 2016, 54 Madison purchased the equity interests in a real estate investment from a minority owner of 54 Madison for $86.5 million . See Note 10 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, 2016 | |
Disposal Group, Including Discontinued Operation, Additional Disclosures [Abstract] | |
Discontinued Operations And Assets Held For Sale | Discontinued Operations and Assets Held for Sale In January 2017, we sold 100% of Conwed to Schweitzer-Mauduit International, Inc., (NYSE:SWM) for $295 million in cash plus potential earn-out payments over five years of up to $40 million in cash to the extent the results of Conwed’s subsidiary, Filtrexx International, exceed certain performance thresholds. At December 31, 2016 , the net book value of our investment in Conwed was $100.6 million . A pre-tax gain of approximately $180 million will be recognized upon closing and will be reflected in our results of operations for the three months ended March 31, 2017. The sale of Conwed does not meet the GAAP criteria to be classified as a discontinued operation. Assets held for sale at December 31, 2016 , which primarily relate to Conwed, are as follows (in thousands): Cash $ 5,206 Receivables 15,297 Property, equipment and leasehold improvements, net 18,664 Intangible assets, net and goodwill 56,854 Inventory 19,069 Other assets 12,993 $ 128,083 Liabilities held for sale at December 31, 2016 were $14.7 million and are included in Payables, expense accruals and other liabilities. 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 had been expensed as incurred. As a result, we classified the clean energy project as a discontinued operation in 2014. In July 2014, we sold Premier Entertainment Biloxi LLC ("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. A summary of the results of discontinued operations for the clean energy project and Premier is as follows for the year ended December 31, 2014; discontinued operations for the years ended December 31, 2016 and 2015 were not significant (in thousands): Revenues and other income: Gaming entertainment $ 67,739 Investment and other income 4,700 72,439 Expenses: Direct operating expenses - Gaming entertainment 48,877 Compensation and benefits 4,503 Depreciation and amortization 5,208 Selling, general and other expenses 41,378 99,966 Loss from discontinued operations before income taxes (27,527 ) Income tax (benefit) (9,634 ) Loss from discontinued operations after income taxes $ (17,893 ) 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, 2016 | |
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, Foursight Capital, Berkadia, our investment in HomeFed and our investment in FXCM. Our other merchant banking businesses and investments primarily include Idaho Timber, Conwed, Vitesse, Juneau, real estate, and our investments in HRG, Linkem, Garcadia and Golden Queen. Certain information concerning our segments for the years ended December 31, 2016, 2015 and 2014 is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired. As discussed above, Jefferies is reflected in our consolidated financial statements utilizing a one month lag. 2016 2015 2014 (In thousands) Net Revenues: Reportable Segments: Jefferies $ 2,421,055 $ 2,476,133 $ 2,986,325 National Beef 7,027,243 7,402,419 7,832,424 Corporate and other 88,590 78,122 60,720 Total net revenues related to reportable segments 9,536,888 9,956,674 10,879,469 All other (1) 525,729 950,784 607,016 Intercompany eliminations (2) — (21,000 ) — Total consolidated net revenues $ 10,062,617 $ 10,886,458 $ 11,486,485 Pre-tax income (loss) from continuing operations: Reportable Segments: Jefferies $ 43,508 $ 119,165 $ 358,396 National Beef 329,022 (123,915 ) (40,303 ) Corporate and other 18,386 (44,295 ) (142,728 ) Pre-tax income (loss) from continuing operations related to reportable segments 390,916 (49,045 ) 175,365 All other (1) (15,605 ) 492,762 305,752 Parent Company interest (58,881 ) (87,181 ) (99,895 ) Total consolidated pre-tax income from continuing operations $ 316,430 $ 356,536 $ 381,222 Depreciation and amortization expenses: Reportable Segments: Jefferies $ 60,206 $ 92,165 $ 78,566 National Beef 94,482 89,317 85,305 Corporate and other 3,619 3,744 5,627 Total depreciation and amortization expenses related to reportable segments 158,307 185,226 169,498 All other 53,286 38,907 16,495 Total consolidated depreciation and amortization expenses $ 211,593 $ 224,133 $ 185,993 Identifiable assets employed: Reportable Segments: Jefferies (3) $ 36,992,096 $ 38,607,786 $ 44,562,155 National Beef 1,498,317 1,514,249 1,716,069 Corporate and other 1,935,118 1,777,199 3,237,476 Identifiable assets employed related to reportable segments 40,425,531 41,899,234 49,515,700 All other 4,728,457 4,581,673 3,152,029 Intercompany eliminations (82,681 ) (149,723 ) (53,405 ) Total consolidated assets $ 45,071,307 $ 46,331,184 $ 52,614,324 (1) All other revenue and pre-tax income from continuing operations include $(54.6) million and $491.3 million of realized and unrealized gains (losses) relating to our investment in FXCM for the years ended December 31, 2016 and 2015 , respectively. (2) Revenue intercompany elimination for 2015 relates to an investment banking and advisory fee paid to Jefferies in connection with our entering into the agreement with FXCM. (3) At December 31, 2016, 2015 and 2014 , includes $337.6 million , $320.2 million and $399.6 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, 2016, 2015 and 2014 were as follows (in thousands): 2016 2015 2014 Americas (1) $ 1,876,796 $ 1,887,899 $ 2,257,870 Europe (2) 458,046 510,044 634,358 Asia 86,213 78,190 94,097 $ 2,421,055 $ 2,476,133 $ 2,986,325 (1) Substantially all relates to U.S. results. (2) Substantially all relates to U.K. results. Approximately 89.2% , 89.5% and 88.0% of National Beef's revenues for the years ended December 31, 2016, 2015 and 2014 , respectively, relate to sales made in the U.S. The remainder of National Beef's revenues primarily relate to sales made in Asia. Consolidated net revenues exclusive of Jefferies and National Beef principally relate to the U.S. for 2016, 2015 and 2014 . Net realized securities gains for Corporate and other aggregated $16.4 million , $63.0 million and $30.4 million during 2016, 2015 and 2014 , respectively. Interest expense classified as a component of Net revenues relates to Jefferies. For the years ended December 31, 2016, 2015 and 2014 , interest expense classified as a component of Expenses was primarily comprised of National Beef ( $12.9 million , $16.6 million and $15.1 million , respectively), parent company interest ( $58.9 million , $87.2 million and $99.9 million , respectively) and all other ( $36.9 million , $12.0 million and $5.9 million , respectively). |
Exit Costs
Exit Costs | 12 Months Ended |
Dec. 31, 2016 | |
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, which was completed during the second quarter of 2016. 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 years ended December 31, 2016 and 2015, Jefferies recorded restructuring and impairment costs as follows (in thousands): 2016 2015 Severance costs $ 279 $ 30,327 Accelerated amortization of restricted stock and restricted cash awards 41 7,922 Accelerated amortization of capitalized software — 19,745 Contract termination costs 1,234 11,247 Selling, general and other expenses 300 3,853 Total $ 1,854 $ 73,094 Of the above costs, $0.3 million and $28.7 million for the years ended December 31, 2016 and 2015, respectively, 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, 2016 . 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 Expenses 279 300 1,234 1,813 $ 41 $ — $ — $ 1,854 Payments (5,084 ) (300 ) (1,234 ) (6,618 ) Liability at December 31, 2016 $ — $ — $ — $ — |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 Net revenues $ 2,015,106 $ 2,625,358 $ 2,676,375 $ 2,745,778 Income (loss) from continuing operations $ (218,602 ) $ 70,612 $ 176,206 $ 166,105 Income from discontinued operations, net of taxes $ — $ — $ — $ — Gain on disposal of discontinued operations, net of taxes $ — $ — $ — $ — Net (income) loss attributable to the noncontrolling interest $ 1,052 $ 760 $ 1,870 $ (2,256 ) Net income attributable to the redeemable noncontrolling interests $ (4,314 ) $ (13,068 ) $ (22,702 ) $ (25,662 ) Preferred stock dividends $ (1,016 ) $ (1,015 ) $ (1,016 ) $ (1,016 ) Net income (loss) attributable to Leucadia National Corporation common shareholders $ (222,880 ) $ 57,289 $ 154,358 $ 137,171 Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income (loss) from continuing operations $ (0.60 ) $ 0.15 $ 0.41 $ 0.37 Income from discontinued operations — — — — Gain on disposal of discontinued operations — — — — Net income (loss) $ (0.60 ) $ 0.15 $ 0.41 $ 0.37 Number of shares used in calculation 372,367 372,556 370,404 369,299 Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income (loss) from continuing operations $ (0.60 ) $ 0.15 $ 0.41 $ 0.37 Income from discontinued operations — — — — Gain on disposal of discontinued operations — — — — Net income (loss) $ (0.60 ) $ 0.15 $ 0.41 $ 0.37 Number of shares used in calculation 372,367 372,556 374,567 374,693 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 In 2016 and 2015 , the totals of quarterly per share amounts do not equal annual per share amounts because of changes in outstanding shares during the year. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Registrant | Schedule I - Condensed Financial Information of Registrant LEUCADIA NATIONAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Financial Condition December 31, 2016 and 2015 (Dollars in thousands, except par value) 2016 2015 ASSETS Cash and cash equivalents $ 105,222 $ 353 Financial instruments owned: Trading assets, at fair value 223,218 750,116 Available for sale securities 15,635 14,104 Total financial instruments owned 238,853 764,220 Investments in subsidiaries 18,412,037 18,348,067 Advances to subsidiaries 235,879 123,805 Investments in associated companies 273,518 244,206 Deferred tax asset, net 346,684 221,310 Other assets 13,993 64,572 Total $ 19,626,186 $ 19,766,533 LIABILITIES Accrued interest payable $ 11,447 $ 11,447 Pension liabilities 69,152 78,007 Other payables, expense accruals and other liabilities 39,284 103,438 Advances from subsidiaries 8,265,312 8,060,608 Long-term debt 987,891 986,822 Total liabilities 9,373,086 9,240,322 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; 359,425,061 and 362,617,423 shares issued and outstanding, after deducting 56,947,654 and 53,755,292 shares held in treasury 359,425 362,617 Additional paid-in capital 4,812,587 4,986,819 Accumulated other comprehensive income 310,697 438,793 Retained earnings 4,645,391 4,612,982 Total Leucadia National Corporation shareholders’ equity 10,128,100 10,401,211 Total $ 19,626,186 $ 19,766,533 See accompanying notes to condensed financial statements. Schedule I - Condensed Financial Information of Registrant, continued LEUCADIA NATIONAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Operations For the years ended December 31, 2016, 2015 and 2014 (In thousands, except per share amounts) 2016 2015 2014 Revenues: Principal transactions $ 16,735 $ 491,341 $ — Net realized securities gains (losses) — — — Other 2,300 1,477 752 Total revenues 19,035 492,818 752 Expenses: Compensation and benefits 39,693 58,899 60,830 WilTel pension 2,989 50,836 9,298 Interest 58,881 87,181 99,895 Intercompany interest expense 293,527 241,906 178,027 Selling, general and other expenses 19,244 26,784 113,383 414,334 465,606 461,433 Income (loss) from continuing operations before income taxes, income related to associated companies and equity in earnings of subsidiaries (395,299 ) 27,212 (460,681 ) Income related to associated companies 21,195 3,479 3,763 Income (loss) from continuing operations before income taxes and equity in earnings of subsidiaries (374,104 ) 30,691 (456,918 ) Income tax provision (benefit) (117,699 ) 267 (139,832 ) Income (loss) from continuing operations before equity in earnings of subsidiaries (256,405 ) 30,424 (317,086 ) Equity in earnings of subsidiaries, net of taxes 386,406 247,704 541,680 Income from continuing operations 130,001 278,128 224,594 Equity in income (loss) from discontinued operations, net of taxes — 429 (17,893 ) Equity in gain on disposal of discontinued operations, net of taxes — 5,093 1,667 Net income 130,001 283,650 208,368 Preferred stock dividends (4,063 ) (4,063 ) (4,062 ) Net income attributable to Leucadia National Corporation common shareholders $ 125,938 $ 279,587 $ 204,306 Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income from continuing operations $ 0.34 $ 0.73 $ 0.58 Income (loss) from discontinued operations — — (0.05 ) Gain on disposal of discontinued operations — 0.01 0.01 Net income $ 0.34 $ 0.74 $ 0.54 Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income from continuing operations $ 0.34 $ 0.73 $ 0.58 Income (loss) from discontinued operations — — (0.05 ) Gain on disposal of discontinued operations — 0.01 0.01 Net income $ 0.34 $ 0.74 $ 0.54 See accompanying notes to condensed financial statements. Schedule I - Condensed Financial Information of Registrant, continued LEUCADIA NATIONAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Comprehensive Income (Loss) For the years ended December 31, 2016, 2015 and 2014 (In thousands) 2016 2015 2014 Net income $ 130,001 $ 283,650 $ 208,368 Other comprehensive income (loss): Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $2,262, $(5,029) and $(4,923) 3,900 (9,057 ) (8,866 ) Less: reclassification adjustment for net (gains) losses included in net income (loss), net of income tax provision (benefit) of $2, $6,068 and $1,631 (4 ) (10,930 ) (2,939 ) Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $2,260, $(11,097) and $(6,554) 3,896 (19,987 ) (11,805 ) Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $(3,530), $(5,174) and $(6,837) (121,581 ) (36,477 ) (43,307 ) Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $149 — — (267 ) Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $(3,530), $(5,174) and $(6,986) (121,581 ) (36,477 ) (43,574 ) Net unrealized gains (losses) on instrument specific credit risk arising during the period, net of income tax provision (benefit) of $(4,251), $0 and $0 (6,494 ) — — Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $0 — — — Net change in unrealized instrument specific credit risk gains (losses), net of income tax provision (benefit) of $(4,251), $0 and $0 (6,494 ) — — Net unrealized gains (losses) on derivatives arising during the period, net of income tax provision (benefit) of $0, $0 and $0 — — — Less: reclassification adjustment for derivative (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $(95) — — 169 Net change in unrealized derivative gains (losses), net of income tax provision (benefit) of $0, $0 and $95 — — 169 Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $(2,516), $7,152 and $(17,698) (5,451 ) 17,073 (38,959 ) Less: reclassification adjustment for pension (gains) losses included in net income (loss), net of income tax provision (benefit) of $(700), $(17,159) and $(1,676) 1,534 31,102 3,201 Net change in pension liability benefits, net of income tax provision (benefit) of $(1,816), $24,311 and $(16,022) (3,917 ) 48,175 (35,758 ) Other comprehensive loss, net of income taxes (128,096 ) (8,289 ) (90,968 ) Comprehensive income 1,905 275,361 117,400 Preferred stock dividends (4,063 ) (4,063 ) (4,062 ) Comprehensive income (loss) attributable to Leucadia National Corporation common shareholders $ (2,158 ) $ 271,298 $ 113,338 See accompanying notes to condensed financial statements. Schedule I - Condensed Financial Information of Registrant, continued LEUCADIA NATIONAL CORPORATION (PARENT COMPANY ONLY) Condensed Statements of Cash Flows For the years ended December 31, 2016, 2015 and 2014 (In thousands) 2016 2015 2014 Net cash flows from operating activities: Net income $ 130,001 $ 283,650 $ 208,368 Adjustments to reconcile net income to net cash used for operations: Deferred income tax benefit (12,220 ) (2,457 ) (15,302 ) Accretion of interest 921 1,788 2,029 Share-based compensation 33,597 74,087 109,838 Equity in earnings of subsidiaries (386,406 ) (253,226 ) (525,454 ) Income related to associated companies (21,195 ) (3,479 ) (3,763 ) Distributions from associated companies 1,861 312 2,429 Change in estimated litigation reserve — (88,500 ) 88,500 Net change in: Trading assets (40,235 ) (615,768 ) — Other assets (708 ) (49,006 ) (1,384 ) Accrued interest payable — (10,982 ) (762 ) Pension liabilities (13,111 ) 49,835 9,299 Other payables, expense accruals and other liabilities (23,218 ) 558 (15,127 ) Income taxes receivable/payable, net (90,898 ) 6,640 (5,374 ) Other 1,262 5,110 4,153 Net cash used for operating activities (420,349 ) (601,438 ) (142,550 ) Net cash flows from investing activities: Investments in subsidiaries (427,933 ) (637,400 ) (1,460,159 ) Distributions from subsidiaries 868,612 119,695 97,331 Advances on notes, loans and other receivables — (279,000 ) (6,500 ) Collections on notes, loans and other receivables 16,233 144,652 6,500 Investments in associated companies (11,611 ) (8,101 ) (1,399 ) Capital distributions from associated companies 1,501 1,317 730 Purchases of investments (other than short-term) (2,242 ) (7,968 ) (11,628 ) Other 150 276 184 Net cash provided by (used for) investing activities 444,710 (666,529 ) (1,374,941 ) (continued) See accompanying notes to condensed financial statements. 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, 2016, 2015 and 2014 (In thousands) 2016 2015 2014 Net cash flows from financing activities: Repayment of debt $ — $ (458,641 ) $ (34 ) Advances from (to) subsidiaries, net 265,762 1,943,961 1,683,949 Issuance of common shares 1,062 1,223 2,190 Purchase of common shares for treasury (95,020 ) (125,754 ) (75,728 ) Dividends paid (91,296 ) (92,550 ) (93,071 ) Net cash provided by financing activities 80,508 1,268,239 1,517,306 Net increase (decrease) in cash and cash equivalents 104,869 272 (185 ) Cash and cash equivalents at January 1, 353 81 266 Cash and cash equivalents at December 31, $ 105,222 $ 353 $ 81 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest $ 57,813 $ 95,074 $ 96,847 Income tax payments, net $ (10,199 ) $ (2,332 ) $ 13,463 Non-cash investing activities: Investments contributed to subsidiary $ 423,009 $ — $ 5,000 Investments transferred from subsidiary $ 2,022 $ — $ 43,602 Non-cash financing activities: Issuance of common shares for debt conversion $ — $ — $ 97,546 See accompanying notes to condensed financial statements. Schedule I - Condensed Financial Information of Registrant, continued LEUCADIA NATIONAL CORPORATION (PARENT COMPANY ONLY) Notes to Condensed Financial Statements 1. Introduction and Basis of Presentation The notes to the consolidated financial statements of Leucadia National Corporation and Subsidiaries (the "Company") are incorporated by reference into this schedule. 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 2016 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, 2016 . 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 25, Commitments, Contingencies and Guarantees, and Note 17, Mezzanine Equity, in the Company's consolidated financial statements. 4. Restricted Net Assets For a discussion of the Company's regulatory requirements, see Note 26, Net Capital Requirements, in the Company's consolidated financial statements. 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, 2016 and 2015 , $5,994.1 million and $6,264.4 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, 2016 and 2015 , $4,833.0 million and $5,202.7 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, 2016 and 2015 are $126.2 million and $117.1 million , respectively, of undistributed earnings of unconsolidated associated companies. For further information, see Note 10, Loans to and Investments in Associated Companies, in the Company's consolidated financial statements. |
Significant Accounting Polici44
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
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. 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 and Other Fees. 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. 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. Interest on short- and long-term borrowings is recorded on an accrual basis as Interest 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 and certificates of deposit, not held for resale with original maturities of three months or less. |
Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations | Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations In accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Jefferies LLC, as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets. In addition, certain exchange and/or clearing organizations require cash and/or securities to be deposited by us to conduct day to day activities. |
Financial Instruments and Fair Value | Financial Instruments and Fair Value 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 fair values for which have been derived using model inputs that are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 3: Instruments that have little to no pricing observability 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 reflected at fair value. 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 determines 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 determined 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 trading desk's 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. 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 processes challenges the appropriateness of pricing information obtained from external data providers (including independent pricing services and brokers) 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 Jefferies valuation process, the vendor service providers are collecting and aggregating observable market information as to recent trade activity and active bid-ask submissions. The composite pricing information received from the independent pricing service is thus not based on unobservable inputs or proprietary models. For mortgage- and other asset-backed securities, collateralized debt obligations ("CDOs") and collateralized loan obligations ("CLOs"), 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 . If a pricing model is used to determine fair value, the pricing model is reviewed for theoretical soundness and appropriateness by Risk Management, independent from the trading desks, and then approved by Risk Management to be used in the valuation process. Review and approval of a model for use may include benchmarking the model against relevant third party valuations, testing sample trades in the model, backtesting the results of the model against actual trades and stress-testing the sensitivity of the pricing model using varying inputs and assumptions. In addition, recently executed comparable transactions and other observable market data are considered for purposes of validating assumptions underlying the model. Models are independently reviewed and validated by Risk Management annually or more frequently if market conditions or use of the valuation model changes. |
Investments in Managed Funds | Investments in Managed Funds Investments in managed funds include our investments in funds managed by us and our investments in related party managed funds in which we are entitled to a portion of the management and/or performance fees. Investments in nonconsolidated managed funds are accounted for at fair value based on the net asset value (“NAV”) of the funds provided by the fund managers with gains or losses included in 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 10 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, 2016 and 2015 , Receivables include receivables from brokers, dealers and clearing organizations of $2,062.9 million and $1,616.3 million , respectively, and receivables from customers of securities operations of $843.1 million and $1,191.3 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. Jefferies earns and incurs interest over the term of the repo, which is reflected in Interest revenue and Interest expense in the Consolidated Statements of Earnings on an accrual basis. Repos are presented in the Consolidated Statements of Financial Condition on a net-basis-by counterparty, where permitted by GAAP. The fair value of the underlying securities is monitored daily versus the related receivable or payable balances. Should the fair value of the underlying securities decline or increase, additional collateral is requested or excess collateral is returned, as appropriate. |
Property, Equipment and Leasehold Improvements | Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are provided principally on the straight-line method over the estimated useful lives of the assets or, if less, the term of the underlying lease. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate, in management’s judgment, that the carrying value of such assets may not be recoverable. When testing for impairment, we group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (or asset group). The determination of whether an asset group is recoverable is based on management’s estimate of undiscounted future cash flows directly attributable to the asset group as compared to its carrying value. If the carrying amount of the asset group is greater than the undiscounted cash flows, an impairment loss would be recognized for the amount by which the carrying amount of the asset group exceeds its estimated fair value. National Beef closed its Brawley beef processing facility in the second quarter of 2014. National Beef incurred 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 oil and gas company and an 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. In 2016, Juneau recorded impairment charges in Selling, general and other expenses of $56.3 million related to write-downs of unproved oil and gas properties. Juneau assesses its unproved oil and gas properties for impairment based on remaining lease terms, drilling results or future plans to develop acreage and they record impairment expense for any decline in value. In the third quarter of 2016, Juneau curtailed development of its southern acreage in the East Eagle Ford and its Houston County acreage. As a result, an impairment was recorded for the difference between the carrying value and the estimated net realizable value of the acreage. 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 development 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 and National Beef as of December 31. |
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, 2016 and 2015 , Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $3,290.4 million and $2,757.2 million , respectively, and payables to customers of securities operations of $2,297.3 million and $2,780.5 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. Certain executive share-based awards contain market, performance and service conditions. Market conditions are incorporated into the grant-date fair value using a Monte Carlo valuation model. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market condition is not met. Awards with performance conditions are amortized over the service period if it is determined that it is probable that the performance condition will be achieved. 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. RSUs granted under the senior executive compensation plan are not considered participating securities as the rights to dividend equivalents are forfeitable. |
Securitization Activities | Securitization Activities Jefferies engages in securitization activities related to corporate loans, consumer loans, commercial mortgage loans and mortgage-backed and other asset-backed securities. Such transfers of financial assets are accounted for as sales when Jefferies has 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. Jefferies 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 a transfer of assets does not meet the criteria of a sale, the transfer is accounted for as a secured borrowing and Jefferies continues to recognize the assets of a secured borrowing, and recognize the associated financing in Other secured financings in the Consolidated Statements of Financial Condition. Beginning in 2014, another of our subsidiaries utilized a special purpose entity to securitize automobile loans receivable. This special purpose entity 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. |
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 25. |
Accounting Developments | Revenue Recognition. In May 2014, the Financial Accounting Standards Board (“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 is effective for interim and annual periods beginning after December 15, 2017. We intend to adopt the new guidance with a cumulative-effect adjustment to opening retained earnings and our evaluation of the impact this new guidance will have on our consolidated financial statements is ongoing. Consolidation. In January 2016, we adopted the FASB's new guidance that amended the 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. The adoption of this guidance did not have a significant impact on our consolidated financial statements. Debt Issuance Costs. In January 2016, we adopted the FASB's 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. The guidance is effective retrospectively and we have adopted this guidance in the first quarter of 2016. The adoption of this guidance resulted in the following adjustments to the Consolidated Statement of Financial Condition on December 31, 2015: a decrease of $8.6 million to Other assets, a decrease of $7.0 million to Long-term debt and a decrease of $1.6 million to Other secured financings. The adoption of this guidance also resulted in the following adjustments to the Consolidated Statements of Operations for the years ended December 31, 2015 and 2014: a decrease of $4.4 million and $3.8 million , respectively, to Selling, general and other expenses and an increase of $4.4 million and $3.8 million , respectively, to Interest expense. 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 of the new guidance related to equity investments and the presentation and disclosure requirements of financial instruments on our consolidated financial statements. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option and we adopted this guidance in the first quarter of 2016. The guidance on financial liabilities under the fair value option did not have a significant impact on our consolidated financial statements. Leases. In February 2016, the FASB issued new guidance that affects the accounting and disclosure requirements for leases. The FASB requires the recognition of lease assets and lease liabilities on the statement of financial condition. The guidance is effective for annual and interim periods beginning after December 15, 2018. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Share-Based Payments to Employees. In March 2016, the FASB issued new guidance to simplify and improve accounting for share-based payments. The amendments include income tax consequences, the accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance is effective for annual and interim periods beginning after December 15, 2016. We do not believe the adoption of this accounting guidance will have a material effect on our consolidated financial statements. Financial Instruments - Credit Losses. In June 2016, the FASB issued new guidance for estimating credit losses on certain types of financial instruments by introducing an approach based on expected losses. The guidance is effective for annual and interim periods beginning after December 15, 2019. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Cash Flow Classifications. In August 2016, the FASB issued new guidance to reduce the diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for annual and interim periods beginning after December 15, 2017. In November 2016, the FASB issued new guidance on restricted cash. The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. 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. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, trading liabilities and long-term debt that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on NAV (within trading assets) of $24.3 million and $36.7 million , respectively, by level within the fair value hierarchy at December 31, 2016 and 2015 (in thousands): December 31, 2016 Level 1 (1) Level 2 (1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,522,977 $ 92,839 $ 21,739 $ — $ 2,637,555 Corporate debt securities — 2,675,020 25,005 — 2,700,025 CDOs and CLOs — 54,306 54,354 — 108,660 U.S. government and federal agency securities 2,389,397 56,726 — — 2,446,123 Municipal securities — 708,469 27,257 — 735,726 Sovereign obligations 1,432,556 990,492 — — 2,423,048 Residential mortgage-backed securities — 960,494 38,772 — 999,266 Commercial mortgage-backed securities — 296,405 20,580 — 316,985 Other asset-backed securities — 63,587 40,911 — 104,498 Loans and other receivables — 1,557,233 81,872 — 1,639,105 Derivatives 3,825 4,616,822 6,429 (4,255,998 ) 371,078 Investments at fair value — — 314,359 — 314,359 Investment in FXCM — — 164,500 — 164,500 Total trading assets, excluding investments at fair value based on NAV $ 6,348,755 $ 12,072,393 $ 795,778 $ (4,255,998 ) $ 14,960,928 Available for sale securities: Corporate equity securities $ 79,425 $ — $ — $ — $ 79,425 Corporate debt securities — 179 — — 179 U.S. government securities 174,933 — — — 174,933 Residential mortgage-backed securities — 19,133 — — 19,133 Commercial mortgage-backed securities — 8,337 — — 8,337 Other asset-backed securities — 19,042 — — 19,042 Total available for sale securities $ 254,358 $ 46,691 $ — $ — $ 301,049 Liabilities: Trading liabilities: Corporate equity securities $ 1,593,548 $ 16,806 $ 313 $ — $ 1,610,667 Corporate debt securities — 1,718,424 523 — 1,718,947 U.S. government and federal agency securities 976,497 — — — 976,497 Sovereign obligations 1,375,590 1,253,754 — — 2,629,344 Loans — 801,977 378 — 802,355 Derivatives 2,566 4,867,586 9,870 (4,229,213 ) 650,809 Total trading liabilities $ 3,948,201 $ 8,658,547 $ 11,084 $ (4,229,213 ) $ 8,388,619 Other secured financings $ — $ 41,350 $ 418 $ — $ 41,768 Long-term debt - structured notes $ — $ 248,856 $ — $ — $ 248,856 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 CDOs and CLOs — 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 Liabilities: Trading liabilities: Corporate equity securities $ 1,428,048 $ 36,518 $ 38 $ — $ 1,464,604 Corporate debt securities — 1,556,941 — — 1,556,941 U.S. government and federal agency securities (3) 1,488,121 — — — 1,488,121 Sovereign obligations (3) 837,614 505,382 — — 1,342,996 Residential mortgage-backed securities (3) — 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 (4) $ — $ 67,801 $ 544 $ — $ 68,345 (1) There were no material transfers between Level 1 and Level 2 during the years ended December 31, 2016 and 2015 . (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. (3) There was an immaterial revision in the row labeling in our Annual Report on Form 10-K for the year ended December 31, 2015. We have revised the labels to "U.S. government and federal agency securities" (originally reported as "Collateralized debt obligations"), "Sovereign obligations" (originally reported as "U.S. government and federal agency securities") and "Residential mortgage-backed securities" (originally reported as "Sovereign obligations"). (4) Level 2 liabilities include $67.8 million of other secured financings that were previously not disclosed in our Annual Report on Form 10-K for the year ended December 31, 2015 . |
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, 2016 Equity Long/Short Hedge Funds (2) $ 363,256 $ — (2) Fixed Income and High Yield Hedge Funds (3) 772 — — Fund of Funds (4) 230 — — Equity Funds (5) 42,179 20,295 — Multi-strategy Fund (6) 133,190 — Monthly/Quarterly Total $ 539,627 $ 20,295 December 31, 2015 (7) Equity Long/Short Hedge Funds (2) $ 430,207 $ — (2) Fixed Income and High Yield Hedge Funds (3) 1,703 — — Fund of Funds (4) 287 94 — Equity Funds (5) 42,111 20,791 — Multi-strategy Fund (6) 165,821 — Monthly/Quarterly Convertible Bond Funds (8) 326 — At Will Total $ 640,455 $ 20,885 (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements. (2) This category includes investments in hedge funds that invest, long and short, in primarily equity securities in domestic and international markets in both the public and private sectors. At December 31, 2016 and 2015 , investments with a fair value of $363.3 million and $54.7 million , respectively, are redeemable with 15 to 90 days prior written notice. (3) This category includes investments in funds that invest in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. At December 31, 2015 , the underlying assets of 8% of these funds were being liquidated and we are unable to estimate when the underlying assets will be fully liquidated. (4) This category includes investments in fund of funds that invest in various private equity funds. At December 31, 2016 and 2015 , approximately 100% and 95% , respectively, of the fair value of investments in this category are managed by us and have no redemption provisions. The investments in this category are gradually being liquidated or we have requested redemption, however, we are unable to estimate when these funds will be received. (5) At December 31, 2016 and 2015 , 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 seven years. (6) This category includes investments in hedge funds that invest, long and short, primarily in multi-strategy securities in domestic and international markets in both the public and private sectors. At December 31, 2016 and 2015 , investments representing approximately 12% and 32% , respectively, of the fair value of investments in this category are redeemable with 30 to 90 days prior written notice. (7) Certain prior period amounts have been recast to conform to the current year's presentation due to the presentation of multi-strategy funds. Previously, these investments had been classified within equity long/short hedge funds. (8) Investment in the Jefferies Umbrella Fund, an open-ended investment company managed by Jefferies that invested primarily in convertible bonds. The underlying assets were fully liquidated during the year ended December 31, 2016. |
Summary Of Changes In Fair Value Of Financial Assets And Liabilities Classified As Level 3 | The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the 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 ) CDOs and CLOS 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 — (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 year ended December 31, 2016 (in thousands): Year Ended December 31, 2016 Balance, December 31, 2015 Total gains (losses) (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance at December 31, 2016 Changes in unrealized gains (losses) relating to instruments still held at December 31, 2016 (1) Assets: Trading assets: Corporate equity securities $ 40,906 $ (8,463 ) $ 3,365 $ (49 ) $ (671 ) $ — $ (13,349 ) $ 21,739 $ 291 Corporate debt securities 25,876 (16,230 ) 27,242 (29,347 ) (7,223 ) — 24,687 25,005 (18,799 ) CDOs and CLOs 85,092 (14,918 ) 52,316 (69,394 ) (2,750 ) — 4,008 54,354 (7,628 ) Municipal securities — (1,462 ) — — — — 28,719 27,257 (1,462 ) Sovereign obligations 120 5 — (125 ) — — — — — Residential mortgage-backed securities 70,263 (9,612 ) 623 (12,249 ) (931 ) — (9,322 ) 38,772 (1,095 ) Commercial mortgage-backed securities 14,326 (7,550 ) 3,132 (2,024 ) (2,229 ) — 14,925 20,580 (7,243 ) Other asset-backed securities 42,925 (14,381 ) 133,986 (102,952 ) (8,769 ) — (9,898 ) 40,911 (18,056 ) Loans and other receivables 189,289 (42,566 ) 75,264 (69,262 ) (46,851 ) — (24,002 ) 81,872 (52,003 ) Investments at fair value 199,794 54,538 29,728 (542 ) (1,107 ) — 31,948 314,359 54,608 Investment in FXCM (2) 625,689 (54,634 ) — — (406,555 ) — — 164,500 (1,014 ) Liabilities: Trading liabilities: Corporate equity securities $ 38 $ — $ — $ 313 $ (38 ) $ — $ — $ 313 $ — Corporate debt securities — (27 ) — 550 — — — 523 — Net derivatives (3) (242 ) (1,760 ) — 11,101 31 2,067 (7,756 ) 3,441 (6,458 ) Loans 10,469 — — 378 — — (10,469 ) 378 — Other secured financings 544 (126 ) — — — — — 418 (126 ) 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 at 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 CDOs and CLOs 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. |
Quantitative Information About Significant Unobservable Inputs Used In Level 3 Fair Value Measurements | December 31, 2016 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Corporate equity securities $ 19,799 Non-exchange traded securities Market approach Underlying stock price $3 to $75 $15.0 Comparable pricing Underlying stock price $218 — Comparable asset price $11 — Present value Average silver production (tons per day) 666 — Corporate debt securities $ 25,005 Convertible bond model Discount rate/yield 9% — Volatility 40% — Market approach Transaction level $30 — CDOs and CLOs $ 33,016 Discounted cash flows Constant prepayment rate 10% to 20% 19 % Constant default rate 2% to 4% 2 % Loss severity 25% to 70% 40 % Yield 7% to 17% 12 % Scenario analysis Estimated recovery percentage 28% to 38% 31 % Residential mortgage-backed securities $ 38,772 Discounted cash flows Constant prepayment rate 0% to 11% 5 % Constant default rate 1% to 7% 3 % Loss severity 35% to 100% 62 % Yield 2% to 10% 6 % Commercial mortgage-backed securities $ 20,580 Discounted cash flows Yield 6% to 11% 8 % Cumulative loss rate 5% to 95% 39 % Other asset-backed securities $ 40,911 Discounted cash flows Constant prepayment rate 4% to 20% 14 % Constant default rate 0% to 31% 13 % Loss severity 0% to 100% 90 % Yield 4% to 17% 15 % Market approach Price $72 — Loans and other receivables $ 54,347 Market approach Discount rate/yield 2% to 4% 3 % EBITDA (a) multiple 3.3 — Transaction level $0.42 — Present value Average silver production (tons per day) 666 — Scenario analysis Estimated recovery percentage 6% to 50% 37 % Derivatives $ 6,429 Equity swaps Comparable pricing Comparable asset price $102 — Credit default swaps Market approach Credit spread 265 bps — Investments at fair value Private equity securities $ 67,383 Market approach Transaction Level $250 — Price $25,815,720 — Discount rate 15% to 30% 23 % Investment in FXCM Term loan $ 164,500 Discounted cash flows Term based on the pay off 0 months to .5 years 0.4 years Trading Liabilities Fair Value (in thousands) Valuation Significant Input/Range Weighted Average Derivatives $ 9,870 Equity options Option model Volatility 45% — Default rate Default probability 0% — Equity swaps Comparable pricing Comparable asset price $102 — Unfunded commitments Market approach Discount rate/yield 4% — Variable funding note swaps Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25% — Yield 16% — 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 — CDOs and CLOs $ 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 asset price $99 to $100 $99.7 Market approach 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 asset price $100 — Market approach Credit spread 298 bps — Total return swap Comparable pricing Comparable asset price $91.7 to $92.4 $92.1 Investments at fair value Private equity securities $ 29,940 Market approach Transaction Level $64 — Price $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 Technique Significant Unobservable Input(s) Input/Range Weighted Average Derivatives $ 19,543 Equity options Option model Volatility 45% — Default rate Default probability 0% — Unfunded commitments Comparable pricing Comparable asset 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 asset price $91.7 to $92.4 $92.1 Loans $ 10,469 Comparable pricing Comparable asset price $100 — (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 Jefferies gains (losses) due to changes in instrument specific credit risk on loans, other receivables and debt instruments and gains (losses) due to other changes in fair value on long-term debt measured at fair value under the fair value option for the years ended December 31, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 Financial Instruments Owned: Loans and other receivables $ (68,812 ) $ (17,389 ) $ (24,785 ) Financial Instruments Sold: Loans $ 9 $ (162 ) $ (585 ) Loan commitments $ 5,509 $ 7,502 $ (15,459 ) Long-term Debt: Changes in instrument specific credit risk (1) $ (10,745 ) $ — $ — Other changes in fair value (2) $ 30,995 $ — $ — (1) Changes in instrument-specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss). (2) Other changes in fair value are included within Principal transactions revenues in the Consolidated Statements of Operations. |
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 and long-term debt measured at fair value under the fair value option (in thousands): December 31, 2016 December 31, 2015 Financial Instruments Owned: Loans and other receivables (1) $ 1,325,938 $ 408,369 Loans and other receivables on nonaccrual status and/or greater than 90 days past due (1) (2) $ 205,746 $ 54,652 Long-term Debt $ 20,202 $ — (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) Amounts include all loans and other receivables greater than 90 or more days past due of $64.6 million and $29.7 million at December 31, 2016 and 2015 , respectively. |
Derivative Financial Instrume46
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Interest rate contracts $ 3,282,245 29,032 $ 3,159,457 34,845 Foreign exchange contracts 529,669 7,826 516,869 8,319 Equity contracts 786,987 2,843,329 1,169,201 2,414,715 Commodity contracts 1,906 2,766 6,430 7,289 Credit contracts: centrally cleared swaps 7,044 98 2,562 19,900 Credit contracts: other credit derivatives 19,225 213 25,503 184 Total 4,627,076 4,880,022 Counterparty/cash-collateral netting (4,255,998 ) (4,229,213 ) Total per Consolidated Statement of Financial Condition $ 371,078 $ 650,809 December 31, 2015 Interest rate contracts $ 2,910,093 56,748 $ 2,849,958 74,904 Foreign exchange contracts (1) 453,527 8,089 466,021 7,376 Equity contracts 1,017,611 3,057,754 1,094,597 2,947,416 Commodity contracts (1) 27,590 2,896 5,510 2,001 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 per Consolidated Statement of Financial Condition $ 262,799 $ 218,243 (1) Commodity contracts increased in assets by a fair value of $19.3 million and by 29 contracts and in liabilities by a fair value of $4.6 million and by 28 contracts with corresponding decreases in foreign exchange contracts from those amounts previously reported to correct for the classification of certain contracts. The total amount of contracts remained unchanged. |
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, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 Interest rate contracts $ (36,559 ) $ (36,792 ) $ (149,587 ) Foreign exchange contracts 20,401 36,233 39,872 Equity contracts (635,305 ) (137,219 ) (327,978 ) Commodity contracts (3,339 ) (13,625 ) 58,746 Credit contracts 5,013 (16,223 ) (23,934 ) Total $ (649,789 ) $ (167,626 ) $ (402,881 ) |
Remaining Contract Maturity Of Fair Value Of OTC Derivative Assets And Liabilities | The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities as reflected in the Consolidated Statement of Financial Condition at December 31, 2016 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross- Maturity Netting (4) Total Equity swaps and options $ 27,436 $ 5,727 $ — $ — $ 33,163 Credit default swaps — 4,542 3,463 (1,588 ) 6,417 Total return swaps 20,749 389 — (200 ) 20,938 Foreign currency forwards, swaps and options 95,112 35,988 — (10,547 ) 120,553 Interest rate swaps, options and forwards 120,053 189,153 134,507 (71,604 ) 372,109 Total $ 263,350 $ 235,799 $ 137,970 $ (83,939 ) 553,180 Cross product counterparty netting (623 ) Total OTC derivative assets included in Trading assets $ 552,557 (1) At December 31, 2016 , we held exchange traded derivative assets and other credit agreements with a fair value of $25.4 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, 2016 , cash collateral received was $217.4 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 $ 3,214 $ 1,218 $ — $ — $ 4,432 Equity swaps and options 10,993 20,354 — — 31,347 Credit default swaps 16 1,594 7,147 (1,588 ) 7,169 Total return swaps 12,088 2,407 — (200 ) 14,295 Foreign currency forwards, swaps and options 92,375 26,011 — (10,547 ) 107,839 Fixed income forwards 3,401 — — — 3,401 Interest rate swaps, options and forwards 108,085 121,975 92,029 (71,604 ) 250,485 Total $ 230,172 $ 173,559 $ 99,176 $ (83,939 ) 418,968 Cross product counterparty netting (623 ) Total OTC derivative liabilities included in Trading liabilities $ 418,345 (1) At December 31, 2016 , we held exchange traded derivative liabilities and other credit agreements with a fair value of $414.2 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, 2016 , cash collateral pledged was $190.6 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. |
Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets | At December 31, 2016 , 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 $ 380,574 BBB- to BBB+ 39,595 BB+ or lower 51,834 Unrated 80,554 Total $ 552,557 (1) Jefferies utilizes internal credit ratings determined by the Jefferies Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. |
Collateralized Transactions (Ta
Collateralized Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016 Corporate equity securities $ 2,046,243 $ 66,291 $ 2,112,534 Corporate debt securities 731,276 1,907,888 2,639,164 Mortgage- and asset-backed securities — 2,171,480 2,171,480 U.S. government and federal agency securities 41,613 9,232,624 9,274,237 Municipal securities — 553,010 553,010 Sovereign securities — 2,625,079 2,625,079 Loans and other receivables — 455,960 455,960 Total $ 2,819,132 $ 17,012,332 $ 19,831,464 December 31, 2015 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 December 31, 2016 Securities lending arrangements $ 2,131,891 $ 39,673 $ 104,516 $ 543,052 $ 2,819,132 Repurchase agreements 9,147,176 2,008,119 3,809,533 2,047,504 17,012,332 Total $ 11,279,067 $ 2,047,792 $ 3,914,049 $ 2,590,556 $ 19,831,464 December 31, 2015 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, 2016 | |
Securitization Activities [Abstract] | |
Activity Related To Securitizations Accounted For As Sales | The following table presents activity related to Jefferies securitizations that were accounted for as sales in which it had continuing involvement during the years ended December 31, 2016, 2015 and 2014 (in millions): 2016 2015 2014 Transferred assets $ 5,786.0 $ 5,770.5 $ 6,112.6 Proceeds on new securitizations 5,809.0 5,811.3 6,221.1 Cash flows received on retained interests 28.2 31.2 46.3 |
Summary Of Retained Interests In SPEs | The following table summarizes Jefferies retained interests in SPEs where it transferred assets and has continuing involvement and received sale accounting treatment (in millions): December 31, 2016 December 31, 2015 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 7,584.9 $ 31.0 $ 10,901.9 $ 203.6 U.S. government agency commercial mortgage-backed securities 1,806.3 29.6 2,313.4 87.2 CLOs 4,102.2 37.0 4,538.4 51.5 Consumer and other loans 395.7 25.3 655.0 31.0 |
Available For Sale Securities (
Available For Sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value 2016 Bonds and notes: U.S. government securities $ 174,938 $ 8 $ 13 $ 174,933 Residential mortgage-backed securities 19,129 108 104 19,133 Commercial mortgage-backed securities 8,275 64 2 8,337 Other asset-backed securities 18,918 124 — 19,042 All other corporates 180 — 1 179 Total fixed maturities 221,440 304 120 221,624 Equity securities: Common stocks: Banks, trusts and insurance companies 35,071 15,115 — 50,186 Industrial, miscellaneous and all other 17,946 11,293 — 29,239 Total equity securities 53,017 26,408 — 79,425 $ 274,457 $ 26,712 $ 120 $ 301,049 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 |
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, 2016 , 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 $ 174,938 $ 174,933 Due after one year through five years 180 179 175,118 175,112 Mortgage-backed and asset-backed securities 46,322 46,512 $ 221,440 $ 221,624 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (in millions). The assets and liabilities in the table below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. December 31, 2016 December 31, 2015 Securitization Vehicles Real Estate Investment Vehicle Securitization Vehicles Cash $ 18.4 $ 2.2 $ 1.1 Financial instruments owned 86.6 — 68.3 Securities purchased under agreement to resell (1) 733.5 — 717.3 Receivables 277.7 296.9 149.8 Loans to and investments in associated companies — 108.7 — Other 14.5 10.8 8.8 Total assets $ 1,130.7 $ 418.6 $ 945.3 Other secured financings (2) $ 1,083.8 $ — $ 930.8 Long-term debt 24.1 243.9 — Other 22.3 11.7 14.5 Total liabilities $ 1,130.2 $ 255.6 $ 945.3 Noncontrolling interests $ — $ 98.7 $ — (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 $57.6 million and $22.1 million of the secured financing represents an amount held by Jefferies in inventory and eliminated in consolidation at December 31, 2016 and 2015 , respectively. |
Non-Consolidated Variable Interest Entities | The following tables present information about our variable interests in nonconsolidated VIEs as of December 31, 2016 and 2015 (in millions): Financial Statement Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities December 31, 2016 CLOs $ 264.7 $ 4.8 $ 930.0 $ 4,472.9 Consumer loan vehicles 90.3 — 219.6 985.5 Related party private equity vehicles 37.6 — 63.6 155.6 Real estate investment vehicle 90.3 — 101.8 85.6 Other private investment vehicles 84.0 — 95.8 4,529.7 Total $ 566.9 $ 4.8 $ 1,410.8 $ 10,229.3 December 31, 2015 CLOs $ 73.6 $ 0.2 $ 458.1 $ 6,368.7 Consumer loan vehicles 188.3 — 845.8 1,133.0 Related party private equity vehicles 39.3 — 65.8 168.2 Other private investment vehicles 88.0 — 91.4 4,846.1 Total $ 389.2 $ 0.2 $ 1,461.1 $ 12,516.0 |
Loans To And Investments In A51
Loans To And Investments In Associated Companies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 for the years ended December 31, 2016, 2015 and 2014 accounted for under the equity method of accounting is as follows (in thousands): Loans to and investments in associated companies as of December 31, 2015 Income (losses) related to associated companies Income (losses) related to associated companies classified as other revenues Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of December 31, 2016 Jefferies Finance $ 528,575 $ — $ (1,761 ) $ (36,350 ) $ — $ 490,464 Jefferies LoanCore 288,741 — 21,221 (155,231 ) — 154,731 Berkadia 190,986 94,201 — (100,766 ) 22 184,443 FXCM (1) — 1,919 — — 334,339 336,258 Garcadia Companies 172,660 52,266 — (39,111 ) — 185,815 Linkem 150,149 (22,867 ) — 33,303 (6,585 ) 154,000 HomeFed 275,378 23,893 — 2,960 — 302,231 Golden Queen (2) 114,323 (3,021 ) — — — 111,302 54 Madison (3) — 4,255 — 153,503 3,642 161,400 Other 36,557 3,952 (2,276 ) 9,622 (3,401 ) 44,454 Total $ 1,757,369 $ 154,598 $ 17,184 $ (132,070 ) $ 328,017 $ 2,125,098 Loans to and investments in associated companies as of December 31, 2014 Income (losses) related to associated companies Income (losses) related to associated companies classified as other revenues Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of December 31, 2015 Jefferies Finance $ 508,891 $ — $ 40,884 $ (21,200 ) $ — $ 528,575 Jefferies LoanCore 258,947 — 36,554 (6,760 ) — 288,741 Berkadia 208,511 78,092 — (89,560 ) (6,057 ) 190,986 Garcadia Companies 167,939 53,182 — (48,461 ) — 172,660 Linkem 159,054 (15,577 ) — 21,138 (14,466 ) 150,149 HomeFed 271,782 3,596 — — — 275,378 Golden Queen (2) 103,598 (1,775 ) — 12,500 — 114,323 Other 33,846 (7,237 ) (1,721 ) 11,483 186 36,557 Total $ 1,712,568 $ 110,281 $ 75,717 $ (120,860 ) $ (20,337 ) $ 1,757,369 Loans to and investments in associated companies as of December 31, 2013 Income (losses) related to associated companies Income (losses) related to associated companies classified as other revenues Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of December 31, 2014 Jefferies Finance $ 470,537 $ — $ 72,701 $ (34,347 ) $ — $ 508,891 Jefferies LoanCore 224,037 — 18,793 16,117 — 258,947 Berkadia 182,573 101,187 — (72,721 ) (2,528 ) 208,511 Garcadia Companies 120,017 49,416 — (1,494 ) — 167,939 Linkem 173,577 (14,633 ) — 18,390 (18,280 ) 159,054 HomeFed 52,923 3,150 — — 215,709 271,782 Golden Queen (2) — (1,402 ) — 105,000 — 103,598 Other 34,677 809 (1,252 ) (4,067 ) 3,679 33,846 Total $ 1,258,341 $ 138,527 $ 90,242 $ 26,878 $ 198,580 $ 1,712,568 (1) As discussed more fully in Note 4, on September 1, 2016, we amended the terms of our loan and associated rights with FXCM. Through the amendments, we converted our participation rights for a 49.9% common membership ownership in FXCM. Our term loan remains classified within Trading assets, at fair value. (2) At December 31, 2016, 2015 and 2014 , the balance reflects $32.8 million , $33.7 million and $33.7 million , respectively, related to a noncontrolling interest. (3) At December 31, 2016 , the balance reflects $95.3 million related to noncontrolling interests. |
Schedule Of Summarized Data For Investments In Associated Companies | The following table provides summarized data for associated companies as of December 31, 2016 and 2015 and for the three years ended December 31, 2016 (in thousands): 2016 2015 Assets $ 16,964,850 $ 18,489,684 Liabilities 13,097,022 14,990,876 Noncontrolling interest 132,789 39,038 2016 2015 2014 Revenues $ 4,275,016 $ 3,946,252 $ 3,201,823 Income from continuing operations before extraordinary items $ 422,167 $ 398,369 $ 431,654 Net income $ 430,291 $ 398,369 $ 431,654 The Company’s income related to associated companies $ 171,782 $ 185,998 $ 228,769 |
Financial Statement Offsetting
Financial Statement Offsetting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Derivative contracts $ 4,627,076 $ (4,255,998 ) $ 371,078 $ — $ — $ 371,078 Securities borrowing arrangements $ 7,743,562 $ — $ 7,743,562 $ (710,611 ) $ (647,290 ) $ 6,385,661 Reverse repurchase agreements $ 14,083,144 $ (10,220,656 ) $ 3,862,488 $ (176,275 ) $ (3,591,654 ) $ 94,559 Liabilities at December 31, 2016 Derivative contracts $ 4,880,022 $ (4,229,213 ) $ 650,809 $ — $ — $ 650,809 Securities lending arrangements $ 2,819,132 $ — $ 2,819,132 $ (710,611 ) $ (2,064,299 ) $ 44,222 Repurchase agreements $ 17,012,332 $ (10,220,656 ) $ 6,791,676 $ (176,275 ) $ (5,780,909 ) $ 834,492 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 (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, 2016 , amounts include $6,337.5 million of securities borrowing arrangements, for which we have received securities collateral of $6,146.0 million , and $810.4 million of repurchase agreements, for which we have pledged securities collateral of $834.2 million , which are subject to master netting agreements but we have not yet determined the agreements to be legally enforceable. 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. |
Intangible Assets, Net And Go53
Intangible Assets, Net And Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets, Net And Goodwill | A summary of intangible assets, net and goodwill at December 31, 2016 and 2015 is as follows (in thousands): 2016 2015 Indefinite lived intangibles: Exchange and clearing organization membership interests and registrations $ 9,041 $ 11,897 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $198,674 and $191,761 378,136 456,222 Trademarks and tradename, net of accumulated amortization of $78,778 and $64,052 309,382 330,172 Supply contracts, net of accumulated amortization of $47,867 and $40,684 95,733 109,311 Other, net of accumulated amortization of $2,914 and $5,216 5,672 4,419 Total intangible assets, net 797,964 912,021 Goodwill: National Beef 14,991 14,991 Jefferies 1,696,864 1,712,799 Other operations 3,859 8,551 Total goodwill 1,715,714 1,736,341 Total intangible assets, net and goodwill $ 2,513,678 $ 2,648,362 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory, Net [Abstract] | |
Summary Of Inventory | A summary of inventory at December 31, 2016 and 2015 which is classified as Other assets is as follows (in thousands): 2016 2015 Finished goods $ 243,488 $ 211,426 Work in process 35,714 34,091 Raw materials, supplies and other 30,733 42,556 $ 309,935 $ 288,073 |
Property, Equipment And Lease55
Property, Equipment And Leasehold Improvements, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property, Equipment And Leasehold Improvements | A summary of property, equipment and leasehold improvements, net at December 31, 2016 and 2015 is as follows (in thousands): Depreciable Lives (in years) 2016 2015 Land, buildings and leasehold improvements 5-25 $ 379,927 $ 371,383 Beef processing machinery and equipment 2-15 330,453 315,238 Other machinery and equipment 3-15 30,716 113,412 Corporate aircraft 10 104,862 104,862 Furniture, fixtures and office equipment 3-10 323,276 311,845 Construction in progress N/A 54,693 38,903 Other 3-10 3,441 4,909 1,227,368 1,260,552 Accumulated depreciation and amortization (518,126 ) (538,677 ) $ 709,242 $ 721,875 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Short-term borrowings December 31, 2016 and 2015 represent Jefferies bank loans and overdrafts that are payable on demand and that must be repaid within one year or less, as well as borrowings under revolving loan and credit facilities as follows (in thousands): 2016 2015 Bank loans (1) $ 372,301 $ 262,000 Secured revolving loan facilities 57,086 48,659 Floating rate puttable notes 96,455 — Total short-term borrowings $ 525,842 $ 310,659 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding debt | The principal amount (net of unamortized discounts and premiums), stated interest rate and maturity date of outstanding debt at December 31, 2016 and 2015 are as follows (dollars in thousands): 2016 2015 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 741,264 $ 740,239 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,627 246,583 Total long-term debt – Parent Company 987,891 986,822 Subsidiary Debt (non-recourse to Parent Company): Jefferies: 5.5% Senior Notes, due March 15, 2016, $350,000 principal — 353,025 5.125% Senior Notes, due April 13, 2018, $800,000 principal 817,813 830,298 8.5% Senior Notes, due July 15, 2019, $700,000 principal 778,367 806,125 2.375% Euro Senior Notes, due May 20, 2020, $529,975 and $528,625 principal 528,250 526,436 6.875% Senior Notes, due April 15, 2021, $750,000 principal 823,797 838,765 2.25% Euro Medium Term Notes, due July 13, 2022, $4,240 and $4,229 principal 3,848 3,779 5.125% Senior Notes, due January 20, 2023, $600,000 principal 618,355 620,890 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 377,806 379,711 3.875% Convertible Senior Debentures, due November 1, 2029, $345,000 principal 346,163 347,307 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 512,396 512,730 6.50% Senior Notes, due January 20, 2043, $400,000 principal 421,333 421,656 Structured Notes (1) (2) 255,203 — National Beef Term Loan 273,811 310,000 National Beef Revolving Credit Facility — 120,080 54 Madison Term Loans 406,028 116,211 Foursight Capital Credit Facilities 97,138 109,501 Other 132,244 117,246 Total long-term debt – subsidiaries 6,392,552 6,413,760 Long-term debt $ 7,380,443 $ 7,400,582 |
Mezzanine Equity (Tables)
Mezzanine Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (in thousands): 2016 2015 As of January 1, $ 189,358 $ 184,333 Income (loss) allocated to redeemable noncontrolling interests 68,811 (26,465 ) Contributions from redeemable noncontrolling interests — 5,263 Distributions to redeemable noncontrolling interests (53,701 ) — Increase in fair value of redeemable noncontrolling interests charged to additional paid-in capital 117,494 26,227 Balance, December 31, $ 321,962 $ 189,358 |
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, 2016 (dollars in millions): Discount Rates Terminal Growth Rates 10.65% 10.90% 11.15% 1.75 % $ 326.5 $ 317.8 $ 309.6 2.00 % $ 331.0 $ 322.0 $ 313.4 2.25 % $ 335.7 $ 326.3 $ 317.5 |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Activity of Restricted Stock | The following table details the activity in restricted stock during the years ended December 31, 2016, 2015 and 2014 (in thousands, except per share amounts): Weighted- Average Grant Date Fair Value Balance at January 1, 2014 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 Grants 356 $ 18.23 Forfeited (24 ) $ 26.90 Fulfillment of service requirement (974 ) $ 25.65 Balance at December 31, 2016 1,362 $ 22.09 |
Activity of Restricted Stock Units | The following table details the activity in RSUs during the years ended December 31, 2016, 2015 and 2014 (in thousands, except per share amounts): Future Service Required No Future Service Required Future Service Required No Future Service Required Balance at January 1, 2014 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 Grants — 128 $ — $ 14.21 Distributions of underlying shares — (1,683 ) $ — $ 26.59 Forfeited — — $ — $ — Fulfillment of service requirement (3,320 ) 3,320 $ 26.90 $ 26.90 Balance at December 31, 2016 68 10,348 $ 26.90 $ 26.61 |
Activity of Stock Options | A summary of activity with respect to our stock options during the years ended December 31, 2016, 2015 and 2014 is as follows: Common Shares Subject to Option Weighted- Average Exercise Prices Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value 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 Granted — $ — Exercised — $ — $ — Cancelled (19,794 ) $ 30.49 Balance at December 31, 2016 641,478 $ 24.80 1.1 years $ 144,000 Exercisable at December 31, 2016 503,430 $ 25.31 0.8 years $ 93,000 |
Senior Executive Compensation Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Activity of Restricted Stock Units | The following table details the activity in RSUs related to the senior executive compensation plan during the year ended December 31, 2016 (in thousands, except per share amounts): Target Number of Shares Weighted- Average Grant Date Fair Value Balance at December 31, 2015 — $ — Grants 3,434 $ 9.68 Forfeited — $ — Balance at December 31, 2016 3,434 $ 9.68 |
Accumulated Other Comprehensi60
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014 is as follows (in thousands): 2016 2015 2014 Net unrealized gains on available for sale securities $ 561,497 $ 557,601 $ 577,588 Net unrealized foreign exchange losses (184,829 ) (63,248 ) (26,771 ) Net change in instrument specific credit risk (6,494 ) — — Net minimum pension liability (59,477 ) (55,560 ) (103,735 ) $ 310,697 $ 438,793 $ 447,082 |
Schedule Of Accumulated Other Comprehensive Income Reclassifications | For the years ended December 31, 2016 and 2015 , 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 2016 2015 Net unrealized gains (losses) on available for sale securities, net of income tax provision of $2 and $6,068 $ 4 $ 10,930 Net realized securities gains Amortization of defined benefit pension plan actuarial gains (losses), net of income tax (benefit) of $(700) and $(17,159) (1,534 ) (31,102 ) Compensation and benefits, which includes pension expense. See Note 20 for information on this component. Total reclassifications for the period, net of tax $ (1,530 ) $ (20,172 ) |
Pension Plans And Postretirem61
Pension Plans And Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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): 2016 2015 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 207,025 $ 352,126 Interest cost 8,464 12,958 Actuarial (gains) losses (544 ) (35,799 ) Benefits paid (9,540 ) (122,260 ) Projected benefit obligation, end of year $ 205,405 $ 207,025 Change in plan assets: Fair value of plan assets, beginning of year $ 117,719 $ 240,010 Actual return on plan assets 2,947 (250 ) Employer contributions 19,100 1,000 Benefits paid (9,540 ) (122,260 ) Administrative expenses (2,712 ) (781 ) Fair value of plan assets, end of year $ 127,514 $ 117,719 Funded status at end of year $ (77,891 ) $ (89,306 ) |
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): 2016 2015 2014 Components of net periodic pension cost: Interest cost $ 8,464 $ 12,958 $ 14,239 Expected return on plan assets (7,589 ) (10,581 ) (10,115 ) Settlement charge — 40,973 — Actuarial losses 1,908 6,963 4,634 Net periodic pension cost $ 2,783 $ 50,313 $ 8,758 Amounts recognized in other comprehensive income (loss): Net (gain) loss arising during the period $ 6,811 $ (24,186 ) $ 52,027 Settlement charge — (40,973 ) — Amortization of net loss (1,908 ) (6,963 ) (4,634 ) Total recognized in other comprehensive income (loss) $ 4,903 $ (72,122 ) $ 47,393 Net amount recognized in net periodic benefit cost and other comprehensive income (loss) $ 7,686 $ (21,809 ) $ 56,151 |
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: 2016 2015 WilTel Plan Discount rate used to determine benefit obligation 3.85 % 4.00 % Weighted-average assumptions used to determine net pension cost: Discount rate 4.00 % 3.76 % Expected long-term return on plan assets 7.00 % 4.00 % Jefferies Plan Discount rate used to determine benefit obligation 3.90 % 4.10 % Weighted-average assumptions used to determine net pension cost: Discount rate 4.10 % 4.30 % Expected long-term return on plan assets 6.25 % 6.75 % |
Schedule Of Expected Pension Benefit Payments | The following pension benefit payments are expected to be paid (in thousands): 2017 $ 10,214 2018 9,841 2019 9,879 2020 9,828 2021 9,625 2022 – 2026 66,359 |
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, 2016 and 2015 , the WilTel plan assets at fair value consisted of the following (in thousands): Fair Value Measurements Using Total Level 1 Level 2 2016 Cash and cash equivalents $ 919 $ 919 $ — Growth Portfolio 51,852 — 51,852 Liability-Driven Investing Portfolio 24,751 — 24,751 Total $ 77,522 $ 919 $ 76,603 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 |
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 | At December 31, 2016 and 2015 , the Jefferies plan assets at fair value consisted of the following (in thousands): Fair Value Measurements Using Total (1) Level 1 Level 2 2016 Cash and cash equivalents $ 1,135 $ 1,135 $ — Listed equity securities (2) 32,342 32,342 — Fixed income securities: Corporate debt securities 4,906 — 4,906 Foreign corporate debt securities 1,835 — 1,835 U.S. government securities 5,370 5,370 — Agency mortgage-backed securities 3,330 — 3,330 Commercial mortgage-backed securities 591 — 591 Asset-backed securities 483 — 483 Total $ 49,992 $ 38,847 $ 11,145 2015 Cash and cash equivalents $ 487 $ 487 $ — Listed equity securities (2) 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 (1) There are no plan assets classified within Level 3 of the fair value hierarchy. (2) Listed equity securities are diversified across a spectrum of primarily U.S. large-cap companies. |
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, 2016 and 2015 : 2016 2015 Projected benefit obligation Discount rate 1.70 % 2.20 % Rate of compensation increase (1) N/A N/A Net periodic pension benefit cost Discount rate 2.20 % 2.10 % Rate of compensation increase (1) N/A N/A (1) There were no active participants in the plan at December 31, 2016 and 2015 . |
Schedule Of Expected Pension Benefit Payments | The following pension benefit payments are expected to be paid (in thousands): 2017 $ 1,142 2018 1,147 2019 1,122 2020 1,169 2021 1,177 2022 – 2026 5,814 |
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, 2016, 2015 and 2014 (in thousands): 2016 2015 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 23,545 $ 28,434 Interest cost 529 523 Actuarial (gains) losses 1,157 (40 ) Benefits paid (1,104 ) (1,069 ) Currency adjustment 39 (4,303 ) Projected benefit obligation, end of year $ 24,166 $ 23,545 |
Components Of Pension Expense | 2016 2015 2014 Components of net periodic pension cost: Service cost $ — $ — $ 40 Interest cost 529 523 801 Net amortization 326 325 244 Net periodic pension cost $ 855 $ 848 $ 1,085 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Provision For Income Taxes | The provision for income taxes for continuing operations for each of the three years in the period ended December 31, 2016 was as follows (in thousands): 2016 2015 2014 Current taxes: U.S. Federal $ (574 ) $ 709 $ 746 U.S. State and local 8,672 (25,308 ) 17,232 Foreign (4,620 ) 3,504 12,375 Total current 3,478 (21,095 ) 30,353 Deferred taxes: U.S. Federal 108,241 134,590 97,190 U.S. State and local 8,335 4,552 30,707 Foreign 2,055 (8,100 ) 7,721 Total deferred 118,631 131,042 135,618 Total income tax provision $ 122,109 $ 109,947 $ 165,971 |
Schedule of Income before Income Tax, U.S. and non-U.S. | The following table presents the U.S. and non-U.S. components of income from continuing operations before income taxes for each of the three years in the period ended December 31, 2016 (in thousands): 2016 2015 2014 U.S. $ 337,374 $ 336,856 $ 374,547 Non-U.S. (1) (20,944 ) 19,680 6,675 Income from continuing operations before income taxes $ 316,430 $ 356,536 $ 381,222 (1) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S. |
Schedule Of Reconciliation Of Expected Statutory Federal Income Tax To Actual Income Tax Provision (Benefit) | For each of the three years in the period ended December 31, 2016 , income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate of 35% to income from continuing operations before income taxes as a result of the following (dollars in thousands): 2016 2015 2014 Amount Percent Amount Percent Amount Percent Computed expected federal income tax $ 110,751 35.0 % $ 124,788 35.0 % $ 133,428 35.0 % Increase (decrease) in income taxes resulting from: State and local income taxes, net of federal income tax benefit 1,045 0.3 (6,928 ) (1.9 ) 31,160 8.2 International operations (including foreign rate differential) (3,405 ) (1.1 ) (10,130 ) (2.8 ) (14,305 ) (3.8 ) Increase (decrease) in valuation allowance 2,825 0.9 (13,227 ) (3.7 ) (22,203 ) (5.8 ) Permanent differences 7,523 2.4 8,064 2.3 6,181 1.6 Tax exempt income (4,640 ) (1.5 ) (6,789 ) (1.9 ) (6,812 ) (1.8 ) Income allocated to noncontrolling interest, not subject to tax (22,512 ) (7.1 ) 11,039 3.1 3,270 0.9 Excess stock detriment 24,907 7.9 — — — — Nondeductible settlements — — — — 24,500 6.4 Foreign taxes 268 0.1 (2,989 ) (1.0 ) 2,542 0.7 Other 5,347 1.7 6,119 1.7 8,210 2.1 Actual income tax provision $ 122,109 38.6 % $ 109,947 30.8 % $ 165,971 43.5 % |
Schedule Of Reconciliation Of Unrecognized Tax Benefits | The following table presents a reconciliation of gross unrecognized tax benefits for each of the three years in the period ended December 31, 2016 (in thousands): 2016 2015 2014 Balance at beginning of period $ 150,867 $ 148,590 $ 145,520 Increases based on tax positions related to the current period 5,045 3,475 5,630 Increases based on tax positions related to prior periods 3,697 22,030 4,340 Decreases based on tax positions related to prior periods (9,414 ) (15,349 ) (3,940 ) Decreases related to settlements with taxing authorities (1,347 ) (7,879 ) (2,960 ) Balance at end of period $ 148,848 $ 150,867 $ 148,590 |
Schedule Of Principal Components Of Deferred Taxes | The principal components of deferred taxes at December 31, 2016 and 2015 are as follows (in thousands): 2016 2015 Deferred tax asset: Net operating loss carryover $ 1,262,584 $ 1,375,759 Compensation and benefits 309,100 284,761 Long-term debt 54,102 89,160 Other assets 165,777 162,393 Securities valuation reserves 12,345 32,141 Intangible assets, net and goodwill 311 6,855 Other liabilities 39,188 40,393 1,843,407 1,991,462 Valuation allowance (106,042 ) (97,177 ) 1,737,365 1,894,285 Deferred tax liability: Unrealized gains on investments (998 ) (5,335 ) Amortization of intangible assets (107,437 ) (103,561 ) Property and equipment (14,228 ) (4,151 ) Investment in FXCM (117,594 ) (147,700 ) Other (35,293 ) (58,170 ) (275,550 ) (318,917 ) Net deferred tax asset $ 1,461,815 $ 1,575,368 |
Net Realized Securities Gains63
Net Realized Securities Gains (Losses) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (in thousands): 2016 2015 2014 Net realized gains (losses) on securities $ (286 ) $ 14,112 $ 30,686 Other (1) 29,828 48,845 (292 ) $ 29,542 $ 62,957 $ 30,394 (1) In 2015, primarily relates to a recovery of $35.0 million of an investment in a non-public security written down in prior years |
Other Results Of Operations I64
Other Results Of Operations Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Nonoperating Income (Expense) [Abstract] | |
Schedule Of Other Income | Other income for each of the three years in the period ended December 31, 2016 consists of the following (in thousands): 2016 2015 2014 Manufacturing revenues $ 412,826 $ 391,920 $ 379,274 Income (loss) from managed funds (69,038 ) (37,237 ) 12,251 Asset management fees 29,492 34,777 27,990 Dividend income 3,856 5,482 7,379 Income from associated companies classified as other revenues 17,184 75,717 90,242 Revenues of oil and gas exploration and development businesses 49,890 45,939 19,373 Gain on sale of equity interest — — 22,714 Other 43,976 32,630 11,242 $ 488,186 $ 549,228 $ 570,465 |
Common Shares and Earnings (L65
Common Shares and Earnings (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 Numerator for earnings (loss) per share: Net income attributable to Leucadia National Corporation common shareholders $ 125,938 $ 279,587 $ 204,306 Allocation of earnings to participating securities (1) (574 ) (4,711 ) (4,761 ) Net income attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share 125,364 274,876 199,545 Adjustment to allocation of earnings to participating securities related to diluted shares (1) (19 ) (34 ) (75 ) Mandatorily redeemable convertible preferred share dividends — — — Interest on 3.75% Convertible Notes — — 739 Net income attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share $ 125,345 $ 274,842 $ 200,209 Denominator for earnings (loss) per share: Denominator for basic earnings (loss) per share – weighted-average shares 371,211 372,430 371,889 Stock options — 1 29 Warrants — — — Senior executive compensation plan awards 307 — — Mandatorily redeemable convertible preferred shares — — — 3.875% Convertible Senior Debentures — — — 3.75% Convertible Notes — — 1,415 Denominator for diluted earnings (loss) per share 371,518 372,431 373,333 (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 1,986,800 , 6,500,000 and 9,040,900 for the years ended December 31, 2016, 2015 and 2014 , respectively. Dividends declared on participating securities during the years ended December 31, 2016, 2015 and 2014 were $0.4 million , $1.5 million and $2.2 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, 2016 | |
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, 2016 are as follows (in thousands): 2017 $ 91,057 2018 87,405 2019 76,194 2020 62,186 2021 57,704 Thereafter 572,845 947,391 Less: sublease income (19,204 ) $ 928,187 |
Commitments and Contingencies | The following table summarizes commitments associated with certain business activities (in millions): Expected Maturity Date 2017 2018 2019 2021 2023 Maximum Payout Equity commitments (1) $ 192.4 $ 22.1 $ 13.0 $ — $ 243.3 $ 470.8 Loan commitments (1) 315.3 16.9 71.6 44.0 — 447.8 Underwriting commitments 349.4 — — — — 349.4 Forward starting reverse repos (2) 4,668.7 — — — — 4,668.7 Forward starting repos (2) 2,539.2 — — — — 2,539.2 Other unfunded commitments (1) — 37.0 4.8 33.8 13.2 88.8 $ 8,065.0 $ 76.0 $ 89.4 $ 77.8 $ 256.5 $ 8,564.7 (1) Equity commitments, loan commitments and other unfunded commitments are presented by contractual maturity date. The amounts are however mostly available on demand. (2) At December 31, 2016 , $4,592.9 million within forward starting reverse repos and $2,464.6 million within repos settled within three business days. |
Guarantees | The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under GAAP as of December 31, 2016 (in millions): Expected Maturity Date Guarantee Type 2017 2018 2019 2021 2023 Notional/ Maximum Payout Derivative contracts – non-credit related $ 18,838.6 $ 820.4 $ — $ — $ 421.8 $ 20,080.8 Written derivative contracts – credit related — 52.2 24.6 360.8 — 437.6 Total derivative contracts $ 18,838.6 $ 872.6 $ 24.6 $ 360.8 $ 421.8 $ 20,518.4 |
External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts | The following table summarizes the external credit ratings of the underlying or referenced assets for our credit related derivatives contracts as of December 31, 2016 (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 $ 54.0 $ — $ — $ — $ — $ — $ 54.0 Single name credit default swaps — — 79.5 42.9 261.2 — 383.6 |
Net Capital Requirements (Table
Net Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 $ 1,467,729 $ 1,398,748 Jefferies Execution 8,260 8,010 |
Other Fair Value Information (T
Other Fair Value Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Other Assets: Notes and loans receivable (1) $ 962,938 $ 958,377 $ 488,690 $ 490,208 Financial Liabilities: Short-term borrowings (2) 525,842 525,842 310,659 310,659 Long-term debt (2) 7,131,587 7,221,459 7,400,582 7,299,405 (1) 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. (2) Short-term borrowings and long-term debt: The fair values of short-term borrowings are estimated to be the carrying amount. The fair values of non-variable rate debt are estimated using quoted prices and estimated rates that would be available for debt with similar terms. The fair value of variable rate debt is estimated to be the carrying amount. |
Discontinued Operations And A69
Discontinued Operations And Assets Held For Sale (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Conwed [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations Disclosure | Assets held for sale at December 31, 2016 , which primarily relate to Conwed, are as follows (in thousands): Cash $ 5,206 Receivables 15,297 Property, equipment and leasehold improvements, net 18,664 Intangible assets, net and goodwill 56,854 Inventory 19,069 Other assets 12,993 $ 128,083 |
Premier [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations Disclosure | A summary of the results of discontinued operations for the clean energy project and Premier is as follows for the year ended December 31, 2014; discontinued operations for the years ended December 31, 2016 and 2015 were not significant (in thousands): Revenues and other income: Gaming entertainment $ 67,739 Investment and other income 4,700 72,439 Expenses: Direct operating expenses - Gaming entertainment 48,877 Compensation and benefits 4,503 Depreciation and amortization 5,208 Selling, general and other expenses 41,378 99,966 Loss from discontinued operations before income taxes (27,527 ) Income tax (benefit) (9,634 ) Loss from discontinued operations after income taxes $ (17,893 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | Certain information concerning our segments for the years ended December 31, 2016, 2015 and 2014 is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired. As discussed above, Jefferies is reflected in our consolidated financial statements utilizing a one month lag. 2016 2015 2014 (In thousands) Net Revenues: Reportable Segments: Jefferies $ 2,421,055 $ 2,476,133 $ 2,986,325 National Beef 7,027,243 7,402,419 7,832,424 Corporate and other 88,590 78,122 60,720 Total net revenues related to reportable segments 9,536,888 9,956,674 10,879,469 All other (1) 525,729 950,784 607,016 Intercompany eliminations (2) — (21,000 ) — Total consolidated net revenues $ 10,062,617 $ 10,886,458 $ 11,486,485 Pre-tax income (loss) from continuing operations: Reportable Segments: Jefferies $ 43,508 $ 119,165 $ 358,396 National Beef 329,022 (123,915 ) (40,303 ) Corporate and other 18,386 (44,295 ) (142,728 ) Pre-tax income (loss) from continuing operations related to reportable segments 390,916 (49,045 ) 175,365 All other (1) (15,605 ) 492,762 305,752 Parent Company interest (58,881 ) (87,181 ) (99,895 ) Total consolidated pre-tax income from continuing operations $ 316,430 $ 356,536 $ 381,222 Depreciation and amortization expenses: Reportable Segments: Jefferies $ 60,206 $ 92,165 $ 78,566 National Beef 94,482 89,317 85,305 Corporate and other 3,619 3,744 5,627 Total depreciation and amortization expenses related to reportable segments 158,307 185,226 169,498 All other 53,286 38,907 16,495 Total consolidated depreciation and amortization expenses $ 211,593 $ 224,133 $ 185,993 Identifiable assets employed: Reportable Segments: Jefferies (3) $ 36,992,096 $ 38,607,786 $ 44,562,155 National Beef 1,498,317 1,514,249 1,716,069 Corporate and other 1,935,118 1,777,199 3,237,476 Identifiable assets employed related to reportable segments 40,425,531 41,899,234 49,515,700 All other 4,728,457 4,581,673 3,152,029 Intercompany eliminations (82,681 ) (149,723 ) (53,405 ) Total consolidated assets $ 45,071,307 $ 46,331,184 $ 52,614,324 (1) All other revenue and pre-tax income from continuing operations include $(54.6) million and $491.3 million of realized and unrealized gains (losses) relating to our investment in FXCM for the years ended December 31, 2016 and 2015 , respectively. (2) Revenue intercompany elimination for 2015 relates to an investment banking and advisory fee paid to Jefferies in connection with our entering into the agreement with FXCM. (3) At December 31, 2016, 2015 and 2014 , includes $337.6 million , $320.2 million and $399.6 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, 2016, 2015 and 2014 were as follows (in thousands): 2016 2015 2014 Americas (1) $ 1,876,796 $ 1,887,899 $ 2,257,870 Europe (2) 458,046 510,044 634,358 Asia 86,213 78,190 94,097 $ 2,421,055 $ 2,476,133 $ 2,986,325 (1) Substantially all relates to U.S. results. (2) Substantially all relates to U.K. results. |
Exit Costs (Tables)
Exit Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | During the years ended December 31, 2016 and 2015, Jefferies recorded restructuring and impairment costs as follows (in thousands): 2016 2015 Severance costs $ 279 $ 30,327 Accelerated amortization of restricted stock and restricted cash awards 41 7,922 Accelerated amortization of capitalized software — 19,745 Contract termination costs 1,234 11,247 Selling, general and other expenses 300 3,853 Total $ 1,854 $ 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 Expenses 279 300 1,234 1,813 $ 41 $ — $ — $ 1,854 Payments (5,084 ) (300 ) (1,234 ) (6,618 ) Liability at December 31, 2016 $ — $ — $ — $ — |
Selected Quarterly Financial 72
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 Net revenues $ 2,015,106 $ 2,625,358 $ 2,676,375 $ 2,745,778 Income (loss) from continuing operations $ (218,602 ) $ 70,612 $ 176,206 $ 166,105 Income from discontinued operations, net of taxes $ — $ — $ — $ — Gain on disposal of discontinued operations, net of taxes $ — $ — $ — $ — Net (income) loss attributable to the noncontrolling interest $ 1,052 $ 760 $ 1,870 $ (2,256 ) Net income attributable to the redeemable noncontrolling interests $ (4,314 ) $ (13,068 ) $ (22,702 ) $ (25,662 ) Preferred stock dividends $ (1,016 ) $ (1,015 ) $ (1,016 ) $ (1,016 ) Net income (loss) attributable to Leucadia National Corporation common shareholders $ (222,880 ) $ 57,289 $ 154,358 $ 137,171 Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income (loss) from continuing operations $ (0.60 ) $ 0.15 $ 0.41 $ 0.37 Income from discontinued operations — — — — Gain on disposal of discontinued operations — — — — Net income (loss) $ (0.60 ) $ 0.15 $ 0.41 $ 0.37 Number of shares used in calculation 372,367 372,556 370,404 369,299 Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: Income (loss) from continuing operations $ (0.60 ) $ 0.15 $ 0.41 $ 0.37 Income from discontinued operations — — — — Gain on disposal of discontinued operations — — — — Net income (loss) $ (0.60 ) $ 0.15 $ 0.41 $ 0.37 Number of shares used in calculation 372,367 372,556 374,567 374,693 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 |
Nature Of Operations (Details)
Nature Of Operations (Details) $ / shares in Units, $ in Millions | Sep. 01, 2016director | Jan. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($)facility | Dec. 31, 2015 | Nov. 08, 2015$ / shares | Jan. 31, 2015USD ($) | Dec. 31, 2009 |
Jefferies Finance [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership owned | 50.00% | |||||||
Jefferies LoanCore [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership owned | 48.50% | |||||||
54 Madison [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership owned | 48.10% | |||||||
FXCM [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Senior secured term loan receivable | $ | $ 154.5 | $ 300 | ||||||
Berkadia [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership owned | 50.00% | 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 | 85.00% | |||||||
National Beef [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage interest owned in subsidiary | 78.90% | |||||||
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% | 23.00% | ||||||
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 | 80.00% | |||||||
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 | 28 | |||||||
Linkem [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership owned | 42.00% | |||||||
Percentage of ownership upon conversion of preferred shares | 57.00% | |||||||
Golden Queen Mining Company, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership owned | 35.00% | |||||||
FXCM Term Loan Receivable [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Debt instrument, extension term | 1 year | |||||||
Investment in FXCM [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of ownership owned | 49.90% | 49.90% | ||||||
Maximum percentage of all distributions | 65.00% | |||||||
Number of board of directors | director | 6 | |||||||
Number of directors appointed by Company | director | 3 | |||||||
Number of directors appointed by co-investee | director | 3 | |||||||
Conwed [Member] | Disposed of by Sale [Member] | Subsequent Event [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage interest owned in subsidiary | 100.00% | |||||||
Cash received from sale of subsidiary | $ | $ 295 | |||||||
Potential earn-out payment to be received from sale of subsidiary, period | 5 years | |||||||
Pre-tax gain from sale of subsidiary | $ | $ 180 | |||||||
Maximum [Member] | Conwed [Member] | Disposed of by Sale [Member] | Subsequent Event [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Potential earn-out payment to be received from sale of subsidiary | $ | $ 40 |
Significant Accounting Polici74
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Long Lived Assets Held-for-sale [Line Items] | ||||
Receivables from brokers, dealers and clearing organizations | $ 2,062,900 | $ 1,616,300 | ||
Receivables from customers of securities operations | 843,100 | 1,191,300 | ||
Provision for doubtful accounts | 24,580 | 7,353 | $ 59,695 | |
Payables to brokers, dealers and clearing organizations | 3,290,400 | 2,757,200 | ||
Payables to customers of securities operations | 2,297,300 | 2,780,500 | ||
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] | ||||
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 | |||
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 | $ 56,300 | $ 20,300 |
Accounting Developments Account
Accounting Developments Accounting Developments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Interest expense | $ 108,703 | $ 115,804 | $ 120,935 |
Selling, general and other expenses | $ 807,312 | 750,435 | 795,878 |
Accounting Standards Update 2015-03 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Interest expense | 4,400 | 3,800 | |
Selling, general and other expenses | (4,400) | $ (3,800) | |
Accounting Standards Update 2015-03 [Member] | Other Secured Financing [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt issuance costs | 1,600 | ||
Accounting Standards Update 2015-03 [Member] | Long-term Debt [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt issuance costs | 7,000 | ||
Accounting Standards Update 2015-03 [Member] | Other Assets [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Debt issuance costs | $ (8,600) |
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, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value based on NAV | $ 24,300 | $ 36,700 |
Derivatives | 371,078 | 262,799 |
Counterparty/cash-collateral netting, Assets | (4,255,998) | (4,165,446) |
Total trading assets, excluding investments at fair value based on NAV | 14,960,928 | 18,256,356 |
Total available for sale securities | 301,049 | 207,355 |
Derivatives | 650,809 | 218,243 |
Counterparty/cash-collateral netting, Liabilities | (4,229,213) | (4,257,998) |
Total trading liabilities | 8,388,619 | 6,840,430 |
Other secured financings | 41,768 | 68,345 |
Long-term debt - structured notes | 248,856 | |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 857,337 | 751,084 |
Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 1,610,667 | 1,464,604 |
Corporate debt securities | 1,718,947 | 1,556,941 |
U.S. government and federal agency securities | 976,497 | 1,488,121 |
Sovereign obligations | 2,629,344 | 1,342,996 |
Loans | 802,355 | 769,408 |
Derivatives | 650,809 | 218,243 |
Counterparty/cash-collateral netting, Liabilities | (4,229,213) | (4,257,998) |
Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage-backed securities | 117 | |
Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 2,637,555 | 2,977,881 |
Corporate debt securities | 2,700,025 | 2,893,041 |
CDOs and CLOs | 108,660 | 174,236 |
U.S. government and federal agency securities | 2,446,123 | 2,645,651 |
Municipal securities | 735,726 | 487,141 |
Sovereign obligations | 2,423,048 | 2,659,441 |
Loans and other receivables | 1,639,105 | 1,312,333 |
Derivatives | 371,078 | 262,799 |
Counterparty/cash-collateral netting, Assets | (4,255,998) | (4,165,446) |
Investments at fair value | 314,359 | 226,018 |
Investment in FXCM, senior secured term loan receivable | 164,500 | |
Investment in FXCM, senior secured term loan receivable and rights to future distributions | 625,689 | |
Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 79,425 | 73,579 |
Corporate debt securities | 179 | 4,744 |
U.S. government and federal agency securities | 174,933 | 63,945 |
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 | 999,266 | 2,801,333 |
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 | 19,133 | 23,240 |
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 | 316,985 | 1,029,239 |
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 | 8,337 | 2,374 |
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 | 104,498 | 161,554 |
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 | 19,042 | 39,473 |
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 | 6,348,755 | 6,611,880 |
Total available for sale securities | 254,358 | 137,524 |
Total trading liabilities | 3,948,201 | 3,754,147 |
Other secured financings | 0 | 0 |
Long-term debt - structured notes | 0 | |
Level 1 [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 1,593,548 | 1,428,048 |
Corporate debt securities | 0 | 0 |
U.S. government and federal agency securities | 976,497 | 1,488,121 |
Sovereign obligations | 1,375,590 | 837,614 |
Loans | 0 | 0 |
Derivatives | 2,566 | 364 |
Level 1 [Member] | Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage-backed securities | 0 | |
Level 1 [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 99,900 | |
Level 1 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 2,522,977 | 2,803,243 |
Corporate debt securities | 0 | 0 |
CDOs and CLOs | 0 | 0 |
U.S. government and federal agency securities | 2,389,397 | 2,555,018 |
Municipal securities | 0 | 0 |
Sovereign obligations | 1,432,556 | 1,251,366 |
Loans and other receivables | 0 | 0 |
Derivatives | 3,825 | 2,253 |
Investments at fair value | 0 | 0 |
Investment in FXCM, senior secured term loan receivable | 0 | |
Investment in FXCM, senior secured term loan receivable and rights to future distributions | 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 | 79,425 | 73,579 |
Corporate debt securities | 0 | 0 |
U.S. government and federal agency securities | 174,933 | 63,945 |
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 | 12,072,393 | 14,495,857 |
Total available for sale securities | 46,691 | 69,831 |
Total trading liabilities | 8,658,547 | 7,314,231 |
Other secured financings | 41,350 | 67,801 |
Long-term debt - structured notes | 248,856 | |
Level 2 [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 16,806 | 36,518 |
Corporate debt securities | 1,718,424 | 1,556,941 |
U.S. government and federal agency securities | 0 | 0 |
Sovereign obligations | 1,253,754 | 505,382 |
Loans | 801,977 | 758,939 |
Derivatives | 4,867,586 | 4,456,334 |
Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage-backed securities | 117 | |
Level 2 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 92,839 | 133,732 |
Corporate debt securities | 2,675,020 | 2,867,165 |
CDOs and CLOs | 54,306 | 89,144 |
U.S. government and federal agency securities | 56,726 | 90,633 |
Municipal securities | 708,469 | 487,141 |
Sovereign obligations | 990,492 | 1,407,955 |
Loans and other receivables | 1,557,233 | 1,123,044 |
Derivatives | 4,616,822 | 4,406,207 |
Investments at fair value | 0 | 26,224 |
Investment in FXCM, senior secured term loan receivable | 0 | |
Investment in FXCM, senior secured term loan receivable and rights to future distributions | 0 | |
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 | 179 | 4,744 |
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 | 960,494 | 2,731,070 |
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 | 19,133 | 23,240 |
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 | 296,405 | 1,014,913 |
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 | 8,337 | 2,374 |
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 | 63,587 | 118,629 |
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 | 19,042 | 39,473 |
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 | 795,778 | 1,314,065 |
Total available for sale securities | 0 | 0 |
Total trading liabilities | 11,084 | 30,050 |
Other secured financings | 418 | 544 |
Long-term debt - structured notes | 0 | |
Level 3 [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 313 | 38 |
Corporate debt securities | 523 | 0 |
U.S. government and federal agency securities | 0 | 0 |
Sovereign obligations | 0 | 0 |
Loans | 378 | 10,469 |
Derivatives | 9,870 | 19,543 |
Level 3 [Member] | Residential Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage-backed securities | 0 | |
Level 3 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 21,739 | 40,906 |
Corporate debt securities | 25,005 | 25,876 |
CDOs and CLOs | 54,354 | 85,092 |
U.S. government and federal agency securities | 0 | 0 |
Municipal securities | 27,257 | 0 |
Sovereign obligations | 0 | 120 |
Loans and other receivables | 81,872 | 189,289 |
Derivatives | 6,429 | 19,785 |
Investments at fair value | 314,359 | 199,794 |
Investment in FXCM, senior secured term loan receivable | 164,500 | |
Investment in FXCM, senior secured term loan receivable and rights to future distributions | 625,689 | |
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 | 38,772 | 70,263 |
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 | 20,580 | 14,326 |
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 | 40,911 | 42,925 |
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) | Sep. 01, 2016USD ($)director | Feb. 24, 2017 | Dec. 31, 2016USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 01, 2017USD ($) | Jan. 31, 2015USD ($) | Dec. 31, 2013USD ($) |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Unrealized and realized gains and interest income | $ 603,822,000 | $ 642,824,000 | $ 662,213,000 | |||||||||
Equity method investments | $ 2,125,098,000 | 2,125,098,000 | 1,757,369,000 | $ 1,712,568,000 | $ 1,258,341,000 | |||||||
FXCM [Member] | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Senior secured term loan receivable | $ 154,500,000 | 154,500,000 | $ 300,000,000 | |||||||||
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 | $ 350,000,000 | |||||||||||
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 | $ 500,000,000 | |||||||||||
Percentage of distributions from sale of assets or certain other events thereafter | 60.00% | |||||||||||
Principal and interest payments received | 72,100,000 | |||||||||||
Loan receivable interest rate during period | 20.50% | 19.00% | 17.50% | 16.00% | ||||||||
Unrealized and realized gains and interest income | (54,600,000) | 491,300,000 | ||||||||||
Equity method investments | $ 336,258,000 | 336,258,000 | $ 0 | |||||||||
Carrying value of Senior Secured Term Loan receivable and rights to future distributions | $ 500,800,000 | $ 500,800,000 | ||||||||||
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 | $ 680,000,000 | |||||||||||
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 | $ 500,000,000 | |||||||||||
FXCM Inc. [Member] | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Percentage interest owned in subsidiary | 68.00% | 68.00% | ||||||||||
FXCM Holdings, LLC [Member] | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Percentage interest owned in subsidiary | 50.10% | 50.10% | ||||||||||
FXCM Term Loan Receivable [Member] | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Debt instrument, extension term | 1 year | |||||||||||
Investment in FXCM [Member] | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
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 | 45.00% | |||||||||||
Distributions milestone after loan repayment | $ 350,000,000 | |||||||||||
Percentage of distributions from sale of assets or certain other events thereafter | 51.60% | |||||||||||
Percentage of ownership owned | 49.90% | 49.90% | 49.90% | |||||||||
Maximum percentage of all distributions | 65.00% | |||||||||||
Number of board of directors | director | 6 | |||||||||||
Number of directors appointed by Company | director | 3 | |||||||||||
Number of directors appointed by co-investee | director | 3 | |||||||||||
Percentage of distributions from sale of assets or certain other events until milestone two | 79.20% | |||||||||||
Distributions milestone two after loan repayment | $ 500,000,000 | |||||||||||
Subsequent Event [Member] | National Futures Association [Member] | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Settlement fine amount | $ 0 | |||||||||||
Subsequent Event [Member] | Commodity Futures Trading Commission [Member] | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Settlement fine amount | $ 7,000,000 | |||||||||||
Sales [Member] | U.S. | Geographic Concentration Risk [Member] | Subsequent Event [Member] | FXCM [Member] | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Percentage of revenue from subsidiary | 20.00% | |||||||||||
Trading Securities [Member] | ||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Investment in FXCM, senior secured term loan receivable | $ 164,500,000 | $ 164,500,000 |
Fair Value Disclosures (Inves78
Fair Value Disclosures (Investments Measured At Fair Value Based On Net Asset Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 539,627 | $ 640,455 |
Unfunded Commitments | 20,295 | 20,885 |
Equity Long/Short Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 363,256 | 430,207 |
Unfunded Commitments | 0 | 0 |
Fixed Income and High Yield Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 772 | 1,703 |
Unfunded Commitments | 0 | 0 |
Fund Of Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 230 | 287 |
Unfunded Commitments | 0 | 94 |
Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 42,179 | 42,111 |
Unfunded Commitments | 20,295 | 20,791 |
Multi-Strategy Fund [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 133,190 | 165,821 |
Unfunded Commitments | $ 0 | 0 |
Convertible Bond Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 326 | |
Unfunded Commitments | $ 0 |
Fair Value Disclosures (Inves79
Fair Value Disclosures (Investments Measured At Fair Value Based On Net Asset Value - Footnote) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments in managed funds | $ 515,318 | $ 603,720 |
Equity Long/Short Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Amount redeemable | $ 363,300 | $ 54,700 |
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 | 15 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 | |
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% | |
Funds Of Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Percentage of investments with no redemption provisions | 100.00% | 95.00% |
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 | 7 years | |
Multi-asset Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Percentage of Investments Redeemable | 12.00% | 32.00% |
Multi-asset 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 | |
Multi-asset 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 |
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 | 12 Months Ended | ||
Dec. 31, 2016 | 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) | $ (115,300) | $ 455,500 | $ (24,800) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Total gains (losses) (realized and unrealized) | 1,900 | 7,600 | (14,900) |
Corporate Equity Securities [Member] | |||
Fair Value, Liabilities 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 | 313 | 0 | 0 |
Settlements | (38) | 0 | 0 |
Issuances | 0 | 0 | |
Net transfers into/ (out of) Level 3 | 0 | 0 | 0 |
Ending Balance | 313 | 38 | 38 |
Change in unrealized gains/(losses) relating to instruments still held | 0 | 0 | 0 |
Corporate Debt Securities [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 0 | 223 | 0 |
Total gains (losses) (realized and unrealized) | (27) | (110) | (149) |
Purchases | 0 | (6,804) | (565) |
Sales | 550 | 6,691 | 960 |
Settlements | 0 | 0 | 0 |
Issuances | 0 | 0 | |
Net transfers into/ (out of) Level 3 | 0 | 0 | (23) |
Ending Balance | 523 | 0 | 223 |
Change in unrealized gains/(losses) relating to instruments still held | 0 | 0 | (8) |
Net Derivative [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | (242) | (4,638) | 6,905 |
Total gains (losses) (realized and unrealized) | (1,760) | (7,310) | 15,055 |
Purchases | 0 | (6,705) | (24,682) |
Sales | 11,101 | 13,522 | 1,094 |
Settlements | 31 | 37 | 322 |
Issuances | 2,067 | 2,437 | |
Net transfers into/ (out of) Level 3 | (7,756) | 2,415 | (3,332) |
Ending Balance | 3,441 | (242) | (4,638) |
Change in unrealized gains/(losses) relating to instruments still held | (6,458) | 4,754 | (15,615) |
Loans [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 10,469 | 14,450 | 22,462 |
Total gains (losses) (realized and unrealized) | 0 | (163) | 0 |
Purchases | 0 | (2,059) | (18,332) |
Sales | 378 | 229 | 11,338 |
Settlements | 0 | 0 | 0 |
Issuances | 0 | 0 | |
Net transfers into/ (out of) Level 3 | (10,469) | (1,988) | (1,018) |
Ending Balance | 378 | 10,469 | 14,450 |
Change in unrealized gains/(losses) relating to instruments still held | 0 | 104 | 0 |
Other Secured Financings [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 544 | 30,825 | 8,711 |
Total gains (losses) (realized and unrealized) | (126) | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Settlements | 0 | (15,704) | (17,525) |
Issuances | 0 | 36,995 | 39,639 |
Net transfers into/ (out of) Level 3 | 0 | (51,572) | 0 |
Ending Balance | 418 | 544 | 30,825 |
Change in unrealized gains/(losses) relating to instruments still held | (126) | 0 | 0 |
Corporate Equity Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 40,906 | 20,964 | 9,884 |
Total gains (losses) (realized and unrealized) | (8,463) | 11,154 | 957 |
Purchases | 3,365 | 21,385 | 18,138 |
Sales | (49) | (6,391) | (12,826) |
Settlements | (671) | 0 | 0 |
Net transfers into (out of) Level 3 | (13,349) | (6,206) | 4,811 |
Ending Balance | 21,739 | 40,906 | 20,964 |
Change in unrealized gains/(losses) relating to instruments still held | 291 | 11,424 | 2,324 |
Corporate Debt Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 25,876 | 22,766 | 25,666 |
Total gains (losses) (realized and unrealized) | (16,230) | (11,013) | 6,629 |
Purchases | 27,242 | 21,534 | 38,316 |
Sales | (29,347) | (14,636) | (40,328) |
Settlements | (7,223) | 0 | 0 |
Net transfers into (out of) Level 3 | 24,687 | 7,225 | (7,517) |
Ending Balance | 25,005 | 25,876 | 22,766 |
Change in unrealized gains/(losses) relating to instruments still held | (18,799) | (9,443) | 8,982 |
CDOs and CLOs [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 85,092 | 124,650 | 37,216 |
Total gains (losses) (realized and unrealized) | (14,918) | (66,332) | (6,386) |
Purchases | 52,316 | 104,998 | 204,337 |
Sales | (69,394) | (107,381) | (181,757) |
Settlements | (2,750) | (5,754) | (1,297) |
Net transfers into (out of) Level 3 | 4,008 | 34,911 | 72,537 |
Ending Balance | 54,354 | 85,092 | 124,650 |
Change in unrealized gains/(losses) relating to instruments still held | (7,628) | (48,514) | (1,141) |
Municipal 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) | (1,462) | 10 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Settlements | 0 | (21,551) | |
Net transfers into (out of) Level 3 | 28,719 | 21,541 | |
Ending Balance | 27,257 | 0 | 0 |
Change in unrealized gains/(losses) relating to instruments still held | (1,462) | 0 | |
Sovereign securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 120 | 0 | |
Total gains (losses) (realized and unrealized) | 5 | 47 | |
Purchases | 0 | 1,032 | |
Sales | (125) | (1,031) | |
Settlements | 0 | 0 | |
Net transfers into (out of) Level 3 | 0 | 72 | |
Ending Balance | 0 | 120 | 0 |
Change in unrealized gains/(losses) relating to instruments still held | 0 | 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 | ||
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 | 70,263 | 82,557 | 105,492 |
Total gains (losses) (realized and unrealized) | (9,612) | (12,951) | (9,870) |
Purchases | 623 | 18,961 | 42,632 |
Sales | (12,249) | (31,762) | (61,689) |
Settlements | (931) | (597) | (1,847) |
Net transfers into (out of) Level 3 | (9,322) | 14,055 | 7,839 |
Ending Balance | 38,772 | 70,263 | 82,557 |
Change in unrealized gains/(losses) relating to instruments still held | (1,095) | (4,498) | (4,679) |
Commercial Mortgage Backed Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 14,326 | 26,655 | 17,568 |
Total gains (losses) (realized and unrealized) | (7,550) | (3,813) | (4,237) |
Purchases | 3,132 | 3,480 | 49,159 |
Sales | (2,024) | (10,146) | (51,360) |
Settlements | (2,229) | (6,861) | (782) |
Net transfers into (out of) Level 3 | 14,925 | 5,011 | 16,307 |
Ending Balance | 20,580 | 14,326 | 26,655 |
Change in unrealized gains/(losses) relating to instruments still held | (7,243) | (3,205) | (2,384) |
Other Asset Backed Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 42,925 | 2,294 | 12,611 |
Total gains (losses) (realized and unrealized) | (14,381) | (990) | 1,784 |
Purchases | 133,986 | 42,922 | 4,987 |
Sales | (102,952) | (1,299) | (18,002) |
Settlements | (8,769) | (2) | 0 |
Net transfers into (out of) Level 3 | (9,898) | 0 | 914 |
Ending Balance | 40,911 | 42,925 | 2,294 |
Change in unrealized gains/(losses) relating to instruments still held | (18,056) | (254) | 1,484 |
Loans and Other Receivables [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 189,289 | 97,258 | 145,890 |
Total gains (losses) (realized and unrealized) | (42,566) | (14,755) | (31,311) |
Purchases | 75,264 | 792,345 | 130,169 |
Sales | (69,262) | (576,536) | (92,140) |
Settlements | (46,851) | (124,365) | (60,390) |
Net transfers into (out of) Level 3 | (24,002) | 15,342 | 5,040 |
Ending Balance | 81,872 | 189,289 | 97,258 |
Change in unrealized gains/(losses) relating to instruments still held | (52,003) | (16,802) | (26,864) |
Investments at Fair Value [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 199,794 | 77,047 | 66,931 |
Total gains (losses) (realized and unrealized) | 54,538 | 62,804 | 17,642 |
Purchases | 29,728 | 5,510 | 32,493 |
Sales | (542) | (425) | (23,324) |
Settlements | (1,107) | (4,093) | (1,243) |
Net transfers into (out of) Level 3 | 31,948 | 58,951 | (15,452) |
Ending Balance | 314,359 | 199,794 | 77,047 |
Change in unrealized gains/(losses) relating to instruments still held | 54,608 | (1,964) | 1,985 |
Investment in FXCM, Senior Secured Term Loan and Rights to Future Distributions [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 625,689 | 0 | |
Total gains (losses) (realized and unrealized) | (54,634) | 491,341 | |
Purchases | 0 | 279,000 | |
Sales | 0 | 0 | |
Settlements | (406,555) | (144,652) | |
Net transfers into (out of) Level 3 | 0 | 0 | |
Ending Balance | 164,500 | 625,689 | $ 0 |
Change in unrealized gains/(losses) relating to instruments still held | (1,014) | $ 491,341 | |
Loans to and Investments in Associated Companies [Member] | Investment in FXCM, Senior Secured Term Loan and Rights to Future Distributions [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Settlements | $ (334,500) |
Fair Value Disclosures (Analysi
Fair Value Disclosures (Analysis of Level 3 Assets and Liabilities Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | 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 | $ 179,600 | $ 236,700 | $ 139,000 |
Transfers of assets from Level 3 to Level 2 | 133,200 | 85,800 | 54,600 |
Net gains (losses) on Level 3 assets (realized and unrealized) | (115,300) | 455,500 | (24,800) |
Net gains (losses) on Level 3 liabilities (realized and unrealized) | 1,900 | 7,600 | (14,900) |
Excluded assets from unobservable quantitative information | 325,000 | 280,600 | |
Excluded liabilities from unobservable quantitative information | 1,600 | 600 | |
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) | (126) | 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 | 10,500 | 1,000 | |
Net gains (losses) on Level 3 liabilities (realized and unrealized) | 0 | (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 | ||
CDOs and CLOs [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Transfers of assets from Level 2 to Level 3 | 19,400 | 69,800 | 73,000 |
Transfers of assets from Level 3 to Level 2 | 15,400 | 34,900 | |
Net gains (losses) on Level 3 assets (realized and unrealized) | (14,918) | (66,332) | (6,386) |
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 | 17,500 | ||
Transfers of assets from Level 3 to Level 2 | 26,800 | ||
Net gains (losses) on Level 3 assets (realized and unrealized) | (9,612) | (12,951) | (9,870) |
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 | 30,400 | 30,300 | |
Transfers of assets from Level 3 to Level 2 | 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 | 17,400 | 11,300 | 16,600 |
Transfers of assets from Level 3 to Level 2 | 6,300 | ||
Net gains (losses) on Level 3 assets (realized and unrealized) | (7,550) | (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 | 28,700 | 21,500 | |
Net gains (losses) on Level 3 assets (realized and unrealized) | (1,462) | 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 | 16,900 | ||
Transfers of assets from Level 3 to Level 2 | 26,800 | ||
Net gains (losses) on Level 3 assets (realized and unrealized) | (14,381) | (990) | 1,784 |
Loans and Other 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 | 13,800 | 20,100 | 8,500 |
Transfers of assets from Level 3 to Level 2 | 37,800 | 4,700 | 3,500 |
Net gains (losses) on Level 3 assets (realized and unrealized) | (42,566) | (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 | 28,100 | 7,400 | |
Transfers of assets from Level 3 to Level 2 | 7,500 | ||
Net gains (losses) on Level 3 assets (realized and unrealized) | (16,230) | (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 | 9,700 | ||
Transfers of assets from Level 3 to Level 2 | 19,200 | 7,700 | 4,900 |
Net gains (losses) on Level 3 assets (realized and unrealized) | (8,463) | 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 | 31,900 | 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) | $ 54,538 | $ 62,804 | $ 17,642 |
Fair Value Disclosures (Quantit
Fair Value Disclosures (Quantitative Information About Significant Unobservable Inputs Used In Level 3 Fair Value Measurements) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)T / d$ / shares$ / Bond | Dec. 31, 2015USD ($)$ / shares$ / Bond | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Rights | $ 371,078 | $ 262,799 | ||
Loans [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Trading Liabilities | 378 | 10,469 | $ 14,450 | $ 22,462 |
Corporate Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Financial Instruments Owned | 21,739 | 40,906 | 20,964 | 9,884 |
Corporate Debt Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Financial Instruments Owned | 25,005 | 25,876 | 22,766 | 25,666 |
CDOs and CLOs [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Financial Instruments Owned | 54,354 | 85,092 | 124,650 | 37,216 |
Residential Mortgage Backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Financial Instruments Owned | 38,772 | 70,263 | 82,557 | 105,492 |
Commercial Mortgage Backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Financial Instruments Owned | 20,580 | 14,326 | 26,655 | 17,568 |
Other Asset Backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Financial Instruments Owned | 40,911 | 42,925 | 2,294 | 12,611 |
Loans and Other Receivables [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Financial Instruments Owned | 81,872 | 189,289 | 97,258 | 145,890 |
Investments at Fair Value [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Financial Instruments Owned | 314,359 | 199,794 | 77,047 | $ 66,931 |
Investment in FXCM, Senior Secured Term Loan and Rights to Future Distributions [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Financial Instruments Owned | 164,500 | 625,689 | $ 0 | |
Financial Instruments Owned [Member] | Derivatives, Liabilities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Trading Liabilities | 9,870 | 19,543 | ||
Financial Instruments Owned [Member] | Loans [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Trading Liabilities | 10,469 | |||
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 | 19,799 | 20,285 | ||
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 | 25,005 | 20,257 | ||
Financial Instruments Owned [Member] | CDOs and CLOs [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Financial Instruments Owned | 33,016 | 49,923 | ||
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 | 38,772 | 70,263 | ||
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 | 20,580 | 14,326 | ||
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 | 40,911 | 21,463 | ||
Financial Instruments Owned [Member] | Loans and Other Receivables [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Financial Instruments Owned | 54,347 | 161,470 | ||
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 | 6,429 | 19,785 | ||
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 | 67,383 | 29,940 | ||
Financial Instruments Owned [Member] | Investment in FXCM, Senior Secured Term Loan and Rights to Future Distributions [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Financial Instruments Owned | 625,700 | |||
Fair Value of Term loan | 203,700 | |||
Fair Value of Rights | $ 422,000 | |||
Financial Instruments Owned [Member] | Investment in FXCM, Senior Secured Term Loan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value of Term loan | $ 164,500 | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Corporate Equity Securities [Member] | Minimum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Underlying stock price | $ / shares | $ 3 | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Corporate Equity Securities [Member] | Maximum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Underlying stock price | $ / shares | $ 75 | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Transaction Level | $ / Bond | 30 | 59 | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Other Asset Backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Price | $ / Bond | 72 | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Loans and Other Receivables [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Transaction Level | $ / Bond | 0.42 | |||
Fair Value Inputs, EBITDA multiple | 3.3 | 10 | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Loans and Other Receivables [Member] | Minimum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Discount rate/yield | 2.00% | |||
Fair Value Inputs, Yield | 2.00% | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Loans and Other Receivables [Member] | Maximum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Discount rate/yield | 4.00% | |||
Fair Value Inputs, Yield | 17.00% | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Loans and Other Receivables [Member] | Weighted Average [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Discount rate/yield | 3.00% | |||
Fair Value Inputs, Yield | 12.00% | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [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% | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [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% | |||
Level 3 [Member] | 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 | 9.00% | 86.00% | ||
Fair Value Inputs, Volatility | 40.00% | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [Member] | CDOs and CLOs [Member] | Minimum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Constant prepayment rate | 10.00% | 5.00% | ||
Fair Value Inputs, Constant default rate | 2.00% | 2.00% | ||
Fair Value Inputs, Loss severity | 25.00% | 25.00% | ||
Fair Value Inputs, Yield | 7.00% | 6.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [Member] | CDOs and CLOs [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 | 4.00% | 8.00% | ||
Fair Value Inputs, Loss severity | 70.00% | 90.00% | ||
Fair Value Inputs, Yield | 17.00% | 13.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [Member] | CDOs and CLOs [Member] | Weighted Average [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Constant prepayment rate | 19.00% | 13.00% | ||
Fair Value Inputs, Constant default rate | 2.00% | 2.00% | ||
Fair Value Inputs, Loss severity | 40.00% | 52.00% | ||
Fair Value Inputs, Yield | 12.00% | 10.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [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% | 0.00% | ||
Fair Value Inputs, Constant default rate | 1.00% | 1.00% | ||
Fair Value Inputs, Loss severity | 35.00% | 25.00% | ||
Fair Value Inputs, Yield | 2.00% | 1.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [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 | 11.00% | 50.00% | ||
Fair Value Inputs, Constant default rate | 7.00% | 9.00% | ||
Fair Value Inputs, Loss severity | 100.00% | 70.00% | ||
Fair Value Inputs, Yield | 10.00% | 9.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [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 | 5.00% | 13.00% | ||
Fair Value Inputs, Constant default rate | 3.00% | 3.00% | ||
Fair Value Inputs, Loss severity | 62.00% | 39.00% | ||
Fair Value Inputs, Yield | 6.00% | 6.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [Member] | Commercial Mortgage Backed Securities [Member] | Minimum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Yield | 6.00% | 7.00% | ||
Fair Value Inputs, Cumulative loss rate | 5.00% | 2.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [Member] | Commercial Mortgage Backed Securities [Member] | Maximum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Yield | 11.00% | 30.00% | ||
Fair Value Inputs, Cumulative loss rate | 95.00% | 63.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [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 | 8.00% | 16.00% | ||
Fair Value Inputs, Cumulative loss rate | 39.00% | 23.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [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 | 4.00% | 6.00% | ||
Fair Value Inputs, Constant default rate | 0.00% | 3.00% | ||
Fair Value Inputs, Loss severity | 0.00% | 55.00% | ||
Fair Value Inputs, Yield | 4.00% | 7.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [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 | 20.00% | 8.00% | ||
Fair Value Inputs, Constant default rate | 31.00% | 5.00% | ||
Fair Value Inputs, Loss severity | 100.00% | 75.00% | ||
Fair Value Inputs, Yield | 17.00% | 22.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [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 | 14.00% | 7.00% | ||
Fair Value Inputs, Constant default rate | 13.00% | 4.00% | ||
Fair Value Inputs, Loss severity | 90.00% | 62.00% | ||
Fair Value Inputs, Yield | 15.00% | 18.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [Member] | Investment in FXCM, Senior Secured Term Loan [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 | 0 months | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [Member] | Investment in FXCM, Senior Secured Term Loan [Member] | Maximum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Term based on the pay off | 6 months | 1 year | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Discounted Cash Flows [Member] | Investment in FXCM, Senior Secured Term Loan [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 | 5 months | 4 months 24 days | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Over Collateralization Percentage Valuation Technique [Member] | Other Asset Backed Securities [Member] | Minimum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Over-collateralization percentage | 117.00% | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Over Collateralization Percentage Valuation Technique [Member] | Other Asset Backed Securities [Member] | Maximum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Over-collateralization percentage | 125.00% | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Over Collateralization Percentage Valuation Technique [Member] | Other Asset Backed Securities [Member] | Weighted Average [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Over-collateralization percentage | 118.00% | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Market Pricing [Member] | Loans and Other Receivables [Member] | Minimum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Comparable asset price | $ / Bond | 99 | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Market Pricing [Member] | Loans and Other Receivables [Member] | Maximum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Comparable asset price | $ / Bond | 100 | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Market Pricing [Member] | Loans and Other Receivables [Member] | Weighted Average [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Comparable asset price | $ / Bond | 99.7 | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Present Value [Member] | Loans and Other Receivables [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Average silver production Tons Per Day | T / d | 666 | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Option Pricing Model [Member] | Investment in FXCM, Rights to Future Distributions [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Volatility | 110.00% | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Scenario Analysis [Member] | CDOs and CLOs [Member] | Minimum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Estimated recovery percentage | 28.00% | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Scenario Analysis [Member] | CDOs and CLOs [Member] | Maximum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Estimated recovery percentage | 38.00% | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Scenario Analysis [Member] | CDOs and CLOs [Member] | Weighted Average [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Estimated recovery percentage | 31.00% | |||
Level 3 [Member] | Financial Instruments Owned [Member] | Scenario Analysis [Member] | Loans and Other Receivables [Member] | Minimum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Estimated recovery percentage | 6.00% | 6.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Scenario Analysis [Member] | Loans and Other Receivables [Member] | Maximum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Estimated recovery percentage | 50.00% | 100.00% | ||
Level 3 [Member] | Financial Instruments Owned [Member] | Scenario Analysis [Member] | Loans and Other Receivables [Member] | Weighted Average [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Estimated recovery percentage | 37.00% | 83.00% | ||
Level 3 [Member] | Private Equity Securities [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Investments at Fair Value [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Transaction Level | $ / Bond | 250 | 64 | ||
Fair Value Inputs, Price | $ / Bond | 25,815,720 | 5,200,000 | ||
Level 3 [Member] | Private Equity Securities [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [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% | |||
Level 3 [Member] | Private Equity Securities [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [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% | |||
Level 3 [Member] | Private Equity Securities [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Investments at Fair Value [Member] | Weighted Average [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Discount rate | 23.00% | 23.00% | ||
Level 3 [Member] | Loans [Member] | Securities Sold, Not yet Purchased [Member] | Market Pricing [Member] | Loans [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Comparable asset price | $ / Bond | 100 | |||
Level 3 [Member] | Non Exchange Traded Securities [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Corporate Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Transaction Level | $ / Bond | 1 | |||
Fair Value Inputs, EBITDA multiple | 4.4 | |||
Level 3 [Member] | Non Exchange Traded Securities [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Corporate Equity Securities [Member] | Minimum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Underlying stock price | $ / shares | $ 5 | |||
Level 3 [Member] | Non Exchange Traded Securities [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Corporate Equity Securities [Member] | Maximum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Underlying stock price | $ / shares | 102 | |||
Level 3 [Member] | Non Exchange Traded Securities [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Corporate Equity Securities [Member] | Weighted Average [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Underlying stock price | $ / shares | $ 15 | $ 19 | ||
Level 3 [Member] | Non Exchange Traded Securities [Member] | Financial Instruments Owned [Member] | Market Pricing [Member] | Corporate Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Underlying stock price | $ / shares | $ 218 | |||
Fair Value Inputs, Comparable asset price | $ / Bond | 11 | |||
Level 3 [Member] | Non Exchange Traded Securities [Member] | Financial Instruments Owned [Member] | Present Value [Member] | Corporate Equity Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Average silver production Tons Per Day | T / d | 666 | |||
Derivative [Member] | Level 3 [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Derivatives, Assets [Member] | Credit Default Swaps [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Credit Spread | 2.65% | |||
Derivative [Member] | Level 3 [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Derivatives, Assets [Member] | Forward Contracts [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Discount rate/yield | 47.00% | |||
Fair Value Inputs, Transaction Level | $ / Bond | 9,500,000 | |||
Derivative [Member] | Level 3 [Member] | Financial Instruments Owned [Member] | Market Approach Valuation Technique [Member] | Derivatives, Assets [Member] | Unfunded Commitments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Credit Spread | 2.98% | |||
Derivative [Member] | Level 3 [Member] | Financial Instruments Owned [Member] | Market Pricing [Member] | Derivatives, Assets [Member] | Equity Swap [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Comparable asset price | $ / Bond | 102 | |||
Derivative [Member] | Level 3 [Member] | Financial Instruments Owned [Member] | Market Pricing [Member] | Derivatives, Assets [Member] | Total Return Swaps [Member] | Minimum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Comparable asset price | $ / Bond | 91.7 | |||
Derivative [Member] | Level 3 [Member] | Financial Instruments Owned [Member] | Market Pricing [Member] | Derivatives, Assets [Member] | Total Return Swaps [Member] | Maximum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Comparable asset price | $ / Bond | 92.4 | |||
Derivative [Member] | Level 3 [Member] | Financial Instruments Owned [Member] | Market Pricing [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 asset price | $ / Bond | 92.1 | |||
Derivative [Member] | Level 3 [Member] | Financial Instruments Owned [Member] | Market Pricing [Member] | Derivatives, Assets [Member] | Unfunded Commitments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Comparable asset price | $ / Bond | 100 | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Market Approach Valuation Technique [Member] | Derivatives, Liabilities [Member] | Unfunded Commitments [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Discount rate/yield | 4.00% | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Market Approach Valuation Technique [Member] | Derivatives, Liabilities [Member] | Unfunded Commitments [Member] | Minimum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Discount rate/yield | 3.00% | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Market Approach Valuation Technique [Member] | Derivatives, Liabilities [Member] | Unfunded Commitments [Member] | Maximum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Discount rate/yield | 10.00% | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Market Approach Valuation Technique [Member] | Derivatives, Liabilities [Member] | Unfunded Commitments [Member] | Weighted Average [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Discount rate/yield | 10.00% | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Discounted Cash Flows [Member] | Derivatives, Liabilities [Member] | Unfunded Commitments [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% | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Discounted Cash Flows [Member] | Derivatives, Liabilities [Member] | Variable Funding Note Swaps [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 | 16.00% | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Market Pricing [Member] | Derivatives, Liabilities [Member] | Equity Swap [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Comparable asset price | $ / Bond | 102 | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Market Pricing [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 asset price | $ / Bond | 91.7 | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Market Pricing [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 asset price | $ / Bond | 92.4 | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Market Pricing [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 asset price | $ / Bond | 92.1 | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Market Pricing [Member] | Derivatives, Liabilities [Member] | Unfunded Commitments [Member] | Minimum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Comparable asset price | $ / Bond | 79 | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Market Pricing [Member] | Derivatives, Liabilities [Member] | Unfunded Commitments [Member] | Maximum [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Comparable asset price | $ / Bond | 100 | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Market Pricing [Member] | Derivatives, Liabilities [Member] | Unfunded Commitments [Member] | Weighted Average [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Comparable asset price | $ / Bond | 83 | |||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Option Pricing Model [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% | 45.00% | ||
Derivative [Member] | Level 3 [Member] | Securities Sold, Not yet Purchased [Member] | Default Rate [Member] | Derivatives, Liabilities [Member] | Equity Option [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Default probability | 0.00% | 0.00% |
Fair Value Disclosures (Summa83
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 | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Loans and other receivables | $ (68,812) | $ (17,389) | $ (24,785) |
Financial Instruments Sold [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) due to changes in instrument specific credit risk on loans | 9 | (162) | (585) |
Gains (losses) due to changes in instrument specific credit riskLoan commitments | 5,509 | 7,502 | (15,459) |
Long-term Debt [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (losses) due to changes in instrument specific credit riskLoan commitments | (10,745) | 0 | 0 |
Gains (losses) due to other changes in fair value | $ 30,995 | $ 0 | $ 0 |
Fair Value Disclosures (Summa84
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, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Loans and other receivables | $ 1,325,938 | $ 408,369 |
Loans and other receivables on nonaccrual status and/or greater than 90 days past due | 205,746 | 54,652 |
Long-term Debt | 20,202 | 0 |
Loans and other receivables greater than 90 days past due | $ 64,600 | $ 29,700 |
Fair Value Disclosures (Fair Va
Fair Value Disclosures (Fair Value Option Election Narrative) (Details) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)directorshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Securities borrowed | $ 7,743,562 | $ 6,975,136 | |
Securities loaned | 2,819,132 | 3,014,300 | |
Trading assets, at fair value | 14,985,237 | 18,293,090 | |
Jefferies [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Aggregate fair value of loans and other receivables on nonaccrual status and/or greater than 90 days past due | 29,800 | 307,500 | |
Aggregate fair value of loans and other receivables greater than 90 days past due | 18,900 | 11,300 | |
Kcg Holdings Inc [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 | 19,600 | 49,100 | $ (14,700) |
Advisory fees | 2,900 | ||
Securities borrowed | 9,200 | 6,300 | |
Securities loaned | 9,200 | 16,500 | |
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 | $ 93,200 | $ (28,000) | $ 119,200 |
Shares owned, number | shares | 46.6 | 46.6 | |
Percentage of outstanding common stock owned | 23.00% | 23.00% | |
Trading assets, at fair value | $ 725,100 | $ 631,900 | |
Cash consideration paid for shares | $ 475,600 | ||
Number of directors appointed | director | 2 |
Derivative Financial Instrume86
Derivative Financial Instruments (Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure) (Details) $ in Thousands | Dec. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($)Contract |
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 4,627,076 | $ 4,428,245 |
Fair Value, Liabilities | 4,880,022 | 4,476,241 |
Counterparty/cash-collateral netting, Assets | (4,255,998) | (4,165,446) |
Counterparty/cash-collateral netting, Liabilities | (4,229,213) | (4,257,998) |
Total assets per Consolidated Statement of Financial Condition | 371,078 | 262,799 |
Total liabilities per Consolidated Statement of Financial Condition | 650,809 | 218,243 |
Interest Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 3,282,245 | $ 2,910,093 |
Number of Contracts, Assets | Contract | 29,032 | 56,748 |
Fair Value, Liabilities | $ 3,159,457 | $ 2,849,958 |
Number of Contracts, Liabilities | Contract | 34,845 | 74,904 |
Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 529,669 | $ 453,527 |
Number of Contracts, Assets | Contract | 7,826 | 8,089 |
Fair Value, Liabilities | $ 516,869 | $ 466,021 |
Number of Contracts, Liabilities | Contract | 8,319 | 7,376 |
Equity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 786,987 | $ 1,017,611 |
Number of Contracts, Assets | Contract | 2,843,329 | 3,057,754 |
Fair Value, Liabilities | $ 1,169,201 | $ 1,094,597 |
Number of Contracts, Liabilities | Contract | 2,414,715 | 2,947,416 |
Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 1,906 | $ 27,590 |
Number of Contracts, Assets | Contract | 2,766 | 2,896 |
Fair Value, Liabilities | $ 6,430 | $ 5,510 |
Number of Contracts, Liabilities | Contract | 7,289 | 2,001 |
Fair value, increase in assets | $ 19,300 | |
Increase in number of contracts, assets | Contract | 29 | |
Fair value, increase in liabilities | $ 4,600 | |
Increase in number of contracts, liabilities | Contract | 28 | |
Credit Contracts: Centrally Cleared Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 7,044 | $ 2,447 |
Number of Contracts, Assets | Contract | 98 | 299 |
Fair Value, Liabilities | $ 2,562 | $ 841 |
Number of Contracts, Liabilities | Contract | 19,900 | 44 |
Credit Contracts: Other Credit Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 19,225 | $ 16,977 |
Number of Contracts, Assets | Contract | 213 | 100 |
Fair Value, Liabilities | $ 25,503 | $ 59,314 |
Number of Contracts, Liabilities | Contract | 184 | 135 |
Derivative Financial Instrume87
Derivative Financial Instruments (Unrealized And Realized Gains (Losses) On Derivative Contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized and realized gains (losses) | $ (649,789) | $ (167,626) | $ (402,881) |
Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized and realized gains (losses) | (36,559) | (36,792) | (149,587) |
Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized and realized gains (losses) | 20,401 | 36,233 | 39,872 |
Equity Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized and realized gains (losses) | (635,305) | (137,219) | (327,978) |
Commodity Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized and realized gains (losses) | (3,339) | (13,625) | 58,746 |
Credit Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized and realized gains (losses) | $ 5,013 | $ (16,223) | $ (23,934) |
Derivative Financial Instrume88
Derivative Financial Instruments (Remaining Contract Maturity Of Fair Value Of OTC Derivative Assets And Liabilities) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
OTC Derivative Assets | |
0-12 Months | $ 263,350 |
1-5 Years | 235,799 |
Greater Than 5 Years | 137,970 |
Cross- Maturity Netting | (83,939) |
Total | 553,180 |
Cross product counterparty netting | (623) |
Total | 552,557 |
OTC Derivative Liabilities | |
0-12 Months | 230,172 |
1-5 Years | 173,559 |
Greater Than 5 Years | 99,176 |
Cross-Maturity Netting | (83,939) |
Total | 418,968 |
Cross product counterparty netting | (623) |
Total OTC derivative liabilities included in Trading liabilities | 418,345 |
Exchange traded derivative assets and other credit agreements | 25,400 |
Cash collateral received | 217,400 |
Exchange traded derivative liabilities and other credit agreements | 414,200 |
Cash collateral pledged | 190,600 |
Commodity Swaps, Options And Forwards [Member] | |
OTC Derivative Liabilities | |
0-12 Months | 3,214 |
1-5 Years | 1,218 |
Greater Than 5 Years | 0 |
Cross-Maturity Netting | 0 |
Total | 4,432 |
Equity Swaps And Options [Member] | |
OTC Derivative Assets | |
0-12 Months | 27,436 |
1-5 Years | 5,727 |
Greater Than 5 Years | 0 |
Cross- Maturity Netting | 0 |
Total | 33,163 |
OTC Derivative Liabilities | |
0-12 Months | 10,993 |
1-5 Years | 20,354 |
Greater Than 5 Years | 0 |
Cross-Maturity Netting | 0 |
Total | 31,347 |
Credit Default Swaps [Member] | |
OTC Derivative Assets | |
0-12 Months | 0 |
1-5 Years | 4,542 |
Greater Than 5 Years | 3,463 |
Cross- Maturity Netting | (1,588) |
Total | 6,417 |
OTC Derivative Liabilities | |
0-12 Months | 16 |
1-5 Years | 1,594 |
Greater Than 5 Years | 7,147 |
Cross-Maturity Netting | (1,588) |
Total | 7,169 |
Total Return Swaps [Member] | |
OTC Derivative Assets | |
0-12 Months | 20,749 |
1-5 Years | 389 |
Greater Than 5 Years | 0 |
Cross- Maturity Netting | (200) |
Total | 20,938 |
OTC Derivative Liabilities | |
0-12 Months | 12,088 |
1-5 Years | 2,407 |
Greater Than 5 Years | 0 |
Cross-Maturity Netting | (200) |
Total | 14,295 |
Foreign Currency Forwards, Swaps And Options [Member] | |
OTC Derivative Assets | |
0-12 Months | 95,112 |
1-5 Years | 35,988 |
Greater Than 5 Years | 0 |
Cross- Maturity Netting | (10,547) |
Total | 120,553 |
OTC Derivative Liabilities | |
0-12 Months | 92,375 |
1-5 Years | 26,011 |
Greater Than 5 Years | 0 |
Cross-Maturity Netting | (10,547) |
Total | 107,839 |
Fixed Income Forwards [Member] | |
OTC Derivative Liabilities | |
0-12 Months | 3,401 |
1-5 Years | 0 |
Greater Than 5 Years | 0 |
Cross-Maturity Netting | 0 |
Total | 3,401 |
Interest Rate Swaps, Options And Forwards [Member] | |
OTC Derivative Assets | |
0-12 Months | 120,053 |
1-5 Years | 189,153 |
Greater Than 5 Years | 134,507 |
Cross- Maturity Netting | (71,604) |
Total | 372,109 |
OTC Derivative Liabilities | |
0-12 Months | 108,085 |
1-5 Years | 121,975 |
Greater Than 5 Years | 92,029 |
Cross-Maturity Netting | (71,604) |
Total | $ 250,485 |
Derivative Financial Instrume89
Derivative Financial Instruments (Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of OTC derivatives assets, Counterparty credit quality, A- or higher | $ 380,574 |
Fair value of OTC derivatives assets, Counterparty credit quality, BBB- to BBB+ | 39,595 |
Fair value of OTC derivatives assets, Counterparty credit quality, BB+ or lower | 51,834 |
Fair value of OTC derivatives assets, Counterparty credit quality, Unrated | 80,554 |
Total | $ 552,557 |
Derivative Financial Instrume90
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair value of derivative instruments in a liability position | $ 70.6 | $ 114.5 |
Collateral posted for derivative instruments in a liability position | 44.4 | 97.2 |
Potential additional collateral required for derivative instruments in a liability position | $ 26.1 | $ 19.7 |
Collateralized Transactions (Co
Collateralized Transactions (Collateral Pledged) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | $ 2,819,132 | $ 3,014,300 |
Repurchase agreements | 17,012,332 | 20,158,422 |
Total | 19,831,464 | 23,172,722 |
Corporate Equity Securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 2,046,243 | 2,200,273 |
Repurchase agreements | 66,291 | 271,519 |
Total | 2,112,534 | 2,471,792 |
Corporate Debt Securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 731,276 | 779,044 |
Repurchase agreements | 1,907,888 | 1,721,583 |
Total | 2,639,164 | 2,500,627 |
Mortgage- and asset-backed securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 0 | 0 |
Repurchase agreements | 2,171,480 | 3,537,812 |
Total | 2,171,480 | 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 | 41,613 | 34,983 |
Repurchase agreements | 9,232,624 | 12,003,521 |
Total | 9,274,237 | 12,038,504 |
Municipal securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 0 | 0 |
Repurchase agreements | 553,010 | 357,350 |
Total | 553,010 | 357,350 |
Sovereign securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 0 | 0 |
Repurchase agreements | 2,625,079 | 1,804,103 |
Total | 2,625,079 | 1,804,103 |
Loans and Finance Receivables [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 0 | 0 |
Repurchase agreements | 455,960 | 462,534 |
Total | $ 455,960 | $ 462,534 |
Collateralized Transactions (92
Collateralized Transactions (Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | $ 2,819,132 | $ 3,014,300 |
Repurchase agreements | 17,012,332 | 20,158,422 |
Total | 19,831,464 | 23,172,722 |
Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 2,131,891 | 1,522,475 |
Repurchase agreements | 9,147,176 | 7,848,231 |
Total | 11,279,067 | 9,370,706 |
Up to 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 39,673 | 0 |
Repurchase agreements | 2,008,119 | 5,218,059 |
Total | 2,047,792 | 5,218,059 |
30 to 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 104,516 | 973,201 |
Repurchase agreements | 3,809,533 | 5,291,729 |
Total | 3,914,049 | 6,264,930 |
Greater than 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 543,052 | 518,624 |
Repurchase agreements | 2,047,504 | 1,800,403 |
Total | $ 2,590,556 | $ 2,319,027 |
Collateralized Transactions (De
Collateralized Transactions (Details) - USD ($) $ in Billions | Dec. 31, 2016 | Dec. 31, 2015 |
Collateralized Transactions [Abstract] | ||
Fair value of securities received as collateral that may be sold or repledged | $ 25.5 | $ 26.2 |
Securitization Activities (Acti
Securitization Activities (Activity Related To Securitizations Accounted For As Sales) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Securitization Activities [Abstract] | |||
Transferred assets | $ 5,786 | $ 5,770.5 | $ 6,112.6 |
Proceeds on new securitizations | 5,809 | 5,811.3 | 6,221.1 |
Cash flows received on retained interests | $ 28.2 | $ 31.2 | $ 46.3 |
Securitization Activities (Summ
Securitization Activities (Summary Of Retained Interests In SPEs) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
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 | $ 7,584.9 | $ 10,901.9 |
Retained Interests | 31 | 203.6 |
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 | 1,806.3 | 2,313.4 |
Retained Interests | 29.6 | 87.2 |
Collateralized Loan Obligations Securitizations [Member] | ||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
CLOs | 4,102.2 | 4,538.4 |
Retained Interests | 37 | 51.5 |
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 | 395.7 | 655 |
Retained Interests | $ 25.3 | $ 31 |
Available For Sale Securities96
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, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 274,457 | $ 186,837 |
Gross Unrealized Gains | 26,712 | 20,879 |
Gross Unrealized Losses | 120 | 361 |
Estimated Fair Value | 301,049 | 207,355 |
U.S. Government Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 174,938 | 63,968 |
Gross Unrealized Gains | 8 | 2 |
Gross Unrealized Losses | 13 | 25 |
Estimated Fair Value | 174,933 | 63,945 |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 19,129 | 23,033 |
Gross Unrealized Gains | 108 | 308 |
Gross Unrealized Losses | 104 | 101 |
Estimated Fair Value | 19,133 | 23,240 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 8,275 | 2,392 |
Gross Unrealized Gains | 64 | 0 |
Gross Unrealized Losses | 2 | 18 |
Estimated Fair Value | 8,337 | 2,374 |
Other Asset Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 18,918 | 39,633 |
Gross Unrealized Gains | 124 | 0 |
Gross Unrealized Losses | 0 | 160 |
Estimated Fair Value | 19,042 | 39,473 |
All Other Corporates [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 180 | 4,794 |
Gross Unrealized Gains | 0 | 7 |
Gross Unrealized Losses | 1 | 57 |
Estimated Fair Value | 179 | 4,744 |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 221,440 | 133,820 |
Gross Unrealized Gains | 304 | 317 |
Gross Unrealized Losses | 120 | 361 |
Estimated Fair Value | 221,624 | 133,776 |
Common Stocks: Banks, Trusts And Insurance Companies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 35,071 | 35,071 |
Gross Unrealized Gains | 15,115 | 10,201 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 50,186 | 45,272 |
Common Stocks: Industrial, Miscellaneous And All Other [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 17,946 | 17,946 |
Gross Unrealized Gains | 11,293 | 10,361 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 29,239 | 28,307 |
Corporate Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 53,017 | 53,017 |
Gross Unrealized Gains | 26,408 | 20,562 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 79,425 | $ 73,579 |
Available For Sale Securities97
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, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Due within one year, Amortized Cost | $ 174,938 | |
Due after one year through five years, Amortized Cost | 180 | |
Fixed maturities investments excluding mortgage-backed and asset-backed securities, Amortized Cost | 175,118 | |
Mortgage-backed and asset-backed securities, Amortized Cost | 46,322 | |
Amortized Cost | 274,457 | $ 186,837 |
Due within one year, Estimated Fair Value | 174,933 | |
Due after one year through five years, Estimated Fair Value | 179 | |
Fixed maturities investments excluding mortgage-backed and asset-backed securities, Estimated Fair Value | 175,112 | |
Mortgage-backed and asset-backed securities, Estimated Fair Value | 46,512 | |
Estimated Fair Value | 301,049 | 207,355 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 221,440 | 133,820 |
Estimated Fair Value | $ 221,624 | $ 133,776 |
Variable Interest Entities (Ass
Variable Interest Entities (Assets And Liabilities Of Consolidated VIEs) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Variable Interest Entity [Line Items] | ||||
Cash | $ 3,807,558 | $ 3,638,648 | $ 4,276,775 | $ 3,907,595 |
Financial instruments owned | 15,286,286 | 18,500,445 | ||
Securities purchased under agreement to resell | 3,862,488 | 3,854,746 | ||
Receivables | 4,425,178 | 3,830,967 | ||
Loans to and investments in associated companies | 2,125,098 | 1,757,369 | ||
Other | 1,635,664 | 1,473,464 | ||
Total assets | 45,071,307 | 46,331,184 | $ 52,614,324 | |
Other secured financings | 1,026,429 | 908,741 | ||
Long-term debt | 7,380,443 | 7,400,582 | ||
Total liabilities | 34,305,849 | 35,548,661 | ||
Noncontrolling interests | 175,549 | 64,679 | ||
Jefferies [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Secured financings eliminated in consolidation | 57,600 | 22,100 | ||
Securitization Vehicles [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash | 18,400 | 1,100 | ||
Financial instruments owned | 86,600 | 68,300 | ||
Securities purchased under agreement to resell | 733,500 | 717,300 | ||
Receivables | 277,700 | 149,800 | ||
Loans to and investments in associated companies | 0 | 0 | ||
Other | 14,500 | 8,800 | ||
Total assets | 1,130,700 | 945,300 | ||
Other secured financings | 1,083,800 | 930,800 | ||
Long-term debt | 24,100 | 0 | ||
Other | 22,300 | 14,500 | ||
Total liabilities | 1,130,200 | 945,300 | ||
Noncontrolling interests | 0 | $ 0 | ||
Real Estate Investment Vehicles [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Cash | 2,200 | |||
Financial instruments owned | 0 | |||
Securities purchased under agreement to resell | 0 | |||
Receivables | 296,900 | |||
Loans to and investments in associated companies | 108,700 | |||
Other | 10,800 | |||
Total assets | 418,600 | |||
Other secured financings | 0 | |||
Long-term debt | 243,900 | |||
Other | 11,700 | |||
Total liabilities | 255,600 | |||
Noncontrolling interests | $ 98,700 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | ||
Total maximum exposure to loss in non-consolidated VIEs | $ 1,410.8 | $ 1,461.1 |
Financial statement carrying amount, assets | 566.9 | 389.2 |
Agency Mortgage-Backed Securitizations [Member] | ||
Variable Interest Entity [Line Items] | ||
Financial statement carrying amount, assets | 1,002.2 | 3,359.1 |
Nonagency Mortgage- And Asset-Backed Securitizations [Member] | ||
Variable Interest Entity [Line Items] | ||
Financial statement carrying amount, assets | 439.4 | 630.5 |
Real Estate Investment Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity commitments | 98 | |
Funded equity commitments | 86.5 | |
Total maximum exposure to loss in non-consolidated VIEs | 101.8 | |
Financial statement carrying amount, assets | 90.3 | |
Other Private Investment Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity commitments | 111.4 | 76.4 |
Funded equity commitments | 99.6 | 73 |
Carrying amount of equity investment | 84 | 88 |
Total maximum exposure to loss in non-consolidated VIEs | 95.8 | 91.4 |
Financial statement carrying amount, assets | 84 | 88 |
Securitization Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Automobile loan receivables securitized | 228.3 | |
Energy Partners I, LP [Member] | ||
Variable Interest Entity [Line Items] | ||
Total maximum exposure to loss in non-consolidated VIEs | 3 | 3 |
JCP Entities [Member] | Private Equity Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity commitments | 148.1 | 148.1 |
Funded equity commitments | 125.1 | 124.6 |
Carrying amount of equity investment | $ 37.6 | $ 39.3 |
Variable Interest Entities (Non
Variable Interest Entities (Non-Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Financial statement carrying amount, assets | $ 566.9 | $ 389.2 |
Financial statement carrying amount, liabilities | 4.8 | 0.2 |
Maximum Exposure to Loss | 1,410.8 | 1,461.1 |
VIE Assets | 10,229.3 | 12,516 |
Collateralized Loan Obligations [Member] | ||
Variable Interest Entity [Line Items] | ||
Financial statement carrying amount, assets | 264.7 | 73.6 |
Financial statement carrying amount, liabilities | 4.8 | 0.2 |
Maximum Exposure to Loss | 930 | 458.1 |
VIE Assets | 4,472.9 | 6,368.7 |
Consumer Loan Financing Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Financial statement carrying amount, assets | 90.3 | 188.3 |
Financial statement carrying amount, liabilities | 0 | 0 |
Maximum Exposure to Loss | 219.6 | 845.8 |
VIE Assets | 985.5 | 1,133 |
Related Party Private Equity Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Financial statement carrying amount, assets | 37.6 | 39.3 |
Financial statement carrying amount, liabilities | 0 | 0 |
Maximum Exposure to Loss | 63.6 | 65.8 |
VIE Assets | 155.6 | 168.2 |
Real Estate Investment Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Financial statement carrying amount, assets | 90.3 | |
Financial statement carrying amount, liabilities | 0 | |
Maximum Exposure to Loss | 101.8 | |
VIE Assets | 85.6 | |
Other Private Investment Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Financial statement carrying amount, assets | 84 | 88 |
Financial statement carrying amount, liabilities | 0 | 0 |
Maximum Exposure to Loss | 95.8 | 91.4 |
VIE Assets | $ 4,529.7 | $ 4,846.1 |
Loans To And Investments In 101
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 01, 2016 | Dec. 31, 2009 | |
Equity Method Investment [Roll Forward] | |||||
Loans to and investments in associated companies beginning balance | $ 1,757,369 | $ 1,712,568 | $ 1,258,341 | ||
Income related to associated companies | 154,598 | 110,281 | 138,527 | ||
Income (losses) related to associated companies classified as other revenues | 17,184 | 75,717 | 90,242 | ||
Contributions to (distributions from) associated companies, net | (132,070) | (120,860) | 26,878 | ||
Other, including foreign exchange and unrealized gain (losses) | 328,017 | (20,337) | 198,580 | ||
Loans to and investments in associated companies ending balance | 2,125,098 | 1,757,369 | 1,712,568 | ||
Noncontrolling interests | 175,549 | 64,679 | |||
Jefferies Finance [Member] | |||||
Equity Method Investment [Roll Forward] | |||||
Loans to and investments in associated companies beginning balance | 528,575 | 508,891 | 470,537 | ||
Income related to associated companies | 0 | 0 | 0 | ||
Income (losses) related to associated companies classified as other revenues | (1,761) | 40,884 | 72,701 | ||
Contributions to (distributions from) associated companies, net | (36,350) | (21,200) | (34,347) | ||
Other, including foreign exchange and unrealized gain (losses) | 0 | 0 | 0 | ||
Loans to and investments in associated companies ending balance | $ 490,464 | 528,575 | 508,891 | ||
Percentage of ownership owned | 50.00% | ||||
Jefferies LoanCore [Member] | |||||
Equity Method Investment [Roll Forward] | |||||
Loans to and investments in associated companies beginning balance | $ 288,741 | 258,947 | 224,037 | ||
Income related to associated companies | 0 | 0 | 0 | ||
Income (losses) related to associated companies classified as other revenues | 21,221 | 36,554 | 18,793 | ||
Contributions to (distributions from) associated companies, net | (155,231) | (6,760) | 16,117 | ||
Other, including foreign exchange and unrealized gain (losses) | 0 | 0 | 0 | ||
Loans to and investments in associated companies ending balance | $ 154,731 | 288,741 | 258,947 | ||
Percentage of ownership owned | 48.50% | ||||
Berkadia [Member] | |||||
Equity Method Investment [Roll Forward] | |||||
Loans to and investments in associated companies beginning balance | $ 190,986 | 208,511 | 182,573 | ||
Income related to associated companies | 94,201 | 78,092 | 101,187 | ||
Income (losses) related to associated companies classified as other revenues | 0 | 0 | 0 | ||
Contributions to (distributions from) associated companies, net | (100,766) | (89,560) | (72,721) | ||
Other, including foreign exchange and unrealized gain (losses) | 22 | (6,057) | (2,528) | ||
Loans to and investments in associated companies ending balance | $ 184,443 | 190,986 | 208,511 | ||
Percentage of ownership owned | 50.00% | 50.00% | |||
Garcadia [Member] | |||||
Equity Method Investment [Roll Forward] | |||||
Loans to and investments in associated companies beginning balance | $ 172,660 | 167,939 | 120,017 | ||
Income related to associated companies | 52,266 | 53,182 | 49,416 | ||
Income (losses) related to associated companies classified as other revenues | 0 | 0 | 0 | ||
Contributions to (distributions from) associated companies, net | (39,111) | (48,461) | (1,494) | ||
Other, including foreign exchange and unrealized gain (losses) | 0 | 0 | 0 | ||
Loans to and investments in associated companies ending balance | $ 185,815 | 172,660 | 167,939 | ||
Percentage of ownership owned | 75.00% | ||||
Linkem [Member] | |||||
Equity Method Investment [Roll Forward] | |||||
Loans to and investments in associated companies beginning balance | $ 150,149 | 159,054 | 173,577 | ||
Income related to associated companies | (22,867) | (15,577) | (14,633) | ||
Income (losses) related to associated companies classified as other revenues | 0 | 0 | 0 | ||
Contributions to (distributions from) associated companies, net | 33,303 | 21,138 | 18,390 | ||
Other, including foreign exchange and unrealized gain (losses) | (6,585) | (14,466) | (18,280) | ||
Loans to and investments in associated companies ending balance | $ 154,000 | 150,149 | 159,054 | ||
Percentage of ownership owned | 42.00% | ||||
HomeFed Corporation [Member] | |||||
Equity Method Investment [Roll Forward] | |||||
Loans to and investments in associated companies beginning balance | $ 275,378 | 271,782 | 52,923 | ||
Income related to associated companies | 23,893 | 3,596 | 3,150 | ||
Income (losses) related to associated companies classified as other revenues | 0 | 0 | 0 | ||
Contributions to (distributions from) associated companies, net | 2,960 | 0 | 0 | ||
Other, including foreign exchange and unrealized gain (losses) | 0 | 0 | 215,709 | ||
Loans to and investments in associated companies ending balance | $ 302,231 | 275,378 | 271,782 | ||
Percentage of ownership owned | 65.00% | ||||
Golden Queen Mining Company, LLC [Member] | |||||
Equity Method Investment [Roll Forward] | |||||
Loans to and investments in associated companies beginning balance | $ 114,323 | 103,598 | 0 | ||
Income related to associated companies | (3,021) | (1,775) | (1,402) | ||
Income (losses) related to associated companies classified as other revenues | 0 | 0 | 0 | ||
Contributions to (distributions from) associated companies, net | 0 | 12,500 | 105,000 | ||
Other, including foreign exchange and unrealized gain (losses) | 0 | 0 | 0 | ||
Loans to and investments in associated companies ending balance | $ 111,302 | 114,323 | 103,598 | ||
Percentage of ownership owned | 35.00% | ||||
Noncontrolling interests | $ 32,800 | 33,700 | 33,700 | ||
Other [Member] | |||||
Equity Method Investment [Roll Forward] | |||||
Loans to and investments in associated companies beginning balance | 36,557 | 33,846 | 34,677 | ||
Income related to associated companies | 3,952 | (7,237) | 809 | ||
Income (losses) related to associated companies classified as other revenues | (2,276) | (1,721) | (1,252) | ||
Contributions to (distributions from) associated companies, net | 9,622 | 11,483 | (4,067) | ||
Other, including foreign exchange and unrealized gain (losses) | (3,401) | 186 | 3,679 | ||
Loans to and investments in associated companies ending balance | 44,454 | 36,557 | $ 33,846 | ||
FXCM [Member] | |||||
Equity Method Investment [Roll Forward] | |||||
Loans to and investments in associated companies beginning balance | 0 | ||||
Income related to associated companies | 1,919 | ||||
Income (losses) related to associated companies classified as other revenues | 0 | ||||
Contributions to (distributions from) associated companies, net | 0 | ||||
Other, including foreign exchange and unrealized gain (losses) | 334,339 | ||||
Loans to and investments in associated companies ending balance | 336,258 | 0 | |||
54 Madison [Member] | |||||
Equity Method Investment [Roll Forward] | |||||
Loans to and investments in associated companies beginning balance | 0 | ||||
Income related to associated companies | 4,255 | ||||
Income (losses) related to associated companies classified as other revenues | 0 | ||||
Contributions to (distributions from) associated companies, net | 153,503 | ||||
Other, including foreign exchange and unrealized gain (losses) | 3,642 | ||||
Loans to and investments in associated companies ending balance | $ 161,400 | $ 0 | |||
Percentage of ownership owned | 48.10% | ||||
Noncontrolling interests | $ 95,300 | ||||
Investment in FXCM [Member] | |||||
Equity Method Investment [Roll Forward] | |||||
Percentage of ownership owned | 49.90% | 49.90% |
Loans To And Investments In 102
Loans To And Investments In Associated Companies (Jefferies Finance) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment [Line Items] | |||
Investment banking | $ 1,193,973 | $ 1,417,807 | $ 1,526,637 |
Jefferies Finance [Member] | |||
Investment [Line Items] | |||
Equity commitment | 600,000 | ||
Funded equity commitments | $ 493,900 | ||
Investment commitment extension | 1 year | ||
Termination notice | 60 days | ||
Total line of credit facility commitment under joint venture | $ 500,000 | 500,000 | |
Credit facility, extension period | 1 year | ||
Funded portion of line of credit commitment | $ 0 | 19,300 | |
Line of credit facility commitment of Jefferies | 250,000 | 250,000 | |
Payable amount | 5,800 | ||
Receivables amount | 7,800 | ||
Jefferies [Member] | |||
Investment [Line Items] | |||
Investment banking | 112,600 | 122,700 | 199,500 |
Origination fees | 500 | 5,900 | 10,600 |
Placement agent fees | 2,600 | 6,200 | 4,600 |
Service fee income | $ 46,100 | 51,700 | 41,600 |
Net underwriting fees | $ 1,300 | $ 7,700 |
Loans To And Investments In 103
Loans To And Investments In Associated Companies (Jefferies LoanCore) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2016 | Mar. 31, 2016 | |
Investment [Line Items] | |||||
Interest income related to associated companies | $ 926,255 | $ 955,240 | $ 1,052,151 | ||
Securities purchased under agreements to resell | 3,862,488 | 3,854,746 | |||
Jefferies LoanCore [Member] | |||||
Investment [Line Items] | |||||
Percentage of Equity Interest Transferred to New Joint Venture Partner | 24.00% | ||||
Aggregate equity commitment | $ 400,000 | $ 600,000 | |||
Funded equity commitments | 70,100 | 207,400 | |||
Equity commitment | $ 194,000 | $ 291,000 | |||
Percentage of voting interest | 48.50% | 48.50% | |||
Interest income related to associated companies | $ 8,400 | $ 10,700 | $ 1,200 | ||
Securities purchased under agreements to resell | $ 68,100 | $ 175,100 |
Loans To And Investments In 104
Loans To And Investments In Associated Companies (Berkadia) (Narrative) (Details) - Berkadia [Member] - USD ($) $ in Millions | 12 Months Ended | 96 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2009 | Dec. 31, 2016 | |
Investment [Line Items] | |||
Capital contributed | $ 217.2 | ||
Percentage of ownership owned | 50.00% | 50.00% | 50.00% |
Contributions to (distributions from) associated companies, net | $ 494.6 | ||
Surety policy issued | $ 2,500 | ||
Reimbursement of losses incurred, maximum percentage | 50.00% | 50.00% | |
Commercial paper | $ 1,470 | $ 1,470 |
Loans To And Investments In 105
Loans To And Investments In Associated Companies (FXCM) (Narrative) (Details) | Dec. 31, 2016 | Sep. 01, 2016 |
Investment in FXCM [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Percentage of ownership owned | 49.90% | 49.90% |
Loans To And Investments In 106
Loans To And Investments In Associated Companies Loans To And Investments in Associated Companies (Garcadia) (Narrative) (Details) - Garcadia [Member] | 12 Months Ended |
Dec. 31, 2016facility | |
Investment [Line Items] | |
Number of automobile dealerships | 28 |
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 | 28 |
Percent of cash allocated | 35.00% |
Loans To And Investments In 107
Loans To And Investments In Associated Companies (Linkem) (Narrative) (Details) - Linkem [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Investment [Line Items] | |
Percentage of ownership owned | 42.00% |
Cash consideration | $ 142.9 |
Dividend rate on preferred stock | 5.00% |
Percentage of ownership upon conversion of preferred shares | 57.00% |
Excess investment amortization period, years | 12 years |
Loans To And Investments In 108
Loans To And Investments In Associated Companies (HomeFed) (Narrative) (Details) - HomeFed Corporation [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
Investment [Line Items] | ||
Shares of common stock owned | 10,054,226 | |
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 109
Loans To And Investments In Associated Companies (Golden Queen Mining Company) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | |
Investment [Line Items] | |||||
Contributions from noncontrolling interests | $ 154,522 | $ 16,189 | $ 72,221 | ||
Golden Queen Mining Company, LLC [Member] | |||||
Investment [Line Items] | |||||
Prior ownership percentage | 100.00% | ||||
Percentage of ownership owned | 35.00% | ||||
Golden Queen Mining Co, Ltd [Member] | |||||
Investment [Line Items] | |||||
Ownership percentage | 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% | ||||
Total investment in associated company | $ 117,500 | ||||
Clay Family [Member] | |||||
Investment [Line Items] | |||||
Contributions from noncontrolling interests | $ 34,500 |
Loans To And Investments In 110
Loans To And Investments In Associated Companies (54 Madison) (Narrative) (Details) - 54 Madison [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Investments in and Advances to Affiliates [Line Items] | |
Percentage of ownership owned | 48.10% |
Cash consideration | $ 153.5 |
Contributions from noncontrolling interests | $ 90.7 |
Loans To And Investments In 111
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments in and Advances to Affiliates [Line Items] | |||
Assets | $ 45,071,307 | $ 46,331,184 | $ 52,614,324 |
Liabilities | 34,305,849 | 35,548,661 | |
Noncontrolling interests | 175,549 | 64,679 | |
The Company’s income related to associated companies | 171,782 | 185,998 | 228,769 |
Undistributed earnings of equity method investments | 126,200 | ||
Associated Companies [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Assets | 16,964,850 | 18,489,684 | |
Liabilities | 13,097,022 | 14,990,876 | |
Noncontrolling interests | 132,789 | 39,038 | |
Revenues | 4,275,016 | 3,946,252 | 3,201,823 |
Income from continuing operations before extraordinary items | 422,167 | 398,369 | 431,654 |
Net income | 430,291 | 398,369 | 431,654 |
The Company’s income related to associated companies | $ 171,782 | $ 185,998 | $ 228,769 |
Financial Statement Offsetti112
Financial Statement Offsetting (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting [Abstract] | ||
Derivative contracts, Gross Amounts | $ 4,627,076 | $ 4,428,245 |
Derivative contracts, Netting in Consolidated Statement of Financial Condition | (4,255,998) | (4,165,446) |
Derivative contracts, Net Amounts in Consolidated Statement of Financial Condition | 371,078 | 262,799 |
Derivative assets contracts, Additional Amounts Available for Setoff | 0 | 0 |
Derivative assets contracts, Available Collateral | 0 | 0 |
Derivative assets contracts, Net Amount | 371,078 | 262,799 |
Securities borrowing arrangements, Gross Amounts | 7,743,562 | 6,975,136 |
Securities borrowing agreements, Netting in Consolidated Statement of Financial Condition | 0 | 0 |
Securities borrowing arrangements, Net Amounts in Consolidated Statement of Financial Condition | 7,743,562 | 6,975,136 |
Securities borrowing agreements, Additional Amounts Available for Setoff | 710,611 | 478,991 |
Securities borrowing agreements, Available Collateral | 647,290 | 667,099 |
Securities borrowing agreements, Net Amount | 6,385,661 | 5,829,046 |
Reverse repurchase agreements, Gross Amounts | 14,083,144 | 14,046,300 |
Reverse repurchase agreements, Netting in Consolidated Statement of Financial Condition | 10,220,656 | 10,191,554 |
Reverse repurchase agreements, Net Amounts in Consolidated Statement of Financial Condition | 3,862,488 | 3,854,746 |
Reverse repurchase agreements, Additional Amounts Available for Setoff | 176,275 | 83,452 |
Reverse repurchase agreements, Available Collateral | 3,591,654 | 3,745,215 |
Reverse repurchase agreements, Net Amount | 94,559 | 26,079 |
Derivative contracts, Gross Amounts | 4,880,022 | 4,476,241 |
Derivative assets contacts, Netting in Consolidated Statement of Financial Condition | (4,229,213) | (4,257,998) |
Derivative contracts, Net Amounts in Consolidated Statement of Financial Condition | 650,809 | 218,243 |
Derivative liabilities contracts, Additional Amounts Available for Setoff | 0 | 0 |
Derivative liabilities contracts, Available Collateral | 0 | 0 |
Derivative liabilities contracts, Net Amount | 650,809 | 218,243 |
Securities lending arrangements, Gross Amounts | 2,819,132 | 3,014,300 |
Securities lending arrangements, Netting in Consolidated Statement of Financial Condition | 0 | 0 |
Securities lending arrangements, Net Amounts in Consolidated Statement of Financial Condition | 2,819,132 | 3,014,300 |
Securities lending arrangements, Additional Amounts Available for Setoff | 710,611 | 478,991 |
Securities lending arrangements, Available Collateral | 2,064,299 | 2,499,395 |
Securities lending arrangements, Net Amount | 44,222 | 35,914 |
Repurchase agreements, Gross Amounts | 17,012,332 | 20,158,422 |
Repurchase agreements, Netting in Consolidated Statement of Financial Condition | 10,220,656 | 10,191,554 |
Repurchase agreements, Net Amounts in Consolidated Statement of Financial Condition | 6,791,676 | 9,966,868 |
Repurchase agreements, Additional Amounts Available for Setoff | 176,275 | 83,452 |
Repurchase agreements, Available Collateral | 5,780,909 | 8,068,468 |
Repurchase agreements, Net Amount | 834,492 | 1,814,948 |
Securities borrowing arrangements, subject to review | 6,337,500 | 5,796,100 |
Securities borrowing arrangements, collateral received, subject to review | 6,146,000 | 5,613,300 |
Repurchase agreements, subject to review | 810,400 | 1,807,200 |
Repurchase agreements, collateral pledged, subject to review | $ 834,200 | $ 1,875,300 |
Intangible Assets, Net And G113
Intangible Assets, Net And Goodwill (Schedule Of Intangible Assets, Net And Goodwill) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Intangible Assets [Line Items] | ||
Intangible assets, net (excluding goodwill) | $ 797,964 | $ 912,021 |
Goodwill | 1,715,714 | 1,736,341 |
Total intangible assets, net and goodwill | 2,513,678 | 2,648,362 |
Other Operations [Member] | ||
Intangible Assets [Line Items] | ||
Goodwill | 3,859 | 8,551 |
National Beef [Member] | ||
Intangible Assets [Line Items] | ||
Goodwill | 14,991 | 14,991 |
Jefferies [Member] | ||
Intangible Assets [Line Items] | ||
Goodwill | 1,696,864 | 1,712,799 |
Customer And Other Relationships [Member] | ||
Intangible Assets [Line Items] | ||
Intangible assets, net (excluding goodwill) | 378,136 | 456,222 |
Intangibles, accumulated amortization | 198,674 | 191,761 |
Trademarks And Tradename [Member] | ||
Intangible Assets [Line Items] | ||
Intangible assets, net (excluding goodwill) | 309,382 | 330,172 |
Intangibles, accumulated amortization | 78,778 | 64,052 |
Supply Contracts [Member] | ||
Intangible Assets [Line Items] | ||
Intangible assets, net (excluding goodwill) | 95,733 | 109,311 |
Intangibles, accumulated amortization | 47,867 | 40,684 |
Other Intangible Assets [Member] | ||
Intangible Assets [Line Items] | ||
Intangible assets, net (excluding goodwill) | 5,672 | 4,419 |
Intangibles, accumulated amortization | 2,914 | 5,216 |
Exchange And Clearing Organization Membership Interests And Registrations [Member] | ||
Intangible Assets [Line Items] | ||
Indefinite lived intangibles | $ 9,041 | $ 11,897 |
Intangible Assets, Net And G114
Intangible Assets, Net And Goodwill (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Assets [Line Items] | |||
Amortization expense on intangible assets | $ 63.4 | $ 63.9 | $ 66.2 |
Future amortization expense, 2017 | 58.5 | ||
Future amortization expense, 2018 | 58.5 | ||
Future amortization expense, 2019 | 58.5 | ||
Future amortization expense, 2020 | 58.5 | ||
Future amortization expense, 2021 | 58.1 | ||
Jefferies [Member] | |||
Intangible Assets [Line Items] | |||
Impairment loss | $ 1.3 | $ 1.3 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory, Net [Abstract] | ||
Finished goods | $ 243,488 | $ 211,426 |
Work in process | 35,714 | 34,091 |
Raw materials, supplies and other | 30,733 | 42,556 |
Inventory, net | $ 309,935 | $ 288,073 |
Property, Equipment And Leas116
Property, Equipment And Leasehold Improvements, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 1,227,368 | $ 1,260,552 |
Accumulated depreciation and amortization | (518,126) | (538,677) |
Property, equipment and leasehold improvements, net | 709,242 | 721,875 |
Land, Buildings And Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 379,927 | 371,383 |
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 | 25 years | |
Beef Processing Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 330,453 | 315,238 |
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 | $ 30,716 | 113,412 |
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 | 104,862 |
Depreciable Lives | 10 years | |
Furniture, Fixtures And Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 323,276 | 311,845 |
Furniture, Fixtures And Office Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 3 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 | $ 54,693 | 38,903 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 3,441 | $ 4,909 |
Other [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 3 years | |
Other [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable Lives | 10 years |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) | Feb. 19, 2016USD ($) | Oct. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2015USD ($) | Dec. 14, 2015USD ($) |
Short-term Debt [Line Items] | ||||||
Short-term borrowings | $ 525,842,000 | $ 310,659,000 | ||||
Debt interest rate | 1.77% | 1.77% | 0.85% | |||
Euro Medium Term Note Program [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Debt instrument, face amount | $ 2,000,000,000 | |||||
Floating Rate Puttable Notes [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term borrowings | 96,455,000 | $ 0 | ||||
Debt instrument, face amount | € | € 91,000,000 | |||||
Demand Loan Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Committed amount | $ 25,000,000 | |||||
Demand Loan Facility [Member] | LIBOR [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 150.00% | |||||
Loans [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term borrowings | 372,301,000 | 262,000,000 | ||||
Line of Credit [Member] | Loan Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Committed amount | $ 50,000,000 | $ 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 | $ 250,000,000 | |||||
Line of Credit [Member] | Intraday Credit Facility [Member] | Federal Funds Rate [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
Revolving Credit Facility [Member] | Secured Revolving Loan Facility [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Short-term borrowings | $ 57,086,000 | $ 48,659,000 | ||||
Revolving Credit Facility [Member] | Secured Revolving Loan Facility [Member] | LIBOR [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Basis spread on variable rate | 4.25% |
Long-Term Debt (Schedule Of Deb
Long-Term Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 7,380,443 | $ 7,400,582 | |
Long-term debt, fair value | 248,856 | ||
Debt matures in 2018 | 1,172,200 | ||
Debt maturities in 2019 | 958,400 | ||
Subsidiary [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 6,392,552 | 6,413,760 | |
Parent Company [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 987,891 | 986,822 | |
Credit Facility [Member] | Foursight Capital [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 97,138 | 109,501 | |
5.50% Senior Notes due October 18, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 741,264 | $ 740,239 | |
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 | $ 246,627 | $ 246,583 | |
Interest rate | 6.625% | 6.625% | |
Maturity date | Oct. 23, 2043 | Oct. 23, 2043 | |
Principal | $ 250,000 | $ 250,000 | |
5.5% Senior Notes, due March 15, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | $ 353,025 | |
Interest rate | 5.50% | 5.50% | |
Maturity date | Mar. 15, 2016 | Mar. 15, 2016 | |
Principal | $ 0 | $ 350,000 | |
5.125% Senior Notes, due April 13, 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 817,813 | $ 830,298 | |
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 | $ 778,367 | $ 806,125 | |
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 | $ 528,250 | $ 526,436 | |
Interest rate | 2.375% | 2.375% | |
Maturity date | May 20, 2020 | May 20, 2020 | |
Principal | $ 529,975 | $ 528,625 | |
6.875% Senior Notes, due April 15, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 823,797 | $ 838,765 | |
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 | $ 3,848 | $ 3,779 | |
Interest rate | 2.25% | 2.25% | |
Maturity date | Jul. 13, 2022 | Jul. 13, 2022 | |
Principal | $ 4,240 | $ 4,229 | |
5.125% Senior Notes, due January 20, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 618,355 | $ 620,890 | |
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 | $ 377,806 | $ 379,711 | |
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 | $ 346,163 | $ 347,307 | |
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 | $ 512,396 | $ 512,730 | |
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 | $ 421,333 | $ 421,656 | |
Interest rate | 6.50% | 6.50% | |
Maturity date | Jan. 20, 2043 | Jan. 20, 2043 | |
Principal | $ 400,000 | $ 400,000 | |
Structured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 255,203 | 0 | |
Long-term debt, fair value | 248,900 | ||
Debt matures in 2018 | 6,300 | ||
Debt maturities in 2019 | 10,700 | ||
Debt maturities in 2024 or thereafter | 238,200 | ||
Term Loan [Member] | National Beef [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 273,811 | 310,000 | |
Interest rate | 2.60% | ||
Term Loan [Member] | 54 Madison [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 406,028 | 116,211 | |
Revolving Credit Facility [Member] | National Beef [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 120,080 | |
Other [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 132,244 | $ 117,246 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 12 Months Ended | ||||||
Dec. 31, 2016USD ($)Contract$ / sharesshares | Jan. 01, 2017USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Jan. 21, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||||
Assets pledged for indebtedness | $ 2,000,000,000 | ||||||
Nonrecourse indebtedness collateralized by assets | 916,000,000 | ||||||
Debt subject to mandatory redemption, 2017 | 420,700,000 | ||||||
Debt subject to mandatory redemption, 2018 | 1,172,200,000 | ||||||
Debt subject to mandatory redemption, 2019 | 958,400,000 | ||||||
Debt subject to mandatory redemption, 2020 | 669,000,000 | ||||||
Debt subject to mandatory redemption, 2021 | 792,000,000 | ||||||
Long-term debt, fair value | 248,856,000 | ||||||
Long-term debt | 7,380,443,000 | $ 7,400,582,000 | |||||
National Beef [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate outstanding letters of credit | 12,500,000 | ||||||
Foursight Capital [Member] | Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 97,138,000 | $ 109,501,000 | |||||
3.875% Convertible Senior Debentures, due November 1, 2029 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.875% | 3.875% | 3.875% | ||||
Conversion price per common share for convertible notes (USD per share) | $ / shares | $ 43.93 | ||||||
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 | ||||||
Incremental principal amount of notes | $ 1,000 | ||||||
Shares issuable upon conversion per $1000 debenture | shares | 22.7634 | ||||||
Principal | $ 345,000,000 | $ 345,000,000 | |||||
Long-term debt | 346,163,000 | 347,307,000 | |||||
Revolving Credit Facility [Member] | National Beef [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 0 | 120,080,000 | |||||
Credit facility term loan, maximum amount | 285,000,000 | $ 285,000,000 | $ 375,000,000 | ||||
Revolving Credit Facility [Member] | National Beef [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amount of revolver available | $ 234,500,000 | ||||||
Term Loan [Member] | National Beef [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.60% | ||||||
Long-term debt | $ 273,811,000 | 310,000,000 | |||||
Term Loan [Member] | 54 Madison [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 406,028,000 | 116,211,000 | |||||
Term Loan [Member] | 54 Madison [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.20% | ||||||
Term Loan [Member] | 54 Madison [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6.00% | ||||||
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% | ||||||
Structured Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt subject to mandatory redemption, 2018 | $ 6,300,000 | ||||||
Debt subject to mandatory redemption, 2019 | 10,700,000 | ||||||
Long-term debt, fair value | 248,900,000 | ||||||
Long-term debt | 255,203,000 | $ 0 | |||||
Structured Notes [Member] | Jefferies [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 275,400,000 | ||||||
Long-term debt, fair value | $ 248,900,000 | ||||||
Class A Notes, Due 2022 [Member] | Jefferies [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal | $ 15,000,000 | ||||||
Class B Notes, Due 2022 [Member] | Jefferies [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal | $ 7,500,000 | ||||||
6.0% Term Loan Due January 2018 [Member] | 54 Madison [Member] | Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6.00% | ||||||
Long-term debt | $ 63,900,000 | ||||||
5.5% Term Loan Maturing in February 2019 [Member] | 54 Madison [Member] | Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.50% | ||||||
Long-term debt | $ 162,500,000 | ||||||
3.5% Term Loan Due March 2019 [Member] | 54 Madison [Member] | Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.50% | ||||||
Long-term debt | $ 500,000 | ||||||
4.15% Term Loan Maturing in April 2019 [Member] | 54 Madison [Member] | Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.15% | ||||||
Long-term debt | $ 79,000,000 | ||||||
5.5% Term Loan Due January 2020 [Member] | 54 Madison [Member] | Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.50% | ||||||
Long-term debt | $ 104,000,000 | ||||||
3.5% Term Loan Due January 2020 [Member] | 54 Madison [Member] | Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.50% | ||||||
Long-term debt | $ 500,000 | ||||||
Foursight Credit Facilities [Member] | Foursight Capital [Member] | Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Assets pledged for indebtedness | 115,200,000 | ||||||
Credit facility term loan, maximum amount | $ 200,000,000 | ||||||
Number of warehouse credit commitment | Contract | 2 | ||||||
Foursight Credit Facility Due 2017 [Member] | Foursight Capital [Member] | Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 43,100,000 | ||||||
Subsequent Event [Member] | Senior Notes Due 2027 [Member] | Jefferies [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.85% | ||||||
Debt instrument, face amount | $ 750,000,000 |
Mezzanine Equity (Narrative) (D
Mezzanine Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 30, 2021 | Dec. 30, 2018 | Dec. 30, 2016 | Dec. 31, 2015 | |
Purchase Requirement [Line Items] | |||||
Redeemable noncontrolling interests | $ 336,809 | $ 191,633 | |||
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 | ||||
Other [Member] | |||||
Purchase Requirement [Line Items] | |||||
Redeemable noncontrolling interests | $ 14,800 | ||||
Conwed Plastics [Member] | |||||
Purchase Requirement [Line Items] | |||||
Redeemable noncontrolling interests | $ 2,300 | ||||
Jefferies [Member] | |||||
Purchase Requirement [Line Items] | |||||
Dividend rate on preferred stock | 3.25% | ||||
National Beef [Member] | Put Rights [Member] | |||||
Purchase Requirement [Line Items] | |||||
Put right interest percentage | 33.30% | ||||
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% |
Mezzanine Equity (Schedule Of R
Mezzanine Equity (Schedule Of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Redeemable Noncontrolling Interest [Roll Forward] | |||||||||||
Beginning balance | $ 191,633 | $ 191,633 | |||||||||
Income (loss) allocated to redeemable noncontrolling interests | $ 25,662 | $ 22,702 | $ 13,068 | 4,314 | $ (10,612) | $ (6,788) | $ (2,031) | $ (7,112) | 65,746 | $ (26,543) | $ (8,616) |
Increase in fair value of redeemable noncontrolling interests charged to additional paid-in capital | (115,963) | (26,325) | 45,401 | ||||||||
Ending balance | 336,809 | 191,633 | 336,809 | 191,633 | |||||||
National Beef [Member] | |||||||||||
Redeemable Noncontrolling Interest [Roll Forward] | |||||||||||
Beginning balance | $ 189,358 | $ 184,333 | 189,358 | 184,333 | |||||||
Income (loss) allocated to redeemable noncontrolling interests | 68,811 | (26,465) | |||||||||
Contributions from redeemable noncontrolling interests | 0 | 5,263 | |||||||||
Distributions to redeemable noncontrolling interests | (53,701) | 0 | |||||||||
Increase in fair value of redeemable noncontrolling interests charged to additional paid-in capital | 117,494 | 26,227 | |||||||||
Ending balance | $ 321,962 | $ 189,358 | $ 321,962 | $ 189,358 | $ 184,333 |
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, 2016USD ($) |
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 2.00% 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 | 2.00% |
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 10.65% [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount growth rate assumed in determining fair value | 10.65% |
Discount Rate 10.65% [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 | $ 326.5 |
Discount Rate 10.65% [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 | 331 |
Discount Rate 10.65% [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 | $ 335.7 |
Discount Rate 10.90% [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount growth rate assumed in determining fair value | 10.90% |
Discount Rate 10.90% [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 | $ 317.8 |
Discount Rate 10.90% [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 | 322 |
Discount Rate 10.90% [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 | $ 326.3 |
Discount Rate 11.15% [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount growth rate assumed in determining fair value | 11.15% |
Discount Rate 11.15% [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 | $ 309.6 |
Discount Rate 11.15% [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 | 313.4 |
Discount Rate 11.15% [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 | $ 317.5 |
Compensation Plans (Narrative)
Compensation Plans (Narrative) (Details) | Feb. 19, 2016shares | Mar. 21, 2014shares | Jan. 31, 2017shares | Dec. 31, 2016USD ($)Installment$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013shares | Mar. 01, 2013plan | Dec. 31, 2011shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of award plans | plan | 2 | ||||||||
Share-based compensation | $ | $ 33,597,000 | $ 74,087,000 | $ 109,838,000 | ||||||
Shares reserved for stock options and warrants | 641,478 | 4,661,272 | |||||||
Unamortized portion of compensation expense for restricted cash awards | $ | $ 468,300,000 | ||||||||
Tax benefit for issuance of share-based awards | $ | 12,400,000 | $ 27,300,000 | 39,900,000 | ||||||
Total unrecognized compensation costs related to nonvested share-based compensation plans | $ | $ 49,200,000 | ||||||||
Total unrecognized compensation costs related to nonvested share-based compensation plans, period for recognition | 1 year 10 months | ||||||||
Net tax benefit related to share-based compensation plans recognized as additional paid in capital | $ | $ 4,200,000 | 5,900,000 | (1,300,000) | ||||||
Potential maximum increase to common shares outstanding from restricted stock and other shares | 14,650,000 | ||||||||
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 | 14,838,855 | ||||||||
1999 Stock Option Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock available for grant | 0 | ||||||||
Senior Executive Warrant Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock available for grant | 0 | ||||||||
Number of securities called by warrants (shares) | 2,000,000 | ||||||||
Share-based compensation | $ | $ 1,000,000 | $ 5,300,000 | |||||||
Sign-on and Retention Awards [Member] | Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period for award granted | 4 years | ||||||||
Award amortization period | 4 years | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grants, weighted average grant date fair value (USD per share) | $ / shares | $ 18.23 | $ 18.63 | $ 27.03 | ||||||
Grants (shares) | 356,000 | 602,000 | 864,000 | ||||||
Restricted shares, future service required | 1,362,000 | 2,004,000 | 3,383,000 | 5,242,000 | |||||
Restricted Stock Units (RSUs) [Member] | Senior Executive Compensation Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grants, weighted average grant date fair value (USD per share) | $ / shares | $ 9.68 | ||||||||
Grants (shares) | 3,434,000 | ||||||||
Restricted shares, future service required | 3,434,000 | 0 | |||||||
Restricted Stock Units (RSUs) [Member] | Directors Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period for award granted | 3 years | ||||||||
Value of shares to be granted to each non employee director | $ | $ 120,000 | ||||||||
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 | 108,000 | 106,000 | |||||||
Grants, weighted average grant date fair value (USD per share) | $ / shares | $ 13.53 | $ 18.13 | |||||||
Restricted Stock Units (RSUs) [Member] | Dividend Equivalents [Member] | Senior Executive Compensation Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Dividend equivalents declared on restricted stock units | 47,000 | ||||||||
Grants, weighted average grant date fair value (USD per share) | $ / shares | $ 13.63 | ||||||||
Directors Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock available for grant | 340,759 | ||||||||
Shares issuable upon settlement of deferred shares | 307,322 | ||||||||
Stock Appreciation Rights (SARs) [Member] | 1999 Stock Option Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grants (shares) | 0 | ||||||||
Other Shares Issuable [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Other shares issuable | 800,000 | ||||||||
Future Service Required [Member] | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted shares, future service required | 1,362,000 | ||||||||
Future Service Required [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grants, weighted average grant date fair value (USD per share) | $ / shares | $ 0 | $ 0 | $ 0 | ||||||
Grants (shares) | 0 | 0 | 0 | ||||||
Restricted shares, future service required | 68,000 | 3,388,000 | 4,238,000 | 4,793,000 | |||||
Future Service Required [Member] | Restricted Stock Units (RSUs) [Member] | Incentive Plan and Senior Executive Compensation Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted shares, future service required | 3,502,000 | ||||||||
No Future Service Required [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grants, weighted average grant date fair value (USD per share) | $ / shares | $ 14.21 | $ 18.95 | $ 20.89 | ||||||
Grants (shares) | 128,000 | 121,000 | 97,000 | ||||||
Restricted shares, no future service required | 10,348,000 | 8,583,000 | 8,467,000 | 8,316,000 | |||||
Senior Executives [Member] | Restricted Stock Units (RSUs) [Member] | Senior Executive Compensation Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award performance measurement period | 3 years | ||||||||
Percentage of compensation beyond base salary will be performance-based | 100.00% | ||||||||
Employee service share-based compensation, holding period | 3 years | ||||||||
Stock price | $ / shares | $ 17.39 | ||||||||
Performance measurement benchmark, percentage | 8.00% | ||||||||
Additional incentive compensation, percentage | 50.00% | ||||||||
Employees [Member] | 1999 Stock Option Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of annual installments | Installment | 5 | ||||||||
Director [Member] | 1999 Stock Option Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of annual installments | Installment | 4 | ||||||||
Minimum [Member] | Senior Executives [Member] | Restricted Stock Units (RSUs) [Member] | Senior Executive Compensation Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance measurement benchmark, percentage | 4.00% | ||||||||
Number of awards eligible | 846,882 | ||||||||
Maximum [Member] | Senior Executives [Member] | Restricted Stock Units (RSUs) [Member] | Senior Executive Compensation Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance measurement benchmark, percentage | 12.00% | ||||||||
Number of awards eligible | 1,693,766 | ||||||||
Subsequent Event [Member] | Senior Executives [Member] | Restricted Stock Units (RSUs) [Member] | 2017 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance measurement benchmark, percentage | 8.00% | ||||||||
Subsequent Event [Member] | Minimum [Member] | Senior Executives [Member] | Restricted Stock Units (RSUs) [Member] | 2017 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance measurement benchmark, percentage | 4.00% | ||||||||
Number of awards eligible | 537,634 | ||||||||
Subsequent Event [Member] | Maximum [Member] | Senior Executives [Member] | Restricted Stock Units (RSUs) [Member] | 2017 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance measurement benchmark, percentage | 12.00% | ||||||||
Number of awards eligible | 1,075,268 | ||||||||
Additional incentive compensation, percentage | 50.00% |
Compensation Plans (Activity of
Compensation Plans (Activity of Restricted Stock) (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shares | |||
Balance, beginning of period (shares) | 2,004 | 3,383 | 5,242 |
Grants (shares) | 356 | 602 | 864 |
Forfeited (shares) | (24) | (94) | (202) |
Fulfillment of service requirement (shares) | (974) | (1,887) | (2,521) |
Balance, end of period (shares) | 1,362 | 2,004 | 3,383 |
Weighted- Average Grant Date Fair Value | |||
Balance, beginning of period (USD per share) | $ 24.56 | $ 27 | $ 26,940 |
Grants (USD per share) | 18.23 | 18.63 | 27.03 |
Forfeited (USD per share) | 26.90 | 28.12 | 26.90 |
Fulfillment of service requirement (USD per share) | 25.65 | 26.87 | 26.89 |
Balance, end of period (USD per share) | $ 22.09 | $ 24.56 | $ 27 |
Compensation Plans (Activity125
Compensation Plans (Activity of Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Future Service Required [Member] | |||
Shares | |||
Balance, beginning of period (shares) | 3,388 | 4,238 | 4,793 |
Grants (shares) | 0 | 0 | 0 |
Distributions of underlying shares | 0 | 0 | 0 |
Forfeited (shares) | 0 | (626) | (135) |
Fulfillment of service requirement (shares) | (3,320) | (224) | (420) |
Balance, end of period (shares) | 68 | 3,388 | 4,238 |
Weighted- Average Grant Date Fair Value | |||
Balance, beginning of period (USD per share) | $ 26.90 | $ 26.90 | $ 26.90 |
Grants (USD per share) | 0 | 0 | 0 |
Distribution of underlying shares (USD per share) | 0 | 0 | 0 |
Forfeited (USD per share) | 0 | 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 | 8,583 | 8,467 | 8,316 |
Grants (shares) | 128 | 121 | 97 |
Distributions of underlying shares | (1,683) | (229) | (366) |
Forfeited (shares) | 0 | 0 | 0 |
Fulfillment of service requirement (shares) | (3,320) | (224) | (420) |
Balance, end of period | 10,348 | 8,583 | 8,467 |
Weighted- Average Grant Date Fair Value | |||
Balance, beginning of period (USD per share) | $ 26.68 | $ 26.79 | $ 26.86 |
Grants (USD per share) | 14.21 | 18.95 | 20.89 |
Distribution of underlying shares (USD per share) | 26.59 | 22.34 | 26.85 |
Forfeited (USD per share) | 0 | 0 | 0 |
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) | $ 26.61 | $ 26.68 | $ 26.79 |
Senior Executive Compensation Plan [Member] | |||
Shares | |||
Balance, beginning of period (shares) | 0 | ||
Grants (shares) | 3,434 | ||
Forfeited (shares) | 0 | ||
Balance, end of period (shares) | 3,434 | 0 | |
Weighted- Average Grant Date Fair Value | |||
Balance, beginning of period (USD per share) | $ 0 | ||
Grants (USD per share) | 9.68 | ||
Forfeited (USD per share) | 0 | ||
Balance, end of period (USD per share) | $ 9.68 | $ 0 |
Compensation Plans (Summary Of
Compensation Plans (Summary Of Company's Stock Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Shares Subject to Option | |||
Beginning balance (shares) | 661,272 | 1,640,034 | 2,417,248 |
Granted (shares) | 0 | 0 | 0 |
Exercised (shares) | 0 | (2,030) | (35,536) |
Cancelled (shares) | (19,794) | (976,732) | (741,678) |
Ending balance (shares) | 641,478 | 661,272 | 1,640,034 |
Exercisable (shares) | 503,430 | ||
Weighted- Average Exercise Prices | |||
Weighted-Average Exercise Prices, Beginning balance (USD per share) | $ 24.97 | $ 24.91 | $ 25.64 |
Weighted-Average Exercise Prices, Granted (USD per share) | 0 | 0 | 0 |
Weighted-Average Exercise Prices, Exercised (USD per share) | 0 | 21.66 | 22.87 |
Weighted-Average Exercise Prices, Cancelled (USD per share) | 30.49 | 24.88 | 27.39 |
Weighted-Average Exercise Prices, Ending balance (USD per share) | 24.80 | $ 24.97 | $ 24.91 |
Weighted-Average Exercise Prices, Exercisable (USD per share) | $ 25.31 | ||
Weighted-Average Remaining Contractual Term | 1 year 1 month 6 days | ||
Weighted-Average Remaining Contractual Term, Exercisable | 9 months 18 days | ||
Aggregate Intrinsic Value, Exercised | $ 0 | $ 6 | $ 58 |
Aggregate Intrinsic Value, Outstanding | 144 | ||
Aggregate Intrinsic Value, Exercisable | $ 93 |
Accumulated Other Comprehens127
Accumulated Other Comprehensive Income (Summary Of Accumulated Other Comprehensive Income, Net Of Taxes) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income, net | $ 310,697 | $ 438,793 | $ 447,082 |
Net unrealized gains on available for sale securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income, net | 561,497 | 557,601 | 577,588 |
Net unrealized foreign exchange losses [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income, net | (184,829) | (63,248) | (26,771) |
Net change in instrument specific credit risk [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income, net | (6,494) | 0 | 0 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income, net | $ (59,477) | $ (55,560) | $ (103,735) |
Accumulated Other Comprehens128
Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income Reclassifications) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net realized securities gains | $ 29,542 | $ 62,957 | $ 30,394 |
Income tax provision | 122,109 | 109,947 | $ 165,971 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,534) | (31,102) | |
Reclassification from AOCI, current period, tax | (700) | (17,159) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,530) | (20,172) | |
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 | 4 | 10,930 | |
Income tax provision | $ 2 | $ 6,068 |
Pension Plans And Postretire129
Pension Plans And Postretirement Benefits (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)portfolio | Dec. 31, 2015USD ($)participant | Dec. 31, 2014USD ($) | |
Pension Plan Disclosure [Line Items] | |||
Number of portfolios | portfolio | 2 | ||
Pension expense | $ 9,600 | $ 9,600 | $ 9,300 |
U.S. Pension Plans [Member] | |||
Pension Plan Disclosure [Line Items] | |||
Settlement charge | 0 | 40,973 | $ 0 |
Charge to accumulated other comprehensive income (loss) | 58,900 | 54,000 | |
Accrued pension cost | 77,900 | $ 89,300 | |
Estimated net loss that will be amortized from AOCI next year | 2,200 | ||
Estimated employer contributions in 2017 | $ 11,800 | ||
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% | ||
Equity Risk Premium over Cash | 4.00% | ||
Expected long-term rate of return assumption | 7.00% | 4.00% | |
U.S. Pension Plans [Member] | WilTel [Member] | Minimum [Member] | |||
Pension Plan Disclosure [Line Items] | |||
Long Duration Risk Free Real Rate of Return | 1.00% | ||
Return Premium for Corporate Credit Risk | 1.00% | ||
U.S. Pension Plans [Member] | WilTel [Member] | Maximum [Member] | |||
Pension Plan Disclosure [Line Items] | |||
Long Duration Risk Free Real Rate of Return | 1.50% | ||
Return Premium for Corporate Credit Risk | 1.50% | ||
U.S. Pension Plans [Member] | Jefferies [Member] | |||
Pension Plan Disclosure [Line Items] | |||
Expected long-term rate of return assumption | 6.25% | 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) | $ 5,700 | $ 4,900 | |
Investment in Insurance contract | $ 15,200 | $ 15,300 |
Pension Plans And Postretire130
Pension Plans And Postretirement Benefits (Components Of Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Pension Plans [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 207,025 | $ 352,126 | |
Interest cost | 8,464 | 12,958 | $ 14,239 |
Actuarial (gains) losses | (544) | (35,799) | |
Benefits paid | (9,540) | (122,260) | |
Projected benefit obligation at end of year | 205,405 | 207,025 | 352,126 |
Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 117,719 | 240,010 | |
Actual return on plan assets | 2,947 | (250) | |
Employer contributions | 19,100 | 1,000 | |
Administrative expenses | (2,712) | (781) | |
Fair value of plan assets at end of year | 127,514 | 117,719 | 240,010 |
Funded status at end of year | (77,891) | (89,306) | |
German Pension Plan [Member] | |||
Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | 23,545 | 28,434 | |
Interest cost | 529 | 523 | 801 |
Actuarial (gains) losses | (1,157) | 40 | |
Currency adjustment | 39 | (4,303) | |
Benefits paid | (1,104) | (1,069) | |
Projected benefit obligation at end of year | $ 24,166 | $ 23,545 | $ 28,434 |
Pension Plans And Postretire131
Pension Plans And Postretirement Benefits (Components Of Pension Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 8,464 | $ 12,958 | $ 14,239 |
Expected return on plan assets | (7,589) | (10,581) | (10,115) |
Settlement charge | 0 | (40,973) | 0 |
Actuarial losses | 1,908 | 6,963 | 4,634 |
Net periodic pension cost | 2,783 | 50,313 | 8,758 |
Net (gain) loss arising during the period | 6,811 | (24,186) | 52,027 |
Amortization of net loss | (1,908) | (6,963) | (4,634) |
Total recognized in other comprehensive income (loss) | 4,903 | (72,122) | 47,393 |
Net amount recognized in net periodic benefit cost and other comprehensive income (loss) | 7,686 | (21,809) | 56,151 |
German Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 40 |
Interest cost | 529 | 523 | 801 |
Net amortization | 326 | 325 | 244 |
Net periodic pension cost | $ 855 | $ 848 | $ 1,085 |
Pension Plans And Postretire132
Pension Plans And Postretirement Benefits (Schedule Of Assumptions For Pensions Plan) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
U.S. Pension Plans [Member] | WilTel [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate used to determine benefit obligation | 3.85% | 4.00% |
Discount rate, weighted-average assumptions used to determine net cost | 4.00% | 3.76% |
Expected long-term return on plan assets, weighted-average assumptions used to determine net cost | 7.00% | 4.00% |
U.S. Pension Plans [Member] | Jefferies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate used to determine benefit obligation | 3.90% | 4.10% |
Discount rate, weighted-average assumptions used to determine net cost | 4.10% | 4.30% |
Expected long-term return on plan assets, weighted-average assumptions used to determine net cost | 6.25% | 6.75% |
German Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate used to determine benefit obligation | 1.70% | 2.20% |
Discount rate, weighted-average assumptions used to determine net cost | 2.20% | 2.10% |
Pension Plans And Postretire133
Pension Plans And Postretirement Benefits (Schedule Of Plan's Assets At Fair Value) (Details) - U.S. Pension Plans [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 127,514 | $ 117,719 | $ 240,010 |
Jefferies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 49,992 | 47,031 | |
Jefferies [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 38,847 | 33,618 | |
Jefferies [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 11,145 | 13,413 | |
Jefferies [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,135 | 487 | |
Jefferies [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,135 | 487 | |
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 | 32,342 | 29,156 | |
Jefferies [Member] | Listed Equity Securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 32,342 | 29,156 | |
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 | 4,906 | 6,598 | |
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 | 4,906 | 6,598 | |
Jefferies [Member] | Foreign Corporate Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,835 | 2,140 | |
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 | 1,835 | 2,140 | |
Jefferies [Member] | U.S. Government Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 5,370 | 3,975 | |
Jefferies [Member] | U.S. Government Securities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 5,370 | 3,975 | |
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 | 3,330 | 3,504 | |
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 | 3,330 | 3,504 | |
Jefferies [Member] | Commercial Mortgage Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 591 | 425 | |
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 | 591 | 425 | |
Jefferies [Member] | Asset-Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 483 | 746 | |
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 | 483 | 746 | |
WilTel [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 77,522 | 70,688 | |
WilTel [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 919 | 9,014 | |
WilTel [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 76,603 | 61,674 | |
WilTel [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 919 | 3,026 | |
WilTel [Member] | Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 919 | 3,026 | |
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] | Growth Portfolio [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 51,852 | ||
WilTel [Member] | Growth Portfolio [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | ||
WilTel [Member] | Growth Portfolio [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 51,852 | ||
WilTel [Member] | Liability-Driven Investing Portfolio [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 24,751 | ||
WilTel [Member] | Liability-Driven Investing Portfolio [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | ||
WilTel [Member] | Liability-Driven Investing Portfolio [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 24,751 | ||
WilTel [Member] | U.S. Government and Agencies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 5,988 | ||
WilTel [Member] | U.S. Government and Agencies [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 5,988 | ||
WilTel [Member] | U.S. Government and Agencies [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | ||
WilTel [Member] | Public Utilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 8,978 | ||
WilTel [Member] | Public Utilities [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | ||
WilTel [Member] | Public Utilities [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 8,978 | ||
WilTel [Member] | All Other Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 52,696 | ||
WilTel [Member] | All Other Corporate Bonds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | ||
WilTel [Member] | All Other Corporate Bonds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 52,696 |
Pension Plans And Postretire134
Pension Plans And Postretirement Benefits (Schedule Of Expected Pension Benefit Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 10,214 |
2,018 | 9,841 |
2,019 | 9,879 |
2,020 | 9,828 |
2,021 | 9,625 |
2022 - 2026 | 66,359 |
German Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 1,142 |
2,018 | 1,147 |
2,019 | 1,122 |
2,020 | 1,169 |
2,021 | 1,177 |
2022 - 2026 | $ 5,814 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision (Benefit) For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current taxes: | |||
Federal | $ (574) | $ 709 | $ 746 |
State and local | 8,672 | (25,308) | 17,232 |
Foreign | (4,620) | 3,504 | 12,375 |
Total current income taxes | 3,478 | (21,095) | 30,353 |
Deferred taxes: | |||
Federal | 108,241 | 134,590 | 97,190 |
State and local | 8,335 | 4,552 | 30,707 |
Foreign | 2,055 | (8,100) | 7,721 |
Total deferred income taxes | 118,631 | 131,042 | 135,618 |
Actual income tax provision | $ 122,109 | $ 109,947 | $ 165,971 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Increase of income taxes provision | $ 24,907 | $ 0 | $ 0 |
Net interest expense related to unrecognized tax benefits | 8,600 | 4,200 | $ 9,200 |
Interest accrued related to unrecognized tax benefits | 47,700 | 39,100 | |
Expected decrease in unrecognized tax benefit related to uncertain tax position over next 12 months | 3,700 | ||
NOLs to offset federal minimum taxable income | 258,600 | ||
Valuation allowance | 106,042 | 97,177 | |
Undistributed earnings of foreign subsidiaries | 157,000 | 205,000 | |
Deferred tax liability not recorded on earnings of foreign subsidiaries permanently invested abroad | 55,000 | $ 59,000 | |
Subsidiary [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 1,800,000 | ||
Consolidated Tax Group [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 1,600,000 | ||
Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 56,300 | ||
Valuation allowance | $ 6,700 |
Income Taxes (Components of Inc
Income Taxes (Components of Income from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 337,374 | $ 336,856 | $ 374,547 |
Non-U.S. | (20,944) | 19,680 | 6,675 |
Income from continuing operations before income taxes | $ 316,430 | $ 356,536 | $ 381,222 |
Income Taxes (Schedule Of Princ
Income Taxes (Schedule Of Principal Components Of Deferred Taxes) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryover | $ 1,262,584 | $ 1,375,759 |
Compensation and benefits | 309,100 | 284,761 |
Long-term debt | 54,102 | 89,160 |
Other assets | 165,777 | 162,393 |
Securities valuation reserves | 12,345 | 32,141 |
Intangible assets, net and goodwill | 311 | 6,855 |
Other liabilities | 39,188 | 40,393 |
Gross tax assets | 1,843,407 | 1,991,462 |
Valuation allowance | (106,042) | (97,177) |
Total deferred tax assets, net | 1,737,365 | 1,894,285 |
Unrealized gains on investments | (998) | (5,335) |
Amortization of intangible assets | (107,437) | (103,561) |
Property and equipment | (14,228) | (4,151) |
Investment in FXCM | (117,594) | (147,700) |
Other | (35,293) | (58,170) |
Gross tax liability | (275,550) | (318,917) |
Net deferred tax asset | $ 1,461,815 | $ 1,575,368 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Computed expected federal income tax, Amount | $ 110,751 | $ 124,788 | $ 133,428 |
State and local income taxes, net of federal income tax benefit, Amount | 1,045 | (6,928) | 31,160 |
International operations (including foreign rate differential), Amount | (3,405) | (10,130) | (14,305) |
Increase (decrease) in valuation allowance, Amount | 2,825 | (13,227) | (22,203) |
Permanent differences, Amount | 7,523 | 8,064 | 6,181 |
Tax exempt income, Amount | (4,640) | (6,789) | (6,812) |
Income allocated to noncontrolling interest, not subject to tax, Amount | (22,512) | 11,039 | 3,270 |
Excess stock detriment, Amount | 24,907 | 0 | 0 |
Nondeductible settlements, Amount | 0 | 0 | 24,500 |
Foreign taxes, Amount | 268 | (2,989) | 2,542 |
Other, Amount | 5,347 | 6,119 | 8,210 |
Actual income tax provision | $ 122,109 | $ 109,947 | $ 165,971 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Computed expected federal income tax, Percent | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal income tax benefit, Percent | 0.30% | (1.90%) | 8.20% |
International operations (including foreign rate differential), Percent | (1.10%) | (2.80%) | (3.80%) |
Increase (decrease) in valuation allowance, Percent | 0.90% | (3.70%) | (5.80%) |
Permanent differences, Percent | 2.40% | 2.30% | 1.60% |
Tax exempt income, Percent | (1.50%) | (1.90%) | (1.80%) |
Income allocated to noncontrolling interest, not subject to tax, Percent | (7.10%) | 3.10% | 0.90% |
Excess stock detriment, Percent | 7.90% | 0.00% | 0.00% |
Nondeductible settlements, Percent | 0.00% | 0.00% | 6.40% |
Foreign taxes, Percent | 0.10% | (1.00%) | 0.70% |
Other, Percent | 1.70% | 1.70% | 2.10% |
Actual income tax provision, Percent | 38.60% | 30.80% | 43.50% |
Income Taxes (Schedule Of Re140
Income Taxes (Schedule Of Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of period | $ 150,867 | $ 148,590 | $ 145,520 |
Increases based on tax positions related to current period | 5,045 | 3,475 | 5,630 |
Increases based on tax positions related to prior periods | 3,697 | 22,030 | 4,340 |
Decreases based on tax positions related to prior periods | (9,414) | (15,349) | (3,940) |
Decreases related to settlements with taxing authorities | (1,347) | (7,879) | (2,960) |
Balance at end of period | $ 148,848 | $ 150,867 | $ 148,590 |
Net Realized Securities Gain141
Net Realized Securities Gains (Losses) (Summary Of Net Securities Gains (Losses)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gain (Loss) on Investments [Abstract] | |||
Net realized gains (losses) on securities | $ (286) | $ 14,112 | $ 30,686 |
Other | 29,828 | 48,845 | (292) |
Net securities gains (losses) | $ 29,542 | 62,957 | $ 30,394 |
Investment recovery | $ 35,000 |
Net Realized Securities Gain142
Net Realized Securities Gains (Losses) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gain (Loss) on Investments [Abstract] | |||
Proceeds from sales of investments | $ 500 | $ 1,900 | $ 1,900 |
Gross gains | 0.1 | 16.9 | $ 12.6 |
Gross losses | $ 0.4 | $ 2.8 |
Other Results of Operations 143
Other Results of Operations Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Nonoperating Income (Expense) [Abstract] | |||
Manufacturing revenues | $ 412,826 | $ 391,920 | $ 379,274 |
Income (loss) from managed funds | (69,038) | (37,237) | 12,251 |
Asset management fees | 29,492 | 34,777 | 27,990 |
Dividend income | 3,856 | 5,482 | 7,379 |
Income from associated companies classified as other revenues | 17,184 | 75,717 | 90,242 |
Revenues of oil and gas exploration and development businesses | 49,890 | 45,939 | 19,373 |
Gain on sale of equity interest | 0 | 0 | 22,714 |
Other | 43,976 | 32,630 | 11,242 |
Total other income | 488,186 | 549,228 | 570,465 |
Taxes other than income or payroll | 35,400 | 21,900 | 17,000 |
Advertising costs | $ 20,000 | $ 18,100 | $ 14,500 |
Common Shares and Earnings (144
Common Shares and Earnings (Loss) Per Common Share (Earnings Per Share Computation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income attributable to Leucadia National Corporation common shareholders | $ 137,171 | $ 154,358 | $ 57,289 | $ (222,880) | $ 55,595 | $ (173,173) | $ 16,406 | $ 380,759 | $ 125,938 | $ 279,587 | $ 204,306 |
Allocation of earnings to participating securities | (574) | (4,711) | (4,761) | ||||||||
Net income attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share | 125,364 | 274,876 | 199,545 | ||||||||
Adjustment to allocation of earnings to participating securities related to diluted shares | (19) | (34) | (75) | ||||||||
Mandatorily redeemable convertible preferred share dividends | 0 | 0 | 0 | ||||||||
Interest on 3.75% Convertible Notes | 0 | 0 | 739 | ||||||||
Net income attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share | $ 125,345 | $ 274,842 | $ 200,209 | ||||||||
Denominator for basic earnings (loss) per share – weighted average shares (shares) | 369,299,000 | 370,404,000 | 372,556,000 | 372,367,000 | 369,840,000 | 372,547,000 | 373,654,000 | 373,541,000 | 371,211,000 | 372,430,000 | 371,889,000 |
Warrants (shares) | 0 | 0 | 0 | ||||||||
Mandatorily redeemable convertible preferred shares (shares) | 0 | 0 | 0 | ||||||||
Denominator for diluted earnings (loss) per share (shares) | 374,693,000 | 374,567,000 | 372,556,000 | 372,367,000 | 369,840,000 | 372,547,000 | 373,662,000 | 377,713,000 | 371,518,000 | 372,431,000 | 373,333,000 |
Weighted average shares of participating securities | 1,986,800 | 6,500,000 | 9,040,900 | ||||||||
Dividends declared on participating securities | $ 400 | $ 1,500 | $ 2,200 | ||||||||
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 | 0 | 1,415,000 | ||||||||
Employee Stock Option [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Dilutive effect of share-based payment arrangements (shares) | 0 | 1,000 | 29,000 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Dilutive effect of share-based payment arrangements (shares) | 307,000 | 0 | 0 |
Common Shares and Earnings (145
Common Shares and Earnings (Loss) Per Common Share (Narrative) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of common shares authorized to repurchase | 16,161,588 | ||
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 | 923,077 | 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 | 656,894 | 1,000,137 | 1,572,777 |
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 | 4,162,200 |
Commitments, Contingencies A146
Commitments, Contingencies And Guarantees (Narrative) (Details) plaintif in Thousands, € in Millions | Dec. 30, 2004USD ($) | Jan. 31, 2017EUR (€) | Aug. 31, 2014USD ($) | Dec. 31, 2016USD ($)plaintif | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jan. 31, 2017USD ($) | Jan. 31, 2017EUR (€) | Mar. 18, 2015USD ($) |
Loss Contingencies [Line Items] | |||||||||
Rental expense (net of sublease rental income) | $ 80,400,000 | $ 84,000,000 | $ 79,600,000 | ||||||
Loan commitments outstanding to clients | $ 182,100,000 | ||||||||
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 | $ 313,100,000 | ||||||||
Jefferies Capital Partners LLC And Its Private Equity Funds [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Equity commitments | 23,100,000 | ||||||||
Account Managed by Folger Hill Asia [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Equity commitments | 125,000,000 | ||||||||
Other Various Investments [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Equity commitments | 23,400,000 | ||||||||
Folger Hill Asset Management LLC [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Entity line of credit facility, Term | 3 years | ||||||||
Entity line of credit facility | $ 20,000,000 | ||||||||
Amount funded under credit facility | 9,400,000 | ||||||||
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 | 5,800,000 | ||||||||
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 | 103,800,000 | ||||||||
Letters of credit | 12,500,000 | ||||||||
54 Madison [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Maximum amount committed to invest as per agreement | 225,000,000 | ||||||||
Amount of contributed commitment | 114,900,000 | ||||||||
Approved unfunded commitment | 37,400,000 | ||||||||
Jefferies Finance [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Line of credit commitment to associated companies, funded portion | 0 | 19,300,000 | |||||||
Line of credit facility commitment of Jefferies | 250,000,000 | $ 250,000,000 | |||||||
Maximum amount payable under guarantee | 18,100,000 | ||||||||
Energy Partners I, LP [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Maximum exposure to loss of guarantee | 3,000,000 | ||||||||
Jefferies [Member] | Standby Letters Of Credit [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Letters of credit | $ 33,300,000 | ||||||||
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 | 1,470,000,000 | ||||||||
Other Subisidiaries [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Letters of credit | $ 13,600,000 | ||||||||
Minimum [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Noncancellable operating lease terms | 1 year | ||||||||
Maximum [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Noncancellable operating lease terms | 23 years | ||||||||
Subsequent Event [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Payments to Acquire Equity Method Investments | $ 75,000,000 | ||||||||
Subsequent Event [Member] | Preferred Equity Financing for Linkem [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Equity investments in related funds | € | € 30 | ||||||||
Subsequent Event [Member] | Linkem [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Preferred Equity Financing | € | € 100 | ||||||||
Empire Insurance Company [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Lease obligations | $ 20,800,000 | ||||||||
Standby Letters of Credit [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Debt instrument, term | 1 year |
Commitments, Contingencies A147
Commitments, Contingencies And Guarantees (Future Minimum Lease Commitments For Noncancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 91,057 |
2,018 | 87,405 |
2,019 | 76,194 |
2,020 | 62,186 |
2,021 | 57,704 |
Thereafter | 572,845 |
Future minimum annual rentals | 947,391 |
Less: sublease income | (19,204) |
Future minimum annual rentals net of sublease income | $ 928,187 |
Commitments, Contingencies A148
Commitments, Contingencies And Guarantees (Commitments And Contingencies) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Guarantor Obligations [Line Items] | |
2,017 | $ 8,065 |
2,018 | 76 |
2019 and 2020 | 89.4 |
2021 and 2022 | 77.8 |
2023 and Later | 256.5 |
Maximum Payout | 8,564.7 |
Equity Commitments [Member] | |
Guarantor Obligations [Line Items] | |
2,017 | 192.4 |
2,018 | 22.1 |
2019 and 2020 | 13 |
2021 and 2022 | 0 |
2023 and Later | 243.3 |
Maximum Payout | 470.8 |
Loan Commitments [Member] | |
Guarantor Obligations [Line Items] | |
2,017 | 315.3 |
2,018 | 16.9 |
2019 and 2020 | 71.6 |
2021 and 2022 | 44 |
2023 and Later | 0 |
Maximum Payout | 447.8 |
Underwriting Commitments [Member] | |
Guarantor Obligations [Line Items] | |
2,017 | 349.4 |
2,018 | 0 |
2019 and 2020 | 0 |
2021 and 2022 | 0 |
2023 and Later | 0 |
Maximum Payout | 349.4 |
Forward Starting Reverse Repos [Member] | |
Guarantor Obligations [Line Items] | |
2,017 | 4,668.7 |
2,018 | 0 |
2019 and 2020 | 0 |
2021 and 2022 | 0 |
2023 and Later | 0 |
Maximum Payout | 4,668.7 |
Other commitment, due in 2017 settled within three business days | 4,592.9 |
Forward Starting Repos [Member] | |
Guarantor Obligations [Line Items] | |
2,017 | 2,539.2 |
2,018 | 0 |
2019 and 2020 | 0 |
2021 and 2022 | 0 |
2023 and Later | 0 |
Maximum Payout | 2,539.2 |
Other commitment, due in 2017 settled within three business days | 2,464.6 |
Other Unfunded Commitments [Member] | |
Guarantor Obligations [Line Items] | |
2,017 | 0 |
2,018 | 37 |
2019 and 2020 | 4.8 |
2021 and 2022 | 33.8 |
2023 and Later | 13.2 |
Maximum Payout | $ 88.8 |
Commitments, Contingencies A149
Commitments, Contingencies And Guarantees (Guarantees) (Details) - Notional [Member] $ in Millions | Dec. 31, 2016USD ($) |
Derivative Contracts - Non-Credit Related [Member] | |
Guarantor Obligations [Line Items] | |
2,017 | $ 18,838.6 |
2,018 | 820.4 |
2019 and 2020 | 0 |
2021 and 2022 | 0 |
2023 and Later | 421.8 |
Maximum Payout | 20,080.8 |
Written Derivative Contracts - Credit Related [Member] | |
Guarantor Obligations [Line Items] | |
2,017 | 0 |
2,018 | 52.2 |
2019 and 2020 | 24.6 |
2021 and 2022 | 360.8 |
2023 and Later | 0 |
Maximum Payout | 437.6 |
Derivative [Member] | |
Guarantor Obligations [Line Items] | |
2,017 | 18,838.6 |
2,018 | 872.6 |
2019 and 2020 | 24.6 |
2021 and 2022 | 360.8 |
2023 and Later | 421.8 |
Maximum Payout | $ 20,518.4 |
Commitments, Contingencies A150
Commitments, Contingencies And Guarantees (External Credit Ratings Of Underlying Or Referenced Assets For Credit Related Derivatives Contracts) (Details) $ in Millions | Dec. 31, 2016USD ($) |
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 | 261.2 |
AAA/Aaa [Member] | Index credit default swaps [Member] | |
Guarantor Obligations [Line Items] | |
Credit related derivative contracts by external credit ratings | 54 |
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 | 79.5 |
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 | 42.9 |
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 | 0 |
Notional/Maximum Payout [Member] | Index credit default swaps [Member] | |
Guarantor Obligations [Line Items] | |
Notional/ Maximum Payout | 54 |
Notional/Maximum Payout [Member] | Single name credit default swaps [Member] | |
Guarantor Obligations [Line Items] | |
Notional/ Maximum Payout | $ 383.6 |
Net Capital Requirements (Detai
Net Capital Requirements (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Jefferies LLC [Member] | |
Net Capital Requirements [Line Items] | |
Net Capital | $ 1,467,729 |
Excess Net Capital | 1,398,748 |
Jefferies Execution [Member] | |
Net Capital Requirements [Line Items] | |
Net Capital | 8,260 |
Excess Net Capital | $ 8,010 |
Other Fair Value Information (D
Other Fair Value Information (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term borrowings | $ 525,842 | $ 310,659 |
Long-term debt | 7,380,443 | 7,400,582 |
Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes and loans receivable | 962,938 | 488,690 |
Short-term borrowings | 525,842 | 310,659 |
Long-term debt | 7,131,587 | 7,400,582 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes and loans receivable | 958,377 | 490,208 |
Short-term borrowings | 525,842 | 310,659 |
Long-term debt | $ 7,221,459 | $ 7,299,405 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)cattle | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)shares | |
Related Party Transaction [Line Items] | ||||
Head of cattle to be purchased per year from members of USPB, actual number | cattle | 735,385 | |||
Percentage of cattle requirements obtained through USPB | 27.00% | 28.00% | ||
Sales to related party | $ 30,900 | $ 31,000 | ||
Purchases from related party | 14,800 | 15,100 | ||
Long term debt | 7,380,443 | 7,400,582 | ||
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] | ||||
Related party transaction amount | $ 86,500 | |||
Private Equity Related Funds [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loans to and/or equity investments in related funds | 37,700 | 39,600 | ||
Net income (losses) from private equity related funds | 2,300 | 26,200 | $ 14,900 | |
Berkadia Commercial Mortgage, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchase commitments | 817,000 | 752,400 | ||
Hrg Group [Member] | ||||
Related Party Transaction [Line Items] | ||||
Unsettled purchases and sales of loans | 261,600 | |||
Employees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Loans outstanding to related party | $ 41,200 | 28,300 | ||
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 | $ 406,028 | 116,211 | ||
Term Loan [Member] | Noncontrolling Interest [Member] | 54 Madison [Member] | ||||
Related Party Transaction [Line Items] | ||||
Long term debt | $ 230,200 | $ 115,700 | ||
Minimum [Member] | Term Loan [Member] | 54 Madison [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest rate | 4.20% | |||
Maximum [Member] | Term Loan [Member] | 54 Madison [Member] | ||||
Related Party Transaction [Line Items] | ||||
Interest rate | 6.00% |
Discontinued Operations And 154
Discontinued Operations And Assets Held For Sale (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2017 | Jul. 31, 2014 | Mar. 31, 2017 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Pre-tax gain (loss) on sale of discontinued operations | $ 0 | $ 7,836 | $ 12,566 | ||||
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 | ||||||
Disposed of by Sale [Member] | Conwed [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net book value | 100,600 | ||||||
Liabilities held for sale | $ 14,700 | ||||||
Subsequent Event [Member] | Disposed of by Sale [Member] | Conwed [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Ownership percentage | 100.00% | ||||||
Cash consideration from sale of business | $ 295,000 | ||||||
Potential earn-out payment to be received from sale of subsidiary, period | 5 years | ||||||
Pre-tax gain from sale of subsidiary | $ 180,000 | ||||||
Maximum [Member] | Subsequent Event [Member] | Disposed of by Sale [Member] | Conwed [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Potential earn-out payment to be received from sale of subsidiary | $ 40,000 |
Discontinued Operations And 155
Discontinued Operations And Assets Held For Sale (Schedule of Assets Held for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 128,083 | $ 0 |
Conwed [Member] | Disposed of by Sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash | 5,206 | |
Receivables | 15,297 | |
Property, equipment and leasehold improvements, net | 18,664 | |
Intangible assets, net and goodwill | 56,854 | |
Inventory | 19,069 | |
Other assets | 12,993 | |
Assets held for sale | $ 128,083 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income tax (benefit) | $ 0 | $ 231 | $ (9,634) | ||||||||
Loss from discontinued operations after income taxes | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 429 | $ 0 | $ 0 | $ 0 | $ 429 | (17,893) |
Discontinued Operating Companies [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | 67,739 | ||||||||||
Investment and other income | 4,700 | ||||||||||
Total revenues | 72,439 | ||||||||||
Direct operating expenses - Gaming entertainment | 48,877 | ||||||||||
Compensation and benefits | 4,503 | ||||||||||
Depreciation and amortization | 5,208 | ||||||||||
Selling, general and other expenses | 41,378 | ||||||||||
Total expenses | 99,966 | ||||||||||
Loss from discontinued operations before income taxes | (27,527) | ||||||||||
Income tax (benefit) | (9,634) | ||||||||||
Loss from discontinued operations after income taxes | $ (17,893) |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | $ 2,745,778 | $ 2,676,375 | $ 2,625,358 | $ 2,015,106 | $ 2,496,216 | $ 2,366,096 | $ 2,839,463 | $ 3,184,683 | $ 10,062,617 | $ 10,886,458 | $ 11,486,485 |
Total consolidated pre-tax income from continuing operations | 316,430 | 356,536 | 381,222 | ||||||||
Depreciation and amortization | 211,593 | 224,133 | 185,993 | ||||||||
Assets | 45,071,307 | 46,331,184 | 45,071,307 | 46,331,184 | 52,614,324 | ||||||
Unrealized and realized gains and interest income | 603,822 | 642,824 | 662,213 | ||||||||
Deferred tax asset, net | 1,461,815 | 1,575,368 | 1,461,815 | 1,575,368 | |||||||
FXCM [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Unrealized and realized gains and interest income | (54,600) | 491,300 | |||||||||
Jefferies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Deferred tax asset, net | 337,600 | 320,200 | 337,600 | 320,200 | 399,600 | ||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 9,536,888 | 9,956,674 | 10,879,469 | ||||||||
Total consolidated pre-tax income from continuing operations | 390,916 | (49,045) | 175,365 | ||||||||
Depreciation and amortization | 158,307 | 185,226 | 169,498 | ||||||||
Assets | 40,425,531 | 41,899,234 | 40,425,531 | 41,899,234 | 49,515,700 | ||||||
All other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 525,729 | 950,784 | 607,016 | ||||||||
Total consolidated pre-tax income from continuing operations | (15,605) | 492,762 | 305,752 | ||||||||
Depreciation and amortization | 53,286 | 38,907 | 16,495 | ||||||||
Assets | 4,728,457 | 4,581,673 | 4,728,457 | 4,581,673 | 3,152,029 | ||||||
Intercompany eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 0 | (21,000) | 0 | ||||||||
Assets | (82,681) | (149,723) | (82,681) | (149,723) | (53,405) | ||||||
Parent Company Interest [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total consolidated pre-tax income from continuing operations | (58,881) | (87,181) | (99,895) | ||||||||
Jefferies [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 2,421,055 | 2,476,133 | 2,986,325 | ||||||||
Total consolidated pre-tax income from continuing operations | 43,508 | 119,165 | 358,396 | ||||||||
Depreciation and amortization | 60,206 | 92,165 | 78,566 | ||||||||
Assets | 36,992,096 | 38,607,786 | 36,992,096 | 38,607,786 | 44,562,155 | ||||||
National Beef [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 7,027,243 | 7,402,419 | 7,832,424 | ||||||||
Total consolidated pre-tax income from continuing operations | 329,022 | (123,915) | (40,303) | ||||||||
Depreciation and amortization | 94,482 | 89,317 | 85,305 | ||||||||
Assets | 1,498,317 | 1,514,249 | 1,498,317 | 1,514,249 | 1,716,069 | ||||||
Corporate and Other [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Revenues | 88,590 | 78,122 | 60,720 | ||||||||
Total consolidated pre-tax income from continuing operations | 18,386 | (44,295) | (142,728) | ||||||||
Depreciation and amortization | 3,619 | 3,744 | 5,627 | ||||||||
Assets | $ 1,935,118 | $ 1,777,199 | $ 1,935,118 | $ 1,777,199 | $ 3,237,476 |
Segment Information (Schedul158
Segment Information (Schedule Of Net Revenues By Geographic Region) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 2,745,778 | $ 2,676,375 | $ 2,625,358 | $ 2,015,106 | $ 2,496,216 | $ 2,366,096 | $ 2,839,463 | $ 3,184,683 | $ 10,062,617 | $ 10,886,458 | $ 11,486,485 |
Jefferies [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 2,421,055 | 2,476,133 | 2,986,325 | ||||||||
Americas [Member] | Jefferies [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 1,876,796 | 1,887,899 | 2,257,870 | ||||||||
Europe [Member] | Jefferies [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | 458,046 | 510,044 | 634,358 | ||||||||
Asia [Member] | Jefferies [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues | $ 86,213 | $ 78,190 | $ 94,097 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Net realized securities gains | $ 29,542 | $ 62,957 | $ 30,394 |
Interest expense | 108,703 | 115,804 | 120,935 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net realized securities gains | 16,400 | 63,000 | 30,400 |
National Beef [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | 12,900 | 16,600 | 15,100 |
Parent Company [Member] | |||
Segment Reporting Information [Line Items] | |||
Net realized securities gains | 0 | 0 | 0 |
Interest expense | 58,881 | 87,181 | 99,895 |
All other [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest expense | $ 36,900 | $ 12,000 | $ 5,900 |
U.S. | Geographic Concentration Risk [Member] | Total Revenues [Member] | National Beef [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 89.20% | 89.50% | 88.00% |
Exit Costs - Narrative (Details
Exit Costs - Narrative (Details) - Jefferies [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Non-cash restructuring costs | $ 300,000 | $ 28,700,000 | |
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] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | $ 1,854 | $ 73,094 |
Severance Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | 279 | 30,327 |
Accelerated Amortization of Restricted Stock and Restricted Cash Awards [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | 41 | 7,922 |
Accelerated Amortization of Capitalized Software [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | 0 | 19,745 |
Contract Termination Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | 1,234 | 11,247 |
Selling, General and Other Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment costs | $ 300 | $ 3,853 |
Exit Costs - Restructuring Rese
Exit Costs - Restructuring Reserve (Details) - Jefferies [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | ||
Expenses | $ 73,094 | $ 1,854 |
Severance Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0 | 4,805 |
Expenses | 30,327 | 279 |
Payments | (25,522) | (5,084) |
Ending balance | 4,805 | 0 |
Other Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0 | 0 |
Expenses | 2,774 | 300 |
Payments | (2,774) | (300) |
Ending balance | 0 | 0 |
Contract Termination Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0 | 0 |
Expenses | 11,247 | 1,234 |
Payments | (11,247) | (1,234) |
Ending balance | 0 | 0 |
Restructuring Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0 | 4,805 |
Expenses | 44,348 | 1,813 |
Payments | (39,543) | (6,618) |
Ending balance | 4,805 | 0 |
Accelerated Amortization of Restricted Stock and Restricted Cash Awards [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Expenses | 7,922 | 41 |
Accelerated Amortization of Capitalized Software [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Expenses | 19,745 | 0 |
Impairments [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Expenses | $ 1,079 | $ 0 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net revenues | $ 2,745,778 | $ 2,676,375 | $ 2,625,358 | $ 2,015,106 | $ 2,496,216 | $ 2,366,096 | $ 2,839,463 | $ 3,184,683 | $ 10,062,617 | $ 10,886,458 | $ 11,486,485 |
Income (loss) from continuing operations | 166,105 | 176,206 | 70,612 | (218,602) | 39,038 | (181,912) | 15,034 | 374,429 | 194,321 | 246,589 | 215,251 |
Income from discontinued operations, net of taxes | 0 | 0 | 0 | 0 | 0 | 429 | 0 | 0 | 0 | 429 | (17,893) |
Gain on disposal of discontinued operations, net of taxes | 0 | 0 | 0 | 0 | 3,793 | 1,300 | 0 | 0 | 0 | 5,093 | 1,667 |
Net loss attributable to the noncontrolling interest | (2,256) | 1,870 | 760 | 1,052 | 3,168 | 1,238 | 356 | 234 | 1,426 | 4,996 | 727 |
Net (income) loss attributable to the redeemable noncontrolling interests | (25,662) | (22,702) | (13,068) | (4,314) | 10,612 | 6,788 | 2,031 | 7,112 | (65,746) | 26,543 | 8,616 |
Preferred stock dividends | (1,016) | (1,016) | (1,015) | (1,016) | (1,016) | (1,016) | (1,015) | (1,016) | (4,063) | (4,063) | (4,062) |
Net income attributable to Leucadia National Corporation common shareholders | $ 137,171 | $ 154,358 | $ 57,289 | $ (222,880) | $ 55,595 | $ (173,173) | $ 16,406 | $ 380,759 | $ 125,938 | $ 279,587 | $ 204,306 |
Income (loss) from continuing operations (USD per share) | $ 0.37 | $ 0.41 | $ 0.15 | $ (0.60) | $ 0.14 | $ (0.47) | $ 0.04 | $ 1 | $ 0.34 | $ 0.73 | $ 0.58 |
Income (loss) from discontinued operations (USD per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.05) |
Gain (loss) on disposal of discontinued operations (USD per share) | 0 | 0 | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0.01 | 0.01 |
Net income (loss) (USD per share) | $ 0.37 | $ 0.41 | $ 0.15 | $ (0.60) | $ 0.15 | $ (0.47) | $ 0.04 | $ 1 | $ 0.34 | $ 0.74 | $ 0.54 |
Number of shares used in calculation - basic (shares) | 369,299 | 370,404 | 372,556 | 372,367 | 369,840 | 372,547 | 373,654 | 373,541 | 371,211 | 372,430 | 371,889 |
Income (loss) from continuing operations (USD per share) | $ 0.37 | $ 0.41 | $ 0.15 | $ (0.60) | $ 0.14 | $ (0.47) | $ 0.04 | $ 0.99 | $ 0.34 | $ 0.73 | $ 0.58 |
Income (loss) from discontinued operations (USD per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.05) |
Gain (loss) on disposal of discontinued operations - diluted (USD per share) | 0 | 0 | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0.01 | 0.01 |
Net income (USD per share) | $ 0.37 | $ 0.41 | $ 0.15 | $ (0.60) | $ 0.15 | $ (0.47) | $ 0.04 | $ 0.99 | $ 0.34 | $ 0.74 | $ 0.54 |
Number of shares used in calculation (shares) | 374,693 | 374,567 | 372,556 | 372,367 | 369,840 | 372,547 | 373,662 | 377,713 | 371,518 | 372,431 | 373,333 |
Schedule I - Condensed Finan164
Schedule I - Condensed Financial Information of Registrant (Statements of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Cash and cash equivalents | $ 3,807,558 | $ 3,638,648 | $ 4,276,775 | $ 3,907,595 |
Financial instruments owned, including securities pledged of $9,706,881 and $12,207,123: | ||||
Trading assets, at fair value | 14,985,237 | 18,293,090 | ||
Available for sale securities | 301,049 | 207,355 | ||
Total financial instruments owned | 15,286,286 | 18,500,445 | ||
Loans to and investments in associated companies | 2,125,098 | 1,757,369 | ||
Deferred tax asset, net | 1,461,815 | 1,575,368 | ||
Other assets | 1,635,664 | 1,473,464 | ||
Total assets | 45,071,307 | 46,331,184 | 52,614,324 | |
LIABILITIES | ||||
Payables, expense accruals and other liabilities | 7,373,708 | 7,107,081 | ||
Long-term debt | 7,380,443 | 7,400,582 | ||
Total liabilities | 34,305,849 | 35,548,661 | ||
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; 359,425,061 and 362,617,423 shares issued and outstanding, after deducting 56,947,654 and 53,755,292 shares held in treasury | 359,425 | 362,617 | ||
Additional paid-in capital | 4,812,587 | 4,986,819 | ||
Accumulated other comprehensive income | 310,697 | 438,793 | 447,082 | |
Retained earnings | 4,645,391 | 4,612,982 | ||
Total Leucadia National Corporation shareholders’ equity | 10,128,100 | 10,401,211 | ||
Total | 45,071,307 | 46,331,184 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 105,222 | 353 | $ 81 | $ 266 |
Financial instruments owned, including securities pledged of $9,706,881 and $12,207,123: | ||||
Trading assets, at fair value | 223,218 | 750,116 | ||
Available for sale securities | 15,635 | 14,104 | ||
Total financial instruments owned | 238,853 | 764,220 | ||
Investments in subsidiaries | 18,412,037 | 18,348,067 | ||
Advances to subsidiaries | 235,879 | 123,805 | ||
Loans to and investments in associated companies | 273,518 | 244,206 | ||
Deferred tax asset, net | 346,684 | 221,310 | ||
Other assets | 13,993 | 64,572 | ||
Total assets | 19,626,186 | 19,766,533 | ||
LIABILITIES | ||||
Accrued interest payable | 11,447 | 11,447 | ||
Pension liabilities | 69,152 | 78,007 | ||
Payables, expense accruals and other liabilities | 39,284 | 103,438 | ||
Advances from subsidiaries | 8,265,312 | 8,060,608 | ||
Long-term debt | 987,891 | 986,822 | ||
Total liabilities | 9,373,086 | 9,240,322 | ||
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; 359,425,061 and 362,617,423 shares issued and outstanding, after deducting 56,947,654 and 53,755,292 shares held in treasury | 359,425 | 362,617 | ||
Additional paid-in capital | 4,812,587 | 4,986,819 | ||
Accumulated other comprehensive income | 310,697 | 438,793 | ||
Retained earnings | 4,645,391 | 4,612,982 | ||
Total Leucadia National Corporation shareholders’ equity | 10,128,100 | 10,401,211 | ||
Total | $ 19,626,186 | $ 19,766,533 |
Schedule I - Condensed Finan165
Schedule I - Condensed Financial Information of Registrant (Statements of Financial Condition) (Parenthetical) (Details) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Common shares, par value (USD per share) | $ 1 | $ 1 | $ 1 |
Common shares, authorized | 600,000,000 | 600,000,000 | |
Common shares, issued and outstanding after deducting shares held in treasury | 359,425,061 | 362,617,423 | |
Treasury stock, shares | 56,947,654 | 53,755,292 | |
Parent Company [Member] | |||
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 | 359,425,061 | 362,617,423 | |
Treasury stock, shares | 56,947,654 | 53,755,292 |
Schedule I - Condensed Finan166
Schedule I - Condensed Financial Information of Registrant (Statements of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||||||||||
Principal transactions | $ 603,822 | $ 642,824 | $ 662,213 | ||||||||
Net realized securities gains | 29,542 | 62,957 | 30,394 | ||||||||
Other | 488,186 | 549,228 | 570,465 | ||||||||
Total revenues | 10,875,254 | 11,683,927 | 12,334,907 | ||||||||
Expenses: | |||||||||||
Compensation and benefits | 1,730,585 | 1,665,465 | 1,841,674 | ||||||||
Interest expense | 108,703 | 115,804 | 120,935 | ||||||||
Selling, general and other expenses | 807,312 | 750,435 | 795,878 | ||||||||
Total expenses | 9,900,785 | 10,640,203 | 11,243,790 | ||||||||
Income related to associated companies | 154,598 | 110,281 | 138,527 | ||||||||
Income tax provision (benefit) | 122,109 | 109,947 | 165,971 | ||||||||
Income from continuing operations | 125,938 | 274,065 | 220,584 | ||||||||
Preferred stock dividends | $ (1,016) | $ (1,016) | $ (1,015) | $ (1,016) | $ (1,016) | $ (1,016) | $ (1,015) | $ (1,016) | (4,063) | (4,063) | (4,062) |
Net income attributable to Leucadia National Corporation common shareholders | $ 137,171 | $ 154,358 | $ 57,289 | $ (222,880) | $ 55,595 | $ (173,173) | $ 16,406 | $ 380,759 | $ 125,938 | $ 279,587 | $ 204,306 |
Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: | |||||||||||
Income from continuing operations (USD per share) | $ 0.37 | $ 0.41 | $ 0.15 | $ (0.60) | $ 0.14 | $ (0.47) | $ 0.04 | $ 1 | $ 0.34 | $ 0.73 | $ 0.58 |
Income (loss) from discontinued operations (USD per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.05) |
Gain on disposal of discontinued operations (USD per share) | 0 | 0 | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0.01 | 0.01 |
Net income (USD per share) | 0.37 | 0.41 | 0.15 | (0.60) | 0.15 | (0.47) | 0.04 | 1 | 0.34 | 0.74 | 0.54 |
Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: | |||||||||||
Income from continuing operations (USD per share) | 0.37 | 0.41 | 0.15 | (0.60) | 0.14 | (0.47) | 0.04 | 0.99 | 0.34 | 0.73 | 0.58 |
Income from discontinued operations (USD per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.05) |
Gain on disposal of discontinued operations (USD per share) | 0 | 0 | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0.01 | 0.01 |
Net income (USD per share) | $ 0.37 | $ 0.41 | $ 0.15 | $ (0.60) | $ 0.15 | $ (0.47) | $ 0.04 | $ 0.99 | $ 0.34 | $ 0.74 | $ 0.54 |
Parent Company [Member] | |||||||||||
Revenues: | |||||||||||
Principal transactions | $ 16,735 | $ 491,341 | $ 0 | ||||||||
Net realized securities gains | 0 | 0 | 0 | ||||||||
Other | 2,300 | 1,477 | 752 | ||||||||
Total revenues | 19,035 | 492,818 | 752 | ||||||||
Expenses: | |||||||||||
Compensation and benefits | 39,693 | 58,899 | 60,830 | ||||||||
WilTel pension | 2,989 | 50,836 | 9,298 | ||||||||
Interest expense | 58,881 | 87,181 | 99,895 | ||||||||
Intercompany interest expense | 293,527 | 241,906 | 178,027 | ||||||||
Selling, general and other expenses | 19,244 | 26,784 | 113,383 | ||||||||
Total expenses | 414,334 | 465,606 | 461,433 | ||||||||
Income from continuing operations before income taxes and income related to associated companies | (395,299) | 27,212 | (460,681) | ||||||||
Income related to associated companies | 21,195 | 3,479 | 3,763 | ||||||||
Income (loss) from continuing operations before income taxes and equity in earnings of subsidiaries | (374,104) | 30,691 | (456,918) | ||||||||
Income tax provision (benefit) | (117,699) | 267 | (139,832) | ||||||||
Income (loss) from continuing operations before equity in earnings of subsidiaries | (256,405) | 30,424 | (317,086) | ||||||||
Equity in earnings of subsidiaries, net of taxes | 386,406 | 247,704 | 541,680 | ||||||||
Income from continuing operations | 130,001 | 278,128 | 224,594 | ||||||||
Equity in income (loss) from discontinued operations, net of taxes | 0 | 429 | (17,893) | ||||||||
Equity in gain on disposal of discontinued operations, net of taxes | 0 | 5,093 | 1,667 | ||||||||
Net income | 130,001 | 283,650 | 208,368 | ||||||||
Preferred stock dividends | (4,063) | (4,063) | (4,062) | ||||||||
Net income attributable to Leucadia National Corporation common shareholders | $ 125,938 | $ 279,587 | $ 204,306 | ||||||||
Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: | |||||||||||
Income from continuing operations (USD per share) | $ 0.34 | $ 0.73 | $ 0.58 | ||||||||
Income (loss) from discontinued operations (USD per share) | 0 | 0 | (0.05) | ||||||||
Gain on disposal of discontinued operations (USD per share) | 0 | 0.01 | 0.01 | ||||||||
Net income (USD per share) | 0.34 | 0.74 | 0.54 | ||||||||
Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: | |||||||||||
Income from continuing operations (USD per share) | 0.34 | 0.73 | 0.58 | ||||||||
Income from discontinued operations (USD per share) | 0 | 0 | (0.05) | ||||||||
Gain on disposal of discontinued operations (USD per share) | 0 | 0.01 | 0.01 | ||||||||
Net income (USD per share) | $ 0.34 | $ 0.74 | $ 0.54 |
Schedule I - Condensed Finan167
Schedule I - Condensed Financial Information of Registrant (Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other comprehensive income (loss): | |||||||||||
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $2,262, $(5,029) and $(4,923) | $ 3,900 | $ (9,057) | $ (8,866) | ||||||||
Less: reclassification adjustment for net (gains) losses included in net income (loss), net of income tax provision (benefit) of $2, $6,068 and $1,631 | (4) | (10,930) | (2,939) | ||||||||
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $2,260, $(11,097) and $(6,554) | 3,896 | (19,987) | (11,805) | ||||||||
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $(3,530), $(5,174) and $(6,837) | (121,581) | (36,477) | (43,307) | ||||||||
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $149 | 0 | 0 | (267) | ||||||||
Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $(3,530), $(5,174) and $(6,986) | (121,581) | (36,477) | (43,574) | ||||||||
Net unrealized gains (losses) on instrument specific credit risk arising during the period, net of income tax provision (benefit) of $(4,251), $0 and $0 | (6,494) | 0 | 0 | ||||||||
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $0 | 0 | 0 | 0 | ||||||||
Net change in unrealized instrument specific credit risk gains (losses), net of income tax provision (benefit) of $(4,251), $0 and $0 | (6,494) | 0 | 0 | ||||||||
Net unrealized gains (losses) on derivatives arising during the period, net of income tax provision (benefit) of $0, $0 and $0 | 0 | 0 | 0 | ||||||||
Less: reclassification adjustment for derivative (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $(95) | 0 | 0 | 169 | ||||||||
Net change in unrealized derivative gains (losses), net of income tax provision (benefit) of $0, $0 and $95 | 0 | 0 | 169 | ||||||||
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $(2,516), $7,152 and $(17,698) | (5,451) | 17,073 | (38,959) | ||||||||
Less: reclassification adjustment for pension (gains) losses included in net income (loss), net of income tax provision (benefit) of $(700), $(17,159) and $(1,676) | 1,534 | 31,102 | 3,201 | ||||||||
Net change in pension liability benefits, net of income tax provision (benefit) of $(1,816), $24,311 and $(16,022) | (3,917) | 48,175 | (35,758) | ||||||||
Other comprehensive loss, net of income taxes | (128,096) | (8,289) | (90,968) | ||||||||
Preferred stock dividends | $ (1,016) | $ (1,016) | $ (1,015) | $ (1,016) | $ (1,016) | $ (1,016) | $ (1,015) | $ (1,016) | (4,063) | (4,063) | (4,062) |
Comprehensive income (loss) attributable to Leucadia National Corporation common shareholders | (2,158) | 271,298 | 113,338 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income | 130,001 | 283,650 | 208,368 | ||||||||
Other comprehensive income (loss): | |||||||||||
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $2,262, $(5,029) and $(4,923) | 3,900 | (9,057) | (8,866) | ||||||||
Less: reclassification adjustment for net (gains) losses included in net income (loss), net of income tax provision (benefit) of $2, $6,068 and $1,631 | (4) | (10,930) | (2,939) | ||||||||
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $2,260, $(11,097) and $(6,554) | 3,896 | (19,987) | (11,805) | ||||||||
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $(3,530), $(5,174) and $(6,837) | (121,581) | (36,477) | (43,307) | ||||||||
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $149 | 0 | 0 | (267) | ||||||||
Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $(3,530), $(5,174) and $(6,986) | (121,581) | (36,477) | (43,574) | ||||||||
Net unrealized gains (losses) on instrument specific credit risk arising during the period, net of income tax provision (benefit) of $(4,251), $0 and $0 | (6,494) | 0 | 0 | ||||||||
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $0 | 0 | 0 | 0 | ||||||||
Net change in unrealized instrument specific credit risk gains (losses), net of income tax provision (benefit) of $(4,251), $0 and $0 | (6,494) | 0 | 0 | ||||||||
Net unrealized gains (losses) on derivatives arising during the period, net of income tax provision (benefit) of $0, $0 and $0 | 0 | 0 | 0 | ||||||||
Less: reclassification adjustment for derivative (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0 and $(95) | 0 | 0 | 169 | ||||||||
Net change in unrealized derivative gains (losses), net of income tax provision (benefit) of $0, $0 and $95 | 0 | 0 | 169 | ||||||||
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $(2,516), $7,152 and $(17,698) | (5,451) | 17,073 | (38,959) | ||||||||
Less: reclassification adjustment for pension (gains) losses included in net income (loss), net of income tax provision (benefit) of $(700), $(17,159) and $(1,676) | 1,534 | 31,102 | 3,201 | ||||||||
Net change in pension liability benefits, net of income tax provision (benefit) of $(1,816), $24,311 and $(16,022) | (3,917) | 48,175 | (35,758) | ||||||||
Other comprehensive loss, net of income taxes | (128,096) | (8,289) | (90,968) | ||||||||
Comprehensive income | 1,905 | 275,361 | 117,400 | ||||||||
Preferred stock dividends | (4,063) | (4,063) | (4,062) | ||||||||
Comprehensive income (loss) attributable to Leucadia National Corporation common shareholders | $ (2,158) | $ 271,298 | $ 113,338 |
Schedule I - Condensed Finan168
Schedule I - Condensed Financial Information of Registrant (Statements of Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Statement of Income Captions [Line Items] | |||
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit) | $ 2,262 | $ (5,029) | $ (4,923) |
Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit) | (2) | (6,068) | (1,631) |
Net change in unrealized holding gains (losses) on investments, tax provision (benefit) | 2,260 | (11,097) | (6,554) |
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit) | (3,530) | (5,174) | (6,837) |
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), tax provision (benefit) | 0 | 0 | (149) |
Net change in unrealized foreign exchange gains (losses), tax provision (benefit) | (3,530) | (5,174) | (6,986) |
Net unrealized gains (losses) on instrument specific credit risk arising during the period, income tax provision (benefit) | (4,251) | 0 | 0 |
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), income tax provision (benefit) | 0 | 0 | 0 |
Net change in unrealized instrument specific credit risk gains (losses), income tax provision (benefit) | (4,251) | 0 | 0 |
Net unrealized gains (losses) on derivatives arising during the period, tax provision (benefit) | 0 | 0 | 0 |
Less: reclassification adjustment for derivative (gains) losses included in net income (loss), tax provision (benefit) | 0 | 0 | (95) |
Net change in unrealized derivative gains (losses), tax provision (benefit) | 0 | 0 | 95 |
Net pension and postretirement gains (losses) arising during the period, tax provision (benefit) | (2,516) | 7,152 | (17,698) |
Less: reclassification adjustment for pension and postretirement (gains) losses included in net income (loss), tax provision (benefit) | (700) | (17,159) | (1,676) |
Net change in pension liability and postretirement benefits, tax provision (benefit) | $ (1,816) | $ 24,311 | $ (16,022) |
Schedule I - Condensed Finan169
Schedule I - Condensed Financial Information of Registrant (Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Adjustments to reconcile net income to net cash provided by (used for) operations: | |||
Deferred income tax benefit | $ 118,631 | $ 131,042 | $ 135,618 |
Share-based compensation | 33,597 | 74,087 | 109,838 |
Income related to associated companies | (154,598) | (110,281) | (138,527) |
Distributions from associated companies | 191,455 | 223,658 | 176,491 |
Change in estimated litigation reserve | 0 | (96,500) | 101,710 |
Net change in: | |||
Trading assets | 2,687,399 | 1,380,230 | (3,223,327) |
Other assets | (283,234) | 83,414 | (107,028) |
Trade payables, expense accruals and other liabilities | 361,295 | (225,711) | (3,546) |
Other | (61,900) | (93,967) | (68,163) |
Net cash provided by (used for) operating activities | 608,847 | (761,755) | (987,160) |
Net cash flows from investing activities: | |||
Advances on notes, loans and other receivables | (342,281) | (420,219) | (8,500) |
Collections on notes, loans and other receivables | 121,825 | 153,004 | 22,002 |
Loans to and investments in associated companies | (763,528) | (1,492,060) | (2,959,689) |
Purchases of investments (other than short-term) | (739,298) | (873,831) | (1,821,635) |
Other | 978 | (2,532) | 5,606 |
Net cash provided by (used for) investing activities | (639,657) | 781,165 | 449,083 |
Net cash flows from financing activities: | |||
Repayment of debt | (962,515) | (1,316,494) | (434,278) |
Issuance of common shares | 1,062 | 1,223 | 2,190 |
Purchase of common shares for treasury | (95,020) | (125,754) | (75,728) |
Dividends paid | (91,296) | (92,550) | (93,071) |
Net cash provided by (used for) financing activities | 230,906 | (651,983) | 917,782 |
Net increase (decrease) in cash and cash equivalents | 168,910 | (638,127) | 369,180 |
Cash and cash equivalents at January 1, | 3,638,648 | 4,276,775 | 3,907,595 |
Cash and cash equivalents at December 31, | 3,807,558 | 3,638,648 | 4,276,775 |
Supplemental disclosures of cash flow information: | |||
Interest | 957,140 | 980,266 | 1,038,201 |
Income tax payments, net | (13,738) | 510 | 9,880 |
Non-cash financing activities: | |||
Issuance of common shares for debt conversion | 0 | 0 | 97,546 |
Parent Company [Member] | |||
Net cash flows from operating activities: | |||
Net income | 130,001 | 283,650 | 208,368 |
Adjustments to reconcile net income to net cash provided by (used for) operations: | |||
Deferred income tax benefit | (12,220) | (2,457) | (15,302) |
Accretion of interest | 921 | 1,788 | 2,029 |
Share-based compensation | 33,597 | 74,087 | 109,838 |
Equity in earnings of subsidiaries | (386,406) | (253,226) | (525,454) |
Income related to associated companies | (21,195) | (3,479) | (3,763) |
Distributions from associated companies | 1,861 | 312 | 2,429 |
Change in estimated litigation reserve | 0 | (88,500) | 88,500 |
Net change in: | |||
Trading assets | (40,235) | (615,768) | 0 |
Other assets | (708) | (49,006) | (1,384) |
Accrued interest payable | 0 | (10,982) | (762) |
Pension liabilities | (13,111) | 49,835 | 9,299 |
Trade payables, expense accruals and other liabilities | (23,218) | 558 | (15,127) |
Income taxes receivable/payable, net | (90,898) | 6,640 | (5,374) |
Other | 1,262 | 5,110 | 4,153 |
Net cash provided by (used for) operating activities | (420,349) | (601,438) | (142,550) |
Net cash flows from investing activities: | |||
Investments in subsidiaries | (427,933) | (637,400) | (1,460,159) |
Distributions from subsidiaries | 868,612 | 119,695 | 97,331 |
Advances on notes, loans and other receivables | 0 | (279,000) | (6,500) |
Collections on notes, loans and other receivables | 16,233 | 144,652 | 6,500 |
Loans to and investments in associated companies | (11,611) | (8,101) | (1,399) |
Capital distributions from associated companies | 1,501 | 1,317 | 730 |
Purchases of investments (other than short-term) | (2,242) | (7,968) | (11,628) |
Other | 150 | 276 | 184 |
Net cash provided by (used for) investing activities | 444,710 | (666,529) | (1,374,941) |
Net cash flows from financing activities: | |||
Repayment of debt | 0 | (458,641) | (34) |
Advances from (to) subsidiaries, net | 265,762 | 1,943,961 | 1,683,949 |
Issuance of common shares | 1,062 | 1,223 | 2,190 |
Purchase of common shares for treasury | (95,020) | (125,754) | (75,728) |
Dividends paid | (91,296) | (92,550) | (93,071) |
Net cash provided by (used for) financing activities | 80,508 | 1,268,239 | 1,517,306 |
Net increase (decrease) in cash and cash equivalents | 104,869 | 272 | (185) |
Cash and cash equivalents at January 1, | 353 | 81 | 266 |
Cash and cash equivalents at December 31, | 105,222 | 353 | 81 |
Supplemental disclosures of cash flow information: | |||
Interest | 57,813 | 95,074 | 96,847 |
Income tax payments, net | (10,199) | (2,332) | 13,463 |
Non-cash investing activities: | |||
Investments contributed to subsidiary | 423,009 | 0 | 5,000 |
Investments transferred from subsidiary | 2,022 | 0 | 43,602 |
Non-cash financing activities: | |||
Issuance of common shares for debt conversion | $ 0 | $ 0 | $ 97,546 |
Schedule I - Condensed Finan170
Schedule I - Condensed Financial Information of Registrant (Transactions with Subsidiaries) (Details) - Parent Company [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | 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 Finan171
Schedule I - Condensed Financial Information of Registrant (Restricted Net Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Registration Payment Arrangement [Line Items] | ||
Undistributed earnings of unconsolidated subsidiaries | $ 126.2 | |
Parent Company [Member] | ||
Registration Payment Arrangement [Line Items] | ||
Assets that may be restricted to the payment of cash dividends and advances | 5,994.1 | $ 6,264.4 |
Undistributed earnings of unconsolidated subsidiaries | 126.2 | 117.1 |
Restricted Assets due to regulatory requirements or regulatory approvals [Member] | Parent Company [Member] | ||
Registration Payment Arrangement [Line Items] | ||
Assets that may be restricted to the payment of cash dividends and advances | $ 4,833 | $ 5,202.7 |