Jefferies Financial (JEF) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 26, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	LEUCADIA NATIONAL CORP
Entity Central Index Key	96,223
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		359,818,382

Consolidated Statements Of Fina

Consolidated Statements Of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 4,261,427	$ 3,807,558
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	705,313	857,337
Financial instruments owned, including securities pledged of $10,184,574 and $9,706,881:
Trading assets, at fair value	14,606,439	14,985,237
Available for sale securities	462,503	301,049
Total financial instruments owned	15,068,942	15,286,286
Investments in managed funds	498,529	515,318
Loans to and investments in associated companies	2,122,479	2,125,098
Securities borrowed	6,886,436	7,743,562
Securities purchased under agreements to resell	4,468,494	3,862,488
Receivables	5,553,667	4,425,178
Property, equipment and leasehold improvements, net	718,439	709,242
Intangible assets, net and goodwill	2,499,103	2,513,678
Deferred tax asset, net	1,360,779	1,461,815
Assets held for sale	0	128,083
Other assets	1,836,389	1,635,664
Total assets	45,979,997	45,071,307
LIABILITIES
Short-term borrowings	422,924	525,842
Trading liabilities, at fair value	8,763,993	8,388,619
Securities loaned	2,522,846	2,819,132
Securities sold under agreements to repurchase	7,315,459	6,791,676
Other secured financings	837,204	1,026,429
Payables, expense accruals and other liabilities	6,859,832	7,373,708
Long-term debt	8,198,419	7,380,443
Total liabilities	34,920,677	34,305,849
Commitments and contingencies
MEZZANINE EQUITY
Redeemable noncontrolling interests	342,574	336,809
Mandatorily redeemable convertible preferred shares	125,000	125,000
EQUITY
Common shares, par value $1 per share, authorized 600,000,000 shares; 359,815,689 and 359,425,061 shares issued and outstanding, after deducting 56,575,299 and 56,947,654 shares held in treasury	359,816	359,425
Additional paid-in capital	4,819,281	4,812,587
Accumulated other comprehensive income	315,637	310,697
Retained earnings	4,903,424	4,645,391
Total Leucadia National Corporation shareholders’ equity	10,398,158	10,128,100
Noncontrolling interests	193,588	175,549
Total equity	10,591,746	10,303,649
Total	$ 45,979,997	$ 45,071,307

Consolidated Statements Of Fin3

Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Securities pledged	$ 10,184,574	$ 9,706,881
Stockholders' Equity Attributable to Parent [Abstract]
Common shares, par value (USD per share)	$ 1	$ 1
Common shares, authorized (in shares)	600,000,000	600,000,000
Common shares, issued and outstanding after deducting shares held in treasury (in shares)	359,815,689	359,425,061
Treasury stock (in shares)	56,575,299	56,947,654

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Beef processing services	$ 1,559,023	$ 1,631,371
Commissions	145,822	155,824
Principal transactions	416,501	(102,483)
Investment banking	408,021	230,930
Interest income	223,630	232,016
Net realized securities gains	460	728
Other	326,912	58,923
Total revenues	3,080,369	2,207,309
Interest expense	27,384	22,318
Net revenues	2,867,982	2,015,106
Expenses:
Cost of sales	1,533,094	1,648,052
Compensation and benefits	504,183	389,407
Floor brokerage and clearing fees	45,858	40,479
Interest	27,384	22,318
Depreciation and amortization	49,510	49,610
Selling, general and other expenses	181,282	187,255
Total expenses	2,341,311	2,337,121
Income (loss) before income taxes and income (loss) related to associated companies	526,671	(322,015)
Income (loss) related to associated companies	(128,574)	20,052
Income (loss) before income taxes	398,097	(301,963)
Income tax provision (benefit)	104,174	(83,361)
Net income (loss)	293,923	(218,602)
Net loss attributable to the noncontrolling interests	523	1,052
Net income attributable to the redeemable noncontrolling interests	(12,022)	(4,314)
Preferred stock dividends	(1,016)	(1,016)
Net income (loss) attributable to Leucadia National Corporation common shareholders	$ 281,408	$ (222,880)
Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders:
Net income (loss) (in dollars per share)	$ 0.76	$ (0.60)
Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders:
Net income (loss) (in dollars per share)	$ 0.75	$ (0.60)
Investment Banking And Capital Markets Segment
Revenues:
Interest expense	$ 212,387	$ 192,203
Expenses:
Interest	$ 212,387	$ 192,203

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 293,923	$ (218,602)
Other comprehensive income (loss):
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $5,907 and $(522)	10,143	(940)
Less: reclassification adjustment for net (gains) losses included in net income (loss), net of income tax provision (benefit) of $(11) and $14	18	(26)
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $5,918 and $(536)	10,161	(966)
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $1,511 and $3,236	(18)	(43,921)
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), net of income tax provision (benefit) of $1,097 and $0	5,290	0
Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $414 and $3,236	5,272	(43,921)
Net unrealized gains (losses) on instrument specific credit risk arising during the period, net of income tax provision (benefit) of $(6,345) and $0	(9,695)	(302)
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), net of income tax provision (benefit) of $0 and $0	0	0
Net change in unrealized instrument specific credit risk gains (losses), net of income tax provision (benefit) of $(6,345) and $0	(9,695)	(302)
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $0 and $0	0	0
Less: reclassification adjustment for pension (gains) losses included in net income (loss), net of income tax provision (benefit) of $(1,435) and $(178)	(798)	400
Net change in pension liability, net of income tax provision (benefit) of $1,435 and $178	(798)	400
Other comprehensive income (loss), net of income taxes	4,940	(44,789)
Comprehensive income (loss)	298,863	(263,391)
Comprehensive loss attributable to the noncontrolling interests	523	1,052
Comprehensive (income) attributable to the redeemable noncontrolling interests	(12,022)	(4,314)
Preferred stock dividends	(1,016)	(1,016)
Comprehensive income (loss) attributable to Leucadia National Corporation common shareholders	$ 286,348	$ (267,669)

Consolidated Statements Of Com6

Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit)	$ 5,907	$ (522)
Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit)	(11)	14
Net change in unrealized holding gains (losses) on investments, tax provision (benefit)	5,918	(536)
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit)	1,511	3,236
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), tax provision (benefit)	1,097	0
Net change in unrealized foreign exchange gains (losses), tax provision (benefit)	414	3,236
Net unrealized gains (losses) on instrument specific credit risk arising during the period, tax provision (benefit)	(6,345)	0
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), tax provision (benefit)	0	0
Net change in unrealized instrument specific credit risk gains (losses), tax provision (benefit)	(6,345)	0
Net pension gains (losses) arising during the period, tax provision (benefit)	0	0
Less: reclassification adjustment for pension (gains) losses included in net income (loss), tax provision (benefit)	(1,435)	(178)
Net change in pension liability, tax provision (benefit)	$ 1,435	$ 178

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net cash flows from operating activities:
Net income (loss)	$ 293,923	$ (218,602)
Adjustments to reconcile net income (loss) to net cash used for operations:
Deferred income tax provision (benefit)	99,357	(81,521)
Depreciation and amortization of property, equipment and leasehold improvements	34,482	34,955
Other amortization	3,541	212
Share-based compensation	9,983	6,933
Provision for doubtful accounts	9,517	11,003
Net securities gains	(460)	(728)
Loss related to associated companies	102,311	3,364
Distributions from associated companies	14,040	13,908
Net (gains) losses related to property and equipment, and other assets	(29)	5,874
Gain on sale of subsidiary	(179,894)	0
Net change in:
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	152,001	70,939
Trading assets	304,957	3,041,330
Investments in managed funds	18,520	49,350
Securities borrowed	856,236	(385,463)
Securities purchased under agreements to resell	(609,225)	298,260
Receivables from brokers, dealers and clearing organizations	(807,458)	(204,142)
Receivables from customers of securities operations	(341,347)	6,966
Other receivables	(35,160)	(22,889)
Other assets	(177,164)	(370,398)
Trading liabilities	381,118	761,729
Securities loaned	(295,666)	(295,559)
Securities sold under agreements to repurchase	525,137	(1,721,276)
Payables to brokers, dealers and clearing organizations	(329,027)	(1,492,311)
Payables to customers of securities operations	114,834	(180,980)
Trade payables, expense accruals and other liabilities	(317,806)	(262,392)
Other	(19,704)	8,645
Net cash used for operating activities	(192,983)	(922,793)
Net cash flows from investing activities:
Acquisitions of property, equipment and leasehold improvements, and other assets	(46,985)	(90,722)
Proceeds from disposals of property and equipment, and other assets	17,288	5,298
Proceeds from sale of subsidiary, net of expenses and cash of operations sold	291,425	0
Advances on notes, loans and other receivables	(23,634)	(148,622)
Collections on notes, loans and other receivables	86,608	11,686
Loans to and investments in associated companies	(1,227,838)	(284,820)
Capital distributions and loan repayments from associated companies	1,143,541	193,952
Purchases of investments (other than short-term)	(383,934)	(295,088)
Proceeds from maturities of investments	52,335	18,358
Proceeds from sales of investments	214,754	83,460
Other	1,250	(5,959)
Net cash provided by (used for) investing activities	124,810	(512,457)
Net cash flows from financing activities:
Issuance of debt, net of issuance costs	880,493	262,249
Net change in short-term borrowings	(107,113)	1,226
Repayment of debt	(55,405)	(34,937)
Net change in other secured financings	(189,518)	119,794
Net change in bank overdrafts	4,195	0
Issuance of common shares	805	531
Net distributions to redeemable noncontrolling interests	(185)	0
Distributions to noncontrolling interests	(179)	(271)
Contributions from noncontrolling interests	18,777	94,904
Purchase of common shares for treasury	(3,455)	(9,624)
Dividends paid	(22,710)	(23,001)
Other	0	153
Net cash provided by financing activities	525,705	411,024
Effect of foreign exchange rate changes on cash	(527)	(10,356)
Cash classified as assets held for sale	(3,136)	0
Net increase (decrease) in cash and cash equivalents	453,869	(1,034,582)
Cash and cash equivalents at January 1,	3,807,558	3,638,648
Cash and cash equivalents at March 31,	4,261,427	2,604,066
Supplemental disclosures of cash flow information:
Interest	248,211	195,300
Income tax payments (refunds), net	$ 2,728	$ (8,596)

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, 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 (loss)	(223,932)				(222,880)	(222,880)	(1,052)
Other comprehensive income, net of taxes	(44,789)			(44,789)		(44,789)
Contributions from noncontrolling interests	94,904					0	94,904
Distributions to noncontrolling interests	(271)					0	(271)
Deconsolidation of asset management entities	(385)					0	(385)
Share-based compensation expense	6,933		6,933			6,933
Change in fair value of redeemable noncontrolling interests	(12,835)		(12,835)			(12,835)
Purchase of common shares for treasury	(9,624)	(583)	(9,041)			(9,624)
Dividends ($.0625 per common share)	(23,577)				(23,577)	(23,577)
Other	(3,134)	295	(3,429)			(3,134)
Ending Balance at Mar. 31, 2016	10,249,180	362,329	4,968,447	394,004	4,366,525	10,091,305	157,875
Beginning Balance at Dec. 31, 2016	10,303,649	359,425	4,812,587	310,697	4,645,391	10,128,100	175,549
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	280,885				281,408	281,408	(523)
Other comprehensive income, net of taxes	4,940			4,940		4,940
Contributions from noncontrolling interests	18,777					0	18,777
Distributions to noncontrolling interests	(179)					0	(179)
Change in interest in consolidated subsidiary	0		36			36	(36)
Share-based compensation expense	9,983		9,983			9,983
Change in fair value of redeemable noncontrolling interests	(1,038)		(1,038)			(1,038)
Exercise of options to purchase common shares	418	18	400			418
Purchase of common shares for treasury	(3,455)	(147)	(3,308)			(3,455)
Dividends ($.0625 per common share)	(23,375)				(23,375)	(23,375)
Other	1,141	520	621			1,141
Ending Balance at Mar. 31, 2017	$ 10,591,746	$ 359,816	$ 4,819,281	$ 315,637	$ 4,903,424	$ 10,398,158	$ 193,588

Consolidated Statements Of Cha9

Consolidated Statements Of Changes In Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in USD per share)	$ 0.0625	$ 0.0625

Nature Of Operations

Nature Of Operations	3 Months Ended
	Mar. 31, 2017
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 (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 (insurance and consumer products), Vitesse Energy and JETX Energy (oil and gas exploration and development), Garcadia (automobile dealerships), Linkem (fixed wireless broadband services in Italy), Idaho Timber (manufacturing company), 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, LLC ("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 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 March 2017 for the purpose of evaluating whether financial statement disclosure or adjustments are required in this Quarterly Report on Form 10-Q, and we have concluded that no additional disclosures or adjustments are warranted. Leucadia Asset Management ("LAM") 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. Our investment in FXCM Group, LLC ("FXCM") and associated companies consists of a senior secured term loan due January 2018 ( $123.0 million outstanding at March 31, 2017 ), a 49.9% common membership interest in FXCM and up to 65% of all distributions. FXCM's six -member board is comprised of three directors appointed by Leucadia and three directors appointed by Global Brokerage Holdings, LLC ("Global Brokerage Holdings" and formerly FXCM Holdings, LLC). See Notes 3 and 9 to our consolidated financial statements for additional information. Berkadia Commercial Mortgage LLC ("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 70% equity method interest in HomeFed, which owns and develops residential and mixed use real estate properties. HomeFed is a public company traded on the NASD OTC Bulletin Board. 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 approximately 23% of HRG Group, Inc. ("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 would have acquired FGL for $26.80 per share in cash. On April 17, 2017, FGL terminated the merger agreement with Anbang and announced that it is continuing to evaluate strategic alternatives to maximize shareholder value and has received interest from a number of parties. 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. 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. JETX Energy, LLC ("JETX"), formerly Juneau Energy, LLC, is our 98% owned consolidated subsidiary that engages in the exploration, development and production of oil and gas from onshore, unconventional resource areas. JETX currently has non-operated working interests and acreage in the Texas Gulf Coast regions. Garcadia is an equity method joint venture that owns and operates 28 automobile dealerships in California, Texas, Iowa and Michigan. We own approximately 75% of Garcadia. 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 53% of Linkem's common equity at March 31, 2017 . 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 Plastics ("Conwed") was our consolidated subsidiary that manufactured and marketed 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. We recognized a $179.9 million pre-tax gain on the sale of Conwed in Other revenues in the three months ended March 31, 2017. 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.

Basis Of Presentation And Signi

Basis Of Presentation And Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis Of Presentation And Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Our unaudited interim consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes which are normally included in our Annual Report on Form 10-K. These financial statements reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes are necessary to fairly state results for the interim periods presented. Results of operations for interim periods are not necessarily indicative of annual results of operations. 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. 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 at the measurement date. For financial instruments that do not have readily determinable fair values using quoted market prices, the determination of fair value is based 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 challenge 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, and 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. Hedge Accounting Jefferies applies hedge accounting using interest rate swaps designated as fair value hedges of changes in the benchmark interest rate of fixed rate senior long-term debt. Jefferies interest rate swaps are included within Trading assets - Derivatives and Trading liabilities - Derivatives in the Consolidated Statements of Financial Condition. Jefferies uses regression analysis to perform ongoing prospective and retrospective assessments of the effectiveness of these hedging relationships. A hedging relationship is deemed effective if the change in fair value of the interest rate swap and the change in the fair value of the long-term debt due to changes in the benchmark interest rate offset within a range of 80% to 125% . The impact of valuation adjustments related to Jefferies own credit spreads and counterparty credit spreads are included in the assessment of effectiveness. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative and the change in fair value of the long-term debt provide offset of one another, and together with any resulting ineffectiveness, are recorded in Interest expense. See Note 4 for further information. Receivables At March 31, 2017 and December 31, 2016 , Receivables include receivables from brokers, dealers and clearing organizations of $2,868.2 million and $2,062.9 million , respectively, and receivables from customers of securities operations of $1,181.9 million and $843.1 million , respectively. Payables, expense accruals and other liabilities At March 31, 2017 and December 31, 2016 , Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $2,967.6 million and $3,290.4 million , respectively, and payables to customers of securities operations of $2,412.1 million and $2,297.3 million , respectively. Accounting Developments - Accounting Standards to be Adopted in Future Periods 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. 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 was 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 adoption of 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. 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. Goodwill. In January 2017, the FASB issued new guidance for simplifying goodwill impairment testing. The guidance is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Retirement Benefits. In March 2017, the FASB issued new guidance for improving the presentation of net periodic pension costs in the statement of operations. The update also allows the service cost to be eligible for capitalization, when applicable. The guidance is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Accounting Developments - Adopted Accounting Standards Share-Based Payments to Employees. In January 2017, we adopted the FASB's new guidance that simplifies and improves accounting for share-based payments. The amendments include the recognition of all excess tax benefits and tax deficiencies as income tax expense or benefit in the statement of operations and changes to the timing of recognition of excess tax benefits, the accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of this guidance did not have a significant impact on our consolidated financial statements. We elected to account for forfeitures as they occur, which results in dividends and dividend equivalents originally charged against retained earnings for forfeited shares to be reclassified to compensation cost in the period in which the forfeiture occurs.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2017
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 net asset value ("NAV") (within trading assets) of $24.2 million and $24.3 million , respectively, by level within the fair value hierarchy at March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 Level 1 (1) Level 2 (1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,620,350 $ 86,959 $ 20,580 $ — $ 2,727,889 Corporate debt securities — 2,422,480 33,467 — 2,455,947 CDOs and CLOs — 39,899 45,354 — 85,253 U.S. government and federal agency securities 1,124,343 28,702 — — 1,153,045 Municipal securities — 714,104 26,554 — 740,658 Sovereign obligations 1,506,428 1,312,799 — — 2,819,227 Residential mortgage-backed securities — 1,400,215 39,259 — 1,439,474 Commercial mortgage-backed securities — 565,494 20,653 — 586,147 Other asset-backed securities — 113,881 37,702 — 151,583 Loans and other receivables — 1,729,227 53,172 — 1,782,399 Derivatives 5,045 3,016,829 4,905 (2,826,763 ) 200,016 Investments at fair value — — 307,830 — 307,830 FXCM term loan — — 132,800 — 132,800 Total trading assets, excluding investments at fair value based on NAV $ 5,256,166 $ 11,430,589 $ 722,276 $ (2,826,763 ) $ 14,582,268 Available for sale securities: Corporate equity securities $ 95,545 $ — $ — $ — $ 95,545 Corporate debt securities — 179 — — 179 U.S. government securities 293,142 — — — 293,142 Residential mortgage-backed securities — 34,828 — — 34,828 Commercial mortgage-backed securities — 10,446 — — 10,446 Other asset-backed securities — 28,363 — — 28,363 Total available for sale securities $ 388,687 $ 73,816 $ — $ — $ 462,503 Liabilities: Trading liabilities: Corporate equity securities $ 1,468,429 $ 32,576 $ 324 $ — $ 1,501,329 Corporate debt securities — 1,544,945 523 — 1,545,468 U.S. government and federal agency securities 841,725 — — — 841,725 Sovereign obligations 1,500,854 1,485,616 — — 2,986,470 Loans — 1,491,488 1,036 — 1,492,524 Derivatives 7,710 3,171,881 11,318 (2,794,432 ) 396,477 Total trading liabilities $ 3,818,718 $ 7,726,506 $ 13,201 $ (2,794,432 ) $ 8,763,993 Other secured financings $ — $ 34,100 $ 87 $ — $ 34,187 Long-term debt - structured notes $ — $ 310,057 $ — $ — $ 310,057 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 FXCM term loan — — 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 (1) There were no material transfers between Level 1 and Level 2 during the three months ended March 31, 2017 and during the year ended December 31, 2016 . (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. The following is a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis: Corporate Equity Securities Exchange Traded Equity Securities: Exchange traded equity securities are measured based on quoted closing exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy, otherwise they are categorized within Level 2 of the fair value hierarchy. • 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 Jefferies. 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 and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange traded equity warrants are generally categorized within Level 3 of the fair value hierarchy and are measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Corporate Debt Securities • Corporate Bonds: Corporate bonds are measured primarily using pricing data from external pricing services and broker quotations, where available, prices observed 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 FXCM is an online provider of foreign exchange trading services. 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. 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. Through the first quarter of 2017 interest accrued at 20.5% per annum. During the three months ended March 31, 2017 , we received $42.7 million of principal, interest and fees from FXCM and $123.0 million remained outstanding under the term loan as of March 31, 2017 . Through September 1, 2016, 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 $10.9 million during the three months ended March 31, 2017 from our term loan and losses of $(53.2) million during the three months ended March 31, 2016 from our term loan and related rights. On September 1, 2016 we, Global Brokerage Inc. ("Global Brokerage" and formerly FXCM Inc.) and Global Brokerage 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 Global Brokerage Holdings; put in place a long-term incentive program for FXCM's senior management; and gave Global Brokerage 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, Global Brokerage 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. withdrew from business and agreed to sell FXCM U.S.'s customer accounts to Gain Capital Holdings, Inc. FXCM U.S. generated approximately 20% of FXCM's revenue, but was not profitable. FXCM also announced the implementation of a restructuring plan that includes the termination of approximately 150 employees, which represents approximately 18% of its global workforce. The proceeds from the sale of the U.S. accounts, net of closure and severance costs, as well as regulatory capital released after a sale, has been used to pay down the Leucadia term loan. As part of the settlement, Leucadia, Global Brokerage 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 remains in an advisory position. Brendan Callan became the interim Chief Executive Officer of FXCM and Jimmy Hallac (a Managing Director at Leucadia) became 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 Global Brokerage, but remains as acting Chief Executive Officer of Global Brokerage until his successor is identified. We do not hold any interest in Global Brokerage, the publicly traded company and issuer of senior convertible notes. Global Brokerage holds an economic interest of 74.5% in Global Brokerage Holdings, which in turn holds 50.1% of FXCM. As more fully described above, we own the remaining 49.9% of FXCM, and our senior secured term loan is also with FXCM, which is a holding company for all of FXCM's affiliated operating subsidiaries. Net profits and proceeds generated by these subsidiaries, and from the sales of these subsidiaries, flow first to FXCM, where they are applied to the outstanding balance of our term loan and then, in accordance with the agreement described above, to us and Global Brokerage Holdings. A portion of the profits and proceeds that flow to Global Brokerage Holdings then flow to Global Brokerage, in accordance with its economic interest. 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 March 31, 2017 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 ( $132.8 million ) and the investment in associated company ( $186.7 million ), which totaled $319.5 million at March 31, 2017 . 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; 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. As described further in Note 9, we engaged an independent valuation firm to assist management in estimating the fair value of our equity investment in FXCM. Our estimate of fair value was based on a discounted cash flow and comparable public company analysis and is categorized within Level 3 of the fair value hierarchy. The discounted cash flow valuation model used inputs including management's projections of future FXCM cash flows and a discount rate of approximately 15% . The comparable public company model used market data for comparable companies including a price to EBITDA multiple of 5.4 and a price to revenue multiple of 1.5 . 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 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 (in thousands). Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) March 31, 2017 Equity Long/Short Hedge Funds (2) $ 362,870 $ — (2) Fixed Income and High Yield Hedge Funds (3) 761 — — Fund of Funds (4) 169 — — Equity Funds (5) 40,688 20,040 — Multi-asset Funds (6) 118,211 — — Total $ 522,699 $ 20,040 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-asset Funds (6) 133,190 — — Total $ 539,627 $ 20,295 (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 March 31, 2017 and December 31, 2016 , the majority of these investments are redeemable with 10 business 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. (4) This category includes investments in fund of funds that invest in various private equity funds. The investments in this category are managed by us and have no redemption provisions. These investments are gradually being liquidated or we have requested redemption, however, we are unable to estimate when these funds will be received. (5) At March 31, 2017 and December 31, 2016 , the investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed; instead distributions are received through the liquida

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2017
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. Predominantly, Jefferies and our Leucadia Asset Management businesses enter into derivative transactions to satisfy the needs of its clients and to manage its own exposure to market and credit risks resulting from its trading activities. In addition, Jefferies applies hedge accounting to an interest rate swap that has been designated as a fair value hedge of the changes in fair value due to the benchmark interest rate for certain fixed rate senior long-term debt. See Notes 3 and 20 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 or 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 10 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 March 31, 2017 and December 31, 2016 . 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 March 31, 2017 Derivatives designated as accounting hedges - interest rate contracts $ — — $ 3,456 1 Derivatives not designated as accounting hedges: Interest rate contracts $ 2,078,505 28,081 $ 1,971,452 45,250 Foreign exchange contracts 308,706 6,639 300,834 6,556 Equity contracts 605,893 1,856,995 882,188 1,617,398 Commodity contracts 4,329 8,815 5,167 8,778 Credit contracts: centrally cleared swaps 9,520 25 12,555 34 Credit contracts: other credit derivatives 19,826 191 15,257 122 Total 3,026,779 3,187,453 Counterparty/cash-collateral netting (1) (2,826,763 ) (2,794,432 ) Total derivatives not designated as accounting hedges $ 200,016 $ 393,021 Total per Consolidated Statement of Financial Condition (2) $ 200,016 $ 396,477 December 31, 2016 Derivatives not designated as accounting hedges: 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 (1) (4,255,998 ) (4,229,213 ) Total per Consolidated Statement of Financial Condition (2) $ 371,078 $ 650,809 (1) Amounts netted include both netting by counterparty and for cash collateral paid or received. (2) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition. The following table provides information related to gains (losses) recognized in Interest expense in the Consolidated Statements of Operations on a fair value hedge (in thousands): For the Three Months Ended March 31, 2017 2016 Interest rate swaps $ (4,609 ) $ — Long-term debt 5,405 — Total $ 796 $ — The following table presents unrealized and realized gains (losses) on derivative contracts which are primarily recognized in Principal transactions revenues in the Consolidated Statements of Operations which are utilized in connection with our client activities and our economic risk management activities for the three months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 2016 Interest rate contracts $ 9,678 $ (68,513 ) Foreign exchange contracts 2,503 836 Equity contracts (178,622 ) (224,282 ) Commodity contracts 7,248 729 Credit contracts 10,192 (10,975 ) Total $ (149,001 ) $ (302,205 ) 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 March 31, 2017 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross- Maturity Netting (4) Total Commodity swaps, options and forwards $ 371 $ 62 $ — $ — $ 433 Equity swaps and options 19,143 3,271 — — 22,414 Credit default swaps — 14,487 6,449 — 20,936 Total return swaps 6,384 771 — (38 ) 7,117 Foreign currency forwards, swaps and options 37,502 37,500 — (13,111 ) 61,891 Interest rate swaps, options and forwards 32,212 153,246 124,873 (66,627 ) 243,704 Total $ 95,612 $ 209,337 $ 131,322 $ (79,776 ) 356,495 Cross product counterparty netting (1,512 ) Total OTC derivative assets included in Trading assets $ 354,983 (1) At March 31, 2017 , we held exchange traded derivative assets and other credit agreements with a fair value of $15.5 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 March 31, 2017 , cash collateral received was $176.5 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 $ 1,582 $ — $ — $ — $ 1,582 Equity swaps and options 13,148 17,187 1,994 — 32,329 Credit default swaps 178 13,155 — — 13,333 Total return swaps 20,221 2,391 — (38 ) 22,574 Foreign currency forwards, swaps and options 39,898 27,382 — (13,111 ) 54,169 Fixed income forwards 275 — — — 275 Interest rate swaps, options and forwards 19,346 92,177 96,958 (66,627 ) 141,854 Total $ 94,648 $ 152,292 $ 98,952 $ (79,776 ) 266,116 Cross product counterparty netting (1,512 ) Total OTC derivative liabilities included in Trading liabilities $ 264,604 (1) At March 31, 2017 , we held exchange traded derivative liabilities and other credit agreements with a fair value of $254.9 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 March 31, 2017 , cash collateral pledged was $144.2 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 March 31, 2017 , 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 $ 225,496 BBB- to BBB+ 62,994 BB+ or lower 28,130 Unrated 38,363 Total $ 354,983 (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 March 31, 2017 and December 31, 2016 is $19.4 million and $70.6 million , respectively, for which Jefferies has received collateral of $3.7 million and posted collateral of $44.4 million , respectively, in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered on March 31, 2017 and December 31, 2016 , Jefferies would have been required to post an additional $23.1 million and $26.1 million , respectively, of collateral to its counterparties. Other Derivatives National Beef uses futures contracts in order to reduce its exposure associated with entering into firm commitments to purchase live cattle at prices determined prior to the delivery of the cattle as well as firm commitments to sell certain beef products at sales prices determined prior to shipment. National Beef accounts for the futures contracts 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 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	3 Months Ended
	Mar. 31, 2017
Collateralized Transactions [Abstract]
Collateralized Transactions	Collateralized Transactions Jefferies enters into secured borrowing and lending arrangements to obtain collateral necessary to effect settlement, finance inventory positions, meet customer needs or re-lend as part of 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): At March 31, 2017 Collateral Pledged Securities Lending Arrangements Repurchase Agreements Total Corporate equity securities $ 1,839,036 $ 167,950 $ 2,006,986 Corporate debt securities 683,539 1,766,716 2,450,255 Mortgage- and asset-backed securities — 2,836,035 2,836,035 U.S. government and federal agency securities 271 8,465,938 8,466,209 Municipal securities — 511,340 511,340 Sovereign obligations — 2,422,148 2,422,148 Loans and other receivables — 230,762 230,762 Total $ 2,522,846 $ 16,400,889 $ 18,923,735 At December 31, 2016 Collateral Pledged Securities Lending Arrangements Repurchase Agreements Total 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 obligations — 2,625,079 2,625,079 Loans and other receivables — 455,960 455,960 Total $ 2,819,132 $ 17,012,332 $ 19,831,464 Contractual Maturity At March 31, 2017 Overnight and Continuous Up to 30 Days 30 to 90 Days Greater than 90 Days Total Securities lending arrangements $ 1,250,755 $ — $ 712,777 $ 559,314 $ 2,522,846 Repurchase agreements 8,906,185 2,321,184 3,651,291 1,522,229 16,400,889 Total $ 10,156,940 $ 2,321,184 $ 4,364,068 $ 2,081,543 $ 18,923,735 Contractual Maturity At December 31, 2016 Overnight and Continuous Up to 30 Days 30 to 90 Days Greater than 90 Days Total 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 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 March 31, 2017 and December 31, 2016 , the approximate fair value of securities received as collateral by Jefferies that may be sold or repledged was $24.7 billion and $25.5 billion , respectively. A substantial portion of these securities have been sold or repledged.

Securitization Activities

Securitization Activities	3 Months Ended
	Mar. 31, 2017
Securitization Activities [Abstract]
Securitization Activities	Securitization Activities Jefferies engages in securitization activities related to corporate loans, commercial mortgage loans, consumer loans and mortgage-backed and other asset-backed securities. In securitization transactions, Jefferies transfers assets to special purpose entities ("SPEs") and acts as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A significant portion of the securitization transactions are securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of 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 transactions 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 three months ended March 31, 2017 and 2016 (in millions): For the Three Months Ended March 31, 2017 2016 Transferred assets $ 953.5 $ 1,948.9 Proceeds on new securitizations $ 962.6 $ 1,962.7 Cash flows received on retained interests $ 8.7 $ 9.6 Jefferies has no explicit or implicit arrangements to provide additional financial support to these SPEs, has no liabilities related to these SPEs and has no outstanding derivative contracts executed in connection with these securitization activities at March 31, 2017 and December 31, 2016 . The following table summarizes Jefferies retained interests in SPEs where it transferred assets and has continuing involvement and received sale accounting treatment (in millions): March 31, 2017 December 31, 2016 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 6,029.9 $ 9.2 $ 7,584.9 $ 31.0 U.S. government agency commercial mortgage-backed securities $ 2,240.3 $ 49.0 $ 1,806.3 $ 29.6 CLOs $ 2,759.9 $ 18.5 $ 4,102.2 $ 37.0 Consumer and other loans $ 479.9 $ 101.0 $ 395.7 $ 25.3 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 VIEs section presented in Note 8. 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 8 for further information on securitization activities and VIEs.

Available For Sale Securities

Available For Sale Securities	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 are as follows (in thousands): Amortized Gross Gross Estimated March 31, 2017 Bonds and notes: U.S. government securities $ 293,286 $ — $ 144 $ 293,142 Residential mortgage-backed securities 34,759 151 82 34,828 Commercial mortgage-backed securities 10,328 124 6 10,446 Other asset-backed securities 28,242 126 5 28,363 All other corporates 179 — — 179 Total fixed maturities 366,794 401 237 366,958 Equity securities: Common stocks: Banks, trusts and insurance companies 35,071 20,499 — 55,570 Industrial, miscellaneous and all other 17,946 22,029 — 39,975 Total equity securities 53,017 42,528 — 95,545 $ 419,811 $ 42,929 $ 237 $ 462,503 December 31, 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 The amortized cost and estimated fair value of investments classified as available for sale at March 31, 2017 , 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 $ 293,286 $ 293,142 Due after one year through five years 179 179 293,465 293,321 Mortgage-backed and asset-backed securities 73,329 73,637 $ 366,794 $ 366,958 At March 31, 2017 , 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	3 Months Ended
	Mar. 31, 2017
Variable Interest Entities [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 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 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 table presents 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 March 31, 2017 and December 31, 2016 (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. March 31, 2017 December 31, 2016 Securitization Vehicles Real Estate Investment Vehicles Securitization Vehicles Real Estate Investment Vehicles Cash $ 6.7 $ 2.7 $ 18.4 $ 2.2 Financial instruments owned 52.8 — 86.6 — Securities purchased under agreement to resell (1) 570.2 — 733.5 — Receivables 246.6 312.0 277.7 296.9 Loans to and investments in associated companies — 120.0 — 108.7 Other 15.6 11.0 14.5 10.8 Total assets $ 891.9 $ 445.7 $ 1,130.7 $ 418.6 Other secured financings (2) $ 856.5 $ — $ 1,083.8 $ — Long-term debt — 258.1 24.1 243.9 Other 35.0 8.2 22.3 11.7 Total liabilities $ 891.5 $ 266.3 $ 1,130.2 $ 255.6 Noncontrolling interests $ — $ 107.5 $ — $ 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 $19.5 million and $57.6 million of the secured financing represents an amount held by Jefferies in inventory and eliminated in consolidation at March 31, 2017 and December 31, 2016 , 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 March 31, 2017 and December 31, 2016 , 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 an 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. Real Estate Investment Vehicles. 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 March 31, 2017 and December 31, 2016 (in millions): Financial Statement Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities March 31, 2017 CLOs $ 37.7 $ 1.5 $ 285.7 $ 3,279.9 Consumer loan vehicles 154.1 — 515.4 1,149.1 Related party private equity vehicles 36.3 — 62.0 149.3 Real estate investment vehicles 100.4 — 112.2 111.3 Other private investment vehicles 85.6 — 96.7 4,840.7 Total $ 414.1 $ 1.5 $ 1,072.0 $ 9,530.3 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 vehicles 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 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. 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 committed to invest equity in private equity funds (the "JCP Funds") managed by Jefferies Capital Partners, LLC (the "JCP Manager"). Additionally, Jefferies 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 was $148.1 million , of which $125.4 million and $125.1 million had been funded as of March 31, 2017 and December 31, 2016 , respectively. The carrying value of Jefferies equity investments in the JCP Entities was $36.3 million and $37.6 million at March 31, 2017 and December 31, 2016 , 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 certain of our employees. The maximum exposure to loss of the guarantee was $3.0 million and $3.0 million as of March 31, 2017 and December 31, 2016 , respectively. Energy Partners I, LP has assets consisting primarily of debt and equity investments. Real Estate Investment Vehicles. 54 Madison has committed to invest $108.0 million in real estate investment vehicles, of which $96.3 million was funded as of March 31, 2017 . 54 Madison's maximum exposure to loss is limited to its carrying value and unfunded equity commitment. 54 Madison is not the primary beneficiary of the investment vehicles as it does not have the power to control the most important activities of the VIEs. The assets of the VIEs consist primarily of investments in real estate projects. Other Private Investment Vehicles. We had commitments to invest $100.6 million and $111.4 million as of March 31, 2017 and December 31, 2016 , respectively, in various other private investment vehicles, of which $89.6 million and $99.6 million was funded as of March 31, 2017 and December 31, 2016 , respectively. The carrying amount of our equity investment was $85.6 million and $84.0 million at March 31, 2017 and December 31, 2016 , respectively. Our exposure to loss is limited to the total 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 Securitization Vehicles. In connection with Jefferies secondary trading and market-making activities, Jefferies buys and sells agency and non-agency mortgage-backed securities and other asset-backed securities, which are issued by third party securitization SPEs and are generally considered variable interests in VIEs. Securities issued by securitization SPEs are backed by residential mortgage loans, U.S. agency collateralized mortgage obligations, commercial mortgage loans, CDOs and CLOs and other consumer loans, such as installment receivables, auto loans and student loans. These securities are accounted for at fair value and included in 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") or GNMA ("Ginnie Mae")) or non-agency-sponsored SPEs and may purchase loans or mortgage-backed securities from third parties that are subsequently transferred into the securitization trusts. The securitizations are backed by residential and commercial mortgage, home equity and auto loans. 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 March 31, 2017 and December 31, 2016 , Jefferies held $1,761.9 million and $1,002.2 million of agency mortgage-backed securities, respectively, and $351.9 million and $439.4 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 9 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 3 and 9 for further discussion.

Loans To And Investments In Ass

Loans To And Investments In Associated Companies	3 Months Ended
	Mar. 31, 2017
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 accounted for under the equity method of accounting during the three months ended March 31, 2017 and 2016 is as follows (in thousands): Loans to and investments in associated companies as of January 1, 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 March 31, 2017 Jefferies Finance $ 490,464 $ — $ 24,965 $ — $ — $ 515,429 Jefferies LoanCore 154,731 — 2,332 (7,760 ) — 149,303 Berkadia 184,443 16,954 — (1,924 ) 102 199,575 FXCM 336,258 (149,900 ) — — 349 186,707 Garcadia Companies 185,815 13,294 — (12,588 ) — 186,521 Linkem 154,000 (8,148 ) — 31,996 3,520 181,368 HomeFed 302,231 336 — 31,316 — 333,883 Golden Queen (1) 111,302 (1,297 ) — — — 110,005 54 Madison (2) 161,400 (608 ) — 25,807 — 186,599 Other 44,454 795 (1,034 ) 28,873 1 73,089 Total $ 2,125,098 $ (128,574 ) $ 26,263 $ 95,720 $ 3,972 $ 2,122,479 2016 Jefferies Finance $ 528,575 $ — $ (22,806 ) $ (19,300 ) $ — $ 486,469 Jefferies LoanCore 288,741 — (187 ) (27,073 ) — 261,481 Berkadia 190,986 13,054 — (5,400 ) 215 198,855 Garcadia Companies 172,660 15,327 — (14,352 ) — 173,635 Linkem 150,149 (8,200 ) — 33,297 8,648 183,894 HomeFed 275,378 (1,288 ) — — — 274,090 Golden Queen 114,323 (355 ) — — — 113,968 54 Madison — 1,227 — 107,679 3,642 112,548 Other 36,557 287 (423 ) 2,109 — 38,530 Total $ 1,757,369 $ 20,052 $ (23,416 ) $ 76,960 $ 12,505 $ 1,843,470 (1) At March 31, 2017 and December 31, 2016 , the balance reflects $32.4 million and $32.8 million , respectively, related to a noncontrolling interest. (2) At March 31, 2017 and December 31, 2016 , the balance reflects $109.3 million and $95.3 million , respectively, related to noncontrolling interests. Income (losses) related to associated companies includes the following for the three months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 2016 Berkadia $ 16,954 $ 13,054 FXCM (149,900 ) — Garcadia companies 13,294 15,327 Linkem (8,148 ) (8,200 ) HomeFed 336 (1,288 ) Golden Queen (1,297 ) (355 ) 54 Madison (608 ) 1,227 Other 795 287 Total $ (128,574 ) $ 20,052 Income (losses) related to associated companies classified as Other revenues includes the following for the three months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 2016 Jefferies Finance $ 24,965 $ (22,806 ) Jefferies LoanCore 2,332 (187 ) Other (1,034 ) (423 ) Total $ 26,263 $ (23,416 ) 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 and acts as an investment advisor for various loan funds. Jefferies and MassMutual each had equity commitments to Jefferies Finance of $600.0 million . At March 31, 2017 , $493.9 million of Jefferies commitment was funded. The investment commitment is scheduled to expire on March 1, 2018 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 total committed amount of $500.0 million at March 31, 2017 and December 31, 2016 . Advances are shared equally between Jefferies and MassMutual. The facility is scheduled to mature on March 1, 2018 with automatic one year extensions absent a 60 day termination notice by either party. At March 31, 2017 and December 31, 2016 , $0.0 million and $0.0 million , respectively, of Jefferies $250.0 million commitments were funded. Jefferies engages in debt capital markets transactions with Jefferies Finance related to the originations and syndications of loans by Jefferies Finance. In connection with such services, Jefferies earned fees of $66.2 million and $19.4 million during the three months ended March 31, 2017 and 2016 , 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 $2.1 million during the three months ended March 31, 2017 , which are recognized within Selling, general and other expenses in the Consolidated Statement of Operations. Jefferies acts as a placement agent for CLOs managed by Jefferies Finance, for which Jefferies recognized fees of $2.7 million during the three months ended March 31, 2017 , which are included in Investment banking revenues in the Consolidated Statement of Operations. At March 31, 2017 and December 31, 2016 , Jefferies held securities issued by CLOs managed by Jefferies Finance, which are included within Trading assets, and provided a guarantee, whereby Jefferies is required to make certain payments to a CLO in the event Jefferies Finance is unable to meet its obligations to the CLO. Additionally, Jefferies has entered into participation agreements and derivative contracts with Jefferies Finance based upon certain securities issued by the CLO. Under a service agreement, Jefferies charged Jefferies Finance $20.2 million and $21.1 million for services provided during the three months ended March 31, 2017 and 2016 , respectively. At March 31, 2017 , Jefferies had a receivable from Jefferies Finance, included within Other assets in the Consolidated Statement of Financial Condition, of $18.0 million . At December 31, 2016 , Jefferies had a payable to Jefferies Finance, included within Payables, expense accruals and other liabilities in the Consolidated Statement of Financial Condition, of $5.8 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. Jefferies LoanCore aggregate equity commitment was $400.0 million at March 31, 2017 and December 31, 2016 . At March 31, 2017 and December 31, 2016 , Jefferies had funded $122.9 million and $70.1 million , respectively, of its $194.0 million equity commitment, and has a 48.5% voting interest in Jefferies LoanCore. Jefferies LoanCore has entered into master repurchase agreements with Jefferies. During the three months ended March 31, 2017 and 2016 , Jefferies recognized interest income and fees of $0.6 million and $2.8 million , respectively, related to these agreements. In connection with such master repurchase agreements, at December 31, 2016 , Jefferies had securities purchased with agreements to resell from Jefferies LoanCore of $68.1 million . No amounts were outstanding at March 31, 2017 . Jefferies also enters into OTC foreign exchange contracts with Jefferies LoanCore. In connection with these contracts, Jefferies has $5.4 million and $8.3 million at March 31, 2017 and December 31, 2016 , respectively, recorded in Payables, expense accruals and other liabilities and $1.0 million at March 31, 2017 recorded in Trading liabilities in the Consolidated Statements of Financial Condition. Berkadia Berkadia is a commercial mortgage banking and servicing joint venture formed in 2009 with Berkshire Hathaway. We and Berkshire Hathaway each contributed $217.2 million of equity capital to the joint venture and each have a 50% equity interest in Berkadia. Through March 31, 2017 , cumulative cash distributions received by Leucadia from this investment aggregated $496.5 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 $1.5 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 March 31, 2017 , the aggregate amount of commercial paper outstanding was $1.47 billion . FXCM As discussed more fully in Note 3, at March 31, 2017 , Leucadia has a 49.9% common membership interest in FXCM and a senior secured term loan to 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 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. Based on the February 2017 actions described further in Note 3, we evaluated in the first quarter of 2017 whether our equity method investment was fully recoverable. We engaged an independent valuation firm to assist management in estimating the fair value of FXCM. Our estimate of fair value was based on a discounted cash flow and comparable public company analysis. The result of our analysis indicated that the estimated fair value of our equity interest in FXCM was lower than our carrying value by $130.2 million . We concluded based on the regulatory actions, FXCM's restructuring plan described further in Note 3, investor perception and declines in the trading price of Global Brokerage's common shares and convertible debt, that the decline in fair value of our equity interest was other than temporary. As such, we impaired our equity investment in FXCM in the first quarter of 2017 by $130.2 million . 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. In addition, we own 5% convertible preferred stock, which is automatically convertible to common shares in 2020. If all of our convertible preferred stock was converted, it would increase our ownership to approximately 53% of Linkem’s common equity at March 31, 2017 . 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 March 31, 2017 , we own 10,838,115 shares of HomeFed’s common stock, representing approximately 70% 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 March 31, 2017 . Our Chairman also serves as HomeFed’s Chairman, and our President is a Director of HomeFed. 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 in 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. Through March 31, 2017 , 54 Madison invested an aggregate of $183.0 million in projects accounted for under the equity method and $107.1 million of that was contributed from noncontrolling interests.

Financial Statement Offsetting

Financial Statement Offsetting	3 Months Ended
	Mar. 31, 2017
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. 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 Statements of Financial Condition Net Amounts in Consolidated Statements of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets at March 31, 2017 Derivative contracts $ 3,026,779 $ (2,826,763 ) $ 200,016 $ — $ — $ 200,016 Securities borrowing arrangements $ 6,886,436 $ — $ 6,886,436 $ (671,142 ) $ (486,027 ) $ 5,729,267 Reverse repurchase agreements $ 13,553,924 $ (9,085,430 ) $ 4,468,494 $ (701,342 ) $ (3,711,705 ) $ 55,447 Liabilities at March 31, 2017 Derivative contracts $ 3,190,909 $ (2,794,432 ) $ 396,477 $ — $ — $ 396,477 Securities lending arrangements $ 2,522,846 $ — $ 2,522,846 $ (671,142 ) $ (1,813,403 ) $ 38,301 Repurchase agreements $ 16,400,889 $ (9,085,430 ) $ 7,315,459 $ (701,342 ) $ (5,651,398 ) $ 962,719 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 (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 March 31, 2017 , amounts include $5,695.3 million of securities borrowing arrangements, for which we have received securities collateral of $5,505.2 million , and $948.0 million of repurchase agreements, for which we have pledged securities collateral of $975.5 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. 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 determined the agreements to be legally enforceable.

Intangible Assets, Net And Good

Intangible Assets, Net And Goodwill	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 is as follows (in thousands): March 31, 2017 December 31, 2016 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 8,702 $ 9,041 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $205,957 and $198,674 370,829 378,136 Trademarks and tradename, net of accumulated amortization of $82,681 and $78,778 305,355 309,382 Supply contracts, net of accumulated amortization of $50,076 and $47,867 93,524 95,733 Other, net of accumulated amortization of $3,156 and $2,914 5,430 5,672 Total intangible assets, net 783,840 797,964 Goodwill: National Beef 14,991 14,991 Jefferies 1,696,413 1,696,864 Other operations 3,859 3,859 Total goodwill 1,715,263 1,715,714 Total Intangible assets, net and goodwill $ 2,499,103 $ 2,513,678 Amortization expense on intangible assets was $13.7 million and $15.8 million for the three months ended March 31, 2017 and 2016 , respectively. The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows: 2017 (for the remaining nine months) - $44.7 million ; 2018 - $58.5 million ; 2019 - $58.5 million ; 2020 - $58.5 million ; and 2021 - $58.1 million .

Inventory

Inventory	3 Months Ended
	Mar. 31, 2017
Inventory, Net [Abstract]
Inventory	Inventory A summary of inventory at March 31, 2017 and December 31, 2016 which is classified as Other assets is as follows (in thousands): March 31, 2017 December 31, 2016 Finished goods $ 246,079 $ 243,488 Work in process 36,020 35,714 Raw materials, supplies and other 28,242 30,733 $ 310,341 $ 309,935

Short-Term Borrowings

Short-Term Borrowings	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Short-Term Borrowings	Short-Term Borrowings Jefferies short-term borrowings at March 31, 2017 and December 31, 2016 are as follows (in thousands): March 31, 2017 December 31, 2016 Bank loans (1) $ 326,496 $ 372,301 Secured revolving loan facilities — 57,086 Floating rate puttable notes 96,428 96,455 Total short-term borrowings $ 422,924 $ 525,842 (1) Bank loans are payable on demand and must be repaid in one year or less. Amounts include $14.5 million and $10.3 million related to bank overdrafts at March 31, 2017 and December 31, 2016 , respectively. At March 31, 2017 and December 31, 2016 , the weighted average interest rate on short-term borrowings outstanding is 1.37% and 1.77% per annum, respectively. 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 March 31, 2017 , Jefferies was in compliance with debt covenants under the Intraday Credit Facility. In October 2015, Jefferies entered into a secured revolving loan facility (“First Secured Revolving Loan Facility”) whereby the lender agreed to make available a revolving loan facility in a maximum principal amount of $50.0 million to purchase eligible receivables that met certain requirements as defined in the First Secured Revolving Loan Facility agreement. Interest was based on an annual rate equal to the lesser of the LIBOR rate plus 3.75% or the maximum rate as defined in the First Secured Revolving Loan Facility agreement. In December 2015, Jefferies entered into a second secured revolving loan facility (“Second Secured Revolving Loan Facility”) whereby the lender agreed to make available a revolving loan facility in a maximum principal amount of $50.0 million to purchase eligible receivables that met certain requirements as defined in the Second Secured Revolving Loan Facility agreement. Interest was 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 First Secured Revolving Loan Facility was terminated with an effective date of December 6, 2016. The Second Secured Revolving Loan Facility was terminated with an effective date of January 24, 2017.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Aggregate Indebtedness [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 March 31, 2017 and December 31, 2016 are as follows (dollars in thousands): March 31, 2017 December 31, 2016 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 741,529 $ 741,264 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,638 246,627 Total long-term debt – Parent Company 988,167 987,891 Subsidiary Debt (non-recourse to Parent Company): Jefferies: 5.125% Senior Notes, due April 13, 2018, $800,000 principal 814,623 817,813 8.50% Senior Notes, due July 15, 2019, $700,000 principal 771,253 778,367 2.375% Euro Medium Term Notes, due May 20, 2020, $529,825 and $529,975 principal 528,220 528,250 6.875% Senior Notes, due April 15, 2021, $750,000 principal 819,951 823,797 2.25% Euro Medium Term Notes, due July 13, 2022, $4,239 and $4,240 principal 3,863 3,848 5.125% Senior Notes, due January 20, 2023, $600,000 principal 617,704 618,355 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 738,748 — 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 377,313 377,806 3.875% Convertible Senior Debentures, due November 1, 2029, $345,000 principal 345,850 346,163 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 512,309 512,396 6.50% Senior Notes, due January 20, 2043, $400,000 principal 421,249 421,333 Structured Notes (2) 316,408 255,203 National Beef Term Loan 266,250 273,811 National Beef Revolving Credit Facility 6,593 — 54 Madison Term Loans 387,822 406,028 Foursight Capital Credit Facilities 154,327 97,138 Other 127,769 132,244 Total long-term debt – subsidiaries 7,210,252 6,392,552 Long-term debt $ 8,198,419 $ 7,380,443 (1) Amount includes a decrease of $5.4 million to the carrying value of long-term debt associated with an interest rate swap based on its designation as a fair value hedge. See Notes 2 and 4 for further information. (2) Includes $310.1 million and $248.9 million at fair value at March 31, 2017 and December 31, 2016 , respectively. Subsidiary Debt : Jefferies 3.875% Convertible Senior Debentures due 2029 are convertible into our common shares; each $1,000 are convertible into 22.8163 common shares (equivalent to a conversion price of approximately $43.83 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 three months ended March 31, 2017 , Jefferies issued structured notes with a total principal amount of approximately $48.6 million . Structured notes of $310.1 million and $248.9 million at March 31, 2017 and December 31, 2016 , respectively, 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 January 2017, Jefferies issued 4.85% senior notes with a principal amount of $750.0 million , due 2027. At March 31, 2017 , National Beef’s credit facility consisted of a term loan with an outstanding balance of $266.3 million and a revolving credit facility with a commitment of $285.0 million , both of which mature in October 2018. The term loan and the revolving credit facility bear interest at the Base Rate or the LIBOR Rate (as defined in the credit facility), plus a margin ranging from 0.75% to 2.75% depending upon certain financial ratios and the rate selected. At March 31, 2017 , the interest rate on the outstanding term loan was 2.53% and the interest rate on the outstanding revolving credit facility was 4.75% . The credit facility contains a minimum tangible net worth covenant; at March 31, 2017 , 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 March 31, 2017 . Amounts available under the revolver are subject to a borrowing base calculation primarily comprised of receivable and inventory balances. At March 31, 2017 , after deducting outstanding amounts and issued letters of credit, $216.5 million of the unused revolver was available to National Beef. 54 Madison seeks long-term capital appreciation through real estate development and similar projects. Many of these development projects are funded through long-term debt at the project level. The debt holders do not have recourse to the Leucadia parent company. At March 31, 2017 , 54 Madison had $77.8 million of 6.0% term loan debt maturing in January 2018, $129.7 million of 5.5% term loan debt maturing in February 2019, $0.5 million of 3.5% term loan debt maturing in March 2019, $78.3 million of 4.15% term loan debt maturing in April 2019, $101.0 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 23, the majority of the debt holders are also investors in 54 Madison. At March 31, 2017 , Foursight Capital's credit facilities consisted of two warehouse credit commitments aggregating $200.0 million , which mature in December 2018 and March 2019. The 2018 credit facility bears interest based on the one-month LIBOR plus a credit spread fixed through its maturity and the 2019 credit facility bears interest based on the three-month LIBOR plus a credit spread fixed through its maturity. As a condition of the 2019 credit facility, Foursight Capital is obligated to maintain cash reserves in an amount equal to the quoted price of an interest rate cap sufficient to meet the hedging requirements of the credit commitment. The credit facilities are secured by first priority liens on auto loan receivables owed to Foursight Capital of approximately $176.9 million at March 31, 2017 .

Mezzanine Equity

Mezzanine Equity	3 Months Ended
	Mar. 31, 2017
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, 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 three months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 2016 As of January 1, $ 321,962 $ 189,358 Income allocated to redeemable noncontrolling interests 12,049 4,384 Distributions to redeemable noncontrolling interests (7,117 ) — Increase in fair value of redeemable noncontrolling interests 1,038 12,835 Balance, March 31, $ 327,932 $ 206,577 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 March 31, 2017 , 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 ( 10.6% ) and the terminal growth rate ( 2.0% ) 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 March 31, 2017 (dollars in millions): Discount Rates Terminal Growth Rates 10.35% 10.60% 10.85% 1.75 % $ 332.7 $ 323.4 $ 314.6 2.00 % $ 337.6 $ 327.9 $ 318.8 2.25 % $ 342.8 $ 332.7 $ 323.2 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 March 31, 2017 and December 31, 2016 , redeemable noncontrolling interests also include the other redeemable noncontrolling interest of $14.6 million and $14.8 million , respectively, primarily related to our oil and gas exploration and development businesses. Mandatorily Redeemable Convertible Preferred Shares In connection with our acquisition of Jefferies in March 2013, 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.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2017
Share-based Compensation [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans Restricted Stock and Restricted Stock Units. Restricted stock and restricted stock units (“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 executives 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. Senior Executive Compensation Plan. In January 2017, 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 2017 that will be based on performance metrics achieved over a three -year period from 2017 through 2019. This executive compensation plan is identical to the 2016 executive compensation plan where cash incentive bonuses were eliminated. 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 2019 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 2023. 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 30, 2016 stock price of $23.25 , 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 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. 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. Former Stock-Based Compensation Plans. Prior to the acquisition of Jefferies, we had a fixed stock option plan, which 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 issuances under this plan. At March 31, 2017 , 341,462 of our common shares were reserved for stock options. Stock-Based Compensation Expense. Compensation and benefits expense included $10.0 million and $6.9 million for the three months ended March 31, 2017 and 2016 , 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 $3.6 million and $2.5 million for the three months ended March 31, 2017 and 2016 , respectively. As of March 31, 2017 , total unrecognized compensation cost related to nonvested share-based compensation plans was $89.8 million ; this cost is expected to be recognized over a weighted-average period of 2.1 years. At March 31, 2017 , there were 1,442,000 shares of restricted stock outstanding with future service required, 5,666,000 RSUs outstanding with future service required (including target RSUs issuable under the senior executive compensation plan), 10,364,000 RSUs outstanding with no future service required and 689,000 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 16,719,000 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 is as follows (in thousands): March 31, 2017 December 31, 2016 Net unrealized gains on available for sale securities $ 571,658 $ 561,497 Net unrealized foreign exchange losses (179,557 ) (184,829 ) Net change in instrument specific credit risk (16,189 ) (6,494 ) Net minimum pension liability (60,275 ) (59,477 ) $ 315,637 $ 310,697 For the three months ended March 31, 2017 and 2016 , 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 Statements of Operations 2017 2016 Net unrealized gains (losses) on available for sale securities, net of income tax provision (benefit) of $(11) and $14 $ (18 ) $ 26 Net realized securities gains Net unrealized foreign exchange losses, net of income tax provision of $1,097 and $0 (5,290 ) — Other income Amortization of defined benefit pension plan actuarial gains (losses), net of income tax benefit of $(204) and $(178) (433 ) (400 ) Compensation and benefits, which includes pension expense. Other pension, net of income tax benefit of $(1,231) and $0 1,231 — Income tax provision (benefit) Total reclassifications for the period, net of tax $ (4,510 ) $ (374 )

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The aggregate amount of gross unrecognized tax benefits related to uncertain tax positions at March 31, 2017 was $197.9 million (including $50.1 million for interest), of which $149.7 million related to Jefferies. The aggregate amount of gross unrecognized tax benefits related to uncertain tax positions at December 31, 2016 was $196.5 million (including $47.7 million for interest), of which $148.8 million related to Jefferies. If recognized, such amounts would lower our effective tax rate. Accrued interest is included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. No material penalties were accrued for the three months ended March 31, 2017 and the year ended December 31, 2016. 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. For the three months ended March 31, 2017 and 2016 , the provision (benefit) for income taxes includes $31.8 million and $0.7 million , respectively, for state income taxes and $8.8 million and $(2.3) million , respectively, for foreign taxes. Our March 31, 2017 provision for income taxes was reduced by a $31.9 million benefit resulting from the repatriation of Jefferies earnings from certain of its foreign subsidiaries, along with their associated foreign tax credits.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share	Earnings (Loss) Per Common Share Basic and diluted earnings (loss) per share amounts were calculated by dividing net income (loss) by the weighted average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings (loss) per share are as follows for the three months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 2016 Numerator for earnings (loss) per share: Net income (loss) attributable to Leucadia National Corporation common shareholders $ 281,408 $ (222,880 ) Allocation of earnings to participating securities (1) (1,138 ) — Net income (loss) attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share 280,270 (222,880 ) Adjustment to allocation of earnings to participating securities related to diluted shares (1) 8 — Mandatorily redeemable convertible preferred share dividends 1,016 — Net income (loss) attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share $ 281,294 $ (222,880 ) Denominator for earnings (loss) per share: Denominator for basic earnings (loss) per share – weighted average shares 369,267 372,367 Stock options 16 — Warrants — — Senior executive compensation plan awards 2,276 — Mandatorily redeemable convertible preferred shares 4,162 — 3.875% Convertible Senior Debentures — — Denominator for diluted earnings (loss) per share 375,721 372,367 (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 1,500,000 and 2,899,000 for the three months ended March 31, 2017 and 2016 , respectively. Dividends declared on participating securities were not material during three months ended March 31, 2017 and 2016 . 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 661,300 weighted-average shares of common stock were outstanding during the three months ended March 31, 2016 but were not included in the computation of diluted per share amounts as the effect was antidilutive. Amounts for the three months ended March 31, 2017 were not material. In the table above, the denominator for diluted earnings (loss) per share does not include weighted-average common shares of 3,000,000 during the three months ended March 31, 2016 , related to outstanding warrants to purchase common shares at $33.33 per share, as the effect was antidilutive. The warrants expired in the first quarter of 2016. For the three months ended March 31, 2017 and 2016 , 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 three months ended March 31, 2016 , shares related to the mandatorily redeemable convertible preferred shares were not included in the computation of diluted per share amounts as the effect was antidilutive.

Commitments, Contingencies And

Commitments, Contingencies And Guarantees	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies And Guarantees	Commitments, Contingencies and Guarantees Commitments The following table summarizes commitments associated with certain business activities (in millions): Expected Maturity Date 2017 2018 2019 and 2020 2021 and 2022 2023 and Later Maximum Payout Equity commitments (1) $ 25.8 $ 26.4 $ 12.9 $ — $ 242.3 $ 307.4 Loan commitments (1) 302.8 16.9 65.0 56.2 — 440.9 Mortgage-related and other purchase commitments — — 217.0 — — 217.0 Underwriting commitments 0.1 — — — — 0.1 Forward starting reverse repos (2) 3,346.5 — — — — 3,346.5 Forward starting repos (2) 2,609.3 — — — — 2,609.3 Other unfunded commitments (1) 135.0 124.7 4.6 36.2 12.7 313.2 $ 6,419.5 $ 168.0 $ 299.5 $ 92.4 $ 255.0 $ 7,234.4 (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 March 31, 2017 , $3,303.6 million within forward starting reverse repos and $2,609.3 million within forward starting 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 consists of a team led by Brian P. Friedman, our President and a Director. As of March 31, 2017 , Jefferies outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $22.8 million . See Note 9 for additional information regarding Jefferies investments in 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 $130.4 million . Capital commitments are contingent upon approval of the related investment by the investment committee, which we control. Through March 31, 2017 , approved unfunded commitments totaled $36.0 million . Additionally, as of March 31, 2017 , we have other equity commitments to invest up to $19.5 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 March 31, 2017 , Jefferies has $177.5 million of outstanding loan commitments to clients. Loan commitments outstanding as of March 31, 2017 , also include Jefferies portion of the outstanding secured revolving credit facility provided to Jefferies Finance to support loan underwritings by Jefferies Finance. At March 31, 2017 , $0.0 million 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 March 31, 2017 , $11.6 million has been provided to Folger Hill under the revolving credit facility. Mortgage-Related and Other Purchase Commitments. Jefferies enters into forward contracts to purchase mortgage participation certificates, mortgage-backed securities and consumer loans. The mortgage participation certificates evidence interests in mortgage loans insured by the Federal Housing Administration and the mortgage-backed securities are insured or guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. Jefferies frequently securitizes the mortgage participation certificates and mortgage-backed securities. The fair value of mortgage-related and other purchase commitments recorded in the Consolidated Statement of Financial Condition at March 31, 2017 was $14.4 million . 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 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 March 31, 2017 (in millions) : Expected Maturity Date Guarantee Type 2017 2018 2019 and 2020 2021 and 2022 2023 and Later Notional/ Maximum Payout Derivative contracts – non-credit related $ 17,839.8 $ 1,562.1 $ — $ — $ 421.7 $ 19,823.6 Written derivative contracts – credit related — 53.4 11.5 294.3 — 359.2 Total derivative contracts $ 17,839.8 $ 1,615.5 $ 11.5 $ 294.3 $ 421.7 $ 20,182.8 The external credit ratings of the underlying or referenced assets for our credit related derivatives contracts as of March 31, 2017 is as follows (in millions): External Credit Rating AAA/ Aaa AA/ Aa A BBB/Baa Below Investment Grade Notional/ Maximum Payout Credit related derivative contracts: Index credit default swaps $ 4.0 $ — $ — $ — $ — $ 4.0 Single name credit default swaps $ — $ — $ 115.1 $ 59.9 $ 180.2 $ 355.2 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 $134.1 million as of March 31, 2017 . Berkadia. We have agreed to reimburse Berkshire Hathaway for up to one-half of any losses incurred under a $1.5 billion surety policy securing outstanding commercial paper issued by an affiliate of Berkadia. As of March 31, 2017 , 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 $17.8 million at March 31, 2017 . Jefferies has also provided a guarantee of a portion of Energy Partners I, LP’s obligations under a credit agreement. At March 31, 2017 , 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 March 31, 2017 was approximately $18.0 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 March 31, 2017 , Jefferies provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $63.2 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 March 31, 2017 . Primarily all letters of credit expire within one year.

Net Capital Requirements

Net Capital Requirements	3 Months Ended
	Mar. 31, 2017
Net Capital Requirements [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 using 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 as of March 31, 2017 were as follows (in thousands): Net Capital Excess Net Capital Jefferies LLC $ 1,359,023 $ 1,277,401 Jefferies Execution $ 9,158 $ 8,908 FINRA is the designated self-regulatory organization (“DSRO”) for Jefferies U.S. broker-dealers and the National Futures Association is the DSRO for Jefferies LLC 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	3 Months Ended
	Mar. 31, 2017
Other Fair Value Information [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): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Receivables: Notes and loans receivable (1) $ 970,810 $ 963,311 $ 962,938 $ 958,377 Financial Liabilities: Short-term borrowings (2) $ 422,924 $ 422,924 $ 525,842 $ 525,842 Long-term debt (2) $ 7,888,362 $ 8,133,128 $ 7,131,587 $ 7,221,459 (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	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 are Jefferies equity investments in Private Equity Related Funds of $36.7 million and $37.7 million , respectively. Net gains (losses) aggregating $(1.3) million and $(2.6) million for the three months ended March 31, 2017 and 2016 , respectively, were recorded related to the Private Equity Related Funds. For further information regarding our commitments and funded amounts to the Private Equity Related Funds, see Notes 8 and 20 . Berkadia Commercial Mortgage, LLC. At March 31, 2017 and December 31, 2016 , Jefferies has commitments to purchase $654.2 million and $817.0 million , respectively, in agency commercial mortgage-backed securities from Berkadia. Officers, Directors and Employees. We have $40.4 million and $41.2 million of loans outstanding to certain employees (none of whom are an executive officer or director of the Company) at March 31, 2017 and December 31, 2016 , respectively. Receivables from and payables to customers include balances arising from officers, directors and employees individual security transactions. These transactions are subject to the same regulations as all customer transactions and are provided on substantially the same terms. At March 31, 2017 and December 31, 2016 , 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 26% and 36% of its cattle requirements under this agreement during the three months ended March 31, 2017 and 2016 , 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 three months ended March 31, 2017 , sales to this affiliate were $7.1 million and purchases were $2.8 million . During the three months ended March 31, 2016 , sales to this affiliate were $6.0 million and purchases were $3.2 million . At March 31, 2017 and December 31, 2016 , amounts due from and payable to these related parties were not significant. HomeFed. During 2014, we sold to HomeFed substantially all of our real estate properties and operations as well as cash of approximately $14.0 million , in exchange for 7,500,000 newly issued unregistered HomeFed common shares. As discussed in Note 9, as a result of a 1998 distribution to all of our shareholders, approximately 4.8% of HomeFed is beneficially owned by our Chairman at March 31, 2017 . Our Chairman also serves as HomeFed’s Chairman and our President is a Director of HomeFed. 54 Madison. At March 31, 2017 and December 31, 2016 , approximately $230.2 million and $230.2 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. See Note 9 for information on transactions with Jefferies Finance and Jefferies LoanCore.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
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, and our investments in Berkadia, HomeFed and FXCM. Our other merchant banking businesses and investments primarily include Idaho Timber, Conwed, Vitesse, JETX, real estate, and our investments in HRG, Linkem, Garcadia and Golden Queen. Certain information concerning our segments for the three months ended March 31, 2017 and 2016 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. For the Three Months Ended March 31, 2017 2016 (In thousands) Net Revenues: Reportable Segments: Jefferies $ 797,386 $ 300,786 National Beef 1,561,456 1,634,451 Corporate and other 7,690 66,856 Total net revenues related to reportable segments 2,366,532 2,002,093 All other 501,450 13,013 Total consolidated net revenues $ 2,867,982 $ 2,015,106 Income (loss) before income taxes: Reportable Segments: Jefferies $ 132,270 $ (245,797 ) National Beef 57,103 21,409 Corporate and other (14,504 ) 47,736 Income (loss) before income taxes related to reportable segments 174,869 (176,652 ) All other 237,958 (110,597 ) Parent Company interest (14,730 ) (14,714 ) Total consolidated income (loss) before income taxes $ 398,097 $ (301,963 ) Depreciation and amortization expenses: Reportable Segments: Jefferies $ 15,601 $ 14,590 National Beef 22,399 22,626 Corporate and other 867 943 Total depreciation and amortization expenses related to reportable segments 38,867 38,159 All other 10,643 11,451 Total consolidated depreciation and amortization expenses $ 49,510 $ 49,610 Interest expense classified as a component of Net revenues relates to Jefferies. For the three months ended March 31, 2017 and 2016 , interest expense classified as a component of Expenses was primarily comprised of National Beef ( $1.8 million and $4.0 million , respectively), parent company interest ( $14.7 million and $14.7 million , respectively) and all other ( $10.8 million and $3.6 million , respectively).

Basis Of Presentation And Sig34

Basis Of Presentation And Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
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 at the measurement date. For financial instruments that do not have readily determinable fair values using quoted market prices, the determination of fair value is based 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 challenge 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, and 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.
Hedge Accounting	Hedge Accounting Jefferies applies hedge accounting using interest rate swaps designated as fair value hedges of changes in the benchmark interest rate of fixed rate senior long-term debt. Jefferies interest rate swaps are included within Trading assets - Derivatives and Trading liabilities - Derivatives in the Consolidated Statements of Financial Condition. Jefferies uses regression analysis to perform ongoing prospective and retrospective assessments of the effectiveness of these hedging relationships. A hedging relationship is deemed effective if the change in fair value of the interest rate swap and the change in the fair value of the long-term debt due to changes in the benchmark interest rate offset within a range of 80% to 125% . The impact of valuation adjustments related to Jefferies own credit spreads and counterparty credit spreads are included in the assessment of effectiveness. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative and the change in fair value of the long-term debt provide offset of one another, and together with any resulting ineffectiveness, are recorded in Interest expense. See Note 4 for further information.
Receivables	Receivables At March 31, 2017 and December 31, 2016 , Receivables include receivables from brokers, dealers and clearing organizations of $2,868.2 million and $2,062.9 million , respectively, and receivables from customers of securities operations of $1,181.9 million and $843.1 million , respectively.
Payables, expense accruals and other liabilities	Payables, expense accruals and other liabilities At March 31, 2017 and December 31, 2016 , Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $2,967.6 million and $3,290.4 million , respectively, and payables to customers of securities operations of $2,412.1 million and $2,297.3 million , respectively.
Accounting Developments	Accounting Developments - Accounting Standards to be Adopted in Future Periods 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. 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 was 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 adoption of 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. 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. Goodwill. In January 2017, the FASB issued new guidance for simplifying goodwill impairment testing. The guidance is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Retirement Benefits. In March 2017, the FASB issued new guidance for improving the presentation of net periodic pension costs in the statement of operations. The update also allows the service cost to be eligible for capitalization, when applicable. The guidance is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Accounting Developments - Adopted Accounting Standards Share-Based Payments to Employees. In January 2017, we adopted the FASB's new guidance that simplifies and improves accounting for share-based payments. The amendments include the recognition of all excess tax benefits and tax deficiencies as income tax expense or benefit in the statement of operations and changes to the timing of recognition of excess tax benefits, the accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of this guidance did not have a significant impact on our consolidated financial statements. We elected to account for forfeitures as they occur, which results in dividends and dividend equivalents originally charged against retained earnings for forfeited shares to be reclassified to compensation cost in the period in which the forfeiture occurs.

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2017
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 net asset value ("NAV") (within trading assets) of $24.2 million and $24.3 million , respectively, by level within the fair value hierarchy at March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 Level 1 (1) Level 2 (1) Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,620,350 $ 86,959 $ 20,580 $ — $ 2,727,889 Corporate debt securities — 2,422,480 33,467 — 2,455,947 CDOs and CLOs — 39,899 45,354 — 85,253 U.S. government and federal agency securities 1,124,343 28,702 — — 1,153,045 Municipal securities — 714,104 26,554 — 740,658 Sovereign obligations 1,506,428 1,312,799 — — 2,819,227 Residential mortgage-backed securities — 1,400,215 39,259 — 1,439,474 Commercial mortgage-backed securities — 565,494 20,653 — 586,147 Other asset-backed securities — 113,881 37,702 — 151,583 Loans and other receivables — 1,729,227 53,172 — 1,782,399 Derivatives 5,045 3,016,829 4,905 (2,826,763 ) 200,016 Investments at fair value — — 307,830 — 307,830 FXCM term loan — — 132,800 — 132,800 Total trading assets, excluding investments at fair value based on NAV $ 5,256,166 $ 11,430,589 $ 722,276 $ (2,826,763 ) $ 14,582,268 Available for sale securities: Corporate equity securities $ 95,545 $ — $ — $ — $ 95,545 Corporate debt securities — 179 — — 179 U.S. government securities 293,142 — — — 293,142 Residential mortgage-backed securities — 34,828 — — 34,828 Commercial mortgage-backed securities — 10,446 — — 10,446 Other asset-backed securities — 28,363 — — 28,363 Total available for sale securities $ 388,687 $ 73,816 $ — $ — $ 462,503 Liabilities: Trading liabilities: Corporate equity securities $ 1,468,429 $ 32,576 $ 324 $ — $ 1,501,329 Corporate debt securities — 1,544,945 523 — 1,545,468 U.S. government and federal agency securities 841,725 — — — 841,725 Sovereign obligations 1,500,854 1,485,616 — — 2,986,470 Loans — 1,491,488 1,036 — 1,492,524 Derivatives 7,710 3,171,881 11,318 (2,794,432 ) 396,477 Total trading liabilities $ 3,818,718 $ 7,726,506 $ 13,201 $ (2,794,432 ) $ 8,763,993 Other secured financings $ — $ 34,100 $ 87 $ — $ 34,187 Long-term debt - structured notes $ — $ 310,057 $ — $ — $ 310,057 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 FXCM term loan — — 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 (1) There were no material transfers between Level 1 and Level 2 during the three months ended March 31, 2017 and during the year ended December 31, 2016 . (2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
Investments Measured At Fair Value Based On Net Asset Value	The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands). Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) March 31, 2017 Equity Long/Short Hedge Funds (2) $ 362,870 $ — (2) Fixed Income and High Yield Hedge Funds (3) 761 — — Fund of Funds (4) 169 — — Equity Funds (5) 40,688 20,040 — Multi-asset Funds (6) 118,211 — — Total $ 522,699 $ 20,040 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-asset Funds (6) 133,190 — — Total $ 539,627 $ 20,295 (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 March 31, 2017 and December 31, 2016 , the majority of these investments are redeemable with 10 business 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. (4) This category includes investments in fund of funds that invest in various private equity funds. The investments in this category are managed by us and have no redemption provisions. These investments are gradually being liquidated or we have requested redemption, however, we are unable to estimate when these funds will be received. (5) At March 31, 2017 and December 31, 2016 , the investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed; instead distributions are received through the liquidation of the underlying assets of the funds, which are expected to liquidate in one to six years. (6) This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At March 31, 2017 and December 31, 2016 , investments representing approximately 13% and 12% , respectively, of the fair value of investments in this category are redeemable with 30 to 90 days prior written notice.
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 three months ended March 31, 2016 (in thousands): Three Months Ended March 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, March 31, 2016 Changes in unrealized gains (losses) relating to instruments still held at March 31, 2016 (1) Assets: Trading assets: Corporate equity securities $ 40,906 $ 3,071 $ 2,087 $ — $ — $ — $ (15,524 ) $ 30,540 $ 3,560 Corporate debt securities 25,876 (2,602 ) 15,337 (15,129 ) (111 ) — 2,263 25,634 (2,540 ) CDOs and CLOs 85,092 (16,573 ) 1,021 (20,178 ) (463 ) — 18,449 67,348 (17,003 ) Sovereign obligations 120 (1 ) — — — — — 119 (1 ) Residential mortgage-backed securities 70,263 (4,548 ) 62,844 (64,926 ) (114 ) — 4,500 68,019 (3,358 ) Commercial mortgage-backed securities 14,326 (971 ) 2,962 — (878 ) — 6,555 21,994 (1,387 ) Other asset-backed securities 42,925 1,662 15,425 (2,100 ) (1 ) — (24,787 ) 33,124 1,679 Loans and other receivables 189,289 (5,772 ) 181,264 (114,667 ) (95,354 ) — 682 155,442 (9,113 ) Investments at fair value 199,794 48,618 1,187 — (273 ) — 26,063 275,389 48,618 Investment in FXCM 625,689 (53,203 ) — — (7,686 ) — — 564,800 (53,203 ) Liabilities: Trading liabilities: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ — $ 38 $ — Net derivatives (2) (242 ) 10,304 — — 2,558 554 (1,417 ) 11,757 (8,135 ) Loans 10,469 (345 ) (2,240 ) 1,033 (1,077 ) — (96 ) 7,744 345 Other secured financings 544 (6 ) — — — — — 538 — (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 three months ended March 31, 2017 (in thousands): Three Months Ended March 31, 2017 Balance, December 31, 2016 Total gains (losses) (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance at March 31, 2017 Changes in unrealized gains (losses) relating to instruments still held at March 31, 2017 (1) Assets: Trading assets: Corporate equity securities $ 21,739 $ 532 $ 847 $ (145 ) $ (186 ) $ — $ (2,207 ) $ 20,580 $ 362 Corporate debt securities 25,005 (1,793 ) 3,002 (3,157 ) (1,207 ) — 11,617 33,467 (1,662 ) CDOs and CLOs 54,354 (7,594 ) 8,663 (22,633 ) (45 ) — 12,609 45,354 (8,525 ) Municipal securities 27,257 (636 ) — (67 ) — — — 26,554 (641 ) Residential mortgage-backed securities 38,772 (253 ) 263 (12,411 ) (210 ) — 13,098 39,259 (440 ) Commercial mortgage-backed securities 20,580 (1,420 ) — (412 ) — — 1,905 20,653 (1,421 ) Other asset-backed securities 40,911 (1,788 ) 3,553 (299 ) (3,335 ) — (1,340 ) 37,702 (1,717 ) Loans and other receivables 81,872 4,950 9,489 (9,778 ) (7,764 ) — (25,597 ) 53,172 836 Investments at fair value 314,359 3,856 — (10,119 ) (266 ) — — 307,830 5,879 FXCM term loan 164,500 10,878 — — (42,578 ) — — 132,800 3,272 Liabilities: Trading liabilities: Corporate equity securities $ 313 $ 11 $ — $ — $ — $ — $ — $ 324 $ (11 ) Corporate debt securities 523 — — — — — — 523 — Net derivatives (2) 3,441 (4,384 ) — — 3,373 186 3,797 6,413 1,347 Loans 378 189 (323 ) — — — 792 1,036 (189 ) Other secured financings 418 (8 ) — — — — (323 ) 87 11 (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	March 31, 2017 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Corporate equity securities $ 18,834 Non-exchange traded securities Market approach Price $3 to $75 $44.0 Underlying stock price $6 — Comparable pricing Comparable asset price $9 — Option model Volatility 40% — Corporate debt securities $ 33,467 Convertible bond model Discount rate/yield 8% — Volatility 40% — Market approach Price $18 to $98 $53.0 Scenario analysis Estimated recovery percentage 1% to 3% 2 % CDOs and CLOs $ 45,354 Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% to 8% 3 % Loss severity 25% to 70% 29 % Discount rate/yield 9% to 18% 13 % Scenario analysis Estimated recovery percentage 4% to 45% 30 % Residential mortgage-backed securities $ 39,259 Discounted cash flows Cumulative loss rate 0% to 22% 7 % Duration (years) 4 to 18 10 Discount rate/yield 5% to 11% 7 % Commercial mortgage-backed securities $ 20,653 Discounted cash flows Cumulative loss rate 15% to 68% 30 % Duration (years) 1 to 5 3 Discount rate/yield 7% to 19% 11 % Other asset-backed securities $ 37,702 Discounted cash flows Cumulative loss rate 0% to 30% 18 % Duration (years) 1 to 11 2 Discount rate/yield 4% to 15% 14 % Market approach Price $100 — Scenario analysis Estimated recovery percentage 51% — Loans and other receivables $ 51,929 Discounted cash flows Discount rate/yield 32% — Cumulative loss rate 0% — Duration (years) 0.1 — Market approach EBITDA (a) multiple 3.3 — Transaction level $1 to $42 $32.0 Price $98 to $100 $99.0 Estimated recovery percentage 103% — Present value Average silver production (tons per day) 642 — Scenario analysis Estimated recovery percentage 3% to 45% 31 % Derivatives $ 4,905 Unfunded commitments Market approach Price $82 to $97 $94.0 Credit default swaps Market approach Credit spread 265 bps — Interest rate swaps Market approach Credit spread 800 bps — Investments at fair value Private equity securities $ 93,198 Market approach Transaction level $3 to $250 $116.0 Discount rate 15% to 30% 23 % Investment in FXCM Term loan $ 132,800 Discounted cash flows Term based on the pay off 0 months to .75 years 0.5 years Trading Liabilities Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Derivatives $ 11,318 Equity options Option model/default rate Default probability 0% — Unfunded commitments Market approach Price $82 to $98 $87.0 Variable funding note swaps Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25% — Discount rate/yield 18% — 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 Technique Significant Unobservable Input(s) 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% — (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 three months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 2016 Financial Instruments Owned: Loans and other receivables $ (5,127 ) $ (15,462 ) Financial Instruments Sold: Loans $ (27 ) $ 48 Loan commitments $ 871 $ (3,746 ) Long-term Debt: Changes in instrument specific credit risk (1) $ (16,040 ) $ (302 ) Other changes in fair value (2) $ 3,417 $ 6,858 (1) Changes in instrument specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. (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): March 31, 2017 December 31, 2016 Financial Instruments Owned: Loans and other receivables (1) $ 1,078,397 $ 1,325,938 Loans and other receivables on nonaccrual status and/or greater than 90 days past due (1) (2) $ 242,022 $ 205,746 Long-term Debt $ 7,582 $ 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 days past due of $68.5 million and $64.6 million at March 31, 2017 and December 31, 2016 , respectively.

Derivative Financial Instrume36

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure	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 March 31, 2017 and December 31, 2016 . 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 March 31, 2017 Derivatives designated as accounting hedges - interest rate contracts $ — — $ 3,456 1 Derivatives not designated as accounting hedges: Interest rate contracts $ 2,078,505 28,081 $ 1,971,452 45,250 Foreign exchange contracts 308,706 6,639 300,834 6,556 Equity contracts 605,893 1,856,995 882,188 1,617,398 Commodity contracts 4,329 8,815 5,167 8,778 Credit contracts: centrally cleared swaps 9,520 25 12,555 34 Credit contracts: other credit derivatives 19,826 191 15,257 122 Total 3,026,779 3,187,453 Counterparty/cash-collateral netting (1) (2,826,763 ) (2,794,432 ) Total derivatives not designated as accounting hedges $ 200,016 $ 393,021 Total per Consolidated Statement of Financial Condition (2) $ 200,016 $ 396,477 December 31, 2016 Derivatives not designated as accounting hedges: 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 (1) (4,255,998 ) (4,229,213 ) Total per Consolidated Statement of Financial Condition (2) $ 371,078 $ 650,809 (1) Amounts netted include both netting by counterparty and for cash collateral paid or received. (2) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition.
Unrealized And Realized Gains (Losses) On Derivative Contracts	The following table provides information related to gains (losses) recognized in Interest expense in the Consolidated Statements of Operations on a fair value hedge (in thousands): For the Three Months Ended March 31, 2017 2016 Interest rate swaps $ (4,609 ) $ — Long-term debt 5,405 — Total $ 796 $ — The following table presents unrealized and realized gains (losses) on derivative contracts which are primarily recognized in Principal transactions revenues in the Consolidated Statements of Operations which are utilized in connection with our client activities and our economic risk management activities for the three months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 2016 Interest rate contracts $ 9,678 $ (68,513 ) Foreign exchange contracts 2,503 836 Equity contracts (178,622 ) (224,282 ) Commodity contracts 7,248 729 Credit contracts 10,192 (10,975 ) Total $ (149,001 ) $ (302,205 )
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 March 31, 2017 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross- Maturity Netting (4) Total Commodity swaps, options and forwards $ 371 $ 62 $ — $ — $ 433 Equity swaps and options 19,143 3,271 — — 22,414 Credit default swaps — 14,487 6,449 — 20,936 Total return swaps 6,384 771 — (38 ) 7,117 Foreign currency forwards, swaps and options 37,502 37,500 — (13,111 ) 61,891 Interest rate swaps, options and forwards 32,212 153,246 124,873 (66,627 ) 243,704 Total $ 95,612 $ 209,337 $ 131,322 $ (79,776 ) 356,495 Cross product counterparty netting (1,512 ) Total OTC derivative assets included in Trading assets $ 354,983 (1) At March 31, 2017 , we held exchange traded derivative assets and other credit agreements with a fair value of $15.5 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 March 31, 2017 , cash collateral received was $176.5 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 $ 1,582 $ — $ — $ — $ 1,582 Equity swaps and options 13,148 17,187 1,994 — 32,329 Credit default swaps 178 13,155 — — 13,333 Total return swaps 20,221 2,391 — (38 ) 22,574 Foreign currency forwards, swaps and options 39,898 27,382 — (13,111 ) 54,169 Fixed income forwards 275 — — — 275 Interest rate swaps, options and forwards 19,346 92,177 96,958 (66,627 ) 141,854 Total $ 94,648 $ 152,292 $ 98,952 $ (79,776 ) 266,116 Cross product counterparty netting (1,512 ) Total OTC derivative liabilities included in Trading liabilities $ 264,604 (1) At March 31, 2017 , we held exchange traded derivative liabilities and other credit agreements with a fair value of $254.9 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 March 31, 2017 , cash collateral pledged was $144.2 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 March 31, 2017 , 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 $ 225,496 BBB- to BBB+ 62,994 BB+ or lower 28,130 Unrated 38,363 Total $ 354,983 (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)	3 Months Ended
	Mar. 31, 2017
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): At March 31, 2017 Collateral Pledged Securities Lending Arrangements Repurchase Agreements Total Corporate equity securities $ 1,839,036 $ 167,950 $ 2,006,986 Corporate debt securities 683,539 1,766,716 2,450,255 Mortgage- and asset-backed securities — 2,836,035 2,836,035 U.S. government and federal agency securities 271 8,465,938 8,466,209 Municipal securities — 511,340 511,340 Sovereign obligations — 2,422,148 2,422,148 Loans and other receivables — 230,762 230,762 Total $ 2,522,846 $ 16,400,889 $ 18,923,735 At December 31, 2016 Collateral Pledged Securities Lending Arrangements Repurchase Agreements Total 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 obligations — 2,625,079 2,625,079 Loans and other receivables — 455,960 455,960 Total $ 2,819,132 $ 17,012,332 $ 19,831,464 Contractual Maturity At March 31, 2017 Overnight and Continuous Up to 30 Days 30 to 90 Days Greater than 90 Days Total Securities lending arrangements $ 1,250,755 $ — $ 712,777 $ 559,314 $ 2,522,846 Repurchase agreements 8,906,185 2,321,184 3,651,291 1,522,229 16,400,889 Total $ 10,156,940 $ 2,321,184 $ 4,364,068 $ 2,081,543 $ 18,923,735 Contractual Maturity At December 31, 2016 Overnight and Continuous Up to 30 Days 30 to 90 Days Greater than 90 Days Total 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

Securitization Activities (Tabl

Securitization Activities (Tables)	3 Months Ended
	Mar. 31, 2017
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 three months ended March 31, 2017 and 2016 (in millions): For the Three Months Ended March 31, 2017 2016 Transferred assets $ 953.5 $ 1,948.9 Proceeds on new securitizations $ 962.6 $ 1,962.7 Cash flows received on retained interests $ 8.7 $ 9.6
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): March 31, 2017 December 31, 2016 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 6,029.9 $ 9.2 $ 7,584.9 $ 31.0 U.S. government agency commercial mortgage-backed securities $ 2,240.3 $ 49.0 $ 1,806.3 $ 29.6 CLOs $ 2,759.9 $ 18.5 $ 4,102.2 $ 37.0 Consumer and other loans $ 479.9 $ 101.0 $ 395.7 $ 25.3

Available For Sale Securities (

Available For Sale Securities (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 are as follows (in thousands): Amortized Gross Gross Estimated March 31, 2017 Bonds and notes: U.S. government securities $ 293,286 $ — $ 144 $ 293,142 Residential mortgage-backed securities 34,759 151 82 34,828 Commercial mortgage-backed securities 10,328 124 6 10,446 Other asset-backed securities 28,242 126 5 28,363 All other corporates 179 — — 179 Total fixed maturities 366,794 401 237 366,958 Equity securities: Common stocks: Banks, trusts and insurance companies 35,071 20,499 — 55,570 Industrial, miscellaneous and all other 17,946 22,029 — 39,975 Total equity securities 53,017 42,528 — 95,545 $ 419,811 $ 42,929 $ 237 $ 462,503 December 31, 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
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 March 31, 2017 , 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 $ 293,286 $ 293,142 Due after one year through five years 179 179 293,465 293,321 Mortgage-backed and asset-backed securities 73,329 73,637 $ 366,794 $ 366,958

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2017
Variable Interest Entities [Abstract]
Assets And Liabilities Of Consolidated VIEs	The following table presents 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 March 31, 2017 and December 31, 2016 (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. March 31, 2017 December 31, 2016 Securitization Vehicles Real Estate Investment Vehicles Securitization Vehicles Real Estate Investment Vehicles Cash $ 6.7 $ 2.7 $ 18.4 $ 2.2 Financial instruments owned 52.8 — 86.6 — Securities purchased under agreement to resell (1) 570.2 — 733.5 — Receivables 246.6 312.0 277.7 296.9 Loans to and investments in associated companies — 120.0 — 108.7 Other 15.6 11.0 14.5 10.8 Total assets $ 891.9 $ 445.7 $ 1,130.7 $ 418.6 Other secured financings (2) $ 856.5 $ — $ 1,083.8 $ — Long-term debt — 258.1 24.1 243.9 Other 35.0 8.2 22.3 11.7 Total liabilities $ 891.5 $ 266.3 $ 1,130.2 $ 255.6 Noncontrolling interests $ — $ 107.5 $ — $ 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 $19.5 million and $57.6 million of the secured financing represents an amount held by Jefferies in inventory and eliminated in consolidation at March 31, 2017 and December 31, 2016 , respectively.
Non-Consolidated Variable Interest Entities	The following tables present information about our variable interests in nonconsolidated VIEs as of March 31, 2017 and December 31, 2016 (in millions): Financial Statement Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities March 31, 2017 CLOs $ 37.7 $ 1.5 $ 285.7 $ 3,279.9 Consumer loan vehicles 154.1 — 515.4 1,149.1 Related party private equity vehicles 36.3 — 62.0 149.3 Real estate investment vehicles 100.4 — 112.2 111.3 Other private investment vehicles 85.6 — 96.7 4,840.7 Total $ 414.1 $ 1.5 $ 1,072.0 $ 9,530.3 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 vehicles 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

Loans To And Investments In A41

Loans To And Investments In Associated Companies (Tables)	3 Months Ended
	Mar. 31, 2017
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 accounted for under the equity method of accounting during the three months ended March 31, 2017 and 2016 is as follows (in thousands): Loans to and investments in associated companies as of January 1, 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 March 31, 2017 Jefferies Finance $ 490,464 $ — $ 24,965 $ — $ — $ 515,429 Jefferies LoanCore 154,731 — 2,332 (7,760 ) — 149,303 Berkadia 184,443 16,954 — (1,924 ) 102 199,575 FXCM 336,258 (149,900 ) — — 349 186,707 Garcadia Companies 185,815 13,294 — (12,588 ) — 186,521 Linkem 154,000 (8,148 ) — 31,996 3,520 181,368 HomeFed 302,231 336 — 31,316 — 333,883 Golden Queen (1) 111,302 (1,297 ) — — — 110,005 54 Madison (2) 161,400 (608 ) — 25,807 — 186,599 Other 44,454 795 (1,034 ) 28,873 1 73,089 Total $ 2,125,098 $ (128,574 ) $ 26,263 $ 95,720 $ 3,972 $ 2,122,479 2016 Jefferies Finance $ 528,575 $ — $ (22,806 ) $ (19,300 ) $ — $ 486,469 Jefferies LoanCore 288,741 — (187 ) (27,073 ) — 261,481 Berkadia 190,986 13,054 — (5,400 ) 215 198,855 Garcadia Companies 172,660 15,327 — (14,352 ) — 173,635 Linkem 150,149 (8,200 ) — 33,297 8,648 183,894 HomeFed 275,378 (1,288 ) — — — 274,090 Golden Queen 114,323 (355 ) — — — 113,968 54 Madison — 1,227 — 107,679 3,642 112,548 Other 36,557 287 (423 ) 2,109 — 38,530 Total $ 1,757,369 $ 20,052 $ (23,416 ) $ 76,960 $ 12,505 $ 1,843,470 (1) At March 31, 2017 and December 31, 2016 , the balance reflects $32.4 million and $32.8 million , respectively, related to a noncontrolling interest. (2) At March 31, 2017 and December 31, 2016 , the balance reflects $109.3 million and $95.3 million , respectively, related to noncontrolling interests. Income (losses) related to associated companies includes the following for the three months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 2016 Berkadia $ 16,954 $ 13,054 FXCM (149,900 ) — Garcadia companies 13,294 15,327 Linkem (8,148 ) (8,200 ) HomeFed 336 (1,288 ) Golden Queen (1,297 ) (355 ) 54 Madison (608 ) 1,227 Other 795 287 Total $ (128,574 ) $ 20,052 Income (losses) related to associated companies classified as Other revenues includes the following for the three months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 2016 Jefferies Finance $ 24,965 $ (22,806 ) Jefferies LoanCore 2,332 (187 ) Other (1,034 ) (423 ) Total $ 26,263 $ (23,416 )

Financial Statement Offsetting

Financial Statement Offsetting (Tables)	3 Months Ended
	Mar. 31, 2017
Offsetting [Abstract]
Summary Of Offsetting Assets And Liabilities	(In thousands) Gross Amounts Netting in Consolidated Statements of Financial Condition Net Amounts in Consolidated Statements of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets at March 31, 2017 Derivative contracts $ 3,026,779 $ (2,826,763 ) $ 200,016 $ — $ — $ 200,016 Securities borrowing arrangements $ 6,886,436 $ — $ 6,886,436 $ (671,142 ) $ (486,027 ) $ 5,729,267 Reverse repurchase agreements $ 13,553,924 $ (9,085,430 ) $ 4,468,494 $ (701,342 ) $ (3,711,705 ) $ 55,447 Liabilities at March 31, 2017 Derivative contracts $ 3,190,909 $ (2,794,432 ) $ 396,477 $ — $ — $ 396,477 Securities lending arrangements $ 2,522,846 $ — $ 2,522,846 $ (671,142 ) $ (1,813,403 ) $ 38,301 Repurchase agreements $ 16,400,889 $ (9,085,430 ) $ 7,315,459 $ (701,342 ) $ (5,651,398 ) $ 962,719 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 (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 March 31, 2017 , amounts include $5,695.3 million of securities borrowing arrangements, for which we have received securities collateral of $5,505.2 million , and $948.0 million of repurchase agreements, for which we have pledged securities collateral of $975.5 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. 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 determined the agreements to be legally enforceable.

Intangible Assets, Net And Go43

Intangible Assets, Net And Goodwill (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule Of Intangible Assets, Net And Goodwill	A summary of Intangible assets, net and goodwill at March 31, 2017 and December 31, 2016 is as follows (in thousands): March 31, 2017 December 31, 2016 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 8,702 $ 9,041 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $205,957 and $198,674 370,829 378,136 Trademarks and tradename, net of accumulated amortization of $82,681 and $78,778 305,355 309,382 Supply contracts, net of accumulated amortization of $50,076 and $47,867 93,524 95,733 Other, net of accumulated amortization of $3,156 and $2,914 5,430 5,672 Total intangible assets, net 783,840 797,964 Goodwill: National Beef 14,991 14,991 Jefferies 1,696,413 1,696,864 Other operations 3,859 3,859 Total goodwill 1,715,263 1,715,714 Total Intangible assets, net and goodwill $ 2,499,103 $ 2,513,678

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory, Net [Abstract]
Summary Of Inventory	A summary of inventory at March 31, 2017 and December 31, 2016 which is classified as Other assets is as follows (in thousands): March 31, 2017 December 31, 2016 Finished goods $ 246,079 $ 243,488 Work in process 36,020 35,714 Raw materials, supplies and other 28,242 30,733 $ 310,341 $ 309,935

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Short-term Borrowings	Jefferies short-term borrowings at March 31, 2017 and December 31, 2016 are as follows (in thousands): March 31, 2017 December 31, 2016 Bank loans (1) $ 326,496 $ 372,301 Secured revolving loan facilities — 57,086 Floating rate puttable notes 96,428 96,455 Total short-term borrowings $ 422,924 $ 525,842 (1) Bank loans are payable on demand and must be repaid in one year or less. Amounts include $14.5 million and $10.3 million related to bank overdrafts at March 31, 2017 and December 31, 2016 , respectively.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Aggregate Indebtedness [Abstract]
Schedule Of Indebtedness	The principal amount (net of unamortized discounts and premiums), stated interest rate and maturity date of outstanding debt at March 31, 2017 and December 31, 2016 are as follows (dollars in thousands): March 31, 2017 December 31, 2016 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 741,529 $ 741,264 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,638 246,627 Total long-term debt – Parent Company 988,167 987,891 Subsidiary Debt (non-recourse to Parent Company): Jefferies: 5.125% Senior Notes, due April 13, 2018, $800,000 principal 814,623 817,813 8.50% Senior Notes, due July 15, 2019, $700,000 principal 771,253 778,367 2.375% Euro Medium Term Notes, due May 20, 2020, $529,825 and $529,975 principal 528,220 528,250 6.875% Senior Notes, due April 15, 2021, $750,000 principal 819,951 823,797 2.25% Euro Medium Term Notes, due July 13, 2022, $4,239 and $4,240 principal 3,863 3,848 5.125% Senior Notes, due January 20, 2023, $600,000 principal 617,704 618,355 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 738,748 — 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 377,313 377,806 3.875% Convertible Senior Debentures, due November 1, 2029, $345,000 principal 345,850 346,163 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 512,309 512,396 6.50% Senior Notes, due January 20, 2043, $400,000 principal 421,249 421,333 Structured Notes (2) 316,408 255,203 National Beef Term Loan 266,250 273,811 National Beef Revolving Credit Facility 6,593 — 54 Madison Term Loans 387,822 406,028 Foursight Capital Credit Facilities 154,327 97,138 Other 127,769 132,244 Total long-term debt – subsidiaries 7,210,252 6,392,552 Long-term debt $ 8,198,419 $ 7,380,443 (1) Amount includes a decrease of $5.4 million to the carrying value of long-term debt associated with an interest rate swap based on its designation as a fair value hedge. See Notes 2 and 4 for further information. (2) Includes $310.1 million and $248.9 million at fair value at March 31, 2017 and December 31, 2016 , respectively.

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Temporary Equity Disclosure [Abstract]
Schedule Of Redeemable Noncontrolling Interests	The following table reconciles National Beef’s redeemable noncontrolling interests activity during the three months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 2016 As of January 1, $ 321,962 $ 189,358 Income allocated to redeemable noncontrolling interests 12,049 4,384 Distributions to redeemable noncontrolling interests (7,117 ) — Increase in fair value of redeemable noncontrolling interests 1,038 12,835 Balance, March 31, $ 327,932 $ 206,577
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 March 31, 2017 (dollars in millions): Discount Rates Terminal Growth Rates 10.35% 10.60% 10.85% 1.75 % $ 332.7 $ 323.4 $ 314.6 2.00 % $ 337.6 $ 327.9 $ 318.8 2.25 % $ 342.8 $ 332.7 $ 323.2

Accumulated Other Comprehensi48

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 is as follows (in thousands): March 31, 2017 December 31, 2016 Net unrealized gains on available for sale securities $ 571,658 $ 561,497 Net unrealized foreign exchange losses (179,557 ) (184,829 ) Net change in instrument specific credit risk (16,189 ) (6,494 ) Net minimum pension liability (60,275 ) (59,477 ) $ 315,637 $ 310,697
Schedule Of Accumulated Other Comprehensive Income Reclassifications	For the three months ended March 31, 2017 and 2016 , 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 Statements of Operations 2017 2016 Net unrealized gains (losses) on available for sale securities, net of income tax provision (benefit) of $(11) and $14 $ (18 ) $ 26 Net realized securities gains Net unrealized foreign exchange losses, net of income tax provision of $1,097 and $0 (5,290 ) — Other income Amortization of defined benefit pension plan actuarial gains (losses), net of income tax benefit of $(204) and $(178) (433 ) (400 ) Compensation and benefits, which includes pension expense. Other pension, net of income tax benefit of $(1,231) and $0 1,231 — Income tax provision (benefit) Total reclassifications for the period, net of tax $ (4,510 ) $ (374 )

Earnings (Loss) Per Common Sh49

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share Computation	The numerators and denominators used to calculate basic and diluted earnings (loss) per share are as follows for the three months ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, 2017 2016 Numerator for earnings (loss) per share: Net income (loss) attributable to Leucadia National Corporation common shareholders $ 281,408 $ (222,880 ) Allocation of earnings to participating securities (1) (1,138 ) — Net income (loss) attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share 280,270 (222,880 ) Adjustment to allocation of earnings to participating securities related to diluted shares (1) 8 — Mandatorily redeemable convertible preferred share dividends 1,016 — Net income (loss) attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share $ 281,294 $ (222,880 ) Denominator for earnings (loss) per share: Denominator for basic earnings (loss) per share – weighted average shares 369,267 372,367 Stock options 16 — Warrants — — Senior executive compensation plan awards 2,276 — Mandatorily redeemable convertible preferred shares 4,162 — 3.875% Convertible Senior Debentures — — Denominator for diluted earnings (loss) per share 375,721 372,367 (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 1,500,000 and 2,899,000 for the three months ended March 31, 2017 and 2016 , respectively. Dividends declared on participating securities were not material during three months ended March 31, 2017 and 2016 . 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 an50

Commitments, Contingencies and Guarantees (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	The following table summarizes commitments associated with certain business activities (in millions): Expected Maturity Date 2017 2018 2019 and 2020 2021 and 2022 2023 and Later Maximum Payout Equity commitments (1) $ 25.8 $ 26.4 $ 12.9 $ — $ 242.3 $ 307.4 Loan commitments (1) 302.8 16.9 65.0 56.2 — 440.9 Mortgage-related and other purchase commitments — — 217.0 — — 217.0 Underwriting commitments 0.1 — — — — 0.1 Forward starting reverse repos (2) 3,346.5 — — — — 3,346.5 Forward starting repos (2) 2,609.3 — — — — 2,609.3 Other unfunded commitments (1) 135.0 124.7 4.6 36.2 12.7 313.2 $ 6,419.5 $ 168.0 $ 299.5 $ 92.4 $ 255.0 $ 7,234.4 (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 March 31, 2017 , $3,303.6 million within forward starting reverse repos and $2,609.3 million within forward starting 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 March 31, 2017 (in millions) : Expected Maturity Date Guarantee Type 2017 2018 2019 and 2020 2021 and 2022 2023 and Later Notional/ Maximum Payout Derivative contracts – non-credit related $ 17,839.8 $ 1,562.1 $ — $ — $ 421.7 $ 19,823.6 Written derivative contracts – credit related — 53.4 11.5 294.3 — 359.2 Total derivative contracts $ 17,839.8 $ 1,615.5 $ 11.5 $ 294.3 $ 421.7 $ 20,182.8
External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts	The external credit ratings of the underlying or referenced assets for our credit related derivatives contracts as of March 31, 2017 is as follows (in millions): External Credit Rating AAA/ Aaa AA/ Aa A BBB/Baa Below Investment Grade Notional/ Maximum Payout Credit related derivative contracts: Index credit default swaps $ 4.0 $ — $ — $ — $ — $ 4.0 Single name credit default swaps $ — $ — $ 115.1 $ 59.9 $ 180.2 $ 355.2

Net Capital Requirements (Table

Net Capital Requirements (Tables)	3 Months Ended
	Mar. 31, 2017
Net Capital Requirements [Abstract]
Net Capital, Adjusted Net Capital And Excess Net Capital	Jefferies LLC and Jefferies Execution’s net capital and excess net capital as of March 31, 2017 were as follows (in thousands): Net Capital Excess Net Capital Jefferies LLC $ 1,359,023 $ 1,277,401 Jefferies Execution $ 9,158 $ 8,908

Other Fair Value Information (T

Other Fair Value Information (Tables)	3 Months Ended
	Mar. 31, 2017
Other Fair Value Information [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): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Receivables: Notes and loans receivable (1) $ 970,810 $ 963,311 $ 962,938 $ 958,377 Financial Liabilities: Short-term borrowings (2) $ 422,924 $ 422,924 $ 525,842 $ 525,842 Long-term debt (2) $ 7,888,362 $ 8,133,128 $ 7,131,587 $ 7,221,459 (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.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information, By Segment	Certain information concerning our segments for the three months ended March 31, 2017 and 2016 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. For the Three Months Ended March 31, 2017 2016 (In thousands) Net Revenues: Reportable Segments: Jefferies $ 797,386 $ 300,786 National Beef 1,561,456 1,634,451 Corporate and other 7,690 66,856 Total net revenues related to reportable segments 2,366,532 2,002,093 All other 501,450 13,013 Total consolidated net revenues $ 2,867,982 $ 2,015,106 Income (loss) before income taxes: Reportable Segments: Jefferies $ 132,270 $ (245,797 ) National Beef 57,103 21,409 Corporate and other (14,504 ) 47,736 Income (loss) before income taxes related to reportable segments 174,869 (176,652 ) All other 237,958 (110,597 ) Parent Company interest (14,730 ) (14,714 ) Total consolidated income (loss) before income taxes $ 398,097 $ (301,963 ) Depreciation and amortization expenses: Reportable Segments: Jefferies $ 15,601 $ 14,590 National Beef 22,399 22,626 Corporate and other 867 943 Total depreciation and amortization expenses related to reportable segments 38,867 38,159 All other 10,643 11,451 Total consolidated depreciation and amortization expenses $ 49,510 $ 49,610

Nature Of Operations (Details)

Nature Of Operations (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2017USD ($)	Mar. 31, 2017USD ($)Dealershipdirectorfacility	Mar. 31, 2016USD ($)	Dec. 31, 2016	Sep. 01, 2016director	Nov. 08, 2015$ / shares	Jan. 31, 2015USD ($)
Nature Of Operations [Line Items]
Pre-tax gain from sale of subsidiary		$ 179,894	$ 0
HomeFed Corporation [Member]
Nature Of Operations [Line Items]
Percentage of ownership owned		70.00%
Foursight Capital [Member]
Nature Of Operations [Line Items]
Percentage interest owned in subsidiary		100.00%
Chrome Capital [Member]
Nature Of Operations [Line Items]
Percentage interest owned in subsidiary		85.00%
National Beef [Member]
Nature Of Operations [Line Items]
Percentage interest owned in subsidiary		78.90%
HRG [Member]
Nature Of Operations [Line Items]
Percentage of outstanding common stock owned		23.00%		23.00%
Garcadia [Member]
Nature Of Operations [Line Items]
Percentage of ownership owned		75.00%
Number of automobile dealerships | Dealership		28
Vitesse Energy, LLC [Member]
Nature Of Operations [Line Items]
Percentage interest owned in subsidiary		96.00%
Juneau Energy, LLC [Member]
Nature Of Operations [Line Items]
Percentage interest owned in subsidiary		98.00%
Jefferies LoanCore [Member]
Nature Of Operations [Line Items]
Percentage of ownership owned		48.50%
Jefferies Finance [Member]
Nature Of Operations [Line Items]
Percentage of ownership owned		50.00%
FXCM [Member]
Nature Of Operations [Line Items]
Senior secured term loan receivable		$ 123,000					$ 300,000
Percentage interest owned in subsidiary		50.10%
Berkadia [Member]
Nature Of Operations [Line Items]
Percentage of ownership owned		50.00%
Linkem [Member]
Nature Of Operations [Line Items]
Percentage of ownership owned		42.00%
Percentage of ownership upon conversion of note		53.00%
Golden Queen Mining Company, LLC [Member]
Nature Of Operations [Line Items]
Percentage of ownership owned		35.00%
Tanning Facility [Member] | National Beef [Member]
Nature Of Operations [Line Items]
Domestic facilities | facility		1
Beef Processing Facility [Member] | National Beef [Member]
Nature Of Operations [Line Items]
Domestic facilities | facility		2
Consumer-Ready Facility [Member] | National Beef [Member]
Nature Of Operations [Line Items]
Domestic facilities | facility		3
Product Segment [Member] | Spectrum Brands [Member]
Nature Of Operations [Line Items]
Percentage of outstanding common stock owned		58.00%
Insurance Segment [Member] | Fidelity & Guaranty Life [Member]
Nature Of Operations [Line Items]
Percentage of outstanding common stock owned		80.00%
Anbang Insurance Group Co Ltd [Member] | Fidelity & Guaranty Life [Member]
Nature Of Operations [Line Items]
Business acquisition, share price (in USD per share) | $ / shares						$ 26.80
Investment in FXCM [Member]
Nature Of Operations [Line Items]
Percentage of ownership owned		49.90%			49.90%
Maximum percentage of all distributions		65.00%			65.00%
Number of directors appointed | director		6			6
Number of directors appointed by Company | director		3			3
Number of directors appointed by Co-Investee | director		3			3
Disposed of by Sale [Member] | Conwed [Member]
Nature Of Operations [Line Items]
Percentage interest owned in subsidiary	100.00%
Cash from sale of subsidiary	$ 295,000
Potential earn-out payment to be received from sale of subsidiary, period	5 years
Pre-tax gain from sale of subsidiary		$ 179,900
Maximum [Member] | Disposed of by Sale [Member] | Conwed [Member]
Nature Of Operations [Line Items]
Potential earn-out payment to be received from sale of subsidiary	$ 40,000

Basis Of Presentation And Sig55

Basis Of Presentation And Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Summary Of Significant Accounting Policies [Line Items]
Receivables from brokers, dealers and clearing organizations	$ 2,868.2	$ 2,062.9
Receivables from customers of securities operations	1,181.9	843.1
Payables to brokers, dealers and clearing organizations	2,967.6	3,290.4
Payables to customers of securities operations	$ 2,412.1	$ 2,297.3
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative hedging relationship effective percentage	80.00%
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative hedging relationship effective percentage	125.00%

Fair Value Disclosures (Schedul

Fair Value Disclosures (Schedule Of Assets And Liabilities Measured On Recurring Basis At Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value based on NAV	$ 24,200	$ 24,300
Derivatives	200,016
Counterparty/cash-collateral netting, Assets	(2,826,763)	(4,255,998)
Total trading assets, excluding investments at fair value based on NAV	14,582,268	14,960,928
Total available for sale securities	462,503	301,049
Derivatives	396,477
Counterparty/cash-collateral netting, Liabilities	(2,794,432)	(4,229,213)
Total trading liabilities	8,763,993	8,388,619
Other secured financings	34,187	41,768
Long-term debt - structured notes	310,057	248,856
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	705,313	857,337
Trading Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	1,501,329	1,610,667
Corporate debt securities	1,545,468	1,718,947
U.S. government and federal agency securities	841,725	976,497
Sovereign obligations	2,986,470	2,629,344
Loans	1,492,524	802,355
Derivatives	396,477	650,809
Counterparty/cash-collateral netting, Liabilities	(2,794,432)	(4,229,213)
Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	2,727,889	2,637,555
Corporate debt securities	2,455,947	2,700,025
CDOs and CLOs	85,253	108,660
U.S. government and federal agency securities	1,153,045	2,446,123
Municipal securities	740,658	735,726
Sovereign obligations	2,819,227	2,423,048
Loans and other receivables	1,782,399	1,639,105
Derivatives	200,016	371,078
Counterparty/cash-collateral netting, Assets	(2,826,763)	(4,255,998)
Investments at fair value	307,830	314,359
FXCM term loan	132,800	164,500
Available For Sale Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	95,545	79,425
Corporate debt securities	179	179
U.S. government and federal agency securities	293,142	174,933
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	5,256,166	6,348,755
Total available for sale securities	388,687	254,358
Total trading liabilities	3,818,718	3,948,201
Other secured financings	0	0
Long-term debt - structured notes	0	0
Level 1 [Member] | Trading Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	1,468,429	1,593,548
Corporate debt securities	0	0
U.S. government and federal agency securities	841,725	976,497
Sovereign obligations	1,500,854	1,375,590
Loans	0	0
Derivatives	7,710	2,566
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	99,900
Level 1 [Member] | Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	2,620,350	2,522,977
Corporate debt securities	0	0
CDOs and CLOs	0	0
U.S. government and federal agency securities	1,124,343	2,389,397
Municipal securities	0	0
Sovereign obligations	1,506,428	1,432,556
Loans and other receivables	0	0
Derivatives	5,045	3,825
Investments at fair value	0	0
FXCM term loan	0	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	95,545	79,425
Corporate debt securities	0	0
U.S. government and federal agency securities	293,142	174,933
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	11,430,589	12,072,393
Total available for sale securities	73,816	46,691
Total trading liabilities	7,726,506	8,658,547
Other secured financings	34,100	41,350
Long-term debt - structured notes	310,057	248,856
Level 2 [Member] | Trading Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	32,576	16,806
Corporate debt securities	1,544,945	1,718,424
U.S. government and federal agency securities	0	0
Sovereign obligations	1,485,616	1,253,754
Loans	1,491,488	801,977
Derivatives	3,171,881	4,867,586
Level 2 [Member] | Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	86,959	92,839
Corporate debt securities	2,422,480	2,675,020
CDOs and CLOs	39,899	54,306
U.S. government and federal agency securities	28,702	56,726
Municipal securities	714,104	708,469
Sovereign obligations	1,312,799	990,492
Loans and other receivables	1,729,227	1,557,233
Derivatives	3,016,829	4,616,822
Investments at fair value	0	0
FXCM term loan	0	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	179
U.S. government and federal agency securities	0	0
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	722,276	795,778
Total available for sale securities	0	0
Total trading liabilities	13,201	11,084
Other secured financings	87	418
Long-term debt - structured notes	0	0
Level 3 [Member] | Trading Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	324	313
Corporate debt securities	523	523
U.S. government and federal agency securities	0	0
Sovereign obligations	0	0
Loans	1,036	378
Derivatives	11,318	9,870
Level 3 [Member] | Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	20,580	21,739
Corporate debt securities	33,467	25,005
CDOs and CLOs	45,354	54,354
U.S. government and federal agency securities	0	0
Municipal securities	26,554	27,257
Sovereign obligations	0	0
Loans and other receivables	53,172	81,872
Derivatives	4,905	6,429
Investments at fair value	307,830	314,359
FXCM term loan	132,800	164,500
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
Residential Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total available for sale securities	34,828	19,133
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	1,439,474	999,266
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	34,828	19,133
Residential Mortgage-Backed Securities [Member] | Level 1 [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
Residential Mortgage-Backed Securities [Member] | Level 1 [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
Residential Mortgage-Backed Securities [Member] | Level 2 [Member] | Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	1,400,215	960,494
Residential Mortgage-Backed Securities [Member] | Level 2 [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	34,828	19,133
Residential Mortgage-Backed Securities [Member] | Level 3 [Member] | Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	39,259	38,772
Residential Mortgage-Backed Securities [Member] | Level 3 [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
Commercial Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total available for sale securities	10,446	8,337
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	586,147	316,985
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	10,446	8,337
Commercial Mortgage-Backed Securities [Member] | Level 1 [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
Commercial Mortgage-Backed Securities [Member] | Level 1 [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
Commercial Mortgage-Backed Securities [Member] | Level 2 [Member] | Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	565,494	296,405
Commercial Mortgage-Backed Securities [Member] | Level 2 [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	10,446	8,337
Commercial Mortgage-Backed Securities [Member] | Level 3 [Member] | Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	20,653	20,580
Commercial Mortgage-Backed Securities [Member] | Level 3 [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
Other Asset-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total available for sale securities	28,363	19,042
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	151,583	104,498
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	28,363	19,042
Other Asset-Backed Securities [Member] | Level 1 [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
Other Asset-Backed Securities [Member] | Level 1 [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
Other Asset-Backed Securities [Member] | Level 2 [Member] | Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	113,881	63,587
Other Asset-Backed Securities [Member] | Level 2 [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	28,363	19,042
Other Asset-Backed Securities [Member] | Level 3 [Member] | Trading Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	37,702	40,911
Other Asset-Backed Securities [Member] | Level 3 [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 ($)director	Feb. 28, 2017USD ($)directorEmployee	Mar. 31, 2017USD ($)director	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jan. 31, 2015USD ($)
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Unrealized and realized gains (losses), interest income and fees			$ 416,501,000	$ (102,483,000)
Investment in associated company			$ 2,122,479,000	1,843,470,000	$ 2,125,098,000	$ 1,757,369,000
Discount rate			10.60%
FXCM [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Senior secured term loan receivable			$ 123,000,000				$ 300,000,000
Loan receivable interest rate percentage							10.00%
Increase in Interest rate per annum each quarter							1.50%
Accrued interest rate			20.50%
Principal and interest payments received			$ 42,700,000
Unrealized and realized gains (losses), interest income and fees			$ 10,900,000	$ (53,200,000)
Expected number of positions eliminated | Employee		150
Expected number of positions eliminated, as percentage of global workforce		18.00%
Percentage of ownership owned			50.10%
Investment in associated company			$ 186,700,000
Investment in FXCM			$ 319,500,000
Global Brokerage Holdings [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Percentage of ownership owned			74.50%
Maximum [Member] | FXCM [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loan receivable interest rate percentage							20.50%
Investment in FXCM [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Percentage of ownership owned	49.90%		49.90%
Maximum percentage of all distributions	65.00%		65.00%
Number of directors appointed | director	6		6
Number of directors appointed by Company | director	3		3
Number of directors appointed by Co-Investee | director	3		3
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 until milestone two	79.20%
Distributions milestone two after loan repayment	$ 500,000,000
Percentage of distributions from sale of assets or certain other events thereafter	51.60%
Number of directors with right to terminate management and any unvested incentive compensation | director		3
FXCM Term Loan Receivable [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Senior secured loan, extension term	1 year
National Futures Association [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Settlement amount		$ 0
Commodity Futures Trading Commission [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Settlement amount		$ 7,000,000
United States [Member] | FXCM [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Revenue, by geographical area, percentage		20.00%
Trading Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
FXCM term loan			$ 132,800,000		164,500,000
Level 3 [Member] | Investment in FXCM [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate			15.00%
EBITDA multiple			5.4
Revenue multiple			1.5
Level 3 [Member] | Trading Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
FXCM term loan			$ 132,800,000		$ 164,500,000

Fair Value Disclosures (Inves58

Fair Value Disclosures (Investments Measured At Fair Value Based On Net Asset Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 522,699	$ 539,627
Unfunded Commitments	20,040	20,295
Equity Long/Short Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	362,870	363,256
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	761	772
Unfunded Commitments	0	0
Fund Of Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	169	230
Unfunded Commitments	0	0
Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	40,688	42,179
Unfunded Commitments	20,040	20,295
Multi-asset Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	118,211	133,190
Unfunded Commitments	$ 0	$ 0

Fair Value Disclosures (Inves59

Fair Value Disclosures (Investments Measured At Fair Value Based On Net Asset Value) (Additional Information) (Details)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Equity Long/Short Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investments prior written notice period	10 days
Multi-asset Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments redeemable	13.00%	12.00%
Minimum [Member] | Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Estimated period for the liquidation of the underlying assets	1 year
Minimum [Member] | Multi-asset Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investments prior written notice period	30 days
Maximum [Member] | Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Estimated period for the liquidation of the underlying assets	6 years
Maximum [Member] | Multi-asset Funds [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	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) (realized and unrealized)	$ 6,700	$ (30,300)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) (realized and unrealized)	4,200	(10,000)
Corporate Equity Securities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	313	38
Total gains (losses) (realized and unrealized)	11	0
Purchases	0	0
Sales	0	0
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	0	0
Ending Balance	324	38
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held	(11)	0
Corporate Debt Securities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	523
Total gains (losses) (realized and unrealized)	0
Purchases	0
Sales	0
Settlements	0
Issuances	0
Net transfers into/ (out of) Level 3	0
Ending Balance	523
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held	0
Net Derivatives [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	3,441	(242)
Total gains (losses) (realized and unrealized)	(4,384)	10,304
Purchases	0	0
Sales	0	0
Settlements	3,373	2,558
Issuances	186	554
Net transfers into/ (out of) Level 3	3,797	(1,417)
Ending Balance	6,413	11,757
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held	1,347	(8,135)
Loans [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	378	10,469
Total gains (losses) (realized and unrealized)	189	(345)
Purchases	(323)	(2,240)
Sales	0	1,033
Settlements	0	(1,077)
Issuances	0	0
Net transfers into/ (out of) Level 3	792	(96)
Ending Balance	1,036	7,744
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held	(189)	345
Other Secured Financings [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	418	544
Total gains (losses) (realized and unrealized)	(8)	(6)
Purchases	0	0
Sales	0	0
Settlements	0	0
Issuances	0	0
Net transfers into/ (out of) Level 3	(323)	0
Ending Balance	87	538
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held	11	0
Corporate Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	21,739	40,906
Total gains (losses) (realized and unrealized)	532	3,071
Purchases	847	2,087
Sales	(145)	0
Settlements	(186)	0
Net transfers into (out of) Level 3	(2,207)	(15,524)
Ending Balance	20,580	30,540
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	362	3,560
Corporate Debt Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	25,005	25,876
Total gains (losses) (realized and unrealized)	(1,793)	(2,602)
Purchases	3,002	15,337
Sales	(3,157)	(15,129)
Settlements	(1,207)	(111)
Net transfers into (out of) Level 3	11,617	2,263
Ending Balance	33,467	25,634
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	(1,662)	(2,540)
CDOs and CLOs [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	54,354	85,092
Total gains (losses) (realized and unrealized)	(7,594)	(16,573)
Purchases	8,663	1,021
Sales	(22,633)	(20,178)
Settlements	(45)	(463)
Net transfers into (out of) Level 3	12,609	18,449
Ending Balance	45,354	67,348
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	(8,525)	(17,003)
Municipal securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	27,257
Total gains (losses) (realized and unrealized)	(636)
Purchases	0
Sales	(67)
Settlements	0
Net transfers into (out of) Level 3	0
Ending Balance	26,554
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	(641)
Sovereign Obligations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		120
Total gains (losses) (realized and unrealized)		(1)
Purchases		0
Sales		0
Settlements		0
Net transfers into (out of) Level 3		0
Ending Balance		119
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held		(1)
Residential Mortgage-Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	38,772	70,263
Total gains (losses) (realized and unrealized)	(253)	(4,548)
Purchases	263	62,844
Sales	(12,411)	(64,926)
Settlements	(210)	(114)
Net transfers into (out of) Level 3	13,098	4,500
Ending Balance	39,259	68,019
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	(440)	(3,358)
Commercial Mortgage-Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	20,580	14,326
Total gains (losses) (realized and unrealized)	(1,420)	(971)
Purchases	0	2,962
Sales	(412)	0
Settlements	0	(878)
Net transfers into (out of) Level 3	1,905	6,555
Ending Balance	20,653	21,994
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	(1,421)	(1,387)
Other Asset-Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	40,911	42,925
Total gains (losses) (realized and unrealized)	(1,788)	1,662
Purchases	3,553	15,425
Sales	(299)	(2,100)
Settlements	(3,335)	(1)
Net transfers into (out of) Level 3	(1,340)	(24,787)
Ending Balance	37,702	33,124
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	(1,717)	1,679
Loans and other receivables [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	81,872	189,289
Total gains (losses) (realized and unrealized)	4,950	(5,772)
Purchases	9,489	181,264
Sales	(9,778)	(114,667)
Settlements	(7,764)	(95,354)
Net transfers into (out of) Level 3	(25,597)	682
Ending Balance	53,172	155,442
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	836	(9,113)
Investments at Fair Value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	314,359	199,794
Total gains (losses) (realized and unrealized)	3,856	48,618
Purchases	0	1,187
Sales	(10,119)	0
Settlements	(266)	(273)
Net transfers into (out of) Level 3	0	26,063
Ending Balance	307,830	275,389
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	5,879	48,618
FXCM term loan [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	164,500
Total gains (losses) (realized and unrealized)	10,878
Purchases	0
Sales	0
Settlements	(42,578)
Net transfers into (out of) Level 3	0
Ending Balance	132,800
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	$ 3,272
Investment in FXCM [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		625,689
Total gains (losses) (realized and unrealized)		(53,203)
Purchases		0
Sales		0
Settlements		(7,686)
Net transfers into (out of) Level 3		0
Ending Balance		564,800
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held		$ (53,203)

Fair Value Disclosures (Analysi

Fair Value Disclosures (Analysis of Level 3 Assets and Liabilities Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	$ 49,900	$ 119,000
Transfers of assets from Level 3 to Level 2	39,800	100,800
Net gains (losses) on Level 3 assets (realized and unrealized)	6,700	(30,300)
Net gains (losses) on Level 3 liabilities (realized and unrealized)	4,200	(10,000)
Excluded assets from unobservable quantitative information	244,200		$ 325,000
Excluded liabilities from unobservable quantitative information	2,000		$ 1,600
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		20,400
Transfers of assets from Level 3 to Level 2		15,900
Commercial Mortgage-Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Net gains (losses) on Level 3 assets (realized and unrealized)	(1,420)	(971)
Other Asset-Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 3 to Level 2		28,800
Net gains (losses) on Level 3 assets (realized and unrealized)	(1,788)	1,662
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	13,700
Net gains (losses) on Level 3 assets (realized and unrealized)	(253)	(4,548)
Municipal securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Net gains (losses) on Level 3 assets (realized and unrealized)	(636)
Loans and other receivables [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 3 to Level 2	28,200
Net gains (losses) on Level 3 assets (realized and unrealized)	4,950	(5,772)
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	11,600
Net gains (losses) on Level 3 assets (realized and unrealized)	(1,793)	(2,602)
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	18,100	39,500
Transfers of assets from Level 3 to Level 2		21,000
Net gains (losses) on Level 3 assets (realized and unrealized)	(7,594)	(16,573)
Corporate Equity Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 3 to Level 2		19,200
Net gains (losses) on Level 3 assets (realized and unrealized)	532	3,071
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		26,100
Net gains (losses) on Level 3 assets (realized and unrealized)	3,856	48,618
Other Secured Financings [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Net gains (losses) on Level 3 liabilities (realized and unrealized)	(8)	(6)
Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Net gains (losses) on Level 3 liabilities (realized and unrealized)	$ 189	$ (345)

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	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)T / d$ / shares$ / Bond	Dec. 31, 2016USD ($)T / d$ / shares$ / Bond	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate	10.60%
Corporate Equity Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned | $	$ 20,580	$ 21,739	$ 30,540	$ 40,906
Corporate Debt Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned | $	33,467	25,005	25,634	25,876
CDOs and CLOs [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned | $	45,354	54,354	67,348	85,092
Residential Mortgage-Backed Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned | $	39,259	38,772	68,019	70,263
Commercial Mortgage-Backed Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned | $	20,653	20,580	21,994	14,326
Other Asset-Backed Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned | $	37,702	40,911	33,124	42,925
Loans and other receivables [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned | $	53,172	81,872	155,442	189,289
Investments at Fair Value [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned | $	307,830	314,359	$ 275,389	$ 199,794
FXCM term loan [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned | $	132,800	164,500
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 | $	18,834	19,799
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 | $	33,467	25,005
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 | $	45,354	33,016
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 | $	39,259	38,772
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 | $	20,653	20,580
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 | $	37,702	40,911
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 | $	51,929	54,347
Financial Instruments Owned [Member] | FXCM term loan [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned | $	132,800	164,500
Derivative [Member] | 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 | $	4,905	6,429
Derivative [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Trading Liabilities | $	11,318	9,870
Private Equity Securities [Member] | 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 | $	$ 93,198	$ 67,383
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Debt Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transaction level		30
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Debt Securities [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	18
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Debt Securities [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	98
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Debt Securities [Member] | Weighted Average [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	53
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Other Asset-Backed Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	100	72
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
EBITDA (a) multiple	3.3	3.3
Estimated recovery percentage	103.00%
Transaction level		0.42
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	98
Discount rate/yield		2.00%
Transaction level	1
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	100
Discount rate/yield		4.00%
Transaction level	42
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Weighted Average [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	99
Discount rate/yield		3.00%
Transaction level	32
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | Corporate Debt Securities [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	1.00%
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | Corporate Debt Securities [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	3.00%
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | Corporate Debt Securities [Member] | Weighted Average [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	2.00%
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	4.00%	28.00%
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	45.00%	38.00%
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member] | Weighted Average [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	30.00%	31.00%
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | Other Asset-Backed Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	51.00%
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	3.00%	6.00%
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	45.00%	50.00%
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Weighted Average [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	31.00%	37.00%
Level 3 [Member] | Convertible Bond Model [Member] | Financial Instruments Owned [Member] | Corporate Debt Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Volatility	40.00%	40.00%
Discount rate/yield	8.00%	9.00%
Level 3 [Member] | Present Value [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Average silver production (tons per day) | T / d	642	666
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate	20.00%
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate		10.00%
Discount rate/yield	9.00%
Constant default rate	2.00%	2.00%
Loss severity	25.00%	25.00%
Yield		7.00%
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate		20.00%
Discount rate/yield	18.00%
Constant default rate	8.00%	4.00%
Loss severity	70.00%	70.00%
Yield		17.00%
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member] | Weighted Average [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate		19.00%
Discount rate/yield	13.00%
Constant default rate	3.00%	2.00%
Loss severity	29.00%	40.00%
Yield		12.00%
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Residential Mortgage-Backed Securities [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate		0.00%
Discount rate/yield	5.00%
Constant default rate		1.00%
Cumulative loss rate	0.00%
Duration (years)	4 years
Loss severity		35.00%
Yield		2.00%
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Residential Mortgage-Backed Securities [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate		11.00%
Discount rate/yield	11.00%
Constant default rate		7.00%
Cumulative loss rate	22.00%
Duration (years)	18 years
Loss severity		100.00%
Yield		10.00%
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Residential Mortgage-Backed Securities [Member] | Weighted Average [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate		5.00%
Discount rate/yield	7.00%
Constant default rate		3.00%
Cumulative loss rate	7.00%
Duration (years)	10 years
Loss severity		62.00%
Yield		6.00%
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Commercial Mortgage-Backed Securities [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	7.00%
Cumulative loss rate	15.00%	5.00%
Duration (years)	1 year
Yield		6.00%
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Commercial Mortgage-Backed Securities [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	19.00%
Cumulative loss rate	68.00%	95.00%
Duration (years)	5 years
Yield		11.00%
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Commercial Mortgage-Backed Securities [Member] | Weighted Average [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	11.00%
Cumulative loss rate	30.00%	39.00%
Duration (years)	3 years
Yield		8.00%
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Other Asset-Backed Securities [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate		4.00%
Discount rate/yield	4.00%
Constant default rate		0.00%
Cumulative loss rate	0.00%
Duration (years)	1 year
Loss severity		0.00%
Yield		4.00%
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Other Asset-Backed Securities [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate		20.00%
Discount rate/yield	15.00%
Constant default rate		31.00%
Cumulative loss rate	30.00%
Duration (years)	11 years
Loss severity		100.00%
Yield		17.00%
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Other Asset-Backed Securities [Member] | Weighted Average [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate		14.00%
Discount rate/yield	14.00%
Constant default rate		13.00%
Cumulative loss rate	18.00%
Duration (years)	2 years
Loss severity		90.00%
Yield		15.00%
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	32.00%
Cumulative loss rate	0.00%
Duration (years)	1 month
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | FXCM term loan [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Term based on the pay off	0 months	0 months
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | FXCM term loan [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Term based on the pay off	9 months	6 months
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | FXCM term loan [Member] | Weighted Average [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Term based on the pay off	5 months 18 days	4 months 24 days
Level 3 [Member] | Derivative [Member] | Equity Option [Member] | Option Model [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Volatility		45.00%
Level 3 [Member] | Derivative [Member] | Equity Option [Member] | Default Rate [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Default probability		0.00%
Level 3 [Member] | Derivative [Member] | Equity Option [Member] | Option Model/Default Rate [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Default probability	0.00%
Level 3 [Member] | Derivative [Member] | Equity Swap [Member] | Comparable Pricing [Member] | Financial Instruments Owned [Member] | Derivatives, Assets [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Comparable asset price		102
Level 3 [Member] | Derivative [Member] | Equity Swap [Member] | Comparable Pricing [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Comparable asset price		102
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Derivatives, Assets [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	82
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Derivatives, Assets [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	97
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Derivatives, Assets [Member] | Weighted Average [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	94
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield		4.00%
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Securities Sold, Not yet Purchased [Member] | Minimum [Member] | Derivatives, Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	82
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Securities Sold, Not yet Purchased [Member] | Maximum [Member] | Derivatives, Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	98
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Securities Sold, Not yet Purchased [Member] | Weighted Average [Member] | Derivatives, Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	87
Level 3 [Member] | Derivative [Member] | Credit Default Swap [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Derivatives, Assets [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Credit spread	2.65%	2.65%
Level 3 [Member] | Derivative [Member] | Variable Funding Note Swaps [Member] | Discounted Cash Flows [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate	20.00%	20.00%
Discount rate/yield	18.00%
Constant default rate	2.00%	2.00%
Loss severity	25.00%	25.00%
Yield		16.00%
Level 3 [Member] | Derivative [Member] | Interest Rate Swap [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Derivatives, Assets [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Credit spread	8.00%
Level 3 [Member] | Non Exchange Traded Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Equity Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Underlying stock price | $ / shares	$ 6
Level 3 [Member] | Non Exchange Traded Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Equity Securities [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	3
Underlying stock price | $ / shares		$ 3
Level 3 [Member] | Non Exchange Traded Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Equity Securities [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	75
Underlying stock price | $ / shares		75
Level 3 [Member] | Non Exchange Traded Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Equity Securities [Member] | Weighted Average [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price	44
Underlying stock price | $ / shares		15
Level 3 [Member] | Non Exchange Traded Securities [Member] | Option Model [Member] | Financial Instruments Owned [Member] | Corporate Equity Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Volatility	40.00%
Level 3 [Member] | Non Exchange Traded Securities [Member] | Comparable Pricing [Member] | Financial Instruments Owned [Member] | Corporate Equity Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Underlying stock price | $ / shares		$ 218
Comparable asset price	9	11
Level 3 [Member] | Non Exchange Traded Securities [Member] | Present Value [Member] | Financial Instruments Owned [Member] | Corporate Equity Securities [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Average silver production (tons per day) | T / d		666
Level 3 [Member] | Private Equity Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Investments at Fair Value [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price		25,815,720
Transaction level		250
Level 3 [Member] | Private Equity Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Investments at Fair Value [Member] | Minimum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate	15.00%	15.00%
Transaction level	3
Level 3 [Member] | Private Equity Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Investments at Fair Value [Member] | Maximum [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate	30.00%	30.00%
Transaction level	250
Level 3 [Member] | Private Equity Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Investments at Fair Value [Member] | Weighted Average [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate	23.00%	23.00%
Transaction level	116

Fair Value Disclosures (Summa63

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	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Financial Instruments [Line Items]
Loans and other receivables	$ (5,127)	$ (15,462)
Financial Instruments Sold [Member]
Financial Instruments [Line Items]
Loans	(27)	48
Loan commitments	871	(3,746)
Long-term Debt [Member]
Financial Instruments [Line Items]
Loan commitments	(16,040)	(302)
Other changes in fair value	$ 3,417	$ 6,858

Fair Value Disclosures (Summa64

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	Mar. 31, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Loans and other receivables	$ 1,078,397	$ 1,325,938
Loans and other receivables on nonaccrual status	242,022	205,746
Long-term Debt	7,582	20,202
Loans and other receivables greater than 90 days past due	$ 68,500	$ 64,600

Fair Value Disclosures (Fair Va

Fair Value Disclosures (Fair Value Option Election Narrative) (Details) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2017USD ($)$ / shares	Mar. 31, 2017USD ($)directorshares	Dec. 31, 2016USD ($)shares	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
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		$ 253,800	$ 29,800
90 days or more past due		25,800	18,900
Securities borrowed		6,886,436	7,743,562
Securities loaned		2,522,846	2,819,132
Investment in associated company		2,122,479	2,125,098	$ 1,843,470	$ 1,757,369
Financial instruments owned trading assets, at fair value		14,606,439	14,985,237
KCG Holdings [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Changes in fair value of investments reflected as principal transactions		(4,600)		(37,300)
Securities borrowed		2,100	9,200
Securities loaned		2,200	$ 9,200
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		$ 175,200		$ 17,200
Percentage of outstanding common stock owned		23.00%	23.00%
Shares owned, number | shares		46.6	46.6
Financial instruments owned trading assets, at fair value		$ 900,300	$ 725,100
Cash consideration paid for shares		$ 475,600
Revenue of investee			1,189,600		1,209,400
Net income from continuing operations of investee			2,000		9,500
Net income (loss) of investee			260,800		7,000
Net income (loss) attributable to HRG			$ 212,200		$ (33,900)
Number of directors appointed | director		2
Subsequent Event [Member] | KCG Holdings [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Business acquisition, share price (in USD per share) | $ / shares	$ 20
KCG Holdings, Inc. [Member] | Jefferies [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Percentage of outstanding common stock owned		24.00%
KCG Holdings, Inc. [Member] | Subsequent Event [Member] | Jefferies [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Premium form sale of investment	$ 98,000

Derivative Financial Instrume66

Derivative Financial Instruments (Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure) (Details) $ in Thousands	Mar. 31, 2017USD ($)Contract	Dec. 31, 2016USD ($)Contract
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 3,026,779	$ 4,627,076
Fair Value, Liabilities	3,190,909	4,880,022
Counterparty/cash-collateral netting, Assets	(2,826,763)	(4,255,998)
Counterparty/cash-collateral netting, Liabilities	(2,794,432)	(4,229,213)
Total Derivative Assets per Consolidated Statement of Financial Condition	200,016
Total Derivative Liabilities per Consolidated Statement of Financial Condition	396,477
Designated as Accounting Hedges [Member] | Interest Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 0
Number of Contracts, Assets | Contract	0
Fair Value, Liabilities	$ 3,456
Number of Contracts, Liabilities | Contract	1
Not Designated as Accounting Hedges [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 3,026,779	4,627,076
Fair Value, Liabilities	3,187,453	4,880,022
Counterparty/cash-collateral netting, Assets	(2,826,763)	(4,255,998)
Counterparty/cash-collateral netting, Liabilities	(2,794,432)	(4,229,213)
Total Derivative Assets per Consolidated Statement of Financial Condition	200,016	371,078
Total Derivative Liabilities per Consolidated Statement of Financial Condition	393,021	650,809
Not Designated as Accounting Hedges [Member] | Interest Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 2,078,505	$ 3,282,245
Number of Contracts, Assets | Contract	28,081	29,032
Fair Value, Liabilities	$ 1,971,452	$ 3,159,457
Number of Contracts, Liabilities | Contract	45,250	34,845
Not Designated as Accounting Hedges [Member] | Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 308,706	$ 529,669
Number of Contracts, Assets | Contract	6,639	7,826
Fair Value, Liabilities	$ 300,834	$ 516,869
Number of Contracts, Liabilities | Contract	6,556	8,319
Not Designated as Accounting Hedges [Member] | Equity Contracts [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 605,893	$ 786,987
Number of Contracts, Assets | Contract	1,856,995	2,843,329
Fair Value, Liabilities	$ 882,188	$ 1,169,201
Number of Contracts, Liabilities | Contract	1,617,398	2,414,715
Not Designated as Accounting Hedges [Member] | Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 4,329	$ 1,906
Number of Contracts, Assets | Contract	8,815	2,766
Fair Value, Liabilities	$ 5,167	$ 6,430
Number of Contracts, Liabilities | Contract	8,778	7,289
Not Designated as Accounting Hedges [Member] | Credit Contracts: Centrally Cleared Swaps [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 9,520	$ 7,044
Number of Contracts, Assets | Contract	25	98
Fair Value, Liabilities	$ 12,555	$ 2,562
Number of Contracts, Liabilities | Contract	34	19,900
Not Designated as Accounting Hedges [Member] | Credit Contracts: Other Credit Derivatives [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 19,826	$ 19,225
Number of Contracts, Assets | Contract	191	213
Fair Value, Liabilities	$ 15,257	$ 25,503
Number of Contracts, Liabilities | Contract	122	184

Derivative Financial Instrume67

Derivative Financial Instruments (Unrealized And Realized Gains (Losses) On Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense on fair value hedge	$ 796	$ 0
Unrealized and realized gains (losses)	(149,001)	(302,205)
Interest Rate Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	9,678	(68,513)
Foreign Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	2,503	836
Equity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(178,622)	(224,282)
Commodity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	7,248	729
Credit Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	10,192	(10,975)
Interest rate swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense on fair value hedge	(4,609)	0
Long-term Debt [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense on fair value hedge	$ 5,405	$ 0

Derivative Financial Instrume68

Derivative Financial Instruments (Remaining Contract Maturity Of Fair Value Of OTC Derivative Assets And Liabilities) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	$ 95,612
OTC derivative assets having maturity period of 1 to 5 years	209,337
OTC derivative assets having maturity period of greater than 5 years	131,322
OTC derivative assets cross-maturity netting	(79,776)
Total OTC derivative assets, net of cross-maturity netting	356,495
Cross product counterparty netting	(1,512)
Total OTC derivative assets included in Trading assets	354,983
OTC derivative liabilities having maturity period of 0 to 12 months	94,648
OTC derivative liabilities having maturity period of 1 to 5 years	152,292
OTC derivative liabilities having maturity period of greater than 5 years	98,952
OTC derivative liabilities cross-maturity netting	(79,776)
Total OTC derivative liabilities, net of cross-maturity netting	266,116
Cross product counterparty netting	(1,512)
Total OTC derivative liabilities included in Trading liabilities	264,604
Exchange traded derivative assets and other credit agreements	15,500
Cash collateral received	176,500
Exchange traded derivative liabilities and other credit agreements	254,900
Cash collateral pledged	144,200
Commodity Swaps, Options And Forwards [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	371
OTC derivative assets having maturity period of 1 to 5 years	62
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	0
Total OTC derivative assets, net of cross-maturity netting	433
OTC derivative liabilities having maturity period of 0 to 12 months	1,582
OTC derivative liabilities having maturity period of 1 to 5 years	0
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	0
Total OTC derivative liabilities, net of cross-maturity netting	1,582
Equity Swaps And Options [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	19,143
OTC derivative assets having maturity period of 1 to 5 years	3,271
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	0
Total OTC derivative assets, net of cross-maturity netting	22,414
OTC derivative liabilities having maturity period of 0 to 12 months	13,148
OTC derivative liabilities having maturity period of 1 to 5 years	17,187
OTC derivative liabilities having maturity period of greater than 5 years	1,994
OTC derivative liabilities cross-maturity netting	0
Total OTC derivative liabilities, net of cross-maturity netting	32,329
Credit Default Swap [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	0
OTC derivative assets having maturity period of 1 to 5 years	14,487
OTC derivative assets having maturity period of greater than 5 years	6,449
OTC derivative assets cross-maturity netting	0
Total OTC derivative assets, net of cross-maturity netting	20,936
OTC derivative liabilities having maturity period of 0 to 12 months	178
OTC derivative liabilities having maturity period of 1 to 5 years	13,155
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	0
Total OTC derivative liabilities, net of cross-maturity netting	13,333
Total Return Swap [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	6,384
OTC derivative assets having maturity period of 1 to 5 years	771
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	(38)
Total OTC derivative assets, net of cross-maturity netting	7,117
OTC derivative liabilities having maturity period of 0 to 12 months	20,221
OTC derivative liabilities having maturity period of 1 to 5 years	2,391
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	(38)
Total OTC derivative liabilities, net of cross-maturity netting	22,574
Foreign Currency Forwards, Swaps And Options [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	37,502
OTC derivative assets having maturity period of 1 to 5 years	37,500
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	(13,111)
Total OTC derivative assets, net of cross-maturity netting	61,891
OTC derivative liabilities having maturity period of 0 to 12 months	39,898
OTC derivative liabilities having maturity period of 1 to 5 years	27,382
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	(13,111)
Total OTC derivative liabilities, net of cross-maturity netting	54,169
Fixed Income Forwards [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative liabilities having maturity period of 0 to 12 months	275
OTC derivative liabilities having maturity period of 1 to 5 years	0
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	0
Total OTC derivative liabilities, net of cross-maturity netting	275
Interest Rate Swap [Member]
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]
OTC derivative assets having maturity period of 0 to 12 months	32,212
OTC derivative assets having maturity period of 1 to 5 years	153,246
OTC derivative assets having maturity period of greater than 5 years	124,873
OTC derivative assets cross-maturity netting	(66,627)
Total OTC derivative assets, net of cross-maturity netting	243,704
OTC derivative liabilities having maturity period of 0 to 12 months	19,346
OTC derivative liabilities having maturity period of 1 to 5 years	92,177
OTC derivative liabilities having maturity period of greater than 5 years	96,958
OTC derivative liabilities cross-maturity netting	(66,627)
Total OTC derivative liabilities, net of cross-maturity netting	$ 141,854

Derivative Financial Instrume69

Derivative Financial Instruments (Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
A- or higher	$ 225,496
BBB- to BBB	62,994
BB or lower	28,130
Unrated	38,363
Total OTC derivative assets included in Trading assets	$ 354,983

Derivative Financial Instrume70

Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments in a liability position	$ 19.4	$ 70.6
Collateral received not posted	3.7
Collateral posted for derivative instruments in a liability position		44.4
Potential additional collateral required for derivative instruments in a liability position	$ 23.1	$ 26.1

Collateralized Transactions (Co

Collateralized Transactions (Collateral Pledged) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 2,522,846	$ 2,819,132
Repurchase agreements	16,400,889	17,012,332
Total	18,923,735	19,831,464
Corporate equity securities [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	1,839,036	2,046,243
Repurchase agreements	167,950	66,291
Total	2,006,986	2,112,534
Corporate Debt Securities [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	683,539	731,276
Repurchase agreements	1,766,716	1,907,888
Total	2,450,255	2,639,164
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	2,836,035	2,171,480
Total	2,836,035	2,171,480
U.S. government and federal agency securities [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	271	41,613
Repurchase agreements	8,465,938	9,232,624
Total	8,466,209	9,274,237
Municipal securities [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	511,340	553,010
Total	511,340	553,010
Sovereign obligations [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	2,422,148	2,625,079
Total	2,422,148	2,625,079
Loans and other receivables [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	230,762	455,960
Total	$ 230,762	$ 455,960

Collateralized Transactions (72

Collateralized Transactions (Contractual Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 2,522,846	$ 2,819,132
Repurchase agreements	16,400,889	17,012,332
Total	18,923,735	19,831,464
Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	1,250,755	2,131,891
Repurchase agreements	8,906,185	9,147,176
Total	10,156,940	11,279,067
Up to 30 Days [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	39,673
Repurchase agreements	2,321,184	2,008,119
Total	2,321,184	2,047,792
30 to 90 Days [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	712,777	104,516
Repurchase agreements	3,651,291	3,809,533
Total	4,364,068	3,914,049
Greater than 90 Days [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	559,314	543,052
Repurchase agreements	1,522,229	2,047,504
Total	$ 2,081,543	$ 2,590,556

Collateralized Transactions (De

Collateralized Transactions (Details) - USD ($) $ in Billions	Mar. 31, 2017	Dec. 31, 2016
Collateralized Transactions [Abstract]
Fair value of securities received as collateral that may be sold or repledged	$ 24.7	$ 25.5

Securitization Activities (Acti

Securitization Activities (Activity Related To Securitizations Accounted For As Sales) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Securitization Activities [Abstract]
Transferred assets	$ 953.5	$ 1,948.9
Proceeds on new securitizations	962.6	1,962.7
Cash flows received on retained interests	$ 8.7	$ 9.6

Securitization Activities (Summ

Securitization Activities (Summary Of Retained Interests In SPEs) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Residential Mortgage-Backed Securities [Member]
Securitization Activities [Line Items]
U.S. government agency residential mortgage-backed securities	$ 6,029.9	$ 7,584.9
Retained Interests	9.2	31
Commercial Mortgage-Backed Securities [Member]
Securitization Activities [Line Items]
U.S. government agency commercial mortgage-backed securities	2,240.3	1,806.3
Retained Interests	49	29.6
CLOs [Member]
Securitization Activities [Line Items]
CLOs	2,759.9	4,102.2
Retained Interests	18.5	37
Consumer and Other Loans [Member]
Securitization Activities [Line Items]
Retained Interests	101	25.3
Consumer and Other Loans Securitization Assets	$ 479.9	$ 395.7

Available For Sale Securities76

Available For Sale Securities (Amortized Cost, Gross Unrealized Gains And Losses And Estimated Fair Value Of Available For Sale Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Amortized Cost	$ 419,811	$ 274,457
Gross Unrealized Gains	42,929	26,712
Gross Unrealized Losses	237	120
Estimated Fair Value	462,503	301,049
U.S. Government Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	293,286	174,938
Gross Unrealized Gains	0	8
Gross Unrealized Losses	144	13
Estimated Fair Value	293,142	174,933
Residential Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	34,759	19,129
Gross Unrealized Gains	151	108
Gross Unrealized Losses	82	104
Estimated Fair Value	34,828	19,133
Commercial Mortgage-Backed Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	10,328	8,275
Gross Unrealized Gains	124	64
Gross Unrealized Losses	6	2
Estimated Fair Value	10,446	8,337
Other Asset-Backed Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	28,242	18,918
Gross Unrealized Gains	126	124
Gross Unrealized Losses	5	0
Estimated Fair Value	28,363	19,042
All Other Corporates [Member]
Schedule of Investments [Line Items]
Amortized Cost	179	180
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	1
Estimated Fair Value	179	179
Debt Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	366,794	221,440
Gross Unrealized Gains	401	304
Gross Unrealized Losses	237	120
Estimated Fair Value	366,958	221,624
Common Stocks: Banks, Trusts And Insurance Companies [Member]
Schedule of Investments [Line Items]
Amortized Cost	35,071	35,071
Gross Unrealized Gains	20,499	15,115
Gross Unrealized Losses	0	0
Estimated Fair Value	55,570	50,186
Common Stocks: Industrial, Miscellaneous And All Other [Member]
Schedule of Investments [Line Items]
Amortized Cost	17,946	17,946
Gross Unrealized Gains	22,029	11,293
Gross Unrealized Losses	0	0
Estimated Fair Value	39,975	29,239
Corporate Equity Securities [Member]
Schedule of Investments [Line Items]
Amortized Cost	53,017	53,017
Gross Unrealized Gains	42,528	26,408
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 95,545	$ 79,425

Available For Sale Securities77

Available For Sale Securities (Amortized Cost And Estimated Fair Value Of Investments Classified As Available For Sale By Contractual Maturity) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Schedule of Investments [Line Items]
Due within one year, Amortized Cost	$ 293,286
Due after one year through five years, Amortized Cost	179
Fixed maturities investments excluding mortgage-backed and asset-backed securities, Amortized Cost	293,465
Mortgage-backed and asset-backed securities, Amortized Cost	73,329
Amortized Cost	366,794
Due within one year, Estimated Fair Value	293,142
Due after one year through five years, Estimated Fair Value	179
Fixed maturities investments excluding mortgage-backed and asset-backed securities, Estimated Fair Value	293,321
Mortgage-backed and asset-backed securities, Estimated Fair Value	73,637
Total fixed maturities investments, Estimated Fair Value	$ 366,958

Variable Interest Entities (Ass

Variable Interest Entities (Assets And Liabilities Of Consolidated VIEs) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Cash	$ 4,261,427	$ 3,807,558	$ 2,604,066	$ 3,638,648
Financial instruments owned	15,068,942	15,286,286
Securities purchased under agreement to resell	4,468,494	3,862,488
Receivables	5,553,667	4,425,178
Loans to and investments in associated companies	2,122,479	2,125,098
Other	1,836,389	1,635,664
Total assets	45,979,997	45,071,307
Other secured financings	837,204	1,026,429
Long-term debt	8,198,419	7,380,443
Total liabilities	34,920,677	34,305,849
Noncontrolling interests	193,588	175,549
Securitization Vehicles [Member]
Variable Interest Entity [Line Items]
Cash	6,700	18,400
Financial instruments owned	52,800	86,600
Securities purchased under agreement to resell	570,200	733,500
Receivables	246,600	277,700
Loans to and investments in associated companies	0	0
Other	15,600	14,500
Total assets	891,900	1,130,700
Other secured financings	856,500	1,083,800
Long-term debt	0	24,100
Other	35,000	22,300
Total liabilities	891,500	1,130,200
Noncontrolling interests	0	0
Real Estate Investment Vehicles [Member]
Variable Interest Entity [Line Items]
Cash	2,700	2,200
Financial instruments owned	0	0
Securities purchased under agreement to resell	0	0
Receivables	312,000	296,900
Loans to and investments in associated companies	120,000	108,700
Other	11,000	10,800
Total assets	445,700	418,600
Other secured financings	0	0
Long-term debt	258,100	243,900
Other	8,200	11,700
Total liabilities	266,300	255,600
Noncontrolling interests	107,500	98,700
Jefferies [Member]
Variable Interest Entity [Line Items]
Secured financings eliminated in consolidation	$ 19,500	$ 57,600

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 1,072	$ 1,410.8
Carrying Amount	414.1	566.9
Private Equity Vehicles [Member] | Energy Partners I, LP [Member]
Variable Interest Entity [Line Items]
Maximum exposure to loss	3	3
Real Estate Investment Vehicles [Member]
Variable Interest Entity [Line Items]
Equity commitments	108
Funded equity commitments	96.3
Maximum exposure to loss	112.2	101.8
Carrying Amount	100.4	90.3
Other Private Investment Vehicles [Member]
Variable Interest Entity [Line Items]
Equity commitments	100.6	111.4
Funded equity commitments	89.6	99.6
Carrying amount of equity investment	85.6	84
Maximum exposure to loss	96.7	95.8
Carrying Amount	85.6	84
Agency Mortgage-Backed Securitizations [Member]
Variable Interest Entity [Line Items]
Carrying Amount	1,761.9	1,002.2
Nonagency Mortgage- And Asset-Backed Securitizations [Member]
Variable Interest Entity [Line Items]
Carrying Amount	351.9	439.4
JCP Entities [Member] | Private Equity Vehicles [Member]
Variable Interest Entity [Line Items]
Equity commitments	148.1	148.1
Funded equity commitments	125.4	125.1
Carrying amount of equity investment	$ 36.3	$ 37.6

Variable Interest Entities (Non

Variable Interest Entities (Non-Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Total Financial Statement Carrying Amount, Assets	$ 414.1	$ 566.9
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	1.5	4.8
Maximum Exposure to Loss	1,072	1,410.8
Total VIE Assets	9,530.3	10,229.3
CLOs [Member]
Variable Interest Entity [Line Items]
Total Financial Statement Carrying Amount, Assets	37.7	264.7
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	1.5	4.8
Maximum Exposure to Loss	285.7	930
Total VIE Assets	3,279.9	4,472.9
Consumer Loan Vehicles [Member]
Variable Interest Entity [Line Items]
Total Financial Statement Carrying Amount, Assets	154.1	90.3
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	0	0
Maximum Exposure to Loss	515.4	219.6
Total VIE Assets	1,149.1	985.5
Related Party Private Equity Vehicles [Member]
Variable Interest Entity [Line Items]
Total Financial Statement Carrying Amount, Assets	36.3	37.6
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	0	0
Maximum Exposure to Loss	62	63.6
Total VIE Assets	149.3	155.6
Real Estate Investment Vehicles [Member]
Variable Interest Entity [Line Items]
Total Financial Statement Carrying Amount, Assets	100.4	90.3
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	0	0
Maximum Exposure to Loss	112.2	101.8
Total VIE Assets	111.3	85.6
Other Private Investment Vehicles [Member]
Variable Interest Entity [Line Items]
Total Financial Statement Carrying Amount, Assets	85.6	84
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	0	0
Maximum Exposure to Loss	96.7	95.8
Total VIE Assets	$ 4,840.7	$ 4,529.7

Loans To And Investments In A81

Loans To And Investments In Associated Companies (Schedule Of Loans to and Investments In Associated Companies) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	$ 2,125,098	$ 1,757,369
Income (losses) related to associated companies	(128,574)	20,052
Income (losses) related to associated companies classified as other revenues	26,263	(23,416)
Contributions to (distributions from) associated companies, net	95,720	76,960
Other, including foreign exchange and unrealized gains (losses)	3,972	12,505
Loans to and investments in associated companies, ending balance	2,122,479	1,843,470
Noncontrolling interests	193,588		$ 175,549
Jefferies Finance [Member]
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	490,464	528,575
Income (losses) related to associated companies	0	0
Income (losses) related to associated companies classified as other revenues	24,965	(22,806)
Contributions to (distributions from) associated companies, net	0	(19,300)
Other, including foreign exchange and unrealized gains (losses)	0	0
Loans to and investments in associated companies, ending balance	515,429	486,469
Jefferies LoanCore [Member]
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	154,731	288,741
Income (losses) related to associated companies	0	0
Income (losses) related to associated companies classified as other revenues	2,332	(187)
Contributions to (distributions from) associated companies, net	(7,760)	(27,073)
Other, including foreign exchange and unrealized gains (losses)	0	0
Loans to and investments in associated companies, ending balance	149,303	261,481
Berkadia [Member]
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	184,443	190,986
Income (losses) related to associated companies	16,954	13,054
Income (losses) related to associated companies classified as other revenues	0	0
Contributions to (distributions from) associated companies, net	(1,924)	(5,400)
Other, including foreign exchange and unrealized gains (losses)	102	215
Loans to and investments in associated companies, ending balance	199,575	198,855
FXCM [Member]
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	336,258
Income (losses) related to associated companies	(149,900)	0
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 gains (losses)	349
Loans to and investments in associated companies, ending balance	186,707
Garcadia [Member]
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	185,815	172,660
Income (losses) related to associated companies	13,294	15,327
Income (losses) related to associated companies classified as other revenues	0	0
Contributions to (distributions from) associated companies, net	(12,588)	(14,352)
Other, including foreign exchange and unrealized gains (losses)	0	0
Loans to and investments in associated companies, ending balance	186,521	173,635
Linkem [Member]
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	154,000	150,149
Income (losses) related to associated companies	(8,148)	(8,200)
Income (losses) related to associated companies classified as other revenues	0	0
Contributions to (distributions from) associated companies, net	31,996	33,297
Other, including foreign exchange and unrealized gains (losses)	3,520	8,648
Loans to and investments in associated companies, ending balance	181,368	183,894
HomeFed Corporation [Member]
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	302,231	275,378
Income (losses) related to associated companies	336	(1,288)
Income (losses) related to associated companies classified as other revenues	0	0
Contributions to (distributions from) associated companies, net	31,316	0
Other, including foreign exchange and unrealized gains (losses)	0	0
Loans to and investments in associated companies, ending balance	333,883	274,090
Golden Queen Mining Company, LLC [Member]
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	111,302	114,323
Income (losses) related to associated companies	(1,297)	(355)
Income (losses) related to associated companies classified as other revenues	0	0
Contributions to (distributions from) associated companies, net	0	0
Other, including foreign exchange and unrealized gains (losses)	0	0
Loans to and investments in associated companies, ending balance	110,005	113,968
Noncontrolling interests	32,400		32,800
54 Madison [Member]
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	161,400	0
Income (losses) related to associated companies	(608)	1,227
Income (losses) related to associated companies classified as other revenues	0	0
Contributions to (distributions from) associated companies, net	25,807	107,679
Other, including foreign exchange and unrealized gains (losses)	0	3,642
Loans to and investments in associated companies, ending balance	186,599	112,548
Noncontrolling interests	109,300		$ 95,300
Other [Member]
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	44,454	36,557
Income (losses) related to associated companies	795	287
Income (losses) related to associated companies classified as other revenues	(1,034)	(423)
Contributions to (distributions from) associated companies, net	28,873	2,109
Other, including foreign exchange and unrealized gains (losses)	1	0
Loans to and investments in associated companies, ending balance	$ 73,089	$ 38,530

Loans To And Investments In A82

Loans To And Investments In Associated Companies (Jefferies Finance) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Investments In Associated Companies [Line Items]
Investment banking	$ 408,021	$ 230,930
Other	1,836,389		$ 1,635,664
Payables, expense accruals and other liabilities	6,859,832		7,373,708
Jefferies [Member]
Investments In Associated Companies [Line Items]
Investment banking	66,200	19,400
Origination fees	2,100
Placement Agent Fees	2,700
Jefferies Finance [Member]
Investments In Associated Companies [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
Extension period	1 year
Funded portion of line of credit commitment	$ 0		0
Line of credit facility commitment of Jefferies	250,000		250,000
Service fee income	20,200	$ 21,100
Other	$ 18,000
Payables, expense accruals and other liabilities			$ 5,800

Loans To And Investments In A83

Loans To And Investments In Associated Companies (Jefferies LoanCore) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Investments In Associated Companies [Line Items]
Securities purchased under agreements to resell	$ 4,468,494		$ 3,862,488
Payables to brokers, dealers and clearing organizations	2,967,600		3,290,400
Trading liabilities, at fair value	8,763,993		8,388,619
Jefferies LoanCore [Member]
Investments In Associated Companies [Line Items]
Percentage of equity interest transferred to new join venture partner		24.00%
Aggregate equity commitment	400,000		400,000
Funded equity commitments	122,900		70,100
Equity commitment	$ 194,000		$ 194,000
Percentage of voting interest	48.50%		48.50%
Securities purchased under agreements to resell	$ 0		$ 68,100
Jefferies [Member]
Investments In Associated Companies [Line Items]
Interest income and fees related to master repurchase agreement	600	$ 2,800
Payables to brokers, dealers and clearing organizations	5,400		$ 8,300
Trading liabilities, at fair value	$ 1,000

Loans To And Investments In A84

Loans To And Investments In Associated Companies (Berkadia) (Narrative) (Details) - Berkadia [Member] - USD ($) $ in Millions	12 Months Ended	99 Months Ended
	Dec. 31, 2009	Mar. 31, 2017
Investments In Associated Companies [Line Items]
Capital contributed	$ 217.2
Percentage of ownership owned		50.00%
Distributions received		$ 496.5
Surety policy issued		$ 1,500
Reimbursement of losses incurred, maximum percentage		50.00%
Commercial paper		$ 1,470

Loans To And Investments In A85

Loans To And Investments In Associated Companies (FXCM) (Narrative) (Details) - Investment in FXCM [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Sep. 01, 2016
Investments In Associated Companies [Line Items]
Percentage of ownership owned	49.90%	49.90%
Equity method investment impairment	$ 130.2

Loans To And Investments In A86

Loans To And Investments In Associated Companies (Garcadia) (Narrative) (Details)	Mar. 31, 2017Dealership
Garcadia [Member]
Investments In Associated Companies [Line Items]
Number of automobile dealerships	28
Plan One [Member] | Garcadia [Member]
Investments In Associated Companies [Line Items]
Percentage of cash F\flows allocated from joint venture	65.00%
Plan One [Member] | Garff Enterprises, Inc [Member]
Investments In Associated Companies [Line Items]
Percentage of cash F\flows allocated from joint venture	35.00%
Plan Two [Member] | Garcadia [Member]
Investments In Associated Companies [Line Items]
Number of automobile dealerships	1
Percentage of cash F\flows allocated from joint venture	83.00%
Plan Three [Member] | Garcadia [Member]
Investments In Associated Companies [Line Items]
Number of automobile dealerships	4
Percentage of cash F\flows allocated from joint venture	71.00%

Loans To And Investments In A87

Loans To And Investments In Associated Companies (Linkem) (Narrative) (Details) - Linkem [Member]	3 Months Ended
	Mar. 31, 2017
Investments In Associated Companies [Line Items]
Percentage of ownership owned	42.00%
Stated interest rate on convertible notes	5.00%
Percentage of ownership upon conversion of note	53.00%
Excess investment amortization period, years	12 years

Loans To And Investments In A88

Loans To And Investments In Associated Companies (HomeFed) (Narrative) (Details) - HomeFed Corporation [Member]	3 Months Ended
	Mar. 31, 2017shares
Investments In Associated Companies [Line Items]
Shares of common stock owned	10,838,115
Percentage of ownership owned	70.00%
Maximum voting rights as a percentage of total voting securities voting	45.00%
Company Chairman [Member]
Investments In Associated Companies [Line Items]
Ownership percentage of company	4.80%

Loans To And Investments In A89

Loans To And Investments In Associated Companies (Golden Queen Mining Company) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		24 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2013
Investments In Associated Companies [Line Items]
Contributions from noncontrolling interests	$ 18,777	$ 94,904
Gauss LLC [Member]
Investments In Associated Companies [Line Items]
Cash invested in Limited Liability Company			$ 83,000
Clay Family [Member]
Investments In Associated Companies [Line Items]
Contributions from noncontrolling interests			$ 34,500
Golden Queen Mining Company, LLC [Member]
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	35.00%
Golden Queen Mining Company, LLC [Member] | Gauss LLC [Member]
Investments In Associated Companies [Line Items]
Total investment in associated company	$ 117,500
Equity method investment, ownership percentage	50.00%
Golden Queen Mining Co, Ltd [Member]
Investments In Associated Companies [Line Items]
Percentage of ownership owned	50.00%			100.00%

Loans To And Investments in A90

Loans To And Investments in Associated Companies (54 Madison) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Investments In Associated Companies [Line Items]
Equity Method Investment attributed from noncontrolling interest	$ 18,777	$ 94,904
54 Madison [Member]
Investments In Associated Companies [Line Items]
Equity method investments	$ 183,000
Percentage of ownership owned	48.10%
Equity Method Investment attributed from noncontrolling interest	$ 107,100

Financial Statement Offsettin91

Financial Statement Offsetting (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Offsetting [Abstract]
Derivative contracts, Assets, Gross Amounts	$ 3,026,779	$ 4,627,076
Derivative contracts, Assets, Netting in Consolidated Statements of Financial Condition	(2,826,763)	(4,255,998)
Derivative contracts, Assets, Net Amounts in Consolidated Statement of Financial Condition	200,016	371,078
Derivative contracts, Assets, Additional Amounts Available for Setoff	0	0
Derivative contracts, Assets, Available Collateral	0	0
Derivative contracts, Asset, Net Amount	200,016	371,078
Securities borrowing arrangements, Gross Amounts	6,886,436	7,743,562
Securities borrowing arrangements, Netting in Consolidated Statement of Financial Condition	0	0
Securities borrowing arrangements, Net Amounts in Consolidated Statement of Financial Condition	6,886,436	7,743,562
Securities borrowing arrangements, Additional Amounts Available for Setoff	(671,142)	(710,611)
Securities borrowing arrangements, Available Collateral	(486,027)	(647,290)
Securities borrowing arrangements, Net Amount	5,729,267	6,385,661
Reverse repurchase agreements, Gross Amounts	13,553,924	14,083,144
Reverse repurchase agreement, Netting in Consolidated Statements of Financial Condition	(9,085,430)	(10,220,656)
Reverse repurchase agreements, Net Amounts in Consolidated Statement of Financial Condition	4,468,494	3,862,488
Reverse repurchase agreements, Additional Amounts Available for Setoff to Resell, Collateral, Obligation to Return Cash	(701,342)	(176,275)
Reverse repurchase agreements, Available Collateral	(3,711,705)	(3,591,654)
Reverse repurchase agreements, Net Amount	55,447	94,559
Derivative contracts, Liabilities, Gross Amounts	3,190,909	4,880,022
Derivative contracts, Liabilities, Netting in Consolidated Statement of Financial Condition	(2,794,432)	(4,229,213)
Derivative contracts, Liabilities, Net Amounts in Consolidated Statement of Financial Condition	396,477	650,809
Derivative Liabilities, Additional Amounts Available for Setoff	0	0
Derivative Liabilities Contracts, Available Collateral	0	0
Derivative contracts, Net Amount	396,477	650,809
Securities lending arrangements, Gross Amounts	2,522,846	2,819,132
Securities lending arrangements, Netting in Consolidated Statement of Financial Condition	0	0
Securities lending arrangements, Net Amounts in Consolidated Statement of Financial Condition	2,522,846	2,819,132
Securities lending arrangements, Additional Amounts Available for Setoff	(671,142)	(710,611)
Securities lending arrangements, Available Collateral	(1,813,403)	(2,064,299)
Securities lending arrangements, Net Amount	38,301	44,222
Repurchase agreements, Gross Amounts	16,400,889	17,012,332
Repurchase agreements, Netting in Consolidated Statement of Financial Condition	(9,085,430)	(10,220,656)
Repurchase agreements, Net Amounts in Consolidated Statement of Financial Condition	7,315,459	6,791,676
Repurchase agreements, Additional Amounts Available for Setoff	(701,342)	(176,275)
Repurchase agreements, Available Collateral	(5,651,398)	(5,780,909)
Repurchase agreements, Net Amount	962,719	834,492
Securities borrowing agreement, subject to review	5,695,300	6,337,500
Securities borrowing agreement, collateral received, subject to review	5,505,200	6,146,000
Repurchase agreement, net amount, subject to review	948,000	810,400
Repurchase agreements, collateral pledged, subject to review	$ 975,500	$ 834,200

Intangible Assets, Net And Go92

Intangible Assets, Net And Goodwill (Schedule Of Intangible Assets, Net And Goodwill) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	$ 783,840	$ 797,964
Goodwill	1,715,263	1,715,714
Total Intangible assets, net and goodwill	2,499,103	2,513,678
Exchange And Clearing Organization Membership Interests And Registrations [Member]
Intangible Assets [Line Items]
Indefinite lived intangibles	8,702	9,041
Customer And Other Relationships [Member]
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	370,829	378,136
Intangibles, accumulated amortization	205,957	198,674
Trademarks And Tradename [Member]
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	305,355	309,382
Intangibles, accumulated amortization	82,681	78,778
Supply Contracts [Member]
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	93,524	95,733
Intangibles, accumulated amortization	50,076	47,867
Other Intangible Assets [Member]
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	5,430	5,672
Intangibles, accumulated amortization	3,156	2,914
National Beef [Member]
Intangible Assets [Line Items]
Goodwill	14,991	14,991
Jefferies [Member]
Intangible Assets [Line Items]
Goodwill	1,696,413	1,696,864
Other Operations [Member]
Intangible Assets [Line Items]
Goodwill	$ 3,859	$ 3,859

Intangible Assets, Net And Go93

Intangible Assets, Net And Goodwill (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Indefinite-lived Intangible Assets [Line Items]
Amortization expense on intangible assets	$ 13.7	$ 15.8
Future amortization expense, 2017 remaining nine months	44.7
Future amortization expense, 2018	58.5
Future amortization expense, 2019	58.5
Future amortization expense, 2020	58.5
Future amortization expense, 2021	$ 58.1

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory, Net [Abstract]
Finished goods	$ 246,079	$ 243,488
Work in process	36,020	35,714
Raw materials, supplies and other	28,242	30,733
Inventory, net	$ 310,341	$ 309,935

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2015	Mar. 31, 2017	Dec. 31, 2016	Oct. 31, 2015
Short-term Debt [Line Items]
Short-term borrowings		$ 422,924,000	$ 525,842,000
Interest rates on short-term borrowings outstanding		1.37%	1.77%
Bank loans [Member]
Short-term Debt [Line Items]
Short-term borrowings		$ 326,496,000	$ 372,301,000
Bank Overdrafts [Member]
Short-term Debt [Line Items]
Short-term borrowings		14,500,000	10,300,000
Floating Rate Puttable Notes [Member]
Short-term Debt [Line Items]
Short-term borrowings		96,428,000	96,455,000
Secured Revolving Loan Facility [Member] | Revolving Credit Facility [Member]
Short-term Debt [Line Items]
Short-term borrowings		$ 0	$ 57,086,000
Credit facility maximum amount				$ 50,000,000
Secured Revolving Loan Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Short-term Debt [Line Items]
Debt instrument, basic spread on variable rate	4.25%	3.75%
Loan Facility [Member] | Line of Credit [Member]
Short-term Debt [Line Items]
Credit facility maximum amount	$ 50,000,000
Intraday Credit Facility [Member] | Line of Credit [Member]
Short-term Debt [Line Items]
Credit facility maximum amount		$ 250,000,000
Intraday Credit Facility [Member] | Line of Credit [Member] | Federal Funds Effective Swap Rate [Member]
Short-term Debt [Line Items]
Debt instrument, basic spread on variable rate		0.50%

Long-Term Debt (Schedule Of Ind

Long-Term Debt (Schedule Of Indebtedness) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt	$ 8,198,419	$ 7,380,443
Long-term debt, fair value	310,057	248,856
5.50% Senior Notes due October 18, 2023 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 741,529	$ 741,264
Interest rate	5.50%	5.50%
Principal	$ 750,000	$ 750,000
6.625% Senior Notes due October 23, 2043 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 246,638	$ 246,627
Interest rate	6.625%	6.625%
Principal	$ 250,000	$ 250,000
5.125% Senior Notes, due April 13, 2018 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 814,623	$ 817,813
Interest rate	5.125%	5.125%
Principal	$ 800,000	$ 800,000
8.5% Senior Notes, due July 15, 2019 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 771,253	$ 778,367
Interest rate	8.50%	8.50%
Principal	$ 700,000	$ 700,000
2.375% Euro Senior Notes, due May 20, 2020 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 528,220	$ 528,250
Interest rate	2.375%	2.375%
Principal	$ 529,825	$ 529,975
6.875% Senior Notes, due April 15, 2021 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 819,951	$ 823,797
Interest rate	6.875%	6.875%
Principal	$ 750,000	$ 750,000
2.25% Euro Medium Term Notes, due July 13, 2022 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 3,863	$ 3,848
Interest rate	2.25%	2.25%
Principal	$ 4,239	$ 4,240
5.125% Senior Notes, due January 20, 2023 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 617,704	$ 618,355
Interest rate	5.125%	5.125%
Principal	$ 600,000	$ 600,000
4.85% Senior Notes, due January 15, 2027 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 738,748	$ 0
Interest rate	4.85%	0.00%
Principal	$ 750,000	$ 0
6.45% Senior Debentures, due June 8, 2027 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 377,313	$ 377,806
Interest rate	6.45%	6.45%
Principal	$ 350,000	$ 350,000
3.875% Convertible Senior Debentures, due November 1, 2029 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 345,850	$ 346,163
Interest rate	3.875%	3.875%
Principal	$ 345,000	$ 345,000
6.25% Senior Debentures, due January 15, 2036 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 512,309	$ 512,396
Interest rate	6.25%	6.25%
Principal	$ 500,000	$ 500,000
6.50% Senior Notes, due January 20, 2043 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 421,249	$ 421,333
Interest rate	6.50%	6.50%
Principal	$ 400,000	$ 400,000
Structured Notes [Member]
Debt Instrument [Line Items]
Long-term debt	316,408	255,203
Long-term debt, fair value	310,100	248,900
54 Madison Debt [Member]
Debt Instrument [Line Items]
Long-term debt	387,822	406,028
Foursight Credit Facilities [Member]
Debt Instrument [Line Items]
Long-term debt	154,327	97,138
Other [Member]
Debt Instrument [Line Items]
Long-term debt	127,769	132,244
Parent Company [Member]
Debt Instrument [Line Items]
Long-term debt	988,167	987,891
National Beef [Member] | National Beef Term Loan [Member]
Debt Instrument [Line Items]
Long-term debt	$ 266,250	273,811
Interest rate	2.53%
National Beef [Member] | National Beef Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt	$ 6,593	0
Interest rate	4.75%
Subsidiaries [Member]
Debt Instrument [Line Items]
Long-term debt	$ 7,210,252	$ 6,392,552
Interest Rate Swap [Member] | 4.85% Senior Notes, due January 15, 2027 [Member]
Debt Instrument [Line Items]
Decrease of long-term debt	$ 5,400

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details)	3 Months Ended
	Mar. 31, 2017USD ($)Contract$ / sharesshares	Jan. 01, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Long-term debt, fair value	$ 310,057,000		$ 248,856,000
Long-term debt	8,198,419,000		$ 7,380,443,000
National Beef [Member]
Debt Instrument [Line Items]
Aggregate outstanding letters of credit	$ 12,500,000
3.875% Convertible Senior Debentures, due November 1, 2029 [Member]
Debt Instrument [Line Items]
Interest rate	3.875%		3.875%
Incremental principal amount of notes	$ 1,000
Shares issuable upon conversion per $1000 debenture | shares	22.8163
Conversion price per common share for convertible notes | $ / shares	$ 43.83
Common stock price as a percent of conversion price minimum	130.00%
Earliest period of conversion price	20 days
Consecutive trading days	30 days
Trading price per debenture related to common stock, maximum	95.00%
Consecutive trading days	10 days
Contingent interest rate percent	0.375%
Trading period for contingent interest	5 days
Minimum average trading price for 5 trading days per $1,000 debenture	$ 1,200
Long-term debt	345,850,000		$ 346,163,000
Structured Notes [Member]
Debt Instrument [Line Items]
Long-term debt, fair value	310,100,000		248,900,000
Long-term debt	$ 316,408,000		255,203,000
Revolving Credit Facility [Member] | National Beef [Member]
Debt Instrument [Line Items]
Interest rate	4.75%
Credit facility maximum amount	$ 285,000,000
Long-term debt	$ 6,593,000		0
Term Loan [Member] | National Beef [Member]
Debt Instrument [Line Items]
Interest rate	2.53%
Long-term debt	$ 266,250,000		273,811,000
54 Madison Debt [Member]
Debt Instrument [Line Items]
Long-term debt	387,822,000		406,028,000
Foursight Credit Facilities [Member]
Debt Instrument [Line Items]
Long-term debt	$ 154,327,000		97,138,000
Minimum [Member] | Revolving Credit Facility And Term Loan [Member] | National Beef [Member]
Debt Instrument [Line Items]
Debt instrument, basic spread on variable rate	0.75%
Maximum [Member] | Revolving Credit Facility [Member] | National Beef [Member]
Debt Instrument [Line Items]
Amount of revolver available	$ 216,500,000
Maximum [Member] | Revolving Credit Facility And Term Loan [Member] | National Beef [Member]
Debt Instrument [Line Items]
Debt instrument, basic spread on variable rate	2.75%
Secured Debt [Member] | Foursight Credit Facilities [Member]
Debt Instrument [Line Items]
Credit facility maximum amount	$ 200,000,000
Number of warehouse credit commitment | Contract	2
Unsecured Debt [Member] | Structured Notes [Member] | Jefferies [Member]
Debt Instrument [Line Items]
Debt face amount	$ 48,600,000
Long-term debt, fair value	$ 310,100,000		$ 248,900,000
Senior Notes [Member] | Senior Notes Due 2027 [Member] | Jefferies [Member]
Debt Instrument [Line Items]
Interest rate		4.85%
Debt face amount		$ 750,000,000
Loans [Member] | 6% Term Loan Due January 2018 [Member]
Debt Instrument [Line Items]
Interest rate	6.00%
Long-term debt	$ 77,800,000
Loans [Member] | 5.5% Term Loan Due February 2019 [Member]
Debt Instrument [Line Items]
Interest rate	5.50%
Long-term debt	$ 129,700,000
Loans [Member] | 3.5% Term Loan Due March 2019 [Member]
Debt Instrument [Line Items]
Interest rate	3.50%
Long-term debt	$ 500,000
Loans [Member] | 5.5% Term Loan Due April 2019 [Member]
Debt Instrument [Line Items]
Interest rate	4.15%
Long-term debt	$ 78,300,000
Loans [Member] | 5.5% Term Loan Due January 2020 [Member]
Debt Instrument [Line Items]
Interest rate	5.50%
Long-term debt	$ 101,000,000
Loans [Member] | 3.5% Term Loan Due January 2020 [Member]
Debt Instrument [Line Items]
Interest rate	3.50%
Long-term debt	$ 500,000
Line of Credit [Member] | Foursight Credit Facilities [Member] | Foursight Capital [Member]
Debt Instrument [Line Items]
Assets pledged for indebtedness	$ 176,900,000

Mezzanine Equity (Narrative) (D

Mezzanine Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 30, 2021	Dec. 30, 2018	Jan. 29, 2017	Dec. 31, 2016	Dec. 30, 2016
Purchase Requirement [Line Items]
Discount rate	10.60%
Terminal growth rate used to calculate the capitalization rate	2.00%
Redeemable noncontrolling interests	$ 342,574				$ 336,809
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
Mandatorily redeemable preferred stock, number of shares in conversion	4,162,200
Mandatorily redeemable preferred stock, effective conversion price per share	$ 30.03
Mandatorily redeemable preferred shares callable price per share	$ 1,000
Other [Member]
Purchase Requirement [Line Items]
Redeemable noncontrolling interests	$ 14,600				$ 14,800
National Beef [Member] | Put Rights [Member]
Purchase Requirement [Line Items]
Put right interest percentage				33.30%		33.30%
USPB [Member] | Maximum [Member] | Call Rights [Member]
Purchase Requirement [Line Items]
Ownership interests as a percent of original interest	20.00%
Other Members [Member] | Maximum [Member] | Call Rights [Member]
Purchase Requirement [Line Items]
Ownership interests as a percent of original interest	50.00%
Other Members [Member] | Minimum [Member] | Call Rights [Member]
Purchase Requirement [Line Items]
Anniversary of acquisition	10 years
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
	Mar. 31, 2017	Mar. 31, 2016
Redeemable Noncontrolling Interest [Roll Forward]
Beginning Balance	$ 336,809
Income allocated to redeemable noncontrolling interests	12,022	$ 4,314
Distributions to redeemable noncontrolling interests	185	0
Increase in fair value of redeemable noncontrolling interests	(1,038)	(12,835)
Ending Balance	342,574
National Beef [Member]
Redeemable Noncontrolling Interest [Roll Forward]
Beginning Balance	321,962	189,358
Income allocated to redeemable noncontrolling interests	12,049	4,384
Distributions to redeemable noncontrolling interests	7,117	0
Increase in fair value of redeemable noncontrolling interests	1,038	12,835
Ending Balance	$ 327,932	$ 206,577

Mezzanine Equity (Sensitivity A

Mezzanine Equity (Sensitivity Analysis Of Fair Value Of Redeemable Noncontrolling Interests Using Discount And Terminal Growth Rates) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal growth rate assumed in determining fair value	10.60%
Terminal growth rate used to calculate the capitalization rate	2.00%
Rate 1.75% Terminal Growth Rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal growth rate used to calculate the capitalization rate	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 used to calculate the capitalization rate	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 used to calculate the capitalization rate	2.25%
Rate 10.35% Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal growth rate assumed in determining fair value	10.35%
Rate 10.35% Discount Rate [Member] | Rate 1.75% Terminal Growth Rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of redeemable noncontrolling interests	$ 332.7
Rate 10.35% Discount Rate [Member] | Rate 2.00% Terminal Growth Rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of redeemable noncontrolling interests	337.6
Rate 10.35% Discount Rate [Member] | Rate 2.25% Terminal Growth Rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of redeemable noncontrolling interests	$ 342.8
Rate 10.60% Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal growth rate assumed in determining fair value	10.60%
Rate 10.60% Discount Rate [Member] | Rate 1.75% Terminal Growth Rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of redeemable noncontrolling interests	$ 323.4
Rate 10.60% Discount Rate [Member] | Rate 2.00% Terminal Growth Rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of redeemable noncontrolling interests	327.9
Rate 10.60% Discount Rate [Member] | Rate 2.25% Terminal Growth Rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of redeemable noncontrolling interests	$ 332.7
Rate 10.85% Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Terminal growth rate assumed in determining fair value	10.85%
Rate 10.85% Discount Rate [Member] | Rate 1.75% Terminal Growth Rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of redeemable noncontrolling interests	$ 314.6
Rate 10.85% Discount Rate [Member] | Rate 2.00% Terminal Growth Rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of redeemable noncontrolling interests	318.8
Rate 10.85% Discount Rate [Member] | Rate 2.25% Terminal Growth Rates [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of redeemable noncontrolling interests	$ 323.2

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2017shares	Mar. 31, 2017USD ($)Installmentshares	Mar. 31, 2016USD ($)	Dec. 30, 2016$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for stock options and warrants		341,462
Share-based compensation | $		$ 9,983	$ 6,933
Tax benefit for issuance of share-based awards | $		3,600	$ 2,500
Total unrecognized compensation cost related to nonvested share-based awards | $		$ 89,800
Employee service share-based compensation, unrecognized compensation costs on nonvested awards, weighted average period of recognition		2 years 1 month 6 days
Potential maximum increase to common shares outstanding from restricted stock and other shares		16,719,000
Sign-on and Retention Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Amortization period		4 years
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock appreciation right granted (in shares)		0
Other Shares Issuable [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other shares issuable		689,000
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual installments | Installment		4
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual installments | Installment		5
Future Service Required [Member] | Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, nonvested, number		5,666,000
Future Service Required [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, nonvested, number		1,442,000
No Future Service Required [Member] | Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, vested, number		10,364,000
Senior Executive Compensation Plan [Member] | Senior Executives [Member] | Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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				$ 23.25
Performance measurement benchmark, percentage	8.00%
Additional incentive compensation, percentage	50.00%
Fixed stock option plan and senior executive warrant plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant		0
Minimum [Member] | Senior Executive Compensation Plan [Member] | Senior Executives [Member] | Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement benchmark, percentage	4.00%
Number of performance-based award eligible	537,634
Maximum [Member] | Senior Executive Compensation Plan [Member] | Senior Executives [Member] | Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement benchmark, percentage	12.00%
Number of performance-based award eligible	1,075,268

Accumulated Other Comprehens102

Accumulated Other Comprehensive Income (Summary Of Accumulated Other Comprehensive Income, Net Of Taxes) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, net	$ 315,637	$ 310,697
Net unrealized gains on available for sale securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, net	571,658	561,497
Net unrealized foreign exchange losses [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, net	(179,557)	(184,829)
Net change in instrument specific credit risk [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, net	(16,189)	(6,494)
Net minimum pension liability [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income, net	$ (60,275)	$ (59,477)

Accumulated Other Comprehens103

Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized securities gains	$ 460	$ 728
Other income	326,912	58,923
Income tax provision (benefit)	104,174	(83,361)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Compensation and benefits, which includes pension expense.	(4,510)	(374)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net unrealized gains on available for sale securities [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized securities gains	(18)	26
Reclassification for the period, tax	(11)	14
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net unrealized foreign exchange losses [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income	(5,290)	0
Reclassification for the period, tax	1,097	0
Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of defined benefit pension plan actuarial gains (losses) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Compensation and benefits, which includes pension expense.	(433)	(400)
Reclassification for the period, tax	(204)	(178)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Other pension [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax provision (benefit)	1,231	0
Reclassification for the period, tax	$ (1,231)	$ 0

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Taxes [Line Items]
Unrecognized tax benefits	$ 197.9		$ 196.5
Interest included in unrecognized tax benefits	50.1		47.7
State income taxes expense (benefit)	31.8	$ 0.7
Foreign income taxes expense (benefit)	8.8	$ (2.3)
Tax benefit from repatriation of foreign earnings	31.9
Jefferies [Member]
Income Taxes [Line Items]
Unrecognized tax benefits	$ 149.7		$ 148.8

Earnings (Loss) Per Common S105

Earnings (Loss) Per Common Share (Earnings Per Share Computation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Line Items]
Net income (loss) attributable to Leucadia National Corporation common shareholders	$ 281,408	$ (222,880)
Allocation of earnings to participating securities	(1,138)	0
Net income (loss) attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share	280,270	(222,880)
Adjustment to allocation of earnings to participating securities related to diluted shares	8	0
Mandatorily redeemable convertible preferred share dividends	1,016	0
Net income (loss) attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share	$ 281,294	$ (222,880)
Denominator for basic earnings (loss) per share - weighted average shares	369,267,000	372,367,000
Dilutive effect of share-based payment awards	16,000	0
Warrants	0	0
Mandatorily redeemable convertible preferred shares	4,162,000	0
Denominator for diluted earnings (loss) per share	375,721,000	372,367,000
Weighted average shares of participating securities	1,500,000	2,899,000
3.875% Convertible Senior Debentures, due November 1, 2029 [Member]
Earnings Per Share [Line Items]
Convertible Senior Debenture	0	0
Senior Executive Compensation Plan [Member]
Earnings Per Share [Line Items]
Dilutive effect of share-based payment awards	2,276,000	0

Earnings (Loss) Per Common S106

Earnings (Loss) Per Common Share (Narrative) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016
Employee Stock Option [Member]
Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share amount	661,300
Warrants [Member]
Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share amount	3,000,000
Exercise price	$ 33.33
3.875% Convertible Senior Debentures, due November 1, 2029 [Member]
Earnings Per Share [Line Items]
Convertible notes interest rate		3.875%	3.875%
3.875% Convertible Senior Debentures, due November 1, 2029 [Member] | Convertible Debt Securities [Member]
Earnings Per Share [Line Items]
Convertible notes interest rate	3.875%

Commitments, Contingencies A107

Commitments, Contingencies And Guarantees (Commitments And Contingencies) (Details) $ in Millions	Mar. 31, 2017USD ($)
Commitments And Guarantee Obligations [Line Items]
2,017	$ 6,419.5
2,018	168
2019 and 2020	299.5
2021 and 2022	92.4
2023 and Later	255
Maximum Payout	7,234.4
Equity Commitments [Member]
Commitments And Guarantee Obligations [Line Items]
2,017	25.8
2,018	26.4
2019 and 2020	12.9
2021 and 2022	0
2023 and Later	242.3
Maximum Payout	307.4
Loan Commitments [Member]
Commitments And Guarantee Obligations [Line Items]
2,017	302.8
2,018	16.9
2019 and 2020	65
2021 and 2022	56.2
2023 and Later	0
Maximum Payout	440.9
Mortgage-Related And Other Purchase Commitments [Member]
Commitments And Guarantee Obligations [Line Items]
2,017	0
2,018	0
2019 and 2020	217
2021 and 2022	0
2023 and Later	0
Maximum Payout	217
Underwriting Commitments [Member]
Commitments And Guarantee Obligations [Line Items]
2,017	0.1
2,018	0
2019 and 2020	0
2021 and 2022	0
2023 and Later	0
Maximum Payout	0.1
Forward Starting Reverse Repos [Member]
Commitments And Guarantee Obligations [Line Items]
2,017	3,346.5
2,018	0
2019 and 2020	0
2021 and 2022	0
2023 and Later	0
Maximum Payout	3,346.5
Other commitment settled within three business days	3,303.6
Forward Starting Repos [Member]
Commitments And Guarantee Obligations [Line Items]
2,017	2,609.3
2,018	0
2019 and 2020	0
2021 and 2022	0
2023 and Later	0
Maximum Payout	2,609.3
Other commitment settled within three business days	2,609.3
Other Unfunded Commitments [Member]
Commitments And Guarantee Obligations [Line Items]
2,017	135
2,018	124.7
2019 and 2020	4.6
2021 and 2022	36.2
2023 and Later	12.7
Maximum Payout	$ 313.2

Commitments, Contingencies A108

Commitments, Contingencies And Guarantees (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Aug. 31, 2014	Mar. 31, 2017	Dec. 31, 2016
Commitments Contingencies And Guarantees [Line Items]
Loan commitments outstanding to clients		$ 177,500,000
Fair value of mortgage-related and other purchase commitments		14,400,000
Fair value of derivative contracts meeting the definition of a guarantee		134,100,000
54 Madison [Member]
Commitments Contingencies And Guarantees [Line Items]
Maximum amount committed to invest as per agreement		225,000,000
Amount of contributed commitment		130,400,000
Approved unfunded commitment		36,000,000
Berkadia [Member]
Commitments Contingencies And Guarantees [Line Items]
Surety policy issued		$ 1,500,000,000
Reimbursement of losses incurred, maximum percentage		50.00%
Aggregate amount of commercial paper outstanding		$ 1,470,000,000
Jefferies Finance [Member]
Commitments Contingencies And Guarantees [Line Items]
Line of credit commitment to associated companies, funded portion		0	$ 0
Line of credit facility commitment of Jefferies		250,000,000	$ 250,000,000
Maximum amount payable under guarantee		17,800,000
Energy Partners I, LP [Member]
Commitments Contingencies And Guarantees [Line Items]
Maximum exposure to loss of guarantee		3,000,000
Jefferies [Member] | Standby Letters Of Credit [Member]
Commitments Contingencies And Guarantees [Line Items]
Letters of credit		63,200,000
Other Subsidiaries [Member]
Commitments Contingencies And Guarantees [Line Items]
Letters of credit		13,600,000
Jefferies Capital Partners LLC And Its Private Equity Funds [Member]
Commitments Contingencies And Guarantees [Line Items]
Equity commitments		22,800,000
Other Investments [Member]
Commitments Contingencies And Guarantees [Line Items]
Equity commitments		19,500,000
Folger Hill Asset Management Llc [Member]
Commitments Contingencies And Guarantees [Line Items]
Revolving credit facility term	3 years
Entity line of credit facility	$ 20,000,000
Funded revolving credit facility		11,600,000
Empire Insurance Company [Member]
Commitments Contingencies And Guarantees [Line Items]
Contractual obligations		$ 18,000,000
Standby Letters of Credit [Member]
Commitments Contingencies And Guarantees [Line Items]
Expiration period maximum		1 year

Commitments, Contingencies A109

Commitments, Contingencies And Guarantees (Guarantees) (Details) $ in Millions	Mar. 31, 2017USD ($)
Guarantee Obligations [Line Items]
Maximum Payout	$ 7,234.4
Derivative Contracts - Non-Credit Related [Member] | Derivative Notional Amount [Member]
Guarantee Obligations [Line Items]
2,017	17,839.8
2,018	1,562.1
2019 and 2020	0
2021 and 2022	0
2023 and Later	421.7
Maximum Payout	19,823.6
Written Derivative Contracts - Credit Related [Member] | Derivative Notional Amount [Member]
Guarantee Obligations [Line Items]
2,017	0
2,018	53.4
2019 and 2020	11.5
2021 and 2022	294.3
2023 and Later	0
Maximum Payout	359.2
Derivative [Member] | Derivative Notional Amount [Member]
Guarantee Obligations [Line Items]
2,017	17,839.8
2,018	1,615.5
2019 and 2020	11.5
2021 and 2022	294.3
2023 and Later	421.7
Maximum Payout	$ 20,182.8

Commitments, Contingencies A110

Commitments, Contingencies And Guarantees (External Credit Ratings Of Underlying Or Referenced Assets For Credit Related Derivatives Contracts) (Details) $ in Millions	Mar. 31, 2017USD ($)
Commitments And Guarantee Obligations [Line Items]
Maximum Payout	$ 7,234.4
Below Investment Grade [Member] | Index credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
Credit related derivative contracts by external credit ratings	0
Below Investment Grade [Member] | Single name credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
Credit related derivative contracts by external credit ratings	180.2
AAA/Aaa [Member] | Index credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
Credit related derivative contracts by external credit ratings	4
AAA/Aaa [Member] | Single name credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
Credit related derivative contracts by external credit ratings	0
AA/Aa [Member] | Index credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
Credit related derivative contracts by external credit ratings	0
AA/Aa [Member] | Single name credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
Credit related derivative contracts by external credit ratings	0
A [Member] | Index credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
Credit related derivative contracts by external credit ratings	0
A [Member] | Single name credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
Credit related derivative contracts by external credit ratings	115.1
BBB/Baa [Member] | Index credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
Credit related derivative contracts by external credit ratings	0
BBB/Baa [Member] | Single name credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
Credit related derivative contracts by external credit ratings	59.9
Notional/Maximum Payout [Member] | Index credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
Maximum Payout	4
Notional/Maximum Payout [Member] | Single name credit default swaps [Member]
Commitments And Guarantee Obligations [Line Items]
Maximum Payout	$ 355.2

Net Capital Requirements (Detai

Net Capital Requirements (Details) $ in Thousands	Mar. 31, 2017USD ($)
Jefferies LLC [Member]
Net Capital Requirements [Line Items]
Net Capital	$ 1,359,023
Excess Net Capital	1,277,401
Jefferies Execution [Member]
Net Capital Requirements [Line Items]
Net Capital	9,158
Excess Net Capital	$ 8,908

Other Fair Value Information (D

Other Fair Value Information (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings	$ 422,924	$ 525,842
Long-term debt	8,198,419	7,380,443
Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	970,810	962,938
Short-term borrowings	422,924	525,842
Long-term debt	7,888,362	7,131,587
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	963,311	958,377
Short-term borrowings	422,924	525,842
Long-term debt	$ 8,133,128	$ 7,221,459

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)cattle	Mar. 31, 2016USD ($)	Dec. 31, 2014USD ($)shares	Dec. 31, 2016USD ($)
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	26.00%	36.00%
Sales to related party	$ 7,100	$ 6,000
Purchases from related party	2,800	3,200
Long-term debt	8,198,419			$ 7,380,443
HomeFed Corporation [Member]
Related Party Transaction [Line Items]
Cash paid on acquisition of common shares			$ 14,000
Common shares acquired | shares			7,500,000
54 Madison [Member]
Related Party Transaction [Line Items]
Long-term debt	230,200			230,200
Private Equity Related Funds [Member]
Related Party Transaction [Line Items]
Loans to and/or equity investments in related funds	36,700			37,700
Net income (losses) from private equity related funds	(1,300)	$ (2,600)
Berkadia [Member]
Related Party Transaction [Line Items]
Purchase commitment	654,200			817,000
Employees [Member]
Related Party Transaction [Line Items]
Loans outstanding to related party	$ 40,400			$ 41,200
Company Chairman [Member] | HomeFed Corporation [Member]
Related Party Transaction [Line Items]
Ownership percentage of company	4.80%
Minimum [Member] | 54 Madison [Member]
Related Party Transaction [Line Items]
Interest rate	4.20%
Maximum [Member] | 54 Madison [Member]
Related Party Transaction [Line Items]
Interest rate	6.00%

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Net Revenues	$ 2,867,982	$ 2,015,106
Total consolidated pre-tax income from continuing operations	398,097	(301,963)
Depreciation and amortization	49,510	49,610
Unrealized and realized gains (losses), interest income and fees	416,501	(102,483)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net Revenues	2,366,532	2,002,093
Total consolidated pre-tax income from continuing operations	174,869	(176,652)
Depreciation and amortization	38,867	38,159
All other [Member]
Segment Reporting Information [Line Items]
Net Revenues	501,450	13,013
Total consolidated pre-tax income from continuing operations	237,958	(110,597)
Depreciation and amortization	10,643	11,451
Parent Company interest [Member]
Segment Reporting Information [Line Items]
Total consolidated pre-tax income from continuing operations	(14,730)	(14,714)
Jefferies [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net Revenues	797,386	300,786
Total consolidated pre-tax income from continuing operations	132,270	(245,797)
Depreciation and amortization	15,601	14,590
National Beef [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net Revenues	1,561,456	1,634,451
Total consolidated pre-tax income from continuing operations	57,103	21,409
Depreciation and amortization	22,399	22,626
Corporate and Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net Revenues	7,690	66,856
Total consolidated pre-tax income from continuing operations	(14,504)	47,736
Depreciation and amortization	867	943
FXCM [Member]
Segment Reporting Information [Line Items]
Unrealized and realized gains (losses), interest income and fees	$ 10,900	$ (53,200)

Segment Information (Narrative)

Segment Information (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Interest expense	$ 27,384	$ 22,318
National Beef [Member]
Segment Reporting Information [Line Items]
Interest expense	1,800	4,000
Parent Company [Member]
Segment Reporting Information [Line Items]
Interest expense	14,700	14,700
All Other [Member]
Segment Reporting Information [Line Items]
Interest expense	$ 10,800	$ 3,600