Jefferies Financial (JEF) 10-Q 2 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 01, 2018
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, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		344,540,975

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents		$ 5,144,625	$ 5,275,480
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations		802,693	578,014
Financial instruments owned, including securities pledged of $10,861,294 and $10,842,051:
Trading assets, at fair value		17,346,648	16,082,676
Available for sale securities		690,745	716,561
Total financial instruments owned		18,037,393	16,799,237
Loans to and investments in associated companies		2,233,070	2,066,829
Securities borrowed		7,300,171	7,721,803
Securities purchased under agreements to resell		2,983,945	3,689,559
Receivables		6,710,631	5,419,015
Property, equipment and leasehold improvements, net		754,668	750,403
Intangible assets, net and goodwill		2,450,957	2,463,180
Deferred tax asset, net		777,138	743,811
Other assets		1,806,203	1,661,777
Total assets	[1]	49,001,494	47,169,108
LIABILITIES
Short-term borrowings		468,046	436,215
Trading liabilities, at fair value		9,992,014	8,454,965
Securities loaned		2,372,473	2,843,911
Securities sold under agreements to repurchase		8,250,339	8,660,511
Other secured financings		1,254,893	1,029,485
Payables, expense accruals and other liabilities		7,336,062	7,167,666
Long-term debt		8,499,724	7,885,783
Total liabilities	[1]	38,173,551	36,478,536
Commitments and contingencies
MEZZANINE EQUITY
Redeemable noncontrolling interests		414,815	426,593
Mandatorily redeemable convertible preferred shares		125,000	125,000
EQUITY
Common shares, par value $1 per share, authorized 600,000,000 shares; 357,215,901 and 356,227,038 shares issued and outstanding, after deducting 59,577,117 and 60,165,980 shares held in treasury		357,216	356,227
Additional paid-in capital		4,711,218	4,676,038
Accumulated other comprehensive income		357,317	372,724
Retained earnings		4,833,329	4,700,968
Total Leucadia National Corporation shareholders’ equity		10,259,080	10,105,957
Noncontrolling interests		29,048	33,022
Total equity		10,288,128	10,138,979
Total		$ 49,001,494	$ 47,169,108
[1]	Total assets include assets related to variable interest entities of $595.6 million and $382.9 million at March 31, 2018 and December 31, 2017, respectively, and Total liabilities include liabilities related to variable interest entities of $1,251.8 million and $1,031.0 million at March 31, 2018 and December 31, 2017, respectively. See Note 8 for additional information related to variable interest entities.

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017
ASSETS
Securities pledged		$ 10,861,294	$ 10,842,051
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)		357,215,901	356,227,038
Treasury stock (in shares)		59,577,117	60,165,980
Assets	[1]	$ 49,001,494	$ 47,169,108
Liabilities	[1]	38,173,551	36,478,536
Variable interest entities
Assets		595,600	382,900
Liabilities		$ 1,251,800	$ 1,031,000
[1]	Total assets include assets related to variable interest entities of $595.6 million and $382.9 million at March 31, 2018 and December 31, 2017, respectively, and Total liabilities include liabilities related to variable interest entities of $1,251.8 million and $1,031.0 million at March 31, 2018 and December 31, 2017, respectively. See Note 8 for additional information related to variable interest entities.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Beef processing services	$ 1,781,920	$ 1,559,023
Commissions and other fees	147,902	145,822
Principal transactions	145,663	416,403
Investment banking	439,991	408,021
Interest income	275,290	223,630
Other	155,703	327,470
Total revenues	2,946,469	3,080,369
Interest expense	23,607	27,384
Net revenues	2,680,793	2,867,982
Expenses:
Cost of sales	1,752,711	1,533,094
Compensation and benefits	499,866	503,327
Floor brokerage and clearing fees	42,176	45,858
Interest expense	23,607	27,384
Depreciation and amortization	53,679	49,510
Selling, general and other expenses	234,200	182,138
Total expenses	2,606,239	2,341,311
Income before income taxes and income (loss) related to associated companies	74,554	526,671
Income (loss) related to associated companies	32,100	(128,574)
Income before income taxes	106,654	398,097
Income tax provision (benefit)	(32,495)	104,174
Net income	139,149	293,923
Net loss attributable to the noncontrolling interests	1,344	523
Net income attributable to the redeemable noncontrolling interests	(14,796)	(12,022)
Preferred stock dividends	(1,172)	(1,016)
Net income attributable to Leucadia National Corporation common shareholders	$ 124,525	$ 281,408
Basic earnings per common share attributable to Leucadia National Corporation common shareholders:
Net income (loss) (in dollars per share)	$ 0.34	$ 0.76
Diluted earnings per common share attributable to Leucadia National Corporation common shareholders:
Net income (loss) (in dollars per share)	0.34	0.75
Dividends per common share (in dollars per share)	$ 0.10	$ 0.0625
Investment Banking And Capital Markets Segment
Revenues:
Interest expense	$ 265,676	$ 212,387
Expenses:
Interest expense	$ 265,676	$ 212,387

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 139,149	$ 293,923
Other comprehensive income (loss):
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $(370) and $5,907	(1,226)	10,143
Less: reclassification adjustment for net (gains) losses included in net income (loss), net of income tax provision (benefit) of $(5) and $(11)	15	18
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $(365) and $5,918	(1,211)	10,161
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $1,926 and $1,511	17,903	(18)
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), net of income tax provision (benefit) of $0 and $1,097	0	5,290
Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $1,926 and $414	17,903	5,272
Net change in unrealized instrument specific credit risk gains (losses), net of income tax provision (benefit) of $(4,634) and $(6,345)	(11,569)	(9,695)
Net change in unrealized cash flow hedges gains (losses), net of income tax provision (benefit) of $1,234 and $0	1,248	0
Reclassification adjustment for pension (gains) losses included in net income (loss), net of income tax provision (benefit) of $(151) and $(1,435)	5,806	(798)
Other comprehensive income, net of income taxes	12,177	4,940
Comprehensive income	151,326	298,863
Comprehensive loss attributable to the noncontrolling interests	1,344	523
Comprehensive income attributable to the redeemable noncontrolling interests	(14,796)	(12,022)
Preferred stock dividends	(1,172)	(1,016)
Comprehensive income attributable to Leucadia National Corporation common shareholders	$ 136,702	$ 286,348

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit)	$ (370)	$ 5,907
Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit)	(5)	(11)
Net change in unrealized holding gains (losses) on investments, tax provision (benefit)	(365)	5,918
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit)	1,926	1,511
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), tax provision (benefit)	0	1,097
Net change in unrealized foreign exchange gains (losses), tax provision (benefit)	1,926	414
Net change in unrealized instrument specific credit risk gains (losses), tax provision (benefit)	(4,634)	(6,345)
Net change in unrealized cash flow hedges gains (losses), tax provision (benefit)	1,234	0
Less: reclassification adjustment for pension (gains) losses included in net income (loss), tax provision (benefit)	$ (151)	$ (1,435)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net cash flows from operating activities:
Net income	$ 139,149	$ 293,923
Adjustments to reconcile net income to net cash used for operations:
Deferred income tax provision (benefit)	(28,494)	99,357
Depreciation and amortization of property, equipment and leasehold improvements	38,709	34,482
Other amortization	3,385	3,541
Share-based compensation	12,431	9,983
Provision for doubtful accounts	11,851	9,517
(Income) loss related to associated companies	(37,705)	102,311
Distributions from associated companies	26,546	14,040
Net (income) losses related to property and equipment, and other assets	7,997	(29)
Gain on sale of subsidiary	0	(179,894)
Net change in:
Securities deposited with clearing and depository organizations	64,861	13
Trading assets	(1,161,658)	323,477
Securities borrowed	427,310	856,236
Securities purchased under agreements to resell	716,157	(609,225)
Receivables from brokers, dealers and clearing organizations	(1,320,380)	(807,458)
Receivables from customers of securities operations	(37,552)	(341,347)
Other receivables	33,048	(35,160)
Other assets	(134,918)	(174,512)
Trading liabilities	1,521,136	381,118
Securities loaned	(476,725)	(295,666)
Securities sold under agreements to repurchase	(418,052)	525,137
Payables to brokers, dealers and clearing organizations	812,757	(329,027)
Payables to customers of securities operations	222,603	114,834
Trade payables, expense accruals and other liabilities	(794,065)	(317,806)
Other	(33,644)	(20,164)
Net cash used for operating activities	(405,253)	(342,319)
Net cash flows from investing activities:
Acquisitions of property, equipment and leasehold improvements, and other assets	(59,558)	(46,985)
Proceeds from disposals of property and equipment, and other assets	4,277	17,288
Proceeds from sale of subsidiary, net of expenses and cash of operations sold	0	291,425
Advances on notes, loans and other receivables	0	(25,063)
Collections on notes, loans and other receivables	8,197	88,608
Loans to and investments in associated companies	(1,790,110)	(1,227,838)
Capital distributions and loan repayments from associated companies	1,643,665	1,143,541
Purchases of investments (other than short-term)	(653,392)	(383,934)
Proceeds from maturities of investments	293,550	52,335
Proceeds from sales of investments	296,606	214,754
Other	4	1,250
Net cash provided by (used for) investing activities	(256,761)	125,381
Net cash flows from financing activities:
Issuance of debt, net of issuance costs	1,541,116	880,493
Other changes in short-term borrowings, net	0	(107,113)
Repayment of debt	(856,311)	(55,405)
Net change in other secured financings	225,020	(189,518)
Net change in bank overdrafts	2,360	4,195
Contributions from noncontrolling interests	47	18,777
Purchase of common shares for treasury	(2,700)	(3,455)
Dividends paid	(35,990)	(22,710)
Other	966	441
Net cash provided by financing activities	874,508	525,705
Effect Of Exchange Rate On Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents	2,583	(550)
Change in cash classified as assets held for sale	0	(3,136)
Net increase in cash, cash equivalents and restricted cash	215,077	305,081
Cash, cash equivalents and restricted cash at January 1,	5,774,505	4,597,113
Cash, cash equivalents and restricted cash at March 31,	$ 5,989,582	$ 4,902,194

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 5,144,625	$ 4,261,427
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	767,824	605,433
Other assets	77,133	35,334
Total cash, cash equivalents and restricted cash	$ 5,989,582	$ 4,902,194

Consolidated Statements of Chan

Consolidated Statements of Changes In Equity - USD ($) $ in Thousands	Total	Common Shares $1 Par Value	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Subtotal	Noncontrolling Interests
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	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)
Purchase of common shares for treasury	(3,455)	(147)	(3,308)			(3,455)
Dividends ($.0625 and $.10 per common share for three months ended March 31, 2017 and 2018)	(23,375)				(23,375)	(23,375)
Other	1,559	538	1,021			1,559
Ending Balance at Mar. 31, 2017	10,591,746	359,816	4,819,281	315,637	4,903,424	10,398,158	193,588
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of the adoption of accounting standards	17,812			(27,584)	45,396	17,812
Beginning Balance, Adjusted	10,156,791	356,227	4,676,038	345,140	4,746,364	10,123,769	33,022
Beginning Balance at Dec. 31, 2017	10,138,979	356,227	4,676,038	372,724	4,700,968	10,105,957	33,022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	123,181				124,525	124,525	(1,344)
Other comprehensive income, net of taxes	12,177			12,177		12,177
Change in interest in consolidated subsidiary	0		2,677			2,677	(2,677)
Share-based compensation expense	12,431		12,431			12,431
Change in fair value of redeemable noncontrolling interests	17,067		17,067			17,067
Purchase of common shares for treasury	(2,700)	(100)	(2,600)			(2,700)
Dividends ($.0625 and $.10 per common share for three months ended March 31, 2017 and 2018)	(37,560)				(37,560)	(37,560)
Other	6,741	1,089	5,605			6,694	47
Ending Balance at Mar. 31, 2018	$ 10,288,128	$ 357,216	$ 4,711,218	$ 357,317	$ 4,833,329	$ 10,259,080	$ 29,048

Consolidated Statements of Ch10

Consolidated Statements of Changes In Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.10	$ 0.0625

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Leucadia National Corporation (“Leucadia” or the “Company”) is a diversified financial services company engaged in investment banking and capital markets, merchant banking and the early stages of building an alternative asset management platform. Our financial services businesses and subsidiaries include Jefferies (investment banking and capital markets), Leucadia Asset Management (alternative asset management), Berkadia (commercial mortgage banking, investment sales and servicing), HomeFed (real estate), FXCM (provider of online foreign exchange trading services) and Foursight Capital (vehicle finance). Our Leucadia Merchant Banking portfolio includes interests in NYSE-listed HRG Group (consumer products), National Beef (beef processing), Vitesse Energy Finance and JETX Energy (oil and gas), Linkem (fixed wireless broadband services in Italy), Idaho Timber (manufacturing) and Golden Queen (gold and silver mining). From time to time, we evaluate the retention and disposition of holdings within our merchant banking portfolio and changes in the mix of these holdings should be expected. We currently 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. In April 2018, we entered into a definitive agreement to sell 48% of National Beef to Marfrig Global Foods S.A. ("Marfrig") for approximately $900 million in cash, reducing our ownership in National Beef to 31% . The estimated pre-tax gain that will be recognized as a result of this transaction is approximately $800 million to $850 million . We expect to receive an additional estimated $150 million in distributions prior to the closing, representing recent profits plus a true-up to the debt amount set in the enterprise valuation associated with the sale. Marfrig has also agreed to acquire a further 3% of National Beef from other equity owners and will own 51% of National Beef. Leucadia will continue to designate two board members and have a series of other rights in respect of our continuing equity interest, with a lockup period of five years and thereafter fair market value liquidity protections. The transaction is subject to limited conditions and is expected to close in the second quarter of 2018. Once the transaction closes, we will deconsolidate our investment in National Beef and account for our remaining interest under the equity method of accounting. We currently own approximately 75% of Garcadia, an equity method joint venture that owns and operates 28 automobile dealerships in California, Texas, Iowa and Michigan. In April 2018, Leucadia entered into a letter agreement to sell 100% of its equity interests in Garcadia and its associated real estate to our current partners, the Garff family. At closing, we will receive $435 million in cash and $50 million in senior preferred equity of an entity that will own all of the automobile dealerships associated broadly with the Ken Garff Automotive Group, including all of the Garcadia dealerships. At or prior to closing, we will pay approximately $53 million to retire the mortgage debt on the real estate to be sold. In addition, we agreed to pay at closing an amount equal to $5.75 million to the Garff family representing the satisfaction of a pre-existing obligation. The estimated pre-tax gain that will be recognized as a result of this transaction is approximately $220 million . This transaction is expected to close in the third quarter of 2018. Vitesse Energy, LLC ("Vitesse Energy Finance") is our consolidated subsidiary that acquires and invests in 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. These non-operated interests represent Vitesse Energy Finance’s share of mineral rights associated with specified acreage. As operators convert undeveloped portions of this acreage into flowing horizontal wells, our interests in the mineral rights are essentially converted into interests in the cash flows associated with the wells. In April 2018, Vitesse Energy Finance acquired a package of non-operated Bakken assets from an institutional seller for $190 million in cash, of which approximately $145 million was funded as equity by Leucadia and the balance was drawn under Vitesse Energy Finance’s credit line. The assets purchased include interests in mineral rights associated with future oil and gas development, as well as interests in existing cash flows from producing wells through revenue sharing arrangements. Leucadia Asset Management ("LAM") supports and develops focused alternative asset management businesses led by distinct management teams. We are patiently developing this business over time, and changes in the platforms and structure should be expected. LAM currently includes Folger Hill Asset Management LLC ("Folger Hill"), a multi-manager discretionary long/short equity hedge fund platform. In April 2018, we agreed with Schonfeld Strategic Advisors LLC (“Schonfeld”) to combine the fundamental equities businesses of Folger Hill and Schonfeld under the Schonfeld brand. Post-closing, Leucadia will own a significant revenue share interest in Schonfeld’s global fundamental equities business.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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. For a detailed discussion about the Company’s significant accounting policies, see Note 2, Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended December 31, 2017 ("2017 10-K"). 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. 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 2018 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. During the three months ended March 31, 2018 , other than the following, there were no significant updates made to the Company’s significant accounting policies. The accounting policy changes are attributable to the adoption of the Financial Accounting Standards Board (“FASB”) guidance on Revenue from Contracts with Customers (the "new revenue standard"). These revenue recognition policy updates are applied prospectively in our financial statements from January 1, 2018 forward using the modified retrospective approach. Reported financial information for the historical comparable period was not revised and continues to be reported under the accounting standards in effect during the historical periods. Revenue Recognition Policies Investment Banking Revenues: • Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed. • Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring advisory engagements, are expensed as incurred. • All investment banking expenses are recognized within their respective expense category on the Consolidated Statements of Operations and any expenses reimbursed by clients are recognized as Investment banking revenues. Asset Management Fees: • Performance fee revenue is generally recognized only at the end of the performance period to the extent that the benchmark return has been met. See Accounting Developments - Adopted Accounting Standards below and Note 17 for further information. Changes to the Consolidated Statements of Operations We have changed the presentation of our gains and losses generated from our capital invested in asset management funds. This was previously presented as Other revenues and is now presented within Principal transactions revenues. For the three months ended March 31, 2017 , this resulted in a decrease to Principal transactions revenues of $0.1 million and an increase to Other revenues of $0.1 million . Receivables At March 31, 2018 and December 31, 2017 , Receivables include receivables from brokers, dealers and clearing organizations of $3,959.3 million and $2,635.2 million , respectively, and receivables from customers of securities operations of $1,597.0 million and $1,563.8 million , respectively. Payables, expense accruals and other liabilities At March 31, 2018 and December 31, 2017 , Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $3,045.7 million and $2,228.9 million , respectively, and payables to customers of securities operations of $2,886.6 million and $2,664.0 million , respectively. Supplemental Cash Flow Information For the Three Months Ended March 31, 2018 2017 Cash paid during the year for: (In thousands) Interest $ 322,769 $ 248,211 Income tax payments (refunds), net $ (1,918 ) $ 2,728 Accounting Developments - Adopted Accounting Standards Revenue Recognition. In May 2014, the FASB issued new guidance that defines how companies report revenues from contracts with customers, and also requires enhanced disclosures. The core principle of 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. We adopted the guidance as of January 1, 2018 and recognized an increase of $17.8 million after-tax to beginning Retained earnings as the cumulative effect of adoption of accounting standards. The increase primarily relates to the recognition of $24.3 million of revenue previously deferred from the sale of real estate to HomeFed in 2014, offset by a decrease of $6.1 million related to Jefferies. For Jefferies, the impact of adoption primarily related to investment banking expenses that were deferred as of December 31, 2017 under the previously existing accounting guidance, which would have been expensed in prior periods under the new revenue standard and investment banking revenues that were previously recognized in prior periods, which would have been deferred as of December 31, 2017 under the new revenue standard. We elected to adopt the new guidance using a modified retrospective approach applied to contracts that were not completed as of January 1, 2018. Accordingly, the new revenue standard is applied prospectively in our financial statements from January 1, 2018 forward and reported financial information for historical comparable periods is not revised and continues to be reported under the accounting standards in effect during those historical periods. The new revenue standard does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other GAAP, and as a result, did not have an impact on the elements of our Consolidated Statements of Operations most closely associated with financial instruments, including Principal transactions revenues, Interest income and Interest expense. The new revenue standard primarily impacts Jefferies revenue recognition and presentation accounting policies as follows: • Investment Banking Revenues. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. • Certain Capital Markets Revenues. Revenues associated with price stabilization activities as part of a securities underwriting were historically recognized as part of Investment banking revenues. Under the new revenue standard, revenues from these activities are recognized within Principal transactions revenues, as these revenues are not considered to be within the scope of the new standard. • Investment Banking Advisory Expenses. Historically, expenses associated with investment banking advisory assignments were deferred until reimbursed by the client, the related fee revenue is recognized or the engagement is otherwise concluded. Under the new revenue standard, expenses are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. • Investment Banking Underwriting and Advisory Expenses. Expenses have historically been recorded net of client reimbursements and/or netted against revenues. Under the new revenue standard, all investment banking expenses will be recognized within their respective expense category in the Consolidated Statements of Operations and any expense reimbursements will be recognized as Investment banking revenues (i.e., expenses are no longer recorded net of client reimbursements and are not netted against revenues). • Asset Management Fees. In certain asset management fee arrangements, Jefferies and LAM receive performance-based fees, which vary with performance or, in certain cases, are earned when the return on assets under management exceed certain benchmark returns or other performance targets. Historically, performance fees have been accrued (or reversed) quarterly based on measuring performance to date versus any relevant benchmark return hurdles stated in the investment management agreement. Under the new revenue standard, performance fees are considered variable as they are subject to fluctuation (e.g., based on market performance) and/or are contingent on a future event during the measurement period (e.g., exceeding a specified benchmark index) and are recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Accordingly, performance fee revenue will generally be recognized only at the end of the performance period to the extent that the benchmark return has been met. National Beef earns over 95% of its revenues through the sale of beef, pork and beef by-products. Agreements with customers for these sales typically specify the type and quantity of products to be delivered, the unit price of each product, the estimated delivery date, and credit and payment terms. The transaction price is generally fixed at the time of sale and revenue is recognized when the customer takes control of the product. The new guidance does not impact how revenue is recognized for this revenue stream. There was no significant impact as a result of applying the new revenue standard to our consolidated financial statements for the three months ended March 31, 2018 , except as it relates to the presentation of Jefferies investment banking expenses. The table below presents the impact of applying the new revenue recognition standard to the Consolidated Statement of Operations for the three months ended March 31, 2018 as a result of the change in presentation of investment banking expenses (in thousands): As Reported Impact of Adoption of Revenue Recognition Standard Financial Results Prior to Adoption of Revenue Recognition Standard Revenues: Beef processing services $ 1,781,920 $ — $ 1,781,920 Commissions and other fees 147,902 — 147,902 Principal transactions 145,663 — 145,663 Investment banking 439,991 32,485 407,506 Interest income 275,290 — 275,290 Other 155,703 — 155,703 Total revenues 2,946,469 32,485 2,913,984 Interest expense of Jefferies 265,676 — 265,676 Net revenues 2,680,793 32,485 2,648,308 Expenses: Cost of sales 1,752,711 — 1,752,711 Compensation and benefits 499,866 — 499,866 Floor brokerage and clearing fees 42,176 — 42,176 Interest expense 23,607 — 23,607 Depreciation and amortization 53,679 — 53,679 Selling, general and other expenses 234,200 32,485 201,715 Total expenses 2,606,239 32,485 2,573,754 Income before income taxes and income (loss) related to associated companies $ 74,554 $ — $ 74,554 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 have adopted the new guidance as of January 1, 2018 with a cumulative effect increase to opening retained earnings of $27.6 million and a corresponding decrease to Accumulated other comprehensive income. The opening retained earnings adjustment is to recognize the unrealized gains we had for available for sale equity securities. Beginning in 2018, these available for sale equity securities are now reported as part of Trading assets, at fair value within the Consolidated Statements of Financial Condition. 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 material impact 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. We adopted this guidance in the first quarter of 2018 and the adoption did not have a material impact on our consolidated financial statements. The adoption of this guidance resulted in the following adjustments to the Consolidated Statements of Operations for the three months ended March 31, 2017 : a decrease of $0.9 million to Compensation and benefits expenses and an increase to Selling, general and other expenses of $0.9 million . 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. We adopted this guidance in the first quarter of 2018. Prior periods were retrospectively adjusted to conform to the current period presentation. The adoption of the guidance did not have a material impact on our Consolidated Statements of Cash Flows. Upon adoption, we recorded a decrease of $149.3 million in Net cash used for operating activities and an increase of $0.6 million in Net cash provided by (used for) investing activities for the three months ended March 31, 2017 related to reclassifying the changes in our restricted cash balance from operating and investing activities to the cash and cash equivalent balances within the Consolidated Statements of Cash Flows. Compensation. In May 2017, the FASB issued new guidance providing clarity and reducing diversity in practice and cost and complexity when accounting for a change to the terms or conditions of a share-based payment award. We adopted this guidance in the first quarter of 2018 and the adoption did not have a material impact on our consolidated financial statements. Accounting Developments - Accounting Standards to be Adopted in Future Periods 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. 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 do not believe the new guidance will have a material impact on our consolidated financial statements. Derivatives and hedging. In August 2017, the FASB issued new guidance to improve the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. The guidance is effective for annual and interim periods beginning after December 15, 2018 and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures The following is a summary of our financial instruments, trading liabilities, short-term borrowings 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 $668.2 million and $590.1 million at March 31, 2018 and December 31, 2017 , respectively, by level within the fair value hierarchy (in thousands): March 31, 2018 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Trading assets, at fair value: Corporate equity securities $ 3,483,285 $ 65,101 $ 35,753 $ — $ 3,584,139 Corporate debt securities — 2,865,547 26,103 — 2,891,650 Collateralized debt obligations and collateralized loan obligations — 144,505 38,613 — 183,118 U.S. government and federal agency securities 844,212 42,943 — — 887,155 Municipal securities — 713,643 — — 713,643 Sovereign obligations 1,312,317 1,139,803 — — 2,452,120 Residential mortgage-backed securities — 2,357,081 21,762 — 2,378,843 Commercial mortgage-backed securities — 505,552 15,103 — 520,655 Other asset-backed securities — 286,459 51,288 — 337,747 Loans and other receivables — 2,118,571 62,043 — 2,180,614 Derivatives (2) 17,110 2,549,843 4,712 (2,414,276 ) 157,389 Investments at fair value — — 318,159 — 318,159 FXCM term loan — — 73,200 — 73,200 Total trading assets, excluding investments at fair value based on NAV $ 5,656,924 $ 12,789,048 $ 646,736 $ (2,414,276 ) $ 16,678,432 Available for sale securities: U.S. government securities $ 491,396 $ — $ — $ — $ 491,396 Residential mortgage-backed securities — 140,358 — — 140,358 Commercial mortgage-backed securities — 20,960 — — 20,960 Other asset-backed securities — 38,031 — — 38,031 Total available for sale securities $ 491,396 $ 199,349 $ — $ — $ 690,745 Liabilities: Trading liabilities: Corporate equity securities $ 2,096,743 $ 6,592 $ 61 $ — $ 2,103,396 Corporate debt securities — 1,595,775 522 — 1,596,297 U.S. government and federal agency securities 1,398,020 — — — 1,398,020 Municipal securities — 7,659 — — 7,659 Sovereign obligations 1,208,396 923,899 — — 2,132,295 Commercial mortgage-backed securities — — 35 — 35 Loans — 1,861,278 10,323 — 1,871,601 Derivatives 16,395 3,510,080 11,594 (2,655,358 ) 882,711 Total trading liabilities $ 4,719,554 $ 7,905,283 $ 22,535 $ (2,655,358 ) $ 9,992,014 Long-term debt - structured notes $ — $ 735,456 $ — $ — $ 735,456 December 31, 2017 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,975,463 $ 60,300 $ 22,270 $ — $ 3,058,033 Corporate debt securities — 3,261,300 26,036 — 3,287,336 Collateralized debt obligations and collateralized loan obligations — 139,166 42,184 — 181,350 U.S. government and federal agency securities 1,269,230 39,443 — — 1,308,673 Municipal securities — 710,513 — — 710,513 Sovereign obligations 1,381,552 1,035,907 — — 2,417,459 Residential mortgage-backed securities — 1,453,294 26,077 — 1,479,371 Commercial mortgage-backed securities — 508,115 12,419 — 520,534 Other asset-backed securities — 217,111 61,129 — 278,240 Loans and other receivables — 1,620,581 47,304 — 1,667,885 Derivatives 165,396 3,323,278 9,295 (3,318,481 ) 179,488 Investments at fair value — 946 329,944 — 330,890 FXCM term loan — — 72,800 — 72,800 Total trading assets, excluding investments at fair value based on NAV $ 5,791,641 $ 12,369,954 $ 649,458 $ (3,318,481 ) $ 15,492,572 Available for sale securities: Corporate equity securities (3) $ 88,486 $ — $ — $ — $ 88,486 U.S. government securities 552,805 — — — 552,805 Residential mortgage-backed securities — 34,561 — — 34,561 Commercial mortgage-backed securities — 5,870 — — 5,870 Other asset-backed securities — 34,839 — — 34,839 Total available for sale securities $ 641,291 $ 75,270 $ — $ — $ 716,561 Liabilities: Trading liabilities: Corporate equity securities $ 1,721,267 $ 32,122 $ 48 $ — $ 1,753,437 Corporate debt securities — 1,688,825 522 — 1,689,347 U.S. government and federal agency securities 1,430,737 — — — 1,430,737 Sovereign obligations 1,216,643 956,992 — — 2,173,635 Commercial mortgage-backed securities — — 105 — 105 Loans — 1,148,824 3,486 — 1,152,310 Derivatives 249,361 3,480,506 16,041 (3,490,514 ) 255,394 Total trading liabilities $ 4,618,008 $ 7,307,269 $ 20,202 $ (3,490,514 ) $ 8,454,965 Short-term borrowings $ — $ 23,324 $ — $ — $ 23,324 Long-term debt - structured notes $ — $ 606,956 $ — $ — $ 606,956 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. (2) During the three months ended March 31, 2018 , Jefferies transferred from Level 1 to Level 2 $20.8 million of listed options included in Trading assets - Derivatives, which are measured based on broker quotes or mid-market valuations. There were no other material transfers between Level 1 and Level 2 for the three months ended March 31, 2018 and 2017 . (3) As of January 1, 2018, the Company adopted the FASB's new guidance that affects the accounting for equity investments and the presentation and disclosure requirements for financial instruments. At March 31, 2018 , equity investments are primarily classified as Trading assets, at fair value and the change in fair value of equity securities is now recognized through the Consolidated Statements of Operations. See Note 2 for additional information. 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. To the extent these securities are actively traded, valuation adjustments are not applied. • 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 from 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 from 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 from 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 from 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 from recently executed market transactions of institutional 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 financing or recapitalization, models incorporating financial ratios and projected cash flows of the issuer and market prices for comparable issuers. Collateralized Debt Obligations and Collateralized Loan Obligations Collateralized Debt Obligations ("CDOs") and Collateralized Loan Obligations ("CLOs") are measured based on prices observed from 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 Debt Securities: Callable and non-callable U.S. agency 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 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. Sovereign government obligations are classified in Level 1 or Level 2 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 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: The fair value 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 from 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 residential interest-only and inverse interest-only securities 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: The fair value of non-agency residential mortgage-backed securities is 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. In addition, broker quotes, where available, are also referenced to compare prices primarily on interest-only securities. Commercial Mortgage-Backed Securities • Agency Commercial Mortgage-Backed Securities: Government National Mortgage Association (“GNMA”) project loan bonds are measured based on inputs corroborated from and benchmarked to observed prices of recent securitization transactions of similar securities with adjustments incorporating an evaluation of 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 from 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 from 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 from 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 and data provider pricing. 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 with similar underlying loan collateral to derive an implied spread. Securitization prices are adjusted to estimate the fair value of the loans to account for the arbitrage that is realized at the time of securitization. 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 and incorporating 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 receivable. Derivatives • Listed Derivative Contracts: Listed derivative contracts that are actively traded are measured based on quoted exchange prices, broker quotes or vanilla option valuation models, such as Black-Scholes, using observable valuation inputs from the principal market. Exchange quotes and/or valuation inputs are generally obtained from external vendors and pricing services. Broker quotes are validated directly through observable and tradeable quotes. Listed derivative contracts that use unadjusted exchange close prices are generally categorized within Level 1 of the fair value hierarchy. All other listed derivative contracts are generally categorized within Level 2 of the fair value hierarchy. • Over-the-Counter ("OTC") Derivative Contracts: 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 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 including the underlying security price, foreign exchange spot rate, 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. Discounted cash flow models are also utilized to measure certain variable funding note swaps, which are backed by CLOs and incorporate constant prepayment rate, constant default rate and loss severity assumptions. 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 generally 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 Energy Finance uses swaps and call and put options in order to reduce exposure to future oil price fluctuations. Vitesse Energy Finance 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 based on NAV include investments in hedge funds, fund of funds and private equity funds, which are measured at the NAV of the funds, provided by the fund managers and are excluded from the fair value hierarchy. Investments at fair value also include direct equity investments in private companies, which are measured at fair value using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/EBITDA, price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy. Additionally, investments at fair value include investments in insurance contracts relating to Jefferies defined benefit plan in Germany. Fair value for the insurance contracts is determined using a third party and is categorized within Level 3 of the fair value hierarchy. The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands). Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) March 31, 2018 Equity Long/Short Hedge Funds (2) $ 375,352 $ — (2) Fixed Income and High Yield Hedge Funds (3) 405 — — Fund of Funds (4) 186 — — Equity Funds (5) 32,839 18,176 — Multi-asset Funds (6) 259,434 — — Total $ 668,216 $ 18,176 December 31, 2017 Equity Long/Short Hedge Funds (2) $ 407,895 $ — (2) Fixed Income and High Yield Hedge Funds (3) 417 — — Fund of Funds (4) 189 — — Equity Funds (5) 26,798 19,084 — Multi-asset Funds (6) 154,805 — — Total $ 590,104 $ 19,084 (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, primarily in equity securities in domestic and international markets in both the public and private sectors. At March 31, 2018 and December 31, 2017 , 78% and 73% , respectively, of these investments are redeemable with 10 business days or less prior written notice, and 13% and 15% , respectively, of these investments are redeemable with 30 to 60 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) 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 be liquidated 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, 2018 and December 31, 2017 , investments representing approximately 17% and 12% , respectively, of the fair value of investments in this category are redeemable with 30 days prior written notice. Investment in FXCM FXCM Group, LLC ("FXCM") is a provider of online 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 (the term of which was subsequently extended to January 2019), 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. During the three months ended March 31, 2018 , interest accrued at 20.5% per annum. During the three months ended March 31, 2018 , we received $8.2 million of principal and interest from FXCM and $70.4 million of principal remained outstanding under the term loan as of March 31, 2018 . Through March 31, 2018 , we have received cumulatively $339.8 million of principal, interest and fees from our initial $279.0 million investment in FXCM. Our investment in the FXCM term loan is 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, is included within Principal transactions revenues in the Consolidated Statements of Operations. We recorded gains related to the term loan in Principal transactions revenues of $8.6 million and $10.9 million during the three months ended March 31, 2018 and 2017 , respectively. On September 1, 2016, we, Global Brokerage Inc. ("Global Brokerage") and Global Brokerage Holdings, LLC ("Global Brokerage Holdings") entered into an agreement that amended the terms of our loan and associated rights. On November 10, 2017, the terms of our loan and associated rights were amended further. Among other changes, the amendments extended the maturity of the term loan to January 2019; and exchanged our rights for a 50% voting interest in FXCM, and up to 75% of all distributions. Through these amendments, we also gained the right to appoint three of six board members for FXCM. We have the right, as does Global Brokerage Holdings, the owner of the remaining 50% of FXCM voting interest that is not held by Leucadia, 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; 50% of the next $350 million ; then 90% of the next $600 million ; and 60% of all amounts thereafter. Through the amendments, we gained the ability to significantly influence FXCM through our seats on the board of directors. As a result, we classify our equity investment in FXCM in our March 31, 2018 and December 31, 2017 Consolidated Statements 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 ( $73.2 million ) and the investment in associated company ( $150.9 million ), which totaled $224.1 million at March 31, 2018 . We estimate the fair value of our term loan by using a valuation model 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 within Level 3 of the fair value hierarchy. Nonrecurring Fair Value Measurements As described further in Note 9, in the first quarter of 2017 we engaged an independent valuation firm to assist management in estimating the fair value of our equity investment in FXCM. Our first quarter 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 . The estimated fair value of our equity investment in FXCM was $186.7 million , which was $130.2 million lower than the carrying value at the end of the first quarter 2017. As a result, an impairment charge of $130.2 million was recorded in Income (loss) related to associated companies in the first quarter of 2017. Other Secured Financings Other secured financings that are accounted for at fair value include notes issued by consolidated VIEs, which are classified as Level 2 or Level 3 within the fair value hierarchy. Fair value is based on recent transaction prices for similar assets. Short-term Borrowings/Long-term Debt Short-term borrowings that are accounted for at fair value include equity-linked notes, which are generally categorized as Level 2 within the fair value hierarchy, as the fair value is based on the price of the underlying equity security. Long-term debt includes variable rate, fixed-to-floating rate, CMS (consta

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments 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 may enter into derivative transactions to satisfy the needs of its clients and to manage its own exposure to market and credit risks resulting from trading activities. 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 Derivatives Association, Inc. (“ISDA”) master netting agreements or similar agreements with counterparties. See Note 10 for additional information regarding the offsetting of derivative contracts. The following table presents 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, 2018 and December 31, 2017 . The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our 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 financial position (in thousands, except contract amounts): Assets Liabilities Fair Value Number of Contracts Fair Value Number of Contracts March 31, 2018 Derivatives designated as accounting hedges - interest rate contracts $ — — $ 28,269 1 Derivatives not designated as accounting hedges: Interest rate contracts $ 799,940 38,814 $ 948,742 12,655 Foreign exchange contracts 307,337 5,695 299,953 4,470 Equity contracts 1,432,656 2,494,701 2,222,854 2,040,074 Commodity contracts 5,207 5,801 14,066 6,881 Credit contracts 26,525 146 24,185 105 Total 2,571,665 3,509,800 Counterparty/cash-collateral netting (1) (2,414,276 ) (2,655,358 ) Total derivatives not designated as accounting hedges $ 157,389 $ 854,442 Total per Consolidated Statement of Financial Condition (2) $ 157,389 $ 882,711 December 31, 2017 Derivatives designated as accounting hedges - interest rate contracts $ — — $ 2,420 1 Derivatives not designated as accounting hedges: Interest rate contracts $ 1,717,058 38,941 $ 1,708,776 12,828 Foreign exchange contracts 366,541 6,463 349,512 4,612 Equity contracts 1,373,016 2,728,750 1,638,258 2,118,526 Commodity contracts 3,093 7,249 5,141 6,047 Credit contracts 38,261 130 41,801 191 Total 3,497,969 3,743,488 Counterparty/cash-collateral netting (1)(3) (3,318,481 ) (3,490,514 ) Total derivatives not designated as accounting hedges $ 179,488 $ 252,974 Total per Consolidated Statement of Financial Condition (2)(3) $ 179,488 $ 255,394 (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. (3) Pursuant to a rule change by the London Clearing House in the first fiscal quarter of 2018, variation margin exchanged each day with this clearing organization on certain interest rate derivatives is characterized as settlement payments as opposed to cash posted as collateral. The impact of this rule change would have been a reduction in gross interest rate derivative assets and liabilities as of December 31, 2017 of approximately $800 million , and a corresponding decrease in counterparty and cash collateral netting, with no impact to our Consolidated Statement of Financial Condition . The following table provides information related to gains (losses) recognized in Interest expense of Jefferies in the Consolidated Statements of Operations on a fair value hedge (in thousands): For the Three Months Ended March 31, 2018 2017 Interest rate swaps $ (21,221 ) $ (4,609 ) Long-term debt 22,715 5,405 Total $ 1,494 $ 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 (in thousands): For the Three Months Ended March 31, 2018 2017 Interest rate contracts $ 26,962 $ 9,678 Foreign exchange contracts 3,128 2,503 Equity contracts (205,146 ) (178,622 ) Commodity contracts (6,156 ) 7,248 Credit contracts (991 ) 10,192 Total $ (182,203 ) $ (149,001 ) 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, 2018 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross- Maturity Netting (4) Total Equity swaps and options $ 1,156 $ 6,907 $ 3,436 $ (3,177 ) $ 8,322 Credit default swaps — 12,996 — — 12,996 Total return swaps 28,882 5,843 — (1,595 ) 33,130 Foreign currency forwards, swaps and options 56,730 561 — (551 ) 56,740 Fixed income forwards 39 — — — 39 Interest rate swaps, options and forwards 31,049 98,340 84,770 (86,162 ) 127,997 Total $ 117,856 $ 124,647 $ 88,206 $ (91,485 ) 239,224 Cross product counterparty netting (20,558 ) Total OTC derivative assets included in Trading assets $ 218,666 (1) At March 31, 2018 , we held exchange traded derivative assets, other derivative assets and other credit agreements with a fair value of $66.3 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, 2018 , cash collateral received was $127.6 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 5,632 $ 1,121 $ — $ — $ 6,753 Equity swaps and options 15,297 170,529 7,234 (3,177 ) 189,883 Credit default swaps 31 8,994 — — 9,025 Total return swaps 46,255 115,708 — (1,595 ) 160,368 Foreign currency forwards, swaps and options 49,723 374 — (551 ) 49,546 Fixed income forwards 4,669 — — — 4,669 Interest rate swaps, options and forwards 37,996 127,317 227,911 (86,162 ) 307,062 Total $ 159,603 $ 424,043 $ 235,145 $ (91,485 ) 727,306 Cross product counterparty netting (20,558 ) Total OTC derivative liabilities included in Trading liabilities $ 706,748 (1) At March 31, 2018 , we held exchange traded derivative liabilities, other derivative liabilities and other credit agreements with a fair value of $544.6 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, 2018 , cash collateral pledged was $368.7 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, 2018 , 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 $ 163,170 BBB- to BBB+ 12,292 BB+ or lower 30,322 Unrated 12,882 Total $ 218,666 (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. Credit Related Derivative Contracts The external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts (in millions): External Credit Rating Investment Grade Non-investment grade Total Notional March 31, 2018 Credit protection sold: Index credit default swaps $ 105.0 $ 71.5 $ 176.5 Single name credit default swaps $ 42.7 $ 30.6 $ 73.3 December 31, 2017 Credit protection sold: Index credit default swaps $ 3.0 $ 126.0 $ 129.0 Single name credit default swaps $ 129.1 $ 89.1 $ 218.2 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, 2018 and December 31, 2017 is $77.6 million and $95.1 million , respectively, for which Jefferies has posted collateral of $72.1 million and $80.8 million , respectively, in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered on March 31, 2018 and December 31, 2017 , Jefferies would have been required to post an additional $5.5 million and $14.3 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 in Beef processing services revenue and Cost of sales in the period of change. Vitesse Energy Finance uses swaps and call and put options in order to reduce exposure to future oil price fluctuations. Vitesse Energy Finance 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 Other revenues.

Collateralized Transactions

Collateralized Transactions	3 Months Ended
	Mar. 31, 2018
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 in Financial instruments owned and noted parenthetically as Securities pledged in our Consolidated Statements of Financial Condition. The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by class of collateral pledged and remaining contractual maturity (in thousands): Collateral Pledged Securities Lending Arrangements Repurchase Agreements Total March 31, 2018 Cash $ — $ 213,035 $ 213,035 Corporate equity securities 1,934,024 309,860 2,243,884 Corporate debt securities 363,344 2,027,899 2,391,243 Mortgage- and asset-backed securities — 2,961,222 2,961,222 U.S. government and federal agency securities 75,105 8,269,477 8,344,582 Municipal securities — 547,817 547,817 Sovereign obligations — 2,124,652 2,124,652 Loans and other receivables — 301,165 301,165 Total $ 2,372,473 $ 16,755,127 $ 19,127,600 December 31, 2017 Corporate equity securities $ 2,353,798 $ 214,413 $ 2,568,211 Corporate debt securities 470,908 2,336,702 2,807,610 Mortgage- and asset-backed securities — 2,562,268 2,562,268 U.S. government and federal agency securities 19,205 11,792,534 11,811,739 Municipal securities — 444,861 444,861 Sovereign obligations — 2,023,530 2,023,530 Loans and other receivables — 454,941 454,941 Total $ 2,843,911 $ 19,829,249 $ 22,673,160 Contractual Maturity Overnight and Continuous Up to 30 Days 30 to 90 Days Greater than 90 Days Total March 31, 2018 Securities lending arrangements $ 1,115,462 $ — $ 869,585 $ 387,426 $ 2,372,473 Repurchase agreements 8,192,755 2,606,412 4,815,819 1,140,141 16,755,127 Total $ 9,308,217 $ 2,606,412 $ 5,685,404 $ 1,527,567 $ 19,127,600 December 31, 2017 Securities lending arrangements $ 1,676,940 $ — $ 741,971 $ 425,000 $ 2,843,911 Repurchase agreements 10,780,474 4,058,228 3,211,464 1,779,083 19,829,249 Total $ 12,457,414 $ 4,058,228 $ 3,953,435 $ 2,204,083 $ 22,673,160 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, 2018 and December 31, 2017 , the approximate fair value of securities received as collateral by Jefferies that may be sold or repledged was $23.7 billion and $27.1 billion , respectively. A substantial portion of these securities have been sold or repledged.

Securitization Activities

Securitization Activities	3 Months Ended
	Mar. 31, 2018
Securitization Activities [Abstract]
Securitization Activities	Securitization Activities Jefferies engages in securitization activities related to corporate loans, commercial mortgage loans, consumer loans and mortgage-backed and other asset-backed securities. In securitization transactions, Jefferies transfers assets to special purpose entities ("SPEs") and acts as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A significant portion of the securitization transactions are the securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of VIEs; however, the SPEs are generally not consolidated as Jefferies is not considered the primary beneficiary for these SPEs. Jefferies accounts for securitization transactions as sales, provided it has relinquished control over the transferred assets. Transferred assets are carried at fair value with unrealized gains and losses reflected in Principal 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 in 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 (in millions): For the Three Months Ended March 31, 2018 2017 Transferred assets $ 2,757.8 $ 953.5 Proceeds on new securitizations $ 2,758.9 $ 962.6 Cash flows received on retained interests $ 9.2 $ 8.7 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 at March 31, 2018 and December 31, 2017 . 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, 2018 December 31, 2017 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 9,083.2 $ 570.9 $ 6,383.5 $ 28.2 U.S. government agency commercial mortgage-backed securities $ 1,724.0 $ 85.6 $ 2,075.7 $ 81.4 CLOs $ 4,361.1 $ 17.8 $ 3,957.8 $ 20.3 Consumer and other loans $ 281.1 $ 46.5 $ 247.6 $ 47.8 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 transactions 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 in 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. If Jefferies has not relinquished control over the transferred assets, the assets continue to be recognized in Trading assets and a corresponding liability is recognized in Other secured financings. The carrying values of the assets and the liabilities resulting from transfers of financial assets treated as secured financings were $4.0 million and $3.9 million , respectively, at March 31, 2018 . Jefferies did not have any such assets and liabilities at December 31, 2017 . The related liabilities do not have recourse to our general credit. Foursight Capital also utilizes 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 a

Available for Sale Securities and Other Investments	3 Months Ended
	Mar. 31, 2018
Investments [Abstract]
Available for Sale Securities and Other Investments	Available for Sale Securities and Other Investments The amortized cost, gross unrealized gains and losses and estimated fair value of investments classified as available for sale are as follows (in thousands): Amortized Gross Gross Estimated March 31, 2018 Bonds and notes: U.S. government securities $ 491,437 $ 12 $ 53 $ 491,396 Residential mortgage-backed securities 141,109 315 1,066 140,358 Commercial mortgage-backed securities 21,083 19 142 20,960 Other asset-backed securities 38,158 14 141 38,031 Total fixed maturities 691,787 360 1,402 690,745 Total Available for sale securities $ 691,787 $ 360 $ 1,402 $ 690,745 December 31, 2017 Bonds and notes: U.S. government securities $ 552,847 $ — $ 42 $ 552,805 Residential mortgage-backed securities 34,381 272 92 34,561 Commercial mortgage-backed securities 5,857 17 4 5,870 Other asset-backed securities 34,837 46 44 34,839 Total fixed maturities 627,922 335 182 628,075 Equity securities: Common stocks: Banks, trusts and insurance companies 35,071 17,500 — 52,571 Industrial, miscellaneous and all other 17,504 18,411 — 35,915 Total equity securities 52,575 35,911 — 88,486 Total Available for sale securities $ 680,497 $ 36,246 $ 182 $ 716,561 As of January 1, 2018, the Company adopted the FASB's new guidance that affects the accounting for equity investments and the presentation and disclosure requirements for financial instruments. At March 31, 2018 , equity investments are primarily classified as Trading assets, at fair value and the change in fair value of equity securities is now recognized through the Consolidated Statements of Operations. See Note 2 for additional information. At March 31, 2018 , the Company had other investments (classified as Other assets and Loans to and investments in associated companies) in which fair values are not readily determinable, aggregating $242.9 million . There were no unrealized gains, losses or impairments recognized on these investments during the three months ended March 31, 2018 . The amortized cost and estimated fair value of investments classified as available for sale at March 31, 2018 , 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 $ 491,437 $ 491,396 491,437 491,396 Mortgage-backed and asset-backed securities 200,350 199,349 $ 691,787 $ 690,745 At March 31, 2018 , the unrealized losses on investments which have been in a continuous unrealized loss position 12 months or longer were not significant.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2018
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 (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) 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; • Warehouse funding arrangements for client-sponsored consumer loan vehicles and CLOs through participation certificates, forward sales agreements 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 securitization vehicles VIEs, which are presented in our Consolidated Statements of Financial Condition in the respective asset and liability categories (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, 2018 December 31, 2017 Cash $ 4.0 $ 11.7 Financial instruments owned 1.1 37.6 Securities purchased under agreement to resell (1) 704.9 729.3 Receivables 517.3 318.1 Other 73.2 15.5 Total assets $ 1,300.5 $ 1,112.2 Other secured financings (2) $ 1,259.0 $ 1,073.5 Other (3) 44.8 38.3 Total liabilities $ 1,303.8 $ 1,111.8 (1) Securities purchased under agreements to resell represent an amount due under a collateralized transaction on a related consolidated entity, which is eliminated in consolidation. (2) Approximately $8.0 million and $44.1 million of the secured financings represent an amount held by Jefferies in inventory and eliminated in consolidation at March 31, 2018 and December 31, 2017 , respectively. (3) Includes $41.5 million and $32.0 million at March 31, 2018 and December 31, 2017 , respectively, of intercompany payables that are eliminated in consolidation. Securitization Vehicles. Jefferies is 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. Jefferies is also the primary beneficiary of a securitization vehicle associated with their financing of small business loans. In the creation of the securitization vehicle, Jefferies was involved in the decisions made during the establishment and design of the entity and holds variable interests consisting of the securities retained that could potentially be significant. The assets of the VIE consist of small business loans, which are available for the benefit of the vehicles' beneficial interest holders. The creditors of the VIE do not have recourse to Jefferies general credit and the assets of the VIE are not available to satisfy any other debt. At March 31, 2018 and December 31, 2017 , 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. During the three months ended March 31, 2018 , a pool of automobile loan receivables aggregating $245.2 million was securitized by Foursight Capital in connection with a secured borrowing offering. The majority of the proceeds from issuance of the secured borrowing were used to pay down Foursight Capital’s two credit facilities. Nonconsolidated VIEs The following tables present information about our variable interests in nonconsolidated VIEs (in millions): Financial Statement Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities March 31, 2018 CLOs $ 215.5 $ 4.9 $ 1,256.1 $ 5,555.3 Consumer loan vehicles 315.8 — 728.0 2,879.6 Related party private equity vehicles 30.9 — 52.4 97.1 Other private investment vehicles 134.5 — 143.4 5,179.9 Total $ 696.7 $ 4.9 $ 2,179.9 $ 13,711.9 December 31, 2017 CLOs $ 168.1 $ 8.9 $ 1,030.4 $ 5,364.3 Consumer loan vehicles 254.8 — 759.8 2,322.7 Related party private equity vehicles 23.7 — 45.4 75.0 Other private investment vehicles 133.0 — 142.0 4,624.9 Total $ 579.6 $ 8.9 $ 1,977.6 $ 12,386.9 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; and • Investments in variable funding notes issued by CLOs. 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 composed 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 $126.5 million and $126.3 million had been funded as of March 31, 2018 and December 31, 2017 , respectively. The carrying value of Jefferies equity investments in the JCP Entities was $30.9 million and $23.7 million at March 31, 2018 and December 31, 2017 , 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. Other Private Investment Vehicles. The carrying amount of our equity investment was $134.5 million and $133.0 million at March 31, 2018 and December 31, 2017 , respectively. Our unfunded equity commitment related to these investments totaled $8.9 million and $9.1 million at March 31, 2018 and December 31, 2017 , 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, 2018 and December 31, 2017 , Jefferies held $2,745.4 million and $1,829.6 million of agency mortgage-backed securities, respectively, and $238.1 million and $253.2 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. These mortgage- and other asset-backed securitization vehicles discussed are not included in the above table containing information about Jefferies variable interests in nonconsolidated VIEs. We also have a variable interest in a nonconsolidated VIE consisting of our equity interest in an associated company, Golden Queen Mining Company, LLC ("Golden Queen"). 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, 2018
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, 2018 and 2017 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 Jefferies associated companies (1) 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, 2018 Jefferies Finance $ 655,467 $ — $ 9,833 $ 139,386 $ — $ 804,686 Berkadia 210,594 26,281 — (17,212 ) (453 ) 219,210 FXCM (2) 158,856 (8,224 ) — — 239 150,871 Garcadia Companies 179,143 11,383 — (9,727 ) — 180,799 Linkem 192,136 (7,455 ) — 542 8,024 193,247 HomeFed 341,874 11,610 — — — 353,484 Golden Queen (3) 105,005 (3,969 ) — 8,444 — 109,480 Other 223,754 2,474 (4,228 ) (2,383 ) 1,676 221,293 Total $ 2,066,829 $ 32,100 $ 5,605 $ 119,050 $ 9,486 $ 2,233,070 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 (2) 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 111,302 (1,297 ) — — — 110,005 Other 205,854 187 (1,034 ) 54,680 1 259,688 Total $ 2,125,098 $ (128,574 ) $ 26,263 $ 95,720 $ 3,972 $ 2,122,479 (1) Primarily classified in Investment banking revenues and Other revenues. (2) As further described in Note 3, our investment in FXCM includes both our equity method investment in FXCM and our term loan with FXCM. Our equity method investment is included as Loans to and investments in associated companies and our term loan is included as Trading assets, at fair value in our Consolidated Statements of Financial Condition. (3) At March 31, 2018 and December 31, 2017 , the balance reflects $26.9 million and $30.5 million , respectively, related to a noncontrolling interest. Income (losses) related to associated companies includes the following (in thousands): For the Three Months Ended March 31, 2018 2017 Berkadia $ 26,281 $ 16,954 FXCM (8,224 ) (149,900 ) Garcadia companies 11,383 13,294 Linkem (7,455 ) (8,148 ) HomeFed 11,610 336 Golden Queen (3,969 ) (1,297 ) Other 2,474 187 Total $ 32,100 $ (128,574 ) Income (losses) related to Jefferies associated companies (primarily classified in Investment banking revenues and Other revenues) includes the following (in thousands): For the Three Months Ended March 31, 2018 2017 Jefferies Finance $ 9,833 $ 24,965 Jefferies LoanCore — 2,332 Other (4,228 ) (1,034 ) Total $ 5,605 $ 26,263 Jefferies Finance Through Jefferies, we own 50% of Jefferies Finance LLC ("Jefferies Finance"), our joint venture with Massachusetts Mutual Life Insurance Company (“MassMutual”). 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. At March 31, 2018 , Jefferies and MassMutual each had equity commitments to Jefferies Finance of $750.0 million . At March 31, 2018 , $657.4 million of Jefferies commitment was funded. The investment commitment is scheduled to expire on March 1, 2019 with automatic one year extensions absent a 60 -day termination notice by either party. Jefferies Finance has executed a Secured Revolving Credit Facility with Jefferies and MassMutual, to be funded equally, to support loan underwritings by Jefferies Finance, which 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 a committed amount of $500.0 million at March 31, 2018 and December 31, 2017 . Advances are shared equally between Jefferies and MassMutual. The facility is scheduled to mature on March 1, 2019 with automatic one year extensions absent a 60 -day termination notice by either party. At March 31, 2018 and December 31, 2017 , $121.2 million and $0.0 million , respectively, of Jefferies $250.0 million commitment was funded. Jefferies recognized interest income and unfunded commitment fees related to the facility of $1.0 million and $1.4 million during the three months ended March 31, 2018 and 2017 , respectively. 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 $101.4 million and $66.2 million during the three months ended March 31, 2018 and 2017 , 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 $18.5 million and $2.1 million during the three months ended March 31, 2018 and 2017 , respectively, which are recognized within Selling, general and other expenses in the Consolidated Statements of Operations. Jefferies acts as a placement agent for CLOs managed by Jefferies Finance, for which Jefferies recognized fees of $0.3 million and $2.7 million during the three months ended March 31, 2018 and 2017 , respectively, which are included in Investment banking revenues in the Consolidated Statements of Operations. At March 31, 2018 and December 31, 2017 , Jefferies held securities issued by CLOs managed by Jefferies Finance, which are included in Trading assets. Additionally, Jefferies has entered into participation agreements and derivative contracts with Jefferies Finance based upon certain securities issued by the CLO. Gains (losses) related to the derivative contracts were not material. Under a service agreement, Jefferies charged Jefferies Finance $26.1 million and $20.2 million for services provided during the three months ended March 31, 2018 and 2017 , respectively. At March 31, 2018 , Jefferies had a receivable from Jefferies Finance, included in Other assets in the Consolidated Statement of Financial Condition, of $43.1 million and a payable to Jefferies Finance, included in Payables, expense accruals and other liabilities in the Consolidated Statement of Financial Condition of $14.1 million . At December 31, 2017 , Jefferies had a receivable from Jefferies Finance, included in Other assets in the Consolidated Statement of Financial Condition, of $34.6 million and a payable to Jefferies Finance, included in Payables, expense accruals and other liabilities in the Consolidated Statement of Financial Condition, of $14.1 million . Jefferies enters into OTC foreign exchange contracts with Jefferies Finance as to which we had $0.4 million included in Trading liabilities and $1.5 million included in Trading assets in our Consolidated Statements of Financial Condition at March 31, 2018 and December 31, 2017 , respectively. Jefferies LoanCore Jefferies LoanCore, a commercial real estate finance company and a joint venture with the Government of Singapore Investment Corporation, the Canada Pension Plan Investment Board and LoanCore, LLC, originates and purchases commercial real estate loans throughout the U.S. and Europe. On October 31, 2017, Jefferies sold all of its membership interests (which constituted a 48.5% voting interest) in Jefferies LoanCore for approximately $173.1 million , the estimated book value as of October 31, 2017. In addition, Jefferies may be entitled to additional cash consideration over the next five years in the event Jefferies LoanCore's yearly return on equity exceeds certain thresholds. Berkadia Berkadia Commercial Mortgage LLC ("Berkadia") is a commercial mortgage banking and servicing joint venture formed in 2009 with Berkshire Hathaway Inc. We and Berkshire Hathaway each contributed $217.2 million of equity capital to the joint venture and each have a 50% equity interest in Berkadia. Through March 31, 2018 , cumulative cash distributions received by Leucadia from this investment aggregated $579.2 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, 2018 , the aggregate amount of commercial paper outstanding was $1.47 billion . FXCM As discussed more fully in Note 3, at March 31, 2018 , Leucadia has a 50% voting interest in FXCM and a senior secured term loan to FXCM due January 2019. On September 1, 2016, we gained the ability to significantly influence FXCM through 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. We are amortizing our basis difference between the estimated fair value and the underlying book value of FXCM customer relationships, technology, trade name, leases and long-term debt over their respective useful lives. 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 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. As part of the settlements, FXCM U.S. withdrew from business and sold FXCM U.S.'s customer accounts. Based on the above actions, 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, 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 operating 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 operating cash flows and four other dealerships from which we receive 71% of all operating cash flows. Garcadia’s strategy is to acquire automobile dealerships in primary or secondary market locations meeting its specified return criteria. In April 2018, Leucadia entered into a letter agreement to sell 100% of its equity interests in Garcadia and its associated real estate to our current partners, the Garff family. At closing, we will receive $435 million in cash and $50 million in senior preferred equity of an entity that will own all of the automobile dealerships associated broadly with the Ken Garff Automotive Group, including all the Garcadia dealerships. At or prior to closing, we will pay approximately $53 million to retire the mortgage debt on the real estate to be sold. In addition, we agreed to pay at closing an amount equal to $5.75 million to the Garff family representing the satisfaction of a pre-existing obligation. The estimated pre-tax gain that will be recognized as a result of this transaction is approximately $220 million . This transaction is expected to close in the third quarter of 2018. 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 54% of Linkem’s common equity at March 31, 2018 . We have approximately 48% of the total voting securities of Linkem. HomeFed At March 31, 2018 , we own 10,852,123 shares of HomeFed’s common stock, representing approximately 70% of HomeFed’s outstanding common shares; however, we have contractually 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, 2018 . Three of our executives serve on the board of directors of HomeFed, including our Chairman who serves as HomeFed’s Chairman, and our President. Since we do not control HomeFed, our investment in HomeFed is accounted for under the equity method as an investment in an associated company. Golden Queen Mining Company Since 2014, we invested $93.0 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 $127.5 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 $127.5 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. Other The following table provides summarized data for certain associated companies (Jefferies Finance and Berkadia) (in thousands): For the Three Months Ended March 31, 2018 2017 Revenues $ 266,339 $ 230,269 Income from continuing operations before extraordinary items $ 99,811 $ 78,512 Net income $ 99,811 $ 78,512

Financial Statement Offsetting

Financial Statement Offsetting	3 Months Ended
	Mar. 31, 2018
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; master securities lending agreements (securities lending transactions); and master repurchase agreements (repurchase transactions). 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, 2018 Derivative contracts $ 2,571,665 $ (2,414,276 ) $ 157,389 $ — $ — $ 157,389 Securities borrowing arrangements $ 7,300,171 $ — $ 7,300,171 $ (662,827 ) $ (1,151,335 ) $ 5,486,009 Reverse repurchase agreements $ 11,488,733 $ (8,504,788 ) $ 2,983,945 $ (289,950 ) $ (2,673,232 ) $ 20,763 Liabilities at March 31, 2018 Derivative contracts $ 3,538,069 $ (2,655,358 ) $ 882,711 $ — $ — $ 882,711 Securities lending arrangements $ 2,372,473 $ — $ 2,372,473 $ (662,827 ) $ (1,558,384 ) $ 151,262 Repurchase agreements $ 16,755,127 $ (8,504,788 ) $ 8,250,339 $ (289,950 ) $ (7,041,254 ) $ 919,135 Assets at December 31, 2017 Derivative contracts $ 3,497,969 $ (3,318,481 ) $ 179,488 $ — $ — $ 179,488 Securities borrowing arrangements $ 7,721,803 $ — $ 7,721,803 $ (966,712 ) $ (1,032,629 ) $ 5,722,462 Reverse repurchase agreements $ 14,858,297 $ (11,168,738 ) $ 3,689,559 $ (463,973 ) $ (3,207,147 ) $ 18,439 Liabilities at December 31, 2017 Derivative contracts $ 3,745,908 $ (3,490,514 ) $ 255,394 $ — $ — $ 255,394 Securities lending arrangements $ 2,843,911 $ — $ 2,843,911 $ (966,712 ) $ (1,795,408 ) $ 81,791 Repurchase agreements $ 19,829,249 $ (11,168,738 ) $ 8,660,511 $ (463,973 ) $ (7,067,512 ) $ 1,129,026 (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 netting 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, 2018 , amounts include $5,418.7 million of securities borrowing arrangements, for which we have received securities collateral of $5,221.3 million , and $888.2 million of repurchase agreements, for which we have pledged securities collateral of $907.3 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. At December 31, 2017 , amounts include $5,678.6 million of securities borrowing arrangements, for which we have received securities collateral of $5,516.7 million , and $1,084.4 million of repurchase agreements, for which we have pledged securities collateral of $1,115.9 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, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net And Goodwill	Intangible Assets, Net and Goodwill A summary of Intangible assets, net and goodwill is as follows (in thousands): March 31, 2018 December 31, 2017 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 8,619 $ 8,551 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $237,946 and $230,074 340,156 347,767 Trademarks and tradename, net of accumulated amortization of $99,861 and $95,627 290,009 293,851 Supply contracts, net of accumulated amortization of $59,833 and $57,440 83,767 86,160 Other, net of accumulated amortization of $4,127 and $3,885 4,459 4,701 Total intangible assets, net 727,010 741,030 Goodwill: National Beef 14,991 14,991 Jefferies 1,705,097 1,703,300 Other operations 3,859 3,859 Total goodwill 1,723,947 1,722,150 Total intangible assets, net and goodwill $ 2,450,957 $ 2,463,180 Amortization expense on intangible assets was $14.6 million and $13.7 million for the three months ended March 31, 2018 and 2017 , respectively. The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows (in thousands): Remainder of current year $ 43,839 2019 $ 58,454 2020 $ 58,454 2021 $ 58,067 2022 $ 57,984 As further discussed in Note 1, in April 2018, we agreed to sell 48% of National Beef to Marfrig. Intangible assets, net and goodwill for National Beef totaled $543.2 million at March 31, 2018. Once the transaction with Marfrig closes, we will deconsolidate our investment in National Beef, including the Intangible assets, net and goodwill.

Short-Term Borrowings

Short-Term Borrowings	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Short-Term Borrowings	Short-Term Borrowings Jefferies short-term borrowings, which mature in one year or less, are as follows (in thousands): March 31, 2018 December 31, 2017 Bank loans (1) $ 357,012 $ 304,651 Floating rate puttable notes 111,034 108,240 Equity-linked notes — 23,324 Total short-term borrowings $ 468,046 $ 436,215 (1) Bank loans include loans entered into, pursuant to a Master Loan Agreement, between the Bank of New York and Jefferies. At March 31, 2018 and December 31, 2017 , the weighted average interest rate on short-term borrowings outstanding was 2.28% and 2.51% per annum, respectively. Equity-linked notes with a principal amount of $23.3 million matured during the first quarter of 2018. See Note 3 for further information. The Bank of New York Mellon agrees to make revolving intraday credit advances (“Intraday Credit Facility”) for an aggregate committed amount of $150.0 million . The Intraday Credit Facility contains financial covenants, which includes a minimum regulatory net capital requirement for Jefferies. Interest is based on the higher of the Federal funds effective rate plus 0.5% or the prime rate. At March 31, 2018 , Jefferies was in compliance with debt covenants under the Intraday Credit Facility.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2018
Aggregate Indebtedness [Abstract]
Long-Term Debt	Long-Term Debt The principal amount (net of unamortized discounts, premiums and debt issuance costs), stated interest rate and maturity date of outstanding debt are as follows (dollars in thousands): March 31, 2018 December 31, 2017 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 742,629 $ 742,348 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,686 246,673 Total long-term debt – Parent Company 989,315 989,021 Subsidiary Debt (non-recourse to Parent Company): Jefferies: 5.125% Senior Notes, due April 13, 2018, $668,300 and $678,300 principal (1) 669,586 682,338 8.50% Senior Notes, due July 15, 2019, $680,800 principal 721,677 728,872 2.375% Euro Medium Term Notes, due May 20, 2020, $610,075 and $594,725 principal 608,789 593,334 6.875% Senior Notes, due April 15, 2021, $750,000 principal 804,138 808,157 2.25% Euro Medium Term Notes, due July 13, 2022, $4,881 and $4,758 principal 4,521 4,389 5.125% Senior Notes, due January 20, 2023, $600,000 principal 615,021 615,703 4.85% Senior Notes, due January 15, 2027, $750,000 principal (2) 713,762 736,357 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 375,274 375,794 3.875% Convertible Senior Debentures, due November 1, 2029, $0 and $324,779 principal — 324,779 4.15% Senior Notes, due January 23, 2030, $1,000,000 and $0 principal 987,157 — 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 511,947 512,040 6.50% Senior Notes, due January 20, 2043, $400,000 principal 420,901 420,990 Structured Notes (3) 742,777 614,091 National Beef Reducing Revolver Loan 180,000 120,000 National Beef Revolving Credit Facility 40,329 76,809 Foursight Capital Credit Facilities 11,750 170,455 Other 102,780 112,654 Total long-term debt – subsidiaries 7,510,409 6,896,762 Long-term debt $ 8,499,724 $ 7,885,783 (1) On April 13, 2018, these 5.125% Senior Notes were redeemed by Jefferies with cash on hand. (2) Amount includes decreases of $22.7 million and $5.4 million during the three months ended March 31, 2018 and 2017 , respectively, associated with an interest rate swap based on its designation as a fair value hedge. See Note 4 for further information. (3) Includes $735.5 million and $607.0 million at fair value at March 31, 2018 and December 31, 2017 , respectively. These structured notes 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 transactions revenues. Subsidiary Debt : In November 2017, all of Jefferies 3.875% Convertible Senior Debentures due 2029 were called for optional redemption, with a redemption date of January 5, 2018, at a redemption price equal to 100% of the principal amount of the convertible debentures redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. All of these remaining convertible debentures were redeemed in January 2018. In January 2018, Jefferies issued 4.15% senior notes with a principal amount of $1.0 billion , due 2030. Additionally, structured notes with a total principal amount of approximately $154.4 million , net of retirements were issued during the three months ended March 31, 2018 . In June 2017, National Beef entered into a Third Amended and Restated Credit Agreement (the "Debt Agreement"). The Debt Agreement matures in June 2022 and included a $275.0 million reducing revolver loan and a $275.0 million revolving credit facility. In March 2018, the Debt Agreement was amended to increase the reducing revolver loan to $375.0 million . The reducing revolver loan commitment decreases by $18.8 million on each annual anniversary of the Debt Agreement, beginning in June 2019. The Debt Agreement is secured by a first priority lien on substantially all of the assets of National Beef and its subsidiaries and includes customary covenants including a single financial covenant that requires National Beef to maintain a minimum tangible net worth; at March 31, 2018 , National Beef was in compliance with the covenants. At March 31, 2018 , National Beef’s credit facility consisted of a reducing revolver loan with an outstanding balance of $180.0 million and $45.5 million drawn on the revolving credit facility. The reducing revolver loan and the revolving credit facility bear interest at the Base Rate or the LIBOR Rate (as defined in the credit facility), plus a margin ranging from .75% to 3.00% depending upon certain financial ratios and the rate selected. At March 31, 2018 , the interest rate on the outstanding reducing revolver loan was 3.60% and the interest rate on the outstanding revolving credit facility was 3.80% . Borrowings under the reducing revolver loan and the revolving credit facility are available for National Beef’s working capital requirements, capital expenditures and other general corporate purposes. Unused capacity under the revolving credit facility can also be used to issue letters of credit; letters of credit aggregating $13.9 million were outstanding at March 31, 2018 . Amounts available under the revolving credit facility are subject to a borrowing base calculation primarily comprised of receivable and inventory balances; amounts available under the reducing revolver facility are constrained only by the annual reduction in the commitment amount. At March 31, 2018 , after deducting outstanding amounts and issued letters of credit, $173.7 million of the unused revolving credit facility and $195.0 million of the reducing revolver commitment was available to National Beef. At March 31, 2018 , Foursight Capital's credit facilities consisted of two warehouse credit commitments aggregating $225.0 million , which mature in March 2020 and July 2020. The March 2020 credit facility bears interest based on the three-month LIBOR plus a credit spread fixed through its maturity and the July 2020 credit facility bears interest based on the one-month LIBOR plus a credit spread fixed through its maturity. As a condition of the March 2020 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 $14.5 million at March 31, 2018 .

Mezzanine Equity

Mezzanine Equity	3 Months Ended
	Mar. 31, 2018
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). The holders will have the right to make an election that requires us to purchase up to 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. As discussed further in Note 1, in April 2018, we entered into a definitive agreement to sell 48% of National Beef to Marfrig. Upon closing of the transaction with Marfrig, the current minority owners will no longer have put rights to us. Redeemable noncontrolling interests in National Beef are reflected in the Consolidated Statements of Financial Condition at fair value. The following table rolls forward National Beef’s redeemable noncontrolling interests activity during the three months ended March 31, 2018 and 2017 (in thousands): For the Three Months Ended March 31, 2018 2017 As of January 1, $ 412,128 $ 321,962 Income allocated to redeemable noncontrolling interests 14,450 12,049 Distributions to redeemable noncontrolling interests (9,519 ) (7,117 ) Increase (decrease) in fair value of redeemable noncontrolling interests (17,067 ) 1,038 Balance, March 31, $ 399,992 $ 327,932 At March 31, 2018 , the fair value of the redeemable noncontrolling interests is based upon the total equity value associated with the announced sale of National Beef as described more fully in Note 1. At March 31, 2018 and December 31, 2017 , redeemable noncontrolling interests also include other redeemable noncontrolling interests of $14.8 million and $14.5 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 holders of the Preferred Shares are also entitled to an additional quarterly payment in the event we declare and pay a dividend on our common stock in an amount greater than $0.0625 per common share per quarter. The additional quarterly payment would be paid to the holders of Preferred Shares on an as converted basis and on a per share basis would equal the quarterly dividend declared and paid to a holder of a share of common stock in excess of $0.0625 per share. In the third quarter of 2017, we increased our quarterly dividend from $0.0625 to $0.10 per common share. This increased the preferred stock dividend from $1.0 million in the first quarter of 2017 to $1.2 million in the first quarter of 2018. 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, 2018
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 executive awards using a Monte Carlo valuation model. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market condition is not met. Awards with performance conditions are amortized over the service period if it is determined that it is probable that the performance condition will be achieved. Senior Executive Compensation Plan. The Compensation Committee of the Leucadia Board of Directors approved an executive compensation plan effective January 1, 2018 that extends Leucadia’s prior compensation plans for our CEO and our President (together, our "Senior Executives") for compensation years 2018, 2019 and 2020. For each Senior Executive, the Compensation Committee has targeted long-term compensation of $25.0 million per year under the plan with a target of $16.0 million in long-term equity in the form of RSUs and a target of $9.0 million in long-term cash, subject to performance targets over the three -year measurement period for each compensation year. To receive targeted long-term equity, our Senior Executives will have to achieve 8% growth on an annual and multi-year compounded basis in Leucadia’s Total Shareholder Return ("TSR") and to receive targeted long-term cash, our Senior Executives will have to achieve 8% growth on an annual and multi-year compounded basis in Leucadia’s Return on Tangible Deployable Equity ("ROTDE"). If TSR and ROTDE are less than 5% , our Senior Executives will receive no long-term compensation. 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. 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. Stock-Based Compensation Expense. Compensation and benefits expense included $12.4 million and $10.0 million for the three months ended March 31, 2018 and 2017 , 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 $2.9 million and $3.6 million for the three months ended March 31, 2018 and 2017 , respectively. As of March 31, 2018 , total unrecognized compensation cost related to nonvested share-based compensation plans was $156.5 million ; this cost is expected to be recognized over a weighted average period of 2.6 years. At March 31, 2018 , there were 1,844,000 shares of restricted stock outstanding with future service required, 9,352,000 RSUs outstanding with future service required (including target RSUs issuable under the senior executive compensation plan), 10,341,000 RSUs outstanding with no future service required and 854,000 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 20,547,000 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2018
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 is as follows (in thousands): March 31, 2018 December 31, 2017 Net unrealized gains on available for sale securities $ 543,290 $ 572,085 Net unrealized foreign exchange losses (83,497 ) (101,400 ) Net unrealized losses on instrument specific credit risk (46,001 ) (34,432 ) Net unrealized gains (losses) on cash flow hedges 110 (1,138 ) Net minimum pension liability (56,585 ) (62,391 ) $ 357,317 $ 372,724 For the three months ended March 31, 2018 and 2017 , significant amounts reclassified out of accumulated other comprehensive income to net income 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 2018 2017 Net unrealized losses on available for sale securities, net of income tax benefit of $(5) and $(11) $ (15 ) $ (18 ) Other revenues Net unrealized foreign exchange losses, net of income tax provision of $0 and $1,097 — (5,290 ) Other income and other expenses Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(151) and $(204) (462 ) (433 ) Selling, general and other expenses, which includes pension expense. Other pension, net of income tax benefit of $0 and $(1,231) (5,344 ) 1,231 Compensation and benefits expense and Income tax provision (benefit) Total reclassifications for the period, net of tax $ (5,821 ) $ (4,510 ) In connection with the acquisition of Jefferies Bache from Prudential on July 1, 2011, Jefferies acquired a defined benefit pension plan located in Germany (the “German Pension Plan”) for the benefit of eligible employees of Jefferies Bache in that territory. On December 28, 2017, a Liquidation Insurance Contract was entered into between Jefferies Bache Limited and Generali Lebensversicherung AG (“Generali“) to transfer the defined benefit pension obligations and insurance contracts to Generali, for approximately €6.5 million , which was paid in January 2018 and released Jefferies from any and all obligations under the German Pension Plan. This transaction was completed in the first quarter of 2018. In connection with the transfer of the German Pension Plan, $5.3 million was reclassified to Compensation and benefits expense in the Consolidated Statements of Operations from Accumulated other comprehensive income during the three months ended March 31, 2018 .

Revenues from Contracts with Cu

Revenues from Contracts with Customers	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	Note 17. Revenues from Contracts with Customers The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): For the Three Months Ended March 31, 2018 Revenues from contracts with customers: Beef processing services $ 1,779,631 Commissions and other fees 147,902 Investment banking 439,991 Other 140,523 Total revenue from contracts with customers 2,508,047 Other sources of revenue: Beef processing services 2,289 Principal transactions 145,663 Interest income 275,290 Other 15,180 Total revenue from other sources 438,422 Total revenues $ 2,946,469 Revenue from contracts with customers is recognized when, or as, we satisfy our performance obligations by transferring the promised goods or services to the customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring our progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised goods or services (the “transaction price”). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties. The following provides detailed information on the recognition of our revenues from contracts with customers: Beef Processing Services. National Beef earns over 95% of its revenues through the sale of beef, pork and beef by-products. Agreements with customers for these sales typically specify the type and quantity of products to be delivered, the unit price of each product, the estimated delivery date, and credit and payment terms. Payment is generally due in seven days from delivery. The transaction price is generally fixed at the time of sale and revenue is recognized when the customer takes control of the product. Commissions and Other fees. Jefferies earns commission revenue by executing, settling and clearing transactions for clients primarily in equity, equity-related and futures products. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commissions revenues are generally paid on settlement date and Jefferies records a receivable between trade-date and payment on settlement date. Jefferies permits institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. Jefferies acts as an agent in the soft dollar arrangements as the customer controls the use of the soft dollars and directs Jefferies payments to third party service providers on its behalf. Accordingly, amounts allocated to soft dollar arrangements are netted against commission revenues in our Consolidated Statements of Operations. Jefferies earns account advisory and distribution fees in connection with wealth management services. Account advisory fees are recognized over time using the time-elapsed method as Jefferies determined that the customer simultaneously receives and consumes the benefits of investment advisory services as they are provided. Account advisory fees may be paid in advance of a specified service period or in arrears at the end of the specified service period (e.g., quarterly). Account advisory fees paid in advance are initially deferred within Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Distribution fees are variable and recognized when uncertainties with respect to the amounts are resolved. Investment Banking Fees. Jefferies provides its clients with a full range of capital markets and financial advisory services. Capital markets services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings and equity-linked convertible securities transactions and structuring, underwriting and distributing public and private debt, including investment grade debt, high yield bonds, leveraged loans, municipal bonds and mortgage- and asset-backed securities. Underwriting and placement agent revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the capital markets offering at that point. Costs associated with capital markets transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within Selling, general and other expenses in the Consolidated Statements of Operations as Jefferies is acting as a principal in the arrangement. Any expenses reimbursed by its clients are recognized as Investment banking revenues. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress as Jefferies clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees Jefferies receives for its advisory services are considered variable as they are contingent upon a future event (e.g., completion of a transaction or third party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. Jefferies recognizes a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within their respective expense category in the Consolidated Statements of Operations and any expenses reimbursed by Jefferies clients are recognized as Investment banking revenues. Asset Management Fees. Jefferies and LAM earn management and performance fees, recorded in Other revenues, in connection with investment advisory services provided to various funds and accounts, which are satisfied over time and measured using a time elapsed measure of progress as the customer receives the benefits of the services evenly throughout the term of the contract. Management and performance fees are considered variable as they are subject to fluctuation (e.g., changes in assets under management, market performance) and/ or are contingent on a future event during the measurement period (e.g., meeting a specified benchmark) and are recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Management fees are generally based on month-end assets under management or an agreed upon notional amount and are included in the transaction price at the end of each month when the assets under management or notional amount is known. Performance fees are received when the return on assets under management for a specified performance period exceed certain benchmark returns, “high-water marks” or other performance targets. The performance period related to performance fees is annual, semi-annual or quarterly. Accordingly, performance fee revenue will generally be recognized only at the end of the performance period to the extent that the benchmark return has been met. Disaggregation of Revenue The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions for the three months ended March 31, 2018 (in thousands): Reportable Segments Jefferies National Beef Corporate and Other All Other Total Major Business Activity: Jefferies: Equities (1) $ 151,630 $ — $ — $ — $ 151,630 Fixed Income (1) 2,958 — — — 2,958 Investment Banking 439,991 — — — 439,991 Asset Management 4,930 — — — 4,930 Beef processing services — 1,779,631 — — 1,779,631 Manufacturing revenues — — — 98,365 98,365 Oil and gas revenues — — — 20,330 20,330 Other revenues — — 8,233 1,979 10,212 Total revenues from contracts with customers $ 599,509 $ 1,779,631 $ 8,233 $ 120,674 $ 2,508,047 Primary Geographic Region: Americas $ 520,854 $ 1,554,061 $ 7,903 $ 120,674 $ 2,203,492 Europe, Middle East and Africa 61,328 17,596 255 — 79,179 Asia 17,327 207,974 75 — 225,376 Total revenues from contracts with customers $ 599,509 $ 1,779,631 $ 8,233 $ 120,674 $ 2,508,047 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. Information on Remaining Performance Obligations and Revenue Recognized from Past Performance We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at March 31, 2018 . Investment banking advisory fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price at March 31, 2018 . During the three months ended March 31, 2018 , Jefferies recognized $11.7 million of revenue related to performance obligations satisfied (or partially satisfied) in previous periods, mainly due to resolving uncertainties in consideration that was constrained in prior periods. In addition, Jefferies recognized $4.6 million of revenues primarily associated with distribution services during the three months ended March 31, 2018 , a portion of which relates to prior periods. Contract Balances The timing of revenue recognition may differ from the timing of payment by customers. We record a receivable when revenue is recognized prior to payment and it has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. Jefferies deferred revenue primarily relates to retainer and milestone fees received in investment banking advisory engagements where the performance obligation has not yet been satisfied. We had receivables related to revenues from contracts with customers of $410.0 million and $469.3 million at March 31, 2018 and December 31, 2017 , respectively. We had no significant impairments related to these receivables during the three months ended March 31, 2018 . Our deferred revenue, which primarily relates to Jefferies, was $17.6 million and $15.5 million at March 31, 2018 and December 31, 2017 , respectively. During the three months ended March 31, 2018 , we recognized $4.9 million of deferred revenue from the December 31, 2017 balance. Contract Costs Jefferies capitalizes costs to fulfill contracts associated with investment banking advisory engagements where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized costs to fulfill a contract are recognized at the point in time that the related revenue is recognized. At March 31, 2018 , Jefferies capitalized costs to fulfill a contract were $3.6 million , which are recorded in Receivables in the Consolidated Statement of Financial Condition. For the three months ended March 31, 2018 , Jefferies recognized $2.4 million of expenses related to costs capitalized to fulfill a contract. There were no significant impairment charges recognized in relation to these capitalized costs during the three months ended March 31, 2018 . At March 31, 2018 , capitalized costs related to our other subsidiaries were not material.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The aggregate amount of gross unrecognized tax benefits related to uncertain tax positions at March 31, 2018 was $227.0 million (including $58.0 million for interest), of which $173.4 million related to Jefferies. The aggregate amount of gross unrecognized tax benefits related to uncertain tax positions at December 31, 2017 was $226.4 million (including $57.4 million for interest), of which $177.8 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, 2018 and the year ended December 31, 2017. 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 2012. We do not expect that resolution of these examinations will have a significant effect on our Consolidated Statements of Financial Condition, but could have a significant impact on the Consolidated Statements of Operations for the period in which resolution occurs. Our provision for income taxes for the three months ended March 31, 2018 was reduced by a $43.9 million benefit resulting from a reversal of our valuation allowance with respect to certain federal and state net operating loss carryforwards (“NOLs”) which we now believe are more likely than not to be utilized before they expire. Our provision for income taxes for the three months ended March 31, 2017 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. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740, Income Taxes. SAB 118 provides a three-step process to be applied at each reporting period to account for and qualitatively disclose: (1) the effects of the change in tax law for which accounting is complete; (2) provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where accounting is not complete, but that a reasonable estimate has been determined; and (3) where a reasonable estimate cannot yet be made and therefore taxes are reflected in accordance with the law prior to the enactment of the Tax Act. Due to the complex nature of the Tax Act, we have not completed our accounting for the income tax effects of certain elements of the Tax Act. If we were able to make reasonable estimates of the effects of certain elements for which our analysis is not yet complete, we recorded a provisional estimate in the financial statements. If we were not yet able to make reasonable estimates of the impact of certain elements, we have not recorded any adjustments related to those elements and have continued accounting for them in accordance with ASC 740 on the basis of the tax laws in effect before the Tax Act. The ultimate impact of the Tax Act may differ from this estimate, possibly materially, due to changes in interpretations and assumptions, and guidance that may be issued and actions we may take in response to the Tax Act. We note that the Tax Act is complex and we continue to assess the impact that various provisions will have on our business. Since the Tax Act was passed late in the fourth quarter of 2017, and ongoing guidance and accounting interpretation are expected over the next several quarters, we consider the accounting for the deferred tax asset remeasurements, the transition tax, and other items to be incomplete due to the forthcoming guidance and our ongoing analysis of final year-end data and tax positions. During the three months ended March 31, 2018 , we revised our prior estimate and recorded a $2.6 million reduction in our tax expense related to the Tax Act.

Common Share and Earnings (Loss

Common Share and Earnings (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Common Share and Earnings (Loss) Per Common Share	Common Share and Earnings (Loss) Per Common Share Basic and diluted earnings (loss) per share amounts were calculated by dividing net income (loss) by the weighted average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings (loss) per share are as follows (in thousands): For the Three Months Ended March 31, 2018 2017 Numerator for earnings per share: Net income attributable to Leucadia National Corporation common shareholders $ 124,525 $ 281,408 Allocation of earnings to participating securities (1) (499 ) (1,138 ) Net income attributable to Leucadia National Corporation common shareholders for basic earnings per share 124,026 280,270 Adjustment to allocation of earnings to participating securities related to diluted shares (1) (1 ) 8 Mandatorily redeemable convertible preferred share dividends 1,172 1,016 Net income attributable to Leucadia National Corporation common shareholders for diluted earnings per share $ 125,197 $ 281,294 Denominator for earnings per share: Weighted average common shares outstanding 356,576 359,634 Weighted average shares of restricted stock outstanding with future service required (1,285 ) (1,432 ) Weighted average RSUs outstanding with no future service required 11,136 11,065 Denominator for basic earnings per share – weighted average shares 366,427 369,267 Stock options 30 16 Senior executive compensation plan awards 2,842 2,276 Mandatorily redeemable convertible preferred shares 4,162 4,162 Denominator for diluted earnings per share 373,461 375,721 (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 1,317,000 and 1,500,000 for the three months ended March 31, 2018 and 2017 , respectively. Dividends declared on participating securities were not material during three months ended March 31, 2018 and 2017 . Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. For the three months ended March 31, 2018 and 2017 , 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. All of these convertible debentures were redeemed in January 2018. The Board of Directors from time to time has authorized the repurchase of our common shares. In April 2018, the Board of Directors approved an increase to our share repurchase program to 25,000,000 common shares from the 12,500,000 million remaining under its prior authorization.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
	Mar. 31, 2018
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 2018 2019 2020 and 2021 2022 and 2023 2024 and Later Maximum Payout Equity commitments (1) $ 33.3 $ 0.2 $ 18.8 $ — $ 104.5 $ 156.8 Loan commitments (1) 158.0 — 47.5 7.4 — 212.9 Mortgage-related and other purchase commitments — 177.7 — — — 177.7 Underwriting commitments 55.0 — — — — 55.0 Forward starting reverse repos (2) 3,432.2 — — — — 3,432.2 Forward starting repos (2) 2,523.5 — — — — 2,523.5 Other unfunded commitments (1) 157.3 117.3 11.3 107.0 5.5 398.4 $ 6,359.3 $ 295.2 $ 77.6 $ 114.4 $ 110.0 $ 6,956.5 (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, 2018 , all of the forward starting securities purchased under agreements to resell and securities sold under agreements to repurchase (collectively "repos") settled within three business days. Equity Commitments. Equity commitments include commitments to invest in Jefferies joint venture, Jefferies Finance, and commitments to invest in private equity funds and in Jefferies Capital Partners, LLC, the manager of the private equity funds, which consist of a team led by Brian P. Friedman, our President and a Director. At March 31, 2018 , Jefferies outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $21.8 million . See Note 9 for additional information regarding Jefferies investment in Jefferies Finance. Additionally, as of March 31, 2018 , we had other outstanding equity commitments to invest up to $42.4 million in various other investments. Subsequent to the end of the quarter, we committed to invest up to $500.0 million as part of the further development of our alternative asset management platforms. 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. At March 31, 2018 , Jefferies had $66.8 million of outstanding loan commitments to clients. Loan commitments outstanding at March 31, 2018 , 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, 2018 , $121.2 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, $20.0 million revolving credit facility to fund its start-up and initial operating expenses. During the third quarter of 2017, the facility was amended to extend the maturity date until December 31, 2018 and to provide for an optional termination right for the Company with ten days prior written notice. As of March 31, 2018 , $10.2 million has been provided to Folger Hill under the revolving credit facility. As discussed further in Note 1, in April 2018, we agreed to combine the fundamental equities businesses of Folger Hill and Schonfeld under the Schonfeld brand. Upon closing, this revolving credit facility will be terminated. 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, 2018 was $1.1 million . Underwriting Commitments . In connection with investment banking activities, Jefferies may from time to time provide underwriting commitments to its 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, 2018 (in millions): Expected Maturity Date Guarantee Type 2018 2019 2020 and 2021 2022 and 2023 2024 and Later Notional/ Maximum Payout Derivative contracts – non-credit related $ 19,737.1 $ 3,134.8 $ 1,429.2 $ 215.0 $ 478.2 $ 24,994.3 Written derivative contracts – credit related — 42.7 7.5 23.1 — 73.3 Total derivative contracts $ 19,737.1 $ 3,177.5 $ 1,436.7 $ 238.1 $ 478.2 $ 25,067.6 The derivative contracts deemed to meet the definition of a guarantee under GAAP are before consideration of hedging transactions and only reflect a partial or "one-sided" component of any risk exposure. Written equity options and written credit default swaps are often executed in a strategy that is in tandem with long cash instruments (e.g., equity and debt securities). Jefferies substantially mitigates its exposure to market risk on these contracts through hedges, such as other derivative contracts and/or cash instruments and Jefferies manages the risk associated with these contracts in the context of its overall risk management framework. Jefferies believes notional amounts overstate its expected payout and that fair value of these contracts is a more relevant measure of its obligations. The fair value of derivative contracts meeting the definition of a guarantee is approximately $391.4 million at March 31, 2018 . 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. At March 31, 2018 , the aggregate amount of commercial paper outstanding was $1.47 billion . Other Guarantees. Jefferies is a member of various exchanges and clearing houses. In the normal course of business Jefferies provides guarantees to securities clearinghouses and exchanges. These guarantees generally are required under the standard membership agreements, such that members are required to guarantee the performance of other members. Additionally, if a member becomes unable to satisfy its obligations to the clearinghouse, other members would be required to meet these shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral. Jefferies obligations under such guarantees could exceed the collateral amounts posted. Jefferies maximum potential liability under these arrangements cannot be quantified; however, the potential for Jefferies to be required to make payments under such guarantees is deemed remote. Accordingly, no liability has been recognized for these arrangements. 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 October 2018 and the aggregate amount of lease obligation as of March 31, 2018 was approximately $6.4 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, 2018 , Jefferies provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $52.0 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 $15.0 million at March 31, 2018 . Primarily all letters of credit expire within one year.

Net Capital Requirements

Net Capital Requirements	3 Months Ended
	Mar. 31, 2018
Net Capital Requirements [Abstract]
Net Capital Requirements	Net Capital Requirements Jefferies operates as a broker-dealer registered with the SEC and member firms of the Financial Industry Regulatory Authority ("FINRA"). Jefferies LLC is subject to the Securities and Exchange Commission Uniform Net Capital Rule ("Rule 15c3-1"), which requires the maintenance of minimum net capital and has elected to calculate minimum capital requirements using the alternative method permitted by Rule 15c3-1 in calculating net capital. Jefferies LLC, as a dually-registered U.S. broker-dealer and futures commission merchant ("FCM"), is also 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’s net capital and excess net capital at March 31, 2018 were $1,463.4 million and $1,373.4 million , respectively. FINRA is the designated examining authority for Jefferies U.S. broker-dealer and the National Futures Association is the designated self-regulatory organization 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, 2018
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, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Receivables: Notes and loans receivable (1) $ 615,567 $ 598,218 $ 579,071 $ 565,285 Financial Liabilities: Short-term borrowings (2) $ 468,046 $ 468,046 $ 412,891 $ 412,891 Long-term debt (3) $ 7,764,268 $ 8,012,424 $ 7,278,827 $ 7,678,210 (1) Notes and loans receivable: The fair values are estimated principally based on a discounted future cash flows model using market interest rates for similar instruments. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. (2) Short-term borrowings: The fair values of short-term borrowings are estimated to be the carrying amount due to their short maturities. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. (3) Long-term debt: The fair values are estimated using quoted prices, pricing information obtained from external data providers and, for certain variable rate debt, is estimated to be the carrying amount. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 and Level 3 in the fair value hierarchy.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2018
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, 2018 and December 31, 2017 are Jefferies equity investments in Private Equity Related Funds of $30.9 million and $23.7 million , respectively. Net gains (losses) aggregating $7.0 million and $(1.3) million for the three months ended March 31, 2018 and 2017 , respectively, were recorded in Other revenues 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, 2018 and December 31, 2017 , Jefferies has commitments to purchase $898.8 million and $864.1 million , respectively, in agency commercial mortgage-backed securities from Berkadia. FXCM . Jefferies entered into OTC foreign exchange contracts with FXCM. In connection with these contracts, Jefferies had $20.6 million and $17.0 million at March 31, 2018 and December 31, 2017, respectively, included in Payables, expense accruals and other liabilities and $0.5 million at March 31, 2018 in Trading liabilities at fair value in our Consolidated Statements of Financial Condition. Officers, Directors and Employees. We have $45.2 million and $45.6 million of loans outstanding to certain officers and employees (none of whom are an executive officer or director of the Company) at March 31, 2018 and December 31, 2017 , 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. 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 30% and 26% of its cattle requirements under this agreement during the three months ended March 31, 2018 and 2017 , 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, 2018 , sales to this affiliate were $6.9 million and purchases were $3.0 million . During the three months ended March 31, 2017 , sales to this affiliate were $7.1 million and purchases were $2.8 million . At March 31, 2018 and December 31, 2017 , amounts due from and payable to these related parties were not significant. HomeFed. During 2014, we sold to HomeFed substantially all of our then-owned 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, 2018 . Three of our executives serve on the board of directors of HomeFed, including our Chairman who serves as HomeFed’s Chairman, and our President. See Note 9 for information on transactions with Jefferies Finance.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
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, consumer-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. Corporate and other revenues primarily include adjustments to fair value of trading securities, interest income and revenues associated with other investments. 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 includes Vitesse Energy Finance, JETX Energy, Idaho Timber and our investments in HRG, Garcadia, Linkem and Golden Queen. Certain information concerning our segments is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired. As discussed above, Jefferies is reflected in our consolidated financial statements utilizing a one month lag. For the Three Months Ended March 31, 2018 2017 (In thousands) Net Revenues: Reportable Segments: Jefferies $ 820,919 $ 797,386 National Beef 1,785,358 1,561,456 Corporate and other 8,444 7,690 Total net revenues related to reportable segments 2,614,721 2,366,532 All other (1) 66,072 501,450 Total consolidated net revenues $ 2,680,793 $ 2,867,982 Income (loss) before income taxes: Reportable Segments: Jefferies $ 125,730 $ 132,270 National Beef 68,891 57,103 Corporate and other (23,688 ) (14,504 ) Income before income taxes related to reportable segments 170,933 174,869 All other (1) (49,533 ) 237,958 Parent Company interest (14,746 ) (14,730 ) Total consolidated income before income taxes $ 106,654 $ 398,097 Depreciation and amortization expenses: Reportable Segments: Jefferies $ 16,366 $ 15,601 National Beef 25,519 22,399 Corporate and other 1,298 867 Total depreciation and amortization expenses related to reportable segments 43,183 38,867 All other 10,496 10,643 Total consolidated depreciation and amortization expenses $ 53,679 $ 49,510 (1) All other revenue and Income from continuing operations before income taxes include realized and unrealized gains (losses) relating to our investment in FXCM of $8.6 million and $0.4 million , respectively, for the three months ended March 31, 2018 , and $10.9 million and $(139.0) million , respectively, for the three months ended March 31, 2017 . Interest expense classified as a component of Net revenues relates to Jefferies. For the three months ended March 31, 2018 and 2017 , interest expense classified as a component of Expenses was primarily comprised of National Beef ( $2.1 million and $1.8 million , respectively), parent company interest ( $14.7 million and $14.7 million , respectively) and all other ( $6.8 million and $10.8 million , respectively). Conwed Plastics ("Conwed") was our consolidated subsidiary that manufactured and marketed lightweight plastic netting. 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 in 2019, 2020 and 2021 totaling 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 during the three months ended March 31, 2017 . The gain on the sale of Conwed is included within Other merchant banking and All other above.

Basis of Presentation and Sig35

Basis of Presentation and Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Revenue Recognition Policies	Revenue Recognition Policies Investment Banking Revenues: • Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed. • Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring advisory engagements, are expensed as incurred. • All investment banking expenses are recognized within their respective expense category on the Consolidated Statements of Operations and any expenses reimbursed by clients are recognized as Investment banking revenues. Asset Management Fees: • Performance fee revenue is generally recognized only at the end of the performance period to the extent that the benchmark return has been met.
Receivables	Receivables At March 31, 2018 and December 31, 2017 , Receivables include receivables from brokers, dealers and clearing organizations of $3,959.3 million and $2,635.2 million , respectively, and receivables from customers of securities operations of $1,597.0 million and $1,563.8 million , respectively.
Payables, expense accruals and other liabilities	Payables, expense accruals and other liabilities At March 31, 2018 and December 31, 2017 , Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $3,045.7 million and $2,228.9 million , respectively, and payables to customers of securities operations of $2,886.6 million and $2,664.0 million , respectively.
Accounting Developments	Accounting Developments - Adopted Accounting Standards Revenue Recognition. In May 2014, the FASB issued new guidance that defines how companies report revenues from contracts with customers, and also requires enhanced disclosures. The core principle of 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. We adopted the guidance as of January 1, 2018 and recognized an increase of $17.8 million after-tax to beginning Retained earnings as the cumulative effect of adoption of accounting standards. The increase primarily relates to the recognition of $24.3 million of revenue previously deferred from the sale of real estate to HomeFed in 2014, offset by a decrease of $6.1 million related to Jefferies. For Jefferies, the impact of adoption primarily related to investment banking expenses that were deferred as of December 31, 2017 under the previously existing accounting guidance, which would have been expensed in prior periods under the new revenue standard and investment banking revenues that were previously recognized in prior periods, which would have been deferred as of December 31, 2017 under the new revenue standard. We elected to adopt the new guidance using a modified retrospective approach applied to contracts that were not completed as of January 1, 2018. Accordingly, the new revenue standard is applied prospectively in our financial statements from January 1, 2018 forward and reported financial information for historical comparable periods is not revised and continues to be reported under the accounting standards in effect during those historical periods. The new revenue standard does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other GAAP, and as a result, did not have an impact on the elements of our Consolidated Statements of Operations most closely associated with financial instruments, including Principal transactions revenues, Interest income and Interest expense. The new revenue standard primarily impacts Jefferies revenue recognition and presentation accounting policies as follows: • Investment Banking Revenues. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. • Certain Capital Markets Revenues. Revenues associated with price stabilization activities as part of a securities underwriting were historically recognized as part of Investment banking revenues. Under the new revenue standard, revenues from these activities are recognized within Principal transactions revenues, as these revenues are not considered to be within the scope of the new standard. • Investment Banking Advisory Expenses. Historically, expenses associated with investment banking advisory assignments were deferred until reimbursed by the client, the related fee revenue is recognized or the engagement is otherwise concluded. Under the new revenue standard, expenses are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. • Investment Banking Underwriting and Advisory Expenses. Expenses have historically been recorded net of client reimbursements and/or netted against revenues. Under the new revenue standard, all investment banking expenses will be recognized within their respective expense category in the Consolidated Statements of Operations and any expense reimbursements will be recognized as Investment banking revenues (i.e., expenses are no longer recorded net of client reimbursements and are not netted against revenues). • Asset Management Fees. In certain asset management fee arrangements, Jefferies and LAM receive performance-based fees, which vary with performance or, in certain cases, are earned when the return on assets under management exceed certain benchmark returns or other performance targets. Historically, performance fees have been accrued (or reversed) quarterly based on measuring performance to date versus any relevant benchmark return hurdles stated in the investment management agreement. Under the new revenue standard, performance fees are considered variable as they are subject to fluctuation (e.g., based on market performance) and/or are contingent on a future event during the measurement period (e.g., exceeding a specified benchmark index) and are recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Accordingly, performance fee revenue will generally be recognized only at the end of the performance period to the extent that the benchmark return has been met. National Beef earns over 95% of its revenues through the sale of beef, pork and beef by-products. Agreements with customers for these sales typically specify the type and quantity of products to be delivered, the unit price of each product, the estimated delivery date, and credit and payment terms. The transaction price is generally fixed at the time of sale and revenue is recognized when the customer takes control of the product. The new guidance does not impact how revenue is recognized for this revenue stream. There was no significant impact as a result of applying the new revenue standard to our consolidated financial statements for the three months ended March 31, 2018 , except as it relates to the presentation of Jefferies investment banking expenses. The table below presents the impact of applying the new revenue recognition standard to the Consolidated Statement of Operations for the three months ended March 31, 2018 as a result of the change in presentation of investment banking expenses (in thousands): As Reported Impact of Adoption of Revenue Recognition Standard Financial Results Prior to Adoption of Revenue Recognition Standard Revenues: Beef processing services $ 1,781,920 $ — $ 1,781,920 Commissions and other fees 147,902 — 147,902 Principal transactions 145,663 — 145,663 Investment banking 439,991 32,485 407,506 Interest income 275,290 — 275,290 Other 155,703 — 155,703 Total revenues 2,946,469 32,485 2,913,984 Interest expense of Jefferies 265,676 — 265,676 Net revenues 2,680,793 32,485 2,648,308 Expenses: Cost of sales 1,752,711 — 1,752,711 Compensation and benefits 499,866 — 499,866 Floor brokerage and clearing fees 42,176 — 42,176 Interest expense 23,607 — 23,607 Depreciation and amortization 53,679 — 53,679 Selling, general and other expenses 234,200 32,485 201,715 Total expenses 2,606,239 32,485 2,573,754 Income before income taxes and income (loss) related to associated companies $ 74,554 $ — $ 74,554 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 have adopted the new guidance as of January 1, 2018 with a cumulative effect increase to opening retained earnings of $27.6 million and a corresponding decrease to Accumulated other comprehensive income. The opening retained earnings adjustment is to recognize the unrealized gains we had for available for sale equity securities. Beginning in 2018, these available for sale equity securities are now reported as part of Trading assets, at fair value within the Consolidated Statements of Financial Condition. 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 material impact 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. We adopted this guidance in the first quarter of 2018 and the adoption did not have a material impact on our consolidated financial statements. The adoption of this guidance resulted in the following adjustments to the Consolidated Statements of Operations for the three months ended March 31, 2017 : a decrease of $0.9 million to Compensation and benefits expenses and an increase to Selling, general and other expenses of $0.9 million . 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. We adopted this guidance in the first quarter of 2018. Prior periods were retrospectively adjusted to conform to the current period presentation. The adoption of the guidance did not have a material impact on our Consolidated Statements of Cash Flows. Upon adoption, we recorded a decrease of $149.3 million in Net cash used for operating activities and an increase of $0.6 million in Net cash provided by (used for) investing activities for the three months ended March 31, 2017 related to reclassifying the changes in our restricted cash balance from operating and investing activities to the cash and cash equivalent balances within the Consolidated Statements of Cash Flows. Compensation. In May 2017, the FASB issued new guidance providing clarity and reducing diversity in practice and cost and complexity when accounting for a change to the terms or conditions of a share-based payment award. We adopted this guidance in the first quarter of 2018 and the adoption did not have a material impact on our consolidated financial statements. Accounting Developments - Accounting Standards to be Adopted in Future Periods 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. 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 do not believe the new guidance will have a material impact on our consolidated financial statements. Derivatives and hedging. In August 2017, the FASB issued new guidance to improve the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. The guidance is effective for annual and interim periods beginning after December 15, 2018 and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements.

Basis of Presentation and Sig36

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Supplemental cash flow information	Supplemental Cash Flow Information For the Three Months Ended March 31, 2018 2017 Cash paid during the year for: (In thousands) Interest $ 322,769 $ 248,211 Income tax payments (refunds), net $ (1,918 ) $ 2,728
Schedule of Impact of Applying New Revenue Recognition Standard	The table below presents the impact of applying the new revenue recognition standard to the Consolidated Statement of Operations for the three months ended March 31, 2018 as a result of the change in presentation of investment banking expenses (in thousands): As Reported Impact of Adoption of Revenue Recognition Standard Financial Results Prior to Adoption of Revenue Recognition Standard Revenues: Beef processing services $ 1,781,920 $ — $ 1,781,920 Commissions and other fees 147,902 — 147,902 Principal transactions 145,663 — 145,663 Investment banking 439,991 32,485 407,506 Interest income 275,290 — 275,290 Other 155,703 — 155,703 Total revenues 2,946,469 32,485 2,913,984 Interest expense of Jefferies 265,676 — 265,676 Net revenues 2,680,793 32,485 2,648,308 Expenses: Cost of sales 1,752,711 — 1,752,711 Compensation and benefits 499,866 — 499,866 Floor brokerage and clearing fees 42,176 — 42,176 Interest expense 23,607 — 23,607 Depreciation and amortization 53,679 — 53,679 Selling, general and other expenses 234,200 32,485 201,715 Total expenses 2,606,239 32,485 2,573,754 Income before income taxes and income (loss) related to associated companies $ 74,554 $ — $ 74,554

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2018
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, short-term borrowings 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 $668.2 million and $590.1 million at March 31, 2018 and December 31, 2017 , respectively, by level within the fair value hierarchy (in thousands): March 31, 2018 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Trading assets, at fair value: Corporate equity securities $ 3,483,285 $ 65,101 $ 35,753 $ — $ 3,584,139 Corporate debt securities — 2,865,547 26,103 — 2,891,650 Collateralized debt obligations and collateralized loan obligations — 144,505 38,613 — 183,118 U.S. government and federal agency securities 844,212 42,943 — — 887,155 Municipal securities — 713,643 — — 713,643 Sovereign obligations 1,312,317 1,139,803 — — 2,452,120 Residential mortgage-backed securities — 2,357,081 21,762 — 2,378,843 Commercial mortgage-backed securities — 505,552 15,103 — 520,655 Other asset-backed securities — 286,459 51,288 — 337,747 Loans and other receivables — 2,118,571 62,043 — 2,180,614 Derivatives (2) 17,110 2,549,843 4,712 (2,414,276 ) 157,389 Investments at fair value — — 318,159 — 318,159 FXCM term loan — — 73,200 — 73,200 Total trading assets, excluding investments at fair value based on NAV $ 5,656,924 $ 12,789,048 $ 646,736 $ (2,414,276 ) $ 16,678,432 Available for sale securities: U.S. government securities $ 491,396 $ — $ — $ — $ 491,396 Residential mortgage-backed securities — 140,358 — — 140,358 Commercial mortgage-backed securities — 20,960 — — 20,960 Other asset-backed securities — 38,031 — — 38,031 Total available for sale securities $ 491,396 $ 199,349 $ — $ — $ 690,745 Liabilities: Trading liabilities: Corporate equity securities $ 2,096,743 $ 6,592 $ 61 $ — $ 2,103,396 Corporate debt securities — 1,595,775 522 — 1,596,297 U.S. government and federal agency securities 1,398,020 — — — 1,398,020 Municipal securities — 7,659 — — 7,659 Sovereign obligations 1,208,396 923,899 — — 2,132,295 Commercial mortgage-backed securities — — 35 — 35 Loans — 1,861,278 10,323 — 1,871,601 Derivatives 16,395 3,510,080 11,594 (2,655,358 ) 882,711 Total trading liabilities $ 4,719,554 $ 7,905,283 $ 22,535 $ (2,655,358 ) $ 9,992,014 Long-term debt - structured notes $ — $ 735,456 $ — $ — $ 735,456 December 31, 2017 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,975,463 $ 60,300 $ 22,270 $ — $ 3,058,033 Corporate debt securities — 3,261,300 26,036 — 3,287,336 Collateralized debt obligations and collateralized loan obligations — 139,166 42,184 — 181,350 U.S. government and federal agency securities 1,269,230 39,443 — — 1,308,673 Municipal securities — 710,513 — — 710,513 Sovereign obligations 1,381,552 1,035,907 — — 2,417,459 Residential mortgage-backed securities — 1,453,294 26,077 — 1,479,371 Commercial mortgage-backed securities — 508,115 12,419 — 520,534 Other asset-backed securities — 217,111 61,129 — 278,240 Loans and other receivables — 1,620,581 47,304 — 1,667,885 Derivatives 165,396 3,323,278 9,295 (3,318,481 ) 179,488 Investments at fair value — 946 329,944 — 330,890 FXCM term loan — — 72,800 — 72,800 Total trading assets, excluding investments at fair value based on NAV $ 5,791,641 $ 12,369,954 $ 649,458 $ (3,318,481 ) $ 15,492,572 Available for sale securities: Corporate equity securities (3) $ 88,486 $ — $ — $ — $ 88,486 U.S. government securities 552,805 — — — 552,805 Residential mortgage-backed securities — 34,561 — — 34,561 Commercial mortgage-backed securities — 5,870 — — 5,870 Other asset-backed securities — 34,839 — — 34,839 Total available for sale securities $ 641,291 $ 75,270 $ — $ — $ 716,561 Liabilities: Trading liabilities: Corporate equity securities $ 1,721,267 $ 32,122 $ 48 $ — $ 1,753,437 Corporate debt securities — 1,688,825 522 — 1,689,347 U.S. government and federal agency securities 1,430,737 — — — 1,430,737 Sovereign obligations 1,216,643 956,992 — — 2,173,635 Commercial mortgage-backed securities — — 105 — 105 Loans — 1,148,824 3,486 — 1,152,310 Derivatives 249,361 3,480,506 16,041 (3,490,514 ) 255,394 Total trading liabilities $ 4,618,008 $ 7,307,269 $ 20,202 $ (3,490,514 ) $ 8,454,965 Short-term borrowings $ — $ 23,324 $ — $ — $ 23,324 Long-term debt - structured notes $ — $ 606,956 $ — $ — $ 606,956 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. (2) During the three months ended March 31, 2018 , Jefferies transferred from Level 1 to Level 2 $20.8 million of listed options included in Trading assets - Derivatives, which are measured based on broker quotes or mid-market valuations. There were no other material transfers between Level 1 and Level 2 for the three months ended March 31, 2018 and 2017 . (3) As of January 1, 2018, the Company adopted the FASB's new guidance that affects the accounting for equity investments and the presentation and disclosure requirements for financial instruments. At March 31, 2018 , equity investments are primarily classified as Trading assets, at fair value and the change in fair value of equity securities is now recognized through the Consolidated Statements of Operations. See Note 2 for additional information.
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, 2018 Equity Long/Short Hedge Funds (2) $ 375,352 $ — (2) Fixed Income and High Yield Hedge Funds (3) 405 — — Fund of Funds (4) 186 — — Equity Funds (5) 32,839 18,176 — Multi-asset Funds (6) 259,434 — — Total $ 668,216 $ 18,176 December 31, 2017 Equity Long/Short Hedge Funds (2) $ 407,895 $ — (2) Fixed Income and High Yield Hedge Funds (3) 417 — — Fund of Funds (4) 189 — — Equity Funds (5) 26,798 19,084 — Multi-asset Funds (6) 154,805 — — Total $ 590,104 $ 19,084 (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, primarily in equity securities in domestic and international markets in both the public and private sectors. At March 31, 2018 and December 31, 2017 , 78% and 73% , respectively, of these investments are redeemable with 10 business days or less prior written notice, and 13% and 15% , respectively, of these investments are redeemable with 30 to 60 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) 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 be liquidated 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, 2018 and December 31, 2017 , investments representing approximately 17% and 12% , respectively, of the fair value of investments in this category are redeemable with 30 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, 2018 (in thousands): Three Months Ended March 31, 2018 Balance, December 31, 2017 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance at March 31, 2018 Changes in unrealized gains/losses relating to instruments still held at March 31, 2018 (1) Assets: Trading assets: Corporate equity securities $ 22,270 $ 11,764 $ 2,733 $ (1,381 ) $ (1,687 ) $ — $ 2,054 $ 35,753 $ 10,754 Corporate debt securities 26,036 (9 ) 928 (346 ) (2,049 ) — 1,543 26,103 (1,086 ) CDOs and CLOs 42,184 (3,782 ) 43,796 (34,168 ) (3,838 ) — (5,579 ) 38,613 (3,006 ) Residential mortgage-backed securities 26,077 (3,212 ) — — (3 ) — (1,100 ) 21,762 (2,366 ) Commercial mortgage-backed securities 12,419 (231 ) 1,260 (508 ) (1,285 ) — 3,448 15,103 (622 ) Other asset-backed securities 61,129 (1,385 ) 57,095 (53,459 ) (3,776 ) — (8,316 ) 51,288 127 Loans and other receivables 47,304 1,598 15,635 (803 ) (9,730 ) — 8,039 62,043 (190 ) Investments at fair value 329,944 2,289 240 (16,624 ) — — 2,310 318,159 1,695 FXCM term loan 72,800 8,597 — — (8,197 ) — — 73,200 4,939 Liabilities: Trading liabilities: Corporate equity securities $ 48 $ 13 $ — $ — $ — $ — $ — $ 61 $ (13 ) Corporate debt securities 522 — — — — — — 522 — Commercial mortgage-backed securities 105 (70 ) — — — — — 35 (35 ) Loans 3,486 6 (25 ) 3,442 — — 3,414 10,323 (6 ) Net derivatives (2) 6,746 (1,166 ) (6 ) — 1,012 296 — 6,882 (5,609 ) (1) Realized and unrealized gains (losses) are reported in Principal transactions revenues 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, 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 3,372 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 revenues 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, 2018 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Corporate equity securities $ 30,335 Non-exchange traded securities Market approach Price $3 to $750 $183.0 Underlying stock price $11 — Comparable pricing Comparable asset price $10 — Corporate debt securities $ 26,103 Convertible bond model Discount rate/yield 9% — Volatility 40% — Market approach Estimated recovery percentage 2% to 32% 25 % Price $10 — Comparable pricing Comparable asset price $47 — CDOs and CLOs $ 35,274 Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25% to 30% 26 % Discount rate/yield 6% to 31% 17 % Scenario analysis Estimated recovery percentage 7% to 43% 26 % Residential mortgage-backed securities $ 21,762 Discounted cash flows Cumulative loss rate 3% to 19% 9 % Duration (years) 2 to 4 3 Discount rate/yield 3% to 9% 7 % Commercial mortgage-backed securities $ 15,103 Discounted cash flows Cumulative loss rate 7% to 65% 33 % Duration (years) 0 to 2 1 Discount rate/yield 3% to 24% 17 % Scenario analysis Estimated recovery percentage 26% to 32% 28 % Price $49 to $52 $50.0 Other asset-backed securities $ 51,288 Discounted cash flows Cumulative loss rate 0% to 27% 22 % Duration (years) 1 to 6 2 Discount rate/yield 5% to 11% 8 % Scenario analysis Estimated recovery percentage 11% — Loans and other receivables $ 54,004 Market approach Estimated recovery percentage 23% to 79% 36 % Price $97 — Transaction level $100 — Scenario analysis Estimated recovery percentage 62% to 107% 90 % Derivatives $ 4,712 Total return swaps Market approach Price $102 — Investments at fair value $ 113,017 Private equity securities Market approach Price $0 to $250 $104.0 Discount rate 20% — Investment in FXCM $ 73,200 Term loan Discounted cash flows Term based on the pay off (years) 0 months to .8 years 0.2 years Trading Liabilities Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Derivatives $ 11,594 Equity options Option model/default rate Default probability 0% — Unfunded commitments Market approach Price $97 — Total return swaps Market approach Price $102 — Variable funding note swaps Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25% — Discount rate/yield 31% — December 31, 2017 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Corporate equity securities $ 18,109 Non-exchange traded securities Market approach Price $3 to $75 $33.0 Underlying stock price $6 — Comparable pricing Comparable asset price $7 — Corporate debt securities $ 26,036 Convertible bond model Discount rate/yield 8% — Volatility 40% — Market approach Estimated recovery percentage 17% — Price $10 — CDOs and CLOs $ 38,845 Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25% to 30% 26 % Discount rate/yield 3% to 26% 12 % Scenario analysis Estimated recovery percentage 8% to 45% 26 % Residential mortgage-backed securities $ 26,077 Discounted cash flows Cumulative loss rate 3% to 19% 10 % Duration (years) 2 years to 4 years 3 Discount rate/yield 6% to 10% 8 % Commercial mortgage-backed securities $ 12,419 Discounted cash flows Discount rate/yield 2% to 26% 12 % Cumulative loss rate 8% to 65% 44 % Duration (years) 1 year to 3 years 2 Scenario analysis Estimated recovery percentage 26% to 32% 28 % Price $52 to $56 $54.0 Other asset-backed securities $ 61,129 Discounted cash flows Cumulative loss rate 0% to 33% 23 % Duration (years) 1 year to 6 years 2 Discount rate/yield 5% to 39% 9 % Market approach Price $100 — Scenario analysis Estimated recovery percentage 14% — Loans and other receivables $ 46,121 Market approach Estimated recovery percentage 76% — Price $54 to $100 $95.0 Scenario analysis Estimated recovery percentage 13% to 107% 78 % Derivatives $ 9,295 Total return swaps Market approach Price $101 to $106 $103.0 Interest rate swaps Market approach Credit spread 800 bps — Investments at fair value $ 110,010 Private equity securities Market approach Transaction level $3 to $250 $172.0 Price $7 — Discount rate 20% — Investment in FXCM $ 72,800 Term loan Discounted cash flows Term based on the pay off (years) 0 months to 1 year 0.2 years Trading Liabilities Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Derivatives $ 16,041 Equity options Option model/default rate Default probability 0% — Unfunded commitments Market approach Price $99 — Total return swaps Market approach Price $101 to $106 $103.0 Variable funding note swaps Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25% — Discount rate/yield 26% —
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 (in thousands): For the Three Months Ended March 31, 2018 2017 Financial Instruments Owned: Loans and other receivables $ 2,628 $ (5,127 ) Financial Instruments Sold: Loans $ 250 $ (27 ) Loan commitments $ (129 ) $ 871 Long-term Debt: Changes in instrument specific credit risk (1) $ (16,202 ) $ (16,040 ) Other changes in fair value (2) $ 41,154 $ 3,417 (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 in 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, long-term debt and short-term borrowings measured at fair value under the fair value option (in thousands): March 31, 2018 December 31, 2017 Financial Instruments Owned: Loans and other receivables (1) $ 933,508 $ 752,076 Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) $ 222,548 $ 159,462 Long-term debt and short-term borrowings $ 62,094 $ 32,839 (1) Interest income is recognized separately from other changes in fair value and is included in Interest income in the Consolidated Statements of Operations. (2) Amounts include all loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $33.8 million and $38.7 million at March 31, 2018 and December 31, 2017 , respectively.

Derivative Financial Instrume38

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure	The following table presents 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, 2018 and December 31, 2017 . The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our 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 financial position (in thousands, except contract amounts): Assets Liabilities Fair Value Number of Contracts Fair Value Number of Contracts March 31, 2018 Derivatives designated as accounting hedges - interest rate contracts $ — — $ 28,269 1 Derivatives not designated as accounting hedges: Interest rate contracts $ 799,940 38,814 $ 948,742 12,655 Foreign exchange contracts 307,337 5,695 299,953 4,470 Equity contracts 1,432,656 2,494,701 2,222,854 2,040,074 Commodity contracts 5,207 5,801 14,066 6,881 Credit contracts 26,525 146 24,185 105 Total 2,571,665 3,509,800 Counterparty/cash-collateral netting (1) (2,414,276 ) (2,655,358 ) Total derivatives not designated as accounting hedges $ 157,389 $ 854,442 Total per Consolidated Statement of Financial Condition (2) $ 157,389 $ 882,711 December 31, 2017 Derivatives designated as accounting hedges - interest rate contracts $ — — $ 2,420 1 Derivatives not designated as accounting hedges: Interest rate contracts $ 1,717,058 38,941 $ 1,708,776 12,828 Foreign exchange contracts 366,541 6,463 349,512 4,612 Equity contracts 1,373,016 2,728,750 1,638,258 2,118,526 Commodity contracts 3,093 7,249 5,141 6,047 Credit contracts 38,261 130 41,801 191 Total 3,497,969 3,743,488 Counterparty/cash-collateral netting (1)(3) (3,318,481 ) (3,490,514 ) Total derivatives not designated as accounting hedges $ 179,488 $ 252,974 Total per Consolidated Statement of Financial Condition (2)(3) $ 179,488 $ 255,394 (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. (3) Pursuant to a rule change by the London Clearing House in the first fiscal quarter of 2018, variation margin exchanged each day with this clearing organization on certain interest rate derivatives is characterized as settlement payments as opposed to cash posted as collateral. The impact of this rule change would have been a reduction in gross interest rate derivative assets and liabilities as of December 31, 2017 of approximately $800 million , and a corresponding decrease in counterparty and cash collateral netting, with no impact to our Consolidated Statement of Financial Condition .
Unrealized And Realized Gains (Losses) On Derivative Contracts	The following table provides information related to gains (losses) recognized in Interest expense of Jefferies in the Consolidated Statements of Operations on a fair value hedge (in thousands): For the Three Months Ended March 31, 2018 2017 Interest rate swaps $ (21,221 ) $ (4,609 ) Long-term debt 22,715 5,405 Total $ 1,494 $ 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 (in thousands): For the Three Months Ended March 31, 2018 2017 Interest rate contracts $ 26,962 $ 9,678 Foreign exchange contracts 3,128 2,503 Equity contracts (205,146 ) (178,622 ) Commodity contracts (6,156 ) 7,248 Credit contracts (991 ) 10,192 Total $ (182,203 ) $ (149,001 )
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, 2018 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross- Maturity Netting (4) Total Equity swaps and options $ 1,156 $ 6,907 $ 3,436 $ (3,177 ) $ 8,322 Credit default swaps — 12,996 — — 12,996 Total return swaps 28,882 5,843 — (1,595 ) 33,130 Foreign currency forwards, swaps and options 56,730 561 — (551 ) 56,740 Fixed income forwards 39 — — — 39 Interest rate swaps, options and forwards 31,049 98,340 84,770 (86,162 ) 127,997 Total $ 117,856 $ 124,647 $ 88,206 $ (91,485 ) 239,224 Cross product counterparty netting (20,558 ) Total OTC derivative assets included in Trading assets $ 218,666 (1) At March 31, 2018 , we held exchange traded derivative assets, other derivative assets and other credit agreements with a fair value of $66.3 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, 2018 , cash collateral received was $127.6 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 5,632 $ 1,121 $ — $ — $ 6,753 Equity swaps and options 15,297 170,529 7,234 (3,177 ) 189,883 Credit default swaps 31 8,994 — — 9,025 Total return swaps 46,255 115,708 — (1,595 ) 160,368 Foreign currency forwards, swaps and options 49,723 374 — (551 ) 49,546 Fixed income forwards 4,669 — — — 4,669 Interest rate swaps, options and forwards 37,996 127,317 227,911 (86,162 ) 307,062 Total $ 159,603 $ 424,043 $ 235,145 $ (91,485 ) 727,306 Cross product counterparty netting (20,558 ) Total OTC derivative liabilities included in Trading liabilities $ 706,748 (1) At March 31, 2018 , we held exchange traded derivative liabilities, other derivative liabilities and other credit agreements with a fair value of $544.6 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, 2018 , cash collateral pledged was $368.7 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, 2018 , 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 $ 163,170 BBB- to BBB+ 12,292 BB+ or lower 30,322 Unrated 12,882 Total $ 218,666 (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.
Credit Related Derivative Contracts	The external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts (in millions): External Credit Rating Investment Grade Non-investment grade Total Notional March 31, 2018 Credit protection sold: Index credit default swaps $ 105.0 $ 71.5 $ 176.5 Single name credit default swaps $ 42.7 $ 30.6 $ 73.3 December 31, 2017 Credit protection sold: Index credit default swaps $ 3.0 $ 126.0 $ 129.0 Single name credit default swaps $ 129.1 $ 89.1 $ 218.2

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	3 Months Ended
	Mar. 31, 2018
Collateralized Transactions [Abstract]
Schedule of Collateralized Financing Transactions	The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by class of collateral pledged and remaining contractual maturity (in thousands): Collateral Pledged Securities Lending Arrangements Repurchase Agreements Total March 31, 2018 Cash $ — $ 213,035 $ 213,035 Corporate equity securities 1,934,024 309,860 2,243,884 Corporate debt securities 363,344 2,027,899 2,391,243 Mortgage- and asset-backed securities — 2,961,222 2,961,222 U.S. government and federal agency securities 75,105 8,269,477 8,344,582 Municipal securities — 547,817 547,817 Sovereign obligations — 2,124,652 2,124,652 Loans and other receivables — 301,165 301,165 Total $ 2,372,473 $ 16,755,127 $ 19,127,600 December 31, 2017 Corporate equity securities $ 2,353,798 $ 214,413 $ 2,568,211 Corporate debt securities 470,908 2,336,702 2,807,610 Mortgage- and asset-backed securities — 2,562,268 2,562,268 U.S. government and federal agency securities 19,205 11,792,534 11,811,739 Municipal securities — 444,861 444,861 Sovereign obligations — 2,023,530 2,023,530 Loans and other receivables — 454,941 454,941 Total $ 2,843,911 $ 19,829,249 $ 22,673,160 Contractual Maturity Overnight and Continuous Up to 30 Days 30 to 90 Days Greater than 90 Days Total March 31, 2018 Securities lending arrangements $ 1,115,462 $ — $ 869,585 $ 387,426 $ 2,372,473 Repurchase agreements 8,192,755 2,606,412 4,815,819 1,140,141 16,755,127 Total $ 9,308,217 $ 2,606,412 $ 5,685,404 $ 1,527,567 $ 19,127,600 December 31, 2017 Securities lending arrangements $ 1,676,940 $ — $ 741,971 $ 425,000 $ 2,843,911 Repurchase agreements 10,780,474 4,058,228 3,211,464 1,779,083 19,829,249 Total $ 12,457,414 $ 4,058,228 $ 3,953,435 $ 2,204,083 $ 22,673,160

Securitization Activities (Tabl

Securitization Activities (Tables)	3 Months Ended
	Mar. 31, 2018
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 (in millions): For the Three Months Ended March 31, 2018 2017 Transferred assets $ 2,757.8 $ 953.5 Proceeds on new securitizations $ 2,758.9 $ 962.6 Cash flows received on retained interests $ 9.2 $ 8.7
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, 2018 December 31, 2017 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 9,083.2 $ 570.9 $ 6,383.5 $ 28.2 U.S. government agency commercial mortgage-backed securities $ 1,724.0 $ 85.6 $ 2,075.7 $ 81.4 CLOs $ 4,361.1 $ 17.8 $ 3,957.8 $ 20.3 Consumer and other loans $ 281.1 $ 46.5 $ 247.6 $ 47.8

Available for Sale Securities41

Available for Sale Securities and Other Investments (Tables)	3 Months Ended
	Mar. 31, 2018
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 are as follows (in thousands): Amortized Gross Gross Estimated March 31, 2018 Bonds and notes: U.S. government securities $ 491,437 $ 12 $ 53 $ 491,396 Residential mortgage-backed securities 141,109 315 1,066 140,358 Commercial mortgage-backed securities 21,083 19 142 20,960 Other asset-backed securities 38,158 14 141 38,031 Total fixed maturities 691,787 360 1,402 690,745 Total Available for sale securities $ 691,787 $ 360 $ 1,402 $ 690,745 December 31, 2017 Bonds and notes: U.S. government securities $ 552,847 $ — $ 42 $ 552,805 Residential mortgage-backed securities 34,381 272 92 34,561 Commercial mortgage-backed securities 5,857 17 4 5,870 Other asset-backed securities 34,837 46 44 34,839 Total fixed maturities 627,922 335 182 628,075 Equity securities: Common stocks: Banks, trusts and insurance companies 35,071 17,500 — 52,571 Industrial, miscellaneous and all other 17,504 18,411 — 35,915 Total equity securities 52,575 35,911 — 88,486 Total Available for sale securities $ 680,497 $ 36,246 $ 182 $ 716,561
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, 2018 , 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 $ 491,437 $ 491,396 491,437 491,396 Mortgage-backed and asset-backed securities 200,350 199,349 $ 691,787 $ 690,745

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2018
Variable Interest Entities [Abstract]
Assets And Liabilities Of Consolidated VIEs	The following table presents information about the assets and liabilities of our consolidated securitization vehicles VIEs, which are presented in our Consolidated Statements of Financial Condition in the respective asset and liability categories (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, 2018 December 31, 2017 Cash $ 4.0 $ 11.7 Financial instruments owned 1.1 37.6 Securities purchased under agreement to resell (1) 704.9 729.3 Receivables 517.3 318.1 Other 73.2 15.5 Total assets $ 1,300.5 $ 1,112.2 Other secured financings (2) $ 1,259.0 $ 1,073.5 Other (3) 44.8 38.3 Total liabilities $ 1,303.8 $ 1,111.8 (1) Securities purchased under agreements to resell represent an amount due under a collateralized transaction on a related consolidated entity, which is eliminated in consolidation. (2) Approximately $8.0 million and $44.1 million of the secured financings represent an amount held by Jefferies in inventory and eliminated in consolidation at March 31, 2018 and December 31, 2017 , respectively. (3) Includes $41.5 million and $32.0 million at March 31, 2018 and December 31, 2017 , respectively, of intercompany payables that are eliminated in consolidation.
Non-Consolidated Variable Interest Entities	The following tables present information about our variable interests in nonconsolidated VIEs (in millions): Financial Statement Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities March 31, 2018 CLOs $ 215.5 $ 4.9 $ 1,256.1 $ 5,555.3 Consumer loan vehicles 315.8 — 728.0 2,879.6 Related party private equity vehicles 30.9 — 52.4 97.1 Other private investment vehicles 134.5 — 143.4 5,179.9 Total $ 696.7 $ 4.9 $ 2,179.9 $ 13,711.9 December 31, 2017 CLOs $ 168.1 $ 8.9 $ 1,030.4 $ 5,364.3 Consumer loan vehicles 254.8 — 759.8 2,322.7 Related party private equity vehicles 23.7 — 45.4 75.0 Other private investment vehicles 133.0 — 142.0 4,624.9 Total $ 579.6 $ 8.9 $ 1,977.6 $ 12,386.9

Loans to and Investments In A43

Loans to and Investments In Associated Companies (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 and 2017 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 Jefferies associated companies (1) 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, 2018 Jefferies Finance $ 655,467 $ — $ 9,833 $ 139,386 $ — $ 804,686 Berkadia 210,594 26,281 — (17,212 ) (453 ) 219,210 FXCM (2) 158,856 (8,224 ) — — 239 150,871 Garcadia Companies 179,143 11,383 — (9,727 ) — 180,799 Linkem 192,136 (7,455 ) — 542 8,024 193,247 HomeFed 341,874 11,610 — — — 353,484 Golden Queen (3) 105,005 (3,969 ) — 8,444 — 109,480 Other 223,754 2,474 (4,228 ) (2,383 ) 1,676 221,293 Total $ 2,066,829 $ 32,100 $ 5,605 $ 119,050 $ 9,486 $ 2,233,070 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 (2) 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 111,302 (1,297 ) — — — 110,005 Other 205,854 187 (1,034 ) 54,680 1 259,688 Total $ 2,125,098 $ (128,574 ) $ 26,263 $ 95,720 $ 3,972 $ 2,122,479 (1) Primarily classified in Investment banking revenues and Other revenues. (2) As further described in Note 3, our investment in FXCM includes both our equity method investment in FXCM and our term loan with FXCM. Our equity method investment is included as Loans to and investments in associated companies and our term loan is included as Trading assets, at fair value in our Consolidated Statements of Financial Condition. (3) At March 31, 2018 and December 31, 2017 , the balance reflects $26.9 million and $30.5 million , respectively, related to a noncontrolling interest. Income (losses) related to associated companies includes the following (in thousands): For the Three Months Ended March 31, 2018 2017 Berkadia $ 26,281 $ 16,954 FXCM (8,224 ) (149,900 ) Garcadia companies 11,383 13,294 Linkem (7,455 ) (8,148 ) HomeFed 11,610 336 Golden Queen (3,969 ) (1,297 ) Other 2,474 187 Total $ 32,100 $ (128,574 ) Income (losses) related to Jefferies associated companies (primarily classified in Investment banking revenues and Other revenues) includes the following (in thousands): For the Three Months Ended March 31, 2018 2017 Jefferies Finance $ 9,833 $ 24,965 Jefferies LoanCore — 2,332 Other (4,228 ) (1,034 ) Total $ 5,605 $ 26,263
Schedule of Equity Method Investments	The following table provides summarized data for certain associated companies (Jefferies Finance and Berkadia) (in thousands): For the Three Months Ended March 31, 2018 2017 Revenues $ 266,339 $ 230,269 Income from continuing operations before extraordinary items $ 99,811 $ 78,512 Net income $ 99,811 $ 78,512

Financial Statement Offsetting

Financial Statement Offsetting (Tables)	3 Months Ended
	Mar. 31, 2018
Offsetting [Abstract]
Summary of Offsetting Assets	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, 2018 Derivative contracts $ 2,571,665 $ (2,414,276 ) $ 157,389 $ — $ — $ 157,389 Securities borrowing arrangements $ 7,300,171 $ — $ 7,300,171 $ (662,827 ) $ (1,151,335 ) $ 5,486,009 Reverse repurchase agreements $ 11,488,733 $ (8,504,788 ) $ 2,983,945 $ (289,950 ) $ (2,673,232 ) $ 20,763 Liabilities at March 31, 2018 Derivative contracts $ 3,538,069 $ (2,655,358 ) $ 882,711 $ — $ — $ 882,711 Securities lending arrangements $ 2,372,473 $ — $ 2,372,473 $ (662,827 ) $ (1,558,384 ) $ 151,262 Repurchase agreements $ 16,755,127 $ (8,504,788 ) $ 8,250,339 $ (289,950 ) $ (7,041,254 ) $ 919,135 Assets at December 31, 2017 Derivative contracts $ 3,497,969 $ (3,318,481 ) $ 179,488 $ — $ — $ 179,488 Securities borrowing arrangements $ 7,721,803 $ — $ 7,721,803 $ (966,712 ) $ (1,032,629 ) $ 5,722,462 Reverse repurchase agreements $ 14,858,297 $ (11,168,738 ) $ 3,689,559 $ (463,973 ) $ (3,207,147 ) $ 18,439 Liabilities at December 31, 2017 Derivative contracts $ 3,745,908 $ (3,490,514 ) $ 255,394 $ — $ — $ 255,394 Securities lending arrangements $ 2,843,911 $ — $ 2,843,911 $ (966,712 ) $ (1,795,408 ) $ 81,791 Repurchase agreements $ 19,829,249 $ (11,168,738 ) $ 8,660,511 $ (463,973 ) $ (7,067,512 ) $ 1,129,026 (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 netting 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, 2018 , amounts include $5,418.7 million of securities borrowing arrangements, for which we have received securities collateral of $5,221.3 million , and $888.2 million of repurchase agreements, for which we have pledged securities collateral of $907.3 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. At December 31, 2017 , amounts include $5,678.6 million of securities borrowing arrangements, for which we have received securities collateral of $5,516.7 million , and $1,084.4 million of repurchase agreements, for which we have pledged securities collateral of $1,115.9 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable.
Summary of Offsetting Liabilities	The following table provides information regarding derivative contracts, repurchase agreements and securities borrowing and lending arrangements that are recognized in the Consolidated Statements of Financial Condition and (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our consolidated financial position. (In thousands) Gross Amounts Netting in Consolidated 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, 2018 Derivative contracts $ 2,571,665 $ (2,414,276 ) $ 157,389 $ — $ — $ 157,389 Securities borrowing arrangements $ 7,300,171 $ — $ 7,300,171 $ (662,827 ) $ (1,151,335 ) $ 5,486,009 Reverse repurchase agreements $ 11,488,733 $ (8,504,788 ) $ 2,983,945 $ (289,950 ) $ (2,673,232 ) $ 20,763 Liabilities at March 31, 2018 Derivative contracts $ 3,538,069 $ (2,655,358 ) $ 882,711 $ — $ — $ 882,711 Securities lending arrangements $ 2,372,473 $ — $ 2,372,473 $ (662,827 ) $ (1,558,384 ) $ 151,262 Repurchase agreements $ 16,755,127 $ (8,504,788 ) $ 8,250,339 $ (289,950 ) $ (7,041,254 ) $ 919,135 Assets at December 31, 2017 Derivative contracts $ 3,497,969 $ (3,318,481 ) $ 179,488 $ — $ — $ 179,488 Securities borrowing arrangements $ 7,721,803 $ — $ 7,721,803 $ (966,712 ) $ (1,032,629 ) $ 5,722,462 Reverse repurchase agreements $ 14,858,297 $ (11,168,738 ) $ 3,689,559 $ (463,973 ) $ (3,207,147 ) $ 18,439 Liabilities at December 31, 2017 Derivative contracts $ 3,745,908 $ (3,490,514 ) $ 255,394 $ — $ — $ 255,394 Securities lending arrangements $ 2,843,911 $ — $ 2,843,911 $ (966,712 ) $ (1,795,408 ) $ 81,791 Repurchase agreements $ 19,829,249 $ (11,168,738 ) $ 8,660,511 $ (463,973 ) $ (7,067,512 ) $ 1,129,026 (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 netting 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, 2018 , amounts include $5,418.7 million of securities borrowing arrangements, for which we have received securities collateral of $5,221.3 million , and $888.2 million of repurchase agreements, for which we have pledged securities collateral of $907.3 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. At December 31, 2017 , amounts include $5,678.6 million of securities borrowing arrangements, for which we have received securities collateral of $5,516.7 million , and $1,084.4 million of repurchase agreements, for which we have pledged securities collateral of $1,115.9 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable.

Intangible Assets, Net and Go45

Intangible Assets, Net and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule Of Intangible Assets, Net And Goodwill	A summary of Intangible assets, net and goodwill is as follows (in thousands): March 31, 2018 December 31, 2017 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 8,619 $ 8,551 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $237,946 and $230,074 340,156 347,767 Trademarks and tradename, net of accumulated amortization of $99,861 and $95,627 290,009 293,851 Supply contracts, net of accumulated amortization of $59,833 and $57,440 83,767 86,160 Other, net of accumulated amortization of $4,127 and $3,885 4,459 4,701 Total intangible assets, net 727,010 741,030 Goodwill: National Beef 14,991 14,991 Jefferies 1,705,097 1,703,300 Other operations 3,859 3,859 Total goodwill 1,723,947 1,722,150 Total intangible assets, net and goodwill $ 2,450,957 $ 2,463,180
Schedule of Estimated Aggregate Future Amortization Expense	The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows (in thousands): Remainder of current year $ 43,839 2019 $ 58,454 2020 $ 58,454 2021 $ 58,067 2022 $ 57,984

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Short-term Borrowings	Jefferies short-term borrowings, which mature in one year or less, are as follows (in thousands): March 31, 2018 December 31, 2017 Bank loans (1) $ 357,012 $ 304,651 Floating rate puttable notes 111,034 108,240 Equity-linked notes — 23,324 Total short-term borrowings $ 468,046 $ 436,215 (1) Bank loans include loans entered into, pursuant to a Master Loan Agreement, between the Bank of New York and Jefferies.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Aggregate Indebtedness [Abstract]
Schedule Of Indebtedness	The principal amount (net of unamortized discounts, premiums and debt issuance costs), stated interest rate and maturity date of outstanding debt are as follows (dollars in thousands): March 31, 2018 December 31, 2017 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 742,629 $ 742,348 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,686 246,673 Total long-term debt – Parent Company 989,315 989,021 Subsidiary Debt (non-recourse to Parent Company): Jefferies: 5.125% Senior Notes, due April 13, 2018, $668,300 and $678,300 principal (1) 669,586 682,338 8.50% Senior Notes, due July 15, 2019, $680,800 principal 721,677 728,872 2.375% Euro Medium Term Notes, due May 20, 2020, $610,075 and $594,725 principal 608,789 593,334 6.875% Senior Notes, due April 15, 2021, $750,000 principal 804,138 808,157 2.25% Euro Medium Term Notes, due July 13, 2022, $4,881 and $4,758 principal 4,521 4,389 5.125% Senior Notes, due January 20, 2023, $600,000 principal 615,021 615,703 4.85% Senior Notes, due January 15, 2027, $750,000 principal (2) 713,762 736,357 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 375,274 375,794 3.875% Convertible Senior Debentures, due November 1, 2029, $0 and $324,779 principal — 324,779 4.15% Senior Notes, due January 23, 2030, $1,000,000 and $0 principal 987,157 — 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 511,947 512,040 6.50% Senior Notes, due January 20, 2043, $400,000 principal 420,901 420,990 Structured Notes (3) 742,777 614,091 National Beef Reducing Revolver Loan 180,000 120,000 National Beef Revolving Credit Facility 40,329 76,809 Foursight Capital Credit Facilities 11,750 170,455 Other 102,780 112,654 Total long-term debt – subsidiaries 7,510,409 6,896,762 Long-term debt $ 8,499,724 $ 7,885,783 (1) On April 13, 2018, these 5.125% Senior Notes were redeemed by Jefferies with cash on hand. (2) Amount includes decreases of $22.7 million and $5.4 million during the three months ended March 31, 2018 and 2017 , respectively, associated with an interest rate swap based on its designation as a fair value hedge. See Note 4 for further information. (3) Includes $735.5 million and $607.0 million at fair value at March 31, 2018 and December 31, 2017 , respectively. These structured notes 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 transactions revenues.

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Temporary Equity Disclosure [Abstract]
Schedule Of Redeemable Noncontrolling Interests	The following table rolls forward National Beef’s redeemable noncontrolling interests activity during the three months ended March 31, 2018 and 2017 (in thousands): For the Three Months Ended March 31, 2018 2017 As of January 1, $ 412,128 $ 321,962 Income allocated to redeemable noncontrolling interests 14,450 12,049 Distributions to redeemable noncontrolling interests (9,519 ) (7,117 ) Increase (decrease) in fair value of redeemable noncontrolling interests (17,067 ) 1,038 Balance, March 31, $ 399,992 $ 327,932

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2018
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 is as follows (in thousands): March 31, 2018 December 31, 2017 Net unrealized gains on available for sale securities $ 543,290 $ 572,085 Net unrealized foreign exchange losses (83,497 ) (101,400 ) Net unrealized losses on instrument specific credit risk (46,001 ) (34,432 ) Net unrealized gains (losses) on cash flow hedges 110 (1,138 ) Net minimum pension liability (56,585 ) (62,391 ) $ 357,317 $ 372,724
Schedule Of Accumulated Other Comprehensive Income Reclassifications	For the three months ended March 31, 2018 and 2017 , significant amounts reclassified out of accumulated other comprehensive income to net income 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 2018 2017 Net unrealized losses on available for sale securities, net of income tax benefit of $(5) and $(11) $ (15 ) $ (18 ) Other revenues Net unrealized foreign exchange losses, net of income tax provision of $0 and $1,097 — (5,290 ) Other income and other expenses Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(151) and $(204) (462 ) (433 ) Selling, general and other expenses, which includes pension expense. Other pension, net of income tax benefit of $0 and $(1,231) (5,344 ) 1,231 Compensation and benefits expense and Income tax provision (benefit) Total reclassifications for the period, net of tax $ (5,821 ) $ (4,510 )

Revenues from Contracts with 50

Revenues from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): For the Three Months Ended March 31, 2018 Revenues from contracts with customers: Beef processing services $ 1,779,631 Commissions and other fees 147,902 Investment banking 439,991 Other 140,523 Total revenue from contracts with customers 2,508,047 Other sources of revenue: Beef processing services 2,289 Principal transactions 145,663 Interest income 275,290 Other 15,180 Total revenue from other sources 438,422 Total revenues $ 2,946,469 The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions for the three months ended March 31, 2018 (in thousands): Reportable Segments Jefferies National Beef Corporate and Other All Other Total Major Business Activity: Jefferies: Equities (1) $ 151,630 $ — $ — $ — $ 151,630 Fixed Income (1) 2,958 — — — 2,958 Investment Banking 439,991 — — — 439,991 Asset Management 4,930 — — — 4,930 Beef processing services — 1,779,631 — — 1,779,631 Manufacturing revenues — — — 98,365 98,365 Oil and gas revenues — — — 20,330 20,330 Other revenues — — 8,233 1,979 10,212 Total revenues from contracts with customers $ 599,509 $ 1,779,631 $ 8,233 $ 120,674 $ 2,508,047 Primary Geographic Region: Americas $ 520,854 $ 1,554,061 $ 7,903 $ 120,674 $ 2,203,492 Europe, Middle East and Africa 61,328 17,596 255 — 79,179 Asia 17,327 207,974 75 — 225,376 Total revenues from contracts with customers $ 599,509 $ 1,779,631 $ 8,233 $ 120,674 $ 2,508,047 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.

Common Share and Earnings (Lo51

Common Share and Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2018
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 (in thousands): For the Three Months Ended March 31, 2018 2017 Numerator for earnings per share: Net income attributable to Leucadia National Corporation common shareholders $ 124,525 $ 281,408 Allocation of earnings to participating securities (1) (499 ) (1,138 ) Net income attributable to Leucadia National Corporation common shareholders for basic earnings per share 124,026 280,270 Adjustment to allocation of earnings to participating securities related to diluted shares (1) (1 ) 8 Mandatorily redeemable convertible preferred share dividends 1,172 1,016 Net income attributable to Leucadia National Corporation common shareholders for diluted earnings per share $ 125,197 $ 281,294 Denominator for earnings per share: Weighted average common shares outstanding 356,576 359,634 Weighted average shares of restricted stock outstanding with future service required (1,285 ) (1,432 ) Weighted average RSUs outstanding with no future service required 11,136 11,065 Denominator for basic earnings per share – weighted average shares 366,427 369,267 Stock options 30 16 Senior executive compensation plan awards 2,842 2,276 Mandatorily redeemable convertible preferred shares 4,162 4,162 Denominator for diluted earnings per share 373,461 375,721 (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 1,317,000 and 1,500,000 for the three months ended March 31, 2018 and 2017 , respectively. Dividends declared on participating securities were not material during three months ended March 31, 2018 and 2017 . 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 an52

Commitments, Contingencies and Guarantees (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	The following table summarizes commitments associated with certain business activities (in millions): Expected Maturity Date 2018 2019 2020 and 2021 2022 and 2023 2024 and Later Maximum Payout Equity commitments (1) $ 33.3 $ 0.2 $ 18.8 $ — $ 104.5 $ 156.8 Loan commitments (1) 158.0 — 47.5 7.4 — 212.9 Mortgage-related and other purchase commitments — 177.7 — — — 177.7 Underwriting commitments 55.0 — — — — 55.0 Forward starting reverse repos (2) 3,432.2 — — — — 3,432.2 Forward starting repos (2) 2,523.5 — — — — 2,523.5 Other unfunded commitments (1) 157.3 117.3 11.3 107.0 5.5 398.4 $ 6,359.3 $ 295.2 $ 77.6 $ 114.4 $ 110.0 $ 6,956.5 (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, 2018 , all of the forward starting securities purchased under agreements to resell and securities sold under agreements to repurchase (collectively "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, 2018 (in millions): Expected Maturity Date Guarantee Type 2018 2019 2020 and 2021 2022 and 2023 2024 and Later Notional/ Maximum Payout Derivative contracts – non-credit related $ 19,737.1 $ 3,134.8 $ 1,429.2 $ 215.0 $ 478.2 $ 24,994.3 Written derivative contracts – credit related — 42.7 7.5 23.1 — 73.3 Total derivative contracts $ 19,737.1 $ 3,177.5 $ 1,436.7 $ 238.1 $ 478.2 $ 25,067.6

Other Fair Value Information (T

Other Fair Value Information (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Receivables: Notes and loans receivable (1) $ 615,567 $ 598,218 $ 579,071 $ 565,285 Financial Liabilities: Short-term borrowings (2) $ 468,046 $ 468,046 $ 412,891 $ 412,891 Long-term debt (3) $ 7,764,268 $ 8,012,424 $ 7,278,827 $ 7,678,210 (1) Notes and loans receivable: The fair values are estimated principally based on a discounted future cash flows model using market interest rates for similar instruments. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. (2) Short-term borrowings: The fair values of short-term borrowings are estimated to be the carrying amount due to their short maturities. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. (3) Long-term debt: The fair values are estimated using quoted prices, pricing information obtained from external data providers and, for certain variable rate debt, is estimated to be the carrying amount. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 and Level 3 in the fair value hierarchy.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information, By Segment	Certain information concerning our segments is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired. As discussed above, Jefferies is reflected in our consolidated financial statements utilizing a one month lag. For the Three Months Ended March 31, 2018 2017 (In thousands) Net Revenues: Reportable Segments: Jefferies $ 820,919 $ 797,386 National Beef 1,785,358 1,561,456 Corporate and other 8,444 7,690 Total net revenues related to reportable segments 2,614,721 2,366,532 All other (1) 66,072 501,450 Total consolidated net revenues $ 2,680,793 $ 2,867,982 Income (loss) before income taxes: Reportable Segments: Jefferies $ 125,730 $ 132,270 National Beef 68,891 57,103 Corporate and other (23,688 ) (14,504 ) Income before income taxes related to reportable segments 170,933 174,869 All other (1) (49,533 ) 237,958 Parent Company interest (14,746 ) (14,730 ) Total consolidated income before income taxes $ 106,654 $ 398,097 Depreciation and amortization expenses: Reportable Segments: Jefferies $ 16,366 $ 15,601 National Beef 25,519 22,399 Corporate and other 1,298 867 Total depreciation and amortization expenses related to reportable segments 43,183 38,867 All other 10,496 10,643 Total consolidated depreciation and amortization expenses $ 53,679 $ 49,510 (1) All other revenue and Income from continuing operations before income taxes include realized and unrealized gains (losses) relating to our investment in FXCM of $8.6 million and $0.4 million , respectively, for the three months ended March 31, 2018 , and $10.9 million and $(139.0) million , respectively, for the three months ended March 31, 2017 .

Nature of Operations (Details)

Nature of Operations (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2018USD ($)Seat	Mar. 31, 2018USD ($)Dealership	Mar. 31, 2017USD ($)
Nature Of Operations [Line Items]
Pre-tax gain from sale of subsidiary		$ 0	$ 179,894
National Beef
Nature Of Operations [Line Items]
Percentage interest owned in subsidiary		78.90%
Garcadia
Nature Of Operations [Line Items]
Percentage of ownership owned		75.00%
Number of automobile dealerships | Dealership		28
Subsequent Event | National Beef
Nature Of Operations [Line Items]
Percentage interest owned in subsidiary	31.00%
Number of seats on investment committee retained by Company | Seat	2
Lockup period related to divestiture of businesses	5 years
Subsequent Event | Garcadia
Nature Of Operations [Line Items]
Percentage of equity method investment for sale	100.00%
Subsequent Event | Vitesse Energy, LLC
Nature Of Operations [Line Items]
Payments to acquire productive assets, funded as equity	$ 145,000
Subsequent Event | Disposed of by Sale | Garcadia
Nature Of Operations [Line Items]
Proceeds from sale of equity method investments	435,000
Sale of equity method investment, consideration in senior preferred equity	50,000
Sale of equity method investment, payment for mortgage debt retirement	53,000
Sale of equity method investment, payment to satisfy pre-existing obligation	5,750
Pre-tax gain on sale of equity method investment	$ 220,000
Subsequent Event | Disposed of by Sale | National Beef
Nature Of Operations [Line Items]
Percentage interest owned in subsidiary	48.00%
Cash from sale of subsidiary	$ 900,000
Additional proceeds expected from divestiture of businesses	$ 150,000
Ownership percentage to be acquired further from other equity owners	3.00%
Subsequent Event | Minimum | Disposed of by Sale | National Beef
Nature Of Operations [Line Items]
Pre-tax gain from sale of subsidiary	$ 800,000
Subsequent Event | Maximum | Disposed of by Sale | National Beef
Nature Of Operations [Line Items]
Pre-tax gain from sale of subsidiary	$ 850,000
Forecast | Subsequent Event | Marfrig Global Foods S.A.
Nature Of Operations [Line Items]
Percentage interest owned in subsidiary	51.00%
Package of Non-Operated Bakken Assets | Subsequent Event | Vitesse Energy, LLC
Nature Of Operations [Line Items]
Payments to acquire Bakken assets	$ 190,000

Basis of Presentation and Sig56

Basis of Presentation and Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017
Summary Of Significant Accounting Policies [Line Items]
Decrease of principal transactions revenue, Net	$ (145,663)	$ (416,403)
Increase of other revenues	155,703	327,470
Receivables from brokers, dealers and clearing organizations	3,959,300			$ 2,635,200
Receivables from customers of securities operations	1,597,000			1,563,800
Payables to brokers, dealers and clearing organizations	3,045,700			2,228,900
Payables to customers of securities operations	2,886,600			2,664,000
Cash paid during the year for:
Interest	322,769	248,211
Income tax payments (refunds), net	(1,918)	2,728
Retained earnings	4,833,329			4,700,968
Decrease to accumulated other comprehensive income	(357,317)			$ (372,724)
Decrease to compensation and benefits expenses	(499,866)	(503,327)
Increase to selling, general and other expenses	234,200	182,138
Decrease in net cash used for operating activities	(405,253)	(342,319)
Increase in net cash provided by (used for) investing activities	$ (256,761)	125,381
Accounting Standards Update 2014-09
Cash paid during the year for:
Retained earnings			$ 17,800
Accounting Standards Update 2016-13
Cash paid during the year for:
Retained earnings			27,600
Decrease to accumulated other comprehensive income			27,600
Accounting Standards Update 2016-18
Cash paid during the year for:
Decrease in net cash used for operating activities		(149,300)
Increase in net cash provided by (used for) investing activities		600
Accounting Standards Update 2017-07
Cash paid during the year for:
Decrease to compensation and benefits expenses		900
Increase to selling, general and other expenses		900
Product Concentration Risk | Revenue | Sale of Beef, Pork and Beef By-Products
Cash paid during the year for:
Concentration risk, percentage	95.00%
Changes to Presentation of Gains and Losses Generated from Capital Invested in Assets Management Funds
Summary Of Significant Accounting Policies [Line Items]
Decrease of principal transactions revenue, Net		100
Increase of other revenues		$ 100
HomeFed | Accounting Standards Update 2014-09
Cash paid during the year for:
Retained earnings			24,300
Jefferies | Accounting Standards Update 2014-09
Cash paid during the year for:
Retained earnings			$ (6,100)

Basis of Presentation and Sig57

Basis of Presentation and Significant Accounting Policies (Schedule of Impact of Applying New Revenue Recognition Standard) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Beef processing services	$ 1,781,920	$ 1,559,023
Commissions and other fees	147,902	145,822
Principal transactions	145,663	416,403
Investment banking	439,991	408,021
Interest income	275,290	223,630
Other	155,703	327,470
Total revenues	2,946,469	3,080,369
Interest expense	23,607	27,384
Net revenues	2,680,793	2,867,982
Expenses:
Cost of sales	1,752,711	1,533,094
Compensation and benefits	499,866	503,327
Floor brokerage and clearing fees	42,176	45,858
Depreciation and amortization	53,679	49,510
Selling, general and other expenses	234,200	182,138
Total expenses	2,606,239	2,341,311
Income before income taxes and income (loss) related to associated companies	74,554	526,671
Investment Banking And Capital Markets Segment
Revenues:
Interest expense	265,676	$ 212,387
Impact of Adoption of Revenue Recognition Standard | Accounting Standards Update 2014-09
Revenues:
Beef processing services	0
Commissions and other fees	0
Principal transactions	0
Investment banking	32,485
Interest income	0
Other	0
Total revenues	32,485
Interest expense	0
Net revenues	32,485
Expenses:
Cost of sales	0
Compensation and benefits	0
Floor brokerage and clearing fees	0
Depreciation and amortization	0
Selling, general and other expenses	32,485
Total expenses	32,485
Income before income taxes and income (loss) related to associated companies	0
Impact of Adoption of Revenue Recognition Standard | Accounting Standards Update 2014-09 | Investment Banking And Capital Markets Segment
Revenues:
Interest expense	0
Financial Results Prior to Adoption of Revenue Recognition Standard | Accounting Standards Update 2014-09
Revenues:
Beef processing services	1,781,920
Commissions and other fees	147,902
Principal transactions	145,663
Investment banking	407,506
Interest income	275,290
Other	155,703
Total revenues	2,913,984
Interest expense	23,607
Net revenues	2,648,308
Expenses:
Cost of sales	1,752,711
Compensation and benefits	499,866
Floor brokerage and clearing fees	42,176
Depreciation and amortization	53,679
Selling, general and other expenses	201,715
Total expenses	2,573,754
Income before income taxes and income (loss) related to associated companies	74,554
Financial Results Prior to Adoption of Revenue Recognition Standard | Accounting Standards Update 2014-09 | Investment Banking And Capital Markets Segment
Revenues:
Interest expense	$ 265,676

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, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value based on NAV	$ 668,200	$ 590,100
Counterparty/cash-collateral netting, Assets	(2,414,276)	(3,318,481)
Total trading assets, excluding investments at fair value based on NAV	16,678,432	15,492,572
Total available for sale securities	690,745	716,561
Counterparty/cash-collateral netting, Liabilities	(2,655,358)	(3,490,514)
Total trading liabilities	9,992,014	8,454,965
Short-term borrowings		23,324
Long-term debt - structured notes	735,456	606,956
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	802,693	578,014
Level 1 to Level 2 transfers, amount	20,800
Trading liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	2,103,396	1,753,437
Corporate debt securities	1,596,297	1,689,347
U.S. government and federal agency securities	1,398,020	1,430,737
Municipal securities	7,659
Sovereign obligations	2,132,295	2,173,635
Loans	1,871,601	1,152,310
Derivatives	882,711	255,394
Counterparty/cash-collateral netting, Liabilities	(2,655,358)	(3,490,514)
Trading assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	3,584,139	3,058,033
Corporate debt securities	2,891,650	3,287,336
Collateralized debt obligations and collateralized loan obligations	183,118	181,350
U.S. government and federal agency securities	887,155	1,308,673
Municipal securities	713,643	710,513
Sovereign obligations	2,452,120	2,417,459
Loans and other receivables	2,180,614	1,667,885
Derivatives	157,389	179,488
Counterparty/cash-collateral netting, Assets	(2,414,276)	(3,318,481)
Investments at fair value	318,159	330,890
FXCM term loan	73,200	72,800
Available for sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities		88,486
U.S. government and federal agency securities	491,396	552,805
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total trading assets, excluding investments at fair value based on NAV	5,656,924	5,791,641
Total available for sale securities	491,396	641,291
Total trading liabilities	4,719,554	4,618,008
Short-term borrowings		0
Long-term debt - structured notes	0	0
Level 1 | Trading liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	2,096,743	1,721,267
Corporate debt securities	0	0
U.S. government and federal agency securities	1,398,020	1,430,737
Municipal securities	0
Sovereign obligations	1,208,396	1,216,643
Loans	0	0
Derivatives	16,395	249,361
Level 1 | US Treasury securities
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	34,900	99,700
Level 1 | Trading assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	3,483,285	2,975,463
Corporate debt securities	0	0
Collateralized debt obligations and collateralized loan obligations	0	0
U.S. government and federal agency securities	844,212	1,269,230
Municipal securities	0	0
Sovereign obligations	1,312,317	1,381,552
Loans and other receivables	0	0
Derivatives	17,110	165,396
Investments at fair value	0	0
FXCM term loan	0	0
Level 1 | Available for sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities		88,486
U.S. government and federal agency securities	491,396	552,805
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total trading assets, excluding investments at fair value based on NAV	12,789,048	12,369,954
Total available for sale securities	199,349	75,270
Total trading liabilities	7,905,283	7,307,269
Short-term borrowings		23,324
Long-term debt - structured notes	735,456	606,956
Level 2 | Trading liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	6,592	32,122
Corporate debt securities	1,595,775	1,688,825
U.S. government and federal agency securities	0	0
Municipal securities	7,659
Sovereign obligations	923,899	956,992
Loans	1,861,278	1,148,824
Derivatives	3,510,080	3,480,506
Level 2 | Trading assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	65,101	60,300
Corporate debt securities	2,865,547	3,261,300
Collateralized debt obligations and collateralized loan obligations	144,505	139,166
U.S. government and federal agency securities	42,943	39,443
Municipal securities	713,643	710,513
Sovereign obligations	1,139,803	1,035,907
Loans and other receivables	2,118,571	1,620,581
Derivatives	2,549,843	3,323,278
Investments at fair value	0	946
FXCM term loan	0	0
Level 2 | Available for sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities		0
U.S. government and federal agency securities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total trading assets, excluding investments at fair value based on NAV	646,736	649,458
Total available for sale securities	0	0
Total trading liabilities	22,535	20,202
Short-term borrowings		0
Long-term debt - structured notes	0	0
Level 3 | Trading liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	61	48
Corporate debt securities	522	522
U.S. government and federal agency securities	0	0
Municipal securities	0
Sovereign obligations	0	0
Loans	10,323	3,486
Derivatives	11,594	16,041
Level 3 | Trading assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities	35,753	22,270
Corporate debt securities	26,103	26,036
Collateralized debt obligations and collateralized loan obligations	38,613	42,184
U.S. government and federal agency securities	0	0
Municipal securities	0	0
Sovereign obligations	0	0
Loans and other receivables	62,043	47,304
Derivatives	4,712	9,295
Investments at fair value	318,159	329,944
FXCM term loan	73,200	72,800
Level 3 | Available for sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate equity securities		0
U.S. government and federal agency securities	0	0
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total available for sale securities	140,358	34,561
Residential mortgage-backed securities | Trading assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	2,378,843	1,479,371
Residential mortgage-backed securities | Available for sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	140,358	34,561
Residential mortgage-backed securities | Level 1 | Trading assets
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 | Level 1 | Available for sale securities
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 | Level 2 | Trading assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	2,357,081	1,453,294
Residential mortgage-backed securities | Level 2 | Available for sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	140,358	34,561
Residential mortgage-backed securities | Level 3 | Trading assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	21,762	26,077
Residential mortgage-backed securities | Level 3 | Available for sale securities
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total available for sale securities	20,960	5,870
Commercial mortgage-backed securities | Trading liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage-backed securities	35	105
Commercial mortgage-backed securities | Trading assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	520,655	520,534
Commercial mortgage-backed securities | Available for sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	20,960	5,870
Commercial mortgage-backed securities | Level 1 | Trading liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage-backed securities	0	0
Commercial mortgage-backed securities | Level 1 | Trading assets
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 | Level 1 | Available for sale securities
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 | Level 2 | Trading liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage-backed securities	0	0
Commercial mortgage-backed securities | Level 2 | Trading assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	505,552	508,115
Commercial mortgage-backed securities | Level 2 | Available for sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	20,960	5,870
Commercial mortgage-backed securities | Level 3 | Trading liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial mortgage-backed securities	35	105
Commercial mortgage-backed securities | Level 3 | Trading assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	15,103	12,419
Commercial mortgage-backed securities | Level 3 | Available for sale securities
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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total available for sale securities	38,031	34,839
Other asset-backed securities | Trading assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	337,747	278,240
Other asset-backed securities | Available for sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	38,031	34,839
Other asset-backed securities | Level 1 | Trading assets
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 | Level 1 | Available for sale securities
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 | Level 2 | Trading assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	286,459	217,111
Other asset-backed securities | Level 2 | Available for sale securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	38,031	34,839
Other asset-backed securities | Level 3 | Trading assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage- and asset-backed securities, assets	51,288	61,129
Other asset-backed securities | Level 3 | Available for sale securities
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 (Investments Measured At Fair Value Based On Net Asset Value) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 668,216	$ 590,104
Unfunded Commitments	18,176	19,084
Equity Long/Short Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	375,352	407,895
Unfunded Commitments	$ 0	$ 0
Equity Long/Short Hedge Funds | Minimum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investments prior written notice period	30 days	30 days
Equity Long/Short Hedge Funds | Maximum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investments prior written notice period	60 days	60 days
Equity Long/Short Hedge Funds | 10 business days or less prior written notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investments prior written notice period	10 days	10 days
Percentage of investments redeemable	78.00%	73.00%
Equity Long/Short Hedge Funds | 30 to 60 days prior written notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments redeemable	13.00%	15.00%
Fixed Income and High Yield Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 405	$ 417
Unfunded Commitments	0	0
Fund of Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	186	189
Unfunded Commitments	0	0
Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	32,839	26,798
Unfunded Commitments	$ 18,176	$ 19,084
Equity Funds | Minimum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Estimated period for the liquidation of the underlying assets	1 year	1 year
Equity Funds | Maximum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Estimated period for the liquidation of the underlying assets	6 years	6 years
Multi-asset Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 259,434	$ 154,805
Unfunded Commitments	$ 0	$ 0
Notice period redemption of investments prior written notice period	30 days	30 days
Percentage of investments redeemable	17.00%	12.00%

Fair Value Disclosures (Inves60

Fair Value Disclosures (Investment in FXCM Narrative) (Details)	3 Months Ended		39 Months Ended
	Mar. 31, 2018USD ($)director	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)director	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jan. 31, 2015USD ($)
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Unrealized and realized gains (losses), interest income and fees	$ 145,663,000	$ 416,403,000
Investment in associated company	2,233,070,000	2,122,479,000	$ 2,233,070,000	$ 2,066,829,000	$ 2,125,098,000
FXCM (2)
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Senior secured term loan receivable	$ 70,400,000		70,400,000			$ 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	$ 8,200,000
Principal, interest and fees received			339,800,000
Initial investment amount						$ 279,000,000
Unrealized and realized gains (losses), interest income and fees	8,600,000	$ 10,900,000
Investment in associated company	150,900,000		150,900,000
Investment in FXCM	$ 224,100,000		$ 224,100,000
Maximum | FXCM (2)
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loan receivable interest rate percentage						20.50%
Investment in FXCM
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Percentage of ownership owned	50.00%		50.00%
Maximum percentage of all distributions	75.00%		75.00%
Number of directors appointed by Company | director	3		3
Number of directors appointed | director	6		6
Percentage of distributions from sale of assets or certain other events until loan repayment	100.00%		100.00%
Percentage of distributions from sale of assets or certain other events until next milestone amount	50.00%		50.00%
Distributions milestone after loan repayment	$ 350,000,000		$ 350,000,000
Percentage of distributions from sale of assets or certain other events until milestone two	90.00%		90.00%
Distributions milestone two after loan repayment	$ 600,000,000		$ 600,000,000
Percentage of distributions from sale of assets or certain other events thereafter	60.00%		60.00%
Investment in FXCM | Global Brokerage Holdings
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Percentage of ownership owned	50.00%		50.00%
Trading securities
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
FXCM term loan	$ 73,200,000		$ 73,200,000	$ 72,800,000

Fair Value Disclosures (Nonrecu

Fair Value Disclosures (Nonrecurring Fair Value Measurements Narrative) (Details) - Investment in FXCM $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment impairment	$ 130.2
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	15.00%
EBITDA multiple	5.4
Revenue multiple	1.5
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments, fair value	$ 186.7

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, 2018	Mar. 31, 2017
Assets:
Total gains (losses) (realized and unrealized)	$ 15,600	$ 6,700
Liabilities:
Total gains (losses) (realized and unrealized)	1,200	4,200
Corporate equity securities
Liabilities:
Beginning Balance	48	313
Total gains (losses) (realized and unrealized)	13	11
Purchases	0	0
Sales	0	0
Settlements	0	0
Issuances	0	0
Net transfers into (out of) Level 3	0	0
Ending Balance	61	324
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held	(13)	(11)
Corporate debt securities
Liabilities:
Beginning Balance	522	523
Total gains (losses) (realized and unrealized)	0	0
Purchases	0	0
Sales	0	0
Settlements	0	0
Issuances	0	0
Net transfers into (out of) Level 3	0	0
Ending Balance	522	523
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held	0	0
Commercial mortgage-backed securities
Liabilities:
Beginning Balance	105
Total gains (losses) (realized and unrealized)	(70)
Purchases	0
Sales	0
Settlements	0
Issuances	0
Net transfers into (out of) Level 3	0
Ending Balance	35
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held	(35)
Loans
Liabilities:
Beginning Balance	3,486	378
Total gains (losses) (realized and unrealized)	6	189
Purchases	(25)	(323)
Sales	3,442	0
Settlements	0	0
Issuances	0	0
Net transfers into (out of) Level 3	3,414	792
Ending Balance	10,323	1,036
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held	(6)	(189)
Net derivatives
Liabilities:
Beginning Balance	6,746	3,441
Total gains (losses) (realized and unrealized)	(1,166)	(4,384)
Purchases	(6)	0
Sales	0	0
Settlements	1,012	3,373
Issuances	296	186
Net transfers into (out of) Level 3	0	3,797
Ending Balance	6,882	6,413
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held	(5,609)	1,347
Other secured financings
Liabilities:
Beginning Balance		418
Total gains (losses) (realized and unrealized)		(8)
Purchases		0
Sales		0
Settlements		0
Issuances		0
Net transfers into (out of) Level 3		(323)
Ending Balance		87
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held		11
Corporate equity securities
Assets:
Beginning Balance	22,270	21,739
Total gains (losses) (realized and unrealized)	11,764	532
Purchases	2,733	847
Sales	(1,381)	(145)
Settlements	(1,687)	(186)
Net transfers into (out of) Level 3	2,054	(2,207)
Ending Balance	35,753	20,580
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	10,754	362
Corporate debt securities
Assets:
Beginning Balance	26,036	25,005
Total gains (losses) (realized and unrealized)	(9)	(1,793)
Purchases	928	3,002
Sales	(346)	(3,157)
Settlements	(2,049)	(1,207)
Net transfers into (out of) Level 3	1,543	11,617
Ending Balance	26,103	33,467
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	(1,086)	(1,662)
CDOs and CLOs
Assets:
Beginning Balance	42,184	54,354
Total gains (losses) (realized and unrealized)	(3,782)	(7,594)
Purchases	43,796	8,663
Sales	(34,168)	(22,633)
Settlements	(3,838)	(45)
Net transfers into (out of) Level 3	(5,579)	12,609
Ending Balance	38,613	45,354
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	(3,006)	(8,525)
Municipal securities
Assets:
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)
Residential mortgage-backed securities
Assets:
Beginning Balance	26,077	38,772
Total gains (losses) (realized and unrealized)	(3,212)	(253)
Purchases	0	263
Sales	0	(12,411)
Settlements	(3)	(210)
Net transfers into (out of) Level 3	(1,100)	13,098
Ending Balance	21,762	39,259
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	(2,366)	(440)
Commercial mortgage-backed securities
Assets:
Beginning Balance	12,419	20,580
Total gains (losses) (realized and unrealized)	(231)	(1,420)
Purchases	1,260	0
Sales	(508)	(412)
Settlements	(1,285)	0
Net transfers into (out of) Level 3	3,448	1,905
Ending Balance	15,103	20,653
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	(622)	(1,421)
Other asset-backed securities
Assets:
Beginning Balance	61,129	40,911
Total gains (losses) (realized and unrealized)	(1,385)	(1,788)
Purchases	57,095	3,553
Sales	(53,459)	(299)
Settlements	(3,776)	(3,335)
Net transfers into (out of) Level 3	(8,316)	(1,340)
Ending Balance	51,288	37,702
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	127	(1,717)
Loans and other receivables
Assets:
Beginning Balance	47,304	81,872
Total gains (losses) (realized and unrealized)	1,598	4,950
Purchases	15,635	9,489
Sales	(803)	(9,778)
Settlements	(9,730)	(7,764)
Net transfers into (out of) Level 3	8,039	(25,597)
Ending Balance	62,043	53,172
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	(190)	836
Investments at fair value
Assets:
Beginning Balance	329,944	314,359
Total gains (losses) (realized and unrealized)	2,289	3,856
Purchases	240	0
Sales	(16,624)	(10,119)
Settlements	0	(266)
Net transfers into (out of) Level 3	2,310	0
Ending Balance	318,159	307,830
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	1,695	5,879
FXCM term loan
Assets:
Beginning Balance	72,800	164,500
Total gains (losses) (realized and unrealized)	8,597	10,878
Purchases	0	0
Sales	0	0
Settlements	(8,197)	(42,578)
Net transfers into (out of) Level 3	0	0
Ending Balance	73,200	132,800
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held	$ 4,939	$ 3,372

Fair Value Disclosures (Analysi

Fair Value Disclosures (Analysis of Level 3 Assets and Liabilities Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	$ 31,900	$ 49,900
Transfers of assets from Level 3 to Level 2	29,500	39,800
Net gains (losses) on Level 3 assets (realized and unrealized)	15,600	6,700
Net gains (losses) on Level 3 liabilities (realized and unrealized)	1,200	4,200
Excluded assets from unobservable quantitative information	221,900		$ 228,600
Excluded liabilities from unobservable quantitative information	10,900		$ 4,200
Commercial mortgage-backed securities
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Net gains (losses) on Level 3 assets (realized and unrealized)	(231)	(1,420)
Other asset-backed securities
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 3 to Level 2	8,300
Net gains (losses) on Level 3 assets (realized and unrealized)	(1,385)	(1,788)
Residential mortgage-backed securities
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)	(3,212)	(253)
Municipal securities
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
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	8,600
Transfers of assets from Level 3 to Level 2		28,200
Net gains (losses) on Level 3 assets (realized and unrealized)	1,598	4,950
Corporate debt securities
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)	(9)	(1,793)
CDOs and CLOs
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Transfers of assets from Level 2 to Level 3	9,100	18,100
Transfers of assets from Level 3 to Level 2	14,700
Net gains (losses) on Level 3 assets (realized and unrealized)	(3,782)	(7,594)
Corporate equity securities
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Net gains (losses) on Level 3 assets (realized and unrealized)	11,764	532
Investments at fair value
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Net gains (losses) on Level 3 assets (realized and unrealized)	$ 2,289	$ 3,856

Fair Value Disclosures (Quantit

Fair Value Disclosures (Quantitative Information About Significant Unobservable Inputs Used In Level 3 Fair Value Measurements) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)$ / shares$ / Asset$ / Bond	Dec. 31, 2017USD ($)$ / shares$ / Asset$ / Bond	Sep. 30, 2017$ / Bond	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Loans
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Trading Liabilities	$ 10,323,000	$ 3,486,000		$ 1,036,000	$ 378,000
Corporate equity securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	35,753,000	22,270,000		20,580,000	21,739,000
Corporate debt securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	26,103,000	26,036,000		33,467,000	25,005,000
CDOs and CLOs
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	38,613,000	42,184,000		45,354,000	54,354,000
Residential mortgage-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	21,762,000	26,077,000		39,259,000	38,772,000
Commercial mortgage-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	15,103,000	12,419,000		20,653,000	20,580,000
Other asset-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	51,288,000	61,129,000		37,702,000	40,911,000
Loans and other receivables
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	62,043,000	47,304,000		53,172,000	81,872,000
Investments at fair value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	318,159,000	329,944,000		307,830,000	314,359,000
FXCM term loan
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	73,200,000	72,800,000		$ 132,800,000	$ 164,500,000
Financial Instruments Owned | Corporate equity securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	30,335,000	18,109,000
Financial Instruments Owned | Corporate debt securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	26,103,000	26,036,000
Financial Instruments Owned | CDOs and CLOs
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	35,274,000	38,845,000
Financial Instruments Owned | Residential mortgage-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	21,762,000	26,077,000
Financial Instruments Owned | Commercial mortgage-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	15,103,000	12,419,000
Financial Instruments Owned | Other asset-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	51,288,000	61,129,000
Financial Instruments Owned | Loans and other receivables
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	54,004,000	46,121,000
Financial Instruments Owned | FXCM term loan
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	73,200,000	72,800,000
Derivatives | Financial Instruments Owned | Derivatives assets
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	4,712,000	9,295,000
Derivatives | Securities Sold, Not yet Purchased | Derivatives liabilities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Trading Liabilities	11,594,000	16,041,000
Private equity securities | Financial Instruments Owned | Investments at fair value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value of Financial Instruments Owned	$ 113,017,000	$ 110,010,000
Level 3 | Market approach | Financial Instruments Owned | Corporate debt securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond	10	10
Estimated recovery percentage		17.00%
Level 3 | Market approach | Financial Instruments Owned | Corporate debt securities | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	2.00%
Level 3 | Market approach | Financial Instruments Owned | Corporate debt securities | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	32.00%
Level 3 | Market approach | Financial Instruments Owned | Corporate debt securities | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	25.00%
Level 3 | Market approach | Financial Instruments Owned | Other asset-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond		100
Level 3 | Market approach | Financial Instruments Owned | Loans and other receivables
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond	97
Transaction level	$ 100
Estimated recovery percentage		76.00%
Level 3 | Market approach | Financial Instruments Owned | Loans and other receivables | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond		54
Estimated recovery percentage	23.00%
Level 3 | Market approach | Financial Instruments Owned | Loans and other receivables | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond		100
Estimated recovery percentage	79.00%
Level 3 | Market approach | Financial Instruments Owned | Loans and other receivables | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond		95	0
Estimated recovery percentage	36.00%
Level 3 | Comparable pricing | Financial Instruments Owned | Corporate debt securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Comparable asset price (USD per bond) | $ / Asset	47
Level 3 | Scenario analysis | Financial Instruments Owned | CDOs and CLOs | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	7.00%	8.00%
Level 3 | Scenario analysis | Financial Instruments Owned | CDOs and CLOs | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	43.00%	45.00%
Level 3 | Scenario analysis | Financial Instruments Owned | CDOs and CLOs | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	26.00%	26.00%
Level 3 | Scenario analysis | Financial Instruments Owned | Commercial mortgage-backed securities | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond	49	52
Estimated recovery percentage	26.00%	26.00%
Level 3 | Scenario analysis | Financial Instruments Owned | Commercial mortgage-backed securities | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond	52	56
Estimated recovery percentage	32.00%	32.00%
Level 3 | Scenario analysis | Financial Instruments Owned | Commercial mortgage-backed securities | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond	50	54
Estimated recovery percentage	28.00%	28.00%
Level 3 | Scenario analysis | Financial Instruments Owned | Other asset-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	11.00%	14.00%
Level 3 | Scenario analysis | Financial Instruments Owned | Loans and other receivables | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	62.00%	13.00%
Level 3 | Scenario analysis | Financial Instruments Owned | Loans and other receivables | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	107.00%	107.00%
Level 3 | Scenario analysis | Financial Instruments Owned | Loans and other receivables | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Estimated recovery percentage	90.00%	78.00%
Level 3 | Convertible bond model | Financial Instruments Owned | Corporate debt securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Volatility	40.00%	40.00%
Discount rate/yield	9.00%	8.00%
Level 3 | Discounted cash flows | Financial Instruments Owned | CDOs and CLOs
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate	20.00%	20.00%
Constant default rate	2.00%	2.00%
Level 3 | Discounted cash flows | Financial Instruments Owned | CDOs and CLOs | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	6.00%	3.00%
Loss severity	25.00%	25.00%
Level 3 | Discounted cash flows | Financial Instruments Owned | CDOs and CLOs | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	31.00%	26.00%
Loss severity	30.00%	30.00%
Level 3 | Discounted cash flows | Financial Instruments Owned | CDOs and CLOs | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	17.00%	12.00%
Loss severity	26.00%	26.00%
Level 3 | Discounted cash flows | Financial Instruments Owned | Residential mortgage-backed securities | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	3.00%	6.00%
Cumulative loss rate	3.00%	3.00%
Duration (years)	2 years	2 years
Level 3 | Discounted cash flows | Financial Instruments Owned | Residential mortgage-backed securities | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	9.00%	10.00%
Cumulative loss rate	19.00%	19.00%
Duration (years)	4 years	4 years
Level 3 | Discounted cash flows | Financial Instruments Owned | Residential mortgage-backed securities | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	7.00%	8.00%
Cumulative loss rate	9.00%	10.00%
Duration (years)	3 years	3 years
Level 3 | Discounted cash flows | Financial Instruments Owned | Commercial mortgage-backed securities | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	3.00%	2.00%
Cumulative loss rate	7.00%	8.00%
Duration (years)	0 years	1 year
Level 3 | Discounted cash flows | Financial Instruments Owned | Commercial mortgage-backed securities | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	24.00%	26.00%
Cumulative loss rate	65.00%	65.00%
Duration (years)	2 years	3 years
Level 3 | Discounted cash flows | Financial Instruments Owned | Commercial mortgage-backed securities | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	17.00%	12.00%
Cumulative loss rate	33.00%	44.00%
Duration (years)	1 year	2 years
Level 3 | Discounted cash flows | Financial Instruments Owned | Other asset-backed securities | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	5.00%	5.00%
Cumulative loss rate	0.00%	0.00%
Duration (years)	1 year	1 year
Level 3 | Discounted cash flows | Financial Instruments Owned | Other asset-backed securities | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	11.00%	39.00%
Cumulative loss rate	27.00%	33.00%
Duration (years)	6 years	6 years
Level 3 | Discounted cash flows | Financial Instruments Owned | Other asset-backed securities | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Discount rate/yield	8.00%	9.00%
Cumulative loss rate	22.00%	23.00%
Duration (years)	2 years	2 years
Level 3 | Discounted cash flows | Financial Instruments Owned | FXCM term loan | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Term based on the pay off (years)	0 months	0 months
Level 3 | Discounted cash flows | Financial Instruments Owned | FXCM term loan | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Term based on the pay off (years)	9 months	1 year
Level 3 | Discounted cash flows | Financial Instruments Owned | FXCM term loan | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Term based on the pay off (years)	2 months	2 months
Level 3 | Derivatives | Equity options | Option model/default rate | Securities Sold, Not yet Purchased | Derivatives liabilities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Default probability	0.00%	0.00%
Level 3 | Derivatives | Total return swaps | Market approach | Financial Instruments Owned | Derivatives assets
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond	102
Level 3 | Derivatives | Total return swaps | Market approach | Financial Instruments Owned | Derivatives assets | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond		101
Level 3 | Derivatives | Total return swaps | Market approach | Financial Instruments Owned | Derivatives assets | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond		106
Level 3 | Derivatives | Total return swaps | Market approach | Financial Instruments Owned | Derivatives assets | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond		103
Level 3 | Derivatives | Total return swaps | Market approach | Securities Sold, Not yet Purchased | Derivatives liabilities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond	102
Level 3 | Derivatives | Total return swaps | Market approach | Securities Sold, Not yet Purchased | Minimum | Derivatives liabilities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond		101
Level 3 | Derivatives | Total return swaps | Market approach | Securities Sold, Not yet Purchased | Maximum | Derivatives liabilities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond		106
Level 3 | Derivatives | Total return swaps | Market approach | Securities Sold, Not yet Purchased | Weighted Average | Derivatives liabilities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond		103
Level 3 | Derivatives | Interest rate swaps | Market approach | Financial Instruments Owned | Derivatives assets
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Credit spread		8.00%
Level 3 | Derivatives | Unfunded commitments | Market approach | Securities Sold, Not yet Purchased | Derivatives liabilities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Price (USD per share) | $ / Bond	97	99
Level 3 | Derivatives | Variable funding note swaps | Discounted cash flows | Securities Sold, Not yet Purchased | Derivatives liabilities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate	20.00%	20.00%
Constant default rate	2.00%	2.00%
Discount rate/yield	31.00%	26.00%
Loss severity	25.00%	25.00%
Level 3 | Non-exchange traded securities | Market approach | Financial Instruments Owned | Corporate equity securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Underlying stock price (USD per share) | $ / shares	$ 11	$ 6
Level 3 | Non-exchange traded securities | Market approach | Financial Instruments Owned | Corporate equity securities | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Underlying stock price (USD per share) | $ / shares	3	3
Level 3 | Non-exchange traded securities | Market approach | Financial Instruments Owned | Corporate equity securities | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Underlying stock price (USD per share) | $ / shares	750	75
Level 3 | Non-exchange traded securities | Market approach | Financial Instruments Owned | Corporate equity securities | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Underlying stock price (USD per share) | $ / shares	$ 183	$ 33
Level 3 | Non-exchange traded securities | Comparable pricing | Financial Instruments Owned | Corporate equity securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Comparable asset price (USD per bond) | $ / Asset	10	7
Level 3 | Private equity securities | Market approach | Financial Instruments Owned | Investments at fair value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Underlying stock price (USD per share) | $ / shares		$ 7
Discount rate	20.00%	20.00%
Level 3 | Private equity securities | Market approach | Financial Instruments Owned | Investments at fair value | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Underlying stock price (USD per share) | $ / shares	$ 0
Transaction level		$ 3
Level 3 | Private equity securities | Market approach | Financial Instruments Owned | Investments at fair value | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Underlying stock price (USD per share) | $ / shares	250
Transaction level		250
Level 3 | Private equity securities | Market approach | Financial Instruments Owned | Investments at fair value | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Underlying stock price (USD per share) | $ / shares	$ 104
Transaction level		$ 172

Fair Value Disclosures (Summa65

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, 2018	Mar. 31, 2017
Financial Instruments [Line Items]
Loans and other receivables	$ 2,628	$ (5,127)
Financial Instruments Sold
Financial Instruments [Line Items]
Loans	250	(27)
Loan commitments	(129)	871
Long-term Debt
Financial Instruments [Line Items]
Loan commitments	(16,202)	(16,040)
Other changes in fair value	$ 41,154	$ 3,417

Fair Value Disclosures (Summa66

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, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Loans and other receivables	$ 933,508	$ 752,076
Loans and other receivables on nonaccrual status	222,548	159,462
Long-term debt and short-term borrowings	62,094	32,839
All loans and other receivables 90 days or greater past due	$ 33,800	$ 38,700

Fair Value Disclosures (Fair Va

Fair Value Disclosures (Fair Value Option Election Narrative) (Details) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2018USD ($)directorshares	Dec. 31, 2017USD ($)shares	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
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	$ 253,000	$ 55,100
Loans and other receivables 90 days or greater past due	77,600	37,400
Investment in associated company	2,233,070	2,066,829	$ 2,122,479	$ 2,125,098
Financial instruments owned trading assets, at fair value	17,346,648	$ 16,082,676
KCG
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)
HRG
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Changes in fair value of investments reflected as principal transactions	$ (21,400)		$ 175,200
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	$ 768,400	$ 789,900
Cash consideration paid for shares	$ 475,600
Revenue of investee		646,500		602,300
Net income from continuing operations of investee		78,100		(42,000)
Net income (loss) of investee		578,900		260,800
Net income (loss) attributable to HRG		$ 507,400		$ 212,200
Number of directors appointed | director	2

Derivative Financial Instrume68

Derivative Financial Instruments (Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure) (Details) $ in Thousands	Mar. 31, 2018USD ($)Contract	Dec. 31, 2017USD ($)Contract
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 2,571,665	$ 3,497,969
Fair Value, Liabilities	3,538,069	3,745,908
Counterparty/cash-collateral netting, Assets	(2,414,276)	(3,318,481)
Counterparty/cash-collateral netting, Liabilities	(2,655,358)	(3,490,514)
Net Amounts in Consolidated Statements of Financial Condition	157,389	179,488
Net Amounts in Consolidated Statements of Financial Condition	882,711	255,394
Rule change impact, derivative asset	157,389	179,488
Rule change impact, derivative liability	882,711	255,394
Designated as Accounting Hedges | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 0	$ 0
Number of Contracts, Assets | Contract	0	0
Fair Value, Liabilities	$ 28,269	$ 2,420
Number of Contracts, Liabilities | Contract	1	1
Not Designated as Accounting Hedges
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 2,571,665	$ 3,497,969
Fair Value, Liabilities	3,509,800	3,743,488
Counterparty/cash-collateral netting, Assets	(2,414,276)	(3,318,481)
Counterparty/cash-collateral netting, Liabilities	(2,655,358)	(3,490,514)
Net Amounts in Consolidated Statements of Financial Condition	157,389	179,488
Net Amounts in Consolidated Statements of Financial Condition	854,442	252,974
Not Designated as Accounting Hedges | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 799,940	$ 1,717,058
Number of Contracts, Assets | Contract	38,814	38,941
Fair Value, Liabilities	$ 948,742	$ 1,708,776
Number of Contracts, Liabilities | Contract	12,655	12,828
Not Designated as Accounting Hedges | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 307,337	$ 366,541
Number of Contracts, Assets | Contract	5,695	6,463
Fair Value, Liabilities	$ 299,953	$ 349,512
Number of Contracts, Liabilities | Contract	4,470	4,612
Not Designated as Accounting Hedges | Equity contracts
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 1,432,656	$ 1,373,016
Number of Contracts, Assets | Contract	2,494,701	2,728,750
Fair Value, Liabilities	$ 2,222,854	$ 1,638,258
Number of Contracts, Liabilities | Contract	2,040,074	2,118,526
Not Designated as Accounting Hedges | Commodity contracts
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 5,207	$ 3,093
Number of Contracts, Assets | Contract	5,801	7,249
Fair Value, Liabilities	$ 14,066	$ 5,141
Number of Contracts, Liabilities | Contract	6,881	6,047
Not Designated as Accounting Hedges | Credit contracts
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 26,525	$ 38,261
Number of Contracts, Assets | Contract	146	130
Fair Value, Liabilities	$ 24,185	$ 41,801
Number of Contracts, Liabilities | Contract	105	191
Rule Change by London Clearing House | Interest rate contracts
Derivatives, Fair Value [Line Items]
Rule change impact, derivative asset		$ 800,000
Rule change impact, derivative liability		$ 800,000

Derivative Financial Instrume69

Derivative Financial Instruments (Unrealized And Realized Gains (Losses) On Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense on fair value hedge	$ 1,494	$ 796
Unrealized and realized gains (losses)	(182,203)	(149,001)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	26,962	9,678
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	3,128	2,503
Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(205,146)	(178,622)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(6,156)	7,248
Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(991)	10,192
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense on fair value hedge	(21,221)	(4,609)
Long-term Debt
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense on fair value hedge	$ 22,715	$ 5,405

Derivative Financial Instrume70

Derivative Financial Instruments (Remaining Contract Maturity Of Fair Value Of OTC Derivative Assets And Liabilities) (Details) $ in Thousands	Mar. 31, 2018USD ($)
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	$ 117,856
OTC derivative assets having maturity period of 1 to 5 years	124,647
OTC derivative assets having maturity period of greater than 5 years	88,206
OTC derivative assets cross-maturity netting	(91,485)
Total OTC derivative assets, net of cross-maturity netting	239,224
Cross product counterparty netting	(20,558)
Total OTC derivative assets included in Trading assets	218,666
OTC derivative liabilities having maturity period of 0 to 12 months	159,603
OTC derivative liabilities having maturity period of 1 to 5 years	424,043
OTC derivative liabilities having maturity period of greater than 5 years	235,145
OTC derivative liabilities cross-maturity netting	(91,485)
Total OTC derivative liabilities, net of cross-maturity netting	727,306
Cross product counterparty netting	(20,558)
Total OTC derivative liabilities included in Trading liabilities	706,748
Exchange traded derivative assets and other credit agreements	66,300
Cash collateral received	127,600
Exchange traded derivative liabilities and other credit agreements	544,600
Cash collateral pledged	368,700
Commodity swaps, options and forwards
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	5,632
OTC derivative liabilities having maturity period of 1 to 5 years	1,121
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	6,753
Equity swaps and options
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	1,156
OTC derivative assets having maturity period of 1 to 5 years	6,907
OTC derivative assets having maturity period of greater than 5 years	3,436
OTC derivative assets cross-maturity netting	(3,177)
Total OTC derivative assets, net of cross-maturity netting	8,322
OTC derivative liabilities having maturity period of 0 to 12 months	15,297
OTC derivative liabilities having maturity period of 1 to 5 years	170,529
OTC derivative liabilities having maturity period of greater than 5 years	7,234
OTC derivative liabilities cross-maturity netting	(3,177)
Total OTC derivative liabilities, net of cross-maturity netting	189,883
Single name credit default swaps
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	12,996
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	12,996
OTC derivative liabilities having maturity period of 0 to 12 months	31
OTC derivative liabilities having maturity period of 1 to 5 years	8,994
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	9,025
Total return swaps
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	28,882
OTC derivative assets having maturity period of 1 to 5 years	5,843
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	(1,595)
Total OTC derivative assets, net of cross-maturity netting	33,130
OTC derivative liabilities having maturity period of 0 to 12 months	46,255
OTC derivative liabilities having maturity period of 1 to 5 years	115,708
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	(1,595)
Total OTC derivative liabilities, net of cross-maturity netting	160,368
Foreign currency forwards, swaps and options
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	56,730
OTC derivative assets having maturity period of 1 to 5 years	561
OTC derivative assets having maturity period of greater than 5 years	0
OTC derivative assets cross-maturity netting	(551)
Total OTC derivative assets, net of cross-maturity netting	56,740
OTC derivative liabilities having maturity period of 0 to 12 months	49,723
OTC derivative liabilities having maturity period of 1 to 5 years	374
OTC derivative liabilities having maturity period of greater than 5 years	0
OTC derivative liabilities cross-maturity netting	(551)
Total OTC derivative liabilities, net of cross-maturity netting	49,546
Fixed income forwards
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	39
OTC derivative assets having maturity period of 1 to 5 years	0
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	39
OTC derivative liabilities having maturity period of 0 to 12 months	4,669
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	4,669
Interest rate swaps
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	31,049
OTC derivative assets having maturity period of 1 to 5 years	98,340
OTC derivative assets having maturity period of greater than 5 years	84,770
OTC derivative assets cross-maturity netting	(86,162)
Total OTC derivative assets, net of cross-maturity netting	127,997
OTC derivative liabilities having maturity period of 0 to 12 months	37,996
OTC derivative liabilities having maturity period of 1 to 5 years	127,317
OTC derivative liabilities having maturity period of greater than 5 years	227,911
OTC derivative liabilities cross-maturity netting	(86,162)
Total OTC derivative liabilities, net of cross-maturity netting	$ 307,062

Derivative Financial Instrume71

Derivative Financial Instruments (Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets) (Details) $ in Thousands	Mar. 31, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
A- or higher	$ 163,170
BBB- to BBB	12,292
BB or lower	30,322
Unrated	12,882
Total OTC derivative assets included in Trading assets	$ 218,666

Derivative Financial Instrume72

Derivative Financial Instruments (Credit Related Derivative Contracts) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Index credit default swaps
Derivative [Line Items]
Notional amount	$ 176.5	$ 129
Single name credit default swaps
Derivative [Line Items]
Notional amount	73.3	218.2
Investment Grade | Index credit default swaps
Derivative [Line Items]
Notional amount	105	3
Investment Grade | Single name credit default swaps
Derivative [Line Items]
Notional amount	42.7	129.1
Non-investment grade | Index credit default swaps
Derivative [Line Items]
Notional amount	71.5	126
Non-investment grade | Single name credit default swaps
Derivative [Line Items]
Notional amount	$ 30.6	$ 89.1

Derivative Financial Instrume73

Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of derivative instruments in a liability position	$ 77.6	$ 95.1
Collateral posted for derivative instruments in a liability position	72.1	80.8
Potential additional collateral required for derivative instruments in a liability position	$ 5.5	$ 14.3

Collateralized Transactions (Co

Collateralized Transactions (Collateral Pledged) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 2,372,473	$ 2,843,911
Repurchase agreements	16,755,127	19,829,249
Total	19,127,600	22,673,160
Cash
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0
Repurchase agreements	213,035
Total	213,035
Corporate equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	1,934,024	2,353,798
Repurchase agreements	309,860	214,413
Total	2,243,884	2,568,211
Corporate debt securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	363,344	470,908
Repurchase agreements	2,027,899	2,336,702
Total	2,391,243	2,807,610
Mortgage- and asset-backed securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	2,961,222	2,562,268
Total	2,961,222	2,562,268
U.S. government and federal agency securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	75,105	19,205
Repurchase agreements	8,269,477	11,792,534
Total	8,344,582	11,811,739
Municipal securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	547,817	444,861
Total	547,817	444,861
Sovereign obligations
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	2,124,652	2,023,530
Total	2,124,652	2,023,530
Loans and other receivables
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	301,165	454,941
Total	$ 301,165	$ 454,941

Collateralized Transactions (75

Collateralized Transactions (Contractual Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 2,372,473	$ 2,843,911
Repurchase agreements	16,755,127	19,829,249
Total	19,127,600	22,673,160
Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	1,115,462	1,676,940
Repurchase agreements	8,192,755	10,780,474
Total	9,308,217	12,457,414
Up to 30 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	2,606,412	4,058,228
Total	2,606,412	4,058,228
30 to 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	869,585	741,971
Repurchase agreements	4,815,819	3,211,464
Total	5,685,404	3,953,435
Greater than 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	387,426	425,000
Repurchase agreements	1,140,141	1,779,083
Total	$ 1,527,567	$ 2,204,083

Collateralized Transactions (Na

Collateralized Transactions (Narrative) (Details) - USD ($) $ in Billions	Mar. 31, 2018	Dec. 31, 2017
Collateralized Transactions [Abstract]
Fair value of securities received as collateral that may be sold or repledged	$ 23.7	$ 27.1

Securitization Activities (Acti

Securitization Activities (Activity Related To Securitizations Accounted For As Sales) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Securitization Activities [Abstract]
Transferred assets	$ 2,757.8	$ 953.5
Proceeds on new securitizations	2,758.9	962.6
Cash flows received on retained interests	$ 9.2	$ 8.7

Securitization Activities (Summ

Securitization Activities (Summary Of Retained Interests In SPEs) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Residential mortgage-backed securities
Securitization Activities [Line Items]
U.S. government agency residential mortgage-backed securities	$ 9,083.2	$ 6,383.5
Retained Interests	570.9	28.2
Commercial mortgage-backed securities
Securitization Activities [Line Items]
U.S. government agency commercial mortgage-backed securities	1,724	2,075.7
Retained Interests	85.6	81.4
CLOs
Securitization Activities [Line Items]
CLOs	4,361.1	3,957.8
Retained Interests	17.8	20.3
Consumer and other loans
Securitization Activities [Line Items]
Retained Interests	46.5	47.8
Consumer and Other Loans Securitization Assets	$ 281.1	$ 247.6

Securitization Activities (Narr

Securitization Activities (Narrative) (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Securitization Activities [Abstract]
Carrying Value Of Assets Resulting From Transfers	$ 4,000,000	$ 0
Carrying Value Of Liabilities Resulting From Transfers	$ 3,900,000	$ 0

Available for Sale Securities80

Available for Sale Securities and Other Investments (Amortized Cost, Gross Unrealized Gains and Losses and Estimated Fair Value of Available for Sale Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Amortized Cost	$ 691,787	$ 680,497
Gross Unrealized Gains	360	36,246
Gross Unrealized Losses	1,402	182
Estimated Fair Value	690,745	716,561
U.S. government securities
Schedule of Investments [Line Items]
Amortized Cost	491,437	552,847
Gross Unrealized Gains	12	0
Gross Unrealized Losses	53	42
Estimated Fair Value	491,396	552,805
Residential mortgage-backed securities
Schedule of Investments [Line Items]
Amortized Cost	141,109	34,381
Gross Unrealized Gains	315	272
Gross Unrealized Losses	1,066	92
Estimated Fair Value	140,358	34,561
Commercial mortgage-backed securities
Schedule of Investments [Line Items]
Amortized Cost	21,083	5,857
Gross Unrealized Gains	19	17
Gross Unrealized Losses	142	4
Estimated Fair Value	20,960	5,870
Other asset-backed securities
Schedule of Investments [Line Items]
Amortized Cost	38,158	34,837
Gross Unrealized Gains	14	46
Gross Unrealized Losses	141	44
Estimated Fair Value	38,031	34,839
Fixed maturities
Schedule of Investments [Line Items]
Amortized Cost	691,787	627,922
Gross Unrealized Gains	360	335
Gross Unrealized Losses	1,402	182
Estimated Fair Value	$ 690,745	628,075
Common Stocks: Banks, Trusts And Insurance Companies [Member]
Schedule of Investments [Line Items]
Amortized Cost		35,071
Gross Unrealized Gains		17,500
Gross Unrealized Losses		0
Estimated Fair Value		52,571
Common Stocks: Industrial, Miscellaneous And All Other [Member]
Schedule of Investments [Line Items]
Amortized Cost		17,504
Gross Unrealized Gains		18,411
Gross Unrealized Losses		0
Estimated Fair Value		35,915
Equity securities
Schedule of Investments [Line Items]
Amortized Cost		52,575
Gross Unrealized Gains		35,911
Gross Unrealized Losses		0
Estimated Fair Value		$ 88,486

Available for Sale Securities81

Available for Sale Securities and Other Investments (Amortized Cost and Estimated Fair Value of Investments Classified as Available for Sale By Contractual Maturity) (Details) $ in Thousands	Mar. 31, 2018USD ($)
Amortized Cost
Due within one year	$ 491,437
Fixed maturities investments excluding mortgage-backed and asset-backed securities	491,437
Mortgage-backed and asset-backed securities	200,350
Amortized Cost	691,787
Estimated Fair Value
Due within one year	491,396
Fixed maturities investments excluding mortgage-backed and asset-backed securities	491,396
Mortgage-backed and asset-backed securities	199,349
Total fixed maturities investments, Estimated Fair Value	$ 690,745

Available for Sale Securities82

Available for Sale Securities and Other Investments (Additional Information) (Details) $ in Millions	Mar. 31, 2018USD ($)
Investments, Debt and Equity Securities [Abstract]
Other investment not readily marketable, fair value	$ 242.9

Variable Interest Entities (Ass

Variable Interest Entities (Assets And Liabilities Of Consolidated VIEs) (Details) - USD ($) $ in Thousands		Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Variable Interest Entity [Line Items]
Cash		$ 5,144,625	$ 5,275,480	$ 4,261,427
Financial instruments owned		18,037,393	16,799,237
Securities purchased under agreement to resell		2,983,945	3,689,559
Receivables		6,710,631	5,419,015
Other		1,806,203	1,661,777
Total assets	[1]	49,001,494	47,169,108
Other secured financings		1,254,893	1,029,485
Total liabilities	[1]	38,173,551	36,478,536
Noncontrolling interests		29,048	33,022
Jefferies
Variable Interest Entity [Line Items]
Secured financings eliminated in consolidation		8,000	44,100
Consolidation, Eliminations
Variable Interest Entity [Line Items]
Intercompany payables		41,500	32,000
Securitization Vehicles
Variable Interest Entity [Line Items]
Cash		4,000	11,700
Financial instruments owned		1,100	37,600
Securities purchased under agreement to resell		704,900	729,300
Receivables		517,300	318,100
Other		73,200	15,500
Total assets		1,300,500	1,112,200
Other secured financings		1,259,000	1,073,500
Other		44,800	38,300
Total liabilities		$ 1,303,800	$ 1,111,800
[1]	Total assets include assets related to variable interest entities of $595.6 million and $382.9 million at March 31, 2018 and December 31, 2017, respectively, and Total liabilities include liabilities related to variable interest entities of $1,251.8 million and $1,031.0 million at March 31, 2018 and December 31, 2017, respectively. See Note 8 for additional information related to variable interest entities.

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Automobile loan receivables securitized	$ 245.2
Carrying Amount	696.7	$ 579.6
Other private investment vehicles
Variable Interest Entity [Line Items]
Carrying amount of equity investment	134.5	133
Unfunded equity commitment related to investments	8.9	9.1
Carrying Amount	134.5	133
Agency Mortgage-Backed Securitizations
Variable Interest Entity [Line Items]
Carrying Amount	2,745.4	1,829.6
Nonagency Mortgage- And Asset-Backed Securitizations
Variable Interest Entity [Line Items]
Carrying Amount	238.1	253.2
JCP Entities | Private Equity Vehicles
Variable Interest Entity [Line Items]
Equity commitments	148.1	148.1
Funded equity commitments	126.5	126.3
Carrying amount of equity investment	$ 30.9	$ 23.7

Variable Interest Entities (Non

Variable Interest Entities (Non-Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Financial Statement Carrying Amount, Assets	$ 696.7	$ 579.6
Financial Statement Carrying Amount, Liabilities	4.9	8.9
Maximum Exposure to Loss	2,179.9	1,977.6
VIE Assets	13,711.9	12,386.9
CLOs
Variable Interest Entity [Line Items]
Financial Statement Carrying Amount, Assets	215.5	168.1
Financial Statement Carrying Amount, Liabilities	4.9	8.9
Maximum Exposure to Loss	1,256.1	1,030.4
VIE Assets	5,555.3	5,364.3
Consumer loan vehicles
Variable Interest Entity [Line Items]
Financial Statement Carrying Amount, Assets	315.8	254.8
Financial Statement Carrying Amount, Liabilities	0	0
Maximum Exposure to Loss	728	759.8
VIE Assets	2,879.6	2,322.7
Related party private equity vehicles
Variable Interest Entity [Line Items]
Financial Statement Carrying Amount, Assets	30.9	23.7
Financial Statement Carrying Amount, Liabilities	0	0
Maximum Exposure to Loss	52.4	45.4
VIE Assets	97.1	75
Other private investment vehicles
Variable Interest Entity [Line Items]
Financial Statement Carrying Amount, Assets	134.5	133
Financial Statement Carrying Amount, Liabilities	0	0
Maximum Exposure to Loss	143.4	142
VIE Assets	$ 5,179.9	$ 4,624.9

Loans to and Investments In A86

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, 2018	Mar. 31, 2017	Dec. 31, 2017
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	$ 2,066,829	$ 2,125,098
Income (losses) related to associated companies	32,100	(128,574)
Income (losses) related to Jefferies associated companies	5,605	26,263
Contributions to (distributions from) associated companies, net	119,050	95,720
Other, including foreign exchange and unrealized gains (losses)	9,486	3,972
Loans to and investments in associated companies, ending balance	2,233,070	2,122,479
Noncontrolling interests	29,048		$ 33,022
Jefferies Finance
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	655,467	490,464
Income (losses) related to associated companies	0	0
Income (losses) related to Jefferies associated companies	9,833	24,965
Contributions to (distributions from) associated companies, net	139,386	0
Other, including foreign exchange and unrealized gains (losses)	0	0
Loans to and investments in associated companies, ending balance	804,686	515,429
Jefferies LoanCore
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance		154,731
Income (losses) related to associated companies		0
Income (losses) related to Jefferies associated companies	0	2,332
Contributions to (distributions from) associated companies, net		(7,760)
Other, including foreign exchange and unrealized gains (losses)		0
Loans to and investments in associated companies, ending balance		149,303
Berkadia
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	210,594	184,443
Income (losses) related to associated companies	26,281	16,954
Income (losses) related to Jefferies associated companies	0	0
Contributions to (distributions from) associated companies, net	(17,212)	(1,924)
Other, including foreign exchange and unrealized gains (losses)	(453)	102
Loans to and investments in associated companies, ending balance	219,210	199,575
FXCM (2)
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	158,856	336,258
Income (losses) related to associated companies	(8,224)	(149,900)
Income (losses) related to Jefferies associated companies	0	0
Contributions to (distributions from) associated companies, net	0	0
Other, including foreign exchange and unrealized gains (losses)	239	349
Loans to and investments in associated companies, ending balance	150,871	186,707
Garcadia Companies
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	179,143	185,815
Income (losses) related to associated companies	11,383	13,294
Income (losses) related to Jefferies associated companies	0	0
Contributions to (distributions from) associated companies, net	(9,727)	(12,588)
Other, including foreign exchange and unrealized gains (losses)	0	0
Loans to and investments in associated companies, ending balance	180,799	186,521
Linkem
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	192,136	154,000
Income (losses) related to associated companies	(7,455)	(8,148)
Income (losses) related to Jefferies associated companies	0	0
Contributions to (distributions from) associated companies, net	542	31,996
Other, including foreign exchange and unrealized gains (losses)	8,024	3,520
Loans to and investments in associated companies, ending balance	193,247	181,368
HomeFed
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	341,874	302,231
Income (losses) related to associated companies	11,610	336
Income (losses) related to Jefferies associated companies	0	0
Contributions to (distributions from) associated companies, net	0	31,316
Other, including foreign exchange and unrealized gains (losses)	0	0
Loans to and investments in associated companies, ending balance	353,484	333,883
Golden Queen
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	105,005	111,302
Income (losses) related to associated companies	(3,969)	(1,297)
Income (losses) related to Jefferies associated companies	0	0
Contributions to (distributions from) associated companies, net	8,444	0
Other, including foreign exchange and unrealized gains (losses)	0	0
Loans to and investments in associated companies, ending balance	109,480	110,005
Noncontrolling interests	26,900		$ 30,500
Other
Loans to and Investments in Associated Companies Rollforward [Roll Forward]
Loans to and investments in associated companies, beginning balance	223,754	205,854
Income (losses) related to associated companies	2,474	187
Income (losses) related to Jefferies associated companies	(4,228)	(1,034)
Contributions to (distributions from) associated companies, net	(2,383)	54,680
Other, including foreign exchange and unrealized gains (losses)	1,676	1
Loans to and investments in associated companies, ending balance	$ 221,293	$ 259,688

Loans to and Investments In A87

Loans to and Investments In Associated Companies (Jefferies Finance) (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Investments In Associated Companies [Line Items]
Investment banking	$ 439,991,000	$ 408,021,000
Other	1,806,203,000		$ 1,661,777,000
Payables, expense accruals and other liabilities	7,336,062,000		7,167,666,000
Financial instruments owned trading assets, at fair value	17,346,648,000		16,082,676,000
Jefferies
Investments In Associated Companies [Line Items]
Interest income and unfunded commitment fees related to facility commitment	1,000,000	1,400,000
Investment banking	101,400,000	66,200,000
Origination fees	18,500,000	2,100,000
Placement agent fees	$ 300,000	2,700,000
Jefferies Finance
Investments In Associated Companies [Line Items]
Percentage of ownership owned	50.00%
Equity commitment	$ 750,000,000
Funded equity commitments	$ 657,400,000
Investment commitment extension	1 year
Termination notice	60 days
Total line of credit facility commitment under joint venture	$ 500,000,000		500,000,000
Extension period	1 year
Line of credit facility, commitment of Jefferies, funded	$ 121,200,000		0
Line of credit facility commitment of Jefferies	250,000,000		250,000,000
Service fee income	26,100,000	$ 20,200,000
Other	43,100,000		34,600,000
Payables, expense accruals and other liabilities	14,100,000		14,100,000
Financial instruments owned trading liabilities, at fair value	$ 400,000
Financial instruments owned trading assets, at fair value			$ 1,500,000

Loans to and Investments In A88

Loans to and Investments In Associated Companies (Jefferies LoanCore) (Narrative) (Details) $ in Millions	Oct. 31, 2017USD ($)
Jefferies LoanCore
Investments In Associated Companies [Line Items]
Percentage of ownership owned	48.50%
Jefferies LoanCore | Disposed of by Sale | Jefferies
Investments In Associated Companies [Line Items]
Consideration for sale of business	$ 173.1
Period entitled to additional cash consideration	5 years

Loans to and Investments In A89

Loans to and Investments In Associated Companies (Berkadia) (Narrative) (Details) - Berkadia - USD ($) $ in Millions	12 Months Ended	111 Months Ended
	Dec. 31, 2009	Mar. 31, 2018
Investments In Associated Companies [Line Items]
Capital contributed	$ 217.2
Percentage of ownership owned		50.00%
Distributions received		$ 579.2
Surety policy issued		$ 1,500
Reimbursement of losses incurred, maximum percentage		50.00%
Commercial paper		$ 1,470

Loans to and Investments In A90

Loans to and Investments In Associated Companies (FXCM) (Narrative) (Details) - Investment in FXCM - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2018
Investments In Associated Companies [Line Items]
Percentage of ownership owned		50.00%
Equity method investment impairment	$ 130.2

Loans to and Investments In A91

Loans to and Investments In Associated Companies (Garcadia) (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2018USD ($)	Mar. 31, 2018Dealership
Garcadia
Investments In Associated Companies [Line Items]
Number of automobile dealerships | Dealership		28
Plan One | Garcadia
Investments In Associated Companies [Line Items]
Percentage of cash F\flows allocated from joint venture		65.00%
Plan One | Garff Enterprises, Inc
Investments In Associated Companies [Line Items]
Percentage of cash F\flows allocated from joint venture		35.00%
Plan Two | Garcadia
Investments In Associated Companies [Line Items]
Number of automobile dealerships | Dealership		1
Percentage of cash F\flows allocated from joint venture		83.00%
Plan Three | Garcadia
Investments In Associated Companies [Line Items]
Number of automobile dealerships | Dealership		4
Percentage of cash F\flows allocated from joint venture		71.00%
Subsequent Event | Garcadia
Investments In Associated Companies [Line Items]
Percentage of equity method investment for sale	100.00%
Garcadia | Disposed of by Sale | Subsequent Event
Investments In Associated Companies [Line Items]
Proceeds from sale of equity method investments	$ 435,000
Sale of equity method investment, consideration in senior preferred equity	50,000
Sale of equity method investment, payment for mortgage debt retirement	53,000
Sale of equity method investment, payment to satisfy pre-existing obligation	5,750
Pre-tax gain on sale of equity method investment	$ 220,000

Loans to and Investments In A92

Loans to and Investments In Associated Companies (Linkem) (Narrative) (Details) - Linkem	3 Months Ended
	Mar. 31, 2018
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	54.00%
Equity method investment, voting percentage	48.00%

Loans to and Investments In A93

Loans to and Investments In Associated Companies (HomeFed) (Narrative) (Details) - HomeFed	3 Months Ended
	Mar. 31, 2018directorshares
Investments In Associated Companies [Line Items]
Shares of common stock owned | shares	10,852,123
Percentage of ownership owned	70.00%
Maximum voting rights as a percentage of total voting securities voting	45.00%
Number of directors appointed by Company | director	3
Company Chairman
Investments In Associated Companies [Line Items]
Ownership percentage of company	4.80%

Loans to and Investments In A94

Loans to and Investments In Associated Companies (Golden Queen Mining Company) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	51 Months Ended
	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2013
Investments In Associated Companies [Line Items]
Contributions from noncontrolling interests	$ 18,777
Gauss LLC
Investments In Associated Companies [Line Items]
Cash invested in Limited Liability Company		$ 93,000
Clay Family
Investments In Associated Companies [Line Items]
Contributions from noncontrolling interests		34,500
Golden Queen Mining Company, LLC | Gauss LLC
Investments In Associated Companies [Line Items]
Total investment in associated company		$ 127,500
Equity method investment, ownership percentage		50.00%
Golden Queen Mining Co, Ltd
Investments In Associated Companies [Line Items]
Percentage of ownership owned		50.00%	100.00%

Loans to and Investments in A95

Loans to and Investments in Associated Companies (Other) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Revenues	$ 266,339	$ 230,269
Income from continuing operations before extraordinary items	99,811	78,512
Net income	$ 99,811	$ 78,512

Financial Statement Offsettin96

Financial Statement Offsetting (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivative contracts, Assets
Gross Amounts	$ 2,571,665	$ 3,497,969
Netting in Consolidated Statements of Financial Condition	(2,414,276)	(3,318,481)
Net Amounts in Consolidated Statements of Financial Condition	157,389	179,488
Additional Amounts Available for Setoff	0	0
Available Collateral	0	0
Net Amount	157,389	179,488
Securities borrowing arrangements, Assets
Gross Amounts	7,300,171	7,721,803
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	7,300,171	7,721,803
Additional Amounts Available for Setoff	(662,827)	(966,712)
Available Collateral	(1,151,335)	(1,032,629)
Net Amount	5,486,009	5,722,462
Reverse repurchase agreements, Assets
Gross Amounts	11,488,733	14,858,297
Netting in Consolidated Statements of Financial Condition	(8,504,788)	(11,168,738)
Net Amounts in Consolidated Statements of Financial Condition	2,983,945	3,689,559
Additional Amounts Available for Setoff	(289,950)	(463,973)
Available Collateral	(2,673,232)	(3,207,147)
Net Amount	20,763	18,439
Derivative contracts, Liabilities
Gross Amounts	3,538,069	3,745,908
Netting in Consolidated Statements of Financial Condition	(2,655,358)	(3,490,514)
Net Amounts in Consolidated Statements of Financial Condition	882,711	255,394
Additional Amounts Available for Setoff	0	0
Available Collateral	0	0
Net Amount	882,711	255,394
Securities lending arrangements, Liabilities
Gross Amounts	2,372,473	2,843,911
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	2,372,473	2,843,911
Additional Amounts Available for Setoff	(662,827)	(966,712)
Available Collateral	(1,558,384)	(1,795,408)
Net Amount	151,262	81,791
Repurchase agreements, Liabilities
Gross Amounts	16,755,127	19,829,249
Netting in Consolidated Statements of Financial Condition	(8,504,788)	(11,168,738)
Net Amounts in Consolidated Statements of Financial Condition	8,250,339	8,660,511
Additional Amounts Available for Setoff	(289,950)	(463,973)
Available Collateral	(7,041,254)	(7,067,512)
Net Amount	919,135	1,129,026
Securities borrowing agreement, subject to review	5,418,700	5,678,600
Securities borrowing agreement, collateral received, subject to review	5,221,300	5,516,700
Repurchase agreement, net amount, subject to review	888,200	1,084,400
Repurchase agreements, collateral pledged, subject to review	$ 907,300	$ 1,115,900

Intangible Assets, Net and Go97

Intangible Assets, Net and Goodwill (Schedule of Intangible Assets, Net And Goodwill) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	$ 727,010	$ 741,030
Goodwill	1,723,947	1,722,150
Total intangible assets, net and goodwill	2,450,957	2,463,180
Exchange and clearing organization membership interests and registrations
Intangible Assets [Line Items]
Indefinite lived intangibles	8,619	8,551
Customer and other relationships
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	340,156	347,767
Intangibles, accumulated amortization	237,946	230,074
Trademarks and tradename
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	290,009	293,851
Intangibles, accumulated amortization	99,861	95,627
Supply contracts
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	83,767	86,160
Intangibles, accumulated amortization	59,833	57,440
Other
Intangible Assets [Line Items]
Intangible assets, net (excluding goodwill)	4,459	4,701
Intangibles, accumulated amortization	4,127	3,885
Other operations
Intangible Assets [Line Items]
Goodwill	3,859	3,859
National Beef
Intangible Assets [Line Items]
Goodwill	14,991	14,991
Jefferies
Intangible Assets [Line Items]
Goodwill	$ 1,705,097	$ 1,703,300

Intangible Assets, Net and Go98

Intangible Assets, Net and Goodwill (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Apr. 30, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 14,600	$ 13,700
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Intangible assets, net and goodwill	2,450,957			$ 2,463,180
National Beef
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Intangible assets, net and goodwill	$ 543,200
National Beef | Subsequent Event | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of ownership owned			48.00%

Intangible Assets, Net and Go99

Intangible Assets, Net and Goodwill (Schedule of Estimated Future Amortization Expense) (Details) $ in Thousands	Mar. 31, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of current year	$ 43,839
2,019	58,454
2,020	58,454
2,021	58,067
2,022	$ 57,984

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Short-term Debt [Line Items]
Short-term borrowings	$ 468,046,000	$ 436,215,000
Interest rates on short-term borrowings outstanding	2.28%	2.51%
Floating rate puttable notes
Short-term Debt [Line Items]
Short-term borrowings	$ 111,034,000	$ 108,240,000
Equity-linked notes
Short-term Debt [Line Items]
Short-term borrowings	0	23,324,000
Debt matured amount	23,300,000
Bank loans
Short-term Debt [Line Items]
Short-term borrowings	357,012,000	$ 304,651,000
Line of Credit | Intraday Credit Facility
Short-term Debt [Line Items]
Credit facility maximum amount	$ 150,000,000
Line of Credit | Intraday Credit Facility | Federal funds effective rate
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	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Nov. 30, 2017
Debt Instrument [Line Items]
Long-term debt	$ 8,499,724		$ 7,885,783
Long-term debt, fair value	$ 735,456		$ 606,956
5.50% Senior Notes due October 18, 2023
Debt Instrument [Line Items]
Interest rate	5.50%		5.50%
Principal	$ 750,000		$ 750,000
6.625% Senior Notes due October 23, 2043
Debt Instrument [Line Items]
Interest rate	6.625%		6.625%
Principal	$ 250,000		$ 250,000
5.125% Senior Notes, due April 13, 2018
Debt Instrument [Line Items]
Long-term debt	$ 669,586		$ 682,338
Interest rate	5.125%		5.125%
Principal	$ 668,300		$ 678,300
8.50% Senior Notes, due July 15, 2019
Debt Instrument [Line Items]
Long-term debt	$ 721,677		$ 728,872
Interest rate	8.50%		8.50%
Principal	$ 680,800		$ 680,800
2.375% Euro Medium Term Notes, due May 20, 2020
Debt Instrument [Line Items]
Long-term debt	$ 608,789		$ 593,334
Interest rate	2.375%		2.375%
Principal	$ 610,075		$ 594,725
6.875% Senior Notes, due April 15, 2021
Debt Instrument [Line Items]
Long-term debt	$ 804,138		$ 808,157
Interest rate	6.875%		6.875%
Principal	$ 750,000		$ 750,000
2.25% Euro Medium Term Notes, due July 13, 2022
Debt Instrument [Line Items]
Long-term debt	$ 4,521		$ 4,389
Interest rate	2.25%		2.25%
Principal	$ 4,881		$ 4,758
5.125% Senior Notes, due January 20, 2023
Debt Instrument [Line Items]
Long-term debt	$ 615,021		$ 615,703
Interest rate	5.125%		5.125%
Principal	$ 600,000		$ 600,000
4.85% Senior Notes, due January 15, 2027
Debt Instrument [Line Items]
Long-term debt	$ 713,762		$ 736,357
Interest rate	4.85%		4.85%
Principal	$ 750,000		$ 750,000
6.45% Senior Debentures, due June 8, 2027
Debt Instrument [Line Items]
Long-term debt	$ 375,274		$ 375,794
Interest rate	6.45%		6.45%
Principal	$ 350,000		$ 350,000
3.875% Convertible Senior Debentures, due November 1, 2029
Debt Instrument [Line Items]
Long-term debt	0		$ 324,779
Interest rate			3.875%	3.875%
Principal			$ 324,779
4.15% Senior Notes, due January 23, 2030
Debt Instrument [Line Items]
Long-term debt	$ 987,157		0
Interest rate	4.15%
Principal	$ 1,000,000
6.25% Senior Debentures, due January 15, 2036
Debt Instrument [Line Items]
Long-term debt	$ 511,947		$ 512,040
Interest rate	6.25%		6.25%
Principal	$ 500,000		$ 500,000
6.50% Senior Notes, due January 20, 2043
Debt Instrument [Line Items]
Long-term debt	$ 420,901		$ 420,990
Interest rate	6.50%		6.50%
Principal	$ 400,000		$ 400,000
Structured Notes
Debt Instrument [Line Items]
Long-term debt	742,777		614,091
Long-term debt, fair value	735,500		607,000
Foursight Capital Credit Facilities
Debt Instrument [Line Items]
Long-term debt	11,750		170,455
Other
Debt Instrument [Line Items]
Long-term debt	102,780		112,654
Parent Company
Debt Instrument [Line Items]
Long-term debt	989,315		989,021
Parent Company | 5.50% Senior Notes due October 18, 2023
Debt Instrument [Line Items]
Long-term debt	742,629		742,348
Parent Company | 6.625% Senior Notes due October 23, 2043
Debt Instrument [Line Items]
Long-term debt	246,686		246,673
National Beef | Reducing Revolver Loan
Debt Instrument [Line Items]
Long-term debt	$ 180,000		120,000
Interest rate	3.60%
National Beef | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 40,329		76,809
Interest rate	3.80%
Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 7,510,409		$ 6,896,762
Interest rate swaps | Subsidiaries | 4.85% Senior Notes, due January 15, 2027
Debt Instrument [Line Items]
Increase (Decrease) of Long-term Debt	$ 22,700	$ 5,400

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details)	1 Months Ended	3 Months Ended
	Jan. 31, 2018USD ($)	Mar. 31, 2018USD ($)Contract	Dec. 31, 2017USD ($)	Nov. 30, 2017	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Long-term debt		$ 8,499,724,000	$ 7,885,783,000
National Beef
Debt Instrument [Line Items]
Aggregate outstanding letters of credit		13,900,000
3.875% Convertible Senior Debentures, due November 1, 2029
Debt Instrument [Line Items]
Interest rate			3.875%	3.875%
Long-term debt		$ 0	$ 324,779,000
3.875% Convertible Senior Debentures, due November 1, 2029 | Jefferies
Debt Instrument [Line Items]
Redemption price as percentage of principal amount redeemed	100.00%
4.15% Senior Notes, due January 23, 2030
Debt Instrument [Line Items]
Interest rate		4.15%
Long-term debt		$ 987,157,000	0
Structured Notes
Debt Instrument [Line Items]
Long-term debt		742,777,000	614,091,000
Structured Notes | Jefferies
Debt Instrument [Line Items]
Principal amount of debt issued		$ 154,400,000
Revolving Credit Facility | National Beef
Debt Instrument [Line Items]
Interest rate		3.80%
Credit facility maximum amount					$ 275,000,000
Long-term debt		$ 40,329,000	76,809,000
Amount drawn from credit facility		45,500,000
Amount of revolver available		$ 173,700,000
Reducing Revolver Loan | National Beef
Debt Instrument [Line Items]
Interest rate		3.60%
Credit facility maximum amount		$ 375,000,000			$ 275,000,000
Decrease of loan commitment on each annual anniversary of debt agreement		18,800,000
Long-term debt		180,000,000	120,000,000
Amount of revolver available		195,000,000
Foursight Capital Credit Facilities
Debt Instrument [Line Items]
Long-term debt		$ 11,750,000	$ 170,455,000
Minimum | Revolving Credit Facility and Reducing Revolver Loan | National Beef
Debt Instrument [Line Items]
Debt instrument, basic spread on variable rate		0.75%
Maximum | Revolving Credit Facility and Reducing Revolver Loan | National Beef
Debt Instrument [Line Items]
Debt instrument, basic spread on variable rate		3.00%
Secured Debt | Foursight Capital Credit Facilities
Debt Instrument [Line Items]
Credit facility maximum amount		$ 225,000,000
Number of warehouse credit commitment | Contract		2
Senior Notes | 4.15% Senior Notes, due January 23, 2030 | Jefferies
Debt Instrument [Line Items]
Interest rate	4.15%
Principal amount of debt issued	$ 1,000,000,000
Line of Credit | Foursight Capital Credit Facilities | Foursight Capital
Debt Instrument [Line Items]
Assets pledged for indebtedness		$ 14,500,000

Mezzanine Equity (Narrative) (D

Mezzanine Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Jun. 30, 2017	Mar. 31, 2017	Dec. 30, 2021	Dec. 30, 2018	Apr. 30, 2018	Dec. 31, 2017
Purchase Requirement [Line Items]
Redeemable noncontrolling interests	$ 14,800						$ 14,500
Mandatorily redeemable convertible preferred shares redemption value	$ 125,000						$ 125,000
Dividends per common share (in dollars per share)	$ 0.10		$ 0.0625
3.25% Cumulative Convertible Preferred Shares
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
Minimum dividend considered for additional quarterly payments	$ 0.0625
Preferred stock dividend	$ 1,200		$ 1,000
Mandatorily redeemable preferred shares callable price per share	$ 1,000
Common Stock
Purchase Requirement [Line Items]
Dividends per common share (in dollars per share)	$ 0.10	$ 0.0625
Forecast | National Beef | Put Rights
Purchase Requirement [Line Items]
Put right interest percentage				33.30%	33.30%
Disposed of by Sale | National Beef | Subsequent Event
Purchase Requirement [Line Items]
Percentage of ownership owned						48.00%

Mezzanine Equity (Schedule Of R

Mezzanine Equity (Schedule Of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Redeemable Noncontrolling Interest [Roll Forward]
Beginning Balance	$ 14,500
Income allocated to redeemable noncontrolling interests	14,796	$ 12,022
Increase (decrease) in fair value of redeemable noncontrolling interests	17,067	(1,038)
Ending Balance	14,800
National Beef
Redeemable Noncontrolling Interest [Roll Forward]
Beginning Balance	412,128	321,962
Income allocated to redeemable noncontrolling interests	14,450	12,049
Net distributions to redeemable noncontrolling interests	(9,519)	(7,117)
Increase (decrease) in fair value of redeemable noncontrolling interests	(17,067)	1,038
Ending Balance	$ 399,992	$ 327,932

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Details) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 12,431,000	$ 9,983,000
Tax benefit for issuance of share-based awards	2,900,000	$ 3,600,000
Total unrecognized compensation cost related to nonvested share-based awards	$ 156,500,000
Employee service share-based compensation, unrecognized compensation costs on nonvested awards, weighted average period of recognition	2 years 7 months
Potential maximum increase to common shares outstanding from restricted stock and other shares (in shares)	20,547
Sign-on and Retention Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Amortization period	4 years
Other Shares Issuable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other shares issuable (in shares)	854
Future Service Required | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, nonvested (in shares)	9,352
Future Service Required | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, nonvested (in shares)	1,844
No Future Service Required | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, vested (in shares)	10,341
Senior Executives Compensation Plan 2018 | Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement, targeted long-term compensation	$ 25,000,000
Performance measurement period	3 years
Performance measurement benchmark, growth date in TSR	8.00%
Performance measurement benchmark, growth date in TSR (less than)	5.00%
Additional incentive compensation	50.00%
Performance measurement benchmark, growth date in TSR (up to)	12.00%
Senior Executives Compensation Plan 2018 | Senior Executives | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement, targeted long-term compensation	$ 16,000,000
Performance measurement benchmark, growth date in TSR	8.00%
Senior Executives Compensation Plan 2018 | Senior Executives | Long-term Cash
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement, targeted long-term compensation	$ 9,000,000
Performance measurement benchmark, growth date in ROTDE	8.00%

Accumulated Other Comprehens106

Accumulated Other Comprehensive Income (Summary Of Accumulated Other Comprehensive Income, Net Of Taxes) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ 10,288,128	$ 10,138,979	$ 10,591,746	$ 10,303,649
Net unrealized gains on available for sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	543,290	572,085
Net unrealized foreign exchange losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	(83,497)	(101,400)
Net unrealized losses on instrument specific credit risk
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	(46,001)	(34,432)
Net unrealized gains (losses) on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	110	(1,138)
Net minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	(56,585)	(62,391)
AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ 357,317	$ 372,724

Accumulated Other Comprehens107

Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other	$ 155,703	$ 327,470
Reclassification for the period, net of tax	(5,821)	(4,510)
Net unrealized losses on available for sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax	(5)	(11)
Net unrealized foreign exchange losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax	0	1,097
Amortization of defined benefit pension plan actuarial gains (losses)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, net of tax	(462)	(433)
Reclassification for the period, tax	(151)	(204)
Other pension
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, net of tax	(5,344)	1,231
Reclassification for the period, tax	0	(1,231)
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized losses on available for sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other	(15)	(18)
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized foreign exchange losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income and other expenses	$ 0	$ (5,290)

Accumulated Other Comprehens108

Accumulated Other Comprehensive Income (Narrative) (Details) $ in Thousands, € in Millions	3 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 28, 2017EUR (€)
Defined Benefit Plan Disclosure [Line Items]
Reclassification adjustment from AOCI related to pension plan	$ 5,806	$ (798)
German Pension Plan | Jefferies Bache Limited
Defined Benefit Plan Disclosure [Line Items]
Payment to transfer defined benefit obligation and insurance contracts | €			€ 6.5
Reclassification adjustment from AOCI related to pension plan	$ 5,300

Revenues from Contracts with109

Revenues from Contracts with Customers (Schedule of Components of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	$ 2,508,047
Revenue from other sources	438,422
Total revenues	2,946,469	$ 3,080,369
Beef processing services
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	1,779,631
Commissions and other fees
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	147,902
Investment banking
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	439,991
Other
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	140,523
Beef processing services
Disaggregation Of Revenue [Line Items]
Revenue from other sources	2,289
Principal transactions
Disaggregation Of Revenue [Line Items]
Revenue from other sources	145,663
Interest income
Disaggregation Of Revenue [Line Items]
Revenue from other sources	275,290
Other
Disaggregation Of Revenue [Line Items]
Revenue from other sources	$ 15,180

Revenues from Contracts with110

Revenues from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Disaggregation Of Revenue [Line Items]
Receivables related to revenue from contracts with customers	$ 410	$ 469.3
Deferred revenue	17.6	$ 15.5
Deferred revenue, revenue recognized	4.9
Capitalized contract cost	3.6
Expenses related to capitalized costs to fulfill a contract	$ 2.4
Revenue | Product Concentration Risk | Sale of Beef, Pork and Beef By-Products
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	95.00%
National Beef | Sale of Beef, Pork and Beef By-Products
Disaggregation Of Revenue [Line Items]
Period of payment due from delivery	7 days
Jefferies
Disaggregation Of Revenue [Line Items]
Revenue related to performance obligation satisfied	$ 11.7
Revenue associated with distribution services, a portion of which related to prior period	$ 4.6

Revenues from Contracts with111

Revenues from Contracts with Customers (Disaggregation of Revenue) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	$ 2,508,047
Americas
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	2,203,492
Europe, Middle East and Africa
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	79,179
Asia
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	225,376
Reportable Segments | Jefferies
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	599,509
Reportable Segments | Jefferies | Americas
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	520,854
Reportable Segments | Jefferies | Europe, Middle East and Africa
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	61,328
Reportable Segments | Jefferies | Asia
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	17,327
Reportable Segments | National Beef
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	1,779,631
Reportable Segments | National Beef | Americas
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	1,554,061
Reportable Segments | National Beef | Europe, Middle East and Africa
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	17,596
Reportable Segments | National Beef | Asia
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	207,974
Reportable Segments | Corporate and other
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	8,233
Reportable Segments | Corporate and other | Americas
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	7,903
Reportable Segments | Corporate and other | Europe, Middle East and Africa
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	255
Reportable Segments | Corporate and other | Asia
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	75
All other
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	120,674
All other | Americas
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	120,674
All other | Europe, Middle East and Africa
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	0
All other | Asia
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	0
Equities
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	151,630
Equities | Reportable Segments | Jefferies
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	151,630
Fixed Income
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	2,958
Fixed Income | Reportable Segments | Jefferies
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	2,958
Investment banking
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	439,991
Investment banking | Reportable Segments | Jefferies
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	439,991
Asset Management
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	4,930
Asset Management | Reportable Segments | Jefferies
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	4,930
Beef processing services
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	1,779,631
Beef processing services | Reportable Segments | Jefferies
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	0
Beef processing services | Reportable Segments | National Beef
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	1,779,631
Beef processing services | Reportable Segments | Corporate and other
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	0
Beef processing services | All other
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	0
Manufacturing revenues
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	98,365
Manufacturing revenues | Reportable Segments | Jefferies
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	0
Manufacturing revenues | Reportable Segments | National Beef
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	0
Manufacturing revenues | Reportable Segments | Corporate and other
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	0
Manufacturing revenues | All other
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	98,365
Oil and gas revenues
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	20,330
Oil and gas revenues | Reportable Segments | Jefferies
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	0
Oil and gas revenues | Reportable Segments | National Beef
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	0
Oil and gas revenues | Reportable Segments | Corporate and other
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	0
Oil and gas revenues | All other
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	20,330
Other revenues
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	10,212
Other revenues | Reportable Segments | Jefferies
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	0
Other revenues | Reportable Segments | National Beef
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	0
Other revenues | Reportable Segments | Corporate and other
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	8,233
Other revenues | All other
Disaggregation Of Revenue [Line Items]
Revenue from contracts with customers	$ 1,979

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Taxes [Line Items]
Unrecognized tax benefits	$ 227		$ 226.4
Decrease of income tax provision	43.9
Interest included in unrecognized tax benefits	58		57.4
Tax benefit from repatriation of foreign earnings		$ 31.9
Income tax expense related to Tax Cuts and Jobs Act Of 2017	2.6
Jefferies
Income Taxes [Line Items]
Unrecognized tax benefits	$ 173.4		$ 177.8

Common Share and Earnings (L113

Common Share and Earnings (Loss) Per Common Share (Earnings Per Share Computation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator for earnings per share:
Net income attributable to Leucadia National Corporation common shareholders	$ 124,525	$ 281,408
Allocation of earnings to participating securities	(499)	(1,138)
Net income attributable to Leucadia National Corporation common shareholders for basic earnings per share	124,026	280,270
Adjustment to allocation of earnings to participating securities related to diluted shares	(1)	8
Mandatorily redeemable convertible preferred share dividends	1,172	1,016
Net income attributable to Leucadia National Corporation common shareholders for diluted earnings per share	$ 125,197	$ 281,294
Denominator for earnings per share:
Weighted average common shares outstanding	356,576,000	359,634,000
Denominator for basic earnings per share – weighted average shares	366,427,000	369,267,000
Mandatorily redeemable convertible preferred shares (in shares)	4,162,000	4,162,000
Denominator for diluted earnings (loss) per share (in shares)	373,461,000	375,721,000
Weighted average shares of participating securities (in shares)	1,317,000	1,500,000
Restricted Stock with Future Service Required
Denominator for earnings per share:
Weighted average shares of restricted stock outstanding with future service required	(1,285,000)	(1,432,000)
Restricted Stock Units with No Future Service Required
Denominator for earnings per share:
Weighted average RSUs outstanding with no future service required (in shares)	11,136,000	11,065,000
Stock options
Denominator for earnings per share:
Dilutive effect of share-based payment awards (in shares)	30,000	16,000
Restricted Stock Units | Senior Executive Compensation Plan
Denominator for earnings per share:
Dilutive effect of share-based payment awards (in shares)	2,842,000	2,276,000

Common Share and Earnings (L114

Common Share and Earnings (Loss) Per Common Share (Narrative) (Details) - shares	Apr. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Nov. 30, 2017	Mar. 31, 2017
Earnings Per Share [Line Items]
Remaining number of shares authorized to be repurchased		12,500,000
3.875% Convertible Senior Debentures, due November 1, 2029
Earnings Per Share [Line Items]
Convertible notes interest rate			3.875%	3.875%
3.875% Convertible Senior Debentures, due November 1, 2029 | Convertible Debt Securities
Earnings Per Share [Line Items]
Convertible notes interest rate		3.875%			3.875%
Subsequent Event
Earnings Per Share [Line Items]
Number of shares authorized to be repurchased	25,000,000

Commitments, Contingencies a115

Commitments, Contingencies and Guarantees (Commitments and Contingencies) (Details) $ in Millions	Mar. 31, 2018USD ($)
Commitments And Guarantee Obligations [Line Items]
2,018	$ 6,359.3
2,019	295.2
2020 and 2021	77.6
2022 and 2023	114.4
2024 and Later	110
Maximum Payout	$ 6,956.5
Guarantor obligation settled period	3 days
Equity commitments
Commitments And Guarantee Obligations [Line Items]
2,018	$ 33.3
2,019	0.2
2020 and 2021	18.8
2022 and 2023	0
2024 and Later	104.5
Maximum Payout	156.8
Loan commitments
Commitments And Guarantee Obligations [Line Items]
2,018	158
2,019	0
2020 and 2021	47.5
2022 and 2023	7.4
2024 and Later	0
Maximum Payout	212.9
Mortgage-related and other purchase commitments
Commitments And Guarantee Obligations [Line Items]
2,018	0
2,019	177.7
2020 and 2021	0
2022 and 2023	0
2024 and Later	0
Maximum Payout	177.7
Underwriting commitments
Commitments And Guarantee Obligations [Line Items]
2,018	55
2,019	0
2020 and 2021	0
2022 and 2023	0
2024 and Later	0
Maximum Payout	55
Forward starting reverse repos
Commitments And Guarantee Obligations [Line Items]
2,018	3,432.2
2,019	0
2020 and 2021	0
2022 and 2023	0
2024 and Later	0
Maximum Payout	3,432.2
Forward starting repos
Commitments And Guarantee Obligations [Line Items]
2,018	2,523.5
2,019	0
2020 and 2021	0
2022 and 2023	0
2024 and Later	0
Maximum Payout	2,523.5
Other unfunded commitments
Commitments And Guarantee Obligations [Line Items]
2,018	157.3
2,019	117.3
2020 and 2021	11.3
2022 and 2023	107
2024 and Later	5.5
Maximum Payout	$ 398.4

Commitments, Contingencies a116

Commitments, Contingencies and Guarantees (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended
	Aug. 31, 2014	Mar. 31, 2018	Apr. 01, 2018	Dec. 31, 2017
Commitments Contingencies And Guarantees [Line Items]
Loan commitments outstanding to clients		$ 66,800,000
Fair value of mortgage-related and other purchase commitments		1,100,000
Fair value of derivative contracts meeting the definition of a guarantee		391,400,000
Contractual obligations		$ 6,956,500,000
Standby Letters of Credit
Commitments Contingencies And Guarantees [Line Items]
Expiration period maximum		1 year
Berkadia
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
Commitments Contingencies And Guarantees [Line Items]
Line of credit facility, commitment of Jefferies, funded		121,200,000		$ 0
Line of credit facility commitment of Jefferies		$ 250,000,000		$ 250,000,000
Folger Hill
Commitments Contingencies And Guarantees [Line Items]
Revolving credit facility term	3 years
Entity line of credit facility	$ 20,000,000
Number of days prior written notice for optional termination right		10 days
Funded revolving credit facility		$ 10,200,000
Jefferies | Standby Letters of Credit
Commitments Contingencies And Guarantees [Line Items]
Letters of credit		52,000,000
Other subsidiaries
Commitments Contingencies And Guarantees [Line Items]
Letters of credit		15,000,000
Jefferies Capital Partners LLC and Its Private Equity Funds
Commitments Contingencies And Guarantees [Line Items]
Equity commitments		21,800,000
Other Investments
Commitments Contingencies And Guarantees [Line Items]
Equity commitments		42,400,000
Empire Insurance Company
Commitments Contingencies And Guarantees [Line Items]
Contractual obligations		$ 6,400,000
Subsequent Event | Maximum | Other Investments
Commitments Contingencies And Guarantees [Line Items]
Equity commitments			$ 500,000,000

Commitments, Contingencies a117

Commitments, Contingencies and Guarantees (Guarantees) (Details) - Derivative Notional Amount $ in Millions	Mar. 31, 2018USD ($)
Derivative contracts – non-credit related
Guarantee Obligations [Line Items]
2,018	$ 19,737.1
2,019	3,134.8
2020 and 2021	1,429.2
2022 and 2023	215
2024 and Later	478.2
Notional/ Maximum Payout	24,994.3
Written derivative contracts – credit related
Guarantee Obligations [Line Items]
2,018	0
2,019	42.7
2020 and 2021	7.5
2022 and 2023	23.1
2024 and Later	0
Notional/ Maximum Payout	73.3
Derivatives
Guarantee Obligations [Line Items]
2,018	19,737.1
2,019	3,177.5
2020 and 2021	1,436.7
2022 and 2023	238.1
2024 and Later	478.2
Notional/ Maximum Payout	$ 25,067.6

Net Capital Requirements (Detai

Net Capital Requirements (Details) - Jefferies $ in Millions	Mar. 31, 2018USD ($)
Net Capital Requirements [Line Items]
Net Capital	$ 1,463.4
Excess Net Capital	$ 1,373.4

Other Fair Value Information (D

Other Fair Value Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings	$ 468,046	$ 436,215
Long-term debt	8,499,724	7,885,783
Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	615,567	579,071
Short-term borrowings	468,046	412,891
Long-term debt	7,764,268	7,278,827
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	598,218	565,285
Short-term borrowings	468,046	412,891
Long-term debt	$ 8,012,424	$ 7,678,210

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)directorcattle	Mar. 31, 2017USD ($)	Dec. 31, 2014USD ($)shares	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Trading liabilities, at fair value	$ 9,992,014			$ 8,454,965
Head of cattle to be purchased per year from members of USPB, actual number | cattle	735,385
Percentage of cattle requirements obtained through USPB	30.00%	26.00%
Sales to related party	$ 6,900	$ 7,100
Purchases from related party	$ 3,000	2,800
HomeFed
Related Party Transaction [Line Items]
Cash paid on acquisition of common shares			$ 14,000
Common shares acquired | shares			7,500,000
Number of directors appointed by Company | director	3
Private Equity Related Funds
Related Party Transaction [Line Items]
Loans to and/or equity investments in related funds	$ 30,900			23,700
Net gains (losses) from private equity related funds	7,000	$ (1,300)
Berkadia
Related Party Transaction [Line Items]
Purchase commitment	898,800			864,100
Officers and Employees
Related Party Transaction [Line Items]
Loans outstanding to related party	$ 45,200			45,600
Company Chairman | HomeFed
Related Party Transaction [Line Items]
Ownership percentage of company	4.80%
Payables, Expense Accruals and Other Liabilities | Jefferies
Related Party Transaction [Line Items]
OTC foreign exchange contracts	$ 20,600			$ 17,000
Trading liabilities | Jefferies
Related Party Transaction [Line Items]
OTC foreign exchange contracts	$ 500

Segment Information (Schedule O

Segment Information (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Net Revenues	$ 2,680,793	$ 2,867,982
Consolidated income before income taxes	106,654	398,097
Depreciation and amortization expenses	53,679	49,510
Principal transactions	145,663	416,403
Parent Company interest
Segment Reporting Information [Line Items]
Consolidated income before income taxes	(14,746)	(14,730)
FXCM (2)
Segment Reporting Information [Line Items]
Consolidated income before income taxes	400	(139,000)
Principal transactions	8,600	10,900
Reportable Segments
Segment Reporting Information [Line Items]
Net Revenues	2,614,721	2,366,532
Consolidated income before income taxes	170,933	174,869
Depreciation and amortization expenses	43,183	38,867
Reportable Segments | Jefferies
Segment Reporting Information [Line Items]
Net Revenues	820,919	797,386
Consolidated income before income taxes	125,730	132,270
Depreciation and amortization expenses	16,366	15,601
Reportable Segments | National Beef
Segment Reporting Information [Line Items]
Net Revenues	1,785,358	1,561,456
Consolidated income before income taxes	68,891	57,103
Depreciation and amortization expenses	25,519	22,399
Reportable Segments | Corporate and other
Segment Reporting Information [Line Items]
Net Revenues	8,444	7,690
Consolidated income before income taxes	(23,688)	(14,504)
Depreciation and amortization expenses	1,298	867
All other
Segment Reporting Information [Line Items]
Net Revenues	66,072	501,450
Consolidated income before income taxes	(49,533)	237,958
Depreciation and amortization expenses	$ 10,496	$ 10,643

Segment Information (Narrative)

Segment Information (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Interest expense		$ 23,607	$ 27,384
Pre-tax gain from sale of subsidiary		0	179,894
Parent Company interest
Segment Reporting Information [Line Items]
Interest expense		14,700	14,700
All other
Segment Reporting Information [Line Items]
Interest expense		6,800	10,800
National Beef
Segment Reporting Information [Line Items]
Interest expense		$ 2,100	1,800
Disposed of by Sale | Conwed
Segment Reporting Information [Line Items]
Percentage of ownership owned	100.00%
Cash from sale of subsidiary	$ 295,000
Pre-tax gain from sale of subsidiary			$ 179,900
Maximum | Disposed of by Sale | Conwed
Segment Reporting Information [Line Items]
Potential earn-out payment to be received from sale of subsidiary	$ 40,000