Jefferies Financial (JEF) 8-K 3 Jun 20 Other Events Financial data

Cover

Cover	Jun. 03, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jun. 3, 2020
Entity Registrant Name	JEFFERIES FINANCIAL GROUP INC.
Entity Incorporation, State or Country Code	NY
Entity File Number	1-5721
Entity Tax Identification Number	13-2615557
Entity Address, Address Line One	520 Madison Avenue
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	460-1900
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock; Par Value $1.00 Per Share
Trading Symbol	JEF
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000096223
Amendment Flag	false

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
ASSETS
Cash and cash equivalents	$ 7,678,821	$ 5,258,809
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	796,797	707,960
Financial instruments owned, at fair value (includes securities pledged of $12,058,522 and $13,059,802):
Trading assets	16,895,741	17,463,256
Available for sale securities	0	1,409,886
Total financial instruments owned	16,895,741	18,873,142
Loans to and investments in associated companies	1,652,957	2,417,332
Securities borrowed	7,624,642	6,538,212
Securities purchased under agreements to resell	4,299,598	2,785,758
Securities received as collateral	9,500	0
Receivables	5,744,106	6,287,401
Intangible assets, net and goodwill	1,922,934	1,890,131
Deferred tax asset, net	462,468	512,789
Other assets	2,372,670	1,859,561
Total assets	49,460,234	47,131,095
LIABILITIES
Short-term borrowings	548,490	387,492
Trading liabilities, at fair value	10,532,460	9,478,946
Securities loaned	1,525,140	1,838,688
Securities sold under agreements to repurchase	7,504,670	8,643,069
Other secured financings	3,070,611	1,534,271
Obligation to return securities received as collateral	9,500	0
Payables, expense accruals and other liabilities	8,179,013	7,407,030
Long-term debt	8,337,061	7,617,563
Total liabilities	39,706,945	36,907,059
Commitments and contingencies
MEZZANINE EQUITY
Redeemable noncontrolling interests	26,605	19,779
Mandatorily redeemable convertible preferred shares	125,000	125,000
EQUITY
Common shares, par value $1 per share, authorized 600,000,000 shares; 291,644,153 and 307,515,472 shares issued and outstanding, after deducting 24,818,459 and 109,460,774 shares held in treasury	291,644	307,515
Additional paid-in capital	3,627,711	3,854,847
Accumulated other comprehensive income (loss)	(273,039)	288,286
Retained earnings	5,933,389	5,610,218
Total Jefferies Financial Group Inc. shareholders' equity	9,579,705	10,060,866
Noncontrolling interests	21,979	18,391
Total equity	9,601,684	10,079,257
Total	$ 49,460,234	$ 47,131,095

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
ASSETS
Securities pledged	$ 12,058,522	$ 13,059,802
EQUITY
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)	291,644,153	307,515,472
Treasury stock, shares (in shares)	24,818,459	109,460,774
Assets	$ 49,460,234	$ 47,131,095
Liabilities	39,706,945	36,907,059
Variable Interest Entities
Assets	645,800	704,400
Liabilities	$ 3,071,100	$ 1,535,800

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Revenues:
Revenues	$ 5,009,728	$ 5,358,656	$ 5,048,906
Interest expense	89,249	87,177	101,202
Net revenues	3,764,034	3,892,976	4,077,445
Expenses:
Compensation and benefits	1,862,782	1,824,891	1,950,935
Cost of sales	307,071	319,641	280,952
Floor brokerage and clearing fees	184,210	223,140	174,506
Interest expense	89,249	87,177	101,202
Depreciation and amortization	120,317	152,871	110,395
Selling, general and other expenses	961,328	1,009,643	778,052
Total expenses	3,524,957	3,617,363	3,396,042
Income from continuing operations before income taxes and income (loss) related to associated companies	239,077	275,613	681,403
Income (loss) related to associated companies	57,023	202,995	(74,901)
Income from continuing operations before income taxes	296,100	478,608	606,502
Income tax provision (benefit)	19,008	(483,955)	642,286
Income (loss) from continuing operations	277,092	962,563	(35,784)
Income from discontinued operations, net of income tax provision of $0, $47,045 and $118,681	130,063	0	288,631
Gain on disposal of discontinued operations, net of income tax provision of $0, $229,553 and $0	643,921	0	0
Net income	1,051,076	962,563	252,847
Net loss attributable to the noncontrolling interests	12,975	1,847	3,455
Net (income) loss attributable to the redeemable noncontrolling interests	(37,263)	286	(84,576)
Preferred stock dividends	(4,470)	(5,103)	(4,375)
Net income attributable to Jefferies Financial Group Inc. common shareholders	$ 1,022,318	$ 959,593	$ 167,351
Basic earnings (loss) per common share attributable to Jefferies Financial Group Inc. common shareholders:
Income (loss) from continuing operations (USD per share)	$ 0.82	$ 3.07	$ (0.10)
Income from discontinued operations (USD per share)	0.27	0	0.55
Gain on disposal of discontinued operations (USD per share)	1.84	0	0
Net income (USD per share)	2.93	3.07	0.45
Diluted earnings (loss) per common share attributable to Jefferies Financial Group Inc. common shareholders:
Income (loss) from continuing operations (USD per share)	0.81	3.03	(0.10)
Income from discontinued operations (USD per share)	0.26	0	0.55
Gain on disposal of discontinued operations (USD per share)	1.83	0	0
Net income (USD per share)	$ 2.90	$ 3.03	$ 0.45
Amounts attributable to Jefferies Financial Group Inc. common shareholders:
Income (loss) from continuing operations, net of taxes	$ 285,475	$ 959,593	$ (36,003)
Income from discontinued operations, net of taxes	92,922	0	203,354
Gain on disposal of discontinued operations, net of taxes	643,921	0	0
Net income attributable to Jefferies Financial Group Inc. common shareholders	1,022,318	959,593	167,351
Commissions and other fees
Revenues:
Revenues	662,546	675,772	617,020
Principal transactions
Revenues:
Revenues	232,224	559,300	923,418
Investment banking
Revenues:
Revenues	1,904,870	1,526,992	1,764,285
Interest income
Revenues:
Revenues	1,294,325	1,603,940	993,198
Manufacturing revenues
Revenues:
Revenues	357,427	324,659	326,197
Other
Revenues:
Revenues	558,336	667,993	424,788
Jefferies Group
Revenues:
Interest expense	1,245,694	1,465,680	971,461
Expenses:
Interest expense	$ 1,245,694	$ 1,465,680	$ 971,461

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Income Statement [Abstract]
Income tax provision	$ 47,045	$ 0	$ 118,681
Gain on disposal of discontinued operations, income tax provision	$ 229,553	$ 0	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 1,051,076	$ 962,563	$ 252,847
Other comprehensive income (loss):
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $165, $(551) and $3,450	(1,560)	487	5,923
Less: reclassification adjustment for net (gains) losses included in net income, net of income tax provision (benefit) of $(545,054), $37 and $124	(109)	(543,178)	(212)
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $545,219, $(588) and $3,326	(1,669)	(542,691)	5,711
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $1,146, $(11,089) and $14,616	(71,543)	544	78,493
Less: reclassification adjustment for foreign exchange (gains) losses included in net income, net of income tax provision (benefit) of $(52), $(16) and $1,086	(20,459)	149	5,310
Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $1,198, $(11,073) and $13,530	(92,002)	693	83,803
Net unrealized gains (losses) on instrument specific credit risk arising during the period, net of income tax provision (benefit) of $(4,653), $9,289 and $(13,215)	29,620	(13,588)	(21,394)
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income, net of income tax provision (benefit) of $(144), $311 and $0	(916)	427	0
Net change in unrealized instrument specific credit risk gains (losses), net of income tax provision (benefit) of $(4,509), $8,978 and $(13,215)	28,704	(13,161)	(21,394)
Net unrealized gains (losses) on cash flow hedges arising during the period, net of income tax provision (benefit) of $0, $552 and $(593)	1,608	0	(936)
Less: reclassification adjustment for cash flow hedges (gains) losses included in net income, net of income tax provision (benefit) of $161, $0 and $0	0	(470)	0
Net change in unrealized cash flow hedges gains (losses), net of income tax provision (benefit) of $(161), $552 and $(593)	1,608	(470)	(936)
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $(2,473), $(297) and $2,018	(844)	(7,103)	3,526
Less: reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $(490), $(697) and $(2,042)	7,349	1,407	517
Net change in pension liability benefits, net of income tax provision (benefit) of $(1,983), $400 and $4,060	6,505	(5,696)	4,043
Other comprehensive income (loss), net of income taxes	(56,854)	(561,325)	71,227
Comprehensive income	994,222	401,238	324,074
Comprehensive loss attributable to the noncontrolling interests	(12,975)	(1,847)	(3,455)
Comprehensive (income) loss attributable to the redeemable noncontrolling interests	(37,263)	286	(84,576)
Preferred stock dividends	(4,470)	(5,103)	(4,375)
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders	$ 965,464	$ 398,268	$ 238,578

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit)	$ (551)	$ 165	$ 3,450
Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit)	37	(545,054)	124
Net change in unrealized holding gains (losses) on investments, tax provision (benefit)	(588)	545,219	3,326
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit)	(11,089)	1,146	14,616
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), tax provision (benefit)	(16)	(52)	1,086
Net change in unrealized foreign exchange gains (losses), tax provision (benefit)	(11,073)	1,198	13,530
Net unrealized gains (losses) on instrument specific credit risk arising during the period, income tax provision (benefit)	9,289	(4,653)	(13,215)
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income, income tax provision (benefit)	311	(144)	0
Net change in unrealized instrument specific credit risk gains (losses), income tax provision (benefit)	8,978	(4,509)	(13,215)
Net unrealized gains (losses) on derivatives arising during the period, tax provision (benefit)	552	0	(593)
Less: reclassification adjustment for cash flow hedges (gains) losses included in net income, income tax provision (benefit)	0	161	0
Net change in unrealized derivative gains (losses), tax provision (benefit)	552	(161)	(593)
Net pension and postretirement gains (losses) arising during the period, tax provision (benefit)	(297)	(2,473)	2,018
Less: reclassification adjustment for pension and postretirement (gains) losses included in net income (loss), tax provision (benefit)	(697)	(490)	(2,042)
Net change in pension liability and postretirement benefits, tax provision (benefit)	$ 400	$ (1,983)	$ 4,060

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Net cash flows from operating activities:
Net income	$ 1,051,076	$ 962,563	$ 252,847
Adjustments to reconcile net income to net cash provided by (used for) operations:
Pre-tax income from discontinued operations, including gain on disposal	(1,050,582)	0	(407,312)
Deferred income tax provision	236,406	6,391	712,055
Recognition of accumulated other comprehensive income lodged taxes	0	(544,583)	0
Depreciation and amortization of real estate, property, equipment and leasehold improvements	105,156	139,708	92,918
Other amortization	(37,749)	(9,942)	(28,159)
Share-based compensation	48,249	49,848	48,384
Provision for doubtful accounts	35,223	29,800	36,452
Income related to associated companies	(130,685)	(288,164)	(34,494)
Distributions from associated companies	162,988	467,157	143,286
Net (gains) losses related to property and equipment, and other assets	(32,461)	42,214	(32,814)
Gain on sale of subsidiaries and associated companies	(221,712)	(210,278)	(179,605)
Net change in:
Securities deposited with clearing and depository organizations	64,911	(169)	163
Trading assets	(1,451,472)	218,419	(648,703)
Securities borrowed	1,137,134	(1,103,708)	50,660
Securities purchased under agreements to resell	807,619	(1,523,222)	234,740
Receivables from brokers, dealers and clearing organizations	(602,950)	211,198	(555,109)
Receivables from customers of securities operations	(465,960)	524,656	(732,344)
Other receivables	30,864	(2,283)	(216,189)
Other assets	33,484	15,705	(8,102)
Trading liabilities	1,142,878	1,051,598	(25,765)
Securities loaned	(964,137)	(301,727)	381
Securities sold under agreements to repurchase	36,956	(1,122,982)	1,838,793
Payables to brokers, dealers and clearing organizations	250,603	111,757	(1,079,516)
Payables to customers of securities operations	512,760	631,854	366,721
Trade payables, expense accruals and other liabilities	(112,488)	(160,784)	365,385
Other	(124,580)	61,565	(25,838)
Net cash provided by (used for) operating activities - continuing operations	526,453	(827,837)	234,463
Net cash provided by operating activities - discontinued operations	164,650	0	553,831
Net cash provided by (used for) operating activities	691,103	(827,837)	788,294
Net cash flows from investing activities:
Acquisitions of property, equipment and leasehold improvements, and other assets	(325,666)	(232,229)	(123,027)
Proceeds from disposals of property and equipment, and other assets	14,052	11,302	28,042
Proceeds from sale of subsidiaries, net of expenses and cash of operations sold	100,000	(546)	289,767
Proceeds from sale of associated companies	379,074	790,612	173,105
Acquisitions, net of cash acquired	0	100,723	0
Advances on notes, loans and other receivables	(351,831)	(570,659)	(49,325)
Collections on notes, loans and other receivables	216,426	323,215	272,439
Loans to and investments in associated companies	(1,956,983)	(267,263)	(3,305,791)
Capital distributions and loan repayment from associated companies	1,973,739	110,656	3,106,423
Deconsolidation of subsidiary entities	0	0	(21,129)
Purchases of investments (other than short-term)	(3,423,191)	(2,995)	(1,146,595)
Proceeds from maturities of investments	1,084,277	531,104	344,223
Proceeds from sales of investments	1,571,507	913,175	443,300
Other	130	0	1,339
Net cash provided by (used for) investing activities - continuing operations	(718,466)	1,707,095	12,771
Net cash provided by (used for) investing activities - discontinued operations	860,909	0	(67,405)
Net cash provided by (used for) investing activities	142,443	1,707,095	(54,634)
Net cash flows from financing activities:
Issuance of debt, net of issuance costs	2,754,665	3,275,800	1,620,691
Other changes in short-term borrowings, net	0	0	23,324
Repayment of debt	(2,678,323)	(2,588,791)	(848,350)
Net change in other secured financings	503,043	1,533,696	1,248
Net change in bank overdrafts	10,290	26,568	(5,650)
Issuance of common shares	3,611	1,112	1,501
Net contributions from (distributions to) redeemable noncontrolling interests	455	(782)	(185)
Distributions to noncontrolling interests	(7,408)	(5,293)	(12,031)
Contributions from noncontrolling interests	113	6,829	40,072
Purchase of common shares for treasury	(1,130,854)	(509,914)	(100,477)
Dividends paid	(151,758)	(149,647)	(117,407)
Other	1	0	(1)
Net cash provided by (used for) financing activities - continuing operations	(696,165)	1,589,578	602,735
Net cash provided by (used for) financing activities - discontinued operations	120,322	0	(167,934)
Net cash provided by (used for) financing activities	(575,843)	1,589,578	434,801
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(19,546)	(1,063)	12,067
Change in cash classified as assets held for sale	0	0	(3,136)
Net increase in cash, cash equivalents and restricted cash	238,157	2,467,773	1,177,392
Cash, cash equivalents and restricted cash at beginning of period	5,774,505	6,012,662	4,597,113
Cash, cash equivalents and restricted cash at end of period	$ 6,012,662	$ 8,480,435	$ 5,774,505

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows Cash (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018	Dec. 31, 2017
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 7,678,821	$ 5,258,809	$ 5,275,480
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	761,809	673,141	478,284
Other assets	39,805	80,712	20,741
Total cash, cash equivalents and restricted cash	$ 8,480,435	$ 6,012,662	$ 5,774,505

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Spectrum Brands	Common Shares $1 Par Value	Additional Paid-In Capital	Additional Paid-In CapitalSpectrum Brands	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Retained EarningsSpectrum Brands	Subtotal	SubtotalSpectrum Brands	Non-controlling 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	163,896						167,351		167,351		(3,455)
Other comprehensive income (loss), net of taxes	71,227					71,227			71,227
Reclassification of tax effects from accumulated other comprehensive income	0					(9,200)	9,200		0
Contributions from noncontrolling interests	40,072								0		40,072
Distributions to noncontrolling interests	(12,031)								0		(12,031)
Deconsolidation of real estate entity	(167,163)								0		(167,163)
Share-based compensation expense	48,384			48,384					48,384
Change in fair value of redeemable noncontrolling interests	(94,937)			(94,937)					(94,937)
Purchase of common shares for treasury	(100,477)		(4,024)	(96,453)					(100,477)
Dividends	(120,974)						(120,974)		(120,974)
Other	7,333		826	6,457					7,283		50
Ending 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	1,009,343						1,022,318		1,022,318		(12,975)
Other comprehensive income (loss), net of taxes	(56,854)					(56,854)			(56,854)
Reversal of cumulative National Beef redeemable noncontrolling interests fair value adjustments prior to deconsolidation	237,669			237,669					237,669
Contributions from noncontrolling interests	113								0		113
Distributions to noncontrolling interests	(7,408)								0		(7,408)
Consolidation of asset management entity	8,316								0		8,316
Change in interest in consolidated subsidiary	0			2,677					2,677		(2,677)
Share-based compensation expense	48,249			48,249					48,249
Change in fair value of redeemable noncontrolling interests	(26,551)			(26,551)					(26,551)
Exercise of options to purchase common shares	2,485		109	2,376					2,485
Purchase of common shares for treasury	(1,148,422)		(50,223)	(1,098,199)					(1,148,422)
Dividends	(158,464)						(158,464)		(158,464)
Other	13,990		1,402	12,588					13,990		0
Ending balance at Nov. 30, 2018	10,079,257		307,515	3,854,847		288,286	5,610,218		10,060,866		18,391
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	957,746						959,593		959,593		(1,847)
Other comprehensive income (loss), net of taxes	(561,325)					(561,325)			(561,325)
Contributions from noncontrolling interests	6,829								0		6,829
Distributions to noncontrolling interests	(5,293)								0		(5,293)
Consolidation of asset management entity	181,780		9,295	168,585					177,880		3,900
Share-based compensation expense	49,848			49,848					49,848
Change in fair value of redeemable noncontrolling interests	(1,213)			(1,213)					(1,213)
Purchase of common shares for treasury	(509,970)		(26,125)	(483,845)					(509,970)
Dividends	(158,302)	$ (451,094)			$ 27,026		(158,302)	$ (478,120)	(158,302)	$ (451,094)
Other	13,421		959	12,463					13,422		(1)
Ending balance at Nov. 30, 2019	$ 9,601,684		$ 291,644	$ 3,627,711		$ (273,039)	$ 5,933,389		$ 9,579,705		$ 21,979

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended				11 Months Ended	12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Jun. 30, 2017	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Common shares, par value (USD per share)					$ 1	$ 1	$ 1
Dividends per common share (USD per share)	$ 0.125	$ 0.10	$ 0.10	$ 0.0625	$ 0.45	$ 0.5	$ 0.325

Nature of Operations

Nature of Operations	12 Months Ended
	Nov. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Jefferies Financial Group Inc. ("Jefferies," "we," "our" or the "Company") is a diversified financial services company engaged in investment banking and capital markets, asset management and direct investing. Jefferies Group LLC ("Jefferies Group"), our largest subsidiary, is the largest independent full-service global investment banking firm headquartered in the U.S. In the fourth quarter of 2018, we changed our fiscal year end from a calendar year basis to a fiscal year ending on November 30, consistent with the fiscal year of Jefferies Group. Our 2018 fiscal year consists of the eleven month transition period beginning January 1, 2018 through November 30, 2018. Financial statements for 2017 continue to be presented on the basis of our previous calendar year end. In March 2013, Jefferies Group became an indirect wholly-owned subsidiary of Jefferies, yet retains a separate credit rating and continues to be a separate U.S. Securities and Exchange Commission ("SEC") reporting company. Jefferies Group has a November 30 year end. Prior to the fourth quarter of 2018, because our fiscal year end was December 31, we reflected Jefferies Group in our consolidated financial statements utilizing a one month lag. In connection with our change in fiscal year end to November 30, we eliminated the one month lag utilized to reflect Jefferies Group results beginning with the fourth quarter of 2018. Therefore, our results for the eleven months ended November 30, 2018, include twelve month results for Jefferies Group and eleven months for the remainder of our results. Jefferies Group operates in two business segments: Investment Banking and Capital Markets, and Asset Management. Investment Banking and Capital Markets includes investment banking, capital markets and other related services. Investment banking provides underwriting and financial advisory services to clients across most industry sectors in the Americas, Europe and Asia. Capital markets businesses operate across the spectrum of equities, fixed income and foreign exchange products. Related services include, among other things, prime brokerage and equity finance, research and strategy, corporate lending and real estate finance. Asset Management provides investment management services to investors in the U.S. and overseas and invests capital in hedge funds, separately managed accounts and third-party asset managers. Through Jefferies Group, we own 50% of Jefferies Finance LLC ("Jefferies Finance"), Jefferies Group's joint venture with Massachusetts Mutual Life Insurance Company. Jefferies Finance is a commercial finance company whose primary focus is the origination and syndication of senior secured debt of middle market and growth companies in the form of term and revolving loans. Through Jefferies Group, we also have an interest in Berkadia Commercial Mortgage Holding LLC ("Berkadia"), Jefferies Group's 50-50 equity method joint venture with Berkshire Hathaway Inc. Berkadia is a U.S. commercial real estate finance company providing capital solutions, investment sales advisory and mortgage servicing for multifamily and commercial properties. Our Asset Management segment includes both the operations of Leucadia Asset Management ("LAM") as well as the asset management operations within Jefferies Group. Within Asset Management, we manage, invest in and provide services to a diverse group of alternative asset management platforms across a spectrum of investment strategies and asset classes. Asset Management offers institutional clients an innovative range of investment strategies through its affiliated managers. Merchant Banking is where we own a diverse portfolio of businesses and investments that have the potential for significant value appreciation. Our current Merchant Banking businesses and investments include Linkem (fixed wireless broadband services in Italy); Vitesse Energy, LLC ("Vitesse Energy Finance") and JETX Energy, LLC ("JETX Energy") (oil and gas production and development); real estate, primarily including HomeFed LLC ("HomeFed"), formerly HomeFed Corporation; Idaho Timber (manufacturing); FXCM Group, LLC ("FXCM") (provider of online foreign exchange trading services); and The We Company, formerly known as WeWork, (global network of workspaces). Our Merchant Banking businesses and investments also included National Beef Packing Company, LLC ("National Beef") (beef processing), prior to its sale in November 2019; Spectrum Brands Holdings, Inc. ("Spectrum Brands") (consumer products), prior to its distribution to shareholders in October 2019; Berkadia (commercial mortgage banking, investment sales and servicing), prior to its transfer to Jefferies Group in the fourth quarter of 2018; and Garcadia (automobile dealerships), prior to its sale in August 2018. The structure of each of our investments was tailored to the unique opportunity each transaction presented. Our investments may be reflected in our consolidated results as consolidated subsidiaries, equity investments, securities or in other ways, depending on the structure of our specific holdings. On June 5, 2018, we completed the sale of 48% of National Beef to Marfrig Global Foods S.A. ("Marfrig"), reducing our then ownership in National Beef from 79% to 31% . As of the closing of the sale on June 5, 2018, we deconsolidated our investment in National Beef and accounted for our remaining 31% interest in National Beef under the equity method of accounting. We classified the results of National Beef prior to June 5, 2018 as discontinued operations in the Consolidated Statements of Operations. See Note 27 for more information. On November 29, 2019, we sold our remaining 31% equity interest in National Beef to Marfrig and other shareholders and received a total of $970.0 million in cash, including $790.6 million of proceeds and $179.4 million from final distributions from National Beef around the time of the sale. The pre-tax gain recognized as a result of this transaction, $205.0 million for the twelve months ended November 30, 2019, is classified as Other revenue. As of November 30, 2019, we no longer hold an equity interest in National Beef. Prior to October 11, 2019, we owned approximately 15% of Spectrum Brands, a publicly traded global consumer products company on the NYSE (NYSE: SPB), and we reflected this investment at fair value based on quoted market prices. In September 2019, our Board of Directors approved a distribution to stockholders of these Spectrum Brands shares. We distributed 7,514,477 Spectrum Brands shares through a special pro rata dividend effective on October 11, 2019 to stockholders of record as of the close of business on September 30, 2019. We own approximately 42% of the common shares of Linkem, as well as convertible preferred shares which, if converted, would increase our ownership to approximately 54% of Linkem's common equity at November 30, 2019 . Linkem provides residential broadband services in Italy using LTE technologies deployed over the 3.5 GHz spectrum band. Linkem is accounted for under the equity method. Vitesse Energy Finance is our 97% owned consolidated subsidiary that acquires and invests in non-operated working interests and royalties predominantly in the Bakken Shale oil field in North Dakota. JETX Energy is our 98% owned consolidated subsidiary that currently has non-operated working interests and acreage in east Texas. We invested $9.0 million in 2013 in The We Company, which creates collaborative office communities, and have received $31.0 million in cash to date. We own less than 1% of The We Company. Our interest in The We Company is reflected in Trading assets in our financial statements at fair value. Through June 30, 2019, we owned approximately 70% equity interest in HomeFed, which owns and develops residential and mixed use real estate properties. We accounted for our interest under the equity method. On July 1, 2019, we completed a merger with HomeFed by which we acquired the remaining common stock of HomeFed. From July 1, 2019, the results of HomeFed are reflected on a consolidated basis. In connection with the merger, HomeFed stockholders received two shares of our common stock for each share of HomeFed common stock. A total of 9.3 million shares were issued, which were valued at $178.8 million at closing based on the market price of our common shares. As an offset to these issued shares, our Board of Directors authorized the repurchase of an additional 9.25 million shares in the open market. The HomeFed acquisition was accounted for as a business combination. The fair value of the shares issued to acquire the remaining common shares of HomeFed implied an aggregate fair value of $596.4 million for 100% of HomeFed's equity balance. In accordance with purchase accounting, we allocated the $596.4 million fair value for 100% of HomeFed to its assets, liabilities and noncontrolling interests. We recorded $101.7 million of cash, $413.2 million of real estate, $198.3 million of investments in associated companies, $37.4 million of deferred tax assets, $15.3 million of goodwill and intangibles, $6.6 million of other assets, $125.5 million of long-term debt, $46.7 million of payables, expense accruals and other liabilities and $ 3.9 million of noncontrolling interests. In addition, associated with the acquisition, we also recorded $32.4 million of goodwill generated by the establishment of $32.4 million of deferred tax liabilities related to allocated value exceeding the tax basis of some of the HomeFed net assets. The estimated weighted average useful lives for the amortizable intangibles were 4 years at time of acquisition. Our allocation of the acquisition price is based on our estimate of fair value for each of the acquired assets and liabilities, which were developed primarily utilizing discounted cash flow models. In connection with the acquisition of the remaining interest of HomeFed, we recognized a $72.1 million non-cash pre-tax gain in Other revenues on the revaluation of our 70% interest in HomeFed to fair value. The fair value of our 70% interest in HomeFed was based on the implied $596.4 million equity value for 100% of HomeFed. Idaho Timber is our consolidated subsidiary engaged in the manufacture and distribution of various wood products. Our investment in FXCM and associated companies consist of a senior secured term loan due February 15, 2021, ( $71.6 million principal outstanding at November 30, 2019 ); a 50% voting interest in FXCM and rights to a majority of all distributions in respect of the equity of FXCM. Garcadia was an equity method joint venture that owned and operated automobile dealerships. During the third quarter of 2018, we sold our equity interests in Garcadia and our associated real estate to our former partners, the Garff family, for $417.2 million in cash. The pre-tax gain recognized as a result of this transaction, $221.7 million during the third quarter of 2018, is classified as Other revenue.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Nov. 30, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The preparation of these financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts in the financial statements and disclosures of contingent assets and liabilities. On an on-going basis, we evaluate all of these estimates and assumptions. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, asset impairment, the ability to realize deferred tax assets, the recognition and measurement of uncertain tax positions and contingencies. Although these and other estimates and assumptions are based on the best available information, actual results could be different from these estimates. Consolidation Our policy is to consolidate all entities in which we can vote a majority of the outstanding voting stock. In addition, we consolidate entities which meet the definition of a variable interest entity for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity that most significantly impact the entity's economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. We consider special allocations of cash flows and preferences, if any, to determine amounts allocable to noncontrolling interests. All intercompany transactions and balances are eliminated in consolidation. In situations where we have significant influence, but not control, of an entity that does not qualify as a variable interest entity, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under GAAP. We have also formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies. Our subsidiaries may act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or "kick-out" rights. Reclassification to the Consolidated Statements of Operations We have reclassified the presentation of certain other fees, primarily related to prime brokerage services offered to clients. These fees were previously presented as Other revenues in the Consolidated Statements of Operations and are now presented within Commissions and other fees. Previously reported results are presented on a comparable basis. This change had the impact of increasing Commissions and other fees and reducing Other revenues by $28.3 million and $23.8 million for the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. There is no impact on Total revenues as a result of this change in presentation. Revenue Recognition Policies We adopted the Financial Accounting Standards Board ("FASB") revenue recognition standard on January 1, 2018. Revenue recognition policies under the standard are applied prospectively in our financial statements from January 1, 2018 forward. Reported financial information for the historical comparable periods was not revised and continues to be reported under the accounting standards in effect during the historical periods. For investment banking revenues and asset management fees, we separately state the accounting policies applicable in the presented eleven and twelve month periods. There were no material changes in our other revenue recognition policies as a result of the standard. Investment Banking Activities Commissions and Other Fees. All customer securities transactions are reported in the Consolidated Statements of Financial Condition on a settlement date basis with related income reported on a trade-date basis. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. These arrangements are accounted for on an accrual basis and, as we are acting as an agent in these arrangements, netted against commission revenues in the Consolidated Statements of Operations. In addition, we earn asset-based fees associated with the management and supervision of assets, account services and administration related to customer accounts. Principal Transactions. Trading assets and trading liabilities (all of which are recorded on a trade-date basis) are carried at fair value with gains and losses reflected in Principal transactions revenues in the Consolidated Statements of Operations, except for derivatives accounted for as hedges (see Hedge Accounting section, herein and Note 6). Fees received on loans carried at fair value are also recorded in Principal transactions revenues. Investment Banking - Twelve Months Ended November 30, 2019 and Eleven Months Ended November 30, 2018. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress. 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 advisory expenses are recognized within their respective expense category in the Consolidated Statements of Operations and any expenses reimbursed by clients are recognized as Investment banking revenues. Underwriting and placement agent revenues are recognized at a point in time on trade-date. Costs associated with underwriting activities are deferred until the related revenue is recognized or the engagement is otherwise concluded and are recorded on a gross basis in Selling, general and other expenses in the Consolidated Statements of Operations. Investment Banking - Twelve Months Ended December 31, 2017. Fees from mergers and acquisitions, restructuring and other investment banking advisory assignments or engagements and underwriting revenues are recorded when the services related to the underlying transactions are completed under the terms of the assignment or engagement. Expenses associated with such assignments are deferred until reimbursed by the client, the related revenue is recognized or the engagement is otherwise concluded. Expenses are recorded net of client reimbursements and netted against revenues. Unreimbursed expenses with no related revenues are included in Selling, general and other expenses in the Consolidated Statements of Operations. Asset Management Fees and Revenues. Asset management fees and revenues consist of asset management fees, as well as revenues from arrangements with strategic partners, which entitles us to portions of our partners’ management company revenues and/or partners’ profits and perpetual rights to certain defined revenues for a given revenue share period. Revenue from arrangements with strategic partners is recognized at the end of the defined revenue or profit share period when the revenues have been realized and all contingencies have been resolved. Asset Management Fees - Twelve Months Ended November 30, 2019 and Eleven Months Ended November 30, 2018. Management and administrative fees are generally recognized over the period that the related service is provided. Performance fee revenue is generally recognized only at the end of the performance period to the extent that the benchmark return has been met. Asset Management Fees - Twelve Months Ended December 31, 2017. Management and administrative fees are generally recognized over the period that the related service is provided. Performance fees are accrued (or reversed) on a monthly basis based on measuring performance to date versus any relevant benchmark return hurdles stated in the investment management agreement. Performance fees are not subject to adjustment once the measurement period ends (generally annual periods) and the performance fees have been realized. Interest Revenue and Expense. Interest expense that is deducted from Revenues to arrive at Net revenues is related to Jefferies Group's operations. Contractual interest on Trading assets and Trading liabilities is recognized on an accrual basis as a component of Interest income and Interest expense. Interest flows on derivative trading transactions and dividends are included as part of the fair valuation of these contracts and recognized in Principal transactions revenues in the Consolidated Statements of Operations rather than as a component of interest income or expense. Interest on short- and long-term borrowings is accounted for on an accrual basis, except for those for which we have elected the fair value option, with related interest recorded as Interest expense. Discounts/premiums arising on long-term debt are accreted/amortized to Interest expense using the effective yield method over the remaining lives of the underlying debt obligations. Interest revenue related to Securities borrowed and Securities purchased under agreements to resell activities and interest expense related to Securities loaned and Securities sold under agreements to repurchase activities are recognized on an accrual basis. Manufacturing Revenues. Manufacturing revenues are from Idaho Timber, which manufactures and distributes an extensive range of quality wood products to markets across North America. Idaho Timber's primary business consists of the sale of lumber that is manufactured or remanufactured at one of its locations. Agreements with customers for these sales specify the type, quantity and price of products to be delivered as well as the delivery date and payment terms. The transaction price is fixed at the time of sale and revenue is generally recognized when the customer takes control of the product. Hedge Accounting We apply hedge accounting using interest rate swaps designated as fair value hedges of changes in the benchmark interest rate of fixed rate senior long-term debt. The interest rate swaps are included as derivative contracts in Trading assets and Trading liabilities in the Consolidated Statements of Financial Condition. We use regression analysis to perform ongoing prospective and retrospective assessments of the effectiveness of these hedging relationships. A hedging relationship is deemed effective if the change in fair value of the interest rate swap and the change in the fair value of the long-term debt due to changes in the benchmark interest rate offset within a range of 80% to 125% . The impact of valuation adjustments related to Jefferies Group's own credit spreads and counterparty credit spreads are included in the assessment of effectiveness. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative and the change in fair value of the long-term debt provide offset of one another and, together with any resulting ineffectiveness, are recorded in Interest expense. See Note 6 for further information. Cash Equivalents Cash equivalents include highly liquid investments, including money market funds and certificates of deposit, not held for resale with original maturities of three months or less. Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations In accordance with Rule 15c 3 -3 of the Securities Exchange Act of 1934, Jefferies LLC, as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets. In addition, certain exchange and/or clearing organizations require cash and/or securities to be deposited by us to conduct day to day activities. Financial Instruments and Fair Value Trading assets and Trading liabilities are recorded at fair value, either as required by accounting pronouncements or through the fair value option election. These instruments primarily represent our trading activities and include both cash and derivative products. Gains and losses on trading assets and trading liabilities are recognized in the Consolidated Statements of Operations in Principal transactions revenues. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Fair Value Hierarchy In determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect our assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. We apply a hierarchy to categorize our fair value measurements broken down into three levels based on the transparency of inputs as follows: Level 1: Quoted prices are available in active markets for identical assets or liabilities at the reported date. Valuation adjustments and block discounts are not applied to Level 1 instruments. Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable at the reported date. The nature of these financial instruments includes cash instruments for which quoted prices are available but traded less frequently, derivative instruments for which fair values have been derived using model inputs that are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 3: Instruments that have little to no pricing observability at the reported date. These financial instruments are measured using management's best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Financial instruments are valued at quoted market prices, if available. Certain financial instruments have bid and ask prices that can be observed in the marketplace. For financial instruments whose inputs are based on bid-ask prices, the financial instrument is valued at the point within the bid-ask range that meets our best estimate of fair value. We use prices and inputs that are current at the measurement date. For financial instruments that do not have readily determinable fair values using quoted market prices, the determination of fair value is based on the best available information, taking into account the types of financial instruments, current financial information, restrictions (if any) on dispositions, fair values of underlying financial instruments and quotations for similar instruments. The valuation of financial instruments may include the use of valuation models and other techniques. Adjustments to valuations derived from valuation models are permitted based on management's judgment, which takes into consideration the features of the financial instrument such as its complexity, the market in which the financial instrument is traded and underlying risk uncertainties about market conditions. Adjustments from the price derived from a valuation model reflect management's judgment that other participants in the market for the financial instrument being measured at fair value would also consider in valuing that same financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument and market conditions. As the observability of prices and inputs may change for a financial instrument from period to period, this condition may cause a transfer of an instrument among the fair value hierarchy levels. The degree of judgment exercised in determining fair value is greatest for instruments categorized within Level 3. Loans to and Investments in Associated Companies Loans to and investments in associated companies include investments in private equity and other operating entities in which we exercise significant influence over operating and capital decisions and loans issued in connection with such investments. Loans to and investments in associated companies are accounted for using the equity method. See Note 11 for additional information regarding certain of these investments. Under the equity method of accounting, our share of the investee's underlying net income or loss is recorded as Income (loss) related to associated companies, or as part of Other revenues if such investees are considered to be an extension of our business. Income (loss) for investees for which the fair value option was elected is reported as Principal transactions revenues. Receivables At November 30, 2019 and 2018 , Receivables include receivables from brokers, dealers and clearing organizations of $3,011.0 million and $3,223.7 million , respectively, and receivables from customers of securities operations of $1,490.9 million and $2,017.1 million , respectively. Our subsidiary, Foursight Capital, had auto loan receivables of $741.2 million and $648.7 million at November 30, 2019 and 2018 , respectively. Based primarily on Beacon credit scores, Foursight Capital classifies its auto loan receivables as prime, near-prime and sub-prime based on the perceived credit risk at origination and generally considers prime receivables as those with a Beacon score of 680 and above, near-prime with scores between 620 and 679 and sub-prime with scores below 620. The credit quality classification at November 30, 2019 and 2018 was approximately 15% and 13% prime, 53% and 57% near-prime and 32% and 30% sub-prime, respectively. Securities Borrowed and Securities Loaned Securities borrowed and Securities loaned are carried at the amounts of cash collateral advanced and received in connection with the transactions and accounted for as collateralized financing transactions. In connection with both trading and brokerage activities, we borrow securities to cover short sales and to complete transactions in which customers have failed to deliver securities by the required settlement date, and lend securities to other brokers and dealers for similar purposes. When we borrow securities, we generally provide cash to the lender as collateral, which is reflected in the Consolidated Statements of Financial Condition as Securities borrowed. We earn interest revenues on this cash collateral. Similarly, when we lend securities to another party, that party provides cash to us as collateral, which is reflected in the Consolidated Statements of Financial Condition as Securities loaned. We pay interest expense on the cash collateral received from the party borrowing the securities. The initial collateral advanced or received approximates or is greater than the fair value of the securities borrowed or loaned. We monitor the fair value of the securities borrowed and loaned on a daily basis and requests additional collateral or returns excess collateral, as appropriate. Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities purchased under agreements to resell and Securities sold under agreements to repurchase (collectively "repos") are accounted for as collateralized financing transactions and are recorded at their contracted resale or repurchase amount plus accrued interest. We earn and incur interest over the term of the repo, which is reflected in Interest revenue and Interest expense in the Consolidated Statements of Operations on an accrual basis. Repos are presented in the Consolidated Statements of Financial Condition on a net-basis-by counterparty, where permitted by GAAP. The fair value of the underlying securities is monitored daily versus the related receivable or payable balances. Should the fair value of the underlying securities decline or increase, additional collateral is requested or excess collateral is returned, as appropriate. Offsetting of Derivative Financial Instruments and Securities Financing Agreements To manage exposure to credit risk associated with derivative activities and securities financing transactions, we may enter into International Swaps and Derivative Association, Inc. ("ISDA") master netting agreements, master securities lending agreements, master repurchase agreements or similar agreements and collateral arrangements with counterparties. 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 against all or a portion of an amount due from the counterparty or a third party. Under its ISDA master netting agreements, we typically 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 we have not determined an agreement to be enforceable, the related amounts are not offset. Master netting agreements are a critical component of our risk management processes as part of reducing counterparty credit risk and managing liquidity risk. We are 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. See Notes 6 and 7 for further information. Capitalization of Interest In connection with the acquisition of HomeFed in 2019, we began capitalizing interest on qualifying real estate assets. During the twelve months ended November 30, 2019 , capitalized interest of $6.2 million was allocated among all of HomeFed's projects that are currently under development. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements of $385.0 million and $351.0 million at November 30, 2019 and 2018 , respectively, are stated at cost, net of accumulated depreciation and amortization, and are included in Other assets in the Consolidated Statements of Financial Condition. Depreciation and amortization are provided principally on the straight-line method over the estimated useful lives of the assets or, if less, the term of the underlying lease. Impairment of Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. When testing for impairment, we group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (or asset group). The determination of whether an asset group is recoverable is based on management's estimate of undiscounted future cash flows directly attributable to the asset group as compared to its carrying value. If the carrying amount of the asset group is greater than the undiscounted cash flows, an impairment loss would be recognized for the amount by which the carrying amount of the asset group exceeds its estimated fair value. Substantially all of our operating businesses sell products or services that are impacted by general economic conditions in the U.S. and to a lesser extent internationally. A worsening of current economic conditions could cause a decline in estimated future cash flows expected to be generated by our operations and investments. If future undiscounted cash flows are estimated to be less than the carrying amounts of the asset groups used to generate those cash flows in subsequent reporting periods, particularly for those with large investments in intangible assets, property and equipment and other long-lived assets (for example, Jefferies Group, manufacturing and oil and gas production and development), impairment charges would have to be recorded. Intangible Assets, Net and Goodwill Intangible Assets . Intangible assets deemed to have finite lives are generally amortized on a straight-line basis over their estimated useful lives, where the useful life is the period over which the asset is expected to contribute directly, or indirectly, to our future cash flows. Intangible assets are reviewed for impairment on an interim basis when certain events or circumstances exist. If future undiscounted cash flows are estimated to be less than the carrying amounts of the asset groups used to generate those cash flows in subsequent reporting periods, particularly for those with large investments in amortizable intangible assets, impairment charges would have to be recorded. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when certain events or circumstances occur indicating an assessment for impairment is necessary. Impairment exists when the carrying amount exceeds its fair value. In testing for impairment, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If we conclude otherwise, we are required to perform a quantitative impairment test. Fair value will be determined using valuation techniques consistent with what a market participant would use. All of our indefinite-lived intangible assets were recognized in connection with the Jefferies Group acquisition, and our annual impairment testing date for Jefferies Group is as of August 1. Goodwill. At acquisition, we allocate the cost of a business acquisition to the specific tangible and intangible assets acquired and liabilities assumed based upon their fair values. Significant judgments and estimates are often made by management to determine these values, and may include the use of appraisals, consideration of market quotes for similar transactions, use of discounted cash flow techniques or consideration of other information we believe to be relevant. Any excess of the cost of a business acquisition over the fair values of the net assets and liabilities acquired is recorded as goodwill, which is not amortized to expense. Substantially all of our goodwill was recognized in connection with the Jefferies Group acquisition. At least annually, and more frequently if warranted, we will assess whether goodwill has been impaired. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not impaired. If the estimated fair value is less than carrying value, further analysis is necessary to determine the amount of impairment, if any, by comparing the implied fair value of the reporting unit's goodwill to the carrying value of the reporting unit's goodwill. The fair values will be based on widely accepted valuation techniques that we believe market participants would use, although the valuation process requires significant judgment and often involves the use of significant estimates and assumptions. The methodologies we utilize in estimating fair value include market capitalization, price-to-book multiples of comparable exchange traded companies, multiples of merger and acquisitions of similar businesses and/or projected cash flows. The estimates and assumptions used in determining fair value could have a significant effect on whether or not an impairment charge is recorded and the magnitude of such a charge. Adverse market or economic events could result in impairment charges in future periods. Our annual goodwill impairment testing date related to Jefferies Group is as of August 1. Inventories and Cost of Sales Manufacturing inventories are stated at the lower of cost or net realizable value, with cost principally determined under the first-in-first-out method. Manufacturing cost of sales principally includes product and manufacturing costs, inbound and outbound shipping costs and handling costs. Inventories are classified as Other assets in the Consolidated Statements of Financial Condition. Payables, expense accruals and other liabilities At November 30, 2019 and 2018 , Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $2,621.7 million and $2,465.6 million , respectively, and payables to customers of securities operations of $3,808.6 million and $3,176.7 million , respectively. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The realization of deferred tax assets is assessed, and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized on the basis of its projected separate return results. We record uncertain tax positions using a two-step process: (i) we determine whether it is more likely than not that each tax position will be sustained on the basis of the technical merits of the position; and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company uses the portfolio approach r

Change in Year End

Change in Year End	12 Months Ended
	Nov. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Change in Year End	Change in Year End On October 2, 2018, our Board of Directors approved a change to our fiscal year end from a calendar year basis to a fiscal year ending on November 30. Our 2018 fiscal year consists of the eleven month transition period beginning January 1, 2018 through November 30, 2018. Financial statements for 2017 continue to be presented on the basis of our previous calendar year end. The following is selected financial data for the eleven month transition period ending November 30, 2018, and the comparable prior year period. Jefferies Group financial data is presented in each year based on the twelve months ended November 30. All other results are based on the eleven months ended November 30 for both years (in thousands, except per share amounts). Eleven Months Ended November 30, 2018 2017 (Unaudited) Net revenues $ 3,764,034 $ 4,031,333 Total expenses 3,524,957 3,336,359 Income (loss) related to associated companies 57,023 (76,864 ) Income from continuing operations before income taxes 296,100 618,110 Income tax provision 19,008 195,550 Income from continuing operations 277,092 422,560 Income from discontinued operations, including gain on disposal, net of taxes 773,984 267,321 Net income attributable to the redeemable noncontrolling interests (37,263 ) (78,506 ) Net income attributable to Jefferies Financial Group Inc. common shareholders 1,022,318 610,277 Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: Income from continuing operations $ 0.82 $ 1.14 Income from discontinued operations, including gain on disposal 2.11 0.51 Net income $ 2.93 $ 1.65 Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: Income from continuing operations $ 0.81 $ 1.13 Income from discontinued operations, including gain on disposal 2.09 0.50 Net income $ 2.90 $ 1.63

Accounting Developments

Accounting Developments	12 Months Ended
	Nov. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting Developments	Accounting Developments 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 provides for a lessee model that brings substantially all leases that are longer than one year onto the statement of financial condition, which will result in the recognition of a right-of-use ("ROU") asset and a corresponding lease liability. The ROU asset and lease liability will be measured initially using the present value of the remaining rental payments. In July 2018, the FASB issued additional guidance on leases which allows an entity to apply a modified retrospective approach. We adopted the lease standards in the first quarter of fiscal 2020 under a modified retrospective approach. At transition on December 1, 2019, the adoption of this standard resulted in the recognition of ROU assets of $545.8 million and operating lease liabilities of $614.9 million reflected in Other assets and Operating lease liabilities, respectively. Reported financial information for historical comparable periods will not be revised and will continue to be reported under the accounting standards in effect during those historical periods. The guidance requires enhanced disclosures, which we will include in the footnotes to our consolidated financial statements beginning with the three months ended February 29, 2020. 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 in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Goodwill. In January 2017, the FASB issued new guidance for simplifying goodwill impairment testing. The guidance is effective in the first quarter of fiscal 2021. 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 in the first quarter of fiscal 2020. We do not believe the new guidance will have a material impact on our consolidated financial statements. Defined Benefit Plans. In August 2018, the FASB issued new guidance to improve the effectiveness of disclosure requirements on defined benefit pension plans and other post-retirement plans. The guidance is effective in the first quarter of fiscal 2021. We do not believe the new guidance will have a material impact on our consolidated financial statements. Internal-Use Software. In August 2018, the FASB issued new guidance which amends the definition of a hosting arrangement and requires that the customer in a hosting arrangement that is a service contract capitalize certain implementation costs as if the arrangement was an internal-use software project. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Consolidation. In October 2018, the FASB issued new guidance which requires indirect interests held through related parties under common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Income Taxes. In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and to provide more consistent application to improve the comparability of financial statements. The guidance is effective in the first quarter of fiscal 2022. We are currently evaluating the impact of the new guidance on our consolidated financial statements.

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Nov. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures The following is a summary of our financial instruments, securities purchased under agreements to resell, securities received as collateral, trading liabilities, long-term debt and obligation to return securities received as collateral 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 $586.9 million and $394.4 million at November 30, 2019 and 2018 , respectively, by level within the fair value hierarchy (in thousands): November 30, 2019 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,507,164 $ 218,403 $ 58,426 $ — $ 2,783,993 Corporate debt securities — 2,472,245 7,490 — 2,479,735 Collateralized debt obligations and collateralized loan obligations — 124,225 28,788 — 153,013 U.S. government and federal agency securities 2,101,624 158,618 — — 2,260,242 Municipal securities — 742,326 — — 742,326 Sovereign obligations 1,330,026 1,405,827 — — 2,735,853 Residential mortgage-backed securities — 1,069,066 17,740 — 1,086,806 Commercial mortgage-backed securities — 424,060 6,110 — 430,170 Other asset-backed securities — 303,847 42,563 — 346,410 Loans and other receivables — 2,460,551 114,080 — 2,574,631 Derivatives 2,809 1,833,907 14,889 (1,433,197 ) 418,408 Investments at fair value — 32,688 205,412 — 238,100 FXCM term loan — — 59,120 — 59,120 Total trading assets, excluding investments at fair value based on NAV $ 5,941,623 $ 11,245,763 $ 554,618 $ (1,433,197 ) $ 16,308,807 Securities purchased under agreements to resell $ — $ — $ 25,000 $ — $ 25,000 Securities received as collateral $ 9,500 $ — $ — $ — $ 9,500 Liabilities: Trading liabilities: Corporate equity securities $ 2,755,601 $ 7,438 $ 4,487 $ — $ 2,767,526 Corporate debt securities — 1,471,142 340 — 1,471,482 U.S. government and federal agency securities 1,851,981 — — — 1,851,981 Sovereign obligations 1,363,475 941,065 — — 2,304,540 Commercial mortgage-backed securities — — 35 — 35 Loans — 1,600,228 9,463 — 1,609,691 Derivatives 871 2,066,455 92,057 (1,632,178 ) 527,205 Total trading liabilities $ 5,971,928 $ 6,086,328 $ 106,382 $ (1,632,178 ) $ 10,532,460 Short-term borrowings $ — $ 20,981 $ — $ — $ 20,981 Long-term debt $ — $ 735,216 $ 480,069 $ — $ 1,215,285 Obligation to return securities received as collateral $ 9,500 $ — $ — $ — $ 9,500 November 30, 2018 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,497,045 $ 118,681 $ 52,192 $ — $ 2,667,918 Corporate debt securities — 2,683,180 9,484 — 2,692,664 Collateralized debt obligations and collateralized loan obligations — 72,949 36,105 — 109,054 U.S. government and federal agency securities 1,789,614 56,592 — — 1,846,206 Municipal securities — 894,253 — — 894,253 Sovereign obligations 1,769,556 1,043,409 — — 2,812,965 Residential mortgage-backed securities — 2,163,629 19,603 — 2,183,232 Commercial mortgage-backed securities — 819,406 10,886 — 830,292 Other asset-backed securities — 239,381 53,175 — 292,556 Loans and other receivables — 2,056,593 46,985 — 2,103,578 Derivatives 34,841 2,539,943 5,922 (2,413,931 ) 166,775 Investments at fair value — — 396,254 — 396,254 FXCM term loan — — 73,150 — 73,150 Total trading assets, excluding investments at fair value based on NAV $ 6,091,056 $ 12,688,016 $ 703,756 $ (2,413,931 ) $ 17,068,897 Available for sale securities: U.S. government securities $ 1,072,856 $ — $ — $ — $ 1,072,856 Residential mortgage-backed securities — 210,518 — — 210,518 Commercial mortgage-backed securities — 15,642 — — 15,642 Other asset-backed securities — 110,870 — — 110,870 Total available for sale securities $ 1,072,856 $ 337,030 $ — $ — $ 1,409,886 Liabilities: Trading liabilities: Corporate equity securities $ 1,685,071 $ 1,444 $ — $ — $ 1,686,515 Corporate debt securities — 1,505,618 522 — 1,506,140 U.S. government and federal agency securities 1,384,295 — — — 1,384,295 Sovereign obligations 1,735,242 661,095 — — 2,396,337 Loans — 1,371,630 6,376 — 1,378,006 Derivatives 26,473 3,586,694 27,536 (2,513,050 ) 1,127,653 Total trading liabilities $ 4,831,081 $ 7,126,481 $ 34,434 $ (2,513,050 ) $ 9,478,946 Long-term debt $ — $ 485,425 $ 200,745 $ — $ 686,170 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. The following is a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis: Corporate Equity Securities • Exchange-Traded Equity Securities: Exchange-traded equity securities are measured based on quoted closing exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy, otherwise they are categorized within Level 2 of the fair value hierarchy. 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 Group. 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 • Investment Grade Corporate Bonds: Investment grade 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. Investment grade 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. Investment grade corporate bonds measured using alternative valuation techniques are categorized within Level 2 or Level 3 of the fair value hierarchy and are a limited portion of our investment grade 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 of the fair value hierarchy 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 obtained from external pricing services 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. Sovereign government obligations, with consideration given to the country of issuance, are generally categorized within Level 1 or Level 2 of the fair value hierarchy. 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 and interest-only (including inverse interest-only) securities. Agency residential mortgage-backed securities are generally measured using recent transactions, pricing data from external pricing services or expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral and are categorized within Level 2 or Level 3 of the fair value hierarchy. 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 factors such as weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer and weighted average loan age. • 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, prices observed from recently executed market transactions or based on expected cash flow models that incorporate underlying loan collateral characteristics and performance. Non-agency commercial mortgage-backed securities are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability of the underlying inputs. 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 or Level 3 of the fair value hierarchy. Valuations are primarily determined using pricing data obtained from external pricing services, broker quotes and prices observed from recently executed market transactions. In addition, recent transaction data from comparable deals is deployed to develop market clearing yields and cumulative loss assumptions. The cumulative loss assumptions are based on the analysis of the underlying collateral and comparisons to earlier deals from the same issuer to gauge the relative performance of the deal. Loans and Other Receivables • Corporate Loans: Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market consensus pricing service quotations. Where available, market price quotations from external pricing services are reviewed to ensure they 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 flows 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 Claim Receivables: Escrow and 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 claim receivables are categorized within Level 2 of the fair value hierarchy where fair value is based on recent observations 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 or consensus pricing services. 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. Where available, valuation inputs are calibrated from observable 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 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. Where available, external data is used 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. • 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 either Level 1 or Level 2 within the fair value hierarchy. Fair values classified as Level 1 are measured based on quoted closing exchange prices obtained from external pricing services and 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 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, contingent claims analysis and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy. 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 November 30, 2019 Equity Long/Short Hedge Funds (2) $ 291,593 $ — Equity Funds (3) 44,576 14,621 Commodity Fund (4) 16,025 — Multi-asset Funds (5) 234,583 — Other Funds (6) 157 — Total $ 586,934 $ 14,621 November 30, 2018 Equity Long/Short Hedge Funds (2) $ 86,788 $ — Equity Funds (3) 40,070 20,996 Commodity Fund (4) 10,129 — Multi-asset Funds (5) 256,972 — Other Funds (6) 400 — Total $ 394,359 $ 20,996 (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 November 30, 2019 and 2018 , approximately 94% and 0% , respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption in the first 36 months after acquisition. At November 30, 2019 and 2018 , 6% and 17% , respectively, of these investments are redeemable with 60 days prior written notice. Approximately 82% of the November 30, 2018 balance was redeemed during the twelve months ended November 30, 2019. (3) The investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies. These investments cannot be redeemed; instead distributions are received through the liquidation of the underlying assets of the funds, which are expected to liquidate in one to nine years . (4) This category includes investments in a hedge fund that invests, long and short, primarily in commodities. Investments in this category are redeemable quarterly with 60 days prior written notice. (5) 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 November 30, 2019 and 2018 , investments representing approximately 5% and 15% , respectively, of the fair value of investments in this category are redeemable with 30 days prior written notice. (6) This category includes investments in a fund that invests 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 and there are no redemption provisions. This category also includes investments in a fund of funds that invests in various private equity funds that are managed by Jefferies Group and have no redemption provisions. Investments in the fund of funds are gradually being liquidated, however, the timing of when the proceeds will be received is uncertain. Investments at fair value also include our investment in The We Company. We invested $9.0 million in The We Company in 2013 and currently own less than 1% of The We Company. Our interest in The We Company is reflected in Trading assets, at fair value of $53.8 million and $254.4 million at November 30, 2019 and 2018 , respectively. Investment in FXCM FXCM is a provider of online foreign exchange trading services. Our investment in FXCM and associated companies consists of a senior secured term loan due February 15, 2021 ( $71.6 million principal outstanding at November 30, 2019 ), a 50% voting interest in FXCM and rights to a majority of all distributions in respect of the equity of FXCM. Our investment in the FXCM term loan is reported within Trading assets, at fair value in the Consolidated Statements of Financial Condition. We classify our equity investment in FXCM in the Consolidated Statements of Financial Condition as Loans to and investments in associated companies, as we have the ability to significantly influence FXCM through our seats on the board of directors. 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. Securities Purchased Under Agreements to Resell Securities purchased under agreements to resell may include embedded call features. The valuation of these instruments is based on review of expected future cash flows, interest rates, funding spreads and the fair value of the underlying collateral. Securities purchased under agreements to resell are categorized within Level 3 of the fair value hierarchy due to limited observability of the embedded derivative and unobservable credit spreads. Securities Received as Collateral / Obligations to Return Securities Received as Collateral In connection with securities-for-securities transactions in which we are the lender of securities and are permitted to sell or repledge the securities received as collateral, we report the fair value of the collateral received and the related obligation to return the collateral. Valuation is based on the price of the underlying security and is categorized within Level 1 of the fair value hierarchy. Short-term Borrowings and Long-term Debt Short-term borrowings that are accounted for at fair value include equity-linked notes, which are generally categorized within Level 2 of 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, constant maturity swap, digital and Bermudan structured notes. These are valued using various valuation models that incorporate Jefferies Group's own credit spread, market price quotations from external pricing sources referencing the appropriate interest rate curves, volatilities and other inputs as well as prices for transactions in a given note during the period. Long-term debt notes are generally categorized within Level 2 of the fair value hierarchy, where market trades have been observed during the quarter, otherwise they are categorized within Level 3. Nonrecurring Fair Value Measurements As described further in Note 11, in the third quarter of 2018 we engaged an independent valuation firm to assist management in estimating the fair value of our equity investment in Golden Queen Mining Company, LLC ("Golden Queen"). Our estimate of fair value was based on a discounted cash flow 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 Golden Queen cash flows and a discount rate of 12% . The estimated fair value of our equity investment in Golden Queen was $62.3 million , which was $47.9 million lower than our carrying value. As a result, an impairment charge of $47.9 million was recorded in Income (loss) related to associated companies in the third quarter of 2018. As discussed further in Note 11, during the fourth quarter of 2018, we recorded an impairment charge of $62.1 million related to the equity component of our investment in FXCM, which is based on updated expectations that had been impacted by the then revised regulations of the European Securities Market Authority and dampened operating results. We engaged an independent valuation firm to assist management in estimating the fair value of our equity investment in FXCM. Our fourth quarter estimate of fair value was based on a discounted cash flow 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 18.5% . The estimated fair value of our equity investment in FXCM was $75.0 million , which was $62.1 million lower than our carrying value. As a result, an impairment charge of $62.1 million was recorded in Income (loss) related to associated companies in the fourth quarter of 2018. 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. Level 3 Rollforwards 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 twelve months ended November 30, 2019 (in thousands): Twelve Months Ended November 30, 2019 Balance, November 30, 2018 Total gains (losses) (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance, November 30, 2019 Changes in unrealized gains/losses included in earnings relating to instruments still held at November 30, 2019 (1) Assets: Trading assets: Corporate equity securities $ 52,192 $ (11,407 ) $ 69,065 $ (28,159 ) $ (18,208 ) $ — $ (5,057 ) $ 58,426 $ (13,848 ) Corporate debt securities 9,484 (4,860 ) 8,900 (13,854 ) (379 ) — 8,199 7,490 (6,176 ) CDOs and CLOs 36,105 (514 ) 49,658 (38,147 ) (12,494 ) — (5,820 ) 28,788 (2,330 ) Residential mortgage-backed securities 19,603 (1,669 ) 1,954 (2,472 ) (152 ) — 476 17,740 (530 ) Commercial mortgage-backed securities 10,886 (2,888 ) 206 (2,346 ) (5,317 ) — 5,569 6,110 (2,366 ) Other asset-backed securities 53,175 433 104,097 (73,335 ) (51,374 ) — 9,567 42,563 (98 ) Loans and other receivables 46,985 (4,507 ) 106,965 (48,350 ) (

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Nov. 30, 2019
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, we enter into derivative transactions to satisfy the needs of our clients and to manage our own exposure to market and credit risks resulting from our trading activities. In addition, we apply 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 5 and 23 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. We manage the risks associated with derivatives on an aggregate basis along with the risks associated with proprietary trading as part of our firm wide risk management policies. In connection with our derivative activities, we may enter into ISDA master netting agreements or similar agreements with counterparties. See Note 2 for additional information regarding the offsetting of derivative contracts. The following tables present the fair value and related number of derivative contracts at November 30, 2019 and 2018 categorized by type of derivative contract and the platform on which these derivatives are transacted. 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 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 financial position (in thousands, except contract amounts): Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) November 30, 2019 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 28,663 1 $ — — Total derivatives designated as accounting hedges 28,663 — Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 1,191 65,226 103 38,464 Cleared OTC 213,224 3,329 284,433 3,443 Bilateral OTC 421,700 1,325 258,857 738 Foreign exchange contracts: Exchange-traded — 256 — 199 Bilateral OTC 191,218 9,257 187,836 9,187 Equity contracts: Exchange-traded 717,494 1,714,538 962,535 1,481,388 Bilateral OTC 248,720 4,731 445,241 4,271 Commodity contracts: Exchange-traded — 5,524 — 4,646 Bilateral OTC 20,600 4,084 391 359 Credit contracts: Cleared OTC 2,514 13 5,768 12 Bilateral OTC 6,281 25 14,219 28 Total derivatives not designated as accounting hedges 1,822,942 2,159,383 Total gross derivative assets/ liabilities: Exchange-traded 718,685 962,638 Cleared OTC 244,401 290,201 Bilateral OTC 888,519 906,544 Amounts offset in Consolidated Statement of Financial Condition (3): Exchange-traded (688,871 ) (688,871 ) Cleared OTC (222,869 ) (266,900 ) Bilateral OTC (521,457 ) (676,407 ) Net amounts per Consolidated Statement of Financial Condition (4) $ 418,408 $ 527,205 Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) November 30, 2018 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 29,647 1 Total derivatives designated as accounting hedges — 29,647 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 924 32,159 513 66,095 Cleared OTC 422,670 2,095 411,833 2,394 Bilateral OTC 372,899 1,398 491,697 816 Foreign exchange contracts: Exchange-traded 42 538 2 690 Cleared OTC — — 36 3 Bilateral OTC 311,228 9,548 314,951 9,909 Equity contracts: Exchange-traded 1,202,927 2,104,684 2,061,137 1,779,836 Bilateral OTC 207,221 5,126 315,996 2,764 Commodity contracts: Exchange-traded 27,632 7,272 272 4,185 Bilateral OTC 10,191 1,274 1,445 1,498 Credit contracts: Cleared OTC 11,204 7 1,556 14 Bilateral OTC 13,768 123 11,618 79 Total derivatives not designated as accounting hedges 2,580,706 3,611,056 Total gross derivative assets/ liabilities: Exchange-traded 1,231,525 2,061,924 Cleared OTC 433,874 443,072 Bilateral OTC 915,307 1,135,707 Amounts offset in Consolidated Statement of Financial Condition (3): Exchange-traded (1,190,951 ) (1,190,951 ) Cleared OTC (407,351 ) (418,779 ) Bilateral OTC (815,629 ) (903,320 ) Net amounts per Consolidated Statement of Financial Condition (4) $ 166,775 $ 1,127,653 (1) Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables and Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition. The following table provides information related to gains (losses) recognized in Interest expense of Jefferies Group in the Consolidated Statements of Operations on a fair value hedge (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Interest rate swaps $ 56,385 $ (25,539 ) $ (2,091 ) Long-term debt (58,931 ) 27,363 8,124 Total $ (2,546 ) $ 1,824 $ 6,033 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): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Interest rate contracts $ (188,605 ) $ 67,291 $ 3,171 Foreign exchange contracts (822 ) 226 4,376 Equity contracts (108,961 ) (267,187 ) (319,775 ) Commodity contracts (5,630 ) 21,785 (9,049 ) Credit contracts 9,147 449 1,959 Total $ (294,871 ) $ (177,436 ) $ (319,318 ) The net gains (losses) on derivative contracts in the table above are one of a number of activities comprising our business activities and are before consideration of economic hedging transactions, which generally offset the net gains (losses) included above. We substantially mitigate our exposure to market risk on our cash instruments through derivative contracts, which generally provide offsetting revenues, and we manage the risk associated with these contracts in the context of our 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 November 30, 2019 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross- Maturity Netting (4) Total Commodity swaps, options and forwards $ 16,634 $ 3,966 $ — $ (391 ) $ 20,209 Equity forwards, swaps and options 44,065 2,302 7,442 (6,612 ) 47,197 Credit default swaps 49 1,059 15 (62 ) 1,061 Total return swaps 58,845 34,546 — (554 ) 92,837 Foreign currency forwards, swaps and options 46,651 11,123 62 (4,855 ) 52,981 Fixed income forwards 986 — — — 986 Interest rate swaps, options and forwards 33,147 163,818 142,277 (15,032 ) 324,210 Total $ 200,377 $ 216,814 $ 149,796 $ (27,506 ) 539,481 Cross product counterparty netting (32,208 ) Total OTC derivative assets included in Trading assets $ 507,273 (1) At November 30, 2019 , we held exchange traded derivative assets, other derivatives assets and other credit agreements with a fair value of $37.2 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 November 30, 2019 , cash collateral received was $126.1 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 $ 391 $ — $ — $ (391 ) $ — Equity forwards, swaps and options 25,342 173,359 77,052 (6,612 ) 269,141 Credit default swaps 1,245 3,688 8,160 (62 ) 13,031 Total return swaps 28,096 41,160 — (554 ) 68,702 Foreign currency forwards, swaps and options 48,388 9,786 45 (4,855 ) 53,364 Fixed income forwards 581 — — — 581 Interest rate swaps, options and forwards 20,881 93,730 104,318 (15,032 ) 203,897 Total $ 124,924 $ 321,723 $ 189,575 $ (27,506 ) 608,716 Cross product counterparty netting (32,208 ) Total OTC derivative liabilities included in Trading liabilities $ 576,508 (1) At November 30, 2019 , we held exchange traded derivative liabilities, other derivative liabilities and other credit agreements with a fair value of $275.7 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 November 30, 2019 , cash collateral pledged was $325.0 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. At November 30, 2019 , 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 $ 127,355 BBB- to BBB+ 31,536 BB+ or lower 193,338 Unrated 155,044 Total $ 507,273 (1) We utilize internal credit ratings determined by the Jefferies Group Risk Management department. Credit ratings determined by Jefferies Group 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 Unrated Total Notional November 30, 2019 Credit protection sold: Index credit default swaps $ 3.0 $ 32.0 $ — $ 35.0 Single name credit default swaps 3.4 29.0 1.5 33.9 November 30, 2018 Credit protection sold: Index credit default swaps $ 25.7 $ 167.4 $ — $ 193.1 Single name credit default swaps 57.7 84.5 3.0 145.2 Contingent Features Certain of Jefferies Group's derivative instruments contain provisions that require its debt to maintain an investment grade credit rating from each of the major credit rating agencies. If Jefferies Group's 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 the derivative instruments in liability positions. The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to its counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions): November 30, 2019 November 30, 2018 Derivative instrument liabilities with credit-risk-related contingent features $ 42.9 $ 93.5 Collateral posted (3.1 ) (61.5 ) Collateral received 114.1 91.5 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 154.0 123.3 (1) These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade. Other 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. The gains and losses associated with the change in fair value of the derivatives are recorded in Other revenues.

Collateralized Transactions

Collateralized Transactions	12 Months Ended
	Nov. 30, 2019
Banking and Thrift [Abstract]
Collateralized Transactions	Collateralized Transactions Our repurchase agreements and securities borrowing and lending arrangements are generally recorded at cost in the Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their short-term nature. We enter 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. We monitor the fair value of the securities loaned and borrowed on a daily basis as compared with the related payable or receivable, and request additional collateral or returns excess collateral, as appropriate. We pledge financial instruments as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Our 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, at fair value and noted parenthetically as Securities pledged in the Consolidated Statements of Financial Condition. In instances where we receive securities as collateral in connection with securities-for-securities transactions in which we are the lender of securities and are permitted to sell or repledge the securities received as collateral, the fair value of the collateral received and the related obligation to return the collateral is reported in the Consolidated Statements of Financial Condition. The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral by class of collateral pledged and remaining contractual maturity (in thousands): Collateral Pledged Securities Lending Arrangements Repurchase Agreements Obligation to Return Securities Received as Collateral Total November 30, 2019 Corporate equity securities $ 1,314,395 $ 129,558 $ — $ 1,443,953 Corporate debt securities 191,311 1,730,526 — 1,921,837 Mortgage-backed and asset-backed securities — 1,745,145 — 1,745,145 U.S. government and federal agency securities 19,434 10,863,997 9,500 10,892,931 Municipal securities — 498,202 — 498,202 Sovereign securities — 3,016,563 — 3,016,563 Loans and other receivables — 772,926 — 772,926 Total $ 1,525,140 $ 18,756,917 $ 9,500 $ 20,291,557 November 30, 2018 Corporate equity securities $ 1,505,218 $ 487,124 $ — $ 1,992,342 Corporate debt securities 333,221 1,853,309 — 2,186,530 Mortgage-backed and asset-backed securities 249 2,820,543 — 2,820,792 U.S. government and federal agency securities — 8,181,947 — 8,181,947 Municipal securities — 604,274 — 604,274 Sovereign securities — 2,945,521 — 2,945,521 Loans and other receivables — 300,768 — 300,768 Total $ 1,838,688 $ 17,193,486 $ — $ 19,032,174 Contractual Maturity Overnight and Continuous Up to 30 Days 31 to 90 Days Greater than 90 Days Total November 30, 2019 Securities lending arrangements $ 694,821 $ — $ 672,969 $ 157,350 $ 1,525,140 Repurchase agreements 6,614,026 1,556,260 8,988,528 1,598,103 18,756,917 Obligation to return securities received as collateral — — 9,500 — 9,500 Total $ 7,308,847 $ 1,556,260 $ 9,670,997 $ 1,755,453 $ 20,291,557 November 30, 2018 Securities lending arrangements $ 807,347 $ — $ 560,417 $ 470,924 $ 1,838,688 Repurchase agreements 7,849,052 1,915,325 6,042,951 1,386,158 17,193,486 Total $ 8,656,399 $ 1,915,325 $ 6,603,368 $ 1,857,082 $ 19,032,174 We receive securities as collateral under resale agreements, securities borrowing transactions and customer margin loans. We also receive securities as collateral in connection with securities-for-securities transactions in which we are the lender of securities. In many instances, we are 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 November 30, 2019 and 2018 , the approximate fair value of securities received as collateral by us that may be sold or repledged was $28.7 billion and $23.1 billion , respectively. At November 30, 2019 and 2018 , a substantial portion of the securities received have been sold or repledged. Offsetting of Securities Financing Agreements To manage our exposure to credit risk associated with securities financing transactions, we may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements (repurchase transactions). The following table provides information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral and obligation to return securities received as collateral 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 November 30, 2019 Securities borrowing arrangements $ 7,624,642 $ — $ 7,624,642 $ (361,394 ) $ (1,479,433 ) $ 5,783,815 Reverse repurchase agreements 15,551,845 (11,252,247 ) 4,299,598 (291,316 ) (3,929,977 ) 78,305 Securities received as collateral 9,500 — 9,500 — — 9,500 Liabilities at November 30, 2019 Securities lending arrangements $ 1,525,140 $ — $ 1,525,140 $ (361,394 ) $ (970,799 ) $ 192,947 Repurchase agreements 18,756,917 (11,252,247 ) 7,504,670 (291,316 ) (6,663,807 ) 549,547 Obligation to return securities received as collateral 9,500 — 9,500 — — 9,500 Assets at November 30, 2018 Securities borrowing arrangements $ 6,538,212 $ — $ 6,538,212 $ (468,778 ) $ (1,193,986 ) $ 4,875,448 Reverse repurchase agreements 11,336,175 (8,550,417 ) 2,785,758 (609,225 ) (2,126,730 ) 49,803 Liabilities at November 30, 2018 Securities lending arrangements $ 1,838,688 $ — $ 1,838,688 $ (468,778 ) $ (1,343,704 ) $ 26,206 Repurchase agreements 17,193,486 (8,550,417 ) 8,643,069 (609,225 ) (7,070,967 ) 962,877 (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 Consolidated Statements of Financial Condition because other netting provisions of GAAP are not met. (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 November 30, 2019 , amounts include $5,683.4 million of securities borrowing arrangements, for which we have received securities collateral of $5,523.6 million , and $439.7 million of repurchase agreements, for which we have pledged securities collateral of $447.5 million , which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. At November 30, 2018 , amounts include $4,825.7 million of securities borrowing arrangements, for which we have received securities collateral of $4,711.7 million , and $931.7 million of repurchase agreements, for which we have pledged securities collateral of $963.6 million , which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations Cash and securities deposited with clearing and depository organizations and segregated in accordance with regulatory regulations totaled $796.8 million and $708.0 million at November 30, 2019 and 2018 , respectively. Segregated cash and securities consist of deposits in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, which subjects Jefferies LLC as a broker-dealer carrying customer accounts to requirements related to maintaining cash or qualified securities in segregated special reserve bank accounts for the exclusive benefit of its customers.

Securitization Activities

Securitization Activities	12 Months Ended
	Nov. 30, 2019
Transfers and Servicing [Abstract]
Securitization Activities	Securitization Activities We engage in securitization activities related to corporate loans, mortgage loans, consumer loans and mortgage-backed and other asset-backed securities. In securitization transactions, we transfer these assets to special purpose entities ("SPEs") and act 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 variable interest entities ("VIEs"); however, the SPEs are generally not consolidated as we are not considered the primary beneficiary for these SPEs. We account for our securitization transactions as sales, provided we have 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. We generally receive cash proceeds in connection with the transfer of assets to an SPE. We 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-backed and other asset-backed securities or CLOs). These securities are included in Trading assets in the Consolidated Statements of Financial Condition and are generally initially categorized as Level 2 within the fair value hierarchy. The following table presents activity related to our securitizations that were accounted for as sales in which we have continuing involvement (in millions): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Transferred assets $ 4,780.9 $ 7,159.3 $ 4,552.9 Proceeds on new securitizations 4,852.8 7,165.3 4,594.5 Cash flows received on retained interests 48.3 48.5 28.7 We have no explicit or implicit arrangements to provide additional financial support to these SPEs, have no liabilities related to these SPEs and have no outstanding derivative contracts executed in connection with these securitizations at November 30, 2019 and 2018 . The following table summarizes our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): November 30, 2019 November 30, 2018 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 10,671.7 $ 103.3 $ 13,633.5 $ 365.3 U.S. government agency commercial mortgage-backed securities 1,374.8 45.8 2,027.6 185.6 CLOs 3,006.7 58.4 3,512.0 20.9 Consumer and other loans 1,149.3 71.8 604.1 48.9 Total assets represent the unpaid principal amount of assets in the SPEs in which we have continuing involvement and are presented solely to provide information regarding the size of the transactions and the size of the underlying assets supporting our 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. Our risk of loss is limited to this fair value amount which is included in total Trading assets in the Consolidated Statements of Financial Condition. Although not obligated, in connection with secondary market-making activities we may make a market in the securities issued by these SPEs. In these market-making transactions, we buy these securities from and sell these securities to investors. Securities purchased through these market-making activities are not considered to be continuing involvement in these SPEs. To the extent we purchased securities through these market-making activities and we are not deemed to be the primary beneficiary of the VIE, these securities are included in agency and non-agency mortgage-backed and asset-backed securitizations in the nonconsolidated VIEs section presented in Note 10. 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 10 for further information on securitization activities and VIEs.

Available for Sale Securities a

Available for Sale Securities and Other Investments	12 Months Ended
	Nov. 30, 2019
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 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value November 30, 2018 Bonds and notes: U.S. government securities $ 1,073,038 $ 1 $ 183 $ 1,072,856 Residential mortgage-backed securities 211,209 376 1,067 210,518 Commercial mortgage-backed securities 16,068 — 426 15,642 Other asset-backed securities 111,447 1 578 110,870 Total Available for sale securities $ 1,411,762 $ 378 $ 2,254 $ 1,409,886 Proceeds from the maturities and sales of available for sale securities during the twelve months ended November 30, 2019 , were primarily invested in prime and government money market funds, which are classified as Cash and cash equivalents in the Consolidated Statement of Financial Condition at November 30, 2019 . At November 30, 2019 and 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 $172.8 million and $230.0 million , respectively. Impairments of $5.5 million and $0.2 million were recognized on these investments during the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 , respectively. Realized gains of $13.8 million and $0.2 million were recognized on these investments during the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 , respectively. There were no unrealized gains or losses recognized on these investments during the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 .

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Nov. 30, 2019
Variable Interest Entity, Measure of Activity [Abstract]
Variable Interest Entities	Variable Interest Entities VIEs are entities in which equity investors lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has both (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-backed and other asset-backed securities and the securitization of 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-backed and other asset-backed securities; • Warehouse funding arrangements for client-sponsored consumer and mortgage loan vehicles and CLOs through participation agreements, forward sale 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 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 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 the 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. November 30, 2019 November 30, 2018 Securities purchased under agreements to resell (1) $ 2,467.3 $ 883.1 Receivables 605.6 626.0 Other 38.7 78.4 Total assets $ 3,111.6 $ 1,587.5 Other secured financings (2) $ 3,068.6 $ 1,535.3 Other (3) 20.1 45.9 Total liabilities $ 3,088.7 $ 1,581.2 (1) Securities purchased under agreements to resell represent an amount due under a collateralized transaction on related consolidated entities, which are eliminated in consolidation. (2) Approximately $1.0 million of the secured financing represent amounts held by us in inventory and are eliminated in consolidation at November 30, 2018 . (3) Includes $17.7 million and $44.1 million at November 30, 2019 and 2018 , respectively, of intercompany payables that are eliminated in consolidation. Securitization Vehicles. We are the primary beneficiary of asset-backed financing vehicles to which we sell agency and non-agency residential and commercial mortgage loans and asset-backed securities pursuant to the terms of a master repurchase agreement. Our variable interests in these vehicles consist of our collateral margin maintenance obligations under the master repurchase agreement, which we manage, 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. At November 30, 2019 and 2018 , 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 twelve months ended November 30, 2019 , automobile loan receivables aggregating $227.4 million were securitized by Foursight Capital in connection with secured borrowing offerings. The majority of the proceeds from issuance of the secured borrowings 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 November 30, 2019 CLOs $ 152.6 $ 0.6 $ 505.3 $ 7,845.0 Consumer loan and other asset-backed vehicles 358.3 — 490.6 2,354.8 Related party private equity vehicles 23.0 — 34.3 71.4 Other investment vehicles 574.0 — 766.1 9,255.0 Total $ 1,107.9 $ 0.6 $ 1,796.3 $ 19,526.2 November 30, 2018 CLOs $ 45.2 $ — $ 571.4 $ 3,281.9 Consumer loan and other asset-backed vehicles 462.1 — 807.1 3,273.1 Related party private equity vehicles 35.5 — 53.5 108.3 Other investment vehicles 203.6 — 214.7 5,719.1 Total $ 746.4 $ — $ 1,646.7 $ 12,382.4 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. We underwrite securities issued in CLO transactions on behalf of sponsors and provide advisory services to the sponsors. We may also sell corporate loans to the CLOs. Our variable interests in connection with CLOs where we have been involved in providing underwriting and/or advisory services consist of the following: • Forward sale agreements whereby we commit to sell, at a fixed price, corporate loans and ownership interests in an entity holding such corporate loans to CLOs; • Warehouse funding arrangements in the form of participation interests in corporate loans held by CLOs and commitments to fund such participation interests; • Trading positions in securities issued in a CLO transaction; and • Investments in variable funding notes issued by CLOs. Asset-Backed Vehicles. We provide financing and lending related services to certain client-sponsored VIEs in the form of revolving funding note agreements, revolving credit facilities, forward purchase agreements and reverse purchase agreements. The underlying assets, which are collateralizing the vehicles, are primarily composed of unsecured consumer loans, mortgage loans and trade claims. In addition, we may provide structuring and advisory services and act as an underwriter or placement agent for securities issued by the vehicles. We do not control the activities of these entities. Related Party Private Equity Vehicles. We committed to invest in private equity funds (the "JCP Funds", including Jefferies Group's interests in Jefferies Capital Partners V L.P. and the Jefferies SBI USA Fund L.P. (together, "JCP Fund V")) managed by Jefferies Capital Partners, LLC (the "JCP Manager"). Additionally, we committed to invest in the general partners of the JCP Funds (the "JCP General Partners") and the JCP Manager. Our variable interests in the JCP Funds, JCP General Partners and JCP Manager (collectively, the "JCP Entities") consist of equity interests that, in total, provide us 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. At November 30, 2019 and 2018 , our total equity commitment in the JCP Entities was $133.0 million and $139.3 million , respectively, of which $121.7 million and $121.3 million , respectively, had been funded. The carrying value of our equity investments in the JCP Entities was $23.0 million and $35.5 million at November 30, 2019 and 2018 , respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. The assets of the JCP Entities primarily consist of private equity and equity related investments. Other Investment Vehicles. The carrying amount of our equity investment was $574.0 million and $203.6 million at November 30, 2019 and 2018 , respectively. Our unfunded equity commitment related to these investments totaled $192.1 million and $11.1 million at November 30, 2019 and 2018 , respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. These investment vehicles have assets primarily consisting of private and public equity investments, debt instruments, trade and insurance claims and various oil and gas assets. Mortgage-Backed and Other Asset-Backed Secured Funding Vehicles. In connection with our secondary trading and market-making activities, we buy and sell 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 the Consolidated Statements of Financial Condition. We have no other involvement with the related SPEs and therefore do not consolidate these entities. We also engage 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. We do not consolidate agency-sponsored securitizations as we do not have the power to direct the activities of the SPEs that most significantly impact their economic performance. Further, we are not the servicer of non-agency-sponsored securitizations and therefore do not have power to direct the most significant activities of the SPEs and accordingly, do not consolidate these entities. We may retain unsold senior and/or subordinated interests at the time of securitization in the form of securities issued by the SPEs. At November 30, 2019 and 2018 , we held $1,453.5 million and $2,913.0 million of agency mortgage-backed securities, respectively, and $134.8 million and $170.5 million of non-agency mortgage-backed and other asset-backed securities, respectively, as a result of our secondary trading and market-making activities, and underwriting, placement and structuring activities. Our maximum exposure to loss on these securities is limited to the carrying value of our investments in these securities. These mortgage-backed and other asset-backed secured funding vehicles discussed are not included in the above table containing information about our variable interests in nonconsolidated VIEs. FXCM is considered a 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 under the equity method 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 ( $59.1 million ) and the investment in associated company ( $70.2 million ), which totaled $129.3 million at November 30, 2019 .

Loans to and Investments in Ass

Loans to and Investments in Associated Companies	12 Months Ended
	Nov. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Loans to and Investments in Associated Companies	Loans to and Investments in Associated Companies A summary of Loans to and investments in associated companies for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 accounted for under the equity method of accounting is as follows (in thousands): Loans to and investments in associated companies as of November 30, 2018 Income (losses) related to associated companies Income (losses) related to Jefferies Group 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 November 30, 2019 Jefferies Finance $ 728,560 $ — $ (1,286 ) $ (53,407 ) $ — $ 673,867 Berkadia (2) 245,228 — 88,174 (65,045 ) 592 268,949 National Beef (3) 653,630 232,042 — (300,248 ) (585,424 ) — FXCM (4) 75,031 (8,212 ) — 3,500 (96 ) 70,223 Linkem (5) 165,157 (27,956 ) — 66,996 (9,350 ) 194,847 HomeFed (6) 337,542 7,902 — — (345,444 ) — Real estate associated companies (6) 87,074 (353 ) — (29,685 ) 198,273 255,309 Golden Queen (5) (7) 63,956 6,740 — 7,500 — 78,196 Other 61,154 (7,168 ) (1,719 ) 58,432 867 111,566 Total $ 2,417,332 $ 202,995 $ 85,169 $ (311,957 ) $ (740,582 ) $ 1,652,957 Loans to and investments in associated companies as of December 31, 2017 Income (losses) related to associated companies Income (losses) related to Jefferies Group 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 November 30, 2018 Jefferies Finance $ 655,467 $ — $ 59,138 $ 13,955 $ — $ 728,560 Berkadia (2) 210,594 80,092 20,001 (65,197 ) (262 ) 245,228 National Beef (3) — 110,049 — (48,656 ) 592,237 653,630 FXCM (4) 158,856 (83,174 ) — — (651 ) 75,031 Garcadia Companies (8) 179,143 21,646 — (26,962 ) (173,827 ) — Linkem 192,136 (20,534 ) — 542 (6,987 ) 165,157 HomeFed 341,874 (4,332 ) — — — 337,542 Real estate associated companies 123,010 11,288 — (47,224 ) — 87,074 Golden Queen (7) 105,005 (51,990 ) — 10,941 — 63,956 Other 100,744 (6,022 ) (5,477 ) (18,275 ) (9,816 ) 61,154 Total $ 2,066,829 $ 57,023 $ 73,662 $ (180,876 ) $ 400,694 $ 2,417,332 Loans to and investments in associated companies as of December 31, 2016 Income (losses) related to associated companies Income (losses) related to Jefferies Group 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 December 31, 2017 Jefferies Finance $ 490,464 $ — $ 90,204 $ 74,799 $ — $ 655,467 Jefferies LoanCore (9) 154,731 — 22,368 (3,994 ) (173,105 ) — Berkadia 184,443 93,801 — (67,384 ) (266 ) 210,594 FXCM (4) 336,258 (177,644 ) — — 242 158,856 Garcadia Companies 185,815 48,198 — (54,870 ) — 179,143 Linkem 154,000 (32,561 ) — 31,996 38,701 192,136 HomeFed 302,231 7,725 — 31,918 — 341,874 Real estate associated companies (10) (11) 161,400 (6,224 ) — 35,204 (67,370 ) 123,010 Golden Queen (7) 111,302 (7,733 ) — 1,436 — 105,005 Other 44,454 (463 ) (3,177 ) 31,837 28,093 100,744 Total $ 2,125,098 $ (74,901 ) $ 109,395 $ 80,942 $ (173,705 ) $ 2,066,829 (1) Primarily classified in Other revenues. (2) In the fourth quarter of 2018, we transferred our interest in Berkadia to Jefferies Group. (3) As discussed more fully in Notes 1 and 27, in June 2018, we completed the sale of 48% of National Beef to Marfrig, reducing our then ownership in National Beef to 31% . As of the closing of the sale on June 5, 2018, we deconsolidated our investment in National Beef and accounted for our remaining interest under the equity method of accounting. The carrying value of our retained 31% interest was adjusted to a fair value of $592.3 million on the date of sale. On November 29, 2019, we sold our remaining 31% equity interest in National Beef to Marfrig and other shareholders. (4) As further described in Note 5, 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 the Consolidated Statements of Financial Condition. (5) Loans to and investments in associated companies at November 30, 2019 include loans and debt securities aggregating $70.2 million related to Linkem and Golden Queen. (6) As further described in Note 1, during the third quarter of 2019, we completed a merger with HomeFed by which we acquired the remaining common stock of HomeFed. From July 1, 2019, the results of HomeFed are reflected on a consolidated basis. From July 1, 2019, HomeFed's equity method investments are included in Real estate associated companies. (7) At November 30, 2019 and 2018, and December 31, 2017 , the balance reflects $15.7 million , $15.1 million and $30.5 million , respectively, related to a noncontrolling interest. (8) As more fully discussed in Note 1, during the third quarter of 2018, we sold 100% of our equity interests in Garcadia and our associated real estate to our former partners, the Garff family. (9) On October 31, 2017, Jefferies Group sold all of its membership interests in Jefferies LoanCore for approximately $173.1 million . (10) On November 30, 2017, we sold our interest in the general partner of the 54 Madison fund and as a result no longer control the 54 Madison investment committee. We retained two of the four seats on the investment committee and continue to have significant influence over the fund. We therefore deconsolidated the 54 Madison fund and account for our interest under the equity method of accounting. (11) At December 31, 2016, the balance reflects $95.3 million related to noncontrolling interests. Jefferies Finance Through Jefferies Group, we own 50% of Jefferies Finance, our joint venture with Massachusetts Mutual Life Insurance Company ("MassMutual"). Jefferies Finance is a commercial finance company that structures, underwrites and syndicates primarily senior secured loans to corporate borrowers. Loans are originated primarily through the investment banking efforts of Jefferies Group. 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 adviser for various loan funds. At November 30, 2019 , Jefferies Group and MassMutual each had equity commitments to Jefferies Finance of $750.0 million . At November 30, 2019 , approximately $643.7 million of Jefferies Group's commitment was funded. The investment commitment is scheduled to expire on March 1, 2020 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 Group 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 November 30, 2019 and 2018 . Advances are shared equally between Jefferies Group and MassMutual. The facility is scheduled to mature on March 1, 2020 with automatic one year extensions absent a 60 -day termination notice by either party. At November 30, 2019 and 2018 , none of Jefferies Group's $250.0 million commitment was funded. Jefferies Group recognized interest income and unfunded commitment fees related to the facility of $1.3 million , $2.4 million and $3.9 million during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. Jefferies Group engages in debt underwriting transactions with Jefferies Finance related to the originations and syndications of loans by Jefferies Finance. In connection with such services, we earned fees of $176.3 million , $377.7 million and $327.9 million during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively, which are recognized in Investment banking revenues in the Consolidated Statements of Operations. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance of $27.6 million , $56.6 million and $2.4 million during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively, which are recognized within Selling, general and other expenses in the Consolidated Statements of Operations. Jefferies Group acts as a placement agent for CLOs managed by Jefferies Finance, for which we recognized fees of $6.0 million , $3.7 million and $6.1 million during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively, which are included in Investment banking revenues in the Consolidated Statements of Operations. At November 30, 2019 and 2018 , we held securities issued by CLOs managed by Jefferies Finance, which are included in Trading assets. Additionally, we have entered into participation agreements and derivative contracts with Jefferies Finance based upon certain securities issued by CLOs. Gains (losses) related to the derivative contracts were not material. Jefferies Group acted as underwriter in connection with terms loans issued by Jefferies Finance. Underwriting fees charged to Jefferies Finance were not material during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 . Under a service agreement, we charged Jefferies Finance $60.8 million , $61.7 million and $50.7 million for services provided during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. At November 30, 2019 , we had a receivable from Jefferies Finance, included within Other assets in the Consolidated Statement of Financial Condition of $17.2 million and a payable to Jefferies Finance, included in Payables, expense accruals and other liabilities in the Consolidated Statement of Financial Condition of $31.3 million . At November 30, 2018 , we had a receivable from Jefferies Finance, included within Other assets in the Consolidated Statement of Financial Condition of $35.2 million and a payable to Jefferies Finance, related to cash deposited with us, included in Payables, expense accruals and other liabilities in the Consolidated Statement of Financial Condition of $14.1 million . Jefferies Group enters into OTC foreign exchange contracts with Jefferies Finance. In connection with these contracts we had $4.7 million recorded in Payables, expense accruals and other liabilities and $0.2 million recorded in Trading liabilities in the Consolidated Statement of Financial Condition at November 30, 2019 and $0.2 million recorded in Payables, expense accruals and other liabilities and $0.4 million recorded in Trading liabilities in the Consolidated Statement of Financial Condition at November 30, 2018 . On March 28, 2019, Jefferies Group entered into a promissory note with Jefferies Finance with a principal amount of $1.0 billion , the proceeds of which were used in connection with our investment banking loan syndication activities. Jefferies Group repaid Jefferies Finance the entire outstanding principal amount of this note on May 15, 2019. Interest paid on the note of $3.8 million is included in Interest expense of Jefferies Group within the Consolidated Statements of Operations. During the twelve months ended November 30, 2019 , we purchased a third-party loan from Jefferies Finance in the amount of $65.3 million . Such amount is included in Trading assets in the Consolidated Statement of Financial Condition at November 30, 2019 . Jefferies LoanCore Jefferies LoanCore, LLC ("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, we sold all of our 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, we may be entitled to additional cash consideration over the next three years in the event Jefferies LoanCore's yearly return on equity exceeds certain thresholds. Berkadia Berkadia is a commercial mortgage banking and servicing joint venture that was 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% membership interest in Berkadia. We are entitled to receive 45% of the profits. 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 adviser 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 November 30, 2019 , the aggregate amount of commercial paper outstanding was $1.47 billion . National Beef 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. As discussed in Notes 1 and 27, on June 5, 2018, we completed the sale of 48% of National Beef to Marfrig, reducing our then ownership in National Beef to 31% . As of the closing of the sale on June 5, 2018, we deconsolidated our investment in National Beef and accounted for our remaining interest under the equity method of accounting. As required as a result of the deconsolidation of National Beef, we adjusted the carrying value of our retained 31% interest in National Beef to fair value. The fair value of our retained 31% interest in National Beef of $592.3 million was based on the implied equity value of 100% of National Beef from the transaction with Marfrig. The transaction with Marfrig was based on a $1.9 billion equity valuation and a $2.3 billion enterprise valuation for 100% of National Beef. On November 29, 2019, we sold our remaining 31% equity interest in National Beef to Marfrig and other shareholders. We received a total of $970.0 million in cash, including $790.6 million of proceeds and $179.4 million from final distributions from National Beef around the time of the sale. The pre-tax gain recognized as a result of this transaction, $205.0 million for the twelve months ended November 30, 2019, is classified as Other revenue. As of November 30, 2019, we no longer hold an equity interest in National Beef. FXCM As discussed more fully in Note 5, at November 30, 2019 , Jefferies has a 50% voting interest in FXCM and a senior secured term loan to FXCM due February 15, 2021. 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 the 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 (weighted average life of 11 years ). 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 , which was recorded in Income (loss) related to associated companies. During the fourth quarter of 2018, we recorded an additional impairment charge of $62.1 million related to the equity component of our investment in FXCM, which is based on updated expectations that had been impacted by the then revised regulations of the European Securities Market Authority and dampened operating results. Based on the updated projections, we evaluated in the fourth quarter of 2018 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 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 $62.1 million . We concluded that based on the decline in projections and the adverse effects of the European regulations, that the decline in fair value of our equity interest was other than temporary. As a result, we impaired our equity investment in FXCM in the fourth quarter of 2018 by $62.1 million , which was recorded in Income (loss) related to associated companies. 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 was a joint venture between us and Garff Enterprises, Inc. ("Garff") that owned and operated automobile dealerships comprised of domestic and foreign automobile makers. In the third quarter of 2018, we sold 100% of our equity interests in Garcadia and our associated real estate to our former partners, the Garff family, for $417.2 million in cash. The pre-tax gain recognized as a result of this transaction, $221.7 million for the eleven months ended November 30, 2018, is classified as Other revenue. Linkem We own approximately 42% of the common shares of Linkem, the largest fixed wireless broadband services provider in Italy. In addition, we own convertible preferred stock, which is automatically convertible to common shares in 2022. If all of our convertible preferred stock was converted, it would increase our ownership to approximately 54% of Linkem's common equity at November 30, 2019 . We have approximately 48% of the total voting securities of Linkem. Additionally, we have made shareholder loans to Linkem with principal outstanding of $58.1 million at November 30, 2019 . These shareholder loans bear interest at 5% per annum and are due June 30, 2024.We account for our equity interest in Linkem on a two month lag. HomeFed Through June 30,2019, we owned an approximate 70% equity interest in HomeFed's outstanding common shares; however, we had contractually agreed to limit our voting rights such that we would 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 was a public company traded on the Over-the-Counter Bulletin Board (Symbol: HOFD). As a result of a 1998 distribution to all of our shareholders, approximately 5% of HomeFed was beneficially owned by our Chairman at June 30, 2019. Three of our executives served on the board of directors of HomeFed, including our Chairman who served as HomeFed's Chairman, and our President. Since we did not control HomeFed, our investment in HomeFed was accounted for under the equity method as an investment in an associated company. We accounted for our equity interest in HomeFed on a two month lag. On July 1, 2019, we completed a merger with HomeFed by which we acquired the remaining common stock of HomeFed. From July 1, 2019, the results of HomeFed are reflected on a consolidated basis. In connection with the merger, HomeFed stockholders received two shares of our common stock for each share of HomeFed common stock. A total of 9.3 million shares were issued. Real Estate Associated Companies Real estate equity method investments primarily consist of HomeFed's interests in Brooklyn Renaissance Plaza and Hotel and RedSky JZ Fulton Investors, and 54 Madison. These equity interests are accounted for on a two month lag. Brooklyn Renaissance Plaza is comprised of a hotel operated by Marriott, an office building complex and a parking garage located in Brooklyn, New York. HomeFed owns a 25.8% equity interest in the hotel and a 61.25% equity interest in the office building and garage. Although HomeFed has a majority interest in the office building and garage, it does not have control, but only has the ability to exercise significant influence on this investment. As such, HomeFed accounts for the office building and garage under the equity method of accounting. We are amortizing our basis difference between the estimated fair value and the underlying book value of Brooklyn Renaissance Plaza over the respective useful lives (weighted average life of 38 years ). HomeFed has a 49% membership interest in a joint venture partnership with RedSky JZ Fulton Holdings, LLC, formed for the acquisition and possible redevelopment of a development site located on the Fulton Mall corridor in Downtown Brooklyn, New York. The property consists of 15 separate tax lots, divided into two premier development sites which may be redeveloped with buildings consisting of up to 540,000 square feet of floor area development rights. We own approximately 48.1% of 54 Madison, a fund that seeks long-term capital appreciation through investment in real estate development and similar projects. Prior to November 30, 2017, we consolidated 54 Madison as a result of our control of the 54 Madison investment committee. 54 Madison invests both in projects which they consolidate and projects where they have significant influence and utilize the equity method of accounting. Based on total committed capital of the 54 Madison fund, all projects of this fund have already been identified and launched. On November 30, 2017, we sold our interest in the general partner of the 54 Madison fund and as a result no longer control the 54 Madison investment committee. We retained two of the four seats on the 54 Madison investment committee and continue to have significant influence over the fund, including a number of protective rights such as the right to block material investments, divestitures and changes outside of agreed upon parameters. We therefore deconsolidated the 54 Madison fund on November 30, 2017 and account for our interest under the equity method of accounting. 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. We account for our interest in Golden Queen on a two month lag. 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. In the third quarter of 2018, Golden Queen completed an updated mine plan and financial projections reflecting lower grades of gold as well as a decrease in the market price of gold. As a result of lower projected cash flows, we engaged an independent valuation firm to assist management in estimating the fair value of our equity investment in Golden Queen. Our estimate of fair value was based on a discounted cash flow analysis. The result of our analysis indicated that the estimated fair value of our equity interest in Golden Queen was lower than our prior carrying value by $47.9 million . We concluded based on lower projected cash flows and a decline in the market price of gold that the decline in fair value of our equity interest was other than temporary. As such, an impairment charge of $47.9 million was recorded in Income (loss) related to associated companies in the eleven months ended November 30, 2018. Other The following table provides summarized data for our equity method investments as of November 30, 2019 and 2018 and for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 (in thousands): November 30, 2019 November 30, 2018 Assets $ 14,699,672 $ 17,050,564 Liabilities 10,146,142 11,752,273 Noncontrolling interest 209,518 154,963 Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Revenues $ 10,589,489 $ 7,694,612 $ 4,883,063 Income from continuing operations before extraordinary items 732,575 852,649 503,489 Net income 749,649 798,615 438,881 The Company's income related to associated companies 248,693 130,685 34,494 Except for our investment in Berkadia and Jefferies Finance, we have not provided any guarantees, nor are we contingently liable for any of the liabilities reflected in the above table. All such liabilities are non-recourse to us. Our exposure to adverse events at the investee companies is limited to the book value of our investment. See Note 23 for further discussion of these guarantees. Included in consolidated retained earnings at November 30, 2019 is approximately $180.8 million of undistributed earnings of the associated companies accounted for under the equity method of accounting.

Intangible Assets, Net and Good

Intangible Assets, Net and Goodwill	12 Months Ended
	Nov. 30, 2019
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): November 30, 2019 November 30, 2018 Indefinite lived intangibles: Exchange and clearing organization membership interests and registrations $ 8,273 $ 8,524 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $111,060 and $102,579 59,575 67,894 Trademarks and tradename, net of accumulated amortization of $24,800 and $21,086 103,790 107,262 Other, net of accumulated amortization of $5,366 and $4,339 (1) 11,316 4,611 Total intangible assets, net 182,954 188,291 Goodwill: Investment Banking and Capital Markets (1) (2) 1,556,810 1,555,381 Asset Management (1) 143,000 143,000 Real estate (3) 36,711 — Other operations 3,459 3,459 Total goodwill 1,739,980 1,701,840 Total intangible assets, net and goodwill $ 1,922,934 $ 1,890,131 (1) As discussed further in Note 28, during the three months ended February 29, 2020, we changed our internal structure with regard to our operating segments. As a result, we created a separate operating segment that consists of the asset management activity previously included within our Investment Banking, Capital Markets and Asset Management segment. In order to reallocate goodwill that was previously contained in our Investment Banking, Capital Markets and Asset Management segment to the newly created Investment Banking and Capital Markets segment and the Asset Management segment, we performed a fair value analysis of the components. Estimated fair values were determined based on valuation techniques that we believe market participants would use and included price-to-earnings, price-to-book multiples and discounted cash flow techniques. Based on the relative fair values of each of the components, $143.0 million of the total $1,699.8 million and $1,698.4 million goodwill within the historical Investment Banking, Capital Markets and Asset Management segment at November 30, 2019 and 2018, respectively, was allocated to the new Asset Management segment. We performed an impairment test immediately before and after the reallocation of goodwill between the new segments and the results of the impairment test did not indicate any goodwill impairment. (2) The increase in Investment Banking and Capital Markets goodwill during the twelve months ended November 30, 2019, primarily relates to translation adjustments. (3) In connection with the acquisition of the remaining interest in HomeFed, $11.0 million was allocated to intangible assets, primarily relating to lease contracts, and $4.3 million was allocated to goodwill. In addition, associated with the acquisition, we also recorded $32.4 million of goodwill generated by the establishment of $32.4 million of deferred tax liabilities related to allocated value exceeding the tax basis of some of the HomeFed net assets. Amortization expense on intangible assets included in Income (loss) from continuing operations was $14.6 million , $13.2 million and $12.9 million for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows (in thousands): 2020 $ 14,982 2021 14,509 2022 11,215 2023 9,959 2024 8,703 Goodwill Impairment Testing The quantitative goodwill impairment test is performed at our reporting unit level and consists of two steps. In the first step, the fair value of the reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, then a second step is performed in order to measure the amount of the impairment loss, if any, which is based on comparing the implied fair value of the reporting unit's goodwill to the carrying value of the reporting unit's goodwill. The estimated fair values are based on valuation techniques that we believe market participants would use, although the valuation process requires significant judgment and often involves the use of significant estimates and assumptions. The methodologies we utilize in estimating fair value include price-to-earnings and price-to-book multiples of comparable public companies. In addition, as the fair values determined under the market approach represent a noncontrolling interest, we applied a control premium to arrive at the estimated fair value of our reporting units on a controlling basis. An independent valuation specialist was engaged to assist with the valuation process for Jefferies Group at August 1, 2019. The results of our annual impairment test for Jefferies Group did not indicate any goodwill impairment.

Short-Term Borrowings

Short-Term Borrowings	12 Months Ended
	Nov. 30, 2019
Debt Disclosure [Abstract]
Short-Term Borrowings	Short-Term Borrowings Our short-term borrowings, which mature in one year or less, are as follows (in thousands): November 30, 2019 November 30, 2018 Bank loans (1) $ 527,509 $ 330,942 Floating rate puttable notes (1) — 56,550 Equity-linked notes 20,981 — Total short-term borrowings $ 548,490 $ 387,492 (1) These short-term borrowings are recorded at cost in the Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their liquid and short-term nature. At November 30, 2019 and 2018 , the weighted average interest rate on short-term borrowings outstanding was 3.24% and 3.08% per annum, respectively. During 2019, Jefferies Group issued equity-linked notes with principal amounts of $5.2 million and $15.1 million , which will mature on March 13, 2020 and October 7, 2020, respectively. See Note 5, for further information on these notes. On July 29, 2019, Jefferies Group's floating rate puttable notes with principal amounts of €50.0 million matured. On March 28, 2019, Jefferies Group entered into a promissory note with Jefferies Finance, which was repaid on May 15, 2019. See Note 11 for further information. On December 27, 2018, one of Jefferies Group's subsidiaries entered into a credit facility agreement ("Jefferies Group Credit Facility") with JPMorgan Chase Bank, N.A. for a committed amount of $135.0 million , which is included in bank loans. Interest is based on an annual alternative base rate or an adjusted London Interbank Offered Rate ("LIBOR"), as defined in the Jefferies Group Credit Facility. The Jefferies Group Credit Facility contains certain covenants that, among other things, require Jefferies Group LLC to maintain a specified level of tangible net worth. The covenants also require the borrower to maintain specified leverage amounts and impose certain restrictions on the borrower’s future indebtedness. At November 30, 2019 , Jefferies Group was in compliance with all debt covenants under the Jefferies Group Credit Facility. The Bank of New York Mellon has agreed to make revolving intraday credit advances ("Intraday Credit Facility") to Jefferies Group for an aggregate committed amount of $150.0 million . The Intraday Credit facility is structured so that advances are generally repaid before the end of each business day. However, if an advance is not repaid by the end of any business day, the advance is converted to an overnight loan. Intraday loans accrue interest at a rate of 0.12% . Interest is charged based on the number of minutes in a day the advance is outstanding. Overnight loans are charged interest at the base rate plus 3% on a daily basis. The base rate is the higher of the federal funds rate plus 0.50% or the prime rate in effect at that time. The Intraday Credit Facility contains financial covenants, which include a minimum regulatory net capital requirement for Jefferies Group. At November 30, 2019 , Jefferies Group was in compliance with debt covenants under the Intraday Credit Facility.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Nov. 30, 2019
Debt Disclosure [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): November 30, 2019 November 30, 2018 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 744,606 $ 743,397 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,772 246,719 Total long-term debt – Parent Company 991,378 990,116 Subsidiary Debt (non-recourse to Parent Company): Jefferies Group: 8.50% Senior Notes, due July 15, 2019, $0 and $680,800 principal — 699,659 2.375% Euro Medium Term Notes, due May 20, 2020, $550,875 and $565,500 principal 550,622 564,702 6.875% Senior Notes, due April 15, 2021, $750,000 principal 774,738 791,814 2.25% Euro Medium Term Notes, due July 13, 2022, $4,407 and $4,524 principal 4,204 4,243 5.125% Senior Notes, due January 20, 2023, $600,000 principal 610,023 612,928 1.00% Euro Medium Term Notes, due July 19, 2024, $550,875 and $0 principal 548,880 — 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 768,931 709,484 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 371,426 373,669 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 988,662 987,788 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 511,260 511,662 6.50% Senior Notes, due January 20, 2043, $400,000 principal 420,239 420,625 Structured Notes (2) (3) 1,215,285 686,170 Jefferies Group Revolving Credit Facility 189,088 183,539 Jefferies Group Secured Bank Loan 50,000 — HomeFed EB-5 Program debt 140,739 — Foursight Capital Credit Facilities 98,260 — Other 103,326 81,164 Total long-term debt – subsidiaries 7,345,683 6,627,447 Long-term debt $ 8,337,061 $ 7,617,563 (1) Amounts include a loss of $58.9 million and a gain of $27.4 million during the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 , respectively, associated with an interest rate swap based on its designation as a fair value hedge. See Notes 2 and 6 for further information. (2) 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 (loss) and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. (3) Of the $1,215.3 million of structured notes at November 30, 2019 , $28.0 million matures in 2022, $3.1 million matures in 2024 and the remaining $1,184.2 million matures in 2025 or thereafter. At November 30, 2019 , $1,226.5 million of consolidated assets (primarily receivables and other assets) are pledged for indebtedness aggregating $581.1 million . The aggregate annual mandatory redemptions of all long-term debt during the five year period ending November 30, 2024 are as follows (in millions): 2020 $ 551.2 2021 1,088.7 2022 32.4 2023 1,454.0 2024 696.4 Parent Company Debt Our senior note indentures contain covenants that restrict our ability to incur more Indebtedness or issue Preferred Stock of Subsidiaries unless, at the time of such incurrence or issuance, the Company meets a specified ratio of Consolidated Debt to Consolidated Tangible Net Worth, limit the ability of the Company and Material Subsidiaries to incur, in certain circumstances, Liens, limit the ability of Material Subsidiaries to incur Funded Debt in certain circumstances, and contain other terms and restrictions all as defined in the senior note indentures. We have the ability to incur substantial additional indebtedness or make distributions to our shareholders and still remain in compliance with these restrictions. If we are unable to meet the specified ratio, we would not be able to issue additional Indebtedness or Preferred Stock, but our inability to meet the applicable ratio would not result in a default under our senior note indentures. The senior note indentures do not restrict the payment of dividends. Subsidiary Debt Structured notes with a total principal amount of approximately $498.9 million , net of retirements were issued by Jefferies Group during the twelve months ended November 30, 2019 . In addition, on July 19, 2019, under its $2.5 billion Euro Medium Term Note Program, Jefferies Group issued 1.000% senior unsecured notes with a principal amount of $553.6 million , due 2024. Proceeds amounted to $551.4 million . Additionally, during the twelve months ended November 30, 2019 , Jefferies Group repaid $680.8 million of its 8.50% Senior Notes. Jefferies Group has a senior secured revolving credit facility ("Jefferies Group Revolving Credit Facility") with a group of commercial banks for an aggregate principal amount of $190.0 million . The Jefferies Group Revolving Credit Facility contains certain covenants that, among other things, requires Jefferies Group LLC to maintain specified level of tangible net worth and liquidity amounts, and imposes certain restrictions on future indebtedness of and requires specified levels of regulated capital for certain of Jefferies Groups subsidiaries. Interest is based on an annual alternative base rate or an adjusted LIBOR, as defined in the Jefferies Group Revolving Credit Facility agreement. The obligations of certain of Jefferies Group's subsidiaries under the Jefferies Group Revolving Credit Facility are secured by substantially all its assets. At November 30, 2019 , Jefferies Group was in compliance with the debt covenants under the Jefferies Group Revolving Credit Facility. On September 27, 2019, one of Jefferies Group's subsidiaries entered into a Loan and Security Agreement with a bank for a term loan with a principal amount of $50.0 million ("Jefferies Group Secured Bank Loan"). This Jefferies Group Secured Bank Loan matures on September 27, 2021 and is collateralized by certain trading securities. Interest on the Jefferies Group Secured Bank Loan is 1.25% plus LIBOR. The agreement contains certain covenants that, among other things, restrict lien or encumbrance upon any of the pledged collateral. At November 30, 2019 , Jefferies Group was in compliance with all covenants under the Loan and Security Agreement. At November 30, 2019 , Foursight Capital's credit facilities consisted of two warehouse credit commitments aggregating $175.0 million , which mature in May 2021. One of the credit facilities bears interest based on the three-month LIBOR plus a credit spread fixed through its maturity and the other credit facility bears interest based on the one-month LIBOR plus a credit spread fixed through its maturity. As a condition of the credit facilities, Foursight Capital is obligated to maintain cash reserves to comply with 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 $111.8 million at November 30, 2019 . At November 30, 2019 and 2018 , $98.3 million and $0.0 million , respectively, was outstanding under Foursight Capital's credit facilities. HomeFed funds certain of its real estate projects in part by raising funds under the Immigrant Investor Program administered by the U.S. Citizenship and Immigration Services pursuant to the Immigration and Nationality Act ("EB-5 Program"). This program was created to stimulate the U.S. economy through the creation of jobs and capital investments in U.S. companies by foreign investors. This debt is secured by certain real estate of HomeFed. At November 30, 2019 , HomeFed was in compliance with all debt covenants which include, among other requirements, limitations on incurrence of debt, collateral requirements and restricted use of proceeds. Primarily all of HomeFed's debt matures in 2024.

Mezzanine Equity

Mezzanine Equity	12 Months Ended
	Nov. 30, 2019
Temporary Equity Disclosure [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests At December 31, 2017, the redeemable noncontrolling interests primarily relate to National Beef and were held by its minority owners, USPB, NBPCo Holdings and the chief executive officer of National Beef. The holders of these interests shared in the profits and losses of National Beef on a pro rata basis with us. As discussed in Notes 1 and 27, we deconsolidated National Beef as a result of the 48% sale to Marfrig on June 5, 2018. Immediately prior to the deconsolidation, the cumulative increase in fair value of $237.7 million recorded to the redeemable noncontrolling interest since the initial acquisition of National Beef was reversed through Additional paid-in capital in the Consolidated Statement of Financial Condition. The following table shows the activity of National Beef's redeemable noncontrolling interests (prior to its deconsolidation in June 2018) during the eleven months ended November 30, 2018 (in thousands): Balance, January 1, 2018 $ 412,128 Income allocated to redeemable noncontrolling interests 37,141 Distributions to redeemable noncontrolling interests (70,681 ) Increase in fair value of redeemable noncontrolling interests charged to additional paid-in capital 21,404 Reversal of cumulative National Beef redeemable noncontrolling interests fair value adjustment prior to deconsolidation (237,669 ) Deconsolidation of National Beef (162,323 ) Balance, November 30, 2018 $ — At November 30, 2019 and 2018 , redeemable noncontrolling interests include other redeemable noncontrolling interests of $26.6 million and $19.8 million , respectively, primarily related to our oil and gas exploration and development businesses. Mandatorily Redeemable Convertible Preferred Shares In connection with our acquisition of Jefferies Group 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 Group's 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 4,440,863 common shares, an effective conversion price of $28.15 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. In the third quarter of 2018, we increased our quarterly dividend from $0.10 to $0.125 per common share. These increased the preferred stock dividend from $4.4 million for the twelve months ended December 31, 2017 to $4.5 million for the eleven months ended November 30, 2018 to $5.1 million for the twelve months ended November 30, 2019 . On January 9, 2020, our Board of Directors increased our quarterly dividend by 20% to $0.15 per share. Based on our current quarterly dividend of $0.15 per common share, the effective rate on these Preferred Shares is approximately 4.5% . The Preferred Shares are callable beginning in 2023 at a price of $1,000 per share plus accrued interest and are mandatorily redeemable in 2038.

Compensation Plans

Compensation Plans	12 Months Ended
	Nov. 30, 2019
Share-based Compensation [Abstract]
Compensation Plans	Compensation Plans Incentive Plan Upon completion of our combination with Jefferies Group, we assumed its 2003 Incentive Compensation Plan, as Amended and Restated July 25, 2013 (the "Incentive Plan"). The Incentive Plan allows awards in the form of incentive stock options (within the meaning of Section 422 of the Internal Revenue Code), nonqualified stock options, stock appreciation rights, restricted stock, unrestricted stock, performance awards, restricted stock units ("RSUs"), dividend equivalents or other share-based awards. RSUs give a participant the right to receive fully vested shares at the end of a specified deferral period allowing a participant to hold an interest tied to common stock on a tax deferred basis. Prior to settlement, RSUs carry no voting or dividend rights associated with the stock ownership, but dividend equivalents are accrued to the extent there are dividends declared on the underlying common shares as cash amounts or as deemed reinvestments in additional RSUs. Restricted stock and RSUs may be granted to new employees as "sign-on" awards, to existing employees as "retention" awards and to certain executive officers as awards for multiple years. Sign-on and retention awards are generally subject to annual ratable vesting over a four -year service period and are amortized as compensation expense on a straight-line basis over the related four years . Restricted stock and RSUs are granted to certain senior executives with market, performance and service conditions. Market conditions are incorporated into the grant-date fair value of senior executive awards using a Monte Carlo valuation model. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market condition is not met. Awards with performance conditions are amortized over the service period if it is determined that it is probable that the performance condition will be achieved. The Deferred Compensation Plan (the "DCP") has been implemented under the Incentive Plan. The DCP permits eligible executive officers and other employees to defer cash compensation, some or all of which may be deemed invested in stock units. A portion of the deferrals may also be directed to notional investments in a money market fund or certain of the employee investment opportunities. Stock units generally have been acquired at a discounted price, which encourages employee participation in the DCP and enhances long-term retention of equity interests by participants and aligns executive interests with those of shareholders. Amounts recognized as compensation cost under the DCP have not been significant. The shares to be delivered in connection with DCP stock units and options are drawn from the Incentive Plan. The Incentive Plan's "evergreen" share reservation was terminated on March 21, 2014; the number of equity awards available under the Incentive Plan was set at 20,000,000 . At November 30, 2019 , 4,070,557 common shares remained available for new grants under the Incentive Plan. Shares issued pursuant to the DCP reduce the shares available under the Incentive Plan. The following table details the activity in restricted stock during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 (in thousands, except per share amounts): Restricted Stock Weighted- Average Grant Date Fair Value Balance at January 1, 2017 1,362 $ 22.09 Grants 391 $ 23.65 Forfeited — $ — Fulfillment of vesting requirement (611 ) $ 23.73 Balance at December 31, 2017 1,142 $ 21.75 Grants 1,077 $ 23.63 Forfeited (30 ) $ 16.49 Fulfillment of vesting requirement (394 ) $ 24.23 Balance at November 30, 2018 1,795 $ 22.42 Grants 518 $ 19.57 Forfeited — $ — Fulfillment of vesting requirement (305 ) $ 20.09 Balance at November 30, 2019 2,008 $ 22.04 The following table details the activity in RSUs during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 (in thousands, except per share amounts): Weighted-Average Grant Date Fair Value Future Service Required No Future Service Required Future Service Required No Future Service Required Balance at January 1, 2017 68 10,348 $ 26.90 $ 26.61 Grants — 104 $ — $ 21.55 Distributions of underlying shares — (175 ) $ — $ 26.46 Forfeited — — $ — $ — Fulfillment of service requirement (36 ) 36 $ 26.90 $ 26.90 Balance at December 31, 2017 32 10,313 $ 26.90 $ 26.57 Grants — 161 $ — $ 20.24 Distributions of underlying shares — (192 ) $ — $ 26.39 Forfeited (2 ) (1 ) $ 26.90 $ 22.16 Fulfillment of service requirement (28 ) 28 $ 26.90 $ 26.90 Balance at November 30, 2018 2 10,309 $ 26.90 $ 26.48 Grants 10 1,308 $ 18.83 $ 18.15 Distributions of underlying shares — (166 ) $ — $ 25.91 Forfeited — — $ — $ — Fulfillment of vesting requirement (1) (2 ) 4,216 $ 26.90 $ 9.99 Balance at November 30, 2019 10 15,667 $ 18.83 $ 21.35 (1) Fulfillment of vesting requirement during the twelve months ended November 30, 2019 , includes 4,214 RSUs related to the senior executive compensation plans. During the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 , grants include approximately 1,298,000 and 142,000 , respectively, of dividend equivalents declared on RSUs; the weighted-average grant date fair values of the dividend equivalents were approximately $18.15 and $19.81 , respectively. Senior Executive Compensation Plan The Compensation Committee of our Board of Directors approved an executive compensation plan for our Senior Executives in respect of 2017 (the "2017 Plan") that is based on performance metrics achieved over a three -year period from 2017 through 2019. 100% of each of our CEO and President's compensation beyond their base salaries is composed entirely of performance based RSUs that will vest if certain performance criteria are met. Any vested RSUs are subject to a post-vesting, three -year holding period such that no vested RSUs can be sold or transferred until the first quarter of 2023. Performance-vesting of the award is based equally on the compound annual growth rates of Jefferies Total Shareholder Return ("TSR"), which is measured from the December 30, 2016 stock price of $23.25 , and Jefferies Return on Tangible Deployable Equity ("ROTDE"), the annual, two- and three-year results of which are used to determine vesting. TSR is based on annualized rate of return reflecting price appreciation plus reinvestment of dividends and distributions to shareholders. ROTDE is net income adjusted for amortization of intangible assets divided by book value at the beginning of year adjusted for intangible assets and deferred tax assets. If Jefferies TSR and ROTDE annual compound growth rates are less than 4% , our Senior Executives will not receive any incentive compensation. If Jefferies TSR and ROTDE grow between 4% and 8% on a compounded basis over the three -year measurement period, each of our Senior Executives will be eligible to receive between 537,634 and 1,075,268 RSUs related to the 2017 Plan. If TSR and ROTDE growth rates are greater than 8% , our Senior Executives are eligible to receive up to 50% additional incentive compensation on a pro rata basis up to 12% growth rates. When determining whether RSUs will vest, the calculation will be weighted equally between TSR and ROTDE. If TSR growth was below minimum thresholds, but ROTDE growth was above minimum thresholds, our Senior Executives would still be eligible to receive some number of vested RSUs based on ROTDE growth. The TSR award contains a market condition and compensation expense is recognized over the service period and will not be reversed if the market condition is not met. The ROTDE award contains a performance condition and compensation expense is recognized over the service period if it is determined that it is probable that the performance condition will be achieved. The Compensation Committee of our Board of Directors approved an executive compensation plan for our Senior Executives for compensation year 2018 (the "2018 Plan"). For each Senior Executive, the Compensation Committee has targeted long-term compensation of $25.0 million per year under the 2018 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 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 9% growth on an annual and multi-year compounded basis in Jefferies TSR and to receive targeted cash, our Senior Executives will have to achieve 9% growth on an annual and multi-year compounded basis in Jefferies ROTDE. If TSR and ROTDE are less than 6% , our Senior Executives will receive no incentive compensation. If TSR and ROTDE growth rates are greater than 9% , our Senior Executives are eligible to receive up to 50% additional incentive compensation on a pro rata basis up to 12% growth rates. The Compensation Committee of our Board of Directors approved an executive compensation plan for our Senior Executives for compensation year 2019 (the "2019 Plan") and compensation year 2020 (the "2020 Plan"). For each Senior Executive, the Compensation Committee has targeted long-term compensation of $22.5 million per year under the 2019 Plan and 2020 Plan with a target of $16.0 million in long-term equity in the form of RSUs and a target of $6.5 million in cash for both plan years. To receive targeted long-term equity, our Senior Executives will have to achieve 9% growth on a multi-year compounded basis in Jefferies TSR and to receive targeted cash, our Senior Executives will have to achieve 9% growth in annual Jefferies ROTDE. If TSR and ROTDE are less than 6% , our Senior Executives will receive no incentive compensation. If TSR growth rates are greater than 9% , our Senior Executives are eligible to receive up to 75% additional incentive compensation relative to our peer companies. If ROTDE growth rates are greater than 9% , our Senior Executives are eligible to receive up to 75% additional incentive compensation on a pro rata basis up to 12% growth rates. The following table details the activity in RSUs related to the senior executive compensation plan during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 (in thousands, except per share amounts): Target Number of Shares Weighted- Average Grant Date Fair Value Balance at January 1, 2017 3,434 $ 9.68 Grants 2,221 $ 19.06 Forfeited — $ — Balance at December 31, 2017 5,655 $ 13.37 Grants 3,813 $ 26.16 Forfeited — $ — Balance at November 30, 2018 9,468 $ 18.52 Grants 1,237 $ 13.63 Forfeited — $ — Fulfillment of vesting requirement (4,214 ) $ 9.98 Balance at November 30, 2019 6,491 $ 23.13 During the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 , grants include approximately 602,000 and 189,000 , respectively, of dividend equivalents declared on RSUs; the weighted-average grant date fair values of the dividend equivalents were approximately $18.08 and $19.80 , respectively. During the twelve months ended November 30, 2019 , grants include approximately 635,000 RSUs issued as a result of superior performance pursuant to the 2016 compensation year award. Directors' Plan Upon completion of our combination with Jefferies Group, we also assumed the 1999 Directors' Stock Compensation Plan, as Amended and Restated July 25, 2013 (the "Directors' Plan"). Under the Directors' Plan, we issued each nonemployee director of Jefferies $150,000 of restricted stock or RSUs during each of the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 and $120,000 of restricted stock or RSUs during the twelve months ended December 31, 2017. These grants are made on the date directors are elected or reelected at our annual shareholders' meeting. These shares vest over three years from the date of grant and are expensed over the requisite service period. At November 30, 2019 , 181,652 common shares were issuable upon settlement of outstanding RSUs and 118,306 shares are available for future grants. Other Compensation Plans Other Stock-Based Plans. Historically, Jefferies Group also sponsored an Employee Stock Purchase Plan and an Employee Stock Ownership Plan, both of which were assumed by us in connection with the Jefferies Group acquisition. Amounts related to these plans have not been significant. Prior to the acquisition of Jefferies Group, we had a fixed stock option plan, which provided for the issuance of stock options and stock appreciation rights to non-employee directors and certain employees at not less than the fair market value of the underlying stock at the date of grant. In March 2014, we ceased issuing options and rights under our option plan. No shares remain outstanding or available for future grants under this plan. In connection with the HomeFed merger, each HomeFed stock option, was converted into two Jefferies stock option to purchase that number of shares of Jefferies common stock. At November 30, 2019 and 2018 , 325,000 and 195,417 , respectively, of our common shares were reserved for stock options. Restricted Cash Awards. Jefferies Group provides compensation to certain new and existing employees in the form of loans and/or other cash awards which are subject to ratable vesting terms with service requirements. These awards are amortized to compensation expense over the relevant service period, which is generally considered to start at the beginning of the annual compensation year. At November 30, 2019 , the remaining unamortized amount of the restricted cash awards was $444.3 million and is included within Other assets in the Consolidated Statement of Financial Condition; this cost is expected to be recognized over a weighted average period of three years . Stock-Based Compensation Expense Compensation and benefits expense included $49.8 million , $48.2 million and $48.4 million for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 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 $12.9 million , $12.2 million and $17.3 million for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. At November 30, 2019 , total unrecognized compensation cost related to nonvested share-based compensation plans was $80.4 million ; this cost is expected to be recognized over a weighted-average period of three years . At November 30, 2019 , there were 2,008,000 shares of restricted stock outstanding with future service required, 6,463,000 RSUs outstanding with future service required (including target RSUs issuable under the senior executive compensation plans), 15,667,000 RSUs outstanding with no future service required and 992,000 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 23,122,000 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Nov. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Activity in accumulated other comprehensive income (loss) 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 (loss), net of taxes is as follows (in thousands): November 30, 2019 November 30, 2018 December 31, 2017 Net unrealized gains on available for sale securities $ 141 $ 542,832 $ 572,085 Net unrealized foreign exchange losses (192,709 ) (193,402 ) (101,400 ) Net unrealized losses on instrument specific credit risk (18,889 ) (5,728 ) (34,432 ) Net unrealized gains (losses) on cash flow hedges — 470 (1,138 ) Net minimum pension liability (61,582 ) (55,886 ) (62,391 ) $ (273,039 ) $ 288,286 $ 372,724 Significant amounts reclassified out of accumulated other comprehensive income (loss) to net income are as follows (in thousands): Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statement of Operations Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Net unrealized gains (losses) on available for sale securities, net of income tax provision (benefit) of $(545,054) and $37 $ 543,178 $ 109 Other revenues and Income tax provision (benefit) Net unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $(52) and $(16) (149 ) 20,459 Other revenues and Selling, general and other expenses Net unrealized gains (losses) on instrument specific credit risk, net of income tax provision (benefit) of $(144) and $311 (427 ) 916 Principal transactions revenues Net unrealized gains on cash flow hedges, net of income tax provision (benefit) of $161 and $0 470 — Other revenues Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(490) and $(697) (1,407 ) (2,044 ) Selling, general and other expenses, which includes pension expense. See Note 18 for information on this component. Other pension, net of income tax benefit of $0 and $0 — (5,305 ) Compensation and benefits expense Total reclassifications for the period, net of tax $ 541,665 $ 14,135 During the second quarter of 2019, we completed the sale of our available for sale portfolio. In connection therewith, we recognized a tax benefit of $544.6 million during the twelve months ended November 30, 2019. Unrealized gains and losses on available for sale securities, and their associated tax impacts, are recorded directly to equity as part of the Accumulated other comprehensive income (loss) balance. Following the portfolio approach, when unrealized gains and losses and their associated tax impacts are recorded at a then current tax rate, and then realized later at a different tax rate, the difference between the tax impact initially recorded in Accumulated other comprehensive income (loss) and the tax impact removed from Accumulated other comprehensive income (loss) upon realization remains in Accumulated other comprehensive income (loss) until the disposal of the portfolio and is referred to as a "lodged tax effect." Large changes in the fair value of our available for sale securities, primarily during 2008 through 2010, combined with fluctuations in our tax rate during those periods, generated a lodged tax benefit of $544.6 million . As a result of recent steps to improve our Corporate investment management efforts, we sold the remaining portion of our available for sale portfolio in the second quarter of 2019, which resulted in the realization of the $544.6 million tax benefit. While this realization did not impact total equity, it resulted in a tax benefit reflected in the Consolidated Statement of Operations of $544.6 million and, as a result, Retained earnings increased and Accumulated other comprehensive income (loss) decreased by corresponding amounts. The remaining net unrealized gains on available for sale securities at November 30, 2019 represents our share of Berkadia's net unrealized gains on available for sale securities recorded under the equity method of accounting. In connection with the acquisition of Jefferies Bache from Prudential on July 1, 2011, Jefferies Group 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 Group 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 (loss) during the eleven months ended November 30, 2018.

Pension Plans and Postretiremen

Pension Plans and Postretirement Benefits	12 Months Ended
	Nov. 30, 2019
Retirement Benefits [Abstract]
Pension Plans and Postretirement Benefits	Pension Plans and Postretirement Benefits U.S. Pension Plans Pursuant to the agreement to sell one of our former subsidiaries, WilTel Communications Group, LLC, ("WilTel") the responsibility for WilTel's defined benefit pension plan was retained by us. All benefits under this plan were frozen as of October 30, 2005. Prior to the acquisition of Jefferies Group, Jefferies Group sponsored a defined benefit pension plan covering certain employees; benefits under that plan were frozen as of December 31, 2005. A summary of activity with respect to both plans is as follows (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 191,261 $ 211,257 Interest cost 8,070 6,783 Actuarial (gains) losses 29,539 (16,646 ) Settlement payments — (3,133 ) Benefits paid (9,996 ) (7,000 ) Projected benefit obligation, end of year $ 218,874 $ 191,261 Change in plan assets: Fair value of plan assets, beginning of year $ 138,992 $ 150,806 Actual return on plan assets 30,426 (7,676 ) Employer contributions 9,655 8,890 Benefits paid (9,996 ) (7,000 ) Settlement payments — (3,133 ) Administrative expenses (3,006 ) (2,895 ) Fair value of plan assets, end of year $ 166,071 $ 138,992 Funded status at end of year $ (52,803 ) $ (52,269 ) As of November 30, 2019 and 2018 , $57.4 million and $49.7 million , respectively, of the net amount recognized in the Consolidated Statements of Financial Condition was reflected as a charge to Accumulated other comprehensive income (loss) (substantially all of which were cumulative losses) and $52.8 million and $52.3 million , respectively, was reflected as accrued pension cost. The following table summarizes the components of net periodic pension cost and other amounts recognized in other comprehensive income (loss) excluding taxes (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Components of net periodic pension cost: Interest cost $ 8,070 $ 6,783 $ 8,119 Expected return on plan assets (7,456 ) (7,217 ) (7,689 ) Settlement charge — 365 — Actuarial losses 1,897 2,376 2,207 Net periodic pension cost $ 2,511 $ 2,307 $ 2,637 Amounts recognized in other comprehensive income (loss): Net (gains) losses arising during the period $ 9,576 $ 1,141 $ (5,453 ) Settlement charge — (365 ) — Amortization of net loss (1,897 ) (2,376 ) (2,207 ) Total recognized in other comprehensive income (loss) $ 7,679 $ (1,600 ) $ (7,660 ) Net amount recognized in net periodic benefit cost and other comprehensive income (loss) $ 10,190 $ 707 $ (5,023 ) The amounts in Accumulated other comprehensive income (loss) at November 30, 2019 and 2018 have not yet been recognized as components of net periodic pension cost in the Consolidated Statements of Operations. The estimated net loss that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost during the twelve months ended November 30, 2020 is $3.2 million . We expect to pay $8.2 million of employer contributions during the twelve months ended November 30, 2020 . The assumptions used are as follows: November 30, 2019 November 30, 2018 WilTel Plan Discount rate used to determine benefit obligation 3.00 % 4.35 % Weighted-average assumptions used to determine net pension cost: Discount rate 4.35 % 3.51 % Expected long-term return on plan assets 7.00 % 7.00 % Jefferies Group Plan Discount rate used to determine benefit obligation 2.90 % 4.30 % Weighted-average assumptions used to determine net pension cost: Discount rate 4.30 % 3.60 % Expected long-term return on plan assets 6.25 % 6.25 % The following pension benefit payments are expected to be paid (in thousands): 2020 $ 9,749 2021 9,225 2022 10,001 2023 12,682 2024 13,044 2025 – 2029 67,655 U.S. Plan Assets The information below on the plan assets for the WilTel plan and the Jefferies Group plan is presented separately for the plans as the investments are managed independently. WilTel Plan Assets. The current investment objectives are designed to close the funding gap while mitigating funded status volatility through a combination of liability hedging and investment returns. As plan funded status improves, the asset allocation will move along a predetermined, de-risking glide path that reallocates capital from growth assets to liability-hedging assets in order to reduce funded status volatility and lock in funded status gains. Plan assets are split into two separate portfolios, each with different asset mixes and objectives. The portfolios are valued at their NAV as a practical expedient for fair value. • The Growth Portfolio consists of global equities and high yield investments. • The Liability-Driven Investing ("LDI") Portfolio consists of long duration credit bonds and a suite of long duration, Treasury-based instruments designed to provide capital-efficient interest rate exposure as well as target specific maturities. The objective of the LDI Portfolio is to seek to achieve performance similar to the WilTel plan's liability by seeking to match the interest rate sensitivity and credit sensitivity. The LDI Portfolio is managed to mitigate volatility in funded status deriving from changes in the discounted value of benefit obligations from market movements in the interest rate and credit components of the underlying discount curve. To develop the assumption for the expected long-term rate of return on plan assets, we considered the following underlying assumptions: 2.25% current expected inflation, 1.0% to 1.5% real rate of return for long duration risk free investments and an additional 1.0% to 1.5% return premium for corporate credit risk. For U.S. and international equity, we assume an equity risk premium over risk-free assets equal to 4.0% . We then weighted these assumptions based on invested assets and assumed that investment expenses were offset by expected returns in excess of benchmarks, which resulted in the selection of the 7.0% expected long-term rate of return assumption for 2019 . Jefferies Group Plan Assets. In May 2017, Jefferies Group entered into an agreement with an external investment manager to invest and manage the plan's assets under a strategy using a combination of two portfolios. The investment manager allocates the plan's assets between a growth portfolio and a liability-driven portfolio according to certain target allocations and tolerance bands that are agreed to by Jefferies Group's Administrative Committee of the U.S. Pension Plan. Such target allocations will take into consideration the plan's funded ratio. The manager will also monitor the strategy and, as the plan's funded ratio change over time, will rebalance the strategy, if necessary, to be within the agreed tolerance bands and target allocations. The portfolios are comprised of certain common collective investment trusts that are established and maintained by the investment manager. The common collective trusts are valued at their NAV as a practical expedient for fair value. German Pension Plan Jefferies Group maintained the German Pension Plan in connection with its Futures business. On December 28, 2017, a Liquidation Insurance Contract was entered into with 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 Group from any and all obligations under the German Pension Plan. In addition, on December 28, 2017, Jefferies Group received $3.25 million as consideration relating to the German Pension Plan in connection with releasing the prior plan sponsor from any indemnities. Accumulated other comprehensive income (loss) for the eleven months ended November 30, 2018 included $5.3 million related to the transfer of the German Pension Plan. Other We have defined contribution pension plans covering certain employees. Contributions and costs are a percent of each covered employee's salary. Amounts charged to expense related to such plans were $8.8 million , $8.0 million and $7.6 million for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	12 Months Ended
	Nov. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	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): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Revenues from contracts with customers: Commissions and other fees (1) $ 675,772 $ 662,546 Investment banking 1,526,992 1,904,870 Manufacturing revenues 324,659 357,427 Other 262,705 194,799 Total revenues from contracts with customers 2,790,128 3,119,642 Other sources of revenue: Principal transactions 559,300 232,224 Interest income 1,603,940 1,294,325 Other 405,288 363,537 Total revenues from other sources 2,568,528 1,890,086 Total revenues $ 5,358,656 $ 5,009,728 (1) As discussed in Note 2, during 2019, we have reclassified the presentation of certain other fees, primarily related to prime brokerage services offered to our clients. These fees were previously presented as Other revenues in the Consolidated Statements of Operations and are now presented within Commissions and other fees. There is no impact on Total revenues as a result of this change in presentation. Previously reported results are presented on a comparable basis. Revenues from contracts with customers are 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: Commissions and Other Fees. We earn commission and other fee revenues 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. Commission revenues are generally paid on settlement date and we record a receivable between trade-date and payment on settlement date. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. We act as an agent in the soft dollar arrangements as the customer controls the use of the soft dollars and directs our payments to third-party service providers on our behalf. Accordingly, amounts allocated to soft dollar arrangements are netted against commission revenues in the Consolidated Statements of Operations. We earn account advisory and distribution fees in connection with wealth management services. Account advisory fees are recognized over time using the time-elapsed method as we 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 the uncertainties with respect to the amounts are resolved. Investment Banking. We provide our clients with a full range of financial advisory and underwriting services. 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 our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our 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. We recognize 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 our clients are recognized as Investment banking revenues. Underwriting 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-backed 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 underwriting offering at that point. Costs associated with underwriting transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within underwriting costs in the Consolidated Statements of Operations as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as Investment banking revenues. Asset Management Fees. We 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 or semi-annual. 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. Manufacturing Revenues. Idaho Timber's primary business consists of the sale of lumber that is manufactured or remanufactured at one of its locations. Agreements with customers for these sales specify the type, quantity and price of products to be delivered as well as the delivery date and payment terms. The transaction price is fixed at the time of sale and revenue is generally recognized when the customer takes control of the product. Disaggregation of Revenue The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands): Reportable Segments Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Consolidation Adjustments Total Twelve Months Ended November 30, 2019 Major Business Activity: Equities (1) $ 662,804 $ — $ — $ — $ (537 ) $ 662,267 Fixed Income (1) 13,505 — — — — 13,505 Investment Banking - Advisory 767,421 — — — — 767,421 Investment Banking - Underwriting 761,308 — — — (1,737 ) 759,571 Asset Management — 23,188 — — — 23,188 Manufacturing revenues — — 324,659 — — 324,659 Oil and gas revenues — — 173,626 — — 173,626 Other revenues — — 65,891 — — 65,891 Total revenues from contracts with customers $ 2,205,038 $ 23,188 $ 564,176 $ — $ (2,274 ) $ 2,790,128 Primary Geographic Region: Americas $ 1,751,568 $ 16,334 $ 562,837 $ — $ (581 ) $ 2,330,158 Europe, Middle East and Africa 374,411 6,854 935 — (1,693 ) 380,507 Asia 79,059 — 404 — — 79,463 Total revenues from contracts with customers $ 2,205,038 $ 23,188 $ 564,176 $ — $ (2,274 ) $ 2,790,128 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. Reportable Segments Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Consolidation Adjustments Total Eleven Months Ended November 30, 2018 Major Business Activity: Equities (1) $ 649,631 $ — $ — $ — $ (919 ) $ 648,712 Fixed Income (1) 13,839 — — — — 13,839 Investment Banking - Advisory 820,042 — — — (5,283 ) 814,759 Investment Banking - Underwriting 1,090,161 — — — (50 ) 1,090,111 Asset Management — 28,144 — — — 28,144 Manufacturing revenues — — 357,427 — — 357,427 Oil and gas revenues — — 136,109 — — 136,109 Other revenues — — 30,541 — — 30,541 Total revenues from contracts with customers $ 2,573,673 $ 28,144 $ 524,077 $ — $ (6,252 ) $ 3,119,642 Primary Geographic Region: Americas $ 2,186,955 $ 27,801 $ 522,541 $ — $ (6,252 ) $ 2,731,045 Europe, Middle East and Africa 304,027 343 1,264 — — 305,634 Asia 82,691 — 272 — — 82,963 Total revenues from contracts with customers $ 2,573,673 $ 28,144 $ 524,077 $ — $ (6,252 ) $ 3,119,642 (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 November 30, 2019 . 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 November 30, 2019 . During the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 , we recognized $27.6 million and $27.0 million , respectively, of revenues related to performance obligations satisfied (or partially satisfied) in previous periods, mainly due to resolving uncertainties in variable consideration that was constrained in prior periods. In addition, we recognized $21.7 million and $18.1 million , respectively, of revenues primarily associated with distribution services during the twelve months ended November 30, 2019 and eleven months ended November 30, 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. We had receivables related to revenues from contracts with customers of $263.7 million and $250.6 million at November 30, 2019 and 2018 , respectively. We had no significant impairments related to these receivables during the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 . Our deferred revenue primarily relates to retainer and milestone fees received in investment banking advisory engagements where the performance obligation has not yet been satisfied. Our deferred revenue was $12.8 million and $14.2 million at November 30, 2019 and 2018 , respectively, which are recorded as Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. During the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 , we recognized $13.0 million and $10.6 million , respectively, of deferred revenue from the balance at November 30, 2018 and December 31, 2017 , respectively. Contract Costs We capitalize 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 November 30, 2019 and 2018 , our capitalized costs to fulfill a contract were $4.8 million and $4.7 million , respectively, which are recorded in Receivables in the Consolidated Statements of Financial Condition. We recognized expenses of $4.1 million and $2.3 million during the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 , respectively, related to costs to fulfill a contract that were capitalized as of the beginning of the year. There were no significant impairment charges recognized in relation to these capitalized costs during the twelve months ended November 30, 2019 and eleven months ended November 30, 2018

Income Taxes

Income Taxes	12 Months Ended
	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes for continuing operations are as follows (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Current taxes: U.S. Federal $ (10,000 ) $ 10,000 $ (1,060 ) U.S. state and local 53,211 37,439 33,132 Foreign 11,026 11,077 14,597 Total current 54,237 58,516 46,669 Deferred taxes: U.S. Federal 83,197 39,448 586,014 U.S. state and local (73,482 ) (73,013 ) 1,452 Foreign (3,324 ) (5,943 ) 8,151 Total deferred 6,391 (39,508 ) 595,617 Recognition of accumulated other comprehensive income lodged taxes (544,583 ) — — Total income tax provision (benefit) $ (483,955 ) $ 19,008 $ 642,286 The following table presents the U.S. and non-U.S. components of income from continuing operations before income taxes (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 U.S. $ 495,566 $ 284,177 $ 535,955 Non-U.S. (1) (16,958 ) 11,923 70,547 Income from continuing operations before income taxes $ 478,608 $ 296,100 $ 606,502 (1) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Act which reduced the U.S. federal corporate tax rate from 35% to 21% , as well as other changes. Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rates of 21% for the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 and 35% for the twelve months ended December 31, 2017 to income from continuing operations before income taxes as a result of the following (dollars in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Amount Percent Amount Percent Amount Percent Computed expected federal income tax $ 100,508 21.0 % $ 62,181 21.0 % $ 212,276 35.0 % Increase (decrease) in income taxes resulting from: State and local income taxes, net of federal income tax benefit 25,648 5.4 12,391 4.2 14,115 2.3 Recognition of accumulated other comprehensive income lodged taxes (544,583 ) (113.8 ) — — — — International operations (including foreign rate differential) 4,518 0.9 1,823 0.6 (11,577 ) (1.9 ) Decrease in valuation allowance (19,993 ) (4.2 ) (48,058 ) (16.2 ) — — Permanent differences 10,545 2.2 12,331 4.2 4,933 0.8 Foreign tax credits (5,012 ) (1.0 ) (9,046 ) (3.1 ) (32,974 ) (5.4 ) Deferred tax asset remeasurement related to the Tax Act — — 5,673 1.9 415,000 68.4 Transition tax on foreign earnings related to the Tax Act (6,708 ) (1.4 ) 2,590 0.9 35,500 5.9 Base erosion and anti-abuse tax (BEAT) (10,000 ) (2.1 ) 10,000 3.4 — — Change in unrecognized tax benefits related to prior years (20,512 ) (4.3 ) (19,783 ) (6.7 ) 1,553 0.3 Spectrum Brands distribution 11,996 2.5 — — — — Acquisition of HomeFed (36,779 ) (7.7 ) — — — — Other, net 6,417 1.4 (11,094 ) (3.8 ) 3,460 0.5 Actual income tax provision $ (483,955 ) (101.1 )% $ 19,008 6.4 % $ 642,286 105.9 % As discussed above, during the second quarter of 2019, we completed the sale of our available for sale portfolio. In connection therewith, we recognized a tax benefit of $544.6 million during the twelve months ended November 30, 2019. Unrealized gains and losses on available for sale securities, and their associated tax impacts, are recorded directly to equity as part of the Accumulated other comprehensive income (loss) balance. Following the portfolio approach, when unrealized gains and losses and their associated tax impacts are recorded at a then current tax rate, and then realized later at a different tax rate, the difference between the tax impact initially recorded in Accumulated other comprehensive income (loss) and the tax impact removed from Accumulated other comprehensive income (loss) upon realization remains in Accumulated other comprehensive income (loss) until the disposal of the portfolio and is referred to as a "lodged tax effect." Large changes in the fair value of our available for sale securities, primarily during 2008 through 2010, combined with fluctuations in our tax rate during those periods, generated a lodged tax benefit of $544.6 million . As a result of recent steps to improve our Corporate investment management efforts, we sold the remaining portion of our available for sale portfolio in the second quarter of 2019, which resulted in the realization of the $544.6 million tax benefit. While this realization did not impact total equity, it resulted in a tax benefit reflected in the Consolidated Statement of Operations of $544.6 million and, as a result, Retained earnings increased and Accumulated other comprehensive income (loss) decreased by corresponding amounts. The following table presents a reconciliation of gross unrecognized tax benefits (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Balance at beginning of period $ 197,320 $ 169,020 $ 148,848 Increases based on tax positions related to the current period 42,306 48,083 18,619 Increases based on tax positions related to prior periods 33,007 17,521 10,358 Decreases based on tax positions related to prior periods (11,006 ) (36,324 ) (8,805 ) Decreases related to settlements with taxing authorities (1,489 ) (980 ) — Balance at end of period $ 260,138 $ 197,320 $ 169,020 Interest and penalties related to unrecognized tax benefits are recorded as components of the provision for income taxes. Net interest expense (benefit) related to unrecognized tax benefits was $13.1 million , $(3.1) million and $9.7 million for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. At November 30, 2019 and 2018 , we had interest accrued of approximately $67.2 million and $54.1 million , respectively, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. No material penalties were accrued for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 . The statute of limitations with respect to our federal income tax returns has expired for all years through 2015. We are currently under examination by various major tax jurisdictions. Prior to becoming a wholly-owned subsidiary, Jefferies Group 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 and Jefferies Group is also currently under examination by various major tax jurisdictions. We do not expect that resolution of these examinations will have a significant effect on the Consolidated Statements of Financial Condition, but could have a significant impact on the Consolidated Statements of Operations for the period in which resolution occurs. It is reasonably possible that, within the next twelve months, statutes of limitation will expire which could have the effect of reducing the balance of unrecognized tax benefits by $13.0 million . The principal components of deferred taxes are as follows (in thousands): November 30, 2019 November 30, 2018 Deferred tax asset: Net operating loss carryover $ 48,695 $ 282,650 Compensation and benefits 260,590 269,788 Tax credits 91,390 66,272 Securities valuation reserves 92,407 76,931 Other 213,338 156,751 706,420 852,392 Valuation allowance (18,519 ) (38,512 ) 687,901 813,880 Deferred tax liability: Amortization of intangible assets (68,933 ) (69,970 ) Investment in associated companies (76,308 ) (171,006 ) Other (80,192 ) (60,115 ) (225,433 ) (301,091 ) Net deferred tax asset $ 462,468 $ 512,789 The valuation allowance represents the portion of our deferred tax assets for which it is more likely than not that the benefit of such items will not be realized. We believe that the realization of the net deferred tax asset of $462.5 million at November 30, 2019 is more likely than not based on expectations of future taxable income in the jurisdictions in which we operate. As of November 30, 2019 , we have consolidated U.S. federal net operating loss carryovers ("NOLs") of $111.4 million that may be used to offset future taxable income, and these NOLs expire in 2035. We have various state NOLs that expire at different times, which are reflected in the above table to the extent our estimate of future taxable income will be apportioned to those states. A deferred tax asset of $5.2 million related to net operating losses in Europe has been partially offset by a valuation allowance of $1.8 million , while $0.3 million of deferred tax assets related to net operating losses in Asia has been fully offset by a valuation allowance. Uncertainties that may affect the utilization of our tax attributes include future operating results, tax law changes, rulings by taxing authorities regarding whether certain transactions are taxable or deductible and expiration of carryforward periods. Under certain circumstances, the ability to use the NOLs and future deductions could be substantially reduced if certain changes in ownership were to occur. In order to reduce this possibility, our certificate of incorporation includes a charter restriction that prohibits transfers of our common stock under certain circumstances. As a result of planning related to the Tax Act, during fiscal 2018, several of our foreign subsidiaries have made tax elections to be treated as branches of the U.S. for federal income tax purposes (commonly referred to as "check-the-box" elections) effective during various times during 2018. We believe that, as a result of these foreign subsidiaries being treated as branches of the U.S. for federal income tax purposes, rather than as controlled foreign corporations, we will reduce the future tax impact of the base erosion and anti-abuse tax ("BEAT") and the tax on global intangible low-taxed income ("GILTI") provisions, which became effective starting in fiscal 2018 and fiscal 2019, respectively. We recorded a provision of $10.0 million for BEAT in the eleven months ended November 30, 2018 and reversed the full amount during the twelve months ended November 30, 2019, based on new information. The new tax on GILTI became applicable in fiscal 2019. As a result, we made an accounting policy election in the first quarter of 2019 to treat GILTI as a period cost if and when incurred. We have recorded a cumulative net tax expense of $452.1 million from the impact of the Tax Act during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 . This amount consisted of a $420.7 million expense related to the revaluation of our deferred tax asset and a $31.4 million expense related to the deemed repatriation of foreign earnings. The measurement period as permitted by Staff Accounting Bulletin No. 118, which was issued by SEC staff on December 22, 2017, was closed during the quarter ended February 28, 2019 and we have completed our accounting as it relates to the Tax Act.

Other Results of Operations Inf

Other Results of Operations Information	12 Months Ended
	Nov. 30, 2019
Nonoperating Income (Expense) [Abstract]
Other Results of Operations Information	Other Results of Operations Information Other revenue consists of the following (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Asset management fees and revenues $ 26,254 $ 28,144 $ 28,831 Dividend income 10,740 5,416 (452 ) Income from associated companies classified as other revenues 85,169 73,975 75,889 Revenues of oil and gas production and development businesses 175,169 127,090 61,541 Net realized securities gains (losses) 3,255 (939 ) 23,028 Gain on sale of National Beef 205,017 — — Gain on revaluation of our interest in HomeFed 72,142 — — Gain on sale of Garcadia — 221,712 — Gain on sale of Conwed — — 178,236 Other (1) 90,247 102,938 57,715 $ 667,993 $ 558,336 $ 424,788 (1) We have reclassified the presentation of certain other fees, primarily related to prime brokerage services offered to clients. These fees were previously presented as Other revenues in the Consolidated Statements of Operations and are now presented within Commissions and other fees. Previously reported results are presented on a comparable basis. This change had the impact of increasing Commissions and other fees and reducing Other revenues by $28.3 million and $23.8 million for the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. There is no impact on Total revenues as a result of this change in presentation. In the fourth quarter of 2019, we sold our 31% equity interest in National Beef for a total of $970.0 million in cash, including $790.6 million of proceeds and $179.4 million from final distributions from National Beef around the time of the sale. The pre-tax gain recognized as a result of this transaction, $205.0 million for the twelve months ended November 30, 2019, is classified as Other revenue. Other revenues for the twelve months ended November 30, 2019 include a $72.1 million pre-tax gain on the revaluation of our 70% interest in HomeFed to fair value in connection with the acquisition of the remaining common stock of HomeFed. In the third quarter of 2018, we sold 100% of our equity interests in Garcadia and our associated real estate to our former partners, the Garff family, for $417.2 million in cash. The pre-tax gain recognized as a result of this transaction, $221.7 million for the eleven months ended November 30, 2018, is classified as Other revenue. In January 2017, we sold 100% of Conwed Plastics ("Conwed") to Schweitzer-Mauduit International, Inc., (NYSE: SWM) for $295 million in cash plus potential earn-out payments through 2021 totaling up to $40 million in cash to the extent the results of Conwed's subsidiary, Filtrexx International, exceed certain performance thresholds. A pre-tax gain of $178.2 million (net of working capital adjustments) was recognized during the twelve months ended December 31, 2017. Taxes, other than income or payroll included in Income (loss) from continuing operations, amounted to $41.3 million , $39.9 million and $32.7 million for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. Proceeds from sales of investments classified as available for sale were $0.9 billion , $1.6 billion and $0.4 billion during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. Gross gains and gross losses were not material during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 .

Common Shares and Earnings Per

Common Shares and Earnings Per Common Share	12 Months Ended
	Nov. 30, 2019
Earnings Per Share [Abstract]
Common Shares and Earnings Per Common Share	Common Shares and Earnings Per Common Share Basic and diluted earnings per share amounts were calculated by dividing net income by the weighted-average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings per share are as follows (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 959,593 $ 1,022,318 $ 167,351 Allocation of earnings to participating securities (1) (5,576 ) (5,107 ) (610 ) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 954,017 1,017,211 166,741 Adjustment to allocation of earnings to participating securities related to diluted shares (1) (5 ) 28 (14 ) Mandatorily redeemable convertible preferred share dividends 5,103 — — Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 959,115 $ 1,017,239 $ 166,727 Denominator for earnings per share: Weighted average common shares outstanding 297,796 337,817 358,482 Weighted average shares of restricted stock outstanding with future service required (1,939 ) (1,707 ) (1,349 ) Weighted average RSUs outstanding with no future service required 14,837 11,151 11,064 Denominator for basic earnings per share – weighted average shares 310,694 347,261 368,197 Stock options — 7 24 Senior executive compensation plan awards 2,140 4,007 2,480 Mandatorily redeemable convertible preferred shares 4,198 — — Denominator for diluted earnings per share 317,032 351,275 370,701 (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 1,947,600 , 1,724,800 and 1,401,000 for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. Dividends declared on participating securities were $3.6 million during the twelve months ended November 30, 2019 and were not material during the eleven months ended November 30, 2018 and the twelve months ended December 31, 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 eleven months ended November 30, 2018 and the twelve months ended December 31, 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. 4,162,200 shares related to the mandatorily redeemable convertible preferred shares for the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , were not included in the computation of diluted per share amounts as the effect was antidilutive. Our Board of Directors from time to time has authorized the repurchase of our common shares. In January 2019, our Board of Directors approved a $500.0 million share repurchase authorization. Additionally, in connection with the HomeFed merger on July 1, 2019, our Board of Directors authorized the repurchase of an additional 9.25 million shares. During the twelve months ended November 30, 2019 , we purchased a total of 25,926,388 of our common shares for an aggregate purchase price of $506.2 million , or an average price of $19.52 per share. This includes 780,315 shares of the Company's common stock purchased, at a price of $21.03 per share, in connection with the sale of a hotel and restaurant in Telluride, Colorado that we owned, to the Company's Chairman and certain of his family trusts. In total, based on the closing price of Jefferies common shares at November 30, 2019 , we have approximately $203.6 million

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	12 Months Ended
	Nov. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Commitments We and our subsidiaries rent office space and office equipment under noncancellable operating leases with terms varying principally from one to twenty years . Rental expense (net of sublease rental income) included in Income (loss) from continuing operations was $65.6 million , $55.7 million and $60.2 million for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. Future minimum annual rentals (exclusive of month-to-month leases, real estate taxes, maintenance and certain other charges) under these leases at November 30, 2019 are as follows (in thousands): 2020 $ 70,886 2021 73,374 2022 71,464 2023 62,552 2024 59,714 Thereafter 393,995 731,985 Less: sublease income (21,883 ) $ 710,102 The following table summarizes commitments associated with certain business activities (in millions): Expected Maturity Date 2020 2021 2022 2024 2026 Maximum Payout Equity commitments (1) $ 174.8 $ 55.2 $ 75.0 $ — $ 14.3 $ 319.3 Loan commitments (1) 250.0 45.0 10.0 9.3 — 314.3 Underwriting commitments 13.5 — — — — 13.5 Forward starting reverse repos (2) 5,475.3 — — — — 5,475.3 Forward starting repos (2) 2,168.8 — — — — 2,168.8 Other unfunded commitments (1) 72.3 132.2 — 4.9 — 209.4 $ 8,154.7 $ 232.4 $ 85.0 $ 14.2 $ 14.3 $ 8,500.6 (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 November 30, 2019 , all of the forward starting securities purchased under agreements to resell and $2,157.7 million within forward starting securities sold under agreements to repurchase settled within three business days. Equity Commitments. Equity commitments include a commitment to invest in Jefferies Group's 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 consists of a team led by our President and a Director. At November 30, 2019 , Jefferies Group's outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $11.5 million . See Note 11 for additional information regarding Jefferies Group's investment in Jefferies Finance. Additionally, as of November 30, 2019 , we have other equity commitments to invest up to $201.5 million in various other investments. Loan Commitments. From time to time we make 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 November 30, 2019 , we had $64.3 million of outstanding loan commitments to clients. Loan commitments outstanding at November 30, 2019 , also include Jefferies Group's portion of the outstanding secured revolving credit facility provided to Jefferies Finance, to support loan underwritings by Jefferies Finance. At November 30, 2019 , none of Jefferies $250.0 million commitment was funded. Underwriting Commitments. In connection with investment banking activities, we may from time to time provide underwriting commitments to our clients in connection with capital raising transactions. Forward Starting Reverse Repos and Repos. We enter 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, warehouse financings and debt securities 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. Our dealer activities cause us to make markets and trade in a variety of derivative instruments. Certain derivative contracts that we have 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 our 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 November 30, 2019 (in millions): Expected Maturity Date Guarantee Type 2020 2021 2022 2024 2026 Notional/ Maximum Payout Derivative contracts – non-credit related $ 9,854.0 $ 3,150.8 $ 4,453.6 $ 1,044.8 $ 48.2 $ 18,551.4 Written derivative contracts – credit related 1.5 — 2.7 29.7 — 33.9 Total derivative contracts $ 9,855.5 $ 3,150.8 $ 4,456.3 $ 1,074.5 $ 48.2 $ 18,585.3 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). We substantially mitigate our exposure to market risk on these contracts through hedges, such as other derivative contracts and/or cash instruments, and we manage the risk associated with these contracts in the context of our overall risk management framework. We believe notional amounts overstate our expected payout and that fair value of these contracts is a more relevant measure of our obligations. The fair value of derivative contracts meeting the definition of a guarantee is approximately $170.9 million at November 30, 2019 . 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 November 30, 2019 , the aggregate amount of commercial paper outstanding was $1.47 billion . HomeFed. For real estate development projects, HomeFed is generally required to obtain infrastructure improvement bonds at the beginning of construction work and warranty bonds upon completion of such improvements. These bonds are issued by surety companies to guarantee satisfactory completion of a project and provide funds primarily to a municipality in the event HomeFed is unable or unwilling to complete certain infrastructure improvements. As HomeFed develops the planned area and the municipality accepts the improvements, the bonds are released. Should the respective municipality or others draw on the bonds for any reason, certain of HomeFed's subsidiaries would be obligated to pay. At November 30, 2019 , the aggregate amount of infrastructure improvement bonds outstanding was $67.7 million . Other Guarantees. We are a member of various exchanges and clearing houses. In the normal course of business, we provide guarantees to securities clearing houses 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 clearing house, other members would be required to meet these shortfalls. To mitigate these performance risks, the exchanges and clearing houses often require members to post collateral. Our obligations under such guarantees could exceed the collateral amounts posted. Our maximum potential liability under these arrangements cannot be quantified; however, the potential for us to be required to make payments under such guarantees is deemed remote. Accordingly, no liability has been recognized for these arrangements. Standby Letters of Credit. At November 30, 2019 , we provided guarantees to certain counterparties in the form of standby letters of credit totaling of $38.5 million . Standby letters of credit commit us 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. Primarily all letters of credit expire within one year .

Net Capital Requirements

Net Capital Requirements	12 Months Ended
	Nov. 30, 2019
Brokers and Dealers [Abstract]
Net Capital Requirements	Net Capital Requirements Jefferies LLC 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 Commodity Futures Trading Commission ("CFTC"), which sets forth minimum financial requirements. The minimum net capital requirement in determining excess net capital for a dually-registered U.S. broker-dealer and FCM is equal to the greater of the requirement under Rule 15c3-1 or CFTC Rule 1.17. Jefferies LLC's net capital and excess net capital as of November 30, 2019 were $1,645.0 million and $1,528.0 million , respectively. FINRA is the designated examining authority for Jefferies Group's 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 Group 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 Group's regulated subsidiaries. Some of our other consolidated subsidiaries also have credit agreements which may restrict the payment of cash dividends, or the ability to make loans or advances to the parent company.

Other Fair Value Information

Other Fair Value Information	12 Months Ended
	Nov. 30, 2019
Fair Value Disclosures [Abstract]
Other Fair Value Information	Other Fair Value Information The carrying amounts and estimated fair values of our principal financial instruments that are not recognized at fair value on a recurring basis are as follows (in thousands): November 30, 2019 November 30, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Other Assets: Notes and loans receivable (1) $ 775,501 $ 784,053 $ 680,015 $ 676,152 Financial Liabilities: Short-term borrowings (2) 548,490 548,490 387,492 387,492 Long-term debt (3) 7,121,776 7,569,837 6,931,393 6,826,503 (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 carried at cost 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. Short-term borrowings that are accounted for at fair value include equity-linked notes, which are generally categorized within Level 2 of the fair value hierarchy, as the fair value is based on the price of the underlying equity security. (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	12 Months Ended
	Nov. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Jefferies Capital Partners Related Funds. Jefferies Group has equity investments in the JCP Manager and in private equity funds (including JCP Fund V), which are managed by a team led by our President and a Director ("Private Equity Related Funds"). Reflected in the Consolidated Statements of Financial Condition at November 30, 2019 and 2018 are Jefferies Group's equity investments in Private Equity Related Funds of $23.0 million and $35.5 million , respectively. Net gains (losses) from Jefferies Group's investment in JCP Fund V aggregating $(5.7) million , $12.1 million and $(10.7) million were recorded in Principal transactions revenues for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. Gains (losses) for other funds were not material. For further information regarding our commitments and funded amounts to the Private Equity Related Funds, see Notes 10 and 23 . Berkadia Commercial Mortgage, LLC. At November 30, 2019 and 2018 , Jefferies Group has commitments to purchase $360.4 million and $723.8 million , respectively, in agency commercial mortgage-backed securities from Berkadia. HRG. Jefferies Group recognized investment banking revenues of $3.0 million for the eleven months ended November 30, 2018 in connection with the merger of HRG into Spectrum Brands. FXCM . Jefferies Group entered into a foreign exchange prime brokerage agreement with FXCM in 2017. In connection with the foreign exchange contracts entered into under this agreement, Jefferies Group had $9.9 million and $9.9 million at November 30, 2019 and 2018 , respectively, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Officers, Directors and Employees. We have $44.8 million and $49.3 million of loans outstanding to certain officers and employees (none of whom are an executive officer or director of the Company) at November 30, 2019 and 2018 , 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. Jefferies Finance. During the twelve months ended November 30, 2019 , we purchased $65.3 million of loan receivables from Jefferies Finance which settled subsequent to November 30, 2019 . See Note 11 for additional information on transactions with Jefferies Finance. Sale of Property. On November 29, 2019, we sold a hotel and restaurant in Telluride, Colorado that we owned, to the Company's Chairman and certain of his family trusts in exchange for 780,315 shares of the Company's common stock, at a price of $21.03 per share.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Nov. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On June 5, 2018, we sold 48% of National Beef to Marfrig for $907.7 million in cash, reducing our then ownership in National Beef to 31% . As of the closing of the sale on June 5, 2018, we deconsolidated our investment in National Beef and accounted for our remaining interest under the equity method of accounting. The sale of National Beef met the GAAP criteria to be classified as a discontinued operation as the sale represented a strategic shift that had a major effect in our operations and financial results. As such, we have classified the results of National Beef prior to June 5, 2018 as a discontinued operation and reported those results in Income from discontinued operations, net of income tax provision in the Consolidated Statements of Operations. A summary of the results of discontinued operations for National Beef is as follows (in thousands): Period Ended June 4, 2018 (1) Twelve Months Ended December 31, 2017 Revenues: Beef processing services $ 3,137,611 $ 7,353,663 Interest income 131 339 Other 4,329 4,946 Total revenues 3,142,071 7,358,948 Expenses: Compensation and benefits 17,414 39,884 Cost of sales 2,884,983 6,764,055 Interest expense 4,316 6,657 Depreciation and amortization 43,959 98,515 Selling, general and other expenses 14,291 42,525 Total expenses 2,964,963 6,951,636 Income from discontinued operations before income taxes 177,108 407,312 Income tax provision 47,045 118,681 Income from discontinued operations, net of income tax provision $ 130,063 $ 288,631 (1) The operations of National Beef from January 1, 2018 through June 4, 2018, are included in discontinued operations for our eleven months ended November 30, 2018. Net income attributable to the redeemable noncontrolling interests in the Consolidated Statements of Operations includes $37.1 million and $85.3 million for the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017, respectively, related to National Beef's noncontrolling interests. Pre-tax income from discontinued operations attributable to Jefferies Financial Group Inc. common shareholders was $140.0 million and $322.0 million for the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017, respectively. As discussed above, we accounted for our retained 31% ownership of National Beef subsequent to the sale to Marfrig under the equity method. For the twelve months ended November 30, 2019 and the period from June 5, 2018 through November 30, 2018, we recorded $232.0 million and $110.0 million , respectively, in Income (loss) related to associated companies from our 31% ownership in National Beef and we received distributions from National Beef of $349.2 million and $48.7 million , respectively. The pre-tax income of 100% National Beef for the period from December 1, 2018 through November 29, 2019 and the period from June 5, 2018 through November 30, 2018 was $773.7 million and $367.2 million , respectively. On November 29, 2019, we sold our remaining 31% interest in National Beef to Marfrig and other shareholders. During the eleven months ended November 30, 2018, we have also recorded a pre-tax gain on the 2018 National Beef sale of $873.5 million ( $643.9 million after-tax) which is reported in Gain on disposal of discontinued operations, net of income tax provision in the Consolidated Statements of Operations. Included in the $873.5 million pre-tax gain on the sale of National Beef was approximately $352.4 million related to the revaluation of our retained 31% interest in National Beef to fair value. The $592.3 million fair value of our retained 31% interest in National Beef was based on the implied equity value of 100% of National Beef from the transaction with Marfrig and is considered a Level 3 input. The transaction with Marfrig was based on a $1.9 billion equity valuation and a $2.3 billion enterprise valuation.

Segment Information

Segment Information	12 Months Ended
	Nov. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information We are a diversified financial services company engaged in investment banking and capital markets, asset management and direct investing. During the three months ended February 29, 2020, we changed our internal structure with regard to our operating segments. Previously, our segments consisted of: 1) Investment Banking, Capital Markets and Asset Management, which included all of the financial results of Jefferies Group; 2) Merchant Banking; and 3) Corporate. In the first quarter of 2020, we appointed co-Presidents of Asset Management and created a separate operating segment that consists of the asset management activity previously included in our Investment Banking, Capital Markets and Asset Management segment, together with asset management activity previously included in our Merchant Banking segment. In order to compare results with prior periods, we have recast our segment results for the prior periods to conform to our current presentation. The Investment Banking and Capital Markets segment includes investment banking, capital markets and other related services. Investment banking provides underwriting and financial advisory services to clients across most industry sectors in the Americas, Europe and Asia. Capital markets businesses operate across the spectrum of equities, fixed income and foreign exchange products. Related services include, among other things, prime brokerage and equity finance, research and strategy, corporate lending and real estate finance. The Investment Banking and Capital Markets segment also includes our investments in Jefferies Finance and Berkadia. Our Asset Management segment includes both the operations of LAM as well as the asset management operations within Jefferies Group. Within Asset Management, we manage, invest in and provide services to a diverse group of alternative asset management platforms across a spectrum of investment strategies and asset classes. Asset Management offers institutional clients an innovative range of investment strategies through its affiliated managers. Merchant Banking consists of our various merchant banking businesses and investments, primarily including Linkem, Vitesse Energy Finance and JETX Energy, real estate, Idaho Timber, FXCM and The We Company. Our Merchant Banking businesses and investments also include National Beef, prior to its sale in November 2019, Spectrum Brands, prior to its distribution to shareholders in October 2019, Berkadia, prior to its transfer to Jefferies Group in the fourth quarter of 2018, and Garcadia, prior to its sale in August 2018. As discussed further in Notes 1 and 27, on June 5, 2018, we sold 48% of National Beef to Marfrig and deconsolidated our investment in National Beef. Results prior to June 5, 2018 are classified in discontinued operations and are not included in the table below. On November 29, 2019 we sold our remaining 31% interest in National Beef to Marfrig and other shareholders. Our retained 31% interest in National Beef was accounted for under the equity method, and results subsequent to the June 5, 2018 closing through November 29, 2019 are included in Merchant Banking in the table below. Corporate assets primarily consist of cash and cash equivalents, financial instruments owned and the deferred tax asset (exclusive of Jefferies Group's deferred tax asset). Corporate revenues primarily include interest income. We do not allocate Corporate revenues or overhead expenses to the operating units. 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 Group is reflected in our consolidated financial statements utilizing a one month lag for the twelve months ended December 31, 2017. Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 (In thousands) Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 3,035,988 $ 3,184,426 $ 3,169,860 Asset Management 84,894 (14,280 ) 91,101 Merchant Banking 735,213 577,278 801,190 Corporate 32,833 22,300 6,306 Total net revenues related to reportable segments 3,888,928 3,769,724 4,068,457 Consolidation adjustments 4,048 (5,690 ) 8,988 Total consolidated net revenues $ 3,892,976 $ 3,764,034 $ 4,077,445 Income (loss) from continuing operations before income taxes: Reportable Segments: Investment Banking and Capital Markets (1) $ 347,050 $ 464,913 $ 535,801 Asset Management (41,126 ) (133,729 ) 121 Merchant Banking (1) 289,492 88,971 197,375 Corporate (68,467 ) (66,140 ) (78,802 ) Income from continuing operations before income taxes related to reportable segments 526,949 354,015 654,495 Parent Company interest (53,048 ) (54,090 ) (58,943 ) Consolidation adjustments 4,707 (3,825 ) 10,950 Total consolidated income from continuing operations before income taxes $ 478,608 $ 296,100 $ 606,502 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 77,549 $ 67,467 $ 62,059 Asset Management 2,042 1,324 1,217 Merchant Banking 69,805 48,357 43,649 Corporate 3,475 3,169 3,470 Total consolidated depreciation and amortization expenses $ 152,871 $ 120,317 $ 110,395 November 30, 2019 November 30, 2018 December 31, 2017 Identifiable assets employed: Reportable Segments: Investment Banking and Capital Markets (1) (2) $ 40,523,223 $ 38,617,201 $ 38,376,686 Asset Management 3,313,716 2,633,585 2,083,174 Merchant Banking (1) 3,285,671 4,164,605 4,019,402 National Beef — — 1,460,539 Corporate 2,432,119 1,838,037 1,299,628 Identifiable assets employed related to reportable segments 49,554,729 47,253,428 47,239,429 Consolidation adjustments (94,495 ) (122,333 ) (70,321 ) Total consolidated assets $ 49,460,234 $ 47,131,095 $ 47,169,108 (1) Amounts related to Berkadia are included in Merchant Banking prior to their transfer to the Investment Banking and Capital Markets segment in the fourth quarter of 2018. Income from continuing operations before income taxes related to the net assets transferred were $78.7 million and $91.5 million for the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017, respectively. Identifiable assets employed related to the net assets transferred were $212.4 million at December 31, 2017. (2) Includes $197.7 million , $243.2 million and $213.0 million at November 30, 2019 and 2018, and December 31, 2017 , respectively, of the deferred tax asset, net. Net revenues for the Investment Banking and Capital Markets segment and Asset Management segment are recorded in the geographic region in which the position was risk-managed, in the case of Investment Banking and Capital Markets in which the senior coverage banker is located, or for Asset Management, according to the location of the investment adviser. Net revenues by geographic region were as follows (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Americas (1) $ 3,188,353 $ 3,231,522 $ 3,482,094 Europe (2) 592,087 436,861 489,587 Asia 112,536 95,651 105,764 $ 3,892,976 $ 3,764,034 $ 4,077,445 (1) Substantially all relates to U.S. results. (2) Substantially all relates to U.K. results. Interest expense classified as a component of Net revenues relates to Jefferies Group. For the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , interest expense classified as a component of Expenses was primarily comprised of parent company interest ( $53.0 million , $54.1 million and $58.9 million , respectively) and Merchant Banking ( $34.1 million , $35.2 million and $42.3 million , respectively). As discussed above, during the fourth quarter of 2019, we sold our 31% equity interest in National Beef and recognized a pre-tax gain of $205.0 million for the twelve months ended November 30, 2019 in Other revenues. The gain on the sale is included within Merchant Banking above. As discussed above, during the third quarter of 2018, we sold 100% of our equity interests in Garcadia and our associated real estate to our former partners, the Garff family and recognized a pre-tax gain of $221.7 million for the eleven months ended November 30, 2018 in Other revenues. The gain on the sale is included within Merchant Banking above. 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 through 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 $178.2 million pre-tax gain on the sale of Conwed in Other revenues primarily during the twelve months ended December 31, 2017. The gain on the sale of Conwed is included within Merchant Banking above.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Nov. 30, 2019
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) First Quarter (1) Second Quarter (2) Third Quarter (3) Fourth Quarter (4) (In thousands, except per share amounts) 2019 Net revenues $ 828,443 $ 1,101,657 $ 856,778 $ 1,106,098 Income from continuing operations 47,015 672,276 49,394 193,878 Net (income) loss attributable to the noncontrolling interest (1,066 ) 191 116 2,606 Net (income) loss attributable to the redeemable noncontrolling interests 138 (427 ) 242 333 Preferred stock dividends (1,276 ) (1,276 ) (1,275 ) (1,276 ) Net income attributable to Jefferies Financial Group Inc. common shareholders 44,811 670,764 48,477 195,541 Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: Net income $ 0.14 $ 2.17 $ 0.16 $ 0.63 Number of shares used in calculation 315,175 307,010 310,288 310,266 Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: Net income $ 0.14 $ 2.14 $ 0.15 $ 0.62 Number of shares used in calculation 318,752 312,527 311,897 316,566 2018 Net revenues $ 895,435 $ 911,159 $ 1,150,846 $ 806,594 Income (loss) from continuing operations 86,192 27,917 182,301 (19,318 ) Income from discontinued operations, net of taxes 52,957 77,106 — — Gain on disposal of discontinued operations, net of taxes — 643,921 — — Net (income) loss attributable to the noncontrolling interest 1,344 (136 ) 12,000 (233 ) Net (income) loss attributable to the redeemable noncontrolling interests (14,796 ) (22,108 ) (390 ) 31 Preferred stock dividends (1,172 ) (1,171 ) (1,276 ) (851 ) Net income (loss) attributable to Jefferies Financial Group Inc. common shareholders 124,525 725,529 192,635 (20,371 ) Basic earnings (loss) per common share attributable to Jefferies Financial Group Inc. common shareholders: Income (loss) from continuing operations $ 0.23 $ 0.08 $ 0.56 $ (0.06 ) Income from discontinued operations 0.11 0.15 — — Gain on disposal of discontinued operations — 1.82 — — Net income (loss) $ 0.34 $ 2.05 $ 0.56 $ (0.06 ) Number of shares used in calculation 366,427 352,049 341,434 329,101 Diluted earnings (loss) per common share attributable to Jefferies Financial Group Inc. common shareholders: Income (loss) from continuing operations $ 0.23 $ 0.08 $ 0.55 $ (0.06 ) Income from discontinued operations 0.11 0.15 — — Gain on disposal of discontinued operations — 1.80 — — Net income (loss) $ 0.34 $ 2.03 $ 0.55 $ (0.06 ) Number of shares used in calculation 373,461 356,075 350,307 329,101 (1) The first quarter of 2019 includes $27.1 million of equity income related to National Beef and a mark-to-market increase of $36.0 million in the value of our investment in Spectrum Brands. The first quarter of 2018 includes a mark-to-market decrease of $21.4 million in the value of our investment in HRG. (2) The second quarter of 2019 includes a nonrecurring tax benefit of $544.6 million related to the closing of our available for sale portfolio, which triggered the realization of lodged tax benefits from earlier years and $34.9 million of equity income related to National Beef. These increases were partially offset by a $11.3 million mark-to-market decrease in the value of our investment in Spectrum Brands. The second quarter of 2018 includes the after-tax gain on disposal of discontinued operations of $643.9 million from the National Beef transaction and a mark-to-market decrease of $158.4 million in the value of our investment in HRG. (3) The third quarter of 2019 includes a $72.1 million pre-tax gain related to the purchase of the remaining interest in HomeFed and $75.9 million of equity income related to National Beef. This increase was partially offset by a $146.0 million decrease in the estimated fair value of our investment in The We Company. The third quarter of 2018 includes a $221.7 million pre-tax gain on the sale of our Garcadia interests and $58.9 million of equity income related to National Beef. These increases were partially offset by a $47.9 million impairment loss related to Golden Queen and losses of $48.5 million from a decrease in the fair value of our investment in Spectrum Brands. (4) The fourth quarter of 2019 is comprised of the three months ended November 30, 2019 and the fourth quarter of 2018 is comprised of the two months ended November 30, 2018. The fourth quarter of 2019 includes a $205.0 million pre-tax gain on the sale of our 31% equity interest in National Beef and $94.1 million of equity income related to National Beef, prior to its sale. These increases were partially offset by a decrease in the estimated fair value of our investment in The We Company of $69.4 million . The fourth quarter of 2018 includes a $62.1 million impairment loss related to FXCM and losses of $190.4 million from a decrease in the fair value of our investment in Spectrum Brands. These decreases were partially offset by revenues of $70.9 million related to the increase in the fair value of our investment in The We Company and $26.8 million of equity income related to National Beef. In 2019 and 2018 , the totals of quarterly per share amounts may not equal annual per share amounts because of changes in outstanding shares during the year.

Significant Accounting Polici_2

Significant Accounting Policies (Policy)	12 Months Ended
	Nov. 30, 2019
Accounting Policies [Abstract]
Consolidation	Consolidation Our policy is to consolidate all entities in which we can vote a majority of the outstanding voting stock. In addition, we consolidate entities which meet the definition of a variable interest entity for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity that most significantly impact the entity's economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. We consider special allocations of cash flows and preferences, if any, to determine amounts allocable to noncontrolling interests. All intercompany transactions and balances are eliminated in consolidation. In situations where we have significant influence, but not control, of an entity that does not qualify as a variable interest entity, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under GAAP. We have also formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies. Our subsidiaries may act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or "kick-out" rights.
Revenue Recognition Policies	Revenue Recognition Policies We adopted the Financial Accounting Standards Board ("FASB") revenue recognition standard on January 1, 2018. Revenue recognition policies under the standard are applied prospectively in our financial statements from January 1, 2018 forward. Reported financial information for the historical comparable periods was not revised and continues to be reported under the accounting standards in effect during the historical periods. For investment banking revenues and asset management fees, we separately state the accounting policies applicable in the presented eleven and twelve month periods. There were no material changes in our other revenue recognition policies as a result of the standard. Investment Banking Activities Commissions and Other Fees. All customer securities transactions are reported in the Consolidated Statements of Financial Condition on a settlement date basis with related income reported on a trade-date basis. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. These arrangements are accounted for on an accrual basis and, as we are acting as an agent in these arrangements, netted against commission revenues in the Consolidated Statements of Operations. In addition, we earn asset-based fees associated with the management and supervision of assets, account services and administration related to customer accounts. Principal Transactions. Trading assets and trading liabilities (all of which are recorded on a trade-date basis) are carried at fair value with gains and losses reflected in Principal transactions revenues in the Consolidated Statements of Operations, except for derivatives accounted for as hedges (see Hedge Accounting section, herein and Note 6). Fees received on loans carried at fair value are also recorded in Principal transactions revenues. Investment Banking - Twelve Months Ended November 30, 2019 and Eleven Months Ended November 30, 2018. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress. 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 advisory expenses are recognized within their respective expense category in the Consolidated Statements of Operations and any expenses reimbursed by clients are recognized as Investment banking revenues. Underwriting and placement agent revenues are recognized at a point in time on trade-date. Costs associated with underwriting activities are deferred until the related revenue is recognized or the engagement is otherwise concluded and are recorded on a gross basis in Selling, general and other expenses in the Consolidated Statements of Operations. Investment Banking - Twelve Months Ended December 31, 2017. Fees from mergers and acquisitions, restructuring and other investment banking advisory assignments or engagements and underwriting revenues are recorded when the services related to the underlying transactions are completed under the terms of the assignment or engagement. Expenses associated with such assignments are deferred until reimbursed by the client, the related revenue is recognized or the engagement is otherwise concluded. Expenses are recorded net of client reimbursements and netted against revenues. Unreimbursed expenses with no related revenues are included in Selling, general and other expenses in the Consolidated Statements of Operations. Asset Management Fees and Revenues. Asset management fees and revenues consist of asset management fees, as well as revenues from arrangements with strategic partners, which entitles us to portions of our partners’ management company revenues and/or partners’ profits and perpetual rights to certain defined revenues for a given revenue share period. Revenue from arrangements with strategic partners is recognized at the end of the defined revenue or profit share period when the revenues have been realized and all contingencies have been resolved. Asset Management Fees - Twelve Months Ended November 30, 2019 and Eleven Months Ended November 30, 2018. Management and administrative fees are generally recognized over the period that the related service is provided. Performance fee revenue is generally recognized only at the end of the performance period to the extent that the benchmark return has been met. Asset Management Fees - Twelve Months Ended December 31, 2017. Management and administrative fees are generally recognized over the period that the related service is provided. Performance fees are accrued (or reversed) on a monthly basis based on measuring performance to date versus any relevant benchmark return hurdles stated in the investment management agreement. Performance fees are not subject to adjustment once the measurement period ends (generally annual periods) and the performance fees have been realized. Interest Revenue and Expense. Interest expense that is deducted from Revenues to arrive at Net revenues is related to Jefferies Group's operations. Contractual interest on Trading assets and Trading liabilities is recognized on an accrual basis as a component of Interest income and Interest expense. Interest flows on derivative trading transactions and dividends are included as part of the fair valuation of these contracts and recognized in Principal transactions revenues in the Consolidated Statements of Operations rather than as a component of interest income or expense. Interest on short- and long-term borrowings is accounted for on an accrual basis, except for those for which we have elected the fair value option, with related interest recorded as Interest expense. Discounts/premiums arising on long-term debt are accreted/amortized to Interest expense using the effective yield method over the remaining lives of the underlying debt obligations. Interest revenue related to Securities borrowed and Securities purchased under agreements to resell activities and interest expense related to Securities loaned and Securities sold under agreements to repurchase activities are recognized on an accrual basis. Manufacturing Revenues. Manufacturing revenues are from Idaho Timber, which manufactures and distributes an extensive range of quality wood products to markets across North America. Idaho Timber's primary business consists of the sale of lumber that is manufactured or remanufactured at one of its locations. Agreements with customers for these sales specify the type, quantity and price of products to be delivered as well as the delivery date and payment terms. The transaction price is fixed at the time of sale and revenue is generally recognized when the customer takes control of the product.
Hedge Accounting	Hedge Accounting We apply hedge accounting using interest rate swaps designated as fair value hedges of changes in the benchmark interest rate of fixed rate senior long-term debt. The interest rate swaps are included as derivative contracts in Trading assets and Trading liabilities in the Consolidated Statements of Financial Condition. We use regression analysis to perform ongoing prospective and retrospective assessments of the effectiveness of these hedging relationships. A hedging relationship is deemed effective if the change in fair value of the interest rate swap and the change in the fair value of the long-term debt due to changes in the benchmark interest rate offset within a range of 80% to 125% . The impact of valuation adjustments related to Jefferies Group's own credit spreads and counterparty credit spreads are included in the assessment of effectiveness. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative and the change in fair value of the long-term debt provide offset of one another and, together with any resulting ineffectiveness, are recorded in Interest expense. See Note 6 for further information.
Cash Equivalents	Cash Equivalents Cash equivalents include highly liquid investments, including money market funds and certificates of deposit, not held for resale with original maturities of three months or less.
Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations	Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations In accordance with Rule 15c 3 -3 of the Securities Exchange Act of 1934, Jefferies LLC, as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets. In addition, certain exchange and/or clearing organizations require cash and/or securities to be deposited by us to conduct day to day activities.
Financial Instruments and Fair Value	Financial Instruments and Fair Value Trading assets and Trading liabilities are recorded at fair value, either as required by accounting pronouncements or through the fair value option election. These instruments primarily represent our trading activities and include both cash and derivative products. Gains and losses on trading assets and trading liabilities are recognized in the Consolidated Statements of Operations in Principal transactions revenues. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).
Fair Value Hierarchy	Fair Value Hierarchy In determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect our assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. We apply a hierarchy to categorize our fair value measurements broken down into three levels based on the transparency of inputs as follows: Level 1: Quoted prices are available in active markets for identical assets or liabilities at the reported date. Valuation adjustments and block discounts are not applied to Level 1 instruments. Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable at the reported date. The nature of these financial instruments includes cash instruments for which quoted prices are available but traded less frequently, derivative instruments for which fair values have been derived using model inputs that are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 3: Instruments that have little to no pricing observability at the reported date. These financial instruments are measured using management's best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Financial instruments are valued at quoted market prices, if available. Certain financial instruments have bid and ask prices that can be observed in the marketplace. For financial instruments whose inputs are based on bid-ask prices, the financial instrument is valued at the point within the bid-ask range that meets our best estimate of fair value. We use prices and inputs that are current at the measurement date. For financial instruments that do not have readily determinable fair values using quoted market prices, the determination of fair value is based on the best available information, taking into account the types of financial instruments, current financial information, restrictions (if any) on dispositions, fair values of underlying financial instruments and quotations for similar instruments. The valuation of financial instruments may include the use of valuation models and other techniques. Adjustments to valuations derived from valuation models are permitted based on management's judgment, which takes into consideration the features of the financial instrument such as its complexity, the market in which the financial instrument is traded and underlying risk uncertainties about market conditions. Adjustments from the price derived from a valuation model reflect management's judgment that other participants in the market for the financial instrument being measured at fair value would also consider in valuing that same financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument and market conditions. As the observability of prices and inputs may change for a financial instrument from period to period, this condition may cause a transfer of an instrument among the fair value hierarchy levels. The degree of judgment exercised in determining fair value is greatest for instruments categorized within Level 3.
Loans to and Investments in Associated Companies	Loans to and Investments in Associated Companies Loans to and investments in associated companies include investments in private equity and other operating entities in which we exercise significant influence over operating and capital decisions and loans issued in connection with such investments. Loans to and investments in associated companies are accounted for using the equity method. See Note 11 for additional information regarding certain of these investments. Under the equity method of accounting, our share of the investee's underlying net income or loss is recorded as Income (loss) related to associated companies, or as part of Other revenues if such investees are considered to be an extension of our business. Income (loss) for investees for which the fair value option was elected is reported as Principal transactions revenues.
Receivables	Receivables At November 30, 2019 and 2018 , Receivables include receivables from brokers, dealers and clearing organizations of $3,011.0 million and $3,223.7 million , respectively, and receivables from customers of securities operations of $1,490.9 million and $2,017.1 million , respectively.
Securities Borrowed And Securities Loaned	Securities Borrowed and Securities Loaned Securities borrowed and Securities loaned are carried at the amounts of cash collateral advanced and received in connection with the transactions and accounted for as collateralized financing transactions. In connection with both trading and brokerage activities, we borrow securities to cover short sales and to complete transactions in which customers have failed to deliver securities by the required settlement date, and lend securities to other brokers and dealers for similar purposes. When we borrow securities, we generally provide cash to the lender as collateral, which is reflected in the Consolidated Statements of Financial Condition as Securities borrowed. We earn interest revenues on this cash collateral. Similarly, when we lend securities to another party, that party provides cash to us as collateral, which is reflected in the Consolidated Statements of Financial Condition as Securities loaned. We pay interest expense on the cash collateral received from the party borrowing the securities. The initial collateral advanced or received approximates or is greater than the fair value of the securities borrowed or loaned. We monitor the fair value of the securities borrowed and loaned on a daily basis and requests additional collateral or returns excess collateral, as appropriate.
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase	Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities purchased under agreements to resell and Securities sold under agreements to repurchase (collectively "repos") are accounted for as collateralized financing transactions and are recorded at their contracted resale or repurchase amount plus accrued interest. We earn and incur interest over the term of the repo, which is reflected in Interest revenue and Interest expense in the Consolidated Statements of Operations on an accrual basis. Repos are presented in the Consolidated Statements of Financial Condition on a net-basis-by counterparty, where permitted by GAAP. The fair value of the underlying securities is monitored daily versus the related receivable or payable balances. Should the fair value of the underlying securities decline or increase, additional collateral is requested or excess collateral is returned, as appropriate.
Offsetting of Derivative Financial Instruments and Securities Financing Agreements	Offsetting of Derivative Financial Instruments and Securities Financing Agreements To manage exposure to credit risk associated with derivative activities and securities financing transactions, we may enter into International Swaps and Derivative Association, Inc. ("ISDA") master netting agreements, master securities lending agreements, master repurchase agreements or similar agreements and collateral arrangements with counterparties. 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 against all or a portion of an amount due from the counterparty or a third party. Under its ISDA master netting agreements, we typically 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 we have not determined an agreement to be enforceable, the related amounts are not offset. Master netting agreements are a critical component of our risk management processes as part of reducing counterparty credit risk and managing liquidity risk. We are 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. See Notes 6 and 7 for further information.
Property, Equipment and Leasehold Improvements	Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements of $385.0 million and $351.0 million at November 30, 2019 and 2018 , respectively, are stated at cost, net of accumulated depreciation and amortization, and are included in Other assets in the Consolidated Statements of Financial Condition. Depreciation and amortization are provided principally on the straight-line method over the estimated useful lives of the assets or, if less, the term of the underlying lease.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. When testing for impairment, we group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (or asset group). The determination of whether an asset group is recoverable is based on management's estimate of undiscounted future cash flows directly attributable to the asset group as compared to its carrying value. If the carrying amount of the asset group is greater than the undiscounted cash flows, an impairment loss would be recognized for the amount by which the carrying amount of the asset group exceeds its estimated fair value. Substantially all of our operating businesses sell products or services that are impacted by general economic conditions in the U.S. and to a lesser extent internationally. A worsening of current economic conditions could cause a decline in estimated future cash flows expected to be generated by our operations and investments. If future undiscounted cash flows are estimated to be less than the carrying amounts of the asset groups used to generate those cash flows in subsequent reporting periods, particularly for those with large investments in intangible assets, property and equipment and other long-lived assets (for example, Jefferies Group, manufacturing and oil and gas production and development), impairment charges would have to be recorded.
Intangible Assets, Net and Goodwill	Intangible Assets, Net and Goodwill Intangible Assets . Intangible assets deemed to have finite lives are generally amortized on a straight-line basis over their estimated useful lives, where the useful life is the period over which the asset is expected to contribute directly, or indirectly, to our future cash flows. Intangible assets are reviewed for impairment on an interim basis when certain events or circumstances exist. If future undiscounted cash flows are estimated to be less than the carrying amounts of the asset groups used to generate those cash flows in subsequent reporting periods, particularly for those with large investments in amortizable intangible assets, impairment charges would have to be recorded. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when certain events or circumstances occur indicating an assessment for impairment is necessary. Impairment exists when the carrying amount exceeds its fair value. In testing for impairment, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If we conclude otherwise, we are required to perform a quantitative impairment test. Fair value will be determined using valuation techniques consistent with what a market participant would use. All of our indefinite-lived intangible assets were recognized in connection with the Jefferies Group acquisition, and our annual impairment testing date for Jefferies Group is as of August 1. Goodwill. At acquisition, we allocate the cost of a business acquisition to the specific tangible and intangible assets acquired and liabilities assumed based upon their fair values. Significant judgments and estimates are often made by management to determine these values, and may include the use of appraisals, consideration of market quotes for similar transactions, use of discounted cash flow techniques or consideration of other information we believe to be relevant. Any excess of the cost of a business acquisition over the fair values of the net assets and liabilities acquired is recorded as goodwill, which is not amortized to expense. Substantially all of our goodwill was recognized in connection with the Jefferies Group acquisition. At least annually, and more frequently if warranted, we will assess whether goodwill has been impaired. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not impaired. If the estimated fair value is less than carrying value, further analysis is necessary to determine the amount of impairment, if any, by comparing the implied fair value of the reporting unit's goodwill to the carrying value of the reporting unit's goodwill. The fair values will be based on widely accepted valuation techniques that we believe market participants would use, although the valuation process requires significant judgment and often involves the use of significant estimates and assumptions. The methodologies we utilize in estimating fair value include market capitalization, price-to-book multiples of comparable exchange traded companies, multiples of merger and acquisitions of similar businesses and/or projected cash flows. The estimates and assumptions used in determining fair value could have a significant effect on whether or not an impairment charge is recorded and the magnitude of such a charge. Adverse market or economic events could result in impairment charges in future periods. Our annual goodwill impairment testing date related to Jefferies Group is as of August 1.
Inventories and Cost of Sales	Inventories and Cost of Sales Manufacturing inventories are stated at the lower of cost or net realizable value, with cost principally determined under the first-in-first-out method. Manufacturing cost of sales principally includes product and manufacturing costs, inbound and outbound shipping costs and handling costs. Inventories are classified as Other assets in the Consolidated Statements of Financial Condition.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The realization of deferred tax assets is assessed, and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized on the basis of its projected separate return results. We record uncertain tax positions using a two-step process: (i) we determine whether it is more likely than not that each tax position will be sustained on the basis of the technical merits of the position; and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company uses the portfolio approach relating to the release of stranded tax effects recorded in accumulated other comprehensive income (loss). Under the portfolio approach, the net unrealized gains or losses recorded in accumulated other comprehensive income (loss) would be eliminated only on the date the entire portfolio of available for sale securities is sold or otherwise disposed of.
Share-based Compensation	Share-based Compensation Share-based awards are measured based on the fair value of the award as determined in accordance with GAAP and recognized over the required service or vesting period. Certain executive share-based awards contain market, performance and service conditions. Market conditions are incorporated into the grant-date fair value using a Monte Carlo valuation model. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market condition is not met. Awards with performance conditions are amortized over the service period if it is determined that it is probable that the performance condition will be achieved. The fair value of options are estimated at the date of grant using the Black-Scholes option pricing model. We account for forfeitures as they occur, which results in dividends and dividend equivalents originally charged against retained earnings for forfeited shares to be reclassified to compensation expense in the period in which the forfeiture occurs.
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities of foreign subsidiaries having non-U.S. dollar functional currencies are translated to U.S. dollars using the currency exchange rates at the end of the relevant period. Revenues and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating foreign currency financial statements into U.S. dollars, net of hedging gains or losses and taxes, if any, are included in Accumulated other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income (Loss) and classified as Accumulated other comprehensive income (loss) in the Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. Gains or losses resulting from Jefferies Group's foreign currency transactions are included in Principal transactions revenues in the Consolidated Statements of Operations.
Earnings per Common Share	Earnings per Common Share Basic earnings per share is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding and certain other shares committed to be, but not yet issued. Net earnings available to common shareholders represent net earnings to common shareholders reduced by the allocation of earnings to participating securities. Losses are not allocated to participating securities. Common shares outstanding and certain other shares committed to be, but not yet issued, include restricted stock and restricted stock units ("RSUs") for which no future service is required. Diluted earnings per share is computed by dividing net earnings available to common shareholders plus dividends on dilutive mandatorily redeemable convertible preferred shares and interest on convertible notes by the weighted average number of common shares outstanding and certain other shares committed to be, but not yet issued, plus all dilutive common stock equivalents outstanding during the period. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and, therefore, are included in the earnings allocation in computing earnings per share under the two-class method of earnings per share. Restricted stock and RSUs granted as part of share-based compensation contain nonforfeitable rights to dividends and dividend equivalents, respectively, and therefore, prior to the requisite service being rendered for the right to retain the award, restricted stock and RSUs meet the definition of a participating security. As such, we calculate basic and diluted earnings per share under the two-class method. RSUs granted under the senior executive compensation plan are not considered participating securities as the rights to dividend equivalents are forfeitable. See Note 16 for more information regarding the senior executive compensation plan.
Securitization Activities	Securitization Activities We engage in securitization activities related to corporate loans, consumer loans, commercial mortgage loans and mortgage-backed and other asset-backed securities. Transfers of financial assets to secured funding vehicles are accounted for as sales when we have relinquished control over the transferred assets. The gain or loss on sale of such financial assets depends, in part, on the previous carrying amount of the assets involved in the transfer allocated between the assets sold and the retained interests, if any, based upon their respective fair values at the date of sale. We may retain interests in the securitized financial assets as one or more tranches of the securitization. These retained interests are included in Trading assets in the Consolidated Statements of Financial Condition at fair value. Any changes in the fair value of such retained interests are recognized in Principal transactions revenues in the Consolidated Statements of Operations. When a transfer of assets does not meet the criteria of a sale, the transfer is accounted for as a secured borrowing in Trading assets and we continue to recognize the assets of a secured borrowing, and recognize the associated financing in Other secured financings in the Consolidated Statements of Financial Condition. Another of our subsidiaries utilizes special purpose entities to securitize automobile loans receivables. These special purpose entities are variable interest entities ("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.
Contingencies	Contingencies In the normal course of business, we have been named, from time to time, as a defendant in legal and regulatory proceedings. We are also involved, from time to time, in other exams, investigations and similar reviews (both formal and informal) by governmental and self-regulatory agencies regarding our businesses, certain of which may result in judgments, settlements, fines, penalties or other injunctions.
Fiscal year	On October 2, 2018, our Board of Directors approved a change to our fiscal year end from a calendar year basis to a fiscal year ending on November 30. Our 2018 fiscal year consists of the eleven month transition period beginning January 1, 2018 through November 30, 2018. Financial statements for 2017 continue to be presented on the basis of our previous calendar year end.
Accounting Developments	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 provides for a lessee model that brings substantially all leases that are longer than one year onto the statement of financial condition, which will result in the recognition of a right-of-use ("ROU") asset and a corresponding lease liability. The ROU asset and lease liability will be measured initially using the present value of the remaining rental payments. In July 2018, the FASB issued additional guidance on leases which allows an entity to apply a modified retrospective approach. We adopted the lease standards in the first quarter of fiscal 2020 under a modified retrospective approach. At transition on December 1, 2019, the adoption of this standard resulted in the recognition of ROU assets of $545.8 million and operating lease liabilities of $614.9 million reflected in Other assets and Operating lease liabilities, respectively. Reported financial information for historical comparable periods will not be revised and will continue to be reported under the accounting standards in effect during those historical periods. The guidance requires enhanced disclosures, which we will include in the footnotes to our consolidated financial statements beginning with the three months ended February 29, 2020. 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 in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Goodwill. In January 2017, the FASB issued new guidance for simplifying goodwill impairment testing. The guidance is effective in the first quarter of fiscal 2021. 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 in the first quarter of fiscal 2020. We do not believe the new guidance will have a material impact on our consolidated financial statements. Defined Benefit Plans. In August 2018, the FASB issued new guidance to improve the effectiveness of disclosure requirements on defined benefit pension plans and other post-retirement plans. The guidance is effective in the first quarter of fiscal 2021. We do not believe the new guidance will have a material impact on our consolidated financial statements. Internal-Use Software. In August 2018, the FASB issued new guidance which amends the definition of a hosting arrangement and requires that the customer in a hosting arrangement that is a service contract capitalize certain implementation costs as if the arrangement was an internal-use software project. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Consolidation. In October 2018, the FASB issued new guidance which requires indirect interests held through related parties under common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Income Taxes. In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and to provide more consistent application to improve the comparability of financial statements. The guidance is effective in the first quarter of fiscal 2022. We are currently evaluating the impact of the new guidance on our consolidated financial statements.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Nov. 30, 2019
Accounting Policies [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 (In thousands) Cash paid during the year for: Interest, net of amounts capitalized $ 1,563,152 $ 1,377,781 $ 1,120,191 Income tax payments (refunds), net $ 24,587 $ 37,559 $ 15,361

Change in Year End (Tables)

Change in Year End (Tables)	12 Months Ended
	Nov. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Income Statement	The following is selected financial data for the eleven month transition period ending November 30, 2018, and the comparable prior year period. Jefferies Group financial data is presented in each year based on the twelve months ended November 30. All other results are based on the eleven months ended November 30 for both years (in thousands, except per share amounts). Eleven Months Ended November 30, 2018 2017 (Unaudited) Net revenues $ 3,764,034 $ 4,031,333 Total expenses 3,524,957 3,336,359 Income (loss) related to associated companies 57,023 (76,864 ) Income from continuing operations before income taxes 296,100 618,110 Income tax provision 19,008 195,550 Income from continuing operations 277,092 422,560 Income from discontinued operations, including gain on disposal, net of taxes 773,984 267,321 Net income attributable to the redeemable noncontrolling interests (37,263 ) (78,506 ) Net income attributable to Jefferies Financial Group Inc. common shareholders 1,022,318 610,277 Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: Income from continuing operations $ 0.82 $ 1.14 Income from discontinued operations, including gain on disposal 2.11 0.51 Net income $ 2.93 $ 1.65 Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: Income from continuing operations $ 0.81 $ 1.13 Income from discontinued operations, including gain on disposal 2.09 0.50 Net income $ 2.90 $ 1.63

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Nov. 30, 2019
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, securities purchased under agreements to resell, securities received as collateral, trading liabilities, long-term debt and obligation to return securities received as collateral 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 $586.9 million and $394.4 million at November 30, 2019 and 2018 , respectively, by level within the fair value hierarchy (in thousands): November 30, 2019 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,507,164 $ 218,403 $ 58,426 $ — $ 2,783,993 Corporate debt securities — 2,472,245 7,490 — 2,479,735 Collateralized debt obligations and collateralized loan obligations — 124,225 28,788 — 153,013 U.S. government and federal agency securities 2,101,624 158,618 — — 2,260,242 Municipal securities — 742,326 — — 742,326 Sovereign obligations 1,330,026 1,405,827 — — 2,735,853 Residential mortgage-backed securities — 1,069,066 17,740 — 1,086,806 Commercial mortgage-backed securities — 424,060 6,110 — 430,170 Other asset-backed securities — 303,847 42,563 — 346,410 Loans and other receivables — 2,460,551 114,080 — 2,574,631 Derivatives 2,809 1,833,907 14,889 (1,433,197 ) 418,408 Investments at fair value — 32,688 205,412 — 238,100 FXCM term loan — — 59,120 — 59,120 Total trading assets, excluding investments at fair value based on NAV $ 5,941,623 $ 11,245,763 $ 554,618 $ (1,433,197 ) $ 16,308,807 Securities purchased under agreements to resell $ — $ — $ 25,000 $ — $ 25,000 Securities received as collateral $ 9,500 $ — $ — $ — $ 9,500 Liabilities: Trading liabilities: Corporate equity securities $ 2,755,601 $ 7,438 $ 4,487 $ — $ 2,767,526 Corporate debt securities — 1,471,142 340 — 1,471,482 U.S. government and federal agency securities 1,851,981 — — — 1,851,981 Sovereign obligations 1,363,475 941,065 — — 2,304,540 Commercial mortgage-backed securities — — 35 — 35 Loans — 1,600,228 9,463 — 1,609,691 Derivatives 871 2,066,455 92,057 (1,632,178 ) 527,205 Total trading liabilities $ 5,971,928 $ 6,086,328 $ 106,382 $ (1,632,178 ) $ 10,532,460 Short-term borrowings $ — $ 20,981 $ — $ — $ 20,981 Long-term debt $ — $ 735,216 $ 480,069 $ — $ 1,215,285 Obligation to return securities received as collateral $ 9,500 $ — $ — $ — $ 9,500 November 30, 2018 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,497,045 $ 118,681 $ 52,192 $ — $ 2,667,918 Corporate debt securities — 2,683,180 9,484 — 2,692,664 Collateralized debt obligations and collateralized loan obligations — 72,949 36,105 — 109,054 U.S. government and federal agency securities 1,789,614 56,592 — — 1,846,206 Municipal securities — 894,253 — — 894,253 Sovereign obligations 1,769,556 1,043,409 — — 2,812,965 Residential mortgage-backed securities — 2,163,629 19,603 — 2,183,232 Commercial mortgage-backed securities — 819,406 10,886 — 830,292 Other asset-backed securities — 239,381 53,175 — 292,556 Loans and other receivables — 2,056,593 46,985 — 2,103,578 Derivatives 34,841 2,539,943 5,922 (2,413,931 ) 166,775 Investments at fair value — — 396,254 — 396,254 FXCM term loan — — 73,150 — 73,150 Total trading assets, excluding investments at fair value based on NAV $ 6,091,056 $ 12,688,016 $ 703,756 $ (2,413,931 ) $ 17,068,897 Available for sale securities: U.S. government securities $ 1,072,856 $ — $ — $ — $ 1,072,856 Residential mortgage-backed securities — 210,518 — — 210,518 Commercial mortgage-backed securities — 15,642 — — 15,642 Other asset-backed securities — 110,870 — — 110,870 Total available for sale securities $ 1,072,856 $ 337,030 $ — $ — $ 1,409,886 Liabilities: Trading liabilities: Corporate equity securities $ 1,685,071 $ 1,444 $ — $ — $ 1,686,515 Corporate debt securities — 1,505,618 522 — 1,506,140 U.S. government and federal agency securities 1,384,295 — — — 1,384,295 Sovereign obligations 1,735,242 661,095 — — 2,396,337 Loans — 1,371,630 6,376 — 1,378,006 Derivatives 26,473 3,586,694 27,536 (2,513,050 ) 1,127,653 Total trading liabilities $ 4,831,081 $ 7,126,481 $ 34,434 $ (2,513,050 ) $ 9,478,946 Long-term debt $ — $ 485,425 $ 200,745 $ — $ 686,170 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
Investments Measured At Fair Value Based On Net Asset Value	The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands). Fair Value (1) Unfunded Commitments November 30, 2019 Equity Long/Short Hedge Funds (2) $ 291,593 $ — Equity Funds (3) 44,576 14,621 Commodity Fund (4) 16,025 — Multi-asset Funds (5) 234,583 — Other Funds (6) 157 — Total $ 586,934 $ 14,621 November 30, 2018 Equity Long/Short Hedge Funds (2) $ 86,788 $ — Equity Funds (3) 40,070 20,996 Commodity Fund (4) 10,129 — Multi-asset Funds (5) 256,972 — Other Funds (6) 400 — Total $ 394,359 $ 20,996 (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 November 30, 2019 and 2018 , approximately 94% and 0% , respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption in the first 36 months after acquisition. At November 30, 2019 and 2018 , 6% and 17% , respectively, of these investments are redeemable with 60 days prior written notice. Approximately 82% of the November 30, 2018 balance was redeemed during the twelve months ended November 30, 2019. (3) The investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies. These investments cannot be redeemed; instead distributions are received through the liquidation of the underlying assets of the funds, which are expected to liquidate in one to nine years . (4) This category includes investments in a hedge fund that invests, long and short, primarily in commodities. Investments in this category are redeemable quarterly with 60 days prior written notice. (5) 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 November 30, 2019 and 2018 , investments representing approximately 5% and 15% , respectively, of the fair value of investments in this category are redeemable with 30 days prior written notice. (6) This category includes investments in a fund that invests 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 and there are no redemption provisions. This category also includes investments in a fund of funds that invests in various private equity funds that are managed by Jefferies Group and have no redemption provisions. Investments in the fund of funds are gradually being liquidated, however, the timing of when the proceeds will be received is uncertain.
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 eleven months ended November 30, 2018 (in thousands): Eleven Months Ended November 30, 2018 Balance, December 31, 2017 Total gains (losses) (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance, November 30, 2018 Changes in unrealized gains (losses) relating to instruments still held at November 30, 2018 (1) Assets: Trading assets: Corporate equity securities $ 22,270 $ 24,914 $ 31,669 $ (22,759 ) $ (3,977 ) $ — $ 75 $ 52,192 $ 23,665 Corporate debt securities 26,036 (439 ) 10,352 (23,364 ) (1,679 ) — (1,422 ) 9,484 (2,606 ) CDOs and CLOS 42,184 (16,258 ) 356,650 (353,330 ) (10,247 ) — 17,106 36,105 (9,495 ) Residential mortgage- backed securities 26,077 (6,970 ) 3,118 (12,816 ) (513 ) — 10,707 19,603 521 Commercial mortgage-backed securities 12,419 (2,186 ) 1,436 (471 ) (16,624 ) — 16,312 10,886 (4,000 ) Other asset-backed securities 61,129 (9,934 ) 706,846 (677,220 ) (27,641 ) — (5 ) 53,175 (5,283 ) Loans and other receivables 47,304 (5,137 ) 149,228 (130,832 ) (15,311 ) — 1,733 46,985 (8,457 ) Investments at fair value 329,944 76,636 9,798 (17,570 ) — — (2,554 ) 396,254 76,042 Investment in FXCM 72,800 18,616 — — (18,266 ) — — 73,150 7,723 Liabilities: Trading liabilities: Corporate equity securities $ 48 $ — $ — $ — $ — $ — $ (48 ) $ — $ — Corporate debt securities 522 — — — — — — 522 — Commercial mortgage-backed securities 105 (105 ) — — — — — — — Loans 3,486 84 (4,626 ) 7,432 — — — 6,376 (28 ) Net derivatives (2) 6,746 (3,237 ) (17 ) 14,920 (1,335 ) — 4,537 21,614 (646 ) Long-term debt (1) — (30,347 ) — — — 84,860 146,232 200,745 10,951 (1) Realized and unrealized gains (losses) are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains (losses) included in other comprehensive income (loss) for instruments still held at November 30, 2018 were gains of $19.4 million . (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 twelve months ended November 30, 2019 (in thousands): Twelve Months Ended November 30, 2019 Balance, November 30, 2018 Total gains (losses) (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance, November 30, 2019 Changes in unrealized gains/losses included in earnings relating to instruments still held at November 30, 2019 (1) Assets: Trading assets: Corporate equity securities $ 52,192 $ (11,407 ) $ 69,065 $ (28,159 ) $ (18,208 ) $ — $ (5,057 ) $ 58,426 $ (13,848 ) Corporate debt securities 9,484 (4,860 ) 8,900 (13,854 ) (379 ) — 8,199 7,490 (6,176 ) CDOs and CLOs 36,105 (514 ) 49,658 (38,147 ) (12,494 ) — (5,820 ) 28,788 (2,330 ) Residential mortgage-backed securities 19,603 (1,669 ) 1,954 (2,472 ) (152 ) — 476 17,740 (530 ) Commercial mortgage-backed securities 10,886 (2,888 ) 206 (2,346 ) (5,317 ) — 5,569 6,110 (2,366 ) Other asset-backed securities 53,175 433 104,097 (73,335 ) (51,374 ) — 9,567 42,563 (98 ) Loans and other receivables 46,985 (4,507 ) 106,965 (48,350 ) (5,788 ) — 18,775 114,080 (2,321 ) Investments at fair value 396,254 (183,480 ) 11,236 (28,749 ) — — 10,151 205,412 (180,629 ) Investment in FXCM 73,150 (8,139 ) 1,500 — (7,391 ) — — 59,120 (8,139 ) Securities purchased under agreements to resell — — — — — 25,000 — 25,000 — Liabilities: Trading liabilities: Corporate equity securities $ — $ (2,649 ) $ (4,322 ) $ 11,458 $ — $ — $ — $ 4,487 $ 1,928 Corporate debt securities 522 (381 ) (457 ) — (524 ) — 1,180 340 383 Commercial mortgage-backed securities — 35 — — — — — 35 35 Loans 6,376 (1,382 ) (2,573 ) 6,494 — — 548 9,463 1,382 Net derivatives (2) 21,614 (21,452 ) (4,323 ) 36,144 2,227 — 42,958 77,168 12,098 Long-term debt (1) 200,745 (18,662 ) — — (11,250 ) 348,275 (39,039 ) 480,069 29,656 (1) Realized and unrealized gains (losses) are primarily reported in Principal transactions revenues in the Consolidated Statements of Operations. Changes in instrument-specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. Changes in unrealized gains (losses) included in other comprehensive income (loss) for instruments still held at November 30, 2019 were losses of $11.0 million . (2) Net derivatives represent Trading assets - Derivatives and Trading liabilities - Derivatives. Twelve Months Ended December 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, December 31, 2017 Changes in unrealized gains (losses) relating to instruments still held at December 31, 2017 (1) Assets: Trading assets: Corporate equity securities $ 21,739 $ 3,353 $ 896 $ (1,623 ) $ 52 $ — $ (2,147 ) $ 22,270 $ 2,606 Corporate debt securities 25,005 (3,723 ) 36,850 (34,077 ) (1,968 ) — 3,949 26,036 (3,768 ) CDOs and CLOs 54,354 (27,238 ) 112,239 (101,226 ) (367 ) — 4,422 42,184 (20,262 ) Municipal securities 27,257 (1,547 ) — (25,710 ) — — — — — Residential mortgage-backed securities 38,772 (10,817 ) 6,805 (26,193 ) (115 ) — 17,625 26,077 (7,201 ) Commercial mortgage-backed securities 20,580 (5,346 ) 3,275 (5,263 ) (1,018 ) — 191 12,419 (6,976 ) Other asset-backed securities 40,911 (17,705 ) 77,508 (8,613 ) (25,799 ) — (5,173 ) 61,129 (12,562 ) Loans and other receivables 81,872 24,794 63,768 (53,095 ) (34,622 ) — (35,413 ) 47,304 17,451 Investments at fair value 314,359 20,975 18,528 (22,818 ) (1,100 ) — — 329,944 22,999 Investment in FXCM 164,500 23,161 — — (114,861 ) — — 72,800 1,070 Liabilities: Trading liabilities: Corporate equity securities $ 313 $ 60 $ (373 ) $ 48 $ — $ — $ — $ 48 $ — Corporate debt securities 523 (1 ) — — — — — 522 1 Commercial mortgage-backed securities — 105 — — — — — 105 (105 ) Loans 378 196 (385 ) 2,485 — — 812 3,486 (2,639 ) Net derivatives (2) 3,441 (1,638 ) — — 5,558 456 (1,071 ) 6,746 (17,740 ) Other secured financings 418 (418 ) — — — — — — — (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	November 30, 2019 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Corporate equity securities $ 29,017 Non-exchange traded securities Market approach Price $1 to $140 $55 Underlying stock price $3 to $5 $4 Corporate debt securities $ 7,490 Scenario analysis Estimated recovery percentage 23 % to 85% 46 % Volatility 44% — Credit spread 750 — Underlying stock price £0.4 — CDOs and CLOs $ 28,788 Discounted cash flows Constant prepayment rate 20% — Constant default rate 1 % to 2% 2 % Loss severity 25 % to 37% 29 % Discount rate/yield 12 % to 21% 15 % Scenario analysis Estimated recovery percentage 3.25 % to 36.5% 25 % Residential mortgage-backed securities $ 17,740 Discounted cash flows Cumulative loss rate 2% — Duration (years) 6.3 years — Discount rate/yield 3% — Commercial mortgage-backed securities $ 6,110 Discounted cash flows Cumulative loss rate 7.3% — Duration (years) 0.2 years — Discount rate/yield 85% — Scenario analysis Estimated recovery percentage 44% — Other asset-backed securities $ 42,563 Discounted cash flows Cumulative loss rate 7 % to 31% 16 % Duration (years) 0.5 years to 3 years 1.5 years Discount rate/yield 7 % to 15% 11 % Loans and other receivables $ 112,574 Market approach Price $36 to $100 $90 Scenario analysis Estimated recovery percentage 87 % to 104% 99 % Discounted cash flows Term based on the pay off (years) 0 months to 0.1 years 0.1 years Derivatives $ 13,826 Interest rate swaps Market approach Basis points upfront 0 to 16 6 Unfunded commitments Price $88 — Equity options Volatility benchmarking Volatility 45% — Investments at fair value $ 157,504 Private equity securities Market approach Price $8 to $250 $80 Scenario analysis Discount rate/yield 19 % to 21% 20 % Revenue growth 0% — Investment in FXCM $ 59,120 Term loan Discounted cash flows Term based on the pay off (years) 0 months to 1.2 years 1.2 years Securities purchased under agreements to resell $ 25,000 Market approach Spread to 6 month LIBOR 500 — Duration (years) 1.5 years — Trading Liabilities Corporate equity securities $ 4,487 Market approach Transaction level $1 — Loans $ 9,463 Market approach Price $50 to $100 $88 Scenario analysis Estimated recovery percentage 1% — Derivatives $ 92,057 Equity options Volatility benchmarking Volatility 21 % to 61% 43 % Interest rate swaps Market approach Basis points upfront 0 to 22 13 Cross currency swaps Basis points upfront 2 — Unfunded commitments Price $88 — Long-term debt $ 480,069 Structured notes Market approach Price $84 to $108 $96 Price €74 to €103 €91 November 30, 2018 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Corporate equity securities $ 43,644 Non-exchange traded securities Market approach Price $1 to $75 $12 Transaction level $47 — Corporate debt securities $ 9,484 Market approach Estimated recovery percentage 46% — Transaction level $80 — CDOs and CLOs $ 36,105 Discounted cash flows Constant prepayment rate 10 % to 20% 18 % Constant default rate 1 % to 2% 2 % Loss severity 25 % to 30% 26 % Discount rate/yield 11 % to 16% 14 % Scenario analysis Estimated recovery percentage 2 % to 41% 23 % Residential mortgage-backed securities $ 19,603 Discounted cash flows Cumulative loss rate 4% — Duration (years) 13 years — Discount rate/yield 3% — Loss severity 0% — Market approach Price $100 — Commercial mortgage-backed securities $ 9,444 Discounted cash flows Cumulative loss rate 8 % to 85% 45 % Duration (years) 1 year to 3 years 1 year Discount rate/yield 2 % to 15% 6 % Loss severity 64% — Scenario analysis Estimated recovery percentage 26% — Price $49 — Other asset-backed securities $ 53,175 Discounted cash flows Cumulative loss rate 12 % to 30% 22 % Duration (years) 1 year to 2 years 1 year Discount rate/yield 6 % to 12% 8 % Market approach Price $100 — Loans and other receivables $ 46,078 Market approach Price $50 to $100 $96 Scenario analysis Estimated recovery percentage 13 % to 117% 105 % Derivatives $ 4,602 Total return swaps Market approach Price $97 — Investments at fair value $ 368,231 Private equity securities Market approach Price $3 to $250 $108 Transaction level $169 — Scenario analysis Discount rate/yield 20% — Revenue growth 0% — Contingent claims analysis Volatility 25 % to 35% 30 % Duration (years) 4 years — Investment in FXCM $ 73,150 Term loan Discounted cash flows Term based on the pay off (years) 0 months to 0.3 years 0.3 years Trading Liabilities Loans $ 6,376 Market approach Price $50 to $101 $74 Derivatives $ 27,536 Equity options Option model/default rate Default probability 0% — Volatility benchmarking Volatility 39 % to 62% 50 % Interest rate swaps Market approach Price $20 — Total return swaps Market approach Price $97 — Long-term debt $ 200,745 Structured notes Market approach Price $78 to $94 $86 Price €68 to €110 €96
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 our 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 and short-term borrowings measured at fair value under the fair value option (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Trading Assets: Loans and other receivables $ (2,072 ) $ (3,856 ) $ 22,088 Trading Liabilities: Loans 656 (46 ) — Loan commitments (1,089 ) (739 ) 230 Long-term debt: Changes in instrument specific credit risk (1) (20,332 ) 38,064 (34,609 ) Other changes in fair value (2) (25,144 ) 48,748 47,291 Short-term borrowings: Changes in instrument specific credit risk (1) 114 — — Other changes in fair value (2) (863 ) — (681 ) (1) Changes in instrument specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of taxes. (2) Other changes in fair value are included within Principal transactions revenues in the Consolidated Statements of Operations.
Summary Of Amount By Which Contractual Principal Exceeds Fair Value For Loans And Other Receivables Measured At Fair Value Under Fair Value Option	The following is a summary of the amount by which contractual principal exceeds fair value for loans and other receivables, long-term debt and short-term borrowings measured at fair value under the fair value option (in thousands): November 30, 2019 November 30, 2018 Trading Assets: Loans and other receivables (1) $ 1,546,516 $ 961,554 Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) 197,215 158,392 Long-term debt and short-term borrowings 74,408 114,669 (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 loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $22.2 million and $20.5 million at November 30, 2019 and 2018 , respectively.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Nov. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure	The following tables present the fair value and related number of derivative contracts at November 30, 2019 and 2018 categorized by type of derivative contract and the platform on which these derivatives are transacted. 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 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 financial position (in thousands, except contract amounts): Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) November 30, 2019 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 28,663 1 $ — — Total derivatives designated as accounting hedges 28,663 — Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 1,191 65,226 103 38,464 Cleared OTC 213,224 3,329 284,433 3,443 Bilateral OTC 421,700 1,325 258,857 738 Foreign exchange contracts: Exchange-traded — 256 — 199 Bilateral OTC 191,218 9,257 187,836 9,187 Equity contracts: Exchange-traded 717,494 1,714,538 962,535 1,481,388 Bilateral OTC 248,720 4,731 445,241 4,271 Commodity contracts: Exchange-traded — 5,524 — 4,646 Bilateral OTC 20,600 4,084 391 359 Credit contracts: Cleared OTC 2,514 13 5,768 12 Bilateral OTC 6,281 25 14,219 28 Total derivatives not designated as accounting hedges 1,822,942 2,159,383 Total gross derivative assets/ liabilities: Exchange-traded 718,685 962,638 Cleared OTC 244,401 290,201 Bilateral OTC 888,519 906,544 Amounts offset in Consolidated Statement of Financial Condition (3): Exchange-traded (688,871 ) (688,871 ) Cleared OTC (222,869 ) (266,900 ) Bilateral OTC (521,457 ) (676,407 ) Net amounts per Consolidated Statement of Financial Condition (4) $ 418,408 $ 527,205 Assets Liabilities Fair Value Number of Contracts (2) Fair Value Number of Contracts (2) November 30, 2018 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 29,647 1 Total derivatives designated as accounting hedges — 29,647 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 924 32,159 513 66,095 Cleared OTC 422,670 2,095 411,833 2,394 Bilateral OTC 372,899 1,398 491,697 816 Foreign exchange contracts: Exchange-traded 42 538 2 690 Cleared OTC — — 36 3 Bilateral OTC 311,228 9,548 314,951 9,909 Equity contracts: Exchange-traded 1,202,927 2,104,684 2,061,137 1,779,836 Bilateral OTC 207,221 5,126 315,996 2,764 Commodity contracts: Exchange-traded 27,632 7,272 272 4,185 Bilateral OTC 10,191 1,274 1,445 1,498 Credit contracts: Cleared OTC 11,204 7 1,556 14 Bilateral OTC 13,768 123 11,618 79 Total derivatives not designated as accounting hedges 2,580,706 3,611,056 Total gross derivative assets/ liabilities: Exchange-traded 1,231,525 2,061,924 Cleared OTC 433,874 443,072 Bilateral OTC 915,307 1,135,707 Amounts offset in Consolidated Statement of Financial Condition (3): Exchange-traded (1,190,951 ) (1,190,951 ) Cleared OTC (407,351 ) (418,779 ) Bilateral OTC (815,629 ) (903,320 ) Net amounts per Consolidated Statement of Financial Condition (4) $ 166,775 $ 1,127,653 (1) Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables and Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition.
Unrealized And Realized Gains (Losses) On Derivative Contracts	The following table provides information related to gains (losses) recognized in Interest expense of Jefferies Group in the Consolidated Statements of Operations on a fair value hedge (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Interest rate swaps $ 56,385 $ (25,539 ) $ (2,091 ) Long-term debt (58,931 ) 27,363 8,124 Total $ (2,546 ) $ 1,824 $ 6,033 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): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Interest rate contracts $ (188,605 ) $ 67,291 $ 3,171 Foreign exchange contracts (822 ) 226 4,376 Equity contracts (108,961 ) (267,187 ) (319,775 ) Commodity contracts (5,630 ) 21,785 (9,049 ) Credit contracts 9,147 449 1,959 Total $ (294,871 ) $ (177,436 ) $ (319,318 )
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 November 30, 2019 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross- Maturity Netting (4) Total Commodity swaps, options and forwards $ 16,634 $ 3,966 $ — $ (391 ) $ 20,209 Equity forwards, swaps and options 44,065 2,302 7,442 (6,612 ) 47,197 Credit default swaps 49 1,059 15 (62 ) 1,061 Total return swaps 58,845 34,546 — (554 ) 92,837 Foreign currency forwards, swaps and options 46,651 11,123 62 (4,855 ) 52,981 Fixed income forwards 986 — — — 986 Interest rate swaps, options and forwards 33,147 163,818 142,277 (15,032 ) 324,210 Total $ 200,377 $ 216,814 $ 149,796 $ (27,506 ) 539,481 Cross product counterparty netting (32,208 ) Total OTC derivative assets included in Trading assets $ 507,273 (1) At November 30, 2019 , we held exchange traded derivative assets, other derivatives assets and other credit agreements with a fair value of $37.2 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 November 30, 2019 , cash collateral received was $126.1 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 $ 391 $ — $ — $ (391 ) $ — Equity forwards, swaps and options 25,342 173,359 77,052 (6,612 ) 269,141 Credit default swaps 1,245 3,688 8,160 (62 ) 13,031 Total return swaps 28,096 41,160 — (554 ) 68,702 Foreign currency forwards, swaps and options 48,388 9,786 45 (4,855 ) 53,364 Fixed income forwards 581 — — — 581 Interest rate swaps, options and forwards 20,881 93,730 104,318 (15,032 ) 203,897 Total $ 124,924 $ 321,723 $ 189,575 $ (27,506 ) 608,716 Cross product counterparty netting (32,208 ) Total OTC derivative liabilities included in Trading liabilities $ 576,508 (1) At November 30, 2019 , we held exchange traded derivative liabilities, other derivative liabilities and other credit agreements with a fair value of $275.7 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 November 30, 2019 , cash collateral pledged was $325.0 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets	At November 30, 2019 , 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 $ 127,355 BBB- to BBB+ 31,536 BB+ or lower 193,338 Unrated 155,044 Total $ 507,273 (1) We utilize internal credit ratings determined by the Jefferies Group Risk Management department. Credit ratings determined by Jefferies Group 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 Unrated Total Notional November 30, 2019 Credit protection sold: Index credit default swaps $ 3.0 $ 32.0 $ — $ 35.0 Single name credit default swaps 3.4 29.0 1.5 33.9 November 30, 2018 Credit protection sold: Index credit default swaps $ 25.7 $ 167.4 $ — $ 193.1 Single name credit default swaps 57.7 84.5 3.0 145.2
Derivative Instruments With Contingent Features	The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to its counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions): November 30, 2019 November 30, 2018 Derivative instrument liabilities with credit-risk-related contingent features $ 42.9 $ 93.5 Collateral posted (3.1 ) (61.5 ) Collateral received 114.1 91.5 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 154.0 123.3 (1) These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	12 Months Ended
	Nov. 30, 2019
Banking and Thrift [Abstract]
Schedule of Collateralized Financing Transactions	The following tables set forth the carrying value of securities lending arrangements, repurchase agreements and obligation to return securities received as collateral by class of collateral pledged and remaining contractual maturity (in thousands): Collateral Pledged Securities Lending Arrangements Repurchase Agreements Obligation to Return Securities Received as Collateral Total November 30, 2019 Corporate equity securities $ 1,314,395 $ 129,558 $ — $ 1,443,953 Corporate debt securities 191,311 1,730,526 — 1,921,837 Mortgage-backed and asset-backed securities — 1,745,145 — 1,745,145 U.S. government and federal agency securities 19,434 10,863,997 9,500 10,892,931 Municipal securities — 498,202 — 498,202 Sovereign securities — 3,016,563 — 3,016,563 Loans and other receivables — 772,926 — 772,926 Total $ 1,525,140 $ 18,756,917 $ 9,500 $ 20,291,557 November 30, 2018 Corporate equity securities $ 1,505,218 $ 487,124 $ — $ 1,992,342 Corporate debt securities 333,221 1,853,309 — 2,186,530 Mortgage-backed and asset-backed securities 249 2,820,543 — 2,820,792 U.S. government and federal agency securities — 8,181,947 — 8,181,947 Municipal securities — 604,274 — 604,274 Sovereign securities — 2,945,521 — 2,945,521 Loans and other receivables — 300,768 — 300,768 Total $ 1,838,688 $ 17,193,486 $ — $ 19,032,174 Contractual Maturity Overnight and Continuous Up to 30 Days 31 to 90 Days Greater than 90 Days Total November 30, 2019 Securities lending arrangements $ 694,821 $ — $ 672,969 $ 157,350 $ 1,525,140 Repurchase agreements 6,614,026 1,556,260 8,988,528 1,598,103 18,756,917 Obligation to return securities received as collateral — — 9,500 — 9,500 Total $ 7,308,847 $ 1,556,260 $ 9,670,997 $ 1,755,453 $ 20,291,557 November 30, 2018 Securities lending arrangements $ 807,347 $ — $ 560,417 $ 470,924 $ 1,838,688 Repurchase agreements 7,849,052 1,915,325 6,042,951 1,386,158 17,193,486 Total $ 8,656,399 $ 1,915,325 $ 6,603,368 $ 1,857,082 $ 19,032,174
Summary of Offsetting Assets	The following table provides information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral and obligation to return securities received as collateral 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 November 30, 2019 Securities borrowing arrangements $ 7,624,642 $ — $ 7,624,642 $ (361,394 ) $ (1,479,433 ) $ 5,783,815 Reverse repurchase agreements 15,551,845 (11,252,247 ) 4,299,598 (291,316 ) (3,929,977 ) 78,305 Securities received as collateral 9,500 — 9,500 — — 9,500 Liabilities at November 30, 2019 Securities lending arrangements $ 1,525,140 $ — $ 1,525,140 $ (361,394 ) $ (970,799 ) $ 192,947 Repurchase agreements 18,756,917 (11,252,247 ) 7,504,670 (291,316 ) (6,663,807 ) 549,547 Obligation to return securities received as collateral 9,500 — 9,500 — — 9,500 Assets at November 30, 2018 Securities borrowing arrangements $ 6,538,212 $ — $ 6,538,212 $ (468,778 ) $ (1,193,986 ) $ 4,875,448 Reverse repurchase agreements 11,336,175 (8,550,417 ) 2,785,758 (609,225 ) (2,126,730 ) 49,803 Liabilities at November 30, 2018 Securities lending arrangements $ 1,838,688 $ — $ 1,838,688 $ (468,778 ) $ (1,343,704 ) $ 26,206 Repurchase agreements 17,193,486 (8,550,417 ) 8,643,069 (609,225 ) (7,070,967 ) 962,877 (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 Consolidated Statements of Financial Condition because other netting provisions of GAAP are not met. (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 November 30, 2019 , amounts include $5,683.4 million of securities borrowing arrangements, for which we have received securities collateral of $5,523.6 million , and $439.7 million of repurchase agreements, for which we have pledged securities collateral of $447.5 million , which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. At November 30, 2018 , amounts include $4,825.7 million of securities borrowing arrangements, for which we have received securities collateral of $4,711.7 million , and $931.7 million of repurchase agreements, for which we have pledged securities collateral of $963.6 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 repurchase agreements, securities borrowing and lending arrangements and securities received as collateral and obligation to return securities received as collateral 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 November 30, 2019 Securities borrowing arrangements $ 7,624,642 $ — $ 7,624,642 $ (361,394 ) $ (1,479,433 ) $ 5,783,815 Reverse repurchase agreements 15,551,845 (11,252,247 ) 4,299,598 (291,316 ) (3,929,977 ) 78,305 Securities received as collateral 9,500 — 9,500 — — 9,500 Liabilities at November 30, 2019 Securities lending arrangements $ 1,525,140 $ — $ 1,525,140 $ (361,394 ) $ (970,799 ) $ 192,947 Repurchase agreements 18,756,917 (11,252,247 ) 7,504,670 (291,316 ) (6,663,807 ) 549,547 Obligation to return securities received as collateral 9,500 — 9,500 — — 9,500 Assets at November 30, 2018 Securities borrowing arrangements $ 6,538,212 $ — $ 6,538,212 $ (468,778 ) $ (1,193,986 ) $ 4,875,448 Reverse repurchase agreements 11,336,175 (8,550,417 ) 2,785,758 (609,225 ) (2,126,730 ) 49,803 Liabilities at November 30, 2018 Securities lending arrangements $ 1,838,688 $ — $ 1,838,688 $ (468,778 ) $ (1,343,704 ) $ 26,206 Repurchase agreements 17,193,486 (8,550,417 ) 8,643,069 (609,225 ) (7,070,967 ) 962,877 (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 Consolidated Statements of Financial Condition because other netting provisions of GAAP are not met. (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 November 30, 2019 , amounts include $5,683.4 million of securities borrowing arrangements, for which we have received securities collateral of $5,523.6 million , and $439.7 million of repurchase agreements, for which we have pledged securities collateral of $447.5 million , which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. At November 30, 2018 , amounts include $4,825.7 million of securities borrowing arrangements, for which we have received securities collateral of $4,711.7 million , and $931.7 million of repurchase agreements, for which we have pledged securities collateral of $963.6 million , which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.

Securitization Activities (Tabl

Securitization Activities (Tables)	12 Months Ended
	Nov. 30, 2019
Transfers and Servicing [Abstract]
Activity Related To Securitizations Accounted For As Sales	The following table presents activity related to our securitizations that were accounted for as sales in which we have continuing involvement (in millions): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Transferred assets $ 4,780.9 $ 7,159.3 $ 4,552.9 Proceeds on new securitizations 4,852.8 7,165.3 4,594.5 Cash flows received on retained interests 48.3 48.5 28.7
Summary Of Retained Interests In SPEs	The following table summarizes our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): November 30, 2019 November 30, 2018 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 10,671.7 $ 103.3 $ 13,633.5 $ 365.3 U.S. government agency commercial mortgage-backed securities 1,374.8 45.8 2,027.6 185.6 CLOs 3,006.7 58.4 3,512.0 20.9 Consumer and other loans 1,149.3 71.8 604.1 48.9

Available for Sale Securities_2

Available for Sale Securities and Other Investments (Tables)	12 Months Ended
	Nov. 30, 2019
Investments [Abstract]
Schedule of Available for Sale Securities	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 Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value November 30, 2018 Bonds and notes: U.S. government securities $ 1,073,038 $ 1 $ 183 $ 1,072,856 Residential mortgage-backed securities 211,209 376 1,067 210,518 Commercial mortgage-backed securities 16,068 — 426 15,642 Other asset-backed securities 111,447 1 578 110,870 Total Available for sale securities $ 1,411,762 $ 378 $ 2,254 $ 1,409,886

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Nov. 30, 2019
Variable Interest Entity, Measure of Activity [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 the 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. November 30, 2019 November 30, 2018 Securities purchased under agreements to resell (1) $ 2,467.3 $ 883.1 Receivables 605.6 626.0 Other 38.7 78.4 Total assets $ 3,111.6 $ 1,587.5 Other secured financings (2) $ 3,068.6 $ 1,535.3 Other (3) 20.1 45.9 Total liabilities $ 3,088.7 $ 1,581.2 (1) Securities purchased under agreements to resell represent an amount due under a collateralized transaction on related consolidated entities, which are eliminated in consolidation. (2) Approximately $1.0 million of the secured financing represent amounts held by us in inventory and are eliminated in consolidation at November 30, 2018 . (3) Includes $17.7 million and $44.1 million at November 30, 2019 and 2018 , 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 November 30, 2019 CLOs $ 152.6 $ 0.6 $ 505.3 $ 7,845.0 Consumer loan and other asset-backed vehicles 358.3 — 490.6 2,354.8 Related party private equity vehicles 23.0 — 34.3 71.4 Other investment vehicles 574.0 — 766.1 9,255.0 Total $ 1,107.9 $ 0.6 $ 1,796.3 $ 19,526.2 November 30, 2018 CLOs $ 45.2 $ — $ 571.4 $ 3,281.9 Consumer loan and other asset-backed vehicles 462.1 — 807.1 3,273.1 Related party private equity vehicles 35.5 — 53.5 108.3 Other investment vehicles 203.6 — 214.7 5,719.1 Total $ 746.4 $ — $ 1,646.7 $ 12,382.4

Loans to and Investments in A_2

Loans to and Investments in Associated Companies (Tables)	12 Months Ended
	Nov. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule Of Loans To And Investments In Associated Companies	A summary of Loans to and investments in associated companies for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 accounted for under the equity method of accounting is as follows (in thousands): Loans to and investments in associated companies as of November 30, 2018 Income (losses) related to associated companies Income (losses) related to Jefferies Group 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 November 30, 2019 Jefferies Finance $ 728,560 $ — $ (1,286 ) $ (53,407 ) $ — $ 673,867 Berkadia (2) 245,228 — 88,174 (65,045 ) 592 268,949 National Beef (3) 653,630 232,042 — (300,248 ) (585,424 ) — FXCM (4) 75,031 (8,212 ) — 3,500 (96 ) 70,223 Linkem (5) 165,157 (27,956 ) — 66,996 (9,350 ) 194,847 HomeFed (6) 337,542 7,902 — — (345,444 ) — Real estate associated companies (6) 87,074 (353 ) — (29,685 ) 198,273 255,309 Golden Queen (5) (7) 63,956 6,740 — 7,500 — 78,196 Other 61,154 (7,168 ) (1,719 ) 58,432 867 111,566 Total $ 2,417,332 $ 202,995 $ 85,169 $ (311,957 ) $ (740,582 ) $ 1,652,957 Loans to and investments in associated companies as of December 31, 2017 Income (losses) related to associated companies Income (losses) related to Jefferies Group 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 November 30, 2018 Jefferies Finance $ 655,467 $ — $ 59,138 $ 13,955 $ — $ 728,560 Berkadia (2) 210,594 80,092 20,001 (65,197 ) (262 ) 245,228 National Beef (3) — 110,049 — (48,656 ) 592,237 653,630 FXCM (4) 158,856 (83,174 ) — — (651 ) 75,031 Garcadia Companies (8) 179,143 21,646 — (26,962 ) (173,827 ) — Linkem 192,136 (20,534 ) — 542 (6,987 ) 165,157 HomeFed 341,874 (4,332 ) — — — 337,542 Real estate associated companies 123,010 11,288 — (47,224 ) — 87,074 Golden Queen (7) 105,005 (51,990 ) — 10,941 — 63,956 Other 100,744 (6,022 ) (5,477 ) (18,275 ) (9,816 ) 61,154 Total $ 2,066,829 $ 57,023 $ 73,662 $ (180,876 ) $ 400,694 $ 2,417,332 Loans to and investments in associated companies as of December 31, 2016 Income (losses) related to associated companies Income (losses) related to Jefferies Group 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 December 31, 2017 Jefferies Finance $ 490,464 $ — $ 90,204 $ 74,799 $ — $ 655,467 Jefferies LoanCore (9) 154,731 — 22,368 (3,994 ) (173,105 ) — Berkadia 184,443 93,801 — (67,384 ) (266 ) 210,594 FXCM (4) 336,258 (177,644 ) — — 242 158,856 Garcadia Companies 185,815 48,198 — (54,870 ) — 179,143 Linkem 154,000 (32,561 ) — 31,996 38,701 192,136 HomeFed 302,231 7,725 — 31,918 — 341,874 Real estate associated companies (10) (11) 161,400 (6,224 ) — 35,204 (67,370 ) 123,010 Golden Queen (7) 111,302 (7,733 ) — 1,436 — 105,005 Other 44,454 (463 ) (3,177 ) 31,837 28,093 100,744 Total $ 2,125,098 $ (74,901 ) $ 109,395 $ 80,942 $ (173,705 ) $ 2,066,829 (1) Primarily classified in Other revenues. (2) In the fourth quarter of 2018, we transferred our interest in Berkadia to Jefferies Group. (3) As discussed more fully in Notes 1 and 27, in June 2018, we completed the sale of 48% of National Beef to Marfrig, reducing our then ownership in National Beef to 31% . As of the closing of the sale on June 5, 2018, we deconsolidated our investment in National Beef and accounted for our remaining interest under the equity method of accounting. The carrying value of our retained 31% interest was adjusted to a fair value of $592.3 million on the date of sale. On November 29, 2019, we sold our remaining 31% equity interest in National Beef to Marfrig and other shareholders. (4) As further described in Note 5, 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 the Consolidated Statements of Financial Condition. (5) Loans to and investments in associated companies at November 30, 2019 include loans and debt securities aggregating $70.2 million related to Linkem and Golden Queen. (6) As further described in Note 1, during the third quarter of 2019, we completed a merger with HomeFed by which we acquired the remaining common stock of HomeFed. From July 1, 2019, the results of HomeFed are reflected on a consolidated basis. From July 1, 2019, HomeFed's equity method investments are included in Real estate associated companies. (7) At November 30, 2019 and 2018, and December 31, 2017 , the balance reflects $15.7 million , $15.1 million and $30.5 million , respectively, related to a noncontrolling interest. (8) As more fully discussed in Note 1, during the third quarter of 2018, we sold 100% of our equity interests in Garcadia and our associated real estate to our former partners, the Garff family. (9) On October 31, 2017, Jefferies Group sold all of its membership interests in Jefferies LoanCore for approximately $173.1 million . (10) On November 30, 2017, we sold our interest in the general partner of the 54 Madison fund and as a result no longer control the 54 Madison investment committee. We retained two of the four seats on the investment committee and continue to have significant influence over the fund. We therefore deconsolidated the 54 Madison fund and account for our interest under the equity method of accounting. (11) At December 31, 2016, the balance reflects $95.3 million related to noncontrolling interests.
Schedule Of Summarized Data For Investments In Associated Companies	The following table provides summarized data for our equity method investments as of November 30, 2019 and 2018 and for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 (in thousands): November 30, 2019 November 30, 2018 Assets $ 14,699,672 $ 17,050,564 Liabilities 10,146,142 11,752,273 Noncontrolling interest 209,518 154,963 Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Revenues $ 10,589,489 $ 7,694,612 $ 4,883,063 Income from continuing operations before extraordinary items 732,575 852,649 503,489 Net income 749,649 798,615 438,881 The Company's income related to associated companies 248,693 130,685 34,494

Intangible Assets, Net and Go_2

Intangible Assets, Net and Goodwill (Tables)	12 Months Ended
	Nov. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets and goodwill	A summary of intangible assets, net and goodwill is as follows (in thousands): November 30, 2019 November 30, 2018 Indefinite lived intangibles: Exchange and clearing organization membership interests and registrations $ 8,273 $ 8,524 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $111,060 and $102,579 59,575 67,894 Trademarks and tradename, net of accumulated amortization of $24,800 and $21,086 103,790 107,262 Other, net of accumulated amortization of $5,366 and $4,339 (1) 11,316 4,611 Total intangible assets, net 182,954 188,291 Goodwill: Investment Banking and Capital Markets (1) (2) 1,556,810 1,555,381 Asset Management (1) 143,000 143,000 Real estate (3) 36,711 — Other operations 3,459 3,459 Total goodwill 1,739,980 1,701,840 Total intangible assets, net and goodwill $ 1,922,934 $ 1,890,131 (1) As discussed further in Note 28, during the three months ended February 29, 2020, we changed our internal structure with regard to our operating segments. As a result, we created a separate operating segment that consists of the asset management activity previously included within our Investment Banking, Capital Markets and Asset Management segment. In order to reallocate goodwill that was previously contained in our Investment Banking, Capital Markets and Asset Management segment to the newly created Investment Banking and Capital Markets segment and the Asset Management segment, we performed a fair value analysis of the components. Estimated fair values were determined based on valuation techniques that we believe market participants would use and included price-to-earnings, price-to-book multiples and discounted cash flow techniques. Based on the relative fair values of each of the components, $143.0 million of the total $1,699.8 million and $1,698.4 million goodwill within the historical Investment Banking, Capital Markets and Asset Management segment at November 30, 2019 and 2018, respectively, was allocated to the new Asset Management segment. We performed an impairment test immediately before and after the reallocation of goodwill between the new segments and the results of the impairment test did not indicate any goodwill impairment. (2) The increase in Investment Banking and Capital Markets goodwill during the twelve months ended November 30, 2019, primarily relates to translation adjustments. (3) In connection with the acquisition of the remaining interest in HomeFed, $11.0 million was allocated to intangible assets, primarily relating to lease contracts, and $4.3 million was allocated to goodwill. In addition, associated with the acquisition, we also recorded $32.4 million of goodwill generated by the establishment of $32.4 million of deferred tax liabilities related to allocated value exceeding the tax basis of some of the HomeFed net assets.
Schedule of amortization expense	The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows (in thousands): 2020 $ 14,982 2021 14,509 2022 11,215 2023 9,959 2024 8,703

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	12 Months Ended
	Nov. 30, 2019
Debt Disclosure [Abstract]
Schedule of Short-term Debt	short-term borrowings, which mature in one year or less, are as follows (in thousands): November 30, 2019 November 30, 2018 Bank loans (1) $ 527,509 $ 330,942 Floating rate puttable notes (1) — 56,550 Equity-linked notes 20,981 — Total short-term borrowings $ 548,490 $ 387,492 (1) These short-term borrowings are recorded at cost in the Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their liquid and short-term nature.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Nov. 30, 2019
Debt Disclosure [Abstract]
Schedule of outstanding 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): November 30, 2019 November 30, 2018 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 744,606 $ 743,397 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,772 246,719 Total long-term debt – Parent Company 991,378 990,116 Subsidiary Debt (non-recourse to Parent Company): Jefferies Group: 8.50% Senior Notes, due July 15, 2019, $0 and $680,800 principal — 699,659 2.375% Euro Medium Term Notes, due May 20, 2020, $550,875 and $565,500 principal 550,622 564,702 6.875% Senior Notes, due April 15, 2021, $750,000 principal 774,738 791,814 2.25% Euro Medium Term Notes, due July 13, 2022, $4,407 and $4,524 principal 4,204 4,243 5.125% Senior Notes, due January 20, 2023, $600,000 principal 610,023 612,928 1.00% Euro Medium Term Notes, due July 19, 2024, $550,875 and $0 principal 548,880 — 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 768,931 709,484 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 371,426 373,669 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 988,662 987,788 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 511,260 511,662 6.50% Senior Notes, due January 20, 2043, $400,000 principal 420,239 420,625 Structured Notes (2) (3) 1,215,285 686,170 Jefferies Group Revolving Credit Facility 189,088 183,539 Jefferies Group Secured Bank Loan 50,000 — HomeFed EB-5 Program debt 140,739 — Foursight Capital Credit Facilities 98,260 — Other 103,326 81,164 Total long-term debt – subsidiaries 7,345,683 6,627,447 Long-term debt $ 8,337,061 $ 7,617,563 (1) Amounts include a loss of $58.9 million and a gain of $27.4 million during the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 , respectively, associated with an interest rate swap based on its designation as a fair value hedge. See Notes 2 and 6 for further information. (2) 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 (loss) and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. (3) Of the $1,215.3 million of structured notes at November 30, 2019 , $28.0 million matures in 2022, $3.1 million matures in 2024 and the remaining $1,184.2 million matures in 2025 or thereafter.
Schedule of Annual Mandatory Redemptions of Long-term Debt	The aggregate annual mandatory redemptions of all long-term debt during the five year period ending November 30, 2024 are as follows (in millions): 2020 $ 551.2 2021 1,088.7 2022 32.4 2023 1,454.0 2024 696.4

Mezzanine Equity (Tables)

Mezzanine Equity (Tables)	12 Months Ended
	Nov. 30, 2019
Temporary Equity Disclosure [Abstract]
Schedule Of Redeemable Noncontrolling Interests	The following table shows the activity of National Beef's redeemable noncontrolling interests (prior to its deconsolidation in June 2018) during the eleven months ended November 30, 2018 (in thousands): Balance, January 1, 2018 $ 412,128 Income allocated to redeemable noncontrolling interests 37,141 Distributions to redeemable noncontrolling interests (70,681 ) Increase in fair value of redeemable noncontrolling interests charged to additional paid-in capital 21,404 Reversal of cumulative National Beef redeemable noncontrolling interests fair value adjustment prior to deconsolidation (237,669 ) Deconsolidation of National Beef (162,323 ) Balance, November 30, 2018 $ —

Compensation Plans (Tables)

Compensation Plans (Tables)	12 Months Ended
	Nov. 30, 2019
Share-based Compensation [Abstract]
Activity of Restricted Stock	The following table details the activity in restricted stock during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 (in thousands, except per share amounts): Restricted Stock Weighted- Average Grant Date Fair Value Balance at January 1, 2017 1,362 $ 22.09 Grants 391 $ 23.65 Forfeited — $ — Fulfillment of vesting requirement (611 ) $ 23.73 Balance at December 31, 2017 1,142 $ 21.75 Grants 1,077 $ 23.63 Forfeited (30 ) $ 16.49 Fulfillment of vesting requirement (394 ) $ 24.23 Balance at November 30, 2018 1,795 $ 22.42 Grants 518 $ 19.57 Forfeited — $ — Fulfillment of vesting requirement (305 ) $ 20.09 Balance at November 30, 2019 2,008 $ 22.04
Activity of Restricted Stock Units	The following table details the activity in RSUs related to the senior executive compensation plan during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 (in thousands, except per share amounts): Target Number of Shares Weighted- Average Grant Date Fair Value Balance at January 1, 2017 3,434 $ 9.68 Grants 2,221 $ 19.06 Forfeited — $ — Balance at December 31, 2017 5,655 $ 13.37 Grants 3,813 $ 26.16 Forfeited — $ — Balance at November 30, 2018 9,468 $ 18.52 Grants 1,237 $ 13.63 Forfeited — $ — Fulfillment of vesting requirement (4,214 ) $ 9.98 Balance at November 30, 2019 6,491 $ 23.13 The following table details the activity in RSUs during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 (in thousands, except per share amounts): Weighted-Average Grant Date Fair Value Future Service Required No Future Service Required Future Service Required No Future Service Required Balance at January 1, 2017 68 10,348 $ 26.90 $ 26.61 Grants — 104 $ — $ 21.55 Distributions of underlying shares — (175 ) $ — $ 26.46 Forfeited — — $ — $ — Fulfillment of service requirement (36 ) 36 $ 26.90 $ 26.90 Balance at December 31, 2017 32 10,313 $ 26.90 $ 26.57 Grants — 161 $ — $ 20.24 Distributions of underlying shares — (192 ) $ — $ 26.39 Forfeited (2 ) (1 ) $ 26.90 $ 22.16 Fulfillment of service requirement (28 ) 28 $ 26.90 $ 26.90 Balance at November 30, 2018 2 10,309 $ 26.90 $ 26.48 Grants 10 1,308 $ 18.83 $ 18.15 Distributions of underlying shares — (166 ) $ — $ 25.91 Forfeited — — $ — $ — Fulfillment of vesting requirement (1) (2 ) 4,216 $ 26.90 $ 9.99 Balance at November 30, 2019 10 15,667 $ 18.83 $ 21.35 (1) Fulfillment of vesting requirement during the twelve months ended November 30, 2019 , includes 4,214 RSUs related to the senior executive compensation plans.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Nov. 30, 2019
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 (loss), net of taxes is as follows (in thousands): November 30, 2019 November 30, 2018 December 31, 2017 Net unrealized gains on available for sale securities $ 141 $ 542,832 $ 572,085 Net unrealized foreign exchange losses (192,709 ) (193,402 ) (101,400 ) Net unrealized losses on instrument specific credit risk (18,889 ) (5,728 ) (34,432 ) Net unrealized gains (losses) on cash flow hedges — 470 (1,138 ) Net minimum pension liability (61,582 ) (55,886 ) (62,391 ) $ (273,039 ) $ 288,286 $ 372,724
Schedule Of Accumulated Other Comprehensive Income Reclassifications	Significant amounts reclassified out of accumulated other comprehensive income (loss) to net income are as follows (in thousands): Details about Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statement of Operations Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Net unrealized gains (losses) on available for sale securities, net of income tax provision (benefit) of $(545,054) and $37 $ 543,178 $ 109 Other revenues and Income tax provision (benefit) Net unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $(52) and $(16) (149 ) 20,459 Other revenues and Selling, general and other expenses Net unrealized gains (losses) on instrument specific credit risk, net of income tax provision (benefit) of $(144) and $311 (427 ) 916 Principal transactions revenues Net unrealized gains on cash flow hedges, net of income tax provision (benefit) of $161 and $0 470 — Other revenues Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(490) and $(697) (1,407 ) (2,044 ) Selling, general and other expenses, which includes pension expense. See Note 18 for information on this component. Other pension, net of income tax benefit of $0 and $0 — (5,305 ) Compensation and benefits expense Total reclassifications for the period, net of tax $ 541,665 $ 14,135

Pension Plans and Postretirem_2

Pension Plans and Postretirement Benefits (Tables)	12 Months Ended
	Nov. 30, 2019
Retirement Benefits [Abstract]
Components Of Defined Benefit Pension Plans	A summary of activity with respect to both plans is as follows (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 191,261 $ 211,257 Interest cost 8,070 6,783 Actuarial (gains) losses 29,539 (16,646 ) Settlement payments — (3,133 ) Benefits paid (9,996 ) (7,000 ) Projected benefit obligation, end of year $ 218,874 $ 191,261 Change in plan assets: Fair value of plan assets, beginning of year $ 138,992 $ 150,806 Actual return on plan assets 30,426 (7,676 ) Employer contributions 9,655 8,890 Benefits paid (9,996 ) (7,000 ) Settlement payments — (3,133 ) Administrative expenses (3,006 ) (2,895 ) Fair value of plan assets, end of year $ 166,071 $ 138,992 Funded status at end of year $ (52,803 ) $ (52,269 )
Schedule of Net Benefit Costs	The following table summarizes the components of net periodic pension cost and other amounts recognized in other comprehensive income (loss) excluding taxes (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Components of net periodic pension cost: Interest cost $ 8,070 $ 6,783 $ 8,119 Expected return on plan assets (7,456 ) (7,217 ) (7,689 ) Settlement charge — 365 — Actuarial losses 1,897 2,376 2,207 Net periodic pension cost $ 2,511 $ 2,307 $ 2,637 Amounts recognized in other comprehensive income (loss): Net (gains) losses arising during the period $ 9,576 $ 1,141 $ (5,453 ) Settlement charge — (365 ) — Amortization of net loss (1,897 ) (2,376 ) (2,207 ) Total recognized in other comprehensive income (loss) $ 7,679 $ (1,600 ) $ (7,660 ) Net amount recognized in net periodic benefit cost and other comprehensive income (loss) $ 10,190 $ 707 $ (5,023 )
Schedule Of Amounts Recognized In Other Comprehensive Income (Loss)	The following table summarizes the components of net periodic pension cost and other amounts recognized in other comprehensive income (loss) excluding taxes (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Components of net periodic pension cost: Interest cost $ 8,070 $ 6,783 $ 8,119 Expected return on plan assets (7,456 ) (7,217 ) (7,689 ) Settlement charge — 365 — Actuarial losses 1,897 2,376 2,207 Net periodic pension cost $ 2,511 $ 2,307 $ 2,637 Amounts recognized in other comprehensive income (loss): Net (gains) losses arising during the period $ 9,576 $ 1,141 $ (5,453 ) Settlement charge — (365 ) — Amortization of net loss (1,897 ) (2,376 ) (2,207 ) Total recognized in other comprehensive income (loss) $ 7,679 $ (1,600 ) $ (7,660 ) Net amount recognized in net periodic benefit cost and other comprehensive income (loss) $ 10,190 $ 707 $ (5,023 )
Schedule Of Assumptions For Pension Plan	The assumptions used are as follows: November 30, 2019 November 30, 2018 WilTel Plan Discount rate used to determine benefit obligation 3.00 % 4.35 % Weighted-average assumptions used to determine net pension cost: Discount rate 4.35 % 3.51 % Expected long-term return on plan assets 7.00 % 7.00 % Jefferies Group Plan Discount rate used to determine benefit obligation 2.90 % 4.30 % Weighted-average assumptions used to determine net pension cost: Discount rate 4.30 % 3.60 % Expected long-term return on plan assets 6.25 % 6.25 %
Schedule Of Expected Pension Benefit Payments	The following pension benefit payments are expected to be paid (in thousands): 2020 $ 9,749 2021 9,225 2022 10,001 2023 12,682 2024 13,044 2025 – 2029 67,655

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	12 Months Ended
	Nov. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands): Reportable Segments Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Consolidation Adjustments Total Twelve Months Ended November 30, 2019 Major Business Activity: Equities (1) $ 662,804 $ — $ — $ — $ (537 ) $ 662,267 Fixed Income (1) 13,505 — — — — 13,505 Investment Banking - Advisory 767,421 — — — — 767,421 Investment Banking - Underwriting 761,308 — — — (1,737 ) 759,571 Asset Management — 23,188 — — — 23,188 Manufacturing revenues — — 324,659 — — 324,659 Oil and gas revenues — — 173,626 — — 173,626 Other revenues — — 65,891 — — 65,891 Total revenues from contracts with customers $ 2,205,038 $ 23,188 $ 564,176 $ — $ (2,274 ) $ 2,790,128 Primary Geographic Region: Americas $ 1,751,568 $ 16,334 $ 562,837 $ — $ (581 ) $ 2,330,158 Europe, Middle East and Africa 374,411 6,854 935 — (1,693 ) 380,507 Asia 79,059 — 404 — — 79,463 Total revenues from contracts with customers $ 2,205,038 $ 23,188 $ 564,176 $ — $ (2,274 ) $ 2,790,128 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. Reportable Segments Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Consolidation Adjustments Total Eleven Months Ended November 30, 2018 Major Business Activity: Equities (1) $ 649,631 $ — $ — $ — $ (919 ) $ 648,712 Fixed Income (1) 13,839 — — — — 13,839 Investment Banking - Advisory 820,042 — — — (5,283 ) 814,759 Investment Banking - Underwriting 1,090,161 — — — (50 ) 1,090,111 Asset Management — 28,144 — — — 28,144 Manufacturing revenues — — 357,427 — — 357,427 Oil and gas revenues — — 136,109 — — 136,109 Other revenues — — 30,541 — — 30,541 Total revenues from contracts with customers $ 2,573,673 $ 28,144 $ 524,077 $ — $ (6,252 ) $ 3,119,642 Primary Geographic Region: Americas $ 2,186,955 $ 27,801 $ 522,541 $ — $ (6,252 ) $ 2,731,045 Europe, Middle East and Africa 304,027 343 1,264 — — 305,634 Asia 82,691 — 272 — — 82,963 Total revenues from contracts with customers $ 2,573,673 $ 28,144 $ 524,077 $ — $ (6,252 ) $ 3,119,642 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Revenues from contracts with customers: Commissions and other fees (1) $ 675,772 $ 662,546 Investment banking 1,526,992 1,904,870 Manufacturing revenues 324,659 357,427 Other 262,705 194,799 Total revenues from contracts with customers 2,790,128 3,119,642 Other sources of revenue: Principal transactions 559,300 232,224 Interest income 1,603,940 1,294,325 Other 405,288 363,537 Total revenues from other sources 2,568,528 1,890,086 Total revenues $ 5,358,656 $ 5,009,728 (1) As discussed in Note 2, during 2019, we have reclassified the presentation of certain other fees, primarily related to prime brokerage services offered to our clients. These fees were previously presented as Other revenues in the Consolidated Statements of Operations and are now presented within Commissions and other fees. There is no impact on Total revenues as a result of this change in presentation. Previously reported results are presented on a comparable basis.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Schedule Of Provision For Income Taxes	The provision for income taxes for continuing operations are as follows (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Current taxes: U.S. Federal $ (10,000 ) $ 10,000 $ (1,060 ) U.S. state and local 53,211 37,439 33,132 Foreign 11,026 11,077 14,597 Total current 54,237 58,516 46,669 Deferred taxes: U.S. Federal 83,197 39,448 586,014 U.S. state and local (73,482 ) (73,013 ) 1,452 Foreign (3,324 ) (5,943 ) 8,151 Total deferred 6,391 (39,508 ) 595,617 Recognition of accumulated other comprehensive income lodged taxes (544,583 ) — — Total income tax provision (benefit) $ (483,955 ) $ 19,008 $ 642,286
Schedule of Income before Income Tax, U.S. and non-U.S.	The following table presents the U.S. and non-U.S. components of income from continuing operations before income taxes (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 U.S. $ 495,566 $ 284,177 $ 535,955 Non-U.S. (1) (16,958 ) 11,923 70,547 Income from continuing operations before income taxes $ 478,608 $ 296,100 $ 606,502 (1) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S.
Schedule Of Reconciliation Of Expected Statutory Federal Income Tax To Actual Income Tax Provision (Benefit)	Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rates of 21% for the twelve months ended November 30, 2019 and eleven months ended November 30, 2018 and 35% for the twelve months ended December 31, 2017 to income from continuing operations before income taxes as a result of the following (dollars in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Amount Percent Amount Percent Amount Percent Computed expected federal income tax $ 100,508 21.0 % $ 62,181 21.0 % $ 212,276 35.0 % Increase (decrease) in income taxes resulting from: State and local income taxes, net of federal income tax benefit 25,648 5.4 12,391 4.2 14,115 2.3 Recognition of accumulated other comprehensive income lodged taxes (544,583 ) (113.8 ) — — — — International operations (including foreign rate differential) 4,518 0.9 1,823 0.6 (11,577 ) (1.9 ) Decrease in valuation allowance (19,993 ) (4.2 ) (48,058 ) (16.2 ) — — Permanent differences 10,545 2.2 12,331 4.2 4,933 0.8 Foreign tax credits (5,012 ) (1.0 ) (9,046 ) (3.1 ) (32,974 ) (5.4 ) Deferred tax asset remeasurement related to the Tax Act — — 5,673 1.9 415,000 68.4 Transition tax on foreign earnings related to the Tax Act (6,708 ) (1.4 ) 2,590 0.9 35,500 5.9 Base erosion and anti-abuse tax (BEAT) (10,000 ) (2.1 ) 10,000 3.4 — — Change in unrecognized tax benefits related to prior years (20,512 ) (4.3 ) (19,783 ) (6.7 ) 1,553 0.3 Spectrum Brands distribution 11,996 2.5 — — — — Acquisition of HomeFed (36,779 ) (7.7 ) — — — — Other, net 6,417 1.4 (11,094 ) (3.8 ) 3,460 0.5 Actual income tax provision $ (483,955 ) (101.1 )% $ 19,008 6.4 % $ 642,286 105.9 %
Schedule Of Reconciliation Of Unrecognized Tax Benefits	The following table presents a reconciliation of gross unrecognized tax benefits (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Balance at beginning of period $ 197,320 $ 169,020 $ 148,848 Increases based on tax positions related to the current period 42,306 48,083 18,619 Increases based on tax positions related to prior periods 33,007 17,521 10,358 Decreases based on tax positions related to prior periods (11,006 ) (36,324 ) (8,805 ) Decreases related to settlements with taxing authorities (1,489 ) (980 ) — Balance at end of period $ 260,138 $ 197,320 $ 169,020
Schedule Of Principal Components Of Deferred Taxes	The principal components of deferred taxes are as follows (in thousands): November 30, 2019 November 30, 2018 Deferred tax asset: Net operating loss carryover $ 48,695 $ 282,650 Compensation and benefits 260,590 269,788 Tax credits 91,390 66,272 Securities valuation reserves 92,407 76,931 Other 213,338 156,751 706,420 852,392 Valuation allowance (18,519 ) (38,512 ) 687,901 813,880 Deferred tax liability: Amortization of intangible assets (68,933 ) (69,970 ) Investment in associated companies (76,308 ) (171,006 ) Other (80,192 ) (60,115 ) (225,433 ) (301,091 ) Net deferred tax asset $ 462,468 $ 512,789

Other Results of Operations I_2

Other Results of Operations Information (Tables)	12 Months Ended
	Nov. 30, 2019
Nonoperating Income (Expense) [Abstract]
Schedule Of Other Income	Other revenue consists of the following (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Asset management fees and revenues $ 26,254 $ 28,144 $ 28,831 Dividend income 10,740 5,416 (452 ) Income from associated companies classified as other revenues 85,169 73,975 75,889 Revenues of oil and gas production and development businesses 175,169 127,090 61,541 Net realized securities gains (losses) 3,255 (939 ) 23,028 Gain on sale of National Beef 205,017 — — Gain on revaluation of our interest in HomeFed 72,142 — — Gain on sale of Garcadia — 221,712 — Gain on sale of Conwed — — 178,236 Other (1) 90,247 102,938 57,715 $ 667,993 $ 558,336 $ 424,788 (1) We have reclassified the presentation of certain other fees, primarily related to prime brokerage services offered to clients. These fees were previously presented as Other revenues in the Consolidated Statements of Operations and are now presented within Commissions and other fees. Previously reported results are presented on a comparable basis. This change had the impact of increasing Commissions and other fees and reducing Other revenues by $28.3 million and $23.8 million for the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. There is no impact on Total revenues as a result of this change in presentation.

Common Shares and Earnings Pe_2

Common Shares and Earnings Per Common Share (Tables)	12 Months Ended
	Nov. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share Computation	The numerators and denominators used to calculate basic and diluted earnings per share are as follows (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 959,593 $ 1,022,318 $ 167,351 Allocation of earnings to participating securities (1) (5,576 ) (5,107 ) (610 ) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 954,017 1,017,211 166,741 Adjustment to allocation of earnings to participating securities related to diluted shares (1) (5 ) 28 (14 ) Mandatorily redeemable convertible preferred share dividends 5,103 — — Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 959,115 $ 1,017,239 $ 166,727 Denominator for earnings per share: Weighted average common shares outstanding 297,796 337,817 358,482 Weighted average shares of restricted stock outstanding with future service required (1,939 ) (1,707 ) (1,349 ) Weighted average RSUs outstanding with no future service required 14,837 11,151 11,064 Denominator for basic earnings per share – weighted average shares 310,694 347,261 368,197 Stock options — 7 24 Senior executive compensation plan awards 2,140 4,007 2,480 Mandatorily redeemable convertible preferred shares 4,198 — — Denominator for diluted earnings per share 317,032 351,275 370,701 (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 1,947,600 , 1,724,800 and 1,401,000 for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 , respectively. Dividends declared on participating securities were $3.6 million during the twelve months ended November 30, 2019 and were not material during the eleven months ended November 30, 2018 and the twelve months ended December 31, 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 an_2

Commitments, Contingencies and Guarantees (Tables)	12 Months Ended
	Nov. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Commitments for Noncancelable Operating Leases	Future minimum annual rentals (exclusive of month-to-month leases, real estate taxes, maintenance and certain other charges) under these leases at November 30, 2019 are as follows (in thousands): 2020 $ 70,886 2021 73,374 2022 71,464 2023 62,552 2024 59,714 Thereafter 393,995 731,985 Less: sublease income (21,883 ) $ 710,102
Schedule of commitments	The following table summarizes commitments associated with certain business activities (in millions): Expected Maturity Date 2020 2021 2022 2024 2026 Maximum Payout Equity commitments (1) $ 174.8 $ 55.2 $ 75.0 $ — $ 14.3 $ 319.3 Loan commitments (1) 250.0 45.0 10.0 9.3 — 314.3 Underwriting commitments 13.5 — — — — 13.5 Forward starting reverse repos (2) 5,475.3 — — — — 5,475.3 Forward starting repos (2) 2,168.8 — — — — 2,168.8 Other unfunded commitments (1) 72.3 132.2 — 4.9 — 209.4 $ 8,154.7 $ 232.4 $ 85.0 $ 14.2 $ 14.3 $ 8,500.6 (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 November 30, 2019 , all of the forward starting securities purchased under agreements to resell and $2,157.7 million within forward starting securities sold under agreements to repurchase settled within three business days.
Schedule of Notional Amounts Associated with Derivative Contracts Meeting Definition Of Guarantee	The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under GAAP as of November 30, 2019 (in millions): Expected Maturity Date Guarantee Type 2020 2021 2022 2024 2026 Notional/ Maximum Payout Derivative contracts – non-credit related $ 9,854.0 $ 3,150.8 $ 4,453.6 $ 1,044.8 $ 48.2 $ 18,551.4 Written derivative contracts – credit related 1.5 — 2.7 29.7 — 33.9 Total derivative contracts $ 9,855.5 $ 3,150.8 $ 4,456.3 $ 1,074.5 $ 48.2 $ 18,585.3

Other Fair Value Information (T

Other Fair Value Information (Tables)	12 Months Ended
	Nov. 30, 2019
Fair Value Disclosures [Abstract]
Methods And Assumptions Used To Estimate The Fair Values	The carrying amounts and estimated fair values of our principal financial instruments that are not recognized at fair value on a recurring basis are as follows (in thousands): November 30, 2019 November 30, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Other Assets: Notes and loans receivable (1) $ 775,501 $ 784,053 $ 680,015 $ 676,152 Financial Liabilities: Short-term borrowings (2) 548,490 548,490 387,492 387,492 Long-term debt (3) 7,121,776 7,569,837 6,931,393 6,826,503 (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 carried at cost 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. Short-term borrowings that are accounted for at fair value include equity-linked notes, which are generally categorized within Level 2 of the fair value hierarchy, as the fair value is based on the price of the underlying equity security. (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.

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Nov. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Summary of results of discontinued operations	A summary of the results of discontinued operations for National Beef is as follows (in thousands): Period Ended June 4, 2018 (1) Twelve Months Ended December 31, 2017 Revenues: Beef processing services $ 3,137,611 $ 7,353,663 Interest income 131 339 Other 4,329 4,946 Total revenues 3,142,071 7,358,948 Expenses: Compensation and benefits 17,414 39,884 Cost of sales 2,884,983 6,764,055 Interest expense 4,316 6,657 Depreciation and amortization 43,959 98,515 Selling, general and other expenses 14,291 42,525 Total expenses 2,964,963 6,951,636 Income from discontinued operations before income taxes 177,108 407,312 Income tax provision 47,045 118,681 Income from discontinued operations, net of income tax provision $ 130,063 $ 288,631 (1) The operations of National Beef from January 1, 2018 through June 4, 2018, are included in discontinued operations for our eleven months ended November 30, 2018.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Nov. 30, 2019
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information, By Segment	Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 (In thousands) Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 3,035,988 $ 3,184,426 $ 3,169,860 Asset Management 84,894 (14,280 ) 91,101 Merchant Banking 735,213 577,278 801,190 Corporate 32,833 22,300 6,306 Total net revenues related to reportable segments 3,888,928 3,769,724 4,068,457 Consolidation adjustments 4,048 (5,690 ) 8,988 Total consolidated net revenues $ 3,892,976 $ 3,764,034 $ 4,077,445 Income (loss) from continuing operations before income taxes: Reportable Segments: Investment Banking and Capital Markets (1) $ 347,050 $ 464,913 $ 535,801 Asset Management (41,126 ) (133,729 ) 121 Merchant Banking (1) 289,492 88,971 197,375 Corporate (68,467 ) (66,140 ) (78,802 ) Income from continuing operations before income taxes related to reportable segments 526,949 354,015 654,495 Parent Company interest (53,048 ) (54,090 ) (58,943 ) Consolidation adjustments 4,707 (3,825 ) 10,950 Total consolidated income from continuing operations before income taxes $ 478,608 $ 296,100 $ 606,502 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 77,549 $ 67,467 $ 62,059 Asset Management 2,042 1,324 1,217 Merchant Banking 69,805 48,357 43,649 Corporate 3,475 3,169 3,470 Total consolidated depreciation and amortization expenses $ 152,871 $ 120,317 $ 110,395 November 30, 2019 November 30, 2018 December 31, 2017 Identifiable assets employed: Reportable Segments: Investment Banking and Capital Markets (1) (2) $ 40,523,223 $ 38,617,201 $ 38,376,686 Asset Management 3,313,716 2,633,585 2,083,174 Merchant Banking (1) 3,285,671 4,164,605 4,019,402 National Beef — — 1,460,539 Corporate 2,432,119 1,838,037 1,299,628 Identifiable assets employed related to reportable segments 49,554,729 47,253,428 47,239,429 Consolidation adjustments (94,495 ) (122,333 ) (70,321 ) Total consolidated assets $ 49,460,234 $ 47,131,095 $ 47,169,108 (1) Amounts related to Berkadia are included in Merchant Banking prior to their transfer to the Investment Banking and Capital Markets segment in the fourth quarter of 2018. Income from continuing operations before income taxes related to the net assets transferred were $78.7 million and $91.5 million for the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017, respectively. Identifiable assets employed related to the net assets transferred were $212.4 million at December 31, 2017. (2) Includes $197.7 million , $243.2 million and $213.0 million at November 30, 2019 and 2018, and December 31, 2017 , respectively, of the deferred tax asset, net.
Schedule Of Net Revenues By Geographic Region	Net revenues by geographic region were as follows (in thousands): Twelve Months Ended November 30, 2019 Eleven Months Ended November 30, 2018 Twelve Months Ended December 31, 2017 Americas (1) $ 3,188,353 $ 3,231,522 $ 3,482,094 Europe (2) 592,087 436,861 489,587 Asia 112,536 95,651 105,764 $ 3,892,976 $ 3,764,034 $ 4,077,445 (1) Substantially all relates to U.S. results. (2) Substantially all relates to U.K. results.

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Nov. 30, 2019
Selected Quarterly Financial Information [Abstract]
Schedule Of Selected Quarterly Financial Data	First Quarter (1) Second Quarter (2) Third Quarter (3) Fourth Quarter (4) (In thousands, except per share amounts) 2019 Net revenues $ 828,443 $ 1,101,657 $ 856,778 $ 1,106,098 Income from continuing operations 47,015 672,276 49,394 193,878 Net (income) loss attributable to the noncontrolling interest (1,066 ) 191 116 2,606 Net (income) loss attributable to the redeemable noncontrolling interests 138 (427 ) 242 333 Preferred stock dividends (1,276 ) (1,276 ) (1,275 ) (1,276 ) Net income attributable to Jefferies Financial Group Inc. common shareholders 44,811 670,764 48,477 195,541 Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: Net income $ 0.14 $ 2.17 $ 0.16 $ 0.63 Number of shares used in calculation 315,175 307,010 310,288 310,266 Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: Net income $ 0.14 $ 2.14 $ 0.15 $ 0.62 Number of shares used in calculation 318,752 312,527 311,897 316,566 2018 Net revenues $ 895,435 $ 911,159 $ 1,150,846 $ 806,594 Income (loss) from continuing operations 86,192 27,917 182,301 (19,318 ) Income from discontinued operations, net of taxes 52,957 77,106 — — Gain on disposal of discontinued operations, net of taxes — 643,921 — — Net (income) loss attributable to the noncontrolling interest 1,344 (136 ) 12,000 (233 ) Net (income) loss attributable to the redeemable noncontrolling interests (14,796 ) (22,108 ) (390 ) 31 Preferred stock dividends (1,172 ) (1,171 ) (1,276 ) (851 ) Net income (loss) attributable to Jefferies Financial Group Inc. common shareholders 124,525 725,529 192,635 (20,371 ) Basic earnings (loss) per common share attributable to Jefferies Financial Group Inc. common shareholders: Income (loss) from continuing operations $ 0.23 $ 0.08 $ 0.56 $ (0.06 ) Income from discontinued operations 0.11 0.15 — — Gain on disposal of discontinued operations — 1.82 — — Net income (loss) $ 0.34 $ 2.05 $ 0.56 $ (0.06 ) Number of shares used in calculation 366,427 352,049 341,434 329,101 Diluted earnings (loss) per common share attributable to Jefferies Financial Group Inc. common shareholders: Income (loss) from continuing operations $ 0.23 $ 0.08 $ 0.55 $ (0.06 ) Income from discontinued operations 0.11 0.15 — — Gain on disposal of discontinued operations — 1.80 — — Net income (loss) $ 0.34 $ 2.03 $ 0.55 $ (0.06 ) Number of shares used in calculation 373,461 356,075 350,307 329,101 (1) The first quarter of 2019 includes $27.1 million of equity income related to National Beef and a mark-to-market increase of $36.0 million in the value of our investment in Spectrum Brands. The first quarter of 2018 includes a mark-to-market decrease of $21.4 million in the value of our investment in HRG. (2) The second quarter of 2019 includes a nonrecurring tax benefit of $544.6 million related to the closing of our available for sale portfolio, which triggered the realization of lodged tax benefits from earlier years and $34.9 million of equity income related to National Beef. These increases were partially offset by a $11.3 million mark-to-market decrease in the value of our investment in Spectrum Brands. The second quarter of 2018 includes the after-tax gain on disposal of discontinued operations of $643.9 million from the National Beef transaction and a mark-to-market decrease of $158.4 million in the value of our investment in HRG. (3) The third quarter of 2019 includes a $72.1 million pre-tax gain related to the purchase of the remaining interest in HomeFed and $75.9 million of equity income related to National Beef. This increase was partially offset by a $146.0 million decrease in the estimated fair value of our investment in The We Company. The third quarter of 2018 includes a $221.7 million pre-tax gain on the sale of our Garcadia interests and $58.9 million of equity income related to National Beef. These increases were partially offset by a $47.9 million impairment loss related to Golden Queen and losses of $48.5 million from a decrease in the fair value of our investment in Spectrum Brands. (4) The fourth quarter of 2019 is comprised of the three months ended November 30, 2019 and the fourth quarter of 2018 is comprised of the two months ended November 30, 2018.

Nature of Operations (Details)

Nature of Operations (Details) $ in Thousands	Nov. 29, 2019USD ($)	Oct. 11, 2019shares	Jul. 01, 2019USD ($)shares	Jun. 05, 2018	Nov. 30, 2019USD ($)	Aug. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Nov. 30, 2018USD ($)	Nov. 30, 2019USD ($)Segment	Dec. 31, 2017USD ($)	Dec. 31, 2013USD ($)	Nov. 30, 2019USD ($)	Oct. 10, 2019	Jun. 30, 2019	Jul. 13, 2018	Jun. 04, 2018
Schedule of Equity Method Investments [Line Items]
Distributions from associated companies								$ 162,988	$ 467,157	$ 143,286
Number of shares authorized to be repurchased | shares			9,250,000
Berkadia
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					50.00%				50.00%			50.00%
National Beef
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				31.00%
Percentage of equity interest sold	31.00%
Ownership percentage																79.00%
Spectrum Brands
Schedule of Equity Method Investments [Line Items]
Ownership percentage						15.00%							15.00%		14.00%
Dividend distribution (in shares) | shares		7,514,477
Linkem
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					42.00%				42.00%			42.00%
Percentage of ownership upon conversion of preferred shares					54.00%				54.00%			54.00%
The We Company
Schedule of Equity Method Investments [Line Items]
Payments to acquire investments											$ 9,000
Cash received from investment												$ 31,000
HomeFed
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage														70.00%
Ownership percentage			100.00%
Number of shares issued per common stock of acquiree			2
Investment in FXCM
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					50.00%				50.00%			50.00%
Senior secured term loan receivable					$ 71,600				$ 71,600			$ 71,600
Jefferies Finance
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					50.00%				50.00%			50.00%
Jefferies Group
Schedule of Equity Method Investments [Line Items]
Number of reportable segments | Segment									2
Jefferies Group | Berkadia
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					50.00%				50.00%			50.00%
FXCM
Schedule of Equity Method Investments [Line Items]
Senior secured term loan receivable					$ 71,600				$ 71,600			$ 71,600
National Beef | Discontinued operations, disposed of by sale
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest sold	31.00%			48.00%
Ownership percentage				48.00%
National Beef | Disposal group, disposed of by sale, not discontinued operations
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest sold	31.00%				31.00%
Cash received from sale of subsidiary	$ 970,000
Proceeds from sale of associated companies	790,600
Distributions from associated companies	$ 179,400
Pre-tax gain recognized as result of sale					$ 205,000			0	$ 205,017	0
Garcadia Companies | Disposal group, disposed of by sale, not discontinued operations
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest sold							100.00%
Proceeds from sale of equity interests and associated real estate							$ 417,200
Pre-tax gain on sale of equity interests and associated real estate							$ 221,700	221,700
Vitesse Energy, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage					97.00%				97.00%			97.00%
JETX Energy
Schedule of Equity Method Investments [Line Items]
Ownership percentage					98.00%				98.00%			98.00%
Maximum | The We Company
Schedule of Equity Method Investments [Line Items]
Ownership percentage					1.00%				1.00%			1.00%
HomeFed
Schedule of Equity Method Investments [Line Items]
Stock issued related to acquisition (in shares) | shares			9,300,000
Stock issued related to acquisition			$ 178,800
Total fair value allocated in acquisition			596,400
Cash recorded in acquisition			101,700
Real estate recorded in acquisition			413,200
Investments in associated companies in acquisition			198,300
Deferred tax assets recorded in acquisition			37,400
Goodwill and intangibles recorded in acquisition			15,300
Other assets recorded in acquisition			6,600
Long-term debt recorded in acquisition			125,500
Payables, expense accruals and other liabilities recorded in acquisition			46,700
Noncontrolling interests recorded in acquisition			3,900
Additional goodwill generated by the establishment of deferred tax liabilities			32,400		$ 32,400				$ 32,400			$ 32,400
Deferred tax liabilities established in acquisition			$ 32,400		$ 32,400				32,400			$ 32,400
Estimated useful lives for intangibles acquired			4 years
Pre-tax gain recognized on acquisition						$ 72,100		$ 0	$ 72,142	$ 0

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 30, 2019	Nov. 30, 2018	Jun. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	Nov. 29, 2019
Long Lived Assets Held-for-sale [Line Items]
Revenues				$ 5,009,728	$ 5,358,656	$ 5,048,906
Receivables from brokers, dealers and clearing organizations	$ 3,011,000	$ 3,223,700		3,223,700	3,011,000
Receivables from customers of securities operations	1,490,900	2,017,100		2,017,100	1,490,900
Capitalized interest					6,200
Property, equipment and leasehold improvements, net	385,000	351,000		351,000	385,000
Payables to brokers, dealers and clearing organizations	2,621,700	2,465,600		2,465,600	2,621,700
Payables to customers of securities operations	3,808,600	3,176,700		3,176,700	3,808,600
Purchase of common shares for treasury settled subsequent to year end				17,600	$ 1,200
54 Madison
Long Lived Assets Held-for-sale [Line Items]
Increase in loans to and investments in associated companies of deconsolidated entity						123,000
Total assets of deconsolidated entity						612,900
Total liabilities of deconsolidated entity						330,500
Noncontrolling interests of deconsolidated entity						167,200
Minimum
Long Lived Assets Held-for-sale [Line Items]
Derivative hedging relationship effective percentage					80.00%
Maximum
Long Lived Assets Held-for-sale [Line Items]
Derivative hedging relationship effective percentage					125.00%
Commissions and other fees
Long Lived Assets Held-for-sale [Line Items]
Revenues				662,546	$ 675,772	617,020
Other
Long Lived Assets Held-for-sale [Line Items]
Revenues				558,336	667,993	424,788
Reclassified Presentation Of Certain Other Fees | Commissions and other fees | Jefferies Group
Long Lived Assets Held-for-sale [Line Items]
Revenues				28,300		23,800
Reclassified Presentation Of Certain Other Fees | Other | Jefferies Group
Long Lived Assets Held-for-sale [Line Items]
Revenues				(28,300)		$ (23,800)
Automobile Loan | Foursight Capital Credit Facilities
Long Lived Assets Held-for-sale [Line Items]
Loans receivables	$ 741,200	$ 648,700		$ 648,700	741,200
Loans Receivable | Prime | Automobile Loan | Credit Concentration Risk | Foursight Capital Credit Facilities
Long Lived Assets Held-for-sale [Line Items]
Concentration risk, percentage	15.00%	13.00%
Loans Receivable | Near-Prime | Automobile Loan | Credit Concentration Risk | Foursight Capital Credit Facilities
Long Lived Assets Held-for-sale [Line Items]
Concentration risk, percentage	53.00%	57.00%
Loans Receivable | Subprime | Automobile Loan | Credit Concentration Risk | Foursight Capital Credit Facilities
Long Lived Assets Held-for-sale [Line Items]
Concentration risk, percentage	32.00%	30.00%
HomeFed
Long Lived Assets Held-for-sale [Line Items]
Non-cash investing activities related to the issuance of common stock for acquisition					178,800
Iowa Premium
Long Lived Assets Held-for-sale [Line Items]
Membership interest purchase agreement, aggregate ownership interests to purchase			100.00%
Membership interest purchase agreement, proportionate share			$ 49,000
Spectrum Brands
Long Lived Assets Held-for-sale [Line Items]
Non-cash financing activities related to distribution of special dividend					451,100
Sale of Property
Long Lived Assets Held-for-sale [Line Items]
Non-cash investing activities related to sale					$ 16,400
Number of common stock exchanged with related party (in shares)							780,315
Number of common stock exchanged with related party, price per share (in USD per share)							$ 21.03

Significant Accounting Polici_5

Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Cash paid during the year for:
Interest, net of amounts capitalized	$ 1,377,781	$ 1,563,152	$ 1,120,191
Income tax payments (refunds), net	$ 37,559	$ 24,587	$ 15,361

Change in Year End (Details)

Change in Year End (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended							11 Months Ended		12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2019	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net revenues	$ 806,594	$ 1,106,098	$ 856,778	$ 1,101,657	$ 828,443	$ 1,150,846	$ 911,159	$ 895,435	$ 3,764,034	$ 4,031,333	$ 3,892,976	$ 4,077,445
Total expenses									3,524,957	3,336,359	3,617,363	3,396,042
Income (loss) related to associated companies									57,023	(76,864)	202,995	(74,901)
Income from continuing operations before income taxes									296,100	618,110	478,608	606,502
Income tax provision (benefit)									19,008	195,550	(483,955)	642,286
Income from continuing operations	(19,318)	193,878	49,394	672,276	47,015	182,301	27,917	86,192	277,092	422,560	962,563	(35,784)
Income from discontinued operations, including gain on disposal, net of taxes									773,984	267,321
Net (income) loss attributable to the redeemable noncontrolling interests	31	333	242	(427)	138	(390)	(22,108)	(14,796)	(37,263)	(78,506)	286	(84,576)
Net income attributable to Jefferies Financial Group Inc. common shareholders	$ (20,371)	$ 195,541	$ 48,477	$ 670,764	$ 44,811	$ 192,635	$ 725,529	$ 124,525	$ 1,022,318	$ 610,277	$ 959,593	$ 167,351
Basic earnings (loss) per common share attributable to Jefferies Financial Group Inc. common shareholders:
Income from continuing operations (USD per share)	$ (0.06)					$ 0.56	$ 0.08	$ 0.23	$ 0.82	$ 1.14	$ 3.07	$ (0.10)
Income from discontinued operations, including gain on disposal (USD per share)									2.11	0.51
Net income (USD per share)	(0.06)	$ 0.63	$ 0.16	$ 2.17	$ 0.14	0.56	2.05	0.34	2.93	1.65	3.07	0.45
Diluted earnings (loss) per common share attributable to Jefferies Financial Group Inc. common shareholders:
Income from continuing operations (USD per share)	(0.06)					0.55	0.08	0.23	0.81	1.13	3.03	(0.10)
Income from discontinued operations, including gain on disposal (USD per share)									2.09	0.50
Net income (USD per share)	$ (0.06)	$ 0.62	$ 0.15	$ 2.14	$ 0.14	$ 0.55	$ 2.03	$ 0.34	$ 2.90	$ 1.63	$ 3.03	$ 0.45

Accounting Developments (Detail

Accounting Developments (Details) - Accounting Standards Update 2016-02 $ in Millions	Dec. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, ROU assets	$ 545.8
Operating lease, liabilities	$ 614.9

Fair Value Disclosures - Schedu

Fair Value Disclosures - Schedule of Assets and Liabilities Measured on Recurring Basis at Fair Value (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Assets:
Trading assets, at fair value	$ 16,308,807	$ 17,068,897
Derivative assets	418,408	166,775
Counterparty and Cash Collateral Netting, assets	(1,433,197)	(2,413,931)
Securities purchased under agreements to resell	25,000
Securities received as collateral	9,500	0
Available for sale securities	0	1,409,886
Liabilities:
Trading liabilities, at fair value	10,532,460	9,478,946
Derivative liability	527,205	1,127,653
Counterparty and Cash Collateral Netting, liabilities	(1,632,178)	(2,513,050)
Short-term borrowings	20,981
Long-term debt	1,215,285	686,170
Obligation to Return Securities Received as Collateral	9,500	0
Level 1
Assets:
Trading assets, at fair value	5,941,623	6,091,056
Derivative assets	2,809	34,841
Securities purchased under agreements to resell	0
Securities received as collateral	9,500
Available for sale securities		1,072,856
Liabilities:
Trading liabilities, at fair value	5,971,928	4,831,081
Derivative liability	871	26,473
Short-term borrowings	0
Long-term debt	0	0
Obligation to Return Securities Received as Collateral	9,500
Level 2
Assets:
Trading assets, at fair value	11,245,763	12,688,016
Derivative assets	1,833,907	2,539,943
Securities purchased under agreements to resell	0
Securities received as collateral	0
Available for sale securities		337,030
Liabilities:
Trading liabilities, at fair value	6,086,328	7,126,481
Derivative liability	2,066,455	3,586,694
Short-term borrowings	20,981
Long-term debt	735,216	485,425
Obligation to Return Securities Received as Collateral	0
Level 3
Assets:
Trading assets, at fair value	554,618	703,756
Derivative assets	14,889	5,922
Securities purchased under agreements to resell	25,000
Securities received as collateral	0
Available for sale securities		0
Liabilities:
Trading liabilities, at fair value	106,382	34,434
Derivative liability	92,057	27,536
Short-term borrowings	0
Long-term debt	480,069	200,745
Obligation to Return Securities Received as Collateral	0
Fair Value Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative investments	586,934	394,359
Corporate equity securities
Assets:
Trading assets, at fair value	2,783,993	2,667,918
Liabilities:
Trading liabilities, at fair value	2,767,526	1,686,515
Obligation to Return Securities Received as Collateral	0	0
Corporate equity securities | Level 1
Assets:
Trading assets, at fair value	2,507,164	2,497,045
Liabilities:
Trading liabilities, at fair value	2,755,601	1,685,071
Corporate equity securities | Level 2
Assets:
Trading assets, at fair value	218,403	118,681
Liabilities:
Trading liabilities, at fair value	7,438	1,444
Corporate equity securities | Level 3
Assets:
Trading assets, at fair value	58,426	52,192
Liabilities:
Trading liabilities, at fair value	4,487	0
Corporate debt securities
Assets:
Trading assets, at fair value	2,479,735	2,692,664
Liabilities:
Trading liabilities, at fair value	1,471,482	1,506,140
Obligation to Return Securities Received as Collateral	0	0
Corporate debt securities | Level 1
Assets:
Trading assets, at fair value	0	0
Liabilities:
Trading liabilities, at fair value	0	0
Corporate debt securities | Level 2
Assets:
Trading assets, at fair value	2,472,245	2,683,180
Liabilities:
Trading liabilities, at fair value	1,471,142	1,505,618
Corporate debt securities | Level 3
Assets:
Trading assets, at fair value	7,490	9,484
Liabilities:
Trading liabilities, at fair value	340	522
Collateralized debt obligations and collateralized loan obligations
Assets:
Trading assets, at fair value	153,013	109,054
Collateralized debt obligations and collateralized loan obligations | Level 1
Assets:
Trading assets, at fair value	0	0
Collateralized debt obligations and collateralized loan obligations | Level 2
Assets:
Trading assets, at fair value	124,225	72,949
Collateralized debt obligations and collateralized loan obligations | Level 3
Assets:
Trading assets, at fair value	28,788	36,105
U.S. government and federal agency securities
Assets:
Trading assets, at fair value	2,260,242	1,846,206
Available for sale securities		1,072,856
Liabilities:
Trading liabilities, at fair value	1,851,981	1,384,295
U.S. government and federal agency securities | Level 1
Assets:
Trading assets, at fair value	2,101,624	1,789,614
Liabilities:
Trading liabilities, at fair value	1,851,981	1,384,295
U.S. government and federal agency securities | Level 2
Assets:
Trading assets, at fair value	158,618	56,592
Liabilities:
Trading liabilities, at fair value	0	0
U.S. government and federal agency securities | Level 3
Assets:
Trading assets, at fair value	0	0
Liabilities:
Trading liabilities, at fair value	0	0
Municipal securities
Assets:
Trading assets, at fair value	742,326	894,253
Liabilities:
Obligation to Return Securities Received as Collateral	0	0
Municipal securities | Level 1
Assets:
Trading assets, at fair value	0	0
Municipal securities | Level 2
Assets:
Trading assets, at fair value	742,326	894,253
Municipal securities | Level 3
Assets:
Trading assets, at fair value	0	0
Sovereign obligations
Assets:
Trading assets, at fair value	2,735,853	2,812,965
Liabilities:
Trading liabilities, at fair value	2,304,540	2,396,337
Obligation to Return Securities Received as Collateral	0	0
Sovereign obligations | Level 1
Assets:
Trading assets, at fair value	1,330,026	1,769,556
Liabilities:
Trading liabilities, at fair value	1,363,475	1,735,242
Sovereign obligations | Level 2
Assets:
Trading assets, at fair value	1,405,827	1,043,409
Liabilities:
Trading liabilities, at fair value	941,065	661,095
Sovereign obligations | Level 3
Assets:
Trading assets, at fair value	0	0
Liabilities:
Trading liabilities, at fair value	0	0
Residential mortgage-backed securities
Assets:
Trading assets, at fair value	1,086,806	2,183,232
Available for sale securities		210,518
Residential mortgage-backed securities | Level 1
Assets:
Trading assets, at fair value	0	0
Available for sale securities		0
Residential mortgage-backed securities | Level 2
Assets:
Trading assets, at fair value	1,069,066	2,163,629
Available for sale securities		210,518
Residential mortgage-backed securities | Level 3
Assets:
Trading assets, at fair value	17,740	19,603
Available for sale securities		0
Commercial mortgage-backed securities
Assets:
Trading assets, at fair value	430,170	830,292
Available for sale securities		15,642
Liabilities:
Trading liabilities, at fair value	35
Commercial mortgage-backed securities | Level 1
Assets:
Trading assets, at fair value	0	0
Available for sale securities		0
Liabilities:
Trading liabilities, at fair value	0
Commercial mortgage-backed securities | Level 2
Assets:
Trading assets, at fair value	424,060	819,406
Available for sale securities		15,642
Liabilities:
Trading liabilities, at fair value	0
Commercial mortgage-backed securities | Level 3
Assets:
Trading assets, at fair value	6,110	10,886
Available for sale securities		0
Liabilities:
Trading liabilities, at fair value	35
Other asset-backed securities
Assets:
Trading assets, at fair value	346,410	292,556
Available for sale securities		110,870
Other asset-backed securities | Level 1
Assets:
Trading assets, at fair value	0	0
Available for sale securities		0
Other asset-backed securities | Level 2
Assets:
Trading assets, at fair value	303,847	239,381
Available for sale securities		110,870
Other asset-backed securities | Level 3
Assets:
Trading assets, at fair value	42,563	53,175
Available for sale securities		0
Loans and other receivables
Assets:
Trading assets, at fair value	2,574,631	2,103,578
Liabilities:
Obligation to Return Securities Received as Collateral	0	0
Loans and other receivables | Level 1
Assets:
Trading assets, at fair value	0	0
Loans and other receivables | Level 2
Assets:
Trading assets, at fair value	2,460,551	2,056,593
Loans and other receivables | Level 3
Assets:
Trading assets, at fair value	114,080	46,985
Investments at fair value
Assets:
Trading assets, at fair value	238,100	396,254
Investments at fair value | Level 1
Assets:
Trading assets, at fair value	0	0
Investments at fair value | Level 2
Assets:
Trading assets, at fair value	32,688	0
Investments at fair value | Level 3
Assets:
Trading assets, at fair value	205,412	396,254
FXCM term loan
Assets:
Trading assets, at fair value	59,120	73,150
FXCM term loan | Level 1
Assets:
Trading assets, at fair value	0	0
FXCM term loan | Level 2
Assets:
Trading assets, at fair value	0	0
FXCM term loan | Level 3
Assets:
Trading assets, at fair value	59,120	73,150
Loans
Liabilities:
Trading liabilities, at fair value	1,609,691	1,378,006
Loans | Level 1
Liabilities:
Trading liabilities, at fair value	0	0
Loans | Level 2
Liabilities:
Trading liabilities, at fair value	1,600,228	1,371,630
Loans | Level 3
Liabilities:
Trading liabilities, at fair value	$ 9,463	6,376
U.S. government securities
Assets:
Available for sale securities		1,072,856
U.S. government securities | Level 1
Assets:
Available for sale securities		1,072,856
U.S. government securities | Level 2
Assets:
Available for sale securities		0
U.S. government securities | Level 3
Assets:
Available for sale securities		$ 0

Fair Value Disclosures - Invest

Fair Value Disclosures - Investments at Fair Value (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2013
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 14,621	$ 20,996	$ 14,621
Trading assets	16,895,741	17,463,256	16,895,741
Equity Long/Short Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 0	$ 0	$ 0
Percentage of investment at fair value, redemption restriction	94.00%	0.00%	94.00%
Investment redemption restriction period	36 months
Percentage of investments redeemable	6.00%	17.00%	6.00%
Percentage of investments redeemed during period			82.00%
Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 14,621	$ 20,996	$ 14,621
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		9 years	9 years
Commodity Fund
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	0	$ 0	$ 0
Multi-asset Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 0	$ 0	$ 0
Percentage of investments redeemable	5.00%	15.00%	5.00%
Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 0	$ 0	$ 0
Fair Value Measured at NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	586,934	394,359	586,934
Fair Value Measured at NAV | Equity Long/Short Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	291,593	86,788	291,593
Fair Value Measured at NAV | Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	44,576	40,070	44,576
Fair Value Measured at NAV | Commodity Fund
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	16,025	10,129	16,025
Fair Value Measured at NAV | Multi-asset Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	234,583	256,972	234,583
Fair Value Measured at NAV | Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	157	400	157
The We Company
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Payments to acquire investments				$ 9,000
Trading assets	$ 53,800	$ 254,400	$ 53,800
The We Company | Maximum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Ownership percentage by noncontrolling owners (less than)	1.00%		1.00%
60 Days Prior Written Notice | Equity Long/Short Hedge Funds
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
60 Days Prior Written Notice | Commodity Fund
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
30 Days Prior Written Notice | Multi-asset Funds
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

Fair Value Disclosures - Inve_2

Fair Value Disclosures - Investment in FXCM (Details) - Investment in FXCM $ in Millions	Nov. 30, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior secured term loan receivable	$ 71.6
Equity method investment, ownership percentage	50.00%

Fair Value Disclosures - Nonrec

Fair Value Disclosures - Nonrecurring Fair Value Measurements (Details) $ in Millions	2 Months Ended	3 Months Ended		11 Months Ended
	Nov. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Mar. 31, 2017USD ($)	Nov. 30, 2018USD ($)
Investment in FXCM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment impairment	$ 62.1		$ 130.2
Investment in FXCM | Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments, fair value	$ 75		$ 186.7	$ 75
Investment In Golden Queen
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment impairment		$ 47.9		$ 47.9
Investment In Golden Queen | Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investments, fair value		$ 62.3
Measurement Input, Discount Rate | Investment in FXCM | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, measurement input	0.185		0.15	0.185
Measurement Input, Discount Rate | Investment In Golden Queen | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, measurement input		0.12
Measurement Input, EBITDA Multiple | Investment in FXCM | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, measurement input			5.4
Measurement Input, Revenue Multiple | Investment in FXCM | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, measurement input			1.5

Fair Value Disclosures - Level

Fair Value Disclosures - Level 3 Rollforwards (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) (realized and unrealized)	$ 79,200	$ (217,000)	$ 5,900
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) (realized and unrealized)	(33,600)	(44,500)	(1,700)
Change in unrealized gains/(losses) included in other comprehensive income relating to instruments still held	19,400	(11,000)
Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	22,270	52,192	21,739
Total gains (losses) (realized and unrealized)	24,914	(11,407)	3,353
Purchases	31,669	69,065	896
Sales	(22,759)	(28,159)	(1,623)
Settlements	(3,977)	(18,208)	52
Issuances	0	0	0
Net transfers into (out of) Level 3	75	(5,057)	(2,147)
Ending Balance	52,192	58,426	22,270
Change in unrealized gains/(losses) relating to instruments still held	23,665	(13,848)	2,606
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	48	0	313
Total gains (losses) (realized and unrealized)	0	(2,649)	60
Purchases	0	(4,322)	(373)
Sales	0	11,458	48
Settlements	0	0	0
Issuances	0	0	0
Net transfers into (out of) Level 3	(48)	0	0
Ending Balance	0	4,487	48
Change in unrealized gains/(losses) relating to instruments still held	0	1,928	0
Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	26,036	9,484	25,005
Total gains (losses) (realized and unrealized)	(439)	(4,860)	(3,723)
Purchases	10,352	8,900	36,850
Sales	(23,364)	(13,854)	(34,077)
Settlements	(1,679)	(379)	(1,968)
Issuances	0	0	0
Net transfers into (out of) Level 3	(1,422)	8,199	3,949
Ending Balance	9,484	7,490	26,036
Change in unrealized gains/(losses) relating to instruments still held	(2,606)	(6,176)	(3,768)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	522	522	523
Total gains (losses) (realized and unrealized)	0	(381)	(1)
Purchases	0	(457)	0
Sales	0	0	0
Settlements	0	(524)	0
Issuances	0	0	0
Net transfers into (out of) Level 3	0	1,180	0
Ending Balance	522	340	522
Change in unrealized gains/(losses) relating to instruments still held	0	383	1
CDOs and CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	42,184	36,105	54,354
Total gains (losses) (realized and unrealized)	(16,258)	(514)	(27,238)
Purchases	356,650	49,658	112,239
Sales	(353,330)	(38,147)	(101,226)
Settlements	(10,247)	(12,494)	(367)
Issuances	0	0	0
Net transfers into (out of) Level 3	17,106	(5,820)	4,422
Ending Balance	36,105	28,788	42,184
Change in unrealized gains/(losses) relating to instruments still held	(9,495)	(2,330)	(20,262)
Municipal securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0		27,257
Total gains (losses) (realized and unrealized)			(1,547)
Purchases			0
Sales			(25,710)
Settlements			0
Issuances			0
Net transfers into (out of) Level 3			0
Ending Balance			0
Change in unrealized gains/(losses) relating to instruments still held			0
Residential mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	26,077	19,603	38,772
Total gains (losses) (realized and unrealized)	(6,970)	(1,669)	(10,817)
Purchases	3,118	1,954	6,805
Sales	(12,816)	(2,472)	(26,193)
Settlements	(513)	(152)	(115)
Issuances	0	0	0
Net transfers into (out of) Level 3	10,707	476	17,625
Ending Balance	19,603	17,740	26,077
Change in unrealized gains/(losses) relating to instruments still held	521	(530)	(7,201)
Commercial mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	12,419	10,886	20,580
Total gains (losses) (realized and unrealized)	(2,186)	(2,888)	(5,346)
Purchases	1,436	206	3,275
Sales	(471)	(2,346)	(5,263)
Settlements	(16,624)	(5,317)	(1,018)
Issuances	0	0	0
Net transfers into (out of) Level 3	16,312	5,569	191
Ending Balance	10,886	6,110	12,419
Change in unrealized gains/(losses) relating to instruments still held	(4,000)	(2,366)	(6,976)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	105	0	0
Total gains (losses) (realized and unrealized)	(105)	35	105
Purchases	0	0	0
Sales	0	0	0
Settlements	0	0	0
Issuances	0	0	0
Net transfers into (out of) Level 3	0	0	0
Ending Balance	0	35	105
Change in unrealized gains/(losses) relating to instruments still held	0	35	(105)
Other asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	61,129	53,175	40,911
Total gains (losses) (realized and unrealized)	(9,934)	433	(17,705)
Purchases	706,846	104,097	77,508
Sales	(677,220)	(73,335)	(8,613)
Settlements	(27,641)	(51,374)	(25,799)
Issuances	0	0	0
Net transfers into (out of) Level 3	(5)	9,567	(5,173)
Ending Balance	53,175	42,563	61,129
Change in unrealized gains/(losses) relating to instruments still held	(5,283)	(98)	(12,562)
Loans and other receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	47,304	46,985	81,872
Total gains (losses) (realized and unrealized)	(5,137)	(4,507)	24,794
Purchases	149,228	106,965	63,768
Sales	(130,832)	(48,350)	(53,095)
Settlements	(15,311)	(5,788)	(34,622)
Issuances	0	0	0
Net transfers into (out of) Level 3	1,733	18,775	(35,413)
Ending Balance	46,985	114,080	47,304
Change in unrealized gains/(losses) relating to instruments still held	(8,457)	(2,321)	17,451
Investments at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	329,944	396,254	314,359
Total gains (losses) (realized and unrealized)	76,636	(183,480)	20,975
Purchases	9,798	11,236	18,528
Sales	(17,570)	(28,749)	(22,818)
Settlements	0	0	(1,100)
Issuances	0	0	0
Net transfers into (out of) Level 3	(2,554)	10,151	0
Ending Balance	396,254	205,412	329,944
Change in unrealized gains/(losses) relating to instruments still held	76,042	(180,629)	22,999
Investment in FXCM
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	72,800	73,150	164,500
Total gains (losses) (realized and unrealized)	18,616	(8,139)	23,161
Purchases	0	1,500	0
Sales	0	0	0
Settlements	(18,266)	(7,391)	(114,861)
Issuances	0	0	0
Net transfers into (out of) Level 3	0	0	0
Ending Balance	73,150	59,120	72,800
Change in unrealized gains/(losses) relating to instruments still held	7,723	(8,139)	1,070
Securities purchased under agreements to resell
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		0
Total gains (losses) (realized and unrealized)		0
Purchases		0
Sales		0
Settlements		0
Issuances		25,000
Net transfers into (out of) Level 3		0
Ending Balance	0	25,000
Change in unrealized gains/(losses) relating to instruments still held		0
Loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	3,486	6,376	378
Total gains (losses) (realized and unrealized)	84	(1,382)	196
Purchases	(4,626)	(2,573)	(385)
Sales	7,432	6,494	2,485
Settlements	0	0	0
Issuances	0	0	0
Net transfers into (out of) Level 3	0	548	812
Ending Balance	6,376	9,463	3,486
Change in unrealized gains/(losses) relating to instruments still held	(28)	1,382	(2,639)
Derivatives
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	6,746	21,614	3,441
Total gains (losses) (realized and unrealized)	(3,237)	(21,452)	(1,638)
Purchases	(17)	(4,323)	0
Sales	14,920	36,144	0
Settlements	(1,335)	2,227	5,558
Issuances	0	0	456
Net transfers into (out of) Level 3	4,537	42,958	(1,071)
Ending Balance	21,614	77,168	6,746
Change in unrealized gains/(losses) relating to instruments still held	(646)	12,098	(17,740)
Long-term debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0	200,745
Total gains (losses) (realized and unrealized)	(30,347)	(18,662)
Purchases	0	0
Sales	0	0
Settlements	0	(11,250)
Issuances	84,860	348,275
Net transfers into (out of) Level 3	146,232	(39,039)
Ending Balance	200,745	480,069	0
Change in unrealized gains/(losses) relating to instruments still held	10,951	$ 29,656
Other secured financings
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 0		418
Total gains (losses) (realized and unrealized)			(418)
Purchases			0
Sales			0
Settlements			0
Issuances			0
Net transfers into (out of) Level 3			0
Ending Balance			0
Change in unrealized gains/(losses) relating to instruments still held			$ 0

Fair Value Disclosures - Analys

Fair Value Disclosures - Analysis of Level 3 Assets and Liabilities Narrative (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	$ 57,800	$ 68,600	$ 38,200
Transfers of assets from Level 3 to Level 2	12,300	26,700	54,900
Net gains (losses) on Level 3 assets (realized and unrealized)	79,200	(217,000)	5,900
Net gains (losses) on Level 3 liabilities (realized and unrealized)	33,600	44,500	1,700
Excluded assets from unobservable quantitative information	40,300	79,900
Excluded liabilities from unobservable quantitative information	500	400
Loans and other receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3		27,400
Transfers of assets from Level 3 to Level 2		8,600	40,900
Net gains (losses) on Level 3 assets (realized and unrealized)	(5,137)	(4,507)	24,794
Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3		12,100
Transfers of assets from Level 3 to Level 2		2,600
Net gains (losses) on Level 3 assets (realized and unrealized)	(9,934)	433	(17,705)
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3		8,900	8,300
Transfers of assets from Level 3 to Level 2	3,600
Net gains (losses) on Level 3 assets (realized and unrealized)	(439)	(4,860)	(3,723)
Net gains (losses) on Level 3 liabilities (realized and unrealized)	0	381	1
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	16,300	5,600
Net gains (losses) on Level 3 assets (realized and unrealized)	(2,186)	(2,888)	(5,346)
Net gains (losses) on Level 3 liabilities (realized and unrealized)	105	(35)	(105)
CDOs and CLOs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	17,300	3,000
Transfers of assets from Level 3 to Level 2		8,800
Net gains (losses) on Level 3 assets (realized and unrealized)	(16,258)	(514)	(27,238)
Corporate equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 3 to Level 2	2,900	6,000
Net gains (losses) on Level 3 assets (realized and unrealized)	24,914	(11,407)	3,353
Net gains (losses) on Level 3 liabilities (realized and unrealized)	0	2,649	(60)
Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3		57,200
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3		14,300
Net gains (losses) on Level 3 liabilities (realized and unrealized)	3,237	21,452	1,638
Long-term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	146,200	22,600
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3		61,700
Net gains (losses) on Level 3 liabilities (realized and unrealized)	30,347	18,662
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	15,300		19,600
Transfers of assets from Level 3 to Level 2	4,600
Net gains (losses) on Level 3 assets (realized and unrealized)	(6,970)	(1,669)	(10,817)
Investments at fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3		10,200
Net gains (losses) on Level 3 assets (realized and unrealized)	76,636	(183,480)	20,975
Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) on Level 3 assets (realized and unrealized)			(1,547)
Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) on Level 3 liabilities (realized and unrealized)	$ (84)	$ 1,382	$ (196)

Fair Value Disclosures - Quanti

Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018USD ($)	Nov. 30, 2019USD ($)	Nov. 30, 2019	Nov. 30, 2019$ / shares	Nov. 30, 2019€ / Bond	Nov. 30, 2019$ / Bond	Nov. 30, 2019gbpPerShare	Nov. 30, 2018	Nov. 30, 2018$ / shares	Nov. 30, 2018€ / Bond	Nov. 30, 2018$ / Bond
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Securities purchased under agreements to resell		$ 25,000
Trading liabilities, fair value	$ 9,478,946	10,532,460
Derivative assets	166,775	418,408
Derivative liability	1,127,653	527,205
Long-term debt, fair value	686,170	1,215,285
Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading liabilities, fair value	1,686,515	2,767,526
Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading liabilities, fair value	1,506,140	1,471,482
Commercial mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading liabilities, fair value		35
Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading liabilities, fair value	1,378,006	1,609,691
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Securities purchased under agreements to resell		25,000
Trading liabilities, fair value	34,434	106,382
Derivative assets	5,922	14,889
Derivative liability	27,536	92,057
Long-term debt, fair value	200,745	480,069
Level 3 | Price | Market approach | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input					74	84				68	78
Level 3 | Price | Market approach | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input					103	108				110	94
Level 3 | Price | Market approach | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input					91	96				96	86
Level 3 | Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, fair value	43,644	29,017
Trading liabilities, fair value	0	4,487
Level 3 | Corporate equity securities | Transaction level | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading liabilities, measurement input | $ / shares				1
Level 3 | Non-exchange traded securities | Price | Market approach | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / shares				1					1
Level 3 | Non-exchange traded securities | Price | Market approach | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / shares				140					75
Level 3 | Non-exchange traded securities | Price | Market approach | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / shares				55					12
Level 3 | Non-exchange traded securities | Underlying stock price | Market approach | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / shares				3
Level 3 | Non-exchange traded securities | Underlying stock price | Market approach | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / shares				5
Level 3 | Non-exchange traded securities | Underlying stock price | Market approach | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / shares				4
Level 3 | Non-exchange traded securities | Transaction level | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / shares									47
Level 3 | Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, fair value	9,484	7,490
Trading liabilities, fair value	522	340
Level 3 | Corporate debt securities | Underlying stock price | Scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | gbpPerShare							0.4
Level 3 | Corporate debt securities | Estimated recovery percentage | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.46
Level 3 | Corporate debt securities | Estimated recovery percentage | Scenario analysis | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.23
Level 3 | Corporate debt securities | Estimated recovery percentage | Scenario analysis | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.85
Level 3 | Corporate debt securities | Estimated recovery percentage | Scenario analysis | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.46
Level 3 | Corporate debt securities | Volatility | Scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.44
Level 3 | Corporate debt securities | Credit spread | Scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			750
Level 3 | Corporate debt securities | Transaction level | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / Bond											80
Level 3 | CDOs and CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, fair value	36,105	28,788
Level 3 | CDOs and CLOs | Estimated recovery percentage | Scenario analysis | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.0325					0.02
Level 3 | CDOs and CLOs | Estimated recovery percentage | Scenario analysis | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.365					0.41
Level 3 | CDOs and CLOs | Estimated recovery percentage | Scenario analysis | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.25					0.23
Level 3 | CDOs and CLOs | Constant prepayment rate | Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.20
Level 3 | CDOs and CLOs | Constant prepayment rate | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.10
Level 3 | CDOs and CLOs | Constant prepayment rate | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.20
Level 3 | CDOs and CLOs | Constant prepayment rate | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.18
Level 3 | CDOs and CLOs | Constant default rate | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.01					0.01
Level 3 | CDOs and CLOs | Constant default rate | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.02					0.02
Level 3 | CDOs and CLOs | Constant default rate | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.02					0.02
Level 3 | CDOs and CLOs | Loss severity | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.25					0.25
Level 3 | CDOs and CLOs | Loss severity | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.37					0.30
Level 3 | CDOs and CLOs | Loss severity | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.29					0.26
Level 3 | CDOs and CLOs | Discount rate/yield | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.12					0.11
Level 3 | CDOs and CLOs | Discount rate/yield | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.21					0.16
Level 3 | CDOs and CLOs | Discount rate/yield | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.15					0.14
Level 3 | Residential mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, fair value	$ 19,603	$ 17,740
Level 3 | Residential mortgage-backed securities | Price | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / Bond											100
Level 3 | Residential mortgage-backed securities | Loss severity | Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0
Level 3 | Residential mortgage-backed securities | Discount rate/yield | Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.03					0.03
Level 3 | Residential mortgage-backed securities | Cumulative loss rate | Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.02					0.04
Level 3 | Residential mortgage-backed securities | Duration (years) | Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term	13 years	6 years 3 months 18 days
Level 3 | Commercial mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, fair value	$ 9,444	$ 6,110
Trading liabilities, fair value		$ 35
Level 3 | Commercial mortgage-backed securities | Price | Scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / Bond											49
Level 3 | Commercial mortgage-backed securities | Estimated recovery percentage | Scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.44					0.26
Level 3 | Commercial mortgage-backed securities | Loss severity | Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.64
Level 3 | Commercial mortgage-backed securities | Discount rate/yield | Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.85
Level 3 | Commercial mortgage-backed securities | Discount rate/yield | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.02
Level 3 | Commercial mortgage-backed securities | Discount rate/yield | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.15
Level 3 | Commercial mortgage-backed securities | Discount rate/yield | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.06
Level 3 | Commercial mortgage-backed securities | Cumulative loss rate | Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.073
Level 3 | Commercial mortgage-backed securities | Cumulative loss rate | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.08
Level 3 | Commercial mortgage-backed securities | Cumulative loss rate | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.85
Level 3 | Commercial mortgage-backed securities | Cumulative loss rate | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.45
Level 3 | Commercial mortgage-backed securities | Duration (years) | Discounted cash flows
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term		2 months 12 days
Level 3 | Commercial mortgage-backed securities | Duration (years) | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term	1 year
Level 3 | Commercial mortgage-backed securities | Duration (years) | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term	3 years
Level 3 | Commercial mortgage-backed securities | Duration (years) | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term	1 year
Level 3 | Other asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, fair value	$ 53,175	$ 42,563
Level 3 | Other asset-backed securities | Price | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / Bond											100
Level 3 | Other asset-backed securities | Discount rate/yield | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.07					0.06
Level 3 | Other asset-backed securities | Discount rate/yield | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.15					0.12
Level 3 | Other asset-backed securities | Discount rate/yield | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.11					0.08
Level 3 | Other asset-backed securities | Cumulative loss rate | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.07					0.12
Level 3 | Other asset-backed securities | Cumulative loss rate | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.31					0.30
Level 3 | Other asset-backed securities | Cumulative loss rate | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.16					0.22
Level 3 | Other asset-backed securities | Duration (years) | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term	1 year	6 months
Level 3 | Other asset-backed securities | Duration (years) | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term	2 years	3 years
Level 3 | Other asset-backed securities | Duration (years) | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term	1 year	1 year 6 months
Level 3 | Loans and other receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, fair value	$ 46,078	$ 112,574
Level 3 | Loans and other receivables | Price | Market approach | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / Bond						36					50
Level 3 | Loans and other receivables | Price | Market approach | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / Bond						100					100
Level 3 | Loans and other receivables | Price | Market approach | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / Bond						90					96
Level 3 | Loans and other receivables | Estimated recovery percentage | Scenario analysis | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.87					0.13
Level 3 | Loans and other receivables | Estimated recovery percentage | Scenario analysis | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			1.04					1.17
Level 3 | Loans and other receivables | Estimated recovery percentage | Scenario analysis | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.99					1.05
Level 3 | Loans and other receivables | Term based on the pay off (years) | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term		0 months
Level 3 | Loans and other receivables | Term based on the pay off (years) | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term		1 month 6 days
Level 3 | Loans and other receivables | Term based on the pay off (years) | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term		1 month 6 days
Level 3 | Interest rate swaps, unfunded commitments and equity options
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets		$ 13,826
Level 3 | Interest rate swaps | Price | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Liability, Measurement Input | $ / Bond											20
Level 3 | Interest rate swaps | Basis points upfront | Market approach | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input			0
Derivative Liability, Measurement Input			0
Level 3 | Interest rate swaps | Basis points upfront | Market approach | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input			16
Derivative Liability, Measurement Input			22
Level 3 | Interest rate swaps | Basis points upfront | Market approach | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input			6
Derivative Liability, Measurement Input			13
Level 3 | Unfunded commitments | Price | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input | $ / Bond						88
Derivative Liability, Measurement Input | $ / Bond						88
Level 3 | Equity options | Volatility | Volatility benchmarking
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input			0.45
Level 3 | Equity options | Volatility | Volatility benchmarking | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Liability, Measurement Input			0.21					0.39
Level 3 | Equity options | Volatility | Volatility benchmarking | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Liability, Measurement Input			0.61					0.62
Level 3 | Equity options | Volatility | Volatility benchmarking | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Liability, Measurement Input			0.43					0.50
Level 3 | Equity options | Default probability | Option model/default rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Liability, Measurement Input								0
Level 3 | Cross currency swaps | Basis points upfront | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Liability, Measurement Input			2
Level 3 | Total return swaps
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative assets	4,602
Level 3 | Total return swaps | Price | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input | $ / Bond											97
Derivative Liability, Measurement Input | $ / Bond											97
Level 3 | Investments at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, fair value	$ 368,231	157,504
Level 3 | Investments at fair value | Price | Market approach | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / shares				8					3
Level 3 | Investments at fair value | Price | Market approach | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / shares				250					250
Level 3 | Investments at fair value | Price | Market approach | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / shares				80					108
Level 3 | Investments at fair value | Volatility | Contingent claims analysis | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.25
Level 3 | Investments at fair value | Volatility | Contingent claims analysis | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.35
Level 3 | Investments at fair value | Volatility | Contingent claims analysis | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.30
Level 3 | Investments at fair value | Discount rate/yield | Scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input								0.20
Level 3 | Investments at fair value | Discount rate/yield | Scenario analysis | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.19
Level 3 | Investments at fair value | Discount rate/yield | Scenario analysis | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.21
Level 3 | Investments at fair value | Discount rate/yield | Scenario analysis | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0.20
Level 3 | Investments at fair value | Duration (years) | Contingent claims analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term	4 years
Level 3 | Investments at fair value | Revenue growth | Scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input			0					0
Level 3 | Investments at fair value | Transaction level | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input | $ / shares									169
Level 3 | Investment in FXCM
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, fair value	$ 73,150	$ 59,120
Level 3 | Investment in FXCM | Term based on the pay off (years) | Discounted cash flows | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term	0 months	0 months
Level 3 | Investment in FXCM | Term based on the pay off (years) | Discounted cash flows | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term	9 days	1 year 2 months 12 days
Level 3 | Investment in FXCM | Term based on the pay off (years) | Discounted cash flows | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading assets, measurement input, term	9 days	1 year 2 months 12 days
Level 3 | Securities purchased under agreements to resell
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Securities purchased under agreements to resell		$ 25,000
Level 3 | Securities purchased under agreements to resell | Duration (years) | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Securities purchased under agreements to resell, measurement input, term		1 year 6 months
Level 3 | Securities purchased under agreements to resell | Spread to 6 month LIBOR | Market approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Securities purchased under agreements to resell, measurement input			500
Level 3 | Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Trading liabilities, fair value	$ 6,376	$ 9,463
Debt instrument, fair value	$ 6,376	$ 9,463
Level 3 | Loans | Price | Market approach | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, measurement input | $ / Bond						50					50
Level 3 | Loans | Price | Market approach | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, measurement input | $ / Bond						100					101
Level 3 | Loans | Price | Market approach | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, measurement input | $ / Bond						88					74
Level 3 | Loans | Estimated recovery percentage | Scenario analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, measurement input			0.01

Fair Value Disclosures - Summar

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	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Trading Assets:	$ (3,856)	$ (2,072)	$ 22,088
Changes in instrument specific credit risk	916	(427)	0
Financial instruments sold
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans	(46)	656	0
Loan commitments	(739)	(1,089)	230
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument specific credit risk	38,064	(20,332)	(34,609)
Other changes in fair value	48,748	(25,144)	47,291
Short-term borrowings
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument specific credit risk	0	114	0
Other changes in fair value	$ 0	$ (863)	$ (681)

Fair Value Disclosures - Summ_2

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	Nov. 30, 2019	Nov. 30, 2018
Fair Value Disclosures [Abstract]
Loans and other receivables	$ 1,546,516	$ 961,554
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	197,215	158,392
Long-term debt and short-term borrowings	74,408	114,669
Loans and other receivables 90 days or greater past due	$ 22,200	$ 20,500

Fair Value Disclosures - Fair V

Fair Value Disclosures - Fair Value Option Election Narrative (Details) - USD ($) $ in Thousands	Oct. 11, 2019	Nov. 30, 2018	May 31, 2019	Feb. 28, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	Oct. 10, 2019	Sep. 16, 2019	Aug. 31, 2019	Jul. 13, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and other receivables on nonaccrual status and/or 90 days or greater past due		$ 105,300						$ 105,300	$ 127,000
Loans and other receivables 90 days or greater past due		19,400						19,400	24,800
Trading assets		17,463,256						17,463,256	16,895,741
HRG
Fair Value, Option, Quantitative Disclosures [Line Items]
Cash consideration paid for shares		475,600						475,600
Spectrum Brands
Fair Value, Option, Quantitative Disclosures [Line Items]
Trading assets		371,100						371,100
HRG Group/Spectrum Brands
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value of investments reflected as principal transactions								$ (418,800)	$ 80,000	$ 64,800
Spectrum Brands
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value of investments reflected as principal transactions		$ (190,400)	$ (11,300)	$ 36,000	$ (48,500)
Shares owned, number													7,514,477
Ownership percentage											15.00%		15.00%	14.00%
Dividend distribution (in shares)	7,514,477
Dividends payable												$ 451,100
Spectrum Brands | HRG
Fair Value, Option, Quantitative Disclosures [Line Items]
Ownership percentage														62.00%
HRG
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value of investments reflected as principal transactions						$ (158,400)	$ (21,400)
Shares owned, number										46,600,000
Percentage of outstanding common stock owned										23.00%
Ownership percentage														23.00%
KCG
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in fair value of investments reflected as principal transactions										$ 93,400

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
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	$ 796,797	$ 707,960
US Treasury securities | Level 1
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	$ 35,000	$ 34,800

Derivative Financial Instrume_3

Derivative Financial Instruments Derivative Financial Instruments - Fair Value And Related Number Of Derivative Contracts (Details) $ in Thousands	Nov. 30, 2019USD ($)Contract	Nov. 30, 2018USD ($)Contract
Derivatives, Fair Value [Line Items]
Net Amounts in Consolidated Statements of Financial Condition, Assets	$ 418,408	$ 166,775
Net Amounts in Consolidated Statements of Financial Condition, Liabilities	527,205	1,127,653
Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	1,822,942	2,580,706
Fair Value, Liabilities	2,159,383	3,611,056
Interest rate contracts: | Derivatives designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	28,663	0
Fair Value, Liabilities	0	29,647
Cleared OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	244,401	433,874
Fair Value, Liabilities	290,201	443,072
Amounts offset in Consolidated Statement of Financial Condition, Assets	(222,869)	(407,351)
Amounts offset in Consolidated Statement of Financial Condition, Liabilities	(266,900)	(418,779)
Cleared OTC | Interest rate contracts: | Derivatives designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 28,663	$ 0
Number of Contracts, Assets | Contract	1	0
Fair Value, Liabilities	$ 0	$ 29,647
Number of Contracts, Liabilities | Contract	0	1
Cleared OTC | Interest rate contracts: | Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 213,224	$ 422,670
Number of Contracts, Assets | Contract	3,329	2,095
Fair Value, Liabilities	$ 284,433	$ 411,833
Number of Contracts, Liabilities | Contract	3,443	2,394
Cleared OTC | Foreign exchange contracts | Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets		$ 0
Number of Contracts, Assets | Contract		0
Fair Value, Liabilities		$ 36
Number of Contracts, Liabilities | Contract		3
Cleared OTC | Commodity contracts: | Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 2,514	$ 11,204
Number of Contracts, Assets | Contract	13	7
Fair Value, Liabilities	$ 5,768	$ 1,556
Number of Contracts, Liabilities | Contract	12	14
Exchange-traded
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 718,685	$ 1,231,525
Fair Value, Liabilities	962,638	2,061,924
Amounts offset in Consolidated Statement of Financial Condition, Assets	(688,871)	(1,190,951)
Amounts offset in Consolidated Statement of Financial Condition, Liabilities	(688,871)	(1,190,951)
Exchange-traded | Interest rate contracts: | Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 1,191	$ 924
Number of Contracts, Assets | Contract	65,226	32,159
Fair Value, Liabilities	$ 103	$ 513
Number of Contracts, Liabilities | Contract	38,464	66,095
Exchange-traded | Foreign exchange contracts | Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 0	$ 42
Number of Contracts, Assets | Contract	256	538
Fair Value, Liabilities	$ 0	$ 2
Number of Contracts, Liabilities | Contract	199	690
Exchange-traded | Equity contracts | Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 717,494	$ 1,202,927
Number of Contracts, Assets | Contract	1,714,538	2,104,684
Fair Value, Liabilities	$ 962,535	$ 2,061,137
Number of Contracts, Liabilities | Contract	1,481,388	1,779,836
Exchange-traded | Commodity contracts | Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 0	$ 27,632
Number of Contracts, Assets | Contract	5,524	7,272
Fair Value, Liabilities	$ 0	$ 272
Number of Contracts, Liabilities | Contract	4,646	4,185
Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 888,519	$ 915,307
Fair Value, Liabilities	906,544	1,135,707
Amounts offset in Consolidated Statement of Financial Condition, Assets	(521,457)	(815,629)
Amounts offset in Consolidated Statement of Financial Condition, Liabilities	(676,407)	(903,320)
Bilateral OTC | Interest rate contracts: | Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 421,700	$ 372,899
Number of Contracts, Assets | Contract	1,325	1,398
Fair Value, Liabilities	$ 258,857	$ 491,697
Number of Contracts, Liabilities | Contract	738	816
Bilateral OTC | Foreign exchange contracts | Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 191,218	$ 311,228
Number of Contracts, Assets | Contract	9,257	9,548
Fair Value, Liabilities	$ 187,836	$ 314,951
Number of Contracts, Liabilities | Contract	9,187	9,909
Bilateral OTC | Equity contracts | Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 248,720	$ 207,221
Number of Contracts, Assets | Contract	4,731	5,126
Fair Value, Liabilities	$ 445,241	$ 315,996
Number of Contracts, Liabilities | Contract	4,271	2,764
Bilateral OTC | Commodity contracts | Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 20,600	$ 10,191
Number of Contracts, Assets | Contract	4,084	1,274
Fair Value, Liabilities	$ 391	$ 1,445
Number of Contracts, Liabilities | Contract	359	1,498
Bilateral OTC | Commodity contracts: | Derivatives not designated as accounting hedges:
Derivatives, Fair Value [Line Items]
Fair Value, Assets	$ 6,281	$ 13,768
Number of Contracts, Assets | Contract	25	123
Fair Value, Liabilities	$ 14,219	$ 11,618
Number of Contracts, Liabilities | Contract	28	79

Derivative Financial Instrume_4

Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense of Jefferies Group	$ 1,824	$ (2,546)	$ 6,033
Unrealized and realized gains (losses) on derivative contracts	(177,436)	(294,871)	(319,318)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses) on derivative contracts	67,291	(188,605)	3,171
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses) on derivative contracts	226	(822)	4,376
Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses) on derivative contracts	(267,187)	(108,961)	(319,775)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses) on derivative contracts	21,785	(5,630)	(9,049)
Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses) on derivative contracts	449	9,147	1,959
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense of Jefferies Group	(25,539)	56,385	(2,091)
Long-term debt
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense of Jefferies Group	$ 27,363	$ (58,931)	$ 8,124

Derivative Financial Instrume_5

Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Details) $ in Thousands	Nov. 30, 2019USD ($)
OTC Derivative Assets
0-12 Months	$ 200,377
1-5 Years	216,814
Greater Than 5 Years	149,796
Cross- Maturity Netting	(27,506)
Total	539,481
Cross product counterparty netting	(32,208)
Total OTC derivative assets included in Trading assets	507,273
OTC Derivative Liabilities
0-12 Months	124,924
1-5 Years	321,723
Greater Than 5 Years	189,575
Cross-Maturity Netting	(27,506)
Total	608,716
Cross product counterparty netting	(32,208)
Total OTC derivative liabilities included in Trading liabilities	576,508
Exchange traded derivative assets and other credit agreements	37,200
Cash collateral received	126,100
Exchange traded derivative liabilities and other credit agreements	275,700
Cash collateral pledged	325,000
Commodity swaps, options and forwards
OTC Derivative Assets
0-12 Months	16,634
1-5 Years	3,966
Greater Than 5 Years	0
Cross- Maturity Netting	(391)
Total	20,209
OTC Derivative Liabilities
0-12 Months	391
1-5 Years	0
Greater Than 5 Years	0
Cross-Maturity Netting	(391)
Total	0
Equity forwards, swaps and options
OTC Derivative Assets
0-12 Months	44,065
1-5 Years	2,302
Greater Than 5 Years	7,442
Cross- Maturity Netting	(6,612)
Total	47,197
OTC Derivative Liabilities
0-12 Months	25,342
1-5 Years	173,359
Greater Than 5 Years	77,052
Cross-Maturity Netting	(6,612)
Total	269,141
Credit default swaps
OTC Derivative Assets
0-12 Months	49
1-5 Years	1,059
Greater Than 5 Years	15
Cross- Maturity Netting	(62)
Total	1,061
OTC Derivative Liabilities
0-12 Months	1,245
1-5 Years	3,688
Greater Than 5 Years	8,160
Cross-Maturity Netting	(62)
Total	13,031
Total return swaps
OTC Derivative Assets
0-12 Months	58,845
1-5 Years	34,546
Greater Than 5 Years	0
Cross- Maturity Netting	(554)
Total	92,837
OTC Derivative Liabilities
0-12 Months	28,096
1-5 Years	41,160
Greater Than 5 Years	0
Cross-Maturity Netting	(554)
Total	68,702
Foreign currency forwards, swaps and options
OTC Derivative Assets
0-12 Months	46,651
1-5 Years	11,123
Greater Than 5 Years	62
Cross- Maturity Netting	(4,855)
Total	52,981
OTC Derivative Liabilities
0-12 Months	48,388
1-5 Years	9,786
Greater Than 5 Years	45
Cross-Maturity Netting	(4,855)
Total	53,364
Fixed income forwards
OTC Derivative Assets
0-12 Months	986
1-5 Years	0
Greater Than 5 Years	0
Cross- Maturity Netting	0
Total	986
OTC Derivative Liabilities
0-12 Months	581
1-5 Years	0
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total	581
Interest rate swaps, options and forwards
OTC Derivative Assets
0-12 Months	33,147
1-5 Years	163,818
Greater Than 5 Years	142,277
Cross- Maturity Netting	(15,032)
Total	324,210
OTC Derivative Liabilities
0-12 Months	20,881
1-5 Years	93,730
Greater Than 5 Years	104,318
Cross-Maturity Netting	(15,032)
Total	$ 203,897

Derivative Financial Instrume_6

Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Details) $ in Thousands	Nov. 30, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
A- or higher	$ 127,355
BBB- to BBB	31,536
BB or lower	193,338
Unrated	155,044
Total OTC derivative assets included in Trading assets	$ 507,273

Derivative Financial Instrume_7

Derivative Financial Instruments - Credit Related Derivative Contracts (Details) - USD ($) $ in Millions	Nov. 30, 2019	Nov. 30, 2018
Index credit default swaps
Derivative [Line Items]
Derivative notional amount	$ 35	$ 193.1
Single name credit default swaps
Derivative [Line Items]
Derivative notional amount	33.9	145.2
Investment Grade | Index credit default swaps
Derivative [Line Items]
Derivative notional amount	3	25.7
Investment Grade | Single name credit default swaps
Derivative [Line Items]
Derivative notional amount	3.4	57.7
Non-investment Grade | Index credit default swaps
Derivative [Line Items]
Derivative notional amount	32	167.4
Non-investment Grade | Single name credit default swaps
Derivative [Line Items]
Derivative notional amount	29	84.5
Unrated | Index credit default swaps
Derivative [Line Items]
Derivative notional amount	0	0
Unrated | Single name credit default swaps
Derivative [Line Items]
Derivative notional amount	$ 1.5	$ 3

Derivative Financial Instrume_8

Derivative Financial Instruments - Contingent Features (Details) - USD ($) $ in Millions	Nov. 30, 2019	Nov. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instrument liabilities with credit-risk-related contingent features	$ 42.9	$ 93.5
Collateral posted	(3.1)	(61.5)
Collateral received	114.1	91.5
Return of and additional collateral required in the event of a credit rating downgrade below investment grade	$ 154	$ 123.3

Collateralized Transactions - C

Collateralized Transactions - Collateral Pledged (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Lending Arrangements	$ 1,525,140	$ 1,838,688
Repurchase Agreements	18,756,917	17,193,486
Obligation to return securities received as collateral	9,500	0
Total	20,291,557	19,032,174
Corporate equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Lending Arrangements	1,314,395	1,505,218
Repurchase Agreements	129,558	487,124
Obligation to return securities received as collateral	0	0
Total	1,443,953	1,992,342
Corporate debt securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Lending Arrangements	191,311	333,221
Repurchase Agreements	1,730,526	1,853,309
Obligation to return securities received as collateral	0	0
Total	1,921,837	2,186,530
Mortgage-backed and asset-backed securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Lending Arrangements	0	249
Repurchase Agreements	1,745,145	2,820,543
Obligation to return securities received as collateral	0	0
Total	1,745,145	2,820,792
U.S. government and federal agency securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Lending Arrangements	19,434	0
Repurchase Agreements	10,863,997	8,181,947
Obligation to return securities received as collateral	9,500	0
Total	10,892,931	8,181,947
Municipal securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	498,202	604,274
Obligation to return securities received as collateral	0	0
Total	498,202	604,274
Sovereign securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	3,016,563	2,945,521
Obligation to return securities received as collateral	0	0
Total	3,016,563	2,945,521
Loans and other receivables
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities Lending Arrangements	0	0
Repurchase Agreements	772,926	300,768
Obligation to return securities received as collateral	0	0
Total	$ 772,926	$ 300,768

Collateralized Transactions -_2

Collateralized Transactions - Contractual Maturity (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 1,525,140	$ 1,838,688
Repurchase agreements	18,756,917	17,193,486
Obligation to Return Securities Received as Collateral	9,500	0
Total	20,291,557	19,032,174
Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	694,821	807,347
Repurchase agreements	6,614,026	7,849,052
Obligation to Return Securities Received as Collateral	0
Total	7,308,847	8,656,399
Up to 30 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	1,556,260	1,915,325
Obligation to Return Securities Received as Collateral	0
Total	1,556,260	1,915,325
31 to 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	672,969	560,417
Repurchase agreements	8,988,528	6,042,951
Obligation to Return Securities Received as Collateral	9,500
Total	9,670,997	6,603,368
Greater than 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	157,350	470,924
Repurchase agreements	1,598,103	1,386,158
Obligation to Return Securities Received as Collateral	0
Total	$ 1,755,453	$ 1,857,082

Collateralized Transactions - N

Collateralized Transactions - Narrative (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Banking and Thrift [Abstract]
Fair value of securities received as collateral that may be sold or repledged	$ 28,700,000	$ 23,100,000
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 796,797	$ 707,960

Collateralized Transactions Col

Collateralized Transactions Collateralized Transactions - Offsetting of Securities Financing Agreements (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Securities borrowing arrangements, Assets
Gross Amounts	$ 7,624,642	$ 6,538,212
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	7,624,642	6,538,212
Additional Amounts Available for Setoff	(361,394)	(468,778)
Available Collateral	(1,479,433)	(1,193,986)
Net Amount	5,783,815	4,875,448
Reverse repurchase agreements, Assets
Gross Amounts	15,551,845	11,336,175
Netting in Consolidated Statements of Financial Condition	(11,252,247)	(8,550,417)
Net Amounts in Consolidated Statements of Financial Condition	4,299,598	2,785,758
Additional Amounts Available for Setoff	(291,316)	(609,225)
Available Collateral	(3,929,977)	(2,126,730)
Net Amount	78,305	49,803
Securities lending arrangements, Liabilities
Gross Amounts	1,525,140	1,838,688
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	1,525,140	1,838,688
Additional Amounts Available for Setoff	(361,394)	(468,778)
Available Collateral	(970,799)	(1,343,704)
Net Amount	192,947	26,206
Repurchase agreements, Liabilities
Gross Amounts	18,756,917	17,193,486
Netting in Consolidated Statements of Financial Condition	(11,252,247)	(8,550,417)
Net Amounts in Consolidated Statements of Financial Condition	7,504,670	8,643,069
Additional Amounts Available for Setoff	(291,316)	(609,225)
Available Collateral	(6,663,807)	(7,070,967)
Net Amount	549,547	962,877
Securities borrowing agreement, subject to review	5,683,400	4,825,700
Securities borrowing agreement, collateral received, subject to review	5,523,600	4,711,700
Repurchase agreement, net amount, subject to review	439,700	931,700
Repurchase agreements, collateral pledged, subject to review	447,500	$ 963,600
Obligation to return securities received as collateral
Securities lending arrangements, Liabilities
Gross Amounts	9,500
Netting in Consolidated Statements of Financial Condition	0
Net Amounts in Consolidated Statements of Financial Condition	9,500
Additional Amounts Available for Setoff	0
Available Collateral	0
Net Amount	9,500
Securities received as collateral
Securities borrowing arrangements, Assets
Gross Amounts	9,500
Netting in Consolidated Statements of Financial Condition	0
Net Amounts in Consolidated Statements of Financial Condition	9,500
Additional Amounts Available for Setoff	0
Available Collateral	0
Net Amount	$ 9,500

Securitization Activities - Act

Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Details) - USD ($) $ in Millions	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Transfers and Servicing [Abstract]
Transferred assets	$ 7,159.3	$ 4,780.9	$ 4,552.9
Proceeds on new securitizations	7,165.3	4,852.8	4,594.5
Cash flows received on retained interests	$ 48.5	$ 48.3	$ 28.7

Securitization Activities - Sum

Securitization Activities - Summary of Retained Interests in SPEs (Details) - USD ($) $ in Millions	Nov. 30, 2019	Nov. 30, 2018
Residential mortgage-backed securities
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
U.S. government agency residential mortgage-backed securities	$ 10,671.7	$ 13,633.5
Retained Interests	103.3	365.3
Commercial mortgage-backed securities
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
U.S. government agency commercial mortgage-backed securities	1,374.8	2,027.6
Retained Interests	45.8	185.6
CLOs
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
CLOs	3,006.7	3,512
Retained Interests	58.4	20.9
Consumer and other loans
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
Consumer and other loans	1,149.3	604.1
Retained Interests	$ 71.8	$ 48.9

Available for Sale Securities_3

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	Nov. 30, 2019	Nov. 30, 2018
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		$ 1,411,762
Gross Unrealized Gains		378
Gross Unrealized Losses		2,254
Estimated Fair Value	$ 0	1,409,886
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		1,073,038
Gross Unrealized Gains		1
Gross Unrealized Losses		183
Estimated Fair Value		1,072,856
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		211,209
Gross Unrealized Gains		376
Gross Unrealized Losses		1,067
Estimated Fair Value		210,518
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		16,068
Gross Unrealized Gains		0
Gross Unrealized Losses		426
Estimated Fair Value		15,642
Other asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		111,447
Gross Unrealized Gains		1
Gross Unrealized Losses		578
Estimated Fair Value		$ 110,870

Available for Sale Securities_4

Available for Sale Securities and Other Investments - Narrative (Details) - USD ($) $ in Millions	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019
Investments [Abstract]
Other investment not readily marketable, fair value	$ 230	$ 172.8
Investments impairment	0.2	5.5
Realized gains on other investments	$ 0.2	$ 13.8

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Consolidated VIEs (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Liabilities	$ 39,706,945	$ 36,907,059
Assets	49,460,234	47,131,095	$ 47,169,108
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Liabilities	3,071,100	1,535,800
Assets	645,800	704,400
Variable Interest Entity, Primary Beneficiary | Other secured financings
Variable Interest Entity [Line Items]
Consolidated VIEs liabilities, eliminated in consolidation		1,000
Variable Interest Entity, Primary Beneficiary | Other
Variable Interest Entity [Line Items]
Consolidated VIEs liabilities, eliminated in consolidation	17,700	44,100
Securitization vehicles VIEs | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Liabilities	3,088,700	1,581,200
Assets	3,111,600	1,587,500
Securitization vehicles VIEs | Variable Interest Entity, Primary Beneficiary | Securities purchased under agreements to resell
Variable Interest Entity [Line Items]
Assets	2,467,300	883,100
Securitization vehicles VIEs | Variable Interest Entity, Primary Beneficiary | Receivables
Variable Interest Entity [Line Items]
Assets	605,600	626,000
Securitization vehicles VIEs | Variable Interest Entity, Primary Beneficiary | Other
Variable Interest Entity [Line Items]
Assets	38,700	78,400
Securitization vehicles VIEs | Variable Interest Entity, Primary Beneficiary | Other secured financings
Variable Interest Entity [Line Items]
Liabilities	3,068,600	1,535,300
Securitization vehicles VIEs | Variable Interest Entity, Primary Beneficiary | Other
Variable Interest Entity [Line Items]
Liabilities	$ 20,100	$ 45,900

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Nonconsolidated VIEs, assets carrying amount	$ 1,107,900	$ 746,400
Investment in associated company	1,652,957	2,417,332	$ 2,066,829	$ 2,125,098
Related party private equity vehicles
Variable Interest Entity [Line Items]
Nonconsolidated VIEs, assets carrying amount	23,000	35,500
Other investment vehicles
Variable Interest Entity [Line Items]
Carrying amount of equity investment	574,000	203,600
Unfunded equity commitment related to investments	192,100	11,100
Nonconsolidated VIEs, assets carrying amount	574,000	203,600
Agency mortgage-backed securities
Variable Interest Entity [Line Items]
Nonconsolidated VIEs, assets carrying amount	1,453,500	2,913,000
Non-agency mortgage- and other asset-backed securities
Variable Interest Entity [Line Items]
Nonconsolidated VIEs, assets carrying amount	134,800	170,500
JCP Entities | Related party private equity vehicles
Variable Interest Entity [Line Items]
Equity commitments	133,000	139,300
Funded equity commitments	121,700	121,300
Carrying amount of equity investment	23,000	$ 35,500
Investment in FXCM
Variable Interest Entity [Line Items]
Fair value of senior secured term loan receivable	59,100
Investment in associated company	70,200
Senior secured term loan receivable and investments in associated companies	129,300
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Automobile loan receivables securitized	$ 227,400

Variable Interest Entities - _2

Variable Interest Entities - Schedule of Nonconsolidated VIEs (Details) - USD ($) $ in Millions	Nov. 30, 2019	Nov. 30, 2018
Variable Interest Entity [Line Items]
Nonconsolidated VIEs, assets carrying amount	$ 1,107.9	$ 746.4
Nonconsolidated VIEs, liabilities carrying amount	0.6	0
Maximum Exposure to Loss	1,796.3	1,646.7
VIE Assets	19,526.2	12,382.4
CLOs
Variable Interest Entity [Line Items]
Nonconsolidated VIEs, assets carrying amount	152.6	45.2
Nonconsolidated VIEs, liabilities carrying amount	0.6	0
Maximum Exposure to Loss	505.3	571.4
VIE Assets	7,845	3,281.9
Consumer loan and other asset-backed vehicles
Variable Interest Entity [Line Items]
Nonconsolidated VIEs, assets carrying amount	358.3	462.1
Nonconsolidated VIEs, liabilities carrying amount	0	0
Maximum Exposure to Loss	490.6	807.1
VIE Assets	2,354.8	3,273.1
Related party private equity vehicles
Variable Interest Entity [Line Items]
Nonconsolidated VIEs, assets carrying amount	23	35.5
Nonconsolidated VIEs, liabilities carrying amount	0	0
Maximum Exposure to Loss	34.3	53.5
VIE Assets	71.4	108.3
Other investment vehicles
Variable Interest Entity [Line Items]
Nonconsolidated VIEs, assets carrying amount	574	203.6
Nonconsolidated VIEs, liabilities carrying amount	0	0
Maximum Exposure to Loss	766.1	214.7
VIE Assets	$ 9,255	$ 5,719.1

Loans to and Investments in A_3

Loans to and Investments in Associated Companies - Summary of Loans to and Investments in Associated Companies (Details) $ in Thousands	Nov. 29, 2019USD ($)	Jun. 05, 2018USD ($)	Oct. 31, 2017USD ($)	Nov. 30, 2018USD ($)	Nov. 30, 2019USD ($)	Aug. 31, 2019USD ($)	May 31, 2019USD ($)	Feb. 28, 2019USD ($)	Sep. 30, 2018USD ($)	Nov. 30, 2018USD ($)	Nov. 30, 2018USD ($)	Nov. 30, 2017USD ($)	Nov. 30, 2019USD ($)Seat	Dec. 31, 2017USD ($)	Jul. 01, 2019	Jun. 30, 2019	Jun. 04, 2018	Dec. 31, 2016USD ($)
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance								$ 2,417,332			$ 2,066,829	$ 2,125,098	$ 2,417,332	$ 2,125,098
Income (loss) related to associated companies											57,023	(76,864)	202,995	(74,901)
Income (losses) related to Jefferies associated companies											73,662		85,169	109,395
Contributions to (distributions from) associated companies, net											(180,876)		(311,957)	80,942
Other, including foreign exchange and unrealized gains (losses)											400,694		(740,582)	(173,705)
Loans to and investments in associated companies ending balance				$ 2,417,332	$ 1,652,957					$ 2,417,332	2,417,332		$ 1,652,957	2,066,829
Number of seats in investment committee retained by Company | Seat													2
Number of seats in investment committee | Seat													4
National Beef | Discontinued operations, disposed of by sale
Equity Method Investment [Roll Forward]
Ownership percentage		48.00%
Percentage of equity interest sold	31.00%	48.00%
National Beef | Disposal group, disposed of by sale, not discontinued operations
Equity Method Investment [Roll Forward]
Percentage of equity interest sold	31.00%				31.00%
Proceeds from sale of associated companies	$ 790,600
Garcadia Companies | Disposal group, disposed of by sale, not discontinued operations
Equity Method Investment [Roll Forward]
Percentage of equity interest sold									100.00%
Jefferies Finance
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance								728,560			655,467	490,464	$ 728,560	490,464
Income (loss) related to associated companies											0		0	0
Income (losses) related to Jefferies associated companies											59,138		(1,286)	90,204
Contributions to (distributions from) associated companies, net											13,955		(53,407)	74,799
Other, including foreign exchange and unrealized gains (losses)											0		0	0
Loans to and investments in associated companies ending balance				728,560	$ 673,867					728,560	728,560		$ 673,867	655,467
Equity method investment, ownership percentage					50.00%								50.00%
Berkadia
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance								245,228			210,594	184,443	$ 245,228	184,443
Income (loss) related to associated companies											80,092		0	93,801
Income (losses) related to Jefferies associated companies											20,001		88,174	0
Contributions to (distributions from) associated companies, net											(65,197)		(65,045)	(67,384)
Other, including foreign exchange and unrealized gains (losses)											(262)		592	(266)
Loans to and investments in associated companies ending balance				245,228	$ 268,949					245,228	245,228		$ 268,949	210,594
Equity method investment, ownership percentage					50.00%								50.00%
National Beef
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance								653,630			0		$ 653,630
Income (loss) related to associated companies				26,800	$ 94,100	$ 75,900	$ 34,900	27,100	$ 58,900	110,000	110,049		232,042
Income (losses) related to Jefferies associated companies											0		0
Contributions to (distributions from) associated companies, net											(48,656)		(300,248)
Other, including foreign exchange and unrealized gains (losses)											592,237		(585,424)
Loans to and investments in associated companies ending balance		$ 592,300		653,630	0					653,630	653,630		0	0
Ownership percentage																	79.00%
Equity method investment, ownership percentage		31.00%
Percentage of equity interest sold	31.00%
FXCM
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance								75,031			158,856	336,258	75,031	336,258
Income (loss) related to associated companies											(83,174)		(8,212)	(177,644)
Income (losses) related to Jefferies associated companies											0		0	0
Contributions to (distributions from) associated companies, net											0		3,500	0
Other, including foreign exchange and unrealized gains (losses)											(651)		(96)	242
Loans to and investments in associated companies ending balance				75,031	70,223					75,031	75,031		70,223	158,856
Jefferies LoanCore
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance											0	154,731		154,731
Income (loss) related to associated companies														0
Income (losses) related to Jefferies associated companies														22,368
Contributions to (distributions from) associated companies, net														(3,994)
Other, including foreign exchange and unrealized gains (losses)														(173,105)
Loans to and investments in associated companies ending balance														0
Equity method investment, ownership percentage			48.50%
Proceeds from sale of associated companies			$ 173,100
Linkem
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance								165,157			192,136	154,000	165,157	154,000
Income (loss) related to associated companies											(20,534)		(27,956)	(32,561)
Income (losses) related to Jefferies associated companies											0		0	0
Contributions to (distributions from) associated companies, net											542		66,996	31,996
Other, including foreign exchange and unrealized gains (losses)											(6,987)		(9,350)	38,701
Loans to and investments in associated companies ending balance				165,157	$ 194,847					165,157	165,157		$ 194,847	192,136
Equity method investment, ownership percentage					42.00%								42.00%
HomeFed
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance								337,542			341,874	302,231	$ 337,542	302,231
Income (loss) related to associated companies											(4,332)		7,902	7,725
Income (losses) related to Jefferies associated companies											0		0	0
Contributions to (distributions from) associated companies, net											0		0	31,918
Other, including foreign exchange and unrealized gains (losses)											0		(345,444)	0
Loans to and investments in associated companies ending balance				337,542	$ 0					337,542	337,542		0	341,874
Ownership percentage															100.00%
Equity method investment, ownership percentage																70.00%
Real estate associated companies
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance								87,074			123,010	161,400	87,074	161,400
Income (loss) related to associated companies											11,288		(353)	(6,224)
Income (losses) related to Jefferies associated companies											0		0	0
Contributions to (distributions from) associated companies, net											(47,224)		(29,685)	35,204
Other, including foreign exchange and unrealized gains (losses)											0		198,273	(67,370)
Loans to and investments in associated companies ending balance				87,074	255,309					87,074	87,074		255,309	123,010
Loans to and investments in associated companies, related to noncontrolling interest																		$ 95,300
Golden Queen
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance								63,956			105,005	111,302	63,956	111,302
Income (loss) related to associated companies											(51,990)		6,740	(7,733)
Income (losses) related to Jefferies associated companies											0		0	0
Contributions to (distributions from) associated companies, net											10,941		7,500	1,436
Other, including foreign exchange and unrealized gains (losses)											0		0	0
Loans to and investments in associated companies ending balance				63,956	78,196					63,956	63,956		78,196	105,005
Loans to and investments in associated companies, related to noncontrolling interest				15,100	$ 15,700					15,100	15,100		15,700	30,500
Garcadia Companies
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance								0			179,143	185,815	$ 0	185,815
Income (loss) related to associated companies											21,646			48,198
Income (losses) related to Jefferies associated companies											0			0
Contributions to (distributions from) associated companies, net											(26,962)			(54,870)
Other, including foreign exchange and unrealized gains (losses)											(173,827)			0
Loans to and investments in associated companies ending balance				0						0	0			179,143
54 Madison
Equity Method Investment [Roll Forward]
Equity method investment, ownership percentage					48.10%								48.10%
Number of seats in investment committee retained by Company | Seat													2
Number of seats in investment committee | Seat													4
Other
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies beginning balance								$ 61,154			100,744	$ 44,454	$ 61,154	44,454
Income (loss) related to associated companies											(6,022)		(7,168)	(463)
Income (losses) related to Jefferies associated companies											(5,477)		(1,719)	(3,177)
Contributions to (distributions from) associated companies, net											(18,275)		58,432	31,837
Other, including foreign exchange and unrealized gains (losses)											(9,816)		867	28,093
Loans to and investments in associated companies ending balance				$ 61,154	$ 111,566					$ 61,154	$ 61,154		111,566	$ 100,744
Linkem and Gold Queen | Loans And Debt Securities
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies ending balance					$ 70,200								$ 70,200
Jefferies Group | Berkadia
Equity Method Investment [Roll Forward]
Equity method investment, ownership percentage					50.00%								50.00%
Jefferies Group | Jefferies LoanCore
Equity Method Investment [Roll Forward]
Proceeds from sale of associated companies			$ 173,100

Loans to and Investments in A_4

Loans to and Investments in Associated Companies - Jefferies Finance (Details) - USD ($)	May 15, 2019	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	Mar. 28, 2019
Schedule of Equity Method Investments [Line Items]
Investment banking revenue		$ 377,700,000	$ 176,300,000	$ 327,900,000
Origination fees		56,600,000	27,600,000	2,400,000
Placement agent fees		3,700,000	6,000,000	6,100,000
Service fee income		61,700,000	60,800,000	50,700,000
Other assets		1,859,561,000	2,372,670,000
Payables, expense accruals and other liabilities		7,407,030,000	8,179,013,000
Trading liabilities, at fair value		9,478,946,000	10,532,460,000
Interest expense		89,249,000	87,177,000	101,202,000
Jefferies Group
Schedule of Equity Method Investments [Line Items]
Interest expense		1,245,694,000	$ 1,465,680,000	971,461,000
Jefferies Finance
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			50.00%
Equity commitment			$ 750,000,000
Funded equity commitments			$ 643,700,000
Investment commitment extension			1 year
Investment commitment termination notice period			60 days
Total line of credit facility commitment under joint venture		500,000,000	$ 500,000,000
Credit facility termination notice period			60 days
Funded portion of line of credit commitment		0	$ 0
Line of credit facility commitment of Jefferies		250,000,000	250,000,000
Foreign exchange contracts
Schedule of Equity Method Investments [Line Items]
Payables, expense accruals and other liabilities		200,000	4,700,000
Trading liabilities, at fair value		400,000	$ 200,000
Jefferies Finance
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			50.00%
Credit facility, extension period			1 year
Other assets		35,200,000	$ 17,200,000
Payables, expense accruals and other liabilities		14,100,000	31,300,000
Jefferies Finance | Jefferies Group
Schedule of Equity Method Investments [Line Items]
Interest income and unfunded commitment fees related to facility commitment		$ 2,400,000	1,300,000	$ 3,900,000
Promissory Note | Jefferies Group
Schedule of Equity Method Investments [Line Items]
Debt principal amount					$ 1,000,000,000
Interest expense	$ 3,800,000
Jefferies Finance | Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Purchases of loan receivables			$ 65,300,000

Loans to and Investments in A_5

Loans to and Investments in Associated Companies - Jefferies LoanCore (Details) - Jefferies LoanCore $ in Millions	Oct. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	48.50%
Proceeds from sale of associated companies	$ 173.1
Period entitled to additional cash consideration	3 years

Loans to and Investments in A_6

Loans to and Investments in Associated Companies - Berkadia (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2009	Nov. 30, 2019
Berkadia
Schedule of Equity Method Investments [Line Items]
Capital contributed	$ 217.2
Equity method investment, ownership percentage		50.00%
Percentage of profits received from joint venture		45.00%
Reimbursement Of Losses Incurred, Maximum Percentage		50.00%
Berkadia
Schedule of Equity Method Investments [Line Items]
Surety policy issued		$ 1,500
Reimbursement Of Losses Incurred, Maximum Percentage		50.00%
Commercial paper outstanding		$ 1,470

Loans to and Investments in A_7

Loans to and Investments in Associated Companies - National Beef (Details) - USD ($) $ in Thousands	Nov. 29, 2019	Jun. 05, 2018	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	Jun. 04, 2018	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Loans to and investments in associated companies			$ 1,652,957	$ 2,417,332	$ 1,652,957	$ 2,066,829		$ 2,125,098
Distributions from associated companies				162,988	467,157	143,286
Discontinued operations, disposed of by sale | National Beef
Schedule of Equity Method Investments [Line Items]
Ownership percentage		48.00%
Percentage of equity interest sold	31.00%	48.00%
Disposal group, disposed of by sale, not discontinued operations | National Beef
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest sold	31.00%		31.00%
Proceeds from sale of associated companies, including distributions	$ 970,000
Proceeds from sale of associated companies	790,600
Distributions from associated companies	$ 179,400
Gain on sale of associated companies			$ 205,000	0	205,017	0
National Beef
Schedule of Equity Method Investments [Line Items]
Ownership percentage							79.00%
Equity method investment, ownership percentage		31.00%
Loans to and investments in associated companies		$ 592,300	$ 0	$ 653,630	$ 0	$ 0
Percentage of equity interest sold	31.00%
National Beef
Schedule of Equity Method Investments [Line Items]
Ownership percentage		100.00%	100.00%		100.00%
Equity valuation		$ 1,900,000
Enterprise value		$ 2,300,000

Loans to and Investments in A_8

Loans to and Investments in Associated Companies - FXCM (Details) - Investment in FXCM - USD ($) $ in Millions	2 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2018	Mar. 31, 2017	Nov. 30, 2019
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage			50.00%
Weighted average useful life			11 years
Equity method investment impairment	$ 62.1	$ 130.2

Loans to and Investments in A_9

Loans to and Investments in Associated Companies - Garcadia (Details) - Disposal group, disposed of by sale, not discontinued operations - Garcadia Companies - USD ($) $ in Millions	3 Months Ended	11 Months Ended
	Sep. 30, 2018	Nov. 30, 2018
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest sold	100.00%
Proceeds from sale of equity interests and associated real estate	$ 417.2
Pre-tax gain on sale of equity interests and associated real estate	$ 221.7	$ 221.7

Loans to and Investments in _10

Loans to and Investments in Associated Companies - Linkem (Details) - Linkem $ in Millions	12 Months Ended
	Nov. 30, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	42.00%
Percentage of ownership upon conversion of preferred shares	54.00%
Percentage of total voting securities	48.00%
Shareholder loans principal outstanding	$ 58.1
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Shareholder loans interest rate	5.00%

Loans to and Investments in _11

Loans to and Investments in Associated Companies - HomeFed (Details) shares in Millions	Jul. 01, 2019shares	Jun. 30, 2019director
HomeFed
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		70.00%
Maximum voting rights as a percentage of total voting securities voting		45.00%
Number of executives from the Company | director		3
Number of shares issued per common stock of acquiree	2
HomeFed | Company Chairman
Schedule of Equity Method Investments [Line Items]
Ownership percentage of company		5.00%
HomeFed
Schedule of Equity Method Investments [Line Items]
Stock issued related to acquisition (in shares) | shares	9.3

Loans to and Investments in _12

Loans to and Investments in Associated Companies Loans to and Investments in Associated Companies - Real Estate Associated Companies (Details)	12 Months Ended
	Nov. 30, 2019ft²SeatTaxlotSites
Schedule of Equity Method Investments [Line Items]
Number of separate tax lots | Taxlot	15
Number of premier development sites | Sites	2
Area of real estate property (up to) | ft²	540,000
Number of seats in investment committee retained by Company	2
Number of seats in investment committee	4
Real Estate Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Weighted average useful life	38 years
RedSky JZ Fulton Mall | Development Site
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
54 Madison
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	48.10%
Number of seats in investment committee retained by Company	2
Number of seats in investment committee	4
HomeFed Associated Companies | HomeFed Associated Companies | Hotel
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.80%
HomeFed Associated Companies | HomeFed Associated Companies | Office Building
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	61.25%

Loans to and Investments in _13

Loans to and Investments in Associated Companies - Golden Queen Mining Company (Details) - USD ($) $ in Millions	3 Months Ended	11 Months Ended	71 Months Ended
	Sep. 30, 2018	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Cash invested in Limited Liability Company			$ 93
Golden Queen
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			50.00%
Golden Queen Mining Co, Ltd
Schedule of Equity Method Investments [Line Items]
Prior ownership percentage				100.00%
Ownership percentage			50.00%
Clay Family
Schedule of Equity Method Investments [Line Items]
Contributions from noncontrolling interests			$ 34.5
Investment In Golden Queen
Schedule of Equity Method Investments [Line Items]
Equity method investment impairment	$ 47.9	$ 47.9
Gauss LLC | Golden Queen
Schedule of Equity Method Investments [Line Items]
Total investment in associated company			$ 127.5

Loans to and Investments in _14

Loans to and Investments in Associated Companies - Schedule of Summarized Data for Investments in Associated Companies (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Assets	$ 17,050,564	$ 14,699,672
Liabilities	11,752,273	10,146,142
Noncontrolling interest	154,963	209,518
Revenues	7,694,612	10,589,489	$ 4,883,063
Income from continuing operations before extraordinary items	852,649	732,575	503,489
Net income	798,615	749,649	438,881
The Company's income related to associated companies	$ 130,685	248,693	$ 34,494
Undistributed earnings of equity method investments		$ 180,800

Intangible Assets, Net and Go_3

Intangible Assets, Net and Goodwill - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Jul. 01, 2019	Nov. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Amortizable intangibles	$ 182,954		$ 188,291
Goodwill	1,739,980		1,701,840
Total intangible assets, net and goodwill	1,922,934		1,890,131
Real estate
Finite-Lived Intangible Assets [Line Items]
Goodwill	36,711		0
Other operations
Finite-Lived Intangible Assets [Line Items]
Goodwill	3,459		3,459
Customer and other relationships
Finite-Lived Intangible Assets [Line Items]
Amortizable intangibles	59,575		67,894
Intangibles, accumulated amortization	111,060		102,579
Trademarks and tradename
Finite-Lived Intangible Assets [Line Items]
Amortizable intangibles	103,790		107,262
Intangibles, accumulated amortization	24,800		21,086
Other
Finite-Lived Intangible Assets [Line Items]
Amortizable intangibles	11,316		4,611
Intangibles, accumulated amortization	5,366		4,339
Exchange and clearing organization membership interests and registrations
Finite-Lived Intangible Assets [Line Items]
Indefinite lived intangibles	8,273		8,524
HomeFed
Finite-Lived Intangible Assets [Line Items]
Goodwill	4,300
Intangibles recorded in connection with acquisition	11,000
Additional goodwill generated by the establishment of deferred tax liabilities	32,400	$ 32,400
Deferred tax liabilities established in acquisition	32,400	$ 32,400
Investment Banking and Capital Markets
Finite-Lived Intangible Assets [Line Items]
Goodwill	1,556,810		1,555,381
Asset Management
Finite-Lived Intangible Assets [Line Items]
Goodwill	143,000		143,000
Investment Banking, Capital Markets and Asset Management Segment
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,699,800		$ 1,698,400

Intangible Assets, Net and Go_4

Intangible Assets, Net and Goodwill - Narrative (Details) - USD ($) $ in Millions	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 13.2	$ 14.6	$ 12.9

Intangible Assets, Net and Go_5

Intangible Assets, Net and Goodwill - Schedule of Estimated Aggregate Future Amortization Expense (Details) $ in Thousands	Nov. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 14,982
2021	14,509
2022	11,215
2023	9,959
2024	$ 8,703

Short-Term Borrowings (Details)

Short-Term Borrowings (Details)	12 Months Ended
	Nov. 30, 2019USD ($)	Jul. 29, 2019EUR (€)	Dec. 27, 2018USD ($)	Nov. 30, 2018USD ($)
Short-term Debt [Line Items]
Short-term borrowings	$ 548,490,000			$ 387,492,000
Interest rate on short-term borrowings	3.24%			3.08%
Floating rate puttable notes
Short-term Debt [Line Items]
Short-term borrowings	$ 0			$ 56,550,000
Debt principal amount | €		€ 50,000,000
Equity-linked Notes [Member]
Short-term Debt [Line Items]
Short-term borrowings	20,981,000			0
Equity-linked notes, mature on March 13, 2020
Short-term Debt [Line Items]
Debt principal amount	5,200,000
Equity-linked notes, mature on October 7, 2020
Short-term Debt [Line Items]
Debt principal amount	15,100,000
Jefferies Group Credit Facility
Short-term Debt [Line Items]
Committed amount			$ 135,000,000
Bank loans
Short-term Debt [Line Items]
Short-term borrowings	527,509,000			$ 330,942,000
Credit Facility | Intraday Credit Facility
Short-term Debt [Line Items]
Committed amount	$ 150,000,000
Interest rate	0.12%
Credit Facility | Intraday Credit Facility | Base rate
Short-term Debt [Line Items]
Basis spread on variable rate	3.00%
Credit Facility | Intraday Credit Facility | Federal Funds Rate
Short-term Debt [Line Items]
Basis spread on variable rate	0.50%

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt	$ 7,617,563	$ 8,337,061
Gains (losses) recognized in Interest expense of Jefferies Group	1,824	(2,546)	$ 6,033
Structured notes matures in 2022		32,400
Structured notes matures in 2024		696,400
Parent Company
Debt Instrument [Line Items]
Long-term debt	990,116	991,378
Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 6,627,447	$ 7,345,683
5.50% Senior Notes due October 18, 2023, $750,000
Debt Instrument [Line Items]
Interest rate	5.50%	5.50%
Principal Outstanding	$ 750,000	$ 750,000
5.50% Senior Notes due October 18, 2023, $750,000 | Parent Company
Debt Instrument [Line Items]
Long-term debt	$ 743,397	$ 744,606
6.625% Senior Notes due October 23, 2043, $250,000
Debt Instrument [Line Items]
Interest rate	6.625%	6.625%
Principal Outstanding	$ 250,000	$ 250,000
6.625% Senior Notes due October 23, 2043, $250,000 | Parent Company
Debt Instrument [Line Items]
Long-term debt	$ 246,719	$ 246,772
8.50% Senior Notes, due July 15, 2019
Debt Instrument [Line Items]
Interest rate	8.50%	8.50%
Principal Outstanding	$ 680,800	$ 0
8.50% Senior Notes, due July 15, 2019 | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 699,659	$ 0
2.375% Euro Senior Notes, due May 20, 2020
Debt Instrument [Line Items]
Interest rate	2.375%	2.375%
Principal Outstanding	$ 565,500	$ 550,875
2.375% Euro Senior Notes, due May 20, 2020 | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 564,702	$ 550,622
6.875% Senior Notes, due April 15, 2021
Debt Instrument [Line Items]
Interest rate	6.875%	6.875%
Principal Outstanding	$ 750,000	$ 750,000
6.875% Senior Notes, due April 15, 2021 | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 791,814	$ 774,738
2.25% Euro Medium Term Notes, due July 13, 2022
Debt Instrument [Line Items]
Interest rate	2.25%	2.25%
Principal Outstanding	$ 4,524	$ 4,407
2.25% Euro Medium Term Notes, due July 13, 2022 | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 4,243	$ 4,204
5.125% Senior Notes, due January 20, 2023
Debt Instrument [Line Items]
Interest rate	5.125%	5.125%
Principal Outstanding	$ 600,000	$ 600,000
5.125% Senior Notes, due January 20, 2023 | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	612,928	$ 610,023
1.000% Euro Medium Term Notes, due July 19, 2024
Debt Instrument [Line Items]
Interest rate		1.00%
Principal Outstanding	0	$ 550,875
1.000% Euro Medium Term Notes, due July 19, 2024 | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 548,880
4.85% Senior Notes, due January 15, 2027
Debt Instrument [Line Items]
Interest rate	4.85%	4.85%
Principal Outstanding	$ 750,000	$ 750,000
4.85% Senior Notes, due January 15, 2027 | Subsidiaries | Interest rate swaps
Debt Instrument [Line Items]
Gains (losses) recognized in Interest expense of Jefferies Group	27,400	(58,900)
4.85% Senior Notes, due January 15, 2027 | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 709,484	$ 768,931
6.45% Senior Debentures, due June 8, 2027
Debt Instrument [Line Items]
Interest rate	6.45%	6.45%
Principal Outstanding	$ 350,000	$ 350,000
6.45% Senior Debentures, due June 8, 2027 | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 373,669	$ 371,426
4.15% Senior Notes, due January 23, 2030
Debt Instrument [Line Items]
Interest rate	4.15%	4.15%
Principal Outstanding	$ 1,000,000	$ 1,000,000
4.15% Senior Notes, due January 23, 2030 | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 987,788	$ 988,662
6.25% Senior Debentures, due January 15, 2036
Debt Instrument [Line Items]
Interest rate	6.25%	6.25%
Principal Outstanding	$ 500,000	$ 500,000
6.25% Senior Debentures, due January 15, 2036 | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 511,662	$ 511,260
6.50% Senior Notes, due January 20, 2043
Debt Instrument [Line Items]
Interest rate	6.50%	6.50%
Principal Outstanding	$ 400,000	$ 400,000
6.50% Senior Notes, due January 20, 2043 | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	420,625	420,239
Structured Notes | Subsidiaries
Debt Instrument [Line Items]
Long-term debt		1,215,300
Structured notes matures in 2022		28,000
Structured notes matures in 2024		3,100
Structured notes matures in 2025 and thereafter		1,184,200
Structured Notes | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	686,170	1,215,285
Jefferies Group Revolving Credit Facility | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	183,539	189,088
Bank loans | Jefferies Group | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	0	50,000
HomeFed EB-5 Program debt | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	0	140,739
Foursight Capital Credit Facilities | Credit Facility | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	0	98,260
Other | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 81,164	$ 103,326

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)	Sep. 27, 2019USD ($)	Nov. 30, 2019USD ($)Contract	Jul. 19, 2019USD ($)	Nov. 30, 2018USD ($)
Debt Instrument [Line Items]
Assets pledged for indebtedness		$ 1,226,500,000
Nonrecourse indebtedness collateralized by assets		581,100,000
Long-term debt		8,337,061,000		$ 7,617,563,000
Structured Notes | Jefferies Group
Debt Instrument [Line Items]
Debt issued during period, principal amount, net of retirements		$ 498,900,000
1.000% Euro Medium Term Notes, due July 19, 2024
Debt Instrument [Line Items]
Interest rate		1.00%
1.000% Euro Medium Term Notes, due July 19, 2024 | Jefferies Group
Debt Instrument [Line Items]
Debt face amount			$ 2,500,000,000
8.50% Senior Notes, due July 15, 2019
Debt Instrument [Line Items]
Interest rate		8.50%		8.50%
Repayments of debt		$ 680,800,000
Revolving Credit Facility | Jefferies Group
Debt Instrument [Line Items]
Debt face amount		190,000,000
Jefferies Group Secured Bank Loan | Jefferies Group
Debt Instrument [Line Items]
Debt face amount	$ 50,000,000
Senior Notes | Jefferies Group
Debt Instrument [Line Items]
Debt face amount			$ 553,600,000
Interest rate			1.00%
Senior Notes | 1.000% Euro Medium Term Notes, due July 19, 2024 | Jefferies Group
Debt Instrument [Line Items]
Proceeds from issuance of debt		551,400,000
Line of Credit | Foursight Capital Credit Facilities
Debt Instrument [Line Items]
Long-term debt		98,300,000		$ 0
Line of Credit | Foursight Capital Credit Facilities | Foursight Capital Credit Facilities
Debt Instrument [Line Items]
Assets pledged for indebtedness		$ 111,800,000
Number of warehouse credit commitment | Contract		2
Credit facility maximum amount		$ 175,000,000
London Interbank Offered Rate (LIBOR) | Jefferies Group Secured Bank Loan | Jefferies Group
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%

Long-Term Debt - Schedule of An

Long-Term Debt - Schedule of Annual Mandatory Redemptions of Long-term Debt (Details) $ in Millions	Nov. 30, 2019USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2020	$ 551.2
2021	1,088.7
2022	32.4
2023	1,454
2024	$ 696.4

Mezzanine Equity - Narrative (D

Mezzanine Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 09, 2020	Jun. 05, 2018	Mar. 31, 2013	Nov. 30, 2018	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Purchase Requirement [Line Items]
Reversal of cumulative National Beef redeemable noncontrolling interests fair value adjustments prior to deconsolidation														$ 237,669
Redeemable noncontrolling interests				$ 19,800	$ 26,600									19,800	$ 26,600
Mandatorily redeemable convertible preferred shares redemption value				125,000	125,000									$ 125,000	$ 125,000
Dividends per common share (USD per share)									$ 0.125	$ 0.10		$ 0.10	$ 0.0625	$ 0.45	$ 0.5	$ 0.325
Preferred stock dividends				$ 851	1,276	$ 1,275	$ 1,276	$ 1,276	$ 1,276	$ 1,171	$ 1,172			$ 4,470	$ 5,103	$ 4,375
Cumulative Convertible Preferred Shares
Purchase Requirement [Line Items]
Dividend rate on preferred stock			3.25%												3.25%
Mandatorily redeemable convertible preferred shares redemption value					$ 125,000										$ 125,000
Mandatoriy redeemable preferred stock, number of shares in conversion (in shares)					4,440,863										4,440,863
Mandatorily redeemable preferred stock, effective conversion price per share (USD per share)					$ 28.15										$ 28.15
Minimum common dividend considered for additional quarterly payments					0.0625										$ 0.0625
Preferred stock dividends														$ 4,500	$ 5,100	$ 4,400
Mandatorily redeemable preferred shares callable price per share (USD per share)					$ 1,000										$ 1,000
Jefferies Group
Purchase Requirement [Line Items]
Dividend rate on preferred stock			3.25%
National Beef | Discontinued operations, disposed of by sale
Purchase Requirement [Line Items]
Ownership percentage		48.00%
Reversal of cumulative National Beef redeemable noncontrolling interests fair value adjustments prior to deconsolidation		$ 237,700
Subsequent Event
Purchase Requirement [Line Items]
Dividends per common share (USD per share)	$ 0.15
Dividends per common share, percentage of increase	20.00%
Subsequent Event | Cumulative Convertible Preferred Shares
Purchase Requirement [Line Items]
Preferred stock, effective dividend rate, percentage	4.50%

Mezzanine Equity - Schedule of

Mezzanine Equity - Schedule of Redeemable noncontrolling interests activity (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended							11 Months Ended		12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2019	Dec. 31, 2017
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning of year					$ 19,779						$ 19,779
Income allocated to redeemable noncontrolling interests	$ (31)	$ (333)	$ (242)	$ 427	(138)	$ 390	$ 22,108	$ 14,796	$ 37,263	$ 78,506	(286)	$ 84,576
Increase in fair value of redeemable noncontrolling interests charged to additional paid-in capital									(26,551)		(1,213)	(94,937)
Reversal of cumulative National Beef redeemable noncontrolling interests fair value adjustment prior to deconsolidation									(237,669)
Balance, end of year	19,779	$ 26,605							19,779		26,605
National Beef
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning of year					$ 0			$ 412,128	412,128		$ 0
Income allocated to redeemable noncontrolling interests									37,141			85,300
Distributions to redeemable noncontrolling interests									(70,681)
Increase in fair value of redeemable noncontrolling interests charged to additional paid-in capital									21,404
Reversal of cumulative National Beef redeemable noncontrolling interests fair value adjustment prior to deconsolidation									(237,669)
Deconsolidation of National Beef									(162,323)
Balance, end of year	$ 0								$ 0			$ 412,128

Compensation Plans - Incentive

Compensation Plans - Incentive Plan (Details) - $ / shares	Mar. 21, 2014	Nov. 30, 2018	Nov. 30, 2019
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for grant (in shares)	20,000,000
Stock available for grant (in shares)			4,070,557
Incentive Plan | Sign-on and Retention Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for award granted			4 years
Award amortization period			4 years
Dividend Equivalents | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend equivalents declared on restricted stock units (in shares)		142,000	1,298,000
Grants, weighted average grant date fair value (USD per share)		$ 19.81	$ 18.15

Compensation Plans - Activity o

Compensation Plans - Activity of Restricted Stock (Details) - Restricted Stock - $ / shares shares in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Shares
Nonvested balance, beginning of period (shares)	1,142	1,795	1,362
Grants (shares)	1,077	518	391
Forfeited (shares)	(30)	0	0
Fulfillment of vesting requirement (shares)	(394)	(305)	(611)
Nonvested balance, end of period (shares)	1,795	2,008	1,142
Weighted- Average Grant Date Fair Value
Nonvested balance, beginning of period (USD per share)	$ 21.75	$ 22.42	$ 22.09
Grants (USD per share)	23.63	19.57	23.65
Forfeited (USD per share)	16.49	0	0
Fulfillment of vesting requirement (USD per share)	24.23	20.09	23.73
Nonvested balance, end of period (USD per share)	$ 22.42	$ 22.04	$ 21.75

Compensation Plans - Schedule o

Compensation Plans - Schedule of Activity in RSUs (Details) - $ / shares shares in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Restricted Stock Units with Future Service Required
Shares
Nonvested balance, beginning of period (shares)	32	2	68
Grants (shares)	0	10	0
Distributions of underlying shares (shares)	0	0	0
Forfeited (shares)	(2)	0	0
Fulfillment of vesting requirement (shares)	(28)	(2)	(36)
Nonvested balance, end of period (shares)	2	10	32
Weighted- Average Grant Date Fair Value
Nonvested balance, beginning of period (USD per share)	$ 26.90	$ 26.90	$ 26.90
Grants (USD per share)	0	18.83	0
Distribution of underlying shares (USD per share)	0	0	0
Forfeited (USD per share)	26.90	0	0
Fulfillment of vesting requirement (USD per share)	26.90	26.90	26.90
Nonvested balance, end of period (USD per share)	$ 26.90	$ 18.83	$ 26.90
Restricted Stock Units with No Future Service Required
Shares
Vested balance, beginning of period (shares)	10,313	10,309	10,348
Grants (shares)	161	1,308	104
Distributions of underlying shares (shares)	(192)	(166)	(175)
Forfeited (shares)	(1)	0	0
Fulfillment of vesting requirement (shares)	(28)	(4,216)	(36)
Vested balance, end of period (shares)	10,309	15,667	10,313
Weighted- Average Grant Date Fair Value
Balance, beginning of period (USD per share)	$ 26.57	$ 26.48	$ 26.61
Grants (USD per share)	20.24	18.15	21.55
Distribution of underlying shares (USD per share)	26.39	25.91	26.46
Forfeited (USD per share)	22.16	0	0
Fulfillment of vesting requirement (USD per share)	26.90	9.99	26.90
Balance, end of period, weighted average grant date fair value (USD per share)	$ 26.48	$ 21.35	$ 26.57
Senior Executive Compensation Plan | Restricted Stock Units (RSUs)
Shares
Nonvested balance, beginning of period (shares)	5,655	9,468	3,434
Grants (shares)	3,813	1,237	2,221
Forfeited (shares)	0	0	0
Fulfillment of vesting requirement (shares)		(4,214)
Nonvested balance, end of period (shares)	9,468	6,491	5,655
Weighted- Average Grant Date Fair Value
Nonvested balance, beginning of period (USD per share)	$ 13.37	$ 18.52	$ 9.68
Grants (USD per share)	26.16	13.63	19.06
Forfeited (USD per share)	0	0	0
Fulfillment of vesting requirement (USD per share)		9.98
Nonvested balance, end of period (USD per share)	$ 18.52	$ 23.13	$ 13.37
Senior Executive Compensation Plan | Restricted Stock Units with No Future Service Required
Shares
Fulfillment of vesting requirement (shares)		(4,214)

Compensation Plans - Senior Exe

Compensation Plans - Senior Executive Compensation Plan (Details) - USD ($)	1 Months Ended	11 Months Ended	12 Months Ended
	Jan. 31, 2017	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	Dec. 30, 2016
Senior Executive Compensation Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants, weighted average grant date fair value (USD per share)		$ 26.16	$ 13.63	$ 19.06
Restricted shares, vested (in shares)		3,813,000	1,237,000	2,221,000
2016 Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares, vested (in shares)			635,000
Senior Executives | 2017 Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance measurement period	3 years		3 years
Percentage of compensation beyond base salary will be performance-based	100.00%
Employee service share-based compensation, holding period	3 years
Stock price (USD per share)					$ 23.25
Performance measurement benchmark, growth rate in TSR and ROTDE (less than)			4.00%
Performance measurement benchmark, growth rate in TSR and ROTDE			8.00%
Performance measurement benchmark, growth rate in TSR and ROTDE (up to)			12.00%
Additional incentive compensation, percentage			50.00%
Senior Executives | 2017 Plan | Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards eligible to receive (in shares)			537,634
Senior Executives | 2017 Plan | Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards eligible to receive (in shares)			1,075,268
Senior Executives | 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement benchmark, growth rate in TSR and ROTDE (less than)			6.00%
Performance measurement benchmark, growth rate in TSR and ROTDE			9.00%
Performance measurement benchmark, growth rate in TSR and ROTDE (up to)			12.00%
Performance measurement, targeted long-term compensation			$ 25,000,000
Additional incentive compensation, percentage			50.00%
Senior Executives | 2018 Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance measurement period			3 years
Performance measurement, targeted long-term compensation			$ 16,000,000
Performance measurement benchmark, growth rate in TSR			9.00%
Senior Executives | 2018 Plan | 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 rate in ROTDE			9.00%
Senior Executives | 2019 Plan and 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement benchmark, growth rate in TSR and ROTDE (less than)			6.00%
Performance measurement benchmark, growth rate in TSR and ROTDE (up to)			12.00%
Performance measurement, targeted long-term compensation			$ 22,500,000
Performance measurement benchmark, growth rate in TSR			9.00%
Performance measurement benchmark, growth rate in ROTDE			9.00%
Additional incentive compensation, percentage			75.00%
Senior Executives | 2019 Plan and 2020 Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement, targeted long-term compensation			$ 16,000,000
Performance measurement benchmark, growth rate in TSR			9.00%
Senior Executives | 2019 Plan and 2020 Plan | Long-term Cash
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance measurement, targeted long-term compensation			$ 6,500,000
Performance measurement benchmark, growth rate in ROTDE			9.00%
Dividend Equivalents | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend equivalents declared on restricted stock units (in shares)		142,000	1,298,000
Grants, weighted average grant date fair value (USD per share)		$ 19.81	$ 18.15
Dividend Equivalents | Senior Executive Compensation Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend equivalents declared on restricted stock units (in shares)		189,000	602,000
Grants, weighted average grant date fair value (USD per share)		$ 19.80	$ 18.08

Compensation Plans - Directors'

Compensation Plans - Directors' Plan (Details) - Directors' Plan - USD ($)	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares to be granted to each non employee director	$ 150,000	$ 150,000	$ 120,000
Vesting period for award granted		3 years
Shares issuable upon settlement of deferred shares (in shares)		181,652
Stock available for grant (in shares)		118,306

Compensation Plans - Other Comp

Compensation Plans - Other Compensation Plan (Details) - USD ($) $ in Millions	Nov. 30, 2019	Nov. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options issued to purchased number of shares (in shares)	2
Restricted cash awards, cost expected to be recognized	$ 444.3
Restricted cash awards, cost expected to be recognized, period	3 years
Other Stock-Based Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock available for grant (in shares)	0
Shares reserved for stock options and warrants (in shares)	325,000	195,417

Compensation Plans - Stock-Base

Compensation Plans - Stock-Based Compensation Expense (Details) - USD ($) shares in Thousands, $ in Thousands	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation		$ 48,249	$ 49,848	$ 48,384
Tax benefit for issuance of share-based awards		$ 12,200	12,900	$ 17,300
Total unrecognized compensation costs related to nonvested share-based compensation plans	$ 80,400		$ 80,400
Total unrecognized compensation costs related to nonvested share-based compensation plans, period for recognition	3 years
Other shares issuable (in shares)	992		992
Potential maximum increase to common shares outstanding from restricted stock and other shares (in shares)	23,122		23,122
Restricted Stock with Future Service Required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option equity instruments, outstanding (in shares)	2,008		2,008
Restricted Stock Units with Future Service Required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option equity instruments, outstanding (in shares)	6,463		6,463
Restricted Stock Units with No Future Service Required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option equity instruments, outstanding (in shares)	15,667		15,667

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income, Net of Taxes (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ 9,601,684	$ 10,079,257	$ 10,138,979	$ 10,303,649
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	141	542,832	572,085
Net unrealized foreign exchange losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(192,709)	(193,402)	(101,400)
Accumulated Gain (Loss), Financial Liability, Fair Value Option, Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(18,889)	(5,728)	(34,432)
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	0	470	(1,138)
Net minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(61,582)	(55,886)	(62,391)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ (273,039)	$ 288,286	$ 372,724

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income Reclassifications (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 5,009,728	$ 5,358,656	$ 5,048,906
Selling, general and other expenses, which includes pension expense	(961,328)	(1,009,643)	(778,052)
Compensation and benefits expense	(1,862,782)	(1,824,891)	(1,950,935)
Principal transactions
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	232,224	559,300	923,418
Other
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	558,336	667,993	$ 424,788
Net unrealized gains on available for sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax	37	(545,054)
Net unrealized foreign exchange losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax	(16)	(52)
Net unrealized losses on instrument specific credit risk
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax	311	(144)
Accumulated gain (loss) on cash flow hedge of income tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax	0	161
Net minimum pension liability
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax	(697)	(490)
Other pension
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax	0	0
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	14,135	541,665
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains on available for sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other revenues and Income tax provision (benefit)	109	543,178
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized foreign exchange losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other revenues and Selling, general and other expenses	20,459	(149)
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized losses on instrument specific credit risk | Principal transactions
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	916	(427)
Reclassification out of Accumulated Other Comprehensive Income | Accumulated gain (loss) on cash flow hedge of income tax | Other
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	0	470
Reclassification out of Accumulated Other Comprehensive Income | Net minimum pension liability
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and other expenses, which includes pension expense	(2,044)	(1,407)
Reclassification out of Accumulated Other Comprehensive Income | Other pension
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Compensation and benefits expense	$ (5,305)	$ 0

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) - Narrative (Details) $ in Thousands, € in Millions	1 Months Ended	3 Months Ended	11 Months Ended	12 Months Ended
	Jan. 31, 2018EUR (€)	May 31, 2019USD ($)	Nov. 30, 2018USD ($)	Nov. 30, 2019USD ($)	Dec. 31, 2017USD ($)	Feb. 28, 2019USD ($)
Defined Benefit Plan Disclosure [Line Items]
Recognition of accumulated other comprehensive income lodged taxes		$ 544,600	$ 0	$ 544,583	$ 0
Lodged tax effect						$ 544,600
Less: reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $0, $(697) and $(2,042)			7,349	$ 1,407	$ 517
Jefferies Bache Limited | Pension Plan | Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Payment to transfer defined benefit pension obligations and insurance contracts | €	€ 6.5
Less: reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $0, $(697) and $(2,042)			$ 5,300

Pension Plans and Postretirem_3

Pension Plans and Postretirement Benefits - Components of Defined Benefit Pension Plans (Details) - U.S. - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Change in Benefit Obligation [Roll Forward]
Projected benefit obligation, beginning of year	$ 211,257	$ 191,261
Interest cost	6,783	8,070	$ 8,119
Actuarial (gains) losses	(16,646)	29,539
Settlement payments	(3,133)	0
Benefits paid	(7,000)	(9,996)
Projected benefit obligation, end of year	191,261	218,874	211,257
Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	150,806	138,992
Actual return on plan assets	(7,676)	30,426
Employer contributions	8,890	9,655
Benefits paid	(7,000)	(9,996)
Settlement payments	(3,133)	0
Administrative expenses	(2,895)	(3,006)
Fair value of plan assets, end of year	138,992	166,071	$ 150,806
Funded status at end of year	$ (52,269)	$ (52,803)

Pension Plans and Postretirem_4

Pension Plans and Postretirement Benefits - Narrative (Details) $ in Thousands, € in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Jan. 31, 2018EUR (€)	Nov. 30, 2018USD ($)	Nov. 30, 2019USD ($)portfolio	Dec. 31, 2017USD ($)	Dec. 28, 2017USD ($)
Defined Benefit Plan Disclosure [Line Items]
Less: reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $0, $(697) and $(2,042)		$ 7,349	$ 1,407	$ 517
Defined contribution plan cost		8,000	8,800	$ 7,600
U.S.
Defined Benefit Plan Disclosure [Line Items]
Charge to accumulated other comprehensive income (loss)		49,700	57,400
Accrued pension cost		52,300	52,800
Estimated net loss that will be amortized from AOCI next year			3,200
Estimated employer contributions in next fiscal year			$ 8,200
GERMANY | Jefferies Bache Limited
Defined Benefit Plan Disclosure [Line Items]
Payment to transfer defined benefit pension obligations and insurance contracts | €	€ 6.5
Less: reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $0, $(697) and $(2,042)		$ 5,300
GERMANY | Jefferies Group
Defined Benefit Plan Disclosure [Line Items]
Consideration for release indemnity relating to pension obligation					$ 3,250
WilTel Plan
Defined Benefit Plan Disclosure [Line Items]
Number of portfolios | portfolio			2
WilTel Plan | U.S.
Defined Benefit Plan Disclosure [Line Items]
Current expected inflation rate			2.25%
Equity risk premium over cash			4.00%
Expected long-term rate of return assumption		7.00%	7.00%
WilTel Plan | U.S. | Minimum
Defined Benefit Plan Disclosure [Line Items]
Long duration risk free real rate of return			1.00%
Return premium for corporate credit risk			1.00%
WilTel Plan | U.S. | Maximum
Defined Benefit Plan Disclosure [Line Items]
Long duration risk free real rate of return			1.50%
Return premium for corporate credit risk			1.50%
Jefferies Group Plan
Defined Benefit Plan Disclosure [Line Items]
Number of portfolios | portfolio			2
Jefferies Group Plan | U.S.
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return assumption		6.25%	6.25%

Pension Plans and Postretirem_5

Pension Plans and Postretirement Benefits - Components of Pension Expense (Details) - U.S. - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 6,783	$ 8,070	$ 8,119
Expected return on plan assets	(7,217)	(7,456)	(7,689)
Settlement charge	365	0	0
Actuarial losses	2,376	1,897	2,207
Net periodic pension cost	2,307	2,511	2,637
Net (gains) losses arising during the period	(1,141)	(9,576)	5,453
Settlement charge	(365)	0	0
Amortization of net loss	2,376	1,897	2,207
Total recognized in other comprehensive income (loss)	(1,600)	7,679	(7,660)
Net amount recognized in net periodic benefit cost and other comprehensive income (loss)	$ 707	$ 10,190	$ (5,023)

Pension Plans and Postretirem_6

Pension Plans and Postretirement Benefits - Schedule of Assumptions for Pensions Plan (Details) - U.S.	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019
WilTel Plan
Projected benefit obligation:
Discount rate	4.35%	3.00%
Net periodic pension benefit cost:
Discount rate	3.51%	4.35%
Discount rate	7.00%	7.00%
Jefferies Group Plan
Projected benefit obligation:
Discount rate	4.30%	2.90%
Net periodic pension benefit cost:
Discount rate	3.60%	4.30%
Discount rate	6.25%	6.25%

Pension Plans and Postretirem_7

Pension Plans and Postretirement Benefits - Schedule of Expected Pension Benefit Payments (Details) - U.S. $ in Thousands	Nov. 30, 2019USD ($)
Defined Benefit Plan Disclosure [Line Items]
2020	$ 9,749
2021	9,225
2022	10,001
2023	12,682
2024	13,044
2025 - 2029	$ 67,655

Revenues from Contracts with _3

Revenues from Contracts with Customers - Schedule of Components of Revenue (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 3,119,642	$ 2,790,128
Revenue from other sources	1,890,086	2,568,528
Total revenues	5,009,728	5,358,656	$ 5,048,906
Commissions and other fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	662,546	675,772
Total revenues	662,546	675,772	617,020
Investment banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,904,870	1,526,992
Total revenues	1,904,870	1,526,992	1,764,285
Manufacturing revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	357,427	324,659
Total revenues	357,427	324,659	326,197
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	194,799	262,705
Principal transactions
Disaggregation of Revenue [Line Items]
Revenue from other sources	232,224	559,300
Total revenues	232,224	559,300	923,418
Interest income
Disaggregation of Revenue [Line Items]
Revenue from other sources	1,294,325	1,603,940
Total revenues	1,294,325	1,603,940	$ 993,198
Other
Disaggregation of Revenue [Line Items]
Revenue from other sources	$ 363,537	$ 405,288

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 3,119,642	$ 2,790,128
Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,731,045	2,330,158
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	305,634	380,507
Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	82,963	79,463
Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,573,673	2,205,038
Reportable Segments | Investment Banking and Capital Markets | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	2,186,955	1,751,568
Reportable Segments | Investment Banking and Capital Markets | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	304,027	374,411
Reportable Segments | Investment Banking and Capital Markets | Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	82,691	79,059
Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	28,144	23,188
Reportable Segments | Asset Management | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	27,801	16,334
Reportable Segments | Asset Management | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	343	6,854
Reportable Segments | Asset Management | Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	524,077	564,176
Reportable Segments | Merchant Banking | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	522,541	562,837
Reportable Segments | Merchant Banking | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,264	935
Reportable Segments | Merchant Banking | Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	272	404
Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Reportable Segments | Corporate | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Reportable Segments | Corporate | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Reportable Segments | Corporate | Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(6,252)	(2,274)
Consolidation Adjustments | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(6,252)	(581)
Consolidation Adjustments | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	(1,693)
Consolidation Adjustments | Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Equities
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	648,712	662,267
Equities | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	649,631	662,804
Equities | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Equities | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Equities | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Equities | Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(919)	(537)
Fixed Income
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	13,839	13,505
Fixed Income | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	13,839	13,505
Fixed Income | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Fixed Income | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Fixed Income | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Fixed Income | Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Advisory
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	814,759	767,421
Investment Banking - Advisory | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	820,042	767,421
Investment Banking - Advisory | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Advisory | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Advisory | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Advisory | Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(5,283)	0
Investment Banking - Underwriting
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,090,111	759,571
Investment Banking - Underwriting | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,090,161	761,308
Investment Banking - Underwriting | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Underwriting | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Underwriting | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Underwriting | Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(50)	(1,737)
Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	28,144	23,188
Asset Management | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Asset Management | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	28,144	23,188
Asset Management | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Asset Management | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Asset Management | Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Manufacturing revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	357,427	324,659
Manufacturing revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Manufacturing revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Manufacturing revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	357,427	324,659
Manufacturing revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Manufacturing revenues | Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Oil and gas revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	136,109	173,626
Oil and gas revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Oil and gas revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Oil and gas revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	136,109	173,626
Oil and gas revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Oil and gas revenues | Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	30,541	65,891
Other revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Other revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Other revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	30,541	65,891
Other revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Other revenues | Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 0	$ 0

Revenues from Contracts with _5

Revenues from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue related to performance obligation satisfied	$ 27	$ 27.6
Revenue associated with distribution services, a portion of which related to prior period	18.1	21.7
Receivables related to revenue from contracts with customers	250.6	263.7
Deferred revenue	14.2	12.8
Deferred revenue, revenue recognized	10.6	13
Capitalized contract cost	4.7	4.8
Expenses related to capitalized costs to fulfill a contract	$ 2.3	$ 4.1

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended	11 Months Ended		12 Months Ended
	May 31, 2019	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2019	Dec. 31, 2017
Current taxes:
U.S. Federal		$ 10,000		$ (10,000)	$ (1,060)
U.S. state and local		37,439		53,211	33,132
Foreign		11,077		11,026	14,597
Total current income taxes		58,516		54,237	46,669
Deferred taxes:
U.S. Federal		39,448		83,197	586,014
U.S. state and local		(73,013)		(73,482)	1,452
Foreign		(5,943)		(3,324)	8,151
Total deferred income taxes		(39,508)		6,391	595,617
Recognition of accumulated other comprehensive income lodged taxes	$ (544,600)	0		(544,583)	0
Total income tax provision (benefit)		$ 19,008	$ 195,550	$ (483,955)	$ 642,286

Income Taxes - Components of In

Income Taxes - Components of Income from Continuing Operations before Income Taxes (Details) - USD ($) $ in Thousands	11 Months Ended		12 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2019	Dec. 31, 2017
Income Tax Disclosure [Abstract]
U.S.	$ 284,177		$ 495,566	$ 535,955
Non-U.S.	11,923		(16,958)	70,547
Income from continuing operations before income taxes	$ 296,100	$ 618,110	$ 478,608	$ 606,502

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Expected Statutory Federal Income Tax To Actual Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended	11 Months Ended		12 Months Ended
	May 31, 2019	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2019	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Computed expected federal income tax		$ 62,181		$ 100,508	$ 212,276
State and local income taxes, net of federal income tax benefit		12,391		25,648	14,115
Recognition of accumulated other comprehensive income lodged taxes	$ (544,600)	0		(544,583)	0
International operations (including foreign rate differential)		1,823		4,518	(11,577)
Decrease in valuation allowance		(48,058)		(19,993)	0
Permanent differences		12,331		10,545	4,933
Foreign tax credits		(9,046)		(5,012)	(32,974)
Deferred tax asset remeasurement related to the Tax Act		5,673		0	415,000
Transition tax on foreign earnings related to the Tax Act		2,590		(6,708)	35,500
Base erosion and anti-abuse tax (BEAT)		10,000		(10,000)	0
Change in unrecognized tax benefits related to prior years		(19,783)		(20,512)	1,553
Spectrum Brands distribution				11,996
Acquisition of HomeFed				(36,779)
Other, net, Amount		(11,094)		6,417	3,460
Total income tax provision (benefit)		$ 19,008	$ 195,550	$ (483,955)	$ 642,286
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Computed expected federal income tax, Percent		21.00%		21.00%	35.00%
State and local income taxes, net of federal income tax benefit, Percent		4.20%		5.40%	2.30%
Recognition of accumulated other comprehensive income lodged taxes, Percent				(113.80%)
International operations (including foreign rate differential), Percent		0.60%		0.90%	(1.90%)
Decrease in valuation allowance, Percent		(16.20%)		(4.20%)	0.00%
Permanent differences, Percent		4.20%		2.20%	0.80%
Foreign tax credits, Percent		(3.10%)		(1.00%)	(5.40%)
Deferred tax asset remeasurement related to the Tax Act, Percent		1.90%		0.00%	68.40%
Transition tax on foreign earnings related to the Tax Act, Percent		0.90%		(1.40%)	5.90%
Base erosion and anti-abuse tax (BEAT), Percent		3.40%		(2.10%)	0.00%
Change in unrecognized tax benefits related to prior years, Percent		(6.70%)		(4.30%)	0.30%
Spectrum Brands distribution, Percent				2.50%
Acquisition of HomeFed, Precent				(7.70%)
Other, net, Percent		(3.80%)		1.40%	0.50%
Actual income tax provision, Percent		6.40%		(101.10%)	105.90%

Income Taxes - Schedule of Re_2

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 169,020	$ 197,320	$ 148,848
Increases based on tax positions related to the current period	48,083	42,306	18,619
Increases based on tax positions related to prior periods	17,521	33,007	10,358
Decreases based on tax positions related to prior periods	(36,324)	(11,006)	(8,805)
Decreases related to settlements with taxing authorities	(980)	(1,489)	0
Balance at end of period	$ 197,320	$ 260,138	$ 169,020

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	11 Months Ended	12 Months Ended		35 Months Ended
	May 31, 2019	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	Nov. 30, 2019	Feb. 28, 2019
Operating Loss Carryforwards [Line Items]
Recognition of accumulated other comprehensive income lodged taxes	$ 544,600	$ 0	$ 544,583	$ 0
Lodged tax effect						$ 544,600
Net interest expense related to unrecognized tax benefits		(3,100)	13,100	9,700
Interest accrued related to unrecognized tax benefits		54,100	67,200		$ 67,200
Expected decrease in unrecognized tax benefit related to uncertain tax position over next 12 months			13,000
Deferred tax asset, net			462,500		462,500
Operating loss carryforwards			111,400		111,400
Valuation allowance		38,512	18,519		18,519
Provision for BEAT		$ 10,000	(10,000)	$ 0
Reversal of provision for BEAT			10,000
Net tax expense from the impact of the Tax Act					452,100
Tax expense related to the revaluation of deferred tax asset					420,700
Tax expense related to the deemed repatriation of foreign earnings					31,400
Europe
Operating Loss Carryforwards [Line Items]
Deferred tax assets related to net operating losses			5,200		5,200
Valuation allowance			1,800		1,800
Asia
Operating Loss Carryforwards [Line Items]
Deferred tax assets related to net operating losses			$ 300		$ 300

Income Taxes - Schedule of Prin

Income Taxes - Schedule of Principal Components of Deferred Taxes (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Income Tax Disclosure [Abstract]
Net operating loss carryover	$ 48,695	$ 282,650
Compensation and benefits	260,590	269,788
Tax credits	91,390	66,272
Securities valuation reserves	92,407	76,931
Other	213,338	156,751
Deferred tax assets gross	706,420	852,392
Valuation allowance	(18,519)	(38,512)
Deferred tax assets	687,901	813,880
Deferred tax liability:	(68,933)	(69,970)
Investment in associated companies	(76,308)	(171,006)
Deferred tax liabilities, other	(80,192)	(60,115)
Deferred tax liabilities, gross	(225,433)	(301,091)
Net deferred tax asset	$ 462,468	$ 512,789

Other Results of Operations I_3

Other Results of Operations Information (Details) - USD ($) $ in Thousands	Nov. 29, 2019	Jan. 31, 2017	Nov. 30, 2019	Aug. 31, 2019	Sep. 30, 2018	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	Jun. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset Management Fees And Revenues						$ 28,144	$ 26,254	$ 28,831
Dividend income						5,416	10,740	(452)
Income from associated companies classified as other revenues						73,975	85,169	75,889
Revenues of oil and gas production and development businesses						127,090	175,169	61,541
Net realized securities gains (losses)						(939)	3,255	23,028
Gain on disposal						221,712	210,278	179,605
Other						102,938	90,247	57,715
Revenues						5,009,728	5,358,656	5,048,906
Distributions from associated companies						162,988	467,157	143,286
Taxes other than income or payroll						39,900	41,300	32,700
Proceeds from sale of investments classified as available-for-sale						1,600,000	900,000	400,000
Disposal group, disposed of by sale, not discontinued operations | National Beef
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of National Beef			$ 205,000			0	205,017	0
Percentage of equity interest sold	31.00%		31.00%
Proceeds from sale of associated companies, including distributions	$ 970,000
Proceeds from sale of associated companies	790,600
Distributions from associated companies	$ 179,400
Disposal group, disposed of by sale, not discontinued operations | Garcadia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal						221,712	0	0
Percentage of equity interest sold					100.00%
Proceeds from sale of equity interests and associated real estate					$ 417,200
Pre-tax gain on sale of equity interests and associated real estate					$ 221,700	221,700
Disposal group, disposed of by sale, not discontinued operations | Conwed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal						0	0	178,236
Percentage of ownership interest sold		100.00%
Cash consideration from sale of business		$ 295,000
Potential earn-out payment to be received from sale of subsidiary		$ 40,000
Commissions and other fees
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues						662,546	675,772	617,020
Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues						558,336	667,993	424,788
Other, pre-reclass
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues						558,336	667,993	424,788
HomeFed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on revaluation of our interest in HomeFed				$ 72,100		0	$ 72,142	0
HomeFed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, ownership percentage									70.00%
Reclassified Presentation Of Certain Other Fees | Jefferies Group | Commissions and other fees
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues						28,300		23,800
Reclassified Presentation Of Certain Other Fees | Jefferies Group | Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues						$ (28,300)		$ (23,800)

Common Shares and Earnings Pe_3

Common Shares and Earnings Per Common Share - Earnings Per Share Computation (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended							11 Months Ended		12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2019	Dec. 31, 2017
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders	$ (20,371)	$ 195,541	$ 48,477	$ 670,764	$ 44,811	$ 192,635	$ 725,529	$ 124,525	$ 1,022,318	$ 610,277	$ 959,593	$ 167,351
Allocation of earnings to participating securities									(5,107)		(5,576)	(610)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share									1,017,211		954,017	166,741
Adjustment to allocation of earnings to participating securities related to diluted shares									28		(5)	(14)
Mandatorily redeemable convertible preferred share dividends									0		5,103	0
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share									$ 1,017,239		$ 959,115	$ 166,727
Denominator for earnings per share:
Weighted average common shares outstanding (in shares)									337,817,000		297,796,000	358,482,000
Denominator for basic earnings per share – weighted average shares (in shares)	329,101,000	310,266,000	310,288,000	307,010,000	315,175,000	341,434,000	352,049,000	366,427,000	347,261,000		310,694,000	368,197,000
Mandatorily redeemable convertible preferred shares (in shares)									0		4,198,000	0
Denominator for diluted earnings per share (in shares)	329,101,000	316,566,000	311,897,000	312,527,000	318,752,000	350,307,000	356,075,000	373,461,000	351,275,000		317,032,000	370,701,000
Weighted average shares of participating securities (in shares)									1,724,800		1,947,600	1,401,000
Dividends declared on participating securities											$ 3,600
Restricted Stock with Future Service Required
Denominator for earnings per share:
Weighted average shares of restricted stock outstanding with future service required (in shares)									(1,707,000)		(1,939,000)	(1,349,000)
Restricted Stock Units with No Future Service Required
Denominator for earnings per share:
Weighted average RSUs outstanding with no future service required (in shares)									11,151,000		14,837,000	11,064,000
Stock options
Denominator for earnings per share:
Dilutive effect of share-based payment arrangements (in shares)									7,000		0	24,000
Senior Executive Compensation Plan | Restricted Stock Units (RSUs)
Denominator for earnings per share:
Dilutive effect of share-based payment arrangements (in shares)									4,007,000		2,140,000	2,480,000

Common Shares and Earnings Pe_4

Common Shares and Earnings Per Common Share - Narrative (Details) - USD ($)	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	Nov. 29, 2019	Jul. 01, 2019	Jan. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock repurchase program, authorized amount						$ 500,000,000
Number of shares authorized to be repurchased					9,250,000
Number of shares repurchased during period (in shares)		25,926,388
Stock repurchased during period		$ 506,200,000
Average repurchase price per share (USD per share)		$ 19.52
Available for future purchases		$ 203,600,000
3.875% Convertible Senior Debentures, due November 1, 2029
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Convertible notes interest rate	3.875%		3.875%
Redeemable Convertible Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of earnings per share amount (in shares)	4,162,200		4,162,200
Sale of Property
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of common stock exchanged with related party (in shares)				780,315
Number of common stock exchanged with related party, price per share (in USD per share)				$ 21.03

Commitments, Contingencies an_3

Commitments, Contingencies and Guarantees - Narrative (Details) - USD ($)	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Loss Contingencies [Line Items]
Rental expense (net of sublease rental income)	$ 55,700,000	$ 65,600,000	$ 60,200,000
Loan commitments outstanding to clients		64,300,000
Fair value of derivative contracts meeting the definition of a guarantee		170,900,000
Standby letters of credit
Loss Contingencies [Line Items]
Letters of credit		$ 38,500,000
Debt instrument, term		1 year
Jefferies Capital Partners LLC and Its Private Equity Funds
Loss Contingencies [Line Items]
Equity commitments		$ 11,500,000
Other Various Investments
Loss Contingencies [Line Items]
Equity commitments		201,500,000
Jefferies Finance
Loss Contingencies [Line Items]
Line of credit commitment to associated companies, funded portion	0	0
Line of credit facility commitment of Jefferies	$ 250,000,000	$ 250,000,000
Berkadia
Loss Contingencies [Line Items]
Reimbursement Of Losses Incurred, Maximum Percentage		50.00%
Surety policy issued		$ 1,500,000,000
Aggregate amount of commercial paper outstanding		1,470,000,000
HomeFed
Loss Contingencies [Line Items]
Aggregate amount of infrastructure improvement bonds outstanding		$ 67,700,000
Minimum
Loss Contingencies [Line Items]
Noncancellable operating lease terms		1 year
Maximum
Loss Contingencies [Line Items]
Noncancellable operating lease terms		20 years

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees - Schedule of Future Minimum Annual Rentals (Details) $ in Thousands	Nov. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 70,886
2021	73,374
2022	71,464
2023	62,552
2024	59,714
Thereafter	393,995
Future minimum annual rentals	731,985
Less: sublease income	(21,883)
Future minimum annual rentals net of sublease income	$ 710,102

Commitments, Contingencies an_5

Commitments, Contingencies and Guarantees - Schedule of Commitments (Details) $ in Millions	12 Months Ended
	Nov. 30, 2019USD ($)
Guarantor Obligations [Line Items]
2020	$ 8,154.7
2021	232.4
2022 and 2023	85
2024 and 2025	14.2
2026 and Later	14.3
Maximum Payout	$ 8,500.6
Guarantor obligation settlement period	3 days
Equity commitments
Guarantor Obligations [Line Items]
2020	$ 174.8
2021	55.2
2022 and 2023	75
2024 and 2025	0
2026 and Later	14.3
Maximum Payout	319.3
Loan commitments
Guarantor Obligations [Line Items]
2020	250
2021	45
2022 and 2023	10
2024 and 2025	9.3
2026 and Later	0
Maximum Payout	314.3
Underwriting commitments
Guarantor Obligations [Line Items]
2020	13.5
2021	0
2022 and 2023	0
2024 and 2025	0
2026 and Later	0
Maximum Payout	13.5
Forward starting reverse repos
Guarantor Obligations [Line Items]
2020	5,475.3
2021	0
2022 and 2023	0
2024 and 2025	0
2026 and Later	0
Maximum Payout	5,475.3
Forward starting repos
Guarantor Obligations [Line Items]
2020	2,168.8
2021	0
2022 and 2023	0
2024 and 2025	0
2026 and Later	0
Maximum Payout	2,168.8
Other unfunded commitments
Guarantor Obligations [Line Items]
2020	72.3
2021	132.2
2022 and 2023	0
2024 and 2025	4.9
2026 and Later	0
Maximum Payout	209.4
Forward Starting Securities Purchased Under Agreements to Resell Settled
Guarantor Obligations [Line Items]
Maximum Payout	5,475.3
Forward Starting Securities Sold Under Agreements to Repurchase Settled
Guarantor Obligations [Line Items]
Maximum Payout	$ 2,157.7

Commitments, Contingencies an_6

Commitments, Contingencies and Guarantees - Summary of Notional Amounts Associated with Derivative Contracts (Details) $ in Millions	Nov. 30, 2019USD ($)
Derivative contracts – non-credit related
Guarantor Obligations [Line Items]
2020	$ 9,854
2021	3,150.8
2022 and 2023	4,453.6
2024 and 2025	1,044.8
2026 and Later	48.2
Notional/ Maximum Payout	18,551.4
Written derivative contracts – credit related
Guarantor Obligations [Line Items]
2020	1.5
2021	0
2022 and 2023	2.7
2024 and 2025	29.7
2026 and Later	0
Notional/ Maximum Payout	33.9
Derivatives
Guarantor Obligations [Line Items]
2020	9,855.5
2021	3,150.8
2022 and 2023	4,456.3
2024 and 2025	1,074.5
2026 and Later	48.2
Notional/ Maximum Payout	$ 18,585.3

Net Capital Requirements (Detai

Net Capital Requirements (Details) - Jefferies LLC $ in Millions	Nov. 30, 2019USD ($)
Net Capital Requirements [Line Items]
Net Capital	$ 1,645
Excess Net Capital	$ 1,528

Other Fair Value Information (D

Other Fair Value Information (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings	$ 548,490	$ 387,492
Long-term debt	8,337,061	7,617,563
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	775,501	680,015
Short-term borrowings	548,490	387,492
Long-term debt	7,121,776	6,931,393
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	784,053	676,152
Short-term borrowings	548,490	387,492
Long-term debt	$ 7,569,837	$ 6,826,503

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	Nov. 29, 2019
Related Party Transaction [Line Items]
Trading liabilities, at fair value	$ 9,478,946	$ 10,532,460
Private Equity Related Funds
Related Party Transaction [Line Items]
Loans to and/or equity investments in related funds	35,500	23,000
Net gains (losses) from private equity related funds	(12,100)	(5,700)	$ (10,700)
Officers and Employees
Related Party Transaction [Line Items]
Loans outstanding to related party	49,300	44,800
Berkadia | Affiliated Entity | Jefferies Group
Related Party Transaction [Line Items]
Purchase commitment	723,800	360,400
HRG | Affiliated Entity | Jefferies Group
Related Party Transaction [Line Items]
Revenue from related parties	3,000
FXCM | Payables, expense accruals and other liabilities | Affiliated Entity | Jefferies Group
Related Party Transaction [Line Items]
OTC foreign exchange contracts	$ 9,900	9,900
Jefferies Finance | Affiliated Entity
Related Party Transaction [Line Items]
Purchases of loan receivables		$ 65,300
Sale of Property
Related Party Transaction [Line Items]
Number of common stock exchanged with related party (in shares)				780,315
Number of common stock exchanged with related party, price per share (in USD per share)				$ 21.03

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	Nov. 29, 2019	Jun. 05, 2018	Nov. 30, 2018	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Nov. 30, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2019	Nov. 29, 2019	Dec. 31, 2017	Jun. 04, 2018	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income allocated to redeemable noncontrolling interests			$ (31)	$ (333)	$ (242)	$ 427	$ (138)	$ 390	$ 22,108	$ 14,796		$ 37,263	$ 78,506	$ (286)		$ 84,576
Income from discontinued operations before income taxes												140,000				322,000
Income (loss) related to associated companies												57,023	(76,864)	202,995		(74,901)
Income from continuing operations before income taxes												296,100	$ 618,110	478,608		606,502
Gain on disposal of discontinued operations, net of income tax provision of $0, $229,553 and $0			0					0	643,921	$ 0		643,921		0		0
Investment in associated company			2,417,332	1,652,957							$ 2,417,332	2,417,332		1,652,957		2,066,829		$ 2,125,098
National Beef
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage																	79.00%
Equity method investment, ownership percentage		31.00%
Income (loss) related to associated companies			26,800	94,100	$ 75,900	$ 34,900	$ 27,100	$ 58,900			110,000	110,049		232,042
Distributions received											48,700			349,200
Percentage of equity interest sold	31.00%
Investment in associated company		$ 592,300	$ 653,630	$ 0							653,630	653,630		$ 0		0
National Beef
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		100.00%		100.00%										100.00%
Income allocated to redeemable noncontrolling interests												37,141				$ 85,300
Income from continuing operations before income taxes											$ 367,200				$ 773,700
Equity valuation		$ 1,900,000
Enterprise value		$ 2,300,000
Discontinued operations, disposed of by sale | National Beef
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		48.00%
Cash received from sale of subsidiary		$ 907,700
Percentage of equity interest sold	31.00%	48.00%
Pre-tax gain recognized as result of sale												873,500
Gain on disposal of discontinued operations, net of income tax provision of $0, $229,553 and $0									$ 643,900			643,900
Pre-tax gain on disposal of discontinued operation, portion related to remeasurement to fair value												$ 352,400
Disposal group, disposed of by sale, not discontinued operations | National Beef
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of equity interest sold	31.00%			31.00%

Discontinued Operations - Summa

Discontinued Operations - Summary of Discontinued Operations (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended			5 Months Ended	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 04, 2018	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Expenses:
Income tax provision						$ 47,045	$ 0	$ 118,681
Income from discontinued operations, net of income tax provision	$ 0	$ 0	$ 77,106	$ 52,957		$ 130,063	$ 0	288,631
National Beef | Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Beef processing services					$ 3,137,611			7,353,663
Interest income					131			339
Other					4,329			4,946
Total revenues					3,142,071			7,358,948
Expenses:
Compensation and benefits					17,414			39,884
Cost of sales					2,884,983			6,764,055
Interest expense					4,316			6,657
Depreciation and amortization					43,959			98,515
Selling, general and other expenses					14,291			42,525
Total expenses					2,964,963			6,951,636
Income from discontinued operations before income taxes					177,108			407,312
Income tax provision					47,045			118,681
Income from discontinued operations, net of income tax provision					$ 130,063			$ 288,631

Segment Information - Narrative

Segment Information - Narrative (Details) - USD ($) $ in Thousands	Nov. 29, 2019	Jun. 05, 2018	Jan. 31, 2017	Nov. 30, 2019	Sep. 30, 2018	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Segment Reporting Information [Line Items]
Interest expense						$ 89,249	$ 87,177	$ 101,202
Gain on disposal						221,712	210,278	179,605
Merchant Banking
Segment Reporting Information [Line Items]
Interest expense						35,200	34,100	42,300
Parent Company
Segment Reporting Information [Line Items]
Interest expense						54,100	53,000	58,900
Discontinued operations, disposed of by sale | National Beef
Segment Reporting Information [Line Items]
Percentage of equity interest sold	31.00%	48.00%
Cash received from sale of subsidiary		$ 907,700
Disposal group, disposed of by sale, not discontinued operations | National Beef
Segment Reporting Information [Line Items]
Percentage of equity interest sold	31.00%			31.00%
Gain on sale of associated companies				$ 205,000		0	205,017	0
Disposal group, disposed of by sale, not discontinued operations | Garcadia
Segment Reporting Information [Line Items]
Percentage of equity interest sold					100.00%
Pre-tax gain on sale of equity interests and associated real estate					$ 221,700	221,700
Gain on disposal						221,712	0	0
Disposal group, disposed of by sale, not discontinued operations | Conwed
Segment Reporting Information [Line Items]
Percentage of ownership interest sold			100.00%
Cash received from sale of subsidiary			$ 295,000
Potential earn-out payment to be received from sale of subsidiary			$ 40,000
Gain on disposal						$ 0	$ 0	$ 178,236
Berkadia
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage				50.00%			50.00%
National Beef
Segment Reporting Information [Line Items]
Percentage of equity interest sold	31.00%
Equity method investment, ownership percentage		31.00%

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information By Segment (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended							11 Months Ended		12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2019	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net revenues	$ 806,594	$ 1,106,098	$ 856,778	$ 1,101,657	$ 828,443	$ 1,150,846	$ 911,159	$ 895,435	$ 3,764,034	$ 4,031,333	$ 3,892,976	$ 4,077,445
Income from continuing operations before income taxes									296,100	$ 618,110	478,608	606,502
Depreciation and amortization									120,317		152,871	110,395
Identifiable assets employed	47,131,095	49,460,234							47,131,095		49,460,234	47,169,108
Deferred tax asset, net	512,789	462,468							512,789		462,468
Parent Company interest
Segment Reporting Information [Line Items]
Income from continuing operations before income taxes									(54,090)		(53,048)	(58,943)
Leucadia Asset Management and Berkadia Transferred
Segment Reporting Information [Line Items]
Income from continuing operations before income taxes									78,700			91,500
Identifiable assets employed												212,400
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues									3,769,724		3,888,928	4,068,457
Income from continuing operations before income taxes									354,015		526,949	654,495
Identifiable assets employed	47,253,428	49,554,729							47,253,428		49,554,729	47,239,429
Consolidation adjustments
Segment Reporting Information [Line Items]
Net revenues									(5,690)		4,048	8,988
Income from continuing operations before income taxes									(3,825)		4,707	10,950
Identifiable assets employed	(122,333)	(94,495)							(122,333)		(94,495)	(70,321)
Investment Banking and Capital Markets | Reportable Segments
Segment Reporting Information [Line Items]
Net revenues									3,184,426		3,035,988	3,169,860
Income from continuing operations before income taxes									464,913		347,050	535,801
Depreciation and amortization									67,467		77,549	62,059
Identifiable assets employed	38,617,201	40,523,223							38,617,201		40,523,223	38,376,686
Deferred tax asset, net	243,200	197,700							243,200		197,700	213,000
Asset Management | Reportable Segments
Segment Reporting Information [Line Items]
Net revenues									(14,280)		84,894	91,101
Income from continuing operations before income taxes									(133,729)		(41,126)	121
Depreciation and amortization									1,324		2,042	1,217
Identifiable assets employed	2,633,585	3,313,716							2,633,585		3,313,716	2,083,174
Merchant Banking | Reportable Segments
Segment Reporting Information [Line Items]
Net revenues									577,278		735,213	801,190
Income from continuing operations before income taxes									88,971		289,492	197,375
Depreciation and amortization									48,357		69,805	43,649
Identifiable assets employed	4,164,605	3,285,671							4,164,605		3,285,671	4,019,402
National Beef | Reportable Segments
Segment Reporting Information [Line Items]
Identifiable assets employed	0	0							0		0	1,460,539
Corporate | Reportable Segments
Segment Reporting Information [Line Items]
Net revenues									22,300		32,833	6,306
Income from continuing operations before income taxes									(66,140)		(68,467)	(78,802)
Depreciation and amortization									3,169		3,475	3,470
Identifiable assets employed	$ 1,838,037	$ 2,432,119							$ 1,838,037		$ 2,432,119	$ 1,299,628

Segment Information - Schedul_2

Segment Information - Schedule of Net Revenues by Geographic Region (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended							11 Months Ended		12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2019	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 806,594	$ 1,106,098	$ 856,778	$ 1,101,657	$ 828,443	$ 1,150,846	$ 911,159	$ 895,435	$ 3,764,034	$ 4,031,333	$ 3,892,976	$ 4,077,445
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									3,231,522		3,188,353	3,482,094
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									436,861		592,087	489,587
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									$ 95,651		$ 112,536	$ 105,764

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Nov. 29, 2019	Jun. 05, 2018	Nov. 30, 2018	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Mar. 31, 2017	Jun. 04, 2018	Nov. 30, 2018	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2019	Dec. 31, 2017
Selected Quarterly Financial Information [Abstract]
Net revenues			$ 806,594	$ 1,106,098	$ 856,778	$ 1,101,657	$ 828,443	$ 1,150,846	$ 911,159	$ 895,435				$ 3,764,034	$ 4,031,333	$ 3,892,976	$ 4,077,445
Income from continuing operations			(19,318)	193,878	49,394	672,276	47,015	182,301	27,917	86,192				277,092	422,560	962,563	(35,784)
Income from discontinued operations, net of taxes			0					0	77,106	52,957				130,063		0	288,631
Gain on disposal of discontinued operations, net of taxes			0					0	643,921	0				643,921		0	0
Net (income) loss attributable to the noncontrolling interest			(233)	2,606	116	191	(1,066)	12,000	(136)	1,344				12,975		1,847	3,455
Net (income) loss attributable to the redeemable noncontrolling interests			31	333	242	(427)	138	(390)	(22,108)	(14,796)				(37,263)	(78,506)	286	(84,576)
Preferred stock dividends			(851)	(1,276)	(1,275)	(1,276)	(1,276)	(1,276)	(1,171)	(1,172)				(4,470)		(5,103)	(4,375)
Net income attributable to Jefferies Financial Group Inc. common shareholders			$ (20,371)	$ 195,541	$ 48,477	$ 670,764	$ 44,811	$ 192,635	$ 725,529	$ 124,525				$ 1,022,318	$ 610,277	$ 959,593	$ 167,351
Basic earnings (loss) per common share attributable to Jefferies Financial Group Inc. common shareholders:
Income (loss) from continuing operations (USD per share)			$ (0.06)					$ 0.56	$ 0.08	$ 0.23				$ 0.82	$ 1.14	$ 3.07	$ (0.10)
Income from discontinued operations (USD per share)			0					0	0.15	0.11				0.27		0	0.55
Gain on disposal of discontinued operations (USD per share)			0					0	1.82	0				1.84		0	0
Net income (USD per share)			$ (0.06)	$ 0.63	$ 0.16	$ 2.17	$ 0.14	$ 0.56	$ 2.05	$ 0.34				$ 2.93	1.65	$ 3.07	$ 0.45
Number of shares used in calculation - basic (shares)			329,101	310,266	310,288	307,010	315,175	341,434	352,049	366,427				347,261		310,694	368,197
Diluted earnings (loss) per common share attributable to Jefferies Financial Group Inc. common shareholders:
Income (loss) from continuing operations (USD per share)			$ (0.06)					$ 0.55	$ 0.08	$ 0.23				$ 0.81	1.13	$ 3.03	$ (0.10)
Income from discontinued operations (USD per share)			0					0	0.15	0.11				0.26		0	0.55
Gain on disposal of discontinued operations - diluted (USD per share)			0					0	1.80	0				1.83		0	0
Net income (USD per share)			$ (0.06)	$ 0.62	$ 0.15	$ 2.14	$ 0.14	$ 0.55	$ 2.03	$ 0.34				$ 2.90	$ 1.63	$ 3.03	$ 0.45
Number of shares used in calculation - diluted (in shares)			329,101	316,566	311,897	312,527	318,752	350,307	356,075	373,461				351,275		317,032	370,701
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) related to associated companies														$ 57,023	$ (76,864)	$ 202,995	$ (74,901)
Recognition of accumulated other comprehensive income lodged taxes						$ 544,600								0		544,583	0
Spectrum Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Increase (decrease) in fair value of investments			$ 190,400			11,300	$ (36,000)	$ 48,500
HRG
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Increase (decrease) in fair value of investments									$ 158,400	$ 21,400
The We Company
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Increase (decrease) in fair value of investments			(70,900)	$ 69,400	$ 146,000
Investment in FXCM
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment impairment			62,100								$ 130,200
National Beef
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) related to associated companies			$ 26,800	94,100	75,900	$ 34,900	$ 27,100	58,900					$ 110,000	110,049		232,042
Percentage of equity interest sold	31.00%
Investment In Golden Queen
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment impairment								47,900						47,900
Discontinued operations, disposed of by sale | National Beef
Selected Quarterly Financial Information [Abstract]
Income from discontinued operations, net of taxes												$ 130,063					288,631
Gain on disposal of discontinued operations, net of taxes									$ 643,900					643,900
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of equity interest sold	31.00%	48.00%
Disposal group, disposed of by sale, not discontinued operations | National Beef
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of associated companies				$ 205,000										0		205,017	0
Percentage of equity interest sold	31.00%			31.00%
Disposal group, disposed of by sale, not discontinued operations | Garcadia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain on sale of equity interests and associated real estate								$ (221,700)						(221,700)
Percentage of equity interest sold								100.00%
HomeFed
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain recognized on acquisition					$ 72,100									$ 0		$ 72,142	$ 0

Uncategorized Items - _IXDS

Label	Element	Value
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 10,156,791,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	17,812,000
Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	33,022,000
Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	10,123,769,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	17,812,000
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	345,140,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(27,584,000)
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	4,746,364,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	45,396,000
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	356,227,000
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 4,676,038,000