Jefferies Financial (JEF) 10-Q 9 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	May 31, 2020	Jul. 01, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2020
Document Transition Report	false
Entity File Number	1-5721
Entity Registrant Name	JEFFERIES FINANCIAL GROUP INC.
Entity Incorporation, State or Country Code	NY
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
Title of 12(b) Security	Common Shares, par value $1 per share
Trading Symbol	JEF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		266,621,060
Entity Central Index Key	0000096223
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands		May 31, 2020	Nov. 30, 2019
ASSETS
Cash and cash equivalents		$ 6,883,881	$ 7,678,821
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations		668,925	796,797
Financial instruments owned, at fair value (including securities pledged of $12,843,162 and $12,058,522):		18,542,477	16,895,741
Loans to and investments in associated companies		1,559,793	1,652,957
Securities borrowed		6,457,035	7,624,642
Securities purchased under agreements to resell		4,284,062	4,299,598
Securities received as collateral, at fair value		9,909	9,500
Receivables		6,539,495	5,744,106
Property, equipment and leasehold improvements, net		917,686
Property, equipment and leasehold improvements, net			385,029
Intangible assets, net and goodwill		1,910,204	1,922,934
Other assets		2,509,748	2,450,109
Total assets		50,283,215	49,460,234
LIABILITIES
Short-term borrowings		656,855	548,490
Financial instruments sold, not yet purchased, at fair value		9,646,023	10,532,460
Securities loaned		1,941,468	1,525,140
Securities sold under agreements to repurchase		8,631,143	7,504,670
Other secured financings		2,746,593	3,070,611
Obligation to return securities received as collateral, at fair value		9,909	9,500
Lease liabilities		597,557	0
Payables, expense accruals and other liabilities		8,524,856	8,179,013
Long-term debt		8,020,436	8,337,061
Total liabilities	[1]	40,774,840	39,706,945
Commitments and contingencies
MEZZANINE EQUITY
Redeemable noncontrolling interests		22,262	26,605
Mandatorily redeemable convertible preferred shares		125,000	125,000
EQUITY
Common shares, par value $1 per share, authorized 600,000,000 shares; 267,111,111 and 291,644,153 shares issued and outstanding, after deducting 49,351,501 and 24,818,459 shares held in treasury		267,111	291,644
Additional paid-in capital		3,191,893	3,627,711
Accumulated other comprehensive income (loss)		(134,528)	(273,039)
Retained earnings		6,002,078	5,933,389
Total Jefferies Financial Group Inc. shareholders' equity		9,326,554	9,579,705
Noncontrolling interests		34,559	21,979
Total equity		9,361,113	9,601,684
Total		$ 50,283,215	$ 49,460,234
[1]	Total assets include assets related to variable interest entities of $709.2 million and $645.8 million at May 31, 2020 and November 30, 2019, respectively, and Total liabilities include liabilities related to variable interest entities of $2,752.3 million and $3,071.1 million at May 31, 2020 and November 30, 2019, respectively. See Note 7 for additional information related to variable interest entities.

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands		May 31, 2020	Nov. 30, 2019
ASSETS
Securities pledged		$ 12,843,162	$ 12,058,522
EQUITY
Common shares, par value (in dollars 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)		267,111,111	291,644,153
Treasury stock (in shares)		49,351,501	24,818,459
Assets		$ 50,283,215	$ 49,460,234
Liabilities	[1]	40,774,840	39,706,945
Variable interest entities, primary beneficiary
Assets		709,200	645,800
Liabilities		$ 2,752,300	$ 3,071,100
[1]	Total assets include assets related to variable interest entities of $709.2 million and $645.8 million at May 31, 2020 and November 30, 2019, respectively, and Total liabilities include liabilities related to variable interest entities of $2,752.3 million and $3,071.1 million at May 31, 2020 and November 30, 2019, respectively. See Note 7 for additional information related to variable interest entities.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Revenues:
Revenues	$ 1,377,531	$ 1,510,371	$ 3,069,795	$ 2,705,383
Interest expense	21,160	23,138	42,714	46,156
Net revenues	1,147,589	1,101,657	2,533,917	1,930,100
Expenses:
Compensation and benefits	598,467	510,560	1,268,660	920,152
Cost of sales	80,771	80,415	153,214	147,336
Floor brokerage and clearing fees	75,479	60,387	134,660	112,255
Depreciation and amortization	40,366	36,786	79,836	70,720
Selling, general and other expenses	249,118	229,062	546,956	450,168
Total expenses	1,065,361	940,348	2,226,040	1,746,787
Income before income taxes and income (loss) related to associated companies	82,228	161,309	307,877	183,313
Income (loss) related to associated companies	(6,721)	22,170	(74,576)	49,483
Income before income taxes	75,507	183,479	233,301	232,796
Income tax provision (benefit)	31,962	(488,797)	77,735	(486,495)
Net income	43,545	672,276	155,566	719,291
Net (income) loss attributable to the noncontrolling interests	2,580	191	4,709	(875)
Net (income) loss attributable to the redeemable noncontrolling interests	198	(427)	480	(289)
Preferred stock dividends	(1,404)	(1,276)	(2,826)	(2,552)
Net income attributable to Jefferies Financial Group Inc. common shareholders	$ 44,919	$ 670,764	$ 157,929	$ 715,575
Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income (in dollars per share)	$ 0.16	$ 2.17	$ 0.53	$ 2.29
Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income (in dollars per share)	$ 0.16	$ 2.14	$ 0.53	$ 2.25
Commissions and other fees
Revenues:
Revenues	$ 242,972	$ 167,610	$ 422,402	$ 322,560
Principal transactions
Revenues:
Revenues	393,338	240,189	798,202	486,371
Investment banking
Revenues:
Revenues	387,491	430,087	979,493	715,683
Interest income
Revenues:
Revenues	236,732	445,967	563,098	832,811
Manufacturing revenues
Revenues:
Revenues	85,379	90,237	162,986	165,662
Other
Revenues:
Revenues	31,619	136,281	143,614	182,296
Jefferies Group
Revenues:
Interest expense	$ 229,942	$ 408,714	$ 535,878	$ 775,283

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 43,545	$ 672,276	$ 155,566	$ 719,291
Other comprehensive income (loss):
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $67, $31, $148 and $138	196	62	433	379
Less: reclassification adjustment for net (gains) losses included in net income, net of income tax provision (benefit) of $0, $(544,677), $0 and $(545,054)	0	(544,307)	0	(543,178)
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $67, $544,708, $148 and $545,192	196	(544,245)	433	(542,799)
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $(7,838), $(10,439), $(10,985) and $(2,717)	(25,710)	(40,147)	(34,943)	(9,193)
Less: reclassification adjustment for foreign exchange (gains) losses included in net income, net of income tax provision (benefit) of $0,$0, $0 and $0	0	0	0	0
Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $(7,838), $(10,439), $(10,985) and $(2,717)	(25,710)	(40,147)	(34,943)	(9,193)
Net unrealized gains (losses) on instrument specific credit risk arising during the period, net of income tax provision (benefit) of $51,167, $858, $59,106 and $6,807	150,040	2,616	173,288	20,151
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income, net of income tax provision (benefit) of $444, $(67), $530 and $(166)	(1,302)	199	(1,554)	493
Net change in unrealized instrument specific credit risk gains (losses), net of income tax provision (benefit) of $50,723, $925, $58,576 and $6,973	148,738	2,815	171,734	20,644
Net unrealized gains (losses) on cash flow hedges arising during the period, net of income tax provision (benefit) of $0, $86, $0 and $0	0	251	0	0
Less: reclassification adjustment for cash flow hedges (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $161, $0 and $161	0	(470)	0	(470)
Net change in unrealized cash flow hedges gains (losses), net of income tax provision (benefit) of $0, $(75), $0 and $(161)	0	(219)	0	(470)
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $0, $0, $0 and $0	0	0	0	0
Reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $(214), $(122), $(438) and $(241)	648	353	1,287	708
Net change in pension liability, net of income tax provision (benefit) of $214, $122, $438 and $241	648	353	1,287	708
Other comprehensive income (loss), net of income taxes	123,872	(581,443)	138,511	(531,110)
Comprehensive income	167,417	90,833	294,077	188,181
Comprehensive (income) loss attributable to the noncontrolling interests	2,580	191	4,709	(875)
Comprehensive (income) loss attributable to the redeemable noncontrolling interests	198	(427)	480	(289)
Preferred stock dividends	(1,404)	(1,276)	(2,826)	(2,552)
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders	$ 168,791	$ 89,321	$ 296,440	$ 184,465

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Statement of Comprehensive Income [Abstract]
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit)	$ 67	$ 31	$ 148	$ 138
Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit)	0	(544,677)	0	(545,054)
Net change in unrealized holding gains (losses) on investments, tax provision (benefit)	67	544,708	148	545,192
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit)	(7,838)	(10,439)	(10,985)	(2,717)
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), tax provision (benefit)	0	0	0	0
Net change in unrealized foreign exchange gains (losses), tax provision (benefit)	(7,838)	(10,439)	(10,985)	(2,717)
Net unrealized gains (losses) on instrument specific credit risk arising during the period, tax provision (benefit)	51,167	858	59,106	6,807
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), tax provision (benefit)	444	(67)	530	(166)
Net change in unrealized instrument specific credit risk gains (losses), tax provision (benefit)	50,723	925	58,576	6,973
Net unrealized gains (losses) on cash flow hedges arising during the period, tax provision (benefit)	0	86	0	0
Less: reclassification adjustment for cash flow hedges (gains) losses included in net income (loss), tax provision (benefit)	0	161	0	161
Net change in unrealized cash flow hedges gains (losses), tax provision (benefit)	0	(75)	0	(161)
Net pension gains (losses) arising during the period, tax provision (benefit)	0	0	0	0
Less: reclassification adjustment for pension (gains) losses included in net income (loss), tax provision (benefit)	(214)	(122)	(438)	(241)
Net change in pension liability, tax provision (benefit)	$ 214	$ 122	$ 438	$ 241

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	May 31, 2020	May 31, 2019
Net cash flows from operating activities:
Net income	$ 155,566	$ 719,291
Adjustments to reconcile net income to net cash provided by (used for) operations:
Deferred income tax provision	25,176	40,388
Recognition of accumulated other comprehensive income lodged taxes	0	(544,583)
Depreciation and amortization of real estate, property, equipment and leasehold improvements	73,450	64,428
Other amortization	5,719	(13,669)
Share-based compensation	20,684	24,886
Provision for doubtful accounts	22,979	13,098
(Income) loss related to associated companies	100,712	(103,804)
Distributions from associated companies	51,860	150,273
Net losses related to property and equipment, and other assets	55,867	2,761
Lease expense	44,645
Lease payments	(40,949)
Net change in:
Securities deposited with clearing and depository organizations	(61,212)	(3)
Financial instruments owned, at fair value	(1,763,950)	251,972
Securities borrowed	1,142,449	(1,192,513)
Securities purchased under agreements to resell	(14,988)	(1,253,866)
Receivables from brokers, dealers and clearing organizations	(1,224,653)	(680,802)
Receivables from customers of securities operations	409,989	228,412
Other receivables	(8,007)	(125,315)
Other assets	(210,659)	(137,438)
Financial instruments sold, not yet purchased, at fair value	(809,728)	654,849
Securities loaned	438,246	500,307
Securities sold under agreements to repurchase	1,159,948	233,115
Payables to brokers, dealers and clearing organizations	405,873	26,872
Payables to customers of securities operations	(153,116)	(38,618)
Trade payables, expense accruals and other liabilities	199,297	(347,271)
Other	135,762	86,869
Net cash provided by (used for) operating activities	160,960	(1,440,361)
Net cash flows from investing activities:
Acquisitions of property, equipment and leasehold improvements, and other assets	(120,708)	(102,515)
Proceeds from disposals of property and equipment, and other assets	3,351	5,860
Advances on notes, loans and other receivables	(414,031)	(199,276)
Collections on notes, loans and other receivables	384,528	131,249
Loans to and investments in associated companies	(1,382,827)	(74,105)
Capital distributions and loan repayments from associated companies	1,344,570	25,612
Purchases of investments (other than short-term)	(265)	(1,986)
Proceeds from maturities of investments	2,025	531,067
Proceeds from sales of investments	19,939	886,876
Net cash provided by (used for) investing activities	(163,418)	1,202,782
Net cash flows from financing activities:
Issuance of debt, net of issuance costs	1,850,147	1,230,064
Repayment of debt	(1,930,381)	(877,593)
Net change in other secured financings	(325,234)	264,168
Net change in bank overdrafts	(3,126)	(14,352)
Distributions to noncontrolling interests	(216)	(2,481)
Contributions from noncontrolling interests	17,504	6,705
Purchase of common shares for treasury	(495,253)	(364,708)
Dividends paid	(83,436)	(74,563)
Other	575	581
Net cash provided by (used for) financing activities	(969,420)	167,821
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(13,547)	(3,892)
Net decrease in cash, cash equivalents and restricted cash	(985,425)	(73,650)
Cash, cash equivalents and restricted cash at beginning of period	8,480,435	6,012,662
Cash, cash equivalents and restricted cash at end of period	$ 7,495,010	$ 5,939,012

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	May 31, 2020	May 31, 2019
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 6,883,881	$ 5,393,737
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	572,725	508,607
Other assets	38,404	36,668
Total cash, cash equivalents and restricted cash	$ 7,495,010	$ 5,939,012

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Shares $1 Par Value	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Subtotal	Noncontrolling Interests
Beginning Balance at 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	716,450				715,575	715,575	875
Other comprehensive loss, net of taxes	(531,110)			(531,110)		(531,110)
Contributions from noncontrolling interests	6,705					0	6,705
Distributions to noncontrolling interests	(2,481)					0	(2,481)
Share-based compensation expense	24,886		24,886			24,886
Change in fair value of redeemable noncontrolling interests	1,121		1,121			1,121
Purchase of common shares for treasury	(347,139)	(17,490)	(329,649)			(347,139)
Dividends	(78,941)				(78,941)	(78,941)
Other	8,613	662	7,951			8,613	0
Ending Balance at May. 31, 2019	9,877,361	290,687	3,559,156	(242,824)	6,246,852	9,853,871	23,490
Beginning Balance at Feb. 28, 2019	9,956,133	298,313	3,681,085	338,619	5,614,935	9,932,952	23,181
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	670,573				670,764	670,764	(191)
Other comprehensive loss, net of taxes	(581,443)			(581,443)		(581,443)
Contributions from noncontrolling interests	2,000					0	2,000
Distributions to noncontrolling interests	(1,500)					0	(1,500)
Share-based compensation expense	13,073		13,073			13,073
Change in fair value of redeemable noncontrolling interests	1,657		1,657			1,657
Purchase of common shares for treasury	(150,046)	(7,762)	(142,284)			(150,046)
Dividends	(38,847)				(38,847)	(38,847)
Other	5,761	136	5,625			5,761	0
Ending Balance at May. 31, 2019	9,877,361	290,687	3,559,156	(242,824)	6,246,852	9,853,871	23,490
Beginning Balance at Nov. 30, 2019	9,601,684	291,644	3,627,711	(273,039)	5,933,389	9,579,705	21,979
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	153,220				157,929	157,929	(4,709)
Other comprehensive loss, net of taxes	138,511			138,511		138,511
Contributions from noncontrolling interests	17,504					0	17,504
Distributions to noncontrolling interests	(216)					0	(216)
Share-based compensation expense	20,684		20,684			20,684
Change in fair value of redeemable noncontrolling interests	3,875		3,875			3,875
Purchase of common shares for treasury	(494,038)	(24,868)	(469,170)			(494,038)
Dividends	(89,240)				(89,240)	(89,240)
Other	9,129	335	8,793			9,128	1
Ending Balance at May. 31, 2020	9,361,113	267,111	3,191,893	(134,528)	6,002,078	9,326,554	34,559
Beginning Balance at Feb. 29, 2020	9,385,905	277,109	3,329,633	(258,400)	6,000,613	9,348,955	36,950
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42,339				44,919	44,919	(2,580)
Other comprehensive loss, net of taxes	123,872			123,872		123,872
Contributions from noncontrolling interests	404					0	404
Distributions to noncontrolling interests	(216)					0	(216)
Share-based compensation expense	10,737		10,737			10,737
Change in fair value of redeemable noncontrolling interests	2,311		2,311			2,311
Purchase of common shares for treasury	(166,537)	(10,130)	(156,407)			(166,537)
Dividends	(43,454)				(43,454)	(43,454)
Other	5,752	132	5,619			5,751	1
Ending Balance at May. 31, 2020	$ 9,361,113	$ 267,111	$ 3,191,893	$ (134,528)	$ 6,002,078	$ 9,326,554	$ 34,559

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.15	$ 0.125	$ 0.30	$ 0.25

Nature of Operations

Nature of Operations	6 Months Ended
	May 31, 2020
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. 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. 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 portfolio of businesses and investments, including 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 HomeFed LLC ("HomeFed"); Idaho Timber (manufacturing); and FXCM Group, LLC ("FXCM") (provider of online foreign exchange trading services). Our Merchant Banking businesses and investments also included National Beef Packing Company, LLC ("National Beef") (beef processing), prior to its sale in November 2019 and Spectrum Brands Holdings, Inc. ("Spectrum Brands") (consumer products), prior to its distribution to our shareholders in October 2019. 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. We own approximately 42% of the common shares of Linkem, as well as convertible preferred shares and warrants. If all of our convertible preferred stock was converted and warrants were exercised, it would increase our ownership to approximately 56% of Linkem's common equity at May 31, 2020. 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. HomeFed is our 100% owned consolidated subsidiary that owns and develops residential and mixed use real estate properties. Prior to July 1, 2019, we owned approximately 70% of HomeFed and accounted for it 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. Idaho Timber is our 100% owned 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 May 31, 2020); a 50% voting interest in FXCM and rights to a majority of all distributions in respect of the equity of FXCM.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	May 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Our unaudited interim consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes which are normally included in our Form 10-K. These financial statements reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes are necessary to fairly state results for the interim periods presented. Results of operations for interim periods are not necessarily indicative of annual results of operations. For a detailed discussion about the Company's significant accounting policies, see Note 2, Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended November 30, 2019 ("2019 10-K"). The preparation of these financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and assumptions that affect the reported amounts in the financial statements and disclosures of contingent assets and liabilities. On an on-going basis, we evaluate all of these estimates and assumptions. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, asset impairment, the ability to realize deferred tax assets, the recognition and measurement of uncertain tax positions and contingencies. Although these and other estimates and assumptions are based on the best available information, actual results could be different from these estimates. During the six months ended May 31, 2020, other than the following, there were no significant changes made to the Company's significant accounting policies. The accounting policy changes are attributable to the adoption of the Financial Accounting Standards Board ("FASB") guidance on leases (the "new lease standard") on December 1, 2019. These lease policy updates are applied using a modified retrospective approach. Reported financial information for the historical comparable period was not revised and continues to be reported under the accounting standards in effect during the historical periods. Lease Accounting For leases with an original term longer than one year, lease liabilities are initially recognized on the lease commencement date based on the present value of the future minimum lease payments over the lease term, including non-lease components such as fixed common area maintenance costs and other fixed costs for generally all leases. A corresponding right of use ("ROU") asset is initially recognized equal to the lease liability adjusted for any lease prepayments, initial direct costs and lease incentives. The ROU assets are included in Property, equipment and leasehold improvements, net and the lease liabilities are included in Lease liabilities in the Consolidated Statement of Financial Condition. The discount rates used in determining the present value of leases represent our collateralized borrowing rate considering each lease's term and currency of payment. The lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Certain leases have renewal options that can be exercised at the discretion of the Company. Lease expense is generally recognized on a straight-line basis over the lease term and included in Selling, general and other expenses in the Consolidated Statement of Operations. See Note 12 for further information. Reclassification to the Consolidated Statements of Operations During the third quarter of 2019, we 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 $7.9 million and $15.7 million for the three and six months ended May 31, 2019, respectively. There is no impact on Total revenues as a result of this change in presentation. Receivables At May 31, 2020 and November 30, 2019, Receivables include receivables from brokers, dealers and clearing organizations of $4,211.7 million and $3,011.0 million, respectively, and receivables from customers of securities operations of $1,077.4 million and $1,490.9 million, respectively. Our subsidiary, Foursight Capital, had auto loan receivables of $753.0 million and $741.2 million at May 31, 2020 and November 30, 2019, respectively. Of these amounts, $670.3 million and $621.2 million at May 31, 2020 and November 30, 2019, respectively, were in securitized vehicles. See Notes 6 and 7 for additional information on Foursight Capital's securitization activities. 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 May 31, 2020 and November 30, 2019 was approximately 14% and 15% prime, 53% and 53% near-prime and 33% and 32% sub-prime, respectively. Other Investments At May 31, 2020 and November 30, 2019, 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 $123.1 million and $172.8 million, respectively. Impairments recognized on these investments were $0.6 million and $0.0 million during the three months ended May 31, 2020 and 2019, respectively, and $20.6 million and $0.0 million during the six months ended May 31, 2020 and 2019, respectively . Capitalization of Interest In connection with the acquisition of HomeFed in 2019, we began capitalizing interest on qualifying real estate assets. During the three and six months ended May 31, 2020, capitalized interest of $1.9 million and $3.9 million, respectively, was allocated among all of HomeFed's projects that are currently under development. Payables, expense accruals and other liabilities At May 31, 2020 and November 30, 2019, Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $3,006.5 million and $2,621.7 million, respectively, and payables to customers of securities operations of $3,655.5 million and $3,808.6 million, respectively. Supplemental Cash Flow Information For the Six Months Ended May 31, 2020 May 31, 2019 (In thousands) Cash paid during the year for: Interest $ 584,009 $ 808,740 Income tax payments (refunds), net $ (5,330) $ 21,410 Accounting Developments - Accounting Standards Adopted in Current Annual Reporting Period Leases . In February 2016, the FASB issued new guidance that affects the accounting and disclosure requirements for leases. We adopted the new lease standard on December 1, 2019 using a modified retrospective transition approach. Accordingly, reported financial information for historical comparable periods is not revised and continues to be reported under the accounting standards in effect during those historical periods. We elected not to reassess whether existing contracts are or contain leases, or the lease classification and initial direct costs of existing leases upon transition. At transition on December 1, 2019, the adoption of this standard resulted in the recognition of operating ROU assets of $545.8 million and operating lease liabilities of $614.9 million reflected in Property, equipment and leasehold improvements, net and Lease liabilities in the Consolidated Statement of Financial Condition, respectively. Finance lease ROU assets and finance lease liabilities were not material and are reflected in Property, equipment and leasehold improvements, net and Lease liabilities in the Consolidated Statement of Financial Condition, respectively. 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. We adopted the guidance in the first quarter of fiscal 2020 and the adoption did not have a material impact on our consolidated financial statements. Accounting Developments - Accounting Standards to be Adopted in Future Periods 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 which simplifies 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. 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 postretirement 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	6 Months Ended
	May 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value Disclosures The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value ("NAV") of $912.9 million and $586.9 million at May 31, 2020 and November 30, 2019, respectively, by level within the fair value hierarchy (in thousands): May 31, 2020 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 2,586,764 $ 61,387 $ 76,140 $ — $ 2,724,291 Corporate debt securities — 2,979,801 25,178 — 3,004,979 Collateralized debt obligations and collateralized loan obligations — 68,748 31,551 — 100,299 U.S. government and federal agency securities 1,808,192 72,411 — — 1,880,603 Municipal securities — 462,420 — — 462,420 Sovereign obligations 2,088,074 1,307,336 — — 3,395,410 Residential mortgage-backed securities — 1,688,379 22,339 — 1,710,718 Commercial mortgage-backed securities — 355,161 4,461 — 359,622 Other asset-backed securities — 292,158 86,062 — 378,220 Loans and other receivables — 2,571,394 121,129 — 2,692,523 Derivatives 515 2,125,294 43,124 (1,528,340) 640,593 Investments at fair value — 71,860 154,238 — 226,098 FXCM term loan — — 53,765 — 53,765 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 6,483,545 $ 12,056,349 $ 617,987 $ (1,528,340) $ 17,629,541 Securities received as collateral, at fair value $ 9,909 $ — $ — $ — $ 9,909 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 1,772,771 $ 1,283 $ 4,190 $ — $ 1,778,244 Corporate debt securities — 1,491,089 163 — 1,491,252 U.S. government and federal agency securities 2,140,501 — — — 2,140,501 Sovereign obligations 1,132,662 878,059 — — 2,010,721 Commercial mortgage-backed securities — — 140 — 140 Loans — 1,796,591 10,674 — 1,807,265 Derivatives 277 2,012,251 88,255 (1,682,883) 417,900 Total financial instruments sold, not yet purchased, at fair value $ 5,046,211 $ 6,179,273 $ 103,422 $ (1,682,883) $ 9,646,023 Short-term borrowings $ — $ 15,671 $ — $ — $ 15,671 Long-term debt $ — $ 748,446 $ 497,040 $ — $ 1,245,486 Obligation to return securities received as collateral, at fair value $ 9,909 $ — $ — $ — $ 9,909 November 30, 2019 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, 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 financial instruments owned, at fair value, 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, at fair value $ 9,500 $ — $ — $ — $ 9,500 Liabilities: Financial instruments sold, not yet purchased, at fair value: 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 financial instruments sold, not yet purchased, at fair value $ 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, at fair value $ 9,500 $ — $ — $ — $ 9,500 (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 can be 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 May 31, 2020 Equity Long/Short Hedge Funds (2) $ 302,790 $ — Equity Funds (3) 28,634 13,957 Commodity Fund (4) 13,593 — Multi-asset Funds (5) 543,191 — Other Funds (6) 24,728 — Total $ 912,936 $ 13,957 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 (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 both public and private equity securities in domestic and international markets. At May 31, 2020 and November 30, 2019, 6% and 6%, respectively, of these investments are redeemable quarterly with 60 days prior written notice. (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 be liquidated in approximately one (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 May 31, 2020 and November 30, 2019, investments representing approximately 58% and 5%, respectively, of the fair value of investments in this category are redeemable monthly with 30 or 60 days prior written notice. (6) This category includes investments in a fund that trades and invests in structured finance securities. At May 31, 2020 and November 30, 2019, investments in this category representing approximately 99% and 0%, respectively, are redeemable quarterly with 12 months prior written notice. 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 Financial instruments owned, at fair value of $9.6 million and $53.8 million at May 31, 2020 and November 30, 2019, respectively. Investment in FXCM Our investment in FXCM and associated companies consists of a senior secured term loan due February 15, 2021 ($71.6 million principal outstanding at May 31, 2020), 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 Financial instruments owned, 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 HomeFed has a 49% membership interest in the RedSky JZ Fulton Investors ("RedSky JZ Fulton Mall") joint venture, which owns a property in Brooklyn, New York. The property consists of 14 separate tax lots, divided into two development sites which may be redeveloped with buildings consisting of up to 540,000 square feet of floor area development rights. During the three months ended February 29, 2020, difficulties were encountered with attempts to refinance debt within the investment. We viewed this, combined with a softening of the Brooklyn, New York real estate market during the quarter, as a triggering event and evaluated HomeFed's equity method investment in RedSky JZ Fulton Mall to determine if there was an impairment. In connection with this evaluation, we obtained an appraisal which reflected a reduction in the value of the investment in comparison to an earlier appraisal obtained shortly before the beginning of the quarter. The appraisal was based off of Level 3 inputs consisting of prices of comparable properties and the appraisal indicated that the value of the property was worth less than the debt outstanding. HomeFed recorded an impairment charge of $55.6 million within Income (loss) related to associated companies during the six months ended May 31, 2020, which represented all of its carrying value in the joint venture. Due to a decline in oil and gas prices during the second quarter of 2020, Vitesse Energy Finance performed impairment analyses on its proven oil and gas properties in the Denver-Julesburg Basin ("DJ Basin") of Wyoming and Colorado and the Bakken Shale oil field in North Dakota. Vitesse Energy Finance first determined the estimated undiscounted cash flows based on the reserves and costs utilized in its reserve report and then updated those cash flows based on strip pricing as of May 31, 2020. The expected undiscounted future net cash flows were then compared to the end of quarter net carrying value of the oil and gas properties. No impairment of the Bakken Shale oil field assets was necessary as the undiscounted future net cash flows significantly exceeded the carrying value of these assets. As undiscounted future net cash flows were lower than the carrying value of the DJ Basin properties, Vitesse Energy Finance then determined the estimated fair value of the proven properties. To measure the estimated fair value of its proven properties, Vitesse Energy Finance used unobservable Level 3 inputs, including a 10.0% discount rate and estimated future cash flows from its reserve report. The estimated fair value of Vitesse Energy Finance's proven oil and gas properties in the DJ Basin totaled $26.8 million, which was $13.2 million lower than the carrying value as of the end of the second quarter of 2020. As a result, an impairment charge of $13.2 million was recorded in Selling, general and other expenses during the three and six months ended May 31, 2020. Due to a decline in oil and gas prices during the first quarter of 2020, JETX Energy performed an impairment analysis for its oil and gas properties in the East Eagle Ford. JETX Energy first determined the estimated undiscounted cash flows based on the reserves and costs utilized in its reserve report and then updated those cash flows based on strip pricing as of February 29, 2020. The expected undiscounted future net cash flows were then compared to the end of quarter net carrying value of the proven properties. As the undiscounted future net cash flows were lower than the carrying value, JETX Energy then determined the estimated fair value of the proven properties. To measure the estimated fair value of its proven properties, JETX Energy used unobservable Level 3 inputs, including a 10.0% discount rate and estimated future cash flows from its reserve report. The estimated fair value of JETX Energy's proven oil and gas properties in the East Eagle Ford totaled $9.6 million, which was $33.0 million lower than the carrying value as of the end of first quarter of 2020. As a result, an impairment charge of $33.0 million was recorded in Selling, general and other expenses during the six months ended May 31, 2020. 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 three months ended May 31, 2020 (in thousands): Three Months Ended May 31, 2020 Balance, February 29, 2020 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, May 31, 2020 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 103,683 $ (5,346) $ 63 $ (68) $ — $ — $ (22,192) $ 76,140 $ (5,247) Corporate debt securities 25,090 (1,480) 328 (365) (1) — 1,606 25,178 (1,464) CDOs and CLOs 29,784 (12,374) — (8,471) (2,598) — 25,210 31,551 (16,

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	May 31, 2020
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 Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value, 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 3 and 19 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 International Swaps and Derivatives Association, Inc. master netting agreements or similar agreements with counterparties. The following tables present the fair value and related number of derivative contracts at May 31, 2020 and November 30, 2019 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 Fair Value Number of May 31, 2020 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 74,227 1 $ — — Total derivatives designated as accounting hedges 74,227 — Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 515 43,775 277 56,844 Cleared OTC 226,248 4,332 326,475 4,585 Bilateral OTC 732,046 1,244 315,023 601 Foreign exchange contracts: Exchange-traded — — — 139 Bilateral OTC 324,486 12,874 342,011 12,671 Equity contracts: Exchange-traded 422,377 986,001 501,975 872,216 Bilateral OTC 330,034 1,398 610,146 1,574 Commodity contracts: Exchange-traded — 3,251 — 4,572 Bilateral OTC 55,113 2,968 — — Credit contracts: Cleared OTC 190 14 915 6 Bilateral OTC 3,697 11 3,961 7 Total derivatives not designated as accounting hedges 2,094,706 2,100,783 Total gross derivative assets/liabilities: Exchange-traded 422,892 502,252 Cleared OTC 300,665 327,390 Bilateral OTC 1,445,376 1,271,141 Amounts offset in Consolidated Statement of Financial Condition (3): Exchange-traded (409,622) (409,622) Cleared OTC (286,069) (287,244) Bilateral OTC (832,649) (986,017) Net amounts in the Consolidated Statement of Financial Condition (4) $ 640,593 $ 417,900 (continued) Assets Liabilities Fair Value Number of Fair Value Number of 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 in the Consolidated Statement of Financial Condition (4) $ 418,408 $ 527,205 (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): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Interest rate swaps $ 22,004 $ 27,204 $ 46,469 $ 41,791 Long-term debt (22,306) (28,213) (47,173) (43,769) Total $ (302) $ (1,009) $ (704) $ (1,978) The following table presents unrealized and realized gains (losses) on derivative contracts which are primarily recognized in Principal transactions revenues in the Consolidated Statements of Operations, which are utilized in connection with our client activities and our economic risk management activities (in thousands): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Interest rate contracts $ (4,079) $ (34,020) $ (5,168) $ (103,851) Foreign exchange contracts 437 2,284 (1,884) 2,108 Equity contracts 9,147 (92,109) 146,035 (120,590) Commodity contracts 44,172 21,045 60,765 1,772 Credit contracts 12,554 4,818 14,384 8,913 Total $ 62,231 $ (97,982) $ 214,132 $ (211,648) 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 May 31, 2020 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross- Total Commodity swaps, options and forwards $ 44,360 $ 10,753 $ — $ — $ 55,113 Equity forwards, swaps and options 46,129 200 18,280 (13,218) 51,391 Credit default swaps 11 900 133 (11) 1,033 Total return swaps 83,333 63,660 — (8,838) 138,155 Foreign currency forwards, swaps and options 55,197 11,655 113 (6,611) 60,354 Interest rate swaps, options and forwards 70,849 242,525 253,402 (36,319) 530,457 Total $ 299,879 $ 329,693 $ 271,928 $ (64,997) 836,503 Cross product counterparty netting (37,469) Total OTC derivative assets included in Financial instruments owned, at fair value $ 799,034 (1) At May 31, 2020, we held net exchange-traded derivative assets, other derivative assets and other credit agreements with a fair value of $34.1 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 May 31, 2020, cash collateral received was $192.6 million. (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross-Maturity Total Equity forwards, swaps and options $ 14,944 $ 251,025 $ 101,362 $ (13,218) $ 354,113 Credit default swaps — 1,489 69 (11) 1,547 Total return swaps 61,841 56,238 — (8,838) 109,241 Foreign currency forwards, swaps and options 74,469 10,196 92 (6,611) 78,146 Interest rate swaps, options and forwards 28,449 84,262 80,673 (36,319) 157,065 Total $ 179,703 $ 403,210 $ 182,196 $ (64,997) 700,112 Cross product counterparty netting (37,469) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value $ 662,643 (1) At May 31, 2020, we held net exchange-traded derivative liabilities, other derivative liabilities and other credit agreements with a fair value of $102.4 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 May 31, 2020, cash collateral pledged was $347.1 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. At May 31, 2020, 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 $ 188,896 BBB- to BBB+ 32,975 BB+ or lower 336,290 Unrated 240,873 Total $ 799,034 (1) We utilize internal credit ratings determined by the Jefferies Group's 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 are as follows (in millions): External Credit Rating Investment Grade Non-investment grade Unrated Total Notional May 31, 2020 Credit protection sold: Index credit default swaps $ 2.0 $ 12.1 $ — $ 14.1 Single name credit default swaps — 7.4 — 7.4 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 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 our counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions): May 31, November 30, 2019 Derivative instrument liabilities with credit-risk-related contingent features $ 180.9 $ 42.9 Collateral posted (139.3) (3.1) Collateral received 50.9 114.1 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 92.6 154.0 (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	6 Months Ended
	May 31, 2020
Collateralized Transactions [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 return 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, at fair value, 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, at Fair Value Total May 31, 2020 Corporate equity securities $ 1,361,027 $ 19,560 $ — $ 1,380,587 Corporate debt securities 574,834 1,774,184 — 2,349,018 Mortgage-backed and asset-backed securities — 1,604,243 — 1,604,243 U.S. government and federal agency securities 5,607 10,924,983 9,909 10,940,499 Municipal securities — 359,159 — 359,159 Sovereign obligations — 4,138,647 — 4,138,647 Loans and other receivables — 1,127,416 — 1,127,416 Total $ 1,941,468 $ 19,948,192 $ 9,909 $ 21,899,569 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 obligations — 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 Contractual Maturity Overnight and Continuous Up to 30 Days 31 to 90 Days Greater than 90 Days Total May 31, 2020 Securities lending arrangements $ 846,023 $ 83,582 $ 492,010 $ 519,853 $ 1,941,468 Repurchase agreements 9,380,493 4,037,094 3,663,073 2,867,532 19,948,192 Obligation to return securities received as collateral, at fair value — — — 9,909 9,909 Total $ 10,226,516 $ 4,120,676 $ 4,155,083 $ 3,397,294 $ 21,899,569 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, at fair value — — 9,500 — 9,500 Total $ 7,308,847 $ 1,556,260 $ 9,670,997 $ 1,755,453 $ 20,291,557 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 May 31, 2020 and November 30, 2019, the approximate fair value of securities received as collateral by us that may be sold or repledged was $26.8 billion and $28.7 billion, respectively. At May 31, 2020 and November 30, 2019, 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, at fair value, and obligation to return securities received as collateral, at fair value, 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 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 May 31, 2020 Securities borrowing arrangements $ 6,457,035 $ — $ 6,457,035 $ (500,270) $ (1,464,411) $ 4,492,354 Reverse repurchase agreements 15,601,111 (11,317,049) 4,284,062 (783,427) (3,474,933) 25,702 Securities received as collateral, at fair value 9,909 — 9,909 — — 9,909 Liabilities at May 31, 2020 Securities lending arrangements $ 1,941,468 $ — $ 1,941,468 $ (500,270) $ (1,414,097) $ 27,101 Repurchase agreements 19,948,192 (11,317,049) 8,631,143 (783,427) (7,350,643) 497,073 Obligation to return securities received as collateral, at fair value 9,909 — 9,909 — — 9,909 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, at fair value 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, at fair value 9,500 — 9,500 — — 9,500 (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 May 31, 2020, amounts include $4,444.7 million of securities borrowing arrangements, for which we have received securities collateral of $4,337.7 million, and $470.0 million of repurchase agreements, for which we have pledged securities collateral of $480.3 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. 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. 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 $668.9 million and $796.8 million at May 31, 2020 and November 30, 2019, 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	6 Months Ended
	May 31, 2020
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 our 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 our 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 Financial instruments owned, at fair value 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 had continuing involvement (in millions): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Transferred assets $ 1,475.8 $ 844.5 $ 3,810.4 $ 2,105.1 Proceeds on new securitizations 1,475.7 845.8 3,810.4 2,177.0 Cash flows received on retained interests 7.2 24.3 11.7 36.6 We have no explicit or implicit arrangements to provide additional financial support to these SPEs, have no liabilities related to these SPEs and do not have any outstanding derivative contracts executed in connection with these securitization activities at May 31, 2020 and November 30, 2019. The following table summarizes our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): May 31, 2020 November 30, 2019 Securitization Type Total Retained Total Retained U.S. government agency residential mortgage-backed securities $ 1,028.5 $ 55.6 $ 10,671.7 $ 103.3 U.S. government agency commercial mortgage-backed securities 672.3 55.2 1,374.8 45.8 CLOs 1,468.1 121.6 3,006.7 58.4 Consumer and other loans 707.6 67.5 1,149.3 71.8 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 Financial instruments owned, at fair value 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 7. 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 7 for further information on securitization activities and VIEs.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	May 31, 2020
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 our consolidated VIEs (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. May 31, 2020 November 30, 2019 Secured Funding Vehicles Other Secured Funding Vehicles Other Cash (1) $ — $ 1.2 $ — $ 1.2 Financial instruments owned, at fair value — 3.4 — 0.3 Securities purchased under agreements to resell (2) 2,097.5 — 2,467.3 — Receivables 650.5 17.8 605.6 — Other 36.7 0.2 38.7 — Total assets $ 2,784.7 $ 22.6 $ 3,111.6 $ 1.5 Financial instruments sold, not yet purchased, at fair $ — $ 5.3 $ — $ — Other secured financings 2,745.2 — 3,068.6 — Other liabilities (3) 16.7 0.4 20.1 0.2 Total liabilities $ 2,761.9 $ 5.7 $ 3,088.7 $ 0.2 (1) Approximately $0.6 million of the cash amount at May 31, 2020 represents cash on deposit with a related consolidated entity and is eliminated in consolidation. (2) Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. (3) Includes $15.3 million and $17.9 million at May 31, 2020 and November 30, 2019, 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 May 31, 2020 and November 30, 2019, 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 six months ended May 31, 2020, automobile loan receivables aggregating $223.3 million were securitized by Foursight Capital in connection with a secured borrowing offering. The majority of the proceeds from issuance of the secured borrowing were used to pay down Foursight Capital's two credit facilities. Other. We are the primary beneficiary of certain investment vehicles set up for the benefit of our employees. We manage and invest alongside our employees in these vehicles. The assets of these VIEs consist of private equity securities and are available for the benefit of the entities' equity holders. Our variable interests in these vehicles consist of equity securities. The creditors of these VIEs do not have recourse to our general credit and each such VIE's assets are not available to satisfy any other debt. Nonconsolidated VIEs The following table presents information about our variable interests in nonconsolidated VIEs (in millions): Financial Statement Maximum VIE Assets Assets Liabilities May 31, 2020 CLOs $ 64.9 $ — $ 70.9 $ 5,874.8 Consumer loan and other asset-backed vehicles 336.4 — 472.9 2,499.8 Related party private equity vehicles 16.6 — 27.7 45.6 Other investment vehicles 877.6 — 1,069.1 14,483.6 Total $ 1,295.5 $ — $ 1,640.6 $ 22,903.8 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 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 our 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 repurchase 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 May 31, 2020 and November 30, 2019, our total equity commitment in the JCP Entities was $133.0 million and $133.0 million, respectively, of which $121.9 million and $121.7 million, respectively, had been funded. The carrying value of our equity investments in the JCP Entities was $16.6 million and $23.0 million at May 31, 2020 and November 30, 2019, 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 $877.6 million and $574.0 million at May 31, 2020 and November 30, 2019, respectively. Our unfunded equity commitment related to these investments totaled $191.5 million and $192.1 million at May 31, 2020 and November 30, 2019, 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 Financial instruments owned, at fair value 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 May 31, 2020 and November 30, 2019, we held $2,004.2 million and $1,453.5 million of agency mortgage-backed securities, respectively, and $140.4 million and $134.8 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 ($53.8 million) and the investment in associated company ($76.2 million), which totaled $130.0 million at May 31, 2020.

Loans to and Investments in Ass

Loans to and Investments in Associated Companies	6 Months Ended
	May 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Loans to and Investments in Associated Companies	Loans to and Investments in Associated Companies A summary of Loans to and investments in associated companies accounted for under the equity method of accounting during the six months ended May 31, 2020 and 2019 is as follows (in thousands): Loans to and investments in associated companies as of beginning of period Income (losses) related to associated companies Income (losses) primarily related to Jefferies Group's associated companies (1) Contributions to (distributions from) associated companies, net Other Loans to and investments in associated companies as of end of period 2020 Jefferies Finance $ 673,867 $ — $ (47,950) $ 27,547 $ — $ 653,464 Berkadia 268,949 — 21,925 (36,562) 472 254,784 FXCM (2) 70,223 6,252 — — (243) 76,232 Linkem (3) 194,847 (19,809) — 35,242 3,825 214,105 Real estate associated companies (4) (5) 255,309 (53,442) — (31,784) — 170,083 Other (3) 189,762 (7,577) (111) (186) 9,237 191,125 Total $ 1,652,957 $ (74,576) $ (26,136) $ (5,743) $ 13,291 $ 1,559,793 2019 Jefferies Finance $ 728,560 $ — $ 7,936 $ (63,070) $ — $ 673,426 Berkadia 245,228 — 47,945 (18,124) 515 275,564 National Beef (6) 653,630 62,051 — (54,940) (9) 660,732 FXCM (2) 75,031 (5,016) — — 10 70,025 Linkem 165,157 (8,581) — 49,590 (3,973) 202,193 HomeFed (4) 337,542 (517) — — — 337,025 Real estate associated companies 87,074 1,072 — — — 88,146 Other 125,110 474 (1,560) (16,122) 881 108,783 Total $ 2,417,332 $ 49,483 $ 54,321 $ (102,666) $ (2,576) $ 2,415,894 (1) Primarily classified in Other revenues. (2) As further described in Note 3, our investment in FXCM includes both our equity method investment in FXCM and our term loan with FXCM. Our equity method investment is included in Loans to and investments in associated companies and our term loan is included in Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition. (3) Loans to and investments in associated companies at May 31, 2020 and November 30, 2019 include loans and debt securities aggregating $92.3 million and $70.2 million, respectively, related to Linkem and Other. (4) 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. (5) Income (loss) related to Real estate associated companies for the three and six months ended May 31, 2020 includes a non-cash charge of $6.9 million to fully write-off the value of HomeFed's interest in the Brooklyn Renaissance Plaza hotel due to the significant impact of the global novel coronavirus ("COVID-19") during the second quarter of 2020 and for the six months ended May 31, 2020, includes a non-cash charge of $55.6 million to fully write-off the value of HomeFed's RedSky JZ Fulton Mall joint venture investment related to a softening of the Brooklyn real estate market. (6) On November 29, 2019, we sold our remaining equity interest in National Beef. Income (losses) related to associated companies includes the following (in thousands): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 National Beef $ — $ 34,946 $ — $ 62,051 FXCM 7,890 (2,300) 6,252 (5,016) Linkem (6,624) (6,960) (19,809) (8,581) HomeFed — (2,500) — (517) Real estate associated companies (428) (1,524) (53,442) 1,072 Other (7,559) 508 (7,577) 474 Total $ (6,721) $ 22,170 $ (74,576) $ 49,483 Income (losses) primarily related to Jefferies Group's associated companies (primarily classified in Other revenues) includes the following (in thousands): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Jefferies Finance $ (53,069) $ 14,935 $ (47,950) $ 7,936 Berkadia 31 25,296 21,925 47,945 Other (1,857) 2,753 (111) (1,560) Total $ (54,895) $ 42,984 $ (26,136) $ 54,321 Jefferies Finance Through Jefferies Group, we own 50% of Jefferies Finance LLC ("Jefferies Finance"), a joint venture entity pursuant to an agreement with Massachusetts Mutual Life Insurance Company ("MassMutual"). Jefferies Finance is a commercial finance company that structures, underwrites and arranges primarily senior secured loans to corporate borrowers. Loans are originated primarily through the investment banking efforts of Jefferies LLC. Jefferies Finance may also underwrite and arrange other debt products such as second lien term, bridge and mezzanine loans, as well as related equity co-investments. In addition, Jefferies Finance is a registered investment advisor under the Investment Advisers Act of 1940 and, through two of its wholly-owned subsidiaries, Apex Credit Partners LLC and JFIN Asset Management LLC, acts as an investment advisor for various loan funds and CLOs managing direct lending and broadly syndicated loan products. At May 31, 2020, Jefferies Group and MassMutual each had equity commitments to Jefferies Finance of $750.0 million. At May 31, 2020, $652.4 million of Jefferies Group's commitment was funded. The investment commitment is scheduled to expire on March 1, 2021 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 May 31, 2020. Advances are shared equally between Jefferies Group and MassMutual. The facility is scheduled to mature on March 1, 2021 with automatic one year extensions absent a 60-day termination notice by either party. At May 31, 2020, $20.0 million of Jefferies Group's $250.0 million commitment was funded. Jefferies Group recognized interest income and unfunded commitment fees related to the facility of $1.5 million and $0.3 million during the three months ended May 31, 2020 and 2019, respectively, and $2.6 million and $0.6 million during the six months ended May 31, 2020 and 2019, respectively. The following summarizes activity related to our other transactions with Jefferies Finance (in millions): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Origination and syndication fee revenues (1) $ 43.8 $ 69.3 $ 81.5 $ 91.2 Origination fee expenses (1) 3.0 8.2 8.6 13.6 CLO placement fee revenues (2) — — 0.4 1.3 Underwriting fees (3) — 1.0 0.3 1.0 Service fees (4) 10.7 11.2 35.9 38.3 (1) 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, Jefferies Group earned fees, which are recognized in Investment banking revenues in the Consolidated Statements of Operations. In addition, Jefferies Group paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized in Selling, general and other expenses in the Consolidated Statements of Operations. (2) Jefferies Group acts as a placement agent for CLOs managed by Jefferies Finance, for which Jefferies Group recognized fees, which are included in Investment banking revenues in the Consolidated Statements of Operations. At May 31, 2020 and November 30, 2019, Jefferies Group held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned, at fair value. (3) Jefferies Group acted as underwriter in connection with terms loans issued by Jefferies Finance. (4) Under a service agreement, Jefferies Group charged Jefferies Finance for services provided. In connection with non-U.S. dollar loans originated by Jefferies Finance to borrowers who are investment banking clients of Jefferies Group, Jefferies Group has entered into an agreement to indemnify Jefferies Finance with respect to any foreign currency exposure. At May 31, 2020 and November 30, 2019, we had receivables from Jefferies Finance, included within Other assets in the Consolidated Statement of Financial Condition of $27.0 million and $17.2 million, respectively. At May 31, 2020 and November 30, 2019, we had payables to Jefferies Finance, related to cash deposited with Jefferies Group, included in Payables, expense accruals and other liabilities in the Consolidated Statement of Financial Condition of $13.7 million and $13.7 million, respectively. At November 30, 2019, we had a payable to Jefferies Finance, related to its lending transactions, included in Payables, expense accruals and other liabilities in the Consolidated Statement of Financial Condition of $17.6 million. 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 Jefferies Group's 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 for the three and six months ended May 31, 2019. Berkadia Berkadia is a commercial mortgage banking and servicing joint venture formed in 2009 with Berkshire Hathaway Inc. We and Berkshire Hathaway each contributed $217.2 million of equity capital to the joint venture and each have a 50% 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 advisor focused on the multifamily industry. Berkadia is a servicer of commercial real estate loans in the U.S., performing primary, master and special servicing functions for U.S. government agency programs, commercial mortgage-backed securities transactions, banks, insurance companies and other financial institutions. Berkadia uses all of the proceeds from the commercial paper sales of an affiliate of Berkadia to fund new mortgage loans, servicer advances, investments and other working capital requirements. Repayment of the commercial paper is supported by a $1.5 billion surety policy issued by a Berkshire Hathaway insurance subsidiary and corporate guaranty, and we have agreed to reimburse Berkshire Hathaway for one-half of any losses incurred thereunder. At May 31, 2020, 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. On November 29, 2019, we sold our remaining equity interest in National Beef. FXCM We have a 50% voting interest in FXCM, a provider of online foreign exchange trading services. 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 and tradename over their respective useful lives (weighted average life of 11 years). 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, and warrants. If all of our convertible preferred stock was converted and warrants were exercised, it would increase our ownership to approximately 56% of Linkem's common equity at May 31, 2020. We have approximately 48% of the total voting securities of Linkem. Additionally, we have made shareholder loans to Linkem with principal outstanding of $95.2 million at May 31, 2020. 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 HomeFed develops and owns residential and mixed-use real estate properties. Through June 30, 2019, we owned an approximate 70% equity interest of 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 were voted. 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. Real Estate Associated Companies Real estate equity method investments primarily consist of HomeFed's interests in Brooklyn Renaissance Plaza and Hotel 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 office building and garage over the respective useful lives (weighted average life of 39 years). Due to the significant impact of COVID-19 during the second quarter of 2020, HomeFed recorded an impairment charge of $6.9 million within Income (loss) related to associated companies during the three and six months ended May 31, 2020, which represented all of its carrying value in the Brooklyn Renaissance Plaza hotel. 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. 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. We have two of the four seats on the 54 Madison investment committee and 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. Other The following table provides required summarized data for certain equity method investments, including those accounted for under the fair value option. The table includes Berkadia for the six months ended May 31, 2020 and 2019, and National Beef for the six months ended May 31, 2019 (in thousands): For the Six Months Ended May 31, 2020 May 31, 2019 Revenues $ 472,988 $ 4,315,679 Income from continuing operations before extraordinary items $ 48,721 $ 318,837 Net income $ 48,721 $ 318,837

Intangible Assets, Net and Good

Intangible Assets, Net and Goodwill	6 Months Ended
	May 31, 2020
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): May 31, November 30, 2019 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 8,069 $ 8,273 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $114,909 and $111,060 55,115 59,575 Trademarks and tradenames, net of accumulated amortization of $26,751 and $24,800 101,071 103,790 Other, net of accumulated amortization of $7,225 and $5,366 9,457 11,316 Total intangible assets, net 173,712 182,954 Goodwill: Investment Banking and Capital Markets (1) (2) 1,553,322 1,556,810 Asset Management (1) 143,000 143,000 Real estate 36,711 36,711 Other operations 3,459 3,459 Total goodwill 1,736,492 1,739,980 Total intangible assets, net and goodwill $ 1,910,204 $ 1,922,934 (1) As discussed further in Note 23, during the first quarter of 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 goodwill within the historical Investment Banking, Capital Markets and Asset Management segment was allocated to the new Asset Management segment. In order to compare results with prior periods, we have recast November 30, 2019 goodwill in the same manner. 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 decrease in Investment Banking and Capital Markets goodwill during the six months ended May 31, 2020, primarily relates to translation adjustments. Amortization expense on intangible assets was $3.9 million and $3.3 million for the three months ended May 31, 2020 and 2019, respectively, and $7.7 million and $6.6 million for the six months ended May 31, 2020 and 2019, respectively. The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows (in thousands): Remainder of current year $ 7,411 2021 14,522 2022 11,180 2023 9,945 2024 9,189

Short-Term Borrowings

Short-Term Borrowings	6 Months Ended
	May 31, 2020
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): May 31, November 30, 2019 Bank loans (1) $ 634,384 $ 527,509 Floating rate puttable notes (1) 6,800 — Equity-linked notes 15,671 20,981 Total short-term borrowings $ 656,855 $ 548,490 (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 May 31, 2020 and November 30, 2019, the weighted average interest rate on short-term borrowings outstanding was 2.38% and 3.24% per annum, respectively. During the six months ended May 31, 2020, we issued floating rate puttable notes with a principal amount of $6.8 million and our equity-linked notes with a principal amount of $5.2 million matured on March 13, 2020. One of Jefferies Group's subsidiaries has a credit facility agreement ("Jefferies Group Credit Facility") with JPMorgan Chase Bank, N.A. for a committed amount of $296.0 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. During the six months ended May 31, 2020, 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 May 31, 2020, Jefferies Group was in compliance with debt covenants under the Intraday Credit Facility.

Long-Term Debt

Long-Term Debt	6 Months Ended
	May 31, 2020
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): May 31, November 30, 2019 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 745,235 $ 744,606 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,800 246,772 Total long-term debt – Parent Company 992,035 991,378 Subsidiary Debt (non-recourse to Parent Company): Jefferies Group: 2.375% Euro Medium Term Notes, due May 20, 2020, $0 and $550,875 principal — 550,622 6.875% Senior Notes, due April 15, 2021, $750,000 principal 765,915 774,738 2.25% Euro Medium Term Notes, due July 13, 2022, $4,440 and $4,407 principal 4,272 4,204 5.125% Senior Notes, due January 20, 2023, $750,000 and $600,000 principal 762,084 610,023 1.00% Euro Medium Term Notes, due July 19, 2024, $555,050 and $550,875 principal 553,257 548,880 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 816,371 768,931 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 370,258 371,426 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 989,113 988,662 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 511,051 511,260 6.50% Senior Notes, due January 20, 2043, $400,000 principal 420,035 420,239 Structured Notes (2) 1,245,486 1,215,285 Jefferies Group Revolving Credit Facility 189,410 189,088 Jefferies Group Secured Bank Loan 50,000 50,000 HomeFed EB-5 Program debt 189,211 140,739 Foursight Capital Credit Facilities 56,746 98,260 Vitesse Energy Finance Revolving Credit Facility 105,192 103,050 Other — 276 Total long-term debt – subsidiaries 7,028,401 7,345,683 Long-term debt $ 8,020,436 $ 8,337,061 (1) Amount includes losses of $47.2 million and $43.8 million during the six months ended May 31, 2020 and 2019, respectively, associated with an interest rate swap based on its designation as a fair value hedge. See Note 4 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. Subsidiary Debt : During the six months ended May 31, 2020, Jefferies Group's 2.375% Euro Medium Term Notes matured and were repaid. Additionally, during the six months ended May 31, 2020, structured notes with a total principal amount of approximately $191.3 million, net of retirements, and an additional $150.0 million principal amount of 5.125% Senior Notes due 2023 were issued by Jefferies Group. 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 Group's 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 May 31, 2020, Jefferies Group was in compliance with the debt covenants under the Jefferies Group Revolving Credit Facility. One of Jefferies Group's subsidiaries has 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 May 31, 2020, Jefferies Group was in compliance with all covenants under the Loan and Security Agreement. 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 May 31, 2020, 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 and 2025. At May 31, 2020, Foursight Capital's credit facilities consisted of two warehouse credit commitments aggregating $150.0 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 $67.9 million at May 31, 2020. At May 31, 2020 and November 30, 2019, $57.0 million and $98.7 million, respectively, was outstanding under Foursight Capital's credit facilities. Vitesse Energy Finance has a revolving credit facility with a syndicate of banks that matures in April 2023 and has a maximum borrowing base of $170.0 million at May 31, 2020. Amounts outstanding under the facility at May 31, 2020 and November 30, 2019 were $106.0 million and $104.0 million, respectively. Borrowings under the facility have been made as Eurodollar loans that bear interest at adjusted LIBOR plus a spread based on the borrowing base utilization percentage. The credit facility is guaranteed by Vitesse Energy Finance's subsidiaries and is collateralized with a minimum of 85% of Vitesse Energy Finance's proved reserve value of its oil and gas properties. Vitesse Energy Finance's borrowing base is subject to regular re-determination on or about April 1 and October 1 of each year based on proved oil and natural gas reserves, hedge positions and estimated future cash flows from these reserves calculated using future commodity pricing provided by Vitesse Energy Finance's lenders. As a result of the decline in oil prices, Vitesse Energy Finance's borrowing base was decreased from $170.0 million to $120.0 million on June 9, 2020.

Leases

Leases	6 Months Ended
	May 31, 2020
Leases [Abstract]
Leases	Leases We enter into lease and sublease agreements primarily for office space across our geographic locations. Finance lease ROU assets and finance lease liabilities are not material. Information related to operating leases in the Consolidated Statement of Financial Condition at May 31, 2020 is as follows (in thousands, except lease term and discount rate): Premises and equipment - ROU assets $ 523,616 Weighted average: Remaining lease term (in years) 10.8 years Discount rate 2.9 % The following table presents the maturities of our operating lease liabilities and a reconciliation to the Lease liabilities included in the Consolidated Statement of Financial Condition at May 31, 2020 (in thousands): Lease Liabilities Remainder of 2020 $ 31,760 2021 77,283 2022 74,684 2023 65,174 2024 61,965 2025 and thereafter 393,447 Total undiscounted cash flows 704,313 Less: Difference between undiscounted and discounted cash flows (107,046) Operating leases amount in the Consolidated Statement of Financial Condition 597,267 Finance leases amount in the Consolidated Statement of Financial Condition 290 Total amount in the Consolidated Statement of Financial Condition $ 597,557 In addition to the table above, at May 31, 2020, we have a lease agreement that we entered into that was signed but has not yet commenced. We expect this operating lease to commence by the end of 2020 with a lease term of seven years. Lease payments for this agreement will be $0.8 million for the period from lease commencement to the end of the lease term. The following table presents our lease costs (in thousands): Three Months Ended May 31, 2020 Six Months Ended May 31, 2020 Operating lease costs (1) $ 19,320 $ 38,569 Variable lease costs (2) 2,561 6,076 Less: Sublease income (1,848) (3,696) Total lease cost, net $ 20,033 $ 40,949 (1) Includes short-term leases, which are not material. (2) Includes property taxes, insurance costs, common area maintenance, utilities, and other costs that are not fixed. The amount also includes rent increases resulting from inflation indices and periodic market rent reviews. Consolidated Statement of Cash Flows supplemental information is as follows (in thousands): Six Months Ended May 31, 2020 Cash outflows - lease liabilities $ 40,949 Non-cash - ROU assets recorded for new and modified leases $ 20,145 Minimum Future Lease Commitments (under Previous GAAP). As lessee, we lease certain premises and equipment under non-cancelable agreements expiring at various dates through 2039 which are operating leases. At November 30, 2019, future minimum annual lease payments under such leases (net of sublease income) were 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 Rental expense, net of sublease rental income, 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.

Mezzanine Equity

Mezzanine Equity	6 Months Ended
	May 31, 2020
Temporary Equity Disclosure [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests At May 31, 2020 and November 30, 2019, redeemable noncontrolling interests include other redeemable noncontrolling interests of $22.3 million and $26.6 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 first quarter of 2020, we increased our quarterly dividend from $0.125 to $0.15 per common share. This increased the preferred stock dividend from $2.6 million for the six months ended May 31, 2019 to $2.8 million for the six months ended May 31, 2020. 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	6 Months Ended
	May 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Compensation Plans	Compensation Plans Restricted Stock and Restricted Stock Units. Restricted stock and restricted stock units ("RSUs") may be granted to new employees as "sign-on" awards, to existing employees as "retention" awards and to certain executive officers as awards for multiple years. Sign-on and retention awards are generally subject to annual ratable vesting over a four Stock-Based Compensation Expense. S hare-based compensation expense relating to grants made under our share-based compensation plans was $10.7 million and $13.1 million for the three months ended May 31, 2020 and 2019, respectively, and $20.7 million and $24.9 million for the six months ended May 31, 2020 and 2019, respectively. Total compensation cost includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. The total tax benefit recognized in results of operations related to share-based compensation expenses was $2.7 million and $3.4 million for the three months ended May 31, 2020 and 2019, respectively, and $5.3 million and $6.3 million for the six months ended May 31, 2020 and 2019, respectively. At May 31, 2020, total unrecognized compensation cost related to nonvested share-based compensation plans was $61.9 million; this cost is expected to be recognized over a weighted average period of 2.1 years. At May 31, 2020, there were 1,838,000 shares of restricted stock outstanding with future service required, 4,149,000 RSUs outstanding with future service required (including target RSUs issuable under the senior executive compensation plan), 18,322,000 RSUs outstanding with no future service required and 1,092,000 shares issuable under other plans. The maximum potential increase to common shares outstanding resulting from these outstanding awards is 23,563,000. 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 May 31, 2020, the remaining unamortized amount of the restricted cash awards was $627.4 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

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	May 31, 2020
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): May 31, November 30, 2019 Net unrealized gains on available for sale securities $ 574 $ 141 Net unrealized foreign exchange losses (227,652) (192,709) Net unrealized gains (losses) on instrument specific credit risk 152,845 (18,889) Net minimum pension liability (60,295) (61,582) $ (134,528) $ (273,039) 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 Affected Line Item in the For the Six Months Ended May 31, May 31, Net unrealized gains on available for sale securities, net of income tax provision (benefit) of $0 and $(545,054) $ — $ 543,178 Other revenues and Income tax provision Net unrealized gains (losses) on instrument specific credit risk, net of income tax provision (benefit) of $530 and $(166) 1,554 (493) Principal transactions revenues Net unrealized gains on cash flow hedges, net of income tax provision of $0 and $161 — 470 Other revenues Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(438) and $(241) (1,287) (708) Selling, general and other expenses, which includes pension expense Total reclassifications for the period, net of tax $ 267 $ 542,447 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 three and six months ended May 31, 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 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 (losses) on available for sale securities at May 31, 2020 and November 30, 2019 represents Jefferies Group's share of Berkadia's net unrealized gains on available for sale securities recorded under the equity method of accounting.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	6 Months Ended
	May 31, 2020
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): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Revenues from contracts with customers: Commissions and other fees (1) $ 242,972 $ 167,610 $ 422,402 $ 322,560 Investment banking 387,491 430,087 979,493 715,683 Manufacturing revenues 85,379 90,237 162,986 165,662 Other 34,077 62,080 97,854 116,109 Total revenues from contracts with customers 749,919 750,014 1,662,735 1,320,014 Other sources of revenue: Principal transactions 393,338 240,189 798,202 486,371 Interest income 236,732 445,967 563,098 832,811 Other (2,458) 74,201 45,760 66,187 Total revenues from other sources 627,612 760,357 1,407,060 1,385,369 Total revenues $ 1,377,531 $ 1,510,371 $ 3,069,795 $ 2,705,383 (1) During the third quarter of 2019, 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. 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 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 our 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 (1) Asset Management (1) Merchant Banking (1) Corporate Consolidation Adjustments Total Three Months Ended May 31, 2020 Major Business Activity: Equities (2) $ 236,683 $ — $ — $ — $ (295) $ 236,388 Fixed Income (2) 6,584 — — — — 6,584 Investment Banking - Underwriting 205,410 — — — — 205,410 Investment Banking - Advisory 182,081 — — — — 182,081 Asset Management — 3,496 — — — 3,496 Manufacturing revenues — — 85,379 — — 85,379 Oil and gas revenues — — 15,544 — — 15,544 Other revenues — — 15,037 — — 15,037 Total revenues from contracts with customers $ 630,758 $ 3,496 $ 115,960 $ — $ (295) $ 749,919 Primary Geographic Region: Americas $ 524,627 $ 1,825 $ 115,620 $ — $ (295) $ 641,777 Europe, Middle East and Africa 68,082 1,671 299 — — 70,052 Asia 38,049 — 41 — — 38,090 Total revenues from contracts with customers $ 630,758 $ 3,496 $ 115,960 $ — $ (295) $ 749,919 Three Months Ended May 31, 2019 Major Business Activity: Equities (2) $ 164,169 $ — $ — $ — $ (88) $ 164,081 Fixed Income (2) 3,529 — — — — 3,529 Investment Banking - Underwriting 251,533 — — — — 251,533 Investment Banking - Advisory 178,554 — — — — 178,554 Asset Management — 6,175 — — — 6,175 Manufacturing revenues — — 90,237 — — 90,237 Oil and gas revenues — — 47,652 — — 47,652 Other revenues — — 8,253 — — 8,253 Total revenues from contracts with customers $ 597,785 $ 6,175 $ 146,142 $ — $ (88) $ 750,014 Primary Geographic Region: Americas $ 487,674 $ 5,125 $ 145,880 $ — $ (88) $ 638,591 Europe, Middle East and Africa 91,510 1,050 223 — — 92,783 Asia 18,601 — 39 — — 18,640 Total revenues from contracts with customers $ 597,785 $ 6,175 $ 146,142 $ — $ (88) $ 750,014 Reportable Segments Investment Banking and Capital Markets (1) Asset Management (1) Merchant Banking (1) Corporate Consolidation Adjustments Total Six months ended May 31, 2020 Major Business Activity: Equities (2) $ 412,932 $ — $ — $ — $ (400) $ 412,532 Fixed Income (2) 9,870 — — — — 9,870 Investment Banking - Underwriting 454,254 — — — — 454,254 Investment Banking - Advisory 525,239 — — — — 525,239 Asset Management — 9,587 — — — 9,587 Manufacturing revenues — — 162,986 — — 162,986 Oil and gas revenues — — 57,758 — — 57,758 Other revenues — — 30,509 — — 30,509 Total revenues from contracts with customers $ 1,402,295 $ 9,587 $ 251,253 $ — $ (400) $ 1,662,735 Primary Geographic Region: Americas $ 1,173,696 $ 4,492 $ 250,399 $ — $ (400) $ 1,428,187 Europe, Middle East and Africa 147,520 5,095 659 — — 153,274 Asia 81,079 — 195 — — 81,274 Total revenues from contracts with customers $ 1,402,295 $ 9,587 $ 251,253 $ — $ (400) $ 1,662,735 Six months ended May 31, 2019 Major Business Activity: Equities (2) $ 316,243 $ — $ — $ — $ (280) $ 315,963 Fixed Income (2) 6,597 — — — — 6,597 Investment Banking - Underwriting 356,647 — — — — 356,647 Investment Banking - Advisory 359,036 — — — — 359,036 Asset Management — 14,493 — — — 14,493 Manufacturing revenues — — 165,662 — — 165,662 Oil and gas revenues — — 84,017 — — 84,017 Other revenues — — 17,599 — — 17,599 Total revenues from contracts with customers $ 1,038,523 $ 14,493 $ 267,278 $ — $ (280) $ 1,320,014 Primary Geographic Region: Americas $ 811,063 $ 10,155 $ 266,758 $ — $ (280) $ 1,087,696 Europe, Middle East and Africa 191,715 4,338 457 — — 196,510 Asia 35,745 — 63 — — 35,808 Total revenues from contracts with customers $ 1,038,523 $ 14,493 $ 267,278 $ — $ (280) $ 1,320,014 (1) We now present Asset Management as a separate reporting segment. Prior year amounts have been reclassified to conform to current segment disclosure. See Note 23 for further information. (2) 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 May 31, 2020. 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 May 31, 2020. We recognized $7.4 million and $15.3 million during the three months ended May 31, 2020 and 2019, respectively, and $10.5 million and $23.0 million during the six months ended May 31, 2020 and 2019, 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 $4.5 million and $4.8 million during the three months ended May 31, 2020 and 2019, respectively, and $10.1 million and $9.8 million during the six months ended May 31, 2020 and 2019, respectively, of revenues primarily associated with distribution services, 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 we have 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 $228.9 million and $263.7 million at May 31, 2020 and November 30, 2019, respectively. We had no significant impairments related to these receivables during the three and six months ended May 31, 2020 and 2019. 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. Deferred revenues were $28.0 million and $12.8 million at May 31, 2020 and November 30, 2019, respectively, which are recorded as Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. During the three months ended May 31, 2020, we recognized $7.2 million of deferred revenue from the balance at February 29, 2020. During the three months ended May 31, 2019, we recognized $1.8 million of deferred revenue from the balance at February 28, 2019. During the six months ended May 31, 2020, we recognized $7.9 million of deferred revenue from the balance at November 30, 2019. During the six months ended May 31, 2019, we recognized $9.4 million of deferred revenue from the balance at November 30, 2018. 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 May 31, 2020 and November 30, 2019, capitalized costs to fulfill a contract were $3.2 million and $4.8 million, respectively, which are recorded in Receivables in the Consolidated Statements of Financial Condition. We recognized expenses of $1.8 million and $1.8 million, during the three months ended May 31, 2020 and 2019, respectively, and $3.7 million and $3.4 million, during the six months ended May 31, 2020 and 2019, respectively, related to costs to fulfill a contract that were capitalized as of the beginning of the period. There were no significant impairment charges recognized in relation to these capitalized costs during the three and six months ended May 31, 2020 and 2019.

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The aggregate amount of gross unrecognized tax benefits related to uncertain tax positions was $364.3 million (including $78.4 million for interest) at May 31, 2020, of which $217.8 million related to Jefferies Group, and was $327.3 million (including $67.2 million for interest) at November 30, 2019, of which $181.2 million related to Jefferies Group. If recognized, such amounts would lower our effective tax rate. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. No material penalties were accrued for the six months ended May 31, 2020 and 2019. The net deferred tax asset was $392.6 million and $462.5 million at May 31, 2020 and November 30, 2019, respectively. The deferred tax asset is predominately attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, the largest component of which relates to compensation and benefits. 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. Our provision for income taxes for the six months ended May 31, 2020 was $77.7 million, representing an effective tax rate of 33.3%. Our benefit for income taxes for the six months ended May 31, 2019 was $486.5 million. 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 three and six months ended May 31, 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 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.

Common Share and Earnings Per C

Common Share and Earnings Per Common Share	6 Months Ended
	May 31, 2020
Earnings Per Share [Abstract]
Common Share and Earnings Per Common Share	Common Share 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): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 44,919 $ 670,764 $ 157,929 $ 715,575 Allocation of earnings to participating securities (1) (288) (4,086) (988) (4,241) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 44,631 666,678 156,941 711,334 Adjustment to allocation of earnings to participating securities related to diluted shares (1) (9) 43 (11) 34 Mandatorily redeemable convertible preferred share dividends — 1,276 — 2,552 Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 44,622 $ 667,997 $ 156,930 $ 713,920 Denominator for earnings per share: Weighted average common shares outstanding 269,362 293,600 278,022 299,067 Weighted average shares of restricted stock outstanding with future service required (1,832) (1,873) (1,862) (1,851) Weighted average RSUs outstanding with no future service required 19,234 15,283 18,429 13,892 Denominator for basic earnings per share – weighted average shares 286,764 307,010 294,589 311,108 Stock options — — — — Senior executive compensation plan awards — 1,355 712 2,466 Mandatorily redeemable convertible preferred — 4,162 — 4,162 Denominator for diluted earnings per share 286,764 312,527 295,301 317,736 (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 1,846,400 and 1,881,600 for the three months ended May 31, 2020 and 2019, respectively, and 1,874,100 and 1,856,400 for the six months ended May 31, 2020 and 2019, respectively. Dividends declared on participating securities were not material during the three and six months ended May 31, 2020 and 2019. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. For the three and six months ended May 31, 2020, shares related to the mandatorily redeemable convertible preferred shares were not included in the computation of diluted per share amounts as the effect was antidilutive.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	6 Months Ended
	May 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Commitments The following table summarizes commitments associated with certain business activities at May 31, 2020 (in millions): Expected Maturity Date 2020 2021 2022 2024 2026 Maximum Payout Equity commitments (1) $ 89.5 $ 156.0 $ 76.4 $ — $ 12.7 $ 334.6 Loan commitments (1) — 276.0 35.0 — — 311.0 Underwriting commitments 58.0 — — — — 58.0 Forward starting reverse repos (2) 3,300.0 — — — — 3,300.0 Forward starting repos (2) 4,048.1 — — — — 4,048.1 Other unfunded commitments (1) — 136.4 — 4.9 — 141.3 $ 7,495.6 $ 568.4 $ 111.4 $ 4.9 $ 12.7 $ 8,193.0 (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 May 31, 2020, all of the forward starting securities purchased under agreements to resell and forward starting securities sold under agreements to repurchase settled within three 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 May 31, 2020, Jefferies Group's outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $11.3 million. See Note 8 for additional information regarding Jefferies Group's investment in Jefferies Finance. Additionally, as of May 31, 2020, we have other equity commitments to invest up to $225.7 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 May 31, 2020, we had $80.0 million of outstanding loan commitments to clients. Loan commitments outstanding at May 31, 2020 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 May 31, 2020, $20.0 million of Jefferies Group's $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 at May 31, 2020 (in millions): Expected Maturity Date Guarantee Type 2020 2021 2022 2024 2026 Notional/ Derivative contracts – non-credit related $ 7,632.6 $ 3,542.2 $ 5,003.2 $ 1,266.4 $ 48.5 $ 17,492.9 Written derivative contracts – credit related 1.0 — 1.0 5.4 — 7.4 Total derivative contracts $ 7,633.6 $ 3,542.2 $ 5,004.2 $ 1,271.8 $ 48.5 $ 17,500.3 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 $192.7 million at May 31, 2020. 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 May 31, 2020, 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 May 31, 2020, the aggregate amount of infrastructure improvement bonds outstanding was $66.6 million. Other Guarantees. We are members 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 May 31, 2020, we provided guarantees to certain counterparties in the form of standby letters of credit totaling $38.5 million. Standby letters of credit commit us to make payment to the beneficiary if the guaranteed party

Net Capital Requirements

Net Capital Requirements	6 Months Ended
	May 31, 2020
Brokers and Dealers [Abstract]
Net Capital Requirements	Net Capital Requirements Jefferies LLC operates as a broker-dealer registered with the SEC and a member firm 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 at May 31, 2020 were $1,507.7 million and $1,430.7 million, respectively. FINRA is the designated examining authority for Jefferies LLC 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	6 Months Ended
	May 31, 2020
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): May 31, 2020 November 30, 2019 Carrying Fair Carrying Fair Receivables: Notes and loans receivable (1) $ 787,583 $ 810,333 $ 775,501 $ 784,053 Financial Liabilities: Short-term borrowings (2) $ 656,855 $ 656,855 $ 548,490 $ 548,490 Long-term debt (3) $ 6,774,950 $ 6,948,857 $ 7,121,776 $ 7,569,837 (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	6 Months Ended
	May 31, 2020
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 May 31, 2020 and November 30, 2019 are Jefferies Group's equity investments in Private Equity Related Funds of $16.6 million and $23.0 million, respectively. Net gains (losses) from Jefferies Group's investment in JCP Fund V aggregating $(7.0) million and $3.8 million for the three months ended May 31, 2020 and 2019, respectively, $(5.5) million and $0.6 million for the six months ended May 31, 2020 and 2019, respectively, were recorded in Principal transactions revenues. 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 7 and 19 . Berkadia Commercial Mortgage, LLC. At May 31, 2020 and November 30, 2019, Jefferies Group has commitments to purchase $209.7 million and $360.4 million, respectively, in agency commercial mortgage-backed securities from Berkadia. 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 $2.1 million and $9.9 million at May 31, 2020 and November 30, 2019, respectively, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Officers, Directors and Employees. We have $42.3 million and $44.8 million of loans outstanding to certain officers and employees (none of whom are an executive officer or director of the Company) at May 31, 2020 and November 30, 2019, 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 November 2019, we purchased $65.3 million of loan receivables from Jefferies Finance which settled during the six months ended May 31, 2020. See Note 8 for additional information on transactions with Jefferies Finance.

Segment Information

Segment Information	6 Months Ended
	May 31, 2020
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 first quarter of 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 three and six months ended May 31, 2019. 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. 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 included National Beef, prior to its sale in November 2019 and Spectrum Brands, prior to its distribution to shareholders in October 2019. 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. 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. For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 (In thousands) Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 1,028,832 $ 859,275 $ 2,177,661 $ 1,517,522 Asset Management 7,391 44,362 27,720 75,107 Merchant Banking 107,162 185,379 311,721 318,071 Corporate 1,525 8,974 11,317 13,167 Total net revenues related to reportable 1,144,910 1,097,990 2,528,419 1,923,867 Consolidation adjustments 2,679 3,667 5,498 6,233 Total consolidated net revenues $ 1,147,589 $ 1,101,657 $ 2,533,917 $ 1,930,100 Income (loss) before income taxes: Reportable Segments: Investment Banking and Capital Markets $ 214,534 $ 142,581 $ 464,491 $ 197,698 Asset Management (41,553) 8,230 (62,482) 9,414 Merchant Banking (74,716) 57,529 (128,339) 83,918 Corporate (12,854) (13,885) (20,608) (35,228) Income before income taxes related to reportable segments 85,411 194,455 253,062 255,802 Parent Company interest (12,878) (14,766) (25,659) (29,528) Consolidation adjustments 2,974 3,790 5,898 6,522 Total consolidated income before income taxes $ 75,507 $ 183,479 $ 233,301 $ 232,796 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 19,981 $ 18,588 $ 39,097 $ 35,918 Asset Management 2,133 505 2,758 960 Merchant Banking 17,378 16,826 36,219 32,120 Corporate 874 867 1,762 1,722 Total consolidated depreciation and amortization expenses $ 40,366 $ 36,786 $ 79,836 $ 70,720 May 31, November 30, 2019 Identifiable Assets Employed: Reportable Segments: Investment Banking and Capital Markets $ 42,118,661 $ 40,523,223 Asset Management 3,322,559 3,313,716 Merchant Banking 3,146,713 3,285,671 Corporate 1,972,155 2,432,119 Identifiable assets employed related to 50,560,088 49,554,729 Consolidation adjustments (276,873) (94,495) Total consolidated assets $ 50,283,215 $ 49,460,234

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policy)	6 Months Ended
	May 31, 2020
Accounting Policies [Abstract]
Lease Accounting	For leases with an original term longer than one year, lease liabilities are initially recognized on the lease commencement date based on the present value of the future minimum lease payments over the lease term, including non-lease components such as fixed common area maintenance costs and other fixed costs for generally all leases. A corresponding right of use ("ROU") asset is initially recognized equal to the lease liability adjusted for any lease prepayments, initial direct costs and lease incentives. The ROU assets are included in Property, equipment and leasehold improvements, net and the lease liabilities are included in Lease liabilities in the Consolidated Statement of Financial Condition.The discount rates used in determining the present value of leases represent our collateralized borrowing rate considering each lease's term and currency of payment. The lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Certain leases have renewal options that can be exercised at the discretion of the Company. Lease expense is generally recognized on a straight-line basis over the lease term and included in Selling, general and other expenses in the Consolidated Statement of Operations.
Receivables	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.
Capitalization of Interest	In connection with the acquisition of HomeFed in 2019, we began capitalizing interest on qualifying real estate assets.
Accounting Developments - Accounting Standards Adopted in Current Annual Reporting Period and to be Adopted in Future Periods	Accounting Developments - Accounting Standards Adopted in Current Annual Reporting Period Leases . In February 2016, the FASB issued new guidance that affects the accounting and disclosure requirements for leases. We adopted the new lease standard on December 1, 2019 using a modified retrospective transition approach. Accordingly, reported financial information for historical comparable periods is not revised and continues to be reported under the accounting standards in effect during those historical periods. We elected not to reassess whether existing contracts are or contain leases, or the lease classification and initial direct costs of existing leases upon transition. At transition on December 1, 2019, the adoption of this standard resulted in the recognition of operating ROU assets of $545.8 million and operating lease liabilities of $614.9 million reflected in Property, equipment and leasehold improvements, net and Lease liabilities in the Consolidated Statement of Financial Condition, respectively. Finance lease ROU assets and finance lease liabilities were not material and are reflected in Property, equipment and leasehold improvements, net and Lease liabilities in the Consolidated Statement of Financial Condition, respectively. 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. We adopted the guidance in the first quarter of fiscal 2020 and the adoption did not have a material impact on our consolidated financial statements. Accounting Developments - Accounting Standards to be Adopted in Future Periods 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 which simplifies 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. 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 postretirement 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. Reference Rate Reform . In March 2020, the FASB issued new guidance which provides optional exceptions for applying GAAP to contracts, hedge accounting relationships or other transactions affected by reference rate reform. The optional exceptions can be elected through December 31, 2022. We are currently evaluating the impact of applying the optional exceptions on our consolidated financial statements.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	May 31, 2020
Accounting Policies [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information For the Six Months Ended May 31, 2020 May 31, 2019 (In thousands) Cash paid during the year for: Interest $ 584,009 $ 808,740 Income tax payments (refunds), net $ (5,330) $ 21,410

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	May 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured on Recurring Basis at Fair Value	The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value ("NAV") of $912.9 million and $586.9 million at May 31, 2020 and November 30, 2019, respectively, by level within the fair value hierarchy (in thousands): May 31, 2020 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 2,586,764 $ 61,387 $ 76,140 $ — $ 2,724,291 Corporate debt securities — 2,979,801 25,178 — 3,004,979 Collateralized debt obligations and collateralized loan obligations — 68,748 31,551 — 100,299 U.S. government and federal agency securities 1,808,192 72,411 — — 1,880,603 Municipal securities — 462,420 — — 462,420 Sovereign obligations 2,088,074 1,307,336 — — 3,395,410 Residential mortgage-backed securities — 1,688,379 22,339 — 1,710,718 Commercial mortgage-backed securities — 355,161 4,461 — 359,622 Other asset-backed securities — 292,158 86,062 — 378,220 Loans and other receivables — 2,571,394 121,129 — 2,692,523 Derivatives 515 2,125,294 43,124 (1,528,340) 640,593 Investments at fair value — 71,860 154,238 — 226,098 FXCM term loan — — 53,765 — 53,765 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 6,483,545 $ 12,056,349 $ 617,987 $ (1,528,340) $ 17,629,541 Securities received as collateral, at fair value $ 9,909 $ — $ — $ — $ 9,909 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 1,772,771 $ 1,283 $ 4,190 $ — $ 1,778,244 Corporate debt securities — 1,491,089 163 — 1,491,252 U.S. government and federal agency securities 2,140,501 — — — 2,140,501 Sovereign obligations 1,132,662 878,059 — — 2,010,721 Commercial mortgage-backed securities — — 140 — 140 Loans — 1,796,591 10,674 — 1,807,265 Derivatives 277 2,012,251 88,255 (1,682,883) 417,900 Total financial instruments sold, not yet purchased, at fair value $ 5,046,211 $ 6,179,273 $ 103,422 $ (1,682,883) $ 9,646,023 Short-term borrowings $ — $ 15,671 $ — $ — $ 15,671 Long-term debt $ — $ 748,446 $ 497,040 $ — $ 1,245,486 Obligation to return securities received as collateral, at fair value $ 9,909 $ — $ — $ — $ 9,909 November 30, 2019 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, 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 financial instruments owned, at fair value, 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, at fair value $ 9,500 $ — $ — $ — $ 9,500 Liabilities: Financial instruments sold, not yet purchased, at fair value: 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 financial instruments sold, not yet purchased, at fair value $ 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, at fair value $ 9,500 $ — $ — $ — $ 9,500 (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 May 31, 2020 Equity Long/Short Hedge Funds (2) $ 302,790 $ — Equity Funds (3) 28,634 13,957 Commodity Fund (4) 13,593 — Multi-asset Funds (5) 543,191 — Other Funds (6) 24,728 — Total $ 912,936 $ 13,957 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 (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 both public and private equity securities in domestic and international markets. At May 31, 2020 and November 30, 2019, 6% and 6%, respectively, of these investments are redeemable quarterly with 60 days prior written notice. (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 be liquidated in approximately one (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 May 31, 2020 and November 30, 2019, investments representing approximately 58% and 5%, respectively, of the fair value of investments in this category are redeemable monthly with 30 or 60 days prior written notice. (6) This category includes investments in a fund that trades and invests in structured finance securities. At May 31, 2020 and November 30, 2019, investments in this category representing approximately 99% and 0%, respectively, are redeemable quarterly with 12 months prior written notice.
Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3	The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended May 31, 2020 (in thousands): Three Months Ended May 31, 2020 Balance, February 29, 2020 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, May 31, 2020 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 103,683 $ (5,346) $ 63 $ (68) $ — $ — $ (22,192) $ 76,140 $ (5,247) Corporate debt securities 25,090 (1,480) 328 (365) (1) — 1,606 25,178 (1,464) CDOs and CLOs 29,784 (12,374) — (8,471) (2,598) — 25,210 31,551 (16,451) Residential mortgage-backed securities 16,970 (1,773) 1,380 — (7) — 5,769 22,339 (1,733) Commercial mortgage-backed securities 4,264 53 — — — — 144 4,461 53 Other asset-backed securities 41,903 (2,380) 11,038 — (8,490) — 43,991 86,062 (5,087) Loans and other receivables 103,243 (1,113) 45,984 (46,939) (128) — 20,082 121,129 (1,069) Investments at fair value 184,507 (59,962) 10,599 (91) — — 19,185 154,238 (59,962) FXCM term loan 61,628 (7,863) — — — — — 53,765 (7,863) Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,275 $ (60) $ — $ — $ — $ — $ (25) $ 4,190 $ 60 Corporate debt securities 767 (23) (20) — — — (561) 163 — Commercial mortgage-backed securities 35 — — 105 — — — 140 — Loans 7,859 1,015 (2,785) 3,290 — — 1,295 10,674 (1,015) Net derivatives (2) 110,843 (32,744) (10,810) 33,196 (603) — (54,751) 45,131 34,259 Long-term debt (1) 543,463 (92,480) — — — 66,916 (20,859) 497,040 664 (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 May 31, 2020 were gains of $91.8 million during the three months ended May 31, 2020. (2) Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - 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 six months ended May 31, 2020 (in thousands): Six Months Ended May 31, 2020 Balance, November 30, 2019 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, May 31, 2020 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 58,426 $ (12,972) $ 3,016 $ (2,017) $ — $ — $ 29,687 $ 76,140 $ (12,899) Corporate debt securities 7,490 1,560 766 (479) (602) — 16,443 25,178 1,190 CDOs and CLOs 28,788 (13,589) 9,426 (11,849) (4,122) — 22,897 31,551 (17,410) Residential mortgage-backed securities 17,740 (2,248) 2,062 — (10) — 4,795 22,339 (2,195) Commercial mortgage-backed securities 6,110 (95) — — (1,660) — 106 4,461 (680) Other asset-backed securities 42,563 (2,848) 33,917 (664) (17,361) — 30,455 86,062 (7,226) Loans and other receivables 114,080 (5,348) 116,047 (76,227) (56,998) — 29,575 121,129 (8,989) Investments at fair value 205,412 (86,594) 35,588 (168) — — — 154,238 (86,594) FXCM term loan 59,120 (5,355) — — — — — 53,765 (5,355) Securities purchased under 25,000 — — — (25,000) — — — — Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,487 $ 216 $ (513) $ — $ — $ — $ — $ 4,190 $ 140 Corporate debt securities 340 (27) (150) — — — — 163 5 Commercial mortgage-backed securities 35 — (35) 140 — — — 140 — Loans 9,463 1,072 (12,958) 3,290 — — 9,807 10,674 (1,075) Net derivatives (2) 77,168 (44,729) (11,088) 38,823 (1,010) — (14,033) 45,131 32,211 Long-term debt (1) 480,069 (101,267) — — — 175,498 (57,260) 497,040 (4,802) (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 May 31, 2020 were gains of $106.1 million during the six months ended May 31, 2020. (2) Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives. The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended May 31, 2019 (in thousands): Three Months Ended May 31, 2019 Balance, February 28, 2019 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance, May 31, 2019 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 55,576 $ 1,808 $ 221 $ (179) $ (551) $ — $ 2,697 $ 59,572 $ 1,909 Corporate debt securities 10,930 (306) 816 — (325) — (2,769) 8,346 (307) CDOs and CLOs 43,144 (1,663) — — (991) — (14,578) 25,912 (2,656) Residential mortgage-backed securities 20,963 (802) — — (18) — (2,877) 17,266 (759) Commercial mortgage-backed securities 12,820 (357) — (331) (3,238) — 3,636 12,530 (1,292) Other asset-backed securities 35,886 3,070 16,531 (8,868) (8,549) — 5,115 43,185 3,563 Loans and other receivables 78,051 (2,753) 38,780 (13,898) (2,438) — 742 98,484 (1,277) Investments at fair value 421,098 35,594 10,169 (18,302) — — (39,820) 408,739 35,594 FXCM term loan 73,600 (11,412) 1,500 — (7,088) — — 56,600 (11,412) Securities purchased under — — — — — 25,000 — 25,000 — Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 78 $ (74) $ (1,520) $ 1,737 $ — $ — $ — $ 221 $ — Corporate debt securities 730 (148) (7) 1 22 — 71 669 90 Commercial mortgage-backed securities 70 (70) — — — — — — — Loans 3,420 (191) (1,678) 1,537 — — 6,340 9,428 364 Net derivatives (2) 28,975 (14,760) (25) 4,175 1,974 — 27,110 47,449 7,565 Long-term debt (1) 283,139 1,163 — — (5,585) 39,385 (81,540) 236,562 (813) (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 May 31, 2019 were losses of $0.4 million during the three months ended May 31, 2019. (2) Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - 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 six months ended May 31, 2019 (in thousands): Six Months Ended May 31, 2019 Balance, November 30, 2018 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, May 31, 2019 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 52,192 $ 5,239 $ 785 $ (2,031) $ (720) $ — $ 4,107 $ 59,572 $ 7,085 Corporate debt securities 9,484 (108) 2,181 (2,130) (1,177) — 96 8,346 (53) CDOs and CLOs 36,105 (1,233) 4,782 — (2,130) — (11,612) 25,912 (3,127) Residential mortgage-backed securities 19,603 (316) 39 — (45) — (2,015) 17,266 (271) Commercial mortgage-backed securities 10,886 (180) 11 (331) (3,278) — 5,422 12,530 (1,183) Other asset-backed securities 53,175 (1,014) 25,316 (13,247) (9,529) — (11,516) 43,185 (522) Loans and other receivables 46,985 2,434 77,004 (33,549) (3,378) — 8,988 98,484 844 Investments at fair value 396,254 29,454 41,512 (18,302) — — (40,179) 408,739 29,454 FXCM term loan 73,150 (10,962) 1,500 — (7,088) — — 56,600 (10,962) Securities purchased under — — — — — 25,000 — 25,000 — Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ — $ (76) $ (1,546) $ 1,843 $ — $ — $ — $ 221 $ — Corporate debt securities 522 (382) (73) 93 22 — 487 669 305 Loans 6,376 (401) (3,946) 7,963 — — (564) 9,428 579 Net derivatives (2) 21,614 (29,079) (2,829) 7,259 2,031 — 48,453 47,449 19,607 Long-term debt (1) 200,745 (12,854) — — (11,250) 101,872 (41,951) 236,562 3,827 (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 May 31, 2019 were gains of $9.0 million during the six months ended May 31, 2019. (2) Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives.
Quantitative Information About Significant Unobservable Inputs Used in Level 3 Fair Value Measurements	The tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument (i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather, the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category. For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. The disclosed inputs when compared with the inputs as disclosed in other periods should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period. May 31, 2020 Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Financial instruments owned, at fair value Corporate equity securities $ 75,712 Non-exchange-traded Market approach Price $1 to $213 $94 Underlying stock price $3 — EBITDA multiple $3 to $8 $4 Corporate debt securities $ 25,178 Market approach Price $69 — Scenario analysis Estimated recovery percentage 22% — CDOs and CLOs $ 31,551 Discounted cash flows Constant prepayment rate 10 % to 20% 16 % Constant default rate 2% — Loss severity 25 % to 30% 28 % Discount rate/yield 14 % to 32% 22 % Scenario analysis Estimated recovery percentage 3 % to 35% 24 % Residential mortgage- $ 22,339 Discounted cash flows Cumulative loss rate 3 % to 33% 11 % Duration (years) 2.0 years to 6.1 years 5.6 years Discount rate/yield 4 % to 15% 5 % Commercial mortgage- $ 4,461 Scenario analysis Estimated recovery percentage 44% — Other asset-backed securities $ 86,062 Discounted cash flows Cumulative loss rate 7 % to 31% 14 % Duration (years) 0.4 years to 2.8 years 1.4 years Discount rate/yield 5 % to 15% 9 % Market approach Price $100 — Loans and other receivables $ 67,207 Market approach Price $1 to $100 $81 Scenario analysis Estimated recovery percentage 1 % to 100% 61 % Derivatives $ 41,769 Equity options Volatility benchmarking Volatility 49% — Interest rate swaps Market approach Basis points upfront 1 to 16 8 Investments at fair value $ 92,194 Private equity securities Market approach Price $2 to $169 $40 Scenario analysis Estimated recovery percentage 86% — Discount rate/yield 19 % to 21% 20 % Revenue growth 0% — Investment in FXCM $ 53,765 Term loan Discounted cash flows Term based on the pay off (years) 0 months to 1.7 years 1.7 years Financial instruments sold, not yet purchased, at fair value Corporate equity securities $ 4,190 Market approach Transaction level $1 — Corporate debt securities $ 163 Scenario analysis Estimated recovery percentage 22% — Loans $ 10,674 Market approach Price $1 to $50 $33 Scenario analysis Estimated recovery percentage 1% — Derivatives $ 83,576 Equity options Volatility benchmarking Volatility 33 % to 62% 47 % Interest rate swaps Market approach Basis points upfront 0 to 16 7 Unfunded commitments Price $90 — Long-term debt Structured notes $ 497,040 Market approach Price $78 to $94 $84 Price €63 to €109 €85 November 30, 2019 Fair Value Valuation Significant Input/Range Weighted Financial instruments owned, at fair value Corporate equity securities $ 29,017 Non-exchange-traded 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- $ 17,740 Discounted cash flows Cumulative loss rate 2% — Duration (years) 6.3 years — Discount rate/yield 3% — Commercial mortgage- $ 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 — Financial instruments sold, not yet purchased, at fair value 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 Structured notes $ 480,069 Market approach Price $84 to $108 $96 Price €74 to €103 €91
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 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): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Financial Instruments Owned, at fair value: Loans and other receivables $ (13,926) $ (2,352) $ (10,830) $ (3,072) Financial Instruments Sold, Not Yet Purchased, at Loans $ 127 $ — $ 127 $ — Loan commitments 1,750 (757) 1,089 (678) Long-term Debt: Changes in instrument specific credit risk (1) $ 197,737 $ 4,009 $ 227,169 $ 27,492 Other changes in fair value (2) (30,982) (36,665) (68,624) (47,308) Short-term borrowings: Changes in instrument specific credit risk (1) $ 35 $ — $ 91 $ — Other changes in fair value (2) (644) — (881) — (1) Changes in instrument specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax.
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): May 31, November 30, 2019 Financial Instruments Owned, at fair value: Loans and other receivables (1) $ 1,881,470 $ 1,546,516 Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) 331,340 197,215 Long-term debt and short-term borrowings 241,295 74,408 (1) Interest income is recognized separately from other changes in fair value and is included in Interest income in the Consolidated Statements of Operations.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	May 31, 2020
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 May 31, 2020 and November 30, 2019 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 Fair Value Number of May 31, 2020 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 74,227 1 $ — — Total derivatives designated as accounting hedges 74,227 — Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 515 43,775 277 56,844 Cleared OTC 226,248 4,332 326,475 4,585 Bilateral OTC 732,046 1,244 315,023 601 Foreign exchange contracts: Exchange-traded — — — 139 Bilateral OTC 324,486 12,874 342,011 12,671 Equity contracts: Exchange-traded 422,377 986,001 501,975 872,216 Bilateral OTC 330,034 1,398 610,146 1,574 Commodity contracts: Exchange-traded — 3,251 — 4,572 Bilateral OTC 55,113 2,968 — — Credit contracts: Cleared OTC 190 14 915 6 Bilateral OTC 3,697 11 3,961 7 Total derivatives not designated as accounting hedges 2,094,706 2,100,783 Total gross derivative assets/liabilities: Exchange-traded 422,892 502,252 Cleared OTC 300,665 327,390 Bilateral OTC 1,445,376 1,271,141 Amounts offset in Consolidated Statement of Financial Condition (3): Exchange-traded (409,622) (409,622) Cleared OTC (286,069) (287,244) Bilateral OTC (832,649) (986,017) Net amounts in the Consolidated Statement of Financial Condition (4) $ 640,593 $ 417,900 (continued) Assets Liabilities Fair Value Number of Fair Value Number of 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 in the Consolidated Statement of Financial Condition (4) $ 418,408 $ 527,205 (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): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Interest rate swaps $ 22,004 $ 27,204 $ 46,469 $ 41,791 Long-term debt (22,306) (28,213) (47,173) (43,769) Total $ (302) $ (1,009) $ (704) $ (1,978) The following table presents unrealized and realized gains (losses) on derivative contracts which are primarily recognized in Principal transactions revenues in the Consolidated Statements of Operations, which are utilized in connection with our client activities and our economic risk management activities (in thousands): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Interest rate contracts $ (4,079) $ (34,020) $ (5,168) $ (103,851) Foreign exchange contracts 437 2,284 (1,884) 2,108 Equity contracts 9,147 (92,109) 146,035 (120,590) Commodity contracts 44,172 21,045 60,765 1,772 Credit contracts 12,554 4,818 14,384 8,913 Total $ 62,231 $ (97,982) $ 214,132 $ (211,648)
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 May 31, 2020 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross- Total Commodity swaps, options and forwards $ 44,360 $ 10,753 $ — $ — $ 55,113 Equity forwards, swaps and options 46,129 200 18,280 (13,218) 51,391 Credit default swaps 11 900 133 (11) 1,033 Total return swaps 83,333 63,660 — (8,838) 138,155 Foreign currency forwards, swaps and options 55,197 11,655 113 (6,611) 60,354 Interest rate swaps, options and forwards 70,849 242,525 253,402 (36,319) 530,457 Total $ 299,879 $ 329,693 $ 271,928 $ (64,997) 836,503 Cross product counterparty netting (37,469) Total OTC derivative assets included in Financial instruments owned, at fair value $ 799,034 (1) At May 31, 2020, we held net exchange-traded derivative assets, other derivative assets and other credit agreements with a fair value of $34.1 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 May 31, 2020, cash collateral received was $192.6 million. (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross-Maturity Total Equity forwards, swaps and options $ 14,944 $ 251,025 $ 101,362 $ (13,218) $ 354,113 Credit default swaps — 1,489 69 (11) 1,547 Total return swaps 61,841 56,238 — (8,838) 109,241 Foreign currency forwards, swaps and options 74,469 10,196 92 (6,611) 78,146 Interest rate swaps, options and forwards 28,449 84,262 80,673 (36,319) 157,065 Total $ 179,703 $ 403,210 $ 182,196 $ (64,997) 700,112 Cross product counterparty netting (37,469) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value $ 662,643 (1) At May 31, 2020, we held net exchange-traded derivative liabilities, other derivative liabilities and other credit agreements with a fair value of $102.4 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 May 31, 2020, cash collateral pledged was $347.1 million. (3) Derivative fair values include counterparty netting within product category.
Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets	At May 31, 2020, 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 $ 188,896 BBB- to BBB+ 32,975 BB+ or lower 336,290 Unrated 240,873 Total $ 799,034 (1) We utilize internal credit ratings determined by the Jefferies Group's 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 are as follows (in millions): External Credit Rating Investment Grade Non-investment grade Unrated Total Notional May 31, 2020 Credit protection sold: Index credit default swaps $ 2.0 $ 12.1 $ — $ 14.1 Single name credit default swaps — 7.4 — 7.4 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
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 our counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions): May 31, November 30, 2019 Derivative instrument liabilities with credit-risk-related contingent features $ 180.9 $ 42.9 Collateral posted (139.3) (3.1) Collateral received 50.9 114.1 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 92.6 154.0 (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)	6 Months Ended
	May 31, 2020
Collateralized Transactions [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, at fair value, 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, at Fair Value Total May 31, 2020 Corporate equity securities $ 1,361,027 $ 19,560 $ — $ 1,380,587 Corporate debt securities 574,834 1,774,184 — 2,349,018 Mortgage-backed and asset-backed securities — 1,604,243 — 1,604,243 U.S. government and federal agency securities 5,607 10,924,983 9,909 10,940,499 Municipal securities — 359,159 — 359,159 Sovereign obligations — 4,138,647 — 4,138,647 Loans and other receivables — 1,127,416 — 1,127,416 Total $ 1,941,468 $ 19,948,192 $ 9,909 $ 21,899,569 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 obligations — 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 Contractual Maturity Overnight and Continuous Up to 30 Days 31 to 90 Days Greater than 90 Days Total May 31, 2020 Securities lending arrangements $ 846,023 $ 83,582 $ 492,010 $ 519,853 $ 1,941,468 Repurchase agreements 9,380,493 4,037,094 3,663,073 2,867,532 19,948,192 Obligation to return securities received as collateral, at fair value — — — 9,909 9,909 Total $ 10,226,516 $ 4,120,676 $ 4,155,083 $ 3,397,294 $ 21,899,569 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, at fair value — — 9,500 — 9,500 Total $ 7,308,847 $ 1,556,260 $ 9,670,997 $ 1,755,453 $ 20,291,557
Summary of Offsetting Assets	The following table provides information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, 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 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 May 31, 2020 Securities borrowing arrangements $ 6,457,035 $ — $ 6,457,035 $ (500,270) $ (1,464,411) $ 4,492,354 Reverse repurchase agreements 15,601,111 (11,317,049) 4,284,062 (783,427) (3,474,933) 25,702 Securities received as collateral, at fair value 9,909 — 9,909 — — 9,909 Liabilities at May 31, 2020 Securities lending arrangements $ 1,941,468 $ — $ 1,941,468 $ (500,270) $ (1,414,097) $ 27,101 Repurchase agreements 19,948,192 (11,317,049) 8,631,143 (783,427) (7,350,643) 497,073 Obligation to return securities received as collateral, at fair value 9,909 — 9,909 — — 9,909 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, at fair value 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, at fair value 9,500 — 9,500 — — 9,500 (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 May 31, 2020, amounts include $4,444.7 million of securities borrowing arrangements, for which we have received securities collateral of $4,337.7 million, and $470.0 million of repurchase agreements, for which we have pledged securities collateral of $480.3 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. 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.
Summary of Offsetting Liabilities	The following table provides information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, 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 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 May 31, 2020 Securities borrowing arrangements $ 6,457,035 $ — $ 6,457,035 $ (500,270) $ (1,464,411) $ 4,492,354 Reverse repurchase agreements 15,601,111 (11,317,049) 4,284,062 (783,427) (3,474,933) 25,702 Securities received as collateral, at fair value 9,909 — 9,909 — — 9,909 Liabilities at May 31, 2020 Securities lending arrangements $ 1,941,468 $ — $ 1,941,468 $ (500,270) $ (1,414,097) $ 27,101 Repurchase agreements 19,948,192 (11,317,049) 8,631,143 (783,427) (7,350,643) 497,073 Obligation to return securities received as collateral, at fair value 9,909 — 9,909 — — 9,909 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, at fair value 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, at fair value 9,500 — 9,500 — — 9,500 (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 May 31, 2020, amounts include $4,444.7 million of securities borrowing arrangements, for which we have received securities collateral of $4,337.7 million, and $470.0 million of repurchase agreements, for which we have pledged securities collateral of $480.3 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. 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.

Securitization Activities (Tabl

Securitization Activities (Tables)	6 Months Ended
	May 31, 2020
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 had continuing involvement (in millions): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Transferred assets $ 1,475.8 $ 844.5 $ 3,810.4 $ 2,105.1 Proceeds on new securitizations 1,475.7 845.8 3,810.4 2,177.0 Cash flows received on retained interests 7.2 24.3 11.7 36.6
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): May 31, 2020 November 30, 2019 Securitization Type Total Retained Total Retained U.S. government agency residential mortgage-backed securities $ 1,028.5 $ 55.6 $ 10,671.7 $ 103.3 U.S. government agency commercial mortgage-backed securities 672.3 55.2 1,374.8 45.8 CLOs 1,468.1 121.6 3,006.7 58.4 Consumer and other loans 707.6 67.5 1,149.3 71.8

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 2020
Variable Interest Entity, Measure of Activity [Abstract]
Schedule of VIEs	The following table presents information about our consolidated VIEs (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. May 31, 2020 November 30, 2019 Secured Funding Vehicles Other Secured Funding Vehicles Other Cash (1) $ — $ 1.2 $ — $ 1.2 Financial instruments owned, at fair value — 3.4 — 0.3 Securities purchased under agreements to resell (2) 2,097.5 — 2,467.3 — Receivables 650.5 17.8 605.6 — Other 36.7 0.2 38.7 — Total assets $ 2,784.7 $ 22.6 $ 3,111.6 $ 1.5 Financial instruments sold, not yet purchased, at fair $ — $ 5.3 $ — $ — Other secured financings 2,745.2 — 3,068.6 — Other liabilities (3) 16.7 0.4 20.1 0.2 Total liabilities $ 2,761.9 $ 5.7 $ 3,088.7 $ 0.2 (1) Approximately $0.6 million of the cash amount at May 31, 2020 represents cash on deposit with a related consolidated entity and is eliminated in consolidation. (2) Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. (3) Includes $15.3 million and $17.9 million at May 31, 2020 and November 30, 2019, respectively, of intercompany payables that are eliminated in consolidation. The following table presents information about our variable interests in nonconsolidated VIEs (in millions): Financial Statement Maximum VIE Assets Assets Liabilities May 31, 2020 CLOs $ 64.9 $ — $ 70.9 $ 5,874.8 Consumer loan and other asset-backed vehicles 336.4 — 472.9 2,499.8 Related party private equity vehicles 16.6 — 27.7 45.6 Other investment vehicles 877.6 — 1,069.1 14,483.6 Total $ 1,295.5 $ — $ 1,640.6 $ 22,903.8 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

Loans to and Investments in A_2

Loans to and Investments in Associated Companies (Tables)	6 Months Ended
	May 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Loans to and Investments in Associated Companies	A summary of Loans to and investments in associated companies accounted for under the equity method of accounting during the six months ended May 31, 2020 and 2019 is as follows (in thousands): Loans to and investments in associated companies as of beginning of period Income (losses) related to associated companies Income (losses) primarily related to Jefferies Group's associated companies (1) Contributions to (distributions from) associated companies, net Other Loans to and investments in associated companies as of end of period 2020 Jefferies Finance $ 673,867 $ — $ (47,950) $ 27,547 $ — $ 653,464 Berkadia 268,949 — 21,925 (36,562) 472 254,784 FXCM (2) 70,223 6,252 — — (243) 76,232 Linkem (3) 194,847 (19,809) — 35,242 3,825 214,105 Real estate associated companies (4) (5) 255,309 (53,442) — (31,784) — 170,083 Other (3) 189,762 (7,577) (111) (186) 9,237 191,125 Total $ 1,652,957 $ (74,576) $ (26,136) $ (5,743) $ 13,291 $ 1,559,793 2019 Jefferies Finance $ 728,560 $ — $ 7,936 $ (63,070) $ — $ 673,426 Berkadia 245,228 — 47,945 (18,124) 515 275,564 National Beef (6) 653,630 62,051 — (54,940) (9) 660,732 FXCM (2) 75,031 (5,016) — — 10 70,025 Linkem 165,157 (8,581) — 49,590 (3,973) 202,193 HomeFed (4) 337,542 (517) — — — 337,025 Real estate associated companies 87,074 1,072 — — — 88,146 Other 125,110 474 (1,560) (16,122) 881 108,783 Total $ 2,417,332 $ 49,483 $ 54,321 $ (102,666) $ (2,576) $ 2,415,894 (1) Primarily classified in Other revenues. (2) As further described in Note 3, our investment in FXCM includes both our equity method investment in FXCM and our term loan with FXCM. Our equity method investment is included in Loans to and investments in associated companies and our term loan is included in Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition. (3) Loans to and investments in associated companies at May 31, 2020 and November 30, 2019 include loans and debt securities aggregating $92.3 million and $70.2 million, respectively, related to Linkem and Other. (4) 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. (5) Income (loss) related to Real estate associated companies for the three and six months ended May 31, 2020 includes a non-cash charge of $6.9 million to fully write-off the value of HomeFed's interest in the Brooklyn Renaissance Plaza hotel due to the significant impact of the global novel coronavirus ("COVID-19") during the second quarter of 2020 and for the six months ended May 31, 2020, includes a non-cash charge of $55.6 million to fully write-off the value of HomeFed's RedSky JZ Fulton Mall joint venture investment related to a softening of the Brooklyn real estate market. (6) On November 29, 2019, we sold our remaining equity interest in National Beef. Income (losses) related to associated companies includes the following (in thousands): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 National Beef $ — $ 34,946 $ — $ 62,051 FXCM 7,890 (2,300) 6,252 (5,016) Linkem (6,624) (6,960) (19,809) (8,581) HomeFed — (2,500) — (517) Real estate associated companies (428) (1,524) (53,442) 1,072 Other (7,559) 508 (7,577) 474 Total $ (6,721) $ 22,170 $ (74,576) $ 49,483 Income (losses) primarily related to Jefferies Group's associated companies (primarily classified in Other revenues) includes the following (in thousands): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Jefferies Finance $ (53,069) $ 14,935 $ (47,950) $ 7,936 Berkadia 31 25,296 21,925 47,945 Other (1,857) 2,753 (111) (1,560) Total $ (54,895) $ 42,984 $ (26,136) $ 54,321
Schedule of Equity Method Investments	The following summarizes activity related to our other transactions with Jefferies Finance (in millions): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Origination and syndication fee revenues (1) $ 43.8 $ 69.3 $ 81.5 $ 91.2 Origination fee expenses (1) 3.0 8.2 8.6 13.6 CLO placement fee revenues (2) — — 0.4 1.3 Underwriting fees (3) — 1.0 0.3 1.0 Service fees (4) 10.7 11.2 35.9 38.3 (1) 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, Jefferies Group earned fees, which are recognized in Investment banking revenues in the Consolidated Statements of Operations. In addition, Jefferies Group paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized in Selling, general and other expenses in the Consolidated Statements of Operations. (2) Jefferies Group acts as a placement agent for CLOs managed by Jefferies Finance, for which Jefferies Group recognized fees, which are included in Investment banking revenues in the Consolidated Statements of Operations. At May 31, 2020 and November 30, 2019, Jefferies Group held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned, at fair value. (3) Jefferies Group acted as underwriter in connection with terms loans issued by Jefferies Finance. (4) Under a service agreement, Jefferies Group charged Jefferies Finance for services provided. The following table provides required summarized data for certain equity method investments, including those accounted for under the fair value option. The table includes Berkadia for the six months ended May 31, 2020 and 2019, and National Beef for the six months ended May 31, 2019 (in thousands): For the Six Months Ended May 31, 2020 May 31, 2019 Revenues $ 472,988 $ 4,315,679 Income from continuing operations before extraordinary items $ 48,721 $ 318,837 Net income $ 48,721 $ 318,837

Intangible Assets, Net and Go_2

Intangible Assets, Net and Goodwill (Tables)	6 Months Ended
	May 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net and Goodwill	A summary of Intangible assets, net and goodwill is as follows (in thousands): May 31, November 30, 2019 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 8,069 $ 8,273 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $114,909 and $111,060 55,115 59,575 Trademarks and tradenames, net of accumulated amortization of $26,751 and $24,800 101,071 103,790 Other, net of accumulated amortization of $7,225 and $5,366 9,457 11,316 Total intangible assets, net 173,712 182,954 Goodwill: Investment Banking and Capital Markets (1) (2) 1,553,322 1,556,810 Asset Management (1) 143,000 143,000 Real estate 36,711 36,711 Other operations 3,459 3,459 Total goodwill 1,736,492 1,739,980 Total intangible assets, net and goodwill $ 1,910,204 $ 1,922,934 (1) As discussed further in Note 23, during the first quarter of 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 goodwill within the historical Investment Banking, Capital Markets and Asset Management segment was allocated to the new Asset Management segment. In order to compare results with prior periods, we have recast November 30, 2019 goodwill in the same manner. 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.
Schedule of Estimated Aggregate Future Amortization Expense	The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows (in thousands): Remainder of current year $ 7,411 2021 14,522 2022 11,180 2023 9,945 2024 9,189

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	6 Months Ended
	May 31, 2020
Debt Disclosure [Abstract]
Schedule of Short-Term Borrowings	Our short-term borrowings, which mature in one year or less, are as follows (in thousands): May 31, November 30, 2019 Bank loans (1) $ 634,384 $ 527,509 Floating rate puttable notes (1) 6,800 — Equity-linked notes 15,671 20,981 Total short-term borrowings $ 656,855 $ 548,490 (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)	6 Months Ended
	May 31, 2020
Debt Disclosure [Abstract]
Schedule of Indebtedness	The principal amount (net of unamortized discounts, premiums and debt issuance costs), stated interest rate and maturity date of outstanding debt are as follows (dollars in thousands): May 31, November 30, 2019 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 745,235 $ 744,606 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,800 246,772 Total long-term debt – Parent Company 992,035 991,378 Subsidiary Debt (non-recourse to Parent Company): Jefferies Group: 2.375% Euro Medium Term Notes, due May 20, 2020, $0 and $550,875 principal — 550,622 6.875% Senior Notes, due April 15, 2021, $750,000 principal 765,915 774,738 2.25% Euro Medium Term Notes, due July 13, 2022, $4,440 and $4,407 principal 4,272 4,204 5.125% Senior Notes, due January 20, 2023, $750,000 and $600,000 principal 762,084 610,023 1.00% Euro Medium Term Notes, due July 19, 2024, $555,050 and $550,875 principal 553,257 548,880 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 816,371 768,931 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 370,258 371,426 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 989,113 988,662 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 511,051 511,260 6.50% Senior Notes, due January 20, 2043, $400,000 principal 420,035 420,239 Structured Notes (2) 1,245,486 1,215,285 Jefferies Group Revolving Credit Facility 189,410 189,088 Jefferies Group Secured Bank Loan 50,000 50,000 HomeFed EB-5 Program debt 189,211 140,739 Foursight Capital Credit Facilities 56,746 98,260 Vitesse Energy Finance Revolving Credit Facility 105,192 103,050 Other — 276 Total long-term debt – subsidiaries 7,028,401 7,345,683 Long-term debt $ 8,020,436 $ 8,337,061 (1) Amount includes losses of $47.2 million and $43.8 million during the six months ended May 31, 2020 and 2019, respectively, associated with an interest rate swap based on its designation as a fair value hedge. See Note 4 for further information.

Leases (Tables)

Leases (Tables)	6 Months Ended
	May 31, 2020
Leases [Abstract]
Lease Costs	Information related to operating leases in the Consolidated Statement of Financial Condition at May 31, 2020 is as follows (in thousands, except lease term and discount rate): Premises and equipment - ROU assets $ 523,616 Weighted average: Remaining lease term (in years) 10.8 years Discount rate 2.9 % The following table presents our lease costs (in thousands): Three Months Ended May 31, 2020 Six Months Ended May 31, 2020 Operating lease costs (1) $ 19,320 $ 38,569 Variable lease costs (2) 2,561 6,076 Less: Sublease income (1,848) (3,696) Total lease cost, net $ 20,033 $ 40,949 (1) Includes short-term leases, which are not material. (2) Includes property taxes, insurance costs, common area maintenance, utilities, and other costs that are not fixed. The amount also includes rent increases resulting from inflation indices and periodic market rent reviews. Consolidated Statement of Cash Flows supplemental information is as follows (in thousands): Six Months Ended May 31, 2020 Cash outflows - lease liabilities $ 40,949 Non-cash - ROU assets recorded for new and modified leases $ 20,145
Maturity of Operating Lease Liability	The following table presents the maturities of our operating lease liabilities and a reconciliation to the Lease liabilities included in the Consolidated Statement of Financial Condition at May 31, 2020 (in thousands): Lease Liabilities Remainder of 2020 $ 31,760 2021 77,283 2022 74,684 2023 65,174 2024 61,965 2025 and thereafter 393,447 Total undiscounted cash flows 704,313 Less: Difference between undiscounted and discounted cash flows (107,046) Operating leases amount in the Consolidated Statement of Financial Condition 597,267 Finance leases amount in the Consolidated Statement of Financial Condition 290 Total amount in the Consolidated Statement of Financial Condition $ 597,557
Schedule of Future Minimum Rental Payments for Operating Leases	At November 30, 2019, future minimum annual lease payments under such leases (net of sublease income) were 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

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	May 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of Accumulated Other Comprehensive Income (Loss), Net of Taxes	A summary of accumulated other comprehensive income (loss), net of taxes is as follows (in thousands): May 31, November 30, 2019 Net unrealized gains on available for sale securities $ 574 $ 141 Net unrealized foreign exchange losses (227,652) (192,709) Net unrealized gains (losses) on instrument specific credit risk 152,845 (18,889) Net minimum pension liability (60,295) (61,582) $ (134,528) $ (273,039)
Schedule of Accumulated Other Comprehensive Income (Loss) Reclassification	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 Affected Line Item in the For the Six Months Ended May 31, May 31, Net unrealized gains on available for sale securities, net of income tax provision (benefit) of $0 and $(545,054) $ — $ 543,178 Other revenues and Income tax provision Net unrealized gains (losses) on instrument specific credit risk, net of income tax provision (benefit) of $530 and $(166) 1,554 (493) Principal transactions revenues Net unrealized gains on cash flow hedges, net of income tax provision of $0 and $161 — 470 Other revenues Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(438) and $(241) (1,287) (708) Selling, general and other expenses, which includes pension expense Total reclassifications for the period, net of tax $ 267 $ 542,447

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	6 Months Ended
	May 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Revenues from contracts with customers: Commissions and other fees (1) $ 242,972 $ 167,610 $ 422,402 $ 322,560 Investment banking 387,491 430,087 979,493 715,683 Manufacturing revenues 85,379 90,237 162,986 165,662 Other 34,077 62,080 97,854 116,109 Total revenues from contracts with customers 749,919 750,014 1,662,735 1,320,014 Other sources of revenue: Principal transactions 393,338 240,189 798,202 486,371 Interest income 236,732 445,967 563,098 832,811 Other (2,458) 74,201 45,760 66,187 Total revenues from other sources 627,612 760,357 1,407,060 1,385,369 Total revenues $ 1,377,531 $ 1,510,371 $ 3,069,795 $ 2,705,383 (1) During the third quarter of 2019, 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. There is no impact on Total revenues as a result of this change in presentation. Previously reported results are presented on a comparable basis. 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 (1) Asset Management (1) Merchant Banking (1) Corporate Consolidation Adjustments Total Three Months Ended May 31, 2020 Major Business Activity: Equities (2) $ 236,683 $ — $ — $ — $ (295) $ 236,388 Fixed Income (2) 6,584 — — — — 6,584 Investment Banking - Underwriting 205,410 — — — — 205,410 Investment Banking - Advisory 182,081 — — — — 182,081 Asset Management — 3,496 — — — 3,496 Manufacturing revenues — — 85,379 — — 85,379 Oil and gas revenues — — 15,544 — — 15,544 Other revenues — — 15,037 — — 15,037 Total revenues from contracts with customers $ 630,758 $ 3,496 $ 115,960 $ — $ (295) $ 749,919 Primary Geographic Region: Americas $ 524,627 $ 1,825 $ 115,620 $ — $ (295) $ 641,777 Europe, Middle East and Africa 68,082 1,671 299 — — 70,052 Asia 38,049 — 41 — — 38,090 Total revenues from contracts with customers $ 630,758 $ 3,496 $ 115,960 $ — $ (295) $ 749,919 Three Months Ended May 31, 2019 Major Business Activity: Equities (2) $ 164,169 $ — $ — $ — $ (88) $ 164,081 Fixed Income (2) 3,529 — — — — 3,529 Investment Banking - Underwriting 251,533 — — — — 251,533 Investment Banking - Advisory 178,554 — — — — 178,554 Asset Management — 6,175 — — — 6,175 Manufacturing revenues — — 90,237 — — 90,237 Oil and gas revenues — — 47,652 — — 47,652 Other revenues — — 8,253 — — 8,253 Total revenues from contracts with customers $ 597,785 $ 6,175 $ 146,142 $ — $ (88) $ 750,014 Primary Geographic Region: Americas $ 487,674 $ 5,125 $ 145,880 $ — $ (88) $ 638,591 Europe, Middle East and Africa 91,510 1,050 223 — — 92,783 Asia 18,601 — 39 — — 18,640 Total revenues from contracts with customers $ 597,785 $ 6,175 $ 146,142 $ — $ (88) $ 750,014 Reportable Segments Investment Banking and Capital Markets (1) Asset Management (1) Merchant Banking (1) Corporate Consolidation Adjustments Total Six months ended May 31, 2020 Major Business Activity: Equities (2) $ 412,932 $ — $ — $ — $ (400) $ 412,532 Fixed Income (2) 9,870 — — — — 9,870 Investment Banking - Underwriting 454,254 — — — — 454,254 Investment Banking - Advisory 525,239 — — — — 525,239 Asset Management — 9,587 — — — 9,587 Manufacturing revenues — — 162,986 — — 162,986 Oil and gas revenues — — 57,758 — — 57,758 Other revenues — — 30,509 — — 30,509 Total revenues from contracts with customers $ 1,402,295 $ 9,587 $ 251,253 $ — $ (400) $ 1,662,735 Primary Geographic Region: Americas $ 1,173,696 $ 4,492 $ 250,399 $ — $ (400) $ 1,428,187 Europe, Middle East and Africa 147,520 5,095 659 — — 153,274 Asia 81,079 — 195 — — 81,274 Total revenues from contracts with customers $ 1,402,295 $ 9,587 $ 251,253 $ — $ (400) $ 1,662,735 Six months ended May 31, 2019 Major Business Activity: Equities (2) $ 316,243 $ — $ — $ — $ (280) $ 315,963 Fixed Income (2) 6,597 — — — — 6,597 Investment Banking - Underwriting 356,647 — — — — 356,647 Investment Banking - Advisory 359,036 — — — — 359,036 Asset Management — 14,493 — — — 14,493 Manufacturing revenues — — 165,662 — — 165,662 Oil and gas revenues — — 84,017 — — 84,017 Other revenues — — 17,599 — — 17,599 Total revenues from contracts with customers $ 1,038,523 $ 14,493 $ 267,278 $ — $ (280) $ 1,320,014 Primary Geographic Region: Americas $ 811,063 $ 10,155 $ 266,758 $ — $ (280) $ 1,087,696 Europe, Middle East and Africa 191,715 4,338 457 — — 196,510 Asia 35,745 — 63 — — 35,808 Total revenues from contracts with customers $ 1,038,523 $ 14,493 $ 267,278 $ — $ (280) $ 1,320,014 (1) We now present Asset Management as a separate reporting segment. Prior year amounts have been reclassified to conform to current segment disclosure. See Note 23 for further information. (2) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.

Common Share and Earnings Per_2

Common Share and Earnings Per Common Share (Tables)	6 Months Ended
	May 31, 2020
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): For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 44,919 $ 670,764 $ 157,929 $ 715,575 Allocation of earnings to participating securities (1) (288) (4,086) (988) (4,241) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 44,631 666,678 156,941 711,334 Adjustment to allocation of earnings to participating securities related to diluted shares (1) (9) 43 (11) 34 Mandatorily redeemable convertible preferred share dividends — 1,276 — 2,552 Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 44,622 $ 667,997 $ 156,930 $ 713,920 Denominator for earnings per share: Weighted average common shares outstanding 269,362 293,600 278,022 299,067 Weighted average shares of restricted stock outstanding with future service required (1,832) (1,873) (1,862) (1,851) Weighted average RSUs outstanding with no future service required 19,234 15,283 18,429 13,892 Denominator for basic earnings per share – weighted average shares 286,764 307,010 294,589 311,108 Stock options — — — — Senior executive compensation plan awards — 1,355 712 2,466 Mandatorily redeemable convertible preferred — 4,162 — 4,162 Denominator for diluted earnings per share 286,764 312,527 295,301 317,736 (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 1,846,400 and 1,881,600 for the three months ended May 31, 2020 and 2019, respectively, and 1,874,100 and 1,856,400 for the six months ended May 31, 2020 and 2019, respectively. Dividends declared on participating securities were not material during the three and six months ended May 31, 2020 and 2019. 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)	6 Months Ended
	May 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments	The following table summarizes commitments associated with certain business activities at May 31, 2020 (in millions): Expected Maturity Date 2020 2021 2022 2024 2026 Maximum Payout Equity commitments (1) $ 89.5 $ 156.0 $ 76.4 $ — $ 12.7 $ 334.6 Loan commitments (1) — 276.0 35.0 — — 311.0 Underwriting commitments 58.0 — — — — 58.0 Forward starting reverse repos (2) 3,300.0 — — — — 3,300.0 Forward starting repos (2) 4,048.1 — — — — 4,048.1 Other unfunded commitments (1) — 136.4 — 4.9 — 141.3 $ 7,495.6 $ 568.4 $ 111.4 $ 4.9 $ 12.7 $ 8,193.0 (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 May 31, 2020, all of the forward starting securities purchased under agreements to resell and forward starting securities sold under agreements to repurchase settled within three
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 at May 31, 2020 (in millions): Expected Maturity Date Guarantee Type 2020 2021 2022 2024 2026 Notional/ Derivative contracts – non-credit related $ 7,632.6 $ 3,542.2 $ 5,003.2 $ 1,266.4 $ 48.5 $ 17,492.9 Written derivative contracts – credit related 1.0 — 1.0 5.4 — 7.4 Total derivative contracts $ 7,633.6 $ 3,542.2 $ 5,004.2 $ 1,271.8 $ 48.5 $ 17,500.3

Other Fair Value Information (T

Other Fair Value Information (Tables)	6 Months Ended
	May 31, 2020
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): May 31, 2020 November 30, 2019 Carrying Fair Carrying Fair Receivables: Notes and loans receivable (1) $ 787,583 $ 810,333 $ 775,501 $ 784,053 Financial Liabilities: Short-term borrowings (2) $ 656,855 $ 656,855 $ 548,490 $ 548,490 Long-term debt (3) $ 6,774,950 $ 6,948,857 $ 7,121,776 $ 7,569,837 (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.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	May 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Certain information concerning our segments is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired. For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 (In thousands) Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 1,028,832 $ 859,275 $ 2,177,661 $ 1,517,522 Asset Management 7,391 44,362 27,720 75,107 Merchant Banking 107,162 185,379 311,721 318,071 Corporate 1,525 8,974 11,317 13,167 Total net revenues related to reportable 1,144,910 1,097,990 2,528,419 1,923,867 Consolidation adjustments 2,679 3,667 5,498 6,233 Total consolidated net revenues $ 1,147,589 $ 1,101,657 $ 2,533,917 $ 1,930,100 Income (loss) before income taxes: Reportable Segments: Investment Banking and Capital Markets $ 214,534 $ 142,581 $ 464,491 $ 197,698 Asset Management (41,553) 8,230 (62,482) 9,414 Merchant Banking (74,716) 57,529 (128,339) 83,918 Corporate (12,854) (13,885) (20,608) (35,228) Income before income taxes related to reportable segments 85,411 194,455 253,062 255,802 Parent Company interest (12,878) (14,766) (25,659) (29,528) Consolidation adjustments 2,974 3,790 5,898 6,522 Total consolidated income before income taxes $ 75,507 $ 183,479 $ 233,301 $ 232,796 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 19,981 $ 18,588 $ 39,097 $ 35,918 Asset Management 2,133 505 2,758 960 Merchant Banking 17,378 16,826 36,219 32,120 Corporate 874 867 1,762 1,722 Total consolidated depreciation and amortization expenses $ 40,366 $ 36,786 $ 79,836 $ 70,720 May 31, November 30, 2019 Identifiable Assets Employed: Reportable Segments: Investment Banking and Capital Markets $ 42,118,661 $ 40,523,223 Asset Management 3,322,559 3,313,716 Merchant Banking 3,146,713 3,285,671 Corporate 1,972,155 2,432,119 Identifiable assets employed related to 50,560,088 49,554,729 Consolidation adjustments (276,873) (94,495) Total consolidated assets $ 50,283,215 $ 49,460,234

Nature of Operations (Details)

Nature of Operations (Details) $ in Millions	6 Months Ended
	May 31, 2020USD ($)Segment	Jun. 30, 2019
HomeFed
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		70.00%
Vitesse Energy, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	97.00%
JETX Energy
Schedule of Equity Method Investments [Line Items]
Ownership percentage	98.00%
HomeFed
Schedule of Equity Method Investments [Line Items]
Ownership percentage	100.00%
Idaho Timber
Schedule of Equity Method Investments [Line Items]
Ownership percentage	100.00%
Linkem
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	42.00%
Percentage of ownership upon conversion of preferred shares	56.00%
Investment in FXCM
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Senior secured term loan receivable, principal outstanding	$ 71.6
Jefferies Group
Schedule of Equity Method Investments [Line Items]
Number of business segments | Segment	2
FXCM
Schedule of Equity Method Investments [Line Items]
Senior secured term loan receivable, principal outstanding	$ 71.6

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Dec. 01, 2019
Loans and Leases Receivable Disclosure [Line Items]
Revenues			$ 1,377,531	$ 1,510,371	$ 3,069,795	$ 2,705,383
Receivables from brokers, dealers and clearing organizations	$ 4,211,700	$ 3,011,000	4,211,700		4,211,700
Receivables from customers of securities operations	1,077,400	1,490,900	1,077,400		1,077,400
Other investments with fair values not readily determinable	123,100	172,800	123,100		123,100
Impairment losses on investments			600	0	20,600	0
Capitalized interest			1,900		3,900
Payables to brokers, dealers and clearing organizations	3,006,500	2,621,700	3,006,500		3,006,500
Payables to customers of securities operations	3,655,500	3,808,600	3,655,500		3,655,500
Cash paid during the year for:
Interest					584,009	808,740
Income tax payments (refunds), net					(5,330)	21,410
Lease liabilities	597,267		597,267		597,267
Accounting standards update 2016-02
Cash paid during the year for:
Operating lease, ROU assets							$ 545,800
Lease liabilities							$ 614,900
Commissions and other fees
Loans and Leases Receivable Disclosure [Line Items]
Revenues			242,972	167,610	422,402	322,560
Other
Loans and Leases Receivable Disclosure [Line Items]
Revenues			31,619	136,281	143,614	182,296
Foursight Capital | Automobile Loan
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 753,000	$ 741,200	753,000		753,000
Foursight Capital | Automobile Loan | Credit concentration risk | Loans receivable | Prime
Loans and Leases Receivable Disclosure [Line Items]
Concentration risk, percentage	14.00%	15.00%
Foursight Capital | Automobile Loan | Credit concentration risk | Loans receivable | Near-Prime
Loans and Leases Receivable Disclosure [Line Items]
Concentration risk, percentage	53.00%	53.00%
Foursight Capital | Automobile Loan | Credit concentration risk | Loans receivable | Subprime
Loans and Leases Receivable Disclosure [Line Items]
Concentration risk, percentage	33.00%	32.00%
Foursight Capital | Securitized Vehicles
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 670,300	$ 621,200	$ 670,300		$ 670,300
Reclassified presentation of certain other fees | Jefferies Group | Commissions and other fees
Loans and Leases Receivable Disclosure [Line Items]
Revenues				7,900		15,700
Reclassified presentation of certain other fees | Jefferies Group | Other
Loans and Leases Receivable Disclosure [Line Items]
Revenues				$ (7,900)		$ (15,700)

Fair Value Disclosures (Schedul

Fair Value Disclosures (Schedule of Assets and Liabilities Measured on Recurring Basis at Fair Value) (Details) - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	$ 17,629,541	$ 16,308,807
Counterparty and cash collateral netting, assets	(1,528,340)	(1,433,197)
Securities purchased under agreements to resell		25,000
Securities received as collateral, at fair value	9,909	9,500
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	9,646,023	10,532,460
Counterparty and Cash Collateral Netting, liabilities	(1,682,883)	(1,632,178)
Short-term borrowings	15,671	20,981
Long-term debt	1,245,486	1,215,285
Obligation to return securities received as collateral, at fair value	9,909	9,500
Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	6,483,545	5,941,623
Securities purchased under agreements to resell		0
Securities received as collateral, at fair value	9,909	9,500
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	5,046,211	5,971,928
Short-term borrowings	0	0
Long-term debt	0	0
Obligation to return securities received as collateral, at fair value	9,909	9,500
Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	12,056,349	11,245,763
Securities purchased under agreements to resell		0
Securities received as collateral, at fair value	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	6,179,273	6,086,328
Short-term borrowings	15,671	20,981
Long-term debt	748,446	735,216
Obligation to return securities received as collateral, at fair value	0	0
Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	617,987	554,618
Securities purchased under agreements to resell		25,000
Securities received as collateral, at fair value	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	103,422	106,382
Short-term borrowings	0	0
Long-term debt	497,040	480,069
Obligation to return securities received as collateral, at fair value	0	0
Fair value measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative investments	912,936	586,934
Corporate equity securities
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,724,291	2,783,993
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,778,244	2,767,526
Obligation to return securities received as collateral, at fair value	0	0
Corporate equity securities | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,586,764	2,507,164
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,772,771	2,755,601
Corporate equity securities | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	61,387	218,403
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,283	7,438
Corporate equity securities | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	76,140	58,426
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	4,190	4,487
Corporate debt securities
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,004,979	2,479,735
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,491,252	1,471,482
Obligation to return securities received as collateral, at fair value	0	0
Corporate debt securities | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	0	0
Corporate debt securities | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,979,801	2,472,245
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,491,089	1,471,142
Corporate debt securities | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	25,178	7,490
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	163	340
Collateralized debt obligations and collateralized loan obligations
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	100,299	153,013
Collateralized debt obligations and collateralized loan obligations | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Collateralized debt obligations and collateralized loan obligations | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	68,748	124,225
Collateralized debt obligations and collateralized loan obligations | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	31,551	28,788
U.S. government and federal agency securities
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,880,603	2,260,242
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	2,140,501	1,851,981
U.S. government and federal agency securities | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,808,192	2,101,624
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	2,140,501	1,851,981
U.S. government and federal agency securities | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	72,411	158,618
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	0	0
U.S. government and federal agency securities | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	0	0
Municipal securities
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	462,420	742,326
Liabilities:
Obligation to return securities received as collateral, at fair value	0	0
Municipal securities | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Municipal securities | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	462,420	742,326
Municipal securities | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Sovereign obligations
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,395,410	2,735,853
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	2,010,721	2,304,540
Obligation to return securities received as collateral, at fair value	0	0
Sovereign obligations | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,088,074	1,330,026
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,132,662	1,363,475
Sovereign obligations | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,307,336	1,405,827
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	878,059	941,065
Sovereign obligations | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	0	0
Residential mortgage-backed securities
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,710,718	1,086,806
Residential mortgage-backed securities | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Residential mortgage-backed securities | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,688,379	1,069,066
Residential mortgage-backed securities | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	22,339	17,740
Commercial mortgage-backed securities
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	359,622	430,170
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	140	35
Commercial mortgage-backed securities | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	0	0
Commercial mortgage-backed securities | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	355,161	424,060
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	0	0
Commercial mortgage-backed securities | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	4,461	6,110
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	140	35
Other asset-backed securities
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	378,220	346,410
Other asset-backed securities | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Other asset-backed securities | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	292,158	303,847
Other asset-backed securities | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	86,062	42,563
Loans and other receivables
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,692,523	2,574,631
Liabilities:
Obligation to return securities received as collateral, at fair value	0	0
Loans and other receivables | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Loans and other receivables | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,571,394	2,460,551
Loans and other receivables | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	121,129	114,080
Derivatives, assets
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	640,593	418,408
Derivatives, assets | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	515	2,809
Derivatives, assets | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,125,294	1,833,907
Derivatives, assets | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	43,124	14,889
Investments at fair value
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	226,098	238,100
Investments at fair value | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Investments at fair value | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	71,860	32,688
Investments at fair value | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	154,238	205,412
FXCM term loan
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	53,765	59,120
FXCM term loan | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
FXCM term loan | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
FXCM term loan | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	53,765	59,120
Loans
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,807,265	1,609,691
Loans | Level 1
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	0	0
Loans | Level 2
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,796,591	1,600,228
Loans | Level 3
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	10,674	9,463
Derivatives, liabilities
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	417,900	527,205
Derivatives, liabilities | Level 1
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	277	871
Derivatives, liabilities | Level 2
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	2,012,251	2,066,455
Derivatives, liabilities | Level 3
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	$ 88,255	$ 92,057

Fair Value Disclosures (Investm

Fair Value Disclosures (Investments at Fair Value) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	May 31, 2020	Nov. 30, 2019	Dec. 31, 2013
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 13,957	$ 14,621
Financial instruments owned, at fair value	18,542,477	16,895,741
The We company
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Payments to acquire investments			$ 9,000
Financial instruments owned, at fair value	$ 9,600	53,800
Maximum | The We company
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Ownership percentage	1.00%
Equity Long/Short Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 0	$ 0
Equity Long/Short Hedge Funds | 60 days prior written notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments redeemable	6.00%	6.00%
Notice period redemption of investments prior written notice period	60 days	60 days
Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 13,957	$ 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
Commodity Fund | 60 days prior written notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investments prior written notice period	60 days	60 days
Multi-asset Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 0	$ 0
Multi-asset Funds | 60 days prior written notice | Maximum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investments prior written notice period	60 days	60 days
Multi-asset Funds | 30 or 60 days prior written notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments redeemable	58.00%	5.00%
Multi-asset Funds | 30 days prior written notice | Minimum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Notice period redemption of investments prior written notice period	30 days	30 days
Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 0	$ 0
Other Funds | 12 months prior written notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments redeemable	99.00%	0.00%
Notice period redemption of investments prior written notice period	12 months	12 months
Fair value measured at NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 912,936	$ 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	302,790	291,593
Fair value measured at NAV | Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	28,634	44,576
Fair value measured at NAV | Commodity Fund
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	13,593	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	543,191	234,583
Fair value measured at NAV | Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 24,728	$ 157

Fair Value Disclosures (Inves_2

Fair Value Disclosures (Investment in FXCM, Narrative) (Details) - Investment in FXCM $ in Millions	May 31, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior secured term loan receivable, principal outstanding	$ 71.6
Equity method investment, ownership percentage	50.00%

Fair Value Disclosures (Nonrecu

Fair Value Disclosures (Nonrecurring Fair Value Measurements, Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2020USD ($)ft²SitesTaxlot	Feb. 29, 2020USD ($)	May 31, 2020USD ($)ft²SitesTaxlot
Vitesse Energy Finance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of oil and gas properties	$ 13.2		$ 13.2
Vitesse Energy Finance | Oil and Gas Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of proven oil and gas properties	$ 26.8		$ 26.8
Vitesse Energy Finance | Discount Rate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input	0.100		0.100
JETX Energy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of oil and gas properties		$ 33	$ 33
JETX Energy | Oil and Gas Properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of proven oil and gas properties		$ 9.6
JETX Energy | Discount Rate | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value measurement input		0.100
HomeFed | RedSky JZ Fulton Mall
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of separate tax lots | Taxlot	14		14
Number of premier development sites | Sites	2		2
Area of property (up to) | ft²	540,000		540,000
Equity method investment, other than temporary impairment			$ 55.6
HomeFed | RedSky JZ Fulton Mall | Development site
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	49.00%		49.00%

Fair Value Disclosures (Level 3

Fair Value Disclosures (Level 3 Rollforwards) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Assets:
Total gains (losses) (realized and unrealized)	$ (92,200)	$ 23,200	$ (127,500)	$ 23,300
Liabilities:
Total gains/ losses (realized and unrealized)	(124,300)	(14,100)	(144,700)	(42,800)
Fair value, Liabilities, change in unrealized gains/(losses) included in other comprehensive income relating to instruments still held	91,800	(400)	106,100	9,000
Corporate equity securities
Assets:
Beginning Balance	103,683	55,576	58,426	52,192
Total gains (losses) (realized and unrealized)	(5,346)	1,808	(12,972)	5,239
Purchases	63	221	3,016	785
Sales	(68)	(179)	(2,017)	(2,031)
Settlements	0	(551)	0	(720)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(22,192)	2,697	29,687	4,107
Ending Balance	76,140	59,572	76,140	59,572
Changes in unrealized gains/losses included in earnings relating to instruments still held	(5,247)	1,909	(12,899)	7,085
Liabilities:
Beginning Balance	4,275	78	4,487	0
Total gains/ losses (realized and unrealized)	(60)	(74)	216	(76)
Purchases	0	(1,520)	(513)	(1,546)
Sales	0	1,737	0	1,843
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(25)	0	0	0
Ending Balance	4,190	221	4,190	221
Changes in unrealized gains/losses included in earnings relating to instruments still held	60	0	140	0
Corporate debt securities
Assets:
Beginning Balance	25,090	10,930	7,490	9,484
Total gains (losses) (realized and unrealized)	(1,480)	(306)	1,560	(108)
Purchases	328	816	766	2,181
Sales	(365)	0	(479)	(2,130)
Settlements	(1)	(325)	(602)	(1,177)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	1,606	(2,769)	16,443	96
Ending Balance	25,178	8,346	25,178	8,346
Changes in unrealized gains/losses included in earnings relating to instruments still held	(1,464)	(307)	1,190	(53)
Liabilities:
Beginning Balance	767	730	340	522
Total gains/ losses (realized and unrealized)	(23)	(148)	(27)	(382)
Purchases	(20)	(7)	(150)	(73)
Sales	0	1	0	93
Settlements	0	22	0	22
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(561)	71	0	487
Ending Balance	163	669	163	669
Changes in unrealized gains/losses included in earnings relating to instruments still held	0	90	5	305
CDOs and CLOs
Assets:
Beginning Balance	29,784	43,144	28,788	36,105
Total gains (losses) (realized and unrealized)	(12,374)	(1,663)	(13,589)	(1,233)
Purchases	0	0	9,426	4,782
Sales	(8,471)	0	(11,849)	0
Settlements	(2,598)	(991)	(4,122)	(2,130)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	25,210	(14,578)	22,897	(11,612)
Ending Balance	31,551	25,912	31,551	25,912
Changes in unrealized gains/losses included in earnings relating to instruments still held	(16,451)	(2,656)	(17,410)	(3,127)
Residential mortgage-backed securities
Assets:
Beginning Balance	16,970	20,963	17,740	19,603
Total gains (losses) (realized and unrealized)	(1,773)	(802)	(2,248)	(316)
Purchases	1,380	0	2,062	39
Sales	0	0	0	0
Settlements	(7)	(18)	(10)	(45)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	5,769	(2,877)	4,795	(2,015)
Ending Balance	22,339	17,266	22,339	17,266
Changes in unrealized gains/losses included in earnings relating to instruments still held	(1,733)	(759)	(2,195)	(271)
Commercial mortgage-backed securities
Assets:
Beginning Balance	4,264	12,820	6,110	10,886
Total gains (losses) (realized and unrealized)	53	(357)	(95)	(180)
Purchases	0	0	0	11
Sales	0	(331)	0	(331)
Settlements	0	(3,238)	(1,660)	(3,278)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	144	3,636	106	5,422
Ending Balance	4,461	12,530	4,461	12,530
Changes in unrealized gains/losses included in earnings relating to instruments still held	53	(1,292)	(680)	(1,183)
Liabilities:
Beginning Balance	35	70	35
Total gains/ losses (realized and unrealized)	0	(70)	0
Purchases	0	0	(35)
Sales	105	0	140
Settlements	0	0	0
Issuances	0	0	0
Net transfers into (out of) Level 3	0	0	0
Ending Balance	140	0	140	0
Changes in unrealized gains/losses included in earnings relating to instruments still held	0	0	0
Other asset-backed securities
Assets:
Beginning Balance	41,903	35,886	42,563	53,175
Total gains (losses) (realized and unrealized)	(2,380)	3,070	(2,848)	(1,014)
Purchases	11,038	16,531	33,917	25,316
Sales	0	(8,868)	(664)	(13,247)
Settlements	(8,490)	(8,549)	(17,361)	(9,529)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	43,991	5,115	30,455	(11,516)
Ending Balance	86,062	43,185	86,062	43,185
Changes in unrealized gains/losses included in earnings relating to instruments still held	(5,087)	3,563	(7,226)	(522)
Loans and other receivables
Assets:
Beginning Balance	103,243	78,051	114,080	46,985
Total gains (losses) (realized and unrealized)	(1,113)	(2,753)	(5,348)	2,434
Purchases	45,984	38,780	116,047	77,004
Sales	(46,939)	(13,898)	(76,227)	(33,549)
Settlements	(128)	(2,438)	(56,998)	(3,378)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	20,082	742	29,575	8,988
Ending Balance	121,129	98,484	121,129	98,484
Changes in unrealized gains/losses included in earnings relating to instruments still held	(1,069)	(1,277)	(8,989)	844
Investments at fair value
Assets:
Beginning Balance	184,507	421,098	205,412	396,254
Total gains (losses) (realized and unrealized)	(59,962)	35,594	(86,594)	29,454
Purchases	10,599	10,169	35,588	41,512
Sales	(91)	(18,302)	(168)	(18,302)
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	19,185	(39,820)	0	(40,179)
Ending Balance	154,238	408,739	154,238	408,739
Changes in unrealized gains/losses included in earnings relating to instruments still held	(59,962)	35,594	(86,594)	29,454
FXCM term loan
Assets:
Beginning Balance	61,628	73,600	59,120	73,150
Total gains (losses) (realized and unrealized)	(7,863)	(11,412)	(5,355)	(10,962)
Purchases	0	1,500	0	1,500
Sales	0	0	0	0
Settlements	0	(7,088)	0	(7,088)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	0	0	0
Ending Balance	53,765	56,600	53,765	56,600
Changes in unrealized gains/losses included in earnings relating to instruments still held	(7,863)	(11,412)	(5,355)	(10,962)
Securities purchased under agreements to resell
Assets:
Beginning Balance		0	25,000	0
Total gains (losses) (realized and unrealized)		0	0	0
Purchases		0	0	0
Sales		0	0	0
Settlements		0	(25,000)	0
Issuances		25,000	0	25,000
Net transfers into (out of) Level 3		0	0	0
Ending Balance	0	25,000	0	25,000
Changes in unrealized gains/losses included in earnings relating to instruments still held		0	0	0
Loans
Liabilities:
Beginning Balance	7,859	3,420	9,463	6,376
Total gains/ losses (realized and unrealized)	1,015	(191)	1,072	(401)
Purchases	(2,785)	(1,678)	(12,958)	(3,946)
Sales	3,290	1,537	3,290	7,963
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	1,295	6,340	9,807	(564)
Ending Balance	10,674	9,428	10,674	9,428
Changes in unrealized gains/losses included in earnings relating to instruments still held	(1,015)	364	(1,075)	579
Net derivatives
Liabilities:
Beginning Balance	110,843	28,975	77,168	21,614
Total gains/ losses (realized and unrealized)	(32,744)	(14,760)	(44,729)	(29,079)
Purchases	(10,810)	(25)	(11,088)	(2,829)
Sales	33,196	4,175	38,823	7,259
Settlements	(603)	1,974	(1,010)	2,031
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(54,751)	27,110	(14,033)	48,453
Ending Balance	45,131	47,449	45,131	47,449
Changes in unrealized gains/losses included in earnings relating to instruments still held	34,259	7,565	32,211	19,607
Long-term Debt:
Liabilities:
Beginning Balance	543,463	283,139	480,069	200,745
Total gains/ losses (realized and unrealized)	(92,480)	1,163	(101,267)	(12,854)
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	(5,585)	0	(11,250)
Issuances	66,916	39,385	175,498	101,872
Net transfers into (out of) Level 3	(20,859)	(81,540)	(57,260)	(41,951)
Ending Balance	497,040	236,562	497,040	236,562
Changes in unrealized gains/losses included in earnings relating to instruments still held	$ 664	$ (813)	$ (4,802)	$ 3,827

Fair Value Disclosures (Analysi

Fair Value Disclosures (Analysis of Level 3 Assets and Liabilities, Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Nov. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	$ 127,500	$ 31,700	$ 148,500	$ 42,300
Transfers of assets from Level 3 to Level 2	33,700	79,500	14,600	89,000
Transfers of liabilities from Level 2 to Level 3	23,700	57,400	37,000	69,600
Transfers of liabilities from Level 3 to Level 2	98,600	105,400	98,500	63,200
Net gains (losses) on Level 3 assets (realized and unrealized)	(92,200)	23,200	(127,500)	23,300
Net gains (losses) on Level 3 liabilities (realized and unrealized)	124,300	14,100	144,700	42,800
Excluded assets from unobservable quantitative information	117,800		117,800		$ 79,900
Excluded liabilities from unobservable quantitative information	4,800		4,800		$ 400
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	44,500	7,600	31,100	10,800
Transfers of assets from Level 3 to Level 2				22,300
Net gains (losses) on Level 3 assets (realized and unrealized)	(2,380)	3,070	(2,848)	(1,014)
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	29,600		22,900
Transfers of assets from Level 3 to Level 2	4,400	17,600		12,500
Net gains (losses) on Level 3 assets (realized and unrealized)	(12,374)	(1,663)	(13,589)	(1,233)
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	20,700	11,300	33,500	15,700
Transfers of assets from Level 3 to Level 2		10,500	4,000
Net gains (losses) on Level 3 assets (realized and unrealized)	(1,113)	(2,753)	(5,348)	2,434
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	19,200
Transfers of assets from Level 3 to Level 2		39,800		40,200
Net gains (losses) on Level 3 assets (realized and unrealized)	(59,962)	35,594	(86,594)	29,454
Corporate equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3			37,000
Transfers of assets from Level 3 to Level 2	26,200		7,300
Net gains (losses) on Level 3 assets (realized and unrealized)	(5,346)	1,808	(12,972)	5,239
Net gains (losses) on Level 3 liabilities (realized and unrealized)	60	74	(216)	76
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			18,300
Net gains (losses) on Level 3 assets (realized and unrealized)	(1,480)	(306)	1,560	(108)
Net gains (losses) on Level 3 liabilities (realized and unrealized)	23	148	27	382
Net derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	11,400	41,500	26,200	58,700
Transfers of liabilities from Level 3 to Level 2	66,100	14,400	40,200
Net gains (losses) on Level 3 liabilities (realized and unrealized)	32,744	14,760	44,729	29,079
Structured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	11,100	9,500		10,300
Transfers of liabilities from Level 3 to Level 2	31,900	91,000	57,300	52,300
Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3			10,800
Net gains (losses) on Level 3 liabilities (realized and unrealized)	$ (1,015)	$ 191	$ (1,072)	$ 401

Fair Value Disclosures (Quantit

Fair Value Disclosures (Quantitative Information About Significant Unobservable Inputs Used in Level 3 Fair Value Measurements) (Details) $ in Thousands	6 Months Ended	12 Months Ended
	May 31, 2020USD ($)	Nov. 30, 2019USD ($)	May 31, 2020$ / shares	May 31, 2020$ / Bond	May 31, 2020	May 31, 2020€ / Bond	Nov. 30, 2019$ / shares	Nov. 30, 2019$ / Bond	Nov. 30, 2019	Nov. 30, 2019€ / Bond	Nov. 30, 2019gbpPerShare
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	$ 17,629,541	$ 16,308,807
Derivative assets	640,593	418,408
Financial instruments sold, not yet purchased, at fair value	9,646,023	10,532,460
Derivative liability	417,900	527,205
Long-term debt, fair value	1,245,486	1,215,285
Corporate debt securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	3,004,979	2,479,735
Financial instruments sold, not yet purchased, at fair value	1,491,252	1,471,482
CDOs and CLOs
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	100,299	153,013
Residential mortgage-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	1,710,718	1,086,806
Commercial mortgage-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	359,622	430,170
Financial instruments sold, not yet purchased, at fair value	140	35
Other asset-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	378,220	346,410
Loans and other receivables
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	2,692,523	2,574,631
Corporate equity securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	2,724,291	2,783,993
Financial instruments sold, not yet purchased, at fair value	1,778,244	2,767,526
Loans
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value	1,807,265	1,609,691
Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	617,987	554,618
Derivative assets	41,769	13,826
Financial instruments sold, not yet purchased, at fair value	103,422	106,382
Derivative liability	83,576	92,057
Long-term debt, fair value	497,040	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				78		63		84		74
Level 3 | Price | Market approach | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input				94		109		108		103
Level 3 | Price | Market approach | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Long-term debt, measurement input				84		85		96		91
Level 3 | Non-exchange-traded securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	75,712	29,017
Level 3 | Non-exchange-traded securities | Price | Market approach | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, 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]
Financial instrument owned, measurement input | $ / shares			213				140
Level 3 | Non-exchange-traded securities | Price | Market approach | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			94				55
Level 3 | Non-exchange-traded securities | Underlying stock price | Market approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			3
Level 3 | Non-exchange-traded securities | Underlying stock price | Market approach | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, 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]
Financial instrument owned, 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]
Financial instrument owned, measurement input | $ / shares							4
Level 3 | Non-exchange-traded securities | EBITDA multiple | Market approach | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			3
Level 3 | Non-exchange-traded securities | EBITDA multiple | Market approach | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			8
Level 3 | Non-exchange-traded securities | EBITDA multiple | Market approach | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			4
Level 3 | Corporate debt securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	25,178	7,490
Financial instruments sold, not yet purchased, at fair value	163	340
Level 3 | Corporate debt securities | Price | Market approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond				69
Level 3 | Corporate debt securities | Underlying stock price | Scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | gbpPerShare											0.4
Level 3 | Corporate debt securities | Estimated recovery percentage | Scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.22
Financial instruments sold, not yet purchased, measurement input					0.22
Level 3 | Corporate debt securities | Estimated recovery percentage | Scenario analysis | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, 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]
Financial instrument owned, 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]
Financial instrument owned, measurement input									0.46
Level 3 | Corporate debt securities | Volatility | Scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, 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]
Financial instrument owned, measurement input									750
Level 3 | CDOs and CLOs
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	31,551	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]
Financial instrument owned, measurement input					0.03				0.0325
Level 3 | CDOs and CLOs | Estimated recovery percentage | Scenario analysis | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.35				0.365
Level 3 | CDOs and CLOs | Estimated recovery percentage | Scenario analysis | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.24				0.25
Level 3 | CDOs and CLOs | Constant prepayment rate | Discounted cash flows
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, 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]
Financial instrument owned, 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]
Financial instrument owned, 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]
Financial instrument owned, measurement input					0.16
Level 3 | CDOs and CLOs | Constant default rate | Discounted cash flows
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.02
Level 3 | CDOs and CLOs | Constant default rate | Discounted cash flows | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									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]
Financial instrument owned, measurement input									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]
Financial instrument owned, measurement input									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]
Financial instrument owned, 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]
Financial instrument owned, measurement input					0.30				0.37
Level 3 | CDOs and CLOs | Loss severity | Discounted cash flows | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.28				0.29
Level 3 | CDOs and CLOs | Discount rate/yield | Discounted cash flows | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.14				0.12
Level 3 | CDOs and CLOs | Discount rate/yield | Discounted cash flows | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.32				0.21
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]
Financial instrument owned, measurement input					0.22				0.15
Level 3 | Residential mortgage-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	$ 22,339	$ 17,740
Level 3 | Residential mortgage-backed securities | Discount rate/yield | Discounted cash flows
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.03
Level 3 | Residential mortgage-backed securities | Discount rate/yield | Discounted cash flows | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.04
Level 3 | Residential mortgage-backed securities | Discount rate/yield | Discounted cash flows | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.15
Level 3 | Residential mortgage-backed securities | Discount rate/yield | Discounted cash flows | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.05
Level 3 | Residential mortgage-backed securities | Cumulative loss rate | Discounted cash flows
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.02
Level 3 | Residential mortgage-backed securities | Cumulative loss rate | Discounted cash flows | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.03
Level 3 | Residential mortgage-backed securities | Cumulative loss rate | Discounted cash flows | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.33
Level 3 | Residential mortgage-backed securities | Cumulative loss rate | Discounted cash flows | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.11
Level 3 | Residential mortgage-backed securities | Duration (years) | Discounted cash flows
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input, term		6 years 3 months 18 days
Level 3 | Residential mortgage-backed securities | Duration (years) | Discounted cash flows | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input, term	2 years
Level 3 | Residential mortgage-backed securities | Duration (years) | Discounted cash flows | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input, term	6 years 1 month 6 days
Level 3 | Residential mortgage-backed securities | Duration (years) | Discounted cash flows | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input, term	5 years 7 months 6 days
Level 3 | Commercial mortgage-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	$ 4,461	$ 6,110
Financial instruments sold, not yet purchased, at fair value	140	$ 35
Level 3 | Commercial mortgage-backed securities | Estimated recovery percentage | Scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.44				0.44
Level 3 | Commercial mortgage-backed securities | Discount rate/yield | Discounted cash flows
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.85
Level 3 | Commercial mortgage-backed securities | Cumulative loss rate | Discounted cash flows
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input									0.073
Level 3 | Commercial mortgage-backed securities | Duration (years) | Discounted cash flows
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input, term		2 months 12 days
Level 3 | Other asset-backed securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	$ 86,062	$ 42,563
Level 3 | Other asset-backed securities | Price | Market approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, 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]
Financial instrument owned, measurement input					0.05				0.07
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]
Financial instrument owned, measurement input					0.15				0.15
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]
Financial instrument owned, measurement input					0.09				0.11
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]
Financial instrument owned, measurement input					0.07				0.07
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]
Financial instrument owned, measurement input					0.31				0.31
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]
Financial instrument owned, measurement input					0.14				0.16
Level 3 | Other asset-backed securities | Duration (years) | Discounted cash flows | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input, term	4 months 24 days	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]
Financial instrument owned, measurement input, term	2 years 9 months 18 days	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]
Financial instrument owned, measurement input, term	1 year 4 months 24 days	1 year 6 months
Level 3 | Loans and other receivables
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	$ 121,129	$ 114,080
Level 3 | Loans and other receivables | Market Approach and Scenario Analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	67,207	$ 112,574
Level 3 | Loans and other receivables | Price | Market approach | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / Bond				1				36
Level 3 | Loans and other receivables | Price | Market approach | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, 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]
Financial instrument owned, measurement input | $ / Bond				81				90
Level 3 | Loans and other receivables | Estimated recovery percentage | Scenario analysis | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.01				0.87
Level 3 | Loans and other receivables | Estimated recovery percentage | Scenario analysis | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					1				1.04
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]
Financial instrument owned, measurement input					0.61				0.99
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]
Financial instrument owned, 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]
Financial instrument owned, 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]
Financial instrument owned, measurement input, term		1 month 6 days
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					1				0
Derivative liability, measurement input					0				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				16
Derivative liability, measurement input					16				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					8				6
Derivative liability, measurement input					7				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				90				88
Level 3 | Equity options | Volatility | Volatility benchmarking
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative asset, measurement input					0.49				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					0.33				0.21
Level 3 | Equity options | Volatility | Volatility benchmarking | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input					0.62				0.61
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					0.47				0.43
Level 3 | Private equity securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	92,194	$ 157,504
Level 3 | Private equity securities | Price | Market approach | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			2				8
Level 3 | Private equity securities | Price | Market approach | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			169				250
Level 3 | Private equity securities | Price | Market approach | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input | $ / shares			40				80
Level 3 | Private equity securities | Estimated recovery percentage | Scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.86
Level 3 | Private equity securities | Discount rate/yield | Scenario analysis | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.19				0.19
Level 3 | Private equity securities | Discount rate/yield | Scenario analysis | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.21				0.21
Level 3 | Private equity securities | Discount rate/yield | Scenario analysis | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0.20				0.20
Level 3 | Private equity securities | Revenue growth | Scenario analysis
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input					0				0
Level 3 | FXCM term loan
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	$ 53,765	$ 59,120
Level 3 | FXCM term loan | Term based on the pay off (years) | Discounted cash flows | Minimum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input, term	0 months	0 months
Level 3 | FXCM term loan | Term based on the pay off (years) | Discounted cash flows | Maximum
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input, term	1 year 8 months 12 days	1 year 2 months 12 days
Level 3 | FXCM term loan | Term based on the pay off (years) | Discounted cash flows | Weighted Average
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instrument owned, measurement input, term	1 year 8 months 12 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 | Corporate equity securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments owned, at fair value	$ 76,140	$ 58,426
Financial instruments sold, not yet purchased, at fair value	4,190	4,487
Level 3 | Corporate equity securities | Transaction level | Market approach
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, measurement input | $ / shares			1				1
Level 3 | Loans
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Financial instruments sold, not yet purchased, at fair value	10,674	9,463
Debt instrument, fair value	$ 10,674	$ 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				1				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				50				100
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				33				88
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				0.01
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

Fair Value Disclosures (Summary

Fair Value Disclosures (Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk on Loans, Other Receivables and Debt Instruments Measured at Fair Value Under Fair Value Option) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and other receivables	$ (13,926)	$ (2,352)	$ (10,830)	$ (3,072)
Loans	127	0	127	0
Loan commitments	1,750	(757)	1,089	(678)
Changes in instrument specific credit risk	1,302	(199)	1,554	(493)
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument specific credit risk	197,737	4,009	227,169	27,492
Other changes in fair value	(30,982)	(36,665)	(68,624)	(47,308)
Short-term borrowings
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument specific credit risk	35	0	91	0
Other changes in fair value	$ (644)	$ 0	$ (881)	$ 0

Fair Value Disclosures (Summa_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	May 31, 2020	Nov. 30, 2019
Fair Value Disclosures [Abstract]
Loans and other receivables	$ 1,881,470	$ 1,546,516
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	331,340	197,215
Long-term debt and short-term borrowings	241,295	74,408
All loans and other receivables 90 days or greater past due	$ 27,200	$ 22,200

Fair Value Disclosures (Fair Va

Fair Value Disclosures (Fair Value Option Election, Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	May 31, 2019	May 31, 2019	May 31, 2020	Nov. 30, 2019	Sep. 16, 2019	Nov. 30, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and other receivables on nonaccrual status and/or 90 days or greater past due			$ 175.8	$ 127
Loans and other receivables 90 days or greater past due			$ 16.6	$ 24.8
Spectrum Brands
Fair Value, Option, Quantitative Disclosures [Line Items]
Shares owned, number						7,514,477
Ownership percentage						15.00%
Changes in fair value of investments reflected as principal transactions	$ (11.3)	$ 24.7
Dividends payable					$ 451.1

Fair Value Disclosures (Financi

Fair Value Disclosures (Financial Instruments Not Measured at Fair Value, Narrative) (Details) - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and securities segregated under federal and other regulations	$ 668,925	$ 796,797
US treasury securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and securities segregated under federal and other regulations	$ 96,200	$ 35,000

Derivative Financial Instrume_3

Derivative Financial Instruments (Fair Value and Related Number of Derivative Contracts Categorized by Predominant Risk Exposure) (Details) $ in Thousands	May 31, 2020USD ($)Contract	Nov. 30, 2019USD ($)Contract
Derivatives, Fair Value [Line Items]
Net amounts per consolidated statement of financial condition, assets	$ 640,593	$ 418,408
Net amounts per consolidated statement of financial condition, liabilities	417,900	527,205
Cleared OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	300,665	244,401
Fair value, liabilities	327,390	290,201
Amounts offset in consolidated statement of financial condition, assets	(286,069)	(222,869)
Amounts offset in consolidated statement of financial condition, liabilities	(287,244)	(266,900)
Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets	422,892	718,685
Fair value, liabilities	502,252	962,638
Amounts offset in consolidated statement of financial condition, assets	(409,622)	(688,871)
Amounts offset in consolidated statement of financial condition, liabilities	(409,622)	(688,871)
Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	1,445,376	888,519
Fair value, liabilities	1,271,141	906,544
Amounts offset in consolidated statement of financial condition, assets	(832,649)	(521,457)
Amounts offset in consolidated statement of financial condition, liabilities	(986,017)	(676,407)
Designated as accounting hedges | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	74,227	28,663
Fair value, liabilities	0	0
Designated as accounting hedges | Cleared OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 74,227	$ 28,663
Number of contracts, assets | Contract	1	1
Fair value, liabilities	$ 0	$ 0
Number of contracts, liabilities | Contract	0	0
Not designated as accounting hedges
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 2,094,706	$ 1,822,942
Fair value, liabilities	2,100,783	2,159,383
Not designated as accounting hedges | Cleared OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 226,248	$ 213,224
Number of contracts, assets | Contract	4,332	3,329
Fair value, liabilities	$ 326,475	$ 284,433
Number of contracts, liabilities | Contract	4,585	3,443
Not designated as accounting hedges | Cleared OTC | Credit contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 190	$ 2,514
Number of contracts, assets | Contract	14	13
Fair value, liabilities	$ 915	$ 5,768
Number of contracts, liabilities | Contract	6	12
Not designated as accounting hedges | Exchange-traded | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 515	$ 1,191
Number of contracts, assets | Contract	43,775	65,226
Fair value, liabilities	$ 277	$ 103
Number of contracts, liabilities | Contract	56,844	38,464
Not designated as accounting hedges | Exchange-traded | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 0	$ 0
Number of contracts, assets | Contract	0	256
Fair value, liabilities	$ 0	$ 0
Number of contracts, liabilities | Contract	139	199
Not designated as accounting hedges | Exchange-traded | Equity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 422,377	$ 717,494
Number of contracts, assets | Contract	986,001	1,714,538
Fair value, liabilities	$ 501,975	$ 962,535
Number of contracts, liabilities | Contract	872,216	1,481,388
Not designated as accounting hedges | Exchange-traded | Commodity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 0	$ 0
Number of contracts, assets | Contract	3,251	5,524
Fair value, liabilities	$ 0	$ 0
Number of contracts, liabilities | Contract	4,572	4,646
Not designated as accounting hedges | Bilateral OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 732,046	$ 421,700
Number of contracts, assets | Contract	1,244	1,325
Fair value, liabilities	$ 315,023	$ 258,857
Number of contracts, liabilities | Contract	601	738
Not designated as accounting hedges | Bilateral OTC | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 324,486	$ 191,218
Number of contracts, assets | Contract	12,874	9,257
Fair value, liabilities	$ 342,011	$ 187,836
Number of contracts, liabilities | Contract	12,671	9,187
Not designated as accounting hedges | Bilateral OTC | Equity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 330,034	$ 248,720
Number of contracts, assets | Contract	1,398	4,731
Fair value, liabilities	$ 610,146	$ 445,241
Number of contracts, liabilities | Contract	1,574	4,271
Not designated as accounting hedges | Bilateral OTC | Commodity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 55,113	$ 20,600
Number of contracts, assets | Contract	2,968	4,084
Fair value, liabilities	$ 0	$ 391
Number of contracts, liabilities | Contract	0	359
Not designated as accounting hedges | Bilateral OTC | Credit contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 3,697	$ 6,281
Number of contracts, assets | Contract	11	25
Fair value, liabilities	$ 3,961	$ 14,219
Number of contracts, liabilities | Contract	7	28

Derivative Financial Instrume_4

Derivative Financial Instruments (Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense of Jefferies Group	$ (302)	$ (1,009)	$ (704)	$ (1,978)
Unrealized and realized gains (losses)	62,231	(97,982)	214,132	(211,648)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(4,079)	(34,020)	(5,168)	(103,851)
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	437	2,284	(1,884)	2,108
Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	9,147	(92,109)	146,035	(120,590)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	44,172	21,045	60,765	1,772
Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	12,554	4,818	14,384	8,913
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense of Jefferies Group	22,004	27,204	46,469	41,791
Long-term debt
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense of Jefferies Group	$ (22,306)	$ (28,213)	$ (47,173)	$ (43,769)

Derivative Financial Instrume_5

Derivative Financial Instruments (Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities) (Details) $ in Thousands	May 31, 2020USD ($)
OTC Derivative Assets
0-12 Months	$ 299,879
1-5 Years	329,693
Greater Than 5 Years	271,928
Cross- maturity netting	(64,997)
Total OTC derivative assets, net of cross-maturity netting	836,503
Cross product counterparty netting	(37,469)
Total OTC derivative assets included in Financial instruments owned, at fair value	799,034
OTC Derivative Liabilities
0-12 Months	179,703
1-5 Years	403,210
Greater Than 5 Years	182,196
Cross-maturity netting	(64,997)
Total	700,112
Cross product counterparty netting	(37,469)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value	662,643
Exchange traded derivative assets and other credit agreements	34,100
Cash collateral received	192,600
Exchange traded derivative liabilities and other credit agreements	102,400
Cash collateral pledged	347,100
Commodity swaps, options and forwards
OTC Derivative Assets
0-12 Months	44,360
1-5 Years	10,753
Greater Than 5 Years	0
Cross- maturity netting	0
Total OTC derivative assets, net of cross-maturity netting	55,113
Equity forwards, swaps and options
OTC Derivative Assets
0-12 Months	46,129
1-5 Years	200
Greater Than 5 Years	18,280
Cross- maturity netting	(13,218)
Total OTC derivative assets, net of cross-maturity netting	51,391
OTC Derivative Liabilities
0-12 Months	14,944
1-5 Years	251,025
Greater Than 5 Years	101,362
Cross-maturity netting	(13,218)
Total	354,113
Credit default swaps
OTC Derivative Assets
0-12 Months	11
1-5 Years	900
Greater Than 5 Years	133
Cross- maturity netting	(11)
Total OTC derivative assets, net of cross-maturity netting	1,033
OTC Derivative Liabilities
0-12 Months	0
1-5 Years	1,489
Greater Than 5 Years	69
Cross-maturity netting	(11)
Total	1,547
Total return swaps
OTC Derivative Assets
0-12 Months	83,333
1-5 Years	63,660
Greater Than 5 Years	0
Cross- maturity netting	(8,838)
Total OTC derivative assets, net of cross-maturity netting	138,155
OTC Derivative Liabilities
0-12 Months	61,841
1-5 Years	56,238
Greater Than 5 Years	0
Cross-maturity netting	(8,838)
Total	109,241
Foreign currency forwards, swaps and options
OTC Derivative Assets
0-12 Months	55,197
1-5 Years	11,655
Greater Than 5 Years	113
Cross- maturity netting	(6,611)
Total OTC derivative assets, net of cross-maturity netting	60,354
OTC Derivative Liabilities
0-12 Months	74,469
1-5 Years	10,196
Greater Than 5 Years	92
Cross-maturity netting	(6,611)
Total	78,146
Interest rate swaps, options and forwards
OTC Derivative Assets
0-12 Months	70,849
1-5 Years	242,525
Greater Than 5 Years	253,402
Cross- maturity netting	(36,319)
Total OTC derivative assets, net of cross-maturity netting	530,457
OTC Derivative Liabilities
0-12 Months	28,449
1-5 Years	84,262
Greater Than 5 Years	80,673
Cross-maturity netting	(36,319)
Total	$ 157,065

Derivative Financial Instrume_6

Derivative Financial Instruments (Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets) (Details) $ in Thousands	May 31, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
A- or higher	$ 188,896
BBB- to BBB+	32,975
BB+ or lower	336,290
Unrated	240,873
Total OTC derivative assets included in Financial instruments owned, at fair value	$ 799,034

Derivative Financial Instrume_7

Derivative Financial Instruments (Credit Related Derivative Contracts) (Details) - USD ($) $ in Millions	May 31, 2020	Nov. 30, 2019
Index credit default swaps
Derivative [Line Items]
Notional amount	$ 14.1	$ 35
Single name credit default swaps
Derivative [Line Items]
Notional amount	7.4	33.9
Investment Grade | Index credit default swaps
Derivative [Line Items]
Notional amount	2	3
Investment Grade | Single name credit default swaps
Derivative [Line Items]
Notional amount	0	3.4
Non-investment grade | Index credit default swaps
Derivative [Line Items]
Notional amount	12.1	32
Non-investment grade | Single name credit default swaps
Derivative [Line Items]
Notional amount	7.4	29
Unrated | Index credit default swaps
Derivative [Line Items]
Notional amount	0	0
Unrated | Single name credit default swaps
Derivative [Line Items]
Notional amount	$ 0	$ 1.5

Derivative Financial Instrume_8

Derivative Financial Instruments (Contingent Features) (Details) - USD ($) $ in Millions	May 31, 2020	Nov. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instrument liabilities with credit-risk-related contingent features	$ 180.9	$ 42.9
Collateral posted	(139.3)	(3.1)
Collateral received	50.9	114.1
Return of and additional collateral required in the event of a credit rating downgrade below investment grade	$ 92.6	$ 154

Collateralized Transactions (Co

Collateralized Transactions (Collateral Pledged) (Details) - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 1,941,468	$ 1,525,140
Repurchase agreements	19,948,192	18,756,917
Obligation to return securities received as collateral, at fair value	9,909	9,500
Total	21,899,569	20,291,557
Corporate equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	1,361,027	1,314,395
Repurchase agreements	19,560	129,558
Obligation to return securities received as collateral, at fair value	0	0
Total	1,380,587	1,443,953
Corporate debt securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	574,834	191,311
Repurchase agreements	1,774,184	1,730,526
Obligation to return securities received as collateral, at fair value	0	0
Total	2,349,018	1,921,837
Mortgage-backed and asset-backed securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	1,604,243	1,745,145
Obligation to return securities received as collateral, at fair value	0	0
Total	1,604,243	1,745,145
U.S. government and federal agency securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	5,607	19,434
Repurchase agreements	10,924,983	10,863,997
Obligation to return securities received as collateral, at fair value	9,909	9,500
Total	10,940,499	10,892,931
Municipal securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	359,159	498,202
Obligation to return securities received as collateral, at fair value	0	0
Total	359,159	498,202
Sovereign obligations
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	4,138,647	3,016,563
Obligation to return securities received as collateral, at fair value	0	0
Total	4,138,647	3,016,563
Loans and other receivables
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	1,127,416	772,926
Obligation to return securities received as collateral, at fair value	0	0
Total	$ 1,127,416	$ 772,926

Collateralized Transactions (_2

Collateralized Transactions (Contractual Maturity) (Details) - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 1,941,468	$ 1,525,140
Repurchase agreements	19,948,192	18,756,917
Obligation to return securities received as collateral, at fair value	9,909	9,500
Total	21,899,569	20,291,557
Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	846,023	694,821
Repurchase agreements	9,380,493	6,614,026
Obligation to return securities received as collateral, at fair value	0	0
Total	10,226,516	7,308,847
Up to 30 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	83,582	0
Repurchase agreements	4,037,094	1,556,260
Obligation to return securities received as collateral, at fair value	0	0
Total	4,120,676	1,556,260
31 to 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	492,010	672,969
Repurchase agreements	3,663,073	8,988,528
Obligation to return securities received as collateral, at fair value	0	9,500
Total	4,155,083	9,670,997
Greater than 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	519,853	157,350
Repurchase agreements	2,867,532	1,598,103
Obligation to return securities received as collateral, at fair value	9,909	0
Total	$ 3,397,294	$ 1,755,453

Collateralized Transactions (Na

Collateralized Transactions (Narrative) (Details) - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
Collateralized Transactions [Abstract]
Fair value of securities received as collateral that may be sold or repledged	$ 26,800,000	$ 28,700,000
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 668,925	$ 796,797

Collateralized Transactions (Of

Collateralized Transactions (Offsetting of Securities Financing Agreements) (Details) - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
Securities borrowing arrangements, Assets
Gross Amounts	$ 6,457,035	$ 7,624,642
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	6,457,035	7,624,642
Additional Amounts Available for Setoff	(500,270)	(361,394)
Available Collateral	(1,464,411)	(1,479,433)
Net Amount	4,492,354	5,783,815
Reverse repurchase agreements, Assets
Gross Amounts	15,601,111	15,551,845
Netting in Consolidated Statements of Financial Condition	(11,317,049)	(11,252,247)
Net Amounts in Consolidated Statements of Financial Condition	4,284,062	4,299,598
Additional Amounts Available for Setoff	(783,427)	(291,316)
Available Collateral	(3,474,933)	(3,929,977)
Net Amount	25,702	78,305
Securities received as collateral, at fair value	9,909	9,500
Securities lending arrangements, Liabilities
Gross Amounts	1,941,468	1,525,140
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	1,941,468	1,525,140
Additional Amounts Available for Setoff	(500,270)	(361,394)
Available Collateral	(1,414,097)	(970,799)
Net Amount	27,101	192,947
Repurchase agreements, Liabilities
Gross Amounts	19,948,192	18,756,917
Netting in Consolidated Statements of Financial Condition	(11,317,049)	(11,252,247)
Net Amounts in Consolidated Statements of Financial Condition	8,631,143	7,504,670
Additional Amounts Available for Setoff	(783,427)	(291,316)
Available Collateral	(7,350,643)	(6,663,807)
Net Amount	497,073	549,547
Obligation to return securities received as collateral, at fair value	9,909	9,500
Securities borrowing agreement, subject to review	4,444,700	5,683,400
Securities borrowing agreement, collateral received, subject to review	4,337,700	5,523,600
Repurchase agreement, net amount, subject to review	470,000	439,700
Repurchase agreements, collateral pledged, subject to review	$ 480,300	$ 447,500

Securitization Activities (Acti

Securitization Activities (Activity Related to Securitizations Accounted for as Sales) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Transfers and Servicing [Abstract]
Transferred assets	$ 1,475.8	$ 844.5	$ 3,810.4	$ 2,105.1
Proceeds on new securitizations	1,475.7	845.8	3,810.4	2,177
Cash flows received on retained interests	$ 7.2	$ 24.3	$ 11.7	$ 36.6

Securitization Activities (Summ

Securitization Activities (Summary of Retained Interests in SPEs) (Details) - USD ($) $ in Millions	May 31, 2020	Nov. 30, 2019
U.S. government agency 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	$ 1,028.5	$ 10,671.7
Retained Interests	55.6	103.3
U.S. government agency 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	672.3	1,374.8
Retained Interests	55.2	45.8
CLOs
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
CLOs	1,468.1	3,006.7
Retained Interests	121.6	58.4
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	707.6	1,149.3
Retained Interests	$ 67.5	$ 71.8

Variable Interest Entities (Sch

Variable Interest Entities (Schedule of Consolidated VIEs) (Details) - USD ($) $ in Thousands		May 31, 2020	Nov. 30, 2019
Variable Interest Entity [Line Items]
Assets		$ 50,283,215	$ 49,460,234
Liabilities	[1]	40,774,840	39,706,945
Variable interest entities, primary beneficiary
Variable Interest Entity [Line Items]
Assets		709,200	645,800
Liabilities		2,752,300	3,071,100
Variable interest entities, primary beneficiary | Cash
Variable Interest Entity [Line Items]
VIE assets, eliminated in consolidation		600
Variable interest entities, primary beneficiary | Other liabilities
Variable Interest Entity [Line Items]
VIE liabilities, eliminated in consolidation		15,300	17,900
Variable interest entities, primary beneficiary | Secured Funding Vehicles
Variable Interest Entity [Line Items]
Assets		2,784,700	3,111,600
Liabilities		2,761,900	3,088,700
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Cash
Variable Interest Entity [Line Items]
Assets		0	0
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Financial instruments owned, at fair value
Variable Interest Entity [Line Items]
Assets		0	0
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Securities purchased under agreements to resell
Variable Interest Entity [Line Items]
Assets		2,097,500	2,467,300
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Receivables
Variable Interest Entity [Line Items]
Assets		650,500	605,600
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other
Variable Interest Entity [Line Items]
Assets		36,700	38,700
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Financial instruments sold, not yet purchased, at fair value
Variable Interest Entity [Line Items]
Liabilities		0	0
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other secured financings
Variable Interest Entity [Line Items]
Liabilities		2,745,200	3,068,600
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other liabilities
Variable Interest Entity [Line Items]
Liabilities		16,700	20,100
Variable interest entities, primary beneficiary | Other
Variable Interest Entity [Line Items]
Assets		22,600	1,500
Liabilities		5,700	200
Variable interest entities, primary beneficiary | Other | Cash
Variable Interest Entity [Line Items]
Assets		1,200	1,200
Variable interest entities, primary beneficiary | Other | Financial instruments owned, at fair value
Variable Interest Entity [Line Items]
Assets		3,400	300
Variable interest entities, primary beneficiary | Other | Securities purchased under agreements to resell
Variable Interest Entity [Line Items]
Assets		0	0
Variable interest entities, primary beneficiary | Other | Receivables
Variable Interest Entity [Line Items]
Assets		17,800	0
Variable interest entities, primary beneficiary | Other | Other
Variable Interest Entity [Line Items]
Assets		200	0
Variable interest entities, primary beneficiary | Other | Financial instruments sold, not yet purchased, at fair value
Variable Interest Entity [Line Items]
Liabilities		5,300	0
Variable interest entities, primary beneficiary | Other | Other secured financings
Variable Interest Entity [Line Items]
Liabilities		0	0
Variable interest entities, primary beneficiary | Other | Other liabilities
Variable Interest Entity [Line Items]
Liabilities		$ 400	$ 200
[1]	Total assets include assets related to variable interest entities of $709.2 million and $645.8 million at May 31, 2020 and November 30, 2019, respectively, and Total liabilities include liabilities related to variable interest entities of $2,752.3 million and $3,071.1 million at May 31, 2020 and November 30, 2019, respectively. See Note 7 for additional information related to variable interest entities.

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2020	Nov. 30, 2019	May 31, 2019	Nov. 30, 2018
Variable Interest Entity [Line Items]
Assets	$ 50,283,215	$ 49,460,234
Investment in associated company	1,559,793	1,652,957	$ 2,415,894	$ 2,417,332
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	1,295,500	1,107,900
Investment in FXCM
Variable Interest Entity [Line Items]
Fair value of senior secured term loan receivable	53,800
Investment in associated company	76,200
Senior secured term loan receivable and investments in associated companies	130,000
Related party private equity vehicles | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	16,600	23,000
Other investment vehicles
Variable Interest Entity [Line Items]
Carrying amount of equity investment	877,600	574,000
Unfunded equity commitment related to investments	191,500	192,100
Other investment vehicles | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	877,600	574,000
Agency mortgage-backed securities | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	2,004,200	1,453,500
Non agency mortgage- and asset-backed securities | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets	140,400	134,800
JCP Entities | Related party private equity vehicles
Variable Interest Entity [Line Items]
Equity commitments	133,000	133,000
Funded equity commitments	121,900	121,700
Carrying amount of equity investment	16,600	23,000
Variable interest entities, primary beneficiary
Variable Interest Entity [Line Items]
Automobile loan receivables securitized	223,300
Assets	$ 709,200	$ 645,800

Variable Interest Entities (S_2

Variable Interest Entities (Schedule of Nonconsolidated VIEs) (Details) - USD ($) $ in Thousands		May 31, 2020	Nov. 30, 2019
Variable Interest Entity [Line Items]
Assets		$ 50,283,215	$ 49,460,234
Liabilities	[1]	40,774,840	39,706,945
Maximum Exposure to Loss		1,640,600	1,796,300
VIE Assets		22,903,800	19,526,200
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		1,295,500	1,107,900
Liabilities		0	600
CLOs
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		70,900	505,300
VIE Assets		5,874,800	7,845,000
CLOs | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		64,900	152,600
Liabilities		0	600
Consumer loan and other asset-backed vehicles
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		472,900	490,600
VIE Assets		2,499,800	2,354,800
Consumer loan and other asset-backed vehicles | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		336,400	358,300
Liabilities		0	0
Related party private equity vehicles
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		27,700	34,300
VIE Assets		45,600	71,400
Related party private equity vehicles | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		16,600	23,000
Liabilities		0	0
Other investment vehicles
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		1,069,100	766,100
VIE Assets		14,483,600	9,255,000
Other investment vehicles | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		877,600	574,000
Liabilities		$ 0	$ 0
[1]	Total assets include assets related to variable interest entities of $709.2 million and $645.8 million at May 31, 2020 and November 30, 2019, respectively, and Total liabilities include liabilities related to variable interest entities of $2,752.3 million and $3,071.1 million at May 31, 2020 and November 30, 2019, respectively. See Note 7 for additional information related to variable interest entities.

Loans to and Investments in A_3

Loans to and Investments in Associated Companies (Schedule of Loans to and Investments In Associated Companies) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			$ 1,652,957	$ 2,417,332
Income (losses) related to associated companies	$ (6,721)	$ 22,170	(74,576)	49,483
Income (losses) related to Jefferies associated companies	(54,895)	42,984	(26,136)	54,321
Contributions to (distributions from) associated companies, net			(5,743)	(102,666)
Other			13,291	(2,576)
Loans to and investments in associated companies as of end of period	1,559,793	2,415,894	1,559,793	2,415,894
Jefferies Finance
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			673,867	728,560
Income (losses) related to associated companies			0	0
Income (losses) related to Jefferies associated companies	(53,069)	14,935	(47,950)	7,936
Contributions to (distributions from) associated companies, net			27,547	(63,070)
Other			0	0
Loans to and investments in associated companies as of end of period	653,464	673,426	653,464	673,426
Berkadia
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			268,949	245,228
Income (losses) related to associated companies			0	0
Income (losses) related to Jefferies associated companies	31	25,296	21,925	47,945
Contributions to (distributions from) associated companies, net			(36,562)	(18,124)
Other			472	515
Loans to and investments in associated companies as of end of period	254,784	275,564	254,784	275,564
National Beef
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period				653,630
Income (losses) related to associated companies	0	34,946	0	62,051
Income (losses) related to Jefferies associated companies				0
Contributions to (distributions from) associated companies, net				(54,940)
Other				(9)
Loans to and investments in associated companies as of end of period		660,732		660,732
FXCM
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			70,223	75,031
Income (losses) related to associated companies	7,890	(2,300)	6,252	(5,016)
Income (losses) related to Jefferies associated companies			0	0
Contributions to (distributions from) associated companies, net			0	0
Other			(243)	10
Loans to and investments in associated companies as of end of period	76,232	70,025	76,232	70,025
Linkem
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			194,847	165,157
Income (losses) related to associated companies	(6,624)	(6,960)	(19,809)	(8,581)
Income (losses) related to Jefferies associated companies			0	0
Contributions to (distributions from) associated companies, net			35,242	49,590
Other			3,825	(3,973)
Loans to and investments in associated companies as of end of period	214,105	202,193	214,105	202,193
HomeFed
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period				337,542
Income (losses) related to associated companies	0	(2,500)	0	(517)
Income (losses) related to Jefferies associated companies				0
Contributions to (distributions from) associated companies, net				0
Other				0
Loans to and investments in associated companies as of end of period		337,025		337,025
Real estate associated companies
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			255,309	87,074
Income (losses) related to associated companies	(428)	(1,524)	(53,442)	1,072
Income (losses) related to Jefferies associated companies			0	0
Contributions to (distributions from) associated companies, net			(31,784)	0
Other			0	0
Loans to and investments in associated companies as of end of period	170,083	88,146	170,083	88,146
Other
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			189,762	125,110
Income (losses) related to associated companies	(7,559)	508	(7,577)	474
Income (losses) related to Jefferies associated companies	(1,857)	2,753	(111)	(1,560)
Contributions to (distributions from) associated companies, net			(186)	(16,122)
Other			9,237	881
Loans to and investments in associated companies as of end of period	191,125	$ 108,783	191,125	$ 108,783
Linkem and Other | Loans and debt securities
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			70,200
Loans to and investments in associated companies as of end of period	92,300		92,300
Brooklyn Renaissance Plaza and Hotel | HomeFed
Equity Method Investment [Roll Forward]
Equity method investment, other than temporary impairment	$ 6,900		6,900
RedSky JZ Fulton Mall | HomeFed
Equity Method Investment [Roll Forward]
Equity method investment, other than temporary impairment			$ 55,600

Loans to and Investments in A_4

Loans to and Investments in Associated Companies (Jefferies Finance, Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Nov. 30, 2019	Mar. 28, 2019
Investments In Associated Companies [Line Items]
Other assets	$ 2,509,748,000		$ 2,509,748,000		$ 2,450,109,000
Payables, expense accruals and other liabilities	8,524,856,000		8,524,856,000		8,179,013,000
Interest expense	21,160,000	$ 23,138,000	42,714,000	$ 46,156,000
Jefferies Finance
Investments In Associated Companies [Line Items]
Equity commitment	750,000,000		750,000,000
Funded equity commitments	652,400,000		$ 652,400,000
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
Termination notice			60 days
Line of credit facility, commitment of Jefferies, funded	20,000,000		$ 20,000,000
Line of credit facility commitment of Jefferies	250,000,000		250,000,000
Jefferies Group
Investments In Associated Companies [Line Items]
Interest expense	229,942,000	408,714,000	535,878,000	775,283,000
Jefferies Group | Promissory Note
Investments In Associated Companies [Line Items]
Debt principal amount						$ 1,000,000,000
Interest expense	$ 3,800,000		$ 3,800,000
Jefferies Finance
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%
Extension period			1 year
Other assets	$ 27,000,000		$ 27,000,000		17,200,000
Payables, expense accruals and other liabilities	13,700,000		13,700,000		13,700,000
Jefferies Finance | Lending Transactions
Investments In Associated Companies [Line Items]
Payables, expense accruals and other liabilities					$ 17,600,000
Jefferies Finance | Jefferies Group
Investments In Associated Companies [Line Items]
Interest income and unfunded commitment fees related to facility commitment	$ 1,500,000	$ 300,000	$ 2,600,000	$ 600,000

Loans to and Investments in A_5

Loans to and Investments in Associated Companies (Activity Related to Other Transactions with Jefferies Finance) (Details) - Jefferies Finance - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Investments In Associated Companies [Line Items]
Origination and syndication fee revenues	$ 43.8	$ 69.3	$ 81.5	$ 91.2
Origination fee expenses	3	8.2	8.6	13.6
CLO placement fee revenues	0	0	0.4	1.3
Underwriting fees	0	1	0.3	1
Service fees	$ 10.7	$ 11.2	$ 35.9	$ 38.3

Loans to and Investments in A_6

Loans to and Investments in Associated Companies (Berkadia, Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2009	May 31, 2020
Berkadia
Investments In Associated Companies [Line Items]
Surety policy issued		$ 1,500,000,000
Reimbursement of losses incurred, maximum percentage		50.00%
Commercial paper		$ 1,470,000,000
Berkadia
Investments In Associated Companies [Line Items]
Capital contributed	$ 217,200,000
Equity method investment, ownership percentage		50.00%
Percentage of profits received from joint venture		45.00%
Reimbursement of losses incurred, maximum percentage		50.00%

Loans to and Investments in A_7

Loans to and Investments in Associated Companies (FXCM, Narrative) (Details) - Investment in FXCM	6 Months Ended
	May 31, 2020
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	50.00%
Weighted average useful life	11 years

Loans to and Investments in A_8

Loans to and Investments in Associated Companies (Linkem, Narrative) (Details) - Linkem $ in Millions	6 Months Ended
	May 31, 2020USD ($)
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	42.00%
Percentage of ownership upon conversion of preferred shares	56.00%
Percentage of total voting securities	48.00%
Shareholder loans principal outstanding	$ 95.2
Equity method investee
Investments In Associated Companies [Line Items]
Shareholder loans interest rate	5.00%

Loans to and Investments in A_9

Loans to and Investments in Associated Companies (HomeFed, Narrative) (Details) - HomeFed	Jun. 30, 2019
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	70.00%
Maximum voting rights as a percentage of total voting securities voting	45.00%

Loans to and Investments in _10

Loans to and Investments in Associated Companies (Real Estate Associated Companies, Narrative) (Details) $ in Millions	3 Months Ended	6 Months Ended
	May 31, 2020USD ($)	May 31, 2020USD ($)Seat
54 Madison
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	48.10%	48.10%
Number of seats in investment committee retained by Company		2
Number of seats in investment committee		4
HomeFed | Brooklyn Renaissance Plaza and Hotel
Investments In Associated Companies [Line Items]
Equity method investment, other than temporary impairment | $	$ 6.9	$ 6.9
HomeFed | Brooklyn Renaissance Plaza and Hotel | Hotel
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	25.80%	25.80%
HomeFed | Brooklyn Renaissance Plaza Office | Office Building
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	61.25%	61.25%
Weighted average useful life		39 years

Loans to and Investments in _11

Loans to and Investments in Associated Companies (Other) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Schedule of Equity Method Investments [Line Items]
Revenues	$ 1,377,531	$ 1,510,371	$ 3,069,795	$ 2,705,383
Net income	$ 43,545	$ 672,276	155,566	719,291
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues			472,988	4,315,679
Income from continuing operations before extraordinary items			48,721	318,837
Net income			$ 48,721	$ 318,837

Intangible Assets, Net and Go_3

Intangible Assets, Net and Goodwill (Schedule of Intangible Assets, Net And Goodwill) (Details) - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Amortizable intangibles	$ 173,712	$ 182,954
Goodwill	1,736,492	1,739,980
Total intangible assets, net and goodwill	1,910,204	1,922,934
Real estate
Finite-Lived Intangible Assets [Line Items]
Goodwill	36,711	36,711
Other operations
Finite-Lived Intangible Assets [Line Items]
Goodwill	3,459	3,459
Investment Banking and Capital Markets
Finite-Lived Intangible Assets [Line Items]
Goodwill	1,553,322	1,556,810
Asset Management
Finite-Lived Intangible Assets [Line Items]
Goodwill	143,000	143,000
Historical Investment Banking, Capital Markets and Asset Management Segment
Finite-Lived Intangible Assets [Line Items]
Goodwill		1,699,800
Customer and other relationships
Finite-Lived Intangible Assets [Line Items]
Amortizable intangibles	55,115	59,575
Intangible assets, accumulated amortization	114,909	111,060
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Amortizable intangibles	101,071	103,790
Intangible assets, accumulated amortization	26,751	24,800
Other
Finite-Lived Intangible Assets [Line Items]
Amortizable intangibles	9,457	11,316
Intangible assets, accumulated amortization	7,225	5,366
Exchange and clearing organization membership interests and registrations
Finite-Lived Intangible Assets [Line Items]
Indefinite lived intangibles	$ 8,069	$ 8,273

Intangible Assets, Net and Go_4

Intangible Assets, Net and Goodwill (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 3.9	$ 3.3	$ 7.7	$ 6.6

Intangible Assets, Net and Go_5

Intangible Assets, Net and Goodwill (Schedule of Estimated Future Amortization Expense) (Details) $ in Thousands	May 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of current year	$ 7,411
2021	14,522
2022	11,180
2023	9,945
2024	$ 9,189

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) - USD ($)	6 Months Ended
	May 31, 2020	Nov. 30, 2019
Short-term Debt [Line Items]
Short-term borrowings	$ 656,855,000	$ 548,490,000
Interest rates on short-term borrowings outstanding	2.38%	3.24%
Floating rate puttable notes
Short-term Debt [Line Items]
Short-term borrowings	$ 6,800,000	$ 0
Principal amount of short-term debt issued	6,800,000
Equity-linked notes
Short-term Debt [Line Items]
Short-term borrowings	15,671,000	20,981,000
Equity-linked notes due March 13, 2020
Short-term Debt [Line Items]
Short-term debt matured	5,200,000
Jefferies Group credit facility | Line of Credit | JPMorgan Chase Bank, N.A.
Short-term Debt [Line Items]
Credit facility, maximum borrowing capacity	296,000,000
Intraday Credit Facility | Revolving Credit Facility
Short-term Debt [Line Items]
Credit facility, maximum borrowing capacity	$ 150,000,000
Debt instrument, interest rate	0.12%
Intraday Credit Facility | Revolving Credit Facility | Base rate
Short-term Debt [Line Items]
Basis spread on variable rate (as a percent)	3.00%
Intraday Credit Facility | Revolving Credit Facility | Federal funds effective rate
Short-term Debt [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Bank loans
Short-term Debt [Line Items]
Short-term borrowings	$ 634,384,000	$ 527,509,000

Long-Term Debt (Schedule of Deb

Long-Term Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Nov. 30, 2019
Debt Instrument [Line Items]
Long-term debt	$ 8,020,436		$ 8,020,436		$ 8,337,061
Losses associated with an interest rate swap based on its designation as a fair value hedge	302	$ 1,009	704	$ 1,978
Parent Company
Debt Instrument [Line Items]
Long-term debt	992,035		992,035		991,378
Parent Company | 5.50% Senior Notes due October 18, 2023
Debt Instrument [Line Items]
Long-term debt	$ 745,235		$ 745,235		$ 744,606
Interest rate	5.50%		5.50%		5.50%
Principal outstanding	$ 750,000		$ 750,000		$ 750,000
Parent Company | 6.625% Senior Notes due October 23, 2043
Debt Instrument [Line Items]
Long-term debt	$ 246,800		$ 246,800		$ 246,772
Interest rate	6.625%		6.625%		6.625%
Principal outstanding	$ 250,000		$ 250,000		$ 250,000
Subsidiaries
Debt Instrument [Line Items]
Long-term debt	7,028,401		7,028,401		7,345,683
Subsidiaries | 2.375% Euro Medium Term Notes, due May 20, 2020
Debt Instrument [Line Items]
Long-term debt	$ 0		$ 0		$ 550,622
Interest rate	0.00%		0.00%		2.375%
Principal outstanding	$ 0		$ 0		$ 550,875
Subsidiaries | 6.875% Senior Notes, due April 15, 2021
Debt Instrument [Line Items]
Long-term debt	$ 765,915		$ 765,915		$ 774,738
Interest rate	6.875%		6.875%		6.875%
Principal outstanding	$ 750,000		$ 750,000		$ 750,000
Subsidiaries | 2.25% Euro Medium Term Notes, due July 13, 2022
Debt Instrument [Line Items]
Long-term debt	$ 4,272		$ 4,272		$ 4,204
Interest rate	2.25%		2.25%		2.25%
Principal outstanding	$ 4,440		$ 4,440		$ 4,407
Subsidiaries | 5.125% Senior Notes, due January 20, 2023
Debt Instrument [Line Items]
Long-term debt	$ 762,084		$ 762,084		$ 610,023
Interest rate	5.125%		5.125%		5.125%
Principal outstanding	$ 750,000		$ 750,000		$ 600,000
Subsidiaries | 1.00% Euro Medium Term Notes, due July 19, 2024
Debt Instrument [Line Items]
Long-term debt	$ 553,257		$ 553,257		$ 548,880
Interest rate	1.00%		1.00%		1.00%
Principal outstanding	$ 555,050		$ 555,050		$ 550,875
Subsidiaries | 4.85% Senior Notes, due January 15, 2027
Debt Instrument [Line Items]
Long-term debt	$ 816,371		$ 816,371		$ 768,931
Interest rate	4.85%		4.85%		4.85%
Principal outstanding	$ 750,000		$ 750,000		$ 750,000
Subsidiaries | 6.45% Senior Debentures, due June 8, 2027
Debt Instrument [Line Items]
Long-term debt	$ 370,258		$ 370,258		$ 371,426
Interest rate	6.45%		6.45%		6.45%
Principal outstanding	$ 350,000		$ 350,000		$ 350,000
Subsidiaries | 4.15% Senior Notes, due January 23, 2030
Debt Instrument [Line Items]
Long-term debt	$ 989,113		$ 989,113		$ 988,662
Interest rate	4.15%		4.15%		4.15%
Principal outstanding	$ 1,000,000		$ 1,000,000		$ 1,000,000
Subsidiaries | 6.25% Senior Debentures, due January 15, 2036
Debt Instrument [Line Items]
Long-term debt	$ 511,051		$ 511,051		$ 511,260
Interest rate	6.25%		6.25%		6.25%
Principal outstanding	$ 500,000		$ 500,000		$ 500,000
Subsidiaries | 6.50% Senior Notes, due January 20, 2043
Debt Instrument [Line Items]
Long-term debt	$ 420,035		$ 420,035		$ 420,239
Interest rate	6.50%		6.50%		6.50%
Principal outstanding	$ 400,000		$ 400,000		$ 400,000
Subsidiaries | Structured Notes
Debt Instrument [Line Items]
Long-term debt	1,245,486		1,245,486		1,215,285
Subsidiaries | HomeFed EB-5 Program debt
Debt Instrument [Line Items]
Long-term debt	189,211		189,211		140,739
Subsidiaries | Foursight Capital Credit Facilities
Debt Instrument [Line Items]
Long-term debt	56,746		56,746		98,260
Subsidiaries | Vitesse Energy Finance Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	105,192		105,192		103,050
Subsidiaries | Other
Debt Instrument [Line Items]
Long-term debt	0		0		276
Subsidiaries | Jefferies Group | Jefferies Group Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	189,410		189,410		189,088
Subsidiaries | Jefferies Group | Bank Loan
Debt Instrument [Line Items]
Long-term debt	$ 50,000		50,000		$ 50,000
Subsidiaries | Interest rate swaps | 4.85% Senior Notes, due January 15, 2027
Debt Instrument [Line Items]
Losses associated with an interest rate swap based on its designation as a fair value hedge			$ 47,200	$ 43,800

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details)	6 Months Ended
	May 31, 2020USD ($)Contract	Jun. 09, 2020USD ($)	Nov. 30, 2019USD ($)
Structured notes | Jefferies Group
Debt Instrument [Line Items]
Debt issued during period, principal amount, net of retirements	$ 191,300,000
Jefferies Group Revolving Credit Facility | Jefferies Group
Debt Instrument [Line Items]
Debt principal amount	190,000,000
Bank loan obligations | Jefferies Group
Debt Instrument [Line Items]
Debt principal amount	$ 50,000,000
Foursight Capital Credit Facilities
Debt Instrument [Line Items]
Number of warehouse credit commitments | Contract	2
Maximum borrowing capacity	$ 150,000,000
Vitesse Energy Finance Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	170,000,000
Long-term debt	$ 106,000,000		$ 104,000,000
Percentage of proved reserve value of oil and gas properties (minimum)	85.00%
Vitesse Energy Finance Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 120,000,000
LIBOR | Bank loan obligations | Jefferies Group
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.25%
Medium-term Notes | 2.375% Euro Medium Term Notes, due May 20, 2020 | Jefferies Group
Debt Instrument [Line Items]
Interest rate	2.375%
Senior Notes | 5.125% Senior Notes, due January 20, 2023 | Jefferies Group
Debt Instrument [Line Items]
Interest rate	5.125%
Additional principal amount issued	$ 150,000,000
Line of Credit | Foursight Capital Credit Facilities
Debt Instrument [Line Items]
Long-term debt	57,000,000		$ 98,700,000
Line of Credit | Foursight Capital Credit Facilities | Foursight Capital
Debt Instrument [Line Items]
Assets pledged for indebtedness	$ 67,900,000

Leases (Information Related to

Leases (Information Related to Leases in Consolidated Statement of Financial Condition) (Details) $ in Thousands	May 31, 2020USD ($)
Property, Plant and Equipment [Line Items]
Weighted average remaining lease term (in years)	10 years 9 months 18 days
Weighted average discount rate	2.90%
Premises and Equipment
Property, Plant and Equipment [Line Items]
Premises and equipment - ROU assets	$ 523,616

Leases (Maturities of Lease Lia

Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
Leases [Abstract]
Remainder of 2020	$ 31,760
2021	77,283
2022	74,684
2023	65,174
2024	61,965
2025 and thereafter	393,447
Total undiscounted cash flows	704,313
Less: Difference between undiscounted and discounted cash flows	(107,046)
Operating leases amount in the Consolidated Statement of Financial Condition	597,267
Finance leases amount in the Consolidated Statement of Financial Condition	290
Total amount in the Consolidated Statement of Financial Condition	$ 597,557	$ 0

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	May 31, 2020
Leases [Abstract]
Operating lease not yet commenced, term				7 years
Operating lease not yet commenced, expected payment				$ 0.8
Rental expense, net of sublease rental income	$ 55.7	$ 65.6	$ 60.2

Leases (Lease Costs) (Details)

Leases (Lease Costs) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	May 31, 2020	May 31, 2020
Leases [Abstract]
Operating lease costs	$ 19,320	$ 38,569
Variable lease costs	2,561	6,076
Less: Sublease income	(1,848)	(3,696)
Total lease cost, net	$ 20,033	$ 40,949

Leases (Schedule of Cash Flows

Leases (Schedule of Cash Flows Supplemental Information Related to Leases) (Details) $ in Thousands	6 Months Ended
	May 31, 2020USD ($)
Leases [Abstract]
Cash outflows - lease liabilities	$ 40,949
Non-cash - ROU assets recorded for new and modified leases	$ 20,145

Leases (Schedule of Future Mini

Leases (Schedule of Future Minimum Annual Lease Payments) (Details) $ in Thousands	Nov. 30, 2019USD ($)
Leases [Abstract]
2020	$ 70,886
2021	73,374
2022	71,464
2023	62,552
2024	59,714
Thereafter	393,995
Future minimum payments due	731,985
Less: sublease income	(21,883)
Future minimum payments due, net of sublease income	$ 710,102

Mezzanine Equity (Details)

Mezzanine Equity (Details) - USD ($)	1 Months Ended	3 Months Ended				6 Months Ended
	Mar. 31, 2013	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	May 31, 2019	May 31, 2020	May 31, 2019
Purchase Requirement [Line Items]
Redeemable noncontrolling interests		$ 22,300,000		$ 26,600,000		$ 22,300,000
Mandatorily redeemable convertible preferred shares redemption value		125,000,000		$ 125,000,000		$ 125,000,000
Dividends per common share (in dollars per share)			$ 0.15	$ 0.125		$ 0.15
Increase of preferred stock dividend		1,404,000			$ 1,276,000	$ 2,826,000	$ 2,552,000
Cumulative convertible preferred shares
Purchase Requirement [Line Items]
Dividend rate on preferred stock	3.25%					3.25%
Mandatorily redeemable convertible preferred shares redemption value		$ 125,000,000				$ 125,000,000
Mandatorily 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 (in dollars per share)		$ 28.15				$ 28.15
Minimum dividend considered for additional quarterly payments (in dollars per share)		0.0625				$ 0.0625
Increase of preferred stock dividend						$ 2,800,000	$ 2,600,000
Preferred stock, effective dividend rate, percentage						4.50%
Mandatorily redeemable preferred shares callable price per share (in dollars per share)		$ 1,000				$ 1,000
Jefferies Group
Purchase Requirement [Line Items]
Dividend rate on preferred stock	3.25%

Compensation Plans (Details)

Compensation Plans (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 10,700	$ 13,100	$ 20,684	$ 24,886
Tax benefit for issuance of share-based awards	2,700	$ 3,400	5,300	$ 6,300
Total unrecognized compensation costs related to nonvested share-based compensation plans	$ 61,900		$ 61,900
Total unrecognized compensation costs related to nonvested share-based compensation plans, period for recognition			2 years 1 month 6 days
Other shares issuable (in shares)	1,092		1,092
Potential maximum increase to common shares outstanding from restricted stock and other shares (in shares)	23,563		23,563
Restricted cash awards, cost expected to be recognized	$ 627,400		$ 627,400
Restricted cash awards, cost expected to be recognized, period			3 years
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
Restricted stock with future service required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option equity instruments, outstanding (in shares)	1,838		1,838
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)	4,149		4,149
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)	18,322		18,322

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Summary of Accumulated Other Comprehensive Income (Loss), Net of Taxes) (Details) - USD ($) $ in Thousands	May 31, 2020	Feb. 29, 2020	Nov. 30, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ 9,361,113	$ 9,385,905	$ 9,601,684	$ 9,877,361	$ 9,956,133	$ 10,079,257
Net unrealized gains on available for sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	574		141
Net unrealized foreign exchange losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(227,652)		(192,709)
Net unrealized gains (losses) on instrument specific credit risk
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	152,845		(18,889)
Net minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(60,295)		(61,582)
AOCI including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ (134,528)		$ (273,039)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) (Schedule of Accumulated Other Comprehensive Income (Loss) Reclassification) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 1,377,531	$ 1,510,371	$ 3,069,795	$ 2,705,383
Selling, general and other expenses	(249,118)	(229,062)	(546,956)	(450,168)
Net unrealized gains on available for sale securities
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax			0	(545,054)
Net unrealized gains (losses) on instrument specific credit risk
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax			530	(166)
Net unrealized gains on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax			0	161
Amortization of defined benefit pension plan actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax			(438)	(241)
Other
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	31,619	136,281	143,614	182,296
Principal transactions
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 393,338	$ 240,189	798,202	486,371
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period, net of tax			267	542,447
Reclassification out of Accumulated Other Comprehensive Income | Amortization of defined benefit pension plan actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and other expenses			(1,287)	(708)
Reclassification out of Accumulated Other Comprehensive Income | Other | 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)			0	543,178
Reclassification out of Accumulated Other Comprehensive Income | Other | Net unrealized gains on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues			0	470
Reclassification out of Accumulated Other Comprehensive Income | Principal transactions | Net unrealized gains (losses) on instrument specific credit risk
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues			$ 1,554	$ (493)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	May 31, 2019	May 31, 2020	May 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Recognition of accumulated other comprehensive income lodged taxes	$ 544,600	$ 0	$ 544,583
Lodged tax effect	$ 544,600		$ 544,600

Revenues from Contracts with _3

Revenues from Contracts with Customers (Schedule of Components of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 749,919	$ 750,014	$ 1,662,735	$ 1,320,014
Other sources of revenue	627,612	760,357	1,407,060	1,385,369
Total revenues	1,377,531	1,510,371	3,069,795	2,705,383
Commissions and other fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	242,972	167,610	422,402	322,560
Total revenues	242,972	167,610	422,402	322,560
Investment banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	387,491	430,087	979,493	715,683
Total revenues	387,491	430,087	979,493	715,683
Manufacturing revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	85,379	90,237	162,986	165,662
Total revenues	85,379	90,237	162,986	165,662
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	34,077	62,080	97,854	116,109
Principal transactions
Disaggregation of Revenue [Line Items]
Other sources of revenue	393,338	240,189	798,202	486,371
Total revenues	393,338	240,189	798,202	486,371
Interest income
Disaggregation of Revenue [Line Items]
Other sources of revenue	236,732	445,967	563,098	832,811
Total revenues	236,732	445,967	563,098	832,811
Other
Disaggregation of Revenue [Line Items]
Other sources of revenue	$ (2,458)	$ 74,201	$ 45,760	$ 66,187

Revenues from Contracts with _4

Revenues from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 749,919	$ 750,014	$ 1,662,735	$ 1,320,014
Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	641,777	638,591	1,428,187	1,087,696
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	70,052	92,783	153,274	196,510
Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	38,090	18,640	81,274	35,808
Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	630,758	597,785	1,402,295	1,038,523
Reportable Segments | Investment Banking and Capital Markets | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	524,627	487,674	1,173,696	811,063
Reportable Segments | Investment Banking and Capital Markets | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	68,082	91,510	147,520	191,715
Reportable Segments | Investment Banking and Capital Markets | Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	38,049	18,601	81,079	35,745
Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,496	6,175	9,587	14,493
Reportable Segments | Asset Management | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,825	5,125	4,492	10,155
Reportable Segments | Asset Management | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,671	1,050	5,095	4,338
Reportable Segments | Asset Management | Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	115,960	146,142	251,253	267,278
Reportable Segments | Merchant Banking | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	115,620	145,880	250,399	266,758
Reportable Segments | Merchant Banking | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	299	223	659	457
Reportable Segments | Merchant Banking | Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	41	39	195	63
Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reportable Segments | Corporate | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reportable Segments | Corporate | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reportable Segments | Corporate | Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Consolidation adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(295)	(88)	(400)	(280)
Consolidation adjustments | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(295)	(88)	(400)	(280)
Consolidation adjustments | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Consolidation adjustments | Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Equities
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	236,388	164,081	412,532	315,963
Equities | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	236,683	164,169	412,932	316,243
Equities | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Equities | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Equities | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Equities | Consolidation adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(295)	(88)	(400)	(280)
Fixed Income
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	6,584	3,529	9,870	6,597
Fixed Income | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	6,584	3,529	9,870	6,597
Fixed Income | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Fixed Income | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Fixed Income | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Fixed Income | Consolidation adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Underwriting
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	205,410	251,533	454,254	356,647
Investment Banking - Underwriting | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	205,410	251,533	454,254	356,647
Investment Banking - Underwriting | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Underwriting | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Underwriting | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Underwriting | Consolidation adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Advisory
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	182,081	178,554	525,239	359,036
Investment Banking - Advisory | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	182,081	178,554	525,239	359,036
Investment Banking - Advisory | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Advisory | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Advisory | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Advisory | Consolidation adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,496	6,175	9,587	14,493
Asset Management | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Asset Management | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,496	6,175	9,587	14,493
Asset Management | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Asset Management | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Asset Management | Consolidation adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Manufacturing revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	85,379	90,237	162,986	165,662
Manufacturing revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Manufacturing revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Manufacturing revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	85,379	90,237	162,986	165,662
Manufacturing revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Manufacturing revenues | Consolidation adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Oil and gas revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	15,544	47,652	57,758	84,017
Oil and gas revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Oil and gas revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Oil and gas revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	15,544	47,652	57,758	84,017
Oil and gas revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Oil and gas revenues | Consolidation adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	15,037	8,253	30,509	17,599
Other revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Other revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Other revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	15,037	8,253	30,509	17,599
Other revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Other revenues | Consolidation adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 0	$ 0	$ 0	$ 0

Revenues from Contracts with _5

Revenues from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Nov. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue related to performance obligation satisfied	$ 7.4	$ 15.3	$ 10.5	$ 23
Revenue associated with distribution services, a portion of which related to prior period	4.5	4.8	10.1	9.8
Receivables related to revenue from contracts with customers	228.9		228.9		$ 263.7
Deferred revenue	28		28		12.8
Deferred revenue, revenue recognized	7.2	1.8	7.9	9.4
Capitalized contract cost	3.2		3.2		$ 4.8
Expenses related to capitalized costs to fulfill a contract	$ 1.8	$ 1.8	$ 3.7	$ 3.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Nov. 30, 2019
Income Taxes [Line Items]
Unrecognized tax benefits	$ 364,300		$ 364,300		$ 327,300
Interest included in unrecognized tax benefits	78,400		78,400		67,200
Net deferred tax asset	392,600		392,600		462,500
Income tax provision (benefit)	31,962	$ (488,797)	$ 77,735	$ (486,495)
Effective income tax rate			33.30%
Recognition of accumulated other comprehensive income lodged taxes		544,600	$ 0	544,583
Lodged tax effect		$ 544,600		$ 544,600
Jefferies Group
Income Taxes [Line Items]
Unrecognized tax benefits	$ 217,800		$ 217,800		$ 181,200

Common Share and Earnings Per_3

Common Share and Earnings Per Common Share (Earnings Per Share Computation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders	$ 44,919	$ 670,764	$ 157,929	$ 715,575
Allocation of earnings to participating securities	(288)	(4,086)	(988)	(4,241)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share	44,631	666,678	156,941	711,334
Adjustment to allocation of earnings to participating securities related to diluted shares	(9)	43	(11)	34
Mandatorily redeemable convertible preferred share dividends	0	1,276	0	2,552
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share	$ 44,622	$ 667,997	$ 156,930	$ 713,920
Denominator for earnings per share:
Weighted average common shares outstanding (in shares)	269,362,000	293,600,000	278,022,000	299,067,000
Denominator for basic earnings per share – weighted average shares (in shares)	286,764,000	307,010,000	294,589,000	311,108,000
Mandatorily redeemable convertible preferred shares (in shares)	0	4,162,000	0	4,162,000
Denominator for diluted earnings per share (in shares)	286,764,000	312,527,000	295,301,000	317,736,000
Weighted average shares of participating securities (in shares)	1,846,400	1,881,600	1,874,100	1,856,400
Restricted stock with future service required
Denominator for earnings per share:
Weighted average shares of restricted stock outstanding with future service required (in shares)	(1,832,000)	(1,873,000)	(1,862,000)	(1,851,000)
Restricted stock units with no future service required
Denominator for earnings per share:
Weighted average RSUs outstanding with no future service required (in shares)	19,234,000	15,283,000	18,429,000	13,892,000
Stock options
Denominator for earnings per share:
Dilutive effect of share-based payment awards (in shares)	0	0	0	0
Restricted stock units | Senior executive compensation plan awards
Denominator for earnings per share:
Dilutive effect of share-based payment awards (in shares)	0	1,355,000	712,000	2,466,000

Common Share and Earnings Per_4

Common Share and Earnings Per Common Share (Narrative) (Details) - USD ($)	6 Months Ended
	May 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Jan. 31, 2020	Jul. 01, 2019	Jan. 31, 2019
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount			$ 100,000,000	$ 250,000,000		$ 500,000,000
Number of shares authorized to be repurchased (in shares)					9,250,000
Stock repurchased during period (in shares)	24,784,910
Stock repurchased during period	$ 491,900,000
Average repurchase price per share (in dollars per share)	$ 19.85
Remaining authorized repurchase amount	$ 73,300,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount		$ 250,000,000

Commitments, Contingencies an_3

Commitments, Contingencies and Guarantees (Commitments and Contingencies) (Details) $ in Millions	6 Months Ended
	May 31, 2020USD ($)
Guarantor Obligations [Line Items]
2020	$ 7,495.6
2021	568.4
2022 and 2023	111.4
2024 and 2025	4.9
2026 and Later	12.7
Maximum Payout	$ 8,193
Guarantor obligation settled period	3 days
Equity commitments
Guarantor Obligations [Line Items]
2020	$ 89.5
2021	156
2022 and 2023	76.4
2024 and 2025	0
2026 and Later	12.7
Maximum Payout	334.6
Loan commitments
Guarantor Obligations [Line Items]
2020	0
2021	276
2022 and 2023	35
2024 and 2025	0
2026 and Later	0
Maximum Payout	311
Underwriting commitments
Guarantor Obligations [Line Items]
2020	58
2021	0
2022 and 2023	0
2024 and 2025	0
2026 and Later	0
Maximum Payout	58
Forward starting reverse repos
Guarantor Obligations [Line Items]
2020	3,300
2021	0
2022 and 2023	0
2024 and 2025	0
2026 and Later	0
Maximum Payout	3,300
Forward starting repos
Guarantor Obligations [Line Items]
2020	4,048.1
2021	0
2022 and 2023	0
2024 and 2025	0
2026 and Later	0
Maximum Payout	4,048.1
Other unfunded commitments
Guarantor Obligations [Line Items]
2020	0
2021	136.4
2022 and 2023	0
2024 and 2025	4.9
2026 and Later	0
Maximum Payout	$ 141.3

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees (Narrative) (Details)	6 Months Ended
	May 31, 2020USD ($)
Loss Contingencies [Line Items]
Loan commitments outstanding to clients	$ 80,000,000
Fair value of derivative contracts meeting the definition of a guarantee	192,700,000
Standby letters of credit
Loss Contingencies [Line Items]
Letters of credit	$ 38,500,000
Expiration period maximum	1 year
Jefferies Finance
Loss Contingencies [Line Items]
Line of credit commitment to associated companies, funded portion	$ 20,000,000
Line of credit facility commitment of Jefferies	250,000,000
Berkadia
Loss Contingencies [Line Items]
Surety policy issued	$ 1,500,000,000
Reimbursement of losses incurred, maximum percentage	50.00%
Aggregate amount of commercial paper outstanding	$ 1,470,000,000
HomeFed
Loss Contingencies [Line Items]
Aggregate amount of infrastructure improvement bonds outstanding	66,600,000
Jefferies Capital Partners LLC and its private equity funds
Loss Contingencies [Line Items]
Equity commitments	11,300,000
Other Investments
Loss Contingencies [Line Items]
Equity commitments	$ 225,700,000

Commitments, Contingencies an_5

Commitments, Contingencies and Guarantees (Guarantees) (Details) - Derivative Notional Amount $ in Millions	May 31, 2020USD ($)
Derivative contracts – non-credit related
Guarantor Obligations [Line Items]
2020	$ 7,632.6
2021	3,542.2
2022 and 2023	5,003.2
2024 and 2025	1,266.4
2026 and Later	48.5
Notional/ Maximum Payout	17,492.9
Written derivative contracts – credit related
Guarantor Obligations [Line Items]
2020	1
2021	0
2022 and 2023	1
2024 and 2025	5.4
2026 and Later	0
Notional/ Maximum Payout	7.4
Total derivative contracts
Guarantor Obligations [Line Items]
2020	7,633.6
2021	3,542.2
2022 and 2023	5,004.2
2024 and 2025	1,271.8
2026 and Later	48.5
Notional/ Maximum Payout	$ 17,500.3

Net Capital Requirements (Detai

Net Capital Requirements (Details) - Jefferies LLC $ in Millions	May 31, 2020USD ($)
Net Capital Requirements [Line Items]
Net capital	$ 1,507.7
Excess net capital	$ 1,430.7

Other Fair Value Information (D

Other Fair Value Information (Details) - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings	$ 656,855	$ 548,490
Long-term debt	8,020,436	8,337,061
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	787,583	775,501
Short-term borrowings	656,855	548,490
Long-term debt	6,774,950	7,121,776
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	810,333	784,053
Short-term borrowings	656,855	548,490
Long-term debt	$ 6,948,857	$ 7,569,837

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2019	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Private Equity Related Funds
Related Party Transaction [Line Items]
Loans to and/or equity investments in related funds	$ 23	$ 16.6		$ 16.6
JCP Fund V
Related Party Transaction [Line Items]
Net gains (losses) from private equity related funds		(7)	$ 3.8	(5.5)	$ 0.6
Officers and Employees
Related Party Transaction [Line Items]
Loans outstanding to related party	44.8	42.3		42.3
Berkadia | Affiliated Entity | Jefferies Group
Related Party Transaction [Line Items]
Purchase commitment	360.4	209.7		209.7
Jefferies Finance | Affiliated Entity
Related Party Transaction [Line Items]
Purchases of loan receivables	65.3
Payables, expense accruals and other liabilities | FXCM | Affiliated Entity | Jefferies Group
Related Party Transaction [Line Items]
OTC foreign exchange contracts	$ 9.9	$ 2.1		$ 2.1

Segment Information (Schedule o

Segment Information (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Nov. 30, 2019
Segment Reporting Information [Line Items]
Net revenues	$ 1,147,589	$ 1,101,657	$ 2,533,917	$ 1,930,100
Income (loss) before income taxes	75,507	183,479	233,301	232,796
Depreciation and amortization expenses	40,366	36,786	79,836	70,720
Assets	50,283,215		50,283,215		$ 49,460,234
Parent Company interest
Segment Reporting Information [Line Items]
Income (loss) before income taxes	(12,878)	(14,766)	(25,659)	(29,528)
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues	1,144,910	1,097,990	2,528,419	1,923,867
Income (loss) before income taxes	85,411	194,455	253,062	255,802
Assets	50,560,088		50,560,088		49,554,729
Reportable Segments | Investment Banking and Capital Markets
Segment Reporting Information [Line Items]
Net revenues	1,028,832	859,275	2,177,661	1,517,522
Income (loss) before income taxes	214,534	142,581	464,491	197,698
Depreciation and amortization expenses	19,981	18,588	39,097	35,918
Assets	42,118,661		42,118,661		40,523,223
Reportable Segments | Asset Management
Segment Reporting Information [Line Items]
Net revenues	7,391	44,362	27,720	75,107
Income (loss) before income taxes	(41,553)	8,230	(62,482)	9,414
Depreciation and amortization expenses	2,133	505	2,758	960
Assets	3,322,559		3,322,559		3,313,716
Reportable Segments | Merchant Banking
Segment Reporting Information [Line Items]
Net revenues	107,162	185,379	311,721	318,071
Income (loss) before income taxes	(74,716)	57,529	(128,339)	83,918
Depreciation and amortization expenses	17,378	16,826	36,219	32,120
Assets	3,146,713		3,146,713		3,285,671
Reportable Segments | Corporate
Segment Reporting Information [Line Items]
Net revenues	1,525	8,974	11,317	13,167
Income (loss) before income taxes	(12,854)	(13,885)	(20,608)	(35,228)
Depreciation and amortization expenses	874	867	1,762	1,722
Assets	1,972,155		1,972,155		2,432,119
Consolidation adjustments
Segment Reporting Information [Line Items]
Net revenues	2,679	3,667	5,498	6,233
Income (loss) before income taxes	2,974	$ 3,790	5,898	$ 6,522
Assets	$ (276,873)		$ (276,873)		$ (94,495)

Segment Information (Narrative)

Segment Information (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Segment Reporting Information [Line Items]
Interest expense	$ 21,160	$ 23,138	$ 42,714	$ 46,156
Reportable Segments | Merchant Banking
Segment Reporting Information [Line Items]
Interest expense	8,300	8,400	17,100	16,600
Parent Company interest
Segment Reporting Information [Line Items]
Interest expense	$ 12,900	$ 14,800	$ 25,700	$ 29,500