Jefferies Financial (JEF) 10-Q 9 Oct 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Aug. 31, 2020	Oct. 08, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 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		255,434,677
Entity Central Index Key	0000096223
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands		Aug. 31, 2020	Nov. 30, 2019
ASSETS
Cash and cash equivalents		$ 8,426,832	$ 7,678,821
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations		986,117	796,797
Financial instruments owned, at fair value (including securities pledged of $12,793,080 and $12,058,522):		17,986,721	16,895,741
Loans to and investments in associated companies		1,539,356	1,652,957
Securities borrowed		7,268,413	7,624,642
Securities purchased under agreements to resell		5,327,391	4,299,598
Securities received as collateral, at fair value		4,413	9,500
Receivables		5,029,136	5,744,106
Property, equipment and leasehold improvements, net		915,896
Property, equipment and leasehold improvements, net			385,029
Intangible assets, net and goodwill		1,914,542	1,922,934
Other assets		2,375,171	2,450,109
Total assets	[1]	51,773,988	49,460,234
LIABILITIES
Short-term borrowings		805,381	548,490
Financial instruments sold, not yet purchased, at fair value		10,994,556	10,532,460
Securities loaned		1,929,737	1,525,140
Securities sold under agreements to repurchase		7,258,972	7,504,670
Other secured financings		3,376,257	3,070,611
Obligation to return securities received as collateral, at fair value		4,413	9,500
Lease liabilities		598,363	0
Payables, expense accruals and other liabilities		8,792,748	8,179,013
Long-term debt		8,419,837	8,337,061
Total liabilities	[1]	42,180,264	39,706,945
Commitments and contingencies
MEZZANINE EQUITY
Redeemable noncontrolling interests		24,273	26,605
Mandatorily redeemable convertible preferred shares		125,000	125,000
EQUITY
Common shares, par value $1 per share, authorized 600,000,000 shares; 259,245,885 and 291,644,153 shares issued and outstanding, after deducting 57,216,727 and 24,818,459 shares held in treasury		259,246	291,644
Additional paid-in capital		3,083,137	3,627,711
Accumulated other comprehensive income (loss)		(196,407)	(273,039)
Retained earnings		6,264,689	5,933,389
Total Jefferies Financial Group Inc. shareholders' equity		9,410,665	9,579,705
Noncontrolling interests		33,786	21,979
Total equity		9,444,451	9,601,684
Total		$ 51,773,988	$ 49,460,234
[1]	Total assets include assets related to variable interest entities of $637.5 million and $645.8 million at August 31, 2020 and November 30, 2019, respectively, and Total liabilities include liabilities related to variable interest entities of $3,377.3 million and $3,071.1 million at August 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		Aug. 31, 2020	Nov. 30, 2019
ASSETS
Securities pledged		$ 12,793,080	$ 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)		259,245,885	291,644,153
Treasury stock (in shares)		57,216,727	24,818,459
Assets	[1]	$ 51,773,988	$ 49,460,234
Liabilities	[1]	42,180,264	39,706,945
Variable interest entities, primary beneficiary
Assets		637,500	645,800
Liabilities		$ 3,377,300	$ 3,071,100
[1]	Total assets include assets related to variable interest entities of $637.5 million and $645.8 million at August 31, 2020 and November 30, 2019, respectively, and Total liabilities include liabilities related to variable interest entities of $3,377.3 million and $3,071.1 million at August 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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Revenues:
Revenues	$ 1,825,499	$ 1,223,156	$ 4,895,294	$ 3,928,539
Interest expense	21,512	23,663	64,226	69,819
Net revenues	1,616,170	856,778	4,150,087	2,786,878
Expenses:
Compensation and benefits	760,837	446,882	2,029,497	1,367,034
Cost of sales	82,657	85,773	235,871	233,109
Floor brokerage and clearing fees	66,743	50,858	201,403	163,113
Depreciation and amortization	39,520	39,880	119,356	110,600
Selling, general and other expenses	237,712	268,742	784,668	718,910
Total expenses	1,208,981	915,798	3,435,021	2,662,585
Income (loss) before income taxes and income (loss) related to associated companies	407,189	(59,020)	715,066	124,293
Income (loss) related to associated companies	5,053	72,283	(69,523)	121,766
Income before income taxes	412,242	13,263	645,543	246,059
Income tax provision (benefit)	107,403	(36,131)	185,138	(522,626)
Net income	304,839	49,394	460,405	768,685
Net (income) loss attributable to the noncontrolling interests	324	116	5,033	(759)
Net (income) loss attributable to the redeemable noncontrolling interests	650	242	1,130	(47)
Preferred stock dividends	(1,404)	(1,275)	(4,230)	(3,827)
Net income attributable to Jefferies Financial Group Inc. common shareholders	$ 304,409	$ 48,477	$ 462,338	$ 764,052
Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income (in dollars per share)	$ 1.08	$ 0.16	$ 1.58	$ 2.44
Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income (in dollars per share)	$ 1.07	$ 0.15	$ 1.57	$ 2.41
Commissions and other fees
Revenues:
Revenues	$ 204,032	$ 171,000	$ 626,434	$ 493,560
Principal transactions
Revenues:
Revenues	623,283	(20,920)	1,421,485	465,451
Investment banking
Revenues:
Revenues	615,837	410,796	1,595,330	1,126,479
Interest income
Revenues:
Revenues	219,843	410,467	782,941	1,243,278
Manufacturing revenues
Revenues:
Revenues	119,751	82,565	282,737	248,227
Other
Revenues:
Revenues	42,753	169,248	186,367	351,544
Jefferies Group
Revenues:
Interest expense	$ 209,329	$ 366,378	$ 745,207	$ 1,141,661

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 304,839	$ 49,394	$ 460,405	$ 768,685
Other comprehensive income (loss):
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $(7), $58, $141 and $196	(22)	198	411	577
Less: reclassification adjustment for net (gains) losses included in net income, net of income tax provision (benefit) of $0, $0, $0 and $(545,054)	0	0	0	(543,178)
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $(7), $58, $141 and $545,250	(22)	198	411	(542,601)
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $24,621, $(9,597), $13,636 and $(12,314)	70,758	(30,070)	35,815	(39,263)
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 $24,621, $(9,597), $13,636 and $(12,314)	70,758	(30,070)	35,815	(39,263)
Net unrealized gains (losses) on instrument specific credit risk arising during the period, net of income tax provision (benefit) of $(45,669), $1,984, $13,437 and $8,791	(133,915)	5,889	39,373	26,040
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income, net of income tax provision (benefit) of $(224), $0, $306 and $(166)	656	0	(898)	493
Net change in unrealized instrument specific credit risk gains (losses), net of income tax provision (benefit) of $(45,445), $1,984, $13,131 and $8,957	(133,259)	5,889	38,475	26,533
Net unrealized gains (losses) on cash flow hedges arising during the period, net of income tax provision (benefit) of $0, $0, $0 and $0	0	0	0	0
Less: reclassification adjustment for cash flow hedges (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0, $0 and $161	0	0	0	(470)
Net change in unrealized cash flow hedges gains (losses), net of income tax provision (benefit) of $0, $0, $0 and $(161)	0	0	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 $(220), $(120), $(658) and $(361)	644	355	1,931	1,063
Net change in pension liability, net of income tax provision (benefit) of $220, $120, $658 and $361	644	355	1,931	1,063
Other comprehensive income (loss), net of income taxes	(61,879)	(23,628)	76,632	(554,738)
Comprehensive income	242,960	25,766	537,037	213,947
Comprehensive (income) loss attributable to the noncontrolling interests	324	116	5,033	(759)
Comprehensive (income) loss attributable to the redeemable noncontrolling interests	650	242	1,130	(47)
Preferred stock dividends	(1,404)	(1,275)	(4,230)	(3,827)
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders	$ 242,530	$ 24,849	$ 538,970	$ 209,314

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Statement of Comprehensive Income [Abstract]
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit)	$ (7)	$ 58	$ 141	$ 196
Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit)	0	0	0	(545,054)
Net change in unrealized holding gains (losses) on investments, tax provision (benefit)	(7)	58	141	545,250
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit)	24,621	(9,597)	13,636	(12,314)
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)	24,621	(9,597)	13,636	(12,314)
Net unrealized gains (losses) on instrument specific credit risk arising during the period, tax provision (benefit)	(45,669)	1,984	13,437	8,791
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), tax provision (benefit)	(224)	0	306	(166)
Net change in unrealized instrument specific credit risk gains (losses), tax provision (benefit)	(45,445)	1,984	13,131	8,957
Net unrealized gains (losses) on cash flow hedges arising during the period, tax provision (benefit)	0	0	0	0
Less: reclassification adjustment for cash flow hedges (gains) losses included in net income (loss), tax provision (benefit)	0	0	0	161
Net change in unrealized cash flow hedges gains (losses), tax provision (benefit)	0	0	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)	(220)	(120)	(658)	(361)
Net change in pension liability, tax provision (benefit)	$ 220	$ 120	$ 658	$ 361

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019
Net cash flows from operating activities:
Net income	$ 460,405	$ 768,685
Adjustments to reconcile net income to net cash provided by (used for) operations:
Deferred income tax provision	106,501	8,148
Recognition of accumulated other comprehensive income lodged taxes	0	(544,583)
Depreciation and amortization of real estate, property, equipment and leasehold improvements	109,877	100,679
Other amortization	7,942	(13,252)
Share-based compensation	29,554	37,036
Provision for doubtful accounts	32,344	21,375
(Income) loss related to associated companies	91,805	(193,380)
Distributions from associated companies	54,916	249,895
Net (gains) losses related to property and equipment, and other assets	59,125	(56,706)
Lease expense	67,555
Lease payments	(59,155)
Net change in:
Securities deposited with clearing and depository organizations	(20,955)	(153)
Financial instruments owned, at fair value	(1,038,140)	123,734
Securities borrowed	382,907	(1,410,295)
Securities purchased under agreements to resell	(979,989)	(1,772,192)
Receivables from brokers, dealers and clearing organizations	261,569	268,321
Receivables from customers of securities operations	524,860	329,504
Other receivables	(42,659)	(47,657)
Other assets	(153,557)	(100,165)
Financial instruments sold, not yet purchased, at fair value	366,737	921,280
Securities loaned	387,692	387,016
Securities sold under agreements to repurchase	(260,144)	(346,031)
Payables to brokers, dealers and clearing organizations	(81,905)	(169,021)
Payables to customers of securities operations	128,167	422,840
Trade payables, expense accruals and other liabilities	651,918	(328,902)
Other	220,488	92,502
Net cash provided by (used for) operating activities	1,307,858	(1,251,322)
Net cash flows from investing activities:
Acquisitions of property, equipment and leasehold improvements, and other assets	(146,416)	(164,165)
Proceeds from disposals of property and equipment, and other assets	4,847	20,134
Acquisitions, net of cash acquired	0	100,743
Advances on notes, loans and other receivables	(601,068)	(333,198)
Collections on notes, loans and other receivables	546,676	202,516
Loans to and investments in associated companies	(1,390,779)	(172,493)
Capital distributions and loan repayments from associated companies	1,372,779	31,269
Purchases of investments (other than short-term)	(906)	(2,995)
Proceeds from maturities of investments	2,025	531,104
Proceeds from sales of investments	19,939	890,259
Other	4,499	0
Net cash provided by (used for) investing activities	(188,404)	1,103,174
Net cash flows from financing activities:
Issuance of debt, net of issuance costs	2,362,574	2,493,735
Repayment of debt	(2,121,748)	(2,141,271)
Net change in other secured financings	303,893	972,296
Net change in bank overdrafts	(37,758)	(9,028)
Distributions to noncontrolling interests	(1,719)	(2,481)
Contributions from noncontrolling interests	18,558	6,771
Purchase of common shares for treasury	(623,469)	(372,849)
Dividends paid	(122,871)	(112,455)
Other	821	792
Net cash provided by (used for) financing activities	(221,719)	835,510
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	19,723	(18,243)
Net increase in cash, cash equivalents and restricted cash	917,458	669,119
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	$ 9,397,893	$ 6,681,781

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2020	Aug. 31, 2019
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 8,426,832	$ 6,011,350
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	930,174	623,363
Other assets	40,887	47,068
Total cash, cash equivalents and restricted cash	$ 9,397,893	$ 6,681,781

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 attributable to Jefferies Financial Group Inc. common shareholders	764,052				764,052	764,052
Net income (loss) attributable to the noncontrolling interests	759					0	759
Other comprehensive loss, net of taxes	(554,738)			(554,738)		(554,738)
Contributions from noncontrolling interests	6,771					0	6,771
Distributions to noncontrolling interests	(2,481)					0	(2,481)
Issuance of shares for HomeFed acquisition	181,780	9,295	168,585			177,880	3,900
Share-based compensation expense	37,036		37,036			37,036
Change in fair value of redeemable noncontrolling interests	(1,437)		(1,437)			(1,437)
Purchase of common shares for treasury	(355,280)	(17,891)	(337,389)			(355,280)
Dividends	(118,956)				(118,956)	(118,956)
Other	11,018	949	10,070			11,019	(1)
Ending Balance at Aug. 31, 2019	10,047,781	299,868	3,731,712	(266,452)	6,255,314	10,020,442	27,339
Beginning Balance at May. 31, 2019	9,877,361	290,687	3,559,156	(242,824)	6,246,852	9,853,871	23,490
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Jefferies Financial Group Inc. common shareholders	48,477				48,477	48,477
Net income (loss) attributable to the noncontrolling interests	(116)					0	(116)
Other comprehensive loss, net of taxes	(23,628)			(23,628)		(23,628)
Contributions from noncontrolling interests	66					0	66
Issuance of shares for HomeFed acquisition	181,780	9,295	168,585			177,880	3,900
Share-based compensation expense	12,150		12,150			12,150
Change in fair value of redeemable noncontrolling interests	(2,558)		(2,558)			(2,558)
Purchase of common shares for treasury	(8,141)	(401)	(7,740)			(8,141)
Dividends	(40,015)				(40,015)	(40,015)
Other	2,405	287	2,119			2,406	(1)
Ending Balance at Aug. 31, 2019	10,047,781	299,868	3,731,712	(266,452)	6,255,314	10,020,442	27,339
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 attributable to Jefferies Financial Group Inc. common shareholders	462,338				462,338	462,338
Net income (loss) attributable to the noncontrolling interests	(5,033)					0	(5,033)
Other comprehensive loss, net of taxes	76,632			76,632		76,632
Contributions from noncontrolling interests	18,558					0	18,558
Distributions to noncontrolling interests	(1,719)					0	(1,719)
Share-based compensation expense	29,554		29,554			29,554
Change in fair value of redeemable noncontrolling interests	3,875		3,875			3,875
Purchase of common shares for treasury	(622,255)	(32,756)	(589,499)			(622,255)
Dividends	(131,038)				(131,038)	(131,038)
Other	11,855	358	11,496			11,854	1
Ending Balance at Aug. 31, 2020	9,444,451	259,246	3,083,137	(196,407)	6,264,689	9,410,665	33,786
Beginning Balance at May. 31, 2020	9,361,113	267,111	3,191,893	(134,528)	6,002,078	9,326,554	34,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Jefferies Financial Group Inc. common shareholders	304,409				304,409	304,409
Net income (loss) attributable to the noncontrolling interests	(324)					0	(324)
Other comprehensive loss, net of taxes	(61,879)			(61,879)		(61,879)
Contributions from noncontrolling interests	1,054					0	1,054
Distributions to noncontrolling interests	(1,503)					0	(1,503)
Share-based compensation expense	8,870		8,870			8,870
Purchase of common shares for treasury	(128,217)	(7,888)	(120,329)			(128,217)
Dividends	(41,798)				(41,798)	(41,798)
Other	2,726	23	2,703			2,726	0
Ending Balance at Aug. 31, 2020	$ 9,444,451	$ 259,246	$ 3,083,137	$ (196,407)	$ 6,264,689	$ 9,410,665	$ 33,786

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.15	$ 0.125	$ 0.45	$ 0.375

Nature of Operations

Nature of Operations	9 Months Ended
	Aug. 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 August 31, 2020. Linkem provides residential broadband services in Italy using LTE technologies deployed over the 3.5 GHz spectrum band and is preparing to upgrade its service to 5G. 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 consists of a senior secured term loan due February 15, 2021 ($71.6 million principal outstanding at August 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	9 Months Ended
	Aug. 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 nine months ended August 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. Receivables At August 31, 2020 and November 30, 2019, Receivables include receivables from brokers, dealers and clearing organizations of $2,755.8 million and $3,011.0 million, respectively, and receivables from customers of securities operations of $956.8 million and $1,490.9 million, respectively. Our subsidiary, Foursight Capital, had auto loan receivables of $734.5 million and $741.2 million at August 31, 2020 and November 30, 2019, respectively. Of these amounts, $600.5 million and $621.2 million at August 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 August 31, 2020 and November 30, 2019 was approximately 14% and 15% prime, 52% and 53% near-prime and 34% and 32% sub-prime, respectively. Other Investments At August 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 $104.8 million and $172.8 million, respectively. Impairments recognized on these investments were $0.3 million and $2.3 million during the three months ended August 31, 2020 and 2019, respectively, and $20.9 million and $2.3 million during the nine months ended August 31, 2020 and 2019, respectively . Capitalization of Interest We capitalize interest on qualifying HomeFed real estate assets. During the three and nine months ended August 31, 2020, capitalized interest of $1.6 million and $6.4 million, respectively, was allocated among all of HomeFed's projects that are currently under development. Payables, expense accruals and other liabilities At August 31, 2020 and November 30, 2019, Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $2,546.5 million and $2,621.7 million, respectively, and payables to customers of securities operations of $3,936.8 million and $3,808.6 million, respectively. Supplemental Cash Flow Information For the Nine Months Ended August 31, 2020 August 31, 2019 (In thousands) Cash paid during the year for: Interest $ 880,853 $ 1,257,311 Income tax payments (refunds), net $ (13,514) $ 25,825 During the nine months ended August 31, 2019, we had $178.8 million in non-cash investing activities related to the issuance of common stock for the acquisition of the remaining common stock of HomeFed. In June 2019, we entered into a Membership Interest Purchase Agreement ("MIPA") which provided for each of the owners of National Beef to purchase, in the aggregate, 100% of the ownership interests in Iowa Premium, LLC ("Iowa Premium"). The funds used to acquire Iowa Premium were provided by way of a permitted distribution from National Beef to its owners, of which our proportionate share was approximately $49.0 million. The distribution from National Beef and the acquisition of Iowa Premium are included in our Consolidated Statement of Cash Flows for the nine months ended August 31, 2019. Immediately following the acquisition, we contributed our ownership interest in Iowa Premium to National Beef, which was a non-cash investing activity. Accounting Developments - Accounting Standards Adopted in Current Annual Reporting Period 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.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Aug. 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 $928.2 million and $586.9 million at August 31, 2020 and November 30, 2019, respectively, by level within the fair value hierarchy (in thousands): August 31, 2020 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 2,594,722 $ 63,256 $ 77,941 $ — $ 2,735,919 Corporate debt securities — 2,720,644 23,269 — 2,743,913 Collateralized debt obligations and collateralized loan obligations — 68,287 36,122 — 104,409 U.S. government and federal agency securities 3,164,472 92,036 — — 3,256,508 Municipal securities — 358,292 — — 358,292 Sovereign obligations 1,686,522 877,334 — — 2,563,856 Residential mortgage-backed securities — 975,166 28,317 — 1,003,483 Commercial mortgage-backed securities — 1,091,406 4,663 — 1,096,069 Other asset-backed securities — 48,734 63,337 — 112,071 Loans and other receivables — 2,117,162 162,941 — 2,280,103 Derivatives 2,897 2,086,407 52,195 (1,611,815) 529,684 Investments at fair value — 45,156 172,498 — 217,654 FXCM term loan — — 56,542 — 56,542 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 7,448,613 $ 10,543,880 $ 677,825 $ (1,611,815) $ 17,058,503 Loans to and investments in associated $ — $ 8,404 $ 34,688 $ — $ 43,092 Securities received as collateral, at fair value $ 4,413 $ — $ — $ — $ 4,413 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 2,295,391 $ 12,533 $ 4,367 $ — $ 2,312,291 Corporate debt securities — 1,448,558 148 — 1,448,706 U.S. government and federal agency securities 2,722,907 — — — 2,722,907 Sovereign obligations 1,452,399 1,096,176 — — 2,548,575 Commercial mortgage-backed securities — — 35 — 35 Loans — 1,432,113 46,594 — 1,478,707 Derivatives 1,031 2,207,365 74,620 (1,799,681) 483,335 Total financial instruments sold, not yet purchased, at fair value $ 6,471,728 $ 6,196,745 $ 125,764 $ (1,799,681) $ 10,994,556 Short-term borrowings $ — $ 21,829 $ — $ — $ 21,829 Other secured financings $ — $ — $ 3,402 $ — $ 3,402 Long-term debt $ — $ 891,845 $ 630,260 $ — $ 1,522,105 Obligation to return securities received as collateral, at fair value $ 4,413 $ — $ — $ — $ 4,413 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. 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 August 31, 2020 Equity Long/Short Hedge Funds (2) $ 322,020 $ — Equity Funds (3) 31,477 13,510 Commodity Fund (4) 16,204 — Multi-asset Funds (5) 558,452 — Other Funds (6) 65 — Total $ 928,218 $ 13,510 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 August 31, 2020 and November 30, 2019, 6% and 6%, respectively, of investments in this category 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 August 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 invests in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt and private equity investments and there are no redemption provisions. This category also includes investments in a fund of funds that invests in various private equity funds that are managed by us and have no redemption provisions. Investments in the fund of funds are gradually being liquidated, however, the timing of when the proceeds will be received is uncertain. Investments at fair value also include our investment in The We Company. We invested $9.0 million in The We Company in 2013 and currently own less than 1% of The We Company. Our interest in The We Company is reflected in Financial instruments owned, at fair value of $9.6 million and $53.8 million at August 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 August 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. Loans to and Investments in Associated Companies Corporate bonds are measured primarily using pricing data from external pricing services and are categorized within Level 2 of the fair value hierarchy. Non-exchange-traded equity warrants with no pricing from external pricing services are generally categorized within Level 3 of the fair value hierarchy. The warrants are measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, interest rate curve, strike price and maturity date. 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. Other Secured Financings Other secured financings that are accounted for at fair value are classified within Level 3 of the fair value hierarchy. Fair value is based on estimates of future cash flows incorporating assumptions regarding recovery rates. 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 nine months ended August 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 nine months ended August 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 est

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Aug. 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 (1) 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 and (2) forward foreign exchange contracts designated as hedges to offset the change in the value of certain net investments in foreign operations. 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 August 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 August 31, 2020 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 70,159 1 $ — — Foreign exchange contracts: Bilateral OTC — — 393 2 Total derivatives designated as accounting hedges 70,159 393 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 781 48,453 73 69,918 Cleared OTC 75,125 3,894 168,467 4,199 Bilateral OTC 689,581 1,480 316,196 621 Foreign exchange contracts: Exchange-traded — — — 245 Bilateral OTC 416,298 13,561 391,542 13,450 Equity contracts: Exchange-traded 507,083 906,465 517,384 775,309 Bilateral OTC 351,744 1,939 879,876 1,945 Commodity contracts: Exchange-traded — 2,073 — 1,503 Bilateral OTC 25,447 2,287 — — Credit contracts: Cleared OTC 3,165 15 5,567 13 Bilateral OTC 2,116 11 3,518 10 Total derivatives not designated as accounting hedges 2,071,340 2,282,623 Total gross derivative assets/liabilities: Exchange-traded 507,864 517,457 Cleared OTC 148,449 174,034 Bilateral OTC 1,485,186 1,591,525 Amounts offset in Consolidated Statement of Financial Condition (3): Exchange-traded (504,400) (504,400) Cleared OTC (144,200) (145,706) Bilateral OTC (963,215) (1,149,575) Net amounts in the Consolidated Statement of Financial Condition (4) $ 529,684 $ 483,335 (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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Interest rate swaps $ 834 $ 28,052 $ 47,303 $ 69,843 Long-term debt 1,634 (28,519) (45,539) (72,288) Total $ 2,468 $ (467) $ 1,764 $ (2,445) The following table provides information related to gains (losses) on net investment hedges recognized in Net unrealized foreign exchange gains (losses), a component of Other comprehensive income (loss), in the Consolidated Statements of Comprehensive Income (Loss) (in thousands): For the Three Months Ended For the Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Foreign exchange contracts $ (393) $ — $ (393) $ — Total $ (393) $ — $ (393) $ — 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Interest rate contracts $ (35,462) $ (89,864) $ (40,630) $ (193,715) Foreign exchange contracts 4,418 (1,839) 2,534 269 Equity contracts (32,782) 2,236 113,253 (118,354) Commodity contracts (18,716) 2,285 42,049 4,057 Credit contracts (179) 2,687 14,205 11,600 Total $ (82,721) $ (84,495) $ 131,411 $ (296,143) 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 August 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 $ 18,611 $ 6,836 $ — $ — $ 25,447 Equity options and forwards 21,437 44,672 15,160 (25,445) 55,824 Total return swaps 74,923 19,764 2,872 (14,666) 82,893 Foreign currency forwards, swaps and options 63,570 28,993 — (4,477) 88,086 Interest rate swaps, options and forwards 94,956 204,309 222,482 (45,025) 476,722 Total $ 273,497 $ 304,574 $ 240,514 $ (89,613) 728,972 Cross product counterparty netting (22,759) Total OTC derivative assets included in Financial instruments owned, at fair value $ 706,213 (1) At August 31, 2020, we held net exchange-traded derivative assets, other derivative assets and other credit agreements with a fair value of $25.1 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 August 31, 2020, cash collateral received was $201.6 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 options and forwards $ 15,474 $ 370,915 $ 156,839 $ (25,445) $ 517,783 Credit default swaps 12 1,108 — — 1,120 Total return swaps 58,888 103,567 — (14,666) 147,789 Foreign currency forwards, swaps and options 55,541 11,792 34 (4,477) 62,890 Fixed income forwards 1,404 — — — 1,404 Interest rate swaps, options and forwards 42,132 80,469 72,462 (45,025) 150,038 Total $ 173,451 $ 567,851 $ 229,335 $ (89,613) 881,024 Cross product counterparty netting (22,759) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value $ 858,265 (1) At August 31, 2020, we held net exchange-traded derivative liabilities, other derivative liabilities and other credit agreements with a fair value of $14.5 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 August 31, 2020, cash collateral pledged was $389.5 million. (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. At August 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 $ 139,436 BBB- to BBB+ 15,949 BB+ or lower 353,564 Unrated 197,264 Total $ 706,213 (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 August 31, 2020 Credit protection sold: Index credit default swaps $ 2.0 $ 45.9 $ — $ 47.9 Single name credit default swaps — 6.2 0.2 6.4 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). August 31, November 30, 2019 Derivative instrument liabilities with credit-risk-related contingent features $ 191.4 $ 42.9 Collateral posted (120.6) (3.1) Collateral received 64.5 114.1 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 135.3 154.0 (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	9 Months Ended
	Aug. 31, 2020
Collateralized Transactions [Abstract]
Collateralized Transactions	Collateralized TransactionsOur 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 August 31, 2020 Corporate equity securities $ 1,317,023 $ 176,221 $ 4,413 $ 1,497,657 Corporate debt securities 605,527 1,661,854 — 2,267,381 Mortgage-backed and asset-backed securities — 1,680,052 — 1,680,052 U.S. government and federal agency securities 7,187 12,187,529 — 12,194,716 Municipal securities — 180,837 — 180,837 Sovereign obligations — 2,636,878 — 2,636,878 Loans and other receivables — 1,313,667 — 1,313,667 Total $ 1,929,737 $ 19,837,038 $ 4,413 $ 21,771,188 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 August 31, 2020 Securities lending arrangements $ 630,163 $ — $ 553,062 $ 746,512 $ 1,929,737 Repurchase agreements 10,606,433 1,695,229 4,243,474 3,291,902 19,837,038 Obligation to return securities received as collateral, at fair value 4,413 — — — 4,413 Total $ 11,241,009 $ 1,695,229 $ 4,796,536 $ 4,038,414 $ 21,771,188 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 August 31, 2020 and November 30, 2019, the approximate fair value of securities received as collateral by us that may be sold or repledged was $29.9 billion and $28.7 billion, respectively. At August 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 August 31, 2020 Securities borrowing arrangements $ 7,268,413 $ — $ 7,268,413 $ (429,615) $ (1,691,674) $ 5,147,124 Reverse repurchase agreements 17,905,457 (12,578,066) 5,327,391 (144,353) (5,141,297) 41,741 Securities received as collateral, at fair value 4,413 — 4,413 — — 4,413 Liabilities at August 31, 2020 Securities lending arrangements $ 1,929,737 $ — $ 1,929,737 $ (429,615) $ (1,467,230) $ 32,892 Repurchase agreements 19,837,038 (12,578,066) 7,258,972 (144,353) (6,622,623) 491,996 Obligation to return securities received as collateral, at fair value 4,413 — 4,413 — — 4,413 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 August 31, 2020, amounts include $5,089.0 million of securities borrowing arrangements, for which we have received securities collateral of $4,921.2 million, and $439.7 million of repurchase agreements, for which we have pledged securities collateral of $451.6 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 $986.1 million and $796.8 million at August 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	9 Months Ended
	Aug. 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Transferred assets $ 983.9 $ 789.3 $ 4,794.3 $ 2,894.4 Proceeds on new securitizations 983.9 789.3 4,794.3 2,966.3 Cash flows received on retained interests 6.3 16.8 18.6 47.2 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 August 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): August 31, 2020 November 30, 2019 Securitization Type Total Retained Total Retained U.S. government agency residential mortgage-backed securities $ 928.7 $ 12.4 $ 10,671.7 $ 103.3 U.S. government agency commercial mortgage-backed securities 439.2 138.3 1,374.8 45.8 CLOs 3,419.9 41.8 3,006.7 58.4 Consumer and other loans 884.0 45.6 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	9 Months Ended
	Aug. 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. August 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 — 3.6 — 0.3 Securities purchased under agreements to resell (2) 2,919.8 — 2,467.3 — Receivables 581.9 13.5 605.6 — Other 37.8 0.1 38.7 — Total assets $ 3,539.5 $ 18.4 $ 3,111.6 $ 1.5 Financial instruments sold, not yet purchased, at fair $ — $ 2.1 $ — $ — Other secured financings (3) 3,502.9 — 3,068.6 — Other liabilities (4) 3.7 0.4 20.1 0.2 Total liabilities $ 3,506.6 $ 2.5 $ 3,088.7 $ 0.2 (1) Approximately $0.6 million of the cash amount at August 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) Approximately $130.1 million of the other secured financings amount at August 31, 2020 is with related consolidated entities, which is eliminated in consolidation. (4) Includes $1.8 million and $17.9 million at August 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 August 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 nine months ended August 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): Carrying Amount Maximum VIE Assets Assets Liabilities August 31, 2020 CLOs $ 66.3 $ 1.4 $ 470.4 $ 6,509.5 Consumer loan and other asset-backed vehicles 308.4 — 435.0 2,300.4 Related party private equity vehicles 18.6 — 29.6 50.7 Other investment vehicles 853.9 — 1,053.4 16,210.4 Total $ 1,247.2 $ 1.4 $ 1,988.4 $ 25,071.0 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 August 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 $122.0 million and $121.7 million, respectively, had been funded. The carrying value of our equity investments in the JCP Entities was $18.6 million and $23.0 million at August 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 $853.9 million and $574.0 million at August 31, 2020 and November 30, 2019, respectively. Our unfunded equity commitment related to these investments totaled $199.6 million and $192.1 million at August 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 August 31, 2020 and November 30, 2019, we held $1,808.6 million and $1,453.5 million of agency mortgage-backed securities, respectively, and $130.8 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 ($56.5 million) and the investment in associated company ($80.3 million), which totaled $136.8 million at August 31, 2020.

Loans to and Investments in Ass

Loans to and Investments in Associated Companies	9 Months Ended
	Aug. 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 nine months ended August 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 $ — $ (65,681) $ 10,107 $ — $ 618,293 Berkadia 268,949 — 40,373 (36,615) 510 273,217 FXCM (2) 70,223 9,956 — — 161 80,340 Linkem (3) 194,847 (21,754) — 35,103 (2,149) 206,047 Real estate associated companies (4) (5) 255,309 (50,910) — (34,505) — 169,894 Other (3) 189,762 (6,815) 3,026 (3,643) 9,235 191,565 Total $ 1,652,957 $ (69,523) $ (22,282) $ (29,553) $ 7,757 $ 1,539,356 2019 Jefferies Finance $ 728,560 $ — $ 1,035 $ (58,682) $ — $ 670,913 Berkadia 245,228 — 72,231 (47,682) 722 270,499 National Beef (6) 653,630 137,918 — (72,767) (10) 718,771 FXCM (2) 75,031 (5,589) — 3,500 (134) 72,808 Linkem 165,157 (20,696) — 82,178 (8,226) 218,413 HomeFed (4) 337,542 7,902 — — (345,444) — Real estate associated companies 87,074 1,536 — (3,054) 198,273 283,829 Other 125,110 695 (1,652) (13,958) 869 111,064 Total $ 2,417,332 $ 121,766 $ 71,614 $ (110,465) $ (153,950) $ 2,346,297 (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 August 31, 2020 and November 30, 2019 include loans and debt securities aggregating $100.2 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 nine months ended August 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 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 National Beef $ — $ 75,867 $ — $ 137,918 FXCM 3,704 (573) 9,956 (5,589) Linkem (1,945) (12,115) (21,754) (20,696) HomeFed — 8,419 — 7,902 Real estate associated companies 2,532 464 (50,910) 1,536 Other 762 221 (6,815) 695 Total $ 5,053 $ 72,283 $ (69,523) $ 121,766 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Jefferies Finance $ (17,731) $ (6,901) $ (65,681) $ 1,035 Berkadia 18,448 24,286 40,373 72,231 Other 3,137 (92) 3,026 (1,652) Total $ 3,854 $ 17,293 $ (22,282) $ 71,614 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 August 31, 2020, Jefferies Group and MassMutual each had equity commitments to Jefferies Finance of $750.0 million. At August 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 August 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 August 31, 2020, $0.0 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 $0.4 million and $0.3 million during the three months ended August 31, 2020 and 2019, respectively, and $3.0 million and $0.9 million during the nine months ended August 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Origination and syndication fee revenues (1) $ 42.4 $ 44.6 $ 123.9 $ 135.8 Origination fee expenses (1) 3.8 8.2 12.4 21.8 CLO placement fee revenues (2) 1.3 1.0 1.7 2.3 Underwriting fees (3) — 2.9 0.3 3.9 Service fees (4) 13.5 12.3 49.4 50.6 (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 August 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 term loans issued by Jefferies Finance. (4) Under a service agreement, Jefferies Group charges 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 August 31, 2020 and November 30, 2019, we had receivables from Jefferies Finance, included within Other assets in the Consolidated Statements of Financial Condition of $13.2 million and $17.2 million, respectively. At August 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 Statements 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 Statement of Operations for the nine months ended August 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 August 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 August 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 $102.0 million at August 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. During the three months ended August 31, 2019, we recognized a $72.1 million non-cash pre-tax gain in Other revenues on the remeasurement of our prior 70% interest in HomeFed to fair value. 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 nine months ended August 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 nine months ended August 31, 2020 and 2019, and National Beef for the nine months ended August 31, 2019 (in thousands): For the Nine Months Ended August 31, 2020 August 31, 2019 Revenues $ 716,182 $ 6,972,754 Income from continuing operations before extraordinary items $ 89,716 $ 622,553 Net income $ 89,716 $ 622,553

Intangible Assets, Net and Good

Intangible Assets, Net and Goodwill	9 Months Ended
	Aug. 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): August 31, November 30, 2019 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 7,874 $ 8,273 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $117,609 and $111,060 53,396 59,575 Trademarks and tradenames, net of accumulated amortization of $27,673 and $24,800 101,207 103,790 Other, net of accumulated amortization of $8,042 and $5,366 8,640 11,316 Total intangible assets, net 171,117 182,954 Goodwill: Investment Banking and Capital Markets (1) (2) 1,560,255 1,556,810 Asset Management (1) 143,000 143,000 Real estate 36,711 36,711 Other operations 3,459 3,459 Total goodwill 1,743,425 1,739,980 Total intangible assets, net and goodwill $ 1,914,542 $ 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 increase in Investment Banking and Capital Markets goodwill during the nine months ended August 31, 2020, primarily relates to translation adjustments. Amortization expense on intangible assets was $3.7 million and $4.0 million for the three months ended August 31, 2020 and 2019, respectively, and $11.5 million and $10.6 million for the nine months ended August 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 $ 3,673 2021 14,457 2022 11,180 2023 9,945 2024 9,189 We performed our annual impairment testing of goodwill within the Investment Banking and Capital Markets, and Asset Management segments as of August 1, 2020. The quantitative goodwill impairment test is performed at our reporting unit level and consists of two steps. In the first step, the fair value of the reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, then a second step is performed in order to measure the amount of the impairment loss, if any, which is based on comparing the implied fair value of the reporting unit’s goodwill to the carrying value of the reporting unit’s goodwill. The estimated fair value of both the Investment Banking and Capital Markets segment and the Asset Management segment are based on valuation techniques that we believe market participants would use, although the valuation process requires significant judgment and often involves the use of significant estimates and assumptions. The methodologies we utilize in estimating fair value include price-to-earnings and price-to-book multiples of comparable public companies and/or projected cash flows. In addition, as the fair values determined under the market approach represent a noncontrolling interest, we applied a control premium to arrive at the estimated fair value of our reporting units on a controlling basis. An independent valuation specialist was engaged to assist with the valuation process at August 1, 2020. The results of our annual goodwill impairment test for both the Investment Banking and Capital Markets segment and the Asset Management segment did not indicate any goodwill impairment. We performed our annual impairment testing of intangible assets with an indefinite useful life, which consists of exchange and clearing organization membership interests and registrations within our Investment Banking and Capital Markets segment, at August 1, 2020. We also deemed it appropriate to consider the impact of the global novel coronavirus pandemic as a triggering event and performed an interim impairment test for our indefinite-lived intangible assets at May 31, 2020. At May 31, 2020 and August 1, 2020, we elected to perform a quantitative assessment of membership interests and registrations that have available quoted sales prices as well as certain other membership interests and registrations that have declined in utilization. Qualitative assessments were performed on the remainder of our indefinite-life intangible assets. In applying our quantitative assessment at both May 31, 2020 and August 1, 2020, we recognized immaterial impairment losses on certain exchange membership interests and registrations. With regard to our qualitative assessment of the remaining indefinite-life intangible assets, based on our assessment of market conditions, the utilization of the assets and the replacement costs associated with the assets, we concluded that it is not more likely than not that the intangible assets are impaired.

Short-Term Borrowings

Short-Term Borrowings	9 Months Ended
	Aug. 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): August 31, November 30, 2019 Bank loans (1) $ 776,752 $ 527,509 Floating rate puttable notes (1) 6,800 — Equity-linked notes (2) 21,829 20,981 Total short-term borrowings $ 805,381 $ 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. (2) See Note 3 for further information on these notes. At August 31, 2020 and November 30, 2019, the weighted average interest rate on short-term borrowings outstanding was 1.83% and 3.24% per annum, respectively. During the nine months ended August 31, 2020, we issued floating rate puttable notes with a principal amount of $6.8 million and equity-linked notes with a principal amount of $5.0 million, and our equity-linked notes with a principal amount of $5.2 million matured on March 13, 2020. Subsequent to quarter-end, on October 7, 2020, our equity-linked notes with a principal amount of $15.1 million matured. One of Jefferies Group's subsidiaries has a credit facility agreement ("Jefferies Group Credit Facility") with JPMorgan Chase Bank, N.A. under which it has borrowed for a committed amount of $246.0 million at August 31, 2020, 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 nine months ended August 31, 2020, Jefferies Group was in compliance with all debt covenants under the Jefferies Group Credit Facility. One of Jefferies Group's subsidiaries has a credit facility agreement with the Royal Bank of Canada ("RBC Credit Facility") for a committed amount of $200.0 million, which is included in bank loans. Interest is based on a rate per annum equal to LIBOR plus an applicable margin of 2.05%. The RBC 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 impose certain restrictions on the borrower's future indebtedness. At August 31, 2020, Jefferies Group was in compliance with all debt covenants under the RBC 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 August 31, 2020, Jefferies Group was in compliance with debt covenants under the Intraday Credit Facility.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Aug. 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): August 31, November 30, 2019 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 745,558 $ 744,606 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,814 246,772 Total long-term debt – Parent Company 992,372 991,378 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 761,430 774,738 2.25% Euro Medium Term Notes, due July 13, 2022, $4,774 and $4,407 principal 4,613 4,204 5.125% Senior Notes, due January 20, 2023, $750,000 and $600,000 principal 760,999 610,023 1.00% Euro Medium Term Notes, due July 19, 2024, $569,725 and $550,875 principal 594,965 548,880 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 814,873 768,931 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 369,662 371,426 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 989,342 988,662 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 510,943 511,260 6.50% Senior Notes, due January 20, 2043, $400,000 principal 419,931 420,239 Structured Notes (2) 1,522,105 1,215,285 Jefferies Group Revolving Credit Facility 189,571 189,088 Jefferies Group Secured Bank Loan 50,000 50,000 HomeFed EB-5 Program debt 189,335 140,739 HomeFed construction loan 45,638 — Foursight Capital Credit Facilities 99,802 98,260 Vitesse Energy Finance Revolving Credit Facility 104,256 103,050 Other — 276 Total long-term debt – subsidiaries 7,427,465 7,345,683 Long-term debt $ 8,419,837 $ 8,337,061 (1) Amount includes losses of $45.5 million and $72.3 million during the nine months ended August 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 nine months ended August 31, 2020, Jefferies Group's 2.375% Euro Medium Term Notes matured and were repaid. Additionally, during the nine months ended August 31, 2020, structured notes with a total principal amount of approximately $244.4 million, net of retirements, and an additional $150.0 million principal amount of 5.125% Senior Notes due 2023 were issued by Jefferies Group. Subsequent to quarter-end, on October 7, 2020, Jefferies Group issued 2.75% Senior Notes with a principal amount of $500.0 million, due 2032. 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. The obligations of certain of Jefferies Group's subsidiaries under the Jefferies Group Revolving Credit Facility are secured by substantially all its assets. At August 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 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 August 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 August 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 August 31, 2020, HomeFed has a construction loan agreement with an aggregate committed amount of $58.9 million. The proceeds are being used for construction at certain of its real estate projects. The outstanding principal amount of the loan bears interest based on the 30-day LIBOR plus 3.15%, subject to adjustment on the first of each calendar month and matures on March 1, 2021, with one 12-month extension subject to certain conditions as set forth in the loan agreement. The loan is collateralized by the property underlying the related project with a guarantee by HomeFed. At August 31, 2020, $45.8 million was outstanding under the construction loan agreement. At August 31, 2020, Foursight Capital's credit facilities consisted of two warehouse credit commitments aggregating $175.0 million, which mature in May 2021. One of the credit facilities bears interest based on the three month LIBOR plus a credit spread fixed through its maturity and the other credit facility bears interest based on the one month LIBOR plus a credit spread fixed through its maturity. As a condition of the credit facilities, Foursight Capital is obligated to maintain cash reserves to comply with the hedging requirements of the credit commitment. The credit facilities are secured by first priority liens on auto loan receivables owed to Foursight Capital of approximately $124.0 million at August 31, 2020. At August 31, 2020 and November 30, 2019, $100.1 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 $120.0 million at August 31, 2020. Amounts outstanding under the facility at August 31, 2020 and November 30, 2019 were $105.0 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.

Leases

Leases	9 Months Ended
	Aug. 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 August 31, 2020 is as follows (in thousands, except lease term and discount rate): Property, equipment and leasehold improvements, net - ROU assets $ 521,278 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 August 31, 2020 (in thousands): Lease Liabilities Remainder of 2020 $ 22,271 2021 76,932 2022 74,722 2023 65,220 2024 61,994 2025 and thereafter 403,809 Total undiscounted cash flows 704,948 Less: Difference between undiscounted and discounted cash flows (106,832) Operating leases amount in the Consolidated Statement of Financial Condition 598,116 Finance leases amount in the Consolidated Statement of Financial Condition 247 Total amount in the Consolidated Statement of Financial Condition $ 598,363 The following table presents our lease costs (in thousands): For the Three Months Ended August 31, 2020 For the Nine Months Ended August 31, 2020 Operating lease costs (1) $ 19,425 $ 57,994 Variable lease costs (2) 3,485 9,561 Less: Sublease income (1,973) (5,669) Total lease cost, net $ 20,937 $ 61,886 (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): For the Nine Months Ended August 31, 2020 Cash outflows - lease liabilities $ 59,155 Non-cash - ROU assets recorded for new and modified leases $ 21,438 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

Mezzanine Equity

Mezzanine Equity	9 Months Ended
	Aug. 31, 2020
Temporary Equity Disclosure [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests At August 31, 2020 and November 30, 2019, redeemable noncontrolling interests include other redeemable noncontrolling interests of $24.3 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 $3.8 million for the nine months ended August 31, 2019 to $4.2 million for the nine months ended August 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	9 Months Ended
	Aug. 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 $8.9 million and $12.2 million for the three months ended August 31, 2020 and 2019, respectively, and $29.6 million and $37.0 million for the nine months ended August 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 $2.3 million and $3.0 million for the three months ended August 31, 2020 and 2019, respectively, and $7.5 million and $9.3 million for the nine months ended August 31, 2020 and 2019, respectively. At August 31, 2020, total unrecognized compensation cost related to nonvested share-based compensation plans was $52.4 million; this cost is expected to be recognized over a weighted average period of 2.0 years. At August 31, 2020, there were 1,749,000 shares of restricted stock outstanding with future service required, 4,183,000 RSUs outstanding with future service required (including target RSUs issuable under the senior executive compensation plan), 18,449,000 RSUs outstanding with no future service required and 1,105,000 shares issuable under other plans. The maximum potential increase to common shares outstanding resulting from these outstanding awards is 23,737,000. 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 August 31, 2020, the remaining unamortized amount of the restricted cash awards was $606.2 million three

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Aug. 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): August 31, November 30, 2019 Net unrealized gains on available for sale securities $ 552 $ 141 Net unrealized foreign exchange losses (156,894) (192,709) Net unrealized gains (losses) on instrument specific credit risk 19,586 (18,889) Net minimum pension liability (59,651) (61,582) $ (196,407) $ (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 Nine Months Ended August 31, August 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 $306 and $(166) 898 (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 $(658) and $(361) (1,931) (1,063) Selling, general and other expenses, which includes pension expense Total reclassifications for the period, net of tax $ (1,033) $ 542,092 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 nine months ended August 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 August 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	9 Months Ended
	Aug. 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Revenues from contracts with customers: Commissions and other fees $ 204,032 $ 171,000 $ 626,434 $ 493,560 Investment banking 615,837 410,796 1,595,330 1,126,479 Manufacturing revenues 119,751 82,565 282,737 248,227 Other 35,121 70,066 132,975 186,175 Total revenues from contracts with customers 974,741 734,427 2,637,476 2,054,441 Other sources of revenue: Principal transactions 623,283 (20,920) 1,421,485 465,451 Interest income 219,843 410,467 782,941 1,243,278 Other 7,632 99,182 53,392 165,369 Total revenues from other sources 850,758 488,729 2,257,818 1,874,098 Total revenues $ 1,825,499 $ 1,223,156 $ 4,895,294 $ 3,928,539 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 August 31, 2020 Major Business Activity: Equities (2) $ 201,157 $ — $ — $ — $ (281) $ 200,876 Fixed Income (2) 3,156 — — — — 3,156 Investment Banking - Underwriting 444,399 — — — — 444,399 Investment Banking - Advisory 171,438 — — — — 171,438 Asset Management — 3,127 — — — 3,127 Manufacturing revenues — — 119,751 — — 119,751 Oil and gas revenues — — 20,946 — — 20,946 Other revenues — — 11,048 — — 11,048 Total revenues from contracts with customers $ 820,150 $ 3,127 $ 151,745 $ — $ (281) $ 974,741 Primary Geographic Region: Americas $ 684,441 $ 1,758 $ 151,085 $ — $ (281) $ 837,003 Europe, Middle East and Africa 90,132 1,369 644 — — 92,145 Asia 45,577 — 16 — — 45,593 Total revenues from contracts with customers $ 820,150 $ 3,127 $ 151,745 $ — $ (281) $ 974,741 Three Months Ended August 31, 2019 Major Business Activity: Equities (2) $ 167,528 $ — $ — $ — $ (3) $ 167,525 Fixed Income (2) 3,475 — — — — 3,475 Investment Banking - Underwriting 199,183 — — — (1,737) 197,446 Investment Banking - Advisory 213,350 — — — — 213,350 Asset Management — 4,647 — — — 4,647 Manufacturing revenues — — 82,565 — — 82,565 Oil and gas revenues — — 45,012 — — 45,012 Other revenues — — 20,407 — — 20,407 Total revenues from contracts with customers $ 583,536 $ 4,647 $ 147,984 $ — $ (1,740) $ 734,427 Primary Geographic Region: Americas $ 476,983 $ 3,244 $ 147,501 $ — $ (47) $ 627,681 Europe, Middle East and Africa 88,890 1,403 226 — (1,693) 88,826 Asia 17,663 — 257 — — 17,920 Total revenues from contracts with customers $ 583,536 $ 4,647 $ 147,984 $ — $ (1,740) $ 734,427 Reportable Segments Investment Banking and Capital Markets (1) Asset Management (1) Merchant Banking (1) Corporate Consolidation Adjustments Total Nine months ended August 31, 2020 Major Business Activity: Equities (2) $ 614,089 $ — $ — $ — $ (681) $ 613,408 Fixed Income (2) 13,026 — — — — 13,026 Investment Banking - Underwriting 898,653 — — — — 898,653 Investment Banking - Advisory 696,677 — — — — 696,677 Asset Management — 12,714 — — — 12,714 Manufacturing revenues — — 282,737 — — 282,737 Oil and gas revenues — — 78,704 — — 78,704 Other revenues — — 41,557 — — 41,557 Total revenues from contracts with customers $ 2,222,445 $ 12,714 $ 402,998 $ — $ (681) $ 2,637,476 Primary Geographic Region: Americas $ 1,858,137 $ 6,250 $ 401,484 $ — $ (681) $ 2,265,190 Europe, Middle East and Africa 237,652 6,464 1,303 — — 245,419 Asia 126,656 — 211 — — 126,867 Total revenues from contracts with customers $ 2,222,445 $ 12,714 $ 402,998 $ — $ (681) $ 2,637,476 Nine months ended August 31, 2019 Major Business Activity: Equities (2) $ 483,771 $ — $ — $ — $ (283) $ 483,488 Fixed Income (2) 10,072 — — — — 10,072 Investment Banking - Underwriting 555,830 — — — (1,737) 554,093 Investment Banking - Advisory 572,386 — — — — 572,386 Asset Management — 19,140 — — — 19,140 Manufacturing revenues — — 248,227 — — 248,227 Oil and gas revenues — — 129,029 — — 129,029 Other revenues — — 38,006 — — 38,006 Total revenues from contracts with customers $ 1,622,059 $ 19,140 $ 415,262 $ — $ (2,020) $ 2,054,441 Primary Geographic Region: Americas $ 1,288,046 $ 13,399 $ 414,259 $ — $ (327) $ 1,715,377 Europe, Middle East and Africa 280,605 5,741 683 — (1,693) 285,336 Asia 53,408 — 320 — — 53,728 Total revenues from contracts with customers $ 1,622,059 $ 19,140 $ 415,262 $ — $ (2,020) $ 2,054,441 (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 August 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 August 31, 2020. We recognized $15.6 million and $9.6 million during the three months ended August 31, 2020 and 2019, respectively, and $10.8 million and $27.2 million during the nine months ended August 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 $4.3 million and $6.0 million during the three months ended August 31, 2020 and 2019, respectively, and $14.4 million and $15.8 million during the nine months ended August 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 $321.4 million and $263.7 million at August 31, 2020 and November 30, 2019, respectively. We had no significant impairments related to these receivables during the three and nine months ended August 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 $18.2 million and $12.8 million at August 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 August 31, 2020, we recognized $19.1 million of deferred revenue from the balance at May 31, 2020. During the three months ended August 31, 2019, we recognized $9.6 million of deferred revenue from the balance at May 31, 2019. During the nine months ended August 31, 2020, we recognized $9.3 million of deferred revenue from the balance at November 30, 2019. During the nine months ended August 31, 2019, we recognized $9.8 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 August 31, 2020 and November 30, 2019, capitalized costs to fulfill a contract were $2.8 million and $4.8 million, respectively, which are recorded in Receivables in the Consolidated Statements of Financial Condition. We recognized expenses of $0.8 million and $1.6 million, during the three months ended August 31, 2020 and 2019, respectively, and $3.6 million and $3.8 million, during the nine months ended August 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 nine months ended August 31, 2020 and 2019.

Income Taxes

Income Taxes	9 Months Ended
	Aug. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The aggregate amount of gross unrecognized tax benefits related to uncertain tax positions was $374.1 million (including $81.4 million for interest) at August 31, 2020, of which $233.2 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 nine months ended August 31, 2020 and 2019. The net deferred tax asset was $312.6 million and $462.5 million at August 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 nine months ended August 31, 2020 was $185.1 million, representing an effective tax rate of 28.7%. Our benefit for income taxes for the nine months ended August 31, 2019 was $522.6 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 nine months ended August 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	9 Months Ended
	Aug. 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 304,409 $ 48,477 $ 462,338 $ 764,052 Allocation of earnings to participating securities (1) (1,945) (316) (2,921) (4,667) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 302,464 48,161 459,417 759,385 Adjustment to allocation of earnings to participating securities related to diluted shares (1) 17 (7) 5 29 Mandatorily redeemable convertible preferred share dividends 1,404 — 4,230 3,827 Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 303,885 $ 48,154 $ 463,652 $ 763,241 Denominator for earnings per share: Weighted average common shares outstanding 263,062 296,834 273,035 298,322 Weighted average shares of restricted stock outstanding with future service required (1,787) (2,008) (1,837) (1,903) Weighted average RSUs outstanding with no future service required 19,420 15,462 18,761 14,419 Denominator for basic earnings per share – weighted average shares 280,695 310,288 289,959 310,838 Stock options — — — — Senior executive compensation plan awards — 1,609 475 2,181 Mandatorily redeemable convertible preferred 4,441 — 4,441 4,162 Denominator for diluted earnings per share 285,136 311,897 294,875 317,181 (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 1,807,800 and 2,018,000 for the three months ended August 31, 2020 and 2019, respectively, and 1,851,900 and 1,910,700 for the nine months ended August 31, 2020 and 2019, respectively. Dividends declared on participating securities were not material during the three and nine months ended August 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 months ended August 31, 2019, 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. Our Board of Directors from time to time has authorized the repurchase of our common shares. In January 2019, the Board of Directors approved a $500.0 million share repurchase authorization and in January 2020, the Board of Directors approved an increase of $250.0 million to the share repurchase authorization. Additionally, in connection with the HomeFed merger on July 1, 2019, our Board of Directors authorized the repurchase of an additional 9.25 million shares in the open market. In March 2020, the Board of Directors approved an additional share repurchase authorization of $100 million. In June 2020, the Board of Directors increased the share repurchase authorization by $176.7 million to $250.0 million. During the nine months ended August 31, 2020, we purchased a total of 32,659,910 of our common shares for an aggregate purchase price of $619.9 million, or an average price of $18.98 per share. At August 31, 2020, we had approximately $122.0 million available for future purchases. In September 2020, the Board of Directors increased the share repurchase authorization to $250.0 million, including the $122.0 million.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	9 Months Ended
	Aug. 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 August 31, 2020 (in millions): Expected Maturity Date 2020 2021 2022 2024 2026 Maximum Payout Equity commitments (1) $ 59.3 $ 161.9 $ 78.3 $ 11.1 $ 12.2 $ 322.8 Loan commitments (1) — 296.0 35.0 — — 331.0 Underwriting commitments 64.0 — — — — 64.0 Forward starting reverse repos (2) 6,184.5 — — — — 6,184.5 Forward starting repos (2) 3,870.8 100.0 — — — 3,970.8 Other unfunded commitments (1) — 136.4 — 5.1 — 141.5 $ 10,178.6 $ 694.3 $ 113.3 $ 16.2 $ 12.2 $ 11,014.6 (1) Equity commitments, loan commitments and other unfunded commitments are generally presented by contractual maturity date. The amounts are however mostly available on demand. (2) At August 31, 2020, $6,183.8 million within forward starting securities purchased under agreements to resell and $3,670.6 million within 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 August 31, 2020, Jefferies Group's outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $11.2 million. See Note 8 for additional information regarding Jefferies Group's investment in Jefferies Finance. Additionally, at August 31, 2020, we had other outstanding equity commitments to invest up to $214.0 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 August 31, 2020, we had $80.0 million of outstanding loan commitments to clients. Loan commitments outstanding at August 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 August 31, 2020, $0.0 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 August 31, 2020 (in millions): Expected Maturity Date Guarantee Type 2020 2021 2022 2024 2026 Notional/ Derivative contracts – non-credit related $ 6,295.6 $ 4,149.9 $ 6,458.1 $ 1,345.6 $ 52.0 $ 18,301.2 Written derivative contracts – credit related — — 1.0 5.4 — 6.4 Total derivative contracts $ 6,295.6 $ 4,149.9 $ 6,459.1 $ 1,351.0 $ 52.0 $ 18,307.6 The derivative contracts deemed to meet the definition of a guarantee under GAAP are before consideration of hedging transactions and only reflect a partial or "one-sided" component of any risk exposure. Written equity options and written credit default swaps are often executed in a strategy that is in tandem with long cash instruments (e.g., equity and debt securities). 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 $197.9 million at August 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 August 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 August 31, 2020, the aggregate amount of infrastructure improvement bonds outstanding was $67.6 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. Additionally, we provide certain indemnifications in connection with third-party clearing and execution arrangements whereby a third party may clear and settle transactions on behalf of our clients. These indemnifications generally have standard contractual terms and are entered into in the ordinary course of business. Our obligations in respect of such transactions are secured by the assets in our client's account, as well as any proceeds received from the transactions cleared and settled on behalf of our client. However, we believe that it is unlikely we would have to make any material payments under these arrangements and no material liabilities related to these indemnifications have been recognized. Standby Letters of Credit. At August 31, 2020, we provided guarantees to certain counterparties in the form of standby letters of credit totaling $22.0 million. Standby letters of credit commit us to make payment to the beneficiary if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Since commitments associated with these collateral instruments may expire unused, the amount shown does not necessarily reflect the actual future cash funding requirement. Primarily all letters of credit expire within one year.

Net Capital Requirements

Net Capital Requirements	9 Months Ended
	Aug. 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 August 31, 2020 were $1,612.5 million and $1,531.9 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	9 Months Ended
	Aug. 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): August 31, 2020 November 30, 2019 Carrying Fair Carrying Fair Receivables: Notes and loans receivable (1) $ 768,290 $ 783,476 $ 775,501 $ 784,053 Financial Liabilities: Short-term borrowings (2) $ 783,552 $ 783,552 $ 548,490 $ 548,490 Long-term debt (3) $ 6,897,732 $ 7,525,896 $ 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. (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	9 Months Ended
	Aug. 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 August 31, 2020 and November 30, 2019 are Jefferies Group's equity investments in Private Equity Related Funds of $18.6 million and $23.0 million, respectively. Net gains (losses) from Jefferies Group's investment in JCP Fund V aggregating $2.0 million and $(2.5) million for the three months ended August 31, 2020 and 2019, respectively, $(3.5) million and $(1.9) million for the nine months ended August 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 August 31, 2020 and November 30, 2019, Jefferies Group has commitments to purchase $325.6 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 $2.7 million and $9.9 million at August 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 had $40.8 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 August 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 nine months ended August 31, 2020. See Note 8 for additional information on transactions with Jefferies Finance.

Segment Information

Segment Information	9 Months Ended
	Aug. 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 nine months ended August 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 (In thousands) Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 1,274,115 $ 757,362 $ 3,451,776 $ 2,274,884 Asset Management 118,558 20,341 146,278 95,448 Merchant Banking 220,887 73,754 532,608 391,825 Corporate 591 8,967 11,908 22,134 Total net revenues related to reportable 1,614,151 860,424 4,142,570 2,784,291 Consolidation adjustments 2,019 (3,646) 7,517 2,587 Total consolidated net revenues $ 1,616,170 $ 856,778 $ 4,150,087 $ 2,786,878 Income (loss) before income taxes: Reportable Segments: Investment Banking and Capital Markets $ 281,323 $ 86,194 $ 745,814 $ 283,892 Asset Management 87,604 (7,403) 25,122 2,011 Merchant Banking 70,747 (35,381) (57,592) 48,537 Corporate (15,618) (11,779) (36,226) (47,007) Income before income taxes related to reportable segments 424,056 31,631 677,118 287,433 Parent Company interest (14,114) (14,770) (39,773) (44,298) Consolidation adjustments 2,300 (3,598) 8,198 2,924 Total consolidated income before income taxes $ 412,242 $ 13,263 $ 645,543 $ 246,059 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 22,225 $ 20,754 $ 61,322 $ 56,672 Asset Management 2,018 512 4,776 1,472 Merchant Banking 14,408 17,784 50,627 49,904 Corporate 869 830 2,631 2,552 Total consolidated depreciation and amortization expenses $ 39,520 $ 39,880 $ 119,356 $ 110,600 August 31, November 30, 2019 (In thousands) Identifiable Assets Employed: Reportable Segments: Investment Banking and Capital Markets $ 43,887,885 $ 40,523,223 Asset Management 3,192,277 3,313,716 Merchant Banking 3,225,735 3,285,671 Corporate 1,927,243 2,432,119 Identifiable assets employed related to 52,233,140 49,554,729 Consolidation adjustments (459,152) (94,495) Total consolidated assets $ 51,773,988 $ 49,460,234

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policy)	9 Months Ended
	Aug. 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	We capitalize interest on qualifying HomeFed 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 . 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)	9 Months Ended
	Aug. 31, 2020
Accounting Policies [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information For the Nine Months Ended August 31, 2020 August 31, 2019 (In thousands) Cash paid during the year for: Interest $ 880,853 $ 1,257,311 Income tax payments (refunds), net $ (13,514) $ 25,825

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Aug. 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 $928.2 million and $586.9 million at August 31, 2020 and November 30, 2019, respectively, by level within the fair value hierarchy (in thousands): August 31, 2020 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 2,594,722 $ 63,256 $ 77,941 $ — $ 2,735,919 Corporate debt securities — 2,720,644 23,269 — 2,743,913 Collateralized debt obligations and collateralized loan obligations — 68,287 36,122 — 104,409 U.S. government and federal agency securities 3,164,472 92,036 — — 3,256,508 Municipal securities — 358,292 — — 358,292 Sovereign obligations 1,686,522 877,334 — — 2,563,856 Residential mortgage-backed securities — 975,166 28,317 — 1,003,483 Commercial mortgage-backed securities — 1,091,406 4,663 — 1,096,069 Other asset-backed securities — 48,734 63,337 — 112,071 Loans and other receivables — 2,117,162 162,941 — 2,280,103 Derivatives 2,897 2,086,407 52,195 (1,611,815) 529,684 Investments at fair value — 45,156 172,498 — 217,654 FXCM term loan — — 56,542 — 56,542 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 7,448,613 $ 10,543,880 $ 677,825 $ (1,611,815) $ 17,058,503 Loans to and investments in associated $ — $ 8,404 $ 34,688 $ — $ 43,092 Securities received as collateral, at fair value $ 4,413 $ — $ — $ — $ 4,413 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 2,295,391 $ 12,533 $ 4,367 $ — $ 2,312,291 Corporate debt securities — 1,448,558 148 — 1,448,706 U.S. government and federal agency securities 2,722,907 — — — 2,722,907 Sovereign obligations 1,452,399 1,096,176 — — 2,548,575 Commercial mortgage-backed securities — — 35 — 35 Loans — 1,432,113 46,594 — 1,478,707 Derivatives 1,031 2,207,365 74,620 (1,799,681) 483,335 Total financial instruments sold, not yet purchased, at fair value $ 6,471,728 $ 6,196,745 $ 125,764 $ (1,799,681) $ 10,994,556 Short-term borrowings $ — $ 21,829 $ — $ — $ 21,829 Other secured financings $ — $ — $ 3,402 $ — $ 3,402 Long-term debt $ — $ 891,845 $ 630,260 $ — $ 1,522,105 Obligation to return securities received as collateral, at fair value $ 4,413 $ — $ — $ — $ 4,413 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 August 31, 2020 Equity Long/Short Hedge Funds (2) $ 322,020 $ — Equity Funds (3) 31,477 13,510 Commodity Fund (4) 16,204 — Multi-asset Funds (5) 558,452 — Other Funds (6) 65 — Total $ 928,218 $ 13,510 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 August 31, 2020 and November 30, 2019, 6% and 6%, respectively, of investments in this category 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 August 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 invests in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt and private equity investments and there are no redemption provisions. This category also includes investments in a fund of funds that invests in various private equity funds that are managed by us and have no redemption provisions. Investments in the fund of funds are gradually being liquidated, however, the timing of when the proceeds will be received is uncertain.
Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3	The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2020 (in thousands): Three Months Ended August 31, 2020 Balance, May 31, 2020 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, August 31, 2020 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 76,140 $ (597) $ 779 $ — $ — $ — $ 1,619 $ 77,941 $ (597) Corporate debt securities 25,178 (889) 4 (394) — — (630) 23,269 (881) CDOs and CLOs 31,551 3,813 39 (7,539) (2,318) — 10,576 36,122 159 Residential mortgage-backed securities 22,339 1,240 — — (774) — 5,512 28,317 1,262 Commercial mortgage-backed securities 4,461 202 — — — — — 4,663 198 Other asset-backed securities 86,062 (1,585) 3,313 — (7,442) — (17,011) 63,337 (5,101) Loans and other receivables 121,129 13,109 18,492 (13,897) (355) — 24,463 162,941 13,440 Investments at fair value 154,238 24,179 7,183 — (13,102) — — 172,498 23,030 FXCM term loan 53,765 2,777 — — — — — 56,542 2,777 Loans to and investments in associated companies — — — — — — 34,688 34,688 — Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,190 $ (12) $ — $ — $ — $ — $ 189 $ 4,367 $ 12 Corporate debt securities 163 (15) — — — — — 148 15 Commercial mortgage-backed securities 140 — (140) 35 — — — 35 — Loans 10,674 6,636 (23,001) 3,558 — — 48,727 46,594 (6,591) Net derivatives (2) 45,131 (12,175) (1,404) 13,089 (648) — (21,568) 22,425 12,007 Other secured financings — (617) — — — 4,019 — 3,402 617 Long-term debt (1) 497,040 130,463 — — — 5,749 (2,992) 630,260 (42,163) (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 August 31, 2020 were losses of $88.3 million during the three months ended August 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 nine months ended August 31, 2020 (in thousands): Nine Months Ended August 31, 2020 Balance, November 30, 2019 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, August 31, 2020 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 58,426 $ (3,914) $ 3,406 $ (13,555) $ — $ — $ 33,578 $ 77,941 $ (775) Corporate debt securities 7,490 (162) 285 (489) (602) — 16,747 23,269 (591) CDOs and CLOs 28,788 (8,000) 10,883 (20,935) (6,847) — 32,233 36,122 (20,739) Residential mortgage-backed securities 17,740 (1,347) 7,625 — (496) — 4,795 28,317 (1,811) Commercial mortgage-backed securities 6,110 232 — — (1,785) — 106 4,663 807 Other asset-backed securities 42,563 (3,495) 29,096 (664) (22,125) — 17,962 63,337 (13,012) Loans and other receivables 114,080 966 309,982 (208,958) (57,371) — 4,242 162,941 1,291 Investments at fair value 205,412 (62,415) 42,771 (168) (13,102) — — 172,498 (64,263) FXCM term loan 59,120 (2,578) — — — — — 56,542 (2,578) Loans to and investments in associated companies — — — — — — 34,688 34,688 — Securities purchased under 25,000 — — — (25,000) — — — — Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,487 $ 258 $ (567) $ — $ — $ — $ 189 $ 4,367 $ 98 Corporate debt securities 340 (261) (325) 394 — — — 148 20 Commercial mortgage-backed securities 35 — (35) 35 — — — 35 — Loans 9,463 2,986 (5,760) 38,531 — — 1,374 46,594 (3,366) Net derivatives (2) 77,168 (63,367) (6,732) 26,656 (1,567) — (9,733) 22,425 60,257 Other secured financings — (617) — — — 4,019 — 3,402 617 Long-term debt (1) 480,069 10,851 — — (2,000) 202,046 (60,706) 630,260 (28,153) (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 August 31, 2020 were gains of $17.3 million during the nine months ended August 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 August 31, 2019 (in thousands): Three Months Ended August 31, 2019 Balance, May 31 2019 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance, August 31, 2019 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 59,572 $ 12,547 $ 16,508 $ (17,502) $ — $ — $ (20,255) $ 50,870 $ 12,067 Corporate debt securities 8,346 (3,072) 1,175 (1,942) (85) — 4,866 9,288 (3,047) CDOs and CLOs 25,912 (1,499) — — (609) — 6,454 30,258 (2,097) Residential mortgage-backed securities 17,266 (1,917) — (65) (22) — 2,667 17,929 (1,435) Commercial mortgage-backed securities 12,530 (2,003) — (1,703) (3,362) — — 5,462 (3,143) Other asset-backed securities 43,185 (1,689) 13,497 (6,975) (5,500) — (7,920) 34,598 (1,068) Loans and other receivables 98,484 (2,847) 26,921 (33,409) (1,287) — (12,299) 75,563 (2,392) Investments at fair value 408,739 (152,162) 1,067 (296) — — 35,135 292,483 (152,162) FXCM term loan 56,600 2,293 — — (303) — — 58,590 2,293 Securities purchased under 25,000 — — — — — — 25,000 — Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 221 $ 401 $ (221) $ — $ (190) $ — $ — $ 211 $ (35) Corporate debt securities 669 (650) (34) — (369) — 1,586 1,202 649 Commercial mortgage-backed securities — — — 35 — — — 35 — Loans 9,428 (520) (10,281) 5,384 — — 12,619 16,630 531 Net derivatives (2) 47,449 (19,519) — 6,766 (14) — 16,081 50,763 18,507 Long-term debt (1) 236,562 7,455 — — — 114,641 (10,595) 348,063 (8,162) (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 August 31, 2019 were gains of $0.7 million during the three months ended August 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 nine months ended August 31, 2019 (in thousands): Nine Months Ended August 31, 2019 Balance, November 30, 2018 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, August 31, 2019 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 52,192 $ 15,499 $ 23,172 $ (25,431) $ (669) $ — $ (13,893) $ 50,870 $ 14,071 Corporate debt securities 9,484 (4,904) 6,080 (10,544) (553) — 9,725 9,288 (5,325) CDOs and CLOs 36,105 (4,320) 48,112 (43,230) (3,014) — (3,395) 30,258 (6,781) Residential mortgage-backed securities 19,603 (2,573) 2,166 (2,022) (171) — 926 17,929 (2,166) Commercial mortgage-backed securities 10,886 (2,196) 11 (2,023) (6,638) — 5,422 5,462 (4,326) Other asset-backed securities 53,175 (929) 14,698 (2,494) (30,623) — 771 34,598 (961) Loans and other receivables 46,985 3,933 178,069 (166,496) (8,379) — 21,451 75,563 682 Investments at fair value 396,254 (119,110) 42,579 (18,598) — — (8,642) 292,483 (119,110) FXCM term loan 73,150 (8,669) 1,500 — (7,391) — — 58,590 (8,669) Securities purchased under — — — — — 25,000 — 25,000 — Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ — $ 401 $ — $ — $ (190) $ — $ — $ 211 $ (35) Corporate debt securities 522 (867) — — (524) — 2,071 1,202 867 Commercial mortgage-backed securities — — — 35 — — — 35 — Loans 6,376 (1,342) (8,553) 9,929 — — 10,220 16,630 1,583 Net derivatives (2) 21,614 (48,746) (2,829) 16,313 1,609 — 62,802 50,763 40,052 Long-term debt (1) 200,745 (5,286) — — (11,250) 204,710 (40,856) 348,063 (4,517) (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 August 31, 2019 were gains of $9.8 million during the nine months ended August 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. August 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 $ 77,442 Non-exchange-traded Market approach Price $1 to $213 $84 EBITDA multiple $3 to $4 $3 Corporate debt securities $ 23,269 Market approach Price $69 — Scenario analysis Estimated recovery percentage 22% — CDOs and CLOs $ 36,122 Discounted cash flows Constant prepayment rate 2 % to 20% 19 % Constant default rate 1 % to 2% 2 % Loss severity 25 % to 50% 28 % Discount rate/yield 6 % to 26% 17 % Scenario analysis Estimated recovery percentage 2 % to 35% 24 % Residential mortgage- $ 28,317 Discounted cash flows Cumulative loss rate 2 % to 32% 5 % Duration (years) 1.0 year to 13.0 years 9.7 years Discount rate/yield 4 % to 14% 5 % Commercial mortgage- $ 4,663 Scenario analysis Estimated recovery percentage 44% — Other asset-backed securities $ 63,337 Discounted cash flows Cumulative loss rate 7 % to 72% 18 % Duration (years) 0.3 years to 4.2 years 1.8 years Discount rate/yield 4 % to 15% 10 % Market approach Price $100 — Loans and other receivables $ 104,212 Market approach Price $6 to $100 $76 Scenario analysis Estimated recovery percentage 2 % to 100% 62 % Derivatives $ 50,637 Loans total return swaps Market approach Price $97 to $99 $98 Interest rate swaps Market approach Basis points upfront 3 to 20 9 Investments at fair value $ 76,654 Private equity securities Market approach Price $2 to $169 $42 Scenario analysis Estimated recovery percentage 33% — Discount rate/yield 19 % to 21% 20 % Revenue growth 0% — Investment in FXCM $ 56,542 Term loan Discounted cash flows Term based on the pay off (years) 0 months to 1.5 years 1.5 years Loans to and investments in $ 34,688 Non-exchange-traded Market approach Underlying stock price $506 — Underlying stock price €15 to €18 €17 Volatility 23 % to 59% 25 % August 31, 2020 Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Financial instruments sold, not yet purchased, at fair value Corporate equity securities $ 4,367 Market approach Transaction level $1 — Corporate debt securities $ 148 Scenario analysis Estimated recovery percentage 22% — Loans $ 46,594 Market approach Price $31 to $97 $70 Scenario analysis Estimated recovery percentage 2% — Derivatives $ 69,615 Equity options Volatility benchmarking Volatility 32 % to 46% 39 % Interest rate swaps Market approach Basis points upfront 3 to 20 9 Unfunded commitments Price $97 to $99 $98 Other secured financings $ 3,402 Scenario analysis Estimated recovery percentage 60 % to 100% 79 % Long-term debt Structured notes $ 630,260 Market approach Price $77 to $105 $99 Price €69 to €107 €91 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 — November 30, 2019 Fair Value Valuation Significant Input/Range Weighted 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 short-term borrowings, other secured financings and long-term debt measured at fair value under the fair value option (in thousands): For the Three Months Ended For the Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Financial instruments owned, at fair value: Loans and other receivables $ 1,704 $ 2,040 $ (11,256) $ (5,458) Financial instruments sold, not yet purchased, at Loans $ 367 $ — $ (610) $ — Loan commitments 1,875 (443) 464 (1,200) Short-term borrowings: Changes in instrument specific credit risk (1) $ (23) $ — $ (92) $ — Other changes in fair value (2) (1,115) — (959) — Other secured financings: Other changes in fair value (2) $ 617 $ — $ 617 $ — Long-term debt: Changes in instrument specific credit risk (1) $ (177,801) $ 6,922 $ 49,369 $ 34,414 Other changes in fair value (2) (9,943) (46,003) (78,567) (93,311) (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 and other secured financings measured at fair value under the fair value option (in thousands): August 31, November 30, 2019 Financial instruments owned, at fair value: Loans and other receivables (1) $ 1,839,249 $ 1,546,516 Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) 334,504 197,215 Long-term debt and short-term borrowings 74,197 74,408 Other secured financings 923 — (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)	9 Months Ended
	Aug. 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 August 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 August 31, 2020 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 70,159 1 $ — — Foreign exchange contracts: Bilateral OTC — — 393 2 Total derivatives designated as accounting hedges 70,159 393 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 781 48,453 73 69,918 Cleared OTC 75,125 3,894 168,467 4,199 Bilateral OTC 689,581 1,480 316,196 621 Foreign exchange contracts: Exchange-traded — — — 245 Bilateral OTC 416,298 13,561 391,542 13,450 Equity contracts: Exchange-traded 507,083 906,465 517,384 775,309 Bilateral OTC 351,744 1,939 879,876 1,945 Commodity contracts: Exchange-traded — 2,073 — 1,503 Bilateral OTC 25,447 2,287 — — Credit contracts: Cleared OTC 3,165 15 5,567 13 Bilateral OTC 2,116 11 3,518 10 Total derivatives not designated as accounting hedges 2,071,340 2,282,623 Total gross derivative assets/liabilities: Exchange-traded 507,864 517,457 Cleared OTC 148,449 174,034 Bilateral OTC 1,485,186 1,591,525 Amounts offset in Consolidated Statement of Financial Condition (3): Exchange-traded (504,400) (504,400) Cleared OTC (144,200) (145,706) Bilateral OTC (963,215) (1,149,575) Net amounts in the Consolidated Statement of Financial Condition (4) $ 529,684 $ 483,335 (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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Interest rate swaps $ 834 $ 28,052 $ 47,303 $ 69,843 Long-term debt 1,634 (28,519) (45,539) (72,288) Total $ 2,468 $ (467) $ 1,764 $ (2,445) The following table provides information related to gains (losses) on net investment hedges recognized in Net unrealized foreign exchange gains (losses), a component of Other comprehensive income (loss), in the Consolidated Statements of Comprehensive Income (Loss) (in thousands): For the Three Months Ended For the Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Foreign exchange contracts $ (393) $ — $ (393) $ — Total $ (393) $ — $ (393) $ — 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Interest rate contracts $ (35,462) $ (89,864) $ (40,630) $ (193,715) Foreign exchange contracts 4,418 (1,839) 2,534 269 Equity contracts (32,782) 2,236 113,253 (118,354) Commodity contracts (18,716) 2,285 42,049 4,057 Credit contracts (179) 2,687 14,205 11,600 Total $ (82,721) $ (84,495) $ 131,411 $ (296,143)
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 August 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 $ 18,611 $ 6,836 $ — $ — $ 25,447 Equity options and forwards 21,437 44,672 15,160 (25,445) 55,824 Total return swaps 74,923 19,764 2,872 (14,666) 82,893 Foreign currency forwards, swaps and options 63,570 28,993 — (4,477) 88,086 Interest rate swaps, options and forwards 94,956 204,309 222,482 (45,025) 476,722 Total $ 273,497 $ 304,574 $ 240,514 $ (89,613) 728,972 Cross product counterparty netting (22,759) Total OTC derivative assets included in Financial instruments owned, at fair value $ 706,213 (1) At August 31, 2020, we held net exchange-traded derivative assets, other derivative assets and other credit agreements with a fair value of $25.1 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 August 31, 2020, cash collateral received was $201.6 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 options and forwards $ 15,474 $ 370,915 $ 156,839 $ (25,445) $ 517,783 Credit default swaps 12 1,108 — — 1,120 Total return swaps 58,888 103,567 — (14,666) 147,789 Foreign currency forwards, swaps and options 55,541 11,792 34 (4,477) 62,890 Fixed income forwards 1,404 — — — 1,404 Interest rate swaps, options and forwards 42,132 80,469 72,462 (45,025) 150,038 Total $ 173,451 $ 567,851 $ 229,335 $ (89,613) 881,024 Cross product counterparty netting (22,759) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value $ 858,265 (1) At August 31, 2020, we held net exchange-traded derivative liabilities, other derivative liabilities and other credit agreements with a fair value of $14.5 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 August 31, 2020, cash collateral pledged was $389.5 million. (3) Derivative fair values include counterparty netting within product category.
Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets	At August 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 $ 139,436 BBB- to BBB+ 15,949 BB+ or lower 353,564 Unrated 197,264 Total $ 706,213 (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 August 31, 2020 Credit protection sold: Index credit default swaps $ 2.0 $ 45.9 $ — $ 47.9 Single name credit default swaps — 6.2 0.2 6.4 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). August 31, November 30, 2019 Derivative instrument liabilities with credit-risk-related contingent features $ 191.4 $ 42.9 Collateral posted (120.6) (3.1) Collateral received 64.5 114.1 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 135.3 154.0 (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)	9 Months Ended
	Aug. 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 August 31, 2020 Corporate equity securities $ 1,317,023 $ 176,221 $ 4,413 $ 1,497,657 Corporate debt securities 605,527 1,661,854 — 2,267,381 Mortgage-backed and asset-backed securities — 1,680,052 — 1,680,052 U.S. government and federal agency securities 7,187 12,187,529 — 12,194,716 Municipal securities — 180,837 — 180,837 Sovereign obligations — 2,636,878 — 2,636,878 Loans and other receivables — 1,313,667 — 1,313,667 Total $ 1,929,737 $ 19,837,038 $ 4,413 $ 21,771,188 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 August 31, 2020 Securities lending arrangements $ 630,163 $ — $ 553,062 $ 746,512 $ 1,929,737 Repurchase agreements 10,606,433 1,695,229 4,243,474 3,291,902 19,837,038 Obligation to return securities received as collateral, at fair value 4,413 — — — 4,413 Total $ 11,241,009 $ 1,695,229 $ 4,796,536 $ 4,038,414 $ 21,771,188 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 August 31, 2020 Securities borrowing arrangements $ 7,268,413 $ — $ 7,268,413 $ (429,615) $ (1,691,674) $ 5,147,124 Reverse repurchase agreements 17,905,457 (12,578,066) 5,327,391 (144,353) (5,141,297) 41,741 Securities received as collateral, at fair value 4,413 — 4,413 — — 4,413 Liabilities at August 31, 2020 Securities lending arrangements $ 1,929,737 $ — $ 1,929,737 $ (429,615) $ (1,467,230) $ 32,892 Repurchase agreements 19,837,038 (12,578,066) 7,258,972 (144,353) (6,622,623) 491,996 Obligation to return securities received as collateral, at fair value 4,413 — 4,413 — — 4,413 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 August 31, 2020, amounts include $5,089.0 million of securities borrowing arrangements, for which we have received securities collateral of $4,921.2 million, and $439.7 million of repurchase agreements, for which we have pledged securities collateral of $451.6 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 August 31, 2020 Securities borrowing arrangements $ 7,268,413 $ — $ 7,268,413 $ (429,615) $ (1,691,674) $ 5,147,124 Reverse repurchase agreements 17,905,457 (12,578,066) 5,327,391 (144,353) (5,141,297) 41,741 Securities received as collateral, at fair value 4,413 — 4,413 — — 4,413 Liabilities at August 31, 2020 Securities lending arrangements $ 1,929,737 $ — $ 1,929,737 $ (429,615) $ (1,467,230) $ 32,892 Repurchase agreements 19,837,038 (12,578,066) 7,258,972 (144,353) (6,622,623) 491,996 Obligation to return securities received as collateral, at fair value 4,413 — 4,413 — — 4,413 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 August 31, 2020, amounts include $5,089.0 million of securities borrowing arrangements, for which we have received securities collateral of $4,921.2 million, and $439.7 million of repurchase agreements, for which we have pledged securities collateral of $451.6 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)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Transferred assets $ 983.9 $ 789.3 $ 4,794.3 $ 2,894.4 Proceeds on new securitizations 983.9 789.3 4,794.3 2,966.3 Cash flows received on retained interests 6.3 16.8 18.6 47.2
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): August 31, 2020 November 30, 2019 Securitization Type Total Retained Total Retained U.S. government agency residential mortgage-backed securities $ 928.7 $ 12.4 $ 10,671.7 $ 103.3 U.S. government agency commercial mortgage-backed securities 439.2 138.3 1,374.8 45.8 CLOs 3,419.9 41.8 3,006.7 58.4 Consumer and other loans 884.0 45.6 1,149.3 71.8

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Aug. 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. August 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 — 3.6 — 0.3 Securities purchased under agreements to resell (2) 2,919.8 — 2,467.3 — Receivables 581.9 13.5 605.6 — Other 37.8 0.1 38.7 — Total assets $ 3,539.5 $ 18.4 $ 3,111.6 $ 1.5 Financial instruments sold, not yet purchased, at fair $ — $ 2.1 $ — $ — Other secured financings (3) 3,502.9 — 3,068.6 — Other liabilities (4) 3.7 0.4 20.1 0.2 Total liabilities $ 3,506.6 $ 2.5 $ 3,088.7 $ 0.2 (1) Approximately $0.6 million of the cash amount at August 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) Approximately $130.1 million of the other secured financings amount at August 31, 2020 is with related consolidated entities, which is eliminated in consolidation. (4) Includes $1.8 million and $17.9 million at August 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): Carrying Amount Maximum VIE Assets Assets Liabilities August 31, 2020 CLOs $ 66.3 $ 1.4 $ 470.4 $ 6,509.5 Consumer loan and other asset-backed vehicles 308.4 — 435.0 2,300.4 Related party private equity vehicles 18.6 — 29.6 50.7 Other investment vehicles 853.9 — 1,053.4 16,210.4 Total $ 1,247.2 $ 1.4 $ 1,988.4 $ 25,071.0 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)	9 Months Ended
	Aug. 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 nine months ended August 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 $ — $ (65,681) $ 10,107 $ — $ 618,293 Berkadia 268,949 — 40,373 (36,615) 510 273,217 FXCM (2) 70,223 9,956 — — 161 80,340 Linkem (3) 194,847 (21,754) — 35,103 (2,149) 206,047 Real estate associated companies (4) (5) 255,309 (50,910) — (34,505) — 169,894 Other (3) 189,762 (6,815) 3,026 (3,643) 9,235 191,565 Total $ 1,652,957 $ (69,523) $ (22,282) $ (29,553) $ 7,757 $ 1,539,356 2019 Jefferies Finance $ 728,560 $ — $ 1,035 $ (58,682) $ — $ 670,913 Berkadia 245,228 — 72,231 (47,682) 722 270,499 National Beef (6) 653,630 137,918 — (72,767) (10) 718,771 FXCM (2) 75,031 (5,589) — 3,500 (134) 72,808 Linkem 165,157 (20,696) — 82,178 (8,226) 218,413 HomeFed (4) 337,542 7,902 — — (345,444) — Real estate associated companies 87,074 1,536 — (3,054) 198,273 283,829 Other 125,110 695 (1,652) (13,958) 869 111,064 Total $ 2,417,332 $ 121,766 $ 71,614 $ (110,465) $ (153,950) $ 2,346,297 (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 August 31, 2020 and November 30, 2019 include loans and debt securities aggregating $100.2 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 nine months ended August 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 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 National Beef $ — $ 75,867 $ — $ 137,918 FXCM 3,704 (573) 9,956 (5,589) Linkem (1,945) (12,115) (21,754) (20,696) HomeFed — 8,419 — 7,902 Real estate associated companies 2,532 464 (50,910) 1,536 Other 762 221 (6,815) 695 Total $ 5,053 $ 72,283 $ (69,523) $ 121,766 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Jefferies Finance $ (17,731) $ (6,901) $ (65,681) $ 1,035 Berkadia 18,448 24,286 40,373 72,231 Other 3,137 (92) 3,026 (1,652) Total $ 3,854 $ 17,293 $ (22,282) $ 71,614
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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Origination and syndication fee revenues (1) $ 42.4 $ 44.6 $ 123.9 $ 135.8 Origination fee expenses (1) 3.8 8.2 12.4 21.8 CLO placement fee revenues (2) 1.3 1.0 1.7 2.3 Underwriting fees (3) — 2.9 0.3 3.9 Service fees (4) 13.5 12.3 49.4 50.6 (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 August 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 term loans issued by Jefferies Finance. (4) Under a service agreement, Jefferies Group charges 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 nine months ended August 31, 2020 and 2019, and National Beef for the nine months ended August 31, 2019 (in thousands): For the Nine Months Ended August 31, 2020 August 31, 2019 Revenues $ 716,182 $ 6,972,754 Income from continuing operations before extraordinary items $ 89,716 $ 622,553 Net income $ 89,716 $ 622,553

Intangible Assets, Net and Go_2

Intangible Assets, Net and Goodwill (Tables)	9 Months Ended
	Aug. 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): August 31, November 30, 2019 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 7,874 $ 8,273 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $117,609 and $111,060 53,396 59,575 Trademarks and tradenames, net of accumulated amortization of $27,673 and $24,800 101,207 103,790 Other, net of accumulated amortization of $8,042 and $5,366 8,640 11,316 Total intangible assets, net 171,117 182,954 Goodwill: Investment Banking and Capital Markets (1) (2) 1,560,255 1,556,810 Asset Management (1) 143,000 143,000 Real estate 36,711 36,711 Other operations 3,459 3,459 Total goodwill 1,743,425 1,739,980 Total intangible assets, net and goodwill $ 1,914,542 $ 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 $ 3,673 2021 14,457 2022 11,180 2023 9,945 2024 9,189

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	9 Months Ended
	Aug. 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): August 31, November 30, 2019 Bank loans (1) $ 776,752 $ 527,509 Floating rate puttable notes (1) 6,800 — Equity-linked notes (2) 21,829 20,981 Total short-term borrowings $ 805,381 $ 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. (2) See Note 3 for further information on these notes.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Aug. 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): August 31, November 30, 2019 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 745,558 $ 744,606 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,814 246,772 Total long-term debt – Parent Company 992,372 991,378 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 761,430 774,738 2.25% Euro Medium Term Notes, due July 13, 2022, $4,774 and $4,407 principal 4,613 4,204 5.125% Senior Notes, due January 20, 2023, $750,000 and $600,000 principal 760,999 610,023 1.00% Euro Medium Term Notes, due July 19, 2024, $569,725 and $550,875 principal 594,965 548,880 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 814,873 768,931 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 369,662 371,426 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 989,342 988,662 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 510,943 511,260 6.50% Senior Notes, due January 20, 2043, $400,000 principal 419,931 420,239 Structured Notes (2) 1,522,105 1,215,285 Jefferies Group Revolving Credit Facility 189,571 189,088 Jefferies Group Secured Bank Loan 50,000 50,000 HomeFed EB-5 Program debt 189,335 140,739 HomeFed construction loan 45,638 — Foursight Capital Credit Facilities 99,802 98,260 Vitesse Energy Finance Revolving Credit Facility 104,256 103,050 Other — 276 Total long-term debt – subsidiaries 7,427,465 7,345,683 Long-term debt $ 8,419,837 $ 8,337,061 (1) Amount includes losses of $45.5 million and $72.3 million during the nine months ended August 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)	9 Months Ended
	Aug. 31, 2020
Leases [Abstract]
Lease Costs	Information related to operating leases in the Consolidated Statement of Financial Condition at August 31, 2020 is as follows (in thousands, except lease term and discount rate): Property, equipment and leasehold improvements, net - ROU assets $ 521,278 Weighted average: Remaining lease term (in years) 10.8 years Discount rate 2.9 % The following table presents our lease costs (in thousands): For the Three Months Ended August 31, 2020 For the Nine Months Ended August 31, 2020 Operating lease costs (1) $ 19,425 $ 57,994 Variable lease costs (2) 3,485 9,561 Less: Sublease income (1,973) (5,669) Total lease cost, net $ 20,937 $ 61,886 (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): For the Nine Months Ended August 31, 2020 Cash outflows - lease liabilities $ 59,155 Non-cash - ROU assets recorded for new and modified leases $ 21,438
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 August 31, 2020 (in thousands): Lease Liabilities Remainder of 2020 $ 22,271 2021 76,932 2022 74,722 2023 65,220 2024 61,994 2025 and thereafter 403,809 Total undiscounted cash flows 704,948 Less: Difference between undiscounted and discounted cash flows (106,832) Operating leases amount in the Consolidated Statement of Financial Condition 598,116 Finance leases amount in the Consolidated Statement of Financial Condition 247 Total amount in the Consolidated Statement of Financial Condition $ 598,363
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)	9 Months Ended
	Aug. 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): August 31, November 30, 2019 Net unrealized gains on available for sale securities $ 552 $ 141 Net unrealized foreign exchange losses (156,894) (192,709) Net unrealized gains (losses) on instrument specific credit risk 19,586 (18,889) Net minimum pension liability (59,651) (61,582) $ (196,407) $ (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 Nine Months Ended August 31, August 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 $306 and $(166) 898 (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 $(658) and $(361) (1,931) (1,063) Selling, general and other expenses, which includes pension expense Total reclassifications for the period, net of tax $ (1,033) $ 542,092

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Revenues from contracts with customers: Commissions and other fees $ 204,032 $ 171,000 $ 626,434 $ 493,560 Investment banking 615,837 410,796 1,595,330 1,126,479 Manufacturing revenues 119,751 82,565 282,737 248,227 Other 35,121 70,066 132,975 186,175 Total revenues from contracts with customers 974,741 734,427 2,637,476 2,054,441 Other sources of revenue: Principal transactions 623,283 (20,920) 1,421,485 465,451 Interest income 219,843 410,467 782,941 1,243,278 Other 7,632 99,182 53,392 165,369 Total revenues from other sources 850,758 488,729 2,257,818 1,874,098 Total revenues $ 1,825,499 $ 1,223,156 $ 4,895,294 $ 3,928,539 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 August 31, 2020 Major Business Activity: Equities (2) $ 201,157 $ — $ — $ — $ (281) $ 200,876 Fixed Income (2) 3,156 — — — — 3,156 Investment Banking - Underwriting 444,399 — — — — 444,399 Investment Banking - Advisory 171,438 — — — — 171,438 Asset Management — 3,127 — — — 3,127 Manufacturing revenues — — 119,751 — — 119,751 Oil and gas revenues — — 20,946 — — 20,946 Other revenues — — 11,048 — — 11,048 Total revenues from contracts with customers $ 820,150 $ 3,127 $ 151,745 $ — $ (281) $ 974,741 Primary Geographic Region: Americas $ 684,441 $ 1,758 $ 151,085 $ — $ (281) $ 837,003 Europe, Middle East and Africa 90,132 1,369 644 — — 92,145 Asia 45,577 — 16 — — 45,593 Total revenues from contracts with customers $ 820,150 $ 3,127 $ 151,745 $ — $ (281) $ 974,741 Three Months Ended August 31, 2019 Major Business Activity: Equities (2) $ 167,528 $ — $ — $ — $ (3) $ 167,525 Fixed Income (2) 3,475 — — — — 3,475 Investment Banking - Underwriting 199,183 — — — (1,737) 197,446 Investment Banking - Advisory 213,350 — — — — 213,350 Asset Management — 4,647 — — — 4,647 Manufacturing revenues — — 82,565 — — 82,565 Oil and gas revenues — — 45,012 — — 45,012 Other revenues — — 20,407 — — 20,407 Total revenues from contracts with customers $ 583,536 $ 4,647 $ 147,984 $ — $ (1,740) $ 734,427 Primary Geographic Region: Americas $ 476,983 $ 3,244 $ 147,501 $ — $ (47) $ 627,681 Europe, Middle East and Africa 88,890 1,403 226 — (1,693) 88,826 Asia 17,663 — 257 — — 17,920 Total revenues from contracts with customers $ 583,536 $ 4,647 $ 147,984 $ — $ (1,740) $ 734,427 Reportable Segments Investment Banking and Capital Markets (1) Asset Management (1) Merchant Banking (1) Corporate Consolidation Adjustments Total Nine months ended August 31, 2020 Major Business Activity: Equities (2) $ 614,089 $ — $ — $ — $ (681) $ 613,408 Fixed Income (2) 13,026 — — — — 13,026 Investment Banking - Underwriting 898,653 — — — — 898,653 Investment Banking - Advisory 696,677 — — — — 696,677 Asset Management — 12,714 — — — 12,714 Manufacturing revenues — — 282,737 — — 282,737 Oil and gas revenues — — 78,704 — — 78,704 Other revenues — — 41,557 — — 41,557 Total revenues from contracts with customers $ 2,222,445 $ 12,714 $ 402,998 $ — $ (681) $ 2,637,476 Primary Geographic Region: Americas $ 1,858,137 $ 6,250 $ 401,484 $ — $ (681) $ 2,265,190 Europe, Middle East and Africa 237,652 6,464 1,303 — — 245,419 Asia 126,656 — 211 — — 126,867 Total revenues from contracts with customers $ 2,222,445 $ 12,714 $ 402,998 $ — $ (681) $ 2,637,476 Nine months ended August 31, 2019 Major Business Activity: Equities (2) $ 483,771 $ — $ — $ — $ (283) $ 483,488 Fixed Income (2) 10,072 — — — — 10,072 Investment Banking - Underwriting 555,830 — — — (1,737) 554,093 Investment Banking - Advisory 572,386 — — — — 572,386 Asset Management — 19,140 — — — 19,140 Manufacturing revenues — — 248,227 — — 248,227 Oil and gas revenues — — 129,029 — — 129,029 Other revenues — — 38,006 — — 38,006 Total revenues from contracts with customers $ 1,622,059 $ 19,140 $ 415,262 $ — $ (2,020) $ 2,054,441 Primary Geographic Region: Americas $ 1,288,046 $ 13,399 $ 414,259 $ — $ (327) $ 1,715,377 Europe, Middle East and Africa 280,605 5,741 683 — (1,693) 285,336 Asia 53,408 — 320 — — 53,728 Total revenues from contracts with customers $ 1,622,059 $ 19,140 $ 415,262 $ — $ (2,020) $ 2,054,441 (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)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 304,409 $ 48,477 $ 462,338 $ 764,052 Allocation of earnings to participating securities (1) (1,945) (316) (2,921) (4,667) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 302,464 48,161 459,417 759,385 Adjustment to allocation of earnings to participating securities related to diluted shares (1) 17 (7) 5 29 Mandatorily redeemable convertible preferred share dividends 1,404 — 4,230 3,827 Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 303,885 $ 48,154 $ 463,652 $ 763,241 Denominator for earnings per share: Weighted average common shares outstanding 263,062 296,834 273,035 298,322 Weighted average shares of restricted stock outstanding with future service required (1,787) (2,008) (1,837) (1,903) Weighted average RSUs outstanding with no future service required 19,420 15,462 18,761 14,419 Denominator for basic earnings per share – weighted average shares 280,695 310,288 289,959 310,838 Stock options — — — — Senior executive compensation plan awards — 1,609 475 2,181 Mandatorily redeemable convertible preferred 4,441 — 4,441 4,162 Denominator for diluted earnings per share 285,136 311,897 294,875 317,181 (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 1,807,800 and 2,018,000 for the three months ended August 31, 2020 and 2019, respectively, and 1,851,900 and 1,910,700 for the nine months ended August 31, 2020 and 2019, respectively. Dividends declared on participating securities were not material during the three and nine months ended August 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)	9 Months Ended
	Aug. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments	The following table summarizes commitments associated with certain business activities at August 31, 2020 (in millions): Expected Maturity Date 2020 2021 2022 2024 2026 Maximum Payout Equity commitments (1) $ 59.3 $ 161.9 $ 78.3 $ 11.1 $ 12.2 $ 322.8 Loan commitments (1) — 296.0 35.0 — — 331.0 Underwriting commitments 64.0 — — — — 64.0 Forward starting reverse repos (2) 6,184.5 — — — — 6,184.5 Forward starting repos (2) 3,870.8 100.0 — — — 3,970.8 Other unfunded commitments (1) — 136.4 — 5.1 — 141.5 $ 10,178.6 $ 694.3 $ 113.3 $ 16.2 $ 12.2 $ 11,014.6 (1) Equity commitments, loan commitments and other unfunded commitments are generally presented by contractual maturity date. The amounts are however mostly available on demand. (2) At August 31, 2020, $6,183.8 million within forward starting securities purchased under agreements to resell and $3,670.6 million within 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 August 31, 2020 (in millions): Expected Maturity Date Guarantee Type 2020 2021 2022 2024 2026 Notional/ Derivative contracts – non-credit related $ 6,295.6 $ 4,149.9 $ 6,458.1 $ 1,345.6 $ 52.0 $ 18,301.2 Written derivative contracts – credit related — — 1.0 5.4 — 6.4 Total derivative contracts $ 6,295.6 $ 4,149.9 $ 6,459.1 $ 1,351.0 $ 52.0 $ 18,307.6

Other Fair Value Information (T

Other Fair Value Information (Tables)	9 Months Ended
	Aug. 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): August 31, 2020 November 30, 2019 Carrying Fair Carrying Fair Receivables: Notes and loans receivable (1) $ 768,290 $ 783,476 $ 775,501 $ 784,053 Financial Liabilities: Short-term borrowings (2) $ 783,552 $ 783,552 $ 548,490 $ 548,490 Long-term debt (3) $ 6,897,732 $ 7,525,896 $ 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. (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)	9 Months Ended
	Aug. 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 Nine Months Ended August 31, 2020 August 31, 2019 August 31, 2020 August 31, 2019 (In thousands) Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 1,274,115 $ 757,362 $ 3,451,776 $ 2,274,884 Asset Management 118,558 20,341 146,278 95,448 Merchant Banking 220,887 73,754 532,608 391,825 Corporate 591 8,967 11,908 22,134 Total net revenues related to reportable 1,614,151 860,424 4,142,570 2,784,291 Consolidation adjustments 2,019 (3,646) 7,517 2,587 Total consolidated net revenues $ 1,616,170 $ 856,778 $ 4,150,087 $ 2,786,878 Income (loss) before income taxes: Reportable Segments: Investment Banking and Capital Markets $ 281,323 $ 86,194 $ 745,814 $ 283,892 Asset Management 87,604 (7,403) 25,122 2,011 Merchant Banking 70,747 (35,381) (57,592) 48,537 Corporate (15,618) (11,779) (36,226) (47,007) Income before income taxes related to reportable segments 424,056 31,631 677,118 287,433 Parent Company interest (14,114) (14,770) (39,773) (44,298) Consolidation adjustments 2,300 (3,598) 8,198 2,924 Total consolidated income before income taxes $ 412,242 $ 13,263 $ 645,543 $ 246,059 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 22,225 $ 20,754 $ 61,322 $ 56,672 Asset Management 2,018 512 4,776 1,472 Merchant Banking 14,408 17,784 50,627 49,904 Corporate 869 830 2,631 2,552 Total consolidated depreciation and amortization expenses $ 39,520 $ 39,880 $ 119,356 $ 110,600 August 31, November 30, 2019 (In thousands) Identifiable Assets Employed: Reportable Segments: Investment Banking and Capital Markets $ 43,887,885 $ 40,523,223 Asset Management 3,192,277 3,313,716 Merchant Banking 3,225,735 3,285,671 Corporate 1,927,243 2,432,119 Identifiable assets employed related to 52,233,140 49,554,729 Consolidation adjustments (459,152) (94,495) Total consolidated assets $ 51,773,988 $ 49,460,234

Nature of Operations (Details)

Nature of Operations (Details) $ in Millions	9 Months Ended
	Aug. 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	Aug. 31, 2020	Nov. 30, 2019	Jun. 30, 2019	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019	Dec. 01, 2019
Loans and Leases Receivable Disclosure [Line Items]
Receivables from brokers, dealers and clearing organizations	$ 2,755,800	$ 3,011,000		$ 2,755,800		$ 2,755,800
Receivables from customers of securities operations	956,800	1,490,900		956,800		956,800
Other investments with fair values not readily determinable	104,800	172,800		104,800		104,800
Impairment losses on investments				300	$ 2,300	20,900	$ 2,300
Capitalized interest				1,600		6,400
Payables to brokers, dealers and clearing organizations	2,546,500	2,621,700		2,546,500		2,546,500
Payables to customers of securities operations	3,936,800	3,808,600		3,936,800		3,936,800
Cash paid during the year for:
Interest						880,853	1,257,311
Income tax payments (refunds), net						(13,514)	25,825
Operating lease, ROU assets								$ 545,800
Lease liabilities	598,116			598,116		$ 598,116		$ 614,900
Accounting Standards Update [Extensible List]						us-gaap:AccountingStandardsUpdate201602Member
Iowa Premium
Cash paid during the year for:
Membership interest purchase agreement, aggregate ownership interests to purchase			100.00%
National Beef
Cash paid during the year for:
Membership interest purchase agreement, proportionate share			$ 49,000
HomeFed
Cash paid during the year for:
Non-cash investing activities, issuance of common stock related to acquisition							$ 178,800
Foursight Capital | Automobile Loan
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 734,500	$ 741,200		734,500		$ 734,500
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	52.00%	53.00%
Foursight Capital | Automobile Loan | Credit concentration risk | Loans receivable | Subprime
Loans and Leases Receivable Disclosure [Line Items]
Concentration risk, percentage	34.00%	32.00%
Foursight Capital | Securitized Vehicles
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 600,500	$ 621,200		$ 600,500		$ 600,500

Fair Value Disclosures (Schedul

Fair Value Disclosures (Schedule of Assets and Liabilities Measured on Recurring Basis at Fair Value) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Nov. 30, 2019
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	$ 17,058,503	$ 16,308,807
Counterparty and cash collateral netting, assets	(1,611,815)	(1,433,197)
Loans to and investments in associated companies	43,092
Securities purchased under agreements to resell		25,000
Securities received as collateral, at fair value	4,413	9,500
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	10,994,556	10,532,460
Counterparty and cash collateral netting, liabilities	(1,799,681)	(1,632,178)
Short-term borrowings	21,829	20,981
Other secured financings	3,402
Long-term debt	1,522,105	1,215,285
Obligation to return securities received as collateral, at fair value	4,413	9,500
Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	7,448,613	5,941,623
Loans to and investments in associated companies	0
Securities purchased under agreements to resell		0
Securities received as collateral, at fair value	4,413	9,500
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	6,471,728	5,971,928
Short-term borrowings	0	0
Other secured financings	0
Long-term debt	0	0
Obligation to return securities received as collateral, at fair value	4,413	9,500
Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	10,543,880	11,245,763
Loans to and investments in associated companies	8,404
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:	6,196,745	6,086,328
Short-term borrowings	21,829	20,981
Other secured financings	0
Long-term debt	891,845	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	677,825	554,618
Loans to and investments in associated companies	34,688
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:	125,764	106,382
Short-term borrowings	0	0
Other secured financings	3,402
Long-term debt	630,260	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	928,218	586,934
Corporate equity securities
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,735,919	2,783,993
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	2,312,291	2,767,526
Obligation to return securities received as collateral, at fair value	4,413	0
Corporate equity securities | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,594,722	2,507,164
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	2,295,391	2,755,601
Corporate equity securities | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	63,256	218,403
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	12,533	7,438
Corporate equity securities | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	77,941	58,426
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	4,367	4,487
Corporate debt securities
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,743,913	2,479,735
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,448,706	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	2,720,644	2,472,245
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,448,558	1,471,142
Corporate debt securities | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	23,269	7,490
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	148	340
Collateralized debt obligations and collateralized loan obligations
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	104,409	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	68,287	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	36,122	28,788
U.S. government and federal agency securities
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,256,508	2,260,242
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	2,722,907	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	3,164,472	2,101,624
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	2,722,907	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	92,036	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	358,292	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	358,292	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	2,563,856	2,735,853
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	2,548,575	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	1,686,522	1,330,026
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,452,399	1,363,475
Sovereign obligations | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	877,334	1,405,827
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,096,176	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	1,003,483	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	975,166	1,069,066
Residential mortgage-backed securities | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	28,317	17,740
Commercial mortgage-backed securities
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,096,069	430,170
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	35	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	1,091,406	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	4,663	6,110
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	35	35
Other asset-backed securities
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	112,071	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	48,734	303,847
Other asset-backed securities | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	63,337	42,563
Loans and other receivables
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,280,103	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	2,117,162	2,460,551
Loans and other receivables | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	162,941	114,080
Derivatives, assets
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	529,684	418,408
Derivatives, assets | Level 1
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,897	2,809
Derivatives, assets | Level 2
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,086,407	1,833,907
Derivatives, assets | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	52,195	14,889
Investments at fair value
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	217,654	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	45,156	32,688
Investments at fair value | Level 3
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	172,498	205,412
FXCM term loan
Assets:
Financial instruments owned, at fair value, excluding investments at fair value based on NAV	56,542	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	56,542	59,120
Loans
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,478,707	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:	1,432,113	1,600,228
Loans | Level 3
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	46,594	9,463
Derivatives, liabilities
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	483,335	527,205
Derivatives, liabilities | Level 1
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	1,031	871
Derivatives, liabilities | Level 2
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	2,207,365	2,066,455
Derivatives, liabilities | Level 3
Liabilities:
Financial instruments sold, not yet purchased, at fair value:	$ 74,620	$ 92,057

Fair Value Disclosures (Investm

Fair Value Disclosures (Investments at Fair Value) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Aug. 31, 2020	Nov. 30, 2019	Dec. 31, 2013
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 13,510	$ 14,621
Financial instruments owned, at fair value	17,986,721	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	$ 13,510	$ 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	8 years	8 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
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments redeemable	58.00%	5.00%
Notice period redemption of investments prior written notice period	60 days	60 days
Multi-asset Funds | 30 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%
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
Fair value measured at NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	928,218	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	322,020	291,593
Fair value measured at NAV | Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	31,477	44,576
Fair value measured at NAV | Commodity Fund
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	16,204	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	558,452	234,583
Fair value measured at NAV | Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 65	$ 157

Fair Value Disclosures (Inves_2

Fair Value Disclosures (Investment in FXCM, Narrative) (Details) - Investment in FXCM $ in Millions	Aug. 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		9 Months Ended
	May 31, 2020USD ($)	Feb. 29, 2020USD ($)	Aug. 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
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
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
Number of premier development sites | Sites			2
Area of property (up to) | ft²			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%

Fair Value Disclosures (Level 3

Fair Value Disclosures (Level 3 Rollforwards) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Assets:
Total gains (losses) (realized and unrealized)	$ 42,200	$ (150,300)	$ (80,700)	$ (123,300)
Liabilities:
Total gains/ losses (realized and unrealized)	124,300	(12,800)	(50,100)	(55,800)
Fair value, Liabilities, change in unrealized gains/(losses) included in other comprehensive income relating to instruments still held	(88,300)	700	17,300	9,800
Corporate equity securities
Assets:
Beginning Balance	76,140	59,572	58,426	52,192
Total gains (losses) (realized and unrealized)	(597)	12,547	(3,914)	15,499
Purchases	779	16,508	3,406	23,172
Sales	0	(17,502)	(13,555)	(25,431)
Settlements	0	0	0	(669)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	1,619	(20,255)	33,578	(13,893)
Ending Balance	77,941	50,870	77,941	50,870
Changes in unrealized gains/losses included in earnings relating to instruments still held	(597)	12,067	(775)	14,071
Liabilities:
Beginning Balance	4,190	221	4,487	0
Total gains/ losses (realized and unrealized)	(12)	401	258	401
Purchases	0	(221)	(567)	0
Sales	0	0	0	0
Settlements	0	(190)	0	(190)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	189	0	189	0
Ending Balance	4,367	211	4,367	211
Changes in unrealized gains/losses included in earnings relating to instruments still held	12	(35)	98	(35)
Corporate debt securities
Assets:
Beginning Balance	25,178	8,346	7,490	9,484
Total gains (losses) (realized and unrealized)	(889)	(3,072)	(162)	(4,904)
Purchases	4	1,175	285	6,080
Sales	(394)	(1,942)	(489)	(10,544)
Settlements	0	(85)	(602)	(553)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(630)	4,866	16,747	9,725
Ending Balance	23,269	9,288	23,269	9,288
Changes in unrealized gains/losses included in earnings relating to instruments still held	(881)	(3,047)	(591)	(5,325)
Liabilities:
Beginning Balance	163	669	340	522
Total gains/ losses (realized and unrealized)	(15)	(650)	(261)	(867)
Purchases	0	(34)	(325)	0
Sales	0	0	394	0
Settlements	0	(369)	0	(524)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	1,586	0	2,071
Ending Balance	148	1,202	148	1,202
Changes in unrealized gains/losses included in earnings relating to instruments still held	15	649	20	867
CDOs and CLOs
Assets:
Beginning Balance	31,551	25,912	28,788	36,105
Total gains (losses) (realized and unrealized)	3,813	(1,499)	(8,000)	(4,320)
Purchases	39	0	10,883	48,112
Sales	(7,539)	0	(20,935)	(43,230)
Settlements	(2,318)	(609)	(6,847)	(3,014)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	10,576	6,454	32,233	(3,395)
Ending Balance	36,122	30,258	36,122	30,258
Changes in unrealized gains/losses included in earnings relating to instruments still held	159	(2,097)	(20,739)	(6,781)
Residential mortgage-backed securities
Assets:
Beginning Balance	22,339	17,266	17,740	19,603
Total gains (losses) (realized and unrealized)	1,240	(1,917)	(1,347)	(2,573)
Purchases	0	0	7,625	2,166
Sales	0	(65)	0	(2,022)
Settlements	(774)	(22)	(496)	(171)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	5,512	2,667	4,795	926
Ending Balance	28,317	17,929	28,317	17,929
Changes in unrealized gains/losses included in earnings relating to instruments still held	1,262	(1,435)	(1,811)	(2,166)
Commercial mortgage-backed securities
Assets:
Beginning Balance	4,461	12,530	6,110	10,886
Total gains (losses) (realized and unrealized)	202	(2,003)	232	(2,196)
Purchases	0	0	0	11
Sales	0	(1,703)	0	(2,023)
Settlements	0	(3,362)	(1,785)	(6,638)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	0	106	5,422
Ending Balance	4,663	5,462	4,663	5,462
Changes in unrealized gains/losses included in earnings relating to instruments still held	198	(3,143)	807	(4,326)
Liabilities:
Beginning Balance	140	0	35	0
Total gains/ losses (realized and unrealized)	0	0	0	0
Purchases	(140)	0	(35)	0
Sales	35	35	35	35
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	0	0	0
Ending Balance	35	35	35	35
Changes in unrealized gains/losses included in earnings relating to instruments still held	0	0	0	0
Other asset-backed securities
Assets:
Beginning Balance	86,062	43,185	42,563	53,175
Total gains (losses) (realized and unrealized)	(1,585)	(1,689)	(3,495)	(929)
Purchases	3,313	13,497	29,096	14,698
Sales	0	(6,975)	(664)	(2,494)
Settlements	(7,442)	(5,500)	(22,125)	(30,623)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(17,011)	(7,920)	17,962	771
Ending Balance	63,337	34,598	63,337	34,598
Changes in unrealized gains/losses included in earnings relating to instruments still held	(5,101)	(1,068)	(13,012)	(961)
Loans and other receivables
Assets:
Beginning Balance	121,129	98,484	114,080	46,985
Total gains (losses) (realized and unrealized)	13,109	(2,847)	966	3,933
Purchases	18,492	26,921	309,982	178,069
Sales	(13,897)	(33,409)	(208,958)	(166,496)
Settlements	(355)	(1,287)	(57,371)	(8,379)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	24,463	(12,299)	4,242	21,451
Ending Balance	162,941	75,563	162,941	75,563
Changes in unrealized gains/losses included in earnings relating to instruments still held	13,440	(2,392)	1,291	682
Investments at fair value
Assets:
Beginning Balance	154,238	408,739	205,412	396,254
Total gains (losses) (realized and unrealized)	24,179	(152,162)	(62,415)	(119,110)
Purchases	7,183	1,067	42,771	42,579
Sales	0	(296)	(168)	(18,598)
Settlements	(13,102)	0	(13,102)	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	35,135	0	(8,642)
Ending Balance	172,498	292,483	172,498	292,483
Changes in unrealized gains/losses included in earnings relating to instruments still held	23,030	(152,162)	(64,263)	(119,110)
FXCM term loan
Assets:
Beginning Balance	53,765	56,600	59,120	73,150
Total gains (losses) (realized and unrealized)	2,777	2,293	(2,578)	(8,669)
Purchases	0	0	0	1,500
Sales	0	0	0	0
Settlements	0	(303)	0	(7,391)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	0	0	0
Ending Balance	56,542	58,590	56,542	58,590
Changes in unrealized gains/losses included in earnings relating to instruments still held	2,777	2,293	(2,578)	(8,669)
Loans to and investments in associated companies
Assets:
Beginning Balance	0		0
Total gains (losses) (realized and unrealized)	0		0
Purchases	0		0
Sales	0		0
Settlements	0		0
Issuances	0		0
Net transfers into (out of) Level 3	34,688		34,688
Ending Balance	34,688		34,688
Changes in unrealized gains/losses included in earnings relating to instruments still held	0		0
Securities purchased under agreements to resell
Assets:
Beginning Balance		25,000	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		0	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	10,674	9,428	9,463	6,376
Total gains/ losses (realized and unrealized)	6,636	(520)	2,986	(1,342)
Purchases	(23,001)	(10,281)	(5,760)	(8,553)
Sales	3,558	5,384	38,531	9,929
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	48,727	12,619	1,374	10,220
Ending Balance	46,594	16,630	46,594	16,630
Changes in unrealized gains/losses included in earnings relating to instruments still held	(6,591)	531	(3,366)	1,583
Net derivatives
Liabilities:
Beginning Balance	45,131	47,449	77,168	21,614
Total gains/ losses (realized and unrealized)	(12,175)	(19,519)	(63,367)	(48,746)
Purchases	(1,404)	0	(6,732)	(2,829)
Sales	13,089	6,766	26,656	16,313
Settlements	(648)	(14)	(1,567)	1,609
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(21,568)	16,081	(9,733)	62,802
Ending Balance	22,425	50,763	22,425	50,763
Changes in unrealized gains/losses included in earnings relating to instruments still held	12,007	18,507	60,257	40,052
Other secured financings
Liabilities:
Beginning Balance	0		0
Total gains/ losses (realized and unrealized)	(617)		(617)
Purchases	0		0
Sales	0		0
Settlements	0		0
Issuances	4,019		4,019
Net transfers into (out of) Level 3	0		0
Ending Balance	3,402		3,402
Changes in unrealized gains/losses included in earnings relating to instruments still held	617		617
Long-term debt
Liabilities:
Beginning Balance	497,040	236,562	480,069	200,745
Total gains/ losses (realized and unrealized)	130,463	7,455	10,851	(5,286)
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	(2,000)	(11,250)
Issuances	5,749	114,641	202,046	204,710
Net transfers into (out of) Level 3	(2,992)	(10,595)	(60,706)	(40,856)
Ending Balance	630,260	348,063	630,260	348,063
Changes in unrealized gains/losses included in earnings relating to instruments still held	$ (42,163)	$ (8,162)	$ (28,153)	$ (4,517)

Fair Value Disclosures (Analysi

Fair Value Disclosures (Analysis of Level 3 Assets and Liabilities, Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 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	$ 64,500	$ 79,000	$ 132,000	$ 60,200
Transfers of assets from Level 3 to Level 2	39,900	70,300	22,300	47,800
Transfers of liabilities from Level 2 to Level 3	54,400	43,500	37,300	98,300
Transfers of liabilities from Level 3 to Level 2	30,000	23,800	106,200	64,100
Net gains (losses) on Level 3 assets (realized and unrealized)	42,200	(150,300)	(80,700)	(123,300)
Net gains (losses) on Level 3 liabilities (realized and unrealized)	(124,300)	12,800	50,100	55,800
Excluded assets from unobservable quantitative information	156,600		156,600		$ 79,900
Excluded liabilities from unobservable quantitative information	5,000		5,000		$ 400
Loans and other receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	31,800	23,700	13,400	30,600
Transfers of assets from Level 3 to Level 2	7,400	36,000	9,200	9,200
Net gains (losses) on Level 3 assets (realized and unrealized)	13,109	(2,847)	966	3,933
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	19,500		34,100
Transfers of assets from Level 3 to Level 2	8,900
Net gains (losses) on Level 3 assets (realized and unrealized)	3,813	(1,499)	(8,000)	(4,320)
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	5,800		23,500	10,800
Transfers of assets from Level 3 to Level 2	22,900		5,600	10,000
Net gains (losses) on Level 3 assets (realized and unrealized)	(1,585)	(1,689)	(3,495)	(929)
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	5,500
Net gains (losses) on Level 3 assets (realized and unrealized)	1,240	(1,917)	(1,347)	(2,573)
Loans to and investments in associated companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	34,700		34,700
Net gains (losses) on Level 3 assets (realized and unrealized)	0		0
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		35,100
Transfers of assets from Level 3 to Level 2				8,600
Net gains (losses) on Level 3 assets (realized and unrealized)	24,179	(152,162)	(62,415)	(119,110)
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			36,600
Transfers of assets from Level 3 to Level 2		22,100	3,100	14,800
Net gains (losses) on Level 3 assets (realized and unrealized)	(597)	12,547	(3,914)	15,499
Net gains (losses) on Level 3 liabilities (realized and unrealized)	12	(401)	(258)	(401)
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			18,600	10,500
Net gains (losses) on Level 3 assets (realized and unrealized)	(889)	(3,072)	(162)	(4,904)
Net gains (losses) on Level 3 liabilities (realized and unrealized)	15	650	261	867
Net derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	4,100	17,600	35,200	64,500
Transfers of liabilities from Level 3 to Level 2	25,600		45,000
Net gains (losses) on Level 3 liabilities (realized and unrealized)	12,175	19,519	63,367	48,746
Structured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3		11,000		20,800
Transfers of liabilities from Level 3 to Level 2	3,000	21,600	60,700	61,700
Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	50,100	13,300
Net gains (losses) on Level 3 liabilities (realized and unrealized)	$ (6,636)	$ 520	$ (2,986)	$ 1,342

Fair Value Disclosures (Quantit

Fair Value Disclosures (Quantitative Information About Significant Unobservable Inputs Used in Level 3 Fair Value Measurements) (Details) $ in Thousands

9 Months Ended

12 Months Ended

Aug. 31, 2020USD ($)

Nov. 30, 2019USD ($)

Aug. 31, 2020$ / shares

Aug. 31, 2020$ / Bond

Aug. 31, 2020

Aug. 31, 2020€ / shares

Aug. 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

$ 17,058,503

$ 16,308,807

Loans to and investments in associated companies

43,092

Derivative assets

529,684

418,408

Securities purchased under agreements to resell

25,000

Financial instruments sold, not yet purchased, at fair value

10,994,556

10,532,460

Derivative liability

483,335

527,205

Other secured financings

3,402

Long-term debt, fair value

1,522,105

1,215,285

Corporate debt securities

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Financial instruments owned, at fair value

2,743,913

2,479,735

Financial instruments sold, not yet purchased, at fair value

1,448,706

1,471,482

CDOs and CLOs

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Financial instruments owned, at fair value

104,409

153,013

Residential mortgage-backed securities

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Financial instruments owned, at fair value

1,003,483

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

1,096,069

430,170

Financial instruments sold, not yet purchased, at fair value

35

35

Other asset-backed securities

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Financial instruments owned, at fair value

112,071

346,410

Loans and other receivables

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Financial instruments owned, at fair value

2,280,103

2,574,631

Corporate equity securities

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Financial instruments owned, at fair value

2,735,919

2,783,993

Financial instruments sold, not yet purchased, at fair value

2,312,291

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

1,478,707

1,609,691

Level 3

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Financial instruments owned, at fair value

677,825

554,618

Loans to and investments in associated companies

34,688

Derivative assets

50,637

13,826

Securities purchased under agreements to resell

25,000

Financial instruments sold, not yet purchased, at fair value

125,764

106,382

Derivative liability

69,615

92,057

Other secured financings

3,402

Long-term debt, fair value

630,260

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

77

69

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

105

107

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

99

91

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

77,442

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

84

55

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

4

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

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 | Corporate debt securities

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Financial instruments owned, at fair value

23,269

7,490

Financial instruments sold, not yet purchased, at fair value

148

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 | 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 | 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 | 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

36,122

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

0.02

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

0.02

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

0.19

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

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

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

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

0.50

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

0.06

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

0.26

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

0.17

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

$ 28,317

$ 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

0.14

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

0.02

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

0.32

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

0.05

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

1 year

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

13 years

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

9 years 8 months 12 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

$ 4,663

$ 6,110

Financial instruments sold, not yet purchased, at fair value

35

$ 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

$ 63,337

$ 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

0.04

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

0.10

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

0.72

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

0.18

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

3 months 18 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

4 years 2 months 12 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 9 months 18 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

$ 162,941

$ 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

104,212

$ 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

6

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

76

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

0.02

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

0.62

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 | Total return swaps | Price | Market approach | Minimum

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Derivative asset, measurement input

97

Level 3 | Total return swaps | Price | Market approach | Maximum

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Derivative asset, measurement input

99

Level 3 | Total return swaps | Price | Market approach | Weighted Average

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Derivative asset, measurement input

98

Level 3 | Equity options | Volatility | Volatility benchmarking

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Derivative asset, measurement input

0.45

Level 3 | Equity options | Volatility | Volatility benchmarking | Minimum

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Derivative liability, measurement input

0.32

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

0.46

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

0.39

0.43

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

3

0

Derivative liability, measurement input

3

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

20

16

Derivative liability, measurement input

20

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

9

6

Derivative liability, measurement input

9

13

Level 3 | Unfunded commitments | Price | Market approach

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Derivative asset, measurement input | $ / Bond

88

Derivative liability, measurement input | $ / Bond

88

Level 3 | Unfunded commitments | Price | Market approach | Minimum

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Derivative liability, measurement input | $ / Bond

97

Level 3 | Unfunded commitments | Price | Market approach | Maximum

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Derivative liability, measurement input | $ / Bond

99

Level 3 | Unfunded commitments | Price | Market approach | Weighted Average

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Derivative liability, measurement input | $ / Bond

98

Level 3 | Private equity securities

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Financial instruments owned, at fair value

76,654

$ 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

42

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

0.33

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

$ 56,542

$ 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 6 months

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 6 months

1 year 2 months 12 days

Level 3 | Non-exchange-traded warrants

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Loans to and investments in associated companies

$ 34,688

Level 3 | Non-exchange-traded warrants | Volatility | Market approach | Minimum

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Loans to and investments in associated companies, measurement input

0.23

Level 3 | Non-exchange-traded warrants | Volatility | Market approach | Maximum

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Loans to and investments in associated companies, measurement input

0.59

Level 3 | Non-exchange-traded warrants | Volatility | Market approach | Weighted Average

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Loans to and investments in associated companies, measurement input

0.25

Level 3 | Non-exchange-traded warrants | Underlying stock price | Market approach

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Loans to and investments in associated companies, measurement input | $ / shares

506

Level 3 | Non-exchange-traded warrants | Underlying stock price | Market approach | Minimum

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Loans to and investments in associated companies, measurement input | € / shares

15

Level 3 | Non-exchange-traded warrants | Underlying stock price | Market approach | Maximum

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Loans to and investments in associated companies, measurement input | € / shares

18

Level 3 | Non-exchange-traded warrants | Underlying stock price | Market approach | Weighted Average

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Loans to and investments in associated companies, measurement input | € / shares

17

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

77,941

$ 58,426

Financial instruments sold, not yet purchased, at fair value

4,367

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

$ 46,594

$ 9,463

Level 3 | Loans | Price | Market approach | Minimum

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Financial instruments sold, not yet purchased, measurement input | $ / Bond

31

50

Level 3 | Loans | Price | Market approach | Maximum

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Financial instruments sold, not yet purchased, measurement input | $ / Bond

97

100

Level 3 | Loans | Price | Market approach | Weighted Average

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Financial instruments sold, not yet purchased, measurement input | $ / Bond

70

88

Level 3 | Loans | Estimated recovery percentage | Scenario analysis

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Financial instruments sold, not yet purchased, measurement input

0.02

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

Level 3 | Other secured financings | Estimated recovery percentage | Scenario analysis | Minimum

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Other secured financings, measurement input

0.60

Level 3 | Other secured financings | Estimated recovery percentage | Scenario analysis | Maximum

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Other secured financings, measurement input

1

Level 3 | Other secured financings | Estimated recovery percentage | Scenario analysis | Weighted Average

Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Other secured financings, measurement input

0.79

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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and other receivables	$ 1,704	$ 2,040	$ (11,256)	$ (5,458)
Loans	367	0	(610)	0
Loan commitments	1,875	(443)	464	(1,200)
Changes in instrument specific credit risk	(656)	0	898	(493)
Short-term borrowings
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument specific credit risk	(23)	0	(92)	0
Other changes in fair value	(1,115)	0	(959)	0
Other secured financings
Fair Value, Option, Quantitative Disclosures [Line Items]
Other changes in fair value	617	0	617	0
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument specific credit risk	(177,801)	6,922	49,369	34,414
Other changes in fair value	$ (9,943)	$ (46,003)	$ (78,567)	$ (93,311)

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	Aug. 31, 2020	Nov. 30, 2019
Fair Value Disclosures [Abstract]
Loans and other receivables	$ 1,839,249	$ 1,546,516
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	334,504	197,215
Long-term debt and short-term borrowings	74,197	74,408
Other secured financings	923	0
All loans and other receivables 90 days or greater past due	$ 29,000	$ 22,200

Fair Value Disclosures (Fair Va

Fair Value Disclosures (Fair Value Option Election, Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Aug. 31, 2019	Aug. 31, 2019	Aug. 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			$ 162.6	$ 127
Loans and other receivables 90 days or greater past due			$ 13.3	$ 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	$ 24	$ 48.8
Dividends payable					$ 451.1

Fair Value Disclosures (Financi

Fair Value Disclosures (Financial Instruments Not Measured at Fair Value, Narrative) (Details) - USD ($) $ in Thousands	Aug. 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	$ 986,117	$ 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	$ 55,900	$ 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	Aug. 31, 2020USD ($)Contract	Nov. 30, 2019USD ($)Contract
Derivatives, Fair Value [Line Items]
Net amounts per consolidated statement of financial condition, assets	$ 529,684	$ 418,408
Net amounts per consolidated statement of financial condition, liabilities	483,335	527,205
Cleared OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	148,449	244,401
Fair value, liabilities	174,034	290,201
Amounts offset in consolidated statement of financial condition, assets	(144,200)	(222,869)
Amounts offset in consolidated statement of financial condition, liabilities	(145,706)	(266,900)
Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets	507,864	718,685
Fair value, liabilities	517,457	962,638
Amounts offset in consolidated statement of financial condition, assets	(504,400)	(688,871)
Amounts offset in consolidated statement of financial condition, liabilities	(504,400)	(688,871)
Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	1,485,186	888,519
Fair value, liabilities	1,591,525	906,544
Amounts offset in consolidated statement of financial condition, assets	(963,215)	(521,457)
Amounts offset in consolidated statement of financial condition, liabilities	(1,149,575)	(676,407)
Designated as accounting hedges | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	70,159	28,663
Fair value, liabilities	393	0
Designated as accounting hedges | Cleared OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 70,159	$ 28,663
Number of contracts, assets | Contract	1	1
Fair value, liabilities	$ 0	$ 0
Number of contracts, liabilities | Contract	0	0
Designated as accounting hedges | Bilateral OTC | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 0
Number of contracts, assets | Contract	0
Fair value, liabilities	$ 393
Number of contracts, liabilities | Contract	2
Not designated as accounting hedges
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 2,071,340	$ 1,822,942
Fair value, liabilities	2,282,623	2,159,383
Not designated as accounting hedges | Cleared OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 75,125	$ 213,224
Number of contracts, assets | Contract	3,894	3,329
Fair value, liabilities	$ 168,467	$ 284,433
Number of contracts, liabilities | Contract	4,199	3,443
Not designated as accounting hedges | Cleared OTC | Credit contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 3,165	$ 2,514
Number of contracts, assets | Contract	15	13
Fair value, liabilities	$ 5,567	$ 5,768
Number of contracts, liabilities | Contract	13	12
Not designated as accounting hedges | Exchange-traded | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 781	$ 1,191
Number of contracts, assets | Contract	48,453	65,226
Fair value, liabilities	$ 73	$ 103
Number of contracts, liabilities | Contract	69,918	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	245	199
Not designated as accounting hedges | Exchange-traded | Equity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 507,083	$ 717,494
Number of contracts, assets | Contract	906,465	1,714,538
Fair value, liabilities	$ 517,384	$ 962,535
Number of contracts, liabilities | Contract	775,309	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	2,073	5,524
Fair value, liabilities	$ 0	$ 0
Number of contracts, liabilities | Contract	1,503	4,646
Not designated as accounting hedges | Bilateral OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 689,581	$ 421,700
Number of contracts, assets | Contract	1,480	1,325
Fair value, liabilities	$ 316,196	$ 258,857
Number of contracts, liabilities | Contract	621	738
Not designated as accounting hedges | Bilateral OTC | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 416,298	$ 191,218
Number of contracts, assets | Contract	13,561	9,257
Fair value, liabilities	$ 391,542	$ 187,836
Number of contracts, liabilities | Contract	13,450	9,187
Not designated as accounting hedges | Bilateral OTC | Equity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 351,744	$ 248,720
Number of contracts, assets | Contract	1,939	4,731
Fair value, liabilities	$ 879,876	$ 445,241
Number of contracts, liabilities | Contract	1,945	4,271
Not designated as accounting hedges | Bilateral OTC | Commodity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 25,447	$ 20,600
Number of contracts, assets | Contract	2,287	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	$ 2,116	$ 6,281
Number of contracts, assets | Contract	11	25
Fair value, liabilities	$ 3,518	$ 14,219
Number of contracts, liabilities | Contract	10	28

Derivative Financial Instrume_4

Derivative Financial Instruments (Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense of Jefferies Group	$ 2,468	$ (467)	$ 1,764	$ (2,445)
Unrealized and realized gains (losses)	(82,721)	(84,495)	131,411	(296,143)
Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on net investment hedges recognized in other comprehensive income (loss)	(393)	0	(393)	0
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(35,462)	(89,864)	(40,630)	(193,715)
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	4,418	(1,839)	2,534	269
Foreign exchange contracts | Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on net investment hedges recognized in other comprehensive income (loss)	(393)	0	(393)	0
Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(32,782)	2,236	113,253	(118,354)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(18,716)	2,285	42,049	4,057
Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(179)	2,687	14,205	11,600
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense of Jefferies Group	834	28,052	47,303	69,843
Long-term debt
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Interest expense of Jefferies Group	$ 1,634	$ (28,519)	$ (45,539)	$ (72,288)

Derivative Financial Instrume_5

Derivative Financial Instruments (Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities) (Details) $ in Thousands	Aug. 31, 2020USD ($)
OTC Derivative Assets
0-12 Months	$ 273,497
1-5 Years	304,574
Greater Than 5 Years	240,514
Cross- maturity netting	(89,613)
Total OTC derivative assets, net of cross-maturity netting	728,972
Cross product counterparty netting	(22,759)
Total OTC derivative assets included in Financial instruments owned, at fair value	706,213
OTC Derivative Liabilities
0-12 Months	173,451
1-5 Years	567,851
Greater Than 5 Years	229,335
Cross-maturity netting	(89,613)
Total	881,024
Cross product counterparty netting	(22,759)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value	858,265
Exchange traded derivative assets and other credit agreements	25,100
Cash collateral received	201,600
Exchange traded derivative liabilities and other credit agreements	14,500
Cash collateral pledged	389,500
Commodity swaps, options and forwards
OTC Derivative Assets
0-12 Months	18,611
1-5 Years	6,836
Greater Than 5 Years	0
Cross- maturity netting	0
Total OTC derivative assets, net of cross-maturity netting	25,447
Equity options and forwards
OTC Derivative Assets
0-12 Months	21,437
1-5 Years	44,672
Greater Than 5 Years	15,160
Cross- maturity netting	(25,445)
Total OTC derivative assets, net of cross-maturity netting	55,824
OTC Derivative Liabilities
0-12 Months	15,474
1-5 Years	370,915
Greater Than 5 Years	156,839
Cross-maturity netting	(25,445)
Total	517,783
Credit default swaps
OTC Derivative Liabilities
0-12 Months	12
1-5 Years	1,108
Greater Than 5 Years	0
Cross-maturity netting	0
Total	1,120
Total return swaps
OTC Derivative Assets
0-12 Months	74,923
1-5 Years	19,764
Greater Than 5 Years	2,872
Cross- maturity netting	(14,666)
Total OTC derivative assets, net of cross-maturity netting	82,893
OTC Derivative Liabilities
0-12 Months	58,888
1-5 Years	103,567
Greater Than 5 Years	0
Cross-maturity netting	(14,666)
Total	147,789
Foreign currency forwards, swaps and options
OTC Derivative Assets
0-12 Months	63,570
1-5 Years	28,993
Greater Than 5 Years	0
Cross- maturity netting	(4,477)
Total OTC derivative assets, net of cross-maturity netting	88,086
OTC Derivative Liabilities
0-12 Months	55,541
1-5 Years	11,792
Greater Than 5 Years	34
Cross-maturity netting	(4,477)
Total	62,890
Fixed income forwards
OTC Derivative Liabilities
0-12 Months	1,404
1-5 Years	0
Greater Than 5 Years	0
Cross-maturity netting	0
Total	1,404
Interest rate swaps, options and forwards
OTC Derivative Assets
0-12 Months	94,956
1-5 Years	204,309
Greater Than 5 Years	222,482
Cross- maturity netting	(45,025)
Total OTC derivative assets, net of cross-maturity netting	476,722
OTC Derivative Liabilities
0-12 Months	42,132
1-5 Years	80,469
Greater Than 5 Years	72,462
Cross-maturity netting	(45,025)
Total	$ 150,038

Derivative Financial Instrume_6

Derivative Financial Instruments (Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets) (Details) $ in Thousands	Aug. 31, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
A- or higher	$ 139,436
BBB- to BBB+	15,949
BB+ or lower	353,564
Unrated	197,264
Total OTC derivative assets included in Financial instruments owned, at fair value	$ 706,213

Derivative Financial Instrume_7

Derivative Financial Instruments (Credit Related Derivative Contracts) (Details) - USD ($) $ in Millions	Aug. 31, 2020	Nov. 30, 2019
Index credit default swaps
Derivative [Line Items]
Notional amount	$ 47.9	$ 35
Single name credit default swaps
Derivative [Line Items]
Notional amount	6.4	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	45.9	32
Non-investment grade | Single name credit default swaps
Derivative [Line Items]
Notional amount	6.2	29
Unrated | Index credit default swaps
Derivative [Line Items]
Notional amount	0	0
Unrated | Single name credit default swaps
Derivative [Line Items]
Notional amount	$ 0.2	$ 1.5

Derivative Financial Instrume_8

Derivative Financial Instruments (Contingent Features) (Details) - USD ($) $ in Millions	Aug. 31, 2020	Nov. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instrument liabilities with credit-risk-related contingent features	$ 191.4	$ 42.9
Collateral posted	(120.6)	(3.1)
Collateral received	64.5	114.1
Return of and additional collateral required in the event of a credit rating downgrade below investment grade	$ 135.3	$ 154

Collateralized Transactions (Co

Collateralized Transactions (Collateral Pledged) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Nov. 30, 2019
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 1,929,737	$ 1,525,140
Repurchase agreements	19,837,038	18,756,917
Obligation to return securities received as collateral, at fair value	4,413	9,500
Total	21,771,188	20,291,557
Corporate equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	1,317,023	1,314,395
Repurchase agreements	176,221	129,558
Obligation to return securities received as collateral, at fair value	4,413	0
Total	1,497,657	1,443,953
Corporate debt securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	605,527	191,311
Repurchase agreements	1,661,854	1,730,526
Obligation to return securities received as collateral, at fair value	0	0
Total	2,267,381	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	1,680,052	1,745,145
Obligation to return securities received as collateral, at fair value	0	0
Total	1,680,052	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	7,187	19,434
Repurchase agreements	12,187,529	10,863,997
Obligation to return securities received as collateral, at fair value	0	9,500
Total	12,194,716	10,892,931
Municipal securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	180,837	498,202
Obligation to return securities received as collateral, at fair value	0	0
Total	180,837	498,202
Sovereign obligations
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	2,636,878	3,016,563
Obligation to return securities received as collateral, at fair value	0	0
Total	2,636,878	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	1,313,667	772,926
Obligation to return securities received as collateral, at fair value	0	0
Total	$ 1,313,667	$ 772,926

Collateralized Transactions (_2

Collateralized Transactions (Contractual Maturity) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Nov. 30, 2019
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 1,929,737	$ 1,525,140
Repurchase agreements	19,837,038	18,756,917
Obligation to return securities received as collateral, at fair value	4,413	9,500
Total	21,771,188	20,291,557
Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	630,163	694,821
Repurchase agreements	10,606,433	6,614,026
Obligation to return securities received as collateral, at fair value	4,413	0
Total	11,241,009	7,308,847
Up to 30 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	1,695,229	1,556,260
Obligation to return securities received as collateral, at fair value	0	0
Total	1,695,229	1,556,260
31 to 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	553,062	672,969
Repurchase agreements	4,243,474	8,988,528
Obligation to return securities received as collateral, at fair value	0	9,500
Total	4,796,536	9,670,997
Greater than 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	746,512	157,350
Repurchase agreements	3,291,902	1,598,103
Obligation to return securities received as collateral, at fair value	0	0
Total	$ 4,038,414	$ 1,755,453

Collateralized Transactions (Na

Collateralized Transactions (Narrative) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Nov. 30, 2019
Collateralized Transactions [Abstract]
Fair value of securities received as collateral that may be sold or repledged	$ 29,900,000	$ 28,700,000
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 986,117	$ 796,797

Collateralized Transactions (Of

Collateralized Transactions (Offsetting of Securities Financing Agreements) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Nov. 30, 2019
Securities borrowing arrangements, Assets
Gross Amounts	$ 7,268,413	$ 7,624,642
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	7,268,413	7,624,642
Additional Amounts Available for Setoff	(429,615)	(361,394)
Available Collateral	(1,691,674)	(1,479,433)
Net Amount	5,147,124	5,783,815
Reverse repurchase agreements, Assets
Gross Amounts	17,905,457	15,551,845
Netting in Consolidated Statements of Financial Condition	(12,578,066)	(11,252,247)
Net Amounts in Consolidated Statements of Financial Condition	5,327,391	4,299,598
Additional Amounts Available for Setoff	(144,353)	(291,316)
Available Collateral	(5,141,297)	(3,929,977)
Net Amount	41,741	78,305
Securities received as collateral, at fair value	4,413	9,500
Securities lending arrangements, Liabilities
Gross Amounts	1,929,737	1,525,140
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	1,929,737	1,525,140
Additional Amounts Available for Setoff	(429,615)	(361,394)
Available Collateral	(1,467,230)	(970,799)
Net Amount	32,892	192,947
Repurchase agreements, Liabilities
Gross Amounts	19,837,038	18,756,917
Netting in Consolidated Statements of Financial Condition	(12,578,066)	(11,252,247)
Net Amounts in Consolidated Statements of Financial Condition	7,258,972	7,504,670
Additional Amounts Available for Setoff	(144,353)	(291,316)
Available Collateral	(6,622,623)	(6,663,807)
Net Amount	491,996	549,547
Obligation to return securities received as collateral, at fair value	4,413	9,500
Securities borrowing agreement, collateral received, subject to review	4,921,200	5,523,600
Repurchase agreement, net amount, subject to review	439,700	439,700
Securities borrowing agreement, subject to review	5,089,000	5,683,400
Repurchase agreements, collateral pledged, subject to review	$ 451,600	$ 447,500

Securitization Activities (Acti

Securitization Activities (Activity Related to Securitizations Accounted for as Sales) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Transfers and Servicing [Abstract]
Transferred assets	$ 983.9	$ 789.3	$ 4,794.3	$ 2,894.4
Proceeds on new securitizations	983.9	789.3	4,794.3	2,966.3
Cash flows received on retained interests	$ 6.3	$ 16.8	$ 18.6	$ 47.2

Securitization Activities (Summ

Securitization Activities (Summary of Retained Interests in SPEs) (Details) - USD ($) $ in Millions	Aug. 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	$ 928.7	$ 10,671.7
Retained Interests	12.4	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	439.2	1,374.8
Retained Interests	138.3	45.8
CLOs
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
CLOs	3,419.9	3,006.7
Retained Interests	41.8	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	884	1,149.3
Retained Interests	$ 45.6	$ 71.8

Variable Interest Entities (Sch

Variable Interest Entities (Schedule of Consolidated VIEs) (Details) - USD ($) $ in Thousands		Aug. 31, 2020	Nov. 30, 2019
Variable Interest Entity [Line Items]
Assets	[1]	$ 51,773,988	$ 49,460,234
Liabilities	[1]	42,180,264	39,706,945
Variable interest entities, primary beneficiary
Variable Interest Entity [Line Items]
Assets		637,500	645,800
Liabilities		3,377,300	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 secured financings
Variable Interest Entity [Line Items]
VIE liabilities, eliminated in consolidation		130,100
Variable interest entities, primary beneficiary | Other liabilities
Variable Interest Entity [Line Items]
VIE liabilities, eliminated in consolidation		1,800	17,900
Variable interest entities, primary beneficiary | Secured Funding Vehicles
Variable Interest Entity [Line Items]
Assets		3,539,500	3,111,600
Liabilities		3,506,600	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		2,919,800	2,467,300
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Receivables
Variable Interest Entity [Line Items]
Assets		581,900	605,600
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other
Variable Interest Entity [Line Items]
Assets		37,800	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		3,502,900	3,068,600
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other liabilities
Variable Interest Entity [Line Items]
Liabilities		3,700	20,100
Variable interest entities, primary beneficiary | Other
Variable Interest Entity [Line Items]
Assets		18,400	1,500
Liabilities		2,500	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		3,600	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		13,500	0
Variable interest entities, primary beneficiary | Other | Other
Variable Interest Entity [Line Items]
Assets		100	0
Variable interest entities, primary beneficiary | Other | Financial instruments sold, not yet purchased, at fair value
Variable Interest Entity [Line Items]
Liabilities		2,100	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 $637.5 million and $645.8 million at August 31, 2020 and November 30, 2019, respectively, and Total liabilities include liabilities related to variable interest entities of $3,377.3 million and $3,071.1 million at August 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		9 Months Ended
		Aug. 31, 2020	Nov. 30, 2019	Aug. 31, 2019	Nov. 30, 2018
Variable Interest Entity [Line Items]
Assets	[1]	$ 51,773,988	$ 49,460,234
Investment in associated company		1,539,356	1,652,957	$ 2,346,297	$ 2,417,332
Investment in FXCM
Variable Interest Entity [Line Items]
Fair value of senior secured term loan receivable		56,500
Investment in associated company		80,300
Senior secured term loan receivable and investments in associated companies		136,800
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		1,247,200	1,107,900
Related party private equity vehicles | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		18,600	23,000
Other investment vehicles
Variable Interest Entity [Line Items]
Carrying amount of equity investment		853,900	574,000
Unfunded equity commitment related to investments		199,600	192,100
Other investment vehicles | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		853,900	574,000
Agency mortgage-backed securities | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		1,808,600	1,453,500
Non agency mortgage- and asset-backed securities | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		130,800	134,800
JCP Entities | Related party private equity vehicles
Variable Interest Entity [Line Items]
Equity commitments		133,000	133,000
Funded equity commitments		122,000	121,700
Carrying amount of equity investment		18,600	23,000
Variable interest entities, primary beneficiary
Variable Interest Entity [Line Items]
Automobile loan receivables securitized		223,300
Assets		$ 637,500	$ 645,800
[1]	Total assets include assets related to variable interest entities of $637.5 million and $645.8 million at August 31, 2020 and November 30, 2019, respectively, and Total liabilities include liabilities related to variable interest entities of $3,377.3 million and $3,071.1 million at August 31, 2020 and November 30, 2019, respectively. See Note 7 for additional information related to variable interest entities.

Variable Interest Entities (S_2

Variable Interest Entities (Schedule of Nonconsolidated VIEs) (Details) - USD ($) $ in Thousands		Aug. 31, 2020	Nov. 30, 2019
Variable Interest Entity [Line Items]
Assets	[1]	$ 51,773,988	$ 49,460,234
Liabilities	[1]	42,180,264	39,706,945
Maximum Exposure to Loss		1,988,400	1,796,300
VIE Assets		25,071,000	19,526,200
VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		1,247,200	1,107,900
Liabilities		1,400	600
CLOs
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		470,400	505,300
VIE Assets		6,509,500	7,845,000
CLOs | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		66,300	152,600
Liabilities		1,400	600
Consumer loan and other asset-backed vehicles
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		435,000	490,600
VIE Assets		2,300,400	2,354,800
Consumer loan and other asset-backed vehicles | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		308,400	358,300
Liabilities		0	0
Related party private equity vehicles
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		29,600	34,300
VIE Assets		50,700	71,400
Related party private equity vehicles | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		18,600	23,000
Liabilities		0	0
Other investment vehicles
Variable Interest Entity [Line Items]
Maximum Exposure to Loss		1,053,400	766,100
VIE Assets		16,210,400	9,255,000
Other investment vehicles | VIE, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		853,900	574,000
Liabilities		$ 0	$ 0
[1]	Total assets include assets related to variable interest entities of $637.5 million and $645.8 million at August 31, 2020 and November 30, 2019, respectively, and Total liabilities include liabilities related to variable interest entities of $3,377.3 million and $3,071.1 million at August 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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 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	$ 5,053	$ 72,283	(69,523)	121,766
Income (losses) related to Jefferies associated companies	3,854	17,293	(22,282)	71,614
Contributions to (distributions from) associated companies, net			(29,553)	(110,465)
Other			7,757	(153,950)
Loans to and investments in associated companies as of end of period	1,539,356	2,346,297	1,539,356	2,346,297
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	(17,731)	(6,901)	(65,681)	1,035
Contributions to (distributions from) associated companies, net			10,107	(58,682)
Other			0	0
Loans to and investments in associated companies as of end of period	618,293	670,913	618,293	670,913
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	18,448	24,286	40,373	72,231
Contributions to (distributions from) associated companies, net			(36,615)	(47,682)
Other			510	722
Loans to and investments in associated companies as of end of period	273,217	270,499	273,217	270,499
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	75,867	0	137,918
Income (losses) related to Jefferies associated companies				0
Contributions to (distributions from) associated companies, net				(72,767)
Other				(10)
Loans to and investments in associated companies as of end of period		718,771		718,771
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	3,704	(573)	9,956	(5,589)
Income (losses) related to Jefferies associated companies			0	0
Contributions to (distributions from) associated companies, net			0	3,500
Other			161	(134)
Loans to and investments in associated companies as of end of period	80,340	72,808	80,340	72,808
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	(1,945)	(12,115)	(21,754)	(20,696)
Income (losses) related to Jefferies associated companies			0	0
Contributions to (distributions from) associated companies, net			35,103	82,178
Other			(2,149)	(8,226)
Loans to and investments in associated companies as of end of period	206,047	218,413	206,047	218,413
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	8,419	0	7,902
Income (losses) related to Jefferies associated companies				0
Contributions to (distributions from) associated companies, net				0
Other				(345,444)
Loans to and investments in associated companies as of end of period		0		0
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	2,532	464	(50,910)	1,536
Income (losses) related to Jefferies associated companies			0	0
Contributions to (distributions from) associated companies, net			(34,505)	(3,054)
Other			0	198,273
Loans to and investments in associated companies as of end of period	169,894	283,829	169,894	283,829
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	762	221	(6,815)	695
Income (losses) related to Jefferies associated companies	3,137	(92)	3,026	(1,652)
Contributions to (distributions from) associated companies, net			(3,643)	(13,958)
Other			9,235	869
Loans to and investments in associated companies as of end of period	191,565	$ 111,064	191,565	$ 111,064
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	$ 100,200		100,200
Brooklyn Renaissance Plaza and Hotel | HomeFed
Equity Method Investment [Roll Forward]
Equity method investment, other than temporary impairment			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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019	Nov. 30, 2019	Mar. 28, 2019
Investments In Associated Companies [Line Items]
Other assets	$ 2,375,171,000		$ 2,375,171,000		$ 2,450,109,000
Payables, expense accruals and other liabilities	8,792,748,000		8,792,748,000		8,179,013,000
Interest expense	21,512,000	$ 23,663,000	64,226,000	$ 69,819,000
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	0		$ 0
Line of credit facility commitment of Jefferies	250,000,000		250,000,000
Jefferies Group
Investments In Associated Companies [Line Items]
Interest expense	$ 209,329,000	366,378,000	$ 745,207,000	1,141,661,000
Jefferies Group | Promissory Note
Investments In Associated Companies [Line Items]
Debt principal amount						$ 1,000,000,000
Interest expense				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	$ 13,200,000		$ 13,200,000		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	$ 400,000	$ 300,000	$ 3,000,000	$ 900,000

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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Investments In Associated Companies [Line Items]
Origination and syndication fee revenues	$ 42.4	$ 44.6	$ 123.9	$ 135.8
Origination fee expenses	3.8	8.2	12.4	21.8
CLO placement fee revenues	1.3	1	1.7	2.3
Underwriting fees	0	2.9	0.3	3.9
Service fees	$ 13.5	$ 12.3	$ 49.4	$ 50.6

Loans to and Investments in A_6

Loans to and Investments in Associated Companies (Berkadia, Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2009	Aug. 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	9 Months Ended
	Aug. 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	9 Months Ended
	Aug. 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	$ 102
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 - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2019	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%
Non-cash pre-tax gain on remeasurement of interest	$ 72.1

Loans to and Investments in _10

Loans to and Investments in Associated Companies (Real Estate Associated Companies, Narrative) (Details) $ in Millions	9 Months Ended
	Aug. 31, 2020USD ($)Seat
54 Madison
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	48.10%
Number of seats in investment committee retained by Company	2
Number of seats in investment committee	4
HomeFed | Brooklyn Renaissance Plaza and Hotel
Investments In Associated Companies [Line Items]
Equity method investment, other than temporary impairment | $	$ 6.9
HomeFed | Brooklyn Renaissance Plaza and Hotel | Hotel
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	25.80%
HomeFed | Brooklyn Renaissance Plaza Office | Office Building
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Schedule of Equity Method Investments [Line Items]
Revenues	$ 1,825,499	$ 1,223,156	$ 4,895,294	$ 3,928,539
Net income	$ 304,839	$ 49,394	460,405	768,685
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues			716,182	6,972,754
Income from continuing operations before extraordinary items			89,716	622,553
Net income			$ 89,716	$ 622,553

Intangible Assets, Net and Go_3

Intangible Assets, Net and Goodwill (Schedule of Intangible Assets, Net And Goodwill) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Nov. 30, 2019
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	$ 171,117	$ 182,954
Goodwill	1,743,425	1,739,980
Total intangible assets, net and goodwill	1,914,542	1,922,934
Real estate
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill	36,711	36,711
Other operations
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill	3,459	3,459
Investment Banking and Capital Markets
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill	1,560,255	1,556,810
Asset Management
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill	143,000	143,000
Historical Investment Banking, Capital Markets and Asset Management Segment
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill		1,699,800
Customer and other relationships
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	53,396	59,575
Intangible assets, accumulated amortization	117,609	111,060
Trademarks and tradenames
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	101,207	103,790
Intangible assets, accumulated amortization	27,673	24,800
Other
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	8,640	11,316
Intangible assets, accumulated amortization	8,042	5,366
Exchange and clearing organization membership interests and registrations
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite lived intangibles	$ 7,874	$ 8,273

Intangible Assets, Net and Go_4

Intangible Assets, Net and Goodwill (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 3.7	$ 4	$ 11.5	$ 10.6

Intangible Assets, Net and Go_5

Intangible Assets, Net and Goodwill (Schedule of Estimated Future Amortization Expense) (Details) $ in Thousands	Aug. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of current year	$ 3,673
2021	14,457
2022	11,180
2023	9,945
2024	$ 9,189

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) - USD ($)	Oct. 07, 2020	Mar. 13, 2020	Aug. 31, 2020	Nov. 30, 2019
Short-term Debt [Line Items]
Short-term borrowings			$ 805,381,000	$ 548,490,000
Interest rates on short-term borrowings outstanding			1.83%	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			21,829,000	20,981,000
Principal amount of short-term debt issued			5,000,000
Short-term debt matured		$ 5,200,000
Equity-linked notes | Subsequent Event
Short-term Debt [Line Items]
Short-term debt matured	$ 15,100,000
Jefferies Group credit facility | Line of Credit | JPMorgan Chase Bank, N.A.
Short-term Debt [Line Items]
Credit facility, maximum borrowing capacity			246,000,000
RBC Credit Facility | Royal Bank of Canada
Short-term Debt [Line Items]
Credit facility, maximum borrowing capacity			$ 200,000,000
RBC Credit Facility | Royal Bank of Canada | LIBOR
Short-term Debt [Line Items]
Basis spread on variable rate (as a percent)			2.05%
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			$ 776,752,000	$ 527,509,000

Long-Term Debt (Schedule of Deb

Long-Term Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019	Nov. 30, 2019
Debt Instrument [Line Items]
Long-term debt	$ 8,419,837		$ 8,419,837		$ 8,337,061
Losses associated with an interest rate swap based on its designation as a fair value hedge	(2,468)	$ 467	(1,764)	$ 2,445
Parent Company
Debt Instrument [Line Items]
Long-term debt	992,372		992,372		991,378
Parent Company | 5.50% Senior Notes due October 18, 2023
Debt Instrument [Line Items]
Long-term debt	$ 745,558		$ 745,558		$ 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	$ 246,814		$ 246,814		$ 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	7,427,465		7,427,465		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					2.375%
Principal outstanding	0		0		$ 550,875
Subsidiaries | 6.875% Senior Notes, due April 15, 2021
Debt Instrument [Line Items]
Long-term debt	$ 761,430		$ 761,430		$ 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	$ 4,613		$ 4,613		$ 4,204
Interest rate	2.25%		2.25%		2.25%
Principal outstanding	$ 4,774		$ 4,774		$ 4,407
Subsidiaries | 5.125% Senior Notes, due January 20, 2023
Debt Instrument [Line Items]
Long-term debt	$ 760,999		$ 760,999		$ 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	$ 594,965		$ 594,965		$ 548,880
Interest rate	1.00%		1.00%		1.00%
Principal outstanding	$ 596,725		$ 596,725		$ 550,875
Subsidiaries | 4.85% Senior Notes, due January 15, 2027
Debt Instrument [Line Items]
Long-term debt	$ 814,873		$ 814,873		$ 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	$ 369,662		$ 369,662		$ 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	$ 989,342		$ 989,342		$ 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	$ 510,943		$ 510,943		$ 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	$ 419,931		$ 419,931		$ 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	1,522,105		1,522,105		1,215,285
Subsidiaries | HomeFed EB-5 Program debt
Debt Instrument [Line Items]
Long-term debt	189,335		189,335		140,739
Subsidiaries | HomeFed construction loan
Debt Instrument [Line Items]
Long-term debt	45,638		45,638		0
Subsidiaries | Foursight Capital Credit Facilities
Debt Instrument [Line Items]
Long-term debt	99,802		99,802		98,260
Subsidiaries | Vitesse Energy Finance Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	104,256		104,256		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	189,571		189,571		189,088
Subsidiaries | Jefferies Group | Jefferies Group Secured 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			$ 45,500	$ 72,300

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details)	9 Months Ended
	Aug. 31, 2020USD ($)numberOfDebtExtensionsContract	Oct. 07, 2020USD ($)	Nov. 30, 2019USD ($)
Structured notes | Jefferies Group
Debt Instrument [Line Items]
Debt issued during period, principal amount, net of retirements	$ 244,400,000
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
HomeFed construction loan | HomeFed
Debt Instrument [Line Items]
Construction loan, maximum borrowing amount	$ 58,900,000
Number of debt extensions | numberOfDebtExtensions	1
Debt extension period	12 months
Long-term debt	$ 45,800,000
Foursight Capital Credit Facilities
Debt Instrument [Line Items]
Number of warehouse credit commitments | Contract	2
Maximum borrowing capacity	$ 175,000,000
Vitesse Energy Finance Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	105,000,000		$ 104,000,000
Maximum borrowing capacity	$ 120,000,000
Vitesse Energy Finance Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Percentage of proved reserve value of oil and gas properties (minimum)	85.00%
LIBOR | Bank loan obligations | Jefferies Group
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.25%
LIBOR | HomeFed construction loan | HomeFed
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.15%
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
Senior Notes | 2.75% Senior Notes, due 2032 | Jefferies Group | Subsequent Event
Debt Instrument [Line Items]
Interest rate		2.75%
Debt principal amount		$ 500,000,000
Line of Credit | Foursight Capital Credit Facilities
Debt Instrument [Line Items]
Long-term debt	100,100,000		$ 98,700,000
Line of Credit | Foursight Capital Credit Facilities | Foursight Capital
Debt Instrument [Line Items]
Assets pledged for indebtedness	$ 124,000,000

Leases (Information Related to

Leases (Information Related to Leases in Consolidated Statement of Financial Condition) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Dec. 01, 2019
Property, Plant and Equipment [Line Items]
Property, equipment and leasehold improvements, net - ROU assets		$ 545,800
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]
Property, equipment and leasehold improvements, net - ROU assets	$ 521,278

Leases (Maturities of Lease Lia

Leases (Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Dec. 01, 2019	Nov. 30, 2019
Leases [Abstract]
Remainder of 2020	$ 22,271
2021	76,932
2022	74,722
2023	65,220
2024	61,994
2025 and thereafter	403,809
Total undiscounted cash flows	704,948
Less: Difference between undiscounted and discounted cash flows	(106,832)
Operating leases amount in the Consolidated Statement of Financial Condition	598,116	$ 614,900
Finance leases amount in the Consolidated Statement of Financial Condition	247
Total amount in the Consolidated Statement of Financial Condition	$ 598,363		$ 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
Leases [Abstract]
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	9 Months Ended
	Aug. 31, 2020	Aug. 31, 2020
Leases [Abstract]
Operating lease costs	$ 19,425	$ 57,994
Variable lease costs	3,485	9,561
Less: Sublease income	(1,973)	(5,669)
Total lease cost, net	$ 20,937	$ 61,886

Leases (Schedule of Cash Flows

Leases (Schedule of Cash Flows Supplemental Information Related to Leases) (Details) $ in Thousands	9 Months Ended
	Aug. 31, 2020USD ($)
Leases [Abstract]
Cash outflows - lease liabilities	$ 59,155
Non-cash - ROU assets recorded for new and modified leases	$ 21,438

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				9 Months Ended
	Mar. 31, 2013	Aug. 31, 2020	Feb. 29, 2020	Nov. 30, 2019	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Purchase Requirement [Line Items]
Redeemable noncontrolling interests		$ 24,300,000		$ 26,600,000		$ 24,300,000
Dividend rate on preferred stock	3.25%
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			$ 1,275,000	$ 4,230,000	$ 3,827,000
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						$ 4,200,000	$ 3,800,000
Preferred stock, effective dividend rate, percentage						4.50%
Mandatorily redeemable preferred shares callable price per share (in dollars per share)		$ 1,000				$ 1,000

Compensation Plans (Details)

Compensation Plans (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 8,900	$ 12,200	$ 29,554	$ 37,036
Tax benefit for issuance of share-based awards	2,300	$ 3,000	7,500	$ 9,300
Total unrecognized compensation costs related to nonvested share-based compensation plans	$ 52,400		$ 52,400
Total unrecognized compensation costs related to nonvested share-based compensation plans, period for recognition			2 years
Other shares issuable (in shares)	1,105		1,105
Potential maximum increase to common shares outstanding from restricted stock and other shares (in shares)	23,737		23,737
Restricted cash awards, cost expected to be recognized	$ 606,200		$ 606,200
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)	1,749		1,749
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)	4,183		4,183
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)	18,449		18,449

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Summary of Accumulated Other Comprehensive Income (Loss), Net of Taxes) (Details) - USD ($) $ in Thousands	Aug. 31, 2020	May 31, 2020	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Nov. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ 9,444,451	$ 9,361,113	$ 9,601,684	$ 10,047,781	$ 9,877,361	$ 10,079,257
Net unrealized gains on available for sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	552		141
Net unrealized foreign exchange losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(156,894)		(192,709)
Net unrealized gains (losses) on instrument specific credit risk
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	19,586		(18,889)
Net minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(59,651)		(61,582)
AOCI including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ (196,407)		$ (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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 1,825,499	$ 1,223,156	$ 4,895,294	$ 3,928,539
Selling, general and other expenses	(237,712)	(268,742)	(784,668)	(718,910)
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			306	(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			(658)	(361)
Other
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	42,753	169,248	186,367	351,544
Principal transactions
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 623,283	$ (20,920)	1,421,485	465,451
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			(1,033)	542,092
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			(1,931)	(1,063)
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			$ 898	$ (493)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	May 31, 2019	Aug. 31, 2020	Aug. 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

Revenues from Contracts with _3

Revenues from Contracts with Customers (Schedule of Components of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 974,741	$ 734,427	$ 2,637,476	$ 2,054,441
Other sources of revenue	850,758	488,729	2,257,818	1,874,098
Total revenues	1,825,499	1,223,156	4,895,294	3,928,539
Commissions and other fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	204,032	171,000	626,434	493,560
Total revenues	204,032	171,000	626,434	493,560
Investment banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	615,837	410,796	1,595,330	1,126,479
Total revenues	615,837	410,796	1,595,330	1,126,479
Manufacturing revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	119,751	82,565	282,737	248,227
Total revenues	119,751	82,565	282,737	248,227
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	35,121	70,066	132,975	186,175
Principal transactions
Disaggregation of Revenue [Line Items]
Other sources of revenue	623,283	(20,920)	1,421,485	465,451
Total revenues	623,283	(20,920)	1,421,485	465,451
Interest income
Disaggregation of Revenue [Line Items]
Other sources of revenue	219,843	410,467	782,941	1,243,278
Total revenues	219,843	410,467	782,941	1,243,278
Other
Disaggregation of Revenue [Line Items]
Other sources of revenue	$ 7,632	$ 99,182	$ 53,392	$ 165,369

Revenues from Contracts with _4

Revenues from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 974,741	$ 734,427	$ 2,637,476	$ 2,054,441
Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	837,003	627,681	2,265,190	1,715,377
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	92,145	88,826	245,419	285,336
Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	45,593	17,920	126,867	53,728
Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	820,150	583,536	2,222,445	1,622,059
Reportable Segments | Investment Banking and Capital Markets | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	684,441	476,983	1,858,137	1,288,046
Reportable Segments | Investment Banking and Capital Markets | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	90,132	88,890	237,652	280,605
Reportable Segments | Investment Banking and Capital Markets | Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	45,577	17,663	126,656	53,408
Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,127	4,647	12,714	19,140
Reportable Segments | Asset Management | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,758	3,244	6,250	13,399
Reportable Segments | Asset Management | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,369	1,403	6,464	5,741
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	151,745	147,984	402,998	415,262
Reportable Segments | Merchant Banking | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	151,085	147,501	401,484	414,259
Reportable Segments | Merchant Banking | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	644	226	1,303	683
Reportable Segments | Merchant Banking | Asia
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	16	257	211	320
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	(281)	(1,740)	(681)	(2,020)
Consolidation adjustments | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(281)	(47)	(681)	(327)
Consolidation adjustments | Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	(1,693)	0	(1,693)
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	200,876	167,525	613,408	483,488
Equities | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	201,157	167,528	614,089	483,771
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	(281)	(3)	(681)	(283)
Fixed Income
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,156	3,475	13,026	10,072
Fixed Income | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,156	3,475	13,026	10,072
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	444,399	197,446	898,653	554,093
Investment Banking - Underwriting | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	444,399	199,183	898,653	555,830
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	(1,737)	0	(1,737)
Investment Banking - Advisory
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	171,438	213,350	696,677	572,386
Investment Banking - Advisory | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	171,438	213,350	696,677	572,386
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	3,127	4,647	12,714	19,140
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	3,127	4,647	12,714	19,140
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	119,751	82,565	282,737	248,227
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	119,751	82,565	282,737	248,227
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	20,946	45,012	78,704	129,029
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	20,946	45,012	78,704	129,029
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	11,048	20,407	41,557	38,006
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	11,048	20,407	41,557	38,006
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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019	Nov. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue related to performance obligation satisfied	$ 15.6	$ 9.6	$ 10.8	$ 27.2
Revenue associated with distribution services, a portion of which related to prior period	4.3	6	14.4	15.8
Receivables related to revenue from contracts with customers	321.4		321.4		$ 263.7
Deferred revenue	18.2		18.2		12.8
Deferred revenue, revenue recognized	19.1	9.6	9.3	9.8
Capitalized contract cost	2.8		2.8		$ 4.8
Expenses related to capitalized costs to fulfill a contract	$ 0.8	$ 1.6	$ 3.6	$ 3.8

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	May 31, 2019	Aug. 31, 2020	Aug. 31, 2019	Nov. 30, 2019
Income Taxes [Line Items]
Unrecognized tax benefits	$ 374,100			$ 374,100		$ 327,300
Interest included in unrecognized tax benefits	81,400			81,400		67,200
Net deferred tax asset	312,600			312,600		462,500
Income tax provision (benefit)	107,403	$ (36,131)		$ 185,138	$ (522,626)
Effective income tax rate				28.70%
Recognition of accumulated other comprehensive income lodged taxes			$ 544,600	$ 0	$ 544,583
Lodged tax effect			$ 544,600
Jefferies Group
Income Taxes [Line Items]
Unrecognized tax benefits	$ 233,200			$ 233,200		$ 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		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders	$ 304,409	$ 48,477	$ 462,338	$ 764,052
Allocation of earnings to participating securities	(1,945)	(316)	(2,921)	(4,667)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share	302,464	48,161	459,417	759,385
Adjustment to allocation of earnings to participating securities related to diluted shares	17	(7)	5	29
Mandatorily redeemable convertible preferred share dividends	1,404	0	4,230	3,827
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share	$ 303,885	$ 48,154	$ 463,652	$ 763,241
Denominator for earnings per share:
Weighted average common shares outstanding (in shares)	263,062,000	296,834,000	273,035,000	298,322,000
Denominator for basic earnings per share – weighted average shares (in shares)	280,695,000	310,288,000	289,959,000	310,838,000
Mandatorily redeemable convertible preferred shares (in shares)	4,441,000	0	4,441,000	4,162,000
Denominator for diluted earnings per share (in shares)	285,136,000	311,897,000	294,875,000	317,181,000
Weighted average shares of participating securities (in shares)	1,807,800	2,018,000	1,851,900	1,910,700
Restricted stock with future service required
Denominator for earnings per share:
Weighted average shares of restricted stock outstanding with future service required (in shares)	(1,787,000)	(2,008,000)	(1,837,000)	(1,903,000)
Restricted stock units with no future service required
Denominator for earnings per share:
Weighted average RSUs outstanding with no future service required (in shares)	19,420,000	15,462,000	18,761,000	14,419,000
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	1,609,000	475,000	2,181,000

Common Share and Earnings Per_4

Common Share and Earnings Per Common Share (Narrative) (Details) - USD ($)	9 Months Ended
	Aug. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jan. 31, 2020	Jul. 01, 2019	Jan. 31, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Share repurchase program, authorized amount			$ 250,000,000	$ 100,000,000	$ 250,000,000		$ 500,000,000
Number of shares authorized to be repurchased (in shares)						9,250,000
Increase in share repurchase authorization			$ 176,700,000
Stock repurchased during period (in shares)	32,659,910
Stock repurchased during period	$ 619,900,000
Average repurchase price per share (in dollars per share)	$ 18.98
Remaining authorized repurchase amount	$ 122,000,000
Subsequent Event
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Share repurchase program, authorized amount		$ 250,000,000

Commitments, Contingencies an_3

Commitments, Contingencies and Guarantees (Commitments and Contingencies) (Details) $ in Millions	9 Months Ended
	Aug. 31, 2020USD ($)
Guarantor Obligations [Line Items]
2020	$ 10,178.6
2021	694.3
2022 and 2023	113.3
2024 and 2025	16.2
2026 and Later	12.2
Maximum Payout	$ 11,014.6
Guarantor obligation settled period	3 days
Equity commitments
Guarantor Obligations [Line Items]
2020	$ 59.3
2021	161.9
2022 and 2023	78.3
2024 and 2025	11.1
2026 and Later	12.2
Maximum Payout	322.8
Loan commitments
Guarantor Obligations [Line Items]
2020	0
2021	296
2022 and 2023	35
2024 and 2025	0
2026 and Later	0
Maximum Payout	331
Underwriting commitments
Guarantor Obligations [Line Items]
2020	64
2021	0
2022 and 2023	0
2024 and 2025	0
2026 and Later	0
Maximum Payout	64
Forward starting reverse repos
Guarantor Obligations [Line Items]
2020	6,184.5
2021	0
2022 and 2023	0
2024 and 2025	0
2026 and Later	0
Maximum Payout	6,184.5
Forward starting repos
Guarantor Obligations [Line Items]
2020	3,870.8
2021	100
2022 and 2023	0
2024 and 2025	0
2026 and Later	0
Maximum Payout	3,970.8
Other unfunded commitments
Guarantor Obligations [Line Items]
2020	0
2021	136.4
2022 and 2023	0
2024 and 2025	5.1
2026 and Later	0
Maximum Payout	141.5
Forward starting securities purchased under agreements to resell settled
Guarantor Obligations [Line Items]
Maximum Payout	6,183.8
Forward starting securities sold under agreements to repurchase settled
Guarantor Obligations [Line Items]
Maximum Payout	$ 3,670.6

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees (Narrative) (Details)	9 Months Ended
	Aug. 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	197,900,000
Standby letters of credit
Loss Contingencies [Line Items]
Letters of credit	$ 22,000,000
Expiration period maximum	1 year
Jefferies Finance
Loss Contingencies [Line Items]
Line of credit commitment to associated companies, funded portion	$ 0
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	67,600,000
Jefferies Capital Partners LLC and its private equity funds
Loss Contingencies [Line Items]
Equity commitments	11,200,000
Other Investments
Loss Contingencies [Line Items]
Equity commitments	$ 214,000,000

Commitments, Contingencies an_5

Commitments, Contingencies and Guarantees (Guarantees) (Details) - Derivative Notional Amount $ in Millions	Aug. 31, 2020USD ($)
Derivative contracts – non-credit related
Guarantor Obligations [Line Items]
2020	$ 6,295.6
2021	4,149.9
2022 and 2023	6,458.1
2024 and 2025	1,345.6
2026 and Later	52
Notional/ Maximum Payout	18,301.2
Written derivative contracts – credit related
Guarantor Obligations [Line Items]
2020	0
2021	0
2022 and 2023	1
2024 and 2025	5.4
2026 and Later	0
Notional/ Maximum Payout	6.4
Total derivative contracts
Guarantor Obligations [Line Items]
2020	6,295.6
2021	4,149.9
2022 and 2023	6,459.1
2024 and 2025	1,351
2026 and Later	52
Notional/ Maximum Payout	$ 18,307.6

Net Capital Requirements (Detai

Net Capital Requirements (Details) - Jefferies LLC $ in Millions	Aug. 31, 2020USD ($)
Net Capital Requirements [Line Items]
Net capital	$ 1,612.5
Excess net capital	$ 1,531.9

Other Fair Value Information (D

Other Fair Value Information (Details) - USD ($) $ in Thousands	Aug. 31, 2020	Nov. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings	$ 805,381	$ 548,490
Long-term debt	8,419,837	8,337,061
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	768,290	775,501
Short-term borrowings	783,552	548,490
Long-term debt	6,897,732	7,121,776
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	783,476	784,053
Short-term borrowings	783,552	548,490
Long-term debt	$ 7,525,896	$ 7,569,837

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Private Equity Related Funds
Related Party Transaction [Line Items]
Loans to and/or equity investments in related funds	$ 23	$ 18.6		$ 18.6
JCP Fund V
Related Party Transaction [Line Items]
Net gains (losses) from private equity related funds		2	$ (2.5)	(3.5)	$ (1.9)
Officers and Employees
Related Party Transaction [Line Items]
Loans outstanding to related party	44.8	40.8		40.8
Berkadia | Affiliated Entity | Jefferies Group
Related Party Transaction [Line Items]
Purchase commitment	360.4	325.6		325.6
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	$ 2.7		$ 2.7

Segment Information (Schedule o

Segment Information (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019	Nov. 30, 2019
Segment Reporting Information [Line Items]
Net revenues		$ 1,616,170	$ 856,778	$ 4,150,087	$ 2,786,878
Income (loss) before income taxes		412,242	13,263	645,543	246,059
Depreciation and amortization expenses		39,520	39,880	119,356	110,600
Assets	[1]	51,773,988		51,773,988		$ 49,460,234
Parent Company interest
Segment Reporting Information [Line Items]
Income (loss) before income taxes		(14,114)	(14,770)	(39,773)	(44,298)
Reportable Segments
Segment Reporting Information [Line Items]
Net revenues		1,614,151	860,424	4,142,570	2,784,291
Income (loss) before income taxes		424,056	31,631	677,118	287,433
Assets		52,233,140		52,233,140		49,554,729
Reportable Segments | Investment Banking and Capital Markets
Segment Reporting Information [Line Items]
Net revenues		1,274,115	757,362	3,451,776	2,274,884
Income (loss) before income taxes		281,323	86,194	745,814	283,892
Depreciation and amortization expenses		22,225	20,754	61,322	56,672
Assets		43,887,885		43,887,885		40,523,223
Reportable Segments | Asset Management
Segment Reporting Information [Line Items]
Net revenues		118,558	20,341	146,278	95,448
Income (loss) before income taxes		87,604	(7,403)	25,122	2,011
Depreciation and amortization expenses		2,018	512	4,776	1,472
Assets		3,192,277		3,192,277		3,313,716
Reportable Segments | Merchant Banking
Segment Reporting Information [Line Items]
Net revenues		220,887	73,754	532,608	391,825
Income (loss) before income taxes		70,747	(35,381)	(57,592)	48,537
Depreciation and amortization expenses		14,408	17,784	50,627	49,904
Assets		3,225,735		3,225,735		3,285,671
Reportable Segments | Corporate
Segment Reporting Information [Line Items]
Net revenues		591	8,967	11,908	22,134
Income (loss) before income taxes		(15,618)	(11,779)	(36,226)	(47,007)
Depreciation and amortization expenses		869	830	2,631	2,552
Assets		1,927,243		1,927,243		2,432,119
Consolidation adjustments
Segment Reporting Information [Line Items]
Net revenues		2,019	(3,646)	7,517	2,587
Income (loss) before income taxes		2,300	$ (3,598)	8,198	$ 2,924
Assets		$ (459,152)		$ (459,152)		$ (94,495)
[1]	Total assets include assets related to variable interest entities of $637.5 million and $645.8 million at August 31, 2020 and November 30, 2019, respectively, and Total liabilities include liabilities related to variable interest entities of $3,377.3 million and $3,071.1 million at August 31, 2020 and November 30, 2019, respectively. See Note 7 for additional information related to variable interest entities.

Segment Information (Narrative)

Segment Information (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Segment Reporting Information [Line Items]
Interest expense	$ 21,512	$ 23,663	$ 64,226	$ 69,819
Reportable Segments | Merchant Banking
Segment Reporting Information [Line Items]
Interest expense	7,400	8,900	24,500	25,500
Parent Company interest
Segment Reporting Information [Line Items]
Interest expense	$ 14,100	$ 14,800	$ 39,800	$ 44,300