Cover
Cover - shares | 9 Months Ended | |
Aug. 31, 2021 | Sep. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Aug. 31, 2021 | |
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 $1 per share | |
Trading Symbol | JEF | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 245,561,148 | |
Entity Central Index Key | 0000096223 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-30 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 | |
ASSETS | |||
Cash and cash equivalents | $ 9,480,914 | $ 9,055,148 | |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 514,519 | 604,321 | |
Financial instruments owned, at fair value (including securities pledged of $12,447,226 and $13,065,585) | 19,735,103 | 18,124,577 | |
Loans to and investments in associated companies | 1,744,965 | 1,686,563 | |
Securities borrowed | 6,212,491 | 6,934,762 | |
Securities purchased under agreements to resell | 8,011,550 | 5,096,769 | |
Securities received as collateral, at fair value | 9,853 | 7,517 | |
Receivables | 7,067,641 | 6,608,767 | |
Property, equipment and leasehold improvements, net | 914,537 | 897,204 | |
Intangible assets, net and goodwill | 1,905,163 | 1,913,467 | |
Other assets | 2,440,663 | 2,189,257 | |
Total assets | [1] | 58,037,399 | 53,118,352 |
LIABILITIES | |||
Short-term borrowings | 307,297 | 764,715 | |
Financial instruments sold, not yet purchased, at fair value | 12,748,802 | 10,017,600 | |
Securities loaned | 1,764,488 | 1,810,748 | |
Securities sold under agreements to repurchase | 7,571,813 | 8,316,269 | |
Other secured financings | 4,341,348 | 3,288,384 | |
Obligation to return securities received as collateral, at fair value | 9,853 | 7,517 | |
Lease liabilities | 562,122 | 584,807 | |
Payables, expense accruals and other liabilities | 11,496,986 | 10,388,072 | |
Long-term debt | 8,670,728 | 8,352,039 | |
Total liabilities | [1] | 47,473,437 | 43,530,151 |
Commitments and contingencies | |||
MEZZANINE EQUITY | |||
Redeemable noncontrolling interests | 38,249 | 24,676 | |
Mandatorily redeemable convertible preferred shares | 125,000 | 125,000 | |
EQUITY | |||
Common shares, par value $1 per share, authorized 600,000,000 shares; 245,557,193 and 249,750,542 shares issued and outstanding, after deducting 70,906,515 and 66,712,070 shares held in treasury | 245,557 | 249,751 | |
Additional paid-in capital | 2,812,811 | 2,911,223 | |
Accumulated other comprehensive income (loss) | (357,973) | (288,917) | |
Retained earnings | 7,681,488 | 6,531,836 | |
Total Jefferies Financial Group Inc. shareholders' equity | 10,381,883 | 9,403,893 | |
Noncontrolling interests | 18,830 | 34,632 | |
Total equity | 10,400,713 | 9,438,525 | |
Total | $ 58,037,399 | $ 53,118,352 | |
[1] | Total assets include assets related to variable interest entities of $836.8 million and $566.1 million at August 31, 2021 and November 30, 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.34 billion and $3.29 billion at August 31, 2021 and November 30, 2020, respectively. See Note 7 for additional information related to variable interest entities. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 | |
ASSETS | |||
Securities pledged | $ 12,447,226 | $ 13,065,585 | |
EQUITY | |||
Common shares, par value (in dollars per share) | $ 1 | $ 1 | |
Common shares, authorized (in shares) | 600,000,000 | 600,000,000 | |
Common shares, outstanding after deducting shares held in treasury (in shares) | 245,557,193 | 249,750,542 | |
Common shares, issued after deducting shares held in treasury (in shares) | 245,557,193 | 249,750,542 | |
Treasury stock (in shares) | 70,906,515 | 66,712,070 | |
Assets | [1] | $ 58,037,399 | $ 53,118,352 |
Liabilities | [1] | 47,473,437 | 43,530,151 |
Variable interest entities, primary beneficiary | |||
Assets | 836,800 | 566,100 | |
Liabilities | $ 4,340,000 | $ 3,290,000 | |
[1] | Total assets include assets related to variable interest entities of $836.8 million and $566.1 million at August 31, 2021 and November 30, 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.34 billion and $3.29 billion at August 31, 2021 and November 30, 2020, respectively. See Note 7 for additional information related to variable interest entities. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Revenues: | ||||
Revenues | $ 2,140,594 | $ 1,825,499 | $ 7,010,511 | $ 4,895,294 |
Interest expense | 19,518 | 21,512 | 59,828 | 64,226 |
Net revenues | 1,938,984 | 1,616,170 | 6,376,433 | 4,150,087 |
Expenses: | ||||
Compensation and benefits | 802,243 | 760,837 | 2,806,028 | 2,029,497 |
Cost of sales | 151,510 | 82,657 | 390,916 | 235,871 |
Floor brokerage and clearing fees | 68,982 | 66,743 | 222,208 | 201,403 |
Interest expense | 19,518 | 21,512 | 59,828 | 64,226 |
Depreciation and amortization | 38,677 | 39,520 | 116,884 | 119,356 |
Selling, general and other expenses | 277,262 | 237,712 | 890,759 | 784,668 |
Total expenses | 1,358,192 | 1,208,981 | 4,486,623 | 3,435,021 |
Income before income taxes and income (loss) related to associated companies | 580,792 | 407,189 | 1,889,810 | 715,066 |
Income (loss) related to associated companies | (27,176) | 5,053 | (61,270) | (69,523) |
Income before income taxes | 553,616 | 412,242 | 1,828,540 | 645,543 |
Income tax provision | 145,700 | 107,403 | 484,756 | 185,138 |
Net income | 407,916 | 304,839 | 1,343,784 | 460,405 |
Net loss attributable to the noncontrolling interests | 1,324 | 324 | 2,736 | 5,033 |
Net loss attributable to the redeemable noncontrolling interests | 68 | 650 | 1,071 | 1,130 |
Preferred stock dividends | (1,849) | (1,404) | (5,101) | (4,230) |
Net income attributable to Jefferies Financial Group Inc. common shareholders | $ 407,459 | $ 304,409 | $ 1,342,490 | $ 462,338 |
Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: | ||||
Net income (in dollars per share) | $ 1.54 | $ 1.08 | $ 5.05 | $ 1.58 |
Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: | ||||
Net income (in dollars per share) | $ 1.50 | $ 1.07 | $ 4.93 | $ 1.57 |
Commissions and other fees | ||||
Revenues: | ||||
Revenues | $ 214,363 | $ 204,032 | $ 673,756 | $ 626,434 |
Principal transactions | ||||
Revenues: | ||||
Revenues | 232,110 | 623,283 | 1,513,034 | 1,421,485 |
Investment banking | ||||
Revenues: | ||||
Revenues | 1,180,620 | 615,837 | 3,184,932 | 1,595,330 |
Interest income | ||||
Revenues: | ||||
Revenues | 220,278 | 219,843 | 691,223 | 782,941 |
Manufacturing revenues | ||||
Revenues: | ||||
Revenues | 118,918 | 119,751 | 440,857 | 282,737 |
Other | ||||
Revenues: | ||||
Revenues | 174,305 | 42,753 | 506,709 | 186,367 |
Jefferies Group | ||||
Revenues: | ||||
Interest expense | 201,610 | 209,329 | 634,078 | 745,207 |
Expenses: | ||||
Interest expense | $ 201,610 | $ 209,329 | $ 634,078 | $ 745,207 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 407,916 | $ 304,839 | $ 1,343,784 | $ 460,405 |
Other comprehensive income (loss): | ||||
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $(16), $(7), $(43) and $141 | (49) | (22) | (136) | 411 |
Less: reclassification adjustment for net (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 holding gains (losses) on investments, net of income tax provision (benefit) of $(16), $(7), $(43) and $141 | (49) | (22) | (136) | 411 |
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $(2,942), $24,621, $1,659 and $13,636 | (9,203) | 70,758 | 5,273 | 35,815 |
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 $(2,942), $24,621, $1,659 and $13,636 | (9,203) | 70,758 | 5,273 | 35,815 |
Net unrealized gains (losses) on instrument specific credit risk arising during the period, net of income tax provision (benefit) of $4,352, $(45,669), $(24,157) and $13,437 | 13,501 | (133,915) | (74,661) | 39,373 |
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income, net of income tax provision (benefit) of $(321), $(224), $599 and $306 | 998 | 656 | (1,861) | (898) |
Net change in unrealized instrument specific credit risk gains (losses), net of income tax provision (benefit) of $4,673, $(45,445), $(24,756) and $13,131 | 14,499 | (133,259) | (76,522) | 38,475 |
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 $(270), $(220), $(795) and $(658) | 778 | 644 | 2,329 | 1,931 |
Net change in pension liability, net of income tax provision (benefit) of $270, $220, $795 and $658 | 778 | 644 | 2,329 | 1,931 |
Other comprehensive income (loss), net of income taxes | 6,025 | (61,879) | (69,056) | 76,632 |
Comprehensive income | 413,941 | 242,960 | 1,274,728 | 537,037 |
Comprehensive loss attributable to the noncontrolling interests | 1,324 | 324 | 2,736 | 5,033 |
Comprehensive loss attributable to the redeemable noncontrolling interests | 68 | 650 | 1,071 | 1,130 |
Preferred stock dividends | (1,849) | (1,404) | (5,101) | (4,230) |
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders | $ 413,484 | $ 242,530 | $ 1,273,434 | $ 538,970 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit) | $ (16) | $ (7) | $ (43) | $ 141 |
Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit) | 0 | 0 | 0 | 0 |
Net change in unrealized holding gains (losses) on investments, tax provision (benefit) | (16) | (7) | (43) | 141 |
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit) | (2,942) | 24,621 | 1,659 | 13,636 |
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) | (2,942) | 24,621 | 1,659 | 13,636 |
Net unrealized gains (losses) on instrument specific credit risk arising during the period, tax provision (benefit) | 4,352 | (45,669) | (24,157) | 13,437 |
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), tax provision (benefit) | (321) | (224) | 599 | 306 |
Net change in unrealized instrument specific credit risk gains (losses), tax provision (benefit) | 4,673 | (45,445) | (24,756) | 13,131 |
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) | 270 | 220 | 795 | 658 |
Net change in pension liability, tax provision (benefit) | $ (270) | $ (220) | $ (795) | $ (658) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Net cash flows from operating activities: | ||
Net income | $ 1,343,784 | $ 460,405 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Deferred income tax provision (benefit) | (32,865) | 106,501 |
Depreciation and amortization of real estate, property, equipment and leasehold improvements | 108,522 | 109,877 |
Other amortization | 17,435 | 7,942 |
Share-based compensation | 71,219 | 29,554 |
Provision for doubtful accounts | 48,091 | 32,344 |
(Income) loss related to associated companies | (125,962) | 91,805 |
Distributions from associated companies | 49,068 | 54,916 |
Net losses related to property and equipment, and other assets | 10,059 | 59,125 |
Net change in: | ||
Securities deposited with clearing and depository organizations | 34,237 | (20,955) |
Financial instruments owned, at fair value | (1,603,274) | (1,038,140) |
Securities borrowed | 724,187 | 382,907 |
Securities purchased under agreements to resell | (2,911,738) | (979,989) |
Receivables from brokers, dealers and clearing organizations | 264,375 | 261,569 |
Receivables from customers of securities operations | (581,647) | 524,860 |
Other receivables | (107,228) | (42,659) |
Other assets | (86,865) | (153,557) |
Financial instruments sold, not yet purchased, at fair value | 2,724,767 | 366,737 |
Securities loaned | (48,397) | 387,692 |
Securities sold under agreements to repurchase | (748,003) | (260,144) |
Payables to brokers, dealers and clearing organizations | 708,810 | (81,905) |
Payables to customers of securities operations | 39,890 | 128,167 |
Lease liabilities | (46,991) | (42,920) |
Trade payables, expense accruals and other liabilities | 302,689 | 651,918 |
Other | (67,618) | 271,808 |
Net cash provided by operating activities | 86,545 | 1,307,858 |
Net cash flows from investing activities: | ||
Acquisitions of property, equipment and leasehold improvements, and other assets | (115,998) | (146,416) |
Advances on notes, loans and other receivables | (454,916) | (601,068) |
Collections on notes, loans and other receivables | 294,675 | 546,676 |
Loans to and investments in associated companies | (2,291,788) | (1,390,779) |
Capital distributions and loan repayments from associated companies | 2,308,786 | 1,372,779 |
Other | 2,575 | 30,404 |
Net cash used for investing activities | (256,666) | (188,404) |
Net cash flows from financing activities: | ||
Issuance of debt, net of issuance costs | 1,465,707 | 2,362,574 |
Repayment of debt | (1,580,894) | (2,121,748) |
Net change in other secured financings | 1,051,357 | 303,893 |
Net change in bank overdrafts | (6,350) | (37,758) |
Distributions to noncontrolling interests | (15,997) | (1,719) |
Contributions from noncontrolling interests | 3,590 | 18,558 |
Purchase of common shares for treasury | (181,866) | (623,469) |
Dividends paid | (161,330) | (122,871) |
Other | 1,631 | 821 |
Net cash provided by (used for) financing activities | 575,848 | (221,719) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 1,704 | 19,723 |
Net increase in cash, cash equivalents and restricted cash | 407,431 | 917,458 |
Cash, cash equivalents and restricted cash at beginning of period | 9,664,972 | 8,480,435 |
Cash, cash equivalents and restricted cash at end of period | $ 10,072,403 | $ 9,397,893 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Aug. 31, 2021 | Aug. 31, 2020 |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 9,480,914 | $ 8,426,832 |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 514,519 | 930,174 |
Other assets | 76,970 | 40,887 |
Total cash, cash equivalents and restricted cash | $ 10,072,403 | $ 9,397,893 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Cumulative effect of the adoption of accounting standards | Cumulative effect of the adoption of accounting standards, adjusted balance | Common Shares $1 Par Value | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained EarningsCumulative effect of the adoption of accounting standards | Retained EarningsCumulative effect of the adoption of accounting standards, adjusted balance | Subtotal | SubtotalCumulative effect of the adoption of accounting standards | SubtotalCumulative effect of the adoption of accounting standards, adjusted balance | Noncontrolling Interests |
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 loss attributable to the noncontrolling interests | (5,033) | 0 | (5,033) | ||||||||||
Other comprehensive income (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 loss attributable to the noncontrolling interests | (324) | 0 | (324) | ||||||||||
Other comprehensive income (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 | |||||||||
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 Nov. 30, 2020 | 9,438,525 | $ (19,915) | $ 9,418,610 | 249,751 | 2,911,223 | (288,917) | 6,531,836 | $ (19,915) | $ 6,511,921 | 9,403,893 | $ (19,915) | $ 9,383,978 | 34,632 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income attributable to Jefferies Financial Group Inc. common shareholders | 1,342,490 | 1,342,490 | 1,342,490 | ||||||||||
Net loss attributable to the noncontrolling interests | (2,736) | 0 | (2,736) | ||||||||||
Other comprehensive income (loss), net of taxes | (69,056) | (69,056) | (69,056) | ||||||||||
Contributions from noncontrolling interests | 3,590 | 0 | 3,590 | ||||||||||
Distributions to noncontrolling interests | (15,997) | 0 | (15,997) | ||||||||||
Share-based compensation expense | 71,219 | 71,219 | 71,219 | ||||||||||
Change in fair value of redeemable noncontrolling interests | (8,865) | (8,865) | (8,865) | ||||||||||
Purchase of common shares for treasury | (181,866) | (6,603) | (175,263) | (181,866) | |||||||||
Dividends | (172,923) | (172,923) | (172,923) | ||||||||||
Other | 16,247 | 2,409 | 14,497 | 16,906 | (659) | ||||||||
Ending balance at Aug. 31, 2021 | 10,400,713 | 245,557 | 2,812,811 | (357,973) | 7,681,488 | 10,381,883 | 18,830 | ||||||
Beginning balance at May. 31, 2021 | 10,095,364 | 247,032 | 2,849,487 | (363,998) | 7,340,113 | 10,072,634 | 22,730 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income attributable to Jefferies Financial Group Inc. common shareholders | 407,459 | 407,459 | 407,459 | ||||||||||
Net loss attributable to the noncontrolling interests | (1,324) | 0 | (1,324) | ||||||||||
Other comprehensive income (loss), net of taxes | 6,025 | 6,025 | 6,025 | ||||||||||
Contributions from noncontrolling interests | 156 | 0 | 156 | ||||||||||
Distributions to noncontrolling interests | (2,731) | 0 | (2,731) | ||||||||||
Share-based compensation expense | 6,962 | 6,962 | 6,962 | ||||||||||
Change in fair value of redeemable noncontrolling interests | 1,908 | 1,908 | 1,908 | ||||||||||
Purchase of common shares for treasury | (51,769) | (1,500) | (50,269) | (51,769) | |||||||||
Dividends | (66,084) | (66,084) | (66,084) | ||||||||||
Other | 4,747 | 25 | 4,723 | 4,748 | (1) | ||||||||
Ending balance at Aug. 31, 2021 | $ 10,400,713 | $ 245,557 | $ 2,812,811 | $ (357,973) | $ 7,681,488 | $ 10,381,883 | $ 18,830 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common shares, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 |
Dividends per common share (in dollars per share) | $ 0.25 | $ 0.15 | $ 0.65 | $ 0.45 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Aug. 31, 2021 | |
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 engaged in investment banking and capital markets, asset management and direct investing. Jefferies Group LLC ("Jefferies Group"), our largest subsidiary, was established in 1962 and is now the largest independent U.S.-headquartered global full-service integrated investment banking and securities firm. 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 and fixed income products. Our Asset Management segment comprises all asset management operations, including those 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. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Aug. 31, 2021 | |
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, 2020 ("2020 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 ongoing basis, we evaluate all of these estimates and assumptions. During the nine months ended August 31, 2021, 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 credit losses on financial instruments (the "new credit loss standard") on December 1, 2020. The credit loss policy updates were applied using a modified retrospective approach, through a cumulative-effect adjustment to retained earnings upon adoption. 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. Credit Losses Foursight Capital, our wholly-owned subsidiary, is an auto loan originator and servicer. Provision for credit losses are charged to income in amounts sufficient to maintain an allowance for credit losses inherent in Foursight Capital's finance receivables held for investment. The allowance for credit losses is established systematically by management based on the determination of the amount of credit losses inherent in the finance receivables held for investment as of the reporting date. All finance receivables held for investment of Foursight Capital are collectively evaluated for impairment. Management's estimate of expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the reported amounts. Foursight Capital uses static pool modeling techniques to determine the allowance for loan losses expected over the remaining life of the receivables, which is supplemented by management judgment. Expected losses are estimated for groups of accounts aggregated by monthly vintage. Generally, the expected losses are projected based on historical loss experience over the last eight years, more heavily weighted toward recent performance when determining the allowance to result in an estimate that is more reflective of the current internal and external environments. Foursight Capital's estimate of expected credit losses includes a reasonable and supportable forecast period of two years and then reverts to an estimate based on historical losses. Foursight Capital reviews charge-off experience factors, contractual delinquency, historical collection rates, the value of underlying collateral and other information to make the necessary judgments as to credit losses expected in the portfolio as of the reporting date. While management utilizes the best information available to make its evaluations, changes in macroeconomic conditions, interest rate environments, or both, may significantly impact the assumptions and inputs used in determining the allowance for credit losses. Foursight Capital's charge-off policy is based on a loan by loan review of delinquent finance receivables. Other financial assets measured at amortized cost are presented at the net amount expected to be collected and the measurement of credit losses and any expected increases or decreases in expected credit losses are recognized in earnings. The estimate of expected credit losses involves judgment and is based on an assessment over the life of the financial instrument taking into consideration forecasts of expected future economic conditions. In evaluating secured financing receivables (reverse repurchases agreements, securities borrowing arrangements and margin loans), the underlying collateral maintenance provisions are taken into consideration. The underlying contractual collateral maintenance for significantly all of Jefferies Group's secured financing receivables requires that the counterparty continually adjust the collateralization amount, securing the credit exposure on these contracts. Collateralization levels for Jefferies Group's secured financing receivables are initially established based upon the counterparty, the type of acceptable collateral that is monitored daily and adjusted to mitigate the potential of any credit losses. Credit losses are not recognized for secured financing receivables where the underlying collateral's fair value is equal to or exceeds the asset's amortized cost basis. In cases where the collateral's fair value does not equal or exceed the amortized cost basis, the allowance for credit losses, if any, is limited to the difference between the fair value of the collateral at the reporting date and the amortized cost basis of the financial assets. Our receivables from brokers, dealers, and clearing organizations include deposits of cash with exchange clearing organizations to meet margin requirements, amounts due from clearing organizations for daily variation settlements, securities failed-to-deliver or receive, receivables and payables for fees and commissions, and receivables arising from unsettled securities or loans transactions. These receivables generally do not give rise to material credit risk and have a remote probability of default either because of their short-term nature or due to the credit protection framework inherent in the design and operations of brokers, dealers and clearing organizations. As such, generally, no allowance for credit losses is held against these receivables. For all other financial assets measured at amortized cost, we estimate expected credit losses over the financial assets' life as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. Receivables At August 31, 2021 and November 30, 2020, Receivables include receivables from brokers, dealers and clearing organizations of $3.86 billion and $4.16 billion, respectively, and receivables from customers of securities operations of $1.87 billion and $1.29 billion, respectively. Our subsidiary, Foursight Capital, had automobile loan receivables of $785.8 million and $694.2 million at August 31, 2021 and November 30, 2020, respectively. Of these amounts, $761.8 million and $532.4 million at August 31, 2021 and November 30, 2020, respectively, were in securitized vehicles. See Notes 6 and 7 for additional information on Foursight Capital's securitization activities. Based primarily on credit scores, Foursight Capital classifies its finance receivables held for investment as prime, near-prime and sub-prime based on the perceived credit risk at origination and generally considers prime receivables as those with a credit 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 both August 31, 2021 and November 30, 2020 was approximately 14% prime, 54% near-prime and 32% sub-prime. A rollforward of the allowance for credit losses related to receivables for the three and nine months ended August 31, 2021 and 2020 is as follows (in thousands): For the Three Months Ended For the Nine Months Ended August 31, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Beginning balance $ 79,254 $ 38,806 $ 53,926 $ 34,018 Adjustment for change in accounting principle for current expected credit losses — — 26,519 — Provision for doubtful accounts (1) (848) 9,365 48,091 32,344 Charge-offs, net of recoveries (1) (1,777) (3,349) (51,907) (21,540) Ending balance $ 76,629 $ 44,822 $ 76,629 $ 44,822 (1) The nine months ended August 31, 2021 includes a $39.0 million bad debt expense related to our prime brokerage business, recorded during the second quarter. Other Investments At August 31, 2021 and November 30, 2020, 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 $47.7 million and $90.2 million, respectively. Impairments recognized on these investments were $0.3 million and $20.9 million during the three and nine months ended August 31, 2020, respectively. There were no impairments on these investments during the three and nine months ended August 31, 2021. Capitalization of Interest We capitalize interest on qualifying HomeFed real estate assets. Capitalized interest of $2.2 million and $1.6 million during the three months ended August 31, 2021 and 2020, respectively, and $6.4 million and $6.4 million during the nine months ended August 31, 2021 and 2020, respectively, was allocated among all of HomeFed's projects that are currently under development. Payables, expense accruals and other liabilities At August 31, 2021 and November 30, 2020, Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $4.04 billion and $3.33 billion, respectively, and payables to customers of securities operations of $4.29 billion and $4.25 billion, respectively. Supplemental Cash Flow Information For the Nine Months Ended August 31, 2021 August 31, 2020 (In thousands) Cash paid during the year for: Interest $ 737,935 $ 880,853 Income tax payments (refunds), net $ 516,714 $ (13,514) Accounting Developments - Accounting Standards Adopted in Current Annual Reporting Period Financial Instruments - Credit Losses. In June 2016, the FASB issued new guidance which provides for estimating credit losses on financial assets measured at amortized cost by introducing an approach based on expected losses over the financial asset's entire life, recorded at inception or purchase. We adopted the new credit loss guidance on December 1, 2020 and applied a modified retrospective approach through a cumulative-effect adjustment to retained earnings upon adoption. At transition on December 1, 2020, the new accounting guidance's adoption resulted in an increase in the allowance for credit losses of $26.5 million with a corresponding decrease in retained earnings of $19.9 million, net of tax. The increase is primarily attributable to a $30.1 million increase in the allowance for credit losses in Foursight Capital's portfolio of finance receivables held for investment. Foursight Capital estimates expected credit losses on its portfolio using analysis of historical portfolio performance data as well as external economic factors that management considers to be relevant to the credit losses expected in the portfolio. This is partially offset by a $3.6 million decrease in the allowance for credit losses at Jefferies Group that is attributable to applying a revised provisioning methodology based on historical loss experience for its investment banking fee receivables. We have determined expected credit losses to be immaterial upon adoption for our other financial instruments within the scope of the guidance. A significant portion of our financial instruments within the scope of the guidance represent secured financing receivables (reverse repurchase agreements, secured borrowing arrangements, and margin loans) that are substantially collateralized. For our secured financing receivables, we have concluded that the impact upon adoption was immaterial because the contractual collateral maintenance provisions require that the counterparty continually adjust the amount of collateralization securing the credit exposure on these contracts. Collateralization levels for our secured financing receivables are initially established based upon the counterparty, the type of acceptable collateral that is monitored daily and adjusted to mitigate the potential of any credit losses. For the remaining financial instruments within the guidance's scope, the expected credit losses were also determined to be immaterial considering the counterparty's credit quality, an insignificant history of credit losses, or the short-term nature of the credit exposures. Goodwill. In January 2017, the FASB issued new guidance which simplifies goodwill impairment testing. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact on our consolidated financial statements. Defined Benefit Plans. In August 2018, the FASB issued new guidance to improve the effectiveness of disclosure requirements on defined benefit pension plans and other post-retirement plans. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not 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. We adopted the guidance in the first quarter of fiscal 2021 and elected to apply the guidance prospectively to implementation costs incurred after the adoption date. The adoption did not have an impact on our consolidated financial statements on the adoption date. 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. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact 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. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact on our consolidated financial statements. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Aug. 31, 2021 | |
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 $1.02 billion and $965.4 million at August 31, 2021 and November 30, 2020, respectively, by level within the fair value hierarchy (in thousands): August 31, 2021 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 2,947,163 $ 227,455 $ 131,741 $ — $ 3,306,359 Corporate debt securities — 3,251,540 8,156 — 3,259,696 Collateralized debt obligations and collateralized loan obligations — 240,315 52,561 — 292,876 U.S. government and federal agency securities 4,506,638 109,919 — — 4,616,557 Municipal securities — 431,909 — — 431,909 Sovereign obligations 1,211,554 963,804 — — 2,175,358 Residential mortgage-backed securities — 391,189 1,436 — 392,625 Commercial mortgage-backed securities — 388,073 2,680 — 390,753 Other asset-backed securities — 246,507 77,433 — 323,940 Loans and other receivables — 2,725,398 150,971 — 2,876,369 Derivatives 3,028 2,373,650 22,284 (1,981,853) 417,109 Investments at fair value — 6,313 165,333 — 171,646 FXCM term loan — — 58,465 — 58,465 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 8,668,383 $ 11,356,072 $ 671,060 $ (1,981,853) $ 18,713,662 Loans to and investments in associated $ — $ — $ 36,584 $ — $ 36,584 Securities received as collateral, at fair value $ 9,853 $ — $ — $ — $ 9,853 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 2,014,034 $ 12,131 $ 4,387 $ — $ 2,030,552 Corporate debt securities — 1,890,158 528 — 1,890,686 U.S. government and federal agency securities 3,713,613 — — — 3,713,613 Sovereign obligations 1,165,251 805,760 — — 1,971,011 Commercial mortgage-backed securities — — 140 — 140 Loans — 2,185,793 25,212 — 2,211,005 Derivatives 1,995 3,083,778 189,346 (2,343,324) 931,795 Total financial instruments sold, not yet purchased, at fair value $ 6,894,893 $ 7,977,620 $ 219,613 $ (2,343,324) $ 12,748,802 Other secured financings $ — $ — $ 2,493 $ — $ 2,493 Long-term debt $ — $ 1,005,033 $ 785,612 $ — $ 1,790,645 Obligation to return securities received as collateral, at fair value $ 9,853 $ — $ — $ — $ 9,853 November 30, 2020 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 2,475,887 $ 58,159 $ 75,904 $ — $ 2,609,950 Corporate debt securities — 2,954,236 23,146 — 2,977,382 Collateralized debt obligations and collateralized loan obligations — 64,155 17,972 — 82,127 U.S. government and federal agency securities 2,840,025 91,653 — — 2,931,678 Municipal securities — 453,881 — — 453,881 Sovereign obligations 1,962,346 591,342 — — 2,553,688 Residential mortgage-backed securities — 1,100,849 21,826 — 1,122,675 Commercial mortgage-backed securities — 736,291 2,003 — 738,294 Other asset-backed securities — 103,611 79,995 — 183,606 Loans and other receivables — 2,610,746 134,636 — 2,745,382 Derivatives 1,523 2,013,942 21,678 (1,556,136) 481,007 Investments at fair value — 6,122 213,946 — 220,068 FXCM term loan — — 59,455 — 59,455 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 7,279,781 $ 10,784,987 $ 650,561 $ (1,556,136) $ 17,159,193 Loans to and investments in associated $ — $ 8,603 $ 40,185 $ — $ 48,788 Securities received as collateral, at fair value $ 7,517 $ — $ — $ — $ 7,517 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 2,046,441 $ 9,046 $ 4,434 $ — $ 2,059,921 Corporate debt securities — 1,237,631 141 — 1,237,772 U.S. government and federal agency securities 2,609,660 — — — 2,609,660 Sovereign obligations 1,050,771 624,740 — — 1,675,511 Residential mortgage-backed securities — 477 — — 477 Commercial mortgage-backed securities — — 35 — 35 Loans — 1,776,446 16,635 — 1,793,081 Derivatives 551 2,391,556 47,695 (1,798,659) 641,143 Total financial instruments sold, not yet purchased, at fair value $ 5,707,423 $ 6,039,896 $ 68,940 $ (1,798,659) $ 10,017,600 Short-term borrowings $ — $ 5,067 $ — $ — $ 5,067 Other secured financings $ — $ — $ 1,543 $ — $ 1,543 Long-term debt $ — $ 1,036,217 $ 676,028 $ — $ 1,712,245 Obligation to return securities received as collateral, at fair value $ 7,517 $ — $ — $ — $ 7,517 (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 from observed prices on 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 third-party valuation services or 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, where available, or recently executed independent transactions of comparable size 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 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 pricing data from external pricing services, where available, and 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, for example, derived using 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. 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 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, 2021 Equity Long/Short Hedge Funds (2) $ 462,600 $ — Equity Funds (3) 40,651 17,961 Commodity Funds (4) 23,540 — Multi-asset Funds (5) 398,962 — Other Funds (6) 95,688 6,090 Total $ 1,021,441 $ 24,051 November 30, 2020 Equity Long/Short Hedge Funds (2) $ 328,096 $ — Equity Funds (3) 33,221 12,408 Commodity Funds (4) 17,747 — Multi-asset Funds (5) 561,236 — Other Funds (6) 25,084 5,000 Total $ 965,384 $ 17,408 (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, 2021 and November 30, 2020, approximately 72% and 94%, respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption before December 31, 2021. At August 31, 2021 approximately 22% of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption before November 30, 2023. At both August 31, 2021 and November 30, 2020, approximately 6% of the fair value 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 primarily 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, 2021 and November 30, 2020, investments representing approximately 79% and 57%, respectively, of the fair value of investments in this category are redeemable monthly with 60 days prior written notice. (6) This category includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments. This category also includes investments in a fund that invests in distressed and special situations long and short credit strategies across sectors and asset types. Investments in this category are redeemable quarterly with 90 days prior written notice. Investment in FXCM Our investment in FXCM and associated companies consists of a senior secured term loan due February 15, 2022 ($71.6 million principal outstanding at August 31, 2021), 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. 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 and 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 the corresponding leveling guidance above. These financial instruments are typically 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, equity-linked notes, 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 period or model pricing is available, otherwise the notes 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 Williston Basin in North Dakota and Montana. 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 Williston Basin 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, LLC ("JETX Energy"), an oil and gas production and development subsidiary, performed an impairment analysis for its oil and gas properties in the East Eagle Ford. JETX Energy first determined the estimated undiscounted cash flows based on the reserves and costs utilized in its reserve report and then updated those cash flows based on strip pricing as of February 29, 2020. The expected undiscounted future net cash flows were then compared to the end of quarter net carrying value of the proven properties. As the undiscounted future net cash flows were lower than the carrying value, JETX Energy then determined the estimated fair value of the proven properties. To measure the estimated fair value of its proven properties, JETX Energy used unobservable Level 3 inputs, including a 10.0% discount rate and estimated future cash flows from its reserve report. The estimated fair value of JETX Energy's proven oil and gas properties in the East Eagle Ford totaled $9.6 million, which was $33.0 mill |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Aug. 31, 2021 | |
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) interest rate swaps that have been designated as fair value hedges 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 18 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, 2021 and November 30, 2020 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, 2021 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 44,100 1 $ 22,880 1 Foreign exchange contracts: Bilateral OTC 11,180 5 — — Total derivatives designated as accounting hedges 55,280 22,880 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 2,484 39,884 1,587 44,836 Cleared OTC 50,449 4,101 82,597 4,407 Bilateral OTC 453,216 1,568 316,259 854 Foreign exchange contracts: Exchange-traded — 30 — — Bilateral OTC 662,479 16,373 668,138 16,294 Equity contracts: Exchange-traded 742,689 1,259,059 789,866 1,212,193 Bilateral OTC 390,703 3,100 1,319,868 2,219 Commodity contracts: Exchange-traded 553 2,077 370 1,679 Bilateral OTC 275 166 15,010 1,220 Credit contracts: Cleared OTC 28,410 27 45,253 51 Bilateral OTC 12,424 19 13,291 16 Total derivatives not designated as accounting hedges 2,343,682 3,252,239 Total gross derivative assets/liabilities: Exchange-traded 745,726 791,823 Cleared OTC 122,959 150,730 Bilateral OTC 1,530,277 2,332,566 Amounts offset in the Consolidated Statement of Financial Condition (3): Exchange-traded (742,450) (742,450) Cleared OTC (122,587) (141,384) Bilateral OTC (1,116,816) (1,459,490) Net amounts in the Consolidated Statement of Financial Condition (4) $ 417,109 $ 931,795 (continued) Assets Liabilities Fair Value Number of Fair Value Number of November 30, 2020 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 67,381 1 $ 6,891 1 Foreign exchange contracts: Bilateral OTC — — 3,306 11 Total derivatives designated as accounting hedges 67,381 10,197 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 2,442 52,620 439 42,611 Cleared OTC 17,379 3,785 114,524 4,307 Bilateral OTC 626,210 1,493 317,534 466 Foreign exchange contracts: Exchange-traded — — — 180 Bilateral OTC 297,165 15,005 277,706 15,050 Equity contracts: Exchange-traded 558,304 1,147,486 564,951 971,938 Bilateral OTC 429,304 2,374 1,125,944 2,421 Commodity contracts: Exchange-traded 64 3,207 — 2,654 Bilateral OTC 13,190 1,556 — — Credit contracts: Cleared OTC 24,696 39 26,298 31 Bilateral OTC 1,008 11 2,209 11 Total derivatives not designated as accounting hedges 1,969,762 2,429,605 Total gross derivative assets/liabilities: Exchange-traded 560,810 565,390 Cleared OTC 109,456 147,713 Bilateral OTC 1,366,877 1,726,699 Amounts offset in the Consolidated Statement of Financial Condition (3): Exchange-traded (546,989) (546,989) Cleared OTC (109,228) (111,654) Bilateral OTC (899,919) (1,140,016) Net amounts in the Consolidated Statement of Financial Condition (4) $ 481,007 $ 641,143 (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 related to fair value hedges (in thousands): For the Three Months Ended For the Nine Months Ended August 31, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Interest rate swaps $ 17,665 $ 834 $ (27,797) $ 47,303 Long-term debt (13,396) 1,634 38,630 (45,539) Total $ 4,269 $ 2,468 $ 10,833 $ 1,764 The following table provides information related to gains (losses) on net investment hedges recognized in Net unrealized foreign exchange gains (losses), a component of Accumulated 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, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Foreign exchange contracts $ 39,778 $ (393) $ (23,628) $ (393) Total $ 39,778 $ (393) $ (23,628) $ (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, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Interest rate contracts $ (152) $ (35,462) $ (20,912) $ (40,630) Foreign exchange contracts (38,633) 4,418 32,439 2,534 Equity contracts (198,979) (32,782) (291,991) 113,253 Commodity contracts (3,958) (18,716) (29,027) 42,049 Credit contracts (4,927) (179) (6,970) 14,205 Total $ (246,649) $ (82,721) $ (316,461) $ 131,411 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, 2021 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross- Total Commodity swaps, options and forwards $ 132 $ 143 $ — $ — $ 275 Equity options and forwards 61,205 36 20,728 (25,243) 56,726 Credit default swaps — 1,028 389 — 1,417 Total return swaps 78,860 60,206 789 (7,489) 132,366 Foreign currency forwards, swaps and options 72,545 7,643 — (8,809) 71,379 Fixed income forwards 26,952 — — — 26,952 Interest rate swaps, options and forwards 39,919 104,882 152,622 (33,967) 263,456 Total $ 279,613 $ 173,938 $ 174,528 $ (75,508) 552,571 Cross product counterparty netting (29,988) Total OTC derivative assets included in Financial instruments owned, at fair value $ 522,583 (1) At August 31, 2021, we held net exchange-traded derivative assets and other credit agreements with a fair value of $16.2 million, which are not included in this table. (2) OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received in the Consolidated Statements of Financial Condition. At August 31, 2021, cash collateral received was $121.7 million. (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross-Maturity Total Commodity swaps, options and forwards $ 12,799 $ 2,211 $ — $ — $ 15,010 Equity options and forwards 8,209 670,980 136,499 (25,243) 790,445 Credit default swaps 12 19,268 — — 19,280 Total return swaps 61,866 270,869 — (7,489) 325,246 Foreign currency forwards, swaps and options 67,044 7,113 — (8,809) 65,348 Fixed income forwards 29,254 — — — 29,254 Interest rate swaps, options and forwards 25,013 46,642 112,617 (33,967) 150,305 Total $ 204,197 $ 1,017,083 $ 249,116 $ (75,508) 1,394,888 Cross product counterparty netting (29,988) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value $ 1,364,900 (1) At August 31, 2021, we held net exchange-traded derivative liabilities and other credit agreements with a fair value of $50.0 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, 2021, cash collateral pledged was $483.1 million. (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. At August 31, 2021, 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 $ 130,680 BBB- to BBB+ 13,552 BB+ or lower 165,863 Unrated 212,488 Total $ 522,583 (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, 2021 Credit protection sold: Index credit default swaps $ 265.0 $ 287.1 $ — $ 552.1 Single name credit default swaps 12.6 6.2 0.2 19.0 November 30, 2020 Credit protection sold: Index credit default swaps $ 62.0 $ 262.8 $ — $ 324.8 Single name credit default swaps — 6.2 0.2 6.4 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 was 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, 2020 Derivative instrument liabilities with credit-risk-related contingent features $ 440.4 $ 284.6 Collateral posted (216.2) (129.8) Collateral received 121.7 141.4 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 346.0 296.2 (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, 2021 | |
Collateralized Transactions [Abstract] | |
Collateralized Transactions | Collateralized Transactions Our repurchase agreements and securities borrowing and lending arrangements are generally recorded at cost in the Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their short-term nature. We enter into secured borrowing and lending arrangements to obtain collateral necessary to effect settlement, finance inventory positions, meet customer needs or re-lend as part of dealer operations. We monitor the fair value of the securities loaned and borrowed on a daily basis as compared with the related payable or receivable, and request additional collateral or return excess collateral, as appropriate. We pledge financial instruments as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Our agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledged by the counterparty are included in Financial instruments owned, at fair value, and noted parenthetically as Securities pledged in the Consolidated Statements of Financial Condition. In instances where we receive securities as collateral in connection with securities-for-securities transactions in which we are the lender of securities and are permitted to sell or repledge the securities received as collateral, we report the fair value of the collateral received and the related obligation to return the collateral 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, 2021 Corporate equity securities $ 1,428,901 $ 207,370 $ 9,853 $ 1,646,124 Corporate debt securities 262,099 2,019,062 — 2,281,161 Mortgage-backed and asset-backed securities — 1,035,695 — 1,035,695 U.S. government and federal agency securities 17,261 8,399,520 — 8,416,781 Municipal securities — 170,540 — 170,540 Sovereign obligations 56,227 2,211,634 — 2,267,861 Loans and other receivables — 1,607,536 — 1,607,536 Total $ 1,764,488 $ 15,651,357 $ 9,853 $ 17,425,698 November 30, 2020 Corporate equity securities $ 1,371,978 $ 157,912 $ 7,517 $ 1,537,407 Corporate debt securities 369,218 1,869,844 — 2,239,062 Mortgage-backed and asset-backed securities — 1,547,140 — 1,547,140 U.S. government and federal agency securities 14,789 7,149,992 — 7,164,781 Municipal securities — 278,470 — 278,470 Sovereign obligations 54,763 2,763,032 — 2,817,795 Loans and other receivables — 1,392,883 — 1,392,883 Total $ 1,810,748 $ 15,159,273 $ 7,517 $ 16,977,538 Contractual Maturity Overnight and Continuous Up to 30 Days 31 to 90 Days Greater than 90 Days Total August 31, 2021 Securities lending arrangements $ 693,448 $ — $ 446,696 $ 624,344 $ 1,764,488 Repurchase agreements 6,731,201 2,113,096 2,346,442 4,460,618 15,651,357 Obligation to return securities received as collateral, at fair value 9,853 — — — 9,853 Total $ 7,434,502 $ 2,113,096 $ 2,793,138 $ 5,084,962 $ 17,425,698 November 30, 2020 Securities lending arrangements $ 636,256 $ 59,735 $ 459,455 $ 655,302 $ 1,810,748 Repurchase agreements 5,510,476 1,747,526 5,019,885 2,881,386 15,159,273 Obligation to return securities received as collateral, at fair value 7,517 — — — 7,517 Total $ 6,154,249 $ 1,807,261 $ 5,479,340 $ 3,536,688 $ 16,977,538 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, 2021 and November 30, 2020, the approximate fair value of securities received as collateral by us that may be sold or repledged was $31.60 billion and $25.85 billion, respectively. At August 31, 2021 and November 30, 2020, 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, 2021 Securities borrowing arrangements $ 6,212,491 $ — $ 6,212,491 $ (263,043) $ (1,925,452) $ 4,023,996 Reverse repurchase agreements 16,091,094 (8,079,544) 8,011,550 (310,547) (7,669,325) 31,678 Securities received as collateral, at fair value 9,853 — 9,853 — (9,853) — Liabilities at August 31, 2021 Securities lending arrangements $ 1,764,488 $ — $ 1,764,488 $ (263,043) $ (1,489,230) $ 12,215 Repurchase agreements 15,651,357 (8,079,544) 7,571,813 (310,547) (6,835,756) 425,510 Obligation to return securities received as collateral, at fair value 9,853 — 9,853 — (9,853) — Assets at November 30, 2020 Securities borrowing arrangements $ 6,934,762 $ — $ 6,934,762 $ (395,342) $ (1,706,046) $ 4,833,374 Reverse repurchase agreements 11,939,773 (6,843,004) 5,096,769 (412,327) (4,578,560) 105,882 Securities received as collateral, at fair value 7,517 — 7,517 — — 7,517 Liabilities at November 30, 2020 Securities lending arrangements $ 1,810,748 $ — $ 1,810,748 $ (395,342) $ (1,397,550) $ 17,856 Repurchase agreements 15,159,273 (6,843,004) 8,316,269 (412,327) (7,122,422) 781,520 Obligation to return securities received as collateral, at fair value 7,517 — 7,517 — — 7,517 (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, 2021, amounts include $3.93 billion of securities borrowing arrangements, for which we have received securities collateral of $3.79 billion, and $420.0 million of repurchase agreements, for which we have pledged securities collateral of $432.1 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. At November 30, 2020, amounts include $4.76 billion of securities borrowing arrangements, for which we have received securities collateral of $4.62 billion, and $720.0 million of repurchase agreements, for which we have pledged securities collateral of $733.9 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 segregated in accordance with regulatory regulations and deposited with clearing and depository organizations totaled $514.5 million and $604.3 million at August 31, 2021 and November 30, 2020, 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, 2021 | |
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, we generally do not consolidate the SPEs 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, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Transferred assets $ 2,608.1 $ 983.9 $ 9,338.1 $ 4,794.3 Proceeds on new securitizations 2,609.8 983.9 9,339.4 4,794.3 Cash flows received on retained interests 4.5 6.3 14.3 18.6 We have no explicit or implicit arrangements to provide additional financial support to these SPEs, have no liabilities related to these SPEs and do not have any outstanding derivative contracts executed in connection with these securitization activities at August 31, 2021 and November 30, 2020. 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, 2021 November 30, 2020 Securitization Type Total Retained Total Retained U.S. government agency residential mortgage-backed securities $ 382.5 $ 5.6 $ 562.5 $ 7.8 U.S. government agency commercial mortgage-backed securities 2,755.1 100.3 2,461.2 205.2 CLOs 3,826.5 58.7 3,345.5 39.5 Consumer and other loans 2,250.3 125.7 1,290.6 56.6 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, 2021 | |
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; • 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, reverse repurchase 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, 2021 November 30, 2020 Secured Funding Vehicles Other Secured Funding Vehicles Other Cash (1) $ — $ 1.2 $ — $ 1.2 Financial instruments owned, at fair value — 37.6 — 5.2 Securities purchased under agreements to resell (2) 3,549.9 — 2,908.9 — Receivables 708.1 13.1 510.6 12.9 Other assets (3) 113.9 — 46.4 0.1 Total assets $ 4,371.9 $ 51.9 $ 3,465.9 $ 19.4 Financial instruments sold, not yet purchased, at fair $ — $ 0.1 $ — $ 2.5 Other secured financings (4) 4,338.8 — 3,425.0 — Other liabilities (5) 2.6 51.3 1.8 0.4 Total liabilities $ 4,341.4 $ 51.4 $ 3,426.8 $ 2.9 (1) Approximately $1.2 million and $0.7 million of the cash amounts at August 31, 2021 and November 30, 2020, respectively, represent cash on deposit with related consolidated entities and are 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 $36.0 million and $9.7 million of the other assets at August 31, 2021 and November 30, 2020, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (4) Approximately $138.2 million of the other secured financings at November 30, 2020 are with related consolidated entities, which are eliminated in consolidation. (5) Approximately $50.9 million and $0.3 million of the other liabilities at August 31, 2021 and November 30, 2020, respectively, represent intercompany payables with related consolidated entities, which are eliminated in consolidation. Secured Funding 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, 2021 and November 30, 2020, Foursight Capital is the primary beneficiary of SPEs it utilized to securitize automobile loans receivable. Foursight Capital acts as the servicer for which it receives a fee, and owns an equity interest in the SPEs. The notes issued by the SPEs are secured solely by the assets of the SPEs and do not have recourse to Foursight Capital's general credit and the assets of the VIEs are not available to satisfy any other debt. During the three and nine months ended August 31, 2021, automobile loan receivables aggregating $264.1 million and $514.5 million, respectively, were securitized by Foursight Capital in connection with secured borrowing offerings. The majority of the proceeds from issuance of the secured borrowings were used to pay down Foursight Capital's two credit facilities. 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, 2021 CLOs $ 309.3 $ 2.3 $ 2,372.2 $ 8,669.1 Asset-backed vehicles 214.6 — 241.7 3,097.8 Related party private equity vehicles 28.1 — 38.7 80.4 Other investment vehicles 1,079.4 — 1,196.7 16,618.9 Total $ 1,631.4 $ 2.3 $ 3,849.3 $ 28,466.2 November 30, 2020 CLOs $ 60.7 $ 0.2 $ 642.7 $ 6,849.1 Asset-backed vehicles 251.6 — 377.2 2,462.7 Related party private equity vehicles 19.0 — 30.0 53.0 Other investment vehicles 899.9 — 1,042.9 15,735.5 Total $ 1,231.2 $ 0.2 $ 2,092.8 $ 25,100.3 Our maximum exposure to loss often differs from the carrying value of the variable interests. The maximum exposure to loss is dependent on the nature of the variable interests in our 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, sub-investment grade and senior secured U.S. loans and senior secured Euro denominated corporate leveraged loans and bonds. 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; and ◦ Reverse repurchase agreements with collateral margin maintenance obligations and commitments to fund such reverse repurchase agreements; • Trading positions in securities issued in CLO transactions; 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 both August 31, 2021 and November 30, 2020, our total equity commitment in the JCP Entities was $133.0 million, of which $122.3 million and $122.0 million, respectively, had been funded. The carrying value of our equity investments in the JCP Entities was $28.1 million and $19.0 million at August 31, 2021 and November 30, 2020, 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 $1.08 billion and $899.9 million at August 31, 2021 and November 30, 2020, respectively. Our unfunded equity commitment related to these investments totaled $117.2 million and $143.0 million at August 31, 2021 and November 30, 2020, 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, 2021 and November 30, 2020, we held $695.9 million and $1.57 billion of agency mortgage-backed securities, respectively, and $189.0 million and $252.0 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. FXCM reported total assets of $394.7 million in its latest financial statements. Our maximum exposure to loss as a result of our involvement with FXCM is limited to the carrying value of the term loan ($58.5 million) and the investment in associated company ($51.0 million), which totaled $109.5 million at August 31, 2021. FXCM is not included in the above table containing information about our variable interests in nonconsolidated VIEs. |
Loans to and Investments in Ass
Loans to and Investments in Associated Companies | 9 Months Ended |
Aug. 31, 2021 | |
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, 2021 and 2020 is as follows (in thousands): Loans to and investments in associated companies as of beginning of period Income (losses) related to associated companies Other income (losses) related to associated companies (1) Contributions to (distributions from) associated companies, net Other Loans to and investments in associated companies as of end of period 2021 Jefferies Finance $ 693,201 $ — $ 59,068 $ (8,837) $ — $ 743,432 Berkadia 301,152 86,639 (556) (140) 387,095 FXCM (2) 73,920 (23,046) — — 109 50,983 Linkem (3) 198,991 (34,174) — (9,057) (726) 155,034 Real estate associated companies 168,678 (2,948) — (20,151) — 145,579 Other (3) 250,621 (1,102) 41,525 (28,200) (2) 262,842 Total $ 1,686,563 $ (61,270) $ 187,232 $ (66,801) $ (759) $ 1,744,965 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 194,847 (21,754) — 35,103 (2,149) 206,047 Real estate associated companies (4) 255,309 (50,910) — (34,505) — 169,894 Other 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 (1) Primarily related to Jefferies Group and 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, 2021 and November 30, 2020 include loans and debt securities aggregating $104.1 million and $104.1 million, respectively, related to Linkem and Other. (4) 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. Income (losses) related to associated companies includes the following (in thousands): For the Three Months Ended For the Nine Months Ended August 31, 2021 August 31, 2020 August 31, 2021 August 31, 2020 FXCM $ (12,926) $ 3,704 $ (23,046) $ 9,956 Linkem (14,231) (1,945) (34,174) (21,754) Real estate associated companies 169 2,532 (2,948) (50,910) Other (188) 762 (1,102) (6,815) Total $ (27,176) $ 5,053 $ (61,270) $ (69,523) Other income (losses) related to associated companies (primarily related to Jefferies Group and classified in Other revenues) includes the following (in thousands): For the Three Months Ended For the Nine Months Ended August 31, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Jefferies Finance $ (1,767) $ (17,731) $ 59,068 $ (65,681) Berkadia 25,967 18,448 86,639 40,373 Other 9,988 3,137 41,525 3,026 Total $ 34,188 $ 3,854 $ 187,232 $ (22,282) Jefferies Finance In August 2021, Jefferies Finance LLC’s corporate structure was reorganized and its debt was refinanced. As a result, we now hold an equity interest in JFIN Parent LLC ("Jefferies Finance") and Jefferies Finance LLC is a direct subsidiary of JFIN Parent LLC. Through Jefferies Group, we own 50% of 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 syndicates primarily senior secured loans to corporate borrowers. Jefferies Finance conducts its operations primarily through two business lines, Leveraged Finance Arrangement and Portfolio & Asset Management. The Leveraged Finance Arrangement business line participates in transactions typically ranging from $250 million to $1.50 billion for borrowers. Loans are originated primarily through the investment banking efforts of Jefferies LLC. The Portfolio & Asset Management business line, collectively referred to as Jefferies Credit Partners, is a private credit platform that manages more than $10.0 billion of proprietary and third party capital invested across commingled funds, separately managed accounts and CLOs. At August 31, 2021, Jefferies Group and MassMutual each had equity commitments to Jefferies Finance of $750.0 million. At August 31, 2021, $681.2 million of Jefferies Group's commitment was funded. The investment commitment is scheduled to expire on March 1, 2022 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, 2021. Advances are shared equally between Jefferies Group and MassMutual. The facility is scheduled to mature on March 1, 2022 with automatic one year extensions absent a 60-day termination notice by either party. At August 31, 2021, $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 $0.3 million and $0.4 million during the three months ended August 31, 2021 and 2020, respectively, and $2.2 million and $3.0 million during the nine months ended August 31, 2021 and 2020, 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, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Origination and syndication fee revenues (1) $ 87.8 $ 42.4 $ 303.5 $ 123.9 Origination fee expenses (1) 15.6 3.8 48.4 12.4 CLO placement fee revenues (2) 0.6 1.3 4.3 1.7 Underwriting fees (3) 2.0 — 2.5 0.3 Service fees (4) 18.0 13.5 63.5 49.4 (1) Jefferies Group engages in the origination and syndication of loans underwritten 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, 2021 and November 30, 2020, 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, 2021 and November 30, 2020, we had receivables from Jefferies Finance, included in Other assets in the Consolidated Statements of Financial Condition of $14.5 million and $24.2 million, respectively. At August 31, 2021 and November 30, 2020, 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 $1.1 million and $13.7 million, respectively. 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 other investors. Berkadia also 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, 2021, the aggregate amount of commercial paper outstanding was $1.47 billion. 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). FXCM is considered a VIE and our term loan and equity interest are variable interests. We have determined that we are not the primary beneficiary of FXCM because we do not have the power to direct the activities that most significantly impact FXCM's performance. Therefore, we do not consolidate FXCM. 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, 2021. We have approximately 48% of the total voting securities of Linkem. Additionally, we have made shareholder loans to Linkem with principal outstanding of $101.1 million at August 31, 2021. We account for our equity interest in Linkem on a two month lag. 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 |
Intangible Assets, Net and Good
Intangible Assets, Net and Goodwill | 9 Months Ended |
Aug. 31, 2021 | |
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, 2020 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 7,811 $ 7,884 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $126,254 and $119,694 45,065 51,285 Trademarks and tradenames, net of accumulated amortization of $31,472 and $28,585 97,888 100,255 Other, net of accumulated amortization of $10,768 and $8,953 5,914 7,729 Total intangible assets, net 156,678 167,153 Goodwill: Investment Banking and Capital Markets (1) 1,565,315 1,563,144 Asset Management 143,000 143,000 Real estate 36,711 36,711 Other operations 3,459 3,459 Total goodwill 1,748,485 1,746,314 Total intangible assets, net and goodwill $ 1,905,163 $ 1,913,467 (1) The increase in Investment Banking and Capital Markets goodwill during the nine months ended August 31, 2021, primarily relates to translation adjustments. Amortization expense on intangible assets was $3.6 million and $3.7 million for the three months ended August 31, 2021 and 2020, respectively, and $10.7 million and $11.5 million for the nine months ended August 31, 2021 and 2020, 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 $ 3,585 2022 11,134 2023 9,900 2024 9,143 2025 8,632 We performed our annual impairment testing of goodwill within the Investment Banking and Capital Markets, and Asset Management segments as of August 1, 2021. The quantitative goodwill impairment test is performed at our reporting unit level. 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, an impairment loss is recognized as the difference between the fair value and carrying value of the reporting unit. 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, 2021. 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, 2021. We utilized quantitative assessments 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 and qualitative assessments were performed on the remainder of our indefinite-life intangible assets. In applying our quantitative assessments, we recognized immaterial impairment losses on certain exchange membership interests and registrations. With regard to our qualitative assessments of the remaining indefinite-life intangible assets, based on our assessments of market conditions, the utilization of the assets and the replacement costs associated with the assets, we have 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, 2021 | |
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, 2020 Bank loans (1) $ 300,497 $ 752,848 Floating rate puttable notes (1) 6,800 6,800 Equity-linked notes (2) — 5,067 Total short-term borrowings $ 307,297 $ 764,715 (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, 2021 and November 30, 2020, the weighted average interest rate on short-term borrowings outstanding was 1.02% and 1.87% per annum, respectively. Our bank loans include facilities that contain certain covenants that, among other things, require Jefferies Group to maintain a specified level of tangible net worth and impose certain restrictions on the future indebtedness of certain of Jefferies Group's subsidiaries that are borrowers. At August 31, 2021, Jefferies Group was in compliance with all covenants under these facilities. Our facilities, which are with a bank and are included within bank loans, were $300.0 million and $746.0 million at August 31, 2021 and November 30, 2020, respectively. Interest is based on a rate per annum at spreads over the Federal Funds Rate, as defined in the credit agreements. In addition, a bank has agreed to make revolving intraday credit advances to Jefferies Group ("Jefferies Group Intraday Credit Facility") for an aggregate committed amount of $150.0 million. The Jefferies Group 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% 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 Jefferies Group Intraday Credit Facility contains financial covenants, which include a minimum regulatory net capital requirement for Jefferies Group's U.S. broker-dealer, Jefferies LLC. At August 31, 2021, Jefferies Group was in compliance with all debt covenants under the Jefferies Group Intraday Credit Facility. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Aug. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Principal amounts included in the table below are shown net of unamortized discounts, premiums and debt issuance costs (dollars in thousands). August 31, November 30, 2020 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 746,891 $ 745,883 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,873 246,828 Total long-term debt – Parent Company 993,764 992,711 Subsidiary Debt (non-recourse to Parent Company): Jefferies Group: 2.25% Euro Medium Term Notes, due July 13, 2022, $0 and $4,779 principal — 4,638 5.125% Senior Notes, due January 20, 2023, $750,000 principal 756,536 759,901 1.00% Euro Medium Term Notes, due July 19, 2024, $590,600 and $597,350 principal 589,294 595,700 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 789,663 809,039 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 367,194 369,057 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 990,283 989,574 2.75% Senior Notes, due October 15, 2032, $500,000 principal (1) 466,860 485,134 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 510,497 510,834 6.50% Senior Notes, due January 20, 2043, $400,000 principal 419,500 419,826 Structured Notes (2) 1,790,645 1,712,245 Jefferies Group Revolving Credit Facility 248,873 189,732 Jefferies Group Secured Credit Facility 375,000 — Jefferies Group Secured Bank Loan 50,000 50,000 HomeFed EB-5 Program debt 202,618 191,294 HomeFed construction loans 45,442 45,471 Foursight Capital Credit Facilities — 129,000 Vitesse Energy Finance Revolving Credit Facility 74,559 97,883 Total long-term debt – subsidiaries 7,676,964 7,359,328 Long-term debt $ 8,670,728 $ 8,352,039 (1) The carrying values of these senior notes include a net gain of $38.6 million and a net loss of $45.5 million during the nine months ended August 31, 2021 and 2020, respectively, associated with interest rate swaps based on designation as fair value hedges. 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. Gains and losses in the fair value of structured notes resulting from non-credit components are recognized within Other operating activities in the Consolidated Statements of Cash Flow. Parent Company Debt: Subsequent to quarter-end on October 8, 2021, we announced a tender offer for any and all of our $750.0 million outstanding 5.50% Senior Notes due October 18, 2023. Subsidiary Debt : During the nine months ended August 31, 2021, structured notes with a total principal amount of approximately $50.6 million, net of retirements, were issued by Jefferies Group. Subsequent to quarter-end, on October 8, 2021, Jefferies Group issued 2.625% senior notes with a principal amount of $1.0 billion, due 2031. In addition, Jefferies Group gave notice to the trustee and debt holders of its 5.125% senior notes, due January 20, 2023, of its plan to redeem the outstanding aggregate principal amount (carrying value of $756.5 million at August 31, 2021) of these notes. During April 2021, Jefferies Group entered into a Revolving Credit Facility ("Jefferies Group Revolving Credit Facility") with a group of commercial banks following the maturity of its previous revolving credit facility. At August 31, 2021, borrowings under the Jefferies Group Revolving Credit Facility amounted to $248.9 million. Interest is based on an adjusted London Interbank Offered Rate ("LIBOR"), as defined in the credit agreement. The Jefferies Group Revolving Credit Facility contains certain covenants that, among other things, require Jefferies Group LLC to maintain specified levels of tangible net worth and liquidity amounts, and impose certain restrictions on future indebtedness of and require specified levels of regulated capital for certain of its subsidiaries. Throughout the period and at August 31, 2021, no instances of noncompliance with the Jefferies Group Revolving Credit Facility covenants occurred and Jefferies Group expects to remain in compliance given its current liquidity and anticipated funding requirements given its business plan and profitability expectations. During May 2021, Jefferies Group entered into a Secured Credit Facility agreement ("Jefferies Group Secured Credit Facility") with a bank under which it has borrowed $375.0 million at August 31, 2021. Interest is based on a rate per annum at spreads over an Adjusted LIBOR Rate, as defined in the credit agreement. The Jefferies Group Secured 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 a certain subsidiary of Jefferies Group to maintain specified leverage amounts and impose certain restrictions on its future indebtedness. At August 31, 2021, Jefferies Group was in compliance with all debt covenants under the Jefferies Group Secured Credit Facility. During August 2021, Jefferies Group entered into a senior unsecured revolving credit facility ("Jefferies Group Unsecured Revolving Credit Facility") agreement with a bank for an aggregate committed amount of $350.0 million. Interest is based on a rate per annum at spreads over an Adjusted LIBOR Rate or a Base Rate, as defined in the credit agreement. The Jefferies Group Unsecured Revolving Credit Facility contains certain covenants that, among other things, require Jefferies Group LLC to maintain a specified level of tangible net worth, net cash capital and a minimum regulatory net capital requirement for Jefferies LLC. At August 31, 2021, Jefferies Group was in compliance with all covenants under the Jefferies Group Unsecured Revolving Credit Facility. At August 31, 2021, Jefferies Group did not have any borrowings outstanding under the Jefferies Group Unsecured Revolving Credit Facility. One of Jefferies Group's subsidiaries had a Loan and Security Agreement with a bank for a term loan with a principal amount of $50.0 million ("Jefferies Group Secured Bank Loan"). This Jefferies Group Secured Bank Loan matured on September 27, 2021 and was collateralized by certain trading securities. Interest on the Jefferies Group Secured Bank Loan was 1.25% plus LIBOR. The agreement contained certain covenants that, among other things, restricted lien or encumbrance upon any of the pledged collateral. At August 31, 2021, 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, 2021, 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 EB-5 Program debt matures in 2024 and 2025. At August 31, 2021, HomeFed has construction loans with an aggregate committed amount of $151.9 million. The proceeds are being used for construction at certain of its real estate projects. The outstanding principal amount of the loans bear interest based on spreads of 2.15% to 3.15%, over 30-day LIBOR, subject to adjustment on the first of each calendar month. At August 31, 2021, the weighted average interest rate on these loans was 3.24%. The loans mature between March 2022 and May 2024 and are collateralized by the property underlying the related project with a guarantee by HomeFed. At August 31, 2021 and November 30, 2020, $46.8 million and $46.2 million, respectively, was outstanding under the construction loan agreements. At August 31, 2021, Foursight Capital's credit facilities consisted of two warehouse credit commitments aggregating $175.0 million. The $75.0 million credit facility matures in May 2023 and bears interest based on the one-month LIBOR plus a credit spread fixed through its maturity. The $100.0 million credit facility is currently available through October 2021 and bears interest based on a commercial paper rate plus a fixed credit spread. Foursight Capital anticipates renegotiating the terms of the $100.0 million credit facility in the upcoming quarter. 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. At August 31, 2021 and November 30, 2020, $0.0 million and $129.3 million, respectively, was outstanding under Foursight Capital's credit facilities. |
Mezzanine Equity
Mezzanine Equity | 9 Months Ended |
Aug. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Mezzanine Equity | Mezzanine Equity Redeemable Noncontrolling Interests At August 31, 2021 and November 30, 2020, redeemable noncontrolling interests include other redeemable noncontrolling interests of $38.2 million and $24.7 million, respectively, primarily related to our oil and gas exploration and development businesses. Mandatorily Redeemable Convertible Preferred Shares We have one series of callable mandatorily redeemable cumulative convertible preferred shares ("Preferred Shares"). Our 125,000 Preferred Shares are callable beginning January 2023 at a price of $1,000 per share, plus accrued interest and are mandatorily redeemable in 2038 for $125.0 million. The Preferred Shares have a dividend rate equal to the sum of 3.25% annual, cumulative cash dividend, plus an additional quarterly payment based on the amount by which our common stock dividends exceed $0.0625 per common share. The Preferred Shares are currently convertible into 4,440,863 common shares, an effective conversion price of $28.15 per share. |
Compensation Plans
Compensation Plans | 9 Months Ended |
Aug. 31, 2021 | |
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 year service period and are amortized as compensation expense on a straight-line basis over the related four years. Restricted stock and RSUs are granted to certain senior executives with market, performance and service conditions. Market conditions are incorporated into the grant-date fair value of senior executive awards using a Monte Carlo valuation model. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market condition is not met. Awards with performance conditions are amortized over the service period if it is determined that it is probable that the performance condition will be achieved. Senior Executive Compensation Plan. In December 2020, the Compensation Committee of our Board of Directors granted certain senior executives nonqualified stock options and stock appreciation rights ("SAR"). The total initial fair value of the stock options and SAR awards were recorded as expense at the time of the grant as both have no future service requirements. The SAR awards will be settled on a cash basis or, at the sole discretion of the Compensation Committee, may be converted irrevocably to a stock-settled award and were initially determined to be liability-classified share-based awards. In March 2021, the Compensation Committee exercised its discretion and converted these to stock-settled awards and at such time they became equity-classified share-based awards. For the nine months ended August 31, 2021, we recorded $48.6 million of total Compensation and benefits expense relating to the stock options and SAR awards. Share-Based Compensation Expense. Share-based compensation expense relating to grants made under our share-based compensation plans was $7.0 million and $8.9 million for the three months ended August 31, 2021 and 2020, respectively, and $71.2 million (including $48.6 million related to the senior executive stock option and SAR awards, as discussed above) and $29.6 million for the nine months ended August 31, 2021 and 2020, 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 $1.8 million and $2.3 million for the three months ended August 31, 2021 and 2020, respectively, and $9.0 million and $7.5 million for the nine months ended August 31, 2021 and 2020, respectively. At August 31, 2021, total unrecognized compensation cost related to nonvested share-based compensation plans was $30.9 million; this cost is expected to be recognized over a weighted average period of 2.1 years. At August 31, 2021, there were 1,583,000 shares of restricted stock outstanding with future service required, 2,896,000 RSUs outstanding with future service required (including target RSUs issuable under the senior executive compensation plan), 17,080,000 RSUs outstanding with no future service required, 5,132,000 stock options outstanding and 1,119,000 shares issuable under other plans. Additionally, the Preferred Shares are currently convertible into 4,440,863 common shares at an effective conversion price of $28.15 per share. The maximum potential increase to common shares outstanding resulting from these outstanding awards and the Preferred Shares is 30,668,000 at August 31, 2021. 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, 2021, the remaining unamortized amount of the restricted cash awards was $390.0 million and is included within Other assets in the Consolidated Statement of Financial Condition; this cost is expected to be recognized over a weighted average period of 3 years. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Aug. 31, 2021 | |
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, 2020 Net unrealized gains on available for sale securities $ 377 $ 513 Net unrealized foreign exchange losses (151,445) (156,718) Net unrealized losses on instrument specific credit risk (147,673) (71,151) Net minimum pension liability (59,232) (61,561) Total accumulated other comprehensive income (loss) $ (357,973) $ (288,917) 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 (losses) on instrument specific credit risk, net of income tax provision (benefit) of $599 and $306 $ 1,861 $ 898 Principal transactions revenues Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(795) and $(658) (2,329) (1,931) Selling, general and other expenses, which includes pension expense Total reclassifications for the period, net of tax $ (468) $ (1,033) |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 9 Months Ended |
Aug. 31, 2021 | |
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, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Revenues from contracts with customers: Commissions and other fees $ 214,363 $ 204,032 $ 673,756 $ 626,434 Investment banking 1,180,620 615,837 3,184,932 1,595,330 Manufacturing revenues 118,918 119,751 440,857 282,737 Other 120,168 35,121 259,520 132,975 Total revenues from contracts with customers 1,634,069 974,741 4,559,065 2,637,476 Other sources of revenue: Principal transactions 232,110 623,283 1,513,034 1,421,485 Interest income 220,278 219,843 691,223 782,941 Other 54,137 7,632 247,189 53,392 Total revenues from other sources 506,525 850,758 2,451,446 2,257,818 Total revenues $ 2,140,594 $ 1,825,499 $ 7,010,511 $ 4,895,294 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 its behalf. Accordingly, amounts allocated to soft dollar arrangements are netted against commission revenues in the Consolidated Statements of Operations. We also earn investment research fees for the sales of our proprietary investment research when a contract with a client has been identified. The delivery of investment research services represents a distinct performance obligation that is satisfied over time when the performance obligation is to provide ongoing access to a research platform or research analysts, with fees recognized on a straight-line basis over the period in which the performance obligation is satisfied. The performance obligation is satisfied at a point in time when the performance obligation is to provide individual interactions with research analysts or research events, with fees recognized on the interaction date. We earn account advisory and distribution fees in connection with wealth management services. Account advisory fees are recognized over time using the time-elapsed method as we determined that the customer simultaneously receives and consumes the benefits of investment advisory services as they are provided. Account advisory fees may be paid in advance of a specified service period or in arrears at the end of the specified service period (e.g., quarterly). Account advisory fees paid in advance are initially deferred within Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Distribution fees are variable and recognized when the uncertainties with respect to the amounts are resolved. Investment Banking. We provide our clients with a full range of financial advisory and underwriting services. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our advisory services are considered variable as they are contingent upon a future event (e.g., completion of a transaction or third-party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within their respective expense category in the Consolidated Statements of Operations and any expenses reimbursed by our clients are recognized as Investment banking revenues. Underwriting services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings and equity-linked convertible securities transactions and structuring, underwriting and distributing public and private debt, including investment grade debt, high yield bonds, leveraged loans, municipal bonds and mortgage-backed and asset-backed securities. Underwriting and placement agent revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the underwriting offering at that point. Costs associated with underwriting transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within underwriting costs in the Consolidated Statements of Operations as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as Investment banking revenues. Asset Management Fees. We earn management and performance fees, recorded in Other revenues, in connection with investment advisory services provided to various funds and accounts, which are satisfied over time and measured using a time elapsed measure of progress as the customer receives the benefits of the services evenly throughout the term of the contract. Management and performance fees are considered variable as they are subject to fluctuation (e.g., changes in assets under management, market performance) and/or are contingent on a future event during the measurement period (e.g., meeting a specified benchmark) and are recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Management fees are generally based on month-end assets under management or an agreed upon notional amount and are included in the transaction price at the end of each month when the assets under management or notional amount is known. Performance fees are received when the return on assets under management for a specified performance period exceed certain benchmark returns, "high-water marks" or other performance targets. The performance period related to 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 Asset Management Merchant Banking Corporate Consolidation Adjustments Total Three months ended August 31, 2021 Major Business Activity: Investment Banking - Advisory $ 583,887 $ — $ — $ — $ — $ 583,887 Investment Banking - Underwriting 596,789 — — — (56) 596,733 Equities (1) 210,109 — — — (30) 210,079 Fixed Income (1) 4,284 — — — — 4,284 Asset Management — 2,853 — — — 2,853 Manufacturing revenues — — 118,918 — — 118,918 Oil and gas revenues — — 49,814 — — 49,814 Other revenues — — 67,501 — — 67,501 Total revenues from contracts with customers $ 1,395,069 $ 2,853 $ 236,233 $ — $ (86) $ 1,634,069 Primary Geographic Region: Americas $ 1,114,885 $ 2,853 $ 235,450 $ — $ (86) $ 1,353,102 Europe 215,146 — 445 — — 215,591 Asia Pacific 65,038 — 338 — — 65,376 Total revenues from contracts with customers $ 1,395,069 $ 2,853 $ 236,233 $ — $ (86) $ 1,634,069 Three months ended August 31, 2020 Major Business Activity: Investment Banking - Advisory $ 171,438 $ — $ — $ — $ — $ 171,438 Investment Banking - Underwriting 444,399 — — — — 444,399 Equities (1) 201,157 — — — (281) 200,876 Fixed Income (1) 3,156 — — — — 3,156 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 90,132 1,369 644 — — 92,145 Asia Pacific 45,577 — 16 — — 45,593 Total revenues from contracts with customers $ 820,150 $ 3,127 $ 151,745 $ — $ (281) $ 974,741 Reportable Segments Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Consolidation Adjustments Total Nine months ended August 31, 2021 Major Business Activity: Investment Banking - Advisory $ 1,285,834 $ — $ — $ — $ — $ 1,285,834 Investment Banking - Underwriting 1,899,204 — — — (106) 1,899,098 Equities (1) 663,503 — — — (218) 663,285 Fixed Income (1) 10,471 — — — — 10,471 Asset Management — 12,594 — — — 12,594 Manufacturing revenues — — 440,857 — — 440,857 Oil and gas revenues — — 126,855 — — 126,855 Other revenues — — 120,071 — — 120,071 Total revenues from contracts with customers $ 3,859,012 $ 12,594 $ 687,783 $ — $ (324) $ 4,559,065 Primary Geographic Region: Americas $ 3,104,357 $ 11,961 $ 685,760 $ — $ (324) $ 3,801,754 Europe 575,774 633 1,351 — — 577,758 Asia Pacific 178,881 — 672 — — 179,553 Total revenues from contracts with customers $ 3,859,012 $ 12,594 $ 687,783 $ — $ (324) $ 4,559,065 Nine months ended August 31, 2020 Major Business Activity: Investment Banking - Advisory $ 696,677 $ — $ — $ — $ — $ 696,677 Investment Banking - Underwriting 898,653 — — — — 898,653 Equities (1) 614,089 — — — (681) 613,408 Fixed Income (1) 13,026 — — — — 13,026 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 237,652 6,464 1,303 — — 245,419 Asia Pacific 126,656 — 211 — — 126,867 Total revenues from contracts with customers $ 2,222,445 $ 12,714 $ 402,998 $ — $ (681) $ 2,637,476 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. Information on Remaining Performance Obligations and Revenue Recognized from Past Performance We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at August 31, 2021. 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, 2021. We recognized $76.2 million and $15.6 million during the three months ended August 31, 2021 and 2020, respectively, and $49.4 million and $10.8 million during the nine months ended August 31, 2021 and 2020, 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 $7.9 million and $4.3 million during the three months ended August 31, 2021 and 2020, respectively, and $16.4 million and $14.4 million during the nine months ended August 31, 2021 and 2020, respectively, of revenues primarily associated with distribution services, a portion of which relates to prior periods. Contract Balances The timing of our 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 , and we record a contract asset when we have transferred goods, services or assets to a customer, but payment is contingent upon additional performance obligations. 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 $365.8 million and $332.5 million at August 31, 2021 and November 30, 2020, respectively, and we had contract assets related to revenues from contracts with customers of $24.6 million at August 31, 2021. We had no significant impairments related to these receivables or contract assets during the three and nine months ended August 31, 2021 and 2020. Our deferred revenue primarily includes deferred revenue related to our real estate operations and retainer and milestone fees received in investment banking advisory engagements where the performance obligations have not yet been satisfied. Deferred revenues were $45.1 million and $14.8 million at August 31, 2021 and November 30, 2020, 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, 2021, we recognized $8.0 million of deferred revenue from the balance at May 31, 2021. 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 nine months ended August 31, 2021, we recognized $10.0 million of deferred revenue from the balance at November 30, 2020. During the nine months ended August 31, 2020, we recognized $9.3 million of deferred revenue from the balance at November 30, 2019. 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, 2021 and November 30, 2020, capitalized costs to fulfill a contract were $1.9 million and $1.8 million, respectively, which are recorded in Receivables in the Consolidated Statements of Financial Condition. We recognized expenses of $0.9 million and $0.8 million, during the three months ended August 31, 2021 and 2020, respectively, and $1.6 million and $3.6 million during the nine months ended August 31, 2021 and 2020, 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, 2021 and 2020. |
Income Taxes
Income Taxes | 9 Months Ended |
Aug. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe aggregate amount of gross unrecognized tax benefits related to uncertain tax positions was $473.9 million (including $102.2 million for interest) at August 31, 2021, of which $289.0 million related to Jefferies Group, and was $401.4 million (including $87.1 million for interest) at November 30, 2020, of which $234.0 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. The net deferred tax asset was $479.0 million and $393.7 million at August 31, 2021 and November 30, 2020, 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 2016. We are currently under examination by various 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 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, 2021 was $484.8 million, representing an effective tax rate of 26.5%. 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%. |
Common Share and Earnings Per C
Common Share and Earnings Per Common Share | 9 Months Ended |
Aug. 31, 2021 | |
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, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 407,459 $ 304,409 $ 1,342,490 $ 462,338 Allocation of earnings to participating securities (1) (2,490) (1,945) (7,974) (2,921) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 404,969 302,464 1,334,516 459,417 Adjustment to allocation of earnings to participating securities related to diluted shares (1) 52 17 161 5 Mandatorily redeemable convertible preferred share dividends 1,849 1,404 5,101 4,230 Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 406,870 $ 303,885 $ 1,339,778 $ 463,652 Denominator for earnings per share: Weighted average common shares outstanding 246,624 263,062 247,638 273,035 Weighted average shares of restricted stock outstanding with future service required (1,602) (1,787) (1,561) (1,837) Weighted average RSUs outstanding with no future service required 18,065 19,420 18,171 18,761 Denominator for basic earnings per share – weighted average shares 263,087 280,695 264,248 289,959 Stock options 1,485 — 905 — Senior executive compensation plan awards 2,392 — 2,152 475 Mandatorily redeemable convertible preferred shares 4,441 4,441 4,441 4,441 Denominator for diluted earnings per share 271,405 285,136 271,746 294,875 (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 1,621,000 and 1,807,800 for the three months ended August 31, 2021 and 2020, respectively, and 1,581,200 and 1,851,900 for the nine months ended August 31, 2021 and 2020, respectively. Dividends declared on participating securities were not material during the three and nine months ended August 31, 2021 and 2020. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. Our Board of Directors from time to time has authorized the repurchase of our common shares. In January 2021, the Board of Directors increased the share repurchase authorization by $192.8 million and in March 2021, the Board of Directors increased the share repurchase authorization by $127.5 million. During the nine months ended August 31, 2021, we purchased a total of 6,500,000 of our common shares for an aggregate purchase price of $179.3 million, or an average price of $27.59 per share. At August 31, 2021, we had approximately $198.2 million available for future purchases. In September 2021, the Board of Directors increased the share repurchase authorization to $250.0 million, including the $198.2 million. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 9 Months Ended |
Aug. 31, 2021 | |
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, 2021 (in millions): Expected Maturity Date (Fiscal Years) 2021 2022 2023 2025 2027 Maximum Payout Equity commitments (1) $ 121.0 $ 230.3 $ 26.2 $ 11.1 $ 21.1 $ 409.7 Loan commitments (1) — 250.0 25.8 60.0 — 335.8 Underwriting commitments 155.8 — — — — 155.8 Forward starting reverse repos (2) 10,223.8 99.5 — — — 10,323.3 Forward starting repos (2) 6,296.3 — — — — 6,296.3 Other unfunded commitments (1) 27.2 25.0 133.9 — — 186.1 Total $ 16,824.1 $ 604.8 $ 185.9 $ 71.1 $ 21.1 $ 17,707.0 (1) Equity commitments, loan commitments and other unfunded commitments are generally presented by contractual maturity date. The amounts, however, are mostly available on demand. (2) At August 31, 2021, $10.32 billion within forward starting securities purchased under agreements to resell and $6.21 billion of the 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, 2021, Jefferies Group's outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $10.7 million. See Note 8 for additional information regarding Jefferies Group's investment in Jefferies Finance. Additionally, at August 31, 2021, we had other outstanding equity commitments to invest up to $100.0 million to strategic affiliates and $230.2 million to various other investments. Loan Commitments. From time to time we make commitments to extend credit to investment banking and other clients in loan syndication and acquisition finance, and to strategic affiliates. 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, 2021, we had $85.0 million of outstanding loan commitments to clients. Loan commitments outstanding at August 31, 2021 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, 2021, $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, 2021 (in millions): Expected Maturity Date (Fiscal Years) Guarantee Type 2021 2022 2023 2025 2027 Notional/ Derivative contracts – non-credit related $ 8,635.2 $ 12,807.8 $ 9,503.1 $ 386.6 $ 50.0 $ 31,382.7 Written derivative contracts – credit related — — 19.0 — — 19.0 Total derivative contracts $ 8,635.2 $ 12,807.8 $ 9,522.1 $ 386.6 $ 50.0 $ 31,401.7 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. At August 31, 2021, the fair value of derivative contracts meeting the definition of a guarantee is approximately $174.2 million. 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, 2021, 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, 2021, the aggregate amount of infrastructure improvement bonds outstanding was $74.5 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, 2021, we provided guarantees to certain counterparties in the form of standby letters of credit totaling $8.6 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, 2021 | |
Brokers and Dealers [Abstract] | |
Net Capital Requirements | Net Capital Requirements Jefferies LLC operates as a broker-dealer registered with the U.S. Securities and Exchange Commission ("SEC") and a member firm of the Financial Industry Regulatory Authority ("FINRA"). Jefferies LLC is subject to the SEC 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, 2021 were $2.06 billion and $1.94 billion, 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 Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") contains provisions that require the registration of all swap dealers, major swap participants, security-based swap dealers, and/or major security-based swap participants. On October 6, 2021, Jefferies Financial Services, Inc. ("JFSI"), a registered swap dealer, became subject to the CFTC's regulatory capital requirements and holds regulatory capital in excess of the minimum regulatory requirement. Additionally, JFSI will be required to register as a securities based swap dealer with the SEC by November 1, 2021. Further, in September 2021, JFSI filed an application with the SEC to become an OTC derivatives dealer, which upon approval, would subject JFSI to the SEC's net capital requirements. JFSI is expected to be in compliance with these requirements upon final approval of its application by the SEC. 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, 2021 | |
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, 2021 November 30, 2020 Carrying Fair Carrying Fair Receivables: Notes and loans receivable (1) $ 825,406 $ 873,347 $ 727,492 $ 744,424 Financial Liabilities: Short-term borrowings (2) $ 307,297 $ 307,297 $ 759,648 $ 759,648 Long-term debt (3) 6,880,083 7,744,654 6,639,794 7,495,642 (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, 2021 | |
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, 2021 and November 30, 2020 are Jefferies Group's equity investments in Private Equity Related Funds of $28.1 million and $19.0 million, respectively. Net gains (losses) from Jefferies Group's investment in JCP Fund V aggregating $4.2 million and $2.0 million for the three months ended August 31, 2021 and 2020, respectively, and $8.7 million and $(3.5) million for the nine months ended August 31, 2021 and 2020, 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 18. Special Purpose Acquisition Companies. Jefferies Group earned investment banking revenues during the three and nine months ended August 31, 2021 of $21.4 million and $45.5 million, respectively, for services provided to special purpose acquisition companies we have co-sponsored. Berkadia Commercial Mortgage, LLC. At August 31, 2021 and November 30, 2020, Jefferies Group has commitments to purchase $490.2 million and $401.0 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 $0.9 million and $2.7 million at August 31, 2021 and November 30, 2020, respectively, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. |
Segment Information
Segment Information | 9 Months Ended |
Aug. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We are engaged in investment banking and capital markets, asset management and direct investing. 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 Pacific. Capital markets businesses operate across the spectrum of equities and fixed income products. Our Asset Management segment comprises all asset management operations, including those 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 and FXCM. Corporate assets primarily consist of cash and cash equivalents. Corporate revenues primarily include interest income. Certain information concerning our segments is presented in the following table (in thousands): For the Three Months Ended For the Nine Months Ended August 31, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 1,650,796 $ 1,274,115 $ 5,183,269 $ 3,451,776 Asset Management 12,604 118,558 293,892 146,278 Merchant Banking 271,608 220,887 887,939 532,608 Corporate 955 591 2,269 11,908 Total net revenues related to reportable segments 1,935,963 1,614,151 6,367,369 4,142,570 Consolidation adjustments 3,021 2,019 9,064 7,517 Total consolidated revenues $ 1,938,984 $ 1,616,170 $ 6,376,433 $ 4,150,087 Income (loss) before income taxes: Reportable Segments: Investment Banking and Capital Markets $ 589,992 $ 281,323 $ 1,559,833 $ 745,814 Asset Management (18,615) 87,604 173,905 25,122 Merchant Banking 3,356 70,747 169,971 (57,592) Corporate (10,450) (15,618) (43,026) (36,226) Income before income taxes related to reportable segments 564,283 424,056 1,860,683 677,118 Parent Company interest (13,774) (14,114) (41,505) (39,773) Consolidation adjustments 3,107 2,300 9,362 8,198 Total consolidated income before income taxes $ 553,616 $ 412,242 $ 1,828,540 $ 645,543 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 21,035 $ 22,225 $ 62,497 $ 61,322 Asset Management 494 2,018 1,462 4,776 Merchant Banking 16,584 14,408 50,619 50,627 Corporate 564 869 2,306 2,631 Total consolidated depreciation and amortization expenses $ 38,677 $ 39,520 $ 116,884 $ 119,356 August 31, November 30, 2020 Identifiable Assets Employed: Reportable Segments: Investment Banking and Capital Markets $ 49,598,771 $ 44,835,126 Asset Management 2,771,582 3,231,059 Merchant Banking 3,382,049 3,173,064 Corporate 2,572,196 2,178,699 Identifiable assets related to reportable segments 58,324,598 53,417,948 Consolidation adjustments (287,199) (299,596) Total consolidated assets $ 58,037,399 $ 53,118,352 |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policy) | 9 Months Ended |
Aug. 31, 2021 | |
Accounting Policies [Abstract] | |
Credit Losses | Foursight Capital, our wholly-owned subsidiary, is an auto loan originator and servicer. Provision for credit losses are charged to income in amounts sufficient to maintain an allowance for credit losses inherent in Foursight Capital's finance receivables held for investment. The allowance for credit losses is established systematically by management based on the determination of the amount of credit losses inherent in the finance receivables held for investment as of the reporting date. All finance receivables held for investment of Foursight Capital are collectively evaluated for impairment. Management's estimate of expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the reported amounts. Foursight Capital uses static pool modeling techniques to determine the allowance for loan losses expected over the remaining life of the receivables, which is supplemented by management judgment. Expected losses are estimated for groups of accounts aggregated by monthly vintage. Generally, the expected losses are projected based on historical loss experience over the last eight years, more heavily weighted toward recent performance when determining the allowance to result in an estimate that is more reflective of the current internal and external environments. Foursight Capital's estimate of expected credit losses includes a reasonable and supportable forecast period of two years and then reverts to an estimate based on historical losses. Foursight Capital reviews charge-off experience factors, contractual delinquency, historical collection rates, the value of underlying collateral and other information to make the necessary judgments as to credit losses expected in the portfolio as of the reporting date. While management utilizes the best information available to make its evaluations, changes in macroeconomic conditions, interest rate environments, or both, may significantly impact the assumptions and inputs used in determining the allowance for credit losses. Foursight Capital's charge-off policy is based on a loan by loan review of delinquent finance receivables. Other financial assets measured at amortized cost are presented at the net amount expected to be collected and the measurement of credit losses and any expected increases or decreases in expected credit losses are recognized in earnings. The estimate of expected credit losses involves judgment and is based on an assessment over the life of the financial instrument taking into consideration forecasts of expected future economic conditions. In evaluating secured financing receivables (reverse repurchases agreements, securities borrowing arrangements and margin loans), the underlying collateral maintenance provisions are taken into consideration. The underlying contractual collateral maintenance for significantly all of Jefferies Group's secured financing receivables requires that the counterparty continually adjust the collateralization amount, securing the credit exposure on these contracts. Collateralization levels for Jefferies Group's secured financing receivables are initially established based upon the counterparty, the type of acceptable collateral that is monitored daily and adjusted to mitigate the potential of any credit losses. Credit losses are not recognized for secured financing receivables where the underlying collateral's fair value is equal to or exceeds the asset's amortized cost basis. In cases where the collateral's fair value does not equal or exceed the amortized cost basis, the allowance for credit losses, if any, is limited to the difference between the fair value of the collateral at the reporting date and the amortized cost basis of the financial assets. Our receivables from brokers, dealers, and clearing organizations include deposits of cash with exchange clearing organizations to meet margin requirements, amounts due from clearing organizations for daily variation settlements, securities failed-to-deliver or receive, receivables and payables for fees and commissions, and receivables arising from unsettled securities or loans transactions. These receivables generally do not give rise to material credit risk and have a remote probability of default either because of their short-term nature or due to the credit protection framework inherent in the design and operations of brokers, dealers and clearing organizations. As such, generally, no allowance for credit losses is held against these receivables. |
Receivables | Based primarily on credit scores, Foursight Capital classifies its finance receivables held for investment as prime, near-prime and sub-prime based on the perceived credit risk at origination and generally considers prime receivables as those with a credit 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 | Financial Instruments - Credit Losses. In June 2016, the FASB issued new guidance which provides for estimating credit losses on financial assets measured at amortized cost by introducing an approach based on expected losses over the financial asset's entire life, recorded at inception or purchase. We adopted the new credit loss guidance on December 1, 2020 and applied a modified retrospective approach through a cumulative-effect adjustment to retained earnings upon adoption. At transition on December 1, 2020, the new accounting guidance's adoption resulted in an increase in the allowance for credit losses of $26.5 million with a corresponding decrease in retained earnings of $19.9 million, net of tax. The increase is primarily attributable to a $30.1 million increase in the allowance for credit losses in Foursight Capital's portfolio of finance receivables held for investment. Foursight Capital estimates expected credit losses on its portfolio using analysis of historical portfolio performance data as well as external economic factors that management considers to be relevant to the credit losses expected in the portfolio. This is partially offset by a $3.6 million decrease in the allowance for credit losses at Jefferies Group that is attributable to applying a revised provisioning methodology based on historical loss experience for its investment banking fee receivables. We have determined expected credit losses to be immaterial upon adoption for our other financial instruments within the scope of the guidance. A significant portion of our financial instruments within the scope of the guidance represent secured financing receivables (reverse repurchase agreements, secured borrowing arrangements, and margin loans) that are substantially collateralized. For our secured financing receivables, we have concluded that the impact upon adoption was immaterial because the contractual collateral maintenance provisions require that the counterparty continually adjust the amount of collateralization securing the credit exposure on these contracts. Collateralization levels for our secured financing receivables are initially established based upon the counterparty, the type of acceptable collateral that is monitored daily and adjusted to mitigate the potential of any credit losses. For the remaining financial instruments within the guidance's scope, the expected credit losses were also determined to be immaterial considering the counterparty's credit quality, an insignificant history of credit losses, or the short-term nature of the credit exposures. Goodwill. In January 2017, the FASB issued new guidance which simplifies goodwill impairment testing. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact on our consolidated financial statements. Defined Benefit Plans. In August 2018, the FASB issued new guidance to improve the effectiveness of disclosure requirements on defined benefit pension plans and other post-retirement plans. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not 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. We adopted the guidance in the first quarter of fiscal 2021 and elected to apply the guidance prospectively to implementation costs incurred after the adoption date. The adoption did not have an impact on our consolidated financial statements on the adoption date. 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. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact 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. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact on our consolidated financial statements. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Credit Loss | A rollforward of the allowance for credit losses related to receivables for the three and nine months ended August 31, 2021 and 2020 is as follows (in thousands): For the Three Months Ended For the Nine Months Ended August 31, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Beginning balance $ 79,254 $ 38,806 $ 53,926 $ 34,018 Adjustment for change in accounting principle for current expected credit losses — — 26,519 — Provision for doubtful accounts (1) (848) 9,365 48,091 32,344 Charge-offs, net of recoveries (1) (1,777) (3,349) (51,907) (21,540) Ending balance $ 76,629 $ 44,822 $ 76,629 $ 44,822 |
Supplemental Cash Flow Information | Supplemental Cash Flow Information For the Nine Months Ended August 31, 2021 August 31, 2020 (In thousands) Cash paid during the year for: Interest $ 737,935 $ 880,853 Income tax payments (refunds), net $ 516,714 $ (13,514) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
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 $1.02 billion and $965.4 million at August 31, 2021 and November 30, 2020, respectively, by level within the fair value hierarchy (in thousands): August 31, 2021 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 2,947,163 $ 227,455 $ 131,741 $ — $ 3,306,359 Corporate debt securities — 3,251,540 8,156 — 3,259,696 Collateralized debt obligations and collateralized loan obligations — 240,315 52,561 — 292,876 U.S. government and federal agency securities 4,506,638 109,919 — — 4,616,557 Municipal securities — 431,909 — — 431,909 Sovereign obligations 1,211,554 963,804 — — 2,175,358 Residential mortgage-backed securities — 391,189 1,436 — 392,625 Commercial mortgage-backed securities — 388,073 2,680 — 390,753 Other asset-backed securities — 246,507 77,433 — 323,940 Loans and other receivables — 2,725,398 150,971 — 2,876,369 Derivatives 3,028 2,373,650 22,284 (1,981,853) 417,109 Investments at fair value — 6,313 165,333 — 171,646 FXCM term loan — — 58,465 — 58,465 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 8,668,383 $ 11,356,072 $ 671,060 $ (1,981,853) $ 18,713,662 Loans to and investments in associated $ — $ — $ 36,584 $ — $ 36,584 Securities received as collateral, at fair value $ 9,853 $ — $ — $ — $ 9,853 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 2,014,034 $ 12,131 $ 4,387 $ — $ 2,030,552 Corporate debt securities — 1,890,158 528 — 1,890,686 U.S. government and federal agency securities 3,713,613 — — — 3,713,613 Sovereign obligations 1,165,251 805,760 — — 1,971,011 Commercial mortgage-backed securities — — 140 — 140 Loans — 2,185,793 25,212 — 2,211,005 Derivatives 1,995 3,083,778 189,346 (2,343,324) 931,795 Total financial instruments sold, not yet purchased, at fair value $ 6,894,893 $ 7,977,620 $ 219,613 $ (2,343,324) $ 12,748,802 Other secured financings $ — $ — $ 2,493 $ — $ 2,493 Long-term debt $ — $ 1,005,033 $ 785,612 $ — $ 1,790,645 Obligation to return securities received as collateral, at fair value $ 9,853 $ — $ — $ — $ 9,853 November 30, 2020 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 2,475,887 $ 58,159 $ 75,904 $ — $ 2,609,950 Corporate debt securities — 2,954,236 23,146 — 2,977,382 Collateralized debt obligations and collateralized loan obligations — 64,155 17,972 — 82,127 U.S. government and federal agency securities 2,840,025 91,653 — — 2,931,678 Municipal securities — 453,881 — — 453,881 Sovereign obligations 1,962,346 591,342 — — 2,553,688 Residential mortgage-backed securities — 1,100,849 21,826 — 1,122,675 Commercial mortgage-backed securities — 736,291 2,003 — 738,294 Other asset-backed securities — 103,611 79,995 — 183,606 Loans and other receivables — 2,610,746 134,636 — 2,745,382 Derivatives 1,523 2,013,942 21,678 (1,556,136) 481,007 Investments at fair value — 6,122 213,946 — 220,068 FXCM term loan — — 59,455 — 59,455 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 7,279,781 $ 10,784,987 $ 650,561 $ (1,556,136) $ 17,159,193 Loans to and investments in associated $ — $ 8,603 $ 40,185 $ — $ 48,788 Securities received as collateral, at fair value $ 7,517 $ — $ — $ — $ 7,517 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 2,046,441 $ 9,046 $ 4,434 $ — $ 2,059,921 Corporate debt securities — 1,237,631 141 — 1,237,772 U.S. government and federal agency securities 2,609,660 — — — 2,609,660 Sovereign obligations 1,050,771 624,740 — — 1,675,511 Residential mortgage-backed securities — 477 — — 477 Commercial mortgage-backed securities — — 35 — 35 Loans — 1,776,446 16,635 — 1,793,081 Derivatives 551 2,391,556 47,695 (1,798,659) 641,143 Total financial instruments sold, not yet purchased, at fair value $ 5,707,423 $ 6,039,896 $ 68,940 $ (1,798,659) $ 10,017,600 Short-term borrowings $ — $ 5,067 $ — $ — $ 5,067 Other secured financings $ — $ — $ 1,543 $ — $ 1,543 Long-term debt $ — $ 1,036,217 $ 676,028 $ — $ 1,712,245 Obligation to return securities received as collateral, at fair value $ 7,517 $ — $ — $ — $ 7,517 (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, 2021 Equity Long/Short Hedge Funds (2) $ 462,600 $ — Equity Funds (3) 40,651 17,961 Commodity Funds (4) 23,540 — Multi-asset Funds (5) 398,962 — Other Funds (6) 95,688 6,090 Total $ 1,021,441 $ 24,051 November 30, 2020 Equity Long/Short Hedge Funds (2) $ 328,096 $ — Equity Funds (3) 33,221 12,408 Commodity Funds (4) 17,747 — Multi-asset Funds (5) 561,236 — Other Funds (6) 25,084 5,000 Total $ 965,384 $ 17,408 (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, 2021 and November 30, 2020, approximately 72% and 94%, respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption before December 31, 2021. At August 31, 2021 approximately 22% of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption before November 30, 2023. At both August 31, 2021 and November 30, 2020, approximately 6% of the fair value 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 primarily 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, 2021 and November 30, 2020, investments representing approximately 79% and 57%, respectively, of the fair value of investments in this category are redeemable monthly with 60 days prior written notice. (6) This category includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments. This category also includes investments in a fund that invests in distressed and special situations long and short credit strategies across sectors and asset types. Investments in this category are redeemable quarterly with 90 days prior written notice. |
Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3 | The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended August 31, 2021 (in thousands): Balance, May 31, 2021 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, August 31, 2021 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 86,451 $ 36,643 $ 208 $ (1,488) $ (16) $ — $ 9,943 $ 131,741 $ 37,731 Corporate debt securities 7,985 405 14,898 (17,317) (20) — 2,205 8,156 192 CDOs and CLOs 26,561 2,539 50,199 (33,234) (1,518) — 8,014 52,561 (730) Residential mortgage-backed securities 6,033 (42) — (417) (61) — (4,077) 1,436 (14) Commercial mortgage-backed securities 1,176 (103) 1,607 — — — — 2,680 1,530 Other asset-backed securities 70,555 30 18,611 (274) (14,426) — 2,937 77,433 (3,145) Loans and other receivables 190,412 (5,689) 14,796 (29,557) (10,873) — (8,118) 150,971 (4,409) Investments at fair value 230,834 3,662 1,185 (1) (382) — (69,965) 165,333 3,661 FXCM term loan 59,155 (690) — — — — — 58,465 (690) Loans to and investments in associated companies 37,287 (703) — — — — — 36,584 (703) Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,462 $ (75) $ — $ — $ — $ — $ — $ 4,387 $ 75 Corporate debt securities 927 (7) — — — — (392) 528 7 Commercial mortgage-backed securities 35 — — 105 — — — 140 — Loans 20,389 (8) (3,118) 1,710 — — 6,239 25,212 6 Net derivatives (2) 227,058 20,869 (1,868) — 665 — (79,662) 167,062 (22,433) Other secured financings 2,493 — — — — — — 2,493 — Long-term debt (1) 795,098 (17,106) — — — 22,330 (14,710) 785,612 13,204 (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 within long-term debt 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, 2021 were gains of $3.9 million during the three months ended August 31, 2021. (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, 2020 (in thousands): 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 within long-term debt 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, 2021 (in thousands): Balance, November 30, 2020 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, August 31, 2021 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 75,904 $ 48,741 $ 7,900 $ (37,794) $ (16) $ — $ 37,006 $ 131,741 $ 37,146 Corporate debt securities 23,146 1,600 1,513 (3,721) (128) — (14,254) 8,156 331 CDOs and CLOs 17,972 7,666 58,868 (37,277) (2,201) — 7,533 52,561 (4,716) Residential mortgage-backed securities 21,826 (195) 157 (784) (291) — (19,277) 1,436 (123) Commercial mortgage-backed securities 2,003 134 2,590 (393) (1,639) — (15) 2,680 741 Other asset-backed securities 79,995 4,770 38,785 (26,642) (25,966) — 6,491 77,433 (6,955) Loans and other receivables 134,636 18,104 51,933 (55,693) (10,509) — 12,500 150,971 9,756 Investments at fair value 213,946 106,699 12,669 (47,245) (8,955) — (111,781) 165,333 30,027 FXCM term loan 59,455 (990) — — — — — 58,465 (990) Loans to and investments in associated companies 40,185 (3,601) — — — — — 36,584 (3,601) Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,434 $ (12) $ (22) $ — $ — $ — $ (13) $ 4,387 $ 13 Corporate debt securities 141 375 — 12 — — — 528 (375) Commercial mortgage-backed securities 35 — (35) 140 — — — 140 — Loans 16,635 1,308 (7,182) 14,083 — — 368 25,212 (4,094) Net derivatives (2) 26,017 33,173 (1,548) 49,871 768 — 58,781 167,062 (33,007) Other secured financings 1,543 — — — — 950 — 2,493 — Long-term debt (1) 676,028 25,323 — — — 58,000 26,261 785,612 31,992 (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 within long-term debt 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, 2021 were losses of $57.3 million during the nine months ended August 31, 2021. (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): 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 within long-term debt 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. |
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, 2021 Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Financial instruments owned, at fair value Corporate equity securities $ 130,796 Non-exchange-traded Market approach Price $1 to $366 $125 EBITDA multiple 3.7 — Volatility benchmarking Volatility 41 % to 52% 43 % Corporate debt securities $ 8,156 Market approach Price $13 to $73 $46 Scenario analysis Estimated recovery percentage 20% — CDOs and CLOs $ 52,466 Discounted cash flows Constant prepayment rate 2 % to 20% 19 % Constant default rate 1 % to 2% 2 % Loss severity 25 % to 60% 28 % Discount rate/yield 7 % to 30% 15 % Market approach Price $100 to $104 $101 Transaction level €100 — Commercial mortgage- $ 2,680 Scenario analysis Estimated recovery percentage 81% — Other asset-backed securities $ 77,433 Discounted cash flows Discount rate/yield 2 % to 15% 8 % Cumulative loss rate 7 % to 80% 15 % Duration (years) 0.7 years to 2.4 years 1.4 years Market approach Price $60 to $100 $90 Loans and other receivables $ 149,748 Market approach Price $10 to $100 $69 Scenario analysis Estimated recovery percentage 8 % to 100% 87 % Derivatives $ 20,905 Equity Options Volatility benchmarking Volatility 36 % to 41% 40 % Interest rate swaps Market approach Basis points upfront 0.8 to 11.2 4.3 Investments at fair value $ 131,925 Private equity securities Market approach Price $1 to $169 $37 EBITDA multiple 19.1 — Revenue multiple 4.9 to 5.1 5.0 Volatility benchmarking Volatility 21 % to 26% 25 % Scenario analysis Estimated recovery percentage 9% — Discount rate/yield 13 % to 21% 17 % Revenue growth 0% — Investment in FXCM $ 58,465 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 associated companies Non-exchange-traded $ 36,584 Market approach Underlying stock price $682 — Underlying stock price €15 to €18 €17 Volatility 25 % to 61% 31 % Financial instruments sold, not yet purchased, at fair value Corporate equity securities $ 4,387 Market approach Price $1 — Corporate debt securities $ 528 Scenario analysis Estimated recovery percentage 20% — Loans $ 25,212 Market approach Price $31 to $92 $62 Scenario analysis Estimated recovery percentage 50% — Derivatives $ 189,346 Equity options Volatility benchmarking Volatility 26 % to 56% 43 % Interest rate swaps Market approach Basis points upfront 0.1 to 22.1 9.3 Other secured financings $ 2,493 Scenario analysis Estimated recovery percentage 19 % to 100% 59 % Long-term debt Structured notes $ 785,612 Market approach Price $82 to $115 $103 Price €80 to €112 €85 November 30, 2020 Fair Value Valuation Significant Input/Range Weighted Financial instruments owned, at fair value Corporate equity securities $ 75,409 Non-exchange-traded Market approach Price $1 to $213 $86 EBITDA multiple 4.0 to 8.0 5.7 Corporate debt securities $ 23,146 Market approach Price $69 — Scenario analysis Estimated recovery percentage 20 % to 44% 30 % CDOs and CLOs $ 17,972 Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25 % to 30% 26 % Discount rate/yield 14 % to 28% 20 % Scenario analysis Estimated recovery percentage 2 % to 34% 23 % Residential mortgage- $ 21,826 Discounted cash flows Cumulative loss rate 2 % to 3% 3 % Loss severity 35 % to 50% 36 % Duration (years) 2.0 years to 12.9 years 5.1 years Discount rate/yield 3 % to 12% 4 % Other asset-backed securities $ 67,816 Discounted cash flows Cumulative loss rate 1 % to 28% 11 % Loss severity 50 % to 85% 54 % Duration (years) 0.2 years to 2.1 years 1.3 years Discount rate/yield 1 % to 16% 9 % Market approach Price $100 — Loans and other receivables $ 76,049 Market approach Price $31 to $100 $84 Scenario analysis Estimated recovery percentage 19 % to 100% 52 % Derivatives $ 19,951 Equity options Volatility benchmarking Volatility 47% — Interest rate swaps Market approach Basis points upfront 1.2 to 8.0 4.8 Investments at fair value $ 96,906 Private equity securities Market approach Price $1 to $169 $29 Scenario analysis Estimated recovery percentage 17% — Discount rate/yield 19 % to 21% 20 % Revenue growth 0% — Investment in FXCM $ 59,455 Term loan Discounted cash flows Term based on the pay off (years) 0 months to 1.2 years 1.2 years Loans to and investments in associated companies Non-exchange-traded $ 40,185 Market approach Underlying stock price $778 to $805 $792 Underlying stock price €15 to €19 €16 Volatility 25 % to 55% 30 % Financial instruments sold, not yet purchased, at fair value Corporate equity securities $ 4,434 Market approach Price $1 — Corporate debt securities $ 141 Scenario analysis Estimated recovery percentage 20% — Loans $ 16,635 Market approach Price $31 to $99 $55 Derivatives $ 46,971 Equity options Volatility benchmarking Volatility 33 % to 50% 42 % Interest rate swaps Market approach Basis points upfront 1.2 to 8.0 5.4 Other secured financings $ 1,543 Scenario analysis Estimated recovery percentage 19 % to 55% 45 % Long-term debt Structured notes $ 676,028 Market approach Price $100 — Price €76 to €113 €99 |
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 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, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Financial instruments owned, at fair value: Loans and other receivables $ (7,273) $ 1,704 $ 17,600 $ (11,256) Financial instruments sold, not yet purchased, at fair value: Loans $ (574) $ 367 $ 945 $ (610) Loan commitments — 1,875 — 464 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) $ 20,478 $ (177,801) $ (103,751) $ 49,369 Other changes in fair value (2) (26,093) (9,943) 61,695 (78,567) (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 amounts by which contractual principal is greater than (less than) 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, 2020 Financial instruments owned, at fair value: Loans and other receivables (1) $ 5,788,620 $ 1,662,647 Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) 123,430 287,889 Long-term debt and short-term borrowings $ (73,789) $ (42,819) Other secured financings $ 2,782 $ 2,782 (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, 2021 | |
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, 2021 and November 30, 2020 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, 2021 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 44,100 1 $ 22,880 1 Foreign exchange contracts: Bilateral OTC 11,180 5 — — Total derivatives designated as accounting hedges 55,280 22,880 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 2,484 39,884 1,587 44,836 Cleared OTC 50,449 4,101 82,597 4,407 Bilateral OTC 453,216 1,568 316,259 854 Foreign exchange contracts: Exchange-traded — 30 — — Bilateral OTC 662,479 16,373 668,138 16,294 Equity contracts: Exchange-traded 742,689 1,259,059 789,866 1,212,193 Bilateral OTC 390,703 3,100 1,319,868 2,219 Commodity contracts: Exchange-traded 553 2,077 370 1,679 Bilateral OTC 275 166 15,010 1,220 Credit contracts: Cleared OTC 28,410 27 45,253 51 Bilateral OTC 12,424 19 13,291 16 Total derivatives not designated as accounting hedges 2,343,682 3,252,239 Total gross derivative assets/liabilities: Exchange-traded 745,726 791,823 Cleared OTC 122,959 150,730 Bilateral OTC 1,530,277 2,332,566 Amounts offset in the Consolidated Statement of Financial Condition (3): Exchange-traded (742,450) (742,450) Cleared OTC (122,587) (141,384) Bilateral OTC (1,116,816) (1,459,490) Net amounts in the Consolidated Statement of Financial Condition (4) $ 417,109 $ 931,795 (continued) Assets Liabilities Fair Value Number of Fair Value Number of November 30, 2020 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 67,381 1 $ 6,891 1 Foreign exchange contracts: Bilateral OTC — — 3,306 11 Total derivatives designated as accounting hedges 67,381 10,197 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 2,442 52,620 439 42,611 Cleared OTC 17,379 3,785 114,524 4,307 Bilateral OTC 626,210 1,493 317,534 466 Foreign exchange contracts: Exchange-traded — — — 180 Bilateral OTC 297,165 15,005 277,706 15,050 Equity contracts: Exchange-traded 558,304 1,147,486 564,951 971,938 Bilateral OTC 429,304 2,374 1,125,944 2,421 Commodity contracts: Exchange-traded 64 3,207 — 2,654 Bilateral OTC 13,190 1,556 — — Credit contracts: Cleared OTC 24,696 39 26,298 31 Bilateral OTC 1,008 11 2,209 11 Total derivatives not designated as accounting hedges 1,969,762 2,429,605 Total gross derivative assets/liabilities: Exchange-traded 560,810 565,390 Cleared OTC 109,456 147,713 Bilateral OTC 1,366,877 1,726,699 Amounts offset in the Consolidated Statement of Financial Condition (3): Exchange-traded (546,989) (546,989) Cleared OTC (109,228) (111,654) Bilateral OTC (899,919) (1,140,016) Net amounts in the Consolidated Statement of Financial Condition (4) $ 481,007 $ 641,143 (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 related to fair value hedges (in thousands): For the Three Months Ended For the Nine Months Ended August 31, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Interest rate swaps $ 17,665 $ 834 $ (27,797) $ 47,303 Long-term debt (13,396) 1,634 38,630 (45,539) Total $ 4,269 $ 2,468 $ 10,833 $ 1,764 The following table provides information related to gains (losses) on net investment hedges recognized in Net unrealized foreign exchange gains (losses), a component of Accumulated 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, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Foreign exchange contracts $ 39,778 $ (393) $ (23,628) $ (393) Total $ 39,778 $ (393) $ (23,628) $ (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, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Interest rate contracts $ (152) $ (35,462) $ (20,912) $ (40,630) Foreign exchange contracts (38,633) 4,418 32,439 2,534 Equity contracts (198,979) (32,782) (291,991) 113,253 Commodity contracts (3,958) (18,716) (29,027) 42,049 Credit contracts (4,927) (179) (6,970) 14,205 Total $ (246,649) $ (82,721) $ (316,461) $ 131,411 |
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, 2021 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross- Total Commodity swaps, options and forwards $ 132 $ 143 $ — $ — $ 275 Equity options and forwards 61,205 36 20,728 (25,243) 56,726 Credit default swaps — 1,028 389 — 1,417 Total return swaps 78,860 60,206 789 (7,489) 132,366 Foreign currency forwards, swaps and options 72,545 7,643 — (8,809) 71,379 Fixed income forwards 26,952 — — — 26,952 Interest rate swaps, options and forwards 39,919 104,882 152,622 (33,967) 263,456 Total $ 279,613 $ 173,938 $ 174,528 $ (75,508) 552,571 Cross product counterparty netting (29,988) Total OTC derivative assets included in Financial instruments owned, at fair value $ 522,583 (1) At August 31, 2021, we held net exchange-traded derivative assets and other credit agreements with a fair value of $16.2 million, which are not included in this table. (2) OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received in the Consolidated Statements of Financial Condition. At August 31, 2021, cash collateral received was $121.7 million. (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross-Maturity Total Commodity swaps, options and forwards $ 12,799 $ 2,211 $ — $ — $ 15,010 Equity options and forwards 8,209 670,980 136,499 (25,243) 790,445 Credit default swaps 12 19,268 — — 19,280 Total return swaps 61,866 270,869 — (7,489) 325,246 Foreign currency forwards, swaps and options 67,044 7,113 — (8,809) 65,348 Fixed income forwards 29,254 — — — 29,254 Interest rate swaps, options and forwards 25,013 46,642 112,617 (33,967) 150,305 Total $ 204,197 $ 1,017,083 $ 249,116 $ (75,508) 1,394,888 Cross product counterparty netting (29,988) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value $ 1,364,900 (1) At August 31, 2021, we held net exchange-traded derivative liabilities and other credit agreements with a fair value of $50.0 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, 2021, cash collateral pledged was $483.1 million. (3) Derivative fair values include counterparty netting within product category. |
Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets | At August 31, 2021, 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 $ 130,680 BBB- to BBB+ 13,552 BB+ or lower 165,863 Unrated 212,488 Total $ 522,583 (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, 2021 Credit protection sold: Index credit default swaps $ 265.0 $ 287.1 $ — $ 552.1 Single name credit default swaps 12.6 6.2 0.2 19.0 November 30, 2020 Credit protection sold: Index credit default swaps $ 62.0 $ 262.8 $ — $ 324.8 Single name credit default swaps — 6.2 0.2 6.4 |
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, 2020 Derivative instrument liabilities with credit-risk-related contingent features $ 440.4 $ 284.6 Collateral posted (216.2) (129.8) Collateral received 121.7 141.4 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 346.0 296.2 (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, 2021 | |
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, 2021 Corporate equity securities $ 1,428,901 $ 207,370 $ 9,853 $ 1,646,124 Corporate debt securities 262,099 2,019,062 — 2,281,161 Mortgage-backed and asset-backed securities — 1,035,695 — 1,035,695 U.S. government and federal agency securities 17,261 8,399,520 — 8,416,781 Municipal securities — 170,540 — 170,540 Sovereign obligations 56,227 2,211,634 — 2,267,861 Loans and other receivables — 1,607,536 — 1,607,536 Total $ 1,764,488 $ 15,651,357 $ 9,853 $ 17,425,698 November 30, 2020 Corporate equity securities $ 1,371,978 $ 157,912 $ 7,517 $ 1,537,407 Corporate debt securities 369,218 1,869,844 — 2,239,062 Mortgage-backed and asset-backed securities — 1,547,140 — 1,547,140 U.S. government and federal agency securities 14,789 7,149,992 — 7,164,781 Municipal securities — 278,470 — 278,470 Sovereign obligations 54,763 2,763,032 — 2,817,795 Loans and other receivables — 1,392,883 — 1,392,883 Total $ 1,810,748 $ 15,159,273 $ 7,517 $ 16,977,538 Contractual Maturity Overnight and Continuous Up to 30 Days 31 to 90 Days Greater than 90 Days Total August 31, 2021 Securities lending arrangements $ 693,448 $ — $ 446,696 $ 624,344 $ 1,764,488 Repurchase agreements 6,731,201 2,113,096 2,346,442 4,460,618 15,651,357 Obligation to return securities received as collateral, at fair value 9,853 — — — 9,853 Total $ 7,434,502 $ 2,113,096 $ 2,793,138 $ 5,084,962 $ 17,425,698 November 30, 2020 Securities lending arrangements $ 636,256 $ 59,735 $ 459,455 $ 655,302 $ 1,810,748 Repurchase agreements 5,510,476 1,747,526 5,019,885 2,881,386 15,159,273 Obligation to return securities received as collateral, at fair value 7,517 — — — 7,517 Total $ 6,154,249 $ 1,807,261 $ 5,479,340 $ 3,536,688 $ 16,977,538 |
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, 2021 Securities borrowing arrangements $ 6,212,491 $ — $ 6,212,491 $ (263,043) $ (1,925,452) $ 4,023,996 Reverse repurchase agreements 16,091,094 (8,079,544) 8,011,550 (310,547) (7,669,325) 31,678 Securities received as collateral, at fair value 9,853 — 9,853 — (9,853) — Liabilities at August 31, 2021 Securities lending arrangements $ 1,764,488 $ — $ 1,764,488 $ (263,043) $ (1,489,230) $ 12,215 Repurchase agreements 15,651,357 (8,079,544) 7,571,813 (310,547) (6,835,756) 425,510 Obligation to return securities received as collateral, at fair value 9,853 — 9,853 — (9,853) — Assets at November 30, 2020 Securities borrowing arrangements $ 6,934,762 $ — $ 6,934,762 $ (395,342) $ (1,706,046) $ 4,833,374 Reverse repurchase agreements 11,939,773 (6,843,004) 5,096,769 (412,327) (4,578,560) 105,882 Securities received as collateral, at fair value 7,517 — 7,517 — — 7,517 Liabilities at November 30, 2020 Securities lending arrangements $ 1,810,748 $ — $ 1,810,748 $ (395,342) $ (1,397,550) $ 17,856 Repurchase agreements 15,159,273 (6,843,004) 8,316,269 (412,327) (7,122,422) 781,520 Obligation to return securities received as collateral, at fair value 7,517 — 7,517 — — 7,517 (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, 2021, amounts include $3.93 billion of securities borrowing arrangements, for which we have received securities collateral of $3.79 billion, and $420.0 million of repurchase agreements, for which we have pledged securities collateral of $432.1 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. At November 30, 2020, amounts include $4.76 billion of securities borrowing arrangements, for which we have received securities collateral of $4.62 billion, and $720.0 million of repurchase agreements, for which we have pledged securities collateral of $733.9 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. |
Summary of Offsetting Liabilities | The following table provides information regarding 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, 2021 Securities borrowing arrangements $ 6,212,491 $ — $ 6,212,491 $ (263,043) $ (1,925,452) $ 4,023,996 Reverse repurchase agreements 16,091,094 (8,079,544) 8,011,550 (310,547) (7,669,325) 31,678 Securities received as collateral, at fair value 9,853 — 9,853 — (9,853) — Liabilities at August 31, 2021 Securities lending arrangements $ 1,764,488 $ — $ 1,764,488 $ (263,043) $ (1,489,230) $ 12,215 Repurchase agreements 15,651,357 (8,079,544) 7,571,813 (310,547) (6,835,756) 425,510 Obligation to return securities received as collateral, at fair value 9,853 — 9,853 — (9,853) — Assets at November 30, 2020 Securities borrowing arrangements $ 6,934,762 $ — $ 6,934,762 $ (395,342) $ (1,706,046) $ 4,833,374 Reverse repurchase agreements 11,939,773 (6,843,004) 5,096,769 (412,327) (4,578,560) 105,882 Securities received as collateral, at fair value 7,517 — 7,517 — — 7,517 Liabilities at November 30, 2020 Securities lending arrangements $ 1,810,748 $ — $ 1,810,748 $ (395,342) $ (1,397,550) $ 17,856 Repurchase agreements 15,159,273 (6,843,004) 8,316,269 (412,327) (7,122,422) 781,520 Obligation to return securities received as collateral, at fair value 7,517 — 7,517 — — 7,517 (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, 2021, amounts include $3.93 billion of securities borrowing arrangements, for which we have received securities collateral of $3.79 billion, and $420.0 million of repurchase agreements, for which we have pledged securities collateral of $432.1 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. At November 30, 2020, amounts include $4.76 billion of securities borrowing arrangements, for which we have received securities collateral of $4.62 billion, and $720.0 million of repurchase agreements, for which we have pledged securities collateral of $733.9 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, 2021 | |
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, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Transferred assets $ 2,608.1 $ 983.9 $ 9,338.1 $ 4,794.3 Proceeds on new securitizations 2,609.8 983.9 9,339.4 4,794.3 Cash flows received on retained interests 4.5 6.3 14.3 18.6 |
Summary of Retained Interests in SPEs | The following table summarizes our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): August 31, 2021 November 30, 2020 Securitization Type Total Retained Total Retained U.S. government agency residential mortgage-backed securities $ 382.5 $ 5.6 $ 562.5 $ 7.8 U.S. government agency commercial mortgage-backed securities 2,755.1 100.3 2,461.2 205.2 CLOs 3,826.5 58.7 3,345.5 39.5 Consumer and other loans 2,250.3 125.7 1,290.6 56.6 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
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, 2021 November 30, 2020 Secured Funding Vehicles Other Secured Funding Vehicles Other Cash (1) $ — $ 1.2 $ — $ 1.2 Financial instruments owned, at fair value — 37.6 — 5.2 Securities purchased under agreements to resell (2) 3,549.9 — 2,908.9 — Receivables 708.1 13.1 510.6 12.9 Other assets (3) 113.9 — 46.4 0.1 Total assets $ 4,371.9 $ 51.9 $ 3,465.9 $ 19.4 Financial instruments sold, not yet purchased, at fair $ — $ 0.1 $ — $ 2.5 Other secured financings (4) 4,338.8 — 3,425.0 — Other liabilities (5) 2.6 51.3 1.8 0.4 Total liabilities $ 4,341.4 $ 51.4 $ 3,426.8 $ 2.9 (1) Approximately $1.2 million and $0.7 million of the cash amounts at August 31, 2021 and November 30, 2020, respectively, represent cash on deposit with related consolidated entities and are 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 $36.0 million and $9.7 million of the other assets at August 31, 2021 and November 30, 2020, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (4) Approximately $138.2 million of the other secured financings at November 30, 2020 are with related consolidated entities, which are eliminated in consolidation. (5) Approximately $50.9 million and $0.3 million of the other liabilities at August 31, 2021 and November 30, 2020, respectively, represent intercompany payables with related consolidated entities, which 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, 2021 CLOs $ 309.3 $ 2.3 $ 2,372.2 $ 8,669.1 Asset-backed vehicles 214.6 — 241.7 3,097.8 Related party private equity vehicles 28.1 — 38.7 80.4 Other investment vehicles 1,079.4 — 1,196.7 16,618.9 Total $ 1,631.4 $ 2.3 $ 3,849.3 $ 28,466.2 November 30, 2020 CLOs $ 60.7 $ 0.2 $ 642.7 $ 6,849.1 Asset-backed vehicles 251.6 — 377.2 2,462.7 Related party private equity vehicles 19.0 — 30.0 53.0 Other investment vehicles 899.9 — 1,042.9 15,735.5 Total $ 1,231.2 $ 0.2 $ 2,092.8 $ 25,100.3 |
Loans to and Investments in A_2
Loans to and Investments in Associated Companies (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
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, 2021 and 2020 is as follows (in thousands): Loans to and investments in associated companies as of beginning of period Income (losses) related to associated companies Other income (losses) related to associated companies (1) Contributions to (distributions from) associated companies, net Other Loans to and investments in associated companies as of end of period 2021 Jefferies Finance $ 693,201 $ — $ 59,068 $ (8,837) $ — $ 743,432 Berkadia 301,152 86,639 (556) (140) 387,095 FXCM (2) 73,920 (23,046) — — 109 50,983 Linkem (3) 198,991 (34,174) — (9,057) (726) 155,034 Real estate associated companies 168,678 (2,948) — (20,151) — 145,579 Other (3) 250,621 (1,102) 41,525 (28,200) (2) 262,842 Total $ 1,686,563 $ (61,270) $ 187,232 $ (66,801) $ (759) $ 1,744,965 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 194,847 (21,754) — 35,103 (2,149) 206,047 Real estate associated companies (4) 255,309 (50,910) — (34,505) — 169,894 Other 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 (1) Primarily related to Jefferies Group and 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, 2021 and November 30, 2020 include loans and debt securities aggregating $104.1 million and $104.1 million, respectively, related to Linkem and Other. (4) 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. Income (losses) related to associated companies includes the following (in thousands): For the Three Months Ended For the Nine Months Ended August 31, 2021 August 31, 2020 August 31, 2021 August 31, 2020 FXCM $ (12,926) $ 3,704 $ (23,046) $ 9,956 Linkem (14,231) (1,945) (34,174) (21,754) Real estate associated companies 169 2,532 (2,948) (50,910) Other (188) 762 (1,102) (6,815) Total $ (27,176) $ 5,053 $ (61,270) $ (69,523) Other income (losses) related to associated companies (primarily related to Jefferies Group and classified in Other revenues) includes the following (in thousands): For the Three Months Ended For the Nine Months Ended August 31, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Jefferies Finance $ (1,767) $ (17,731) $ 59,068 $ (65,681) Berkadia 25,967 18,448 86,639 40,373 Other 9,988 3,137 41,525 3,026 Total $ 34,188 $ 3,854 $ 187,232 $ (22,282) |
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, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Origination and syndication fee revenues (1) $ 87.8 $ 42.4 $ 303.5 $ 123.9 Origination fee expenses (1) 15.6 3.8 48.4 12.4 CLO placement fee revenues (2) 0.6 1.3 4.3 1.7 Underwriting fees (3) 2.0 — 2.5 0.3 Service fees (4) 18.0 13.5 63.5 49.4 (1) Jefferies Group engages in the origination and syndication of loans underwritten 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, 2021 and November 30, 2020, 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. |
Intangible Assets, Net and Go_2
Intangible Assets, Net and Goodwill (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
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, 2020 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 7,811 $ 7,884 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $126,254 and $119,694 45,065 51,285 Trademarks and tradenames, net of accumulated amortization of $31,472 and $28,585 97,888 100,255 Other, net of accumulated amortization of $10,768 and $8,953 5,914 7,729 Total intangible assets, net 156,678 167,153 Goodwill: Investment Banking and Capital Markets (1) 1,565,315 1,563,144 Asset Management 143,000 143,000 Real estate 36,711 36,711 Other operations 3,459 3,459 Total goodwill 1,748,485 1,746,314 Total intangible assets, net and goodwill $ 1,905,163 $ 1,913,467 |
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 $ 3,585 2022 11,134 2023 9,900 2024 9,143 2025 8,632 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
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, 2020 Bank loans (1) $ 300,497 $ 752,848 Floating rate puttable notes (1) 6,800 6,800 Equity-linked notes (2) — 5,067 Total short-term borrowings $ 307,297 $ 764,715 (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, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Indebtedness | Principal amounts included in the table below are shown net of unamortized discounts, premiums and debt issuance costs (dollars in thousands). August 31, November 30, 2020 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 746,891 $ 745,883 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,873 246,828 Total long-term debt – Parent Company 993,764 992,711 Subsidiary Debt (non-recourse to Parent Company): Jefferies Group: 2.25% Euro Medium Term Notes, due July 13, 2022, $0 and $4,779 principal — 4,638 5.125% Senior Notes, due January 20, 2023, $750,000 principal 756,536 759,901 1.00% Euro Medium Term Notes, due July 19, 2024, $590,600 and $597,350 principal 589,294 595,700 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 789,663 809,039 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 367,194 369,057 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 990,283 989,574 2.75% Senior Notes, due October 15, 2032, $500,000 principal (1) 466,860 485,134 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 510,497 510,834 6.50% Senior Notes, due January 20, 2043, $400,000 principal 419,500 419,826 Structured Notes (2) 1,790,645 1,712,245 Jefferies Group Revolving Credit Facility 248,873 189,732 Jefferies Group Secured Credit Facility 375,000 — Jefferies Group Secured Bank Loan 50,000 50,000 HomeFed EB-5 Program debt 202,618 191,294 HomeFed construction loans 45,442 45,471 Foursight Capital Credit Facilities — 129,000 Vitesse Energy Finance Revolving Credit Facility 74,559 97,883 Total long-term debt – subsidiaries 7,676,964 7,359,328 Long-term debt $ 8,670,728 $ 8,352,039 (1) The carrying values of these senior notes include a net gain of $38.6 million and a net loss of $45.5 million during the nine months ended August 31, 2021 and 2020, respectively, associated with interest rate swaps based on designation as fair value hedges. 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. Gains and losses in the fair value of structured notes resulting from non-credit components are recognized within Other operating activities in the Consolidated Statements of Cash Flow. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
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, 2020 Net unrealized gains on available for sale securities $ 377 $ 513 Net unrealized foreign exchange losses (151,445) (156,718) Net unrealized losses on instrument specific credit risk (147,673) (71,151) Net minimum pension liability (59,232) (61,561) Total accumulated other comprehensive income (loss) $ (357,973) $ (288,917) |
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 (losses) on instrument specific credit risk, net of income tax provision (benefit) of $599 and $306 $ 1,861 $ 898 Principal transactions revenues Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(795) and $(658) (2,329) (1,931) Selling, general and other expenses, which includes pension expense Total reclassifications for the period, net of tax $ (468) $ (1,033) |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
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, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Revenues from contracts with customers: Commissions and other fees $ 214,363 $ 204,032 $ 673,756 $ 626,434 Investment banking 1,180,620 615,837 3,184,932 1,595,330 Manufacturing revenues 118,918 119,751 440,857 282,737 Other 120,168 35,121 259,520 132,975 Total revenues from contracts with customers 1,634,069 974,741 4,559,065 2,637,476 Other sources of revenue: Principal transactions 232,110 623,283 1,513,034 1,421,485 Interest income 220,278 219,843 691,223 782,941 Other 54,137 7,632 247,189 53,392 Total revenues from other sources 506,525 850,758 2,451,446 2,257,818 Total revenues $ 2,140,594 $ 1,825,499 $ 7,010,511 $ 4,895,294 The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands): Reportable Segments Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Consolidation Adjustments Total Three months ended August 31, 2021 Major Business Activity: Investment Banking - Advisory $ 583,887 $ — $ — $ — $ — $ 583,887 Investment Banking - Underwriting 596,789 — — — (56) 596,733 Equities (1) 210,109 — — — (30) 210,079 Fixed Income (1) 4,284 — — — — 4,284 Asset Management — 2,853 — — — 2,853 Manufacturing revenues — — 118,918 — — 118,918 Oil and gas revenues — — 49,814 — — 49,814 Other revenues — — 67,501 — — 67,501 Total revenues from contracts with customers $ 1,395,069 $ 2,853 $ 236,233 $ — $ (86) $ 1,634,069 Primary Geographic Region: Americas $ 1,114,885 $ 2,853 $ 235,450 $ — $ (86) $ 1,353,102 Europe 215,146 — 445 — — 215,591 Asia Pacific 65,038 — 338 — — 65,376 Total revenues from contracts with customers $ 1,395,069 $ 2,853 $ 236,233 $ — $ (86) $ 1,634,069 Three months ended August 31, 2020 Major Business Activity: Investment Banking - Advisory $ 171,438 $ — $ — $ — $ — $ 171,438 Investment Banking - Underwriting 444,399 — — — — 444,399 Equities (1) 201,157 — — — (281) 200,876 Fixed Income (1) 3,156 — — — — 3,156 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 90,132 1,369 644 — — 92,145 Asia Pacific 45,577 — 16 — — 45,593 Total revenues from contracts with customers $ 820,150 $ 3,127 $ 151,745 $ — $ (281) $ 974,741 Reportable Segments Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Consolidation Adjustments Total Nine months ended August 31, 2021 Major Business Activity: Investment Banking - Advisory $ 1,285,834 $ — $ — $ — $ — $ 1,285,834 Investment Banking - Underwriting 1,899,204 — — — (106) 1,899,098 Equities (1) 663,503 — — — (218) 663,285 Fixed Income (1) 10,471 — — — — 10,471 Asset Management — 12,594 — — — 12,594 Manufacturing revenues — — 440,857 — — 440,857 Oil and gas revenues — — 126,855 — — 126,855 Other revenues — — 120,071 — — 120,071 Total revenues from contracts with customers $ 3,859,012 $ 12,594 $ 687,783 $ — $ (324) $ 4,559,065 Primary Geographic Region: Americas $ 3,104,357 $ 11,961 $ 685,760 $ — $ (324) $ 3,801,754 Europe 575,774 633 1,351 — — 577,758 Asia Pacific 178,881 — 672 — — 179,553 Total revenues from contracts with customers $ 3,859,012 $ 12,594 $ 687,783 $ — $ (324) $ 4,559,065 Nine months ended August 31, 2020 Major Business Activity: Investment Banking - Advisory $ 696,677 $ — $ — $ — $ — $ 696,677 Investment Banking - Underwriting 898,653 — — — — 898,653 Equities (1) 614,089 — — — (681) 613,408 Fixed Income (1) 13,026 — — — — 13,026 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 237,652 6,464 1,303 — — 245,419 Asia Pacific 126,656 — 211 — — 126,867 Total revenues from contracts with customers $ 2,222,445 $ 12,714 $ 402,998 $ — $ (681) $ 2,637,476 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. |
Common Share and Earnings Per_2
Common Share and Earnings Per Common Share (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
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, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 407,459 $ 304,409 $ 1,342,490 $ 462,338 Allocation of earnings to participating securities (1) (2,490) (1,945) (7,974) (2,921) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 404,969 302,464 1,334,516 459,417 Adjustment to allocation of earnings to participating securities related to diluted shares (1) 52 17 161 5 Mandatorily redeemable convertible preferred share dividends 1,849 1,404 5,101 4,230 Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 406,870 $ 303,885 $ 1,339,778 $ 463,652 Denominator for earnings per share: Weighted average common shares outstanding 246,624 263,062 247,638 273,035 Weighted average shares of restricted stock outstanding with future service required (1,602) (1,787) (1,561) (1,837) Weighted average RSUs outstanding with no future service required 18,065 19,420 18,171 18,761 Denominator for basic earnings per share – weighted average shares 263,087 280,695 264,248 289,959 Stock options 1,485 — 905 — Senior executive compensation plan awards 2,392 — 2,152 475 Mandatorily redeemable convertible preferred shares 4,441 4,441 4,441 4,441 Denominator for diluted earnings per share 271,405 285,136 271,746 294,875 (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 1,621,000 and 1,807,800 for the three months ended August 31, 2021 and 2020, respectively, and 1,581,200 and 1,851,900 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | The following table summarizes commitments associated with certain business activities at August 31, 2021 (in millions): Expected Maturity Date (Fiscal Years) 2021 2022 2023 2025 2027 Maximum Payout Equity commitments (1) $ 121.0 $ 230.3 $ 26.2 $ 11.1 $ 21.1 $ 409.7 Loan commitments (1) — 250.0 25.8 60.0 — 335.8 Underwriting commitments 155.8 — — — — 155.8 Forward starting reverse repos (2) 10,223.8 99.5 — — — 10,323.3 Forward starting repos (2) 6,296.3 — — — — 6,296.3 Other unfunded commitments (1) 27.2 25.0 133.9 — — 186.1 Total $ 16,824.1 $ 604.8 $ 185.9 $ 71.1 $ 21.1 $ 17,707.0 (1) Equity commitments, loan commitments and other unfunded commitments are generally presented by contractual maturity date. The amounts, however, are mostly available on demand. (2) At August 31, 2021, $10.32 billion within forward starting securities purchased under agreements to resell and $6.21 billion of the 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, 2021 (in millions): Expected Maturity Date (Fiscal Years) Guarantee Type 2021 2022 2023 2025 2027 Notional/ Derivative contracts – non-credit related $ 8,635.2 $ 12,807.8 $ 9,503.1 $ 386.6 $ 50.0 $ 31,382.7 Written derivative contracts – credit related — — 19.0 — — 19.0 Total derivative contracts $ 8,635.2 $ 12,807.8 $ 9,522.1 $ 386.6 $ 50.0 $ 31,401.7 |
Other Fair Value Information (T
Other Fair Value Information (Tables) | 9 Months Ended |
Aug. 31, 2021 | |
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, 2021 November 30, 2020 Carrying Fair Carrying Fair Receivables: Notes and loans receivable (1) $ 825,406 $ 873,347 $ 727,492 $ 744,424 Financial Liabilities: Short-term borrowings (2) $ 307,297 $ 307,297 $ 759,648 $ 759,648 Long-term debt (3) 6,880,083 7,744,654 6,639,794 7,495,642 (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, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Certain information concerning our segments is presented in the following table (in thousands): For the Three Months Ended For the Nine Months Ended August 31, 2021 August 31, 2020 August 31, 2021 August 31, 2020 Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 1,650,796 $ 1,274,115 $ 5,183,269 $ 3,451,776 Asset Management 12,604 118,558 293,892 146,278 Merchant Banking 271,608 220,887 887,939 532,608 Corporate 955 591 2,269 11,908 Total net revenues related to reportable segments 1,935,963 1,614,151 6,367,369 4,142,570 Consolidation adjustments 3,021 2,019 9,064 7,517 Total consolidated revenues $ 1,938,984 $ 1,616,170 $ 6,376,433 $ 4,150,087 Income (loss) before income taxes: Reportable Segments: Investment Banking and Capital Markets $ 589,992 $ 281,323 $ 1,559,833 $ 745,814 Asset Management (18,615) 87,604 173,905 25,122 Merchant Banking 3,356 70,747 169,971 (57,592) Corporate (10,450) (15,618) (43,026) (36,226) Income before income taxes related to reportable segments 564,283 424,056 1,860,683 677,118 Parent Company interest (13,774) (14,114) (41,505) (39,773) Consolidation adjustments 3,107 2,300 9,362 8,198 Total consolidated income before income taxes $ 553,616 $ 412,242 $ 1,828,540 $ 645,543 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 21,035 $ 22,225 $ 62,497 $ 61,322 Asset Management 494 2,018 1,462 4,776 Merchant Banking 16,584 14,408 50,619 50,627 Corporate 564 869 2,306 2,631 Total consolidated depreciation and amortization expenses $ 38,677 $ 39,520 $ 116,884 $ 119,356 August 31, November 30, 2020 Identifiable Assets Employed: Reportable Segments: Investment Banking and Capital Markets $ 49,598,771 $ 44,835,126 Asset Management 2,771,582 3,231,059 Merchant Banking 3,382,049 3,173,064 Corporate 2,572,196 2,178,699 Identifiable assets related to reportable segments 58,324,598 53,417,948 Consolidation adjustments (287,199) (299,596) Total consolidated assets $ 58,037,399 $ 53,118,352 |
Nature of Operations (Details)
Nature of Operations (Details) | 9 Months Ended |
Aug. 31, 2021segment | |
Jefferies Group | |
Schedule of Equity Method Investments [Line Items] | |
Number of business segments | 2 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) | Aug. 31, 2021 | Dec. 01, 2020 | Nov. 30, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Receivables from brokers, dealers and clearing organizations | $ 3,860,000,000 | $ 4,160,000,000 | $ 3,860,000,000 | $ 3,860,000,000 | |||
Receivables from customers of securities operations | 1,870,000,000 | 1,290,000,000 | 1,870,000,000 | 1,870,000,000 | |||
Other investments with fair values not readily determinable | 47,700,000 | 90,200,000 | 47,700,000 | 47,700,000 | |||
Impairment losses on investments | 0 | $ 300,000 | 0 | $ 20,900,000 | |||
Capitalized interest | 2,200,000 | 1,600,000 | 6,400,000 | 6,400,000 | |||
Payables to brokers, dealers and clearing organizations | 4,040,000,000 | 3,330,000,000 | 4,040,000,000 | 4,040,000,000 | |||
Payables to customers of securities operations | 4,290,000,000 | 4,250,000,000 | 4,290,000,000 | 4,290,000,000 | |||
Retained earnings | (7,681,488,000) | (6,531,836,000) | (7,681,488,000) | (7,681,488,000) | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff, Net of Recoveries | 1,777,000 | $ 3,349,000 | 51,907,000 | $ 21,540,000 | |||
Prime Brokerage | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff, Net of Recoveries | $ 39,000,000 | ||||||
Foursight Capital | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Historical loss experience period | 8 years | ||||||
Supportable forecast period | 2 years | ||||||
Cumulative effect of the adoption of accounting standards | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Allowance for credit losses | $ 26,500,000 | ||||||
Retained earnings | 19,900,000 | ||||||
Cumulative effect of the adoption of accounting standards | Foursight Capital | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Allowance for credit losses | 30,100,000 | ||||||
Foursight Capital | Automobile loan | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans receivable | $ 785,800,000 | $ 694,200,000 | 785,800,000 | $ 785,800,000 | |||
Foursight Capital | Automobile loan | Credit concentration risk | Loans receivable | Prime | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Concentration risk, percentage | 14.00% | 14.00% | |||||
Foursight Capital | Automobile loan | Credit concentration risk | Loans receivable | Near-prime | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Concentration risk, percentage | 54.00% | 54.00% | |||||
Foursight Capital | Automobile loan | Credit concentration risk | Loans receivable | Subprime | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Concentration risk, percentage | 32.00% | 32.00% | |||||
Foursight Capital | Securitized vehicles | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Loans receivable | $ 761,800,000 | $ 532,400,000 | $ 761,800,000 | $ 761,800,000 | |||
Jefferies Group | Cumulative effect of the adoption of accounting standards | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Allowance for credit losses | $ (3,600,000) |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | May 31, 2021 | Nov. 30, 2020 | May 31, 2020 | Nov. 30, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Beginning balance | $ 76,629 | $ 44,822 | $ 76,629 | $ 44,822 | $ 79,254 | $ 53,926 | $ 38,806 | $ 34,018 |
Provision for doubtful accounts | (848) | 9,365 | 48,091 | 32,344 | ||||
Charge-offs, net of recoveries | (1,777) | (3,349) | (51,907) | (21,540) | ||||
Ending balance | $ 76,629 | $ 44,822 | 76,629 | $ 44,822 | ||||
Prime Brokerage | ||||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Provision for doubtful accounts | 39,000 | |||||||
Charge-offs, net of recoveries | $ (39,000) | |||||||
Adjustment for change in accounting principle for current expected credit losses | ||||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||
Beginning balance | $ 0 | $ 26,519 | $ 0 | $ 0 |
Basis of Presentation and Sig_6
Basis of Presentation and Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Aug. 31, 2021 | Aug. 31, 2020 | |
Cash paid during the year for: | ||
Interest | $ 737,935 | $ 880,853 |
Income tax payments (refunds), net | $ 516,714 | $ (13,514) |
Fair Value Disclosures - Schedu
Fair Value Disclosures - Schedule of Assets and Liabilities Measured on Recurring Basis at Fair Value (Details) - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 |
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | $ 18,713,662 | $ 17,159,193 |
Counterparty and cash collateral netting, assets | (1,981,853) | (1,556,136) |
Loans to and investments in associated companies | 36,584 | 48,788 |
Securities received as collateral, at fair value | 9,853 | 7,517 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 12,748,802 | 10,017,600 |
Counterparty and cash collateral netting, liabilities | (2,343,324) | (1,798,659) |
Short-term borrowings | 5,067 | |
Other secured financings | 2,493 | 1,543 |
Long-term debt | 1,790,645 | 1,712,245 |
Obligation to return securities received as collateral, at fair value | 9,853 | 7,517 |
Fair value measured at NAV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Alternative investments | 1,021,441 | 965,384 |
Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 8,668,383 | 7,279,781 |
Loans to and investments in associated companies | 0 | 0 |
Securities received as collateral, at fair value | 9,853 | 7,517 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 6,894,893 | 5,707,423 |
Short-term borrowings | 0 | |
Other secured financings | 0 | 0 |
Long-term debt | 0 | 0 |
Obligation to return securities received as collateral, at fair value | 9,853 | 7,517 |
Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 11,356,072 | 10,784,987 |
Loans to and investments in associated companies | 0 | 8,603 |
Securities received as collateral, at fair value | 0 | 0 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 7,977,620 | 6,039,896 |
Short-term borrowings | 5,067 | |
Other secured financings | 0 | 0 |
Long-term debt | 1,005,033 | 1,036,217 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 671,060 | 650,561 |
Loans to and investments in associated companies | 36,584 | 40,185 |
Securities received as collateral, at fair value | 0 | 0 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 219,613 | 68,940 |
Short-term borrowings | 0 | |
Other secured financings | 2,493 | 1,543 |
Long-term debt | 785,612 | 676,028 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Corporate equity securities | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,306,359 | 2,609,950 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 2,030,552 | 2,059,921 |
Obligation to return securities received as collateral, at fair value | 9,853 | 7,517 |
Corporate equity securities | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 2,947,163 | 2,475,887 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 2,014,034 | 2,046,441 |
Corporate equity securities | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 227,455 | 58,159 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 12,131 | 9,046 |
Corporate equity securities | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 131,741 | 75,904 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 4,387 | 4,434 |
Corporate debt securities | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,259,696 | 2,977,382 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 1,890,686 | 1,237,772 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Corporate debt securities | Level 1 | ||
Assets: | ||
Total 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: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,251,540 | 2,954,236 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 1,890,158 | 1,237,631 |
Corporate debt securities | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 8,156 | 23,146 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 528 | 141 |
Collateralized debt obligations and collateralized loan obligations | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 292,876 | 82,127 |
Collateralized debt obligations and collateralized loan obligations | Level 1 | ||
Assets: | ||
Total 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: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 240,315 | 64,155 |
Collateralized debt obligations and collateralized loan obligations | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 52,561 | 17,972 |
U.S. government and federal agency securities | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 4,616,557 | 2,931,678 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 3,713,613 | 2,609,660 |
U.S. government and federal agency securities | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 4,506,638 | 2,840,025 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 3,713,613 | 2,609,660 |
U.S. government and federal agency securities | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 109,919 | 91,653 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 0 | 0 |
U.S. government and federal agency securities | Level 3 | ||
Assets: | ||
Total 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: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 431,909 | 453,881 |
Liabilities: | ||
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Municipal securities | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Municipal securities | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 431,909 | 453,881 |
Municipal securities | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Sovereign obligations | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 2,175,358 | 2,553,688 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 1,971,011 | 1,675,511 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Sovereign obligations | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 1,211,554 | 1,962,346 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 1,165,251 | 1,050,771 |
Sovereign obligations | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 963,804 | 591,342 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 805,760 | 624,740 |
Sovereign obligations | Level 3 | ||
Assets: | ||
Total 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: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 392,625 | 1,122,675 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 477 | |
Residential mortgage-backed securities | Level 1 | ||
Assets: | ||
Total 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 | |
Residential mortgage-backed securities | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 391,189 | 1,100,849 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 477 | |
Residential mortgage-backed securities | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 1,436 | 21,826 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 0 | |
Commercial mortgage-backed securities | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 390,753 | 738,294 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 140 | 35 |
Commercial mortgage-backed securities | Level 1 | ||
Assets: | ||
Total 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: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 388,073 | 736,291 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 0 | 0 |
Commercial mortgage-backed securities | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 2,680 | 2,003 |
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 140 | 35 |
Other asset-backed securities | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 323,940 | 183,606 |
Other asset-backed securities | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Other asset-backed securities | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 246,507 | 103,611 |
Other asset-backed securities | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 77,433 | 79,995 |
Loans and other receivables | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 2,876,369 | 2,745,382 |
Liabilities: | ||
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Loans and other receivables | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Loans and other receivables | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 2,725,398 | 2,610,746 |
Loans and other receivables | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 150,971 | 134,636 |
Derivatives, assets | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 417,109 | 481,007 |
Derivatives, assets | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,028 | 1,523 |
Derivatives, assets | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 2,373,650 | 2,013,942 |
Derivatives, assets | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 22,284 | 21,678 |
Investments at fair value | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 171,646 | 220,068 |
Investments at fair value | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Investments at fair value | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 6,313 | 6,122 |
Investments at fair value | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 165,333 | 213,946 |
FXCM term loan | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 58,465 | 59,455 |
FXCM term loan | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
FXCM term loan | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
FXCM term loan | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 58,465 | 59,455 |
Loans | ||
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 2,211,005 | 1,793,081 |
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: | 2,185,793 | 1,776,446 |
Loans | Level 3 | ||
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 25,212 | 16,635 |
Derivatives, liabilities | ||
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 931,795 | 641,143 |
Derivatives, liabilities | Level 1 | ||
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 1,995 | 551 |
Derivatives, liabilities | Level 2 | ||
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | 3,083,778 | 2,391,556 |
Derivatives, liabilities | Level 3 | ||
Liabilities: | ||
Financial instruments sold, not yet purchased, at fair value: | $ 189,346 | $ 47,695 |
Fair Value Disclosures - Invest
Fair Value Disclosures - Investments at Fair Value (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Aug. 31, 2021 | Nov. 30, 2020 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 24,051 | $ 17,408 |
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 | Debt Instrument, Redemption, Period One | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Percentage of investment at fair value, redemption restriction | 72.00% | 94.00% |
Equity Long/Short Hedge Funds | Debt Instrument, Redemption, Period Two | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Percentage of investment at fair value, redemption restriction | 22.00% | |
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 | $ 17,961 | $ 12,408 |
Equity Funds | Minimum | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Estimated period for the liquidation of the underlying assets | 1 year | 1 year |
Equity Funds | Maximum | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Estimated period for the liquidation of the underlying assets | 9 years | 9 years |
Commodity Fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 0 | $ 0 |
Commodity Fund | 60 days prior written notice | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Notice period redemption of investments prior written notice period | 60 days | 60 days |
Multi-asset Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 0 | $ 0 |
Multi-asset Funds | 60 days prior written notice | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Percentage of investments redeemable | 79.00% | 57.00% |
Notice period redemption of investments prior written notice period | 60 days | 60 days |
Other Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 6,090 | $ 5,000 |
Notice period redemption of investments prior written notice period | 90 days | 90 days |
Other Funds | Minimum | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments outstanding period | 90 days | 90 days |
Other Funds | Maximum | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments outstanding period | 120 days | 120 days |
Fair value measured at NAV | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 1,021,441 | $ 965,384 |
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 | 462,600 | 328,096 |
Fair value measured at NAV | Equity Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 40,651 | 33,221 |
Fair value measured at NAV | Commodity Fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 23,540 | 17,747 |
Fair value measured at NAV | Multi-asset Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 398,962 | 561,236 |
Fair value measured at NAV | Other Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 95,688 | $ 25,084 |
Fair Value Disclosures - Inve_2
Fair Value Disclosures - Investment in FXCM (Details) - Investment in FXCM $ in Millions | Aug. 31, 2021USD ($) |
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 - Nonrec
Fair Value Disclosures - Nonrecurring Fair Value Measurements (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2020USD ($) | Aug. 31, 2020USD ($) | Aug. 31, 2021ft²sitetaxLot | May 31, 2020USD ($) | |
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 | 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 | $ 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 | 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 | site | 2 | |||
Area of property (up to) | ft² | 540,000 | |||
Equity method investment, other than temporary impairment | $ 55.6 | |||
HomeFed | Development site | RedSky JZ Fulton Mall | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity method investment, ownership percentage | 49.00% |
Fair Value Disclosures - Level
Fair Value Disclosures - Level 3 Rollforwards (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Assets: | ||||
Total gains (losses) (realized and unrealized) | $ 36,100 | $ 42,200 | $ 182,900 | $ (80,700) |
Liabilities: | ||||
Total gains/ losses (realized and unrealized) | 3,700 | 124,300 | 60,200 | (50,100) |
Fair value, Liabilities, change in unrealized gains/(losses) included in other comprehensive income relating to instruments still held | 3,900 | (88,300) | (57,300) | 17,300 |
Corporate equity securities | ||||
Assets: | ||||
Beginning Balance | 86,451 | 76,140 | 75,904 | 58,426 |
Total gains (losses) (realized and unrealized) | 36,643 | (597) | 48,741 | (3,914) |
Purchases | 208 | 779 | 7,900 | 3,406 |
Sales | (1,488) | 0 | (37,794) | (13,555) |
Settlements | (16) | 0 | (16) | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 9,943 | 1,619 | 37,006 | 33,578 |
Ending Balance | 131,741 | 77,941 | 131,741 | 77,941 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | 37,731 | (597) | 37,146 | (775) |
Liabilities: | ||||
Beginning Balance | 4,462 | 4,190 | 4,434 | 4,487 |
Total gains/ losses (realized and unrealized) | (75) | (12) | (12) | 258 |
Purchases | 0 | 0 | (22) | (567) |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 0 | 189 | (13) | 189 |
Ending Balance | 4,387 | 4,367 | 4,387 | 4,367 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | 75 | 12 | 13 | 98 |
Corporate debt securities | ||||
Assets: | ||||
Beginning Balance | 7,985 | 25,178 | 23,146 | 7,490 |
Total gains (losses) (realized and unrealized) | 405 | (889) | 1,600 | (162) |
Purchases | 14,898 | 4 | 1,513 | 285 |
Sales | (17,317) | (394) | (3,721) | (489) |
Settlements | (20) | 0 | (128) | (602) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 2,205 | (630) | (14,254) | 16,747 |
Ending Balance | 8,156 | 23,269 | 8,156 | 23,269 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | 192 | (881) | 331 | (591) |
Liabilities: | ||||
Beginning Balance | 927 | 163 | 141 | 340 |
Total gains/ losses (realized and unrealized) | (7) | (15) | 375 | (261) |
Purchases | 0 | 0 | 0 | (325) |
Sales | 0 | 0 | 12 | 394 |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | (392) | 0 | 0 | 0 |
Ending Balance | 528 | 148 | 528 | 148 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | 7 | 15 | (375) | 20 |
CDOs and CLOs | ||||
Assets: | ||||
Beginning Balance | 26,561 | 31,551 | 17,972 | 28,788 |
Total gains (losses) (realized and unrealized) | 2,539 | 3,813 | 7,666 | (8,000) |
Purchases | 50,199 | 39 | 58,868 | 10,883 |
Sales | (33,234) | (7,539) | (37,277) | (20,935) |
Settlements | (1,518) | (2,318) | (2,201) | (6,847) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 8,014 | 10,576 | 7,533 | 32,233 |
Ending Balance | 52,561 | 36,122 | 52,561 | 36,122 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | (730) | 159 | (4,716) | (20,739) |
Residential mortgage-backed securities | ||||
Assets: | ||||
Beginning Balance | 6,033 | 22,339 | 21,826 | 17,740 |
Total gains (losses) (realized and unrealized) | (42) | 1,240 | (195) | (1,347) |
Purchases | 0 | 0 | 157 | 7,625 |
Sales | (417) | 0 | (784) | 0 |
Settlements | (61) | (774) | (291) | (496) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | (4,077) | 5,512 | (19,277) | 4,795 |
Ending Balance | 1,436 | 28,317 | 1,436 | 28,317 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | (14) | 1,262 | (123) | (1,811) |
Commercial mortgage-backed securities | ||||
Assets: | ||||
Beginning Balance | 1,176 | 4,461 | 2,003 | 6,110 |
Total gains (losses) (realized and unrealized) | (103) | 202 | 134 | 232 |
Purchases | 1,607 | 0 | 2,590 | 0 |
Sales | 0 | 0 | (393) | 0 |
Settlements | 0 | 0 | (1,639) | (1,785) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 0 | 0 | (15) | 106 |
Ending Balance | 2,680 | 4,663 | 2,680 | 4,663 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | 1,530 | 198 | 741 | 807 |
Liabilities: | ||||
Beginning Balance | 35 | 140 | 35 | 35 |
Total gains/ losses (realized and unrealized) | 0 | 0 | 0 | 0 |
Purchases | 0 | (140) | (35) | (35) |
Sales | 105 | 35 | 140 | 35 |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 0 | 0 | 0 | 0 |
Ending Balance | 140 | 35 | 140 | 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 | 70,555 | 86,062 | 79,995 | 42,563 |
Total gains (losses) (realized and unrealized) | 30 | (1,585) | 4,770 | (3,495) |
Purchases | 18,611 | 3,313 | 38,785 | 29,096 |
Sales | (274) | 0 | (26,642) | (664) |
Settlements | (14,426) | (7,442) | (25,966) | (22,125) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 2,937 | (17,011) | 6,491 | 17,962 |
Ending Balance | 77,433 | 63,337 | 77,433 | 63,337 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | (3,145) | (5,101) | (6,955) | (13,012) |
Loans and other receivables | ||||
Assets: | ||||
Beginning Balance | 190,412 | 121,129 | 134,636 | 114,080 |
Total gains (losses) (realized and unrealized) | (5,689) | 13,109 | 18,104 | 966 |
Purchases | 14,796 | 18,492 | 51,933 | 309,982 |
Sales | (29,557) | (13,897) | (55,693) | (208,958) |
Settlements | (10,873) | (355) | (10,509) | (57,371) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | (8,118) | 24,463 | 12,500 | 4,242 |
Ending Balance | 150,971 | 162,941 | 150,971 | 162,941 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | (4,409) | 13,440 | 9,756 | 1,291 |
Investments at fair value | ||||
Assets: | ||||
Beginning Balance | 230,834 | 154,238 | 213,946 | 205,412 |
Total gains (losses) (realized and unrealized) | 3,662 | 24,179 | 106,699 | (62,415) |
Purchases | 1,185 | 7,183 | 12,669 | 42,771 |
Sales | (1) | 0 | (47,245) | (168) |
Settlements | (382) | (13,102) | (8,955) | (13,102) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | (69,965) | 0 | (111,781) | 0 |
Ending Balance | 165,333 | 172,498 | 165,333 | 172,498 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | 3,661 | 23,030 | 30,027 | (64,263) |
FXCM term loan | ||||
Assets: | ||||
Beginning Balance | 59,155 | 53,765 | 59,455 | 59,120 |
Total gains (losses) (realized and unrealized) | (690) | 2,777 | (990) | (2,578) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 0 | 0 | 0 | 0 |
Ending Balance | 58,465 | 56,542 | 58,465 | 56,542 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | (690) | 2,777 | (990) | (2,578) |
Loans to and investments in associated companies | ||||
Assets: | ||||
Beginning Balance | 37,287 | 0 | 40,185 | 0 |
Total gains (losses) (realized and unrealized) | (703) | 0 | (3,601) | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 0 | 34,688 | 0 | 34,688 |
Ending Balance | 36,584 | 34,688 | 36,584 | 34,688 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | (703) | 0 | (3,601) | 0 |
Securities purchased under agreements to resell | ||||
Assets: | ||||
Beginning Balance | 25,000 | |||
Total gains (losses) (realized and unrealized) | 0 | |||
Purchases | 0 | |||
Sales | 0 | |||
Settlements | (25,000) | |||
Issuances | 0 | |||
Net transfers into (out of) Level 3 | 0 | |||
Ending Balance | 0 | 0 | ||
Changes in unrealized gains/losses included in earnings relating to instruments still held | 0 | |||
Loans | ||||
Liabilities: | ||||
Beginning Balance | 20,389 | 10,674 | 16,635 | 9,463 |
Total gains/ losses (realized and unrealized) | (8) | 6,636 | 1,308 | 2,986 |
Purchases | (3,118) | (23,001) | (7,182) | (5,760) |
Sales | 1,710 | 3,558 | 14,083 | 38,531 |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 6,239 | 48,727 | 368 | 1,374 |
Ending Balance | 25,212 | 46,594 | 25,212 | 46,594 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | 6 | (6,591) | (4,094) | (3,366) |
Net derivatives | ||||
Liabilities: | ||||
Beginning Balance | 227,058 | 45,131 | 26,017 | 77,168 |
Total gains/ losses (realized and unrealized) | 20,869 | (12,175) | 33,173 | (63,367) |
Purchases | (1,868) | (1,404) | (1,548) | (6,732) |
Sales | 0 | 13,089 | 49,871 | 26,656 |
Settlements | 665 | (648) | 768 | (1,567) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | (79,662) | (21,568) | 58,781 | (9,733) |
Ending Balance | 167,062 | 22,425 | 167,062 | 22,425 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | (22,433) | 12,007 | (33,007) | 60,257 |
Other secured financings | ||||
Liabilities: | ||||
Beginning Balance | 2,493 | 0 | 1,543 | 0 |
Total gains/ losses (realized and unrealized) | 0 | (617) | 0 | (617) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 4,019 | 950 | 4,019 |
Net transfers into (out of) Level 3 | 0 | 0 | 0 | 0 |
Ending Balance | 2,493 | 3,402 | 2,493 | 3,402 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | 0 | 617 | 0 | 617 |
Long-term debt | ||||
Liabilities: | ||||
Beginning Balance | 795,098 | 497,040 | 676,028 | 480,069 |
Total gains/ losses (realized and unrealized) | (17,106) | 130,463 | 25,323 | 10,851 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | (2,000) |
Issuances | 22,330 | 5,749 | 58,000 | 202,046 |
Net transfers into (out of) Level 3 | (14,710) | (2,992) | 26,261 | (60,706) |
Ending Balance | 785,612 | 630,260 | 785,612 | 630,260 |
Changes in unrealized gains/losses included in earnings relating to instruments still held | $ 13,204 | $ (42,163) | $ 31,992 | $ (28,153) |
Fair Value Disclosures - Analys
Fair Value Disclosures - Analysis of Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | Nov. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | $ 37,900 | $ 64,500 | $ 50,900 | $ 132,000 | |
Transfers of assets from Level 3 to Level 2 | 97,000 | 39,900 | 132,700 | 22,300 | |
Transfers of liabilities from Level 2 to Level 3 | 51,800 | 54,400 | 100,000 | 37,300 | |
Transfers of liabilities from Level 3 to Level 2 | 140,300 | 30,000 | 14,600 | 106,200 | |
Net gains (losses) on Level 3 assets (realized and unrealized) | 36,100 | 42,200 | 182,900 | (80,700) | |
Net gains (losses) on Level 3 liabilities (realized and unrealized) | (3,700) | (124,300) | (60,200) | 50,100 | |
Excluded assets from unobservable quantitative information | 38,500 | 38,500 | $ 192,000 | ||
Excluded liabilities from unobservable quantitative information | 100 | 100 | $ 800 | ||
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 | 13,400 | 31,800 | 17,400 | 13,400 | |
Transfers of assets from Level 3 to Level 2 | 21,500 | 7,400 | 4,900 | 9,200 | |
Net gains (losses) on Level 3 assets (realized and unrealized) | (5,689) | 13,109 | 18,104 | 966 | |
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 | 8,000 | 19,500 | 7,600 | 34,100 | |
Transfers of assets from Level 3 to Level 2 | 8,900 | ||||
Net gains (losses) on Level 3 assets (realized and unrealized) | 2,539 | 3,813 | 7,666 | (8,000) | |
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 | 13,700 | 5,800 | 12,500 | 23,500 | |
Transfers of assets from Level 3 to Level 2 | 10,700 | 22,900 | 6,000 | 5,600 | |
Net gains (losses) on Level 3 assets (realized and unrealized) | 30 | (1,585) | 4,770 | (3,495) | |
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 | ||||
Transfers of assets from Level 3 to Level 2 | 4,100 | 19,300 | |||
Net gains (losses) on Level 3 assets (realized and unrealized) | (42) | 1,240 | (195) | (1,347) | |
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) | (703) | 0 | (3,601) | 0 | |
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 | 10,200 | 36,600 | |||
Transfers of assets from Level 3 to Level 2 | 3,100 | ||||
Net gains (losses) on Level 3 assets (realized and unrealized) | 36,643 | (597) | 48,741 | (3,914) | |
Net gains (losses) on Level 3 liabilities (realized and unrealized) | 75 | 12 | 12 | (258) | |
Loans | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers of liabilities from Level 2 to Level 3 | 9,700 | 50,100 | |||
Net gains (losses) on Level 3 liabilities (realized and unrealized) | 8 | (6,636) | (1,308) | (2,986) | |
Net derivatives | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers of liabilities from Level 2 to Level 3 | 32,900 | 4,100 | 73,400 | 35,200 | |
Transfers of liabilities from Level 3 to Level 2 | 112,500 | 25,600 | 14,600 | 45,000 | |
Net gains (losses) on Level 3 liabilities (realized and unrealized) | (20,869) | 12,175 | (33,173) | 63,367 | |
Structured notes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers of liabilities from Level 2 to Level 3 | 9,200 | 26,300 | |||
Transfers of liabilities from Level 3 to Level 2 | 23,900 | 3,000 | 60,700 | ||
Investments at fair value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers of assets from Level 3 to Level 2 | 60,400 | 84,500 | |||
Net gains (losses) on Level 3 assets (realized and unrealized) | 3,662 | 24,179 | 106,699 | (62,415) | |
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 | 2,500 | 18,600 | |||
Transfers of assets from Level 3 to Level 2 | 17,500 | ||||
Net gains (losses) on Level 3 assets (realized and unrealized) | 405 | (889) | 1,600 | (162) | |
Net gains (losses) on Level 3 liabilities (realized and unrealized) | $ 7 | $ 15 | $ (375) | $ 261 |
Fair Value Disclosures - Quanti
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, 2021USD ($) | Nov. 30, 2020USD ($) | Aug. 31, 2021$ / shares | Aug. 31, 2021 | Aug. 31, 2021$ / Bond | Aug. 31, 2021€ / Bond | Aug. 31, 2021€ / shares | Nov. 30, 2020$ / shares | Nov. 30, 2020 | Nov. 30, 2020$ / Bond | Nov. 30, 2020€ / Bond | Nov. 30, 2020€ / shares | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | $ 18,713,662 | $ 17,159,193 | ||||||||||
Derivative assets | 417,109 | 481,007 | ||||||||||
Financial instruments sold, not yet purchased, at fair value | 12,748,802 | 10,017,600 | ||||||||||
Derivative liability | 931,795 | 641,143 | ||||||||||
Other secured financings | 2,493 | 1,543 | ||||||||||
Long-term debt, fair value | 1,790,645 | 1,712,245 | ||||||||||
Loans to and investments in associated companies | 36,584 | 48,788 | ||||||||||
Corporate debt securities | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 3,259,696 | 2,977,382 | ||||||||||
Financial instruments sold, not yet purchased, at fair value | 1,890,686 | 1,237,772 | ||||||||||
CDOs and CLOs | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 292,876 | 82,127 | ||||||||||
Commercial mortgage-backed securities | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 390,753 | 738,294 | ||||||||||
Financial instruments sold, not yet purchased, at fair value | 140 | 35 | ||||||||||
Residential mortgage-backed securities | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 392,625 | 1,122,675 | ||||||||||
Financial instruments sold, not yet purchased, at fair value | 477 | |||||||||||
Other asset-backed securities | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 323,940 | 183,606 | ||||||||||
Loans and other receivables | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 2,876,369 | 2,745,382 | ||||||||||
Corporate equity securities | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 3,306,359 | 2,609,950 | ||||||||||
Financial instruments sold, not yet purchased, at fair value | 2,030,552 | 2,059,921 | ||||||||||
Loans | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments sold, not yet purchased, at fair value | 2,211,005 | 1,793,081 | ||||||||||
Level 3 | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 671,060 | 650,561 | ||||||||||
Financial instruments sold, not yet purchased, at fair value | 219,613 | 68,940 | ||||||||||
Other secured financings | 2,493 | 1,543 | ||||||||||
Long-term debt, fair value | 785,612 | 676,028 | ||||||||||
Loans to and investments in associated companies | 36,584 | 40,185 | ||||||||||
Level 3 | Volatility benchmarking and market approach | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative assets | 20,905 | 19,951 | ||||||||||
Derivative liability | 189,346 | 46,971 | ||||||||||
Level 3 | Scenario analysis | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Other secured financings | 2,493 | 1,543 | ||||||||||
Level 3 | Price | Market approach | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Long-term debt, measurement input | $ / Bond | 100 | |||||||||||
Level 3 | Price | Market approach | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Long-term debt, measurement input | € / Bond | 76 | |||||||||||
Level 3 | Price | Market approach | Maximum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Long-term debt, measurement input | € / Bond | 113 | |||||||||||
Level 3 | Price | Market approach | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Long-term debt, measurement input | € / Bond | 99 | |||||||||||
Level 3 | Non-exchange-traded securities | Volatility benchmarking and market approach | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 130,796 | |||||||||||
Level 3 | Non-exchange-traded securities | Market approach | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 75,409 | |||||||||||
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 | 366 | 213 | ||||||||||
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 | 125 | 86 | ||||||||||
Level 3 | Non-exchange-traded securities | EBITDA multiple | Market approach | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 3.7 | |||||||||||
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 | 4 | |||||||||||
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 | 8 | |||||||||||
Level 3 | Non-exchange-traded securities | EBITDA multiple | Market approach | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 5.7 | |||||||||||
Level 3 | Non-exchange-traded securities | Volatility | Volatility benchmarking | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.41 | |||||||||||
Level 3 | Non-exchange-traded securities | Volatility | Volatility benchmarking | Maximum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.52 | |||||||||||
Level 3 | Non-exchange-traded securities | Volatility | Volatility benchmarking | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.43 | |||||||||||
Level 3 | Corporate debt securities | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 8,156 | 23,146 | ||||||||||
Financial instruments sold, not yet purchased, at fair value | 528 | 141 | ||||||||||
Level 3 | Corporate debt securities | Scenario analysis | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments sold, not yet purchased, at fair value | 528 | 141 | ||||||||||
Level 3 | Corporate debt securities | Market approach and scenario analysis | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 8,156 | 23,146 | ||||||||||
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 | Price | Market approach | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | $ / Bond | 13 | |||||||||||
Level 3 | Corporate debt securities | Price | Market approach | Maximum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | $ / Bond | 73 | |||||||||||
Level 3 | Corporate debt securities | Price | Market approach | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | $ / Bond | 46 | |||||||||||
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 | 0.20 | |||||||||||
Financial instruments sold, not yet purchased, measurement input | 0.20 | 0.20 | ||||||||||
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 | 0.20 | |||||||||||
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 | 0.44 | |||||||||||
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 | 0.30 | |||||||||||
Level 3 | CDOs and CLOs | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 52,561 | 17,972 | ||||||||||
Level 3 | CDOs and CLOs | Discounted cash flows and market approach | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 52,466 | |||||||||||
Level 3 | CDOs and CLOs | Discounted cash flows and scenario analysis | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 17,972 | |||||||||||
Level 3 | CDOs and CLOs | Price | Market approach | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | $ / Bond | 100 | |||||||||||
Level 3 | CDOs and CLOs | Price | Market approach | Maximum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | $ / Bond | 104 | |||||||||||
Level 3 | CDOs and CLOs | Price | Market approach | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | $ / Bond | 101 | |||||||||||
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 | |||||||||||
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 | 0.34 | |||||||||||
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 | 0.23 | |||||||||||
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 | 0 | ||||||||||
Level 3 | CDOs and CLOs | Constant default rate | Discounted cash flows | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.02 | |||||||||||
Level 3 | CDOs and CLOs | Constant default rate | Discounted cash flows | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.01 | |||||||||||
Level 3 | CDOs and CLOs | Constant default rate | Discounted cash flows | Maximum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.02 | |||||||||||
Level 3 | CDOs and CLOs | Constant default rate | Discounted cash flows | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.02 | 0 | ||||||||||
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 | 0.60 | 0.30 | ||||||||||
Level 3 | CDOs and CLOs | Loss severity | Discounted cash flows | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.28 | 0.26 | ||||||||||
Level 3 | CDOs and CLOs | Discount rate/yield | Discounted cash flows | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.07 | 0.14 | ||||||||||
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 | 0.30 | 0.28 | ||||||||||
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 | 0.15 | 0.20 | ||||||||||
Level 3 | CDOs and CLOs | Transaction level | Market approach | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | € / Bond | 100 | |||||||||||
Level 3 | Commercial mortgage-backed securities | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 2,680 | 2,003 | ||||||||||
Financial instruments sold, not yet purchased, at fair value | 140 | 35 | ||||||||||
Level 3 | Commercial mortgage-backed securities | Scenario analysis | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 2,680 | |||||||||||
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 | 0.81 | |||||||||||
Level 3 | Residential mortgage-backed securities | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 1,436 | 21,826 | ||||||||||
Financial instruments sold, not yet purchased, at fair value | 0 | |||||||||||
Level 3 | Residential mortgage-backed securities | Discounted cash flows | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | $ 21,826 | |||||||||||
Level 3 | Residential mortgage-backed securities | Loss severity | Discounted cash flows | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.35 | |||||||||||
Level 3 | Residential mortgage-backed securities | 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 | |||||||||||
Level 3 | Residential mortgage-backed securities | Loss severity | Discounted cash flows | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.36 | |||||||||||
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 | 0.03 | |||||||||||
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 | 0.12 | |||||||||||
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 | 0.04 | |||||||||||
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 | 0.03 | |||||||||||
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 | 0.03 | |||||||||||
Level 3 | Residential mortgage-backed securities | Duration (years) | Discounted cash flows | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input, term | 2 years | |||||||||||
Level 3 | Residential mortgage-backed securities | Duration (years) | Discounted cash flows | Maximum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input, term | 12 years 10 months 24 days | |||||||||||
Level 3 | Residential mortgage-backed securities | Duration (years) | Discounted cash flows | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input, term | 5 years 1 month 6 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 | 77,433 | $ 79,995 | ||||||||||
Level 3 | Other asset-backed securities | Discounted cash flows and market approach | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | $ 77,433 | $ 67,816 | ||||||||||
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 | Price | Market approach | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | $ / Bond | 60 | |||||||||||
Level 3 | Other asset-backed securities | Price | Market approach | Maximum | ||||||||||||
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 | Price | Market approach | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | $ / Bond | 90 | |||||||||||
Level 3 | Other asset-backed securities | Loss severity | Discounted cash flows | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.50 | |||||||||||
Level 3 | Other asset-backed securities | Loss severity | Discounted cash flows | Maximum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.85 | |||||||||||
Level 3 | Other asset-backed securities | Loss severity | Discounted cash flows | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.54 | |||||||||||
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 | 0.02 | 0.01 | ||||||||||
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 | 0.16 | ||||||||||
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 | 0.08 | 0.09 | ||||||||||
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 | 0.01 | ||||||||||
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 | 0.80 | 0.28 | ||||||||||
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 | 0.15 | 0.11 | ||||||||||
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 | 8 months 12 days | 2 months 12 days | ||||||||||
Level 3 | Other asset-backed securities | Duration (years) | Discounted cash flows | Maximum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input, term | 2 years 4 months 24 days | 2 years 1 month 6 days | ||||||||||
Level 3 | Other asset-backed securities | Duration (years) | Discounted cash flows | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input, term | 1 year 4 months 24 days | 1 year 3 months 18 days | ||||||||||
Level 3 | Loans and other receivables | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | $ 150,971 | $ 134,636 | ||||||||||
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 | 149,748 | 76,049 | ||||||||||
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 | 10 | 31 | ||||||||||
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 | 69 | 84 | ||||||||||
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 | 0.08 | 0.19 | ||||||||||
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 | ||||||||||
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 | 0.87 | 0.52 | ||||||||||
Level 3 | Equity options | Volatility | Volatility benchmarking | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative asset, measurement input | 0.47 | |||||||||||
Level 3 | Equity options | Volatility | Volatility benchmarking | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative asset, measurement input | 0.36 | |||||||||||
Derivative liability, measurement input | 0.26 | 0.33 | ||||||||||
Level 3 | Equity options | Volatility | Volatility benchmarking | Maximum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative asset, measurement input | 0.41 | |||||||||||
Derivative liability, measurement input | 0.56 | 0.50 | ||||||||||
Level 3 | Equity options | Volatility | Volatility benchmarking | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative asset, measurement input | 0.40 | |||||||||||
Derivative liability, measurement input | 0.43 | 0.42 | ||||||||||
Level 3 | Interest rate swaps | Basis points upfront | Market approach | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative asset, measurement input | 0.8 | 1.2 | ||||||||||
Derivative liability, measurement input | 0.1 | 1.2 | ||||||||||
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 | 11.2 | 8 | ||||||||||
Derivative liability, measurement input | 22.1 | 8 | ||||||||||
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 | 4.3 | 4.8 | ||||||||||
Derivative liability, measurement input | 9.3 | 5.4 | ||||||||||
Level 3 | Private equity securities | Market approach, volatility benchmarking, and scenario analysis | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 131,925 | |||||||||||
Level 3 | Private equity securities | Market approach and scenario analysis | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 96,906 | |||||||||||
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 | 1 | 1 | ||||||||||
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 | 169 | ||||||||||
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 | 37 | 29 | ||||||||||
Level 3 | Private equity securities | EBITDA multiple | Market approach | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 19.1 | |||||||||||
Level 3 | Private equity securities | Revenue multiple | Market approach | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 4.9 | |||||||||||
Level 3 | Private equity securities | Revenue multiple | Market approach | Maximum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 5.1 | |||||||||||
Level 3 | Private equity securities | Revenue multiple | Market approach | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 5 | |||||||||||
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 | 0.09 | 0.17 | ||||||||||
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 | 0.13 | 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 | 0.17 | 0.20 | ||||||||||
Level 3 | Private equity securities | Volatility | Volatility benchmarking | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.21 | |||||||||||
Level 3 | Private equity securities | Volatility | Volatility benchmarking | Maximum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.26 | |||||||||||
Level 3 | Private equity securities | Volatility | Volatility benchmarking | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instrument owned, measurement input | 0.25 | |||||||||||
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 | Discounted cash flows | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | $ 58,465 | $ 59,455 | ||||||||||
Level 3 | FXCM term loan | Duration (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 | Duration (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 | 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 6 months | 1 year 2 months 12 days | ||||||||||
Level 3 | Non-exchange-traded warrants | Market approach | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Loans to and investments in associated companies | $ 36,584 | $ 40,185 | ||||||||||
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 | 0.25 | 0.25 | ||||||||||
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 | 0.61 | 0.55 | ||||||||||
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 | 0.31 | 0.30 | ||||||||||
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 | 682 | |||||||||||
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 | 15 | 778 | 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 | 18 | 805 | 19 | |||||||||
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 | 17 | 792 | 16 | |||||||||
Level 3 | Corporate equity securities | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments owned, at fair value | 131,741 | 75,904 | ||||||||||
Financial instruments sold, not yet purchased, at fair value | 4,387 | 4,434 | ||||||||||
Level 3 | Corporate equity securities | Market approach | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments sold, not yet purchased, at fair value | 4,387 | 4,434 | ||||||||||
Level 3 | Corporate equity securities | Price | 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 | 25,212 | 16,635 | ||||||||||
Level 3 | Loans | Market approach | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments sold, not yet purchased, at fair value | 16,635 | |||||||||||
Level 3 | Loans | Market approach and scenario analysis | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Financial instruments sold, not yet purchased, at fair value | 25,212 | |||||||||||
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 | 31 | ||||||||||
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 | 92 | 99 | ||||||||||
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 | 62 | 55 | ||||||||||
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 | 0.50 | |||||||||||
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 | 0.19 | 0.19 | ||||||||||
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 | 0.55 | ||||||||||
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 | 0.59 | 0.45 | ||||||||||
Level 3 | Long-term debt | Market approach | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Long-term debt, fair value | $ 785,612 | $ 676,028 | ||||||||||
Level 3 | Long-term debt | Price | Market approach | Minimum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Long-term debt, measurement input | 82 | 80 | ||||||||||
Level 3 | Long-term debt | Price | Market approach | Maximum | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Long-term debt, measurement input | 115 | 112 | ||||||||||
Level 3 | Long-term debt | Price | Market approach | Weighted Average | ||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||||
Long-term debt, measurement input | 103 | 85 |
Fair Value Disclosures - Summar
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, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Loans and other receivables | $ (7,273) | $ 1,704 | $ 17,600 | $ (11,256) |
Loans | (574) | 367 | 945 | (610) |
Loan commitments | 0 | 1,875 | 0 | 464 |
Changes in instrument specific credit risk | (998) | (656) | 1,861 | 898 |
Short-term borrowings | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Changes in instrument specific credit risk | 0 | (23) | 0 | (92) |
Other changes in fair value | 0 | (1,115) | 0 | (959) |
Other secured financings | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Other changes in fair value | 0 | 617 | 0 | 617 |
Long-term debt | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Changes in instrument specific credit risk | 20,478 | (177,801) | (103,751) | 49,369 |
Other changes in fair value | $ (26,093) | $ (9,943) | $ 61,695 | $ (78,567) |
Fair Value Disclosures - Summ_2
Fair Value Disclosures - Summary of Amount by which Contractual Principal Exceeds Fair Value For Loans and Other Receivables Measured at Fair Value Under Fair Value Option (Details) - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 |
Fair Value Disclosures [Abstract] | ||
Loans and other receivables | $ 5,788,620 | $ 1,662,647 |
Loans and other receivables on nonaccrual status and/or 90 days or greater past due | 123,430 | 287,889 |
Long-term debt and short-term borrowings | (73,789) | (42,819) |
Other secured financings | 2,782 | 2,782 |
All loans and other receivables 90 days or greater past due | $ 31,800 | $ 30,000 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value Option Election (Details) - USD ($) $ in Millions | Aug. 31, 2021 | Nov. 30, 2020 |
Fair Value Disclosures [Abstract] | ||
Loans and other receivables on nonaccrual status and/or 90 days or greater past due | $ 61.6 | $ 69.7 |
Loans and other receivables 90 days or greater past due | $ 16.4 | $ 3.8 |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Instruments Not Measured at Fair Value, Narrative (Details) - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and securities segregated under federal and other regulations | $ 514,519 | $ 604,321 |
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 | $ 0 | $ 34,200 |
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, 2021USD ($)contract | Nov. 30, 2020USD ($)contract |
Derivatives, Fair Value [Line Items] | ||
Net amounts per consolidated statement of financial condition, assets | $ 417,109 | $ 481,007 |
Net amounts per consolidated statement of financial condition, liabilities | 931,795 | 641,143 |
Cleared OTC | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | 122,959 | 109,456 |
Fair value, liabilities | 150,730 | 147,713 |
Amounts offset in consolidated statement of financial condition, assets | (122,587) | (109,228) |
Amounts offset in consolidated statement of financial condition, liabilities | (141,384) | (111,654) |
Bilateral OTC | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | 1,530,277 | 1,366,877 |
Fair value, liabilities | 2,332,566 | 1,726,699 |
Amounts offset in consolidated statement of financial condition, assets | (1,116,816) | (899,919) |
Amounts offset in consolidated statement of financial condition, liabilities | (1,459,490) | (1,140,016) |
Exchange-traded | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | 745,726 | 560,810 |
Fair value, liabilities | 791,823 | 565,390 |
Amounts offset in consolidated statement of financial condition, assets | (742,450) | (546,989) |
Amounts offset in consolidated statement of financial condition, liabilities | (742,450) | (546,989) |
Designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | 55,280 | 67,381 |
Fair value, liabilities | 22,880 | 10,197 |
Designated as accounting hedges | Cleared OTC | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 44,100 | $ 67,381 |
Number of contracts, assets | contract | 1 | 1 |
Fair value, liabilities | $ 22,880 | $ 6,891 |
Number of contracts, liabilities | contract | 1 | 1 |
Designated as accounting hedges | Bilateral OTC | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 11,180 | $ 0 |
Number of contracts, assets | contract | 5 | 0 |
Fair value, liabilities | $ 0 | $ 3,306 |
Number of contracts, liabilities | contract | 0 | 11 |
Not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 2,343,682 | $ 1,969,762 |
Fair value, liabilities | 3,252,239 | 2,429,605 |
Not designated as accounting hedges | Cleared OTC | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 50,449 | $ 17,379 |
Number of contracts, assets | contract | 4,101 | 3,785 |
Fair value, liabilities | $ 82,597 | $ 114,524 |
Number of contracts, liabilities | contract | 4,407 | 4,307 |
Not designated as accounting hedges | Cleared OTC | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 28,410 | $ 24,696 |
Number of contracts, assets | contract | 27 | 39 |
Fair value, liabilities | $ 45,253 | $ 26,298 |
Number of contracts, liabilities | contract | 51 | 31 |
Not designated as accounting hedges | Bilateral OTC | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 453,216 | $ 626,210 |
Number of contracts, assets | contract | 1,568 | 1,493 |
Fair value, liabilities | $ 316,259 | $ 317,534 |
Number of contracts, liabilities | contract | 854 | 466 |
Not designated as accounting hedges | Bilateral OTC | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 662,479 | $ 297,165 |
Number of contracts, assets | contract | 16,373 | 15,005 |
Fair value, liabilities | $ 668,138 | $ 277,706 |
Number of contracts, liabilities | contract | 16,294 | 15,050 |
Not designated as accounting hedges | Bilateral OTC | Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 390,703 | $ 429,304 |
Number of contracts, assets | contract | 3,100 | 2,374 |
Fair value, liabilities | $ 1,319,868 | $ 1,125,944 |
Number of contracts, liabilities | contract | 2,219 | 2,421 |
Not designated as accounting hedges | Bilateral OTC | Commodity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 275 | $ 13,190 |
Number of contracts, assets | contract | 166 | 1,556 |
Fair value, liabilities | $ 15,010 | $ 0 |
Number of contracts, liabilities | contract | 1,220 | 0 |
Not designated as accounting hedges | Bilateral OTC | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 12,424 | $ 1,008 |
Number of contracts, assets | contract | 19 | 11 |
Fair value, liabilities | $ 13,291 | $ 2,209 |
Number of contracts, liabilities | contract | 16 | 11 |
Not designated as accounting hedges | Exchange-traded | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 2,484 | $ 2,442 |
Number of contracts, assets | contract | 39,884 | 52,620 |
Fair value, liabilities | $ 1,587 | $ 439 |
Number of contracts, liabilities | contract | 44,836 | 42,611 |
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 | 30 | 0 |
Fair value, liabilities | $ 0 | $ 0 |
Number of contracts, liabilities | contract | 0 | 180 |
Not designated as accounting hedges | Exchange-traded | Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 742,689 | $ 558,304 |
Number of contracts, assets | contract | 1,259,059 | 1,147,486 |
Fair value, liabilities | $ 789,866 | $ 564,951 |
Number of contracts, liabilities | contract | 1,212,193 | 971,938 |
Not designated as accounting hedges | Exchange-traded | Commodity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 553 | $ 64 |
Number of contracts, assets | contract | 2,077 | 3,207 |
Fair value, liabilities | $ 370 | $ 0 |
Number of contracts, liabilities | contract | 1,679 | 2,654 |
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, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in interest expense of Jefferies Group | $ 4,269 | $ 2,468 | $ 10,833 | $ 1,764 |
Unrealized and realized gains (losses) | (246,649) | (82,721) | (316,461) | 131,411 |
Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | (152) | (35,462) | (20,912) | (40,630) |
Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | (38,633) | 4,418 | 32,439 | 2,534 |
Equity contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | (198,979) | (32,782) | (291,991) | 113,253 |
Commodity contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | (3,958) | (18,716) | (29,027) | 42,049 |
Credit contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | (4,927) | (179) | (6,970) | 14,205 |
Net investment hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on net investment hedges recognized in other comprehensive income (loss) | 39,778 | (393) | (23,628) | (393) |
Net investment hedges | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on net investment hedges recognized in other comprehensive income (loss) | 39,778 | (393) | (23,628) | (393) |
Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in interest expense of Jefferies Group | 17,665 | 834 | (27,797) | 47,303 |
Long-term debt | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in interest expense of Jefferies Group | $ (13,396) | $ 1,634 | $ 38,630 | $ (45,539) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Details) $ in Thousands | Aug. 31, 2021USD ($) |
OTC Derivative Assets | |
0-12 Months | $ 279,613 |
1-5 Years | 173,938 |
Greater Than 5 Years | 174,528 |
Cross- maturity netting | (75,508) |
Total OTC derivative assets, net of cross-maturity netting | 552,571 |
Cross product counterparty netting | (29,988) |
Total OTC derivative assets included in Financial instruments owned, at fair value | 522,583 |
OTC Derivative Liabilities | |
0-12 Months | 204,197 |
1-5 Years | 1,017,083 |
Greater Than 5 Years | 249,116 |
Cross-maturity netting | (75,508) |
Total | 1,394,888 |
Cross product counterparty netting | (29,988) |
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value | 1,364,900 |
Exchange traded derivative assets and other credit agreements | 16,200 |
Cash collateral received | 121,700 |
Exchange traded derivative liabilities and other credit agreements | 50,000 |
Cash collateral pledged | 483,100 |
Equity options and forwards | |
OTC Derivative Assets | |
0-12 Months | 61,205 |
1-5 Years | 36 |
Greater Than 5 Years | 20,728 |
Cross- maturity netting | (25,243) |
Total OTC derivative assets, net of cross-maturity netting | 56,726 |
OTC Derivative Liabilities | |
0-12 Months | 8,209 |
1-5 Years | 670,980 |
Greater Than 5 Years | 136,499 |
Cross-maturity netting | (25,243) |
Total | 790,445 |
Commodity swaps, options and forwards | |
OTC Derivative Assets | |
0-12 Months | 132 |
1-5 Years | 143 |
Greater Than 5 Years | 0 |
Cross- maturity netting | 0 |
Total OTC derivative assets, net of cross-maturity netting | 275 |
OTC Derivative Liabilities | |
0-12 Months | 12,799 |
1-5 Years | 2,211 |
Greater Than 5 Years | 0 |
Cross-maturity netting | 0 |
Total | 15,010 |
Credit default swaps | |
OTC Derivative Assets | |
0-12 Months | 0 |
1-5 Years | 1,028 |
Greater Than 5 Years | 389 |
Cross- maturity netting | 0 |
Total OTC derivative assets, net of cross-maturity netting | 1,417 |
OTC Derivative Liabilities | |
0-12 Months | 12 |
1-5 Years | 19,268 |
Greater Than 5 Years | 0 |
Cross-maturity netting | 0 |
Total | 19,280 |
Total return swaps | |
OTC Derivative Assets | |
0-12 Months | 78,860 |
1-5 Years | 60,206 |
Greater Than 5 Years | 789 |
Cross- maturity netting | (7,489) |
Total OTC derivative assets, net of cross-maturity netting | 132,366 |
OTC Derivative Liabilities | |
0-12 Months | 61,866 |
1-5 Years | 270,869 |
Greater Than 5 Years | 0 |
Cross-maturity netting | (7,489) |
Total | 325,246 |
Foreign currency forwards, swaps and options | |
OTC Derivative Assets | |
0-12 Months | 72,545 |
1-5 Years | 7,643 |
Greater Than 5 Years | 0 |
Cross- maturity netting | (8,809) |
Total OTC derivative assets, net of cross-maturity netting | 71,379 |
OTC Derivative Liabilities | |
0-12 Months | 67,044 |
1-5 Years | 7,113 |
Greater Than 5 Years | 0 |
Cross-maturity netting | (8,809) |
Total | 65,348 |
Fixed income forwards | |
OTC Derivative Assets | |
0-12 Months | 26,952 |
1-5 Years | 0 |
Greater Than 5 Years | 0 |
Cross- maturity netting | 0 |
Total OTC derivative assets, net of cross-maturity netting | 26,952 |
OTC Derivative Liabilities | |
0-12 Months | 29,254 |
1-5 Years | 0 |
Greater Than 5 Years | 0 |
Cross-maturity netting | 0 |
Total | 29,254 |
Interest rate swaps, options and forwards | |
OTC Derivative Assets | |
0-12 Months | 39,919 |
1-5 Years | 104,882 |
Greater Than 5 Years | 152,622 |
Cross- maturity netting | (33,967) |
Total OTC derivative assets, net of cross-maturity netting | 263,456 |
OTC Derivative Liabilities | |
0-12 Months | 25,013 |
1-5 Years | 46,642 |
Greater Than 5 Years | 112,617 |
Cross-maturity netting | (33,967) |
Total | $ 150,305 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets) (Details) $ in Thousands | Aug. 31, 2021USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
A- or higher | $ 130,680 |
BBB- to BBB+ | 13,552 |
BB+ or lower | 165,863 |
Unrated | 212,488 |
Total OTC derivative assets included in Financial instruments owned, at fair value | $ 522,583 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Credit Related Derivative Contracts) (Details) - USD ($) $ in Millions | Aug. 31, 2021 | Nov. 30, 2020 |
Index credit default swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 552.1 | $ 324.8 |
Single name credit default swaps | ||
Derivative [Line Items] | ||
Notional amount | 19 | 6.4 |
Investment Grade | Index credit default swaps | ||
Derivative [Line Items] | ||
Notional amount | 265 | 62 |
Investment Grade | Single name credit default swaps | ||
Derivative [Line Items] | ||
Notional amount | 12.6 | 0 |
Non-investment grade | Index credit default swaps | ||
Derivative [Line Items] | ||
Notional amount | 287.1 | 262.8 |
Non-investment grade | Single name credit default swaps | ||
Derivative [Line Items] | ||
Notional amount | 6.2 | 6.2 |
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 | $ 0.2 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Contingent Features) (Details) - USD ($) $ in Millions | Aug. 31, 2021 | Nov. 30, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative instrument liabilities with credit-risk-related contingent features | $ 440.4 | $ 284.6 |
Collateral posted | (216.2) | (129.8) |
Collateral received | 121.7 | 141.4 |
Return of and additional collateral required in the event of a credit rating downgrade below investment grade | $ 346 | $ 296.2 |
Collateralized Transactions - C
Collateralized Transactions - Collateral Pledged (Details) - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | $ 1,764,488 | $ 1,810,748 |
Repurchase agreements | 15,651,357 | 15,159,273 |
Obligation to return securities received as collateral, at fair value | 9,853 | 7,517 |
Total | 17,425,698 | 16,977,538 |
Corporate equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 1,428,901 | 1,371,978 |
Repurchase agreements | 207,370 | 157,912 |
Obligation to return securities received as collateral, at fair value | 9,853 | 7,517 |
Total | 1,646,124 | 1,537,407 |
Corporate debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 262,099 | 369,218 |
Repurchase agreements | 2,019,062 | 1,869,844 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 2,281,161 | 2,239,062 |
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 | 1,035,695 | 1,547,140 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 1,035,695 | 1,547,140 |
U.S. government and federal agency securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 17,261 | 14,789 |
Repurchase agreements | 8,399,520 | 7,149,992 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 8,416,781 | 7,164,781 |
Municipal securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 0 | 0 |
Repurchase agreements | 170,540 | 278,470 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 170,540 | 278,470 |
Sovereign obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 56,227 | 54,763 |
Repurchase agreements | 2,211,634 | 2,763,032 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 2,267,861 | 2,817,795 |
Loans and other receivables | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 0 | 0 |
Repurchase agreements | 1,607,536 | 1,392,883 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | $ 1,607,536 | $ 1,392,883 |
Collateralized Transactions -_2
Collateralized Transactions - Contractual Maturity (Details) - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | $ 1,764,488 | $ 1,810,748 |
Repurchase agreements | 15,651,357 | 15,159,273 |
Obligation to return securities received as collateral, at fair value | 9,853 | 7,517 |
Total | 17,425,698 | 16,977,538 |
Overnight and Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 693,448 | 636,256 |
Repurchase agreements | 6,731,201 | 5,510,476 |
Obligation to return securities received as collateral, at fair value | 9,853 | 7,517 |
Total | 7,434,502 | 6,154,249 |
Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 0 | 59,735 |
Repurchase agreements | 2,113,096 | 1,747,526 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 2,113,096 | 1,807,261 |
31 to 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 446,696 | 459,455 |
Repurchase agreements | 2,346,442 | 5,019,885 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 2,793,138 | 5,479,340 |
Greater than 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 624,344 | 655,302 |
Repurchase agreements | 4,460,618 | 2,881,386 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | $ 5,084,962 | $ 3,536,688 |
Collateralized Transactions - N
Collateralized Transactions - Narrative (Details) - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 |
Collateralized Transactions [Abstract] | ||
Fair value of securities received as collateral that may be sold or repledged | $ 31,600,000 | $ 25,850,000 |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | $ 514,519 | $ 604,321 |
Collateralized Transactions - O
Collateralized Transactions - Offsetting of Securities Financing Agreements (Details) - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 |
Securities borrowing arrangements, Assets | ||
Gross Amounts | $ 6,212,491 | $ 6,934,762 |
Netting in Consolidated Statements of Financial Condition | 0 | 0 |
Net Amounts in Consolidated Statements of Financial Condition | 6,212,491 | 6,934,762 |
Additional Amounts Available for Setoff | (263,043) | (395,342) |
Available Collateral | (1,925,452) | (1,706,046) |
Net Amount | 4,023,996 | 4,833,374 |
Reverse repurchase agreements, Assets | ||
Gross Amounts | 16,091,094 | 11,939,773 |
Netting in Consolidated Statements of Financial Condition | (8,079,544) | (6,843,004) |
Net Amounts in Consolidated Statements of Financial Condition | 8,011,550 | 5,096,769 |
Additional Amounts Available for Setoff | (310,547) | (412,327) |
Available Collateral | (7,669,325) | (4,578,560) |
Net Amount | 31,678 | 105,882 |
Securities lending arrangements, Liabilities | ||
Gross Amounts | 1,764,488 | 1,810,748 |
Netting in Consolidated Statements of Financial Condition | 0 | 0 |
Net Amounts in Consolidated Statements of Financial Condition | 1,764,488 | 1,810,748 |
Additional Amounts Available for Setoff | (263,043) | (395,342) |
Available Collateral | (1,489,230) | (1,397,550) |
Net Amount | 12,215 | 17,856 |
Repurchase agreements, Liabilities | ||
Gross Amounts | 15,651,357 | 15,159,273 |
Netting in Consolidated Statements of Financial Condition | (8,079,544) | (6,843,004) |
Net Amounts in Consolidated Statements of Financial Condition | 7,571,813 | 8,316,269 |
Additional Amounts Available for Setoff | (310,547) | (412,327) |
Available Collateral | (6,835,756) | (7,122,422) |
Net Amount | 425,510 | 781,520 |
Securities borrowing agreement, subject to review | 3,930,000 | 4,760,000 |
Securities borrowing agreement, collateral received, subject to review | 3,790,000 | 4,620,000 |
Repurchase agreement, net amount, subject to review | 420,000 | 720,000 |
Repurchase agreements, collateral pledged, subject to review | 432,100 | 733,900 |
Obligation to return securities received as collateral, at fair value | ||
Securities lending arrangements, Liabilities | ||
Gross Amounts | 9,853 | 7,517 |
Netting in Consolidated Statements of Financial Condition | 0 | 0 |
Net Amounts in Consolidated Statements of Financial Condition | 9,853 | 7,517 |
Additional Amounts Available for Setoff | 0 | 0 |
Available Collateral | (9,853) | 0 |
Net Amount | 0 | 7,517 |
Securities received as collateral, at fair value | ||
Securities borrowing arrangements, Assets | ||
Gross Amounts | 9,853 | 7,517 |
Netting in Consolidated Statements of Financial Condition | 0 | 0 |
Net Amounts in Consolidated Statements of Financial Condition | 9,853 | 7,517 |
Additional Amounts Available for Setoff | 0 | 0 |
Available Collateral | (9,853) | 0 |
Net Amount | $ 0 | $ 7,517 |
Securitization Activities - Act
Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Transfers and Servicing [Abstract] | ||||
Transferred assets | $ 2,608.1 | $ 983.9 | $ 9,338.1 | $ 4,794.3 |
Proceeds on new securitizations | 2,609.8 | 983.9 | 9,339.4 | 4,794.3 |
Cash flows received on retained interests | $ 4.5 | $ 6.3 | $ 14.3 | $ 18.6 |
Securitization Activities - Sum
Securitization Activities - Summary of Retained Interests in SPEs (Details) - USD ($) $ in Millions | Aug. 31, 2021 | Nov. 30, 2020 |
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 | $ 382.5 | $ 562.5 |
Retained Interests | 5.6 | 7.8 |
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 | 2,755.1 | 2,461.2 |
Retained Interests | 100.3 | 205.2 |
CLOs | ||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
CLOs | 3,826.5 | 3,345.5 |
Retained Interests | 58.7 | 39.5 |
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 | 2,250.3 | 1,290.6 |
Retained Interests | $ 125.7 | $ 56.6 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Consolidated VIEs (Details) - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 | |
Variable Interest Entity [Line Items] | |||
Assets | [1] | $ 58,037,399 | $ 53,118,352 |
Liabilities | [1] | 47,473,437 | 43,530,151 |
Variable interest entities, primary beneficiary | |||
Variable Interest Entity [Line Items] | |||
Assets | 836,800 | 566,100 | |
Liabilities | 4,340,000 | 3,290,000 | |
Variable interest entities, primary beneficiary | Cash | |||
Variable Interest Entity [Line Items] | |||
VIE assets, eliminated in consolidation | 1,200 | 700 | |
Variable interest entities, primary beneficiary | Other assets | |||
Variable Interest Entity [Line Items] | |||
VIE assets, eliminated in consolidation | 36,000 | 9,700 | |
Variable interest entities, primary beneficiary | Other secured financings | |||
Variable Interest Entity [Line Items] | |||
VIE liabilities, eliminated in consolidation | 138,200 | ||
Variable interest entities, primary beneficiary | Other liabilities | |||
Variable Interest Entity [Line Items] | |||
VIE liabilities, eliminated in consolidation | 50,900 | 300 | |
Variable interest entities, primary beneficiary | Secured Funding Vehicles | |||
Variable Interest Entity [Line Items] | |||
Assets | 4,371,900 | 3,465,900 | |
Liabilities | 4,341,400 | 3,426,800 | |
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 | 3,549,900 | 2,908,900 | |
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Receivables | |||
Variable Interest Entity [Line Items] | |||
Assets | 708,100 | 510,600 | |
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other assets | |||
Variable Interest Entity [Line Items] | |||
Assets | 113,900 | 46,400 | |
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 | 4,338,800 | 3,425,000 | |
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other liabilities | |||
Variable Interest Entity [Line Items] | |||
Liabilities | 2,600 | 1,800 | |
Variable interest entities, primary beneficiary | Other | |||
Variable Interest Entity [Line Items] | |||
Assets | 51,900 | 19,400 | |
Liabilities | 51,400 | 2,900 | |
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 | 37,600 | 5,200 | |
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 | 13,100 | 12,900 | |
Variable interest entities, primary beneficiary | Other | Other assets | |||
Variable Interest Entity [Line Items] | |||
Assets | 0 | 100 | |
Variable interest entities, primary beneficiary | Other | Financial instruments sold, not yet purchased, at fair value | |||
Variable Interest Entity [Line Items] | |||
Liabilities | 100 | 2,500 | |
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 | $ 51,300 | $ 400 | |
[1] | Total assets include assets related to variable interest entities of $836.8 million and $566.1 million at August 31, 2021 and November 30, 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.34 billion and $3.29 billion at August 31, 2021 and November 30, 2020, respectively. See Note 7 for additional information related to variable interest entities. |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2021USD ($)facility | Aug. 31, 2021USD ($)facility | Nov. 30, 2020USD ($) | Aug. 31, 2020USD ($) | Nov. 30, 2019USD ($) | ||
Variable Interest Entity [Line Items] | ||||||
Assets | [1] | $ 58,037,399 | $ 58,037,399 | $ 53,118,352 | ||
Investment in associated company | 1,744,965 | 1,744,965 | 1,686,563 | $ 1,539,356 | $ 1,652,957 | |
Other investment vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Carrying amount of equity investment | 1,080,000 | 1,080,000 | 899,900 | |||
Unfunded equity commitment related to investments | 117,200 | 117,200 | 143,000 | |||
JCP entities | Related party private equity vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity commitments | 133,000 | 133,000 | 133,000 | |||
Funded equity commitments | 122,300 | 122,300 | 122,000 | |||
Carrying amount of equity investment | $ 28,100 | $ 28,100 | 19,000 | |||
Line of credit | Foursight Capital | Foursight Capital Credit Facilities | ||||||
Variable Interest Entity [Line Items] | ||||||
Number of warehouse credit commitment | facility | 2 | 2 | ||||
Variable interest entities, primary beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Automobile loan receivables securitized | $ 264,100 | $ 514,500 | ||||
Assets | 836,800 | 836,800 | 566,100 | |||
VIE, not primary beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 1,631,400 | 1,631,400 | 1,231,200 | |||
Reported total assets | 28,466,200 | 28,466,200 | 25,100,300 | |||
VIE, not primary beneficiary | Investment in FXCM | ||||||
Variable Interest Entity [Line Items] | ||||||
Reported total assets | 394,700 | 394,700 | ||||
Fair value of senior secured term loan receivable | 58,500 | 58,500 | ||||
Investment in associated company | 51,000 | 51,000 | ||||
Senior secured term loan receivable and investments in associated companies | 109,500 | 109,500 | ||||
VIE, not primary beneficiary | Related party private equity vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 28,100 | 28,100 | 19,000 | |||
Reported total assets | 80,400 | 80,400 | 53,000 | |||
VIE, not primary beneficiary | Other investment vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 1,079,400 | 1,079,400 | 899,900 | |||
Reported total assets | 16,618,900 | 16,618,900 | 15,735,500 | |||
VIE, not primary beneficiary | Agency mortgage-backed securities | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 695,900 | 695,900 | 1,570,000 | |||
VIE, not primary beneficiary | Non agency mortgage- and asset-backed securities | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | $ 189,000 | $ 189,000 | $ 252,000 | |||
[1] | Total assets include assets related to variable interest entities of $836.8 million and $566.1 million at August 31, 2021 and November 30, 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.34 billion and $3.29 billion at August 31, 2021 and November 30, 2020, respectively. See Note 7 for additional information related to variable interest entities. |
Variable Interest Entities - _2
Variable Interest Entities - Schedule of Nonconsolidated VIEs (Details) - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 | |
Variable Interest Entity [Line Items] | |||
Assets | [1] | $ 58,037,399 | $ 53,118,352 |
Liabilities | [1] | 47,473,437 | 43,530,151 |
VIE, not primary beneficiary | |||
Variable Interest Entity [Line Items] | |||
Assets | 1,631,400 | 1,231,200 | |
Liabilities | 2,300 | 200 | |
Maximum Exposure to Loss | 3,849,300 | 2,092,800 | |
VIE Assets | 28,466,200 | 25,100,300 | |
CLOs | VIE, not primary beneficiary | |||
Variable Interest Entity [Line Items] | |||
Assets | 309,300 | 60,700 | |
Liabilities | 2,300 | 200 | |
Maximum Exposure to Loss | 2,372,200 | 642,700 | |
VIE Assets | 8,669,100 | 6,849,100 | |
Asset-backed vehicles | VIE, not primary beneficiary | |||
Variable Interest Entity [Line Items] | |||
Assets | 214,600 | 251,600 | |
Liabilities | 0 | 0 | |
Maximum Exposure to Loss | 241,700 | 377,200 | |
VIE Assets | 3,097,800 | 2,462,700 | |
Related party private equity vehicles | VIE, not primary beneficiary | |||
Variable Interest Entity [Line Items] | |||
Assets | 28,100 | 19,000 | |
Liabilities | 0 | 0 | |
Maximum Exposure to Loss | 38,700 | 30,000 | |
VIE Assets | 80,400 | 53,000 | |
Other investment vehicles | VIE, not primary beneficiary | |||
Variable Interest Entity [Line Items] | |||
Assets | 1,079,400 | 899,900 | |
Liabilities | 0 | 0 | |
Maximum Exposure to Loss | 1,196,700 | 1,042,900 | |
VIE Assets | $ 16,618,900 | $ 15,735,500 | |
[1] | Total assets include assets related to variable interest entities of $836.8 million and $566.1 million at August 31, 2021 and November 30, 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.34 billion and $3.29 billion at August 31, 2021 and November 30, 2020, respectively. See Note 7 for additional information related to variable interest entities. |
Loans to and Investments in A_3
Loans to and Investments in Associated Companies - Schedule of Loans to and Investments In Associated Companies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Equity Method Investment [Roll Forward] | ||||
Loans to and investments in associated companies as of beginning of period | $ 1,686,563 | $ 1,652,957 | ||
Income (losses) related to associated companies | $ (27,176) | $ 5,053 | (61,270) | (69,523) |
Other income (losses) related to associated companies primarily classified as revenues | 34,188 | 3,854 | 187,232 | (22,282) |
Contributions to (distributions from) associated companies, net | (66,801) | (29,553) | ||
Other | (759) | 7,757 | ||
Loans to and investments in associated companies as of end of period | 1,744,965 | 1,539,356 | 1,744,965 | 1,539,356 |
Jefferies Finance | ||||
Equity Method Investment [Roll Forward] | ||||
Loans to and investments in associated companies as of beginning of period | 693,201 | 673,867 | ||
Income (losses) related to associated companies | 0 | 0 | ||
Other income (losses) related to associated companies primarily classified as revenues | (1,767) | (17,731) | 59,068 | (65,681) |
Contributions to (distributions from) associated companies, net | (8,837) | 10,107 | ||
Other | 0 | 0 | ||
Loans to and investments in associated companies as of end of period | 743,432 | 618,293 | 743,432 | 618,293 |
Berkadia | ||||
Equity Method Investment [Roll Forward] | ||||
Loans to and investments in associated companies as of beginning of period | 301,152 | 268,949 | ||
Income (losses) related to associated companies | 0 | |||
Other income (losses) related to associated companies primarily classified as revenues | 25,967 | 18,448 | 86,639 | 40,373 |
Contributions to (distributions from) associated companies, net | (556) | (36,615) | ||
Other | (140) | 510 | ||
Loans to and investments in associated companies as of end of period | 387,095 | 273,217 | 387,095 | 273,217 |
FXCM | ||||
Equity Method Investment [Roll Forward] | ||||
Loans to and investments in associated companies as of beginning of period | 73,920 | 70,223 | ||
Income (losses) related to associated companies | (12,926) | 3,704 | (23,046) | 9,956 |
Other income (losses) related to associated companies primarily classified as revenues | 0 | 0 | ||
Contributions to (distributions from) associated companies, net | 0 | 0 | ||
Other | 109 | 161 | ||
Loans to and investments in associated companies as of end of period | 50,983 | 80,340 | 50,983 | 80,340 |
Linkem | ||||
Equity Method Investment [Roll Forward] | ||||
Loans to and investments in associated companies as of beginning of period | 198,991 | 194,847 | ||
Income (losses) related to associated companies | (14,231) | (1,945) | (34,174) | (21,754) |
Other income (losses) related to associated companies primarily classified as revenues | 0 | 0 | ||
Contributions to (distributions from) associated companies, net | (9,057) | 35,103 | ||
Other | (726) | (2,149) | ||
Loans to and investments in associated companies as of end of period | 155,034 | 206,047 | 155,034 | 206,047 |
Real estate associated companies | ||||
Equity Method Investment [Roll Forward] | ||||
Loans to and investments in associated companies as of beginning of period | 168,678 | 255,309 | ||
Income (losses) related to associated companies | 169 | 2,532 | (2,948) | (50,910) |
Other income (losses) related to associated companies primarily classified as revenues | 0 | 0 | ||
Contributions to (distributions from) associated companies, net | (20,151) | (34,505) | ||
Other | 0 | 0 | ||
Loans to and investments in associated companies as of end of period | 145,579 | 169,894 | 145,579 | 169,894 |
Other | ||||
Equity Method Investment [Roll Forward] | ||||
Loans to and investments in associated companies as of beginning of period | 250,621 | 189,762 | ||
Income (losses) related to associated companies | (188) | 762 | (1,102) | (6,815) |
Other income (losses) related to associated companies primarily classified as revenues | 9,988 | 3,137 | 41,525 | 3,026 |
Contributions to (distributions from) associated companies, net | (28,200) | (3,643) | ||
Other | (2) | 9,235 | ||
Loans to and investments in associated companies as of end of period | 262,842 | $ 191,565 | 262,842 | 191,565 |
Linkem and Other | Loans and debt securities | ||||
Equity Method Investment [Roll Forward] | ||||
Loans to and investments in associated companies as of beginning of period | 104,100 | |||
Loans to and investments in associated companies as of end of period | $ 104,100 | $ 104,100 | ||
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 (Details) | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2021USD ($) | Aug. 31, 2020USD ($) | Aug. 31, 2021USD ($)businessLine | Aug. 31, 2020USD ($) | Nov. 30, 2020USD ($) | |
Investments In Associated Companies [Line Items] | |||||
Other assets | $ 2,440,663,000 | $ 2,440,663,000 | $ 2,189,257,000 | ||
Payables, expense accruals and other liabilities | 11,496,986,000 | 11,496,986,000 | 10,388,072,000 | ||
Jefferies Finance | |||||
Investments In Associated Companies [Line Items] | |||||
Equity commitment | 750,000,000 | 750,000,000 | |||
Funded equity commitments | 681,200,000 | $ 681,200,000 | |||
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 Finance | |||||
Investments In Associated Companies [Line Items] | |||||
Extension period | 1 year | ||||
Other assets | 14,500,000 | $ 14,500,000 | 24,200,000 | ||
Payables, expense accruals and other liabilities | $ 1,100,000 | $ 1,100,000 | $ 13,700,000 | ||
Jefferies Finance | Jefferies Finance | |||||
Investments In Associated Companies [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Number of business lines | businessLine | 2 | ||||
Jefferies Finance | Jefferies Finance | Jefferies Credit Partners | |||||
Investments In Associated Companies [Line Items] | |||||
Amount managed under private credit platform | $ 10,000,000,000 | ||||
Jefferies Finance | Jefferies Finance | Minimum | Leveraged Finance Arrangement | |||||
Investments In Associated Companies [Line Items] | |||||
Transaction range | 250,000,000 | ||||
Jefferies Finance | Jefferies Finance | Maximum | Leveraged Finance Arrangement | |||||
Investments In Associated Companies [Line Items] | |||||
Transaction range | 1,500,000,000 | ||||
Jefferies Finance | Jefferies Group | |||||
Investments In Associated Companies [Line Items] | |||||
Interest income and unfunded commitment fees related to facility commitment | $ 300,000 | $ 400,000 | $ 2,200,000 | $ 3,000,000 |
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, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Investments In Associated Companies [Line Items] | ||||
Origination and syndication fee revenues | $ 87.8 | $ 42.4 | $ 303.5 | $ 123.9 |
Origination fee expenses | 15.6 | 3.8 | 48.4 | 12.4 |
CLO placement fee revenues | 0.6 | 1.3 | 4.3 | 1.7 |
Underwriting fees | 2 | 0 | 2.5 | 0.3 |
Service fees | $ 18 | $ 13.5 | $ 63.5 | $ 49.4 |
Loans to and Investments in A_6
Loans to and Investments in Associated Companies - Berkadia (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2009 | Aug. 31, 2021 | |
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 (Details) - Investment in FXCM | 9 Months Ended |
Aug. 31, 2021 | |
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 (Details) - Linkem $ in Millions | Aug. 31, 2021USD ($) |
Investments In Associated Companies [Line Items] | |
Equity method investment, ownership percentage | 42.00% |
Ownership percentage upon conversion of preferred shares and exercise of warrants | 56.00% |
Percentage of total voting securities | 48.00% |
Shareholder loans principal outstanding | $ 101.1 |
Loans to and Investments in A_9
Loans to and Investments in Associated Companies - Real Estate Associated Companies (Details) | 9 Months Ended |
Aug. 31, 2021 | |
54 Madison | |
Investments In Associated Companies [Line Items] | |
Equity method investment, ownership percentage | 48.10% |
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 |
Intangible Assets, Net and Go_3
Intangible Assets, Net and Goodwill - Schedule of Intangible Assets, Net And Goodwill (Details) - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortizable intangibles | $ 156,678 | $ 167,153 |
Goodwill | 1,748,485 | 1,746,314 |
Total intangible assets, net and goodwill | 1,905,163 | 1,913,467 |
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 | 1,565,315 | 1,563,144 |
Asset Management | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Goodwill | 143,000 | 143,000 |
Customer and other relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortizable intangibles | 45,065 | 51,285 |
Intangible assets, accumulated amortization | 126,254 | 119,694 |
Trademarks and tradenames | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortizable intangibles | 97,888 | 100,255 |
Intangible assets, accumulated amortization | 31,472 | 28,585 |
Other | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Amortizable intangibles | 5,914 | 7,729 |
Intangible assets, accumulated amortization | 10,768 | 8,953 |
Exchange and clearing organization membership interests and registrations | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite lived intangibles | $ 7,811 | $ 7,884 |
Intangible Assets, Net and Go_4
Intangible Assets, Net and Goodwill - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense on intangible assets | $ 3.6 | $ 3.7 | $ 10.7 | $ 11.5 |
Intangible Assets, Net and Go_5
Intangible Assets, Net and Goodwill - Schedule of Estimated Future Amortization Expense (Details) $ in Thousands | Aug. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of current year | $ 3,585 |
2022 | 11,134 |
2023 | 9,900 |
2024 | 9,143 |
2025 | $ 8,632 |
Short-Term Borrowings - Schedul
Short-Term Borrowings - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 |
Short-term Debt [Line Items] | ||
Total short-term borrowings | $ 307,297 | $ 764,715 |
Floating rate puttable notes | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | 6,800 | 6,800 |
Equity-linked notes | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | 0 | 5,067 |
Bank loans | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | $ 300,497 | $ 752,848 |
Short-Term Borrowings - Narrati
Short-Term Borrowings - Narrative (Details) - USD ($) | 9 Months Ended | |
Aug. 31, 2021 | Nov. 30, 2020 | |
Short-term Debt [Line Items] | ||
Interest rate on short-term borrowings | 1.02% | 1.87% |
Short-term borrowings | $ 307,297,000 | $ 764,715,000 |
Revolving Credit Facility | Intraday Credit Facility | ||
Short-term Debt [Line Items] | ||
Committed amount | $ 150,000,000 | |
Interest rate | 0.12% | |
Revolving Credit Facility | Intraday Credit Facility | Base rate | ||
Short-term Debt [Line Items] | ||
Basis spread on variable rate | 3.00% | |
Revolving Credit Facility | Intraday Credit Facility | Federal funds effective rate | ||
Short-term Debt [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Line of credit | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 300,000,000 | $ 746,000,000 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Debt (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | Nov. 30, 2020 | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 8,670,728,000 | $ 8,670,728,000 | $ 8,352,039,000 | ||
Gains (losses) recognized in interest expense of Jefferies Group | $ 4,269,000 | $ 2,468,000 | $ 10,833,000 | $ 1,764,000 | |
5.50% Senior Notes due October 18, 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.50% | 5.50% | 5.50% | ||
Principal outstanding | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||
6.625% Senior Notes due October 23, 2043 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.625% | 6.625% | 6.625% | ||
Principal outstanding | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | ||
2.25% Euro Medium Term Notes, due July 13, 2022 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.25% | 2.25% | 2.25% | ||
Principal outstanding | $ 0 | $ 0 | $ 4,779,000 | ||
5.125% Senior Notes, due January 20, 2023 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.125% | 5.125% | 5.125% | ||
Principal outstanding | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||
1.00% Euro Medium Term Notes, due July 19, 2024 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1.00% | 1.00% | 1.00% | ||
Principal outstanding | $ 590,600,000 | $ 590,600,000 | $ 597,350,000 | ||
4.85% Senior Notes, due January 15, 2027 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.85% | 4.85% | 4.85% | ||
Principal outstanding | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||
6.45% Senior Debentures, due June 8, 2027 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.45% | 6.45% | 6.45% | ||
Principal outstanding | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | ||
4.15% Senior Notes, due January 23, 2030 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.15% | 4.15% | 4.15% | ||
Principal outstanding | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | ||
2.75% Senior Notes, due October 15, 2032 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 2.75% | 2.75% | 2.75% | ||
Principal outstanding | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||
6.25% Senior Debentures, due January 15, 2036 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.25% | 6.25% | 6.25% | ||
Principal outstanding | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||
6.50% Senior Notes, due January 20, 2043 | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 6.50% | 6.50% | 6.50% | ||
Principal outstanding | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||
Jefferies Group Revolving Credit Facility | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 248,900,000 | 248,900,000 | |||
Parent company | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 993,764,000 | 993,764,000 | 992,711,000 | ||
Parent company | 5.50% Senior Notes due October 18, 2023 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 746,891,000 | 746,891,000 | 745,883,000 | ||
Parent company | 6.625% Senior Notes due October 23, 2043 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 246,873,000 | 246,873,000 | 246,828,000 | ||
Subsidiaries | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 7,676,964,000 | 7,676,964,000 | 7,359,328,000 | ||
Subsidiaries | 2.25% Euro Medium Term Notes, due July 13, 2022 | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | 4,638,000 | ||
Subsidiaries | 5.125% Senior Notes, due January 20, 2023 | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 756,536,000 | 756,536,000 | 759,901,000 | ||
Subsidiaries | 1.00% Euro Medium Term Notes, due July 19, 2024 | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 589,294,000 | 589,294,000 | 595,700,000 | ||
Subsidiaries | 4.85% Senior Notes, due January 15, 2027 | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 789,663,000 | 789,663,000 | 809,039,000 | ||
Subsidiaries | 6.45% Senior Debentures, due June 8, 2027 | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 367,194,000 | 367,194,000 | 369,057,000 | ||
Subsidiaries | 4.15% Senior Notes, due January 23, 2030 | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 990,283,000 | 990,283,000 | 989,574,000 | ||
Subsidiaries | 2.75% Senior Notes, due October 15, 2032 | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 466,860,000 | 466,860,000 | 485,134,000 | ||
Subsidiaries | 6.25% Senior Debentures, due January 15, 2036 | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 510,497,000 | 510,497,000 | 510,834,000 | ||
Subsidiaries | 6.50% Senior Notes, due January 20, 2043 | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 419,500,000 | 419,500,000 | 419,826,000 | ||
Subsidiaries | Structured Notes | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 1,790,645,000 | 1,790,645,000 | 1,712,245,000 | ||
Subsidiaries | Jefferies Group Revolving Credit Facility | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 248,873,000 | 248,873,000 | 189,732,000 | ||
Subsidiaries | Jefferies Group Secured Credit Facility | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 375,000,000 | 375,000,000 | 0 | ||
Subsidiaries | Jefferies Group Secured Bank Loan | Jefferies Group | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 50,000,000 | 50,000,000 | 50,000,000 | ||
Subsidiaries | HomeFed EB-5 Program debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 202,618,000 | 202,618,000 | 191,294,000 | ||
Subsidiaries | HomeFed construction loans | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 45,442,000 | 45,442,000 | 45,471,000 | ||
Subsidiaries | Foursight Capital Credit Facilities | Line of credit | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 0 | 0 | 129,000,000 | ||
Subsidiaries | Vitesse Energy Finance Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 74,559,000 | 74,559,000 | $ 97,883,000 | ||
Subsidiaries | 4.85% Senior Notes, due January 15, 2027 and 2.75% Senior Notes, due October 15, 2032 | Interest rate swaps | |||||
Debt Instrument [Line Items] | |||||
Gains (losses) recognized in interest expense of Jefferies Group | $ 38,600,000 | $ (45,500,000) |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | 9 Months Ended | ||
Aug. 31, 2021USD ($)contract | Oct. 08, 2021USD ($) | Nov. 30, 2020USD ($) | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 8,670,728,000 | $ 8,352,039,000 | |
Unsecured Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | ||
Unsecured Debt | Unsecured Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 350,000,000 | ||
Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term debt | 7,676,964,000 | 7,359,328,000 | |
Structured notes | Jefferies Group | |||
Debt Instrument [Line Items] | |||
Debt issued during period, principal amount, net of retirements | 50,600,000 | ||
Structured notes | Jefferies Group | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term debt | 1,790,645,000 | 1,712,245,000 | |
2.625% Percent Senior Notes | Jefferies Group | Subsequent event | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.625% | ||
Debt principal amount | $ 1,000,000,000 | ||
5.125% Senior Notes, due January 20, 2023 | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 750,000,000 | $ 750,000,000 | |
Interest rate | 5.125% | 5.125% | |
5.125% Senior Notes, due January 20, 2023 | Jefferies Group | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 756,536,000 | $ 759,901,000 | |
Revolving Credit Facility | Jefferies Group | |||
Debt Instrument [Line Items] | |||
Long-term debt | 248,900,000 | ||
Revolving Credit Facility | Jefferies Group | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term debt | 248,873,000 | 189,732,000 | |
Jefferies Group Secured Credit Facility | Jefferies Group | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term debt | 375,000,000 | 0 | |
Loans | Jefferies Group | |||
Debt Instrument [Line Items] | |||
Debt principal amount | $ 50,000,000 | ||
Loans | Jefferies Group | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.25% | ||
Loans | Jefferies Group | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 50,000,000 | 50,000,000 | |
HomeFed construction loans | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term debt | 45,442,000 | 45,471,000 | |
HomeFed construction loans | HomeFed | |||
Debt Instrument [Line Items] | |||
Construction loan, maximum borrowing amount | $ 151,900,000 | ||
Weighted average interest rate | 3.24% | ||
Long-term debt | $ 46,800,000 | 46,200,000 | |
HomeFed construction loans | HomeFed | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.15% | ||
HomeFed construction loans | HomeFed | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.15% | ||
Foursight Capital Credit Facilities | Line of Credit | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | 129,300,000 | |
Foursight Capital Credit Facilities | Subsidiaries | Line of Credit | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 129,000,000 | |
Foursight Capital Credit Facilities | Foursight Capital | Line of Credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 175,000,000 | ||
Number of warehouse credit commitments | contract | 2 | ||
Foursight Credit Facilities, Maturing May 2023 | Foursight Capital | Line of Credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 75,000,000 | ||
Foursight Credit Facilities, Available Through October 2021 | Foursight Capital | Line of Credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 100,000,000 | ||
Vitesse Energy Finance Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 120,000,000 | ||
Long-term debt | $ 75,000,000 | 98,500,000 | |
Vitesse Energy Finance Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Percentage of proved reserve value of oil and gas properties | 85.00% | ||
Vitesse Energy Finance Revolving Credit Facility | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 74,559,000 | 97,883,000 | |
Vitesse Energy Finance Revolving Credit Facility | Vitesse Energy Finance | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.50% | ||
Vitesse Energy Finance Revolving Credit Facility | Vitesse Energy Finance | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.50% | ||
5.50% Senior Notes due October 18, 2023 | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 750,000,000 | $ 750,000,000 | |
Interest rate | 5.50% | 5.50% |
Mezzanine Equity (Details)
Mezzanine Equity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Aug. 31, 2021 | May 31, 2021 | Feb. 28, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Purchase Requirement [Line Items] | |||||||
Redeemable noncontrolling interests | $ 38,200,000 | $ 24,700,000 | $ 38,200,000 | ||||
Mandatorily redeemable convertible preferred shares redemption value | $ 125,000,000 | $ 125,000,000 | 125,000,000 | ||||
Dividends per common share (in dollars per share) | $ 0.25 | $ 0.20 | $ 0.20 | $ 0.15 | |||
Increase of preferred stock dividend | $ 1,849,000 | $ 1,404,000 | $ 5,101,000 | $ 4,230,000 | |||
Cumulative convertible preferred shares | |||||||
Purchase Requirement [Line Items] | |||||||
Callable preferred shares (in shares) | 125,000 | 125,000 | |||||
Mandatorily redeemable preferred shares callable price per share (in dollars per share) | $ 1,000 | $ 1,000 | |||||
Mandatorily redeemable convertible preferred shares redemption value | $ 125,000,000 | $ 125,000,000 | |||||
Dividend rate on preferred stock | 3.25% | ||||||
Minimum dividend considered for additional quarterly payments (in dollars per share) | $ 0.0625 | $ 0.0625 | |||||
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 | |||||
Increase of preferred stock dividend | $ 5,100,000 | $ 4,200,000 | |||||
Preferred stock, effective dividend rate, percentage | 5.90% |
Compensation Plans (Details)
Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 31, 2021 | Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation and benefits | $ 802,243 | $ 760,837 | $ 2,806,028 | $ 2,029,497 | |
Share-based compensation | 7,000 | 8,900 | 71,219 | 29,554 | |
Tax benefit for issuance of share-based awards | 1,800 | $ 2,300 | 9,000 | $ 7,500 | |
Total unrecognized compensation costs related to nonvested share-based compensation plans | $ 30,900 | $ 30,900 | $ 30,900 | ||
Total unrecognized compensation costs related to nonvested share-based compensation plans, period for recognition | 2 years 1 month 6 days | ||||
Other shares issuable (in shares) | 1,119,000 | 1,119,000 | 1,119,000 | ||
Potential maximum increase to common shares outstanding from restricted stock and other shares (in shares) | 30,668,000 | 30,668,000 | 30,668,000 | ||
Restricted cash awards, cost expected to be recognized | $ 390,000 | $ 390,000 | $ 390,000 | ||
Restricted cash awards, cost expected to be recognized, period | 3 years | ||||
Cumulative convertible preferred shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Mandatorily redeemable preferred stock, number of shares in conversion (in shares) | 4,440,863 | 4,440,863 | 4,440,863 | ||
Mandatorily redeemable preferred stock, effective conversion price per share (in dollars per share) | $ 28.15 | $ 28.15 | $ 28.15 | ||
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 | ||||
Stock options and SARs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation and benefits | $ 48,600 | ||||
Share-based compensation | $ 48,600 | ||||
Restricted stock with future service required | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-option equity instruments, outstanding (in shares) | 1,583,000 | 1,583,000 | 1,583,000 | ||
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) | 2,896,000 | 2,896,000 | 2,896,000 | ||
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) | 17,080,000 | 17,080,000 | 17,080,000 | ||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options outstanding (in shares) | 5,132,000 | 5,132,000 | 5,132,000 |
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, 2021 | May 31, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Nov. 30, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Equity | $ 10,400,713 | $ 10,095,364 | $ 9,438,525 | $ 9,444,451 | $ 9,361,113 | $ 9,601,684 |
Net unrealized gains on available for sale securities | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Equity | 377 | 513 | ||||
Net unrealized foreign exchange losses | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Equity | (151,445) | (156,718) | ||||
Net unrealized losses on instrument specific credit risk | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Equity | (147,673) | (71,151) | ||||
Net minimum pension liability | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Equity | (59,232) | (61,561) | ||||
AOCI including portion attributable to noncontrolling interest | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Equity | $ (357,973) | $ (288,917) |
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, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Revenues | $ 2,140,594 | $ 1,825,499 | $ 7,010,511 | $ 4,895,294 |
Selling, general and other expenses | (277,262) | (237,712) | (890,759) | (784,668) |
Net unrealized losses on instrument specific credit risk | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification for the period, tax | 599 | 306 | ||
Amortization of defined benefit pension plan actuarial losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification for the period, tax | (795) | (658) | ||
Principal transactions | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Revenues | $ 232,110 | $ 623,283 | 1,513,034 | 1,421,485 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period, net of tax | (468) | (1,033) | ||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of defined benefit pension plan actuarial losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Selling, general and other expenses | (2,329) | (1,931) | ||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Principal transactions | Net unrealized losses on instrument specific credit risk | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Revenues | $ 1,861 | $ 898 |
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, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 1,634,069 | $ 974,741 | $ 4,559,065 | $ 2,637,476 |
Other sources of revenue | 506,525 | 850,758 | 2,451,446 | 2,257,818 |
Total revenues | 2,140,594 | 1,825,499 | 7,010,511 | 4,895,294 |
Commissions and other fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 214,363 | 204,032 | 673,756 | 626,434 |
Total revenues | 214,363 | 204,032 | 673,756 | 626,434 |
Investment banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,180,620 | 615,837 | 3,184,932 | 1,595,330 |
Total revenues | 1,180,620 | 615,837 | 3,184,932 | 1,595,330 |
Manufacturing revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 118,918 | 119,751 | 440,857 | 282,737 |
Total revenues | 118,918 | 119,751 | 440,857 | 282,737 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 120,168 | 35,121 | 259,520 | 132,975 |
Principal transactions | ||||
Disaggregation of Revenue [Line Items] | ||||
Other sources of revenue | 232,110 | 623,283 | 1,513,034 | 1,421,485 |
Total revenues | 232,110 | 623,283 | 1,513,034 | 1,421,485 |
Interest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Other sources of revenue | 220,278 | 219,843 | 691,223 | 782,941 |
Total revenues | 220,278 | 219,843 | 691,223 | 782,941 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Other sources of revenue | $ 54,137 | $ 7,632 | $ 247,189 | $ 53,392 |
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, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 1,634,069 | $ 974,741 | $ 4,559,065 | $ 2,637,476 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,353,102 | 837,003 | 3,801,754 | 2,265,190 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 215,591 | 92,145 | 577,758 | 245,419 |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 65,376 | 45,593 | 179,553 | 126,867 |
Reportable Segments | Investment Banking and Capital Markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,395,069 | 820,150 | 3,859,012 | 2,222,445 |
Reportable Segments | Investment Banking and Capital Markets | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,114,885 | 684,441 | 3,104,357 | 1,858,137 |
Reportable Segments | Investment Banking and Capital Markets | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 215,146 | 90,132 | 575,774 | 237,652 |
Reportable Segments | Investment Banking and Capital Markets | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 65,038 | 45,577 | 178,881 | 126,656 |
Reportable Segments | Asset Management | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,853 | 3,127 | 12,594 | 12,714 |
Reportable Segments | Asset Management | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,853 | 1,758 | 11,961 | 6,250 |
Reportable Segments | Asset Management | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 1,369 | 633 | 6,464 |
Reportable Segments | Asset Management | Asia Pacific | ||||
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 | 236,233 | 151,745 | 687,783 | 402,998 |
Reportable Segments | Merchant Banking | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 235,450 | 151,085 | 685,760 | 401,484 |
Reportable Segments | Merchant Banking | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 445 | 644 | 1,351 | 1,303 |
Reportable Segments | Merchant Banking | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 338 | 16 | 672 | 211 |
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 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Reportable Segments | Corporate | Asia Pacific | ||||
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 | (86) | (281) | (324) | (681) |
Consolidation Adjustments | Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | (86) | (281) | (324) | (681) |
Consolidation Adjustments | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Consolidation Adjustments | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 |
Investment Banking - Advisory | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 583,887 | 171,438 | 1,285,834 | 696,677 |
Investment Banking - Advisory | Reportable Segments | Investment Banking and Capital Markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 583,887 | 171,438 | 1,285,834 | 696,677 |
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 |
Investment Banking - Underwriting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 596,733 | 444,399 | 1,899,098 | 898,653 |
Investment Banking - Underwriting | Reportable Segments | Investment Banking and Capital Markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 596,789 | 444,399 | 1,899,204 | 898,653 |
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 | (56) | 0 | (106) | 0 |
Equities | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 210,079 | 200,876 | 663,285 | 613,408 |
Equities | Reportable Segments | Investment Banking and Capital Markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 210,109 | 201,157 | 663,503 | 614,089 |
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 | (30) | (281) | (218) | (681) |
Fixed Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,284 | 3,156 | 10,471 | 13,026 |
Fixed Income | Reportable Segments | Investment Banking and Capital Markets | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,284 | 3,156 | 10,471 | 13,026 |
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 |
Asset Management | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 2,853 | 3,127 | 12,594 | 12,714 |
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 | 2,853 | 3,127 | 12,594 | 12,714 |
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 | 118,918 | 119,751 | 440,857 | 282,737 |
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 | 118,918 | 119,751 | 440,857 | 282,737 |
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 | 49,814 | 20,946 | 126,855 | 78,704 |
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 | 49,814 | 20,946 | 126,855 | 78,704 |
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 | 67,501 | 11,048 | 120,071 | 41,557 |
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 | 67,501 | 11,048 | 120,071 | 41,557 |
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, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | Nov. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |||||
Revenue related to performance obligation satisfied | $ 76.2 | $ 15.6 | $ 49.4 | $ 10.8 | |
Revenue associated with distribution services, a portion of which related to prior period | 7.9 | 4.3 | 16.4 | 14.4 | |
Receivables related to revenue from contracts with customers | 365.8 | 365.8 | $ 332.5 | ||
Contract assets related to revenue from contracts with customers | 24.6 | 24.6 | |||
Deferred revenue | 45.1 | 45.1 | 14.8 | ||
Deferred revenue, revenue recognized | 8 | 19.1 | 10 | 9.3 | |
Capitalized contract cost | 1.9 | 1.9 | $ 1.8 | ||
Expenses related to capitalized costs to fulfill a contract | $ 0.9 | $ 0.8 | $ 1.6 | $ 3.6 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | Nov. 30, 2020 | |
Income Taxes [Line Items] | |||||
Unrecognized tax benefits | $ 473,900 | $ 473,900 | $ 401,400 | ||
Interest included in unrecognized tax benefits | 102,200 | 102,200 | 87,100 | ||
Net deferred tax asset | 479,000 | 479,000 | 393,700 | ||
Income tax provision | 145,700 | $ 107,403 | $ 484,756 | $ 185,138 | |
Effective income tax rate | 26.50% | 28.70% | |||
Jefferies Group | |||||
Income Taxes [Line Items] | |||||
Unrecognized tax benefits | $ 289,000 | $ 289,000 | $ 234,000 |
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, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Numerator for earnings per share: | ||||
Net income attributable to Jefferies Financial Group Inc. common shareholders | $ 407,459 | $ 304,409 | $ 1,342,490 | $ 462,338 |
Allocation of earnings to participating securities | (2,490) | (1,945) | (7,974) | (2,921) |
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share | 404,969 | 302,464 | 1,334,516 | 459,417 |
Adjustment to allocation of earnings to participating securities related to diluted shares | 52 | 17 | 161 | 5 |
Mandatorily redeemable convertible preferred share dividends | 1,849 | 1,404 | 5,101 | 4,230 |
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share | $ 406,870 | $ 303,885 | $ 1,339,778 | $ 463,652 |
Denominator for earnings per share: | ||||
Weighted average common shares outstanding (in shares) | 246,624,000 | 263,062,000 | 247,638,000 | 273,035,000 |
Denominator for basic earnings per share – weighted average shares (in shares) | 263,087,000 | 280,695,000 | 264,248,000 | 289,959,000 |
Mandatorily redeemable convertible preferred shares (in shares) | 4,441,000 | 4,441,000 | 4,441,000 | 4,441,000 |
Denominator for diluted earnings per share (in shares) | 271,405,000 | 285,136,000 | 271,746,000 | 294,875,000 |
Weighted average shares of participating securities (in shares) | 1,621,000 | 1,807,800 | 1,581,200 | 1,851,900 |
Restricted stock with future service required | ||||
Denominator for earnings per share: | ||||
Weighted average shares of restricted stock outstanding with future service required (in shares) | (1,602,000) | (1,787,000) | (1,561,000) | (1,837,000) |
Restricted stock units with no future service required | ||||
Denominator for earnings per share: | ||||
Weighted average RSUs outstanding with no future service required (in shares) | 18,065,000 | 19,420,000 | 18,171,000 | 18,761,000 |
Stock options | ||||
Denominator for earnings per share: | ||||
Dilutive effect of share-based payment awards (in shares) | 1,485,000 | 0 | 905,000 | 0 |
Restricted stock units | Senior executive compensation plan awards | ||||
Denominator for earnings per share: | ||||
Dilutive effect of share-based payment awards (in shares) | 2,392,000 | 0 | 2,152,000 | 475,000 |
Common Share and Earnings Per_4
Common Share and Earnings Per Common Share (Narrative) (Details) - USD ($) | 9 Months Ended | |||
Aug. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Jan. 31, 2021 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Increase in share repurchase authorization | $ 127,500,000 | $ 192,800,000 | ||
Stock repurchased during period (in shares) | 6,500,000 | |||
Stock repurchased during period | $ 179,300,000 | |||
Average repurchase price per share (in dollars per share) | $ 27.59 | |||
Remaining authorized repurchase amount | $ 198,200,000 | |||
Subsequent event | ||||
Earnings Per Share, Diluted, 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, 2021USD ($) | |
Guarantor Obligations [Line Items] | |
2021 | $ 16,824.1 |
2022 | 604.8 |
2023 and 2024 | 185.9 |
2025 and 2026 | 71.1 |
2027 and Later | 21.1 |
Maximum Payout | $ 17,707 |
Guarantor obligation settled period | 3 days |
Equity commitments | |
Guarantor Obligations [Line Items] | |
2021 | $ 121 |
2022 | 230.3 |
2023 and 2024 | 26.2 |
2025 and 2026 | 11.1 |
2027 and Later | 21.1 |
Maximum Payout | 409.7 |
Loan commitments | |
Guarantor Obligations [Line Items] | |
2021 | 0 |
2022 | 250 |
2023 and 2024 | 25.8 |
2025 and 2026 | 60 |
2027 and Later | 0 |
Maximum Payout | 335.8 |
Underwriting commitments | |
Guarantor Obligations [Line Items] | |
2021 | 155.8 |
2022 | 0 |
2023 and 2024 | 0 |
2025 and 2026 | 0 |
2027 and Later | 0 |
Maximum Payout | 155.8 |
Forward starting reverse repos | |
Guarantor Obligations [Line Items] | |
2021 | 10,223.8 |
2022 | 99.5 |
2023 and 2024 | 0 |
2025 and 2026 | 0 |
2027 and Later | 0 |
Maximum Payout | 10,323.3 |
Forward starting repos | |
Guarantor Obligations [Line Items] | |
2021 | 6,296.3 |
2022 | 0 |
2023 and 2024 | 0 |
2025 and 2026 | 0 |
2027 and Later | 0 |
Maximum Payout | 6,296.3 |
Other unfunded commitments | |
Guarantor Obligations [Line Items] | |
2021 | 27.2 |
2022 | 25 |
2023 and 2024 | 133.9 |
2025 and 2026 | 0 |
2027 and Later | 0 |
Maximum Payout | 186.1 |
Forward starting securities purchased under agreements to resell settled | |
Guarantor Obligations [Line Items] | |
Maximum Payout | 10,320 |
Forward starting securities sold under agreements to repurchase settled | |
Guarantor Obligations [Line Items] | |
Maximum Payout | $ 6,210 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees - Narrative (Details) | 9 Months Ended |
Aug. 31, 2021USD ($) | |
Loss Contingencies [Line Items] | |
Fair value of derivative contracts meeting the definition of a guarantee | $ 174,200,000 |
Standby letters of credit | |
Loss Contingencies [Line Items] | |
Letters of credit | $ 8,600,000 |
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] | |
Reimbursement of losses incurred, maximum percentage | 50.00% |
Surety policy issued | $ 1,500,000,000 |
Aggregate amount of commercial paper outstanding | 1,470,000,000 |
HomeFed | |
Loss Contingencies [Line Items] | |
Aggregate amount of infrastructure improvement bonds outstanding | 74,500,000 |
Jefferies Capital Partners LLC and its private equity funds | |
Loss Contingencies [Line Items] | |
Equity commitments | 10,700,000 |
Strategic affiliates | |
Loss Contingencies [Line Items] | |
Equity commitments | 100,000,000 |
Other Investments | |
Loss Contingencies [Line Items] | |
Equity commitments | 230,200,000 |
Clients | |
Loss Contingencies [Line Items] | |
Outstanding loan commitments | $ 85,000,000 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees - Guarantees (Details) - Derivative notional amount $ in Millions | Aug. 31, 2021USD ($) |
Derivative contracts – non-credit related | |
Guarantor Obligations [Line Items] | |
2021 | $ 8,635.2 |
2022 | 12,807.8 |
2023 and 2024 | 9,503.1 |
2025 and 2026 | 386.6 |
2027 and Later | 50 |
Notional/ Maximum Payout | 31,382.7 |
Written derivative contracts – credit related | |
Guarantor Obligations [Line Items] | |
2021 | 0 |
2022 | 0 |
2023 and 2024 | 19 |
2025 and 2026 | 0 |
2027 and Later | 0 |
Notional/ Maximum Payout | 19 |
Total derivative contracts | |
Guarantor Obligations [Line Items] | |
2021 | 8,635.2 |
2022 | 12,807.8 |
2023 and 2024 | 9,522.1 |
2025 and 2026 | 386.6 |
2027 and Later | 50 |
Notional/ Maximum Payout | $ 31,401.7 |
Net Capital Requirements (Detai
Net Capital Requirements (Details) - Jefferies LLC $ in Millions | Aug. 31, 2021USD ($) |
Net Capital Requirements [Line Items] | |
Net capital | $ 2,060 |
Excess net capital | $ 1,940 |
Other Fair Value Information (D
Other Fair Value Information (Details) - USD ($) $ in Thousands | Aug. 31, 2021 | Nov. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term borrowings | $ 307,297 | $ 764,715 |
Long-term debt | 8,670,728 | 8,352,039 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes and loans receivable | 825,406 | 727,492 |
Short-term borrowings | 307,297 | 759,648 |
Long-term debt | 6,880,083 | 6,639,794 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes and loans receivable | 873,347 | 744,424 |
Short-term borrowings | 307,297 | 759,648 |
Long-term debt | $ 7,744,654 | $ 7,495,642 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | Nov. 30, 2020 | |
Related Party Transaction [Line Items] | |||||
Revenues | $ 2,140,594 | $ 1,825,499 | $ 7,010,511 | $ 4,895,294 | |
Investment banking | |||||
Related Party Transaction [Line Items] | |||||
Revenues | 1,180,620 | 615,837 | 3,184,932 | 1,595,330 | |
Investment banking | Co-sponsored Companies | |||||
Related Party Transaction [Line Items] | |||||
Revenues | 21,400 | 45,500 | |||
Private Equity Related Funds | |||||
Related Party Transaction [Line Items] | |||||
Loans to and/or equity investments in related funds | 28,100 | 28,100 | $ 19,000 | ||
JCP Fund V | |||||
Related Party Transaction [Line Items] | |||||
Net gains (losses) from private equity related funds | 4,200 | $ 2,000 | 8,700 | $ (3,500) | |
Affiliated entity | Berkadia | Jefferies Group | |||||
Related Party Transaction [Line Items] | |||||
Purchase commitment | 490,200 | 490,200 | 401,000 | ||
Affiliated entity | FXCM | Jefferies Group | Payables, expense accruals and other liabilities | |||||
Related Party Transaction [Line Items] | |||||
OTC foreign exchange contracts | 900 | 900 | 2,700 | ||
Officers and employees | |||||
Related Party Transaction [Line Items] | |||||
Loans outstanding to related party | $ 35,700 | $ 35,700 | $ 38,900 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | Nov. 30, 2020 | ||
Segment Reporting Information [Line Items] | ||||||
Total consolidated revenues | $ 1,938,984 | $ 1,616,170 | $ 6,376,433 | $ 4,150,087 | ||
Total consolidated income before income taxes | 553,616 | 412,242 | 1,828,540 | 645,543 | ||
Total consolidated depreciation and amortization expenses | 38,677 | 39,520 | 116,884 | 119,356 | ||
Total consolidated assets | [1] | 58,037,399 | 58,037,399 | $ 53,118,352 | ||
Parent Company interest | ||||||
Segment Reporting Information [Line Items] | ||||||
Total consolidated income before income taxes | (13,774) | (14,114) | (41,505) | (39,773) | ||
Reportable Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Total consolidated revenues | 1,935,963 | 1,614,151 | 6,367,369 | 4,142,570 | ||
Total consolidated income before income taxes | 564,283 | 424,056 | 1,860,683 | 677,118 | ||
Total consolidated assets | 58,324,598 | 58,324,598 | 53,417,948 | |||
Reportable Segments | Investment Banking and Capital Markets | ||||||
Segment Reporting Information [Line Items] | ||||||
Total consolidated revenues | 1,650,796 | 1,274,115 | 5,183,269 | 3,451,776 | ||
Total consolidated income before income taxes | 589,992 | 281,323 | 1,559,833 | 745,814 | ||
Total consolidated depreciation and amortization expenses | 21,035 | 22,225 | 62,497 | 61,322 | ||
Total consolidated assets | 49,598,771 | 49,598,771 | 44,835,126 | |||
Reportable Segments | Asset Management | ||||||
Segment Reporting Information [Line Items] | ||||||
Total consolidated revenues | 12,604 | 118,558 | 293,892 | 146,278 | ||
Total consolidated income before income taxes | (18,615) | 87,604 | 173,905 | 25,122 | ||
Total consolidated depreciation and amortization expenses | 494 | 2,018 | 1,462 | 4,776 | ||
Total consolidated assets | 2,771,582 | 2,771,582 | 3,231,059 | |||
Reportable Segments | Merchant Banking | ||||||
Segment Reporting Information [Line Items] | ||||||
Total consolidated revenues | 271,608 | 220,887 | 887,939 | 532,608 | ||
Total consolidated income before income taxes | 3,356 | 70,747 | 169,971 | (57,592) | ||
Total consolidated depreciation and amortization expenses | 16,584 | 14,408 | 50,619 | 50,627 | ||
Total consolidated assets | 3,382,049 | 3,382,049 | 3,173,064 | |||
Reportable Segments | Corporate | ||||||
Segment Reporting Information [Line Items] | ||||||
Total consolidated revenues | 955 | 591 | 2,269 | 11,908 | ||
Total consolidated income before income taxes | (10,450) | (15,618) | (43,026) | (36,226) | ||
Total consolidated depreciation and amortization expenses | 564 | 869 | 2,306 | 2,631 | ||
Total consolidated assets | 2,572,196 | 2,572,196 | 2,178,699 | |||
Consolidation adjustments | ||||||
Segment Reporting Information [Line Items] | ||||||
Total consolidated revenues | 3,021 | 2,019 | 9,064 | 7,517 | ||
Total consolidated income before income taxes | 3,107 | $ 2,300 | 9,362 | $ 8,198 | ||
Total consolidated assets | $ (287,199) | $ (287,199) | $ (299,596) | |||
[1] | Total assets include assets related to variable interest entities of $836.8 million and $566.1 million at August 31, 2021 and November 30, 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.34 billion and $3.29 billion at August 31, 2021 and November 30, 2020, respectively. See Note 7 for additional information related to variable interest entities. |
Segment Information - Narrative
Segment Information - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2021 | Aug. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Interest expense | $ 19,518 | $ 21,512 | $ 59,828 | $ 64,226 |
Reportable Segments | Merchant Banking | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | 5,700 | 7,400 | 18,300 | 24,500 |
Parent Company interest | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | $ 13,800 | $ 14,100 | $ 41,500 | $ 39,800 |