Jefferies Financial (JEF) 10-Q 8 Apr 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Feb. 28, 2022	Mar. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2022
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		239,505,138
Entity Central Index Key	0000096223
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands		Feb. 28, 2022	Nov. 30, 2021
ASSETS
Cash and cash equivalents		$ 8,500,782	$ 10,755,133
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations		838,092	1,015,107
Financial instruments owned, at fair value (including securities pledged of $14,308,758 and $12,723,502)		21,632,936	19,828,670
Loans to and investments in associated companies		1,803,397	1,745,790
Securities borrowed		7,110,757	6,409,420
Securities purchased under agreements to resell		6,557,213	7,642,484
Securities received as collateral, at fair value		973	7,289
Receivables		8,275,377	7,839,240
Property, equipment and leasehold improvements, net		909,565	911,230
Intangible assets, net and goodwill		1,894,721	1,897,500
Other assets		2,512,638	2,352,247
Total assets	[1]	60,036,451	60,404,110
LIABILITIES
Short-term borrowings		467,853	221,863
Financial instruments sold, not yet purchased, at fair value		14,713,872	11,699,467
Securities loaned		1,808,896	1,525,721
Securities sold under agreements to repurchase		8,933,643	8,446,099
Other secured financings		3,553,232	4,487,224
Obligation to return securities received as collateral, at fair value		973	7,289
Lease liabilities		543,090	548,295
Payables, expense accruals and other liabilities		10,430,914	13,612,367
Long-term debt		8,896,032	9,125,745
Total liabilities	[1]	49,348,505	49,674,070
Commitments and contingencies
MEZZANINE EQUITY
Redeemable noncontrolling interests		14,027	25,400
Mandatorily redeemable convertible preferred shares		125,000	125,000
EQUITY
Common shares, par value $1 per share, authorized 600,000,000 shares; 240,168,818 and 243,541,431 shares issued and outstanding, after deducting 76,294,890 and 72,922,277 shares held in treasury		240,169	243,541
Additional paid-in capital		2,390,787	2,742,244
Accumulated other comprehensive income (loss)		(330,308)	(372,143)
Retained earnings		8,189,652	7,940,113
Total Jefferies Financial Group Inc. shareholders' equity		10,490,300	10,553,755
Noncontrolling interests		58,619	25,885
Total equity		10,548,919	10,579,640
Total		$ 60,036,451	$ 60,404,110
[1]	Total assets include assets related to variable interest entities of $1.27 billion and $1.05 billion at February 28, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $3.68 billion and $4.64 billion at February 28, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $32.5 million at February 28, 2022. 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		Feb. 28, 2022	Nov. 30, 2021
ASSETS
Securities pledged		$ 14,308,758	$ 12,723,502
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)		240,168,818	243,541,431
Common shares, issued after deducting shares held in treasury (in shares)		240,168,818	243,541,431
Treasury stock (in shares)		76,294,890	72,922,277
Assets	[1]	$ 60,036,451	$ 60,404,110
Liabilities	[1]	49,348,505	49,674,070
Noncontrolling interests		58,619	25,885
Variable interest entities, primary beneficiary
Assets		1,270,000	1,050,000
Liabilities		3,680,000	$ 4,640,000
Noncontrolling interests		$ 32,500
[1]	Total assets include assets related to variable interest entities of $1.27 billion and $1.05 billion at February 28, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $3.68 billion and $4.64 billion at February 28, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $32.5 million at February 28, 2022. 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
	Feb. 28, 2022	Feb. 28, 2021
Revenues:
Revenues	$ 1,942,800	$ 2,703,588
Interest expense	9,088	20,367
Net revenues	1,731,915	2,486,942
Expenses:
Cost of sales	95,671	95,559
Compensation and benefits	789,684	1,172,543
Floor brokerage and clearing fees	83,961	76,416
Selling, general and other expenses	285,257	271,937
Interest expense	9,088	20,367
Depreciation and amortization	45,937	38,767
Total non-compensation expenses	424,243	407,487
Total expenses	1,309,598	1,675,589
Income before income taxes and loss related to associated companies	422,317	811,353
Loss related to associated companies	(29,985)	(10,568)
Income before income taxes	392,332	800,785
Income tax provision	64,357	218,236
Net income	327,975	582,549
Net loss attributable to the noncontrolling interests	969	743
Net loss attributable to the redeemable noncontrolling interests	573	769
Preferred stock dividends	(2,070)	(1,626)
Net income attributable to Jefferies Financial Group Inc. common shareholders	$ 327,447	$ 582,435
Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income (in dollars per share)	$ 1.26	$ 2.17
Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income (in dollars per share)	$ 1.23	$ 2.13
Jefferies Group
Revenues:
Interest expense	$ 210,885	$ 216,646
Expenses:
Interest expense	210,885	216,646
Commissions and other fees
Revenues:
Revenues	229,316	236,769
Principal transactions
Revenues:
Revenues	249,155	919,901
Investment banking
Revenues:
Revenues	945,048	1,003,612
Interest income
Revenues:
Revenues	213,981	240,497
Other
Revenues:
Revenues	$ 305,300	$ 302,809

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 327,975	$ 582,549
Other comprehensive income (loss):
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $(56) and $(19)	(173)	(60)
Less: reclassification adjustment for net (gains) losses included in net income, net of income tax provision (benefit) of $0 and $0	0	0
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $(56) and $(19)	(173)	(60)
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $(185) and $3,253	(16)	11,083
Less: reclassification adjustment for foreign exchange (gains) losses included in net income, net of income tax provision (benefit) of $0 and $0	0	0
Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $(185) and $3,253	(16)	11,083
Net unrealized gains (losses) on instrument-specific credit risk arising during the period, net of income tax provision (benefit) of $13,226 and $(22,182)	41,412	(69,214)
Less: reclassification adjustment for instrument-specific credit risk (gains) losses included in net income, net of income tax provision (benefit) of $(7) and $71	22	(222)
Net change in unrealized instrument-specific credit risk gains (losses), net of income tax provision (benefit) of $13,233 and $(22,253)	41,434	(69,436)
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $0 and $0	0	0
Reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $(208) and $(261)	590	786
Net change in pension liability, net of income tax provision (benefit) of $208 and $261	590	786
Other comprehensive income (loss), net of income taxes	41,835	(57,627)
Comprehensive income	369,810	524,922
Comprehensive loss attributable to the noncontrolling interests	969	743
Comprehensive loss attributable to the redeemable noncontrolling interests	573	769
Preferred stock dividends	(2,070)	(1,626)
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders	$ 369,282	$ 524,808

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Statement of Comprehensive Income [Abstract]
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit)	$ (56)	$ (19)
Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit)	0	0
Net change in unrealized holding gains (losses) on investments, tax provision (benefit)	(56)	(19)
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit)	(185)	3,253
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), tax provision (benefit)	0	0
Net change in unrealized foreign exchange gains (losses), tax provision (benefit)	(185)	3,253
Net unrealized gains (losses) on instrument specific credit risk arising during the period, tax provision (benefit)	13,226	(22,182)
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), tax provision (benefit)	(7)	71
Net change in unrealized instrument specific credit risk gains (losses), tax provision (benefit)	13,233	(22,253)
Net pension gains (losses) arising during the period, tax provision (benefit)	0	0
Less: reclassification adjustment for pension (gains) losses included in net income (loss), tax provision (benefit)	(208)	(261)
Net change in pension liability, tax provision (benefit)	$ 208	$ 261

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Net cash flows from operating activities:
Net income	$ 327,975	$ 582,549
Adjustments to reconcile net income to net cash used for operations:
Deferred income tax provision (benefit)	(67,271)	9,149
Depreciation and amortization	47,404	42,333
Share-based compensation	9,746	20,678
Provision for doubtful accounts	9,001	3,267
Income related to associated companies	(28,033)	(77,338)
Distributions from associated companies	9,496	19,345
Net change in:
Securities deposited with clearing and depository organizations	0	(84,307)
Financial instruments owned, at fair value	(1,725,630)	(957,696)
Securities borrowed	(701,961)	(211,177)
Securities purchased under agreements to resell	1,084,266	(1,576,329)
Receivables from brokers, dealers and clearing organizations	(199,295)	(581,609)
Receivables from customers of securities operations	(280,577)	(575,823)
Other receivables	45,477	(101,570)
Other assets	(146,140)	(45,883)
Financial instruments sold, not yet purchased, at fair value	3,016,048	2,339,208
Securities loaned	283,598	704,075
Securities sold under agreements to repurchase	488,456	(1,114,857)
Payables to brokers, dealers and clearing organizations	(1,179,607)	768,358
Payables to customers of securities operations	(440,484)	(161,557)
Lease liabilities	(21,399)	(12,811)
Trade payables, expense accruals and other liabilities	(1,601,209)	(387,334)
Other	(145,189)	(96,609)
Net cash used for operating activities	(1,215,328)	(1,495,938)
Net cash flows from investing activities:
Acquisitions of property, equipment and leasehold improvements, and other assets	(27,630)	(24,243)
Advances on notes, loans and other receivables	(134,852)	(137,527)
Collections on notes, loans and other receivables	99,306	74,573
Loans to and investments in associated companies	(301,062)	(914,484)
Capital distributions and loan repayments from associated companies	259,153	969,817
Other	7	(476)
Net cash used for investing activities	(105,078)	(32,340)
Net cash flows from financing activities:
Issuance of debt, net of issuance costs	917,921	431,811
Repayment of debt	(737,645)	(396,556)
Net change in other secured financings	(933,992)	1,219,585
Net change in bank overdrafts	45,990	(4,706)
Contributions from noncontrolling interests	33,703	80
Purchase of common shares for treasury	(338,058)	(130,097)
Dividends paid	(72,331)	(49,768)
Other	1,032	(696)
Net cash provided by (used for) financing activities	(1,083,380)	1,069,653
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(467)	3,886
Net decrease in cash, cash equivalents and restricted cash	(2,404,253)	(454,739)
Cash, cash equivalents and restricted cash at beginning of period	11,828,304	9,664,972
Cash, cash equivalents and restricted cash at end of period	$ 9,424,051	$ 9,210,233

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2022	Feb. 28, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 8,500,782	$ 8,648,961
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	838,092	496,571
Other assets	85,177	64,701
Total cash, cash equivalents and restricted cash	$ 9,424,051	$ 9,210,233

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	Common Shares $1 Par ValueCumulative effect of the adoption of accounting standards, adjusted balance	Additional Paid-In Capital	Additional Paid-In CapitalCumulative effect of the adoption of accounting standards, adjusted balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Cumulative effect of the adoption of accounting standards, adjusted balance	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	Noncontrolling InterestsCumulative effect of the adoption of accounting standards, adjusted balance
Beginning balance at Nov. 30, 2020	$ 9,438,525	$ (19,915)	$ 9,418,610	$ 249,751	$ 249,751	$ 2,911,223	$ 2,911,223	$ (288,917)	$ (288,917)	$ 6,531,836	$ (19,915)	$ 6,511,921	$ 9,403,893	$ (19,915)	$ 9,383,978	$ 34,632	$ 34,632
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Jefferies Financial Group Inc. common shareholders	582,435									582,435			582,435
Net loss attributable to the noncontrolling interests	(743)															(743)
Other comprehensive income (loss), net of income taxes	(57,627)							(57,627)					(57,627)
Contributions from noncontrolling interests	80															80
Distributions to noncontrolling interests	(1,473)															(1,473)
Share-based compensation expense	20,678					20,678							20,678
Change in fair value of redeemable noncontrolling interests	(7,058)					(7,058)							(7,058)
Purchase of common shares for treasury	(130,097)			(5,103)		(124,994)							(130,097)
Dividends	(52,896)									(52,896)			(52,896)
Other	6,449			2,055		4,394							6,449			0
Ending balance at Feb. 28, 2021	9,778,358			246,703		2,804,243		(346,544)		7,041,460			9,745,862			32,496
Beginning balance at Nov. 30, 2021	10,579,640			243,541		2,742,244		(372,143)		7,940,113			10,553,755			25,885
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Jefferies Financial Group Inc. common shareholders	327,447									327,447			327,447
Net loss attributable to the noncontrolling interests	(969)															(969)
Other comprehensive income (loss), net of income taxes	41,835							41,835					41,835
Contributions from noncontrolling interests	33,703															33,703
Share-based compensation expense	9,746					9,746							9,746
Change in fair value of redeemable noncontrolling interests	(7,991)					(7,991)							(7,991)
Purchase of common shares for treasury	(364,189)			(10,038)		(354,151)							(364,189)
Dividends	(77,908)									(77,908)			(77,908)
Other	7,605			6,666		939							7,605			0
Ending balance at Feb. 28, 2022	$ 10,548,919			$ 240,169		$ 2,390,787		$ (330,308)		$ 8,189,652			$ 10,490,300			$ 58,619

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Statement of Stockholders' Equity [Abstract]
Common shares, par value (in dollars per share)	$ 1	$ 1
Dividends per common share (in dollars per share)	$ 0.30	$ 0.20

Nature of Operations

Nature of Operations	3 Months Ended
	Feb. 28, 2022
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, and asset management. Our strategy focuses on continuing to build out our investment banking effort, enhancing our capital markets businesses and further developing our Leucadia Asset Management alternative asset management platform, while returning excess capital to shareholders. Jefferies Group LLC ("Jefferies Group"), our largest subsidiary, was established in 1962 and is 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, the Middle East and Africa, and Asia Pacific. Capital markets businesses operate across the spectrum of equities and fixed income products. 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. We own a legacy portfolio of businesses and investments that we historically denominated as our "Merchant Banking" business and are reflected in our consolidated results as consolidated subsidiaries, equity investments, securities or in other ways. We are well along in the process of liquidating this portfolio, with the intention of selling to third parties, distributing to shareholders or transferring the balance of this portfolio to our Asset Management reportable segment over the next few years. Our Merchant Banking reportable segment primarily includes Linkem (fixed wireless broadband services in Italy); Vitesse Energy, LLC ("Vitesse Energy") (oil and gas production and development); real estate, primarily HomeFed LLC ("HomeFed"); Idaho Timber (manufacturing) and FXCM Group, LLC ("FXCM") (provider of online foreign exchange trading services). On December 1, 2021, we made a $477 million contribution of net assets, including both Merchant Banking and Asset Management investments, to Jefferies Group. The transferred Merchant Banking investments are now being managed by a different management team, while the Asset Management investments continue to be managed by the co-Presidents of Asset Management who oversee all asset management activities across the Company. As a result, we transferred $194 million of net assets out of our Merchant Banking segment: $139 million of these net assets, including $48 million of net assets relating to Foursight Capital LLC ("Foursight"), were transferred into our Investment Banking and Capital Markets segment; the remaining $55 million of net assets transferred are now managed by the co-Presidents of Asset Management and are included in our Asset Management segment. Prior year amounts have been reclassified to conform to current segment reporting.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Feb. 28, 2022
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, 2021 ("2021 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 three months ended February 28, 2022, there were no significant changes made to the Company's significant accounting policies. Receivables At February 28, 2022 and November 30, 2021, Receivables include receivables from brokers, dealers and clearing organizations of $5.10 billion and $4.90 billion, respectively, and receivables from customers of securities operations of $1.90 billion and $1.62 billion, respectively. Foursight, Jefferies Group's wholly-owned subsidiary, is an automobile loan originator and servicer. Foursight had automobile loan receivables, including accrued interest and related fees, of $836.1 million and $812.6 million at February 28, 2022 and November 30, 2021, respectively, which are classified as either held for investment or held for sale depending on the intent to hold the underlying collateral and which are collateralized by a security interest in the vehicles' titles. Of these amounts, $808.9 million and $682.7 million at February 28, 2022 and November 30, 2021, respectively, were in securitized vehicles. See Notes 6 and 7 for additional information on Foursight's securitization activities. Foursight's loan receivables held for investment consisted of approximately 18% and 19% with credit scores 680 and above, 49% and 51% with scores between 620 and 679 and 33% and 30% with scores below 620 at February 28, 2022 and November 30, 2021, respectively. A rollforward of the allowance for credit losses related to receivables for the three months ended February 28, 2022 and 2021 is as follows (in thousands): For the Three Months Ended February 28, 2022 2021 Beginning balance $ 75,999 $ 53,926 Adjustment for change in accounting principle for current expected credit losses — 26,519 Provision for doubtful accounts 9,001 3,267 Charge-offs, net of recoveries (5,631) (7,320) Ending balance $ 79,369 $ 76,392 Other Investments At February 28, 2022 and November 30, 2021, 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 $91.8 million and $119.4 million, respectively. There were no impairments on these investments during the three months ended February 28, 2022 and 2021. Capitalization of Interest We capitalize interest on qualifying HomeFed real estate assets. Capitalized interest of $3.2 million and $1.9 million during the three months ended February 28, 2022 and 2021, respectively, was allocated among all of HomeFed's projects that are currently under development. Payables, expense accruals and other liabilities At February 28, 2022 and November 30, 2021, Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $4.64 billion and $5.82 billion, respectively, and payables to customers of securities operations of $4.02 billion and $4.46 billion, respectively. Supplemental Cash Flow Information For the Three Months Ended February 28, (In thousands) 2022 2021 Cash paid during the year for: Interest $ 321,015 $ 242,027 Income tax payments (refunds), net $ 16,715 $ 20,350 During the three months ended February 28, 2022, we had $26.1 million in non-cash financing activities related to purchases of common shares for treasury which settled subsequent to February 28, 2022.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Feb. 28, 2022
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 $1.16 billion and $1.03 billion at February 28, 2022 and November 30, 2021, respectively, by level within the fair value hierarchy (in thousands): February 28, 2022 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 3,304,106 $ 162,651 $ 113,922 $ — $ 3,580,679 Corporate debt securities — 3,625,783 42,358 — 3,668,141 Collateralized debt obligations and collateralized loan obligations — 870,505 45,219 — 915,724 U.S. government and federal agency securities 3,767,868 50,574 — — 3,818,442 Municipal securities — 480,000 — — 480,000 Sovereign obligations 1,177,045 932,076 23 — 2,109,144 Residential mortgage-backed securities — 798,936 1,186 — 800,122 Commercial mortgage-backed securities — 181,635 3,732 — 185,367 Other asset-backed securities — 624,575 62,382 — 686,957 Loans and other receivables — 3,428,850 137,942 — 3,566,792 Derivatives 4,659 3,666,288 13,144 (3,246,638) 437,453 Investments at fair value — 4,565 169,808 — 174,373 FXCM term loan — — 50,335 — 50,335 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 8,253,678 $ 14,826,438 $ 640,051 $ (3,246,638) $ 20,473,529 Loans to and investments in associated $ — $ — $ 22,480 $ — $ 22,480 Securities received as collateral, at fair value $ 973 $ — $ — $ — $ 973 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 2,031,781 $ 13,988 $ 5,666 $ — $ 2,051,435 Corporate debt securities — 2,405,463 7,308 — 2,412,771 U.S. government and federal agency securities 4,615,370 — — — 4,615,370 Sovereign obligations 1,302,485 888,806 1,159 — 2,192,450 Commercial mortgage-backed securities — — 315 — 315 Loans — 2,486,780 11,541 — 2,498,321 Derivatives 2,825 4,365,554 60,914 (3,486,083) 943,210 Total financial instruments sold, not yet purchased, at fair value $ 7,952,461 $ 10,160,591 $ 86,903 $ (3,486,083) $ 14,713,872 Other secured financings $ — $ 125,631 $ 32,377 $ — $ 158,008 Long-term debt $ — $ 967,703 $ 794,460 $ — $ 1,762,163 Obligation to return securities received as collateral, at fair value $ 973 $ — $ — $ — $ 973 November 30, 2021 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 2,737,255 $ 257,318 $ 87,647 $ — $ 3,082,220 Corporate debt securities — 3,836,341 11,803 — 3,848,144 Collateralized debt obligations and collateralized loan obligations — 579,518 31,946 — 611,464 U.S. government and federal agency securities 3,045,295 68,784 — — 3,114,079 Municipal securities — 509,559 — — 509,559 Sovereign obligations 899,086 654,199 — — 1,553,285 Residential mortgage-backed securities — 1,168,246 1,477 — 1,169,723 Commercial mortgage-backed securities — 196,419 2,333 — 198,752 Other asset-backed securities — 337,022 93,524 — 430,546 Loans and other receivables — 3,363,050 135,239 — 3,498,289 Derivatives 4,429 3,861,551 10,248 (3,305,756) 570,472 Investments at fair value — 11,369 154,373 — 165,742 FXCM term loan — — 50,455 — 50,455 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 6,686,065 $ 14,843,376 $ 579,045 $ (3,305,756) $ 18,802,730 Loans to and investments in associated $ — $ — $ 30,842 $ — $ 30,842 Securities received as collateral, at fair value $ 7,289 $ — $ — $ — $ 7,289 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 1,671,696 $ 19,654 $ 4,635 $ — $ 1,695,985 Corporate debt securities — 2,111,777 482 — 2,112,259 U.S. government and federal agency securities 2,457,420 — — — 2,457,420 Sovereign obligations 935,801 593,040 — — 1,528,841 Residential mortgage-backed securities — 719 — — 719 Commercial mortgage-backed securities — — 210 — 210 Loans — 2,476,087 15,770 — 2,491,857 Derivatives 1,815 5,034,544 78,017 (3,702,200) 1,412,176 Total financial instruments sold, not yet purchased, at fair value $ 5,066,732 $ 10,235,821 $ 99,114 $ (3,702,200) $ 11,699,467 Other secured financings $ — $ 76,883 $ 25,905 $ — $ 102,788 Long-term debt $ — $ 961,866 $ 881,732 $ — $ 1,843,598 Obligation to return securities received as collateral, at fair value $ 7,289 $ — $ — $ — $ 7,289 (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. High price volatility was observed for certain sovereign bonds given the recent geopolitical tensions in Eastern Europe, which resulted in Level 3 classification for certain obligations given the wide price dispersion in available external pricing data. 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 ("Ginnie Mae") 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 ("Fannie Mae") 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. Ginnie Mae project loan bonds and Fannie Mae 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 automobile 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 Ginnie Mae Project and Construction Loans: Valuations of participation certificates in Ginnie Mae 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 2 of the fair value hierarchy where fair value is based on recent observations in the same receivable. 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. 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 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 uses swaps and put options in order to reduce exposure to future oil price fluctuations. Vitesse Energy 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 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 internally or by third-party valuation services involving performance data, company ratios and multiples (e.g., price/EBITDA, price/book value) for comparable companies, 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 February 28, 2022 Equity Long/Short Hedge Funds (2) $ 413,151 $ — Equity Funds (3) 51,341 41,532 Commodity Fund (4) 23,636 — Multi-asset Funds (5) 366,855 — Other Funds (6) 304,424 25,335 Total $ 1,159,407 $ 66,867 November 30, 2021 Equity Long/Short Hedge Funds (2) $ 466,231 $ — Equity Funds (3) 46,030 17,815 Commodity Fund (4) 24,401 — Multi-asset Funds (5) 390,224 — Other Funds (6) 99,054 36,090 Total $ 1,025,940 $ 53,905 (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 February 28, 2022 and November 30, 2021, approximately 73% and 74%, respectively, of the fair value of investments are redeemable quarterly with 90 days prior written notice on December 31, 2021. At both February 28, 2022 and November 30, 2021, approximately 21% 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. The remaining investments are redeemable quarterly with 60 days prior written notice. (3) The investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. 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 February 28, 2022 and November 30, 2021, investments representing approximately 82% and 78%, respectively, of the fair value of investments in this category are redeemable monthly with 60 days prior written notice. At February 28, 2022 and November 30, 2021, approximately 18% and 22%, respectively, of the fair value of investments in this category are redeemable quarterly with 90 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 8, 2023 ($71.6 million principal outstanding at February 28, 2022), 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 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 2 or 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. Long-term Debt 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. Level 3 Rollforwards The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended February 28, 2022 (in thousands): Balance, November 30, 2021 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, February 28, 2022 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 87,647 $ 1,824 $ 2,079 $ (706) $ (651) $ — $ 23,729 $ 113,922 $ 1,065 Corporate debt securities 11,803 (1,176) 118,970 (103,602) (9) — 16,372 42,358 (1,929) CDOs and CLOs 31,946 (671) 13,523 (7,740) (1,643) — 9,804 45,219 (906) Sovereign obligations — (306) 3,780 (3,451) — — — 23 (60) Residential mortgage-backed securities 1,477 (69) — (187) (35) — — 1,186 (44) Commercial mortgage-backed securities 2,333 1,177 — — — — 222 3,732 1,655 Other asset-backed securities 93,524 2,033 11,588 (14,485) (14,269) — (16,009) 62,382 (3,661) Loans and other receivables 135,239 (4,737) 11,549 (17,710) — — 13,601 137,942 (4,585) Investments at fair value 154,373 32,034 14,249 (6,826) (615) — (23,407) 169,808 28,557 FXCM term loan 50,455 (120) — — — — — 50,335 (120) Loans to and investments in associated companies 30,842 (8,362) — — — — — 22,480 (8,362) Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,635 $ (3,447) $ (812) $ 5,050 $ — $ — $ 240 $ 5,666 $ 3,447 Corporate debt securities 482 (8,866) (63,714) 66,976 — — 12,430 7,308 5,210 Sovereign obligations — (1,362) (99,374) 101,911 — — (16) 1,159 54 Commercial mortgage-backed securities 210 — — 105 — — — 315 — Loans 15,770 (46) (13,125) 2,695 — — 6,247 11,541 (135) Net derivatives (2) 67,769 (54,836) — — — 35,069 (232) 47,770 53,352 Other secured financings 25,905 — — — — 6,472 — 32,377 — Long-term debt (1) 881,732 (92,871) — — — 23,753 (18,154) 794,460 60,739 (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 February 28, 2022 were gains of $32.1 million during the three months ended February 28, 2022. (2) Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives. Analysis of Level 3 Assets and Liabilities for the three months ended February 28, 2022 During the three months ended February 28, 2022, transfers of assets of $64.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • CDOs and CLOs of $18.8 million, loans and other receivables of $16.1 million, other asset-backed securities of $12.9 million, corporate debt securities of $9.4 million and corporate equity securities of $7.4 million due to reduced pricing transparency. During the three months ended February 28, 2022, transfers of assets of $40.5 million from Level 3 to Level 2 are primarily attributed to: • Other asset-backed securities of $28.9 million, CDOs and CLOs of $9.0 million and loans and other receivables of $2.4 million due to greater pricing transparency supporting classification into Level 2. During the three months ended February 28, 2022, transfers of liabilities of $72.6 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Net derivatives of $27.9 million, structured notes within long-term debt of $25.8 million, corporate debt securities of $12.4 million and loans of $6.2 million due to reduced pricing and market transparency. During the three months ended February 28, 2022, transfers of liabilities of $72.1 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Structured notes within long-term debt of $44.0 million

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 and November 30, 2021 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 February 28, 2022 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 13,714 1 $ 56,705 2 Foreign exchange contracts: Bilateral OTC 19,524 4 — — Total derivatives designated as accounting hedges 33,238 56,705 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 3,787 32,961 2,896 75,002 Cleared OTC 1,110,870 3,824 1,038,884 3,865 Bilateral OTC 336,238 791 434,723 958 Foreign exchange contracts: Bilateral OTC 869,171 15,664 858,003 15,520 Equity contracts: Exchange-traded 935,862 1,706,804 715,512 1,589,013 Bilateral OTC 293,800 6,084 1,174,659 6,263 Commodity contracts: Exchange-traded 78 1,931 30 1,860 Bilateral OTC 754 423 31,899 1,550 Credit contracts: Cleared OTC 93,487 131 103,708 140 Bilateral OTC 6,806 14 12,274 14 Total derivatives not designated as accounting hedges 3,650,853 4,372,588 Total gross derivative assets/liabilities: Exchange-traded 939,727 718,438 Cleared OTC 1,218,071 1,199,297 Bilateral OTC 1,526,293 2,511,558 Amounts offset in the Consolidated Statement of Financial Condition (3): Exchange-traded (716,499) (716,499) Cleared OTC (1,189,030) (1,199,297) Bilateral OTC (1,341,109) (1,570,287) Net amounts in the Consolidated Statement of Financial Condition (4) $ 437,453 $ 943,210 (continued) Assets Liabilities Fair Value Number of Fair Value Number of November 30, 2021 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 35,726 2 $ 32,200 1 Foreign exchange contracts: Bilateral OTC 30,462 4 — — Total derivatives designated as accounting hedges 66,188 32,200 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 1,262 23,888 756 39,195 Cleared OTC 373,355 4,505 367,134 4,467 Bilateral OTC 322,353 1,037 283,481 967 Foreign exchange contracts: Bilateral OTC 1,428,712 17,792 1,437,116 17,576 Equity contracts: Exchange-traded 1,206,606 1,582,713 1,036,019 1,450,624 Bilateral OTC 377,132 2,888 1,824,418 2,682 Commodity contracts: Exchange-traded 448 1,394 223 1,457 Bilateral OTC 2,703 616 9,862 825 Credit contracts: Cleared OTC 84,180 132 108,999 128 Bilateral OTC 13,289 14 14,168 17 Total derivatives not designated as accounting hedges 3,810,040 5,082,176 Total gross derivative assets/liabilities: Exchange-traded 1,208,316 1,036,998 Cleared OTC 493,261 508,333 Bilateral OTC 2,174,651 3,569,045 Amounts offset in the Consolidated Statement of Financial Condition (3): Exchange-traded (1,008,091) (1,008,091) Cleared OTC (483,339) (508,333) Bilateral OTC (1,814,326) (2,185,776) Net amounts in the Consolidated Statement of Financial Condition (4) $ 570,472 $ 1,412,176 (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 February 28, 2022 2021 Interest rate swaps $ (43,998) $ (43,791) Long-term debt 50,542 46,811 Total $ 6,544 $ 3,020 The following table provides information related to gains (losses) on net investment hedges recognized in Net unrealized foreign exchange gains (losses), a component of Other comprehensive income (loss), in the Consolidated Statements of Comprehensive Income (Loss) (in thousands): For the Three Months Ended February 28, 2022 2021 Foreign exchange contracts $ (10,938) $ (41,500) Total $ (10,938) $ (41,500) 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 February 28, 2022 2021 Interest rate contracts $ (41,592) $ (42,124) Foreign exchange contracts 2,624 46,829 Equity contracts 210,937 (89,697) Commodity contracts (34,305) (18,349) Credit contracts 4,432 821 Total $ 142,096 $ (102,520) 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 February 28, 2022 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross- Total Commodity swaps, options and forwards $ 76 $ 678 $ — $ (754) $ — Equity options and forwards 10,211 2,998 — (4,086) 9,123 Credit default swaps — 15 — — 15 Total return swaps 80,255 44,438 158 (8,263) 116,588 Foreign currency forwards, swaps and options 339,685 4,081 — (4,111) 339,655 Fixed income forwards 5,285 — — — 5,285 Interest rate swaps, options and forwards 59,302 155,998 84,286 (45,314) 254,272 Total $ 494,814 $ 208,208 $ 84,444 $ (62,528) 724,938 Cross product counterparty netting (8,869) Total OTC derivative assets included in Financial instruments owned, at fair value $ 716,069 (1) At February 28, 2022, we held net exchange-traded derivative assets and other credit agreements with a fair value of $226.9 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 February 28, 2022, cash collateral received was $505.5 million. (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross-Maturity Total Commodity swaps, options and forwards $ 30,049 $ 1,850 $ — $ (754) $ 31,145 Equity options and forwards 9,871 534,211 33,407 (4,086) 573,403 Credit default swaps — 10,236 — — 10,236 Total return swaps 124,832 324,482 — (8,263) 441,051 Foreign currency forwards, swaps and options 307,174 5,271 — (4,111) 308,334 Fixed income forwards 2,879 — — — 2,879 Interest rate swaps, options and forwards 43,259 124,965 200,069 (45,314) 322,979 Total $ 518,064 $ 1,001,015 $ 233,476 $ (62,528) 1,690,027 Cross product counterparty netting (8,869) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value $ 1,681,158 (1) At February 28, 2022, we held net exchange-traded derivative liabilities and other credit agreements with a fair value of $7.0 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 February 28, 2022, cash collateral pledged was $744.9 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 February 28, 2022, 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 $ 467,918 BBB- to BBB+ 15,109 BB+ or lower 119,477 Unrated 113,565 Total $ 716,069 (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 February 28, 2022 Credit protection sold: Index credit default swaps $ 2,674.4 $ 1,262.8 $ — $ 3,937.2 Single name credit default swaps — — 0.2 0.2 November 30, 2021 Credit protection sold: Index credit default swaps $ 2,612.0 $ 1,298.8 $ — $ 3,910.8 Single name credit default swaps — 17.6 0.2 17.8 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). February 28, November 30, 2021 Derivative instrument liabilities with credit-risk-related contingent features $ 642.0 $ 821.5 Collateral posted (313.7) (160.5) Collateral received 117.6 369.3 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 446.0 1,030.4 (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 uses swaps and put options in order to reduce exposure to future oil price fluctuations. Vitesse Energy accounts for the derivative instruments at fair value. The gains and losses associated with the change in fair value of the derivatives are recorded in Other revenues.

Collateralized Transactions

Collateralized Transactions	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 Corporate equity securities $ 1,431,940 $ 429,316 $ 973 $ 1,862,229 Corporate debt securities 347,323 2,521,386 — 2,868,709 Mortgage-backed and asset-backed securities — 1,869,580 — 1,869,580 U.S. government and federal agency securities 21,530 9,787,873 — 9,809,403 Municipal securities — 294,824 — 294,824 Sovereign obligations 8,103 3,493,773 — 3,501,876 Loans and other receivables — 905,073 — 905,073 Total $ 1,808,896 $ 19,301,825 $ 973 $ 21,111,694 November 30, 2021 Corporate equity securities $ 1,160,916 $ 150,602 $ 7,289 $ 1,318,807 Corporate debt securities 321,356 2,684,458 — 3,005,814 Mortgage-backed and asset-backed securities — 1,209,442 — 1,209,442 U.S. government and federal agency securities 6,348 8,426,536 — 8,432,884 Municipal securities — 413,073 — 413,073 Sovereign obligations 37,101 2,422,901 — 2,460,002 Loans and other receivables — 712,388 — 712,388 Total $ 1,525,721 $ 16,019,400 $ 7,289 $ 17,552,410 Contractual Maturity Overnight and Continuous Up to 30 Days 31 to 90 Days Greater than 90 Days Total February 28, 2022 Securities lending arrangements $ 973,963 $ — $ 292,966 $ 541,967 $ 1,808,896 Repurchase agreements 10,491,946 2,288,295 2,686,587 3,834,997 19,301,825 Obligation to return securities received as collateral, at fair value 973 — — — 973 Total $ 11,466,882 $ 2,288,295 $ 2,979,553 $ 4,376,964 $ 21,111,694 November 30, 2021 Securities lending arrangements $ 595,628 $ 1,318 $ 539,623 $ 389,152 $ 1,525,721 Repurchase agreements 6,551,934 1,798,716 4,361,993 3,306,757 16,019,400 Obligation to return securities received as collateral, at fair value 7,289 — — — 7,289 Total $ 7,154,851 $ 1,800,034 $ 4,901,616 $ 3,695,909 $ 17,552,410 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 February 28, 2022 and November 30, 2021, the approximate fair value of securities received as collateral by us that may be sold or repledged was $34.59 billion and $31.97 billion, respectively. At February 28, 2022 and November 30, 2021, 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 February 28, 2022 Securities borrowing arrangements $ 7,110,757 $ — $ 7,110,757 $ (666,368) $ (1,374,501) $ 5,069,888 Reverse repurchase agreements 16,925,395 (10,368,182) 6,557,213 (669,010) (5,845,969) 42,234 Securities received as collateral, at fair value 973 — 973 — (973) — Liabilities at February 28, 2022 Securities lending arrangements $ 1,808,896 $ — $ 1,808,896 $ (666,368) $ (1,091,177) $ 51,351 Repurchase agreements 19,301,825 (10,368,182) 8,933,643 (669,010) (7,788,211) 476,422 Obligation to return securities received as collateral, at fair value 973 — 973 — (973) — Assets at November 30, 2021 Securities borrowing arrangements $ 6,409,420 $ — $ 6,409,420 $ (271,475) $ (1,528,206) $ 4,609,739 Reverse repurchase agreements 15,215,785 (7,573,301) 7,642,484 (540,312) (7,048,823) 53,349 Securities received as collateral, at fair value 7,289 — 7,289 — (7,289) — Liabilities at November 30, 2021 Securities lending arrangements $ 1,525,721 $ — $ 1,525,721 $ (271,475) $ (1,213,563) $ 40,683 Repurchase agreements (4) 16,019,400 (7,573,301) 8,446,099 (540,312) (7,136,585) 769,202 Obligation to return securities received as collateral, at fair value 7,289 — 7,289 — (7,289) — (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 February 28, 2022, amounts include $5.01 billion of securities borrowing arrangements, for which we have received securities collateral of $4.87 billion, and $470.0 million of repurchase agreements, for which we have pledged securities collateral of $485.1 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. At November 30, 2021, amounts include $4.51 billion of securities borrowing arrangements, for which we have received securities collateral of $4.35 billion, and $765.0 million of repurchase agreements, for which we have pledged securities collateral of $781.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4) There was an immaterial correction in the amount of available collateral, which resulted in a $200 million decrease in the available collateral and a $200 million increase in the net amount related to repurchase agreements at November 30, 2021. 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 $838.1 million and $1.02 billion at February 28, 2022 and November 30, 2021, 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. Other Assets Restricted cash, which is comprised of cash reserve balances required by securitization agreements and cash collections associated with automobile loans pledged to warehouse credit facilities, is included in Other assets in the Consolidated Statements of Financial Condition. These restricted cash balances are held by trustees and are distributed monthly by the trustees per the various securitization and warehouse credit facility agreements. Restricted cash may also include amounts related to pre-funding arrangements put in place for securitizations, which are funds that remain in an escrow account managed by a trustee until we pledge additional automobile loans to meet the collateral requirements of the related notes, at which time the funds become available for our use.

Securitization Activities

Securitization Activities	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 2021 Transferred assets $ 1,080.6 $ 3,583.5 Proceeds on new securitizations 1,080.6 3,583.1 Cash flows received on retained interests 8.9 6.3 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 February 28, 2022 and November 30, 2021. The following table summarizes our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): February 28, 2022 November 30, 2021 Securitization Type Total Retained Total Retained U.S. government agency residential mortgage-backed securities $ 278.4 $ 4.9 $ 330.2 $ 4.9 U.S. government agency commercial mortgage-backed securities 1,842.3 54.0 2,201.8 69.2 CLOs 3,984.1 31.7 3,382.3 31.0 Consumer and other loans 2,541.2 141.7 2,271.4 136.4 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.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Feb. 28, 2022
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; • Acting as servicer for a fee to automobile loan financing vehicles; • 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. February 28, 2022 November 30, 2021 Secured Funding Vehicles Other Secured Funding Vehicles Other Cash $ 11.6 $ — $ 3.8 $ — Financial instruments owned, at fair value 239.5 64.7 173.1 146.4 Securities purchased under agreements to resell (1) 2,554.8 18.0 3,697.1 — Receivables (2) 742.9 54.2 626.8 40.6 Other assets (3) 133.7 56.3 114.6 — Total assets $ 3,682.5 $ 193.2 $ 4,615.4 $ 187.0 Financial instruments sold, not yet purchased, at fair $ — $ 18.0 $ — $ 109.1 Other secured financings (4) 3,609.5 — 4,521.6 — Repurchase agreements — 47.1 — — Other liabilities (5) 52.9 92.8 46.6 75.3 Total liabilities $ 3,662.4 $ 157.9 $ 4,568.2 $ 184.4 Noncontrolling interests $ — $ 32.5 $ — $ — (1) Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. At February 28, 2022, approximately $18.0 million was not eliminated in consolidation. (2) Approximately $1.4 million and $1.2 million of receivables at February 28, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation. (3) Approximately $45.7 million and $56.5 million of the other assets at February 28, 2022 and November 30, 2021, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (4) Approximately $58.6 million and $36.7 million of the other secured financings at February 28, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation. (5) Approximately $84.1 million and $75.3 million of the other liabilities at February 28, 2022 and November 30, 2021, 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 February 28, 2022 and November 30, 2021, Foursight is the primary beneficiary of automobile loan financing vehicles to which we transfer automobile loans, act as servicer of the automobile loans for a fee and retain equity interests in the vehicles. The assets of these VIEs consist primarily of automobile loans, which are accounted for as loans held for investment at amortized cost and included within Receivables in the Consolidated Statements of Financial Condition. The liabilities of these VIEs consist of notes issued by the VIEs, which are accounted for at amortized cost and included within Other secured financings in the Consolidated Statements of Financial Condition and do not have recourse to our general credit. The automobile loans are pledged as collateral for the related notes and available only for the benefit of the note holders. 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. Additionally, HomeFed is the primary beneficiary of a real estate syndication entity that is developing a multi-family residential property. HomeFed invested in this property together with other third-party investors that have noncontrolling interests, and manages the property. Its assets consist primarily of the real estate being developed and its liabilities consist primarily of accrued capital expenditures and other payables. Our variable interests in the VIE consist primarily of our equity ownership interest, a sponsor promote, and development and asset management fees earned for managing the project. Nonconsolidated VIEs The following table presents information about our variable interests in nonconsolidated VIEs (in millions): Carrying Amount Maximum VIE Assets Assets Liabilities February 28, 2022 CLOs $ 851.1 $ 2.9 $ 3,500.2 $ 8,461.2 Asset-backed vehicles 485.8 — 510.6 5,022.5 Related party private equity vehicles 26.2 — 36.9 74.7 Other investment vehicles 1,276.5 — 1,371.5 16,757.1 Total $ 2,639.6 $ 2.9 $ 5,419.2 $ 30,315.5 November 30, 2021 CLOs $ 582.2 $ 2.0 $ 2,557.1 $ 10,277.5 Asset-backed vehicles 281.9 — 359.3 3,474.6 Related party private equity vehicles 27.1 — 37.8 78.9 Other investment vehicles 1,111.5 — 1,201.6 15,101.4 Total $ 2,002.7 $ 2.0 $ 4,155.8 $ 28,932.4 Our maximum exposure to loss often differs from the carrying value of the variable interests. The maximum exposure to loss is dependent on the nature of the variable interests in 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; ◦ Reverse repurchase agreements with collateral margin maintenance obligations and commitments to fund such reverse repurchase agreements; and ◦ Senior and subordinated notes issued in connection with CLO warehousing activities. • 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 and mortgage loans. 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 February 28, 2022 and November 30, 2021, our total equity commitment in the JCP Entities was $133.0 million, of which $122.3 million and $122.3 million, respectively, had been funded. The carrying value of our equity investments in the JCP Entities was $26.2 million and $27.1 million at February 28, 2022 and November 30, 2021, 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 $1.28 billion and $1.11 billion at February 28, 2022 and November 30, 2021, respectively. Our unfunded equity commitment related to these investments totaled $95.1 million and $90.0 million at February 28, 2022 and November 30, 2021, 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, automobile 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 (Fannie Mae, Federal Home Loan Mortgage Corporation ("Freddie Mac") or 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 automobile 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 February 28, 2022 and November 30, 2021, we held $1.05 billion and $1.31 billion of agency mortgage-backed securities, respectively, and $207.0 million and $253.9 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 $407.1 million in its latest financial statements. Our maximum exposure to loss as a result of our involvement with FXCM is limited to the total of the carrying value of the term loan ($50.3 million) and the investment in associated company ($49.1 million) at February 28, 2022. 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	3 Months Ended
	Feb. 28, 2022
Equity Method Investments and Joint Ventures [Abstract]
Loans to and Investments in Associated Companies	Loans to and Investments in Associated Companies A summary of Loans to and investments in associated companies accounted for under the equity method of accounting during the three months ended February 28, 2022 and 2021 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 2022 Jefferies Finance $ 776,162 $ — $ 19,011 $ 15,188 $ — $ 810,361 Berkadia 373,417 38,900 230 (237) 412,310 FXCM (2) 48,986 (9,547) 10,000 (368) 49,071 Linkem 133,778 (22,971) — — — 110,807 Asset Management companies (3) 183,076 — 131 (178) — 183,029 Real estate companies 122,720 2,000 — 10,263 — 134,983 Other (3) (4) 107,651 533 (24) (2,866) (2,458) 102,836 Total $ 1,745,790 $ (29,985) $ 58,018 $ 32,637 $ (3,063) $ 1,803,397 2021 Jefferies Finance $ 693,201 $ — $ 27,585 $ (40,542) $ — $ 680,244 Berkadia 301,152 — 30,018 (316) (61) 330,793 FXCM (2) 73,920 (5,462) — — 327 68,785 Linkem 198,991 (9,107) — (8,783) — 181,101 Asset Management companies (3) 139,707 — 30,184 (11,434) — 158,457 Real estate companies 168,678 6,051 — (10,954) — 163,775 Other (3) 110,914 (2,050) 119 (3,090) — 105,893 Total $ 1,686,563 $ (10,568) $ 87,906 $ (75,119) $ 266 $ 1,689,048 (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) Certain prior year amounts have been reclassified to conform to the current year presentation. (4) Loans to and investments in associated companies at February 28, 2022 and November 30, 2021 include loans and debt securities aggregating $15.2 million and $15.3 million, respectively. Income (losses) related to associated companies includes the following (in thousands): For the Three Months Ended February 28, 2022 2021 FXCM $ (9,547) $ (5,462) Linkem (22,971) (9,107) Real estate companies 2,000 6,051 Other 533 (2,050) Total $ (29,985) $ (10,568) 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 February 28, 2022 2021 Jefferies Finance $ 19,011 $ 27,585 Berkadia 38,900 30,018 Asset Management companies (1) 131 30,184 Other (1) (24) 119 Total $ 58,018 $ 87,906 (1) Certain prior year amounts have been reclassified to conform to the current year presentation. Jefferies Finance Through Jefferies Group, we own a 50% equity interest in JFIN Parent LLC ("Jefferies Finance") and Jefferies Finance LLC is a direct subsidiary of JFIN Parent LLC. Jefferies Finance is 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; and manages proprietary and third-party investments for both broadly syndicated and direct lending loans. Jefferies Finance conducts its operations primarily through two business lines, Leveraged Finance Arrangement and Portfolio and Asset Management. Loans are originated primarily through Jefferies Group's investment banking efforts and Jefferies Finance typically syndicates to third-party investors substantially all of its arranged volume through Jefferies Group. The Portfolio and Asset Management business lines, collectively referred to as Jefferies Credit Partners, manages a broad portfolio of assets under management comprised of portions of loans it has arranged, as well as loan positions that it has purchased in the primary and secondary markets. Jefferies Credit Partners is comprised of three registered Investment Advisors: Jefferies Finance, Apex Credit Partners LLC and JFIN Asset Management LLC, which serve as a private credit platform managing proprietary and third-party capital across comingled funds, separately managed accounts and collateralized loan obligations. At February 28, 2022, Jefferies Group and MassMutual each had equity commitments to Jefferies Finance of $750.0 million. The equity commitment is reduced quarterly based on Jefferies Group's share of any undistributed earnings from Jefferies Finance and the commitment is increased only to the extent the share of such earnings are distributed. At February 28, 2022, Jefferies Group's remaining commitment to Jefferies Finance was $15.4 million. The investment commitment is scheduled to expire on March 1, 2023 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 February 28, 2022. Advances are shared equally between Jefferies Group and MassMutual. The facility is scheduled to mature on March 1, 2023 with automatic one year extensions absent a 60 day termination notice by either party. At February 28, 2022, Jefferies Group had funded $0.0 million of its $250.0 million commitment. Jefferies Group recognized interest income and unfunded commitment fees related to the facility of $0.4 million and $0.6 million during the three months ended February 28, 2022 and 2021, respectively. The following summarizes activity related to our other transactions with Jefferies Finance (in millions): For the Three Months Ended February 28, 2022 2021 Origination and syndication fee revenues (1) $ 114.9 $ 70.3 Origination fee expenses (1) 15.9 12.3 CLO placement fee revenues (2) 0.7 2.4 Underwriting fees (3) — 0.5 Service fees (4) 50.0 31.5 (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 February 28, 2022 and November 30, 2021, 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 February 28, 2022 and November 30, 2021, we had receivables from Jefferies Finance, included in Other assets in the Consolidated Statements of Financial Condition of $37.2 million and $26.2 million, respectively. At February 28, 2022 and November 30, 2021, 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 $2.5 million and $8.5 million, respectively. Berkadia Berkadia is a commercial mortgage banking and servicing joint venture that was formed in 2009 with Berkshire Hathaway Inc. We and Berkshire Hathaway each contributed $217.2 million of equity capital to the joint venture and each have a 50% membership interest in Berkadia. We are entitled to receive 45% of the profits. Berkadia originates commercial/multifamily real estate loans that are sold to U.S. government agencies, or 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 February 28, 2022, 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 2026, redeemable preferred stock with a redemption value of $107.3 million at February 28, 2022, and warrants. If all of our convertible preferred stock was converted and warrants were exercised, it would increase our ownership to approximately 57% of Linkem's common equity at February 28, 2022. We have approximately 48% of the total voting securities of Linkem. We account for our equity interest in Linkem on a two month lag. Asset Management Companies Through Jefferies Group, we have asset management equity method investments that consist of our shares in Monashee Holdings LLC ("Monashee") and Oak Hill Capital Management LLC, OHCP GenPar Holdco, LP, Oak Hill Capital Management Partners III, LP and Oak Hill Capital Partners IV (Management), LP (collectively the "Oak Hill entities"). Monashee, an investment management company, is a registered investment advisor and general partner of various investment management funds and provides us with a 50% voting rights interest and the rights to distributions of approximately 47.5% of the annual net profits of Monashee's operations if certain thresholds are met. The Asset Management companies investments also consist of membership interests and limited partnership interests of approximately 15% in the Oak Hill investment management company and registered investment advisor and the Oak Hill general partner entity, which is entitled to carried interest from certain Oak Hill managed funds. A portion of the carrying amount of these investments relates to contract and customer relationship and client relationship intangible assets and goodwill. The intangible assets are amortized over their useful life and the goodwill is not amortized. Real Estate 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 25.4% equity interest in the hotel and a 61.25% equity interest in the office building and garage. Although HomeFed has a majority interest in the office building and garage, it does not have control, but only has the ability to exercise significant influence on this investment. As such, HomeFed accounts for the office building and garage under the equity method of accounting. We are amortizing our basis difference between the estimated fair value and the underlying book value of Brooklyn Renaissance office building and garage over the respective useful lives (weighted average life of 39 years). We own approximately 48.1% of 54 Madison, a fund that owns interests in three real estate projects and is in the process of being liquidated.

Intangible Assets, Net and Good

Intangible Assets, Net and Goodwill	3 Months Ended
	Feb. 28, 2022
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): February 28, November 30, 2021 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 7,727 $ 7,732 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $130,192 and $128,012 40,726 42,808 Trademarks and tradenames, net of accumulated amortization of $33,207 and $32,244 95,712 96,509 Other, net of accumulated amortization of $11,867 and $11,329 4,815 5,353 Total intangible assets, net 148,980 152,402 Goodwill: Investment Banking and Capital Markets (1) 1,562,571 1,561,928 Asset Management 143,000 143,000 Real estate 36,711 36,711 Other operations 3,459 3,459 Total goodwill 1,745,741 1,745,098 Total intangible assets, net and goodwill $ 1,894,721 $ 1,897,500 (1) The increase in Investment Banking and Capital Markets goodwill during the three months ended February 28, 2022, primarily relates to translation adjustments. Amortization expense on intangible assets was $3.5 million and $3.6 million for the three months ended February 28, 2022 and 2021, respectively. The estimated aggregate future amortization expense for the intangible assets for each of the next five fiscal years is as follows (in thousands): Remainder of current year $ 7,558 2023 9,900 2024 9,143 2025 8,633 2026 8,606

Short-Term Borrowings

Short-Term Borrowings	3 Months Ended
	Feb. 28, 2022
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): February 28, November 30, 2021 Bank loans (1) $ 461,053 $ 215,063 Floating rate puttable notes (1) 6,800 6,800 Total short-term borrowings $ 467,853 $ 221,863 (1) These short-term borrowings are recorded at cost in the Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their liquid and short-term nature. At February 28, 2022 and November 30, 2021, the weighted average interest rate on short-term borrowings outstanding was 1.52% and 1.41% per annum, respectively.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Feb. 28, 2022
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). February 28, November 30, 2021 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $441,748 principal $ 440,330 $ 440,120 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,904 246,888 Total long-term debt – Parent Company 687,234 687,008 Subsidiary Debt (non-recourse to Parent Company): Jefferies Group Unsecured Long-term Debt: 1.00% Euro Medium Term Notes, due July 19, 2024, $560,975 and $566,150 principal 559,925 564,985 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 757,872 775,550 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 365,909 366,556 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 990,769 990,525 2.625% Senior Notes due October 15, 2031, $1,000,000 principal 970,927 988,059 2.75% Senior Notes, due October 15, 2032, $500,000 principal (1) 445,542 460,724 6.25% Senior Debentures, due January 15, 2036, $495,000 principal 505,151 505,267 6.50% Senior Notes, due January 20, 2043, $391,000 principal 409,815 409,926 Floating Rate Senior Notes, due October 29, 2071 61,706 61,703 Jefferies Group Unsecured Revolving Credit Facility 349,105 348,951 Structured Notes (2) 1,762,163 1,843,598 Jefferies Group Secured Long-term Debt: Jefferies Group Secured Credit Facilities (3) 609,091 706,608 Jefferies Group Secured Bank Loan 100,000 100,000 HomeFed EB-5 Program debt 207,471 203,132 HomeFed construction loans 45,716 45,581 Vitesse Energy Revolving Credit Facility 67,636 67,572 Total long-term debt – subsidiaries 8,208,798 8,438,737 Long-term debt $ 8,896,032 $ 9,125,745 (1) Amounts include net gains of $50.5 million and $46.8 million during the three months ended February 28, 2022 and 2021, 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. (3) Amounts include $82.6 million at November 30, 2021 related to Foursight credit facilities. In the first quarter of 2022, Foursight was transferred to Jefferies Group. Subsidiary Debt : During the three months ended February 28, 2022, structured notes with a total principal amount of approximately $71.2 million, net of retirements, were issued by Jefferies Group. At February 28, 2022 and November 30, 2021, borrowings under several of Jefferies Group's credit facilities classified within Long-term debt amounted to $958.2 million and $972.9 million, respectively. Interest on these credit facilities is based on adjusted LIBOR rates or other adjusted rates, as defined in the various credit agreements. The credit facility agreements contain certain covenants that, among other things, require Jefferies Group 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 and cash reserves for certain of its subsidiaries. At February 28, 2022, Jefferies Group was in compliance with all covenants under theses credit facilities. In addition, one of Jefferies Group's subsidiaries has a Loan and Security Agreement with a bank for a term loan ("Jefferies Group Secured Bank Loan"). At both February 28, 2022 and November 30, 2021, borrowings under the Jefferies Group Secured Bank Loan amounted to $100.0 million and are also classified within Long-term debt. The Jefferies Group Secured Bank Loan matures on September 13, 2024 and is collateralized by certain trading securities with an interest rate of 1.25% plus LIBOR. The agreement contains certain covenants that, among other things, restricts lien or encumbrance upon any of the pledged collateral. At February 28, 2022, Jefferies Group was in compliance with all covenants under the Jefferies Group Secured Bank Loan. 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 February 28, 2022, 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 February 28, 2022, HomeFed has construction loans with an aggregate committed amount of $148.6 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 the 30-day LIBOR, subject to adjustment on the first of each calendar month. At February 28, 2022, the weighted average interest rate on these loans was 3.39%. The loans mature between September 2022 and May 2024 and are collateralized by the property underlying the related project with a guarantee by HomeFed. At February 28, 2022 and November 30, 2021, $46.8 million and $46.8 million, respectively, was outstanding under the construction loan agreements. Vitesse Energy has a revolving credit facility with a syndicate of banks that matures in April 2023 and has a maximum borrowing base of $140.0 million at February 28, 2022. Amounts outstanding under the facility at February 28, 2022 and November 30, 2021 were $68.0 million and $68.0 million, respectively. Borrowings under the facility have been made as Eurodollar loans that bear interest at adjusted LIBOR plus a spread ranging from 2.75% to 3.75% based on the borrowing base utilization percentage. The credit facility is guaranteed by Vitesse Energy's subsidiaries and is collateralized with a minimum of 85% of Vitesse Energy's proved reserve value of its oil and gas properties. Vitesse Energy's borrowing base is subject to regular re-determination on or about April 1 and October 1 of each year based on proved oil and gas reserves, hedge positions and estimated future cash flows from these reserves calculated using future commodity pricing provided by Vitesse Energy's lenders.

Mezzanine Equity

Mezzanine Equity	3 Months Ended
	Feb. 28, 2022
Temporary Equity Disclosure [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests At February 28, 2022 and November 30, 2021, redeemable noncontrolling interests include other redeemable noncontrolling interests of $14.0 million and $25.4 million, respectively, primarily related to our oil and gas exploration and development businesses.

Compensation Plans

Compensation Plans	3 Months Ended
	Feb. 28, 2022
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 incentive awards. Sign-on and retention awards are generally subject to annual ratable vesting over a multi-year service period and are amortized as compensation expense on a straight-line basis over the service period. Restricted stock and RSUs are granted to certain senior executives and may contain market, performance and/or 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 conditions are not met. Awards with performance conditions are amortized over the service period if, and to the extent, it is determined to be probable that the performance condition will be achieved. If awards are forfeited due to failure to achieve performance conditions or failure to satisfy service conditions, any previously recognized expense for such awards is reversed. Senior Executive Compensation Plan. In December 2021, our senior executives were granted RSUs containing service conditions, including a special leadership continuity grant, as well as RSUs that contain both service and performance conditions. For the three months ended February 28, 2022, we recorded $5.2 million of stock-based compensation related to these awards. In December 2020, our senior executives were granted nonqualified stock options and stock appreciation rights ("SARs"). The total initial fair value of the stock options and SARs were recorded as expense at the time of the grant, as both awards have no future service requirements. For the three months ended February 28, 2021, we recorded $46.4 million of total Compensation and benefits expense relating to the stock options and SARs, of which $12.9 million was stock-based compensation and $33.5 million related to the SAR awards. Share-Based Compensation Expense. Share-based compensation expense relating to grants made under our share-based compensation plans was $9.7 million and $20.7 million (including $12.9 million related to the senior executive stock option award, as discussed above) for the three months ended February 28, 2022 and 2021, respectively. Total compensation cost includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. At February 28, 2022, total unrecognized compensation cost related to nonvested share-based compensation plans was $113.1 million; this cost is expected to be recognized over a weighted average period of 3.7 years. At February 28, 2022, there were 1,545,000 shares of restricted stock outstanding with future service required, 4,173,000 RSUs outstanding with future service required (including target RSUs that may be issued under the senior executive compensation plan), 12,293,000 RSUs outstanding with no future service required, 5,063,000 stock options outstanding and 1,088,000 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 27,058,000 at February 28, 2022. Restricted Cash Awards. Jefferies Group provides compensation to certain new and existing employees in the form of loans and/or other cash awards that are subject to ratable vesting terms with service requirements. These awards are amortized as compensation expense over the relevant service period, which is generally considered to start at the beginning of the annual compensation year. At February 28, 2022, the remaining unamortized amount of the restricted cash awards was $298.1 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)	3 Months Ended
	Feb. 28, 2022
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): February 28, November 30, 2021 Net unrealized gains on available for sale securities $ 96 $ 269 Net unrealized foreign exchange losses (166,515) (166,499) Net unrealized losses on instrument-specific credit risk (112,238) (153,672) Net minimum pension liability (51,651) (52,241) Total accumulated other comprehensive income (loss) $ (330,308) $ (372,143) 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 Three Months Ended February 28, 2022 2021 Net unrealized gains (losses) on instrument- specific credit risk, net of income tax provision (benefit) of $(7) and $71 $ (22) $ 222 Principal transactions revenues Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(208) and $(261) (590) (786) Selling, general and other expenses, which includes pension expense Total reclassifications for the period, net of tax $ (612) $ (564)

Revenues from Contracts with Cu

Revenues from Contracts with Customers	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 2021 Revenues from contracts with customers: Commissions and other fees $ 229,316 $ 236,769 Investment banking 945,048 1,003,612 Other 232,678 192,262 Total revenues from contracts with customers 1,407,042 1,432,643 Other sources of revenue: Principal transactions 249,155 919,901 Interest income 213,981 240,497 Other 72,622 110,547 Total revenues from other sources 535,758 1,270,945 Total revenues $ 1,942,800 $ 2,703,588 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 revenue by executing, settling and clearing transactions for clients primarily in equity, equity-related and futures products. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. 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 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. Manufacturing revenues are included in Other revenues. 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 (1) Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Reconciling Items -Consolidation Adjustments Total Three months ended February 28, 2022 Major Business Activity: Investment Banking - Advisory $ 543,769 $ — $ — $ — $ — $ 543,769 Investment Banking - Underwriting 401,279 — — — — 401,279 Equities (2) 226,068 — — — (137) 225,931 Fixed Income (2) 3,385 — — — — 3,385 Asset Management — 12,569 — — — 12,569 Manufacturing revenues — — 141,108 — — 141,108 Oil and gas revenues — — 57,919 — — 57,919 Other revenues — — 21,082 — — 21,082 Total revenues from contracts with customers $ 1,174,501 $ 12,569 $ 220,109 $ — $ (137) $ 1,407,042 Primary Geographic Region: Americas $ 937,070 $ 12,569 $ 219,229 $ — $ (137) $ 1,168,731 Europe 166,172 — 558 — — 166,730 Asia Pacific 71,259 — 322 — — 71,581 Total revenues from contracts with customers $ 1,174,501 $ 12,569 $ 220,109 $ — $ (137) $ 1,407,042 Three months ended February 28, 2021 Major Business Activity: Investment Banking - Advisory $ 311,439 $ — $ — $ — $ — $ 311,439 Investment Banking - Underwriting 692,173 — — — — 692,173 Equities (2) 233,539 — — — (169) 233,370 Fixed Income (2) 3,399 — — — — 3,399 Asset Management — 7,426 — — — 7,426 Manufacturing revenues — — 137,847 — — 137,847 Oil and gas revenues — — 32,009 — — 32,009 Other revenues — — 14,980 — — 14,980 Total revenues from contracts with customers $ 1,240,550 $ 7,426 $ 184,836 $ — $ (169) $ 1,432,643 Primary Geographic Region: Americas $ 1,026,866 $ 7,097 $ 184,338 $ — $ (169) $ 1,218,132 Europe 163,737 329 369 — — 164,435 Asia Pacific 49,947 — 129 — — 50,076 Total revenues from contracts with customers $ 1,240,550 $ 7,426 $ 184,836 $ — $ (169) $ 1,432,643 (1) In the first quarter of 2022, we transferred certain Merchant Banking net assets to our Investment Banking and Capital Markets and Asset Management segments. Prior year amounts have been reclassified to conform to current segment reporting. (2) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. Information on Remaining Performance Obligations and Revenue Recognized from Past Performance We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at February 28, 2022. 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 February 28, 2022. We recognized $35.0 million and $33.6 million during the three months ended February 28, 2022 and 2021, 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 $3.5 million and $2.9 million during the three months ended February 28, 2022 and 2021, 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 $290.8 million and $298.7 million at February 28, 2022 and November 30, 2021, respectively, and we had contract assets related to revenues from contracts with customers of $21.0 million and $25.2 million at February 28, 2022 and November 30, 2021, respectively. We had no significant impairments related to these receivables or contract assets during the three months ended February 28, 2022 and 2021. 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 $30.5 million and $49.7 million at February 28, 2022 and November 30, 2021, respectively, which are recorded in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. During the three months ended February 28, 2022, we recognized $18.0 million of deferred revenue from the balance at November 30, 2021. During the three months ended February 28, 2021, we recognized $6.9 million of deferred revenue from the balance at November 30, 2020. 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 February 28, 2022 and November 30, 2021, capitalized costs to fulfill a contract were $1.1 million and $1.6 million, respectively, which are recorded in Receivables in the Consolidated Statements of Financial Condition. We recognized expenses of $1.0 million and $1.2 million during the three months ended February 28, 2022 and 2021, 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 months ended February 28, 2022 and 2021.

Income Taxes

Income Taxes	3 Months Ended
	Feb. 28, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The aggregate amount of gross unrecognized tax benefits related to uncertain tax positions was $446.9 million (including $101.0 million for interest) at February 28, 2022, of which $287.1 million related to Jefferies Group, and was $436.9 million (including $97.9 million for interest) at November 30, 2021, of which $273.2 million related to Jefferies Group. If recognized, such amounts would lower our effective tax rate. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The net deferred tax asset was $382.7 million and $327.5 million at February 28, 2022 and November 30, 2021, 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 deferred tax asset is included in Other assets in the Consolidated Statements of Financial Condition. We are currently under examination by a number of taxing jurisdictions. Though we do not expect that resolution of these examinations will have a material effect on our consolidated financial position, they may have a material impact on our consolidated results of operations for the period in which resolution occurs. The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate: Jurisdiction Tax Year United States 2018 New York State 2001 New York City 2006 United Kingdom 2020 Hong Kong 2015 Germany 2017 Our provision for income taxes for the three months ended February 28, 2022 was $64.4 million, representing an effective tax rate of 16.4%. The provision for income taxes for the three months ended February 28, 2022 includes the recognition of an excess tax benefit relating to the conversion of RSUs to common shares. Our provision for income taxes for the three months ended February 28, 2021 was $218.2 million, representing an effective tax rate of 27.3%.

Common Share and Earnings Per C

Common Share and Earnings Per Common Share	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 2021 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 327,447 $ 582,435 Allocation of earnings to participating securities (1) (1,976) (3,216) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 325,471 579,219 Adjustment to allocation of earnings to participating securities related to diluted shares (1) 39 42 Mandatorily redeemable convertible preferred share dividends 2,070 1,626 Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 327,580 $ 580,887 Denominator for earnings per share: Weighted average common shares outstanding 241,963 249,352 Weighted average shares of restricted stock outstanding with future service required (1,557) (1,461) Weighted average RSUs outstanding with no future service required 17,146 18,495 Denominator for basic earnings per share – weighted average shares 257,552 266,386 Stock options and other share based awards 1,892 208 Senior executive compensation plan awards 2,686 1,846 Mandatorily redeemable convertible preferred shares 4,441 4,441 Denominator for diluted earnings per share 266,571 272,881 (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 1,571,000 and 1,482,000 for the three months ended February 28, 2022 and 2021, respectively. Dividends declared on participating securities were not material during the three months ended February 28, 2022 and 2021. 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 2022, the Board of Directors increased the share repurchase authorization by $87.5 million. During the first quarter of 2022, we purchased a total of 10,038,189 of our common shares for $364.2 million, or an average price of $36.28 per share, including 6,848,095 of our common shares in the open market for $250.0 million under our current Board of Director authorization, and 3,190,094 shares of our common stock for $114.2 million in connection with net-share settlements under our equity compensation plan. At February 28, 2022, we had no remaining authorization of future repurchases. In March 2022, the Board of Directors increased the share repurchase authorization back up to $250.0 million.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 (in millions): Expected Maturity Date (Fiscal Years) 2022 2023 2024 2026 2028 Maximum Payout Equity commitments (1) $ 93.8 $ 27.3 $ 2.7 $ 5.2 $ 35.2 $ 164.2 Loan commitments (1) — 275.3 — 60.0 — 335.3 Underwriting commitments 116.9 — — — — 116.9 Forward starting reverse repos (2) 9,616.7 — — — — 9,616.7 Forward starting repos (2) 6,215.0 — — — — 6,215.0 Other unfunded commitments (1) 25.0 477.0 5.4 — — 507.4 Total $ 16,067.4 $ 779.6 $ 8.1 $ 65.2 $ 35.2 $ 16,955.5 (1) Equity commitments, loan commitments and other unfunded commitments are generally presented by contractual maturity date. The amounts are however mostly available on demand. (2) At February 28, 2022, $9.58 billion within forward starting securities purchased under agreements to resell and all 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 February 28, 2022, 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 February 28, 2022, we had other outstanding equity commitments to invest up to $71.8 million in the Oak Hill entities and $66.3 million in various other investments. Loan Commitments. From time to time we make commitments to extend credit to investment banking and other clients in loan syndication 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 February 28, 2022, we had $85.3 million of outstanding loan commitments to clients. Loan commitments outstanding at February 28, 2022 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 February 28, 2022, $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 as of February 28, 2022 (in millions): Expected Maturity Date (Fiscal Years) Guarantee Type 2022 2023 2024 2026 2028 Notional/ Derivative contracts – non-credit related $ 13,370.4 $ 8,083.3 $ 6,874.9 $ 1,621.7 $ — $ 29,950.3 Written derivative contracts – credit related — — 0.2 — — 0.2 Total derivative contracts $ 13,370.4 $ 8,083.3 $ 6,875.1 $ 1,621.7 $ — $ 29,950.5 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 February 28, 2022, the fair value of derivative contracts meeting the definition of a guarantee is approximately $398.1 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 February 28, 2022, 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 February 28, 2022, the aggregate amount of infrastructure improvement bonds outstanding was $75.7 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 February 28, 2022, we provided guarantees to certain counterparties in the form of standby letters of credit totaling $6.7 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	3 Months Ended
	Feb. 28, 2022
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. FINRA is the designated examining authority for Jefferies LLC and the National Futures Association ("NFA") is the designated self-regulatory organization for Jefferies LLC as an FCM. 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. Jefferies Financial Services, Inc. ("JFSI"), a registered swap dealer, is subject to the CFTC's regulatory capital requirements and holds regulatory capital in excess of the minimum regulatory requirement. Additionally, JFSI is registered as a security-based swap dealer with the SEC and is subject to the SEC's security-based swap dealer regulatory rules. Further, JFSI is approved by the SEC as an OTC derivatives dealer, and is subject to compliance with the SEC's net capital requirements. As a security-based swap dealer and swap dealer, JFSI is subject to the net capital requirements of the SEC, CFTC and the NFA, as a member of the NFA. JFSI is required to maintain minimum net capital, as defined under SEC Rule 18a-1 of not less than the greater of 2% of the risk margin amount, as defined, or $20 million. Jefferies LLC's net capital and excess net capital at February 28, 2022 were $1.79 billion and $1.68 billion, respectively. JFSI's net capital and excess net capital at February 28, 2022 were $427.6 million and $407.6 million, respectively. 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 subject to the regulatory supervision and requirements of the Financial Conduct Authority in the United Kingdom. The regulatory capital requirements referred to above may restrict our ability to withdraw capital from Jefferies Group's regulated subsidiaries. Some of our other consolidated subsidiaries also have credit agreements which may restrict the payment of cash dividends, or the ability to make loans or advances to the parent company.

Other Fair Value Information

Other Fair Value Information	3 Months Ended
	Feb. 28, 2022
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): February 28, 2022 November 30, 2021 Carrying Fair Carrying Fair Receivables: Notes and loans receivable (1) $ 836,151 $ 868,717 $ 835,009 $ 866,163 Financial Liabilities: Short-term borrowings (2) $ 467,853 $ 467,853 $ 221,863 $ 221,863 Long-term debt (3) 7,133,869 7,543,237 7,282,147 8,004,211 (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	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 and November 30, 2021 are Jefferies Group's equity investments in Private Equity Related Funds of $26.2 million and $27.1 million, respectively. Net gains (losses) from Jefferies Group's investment in JCP Fund V aggregating $0.9 million and $(0.5) million for the three months ended February 28, 2022 and 2021, 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. Berkadia Commercial Mortgage, LLC. At February 28, 2022 and November 30, 2021, Jefferies Group has commitments to purchase $431.0 million and $425.6 million, respectively, in agency commercial mortgage-backed securities from Berkadia. Asset Management Investments. Through Jefferies Group, we have entered into an investment management agreement whereby Monashee provides asset management services to us for certain separately managed accounts. Our net investment balance in the separately managed accounts was $8.0 million and $13.6 million at February 28, 2022 and November 30, 2021, respectively. We own limited partnership interests in certain Oak Hill managed funds of $4.1 million and $6.0 million at February 28, 2022 and November 30, 2021, respectively, which are measured at the NAV of the funds and included within Financial instruments owned, at fair value, in the Consolidated Statements of Financial Condition. 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 $0.6 million and $0.7 million at February 28, 2022 and November 30, 2021, respectively, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition.

Segment Information

Segment Information	3 Months Ended
	Feb. 28, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information We are engaged in investment banking and capital markets and asset management. We also own a legacy portfolio of businesses and investments that we historically denominated as our "Merchant Banking" business. On December 1, 2021, we made a $477 million contribution of net assets, including both Merchant Banking and Asset Management investments, to Jefferies Group. The transferred Merchant Banking investments are now being managed by a different management team, while the Asset Management investments continue to be managed by the co-Presidents of Asset Management who oversee all asset management activities across the Company. As a result, we transferred $194 million of net assets out of our Merchant Banking segment: $139 million of these net assets, including $48 million of net assets relating to Foursight, were transferred into our Investment Banking and Capital Markets segment; the remaining $55 million of net assets transferred are now managed by the co-Presidents of Asset Management and are included in our Asset Management segment. Prior year amounts have been reclassified to conform to current segment reporting. The Investment Banking and Capital Markets reportable 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, the Middle East and Africa, and Asia Pacific. Capital markets businesses operate across the spectrum of equities and fixed income products. 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. Our Merchant Banking reportable segment consists of our various merchant banking businesses and investments, primarily including Linkem, Vitesse Energy 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 February 28, 2022 2021 Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 1,481,818 $ 1,987,496 Asset Management 59,956 229,202 Merchant Banking 189,535 267,004 Corporate 746 590 Total net revenues related to reportable segments 1,732,055 2,484,292 Reconciling items - Consolidation adjustments (140) 2,650 Total consolidated revenues $ 1,731,915 $ 2,486,942 Income (loss) before income taxes: Reportable Segments: Investment Banking and Capital Markets $ 420,885 $ 556,231 Asset Management 16,009 183,932 Merchant Banking (24,407) 92,202 Corporate (11,764) (20,477) Income before income taxes related to reportable segments 400,723 811,888 Reconciling items - Parent Company interest (8,391) (13,902) Reconciling items - Consolidation adjustments — 2,799 Total consolidated income before income taxes $ 392,332 $ 800,785 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 23,555 $ 20,710 Asset Management 362 479 Merchant Banking 21,596 16,714 Corporate 424 864 Total consolidated depreciation and amortization expenses $ 45,937 $ 38,767 February 28, November 30, 2021 Identifiable Assets Employed: Reportable Segments: Investment Banking and Capital Markets $ 52,646,088 $ 52,903,374 Asset Management 3,312,921 3,205,799 Merchant Banking 2,277,138 2,263,050 Corporate 2,215,945 2,432,927 Identifiable assets related to reportable segments 60,452,092 60,805,150 Reconciling items - Consolidation adjustments (415,641) (401,040) Total consolidated assets $ 60,036,451 $ 60,404,110 Interest expense classified as a component of Net revenues relates to Jefferies Group. For the three months ended February 28, 2022 and 2021, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($8.4 million and $13.9 million, respectively) and Merchant Banking ($0.7 million and $0.9 million, respectively). Additionally, for the three months ended February 28, 2021, interest expense classified as a component of Expenses in the Investment Banking and Capital Markets reportable segment includes $5.6 million related to Foursight.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policy)	3 Months Ended
	Feb. 28, 2022
Accounting Policies [Abstract]
Basis of Presentation	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.
Use of Estimates	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.
Capitalization of Interest	We capitalize interest on qualifying HomeFed real estate assets.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Feb. 28, 2022
Accounting Policies [Abstract]
Schedule of Allowance for Credit Loss	A rollforward of the allowance for credit losses related to receivables for the three months ended February 28, 2022 and 2021 is as follows (in thousands): For the Three Months Ended February 28, 2022 2021 Beginning balance $ 75,999 $ 53,926 Adjustment for change in accounting principle for current expected credit losses — 26,519 Provision for doubtful accounts 9,001 3,267 Charge-offs, net of recoveries (5,631) (7,320) Ending balance $ 79,369 $ 76,392
Supplemental Cash Flow Information	Supplemental Cash Flow Information For the Three Months Ended February 28, (In thousands) 2022 2021 Cash paid during the year for: Interest $ 321,015 $ 242,027 Income tax payments (refunds), net $ 16,715 $ 20,350

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Feb. 28, 2022
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 $1.16 billion and $1.03 billion at February 28, 2022 and November 30, 2021, respectively, by level within the fair value hierarchy (in thousands): February 28, 2022 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 3,304,106 $ 162,651 $ 113,922 $ — $ 3,580,679 Corporate debt securities — 3,625,783 42,358 — 3,668,141 Collateralized debt obligations and collateralized loan obligations — 870,505 45,219 — 915,724 U.S. government and federal agency securities 3,767,868 50,574 — — 3,818,442 Municipal securities — 480,000 — — 480,000 Sovereign obligations 1,177,045 932,076 23 — 2,109,144 Residential mortgage-backed securities — 798,936 1,186 — 800,122 Commercial mortgage-backed securities — 181,635 3,732 — 185,367 Other asset-backed securities — 624,575 62,382 — 686,957 Loans and other receivables — 3,428,850 137,942 — 3,566,792 Derivatives 4,659 3,666,288 13,144 (3,246,638) 437,453 Investments at fair value — 4,565 169,808 — 174,373 FXCM term loan — — 50,335 — 50,335 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 8,253,678 $ 14,826,438 $ 640,051 $ (3,246,638) $ 20,473,529 Loans to and investments in associated $ — $ — $ 22,480 $ — $ 22,480 Securities received as collateral, at fair value $ 973 $ — $ — $ — $ 973 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 2,031,781 $ 13,988 $ 5,666 $ — $ 2,051,435 Corporate debt securities — 2,405,463 7,308 — 2,412,771 U.S. government and federal agency securities 4,615,370 — — — 4,615,370 Sovereign obligations 1,302,485 888,806 1,159 — 2,192,450 Commercial mortgage-backed securities — — 315 — 315 Loans — 2,486,780 11,541 — 2,498,321 Derivatives 2,825 4,365,554 60,914 (3,486,083) 943,210 Total financial instruments sold, not yet purchased, at fair value $ 7,952,461 $ 10,160,591 $ 86,903 $ (3,486,083) $ 14,713,872 Other secured financings $ — $ 125,631 $ 32,377 $ — $ 158,008 Long-term debt $ — $ 967,703 $ 794,460 $ — $ 1,762,163 Obligation to return securities received as collateral, at fair value $ 973 $ — $ — $ — $ 973 November 30, 2021 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 2,737,255 $ 257,318 $ 87,647 $ — $ 3,082,220 Corporate debt securities — 3,836,341 11,803 — 3,848,144 Collateralized debt obligations and collateralized loan obligations — 579,518 31,946 — 611,464 U.S. government and federal agency securities 3,045,295 68,784 — — 3,114,079 Municipal securities — 509,559 — — 509,559 Sovereign obligations 899,086 654,199 — — 1,553,285 Residential mortgage-backed securities — 1,168,246 1,477 — 1,169,723 Commercial mortgage-backed securities — 196,419 2,333 — 198,752 Other asset-backed securities — 337,022 93,524 — 430,546 Loans and other receivables — 3,363,050 135,239 — 3,498,289 Derivatives 4,429 3,861,551 10,248 (3,305,756) 570,472 Investments at fair value — 11,369 154,373 — 165,742 FXCM term loan — — 50,455 — 50,455 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 6,686,065 $ 14,843,376 $ 579,045 $ (3,305,756) $ 18,802,730 Loans to and investments in associated $ — $ — $ 30,842 $ — $ 30,842 Securities received as collateral, at fair value $ 7,289 $ — $ — $ — $ 7,289 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 1,671,696 $ 19,654 $ 4,635 $ — $ 1,695,985 Corporate debt securities — 2,111,777 482 — 2,112,259 U.S. government and federal agency securities 2,457,420 — — — 2,457,420 Sovereign obligations 935,801 593,040 — — 1,528,841 Residential mortgage-backed securities — 719 — — 719 Commercial mortgage-backed securities — — 210 — 210 Loans — 2,476,087 15,770 — 2,491,857 Derivatives 1,815 5,034,544 78,017 (3,702,200) 1,412,176 Total financial instruments sold, not yet purchased, at fair value $ 5,066,732 $ 10,235,821 $ 99,114 $ (3,702,200) $ 11,699,467 Other secured financings $ — $ 76,883 $ 25,905 $ — $ 102,788 Long-term debt $ — $ 961,866 $ 881,732 $ — $ 1,843,598 Obligation to return securities received as collateral, at fair value $ 7,289 $ — $ — $ — $ 7,289 (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 February 28, 2022 Equity Long/Short Hedge Funds (2) $ 413,151 $ — Equity Funds (3) 51,341 41,532 Commodity Fund (4) 23,636 — Multi-asset Funds (5) 366,855 — Other Funds (6) 304,424 25,335 Total $ 1,159,407 $ 66,867 November 30, 2021 Equity Long/Short Hedge Funds (2) $ 466,231 $ — Equity Funds (3) 46,030 17,815 Commodity Fund (4) 24,401 — Multi-asset Funds (5) 390,224 — Other Funds (6) 99,054 36,090 Total $ 1,025,940 $ 53,905 (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 February 28, 2022 and November 30, 2021, approximately 73% and 74%, respectively, of the fair value of investments are redeemable quarterly with 90 days prior written notice on December 31, 2021. At both February 28, 2022 and November 30, 2021, approximately 21% 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. The remaining investments are redeemable quarterly with 60 days prior written notice. (3) The investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. 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 February 28, 2022 and November 30, 2021, investments representing approximately 82% and 78%, respectively, of the fair value of investments in this category are redeemable monthly with 60 days prior written notice. At February 28, 2022 and November 30, 2021, approximately 18% and 22%, respectively, of the fair value of investments in this category are redeemable quarterly with 90 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
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 February 28, 2022 (in thousands): Balance, November 30, 2021 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, February 28, 2022 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 87,647 $ 1,824 $ 2,079 $ (706) $ (651) $ — $ 23,729 $ 113,922 $ 1,065 Corporate debt securities 11,803 (1,176) 118,970 (103,602) (9) — 16,372 42,358 (1,929) CDOs and CLOs 31,946 (671) 13,523 (7,740) (1,643) — 9,804 45,219 (906) Sovereign obligations — (306) 3,780 (3,451) — — — 23 (60) Residential mortgage-backed securities 1,477 (69) — (187) (35) — — 1,186 (44) Commercial mortgage-backed securities 2,333 1,177 — — — — 222 3,732 1,655 Other asset-backed securities 93,524 2,033 11,588 (14,485) (14,269) — (16,009) 62,382 (3,661) Loans and other receivables 135,239 (4,737) 11,549 (17,710) — — 13,601 137,942 (4,585) Investments at fair value 154,373 32,034 14,249 (6,826) (615) — (23,407) 169,808 28,557 FXCM term loan 50,455 (120) — — — — — 50,335 (120) Loans to and investments in associated companies 30,842 (8,362) — — — — — 22,480 (8,362) Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,635 $ (3,447) $ (812) $ 5,050 $ — $ — $ 240 $ 5,666 $ 3,447 Corporate debt securities 482 (8,866) (63,714) 66,976 — — 12,430 7,308 5,210 Sovereign obligations — (1,362) (99,374) 101,911 — — (16) 1,159 54 Commercial mortgage-backed securities 210 — — 105 — — — 315 — Loans 15,770 (46) (13,125) 2,695 — — 6,247 11,541 (135) Net derivatives (2) 67,769 (54,836) — — — 35,069 (232) 47,770 53,352 Other secured financings 25,905 — — — — 6,472 — 32,377 — Long-term debt (1) 881,732 (92,871) — — — 23,753 (18,154) 794,460 60,739 (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 February 28, 2022 were gains of $32.1 million during the three months ended February 28, 2022. (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 February 28, 2021 (in thousands): Balance, November 30, 2020 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, February 28, 2021 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 75,904 $ 2,339 $ 4,805 $ (4,647) $ — $ — $ 23,664 $ 102,065 $ 1,165 Corporate debt securities 23,146 266 130 (6) — — (16,725) 6,811 297 CDOs and CLOs 17,972 3,840 11,427 (8,007) (5,806) — 13,773 33,199 3,214 Residential mortgage-backed securities 21,826 1,327 791 (627) (514) — (1,111) 21,692 1,347 Commercial mortgage-backed securities 2,003 (29) 1,105 (393) — — (15) 2,671 97 Other asset-backed securities 79,995 2,361 14,604 (20,909) (8,449) — (7,008) 60,594 1,721 Loans and other receivables 134,636 14,077 8,758 (44,427) (66) — 36,106 149,084 14,091 Investments at fair value 213,946 76,257 4,855 (30,159) (3,542) — (41,816) 219,541 72,173 FXCM term loan 59,455 2,677 — — — — — 62,132 2,677 Loans to and investments in associated companies 40,185 (788) — — — — — 39,397 (788) Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,434 $ 9 $ — $ — $ — $ — $ — $ 4,443 $ (22) Corporate debt securities 141 1,430 — — — — — 1,571 (1,430) Commercial mortgage-backed securities 35 — (35) 35 — — — 35 — Loans 16,635 1,559 (6,821) 3,358 — — 185 14,916 (1,559) Net derivatives (2) 26,017 43,727 — 12,670 (92) — 223,184 305,506 (43,727) Other secured financings 1,543 — — — — 625 — 2,168 — Long-term debt (1) 676,028 25,357 — — — 21,730 — 723,115 15,501 (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 February 28, 2021 were losses of $40.9 million during the three months ended February 28, 2021. (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. February 28, 2022 Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Financial instruments owned, at fair value Corporate equity securities $ 113,535 Non-exchange-traded Market approach Price $0 to $344 $134 Volatility benchmarking Volatility 40 % to 56% 55 % Corporate debt securities $ 42,358 Market approach Price $13 to $100 $91 EBITDA multiple 3.4 — CDOs and CLOs $ 45,219 Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25 % to 70% 38 % Discount rate/yield 4 % to 18% 13 % Market approach Price $73 to $102 $93 Commercial mortgage- $ 3,732 Market approach Price $600 — Scenario analysis Estimated recovery percentage 81% — Other asset-backed securities $ 46,733 Discounted cash flows Constant prepayment rate 0 % to 9% 4 % Constant default rate 2% — Loss severity 50 % to 88% 72 % Discount rate/yield 1 % to 23% 15 % Cumulative loss rate 8 % to 18% 14 % Duration (years) 1.2 years to 7.0 years 5.0 years Market approach Price $37 — Loans and other receivables $ 136,716 Market approach Price $29 to $102 $89 Scenario analysis Estimated recovery percentage 5 % to 94% 33 % Derivatives $ 4,762 Equity Options Volatility benchmarking Volatility 41% — Interest rate swaps Market approach Basis points upfront 0.0 to 8.7 4.4 Total return swaps Price $101 — Investments at fair value $ 151,693 Private equity securities Market approach Price $1 to $15,852 $549 Discounted cash flows Discount rate/yield 10 % to 14% 12 % Scenario analysis Discount rate/yield 13% — Investment in FXCM $ 50,335 Term loan Discounted cash flows Term based on the pay off (years) 0 months to 1.9 years 1.9 years Loans to and investments in associated companies Non-exchange-traded $ 22,480 Market approach Underlying stock price $671 — Underlying stock price €13 to €16 €15 Volatility 25 % to 59% 30 % Financial instruments sold, not yet purchased, at fair value Corporate equity securities $ 5,666 Non-exchange-traded Market approach Price $1 — Loans $ 11,541 Market approach Price $98 — Scenario analysis Estimated recovery percentage 5% — Derivatives $ 56,329 Equity options Volatility benchmarking Volatility 30 % to 57% 45 % Interest rate swaps Market approach Basis points upfront 0.7 to 17.5 8.8 Total return swaps Price $101 — Other secured financings $ 32,377 Scenario analysis Estimated recovery percentage 13 % to 36% 29 % Market approach Price $87 — Long-term debt Structured notes $ 794,460 Market approach Price $66 to $106 $83 Price €73 to €106 €93 November 30, 2021 Fair Value Valuation Significant Input/Range Weighted Financial instruments owned, at fair value Corporate equity securities $ 86,961 Non-exchange-traded Market approach Price $1 to $366 $183 Volatility benchmarking Volatility 40 % to 53% 45 % Corporate debt securities $ 11,803 Market approach Price $13 to $100 $86 CDOs and CLOs $ 31,944 Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25 % to 30% 26 % Discount rate/yield 8 % to 19% 16 % Market approach Price $86 to $103 $93 Commercial mortgage- $ 2,333 Scenario analysis Estimated recovery percentage 81% — Other asset-backed securities $ 86,099 Discounted cash flows Constant prepayment rate 0 % to 35% 31 % Constant default rate 2 % to 4% 4 % Loss severity 60 % to 85% 55 % Discount rate/yield 3 % to 16% 10 % Cumulative loss rate 7 % to 20% 14 % Duration (years) 0.7 years to 1.4 years 1.1 years Market approach Price $37 to $100 $94 Loans and other receivables $ 134,015 Market approach Price $31 to $101 $54 Scenario analysis Estimated recovery percentage 9 % to 100% 76 % Derivatives $ 6,501 Equity options Volatility benchmarking Volatility 46% — Interest rate swaps Market approach Basis points upfront 0.1 to 8.7 3.3 Total return swaps Price $100 — Investments at fair value $ 128,152 Private equity securities Market approach Price $1 to $152 $32 EBITDA multiple 16.9 — Revenue multiple 4.9 to 5.1 5.0 Scenario analysis Estimated recovery percentage 7% — Discount rate/yield 13 % to 21% 17 % Revenue growth 0% — Investment in FXCM $ 50,455 Term loan Discounted cash flows Term based on the pay off (years) 0 months to 2.2 years 2.2 years Loans to and investments in associated companies Non-exchange-traded $ 30,842 Market approach Underlying stock price $662 — Underlying stock price €15 to €18 €16 Volatility 25 % to 59% 31 % Financial instruments sold, not yet purchased, at fair value Corporate equity securities $ 4,635 Non-exchange-traded securities Market approach Price $1 — Loans $ 15,770 Market approach Price $31 to $100 $43 Scenario analysis Estimated recovery percentage 50% — Derivatives $ 76,533 Equity options Volatility benchmarking Volatility 26 % to 77% 40 % Interest rate swaps Market approach Basis points upfront 0.1 to 8.7 3.1 Total return swaps Price $100 — Other secured financings $ 25,905 Scenario analysis Estimated recovery percentage 13 % to 98% 92 % Long-term debt Structured notes $ 881,732 Market approach Price $76 to $115 $94 Price €81 to €113 €103
Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk for Loans and Other Receivables and Loan Commitments Measured at Fair Value Under Fair Value Option	The following is a summary of gains (losses) due to changes in instrument-specific credit risk on loans, other receivables and debt instruments and gains (losses) due to other changes in fair value on long-term debt measured at fair value under the fair value option (in thousands): For the Three Months Ended February 28, 2022 2021 Financial instruments owned, at fair value: Loans and other receivables $ (2,287) $ 10,696 Financial instruments sold, not yet purchased, at fair value: Loans $ 1,548 $ — Long-term debt: Changes in instrument-specific credit risk (1) $ 51,248 $ (91,982) Other changes in fair value (2) 94,551 80,819 (1) Changes in instrument-specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of taxes.
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 other secured financings measured at fair value under the fair value option (in thousands): February 28, November 30, 2021 Financial instruments owned, at fair value: Loans and other receivables (1) $ 5,533,863 $ 5,600,648 Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) 51,601 64,203 Long-term debt $ 107,282 $ (38,391) Other secured financings $ 3,432 $ 3,432 (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)	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 and November 30, 2021 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 February 28, 2022 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 13,714 1 $ 56,705 2 Foreign exchange contracts: Bilateral OTC 19,524 4 — — Total derivatives designated as accounting hedges 33,238 56,705 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 3,787 32,961 2,896 75,002 Cleared OTC 1,110,870 3,824 1,038,884 3,865 Bilateral OTC 336,238 791 434,723 958 Foreign exchange contracts: Bilateral OTC 869,171 15,664 858,003 15,520 Equity contracts: Exchange-traded 935,862 1,706,804 715,512 1,589,013 Bilateral OTC 293,800 6,084 1,174,659 6,263 Commodity contracts: Exchange-traded 78 1,931 30 1,860 Bilateral OTC 754 423 31,899 1,550 Credit contracts: Cleared OTC 93,487 131 103,708 140 Bilateral OTC 6,806 14 12,274 14 Total derivatives not designated as accounting hedges 3,650,853 4,372,588 Total gross derivative assets/liabilities: Exchange-traded 939,727 718,438 Cleared OTC 1,218,071 1,199,297 Bilateral OTC 1,526,293 2,511,558 Amounts offset in the Consolidated Statement of Financial Condition (3): Exchange-traded (716,499) (716,499) Cleared OTC (1,189,030) (1,199,297) Bilateral OTC (1,341,109) (1,570,287) Net amounts in the Consolidated Statement of Financial Condition (4) $ 437,453 $ 943,210 (continued) Assets Liabilities Fair Value Number of Fair Value Number of November 30, 2021 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 35,726 2 $ 32,200 1 Foreign exchange contracts: Bilateral OTC 30,462 4 — — Total derivatives designated as accounting hedges 66,188 32,200 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 1,262 23,888 756 39,195 Cleared OTC 373,355 4,505 367,134 4,467 Bilateral OTC 322,353 1,037 283,481 967 Foreign exchange contracts: Bilateral OTC 1,428,712 17,792 1,437,116 17,576 Equity contracts: Exchange-traded 1,206,606 1,582,713 1,036,019 1,450,624 Bilateral OTC 377,132 2,888 1,824,418 2,682 Commodity contracts: Exchange-traded 448 1,394 223 1,457 Bilateral OTC 2,703 616 9,862 825 Credit contracts: Cleared OTC 84,180 132 108,999 128 Bilateral OTC 13,289 14 14,168 17 Total derivatives not designated as accounting hedges 3,810,040 5,082,176 Total gross derivative assets/liabilities: Exchange-traded 1,208,316 1,036,998 Cleared OTC 493,261 508,333 Bilateral OTC 2,174,651 3,569,045 Amounts offset in the Consolidated Statement of Financial Condition (3): Exchange-traded (1,008,091) (1,008,091) Cleared OTC (483,339) (508,333) Bilateral OTC (1,814,326) (2,185,776) Net amounts in the Consolidated Statement of Financial Condition (4) $ 570,472 $ 1,412,176 (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 February 28, 2022 2021 Interest rate swaps $ (43,998) $ (43,791) Long-term debt 50,542 46,811 Total $ 6,544 $ 3,020 The following table provides information related to gains (losses) on net investment hedges recognized in Net unrealized foreign exchange gains (losses), a component of Other comprehensive income (loss), in the Consolidated Statements of Comprehensive Income (Loss) (in thousands): For the Three Months Ended February 28, 2022 2021 Foreign exchange contracts $ (10,938) $ (41,500) Total $ (10,938) $ (41,500) 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 February 28, 2022 2021 Interest rate contracts $ (41,592) $ (42,124) Foreign exchange contracts 2,624 46,829 Equity contracts 210,937 (89,697) Commodity contracts (34,305) (18,349) Credit contracts 4,432 821 Total $ 142,096 $ (102,520)
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 February 28, 2022 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross- Total Commodity swaps, options and forwards $ 76 $ 678 $ — $ (754) $ — Equity options and forwards 10,211 2,998 — (4,086) 9,123 Credit default swaps — 15 — — 15 Total return swaps 80,255 44,438 158 (8,263) 116,588 Foreign currency forwards, swaps and options 339,685 4,081 — (4,111) 339,655 Fixed income forwards 5,285 — — — 5,285 Interest rate swaps, options and forwards 59,302 155,998 84,286 (45,314) 254,272 Total $ 494,814 $ 208,208 $ 84,444 $ (62,528) 724,938 Cross product counterparty netting (8,869) Total OTC derivative assets included in Financial instruments owned, at fair value $ 716,069 (1) At February 28, 2022, we held net exchange-traded derivative assets and other credit agreements with a fair value of $226.9 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 February 28, 2022, cash collateral received was $505.5 million. (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross-Maturity Total Commodity swaps, options and forwards $ 30,049 $ 1,850 $ — $ (754) $ 31,145 Equity options and forwards 9,871 534,211 33,407 (4,086) 573,403 Credit default swaps — 10,236 — — 10,236 Total return swaps 124,832 324,482 — (8,263) 441,051 Foreign currency forwards, swaps and options 307,174 5,271 — (4,111) 308,334 Fixed income forwards 2,879 — — — 2,879 Interest rate swaps, options and forwards 43,259 124,965 200,069 (45,314) 322,979 Total $ 518,064 $ 1,001,015 $ 233,476 $ (62,528) 1,690,027 Cross product counterparty netting (8,869) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value $ 1,681,158 (1) At February 28, 2022, we held net exchange-traded derivative liabilities and other credit agreements with a fair value of $7.0 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 February 28, 2022, cash collateral pledged was $744.9 million. (3) Derivative fair values include counterparty netting within product category.
Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets	At February 28, 2022, 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 $ 467,918 BBB- to BBB+ 15,109 BB+ or lower 119,477 Unrated 113,565 Total $ 716,069 (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 February 28, 2022 Credit protection sold: Index credit default swaps $ 2,674.4 $ 1,262.8 $ — $ 3,937.2 Single name credit default swaps — — 0.2 0.2 November 30, 2021 Credit protection sold: Index credit default swaps $ 2,612.0 $ 1,298.8 $ — $ 3,910.8 Single name credit default swaps — 17.6 0.2 17.8
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). February 28, November 30, 2021 Derivative instrument liabilities with credit-risk-related contingent features $ 642.0 $ 821.5 Collateral posted (313.7) (160.5) Collateral received 117.6 369.3 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 446.0 1,030.4 (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)	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 Corporate equity securities $ 1,431,940 $ 429,316 $ 973 $ 1,862,229 Corporate debt securities 347,323 2,521,386 — 2,868,709 Mortgage-backed and asset-backed securities — 1,869,580 — 1,869,580 U.S. government and federal agency securities 21,530 9,787,873 — 9,809,403 Municipal securities — 294,824 — 294,824 Sovereign obligations 8,103 3,493,773 — 3,501,876 Loans and other receivables — 905,073 — 905,073 Total $ 1,808,896 $ 19,301,825 $ 973 $ 21,111,694 November 30, 2021 Corporate equity securities $ 1,160,916 $ 150,602 $ 7,289 $ 1,318,807 Corporate debt securities 321,356 2,684,458 — 3,005,814 Mortgage-backed and asset-backed securities — 1,209,442 — 1,209,442 U.S. government and federal agency securities 6,348 8,426,536 — 8,432,884 Municipal securities — 413,073 — 413,073 Sovereign obligations 37,101 2,422,901 — 2,460,002 Loans and other receivables — 712,388 — 712,388 Total $ 1,525,721 $ 16,019,400 $ 7,289 $ 17,552,410 Contractual Maturity Overnight and Continuous Up to 30 Days 31 to 90 Days Greater than 90 Days Total February 28, 2022 Securities lending arrangements $ 973,963 $ — $ 292,966 $ 541,967 $ 1,808,896 Repurchase agreements 10,491,946 2,288,295 2,686,587 3,834,997 19,301,825 Obligation to return securities received as collateral, at fair value 973 — — — 973 Total $ 11,466,882 $ 2,288,295 $ 2,979,553 $ 4,376,964 $ 21,111,694 November 30, 2021 Securities lending arrangements $ 595,628 $ 1,318 $ 539,623 $ 389,152 $ 1,525,721 Repurchase agreements 6,551,934 1,798,716 4,361,993 3,306,757 16,019,400 Obligation to return securities received as collateral, at fair value 7,289 — — — 7,289 Total $ 7,154,851 $ 1,800,034 $ 4,901,616 $ 3,695,909 $ 17,552,410
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 February 28, 2022 Securities borrowing arrangements $ 7,110,757 $ — $ 7,110,757 $ (666,368) $ (1,374,501) $ 5,069,888 Reverse repurchase agreements 16,925,395 (10,368,182) 6,557,213 (669,010) (5,845,969) 42,234 Securities received as collateral, at fair value 973 — 973 — (973) — Liabilities at February 28, 2022 Securities lending arrangements $ 1,808,896 $ — $ 1,808,896 $ (666,368) $ (1,091,177) $ 51,351 Repurchase agreements 19,301,825 (10,368,182) 8,933,643 (669,010) (7,788,211) 476,422 Obligation to return securities received as collateral, at fair value 973 — 973 — (973) — Assets at November 30, 2021 Securities borrowing arrangements $ 6,409,420 $ — $ 6,409,420 $ (271,475) $ (1,528,206) $ 4,609,739 Reverse repurchase agreements 15,215,785 (7,573,301) 7,642,484 (540,312) (7,048,823) 53,349 Securities received as collateral, at fair value 7,289 — 7,289 — (7,289) — Liabilities at November 30, 2021 Securities lending arrangements $ 1,525,721 $ — $ 1,525,721 $ (271,475) $ (1,213,563) $ 40,683 Repurchase agreements (4) 16,019,400 (7,573,301) 8,446,099 (540,312) (7,136,585) 769,202 Obligation to return securities received as collateral, at fair value 7,289 — 7,289 — (7,289) — (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 February 28, 2022, amounts include $5.01 billion of securities borrowing arrangements, for which we have received securities collateral of $4.87 billion, and $470.0 million of repurchase agreements, for which we have pledged securities collateral of $485.1 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. At November 30, 2021, amounts include $4.51 billion of securities borrowing arrangements, for which we have received securities collateral of $4.35 billion, and $765.0 million of repurchase agreements, for which we have pledged securities collateral of $781.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4) There was an immaterial correction in the amount of available collateral, which resulted in a $200 million decrease in the available collateral and a $200 million increase in the net amount related to repurchase agreements at November 30, 2021.
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 February 28, 2022 Securities borrowing arrangements $ 7,110,757 $ — $ 7,110,757 $ (666,368) $ (1,374,501) $ 5,069,888 Reverse repurchase agreements 16,925,395 (10,368,182) 6,557,213 (669,010) (5,845,969) 42,234 Securities received as collateral, at fair value 973 — 973 — (973) — Liabilities at February 28, 2022 Securities lending arrangements $ 1,808,896 $ — $ 1,808,896 $ (666,368) $ (1,091,177) $ 51,351 Repurchase agreements 19,301,825 (10,368,182) 8,933,643 (669,010) (7,788,211) 476,422 Obligation to return securities received as collateral, at fair value 973 — 973 — (973) — Assets at November 30, 2021 Securities borrowing arrangements $ 6,409,420 $ — $ 6,409,420 $ (271,475) $ (1,528,206) $ 4,609,739 Reverse repurchase agreements 15,215,785 (7,573,301) 7,642,484 (540,312) (7,048,823) 53,349 Securities received as collateral, at fair value 7,289 — 7,289 — (7,289) — Liabilities at November 30, 2021 Securities lending arrangements $ 1,525,721 $ — $ 1,525,721 $ (271,475) $ (1,213,563) $ 40,683 Repurchase agreements (4) 16,019,400 (7,573,301) 8,446,099 (540,312) (7,136,585) 769,202 Obligation to return securities received as collateral, at fair value 7,289 — 7,289 — (7,289) — (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 February 28, 2022, amounts include $5.01 billion of securities borrowing arrangements, for which we have received securities collateral of $4.87 billion, and $470.0 million of repurchase agreements, for which we have pledged securities collateral of $485.1 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. At November 30, 2021, amounts include $4.51 billion of securities borrowing arrangements, for which we have received securities collateral of $4.35 billion, and $765.0 million of repurchase agreements, for which we have pledged securities collateral of $781.8 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4) There was an immaterial correction in the amount of available collateral, which resulted in a $200 million decrease in the available collateral and a $200 million increase in the net amount related to repurchase agreements at November 30, 2021.

Securitization Activities (Tabl

Securitization Activities (Tables)	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 2021 Transferred assets $ 1,080.6 $ 3,583.5 Proceeds on new securitizations 1,080.6 3,583.1 Cash flows received on retained interests 8.9 6.3
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): February 28, 2022 November 30, 2021 Securitization Type Total Retained Total Retained U.S. government agency residential mortgage-backed securities $ 278.4 $ 4.9 $ 330.2 $ 4.9 U.S. government agency commercial mortgage-backed securities 1,842.3 54.0 2,201.8 69.2 CLOs 3,984.1 31.7 3,382.3 31.0 Consumer and other loans 2,541.2 141.7 2,271.4 136.4

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Feb. 28, 2022
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. February 28, 2022 November 30, 2021 Secured Funding Vehicles Other Secured Funding Vehicles Other Cash $ 11.6 $ — $ 3.8 $ — Financial instruments owned, at fair value 239.5 64.7 173.1 146.4 Securities purchased under agreements to resell (1) 2,554.8 18.0 3,697.1 — Receivables (2) 742.9 54.2 626.8 40.6 Other assets (3) 133.7 56.3 114.6 — Total assets $ 3,682.5 $ 193.2 $ 4,615.4 $ 187.0 Financial instruments sold, not yet purchased, at fair $ — $ 18.0 $ — $ 109.1 Other secured financings (4) 3,609.5 — 4,521.6 — Repurchase agreements — 47.1 — — Other liabilities (5) 52.9 92.8 46.6 75.3 Total liabilities $ 3,662.4 $ 157.9 $ 4,568.2 $ 184.4 Noncontrolling interests $ — $ 32.5 $ — $ — (1) Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. At February 28, 2022, approximately $18.0 million was not eliminated in consolidation. (2) Approximately $1.4 million and $1.2 million of receivables at February 28, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation. (3) Approximately $45.7 million and $56.5 million of the other assets at February 28, 2022 and November 30, 2021, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (4) Approximately $58.6 million and $36.7 million of the other secured financings at February 28, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation. (5) Approximately $84.1 million and $75.3 million of the other liabilities at February 28, 2022 and November 30, 2021, 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 February 28, 2022 CLOs $ 851.1 $ 2.9 $ 3,500.2 $ 8,461.2 Asset-backed vehicles 485.8 — 510.6 5,022.5 Related party private equity vehicles 26.2 — 36.9 74.7 Other investment vehicles 1,276.5 — 1,371.5 16,757.1 Total $ 2,639.6 $ 2.9 $ 5,419.2 $ 30,315.5 November 30, 2021 CLOs $ 582.2 $ 2.0 $ 2,557.1 $ 10,277.5 Asset-backed vehicles 281.9 — 359.3 3,474.6 Related party private equity vehicles 27.1 — 37.8 78.9 Other investment vehicles 1,111.5 — 1,201.6 15,101.4 Total $ 2,002.7 $ 2.0 $ 4,155.8 $ 28,932.4

Loans to and Investments in A_2

Loans to and Investments in Associated Companies (Tables)	3 Months Ended
	Feb. 28, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Loans to and Investments in Associated Companies	A summary of Loans to and investments in associated companies accounted for under the equity method of accounting during the three months ended February 28, 2022 and 2021 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 2022 Jefferies Finance $ 776,162 $ — $ 19,011 $ 15,188 $ — $ 810,361 Berkadia 373,417 38,900 230 (237) 412,310 FXCM (2) 48,986 (9,547) 10,000 (368) 49,071 Linkem 133,778 (22,971) — — — 110,807 Asset Management companies (3) 183,076 — 131 (178) — 183,029 Real estate companies 122,720 2,000 — 10,263 — 134,983 Other (3) (4) 107,651 533 (24) (2,866) (2,458) 102,836 Total $ 1,745,790 $ (29,985) $ 58,018 $ 32,637 $ (3,063) $ 1,803,397 2021 Jefferies Finance $ 693,201 $ — $ 27,585 $ (40,542) $ — $ 680,244 Berkadia 301,152 — 30,018 (316) (61) 330,793 FXCM (2) 73,920 (5,462) — — 327 68,785 Linkem 198,991 (9,107) — (8,783) — 181,101 Asset Management companies (3) 139,707 — 30,184 (11,434) — 158,457 Real estate companies 168,678 6,051 — (10,954) — 163,775 Other (3) 110,914 (2,050) 119 (3,090) — 105,893 Total $ 1,686,563 $ (10,568) $ 87,906 $ (75,119) $ 266 $ 1,689,048 (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) Certain prior year amounts have been reclassified to conform to the current year presentation. (4) Loans to and investments in associated companies at February 28, 2022 and November 30, 2021 include loans and debt securities aggregating $15.2 million and $15.3 million, respectively. Income (losses) related to associated companies includes the following (in thousands): For the Three Months Ended February 28, 2022 2021 FXCM $ (9,547) $ (5,462) Linkem (22,971) (9,107) Real estate companies 2,000 6,051 Other 533 (2,050) Total $ (29,985) $ (10,568) 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 February 28, 2022 2021 Jefferies Finance $ 19,011 $ 27,585 Berkadia 38,900 30,018 Asset Management companies (1) 131 30,184 Other (1) (24) 119 Total $ 58,018 $ 87,906 (1) Certain prior year amounts have been reclassified to conform to the current year presentation.
Schedule of Equity Method Investments	The following summarizes activity related to our other transactions with Jefferies Finance (in millions): For the Three Months Ended February 28, 2022 2021 Origination and syndication fee revenues (1) $ 114.9 $ 70.3 Origination fee expenses (1) 15.9 12.3 CLO placement fee revenues (2) 0.7 2.4 Underwriting fees (3) — 0.5 Service fees (4) 50.0 31.5 (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 February 28, 2022 and November 30, 2021, 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)	3 Months Ended
	Feb. 28, 2022
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): February 28, November 30, 2021 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 7,727 $ 7,732 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $130,192 and $128,012 40,726 42,808 Trademarks and tradenames, net of accumulated amortization of $33,207 and $32,244 95,712 96,509 Other, net of accumulated amortization of $11,867 and $11,329 4,815 5,353 Total intangible assets, net 148,980 152,402 Goodwill: Investment Banking and Capital Markets (1) 1,562,571 1,561,928 Asset Management 143,000 143,000 Real estate 36,711 36,711 Other operations 3,459 3,459 Total goodwill 1,745,741 1,745,098 Total intangible assets, net and goodwill $ 1,894,721 $ 1,897,500
Schedule of Estimated Aggregate Future Amortization Expense	The estimated aggregate future amortization expense for the intangible assets for each of the next five fiscal years is as follows (in thousands): Remainder of current year $ 7,558 2023 9,900 2024 9,143 2025 8,633 2026 8,606

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	3 Months Ended
	Feb. 28, 2022
Debt Disclosure [Abstract]
Schedule of Short-Term Borrowings	Our short-term borrowings, which mature in one year or less, are as follows (in thousands): February 28, November 30, 2021 Bank loans (1) $ 461,053 $ 215,063 Floating rate puttable notes (1) 6,800 6,800 Total short-term borrowings $ 467,853 $ 221,863 (1) These short-term borrowings are recorded at cost in the Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their liquid and short-term nature.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Feb. 28, 2022
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). February 28, November 30, 2021 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $441,748 principal $ 440,330 $ 440,120 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,904 246,888 Total long-term debt – Parent Company 687,234 687,008 Subsidiary Debt (non-recourse to Parent Company): Jefferies Group Unsecured Long-term Debt: 1.00% Euro Medium Term Notes, due July 19, 2024, $560,975 and $566,150 principal 559,925 564,985 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 757,872 775,550 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 365,909 366,556 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 990,769 990,525 2.625% Senior Notes due October 15, 2031, $1,000,000 principal 970,927 988,059 2.75% Senior Notes, due October 15, 2032, $500,000 principal (1) 445,542 460,724 6.25% Senior Debentures, due January 15, 2036, $495,000 principal 505,151 505,267 6.50% Senior Notes, due January 20, 2043, $391,000 principal 409,815 409,926 Floating Rate Senior Notes, due October 29, 2071 61,706 61,703 Jefferies Group Unsecured Revolving Credit Facility 349,105 348,951 Structured Notes (2) 1,762,163 1,843,598 Jefferies Group Secured Long-term Debt: Jefferies Group Secured Credit Facilities (3) 609,091 706,608 Jefferies Group Secured Bank Loan 100,000 100,000 HomeFed EB-5 Program debt 207,471 203,132 HomeFed construction loans 45,716 45,581 Vitesse Energy Revolving Credit Facility 67,636 67,572 Total long-term debt – subsidiaries 8,208,798 8,438,737 Long-term debt $ 8,896,032 $ 9,125,745 (1) Amounts include net gains of $50.5 million and $46.8 million during the three months ended February 28, 2022 and 2021, 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)	3 Months Ended
	Feb. 28, 2022
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): February 28, November 30, 2021 Net unrealized gains on available for sale securities $ 96 $ 269 Net unrealized foreign exchange losses (166,515) (166,499) Net unrealized losses on instrument-specific credit risk (112,238) (153,672) Net minimum pension liability (51,651) (52,241) Total accumulated other comprehensive income (loss) $ (330,308) $ (372,143)
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 Three Months Ended February 28, 2022 2021 Net unrealized gains (losses) on instrument- specific credit risk, net of income tax provision (benefit) of $(7) and $71 $ (22) $ 222 Principal transactions revenues Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(208) and $(261) (590) (786) Selling, general and other expenses, which includes pension expense Total reclassifications for the period, net of tax $ (612) $ (564)

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 2021 Revenues from contracts with customers: Commissions and other fees $ 229,316 $ 236,769 Investment banking 945,048 1,003,612 Other 232,678 192,262 Total revenues from contracts with customers 1,407,042 1,432,643 Other sources of revenue: Principal transactions 249,155 919,901 Interest income 213,981 240,497 Other 72,622 110,547 Total revenues from other sources 535,758 1,270,945 Total revenues $ 1,942,800 $ 2,703,588 The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands): Reportable Segments (1) Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Reconciling Items -Consolidation Adjustments Total Three months ended February 28, 2022 Major Business Activity: Investment Banking - Advisory $ 543,769 $ — $ — $ — $ — $ 543,769 Investment Banking - Underwriting 401,279 — — — — 401,279 Equities (2) 226,068 — — — (137) 225,931 Fixed Income (2) 3,385 — — — — 3,385 Asset Management — 12,569 — — — 12,569 Manufacturing revenues — — 141,108 — — 141,108 Oil and gas revenues — — 57,919 — — 57,919 Other revenues — — 21,082 — — 21,082 Total revenues from contracts with customers $ 1,174,501 $ 12,569 $ 220,109 $ — $ (137) $ 1,407,042 Primary Geographic Region: Americas $ 937,070 $ 12,569 $ 219,229 $ — $ (137) $ 1,168,731 Europe 166,172 — 558 — — 166,730 Asia Pacific 71,259 — 322 — — 71,581 Total revenues from contracts with customers $ 1,174,501 $ 12,569 $ 220,109 $ — $ (137) $ 1,407,042 Three months ended February 28, 2021 Major Business Activity: Investment Banking - Advisory $ 311,439 $ — $ — $ — $ — $ 311,439 Investment Banking - Underwriting 692,173 — — — — 692,173 Equities (2) 233,539 — — — (169) 233,370 Fixed Income (2) 3,399 — — — — 3,399 Asset Management — 7,426 — — — 7,426 Manufacturing revenues — — 137,847 — — 137,847 Oil and gas revenues — — 32,009 — — 32,009 Other revenues — — 14,980 — — 14,980 Total revenues from contracts with customers $ 1,240,550 $ 7,426 $ 184,836 $ — $ (169) $ 1,432,643 Primary Geographic Region: Americas $ 1,026,866 $ 7,097 $ 184,338 $ — $ (169) $ 1,218,132 Europe 163,737 329 369 — — 164,435 Asia Pacific 49,947 — 129 — — 50,076 Total revenues from contracts with customers $ 1,240,550 $ 7,426 $ 184,836 $ — $ (169) $ 1,432,643 (1) In the first quarter of 2022, we transferred certain Merchant Banking net assets to our Investment Banking and Capital Markets and Asset Management segments. Prior year amounts have been reclassified to conform to current segment reporting. (2) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.

Common Share and Earnings Per_2

Common Share and Earnings Per Common Share (Tables)	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 2021 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 327,447 $ 582,435 Allocation of earnings to participating securities (1) (1,976) (3,216) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 325,471 579,219 Adjustment to allocation of earnings to participating securities related to diluted shares (1) 39 42 Mandatorily redeemable convertible preferred share dividends 2,070 1,626 Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 327,580 $ 580,887 Denominator for earnings per share: Weighted average common shares outstanding 241,963 249,352 Weighted average shares of restricted stock outstanding with future service required (1,557) (1,461) Weighted average RSUs outstanding with no future service required 17,146 18,495 Denominator for basic earnings per share – weighted average shares 257,552 266,386 Stock options and other share based awards 1,892 208 Senior executive compensation plan awards 2,686 1,846 Mandatorily redeemable convertible preferred shares 4,441 4,441 Denominator for diluted earnings per share 266,571 272,881 (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 1,571,000 and 1,482,000 for the three months ended February 28, 2022 and 2021, respectively. Dividends declared on

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Tables)	3 Months Ended
	Feb. 28, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments	The following table summarizes commitments associated with certain business activities at February 28, 2022 (in millions): Expected Maturity Date (Fiscal Years) 2022 2023 2024 2026 2028 Maximum Payout Equity commitments (1) $ 93.8 $ 27.3 $ 2.7 $ 5.2 $ 35.2 $ 164.2 Loan commitments (1) — 275.3 — 60.0 — 335.3 Underwriting commitments 116.9 — — — — 116.9 Forward starting reverse repos (2) 9,616.7 — — — — 9,616.7 Forward starting repos (2) 6,215.0 — — — — 6,215.0 Other unfunded commitments (1) 25.0 477.0 5.4 — — 507.4 Total $ 16,067.4 $ 779.6 $ 8.1 $ 65.2 $ 35.2 $ 16,955.5 (1) Equity commitments, loan commitments and other unfunded commitments are generally presented by contractual maturity date. The amounts are however mostly available on demand. (2) At February 28, 2022, $9.58 billion within forward starting securities purchased under agreements to resell and all 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 as of February 28, 2022 (in millions): Expected Maturity Date (Fiscal Years) Guarantee Type 2022 2023 2024 2026 2028 Notional/ Derivative contracts – non-credit related $ 13,370.4 $ 8,083.3 $ 6,874.9 $ 1,621.7 $ — $ 29,950.3 Written derivative contracts – credit related — — 0.2 — — 0.2 Total derivative contracts $ 13,370.4 $ 8,083.3 $ 6,875.1 $ 1,621.7 $ — $ 29,950.5

Other Fair Value Information (T

Other Fair Value Information (Tables)	3 Months Ended
	Feb. 28, 2022
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): February 28, 2022 November 30, 2021 Carrying Fair Carrying Fair Receivables: Notes and loans receivable (1) $ 836,151 $ 868,717 $ 835,009 $ 866,163 Financial Liabilities: Short-term borrowings (2) $ 467,853 $ 467,853 $ 221,863 $ 221,863 Long-term debt (3) 7,133,869 7,543,237 7,282,147 8,004,211 (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)	3 Months Ended
	Feb. 28, 2022
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 February 28, 2022 2021 Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 1,481,818 $ 1,987,496 Asset Management 59,956 229,202 Merchant Banking 189,535 267,004 Corporate 746 590 Total net revenues related to reportable segments 1,732,055 2,484,292 Reconciling items - Consolidation adjustments (140) 2,650 Total consolidated revenues $ 1,731,915 $ 2,486,942 Income (loss) before income taxes: Reportable Segments: Investment Banking and Capital Markets $ 420,885 $ 556,231 Asset Management 16,009 183,932 Merchant Banking (24,407) 92,202 Corporate (11,764) (20,477) Income before income taxes related to reportable segments 400,723 811,888 Reconciling items - Parent Company interest (8,391) (13,902) Reconciling items - Consolidation adjustments — 2,799 Total consolidated income before income taxes $ 392,332 $ 800,785 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 23,555 $ 20,710 Asset Management 362 479 Merchant Banking 21,596 16,714 Corporate 424 864 Total consolidated depreciation and amortization expenses $ 45,937 $ 38,767 February 28, November 30, 2021 Identifiable Assets Employed: Reportable Segments: Investment Banking and Capital Markets $ 52,646,088 $ 52,903,374 Asset Management 3,312,921 3,205,799 Merchant Banking 2,277,138 2,263,050 Corporate 2,215,945 2,432,927 Identifiable assets related to reportable segments 60,452,092 60,805,150 Reconciling items - Consolidation adjustments (415,641) (401,040) Total consolidated assets $ 60,036,451 $ 60,404,110

Nature of Operations (Details)

Nature of Operations (Details) $ in Millions	3 Months Ended
	Feb. 28, 2022segment	Dec. 01, 2021USD ($)
Reportable Segments | Merchant Banking and Asset Management Segments
Schedule of Equity Method Investments [Line Items]
Net assets		$ 477
Reportable Segments | Merchant Banking
Schedule of Equity Method Investments [Line Items]
Net assets		194
Reportable Segments | Investment Banking and Capital Markets
Schedule of Equity Method Investments [Line Items]
Net assets		139
Reportable Segments | Investment Banking and Capital Markets | Foursight Capital
Schedule of Equity Method Investments [Line Items]
Net assets		48
Reportable Segments | Asset Management
Schedule of Equity Method Investments [Line Items]
Net assets		$ 55
Jefferies Group
Schedule of Equity Method Investments [Line Items]
Number of business segments | segment	2

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($)	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021
Loans and Leases Receivable Disclosure [Line Items]
Receivables from brokers, dealers and clearing organizations	$ 5,100,000,000		$ 5,100,000,000		$ 4,900,000,000
Receivables from customers of securities operations	1,900,000,000		1,900,000,000		1,620,000,000
Other investments with fair values not readily determinable	91,800,000		91,800,000		119,400,000
Impairment losses on investments			0	$ 0
Capitalized interest			3,200,000	$ 1,900,000
Payables to brokers, dealers and clearing organizations	4,640,000,000		4,640,000,000		5,820,000,000
Payables to customers of securities operations	4,020,000,000		4,020,000,000		4,460,000,000
Non-cash financing activities related to purchases of common shares for treasury			26,100,000
Automobile loan | Foursight Capital
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 836,100,000		836,100,000		812,600,000
Automobile loan | Foursight Capital | Credit concentration risk | Loans receivable | Credit Score 680 and Above
Loans and Leases Receivable Disclosure [Line Items]
Concentration risk, percentage	18.00%	19.00%
Automobile loan | Foursight Capital | Credit concentration risk | Loans receivable | Credit Scores Between 620 and 679
Loans and Leases Receivable Disclosure [Line Items]
Concentration risk, percentage	49.00%	51.00%
Automobile loan | Foursight Capital | Credit concentration risk | Loans receivable | Credit Scores Below 620
Loans and Leases Receivable Disclosure [Line Items]
Concentration risk, percentage	33.00%	30.00%
Securitized vehicles | Foursight Capital
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 808,900,000		$ 808,900,000		$ 682,700,000

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
	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021	Nov. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 79,369	$ 76,392	$ 75,999	$ 53,926
Provision for doubtful accounts	9,001	3,267
Charge-offs, net of recoveries	(5,631)	(7,320)
Ending balance	$ 79,369	$ 76,392
Adjustment for change in accounting principle for current expected credit losses
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 0	$ 26,519

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Cash paid during the year for:
Interest	$ 321,015	$ 242,027
Income tax payments (refunds), net	$ 16,715	$ 20,350

Fair Value Disclosures - Schedu

Fair Value Disclosures - Schedule of Assets and Liabilities Measured on Recurring Basis at Fair Value (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$ 20,473,529	$ 18,802,730
Counterparty and cash collateral netting, assets	(3,246,638)	(3,305,756)
Loans to and investments in associated companies	22,480	30,842
Securities received as collateral, at fair value	973	7,289
Liabilities:
Financial instruments sold, not yet purchased, at fair value	14,713,872	11,699,467
Counterparty and cash collateral netting, liabilities	(3,486,083)	(3,702,200)
Other secured financings	158,008	102,788
Long-term debt	1,762,163	1,843,598
Obligation to return securities received as collateral, at fair value	973	7,289
Fair value measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative investments	1,159,407	1,025,940
Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	8,253,678	6,686,065
Loans to and investments in associated companies	0	0
Securities received as collateral, at fair value	973	7,289
Liabilities:
Financial instruments sold, not yet purchased, at fair value	7,952,461	5,066,732
Other secured financings	0	0
Long-term debt	0	0
Obligation to return securities received as collateral, at fair value	973	7,289
Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	14,826,438	14,843,376
Loans to and investments in associated companies	0	0
Securities received as collateral, at fair value	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value	10,160,591	10,235,821
Other secured financings	125,631	76,883
Long-term debt	967,703	961,866
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	640,051	579,045
Loans to and investments in associated companies	22,480	30,842
Securities received as collateral, at fair value	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value	86,903	99,114
Other secured financings	32,377	25,905
Long-term debt	794,460	881,732
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	3,580,679	3,082,220
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,051,435	1,695,985
Obligation to return securities received as collateral, at fair value	973	7,289
Corporate equity securities | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,304,106	2,737,255
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,031,781	1,671,696
Corporate equity securities | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	162,651	257,318
Liabilities:
Financial instruments sold, not yet purchased, at fair value	13,988	19,654
Corporate equity securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	113,922	87,647
Liabilities:
Financial instruments sold, not yet purchased, at fair value	5,666	4,635
Corporate debt securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,668,141	3,848,144
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,412,771	2,112,259
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	3,625,783	3,836,341
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,405,463	2,111,777
Corporate debt securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	42,358	11,803
Liabilities:
Financial instruments sold, not yet purchased, at fair value	7,308	482
Collateralized debt obligations and collateralized loan obligations
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	915,724	611,464
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	870,505	579,518
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	45,219	31,946
U.S. government and federal agency securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,818,442	3,114,079
Liabilities:
Financial instruments sold, not yet purchased, at fair value	4,615,370	2,457,420
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	3,767,868	3,045,295
Liabilities:
Financial instruments sold, not yet purchased, at fair value	4,615,370	2,457,420
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	50,574	68,784
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	480,000	509,559
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	480,000	509,559
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	2,109,144	1,553,285
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,192,450	1,528,841
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	1,177,045	899,086
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,302,485	935,801
Sovereign obligations | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	932,076	654,199
Liabilities:
Financial instruments sold, not yet purchased, at fair value	888,806	593,040
Sovereign obligations | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	23	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,159	0
Residential mortgage-backed securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	800,122	1,169,723
Liabilities:
Financial instruments sold, not yet purchased, at fair value		719
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	798,936	1,168,246
Liabilities:
Financial instruments sold, not yet purchased, at fair value		719
Residential mortgage-backed securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,186	1,477
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	185,367	198,752
Liabilities:
Financial instruments sold, not yet purchased, at fair value	315	210
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	181,635	196,419
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	3,732	2,333
Liabilities:
Financial instruments sold, not yet purchased, at fair value	315	210
Other asset-backed securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	686,957	430,546
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	624,575	337,022
Other asset-backed securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	62,382	93,524
Loans and other receivables
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,566,792	3,498,289
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	3,428,850	3,363,050
Loans and other receivables | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	137,942	135,239
Derivatives, assets
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	437,453	570,472
Derivatives, assets | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	4,659	4,429
Derivatives, assets | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,666,288	3,861,551
Derivatives, assets | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	13,144	10,248
Investments at fair value
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	174,373	165,742
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	4,565	11,369
Investments at fair value | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	169,808	154,373
FXCM term loan
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	50,335	50,455
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	50,335	50,455
Loans
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,498,321	2,491,857
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	2,486,780	2,476,087
Loans | Level 3
Liabilities:
Financial instruments sold, not yet purchased, at fair value	11,541	15,770
Derivatives, liabilities
Liabilities:
Financial instruments sold, not yet purchased, at fair value	943,210	1,412,176
Derivatives, liabilities | Level 1
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,825	1,815
Derivatives, liabilities | Level 2
Liabilities:
Financial instruments sold, not yet purchased, at fair value	4,365,554	5,034,544
Derivatives, liabilities | Level 3
Liabilities:
Financial instruments sold, not yet purchased, at fair value	$ 60,914	$ 78,017

Fair Value Disclosures - Invest

Fair Value Disclosures - Investments at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 28, 2022	Nov. 30, 2021
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 66,867	$ 53,905
Equity Long/Short Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 0	$ 0
Percentage of investment at fair value, redemption restriction	21.00%	21.00%
Equity Long/Short Hedge Funds | 90 Days Prior Written Notice
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investment at fair value, redemption restriction	73.00%	74.00%
Notice period redemption of investments prior written notice period	90 days	90 days
Equity Long/Short Hedge Funds | 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
Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 41,532	$ 17,815
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	13 years	13 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 | 90 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	90 days	90 days
Percentage of investments redeemable	18.00%	22.00%
Multi-asset Funds | 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
Percentage of investments redeemable	82.00%	78.00%
Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 25,335	$ 36,090
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
Other Funds | 90 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	90 days	90 days
Fair value measured at NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,159,407	$ 1,025,940
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	413,151	466,231
Fair value measured at NAV | Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	51,341	46,030
Fair value measured at NAV | Commodity Fund
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	23,636	24,401
Fair value measured at NAV | Multi-asset Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	366,855	390,224
Fair value measured at NAV | Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 304,424	$ 99,054

Fair Value Disclosures - Inve_2

Fair Value Disclosures - Investment in FXCM (Details) - Investment in FXCM $ in Millions	Feb. 28, 2022USD ($)
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 - Level

Fair Value Disclosures - Level 3 Rollforwards (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) (realized and unrealized)	$ 21,600	$ 102,200
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains/ losses (realized and unrealized)	(161,400)	72,100
Fair value, liabilities, change in unrealized gains/(losses) included in other comprehensive income relating to instruments still held	32,100	(40,900)
Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	87,647	75,904
Total gains (losses) (realized and unrealized)	1,824	2,339
Purchases	2,079	4,805
Sales	(706)	(4,647)
Settlements	(651)	0
Issuances	0	0
Net transfers into (out of) Level 3	23,729	23,664
Ending Balance	113,922	102,065
Changes in unrealized gains/losses included in earnings relating to instruments still held	1,065	1,165
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	4,635	4,434
Total gains/ losses (realized and unrealized)	(3,447)	9
Purchases	(812)	0
Sales	5,050	0
Settlements	0	0
Issuances	0	0
Net transfers into (out of) Level 3	240	0
Ending Balance	5,666	4,443
Changes in unrealized gains/losses included in earnings relating to instruments still held	3,447	(22)
Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	11,803	23,146
Total gains (losses) (realized and unrealized)	(1,176)	266
Purchases	118,970	130
Sales	(103,602)	(6)
Settlements	(9)	0
Issuances	0	0
Net transfers into (out of) Level 3	16,372	(16,725)
Ending Balance	42,358	6,811
Changes in unrealized gains/losses included in earnings relating to instruments still held	(1,929)	297
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	482	141
Total gains/ losses (realized and unrealized)	(8,866)	1,430
Purchases	(63,714)	0
Sales	66,976	0
Settlements	0	0
Issuances	0	0
Net transfers into (out of) Level 3	12,430	0
Ending Balance	7,308	1,571
Changes in unrealized gains/losses included in earnings relating to instruments still held	5,210	(1,430)
CDOs and CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	31,946	17,972
Total gains (losses) (realized and unrealized)	(671)	3,840
Purchases	13,523	11,427
Sales	(7,740)	(8,007)
Settlements	(1,643)	(5,806)
Issuances	0	0
Net transfers into (out of) Level 3	9,804	13,773
Ending Balance	45,219	33,199
Changes in unrealized gains/losses included in earnings relating to instruments still held	(906)	3,214
Sovereign obligations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0
Total gains (losses) (realized and unrealized)	(306)
Purchases	3,780
Sales	(3,451)
Settlements	0
Issuances	0
Net transfers into (out of) Level 3	0
Ending Balance	23
Changes in unrealized gains/losses included in earnings relating to instruments still held	(60)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	0
Total gains/ losses (realized and unrealized)	(1,362)
Purchases	(99,374)
Sales	101,911
Settlements	0
Issuances	0
Net transfers into (out of) Level 3	(16)
Ending Balance	1,159
Changes in unrealized gains/losses included in earnings relating to instruments still held	54
Residential mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,477	21,826
Total gains (losses) (realized and unrealized)	(69)	1,327
Purchases	0	791
Sales	(187)	(627)
Settlements	(35)	(514)
Issuances	0	0
Net transfers into (out of) Level 3	0	(1,111)
Ending Balance	1,186	21,692
Changes in unrealized gains/losses included in earnings relating to instruments still held	(44)	1,347
Commercial mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	2,333	2,003
Total gains (losses) (realized and unrealized)	1,177	(29)
Purchases	0	1,105
Sales	0	(393)
Settlements	0	0
Issuances	0	0
Net transfers into (out of) Level 3	222	(15)
Ending Balance	3,732	2,671
Changes in unrealized gains/losses included in earnings relating to instruments still held	1,655	97
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	210	35
Total gains/ losses (realized and unrealized)	0	0
Purchases	0	(35)
Sales	105	35
Settlements	0	0
Issuances	0	0
Net transfers into (out of) Level 3	0	0
Ending Balance	315	35
Changes in unrealized gains/losses included in earnings relating to instruments still held	0	0
Other asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	93,524	79,995
Total gains (losses) (realized and unrealized)	2,033	2,361
Purchases	11,588	14,604
Sales	(14,485)	(20,909)
Settlements	(14,269)	(8,449)
Issuances	0	0
Net transfers into (out of) Level 3	(16,009)	(7,008)
Ending Balance	62,382	60,594
Changes in unrealized gains/losses included in earnings relating to instruments still held	(3,661)	1,721
Loans and other receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	135,239	134,636
Total gains (losses) (realized and unrealized)	(4,737)	14,077
Purchases	11,549	8,758
Sales	(17,710)	(44,427)
Settlements	0	(66)
Issuances	0	0
Net transfers into (out of) Level 3	13,601	36,106
Ending Balance	137,942	149,084
Changes in unrealized gains/losses included in earnings relating to instruments still held	(4,585)	14,091
Investments at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	154,373	213,946
Total gains (losses) (realized and unrealized)	32,034	76,257
Purchases	14,249	4,855
Sales	(6,826)	(30,159)
Settlements	(615)	(3,542)
Issuances	0	0
Net transfers into (out of) Level 3	(23,407)	(41,816)
Ending Balance	169,808	219,541
Changes in unrealized gains/losses included in earnings relating to instruments still held	28,557	72,173
FXCM term loan
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	50,455	59,455
Total gains (losses) (realized and unrealized)	(120)	2,677
Purchases	0	0
Sales	0	0
Settlements	0	0
Issuances	0	0
Net transfers into (out of) Level 3	0	0
Ending Balance	50,335	62,132
Changes in unrealized gains/losses included in earnings relating to instruments still held	(120)	2,677
Loans to and investments in associated companies
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	30,842	40,185
Total gains (losses) (realized and unrealized)	(8,362)	(788)
Purchases	0	0
Sales	0	0
Settlements	0	0
Issuances	0	0
Net transfers into (out of) Level 3	0	0
Ending Balance	22,480	39,397
Changes in unrealized gains/losses included in earnings relating to instruments still held	(8,362)	(788)
Loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	15,770	16,635
Total gains/ losses (realized and unrealized)	(46)	1,559
Purchases	(13,125)	(6,821)
Sales	2,695	3,358
Settlements	0	0
Issuances	0	0
Net transfers into (out of) Level 3	6,247	185
Ending Balance	11,541	14,916
Changes in unrealized gains/losses included in earnings relating to instruments still held	(135)	(1,559)
Net derivatives
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	67,769	26,017
Total gains/ losses (realized and unrealized)	(54,836)	43,727
Purchases	0	0
Sales	0	12,670
Settlements	0	(92)
Issuances	35,069	0
Net transfers into (out of) Level 3	(232)	223,184
Ending Balance	47,770	305,506
Changes in unrealized gains/losses included in earnings relating to instruments still held	53,352	(43,727)
Other secured financings
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	25,905	1,543
Total gains/ losses (realized and unrealized)	0	0
Purchases	0	0
Sales	0	0
Settlements	0	0
Issuances	6,472	625
Net transfers into (out of) Level 3	0	0
Ending Balance	32,377	2,168
Changes in unrealized gains/losses included in earnings relating to instruments still held	0	0
Long-term debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	881,732	676,028
Total gains/ losses (realized and unrealized)	(92,871)	25,357
Purchases	0	0
Sales	0	0
Settlements	0	0
Issuances	23,753	21,730
Net transfers into (out of) Level 3	(18,154)	0
Ending Balance	794,460	723,115
Changes in unrealized gains/losses included in earnings relating to instruments still held	$ 60,739	$ 15,501

Fair Value Disclosures - Analys

Fair Value Disclosures - Analysis of Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	$ 64,800	$ 75,800
Transfers of assets from Level 3 to Level 2	40,500	68,900
Transfers of liabilities from Level 2 to Level 3	72,600	236,700
Transfers of liabilities from Level 3 to Level 2	72,100	13,300
Net gains (losses) on Level 3 assets (realized and unrealized)	21,600	102,200
Net gains (losses) on Level 3 liabilities (realized and unrealized)	161,400	(72,100)
Excluded assets from unobservable quantitative information	45,000		$ 40,800
Excluded liabilities from unobservable quantitative information	13,400		$ 2,200
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	18,800	14,600
Transfers of assets from Level 3 to Level 2	9,000
Net gains (losses) on Level 3 assets (realized and unrealized)	(671)	3,840
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	16,100	42,900
Transfers of assets from Level 3 to Level 2	2,400	6,800
Net gains (losses) on Level 3 assets (realized and unrealized)	(4,737)	14,077
Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 2 to Level 3	12,900	7,500
Transfers of assets from Level 3 to Level 2	28,900	14,500
Net gains (losses) on Level 3 assets (realized and unrealized)	2,033	2,361
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	9,400
Transfers of assets from Level 3 to Level 2		17,500
Transfers of liabilities from Level 2 to Level 3	12,400
Net gains (losses) on Level 3 assets (realized and unrealized)	(1,176)	266
Net gains (losses) on Level 3 liabilities (realized and unrealized)	8,866	(1,430)
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	7,400	9,900
Net gains (losses) on Level 3 assets (realized and unrealized)	1,824	2,339
Net gains (losses) on Level 3 liabilities (realized and unrealized)	3,447	(9)
Net derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	27,900	236,500
Transfers of liabilities from Level 3 to Level 2	28,100	13,300
Net gains (losses) on Level 3 liabilities (realized and unrealized)	54,836	(43,727)
Structured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	25,800
Transfers of liabilities from Level 3 to Level 2	44,000
Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	6,200
Net gains (losses) on Level 3 liabilities (realized and unrealized)	46	(1,559)
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		24,200
Net gains (losses) on Level 3 assets (realized and unrealized)	$ 32,034	$ 76,257

Fair Value Disclosures - Quanti

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

3 Months Ended

12 Months Ended

Feb. 28, 2022USD ($)

Nov. 30, 2021USD ($)

Feb. 28, 2022$ / shares

Feb. 28, 2022

Feb. 28, 2022$ / Bond

Feb. 28, 2022€ / shares

Feb. 28, 2022€ / Bond

Nov. 30, 2021$ / shares

Nov. 30, 2021

Nov. 30, 2021$ / Bond

Nov. 30, 2021€ / shares

Nov. 30, 2021€ / Bond

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

Financial instruments owned, at fair value

$ 20,473,529

$ 18,802,730

Derivative assets

437,453

570,472

Loans to and investments in associated companies

22,480

30,842

Financial instruments sold, not yet purchased, at fair value

14,713,872

11,699,467

Derivative liability

943,210

1,412,176

Other secured financings

158,008

102,788

Long-term debt, fair value

1,762,163

1,843,598

Corporate debt securities

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

Financial instruments owned, at fair value

3,668,141

3,848,144

Financial instruments sold, not yet purchased, at fair value

2,412,771

2,112,259

CDOs and CLOs

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

Financial instruments owned, at fair value

915,724

611,464

Commercial mortgage-backed securities

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

Financial instruments owned, at fair value

185,367

198,752

Financial instruments sold, not yet purchased, at fair value

315

210

Other asset-backed securities

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

Financial instruments owned, at fair value

686,957

430,546

Loans and other receivables

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

Financial instruments owned, at fair value

3,566,792

3,498,289

Corporate equity securities

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

Financial instruments owned, at fair value

3,580,679

3,082,220

Financial instruments sold, not yet purchased, at fair value

2,051,435

1,695,985

Loans

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

Financial instruments sold, not yet purchased, at fair value

2,498,321

2,491,857

Level 3

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

Financial instruments owned, at fair value

640,051

579,045

Loans to and investments in associated companies

22,480

30,842

Financial instruments sold, not yet purchased, at fair value

86,903

99,114

Other secured financings

32,377

25,905

Long-term debt, fair value

794,460

881,732

Level 3 | Market approach and volatility benchmarking

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

Derivative assets

4,762

6,501

Derivative liability

56,329

76,533

Level 3 | Market approach and scenario analysis

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

Other secured financings

32,377

Level 3 | Scenario analysis

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

Other secured financings

25,905

Level 3 | Non-exchange-traded securities | Market approach and volatility benchmarking

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

Financial instruments owned, at fair value

113,535

86,961

Level 3 | Non-exchange-traded securities | Market approach | Price | Minimum

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

Financial instrument owned, measurement input | $ / shares

0

1

Level 3 | Non-exchange-traded securities | Market approach | Price | Maximum

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

Financial instrument owned, measurement input | $ / shares

344

366

Level 3 | Non-exchange-traded securities | Market approach | Price | Weighted Average

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

Financial instrument owned, measurement input | $ / shares

134

183

Level 3 | Non-exchange-traded securities | Volatility benchmarking | Volatility | Minimum

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

Financial instrument owned, measurement input

0.40

0.40

Level 3 | Non-exchange-traded securities | Volatility benchmarking | Volatility | Maximum

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

Financial instrument owned, measurement input

0.56

0.53

Level 3 | Non-exchange-traded securities | Volatility benchmarking | Volatility | Weighted Average

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

Financial instrument owned, measurement input

0.55

0.45

Level 3 | Corporate debt securities

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

Financial instruments owned, at fair value

42,358

11,803

Financial instruments sold, not yet purchased, at fair value

7,308

482

Level 3 | Corporate debt securities | Market approach

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

Financial instruments owned, at fair value

42,358

11,803

Level 3 | Corporate debt securities | Market approach | Price | Minimum

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

Financial instrument owned, measurement input | $ / Bond

13

13

Level 3 | Corporate debt securities | Market approach | Price | Maximum

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

Financial instrument owned, measurement input | $ / Bond

100

100

Level 3 | Corporate debt securities | Market approach | Price | Weighted Average

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

Financial instrument owned, measurement input | $ / Bond

91

86

Level 3 | Corporate debt securities | Market approach | EBITDA multiple

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

Financial instrument owned, measurement input

3.4

Level 3 | CDOs and CLOs

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

Financial instruments owned, at fair value

45,219

31,946

Level 3 | CDOs and CLOs | Market approach | Price | Minimum

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

Financial instrument owned, measurement input | $ / Bond

73

86

Level 3 | CDOs and CLOs | Market approach | Price | Maximum

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

Financial instrument owned, measurement input | $ / Bond

102

103

Level 3 | CDOs and CLOs | Market approach | Price | Weighted Average

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

Financial instrument owned, measurement input | $ / Bond

93

93

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

45,219

31,944

Level 3 | CDOs and CLOs | Discounted cash flows | Constant prepayment rate

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

Financial instrument owned, measurement input

0.20

0.20

Level 3 | CDOs and CLOs | Discounted cash flows | Constant default rate

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

Financial instrument owned, measurement input

0.02

0.02

Level 3 | CDOs and CLOs | Discounted cash flows | Loss severity | 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 | Discounted cash flows | Loss severity | Maximum

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

Financial instrument owned, measurement input

0.70

0.30

Level 3 | CDOs and CLOs | Discounted cash flows | Loss severity | Weighted Average

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

Financial instrument owned, measurement input

0.38

0.26

Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Minimum

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

Financial instrument owned, measurement input

0.04

0.08

Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Maximum

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

Financial instrument owned, measurement input

0.18

0.19

Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Weighted Average

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

Financial instrument owned, measurement input

0.13

0.16

Level 3 | Commercial mortgage-backed securities

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

Financial instruments owned, at fair value

3,732

2,333

Financial instruments sold, not yet purchased, at fair value

315

210

Level 3 | Commercial mortgage-backed securities | Market approach | Price

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

Financial instrument owned, measurement input | $ / Bond

600

Level 3 | Commercial mortgage-backed securities | Market approach and scenario analysis

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

Financial instruments owned, at fair value

3,732

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

2,333

Level 3 | Commercial mortgage-backed securities | Scenario analysis | Estimated recovery percentage

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

Financial instrument owned, measurement input

0.81

0.81

Level 3 | Other asset-backed securities

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

Financial instruments owned, at fair value

62,382

93,524

Level 3 | Other asset-backed securities | Market approach | Price

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

Financial instrument owned, measurement input | $ / Bond

37

Level 3 | Other asset-backed securities | Market approach | Price | Minimum

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

Financial instrument owned, measurement input | $ / Bond

37

Level 3 | Other asset-backed securities | Market approach | Price | 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 | Market approach | Price | Weighted Average

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

Financial instrument owned, measurement input | $ / Bond

94

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

$ 46,733

$ 86,099

Level 3 | Other asset-backed securities | Discounted cash flows | Minimum

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

Financial instrument owned, measurement input, term

1 year 2 months 12 days

8 months 12 days

Level 3 | Other asset-backed securities | Discounted cash flows | Maximum

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

Financial instrument owned, measurement input, term

7 years

1 year 4 months 24 days

Level 3 | Other asset-backed securities | 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 year 1 month 6 days

Level 3 | Other asset-backed securities | Discounted cash flows | Constant prepayment rate | Minimum

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

Financial instrument owned, measurement input

0

0

Level 3 | Other asset-backed securities | Discounted cash flows | Constant prepayment rate | Maximum

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

Financial instrument owned, measurement input

0.09

0.35

Level 3 | Other asset-backed securities | Discounted cash flows | Constant prepayment rate | Weighted Average

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

Financial instrument owned, measurement input

0.04

0.31

Level 3 | Other asset-backed securities | Discounted cash flows | Constant default rate

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

Financial instrument owned, measurement input

0.02

Level 3 | Other asset-backed securities | Discounted cash flows | Constant default rate | Minimum

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

Financial instrument owned, measurement input

0.02

Level 3 | Other asset-backed securities | Discounted cash flows | Constant default rate | Maximum

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

Financial instrument owned, measurement input

0.04

Level 3 | Other asset-backed securities | Discounted cash flows | Constant default rate | Weighted Average

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

Financial instrument owned, measurement input

0.04

Level 3 | Other asset-backed securities | Discounted cash flows | Loss severity | Minimum

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

Financial instrument owned, measurement input

0.50

0.60

Level 3 | Other asset-backed securities | Discounted cash flows | Loss severity | Maximum

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

Financial instrument owned, measurement input

0.88

0.85

Level 3 | Other asset-backed securities | Discounted cash flows | Loss severity | Weighted Average

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

Financial instrument owned, measurement input

0.72

0.55

Level 3 | Other asset-backed securities | Discounted cash flows | Discount rate/yield | Minimum

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

Financial instrument owned, measurement input

0.01

0.03

Level 3 | Other asset-backed securities | Discounted cash flows | Discount rate/yield | Maximum

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

Financial instrument owned, measurement input

0.23

0.16

Level 3 | Other asset-backed securities | Discounted cash flows | Discount rate/yield | Weighted Average

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

Financial instrument owned, measurement input

0.15

0.10

Level 3 | Other asset-backed securities | Discounted cash flows | Cumulative loss rate | Minimum

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

Financial instrument owned, measurement input

0.08

0.07

Level 3 | Other asset-backed securities | Discounted cash flows | Cumulative loss rate | Maximum

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

Financial instrument owned, measurement input

0.18

0.20

Level 3 | Other asset-backed securities | Discounted cash flows | Cumulative loss rate | Weighted Average

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

Financial instrument owned, measurement input

0.14

0.14

Level 3 | Loans and other receivables

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

Financial instruments owned, at fair value

$ 137,942

$ 135,239

Level 3 | Loans and other receivables | Market approach | Price | Minimum

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

Financial instrument owned, measurement input | $ / Bond

29

31

Level 3 | Loans and other receivables | Market approach | Price | Maximum

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

Financial instrument owned, measurement input | $ / Bond

102

101

Level 3 | Loans and other receivables | Market approach | Price | Weighted Average

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

Financial instrument owned, measurement input | $ / Bond

89

54

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

136,716

134,015

Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Minimum

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

Financial instrument owned, measurement input

0.05

0.09

Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Maximum

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

Financial instrument owned, measurement input

0.94

1

Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Weighted Average

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

Financial instrument owned, measurement input

0.33

0.76

Level 3 | Equity options | Volatility benchmarking | Volatility

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

Derivative asset, measurement input

0.41

0.46

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

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

Derivative liability, measurement input

0.30

0.26

Level 3 | Equity options | Volatility benchmarking | Volatility | Maximum

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

Derivative liability, measurement input

0.57

0.77

Level 3 | Equity options | Volatility benchmarking | Volatility | Weighted Average

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

Derivative liability, measurement input

0.45

0.40

Level 3 | Interest rate swaps | Market approach | Basis points upfront | Minimum

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

Derivative asset, measurement input

0

0.1

Derivative liability, measurement input

0.7

0.1

Level 3 | Interest rate swaps | Market approach | Basis points upfront | Maximum

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

Derivative asset, measurement input

8.7

8.7

Derivative liability, measurement input

17.5

8.7

Level 3 | Interest rate swaps | Market approach | Basis points upfront | Weighted Average

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

Derivative asset, measurement input

4.4

3.3

Derivative liability, measurement input

8.8

3.1

Level 3 | Total return swaps | Market approach | Price

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

Derivative asset, measurement input | $ / Bond

101

100

Derivative liability, measurement input | $ / Bond

101

100

Level 3 | Private equity securities | Market approach | Price | 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 | Market approach | Price | Maximum

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

Financial instrument owned, measurement input | $ / shares

15,852

152

Level 3 | Private equity securities | Market approach | Price | Weighted Average

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

Financial instrument owned, measurement input | $ / shares

549

32

Level 3 | Private equity securities | Market approach | EBITDA multiple

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

Financial instrument owned, measurement input

16.9

Level 3 | Private equity securities | Market approach | Revenue multiple | 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 | Market approach | Revenue multiple | 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 | Market approach | Revenue multiple | 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 | Discounted cash flows | Discount rate/yield | Minimum

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

Financial instrument owned, measurement input

0.10

Level 3 | Private equity securities | Discounted cash flows | Discount rate/yield | Maximum

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

Financial instrument owned, measurement input

0.14

Level 3 | Private equity securities | Discounted cash flows | Discount rate/yield | Weighted Average

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

Financial instrument owned, measurement input

0.12

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

128,152

Level 3 | Private equity securities | Scenario analysis | Discount rate/yield

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

Financial instrument owned, measurement input

0.13

Level 3 | Private equity securities | Scenario analysis | Discount rate/yield | Minimum

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

Financial instrument owned, measurement input

0.13

Level 3 | Private equity securities | Scenario analysis | Discount rate/yield | Maximum

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

Financial instrument owned, measurement input

0.21

Level 3 | Private equity securities | Scenario analysis | Discount rate/yield | Weighted Average

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

Financial instrument owned, measurement input

0.17

Level 3 | Private equity securities | Scenario analysis | Estimated recovery percentage

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

Financial instrument owned, measurement input

0.07

Level 3 | Private equity securities | Scenario analysis | Revenue growth

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

Financial instrument owned, measurement input

0

Level 3 | Private equity securities | Market approach, discounted cash flows and scenario analysis

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

Financial instruments owned, at fair value

151,693

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

$ 50,335

$ 50,455

Level 3 | FXCM term loan | Discounted cash flows | Measurement Input, Expected Term [Member] | Minimum

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

Financial Instruments Owned, Measurement Input, Expected Term

0 months

0 months

Level 3 | FXCM term loan | Discounted cash flows | Measurement Input, Expected Term [Member] | Maximum

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

Financial Instruments Owned, Measurement Input, Expected Term

1 year 10 months 24 days

2 years 2 months 12 days

Level 3 | FXCM term loan | Discounted cash flows | Measurement Input, Expected Term [Member] | Weighted Average

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

Financial Instruments Owned, Measurement Input, Expected Term

1 year 10 months 24 days

2 years 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

$ 22,480

$ 30,842

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

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

Loans to and investments in associated companies, measurement input

0.59

0.59

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

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

Loans to and investments in associated companies, measurement input

0.30

0.31

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

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

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

671

662

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

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

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

13

15

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

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

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

16

18

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

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

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

15

16

Level 3 | Corporate equity securities

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

Financial instruments owned, at fair value

113,922

87,647

Financial instruments sold, not yet purchased, at fair value

5,666

4,635

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

5,666

4,635

Level 3 | Corporate equity securities | Market approach | Price

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

11,541

15,770

Level 3 | Loans | Market approach | Price

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

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

98

Level 3 | Loans | Market approach | Price | Minimum

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

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

31

Level 3 | Loans | Market approach | Price | Maximum

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

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

100

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

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

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

43

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

11,541

15,770

Level 3 | Loans | Scenario analysis | Estimated recovery percentage

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

Financial instruments sold, not yet purchased, measurement input

0.05

0.50

Level 3 | Other secured financings | Market approach | Price

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

Other secured financings, measurement input | $ / Bond

87

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

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

Other secured financings, measurement input

0.13

0.13

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

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

Other secured financings, measurement input

0.36

0.98

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

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

Other secured financings, measurement input

0.29

0.92

Level 3 | Structured notes | Market approach

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

Long-term debt, fair value

$ 794,460

$ 881,732

Level 3 | Structured notes | Market approach | Price | Minimum

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

Long-term debt, measurement input

66

73

76

81

Level 3 | Structured notes | Market approach | Price | Maximum

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

Long-term debt, measurement input

106

106

115

113

Level 3 | Structured notes | Market approach | Price | Weighted Average

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

Long-term debt, measurement input

83

93

94

103

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
	Feb. 28, 2022	Feb. 28, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and other receivables	$ (2,287)	$ 10,696
Loans	1,548	0
Changes in instrument specific credit risk	(22)	222
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument specific credit risk	51,248	(91,982)
Other changes in fair value	$ 94,551	$ 80,819

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	Feb. 28, 2022	Nov. 30, 2021
Fair Value Disclosures [Abstract]
Loans and other receivables	$ 5,533,863	$ 5,600,648
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	51,601	64,203
Long-term debt	107,282	(38,391)
Other secured financings	3,432	3,432
All loans and other receivables 90 days or greater past due	$ 16,800	$ 19,700

Fair Value Disclosures - Fair V

Fair Value Disclosures - Fair Value Option Election (Details) - USD ($) $ in Millions	Feb. 28, 2022	Nov. 30, 2021
Fair Value Disclosures [Abstract]
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	$ 42	$ 56.9
Loans and other receivables 90 days or greater past due	$ 11.9	$ 23.5

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Predominant Risk Exposure (Details) $ in Thousands	Feb. 28, 2022USD ($)contract	Nov. 30, 2021USD ($)contract
Derivatives, Fair Value [Line Items]
Net amounts per consolidated statement of financial condition, assets	$ 437,453	$ 570,472
Net amounts per consolidated statement of financial condition, liabilities	943,210	1,412,176
Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets	939,727	1,208,316
Amounts offset in the Consolidated Statement of Financial Condition, assets	(716,499)	(1,008,091)
Fair value, liabilities	718,438	1,036,998
Amount offset in the Consolidated Statement of Financial Condition, liabilities	(716,499)	(1,008,091)
Cleared OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	1,218,071	493,261
Amounts offset in the Consolidated Statement of Financial Condition, assets	(1,189,030)	(483,339)
Fair value, liabilities	1,199,297	508,333
Amount offset in the Consolidated Statement of Financial Condition, liabilities	(1,199,297)	(508,333)
Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	1,526,293	2,174,651
Amounts offset in the Consolidated Statement of Financial Condition, assets	(1,341,109)	(1,814,326)
Fair value, liabilities	2,511,558	3,569,045
Amount offset in the Consolidated Statement of Financial Condition, liabilities	(1,570,287)	(2,185,776)
Designated as accounting hedges
Derivatives, Fair Value [Line Items]
Fair value, assets	33,238	66,188
Fair value, liabilities	56,705	32,200
Designated as accounting hedges | Cleared OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 13,714	$ 35,726
Number of contracts, assets | contract	1	2
Fair value, liabilities	$ 56,705	$ 32,200
Number of contracts, liabilities | contract	2	1
Designated as accounting hedges | Bilateral OTC | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 19,524	$ 30,462
Number of contracts, assets | contract	4	4
Fair value, liabilities	$ 0	$ 0
Number of contracts, liabilities | contract	0	0
Not designated as accounting hedges
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 3,650,853	$ 3,810,040
Fair value, liabilities	4,372,588	5,082,176
Not designated as accounting hedges | Exchange-traded | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 3,787	$ 1,262
Number of contracts, assets | contract	32,961	23,888
Fair value, liabilities	$ 2,896	$ 756
Number of contracts, liabilities | contract	75,002	39,195
Not designated as accounting hedges | Exchange-traded | Equity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 935,862	$ 1,206,606
Number of contracts, assets | contract	1,706,804	1,582,713
Fair value, liabilities	$ 715,512	$ 1,036,019
Number of contracts, liabilities | contract	1,589,013	1,450,624
Not designated as accounting hedges | Exchange-traded | Commodity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 78	$ 448
Number of contracts, assets | contract	1,931	1,394
Fair value, liabilities	$ 30	$ 223
Number of contracts, liabilities | contract	1,860	1,457
Not designated as accounting hedges | Cleared OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 1,110,870	$ 373,355
Number of contracts, assets | contract	3,824	4,505
Fair value, liabilities	$ 1,038,884	$ 367,134
Number of contracts, liabilities | contract	3,865	4,467
Not designated as accounting hedges | Cleared OTC | Credit contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 93,487	$ 84,180
Number of contracts, assets | contract	131	132
Fair value, liabilities	$ 103,708	$ 108,999
Number of contracts, liabilities | contract	140	128
Not designated as accounting hedges | Bilateral OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 336,238	$ 322,353
Number of contracts, assets | contract	791	1,037
Fair value, liabilities	$ 434,723	$ 283,481
Number of contracts, liabilities | contract	958	967
Not designated as accounting hedges | Bilateral OTC | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 869,171	$ 1,428,712
Number of contracts, assets | contract	15,664	17,792
Fair value, liabilities	$ 858,003	$ 1,437,116
Number of contracts, liabilities | contract	15,520	17,576
Not designated as accounting hedges | Bilateral OTC | Equity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 293,800	$ 377,132
Number of contracts, assets | contract	6,084	2,888
Fair value, liabilities	$ 1,174,659	$ 1,824,418
Number of contracts, liabilities | contract	6,263	2,682
Not designated as accounting hedges | Bilateral OTC | Commodity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 754	$ 2,703
Number of contracts, assets | contract	423	616
Fair value, liabilities	$ 31,899	$ 9,862
Number of contracts, liabilities | contract	1,550	825
Not designated as accounting hedges | Bilateral OTC | Credit contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 6,806	$ 13,289
Number of contracts, assets | contract	14	14
Fair value, liabilities	$ 12,274	$ 14,168
Number of contracts, liabilities | contract	14	17

Derivative Financial Instrume_4

Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense of Jefferies Group	$ 6,544	$ 3,020
Unrealized and realized gains (losses)	142,096	(102,520)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(41,592)	(42,124)
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	2,624	46,829
Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	210,937	(89,697)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(34,305)	(18,349)
Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	4,432	821
Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on net investment hedges recognized in other comprehensive income (loss)	(10,938)	(41,500)
Net investment hedges | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on net investment hedges recognized in other comprehensive income (loss)	(10,938)	(41,500)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense of Jefferies Group	(43,998)	(43,791)
Long-term debt
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense of Jefferies Group	$ 50,542	$ 46,811

Derivative Financial Instrume_5

Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Details) $ in Thousands	Feb. 28, 2022USD ($)
OTC Derivative Assets
0-12 Months	$ 494,814
1-5 Years	208,208
Greater Than 5 Years	84,444
Cross-Maturity Netting	(62,528)
Total OTC derivative assets, net of cross-maturity netting	724,938
Cross product counterparty netting	(8,869)
Total OTC derivative assets included in Financial instruments owned, at fair value	716,069
OTC Derivative Liabilities
0-12 Months	518,064
1-5 Years	1,001,015
Greater Than 5 Years	233,476
Cross-Maturity Netting	(62,528)
Total	1,690,027
Cross product counterparty netting	(8,869)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value	1,681,158
Exchange traded derivative assets and other credit agreements	226,900
Cash collateral received	505,500
Exchange traded derivative liabilities and other credit agreements	7,000
Cash collateral pledged	744,900
Commodity swaps, options and forwards
OTC Derivative Assets
0-12 Months	76
1-5 Years	678
Greater Than 5 Years	0
Cross-Maturity Netting	(754)
Total OTC derivative assets, net of cross-maturity netting	0
OTC Derivative Liabilities
0-12 Months	30,049
1-5 Years	1,850
Greater Than 5 Years	0
Cross-Maturity Netting	(754)
Total	31,145
Equity options and forwards
OTC Derivative Assets
0-12 Months	10,211
1-5 Years	2,998
Greater Than 5 Years	0
Cross-Maturity Netting	(4,086)
Total OTC derivative assets, net of cross-maturity netting	9,123
OTC Derivative Liabilities
0-12 Months	9,871
1-5 Years	534,211
Greater Than 5 Years	33,407
Cross-Maturity Netting	(4,086)
Total	573,403
Credit default swaps
OTC Derivative Assets
0-12 Months	0
1-5 Years	15
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total OTC derivative assets, net of cross-maturity netting	15
OTC Derivative Liabilities
0-12 Months	0
1-5 Years	10,236
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total	10,236
Total return swaps
OTC Derivative Assets
0-12 Months	80,255
1-5 Years	44,438
Greater Than 5 Years	158
Cross-Maturity Netting	(8,263)
Total OTC derivative assets, net of cross-maturity netting	116,588
OTC Derivative Liabilities
0-12 Months	124,832
1-5 Years	324,482
Greater Than 5 Years	0
Cross-Maturity Netting	(8,263)
Total	441,051
Foreign currency forwards, swaps and options
OTC Derivative Assets
0-12 Months	339,685
1-5 Years	4,081
Greater Than 5 Years	0
Cross-Maturity Netting	(4,111)
Total OTC derivative assets, net of cross-maturity netting	339,655
OTC Derivative Liabilities
0-12 Months	307,174
1-5 Years	5,271
Greater Than 5 Years	0
Cross-Maturity Netting	(4,111)
Total	308,334
Fixed income forwards
OTC Derivative Assets
0-12 Months	5,285
1-5 Years	0
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total OTC derivative assets, net of cross-maturity netting	5,285
OTC Derivative Liabilities
0-12 Months	2,879
1-5 Years	0
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total	2,879
Interest rate swaps, options and forwards
OTC Derivative Assets
0-12 Months	59,302
1-5 Years	155,998
Greater Than 5 Years	84,286
Cross-Maturity Netting	(45,314)
Total OTC derivative assets, net of cross-maturity netting	254,272
OTC Derivative Liabilities
0-12 Months	43,259
1-5 Years	124,965
Greater Than 5 Years	200,069
Cross-Maturity Netting	(45,314)
Total	$ 322,979

Derivative Financial Instrume_6

Derivative Financial Instruments (Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets) (Details) $ in Thousands	Feb. 28, 2022USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
A- or higher	$ 467,918
BBB- to BBB+	15,109
BB+ or lower	119,477
Unrated	113,565
Total OTC derivative assets included in Financial instruments owned, at fair value	$ 716,069

Derivative Financial Instrume_7

Derivative Financial Instruments (Credit Related Derivative Contracts) (Details) - USD ($) $ in Millions	Feb. 28, 2022	Nov. 30, 2021
Index credit default swaps
Derivative [Line Items]
Notional amount	$ 3,937.2	$ 3,910.8
Single name credit default swaps
Derivative [Line Items]
Notional amount	0.2	17.8
Investment Grade | Index credit default swaps
Derivative [Line Items]
Notional amount	2,674.4	2,612
Investment Grade | Single name credit default swaps
Derivative [Line Items]
Notional amount	0	0
Non-investment grade | Index credit default swaps
Derivative [Line Items]
Notional amount	1,262.8	1,298.8
Non-investment grade | Single name credit default swaps
Derivative [Line Items]
Notional amount	0	17.6
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	Feb. 28, 2022	Nov. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instrument liabilities with credit-risk-related contingent features	$ 642	$ 821.5
Collateral posted	(313.7)	(160.5)
Collateral received	117.6	369.3
Return of and additional collateral required in the event of a credit rating downgrade below investment grade	$ 446	$ 1,030.4

Collateralized Transactions - C

Collateralized Transactions - Collateral Pledged (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 1,808,896	$ 1,525,721
Repurchase agreements	19,301,825	16,019,400
Obligation to return securities received as collateral, at fair value	973	7,289
Total	21,111,694	17,552,410
Corporate equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	1,431,940	1,160,916
Repurchase agreements	429,316	150,602
Obligation to return securities received as collateral, at fair value	973	7,289
Total	1,862,229	1,318,807
Corporate debt securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	347,323	321,356
Repurchase agreements	2,521,386	2,684,458
Obligation to return securities received as collateral, at fair value	0	0
Total	2,868,709	3,005,814
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	1,869,580	1,209,442
Obligation to return securities received as collateral, at fair value	0	0
Total	1,869,580	1,209,442
U.S. government and federal agency securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	21,530	6,348
Repurchase agreements	9,787,873	8,426,536
Obligation to return securities received as collateral, at fair value	0	0
Total	9,809,403	8,432,884
Municipal securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	294,824	413,073
Obligation to return securities received as collateral, at fair value	0	0
Total	294,824	413,073
Sovereign obligations
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	8,103	37,101
Repurchase agreements	3,493,773	2,422,901
Obligation to return securities received as collateral, at fair value	0	0
Total	3,501,876	2,460,002
Loans and other receivables
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	905,073	712,388
Obligation to return securities received as collateral, at fair value	0	0
Total	$ 905,073	$ 712,388

Collateralized Transactions -_2

Collateralized Transactions - Contractual Maturity (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 1,808,896	$ 1,525,721
Repurchase agreements	19,301,825	16,019,400
Obligation to return securities received as collateral, at fair value	973	7,289
Total	21,111,694	17,552,410
Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	973,963	595,628
Repurchase agreements	10,491,946	6,551,934
Obligation to return securities received as collateral, at fair value	973	7,289
Total	11,466,882	7,154,851
Up to 30 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	1,318
Repurchase agreements	2,288,295	1,798,716
Obligation to return securities received as collateral, at fair value	0	0
Total	2,288,295	1,800,034
31 to 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	292,966	539,623
Repurchase agreements	2,686,587	4,361,993
Obligation to return securities received as collateral, at fair value	0	0
Total	2,979,553	4,901,616
Greater than 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	541,967	389,152
Repurchase agreements	3,834,997	3,306,757
Obligation to return securities received as collateral, at fair value	0	0
Total	$ 4,376,964	$ 3,695,909

Collateralized Transactions - N

Collateralized Transactions - Narrative (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Collateralized Transactions [Abstract]
Fair value of securities received as collateral that may be sold or repledged	$ 34,590,000	$ 31,970,000
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 838,092	$ 1,015,107

Collateralized Transactions - O

Collateralized Transactions - Offsetting of Securities Financing Agreements (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Securities borrowing arrangements, Assets
Gross Amounts	$ 7,110,757	$ 6,409,420
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	7,110,757	6,409,420
Additional Amounts Available for Setoff	(666,368)	(271,475)
Available Collateral	(1,374,501)	(1,528,206)
Net Amount	5,069,888	4,609,739
Reverse repurchase agreements, Assets
Gross Amounts	16,925,395	15,215,785
Netting in Consolidated Statements of Financial Condition	(10,368,182)	(7,573,301)
Net Amounts in Consolidated Statements of Financial Condition	6,557,213	7,642,484
Additional Amounts Available for Setoff	(669,010)	(540,312)
Available Collateral	(5,845,969)	(7,048,823)
Net Amount	42,234	53,349
Securities lending arrangements, Liabilities
Gross Amounts	1,808,896	1,525,721
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	1,808,896	1,525,721
Additional Amounts Available for Setoff	(666,368)	(271,475)
Available Collateral	(1,091,177)	(1,213,563)
Net Amount	51,351	40,683
Repurchase agreements, Liabilities
Gross Amounts	19,301,825	16,019,400
Netting in Consolidated Statements of Financial Condition	(10,368,182)	(7,573,301)
Net Amounts in Consolidated Statements of Financial Condition	8,933,643	8,446,099
Additional Amounts Available for Setoff	(669,010)	(540,312)
Available Collateral	(7,788,211)	(7,136,585)
Net Amount	476,422	769,202
Securities borrowing agreement, subject to review	5,010,000	4,510,000
Securities borrowing agreement, collateral received, subject to review	4,870,000	4,350,000
Repurchase agreement, net amount, subject to review	470,000	765,000
Repurchase agreements, collateral pledged, subject to review	485,100	781,800
Repurchase agreements, decrease in available collateral		200,000
Repurchase agreements, increase in net amount		200,000
Obligation to return securities received as collateral, at fair value
Securities lending arrangements, Liabilities
Gross Amounts	973	7,289
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	973	7,289
Additional Amounts Available for Setoff	0	0
Available Collateral	(973)	(7,289)
Net Amount	0	0
Securities received as collateral, at fair value
Securities borrowing arrangements, Assets
Gross Amounts	973	7,289
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	973	7,289
Additional Amounts Available for Setoff	0	0
Available Collateral	(973)	(7,289)
Net Amount	$ 0	$ 0

Securitization Activities - Act

Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Transfers and Servicing [Abstract]
Transferred assets	$ 1,080.6	$ 3,583.5
Proceeds on new securitizations	1,080.6	3,583.1
Cash flows received on retained interests	$ 8.9	$ 6.3

Securitization Activities - Sum

Securitization Activities - Summary of Retained Interests in SPEs (Details) - USD ($) $ in Millions	Feb. 28, 2022	Nov. 30, 2021
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	$ 278.4	$ 330.2
Retained Interests	4.9	4.9
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	1,842.3	2,201.8
Retained Interests	54	69.2
CLOs
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
CLOs	3,984.1	3,382.3
Retained Interests	31.7	31
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	2,541.2	2,271.4
Retained Interests	$ 141.7	$ 136.4

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Consolidated VIEs (Details) - USD ($) $ in Thousands		Feb. 28, 2022	Nov. 30, 2021
Variable Interest Entity [Line Items]
Assets	[1]	$ 60,036,451	$ 60,404,110
Liabilities	[1]	49,348,505	49,674,070
Noncontrolling interests		58,619	25,885
Variable interest entities, primary beneficiary
Variable Interest Entity [Line Items]
Assets		1,270,000	1,050,000
Liabilities		3,680,000	4,640,000
Noncontrolling interests		32,500
Variable interest entities, primary beneficiary | Securities purchased under agreements to resell
Variable Interest Entity [Line Items]
VIE assets, not eliminated in consolidation		18,000
Variable interest entities, primary beneficiary | Receivables
Variable Interest Entity [Line Items]
VIE assets, eliminated in consolidation		1,400	1,200
Variable interest entities, primary beneficiary | Other assets
Variable Interest Entity [Line Items]
VIE assets, eliminated in consolidation		45,700	56,500
Variable interest entities, primary beneficiary | Other secured financings
Variable Interest Entity [Line Items]
VIE liabilities, eliminated in consolidation		58,600	36,700
Variable interest entities, primary beneficiary | Other liabilities
Variable Interest Entity [Line Items]
VIE liabilities, eliminated in consolidation		84,100	75,300
Variable interest entities, primary beneficiary | Secured Funding Vehicles
Variable Interest Entity [Line Items]
Assets		3,682,500	4,615,400
Liabilities		3,662,400	4,568,200
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Cash
Variable Interest Entity [Line Items]
Assets		11,600	3,800
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Financial instruments owned, at fair value
Variable Interest Entity [Line Items]
Assets		239,500	173,100
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Securities purchased under agreements to resell
Variable Interest Entity [Line Items]
Assets		2,554,800	3,697,100
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Receivables
Variable Interest Entity [Line Items]
Assets		742,900	626,800
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other assets
Variable Interest Entity [Line Items]
Assets		133,700	114,600
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Financial instruments sold, not yet purchased, at fair value
Variable Interest Entity [Line Items]
Liabilities		0	0
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other secured financings
Variable Interest Entity [Line Items]
Liabilities		3,609,500	4,521,600
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Repurchase agreements
Variable Interest Entity [Line Items]
Liabilities		0	0
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other liabilities
Variable Interest Entity [Line Items]
Liabilities		52,900	46,600
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Noncontrolling Interests
Variable Interest Entity [Line Items]
Noncontrolling interests		0	0
Variable interest entities, primary beneficiary | Other
Variable Interest Entity [Line Items]
Assets		193,200	187,000
Liabilities		157,900	184,400
Variable interest entities, primary beneficiary | Other | Cash
Variable Interest Entity [Line Items]
Assets		0	0
Variable interest entities, primary beneficiary | Other | Financial instruments owned, at fair value
Variable Interest Entity [Line Items]
Assets		64,700	146,400
Variable interest entities, primary beneficiary | Other | Securities purchased under agreements to resell
Variable Interest Entity [Line Items]
Assets		18,000	0
Variable interest entities, primary beneficiary | Other | Receivables
Variable Interest Entity [Line Items]
Assets		54,200	40,600
Variable interest entities, primary beneficiary | Other | Other assets
Variable Interest Entity [Line Items]
Assets		56,300	0
Variable interest entities, primary beneficiary | Other | Financial instruments sold, not yet purchased, at fair value
Variable Interest Entity [Line Items]
Liabilities		18,000	109,100
Variable interest entities, primary beneficiary | Other | Other secured financings
Variable Interest Entity [Line Items]
Liabilities		0	0
Variable interest entities, primary beneficiary | Other | Repurchase agreements
Variable Interest Entity [Line Items]
Liabilities		47,100	0
Variable interest entities, primary beneficiary | Other | Other liabilities
Variable Interest Entity [Line Items]
Liabilities		92,800	75,300
Variable interest entities, primary beneficiary | Other | Noncontrolling Interests
Variable Interest Entity [Line Items]
Noncontrolling interests		$ 32,500	$ 0
[1]	Total assets include assets related to variable interest entities of $1.27 billion and $1.05 billion at February 28, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $3.68 billion and $4.64 billion at February 28, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $32.5 million at February 28, 2022. 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		Feb. 28, 2022	Nov. 30, 2021
Variable Interest Entity [Line Items]
Assets	[1]	$ 60,036,451	$ 60,404,110
Liabilities	[1]	49,348,505	49,674,070
VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		2,639,600	2,002,700
Liabilities		2,900	2,000
Maximum Exposure to Loss		5,419,200	4,155,800
VIE Assets		30,315,500	28,932,400
CLOs | VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		851,100	582,200
Liabilities		2,900	2,000
Maximum Exposure to Loss		3,500,200	2,557,100
VIE Assets		8,461,200	10,277,500
Asset-backed vehicles | VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		485,800	281,900
Liabilities		0	0
Maximum Exposure to Loss		510,600	359,300
VIE Assets		5,022,500	3,474,600
Related party private equity vehicles | VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		26,200	27,100
Liabilities		0	0
Maximum Exposure to Loss		36,900	37,800
VIE Assets		74,700	78,900
Other investment vehicles | VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		1,276,500	1,111,500
Liabilities		0	0
Maximum Exposure to Loss		1,371,500	1,201,600
VIE Assets		$ 16,757,100	$ 15,101,400
[1]	Total assets include assets related to variable interest entities of $1.27 billion and $1.05 billion at February 28, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $3.68 billion and $4.64 billion at February 28, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $32.5 million at February 28, 2022. See Note 7 for additional information related to variable interest entities.

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands		Feb. 28, 2022	Nov. 30, 2021	Feb. 28, 2021	Nov. 30, 2020
Variable Interest Entity [Line Items]
Assets	[1]	$ 60,036,451	$ 60,404,110
Investment in associated company		1,803,397	1,745,790	$ 1,689,048	$ 1,686,563
Other investment vehicles
Variable Interest Entity [Line Items]
Carrying amount of equity investment		1,280,000	1,110,000
Unfunded equity commitments related to investments		95,100	90,000
JCP entities | Related party private equity vehicles
Variable Interest Entity [Line Items]
Equity commitments		133,000	133,000
Funded equity commitments		122,300	122,300
Carrying amount of equity investment		26,200	27,100
VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		2,639,600	2,002,700
Reported total assets		30,315,500	28,932,400
VIE, not primary beneficiary | Investment in FXCM
Variable Interest Entity [Line Items]
Reported total assets		407,100
Fair value of senior secured term loan receivable		50,300
Investment in associated company		49,100
VIE, not primary beneficiary | Related party private equity vehicles
Variable Interest Entity [Line Items]
Assets		26,200	27,100
Reported total assets		74,700	78,900
VIE, not primary beneficiary | Other investment vehicles
Variable Interest Entity [Line Items]
Assets		1,276,500	1,111,500
Reported total assets		16,757,100	15,101,400
VIE, not primary beneficiary | Agency mortgage-backed securities
Variable Interest Entity [Line Items]
Assets		1,050,000	1,310,000
VIE, not primary beneficiary | Non agency mortgage- and asset-backed securities
Variable Interest Entity [Line Items]
Assets		$ 207,000	$ 253,900
[1]	Total assets include assets related to variable interest entities of $1.27 billion and $1.05 billion at February 28, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $3.68 billion and $4.64 billion at February 28, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $32.5 million at February 28, 2022. 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
	Feb. 28, 2022	Feb. 28, 2021
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period	$ 1,745,790	$ 1,686,563
Income (losses) related to associated companies	(29,985)	(10,568)
Other income (losses) related to associated companies	58,018	87,906
Contributions to (distributions from) associated companies, net	32,637	(75,119)
Other	(3,063)	266
Loans to and investments in associated companies as of end of period	1,803,397	1,689,048
Jefferies Finance
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period	776,162	693,201
Income (losses) related to associated companies	0	0
Other income (losses) related to associated companies	19,011	27,585
Contributions to (distributions from) associated companies, net	15,188	(40,542)
Other	0	0
Loans to and investments in associated companies as of end of period	810,361	680,244
Berkadia
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period	373,417	301,152
Income (losses) related to associated companies		0
Other income (losses) related to associated companies	38,900	30,018
Contributions to (distributions from) associated companies, net	230	(316)
Other	(237)	(61)
Loans to and investments in associated companies as of end of period	412,310	330,793
FXCM
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period	48,986	73,920
Income (losses) related to associated companies	(9,547)	(5,462)
Other income (losses) related to associated companies		0
Contributions to (distributions from) associated companies, net	10,000	0
Other	(368)	327
Loans to and investments in associated companies as of end of period	49,071	68,785
Linkem
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period	133,778	198,991
Income (losses) related to associated companies	(22,971)	(9,107)
Other income (losses) related to associated companies	0	0
Contributions to (distributions from) associated companies, net	0	(8,783)
Other	0	0
Loans to and investments in associated companies as of end of period	110,807	181,101
Asset Management Companies
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period	183,076	139,707
Income (losses) related to associated companies	0	0
Other income (losses) related to associated companies	131	30,184
Contributions to (distributions from) associated companies, net	(178)	(11,434)
Other	0	0
Loans to and investments in associated companies as of end of period	183,029	158,457
Real estate companies
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period	122,720	168,678
Income (losses) related to associated companies	2,000	6,051
Other income (losses) related to associated companies	0	0
Contributions to (distributions from) associated companies, net	10,263	(10,954)
Other	0	0
Loans to and investments in associated companies as of end of period	134,983	163,775
Other
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period	107,651	110,914
Income (losses) related to associated companies	533	(2,050)
Other income (losses) related to associated companies	(24)	119
Contributions to (distributions from) associated companies, net	(2,866)	(3,090)
Other	(2,458)	0
Loans to and investments in associated companies as of end of period	102,836	$ 105,893
Linkem and Other | Loans and debt securities
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period	15,300
Loans to and investments in associated companies as of end of period	$ 15,200

Loans to and Investments in A_4

Loans to and Investments in Associated Companies - Jefferies Finance (Details)	3 Months Ended
	Feb. 28, 2022USD ($)businessLine	Feb. 28, 2021USD ($)	Nov. 30, 2021USD ($)
Investments In Associated Companies [Line Items]
Other assets	$ 2,512,638,000		$ 2,352,247,000
Payables, expense accruals and other liabilities	10,430,914,000		13,612,367,000
Jefferies Finance
Investments In Associated Companies [Line Items]
Equity commitment	$ 15,400,000
Investment commitment extension	1 year
Investment commitment termination notice period	60 days
Total line of credit facility commitment under joint venture	$ 500,000,000
Termination notice	60 days
Line of credit facility, commitment of Jefferies, funded	$ 0
Line of credit facility commitment of Jefferies	250,000,000
Jefferies Finance | Mass Mutual
Investments In Associated Companies [Line Items]
Equity commitment	$ 750,000,000
Jefferies Finance
Investments In Associated Companies [Line Items]
Extension period	1 year
Other assets	$ 37,200,000		26,200,000
Payables, expense accruals and other liabilities	$ 2,500,000		$ 8,500,000
Jefferies Finance | Jefferies Finance
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	50.00%
Number of business lines | businessLine	2
Jefferies Finance | Jefferies Group
Investments In Associated Companies [Line Items]
Interest income and unfunded commitment fees related to facility commitment	$ 400,000	$ 600,000

Loans to and Investments in A_5

Loans to and Investments in Associated Companies - Activity Related to Other Transactions with Jefferies Finance (Details) - Jefferies Finance - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Investments In Associated Companies [Line Items]
Origination and syndication fee revenues	$ 114.9	$ 70.3
Origination fee expenses	15.9	12.3
CLO placement fee revenues	0.7	2.4
Underwriting fees	0	0.5
Service fees	$ 50	$ 31.5

Loans to and Investments in A_6

Loans to and Investments in Associated Companies - Berkadia (Details) - USD ($)	12 Months Ended
	Dec. 31, 2009	Feb. 28, 2022
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	3 Months Ended
	Feb. 28, 2022
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	Feb. 28, 2022USD ($)
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	42.00%
Redemption value of convertible preferred stock	$ 107.3
Ownership percentage upon conversion of preferred shares and exercise of warrants	57.00%
Percentage of total voting securities	48.00%

Loans to and Investments in A_9

Loans to and Investments in Associated Companies - Asset Management Companies (Details) - Jefferies Group	Feb. 28, 2022
Monashee
Schedule of Equity Method Investments [Line Items]
Percentage of total voting securities	50.00%
Percentage of profits received from joint venture	47.50%
Oak Hill
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	15.00%

Loans to and Investments in _10

Loans to and Investments in Associated Companies - Real Estate Companies (Details)	3 Months Ended
	Feb. 28, 2022project
54 Madison
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	48.10%
Number of real estate projects	3
HomeFed | Brooklyn Renaissance Plaza and Hotel | Hotel
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	25.40%
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	Feb. 28, 2022	Nov. 30, 2021
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	$ 148,980	$ 152,402
Goodwill	1,745,741	1,745,098
Total intangible assets, net and goodwill	1,894,721	1,897,500
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	1,562,571	1,561,928
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	40,726	42,808
Intangible assets, accumulated amortization	130,192	128,012
Trademarks and tradenames
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	95,712	96,509
Intangible assets, accumulated amortization	33,207	32,244
Other
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	4,815	5,353
Intangible assets, accumulated amortization	11,867	11,329
Exchange and clearing organization membership interests and registrations
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite lived intangibles	$ 7,727	$ 7,732

Intangible Assets, Net and Go_4

Intangible Assets, Net and Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 3.5	$ 3.6

Intangible Assets, Net and Go_5

Intangible Assets, Net and Goodwill - Schedule of Estimated Future Amortization Expense (Details) $ in Thousands	Feb. 28, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of current year	$ 7,558
2023	9,900
2024	9,143
2025	8,633
2026	$ 8,606

Short-Term Borrowings - Schedul

Short-Term Borrowings - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Short-term Debt [Line Items]
Total short-term borrowings	$ 467,853	$ 221,863
Floating rate puttable notes
Short-term Debt [Line Items]
Total short-term borrowings	6,800	6,800
Bank loans
Short-term Debt [Line Items]
Total short-term borrowings	$ 461,053	$ 215,063

Short-Term Borrowings - Narrati

Short-Term Borrowings - Narrative (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Short-term Debt [Line Items]
Interest rate on short-term borrowings	1.52%	1.41%
Short-term borrowings	$ 467,853	$ 221,863
Line of credit
Short-term Debt [Line Items]
Short-term borrowings	$ 400,000	$ 200,000

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021
Debt Instrument [Line Items]
Long-term debt	$ 8,896,032		$ 9,125,745
Gains (losses) recognized in interest expense of Jefferies Group	$ 6,544	$ 3,020
5.50% Senior Notes due October 18, 2023
Debt Instrument [Line Items]
Interest rate	5.50%		5.50%
Principal outstanding	$ 441,748		$ 441,748
6.625% Senior Notes due October 23, 2043
Debt Instrument [Line Items]
Interest rate	6.625%		6.625%
Principal outstanding	$ 250,000		$ 250,000
1.00% Euro Medium Term Notes, due July 19, 2024
Debt Instrument [Line Items]
Interest rate	1.00%		1.00%
Principal outstanding	$ 560,975		$ 566,150
4.85% Senior Notes, due January 15, 2027
Debt Instrument [Line Items]
Interest rate	4.85%		4.85%
Principal outstanding	$ 750,000		$ 750,000
6.45% Senior Debentures, due June 8, 2027
Debt Instrument [Line Items]
Interest rate	6.45%		6.45%
Principal outstanding	$ 350,000		$ 350,000
4.15% Senior Notes, due January 23, 2030
Debt Instrument [Line Items]
Interest rate	4.15%		4.15%
Principal outstanding	$ 1,000,000		$ 1,000,000
2.625% Senior Notes, due October 15, 2031
Debt Instrument [Line Items]
Interest rate	2.625%		2.625%
Principal outstanding	$ 1,000,000		$ 1,000,000
2.75% Senior Notes, due October 15, 2032
Debt Instrument [Line Items]
Interest rate	2.75%		2.75%
Principal outstanding	$ 500,000		$ 500,000
6.25% Senior Debentures, due January 15, 2036
Debt Instrument [Line Items]
Interest rate	6.25%		6.25%
Principal outstanding	$ 495,000		$ 495,000
6.50% Senior Notes, due January 20, 2043
Debt Instrument [Line Items]
Interest rate	6.50%		6.50%
Principal outstanding	$ 391,000		$ 391,000
Parent company
Debt Instrument [Line Items]
Long-term debt	687,234		687,008
Parent company | 5.50% Senior Notes due October 18, 2023
Debt Instrument [Line Items]
Long-term debt	440,330		440,120
Parent company | 6.625% Senior Notes due October 23, 2043
Debt Instrument [Line Items]
Long-term debt	246,904		246,888
Subsidiaries
Debt Instrument [Line Items]
Long-term debt	8,208,798		8,438,737
Subsidiaries | 1.00% Euro Medium Term Notes, due July 19, 2024 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	559,925		564,985
Subsidiaries | 4.85% Senior Notes, due January 15, 2027 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	757,872		775,550
Subsidiaries | 6.45% Senior Debentures, due June 8, 2027 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	365,909		366,556
Subsidiaries | 4.15% Senior Notes, due January 23, 2030 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	990,769		990,525
Subsidiaries | 2.625% Senior Notes, due October 15, 2031 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	970,927		988,059
Subsidiaries | 2.75% Senior Notes, due October 15, 2032 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	445,542		460,724
Subsidiaries | 6.25% Senior Debentures, due January 15, 2036 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	505,151		505,267
Subsidiaries | 6.50% Senior Notes, due January 20, 2043 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	409,815		409,926
Subsidiaries | Floating Rate Senior Notes, due October 29, 2071 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	61,706		61,703
Subsidiaries | Jefferies Group Unsecured Revolving Credit Facility | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	349,105		348,951
Subsidiaries | Structured Notes | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	1,762,163		1,843,598
Subsidiaries | Jefferies Group Secured Credit Facilities | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	609,091		706,608
Subsidiaries | Jefferies Group Secured Bank Loan | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	100,000		100,000
Subsidiaries | HomeFed EB-5 Program debt
Debt Instrument [Line Items]
Long-term debt	207,471		203,132
Subsidiaries | HomeFed construction loans
Debt Instrument [Line Items]
Long-term debt	45,716		45,581
Subsidiaries | Vitesse Energy Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	67,636		67,572
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	$ 50,500	$ 46,800
Subsidiaries | Foursight Capital | Jefferies Group Secured Credit Facilities
Debt Instrument [Line Items]
Long-term debt			$ 82,600

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	3 Months Ended
	Feb. 28, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Long-term debt	$ 8,896,032,000	$ 9,125,745,000
Vitesse Energy revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	140,000,000
Long-term debt	$ 68,000,000	68,000,000
Vitesse Energy revolving credit facility | Minimum
Debt Instrument [Line Items]
Percentage of proved reserve value of oil and gas properties	85.00%
Jefferies Group | Structured notes
Debt Instrument [Line Items]
Debt issued during period, principal amount, net of retirements	$ 71,200,000
Jefferies Group | Secured and unsecured long-term debt | Line of credit
Debt Instrument [Line Items]
Long-term debt	958,200,000	972,900,000
Jefferies Group | Secured long-term debt | Secured bank loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000	100,000,000
Jefferies Group | Secured long-term debt | Secured bank loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.25%
HomeFed | HomeFed construction loans
Debt Instrument [Line Items]
Construction loan, maximum borrowing amount	$ 148,600,000
Weighted average interest rate	3.39%
Long-term debt	$ 46,800,000	$ 46,800,000
HomeFed | HomeFed construction loans | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.15%
HomeFed | HomeFed construction loans | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.15%
Vitesse Energy Finance | Vitesse Energy revolving credit facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.75%
Vitesse Energy Finance | Vitesse Energy revolving credit facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.75%

Mezzanine Equity (Details)

Mezzanine Equity (Details) - USD ($)	3 Months Ended
	Feb. 28, 2022	Nov. 30, 2021
Purchase Requirement [Line Items]
Redeemable noncontrolling interests	$ 14,000,000	$ 25,400,000
Mandatorily redeemable convertible preferred shares redemption value	$ 125,000,000	$ 125,000,000
Dividends per common share (in dollars per share)	$ 0.30
Cumulative convertible preferred shares
Purchase Requirement [Line Items]
Callable preferred shares (in shares)	125,000
Mandatorily redeemable preferred shares callable price per share (in dollars per share)	$ 1,000
Mandatorily redeemable convertible preferred shares redemption value	$ 125,000,000
Dividend rate on preferred stock	3.25%
Minimum dividend considered for additional quarterly payments (in dollars per share)	$ 0.0625
Mandatorily redeemable preferred stock, number of shares in conversion (in shares)	4,440,863
Mandatorily redeemable preferred stock, effective conversion price per share (in dollars per share)	$ 28.15
Preferred stock, effective dividend rate, percentage	6.60%

Compensation Plans (Details)

Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 28, 2022	Feb. 28, 2022	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense		$ 9.7	$ 20.7
Total unrecognized compensation costs related to nonvested share-based compensation plans	$ 113.1	$ 113.1
Total unrecognized compensation costs related to nonvested share-based compensation plans, period for recognition	3 years 8 months 12 days
Other shares issuable (in shares)	1,088,000	1,088,000
Potential maximum increase to common shares outstanding from restricted stock and other shares (in shares)	27,058,000	27,058,000
Restricted cash awards, cost expected to be recognized	$ 298.1	$ 298.1
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
Mandatorily redeemable preferred stock, effective conversion price per share (in dollars per share)	$ 28.15	$ 28.15
RSUs | Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense		$ 5.2
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense			12.9
Stock options outstanding (in shares)	5,063,000	5,063,000
Stock options | Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense			12.9
SAR | Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense			33.5
Stock options and SARs | Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense			$ 46.4
Restricted stock with future service required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option equity instruments, outstanding (in shares)	1,545,000	1,545,000
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)	4,173,000	4,173,000
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)	12,293,000	12,293,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income (Loss), Net of Taxes (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021	Feb. 28, 2021	Nov. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ 10,548,919	$ 10,579,640	$ 9,778,358	$ 9,438,525
Net unrealized gains on available for sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	96	269
Net unrealized foreign exchange losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(166,515)	(166,499)
Net unrealized losses on instrument-specific credit risk
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(112,238)	(153,672)
Net minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(51,651)	(52,241)
AOCI including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ (330,308)	$ (372,143)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) Reclassification (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 1,942,800	$ 2,703,588
Selling, general and other expenses	(285,257)	(271,937)
Net unrealized losses on instrument-specific credit risk
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax	(7)	71
Amortization of defined benefit pension plan actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax	(208)	(261)
Principal transactions
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	249,155	919,901
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	(612)	(564)
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	(590)	(786)
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	$ (22)	$ 222

Revenues from Contracts with _3

Revenues from Contracts with Customers - Schedule of Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,407,042	$ 1,432,643
Other sources of revenue	535,758	1,270,945
Total revenues	1,942,800	2,703,588
Commissions and other fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	229,316	236,769
Total revenues	229,316	236,769
Investment banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	945,048	1,003,612
Total revenues	945,048	1,003,612
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	232,678	192,262
Principal transactions
Disaggregation of Revenue [Line Items]
Other sources of revenue	249,155	919,901
Total revenues	249,155	919,901
Interest income
Disaggregation of Revenue [Line Items]
Other sources of revenue	213,981	240,497
Total revenues	213,981	240,497
Other
Disaggregation of Revenue [Line Items]
Other sources of revenue	$ 72,622	$ 110,547

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,407,042	$ 1,432,643
Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,168,731	1,218,132
Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	166,730	164,435
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	71,581	50,076
Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,174,501	1,240,550
Reportable Segments | Investment Banking and Capital Markets | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	937,070	1,026,866
Reportable Segments | Investment Banking and Capital Markets | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	166,172	163,737
Reportable Segments | Investment Banking and Capital Markets | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	71,259	49,947
Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	12,569	7,426
Reportable Segments | Asset Management | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	12,569	7,097
Reportable Segments | Asset Management | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	329
Reportable Segments | Asset Management | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	220,109	184,836
Reportable Segments | Merchant Banking | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	219,229	184,338
Reportable Segments | Merchant Banking | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	558	369
Reportable Segments | Merchant Banking | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	322	129
Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Reportable Segments | Corporate | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Reportable Segments | Corporate | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Reportable Segments | Corporate | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(137)	(169)
Reconciling Items -Consolidation Adjustments | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(137)	(169)
Reconciling Items -Consolidation Adjustments | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Reconciling Items -Consolidation Adjustments | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Advisory
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	543,769	311,439
Investment Banking - Advisory | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	543,769	311,439
Investment Banking - Advisory | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Advisory | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Advisory | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Advisory | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Underwriting
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	401,279	692,173
Investment Banking - Underwriting | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	401,279	692,173
Investment Banking - Underwriting | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Underwriting | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Underwriting | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Investment Banking - Underwriting | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Equities
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	225,931	233,370
Equities | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	226,068	233,539
Equities | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Equities | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Equities | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Equities | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(137)	(169)
Fixed Income
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,385	3,399
Fixed Income | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,385	3,399
Fixed Income | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Fixed Income | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Fixed Income | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Fixed Income | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	12,569	7,426
Asset Management | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Asset Management | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	12,569	7,426
Asset Management | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Asset Management | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Asset Management | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Manufacturing revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	141,108	137,847
Manufacturing revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Manufacturing revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Manufacturing revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	141,108	137,847
Manufacturing revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Manufacturing revenues | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Oil and gas revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	57,919	32,009
Oil and gas revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Oil and gas revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Oil and gas revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	57,919	32,009
Oil and gas revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Oil and gas revenues | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	21,082	14,980
Other revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Other revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Other revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	21,082	14,980
Other revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Other revenues | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 0	$ 0

Revenues from Contracts with _5

Revenues from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue related to performance obligation satisfied	$ 35	$ 33.6
Revenue associated with distribution services, a portion of which related to prior period	3.5	2.9
Receivables related to revenues from contracts with customers	290.8		$ 298.7
Contract assets related to revenue from contracts with customers	21		25.2
Deferred revenue	30.5		49.7
Deferred revenue, revenue recognized	18	6.9
Capitalized contract cost	1.1		$ 1.6
Expenses related to capitalized costs to fulfill a contract	$ 1	$ 1.2

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021
Income Taxes [Line Items]
Unrecognized tax benefits	$ 446,900		$ 436,900
Interest included in unrecognized tax benefits	101,000		97,900
Net deferred tax asset	382,700		327,500
Income tax provision	$ 64,357	$ 218,236
Effective income tax rate	16.40%	27.30%
Jefferies Group
Income Taxes [Line Items]
Unrecognized tax benefits	$ 287,100		$ 273,200

Common Share and Earnings Per_3

Common Share and Earnings Per Common Share - Earnings Per Share Computation (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders	$ 327,447	$ 582,435
Allocation of earnings to participating securities	(1,976)	(3,216)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share	325,471	579,219
Adjustment to allocation of earnings to participating securities related to diluted shares	39	42
Mandatorily redeemable convertible preferred share dividends	2,070	1,626
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share	$ 327,580	$ 580,887
Denominator for earnings per share:
Weighted average common shares outstanding (in shares)	241,963	249,352
Denominator for basic earnings per share – weighted average shares (in shares)	257,552	266,386
Mandatorily redeemable convertible preferred shares (in shares)	4,441	4,441
Denominator for diluted earnings per share (in shares)	266,571	272,881
Weighted average shares of participating securities (in shares)	1,571	1,482
Restricted stock with future service required
Denominator for earnings per share:
Weighted average shares of restricted stock outstanding with future service required (in shares)	(1,557)	(1,461)
Restricted stock units with no future service required
Denominator for earnings per share:
Weighted average RSUs outstanding with no future service required (in shares)	17,146	18,495
Stock options and other share based awards
Denominator for earnings per share:
Dilutive effect of share-based payment awards (in shares)	1,892	208
Restricted stock units | Senior executive compensation plan awards
Denominator for earnings per share:
Dilutive effect of share-based payment awards (in shares)	2,686	1,846

Common Share and Earnings Per_4

Common Share and Earnings Per Common Share - Narrative (Details) - USD ($)	3 Months Ended
	Feb. 28, 2022	Mar. 31, 2022	Jan. 31, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Increase in share repurchase authorization			$ 87,500,000
Stock repurchased during period (in shares)	10,038,189
Stock repurchased during period	$ 364,200,000
Average repurchase price per share (in dollars per share)	$ 36.28
Remaining authorized repurchase amount	$ 0
Current Board of Director Authorization
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock repurchased during period (in shares)	6,848,095
Stock repurchased during period	$ 250,000,000
Net-Share Settlements, Equity Compensation Plan
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock repurchased during period (in shares)	3,190,094
Stock repurchased during period	$ 114,200,000
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	3 Months Ended
	Feb. 28, 2022USD ($)
Guarantor Obligations [Line Items]
2022	$ 16,067.4
2023	779.6
2024 and 2025	8.1
2026 and 2027	65.2
2028 and Later	35.2
Maximum Payout	$ 16,955.5
Guarantor obligation settled period	3 days
Equity commitments
Guarantor Obligations [Line Items]
2022	$ 93.8
2023	27.3
2024 and 2025	2.7
2026 and 2027	5.2
2028 and Later	35.2
Maximum Payout	164.2
Loan commitments
Guarantor Obligations [Line Items]
2022	0
2023	275.3
2024 and 2025	0
2026 and 2027	60
2028 and Later	0
Maximum Payout	335.3
Underwriting commitments
Guarantor Obligations [Line Items]
2022	116.9
2023	0
2024 and 2025	0
2026 and 2027	0
2028 and Later	0
Maximum Payout	116.9
Forward starting reverse repos
Guarantor Obligations [Line Items]
2022	9,616.7
2023	0
2024 and 2025	0
2026 and 2027	0
2028 and Later	0
Maximum Payout	9,616.7
Forward starting repos
Guarantor Obligations [Line Items]
2022	6,215
2023	0
2024 and 2025	0
2026 and 2027	0
2028 and Later	0
Maximum Payout	6,215
Other unfunded commitments
Guarantor Obligations [Line Items]
2022	25
2023	477
2024 and 2025	5.4
2026 and 2027	0
2028 and Later	0
Maximum Payout	507.4
Forward starting securities purchased under agreements to resell settled
Guarantor Obligations [Line Items]
Maximum Payout	$ 9,580

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees - Narrative (Details)	3 Months Ended
	Feb. 28, 2022USD ($)
Loss Contingencies [Line Items]
Fair value of derivative contracts meeting the definition of a guarantee	$ 398,100,000
Standby letters of credit
Loss Contingencies [Line Items]
Letters of credit	$ 6,700,000
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	75,700,000
Jefferies Capital Partners LLC and its private equity funds
Loss Contingencies [Line Items]
Equity commitments	10,700,000
Other Investments
Loss Contingencies [Line Items]
Equity commitments	66,300,000
Clients
Loss Contingencies [Line Items]
Outstanding loan commitments	85,300,000
Oak Hill Entities
Loss Contingencies [Line Items]
Equity commitments	$ 71,800,000

Commitments, Contingencies an_5

Commitments, Contingencies and Guarantees - Guarantees (Details) - Derivative notional amount $ in Millions	Feb. 28, 2022USD ($)
Derivative contracts – non-credit related
Guarantor Obligations [Line Items]
2022	$ 13,370.4
2023	8,083.3
2024 and 2025	6,874.9
2026 and 2027	1,621.7
2028 and Later	0
Notional/ Maximum Payout	29,950.3
Written derivative contracts – credit related
Guarantor Obligations [Line Items]
2022	0
2023	0
2024 and 2025	0.2
2026 and 2027	0
2028 and Later	0
Notional/ Maximum Payout	0.2
Total derivative contracts
Guarantor Obligations [Line Items]
2022	13,370.4
2023	8,083.3
2024 and 2025	6,875.1
2026 and 2027	1,621.7
2028 and Later	0
Notional/ Maximum Payout	$ 29,950.5

Net Capital Requirements (Detai

Net Capital Requirements (Details) $ in Millions	Feb. 28, 2022USD ($)
Jefferies LLC
Net Capital Requirements [Line Items]
Net capital	$ 1,790
Excess net capital	1,680
JFSI
Net Capital Requirements [Line Items]
Net capital	427.6
Excess net capital	$ 407.6

Other Fair Value Information (D

Other Fair Value Information (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Nov. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings	$ 467,853	$ 221,863
Long-term debt	8,896,032	9,125,745
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	836,151	835,009
Short-term borrowings	467,853	221,863
Long-term debt	7,133,869	7,282,147
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	868,717	866,163
Short-term borrowings	467,853	221,863
Long-term debt	$ 7,543,237	$ 8,004,211

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021
Private Equity Related Funds
Related Party Transaction [Line Items]
Loans to and/or equity investments in related funds	$ 26.2		$ 27.1
JCP Fund V
Related Party Transaction [Line Items]
Net gains (losses) from private equity related funds	0.9	$ (0.5)
Affiliated entity | Berkadia | Jefferies Group
Related Party Transaction [Line Items]
Purchase commitment	431		425.6
Affiliated entity | Monashee | Jefferies Group
Related Party Transaction [Line Items]
Investment in related party	8		13.6
Affiliated entity | Oak Hill | Jefferies Group
Related Party Transaction [Line Items]
Investment in related party	4.1		6
Affiliated entity | FXCM | Jefferies Group | Payables, expense accruals and other liabilities
Related Party Transaction [Line Items]
OTC foreign exchange contracts	0.6		0.7
Officers and employees
Related Party Transaction [Line Items]
Loans outstanding to related party	$ 20.9		$ 23.1

Segment Information - Narrative

Segment Information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Dec. 01, 2021
Segment Reporting Information [Line Items]
Interest expense	$ 9,088	$ 20,367
Reportable Segments | Merchant Banking and Asset Management Segments
Segment Reporting Information [Line Items]
Net assets			$ 477,000
Reportable Segments | Merchant Banking
Segment Reporting Information [Line Items]
Net assets			194,000
Interest expense	700	900
Reportable Segments | Investment Banking and Capital Markets
Segment Reporting Information [Line Items]
Net assets			139,000
Interest expense		5,600
Reportable Segments | Investment Banking and Capital Markets | Foursight
Segment Reporting Information [Line Items]
Net assets			48,000
Reportable Segments | Asset Management
Segment Reporting Information [Line Items]
Net assets			$ 55,000
Reconciling items - Parent Company interest
Segment Reporting Information [Line Items]
Interest expense	$ 8,400	$ 13,900

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands		3 Months Ended
		Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021
Segment Reporting Information [Line Items]
Total consolidated revenues		$ 1,731,915	$ 2,486,942
Total consolidated income before income taxes		392,332	800,785
Total consolidated depreciation and amortization expenses		45,937	38,767
Total consolidated assets	[1]	60,036,451		$ 60,404,110
Reconciling items - Parent Company interest
Segment Reporting Information [Line Items]
Total consolidated income before income taxes		(8,391)	(13,902)
Reportable Segments
Segment Reporting Information [Line Items]
Total consolidated revenues		1,732,055	2,484,292
Total consolidated income before income taxes		400,723	811,888
Total consolidated assets		60,452,092		60,805,150
Reportable Segments | Investment Banking and Capital Markets
Segment Reporting Information [Line Items]
Total consolidated revenues		1,481,818	1,987,496
Total consolidated income before income taxes		420,885	556,231
Total consolidated depreciation and amortization expenses		23,555	20,710
Total consolidated assets		52,646,088		52,903,374
Reportable Segments | Asset Management
Segment Reporting Information [Line Items]
Total consolidated revenues		59,956	229,202
Total consolidated income before income taxes		16,009	183,932
Total consolidated depreciation and amortization expenses		362	479
Total consolidated assets		3,312,921		3,205,799
Reportable Segments | Merchant Banking
Segment Reporting Information [Line Items]
Total consolidated revenues		189,535	267,004
Total consolidated income before income taxes		(24,407)	92,202
Total consolidated depreciation and amortization expenses		21,596	16,714
Total consolidated assets		2,277,138		2,263,050
Reportable Segments | Corporate
Segment Reporting Information [Line Items]
Total consolidated revenues		746	590
Total consolidated income before income taxes		(11,764)	(20,477)
Total consolidated depreciation and amortization expenses		424	864
Total consolidated assets		2,215,945		2,432,927
Reconciling items - Consolidation adjustments
Segment Reporting Information [Line Items]
Total consolidated revenues		(140)	2,650
Total consolidated income before income taxes		0	$ 2,799
Total consolidated assets		$ (415,641)		$ (401,040)
[1]	Total assets include assets related to variable interest entities of $1.27 billion and $1.05 billion at February 28, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $3.68 billion and $4.64 billion at February 28, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $32.5 million at February 28, 2022. See Note 7 for additional information related to variable interest entities.