Jefferies Financial (JEF) 10-Q 8 Jul 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	May 31, 2022	Jun. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 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		232,452,897
Entity Central Index Key	0000096223
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands		May 31, 2022	Nov. 30, 2021
ASSETS
Cash and cash equivalents		$ 8,523,117	$ 10,755,133
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations		962,590	1,015,107
Financial instruments owned, at fair value (including securities pledged of $16,398,557 and $12,723,502)		20,247,955	19,828,670
Loans to and investments in associated companies		1,803,542	1,745,790
Securities borrowed		6,312,320	6,409,420
Securities purchased under agreements to resell		4,744,979	7,642,484
Securities received as collateral, at fair value		1,322	7,289
Receivables		9,316,521	7,839,240
Property, equipment and leasehold improvements, net		891,126	911,230
Intangible assets, net and goodwill		1,885,043	1,897,500
Other assets		2,525,295	2,352,247
Total assets	[1]	57,213,810	60,404,110
LIABILITIES
Short-term borrowings		354,181	221,863
Financial instruments sold, not yet purchased, at fair value		13,665,037	11,699,467
Securities loaned		1,876,434	1,525,721
Securities sold under agreements to repurchase		8,163,890	8,446,099
Other secured financings		2,666,022	4,487,224
Obligation to return securities received as collateral, at fair value		1,322	7,289
Lease liabilities		516,444	548,295
Payables, expense accruals and other liabilities		10,576,405	13,612,367
Long-term debt		8,882,095	9,125,745
Total liabilities	[1]	46,701,830	49,674,070
Commitments and contingencies
MEZZANINE EQUITY
Redeemable noncontrolling interests		18,841	25,400
Mandatorily redeemable convertible preferred shares		125,000	125,000
EQUITY
Common shares, par value $1 per share, authorized 600,000,000 shares; 232,321,354 and 243,541,431 shares issued and outstanding, after deducting 84,142,354 and 72,922,277 shares held in treasury		232,321	243,541
Additional paid-in capital		2,156,366	2,742,244
Accumulated other comprehensive income (loss)		(316,977)	(372,143)
Retained earnings		8,228,467	7,940,113
Total Jefferies Financial Group Inc. shareholders' equity		10,300,177	10,553,755
Noncontrolling interests		67,962	25,885
Total equity		10,368,139	10,579,640
Total		$ 57,213,810	$ 60,404,110
[1]Total assets include assets related to variable interest entities of $854.8 million and $1.05 billion at May 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.68 billion and $4.64 billion at May 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at May 31, 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		May 31, 2022	Nov. 30, 2021
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)		232,321,354	243,541,431
Common shares, issued after deducting shares held in treasury (in shares)		232,321,354	243,541,431
Treasury stock (in shares)		84,142,354	72,922,277
Financial instruments owned, at fair value		$ 20,247,955	$ 19,828,670
Assets	[1]	57,213,810	60,404,110
Liabilities	[1]	46,701,830	49,674,070
Noncontrolling interests		67,962	25,885
Asset Pledged as Collateral
Financial instruments owned, at fair value		16,398,557	12,723,502
Variable interest entities, primary beneficiary
Assets		854,800	1,050,000
Liabilities		2,680,000	$ 4,640,000
Noncontrolling interests		$ 34,600
[1]Total assets include assets related to variable interest entities of $854.8 million and $1.05 billion at May 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.68 billion and $4.64 billion at May 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at May 31, 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		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Revenues:
Revenues	$ 1,618,147	$ 2,166,329	$ 3,560,947	$ 4,869,917
Interest expense	9,311	19,943	18,399	40,310
Net revenues	1,369,082	1,950,507	3,100,997	4,437,449
Expenses:
Cost of sales	130,449	143,847	226,120	239,406
Compensation and benefits	578,477	831,242	1,368,161	2,003,785
Non-compensation expenses:
Floor brokerage and clearing fees	94,016	76,810	177,977	153,226
Selling, general and other expenses	328,281	341,560	613,538	613,497
Interest expense	9,311	19,943	18,399	40,310
Depreciation and amortization	40,307	39,440	86,244	78,207
Total non-compensation expenses	471,915	477,753	896,158	885,240
Total expenses	1,180,841	1,452,842	2,490,439	3,128,431
Income before income taxes and loss related to associated companies	188,241	497,665	610,558	1,309,018
Loss related to associated companies	(21,700)	(23,526)	(51,685)	(34,094)
Income before income taxes	166,541	474,139	558,873	1,274,924
Income tax provision	49,683	120,820	114,040	339,056
Net income	116,858	353,319	444,833	935,868
Net income attributable to the noncontrolling interests	(1,096)	669	(127)	1,412
Net loss attributable to the redeemable noncontrolling interests	323	234	896	1,003
Preferred stock dividends	(2,071)	(1,626)	(4,141)	(3,252)
Net income attributable to Jefferies Financial Group Inc. common shareholders	$ 114,014	$ 352,596	$ 441,461	$ 935,031
Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income (in dollars per share)	$ 0.46	$ 1.33	$ 1.73	$ 3.51
Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income (in dollars per share)	$ 0.45	$ 1.30	$ 1.70	$ 3.43
Jefferies Group
Revenues:
Interest expense	$ 249,065	$ 215,822	$ 459,950	$ 432,468
Non-compensation expenses:
Interest expense	249,065	215,822	459,950	432,468
Commissions and other fees
Revenues:
Revenues	254,706	222,624	484,022	459,393
Principal transactions
Revenues:
Revenues	204,589	361,023	453,744	1,280,924
Investment banking
Revenues:
Revenues	600,859	1,000,700	1,545,907	2,004,312
Interest income
Revenues:
Revenues	244,699	230,448	458,680	470,945
Other
Revenues:
Revenues	$ 313,294	$ 351,534	$ 618,594	$ 654,343

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 116,858	$ 353,319	$ 444,833	$ 935,868
Other comprehensive income (loss):
Net unrealized holding gains (losses) on available for sale securities arising during the period, net of income tax provision (benefit) of $(121), $(8), $(177) and $(27)	(373)	(27)	(546)	(87)
Net change in unrealized holding gains (losses) on available for sale securities, net of income tax provision (benefit) of $(121), $(8), $(177) and $(27)	(373)	(27)	(546)	(87)
Net foreign currency translation adjustments arising during the period, net of income tax provision (benefit) of $(8,305), $1,348, $(8,490) and $4,601	(22,673)	3,393	(22,689)	14,476
Net change in foreign currency translation adjustments, net of income tax provision (benefit) of $(8,305), $1,348, $(8,490) and $4,601	(22,673)	3,393	(22,689)	14,476
Net change in instrument-specific credit risk arising during the period, net of income tax provision (benefit) of $11,508, $(6,327), $24,734 and $(28,509)	35,764	(18,948)	77,176	(88,162)
Less: reclassification adjustment for changes in instrument-specific credit risk included in net income, net of income tax provision (benefit) of $(1), $849, $(8) and $920	2	(2,637)	24	(2,859)
Net change in instrument-specific credit risk gains (losses), net of income tax provision (benefit) of $11,509, $(7,176), $24,742 and $(29,429)	35,766	(21,585)	77,200	(91,021)
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $0, $0, $0 and $0	0	0	0	0
Reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $(204), $(264), $(412) and $(525)	611	765	1,201	1,551
Net change in pension liability, net of income tax provision (benefit) of $204, $264, $412 and $525	611	765	1,201	1,551
Other comprehensive income (loss), net of income taxes	13,331	(17,454)	55,166	(75,081)
Comprehensive income	130,189	335,865	499,999	860,787
Comprehensive (income) loss attributable to the noncontrolling interests	(1,096)	669	(127)	1,412
Comprehensive loss attributable to the redeemable noncontrolling interests	323	234	896	1,003
Preferred stock dividends	(2,071)	(1,626)	(4,141)	(3,252)
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders	$ 127,345	$ 335,142	$ 496,627	$ 859,950

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Statement of Comprehensive Income [Abstract]
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit)	$ (121)	$ (8)	$ (177)	$ (27)
Net change in unrealized holding gains (losses) on investments, tax provision (benefit)	(121)	(8)	(177)	(27)
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit)	(8,305)	1,348	(8,490)	4,601
Net change in unrealized foreign exchange gains (losses), tax provision (benefit)	(8,305)	1,348	(8,490)	4,601
Net unrealized gains (losses) on instrument specific credit risk arising during the period, tax provision (benefit)	11,508	(6,327)	24,734	(28,509)
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), tax provision (benefit)	(1)	849	(8)	920
Net change in unrealized instrument specific credit risk gains (losses), tax provision (benefit)	11,509	(7,176)	24,742	(29,429)
Net pension gains (losses) arising during the period, tax provision (benefit)	0	0	0	0
Less: reclassification adjustment for pension (gains) losses included in net income (loss), tax provision (benefit)	(204)	(264)	(412)	(525)
Net change in pension liability, tax provision (benefit)	$ 204	$ 264	$ 412	$ 525

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	May 31, 2022	May 31, 2021
Net cash flows from operating activities:
Net income	$ 444,833	$ 935,868
Adjustments to reconcile net income to net cash provided by (used for) operations:
Deferred income tax benefit	(79,961)	(40,537)
Depreciation and amortization	88,970	83,640
Share-based compensation	22,999	64,257
Provision for doubtful accounts	18,426	48,939
Income related to associated companies	(36,900)	(118,950)
Distributions from associated companies	40,481	39,449
Net change in:
Securities deposited with clearing and depository organizations	0	(23,788)
Financial instruments owned, at fair value	(386,483)	(1,795,263)
Securities borrowed	84,150	219,788
Securities purchased under agreements to resell	2,875,162	(1,811,829)
Receivables from brokers, dealers and clearing organizations	(1,053,046)	(601,333)
Receivables from customers of securities operations	(477,529)	(834,886)
Other receivables	68,158	(91,089)
Other assets	(154,896)	(88,072)
Financial instruments sold, not yet purchased, at fair value	2,006,027	1,937,962
Securities loaned	360,152	461,500
Securities sold under agreements to repurchase	(262,132)	(1,244,181)
Payables to brokers, dealers and clearing organizations	(1,021,898)	2,020,160
Payables to customers of securities operations	(743,632)	(61,147)
Lease liabilities	(40,898)	(27,349)
Trade payables, expense accruals and other liabilities	(1,287,126)	17,124
Other	(455,439)	(71,849)
Net cash provided by (used for) operating activities	9,418	(981,586)
Net cash flows from investing activities:
Acquisitions of property, equipment and leasehold improvements, and other assets	(84,763)	(56,766)
Advances on notes, loans and other receivables	(282,877)	(284,616)
Collections on notes, loans and other receivables	208,227	172,609
Loans to and investments in associated companies	(323,202)	(1,988,158)
Capital distributions and loan repayments from associated companies	258,243	2,025,728
Deconsolidation of asset management entity	(21,221)	0
Other	12,117	2,391
Net cash used for investing activities	(233,476)	(128,812)
Net cash flows from financing activities:
Issuance of debt, net of issuance costs	2,326,201	1,276,311
Repayment of debt	(1,850,880)	(1,153,478)
Net change in other secured financings	(1,821,202)	842,190
Net change in bank overdrafts	(10,296)	49,187
Distributions to noncontrolling interests	0	(13,266)
Contributions from noncontrolling interests	63,171	3,434
Purchase of common shares for treasury	(622,223)	(130,097)
Dividends paid	(142,519)	(99,501)
Other	1,609	1,207
Net cash provided by (used for) financing activities	(2,056,139)	775,987
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(9,795)	4,755
Net decrease in cash, cash equivalents and restricted cash	(2,289,992)	(329,656)
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	$ 9,538,312	$ 9,335,316

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	May 31, 2022	May 31, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 8,523,117	$ 8,443,206
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	962,590	843,356
Other assets	52,605	48,754
Total cash, cash equivalents and restricted cash	$ 9,538,312	$ 9,335,316

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	Subtotal	Subtotal Cumulative effect of the adoption of accounting standards	Subtotal Cumulative effect of the adoption of accounting standards, adjusted balance	Common Shares $1 Par Value	Common Shares $1 Par Value Cumulative effect of the adoption of accounting standards, adjusted balance	Additional Paid-In Capital	Additional Paid-In Capital Cumulative 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 Earnings Cumulative effect of the adoption of accounting standards	Retained Earnings Cumulative effect of the adoption of accounting standards, adjusted balance	Noncontrolling Interests	Noncontrolling Interests Cumulative effect of the adoption of accounting standards, adjusted balance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Par or Stated Value Per Share	$ 1
Beginning balance at Nov. 30, 2020	$ 9,438,525	$ (19,915)	$ 9,418,610	$ 9,403,893	$ (19,915)	$ 9,383,978	$ 249,751	$ 249,751	$ 2,911,223	$ 2,911,223	$ (288,917)	$ (288,917)	$ 6,531,836	$ (19,915)	$ 6,511,921	$ 34,632	$ 34,632
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Jefferies Financial Group Inc. common shareholders	935,031			935,031									935,031
Net income attributable to the noncontrolling interests	(1,412)															(1,412)
Other comprehensive income (loss), net of income taxes	(75,081)			(75,081)							(75,081)
Contributions from noncontrolling interests	3,434															3,434
Distributions to noncontrolling interests	(13,266)															(13,266)
Share-based compensation expense	64,257			64,257					64,257
Change in fair value of redeemable noncontrolling interests	(10,773)			(10,773)					(10,773)
Purchase of common shares for treasury	(130,097)			(130,097)			(5,103)		(124,994)
Dividends	(106,839)			(106,839)									(106,839)
Other	11,500			12,158			2,384		9,774							(658)
Ending balance at May. 31, 2021	$ 10,095,364			10,072,634			247,032		2,849,487		(363,998)		7,340,113			22,730
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Par or Stated Value Per Share	$ 1
Beginning balance at Feb. 28, 2021	$ 9,778,358			9,745,862			246,703		2,804,243		(346,544)		7,041,460			32,496
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Jefferies Financial Group Inc. common shareholders	352,596			352,596									352,596
Net income attributable to the noncontrolling interests	(669)															(669)
Other comprehensive income (loss), net of income taxes	(17,454)			(17,454)							(17,454)
Contributions from noncontrolling interests	3,354															3,354
Distributions to noncontrolling interests	(11,793)															(11,793)
Share-based compensation expense	43,579			43,579					43,579
Change in fair value of redeemable noncontrolling interests	(3,715)			(3,715)					(3,715)
Dividends	(53,943)			(53,943)									(53,943)
Other	5,051			5,709			329		5,380							(658)
Ending balance at May. 31, 2021	$ 10,095,364			10,072,634			247,032		2,849,487		(363,998)		7,340,113			22,730
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Par or Stated Value Per Share	$ 1
Common Stock, Par or Stated Value Per Share	$ 1
Beginning balance at Nov. 30, 2021	$ 10,579,640			10,553,755			243,541		2,742,244		(372,143)		7,940,113			25,885
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Jefferies Financial Group Inc. common shareholders	441,461			441,461									441,461
Net income attributable to the noncontrolling interests	127															127
Other comprehensive income (loss), net of income taxes	55,166			55,166							55,166
Contributions from noncontrolling interests	63,171															63,171
Share-based compensation expense	22,999			22,999					22,999
Change in fair value of redeemable noncontrolling interests	(13,128)			(13,128)					(13,128)
Deconsolidation of Asset Management entity	(21,221)															(21,221)
Purchase of common shares for treasury	(622,223)			(622,223)			(18,051)		(604,172)
Dividends	(153,107)			(153,107)									(153,107)
Other	15,254			15,254			6,831		8,423
Ending balance at May. 31, 2022	$ 10,368,139			10,300,177			232,321		2,156,366		(316,977)		8,228,467			67,962
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Par or Stated Value Per Share	$ 1
Beginning balance at Feb. 28, 2022	$ 10,548,919			10,490,300			240,169		2,390,787		(330,308)		8,189,652			58,619
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Jefferies Financial Group Inc. common shareholders	114,014			114,014									114,014
Net income attributable to the noncontrolling interests	1,096															1,096
Other comprehensive income (loss), net of income taxes	13,331			13,331							13,331
Contributions from noncontrolling interests	29,468															29,468
Share-based compensation expense	13,253			13,253					13,253
Change in fair value of redeemable noncontrolling interests	(5,137)			(5,137)					(5,137)
Deconsolidation of Asset Management entity	(21,221)															(21,221)
Purchase of common shares for treasury	(258,034)			(258,034)			(8,013)		(250,021)
Dividends	(75,199)			(75,199)									(75,199)
Other	7,649			7,649			165		7,484
Ending balance at May. 31, 2022	$ 10,368,139			$ 10,300,177			$ 232,321		$ 2,156,366		$ (316,977)		$ 8,228,467			$ 67,962
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Par or Stated Value Per Share	$ 1

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Statement of Stockholders' Equity [Abstract]
Common shares, par value (in dollars per share)	$ 1	$ 1	$ 1	$ 1
Dividends per common share (in dollars per share)	$ 0.30	$ 0.20	$ 0.60	$ 0.40

Nature of Operations

Nature of Operations	6 Months Ended
	May 31, 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	6 Months Ended
	May 31, 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 six months ended May 31, 2022, there were no significant changes made to the Company's significant accounting policies. Receivables At May 31, 2022 and November 30, 2021, Receivables include receivables from brokers, dealers and clearing organizations of $5.93 billion and $4.90 billion, respectively, and receivables from customers of securities operations of $2.09 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 $872.5 million and $812.6 million at May 31, 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, $731.4 million and $682.7 million at May 31, 2022 and November 30, 2021, respectively, were in securitized vehicles. See Notes 6 and 7 for additional information on Foursight's securitization activities. Additionally, automobile loan receivables of $111.1 million and $103.0 million at May 31, 2022 and November 30, 2021, respectively, were pledged for loans outstanding under credit facilities. Foursight's automobile loan receivables held for investment consisted of approximately 17% and 19% with credit scores 680 and above, 47% and 51% with scores between 620 and 679 and 36% and 30% with scores below 620 at May 31, 2022 and November 30, 2021, respectively. A rollforward of the allowance for credit losses related to receivables for the three and six months ended May 31, 2022 and 2021 is as follows (in thousands): For the Three Months Ended May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Beginning balance $ 79,369 $ 76,392 $ 75,999 $ 53,926 Adjustment for change in accounting principle for current expected credit losses — — — 26,519 Provision for doubtful accounts (1) 9,425 45,672 18,426 48,939 Charge-offs, net of recoveries (1) (2,769) (42,810) (8,400) (50,130) Ending balance $ 86,025 $ 79,254 $ 86,025 $ 79,254 (1) The three and six months ended May 31, 2021 includes a $39.0 million bad debt expense related to our prime brokerage business. Other Investments At May 31, 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 $77.3 million and $119.4 million, respectively. There were no impairments on these investments during the three and six months ended May 31, 2022 and 2021. Capitalization of Interest We capitalize interest on qualifying HomeFed real estate assets. Capitalized interest of $3.3 million and $2.2 million during the three months ended May 31, 2022 and 2021, respectively, $6.5 million and $4.1 million during the six months ended May 31, 2022 and 2021, respectively, was allocated among all of HomeFed's projects that are currently under development. Payables, expense accruals and other liabilities At May 31, 2022 and November 30, 2021, Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $4.78 billion and $5.82 billion, respectively, and payables to customers of securities operations of $3.72 billion and $4.46 billion, respectively. Supplemental Cash Flow Information For the Six Months Ended May 31, (In thousands) 2022 2021 Cash paid during the year for: Interest $ 551,165 $ 444,939 Income tax payments (refunds), net $ 101,049 $ 337,720

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	May 31, 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 $1.31 billion and $1.03 billion at May 31, 2022 and November 30, 2021, respectively, by level within the fair value hierarchy (in thousands): May 31, 2022 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 3,867,049 $ 157,414 $ 200,961 $ — $ 4,225,424 Corporate debt securities — 3,231,505 20,813 — 3,252,318 Collateralized debt obligations and collateralized loan obligations — 323,627 49,858 — 373,485 U.S. government and federal agency securities 2,549,972 32,268 — — 2,582,240 Municipal securities — 630,483 — — 630,483 Sovereign obligations 1,061,291 1,001,175 — — 2,062,466 Residential mortgage-backed securities — 1,591,820 1,059 — 1,592,879 Commercial mortgage-backed securities — 343,744 1,870 — 345,614 Other asset-backed securities — 202,509 84,778 — 287,287 Loans and other receivables — 2,824,872 137,752 — 2,962,624 Derivatives 9,495 3,100,255 26,919 (2,728,569) 408,100 Investments at fair value — 4,311 163,844 — 168,155 FXCM term loan — — 51,880 — 51,880 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 7,487,807 $ 13,443,983 $ 739,734 $ (2,728,569) $ 18,942,955 Loans to and investments in associated $ — $ 1,795 $ 14,795 $ — $ 16,590 Securities received as collateral, at fair value $ 1,322 $ — $ — $ — $ 1,322 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 1,801,924 $ 32,488 $ 3,749 $ — $ 1,838,161 Corporate debt securities — 2,308,815 401 — 2,309,216 U.S. government and federal agency securities 3,471,943 — — — 3,471,943 Sovereign obligations 1,371,769 902,107 — — 2,273,876 Residential mortgage-backed securities — 1,010 — — 1,010 Commercial mortgage-backed securities — — 385 — 385 Loans — 2,465,974 18,283 — 2,484,257 Derivatives 2,172 4,066,790 101,916 (2,884,689) 1,286,189 Total financial instruments sold, not yet purchased, at fair value $ 6,647,808 $ 9,777,184 $ 124,734 $ (2,884,689) $ 13,665,037 Other secured financings $ — $ — $ 2,362 $ — $ 2,362 Long-term debt $ — $ 877,667 $ 739,353 $ — $ 1,617,020 Obligation to return securities received as collateral, at fair value $ 1,322 $ — $ — $ — $ 1,322 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. 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 May 31, 2022 Equity Long/Short Hedge Funds (2) $ 482,004 $ — Equity Funds (3) 57,760 41,191 Commodity Fund (4) 25,461 — Multi-asset Funds (5) 418,397 — Other Funds (6) 321,378 15,963 Total $ 1,305,000 $ 57,154 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 May 31, 2022 and November 30, 2021, approximately 63% and 74%, respectively, of the fair value of investments are redeemable quarterly with 90 days prior written notice on December 31, 2021. At May 31, 2022 and November 30, 2021, approximately 32% and 21%, respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption before 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. These investments are redeemable quarterly with 60 days prior written notice. (5) This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At May 31, 2022 and November 30, 2021, investments representing approximately 77% and 78%, respectively, of the fair value of investments are redeemable monthly with 60 days prior written notice. At May 31, 2022 and November 30, 2021, approximately 16% and 22%, respectively, of the fair value of investments in this category are redeemable quarterly with 90 days prior written notice. At May 31, 2022, the remaining investments cannot be redeemed because these investments include restrictions that do not allow for redemption before April 1, 2024. (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 May 6, 2023 ($71.6 million principal outstanding at May 31, 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 Corporate bonds are measured primarily using pricing data from external pricing services and are categorized within Level 2 of the fair value hierarchy. Non-exchange-traded equity warrants with no pricing from external pricing services are generally categorized within Level 3 of the fair value hierarchy. The warrants are measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, interest rate curve, strike price and maturity date. Other Secured Financings Other secured financings that are accounted for at fair value are classified within Level 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 May 31, 2022 (in thousands): Balance, February 28, 2022 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, May 31, 2022 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 113,922 $ 35,581 $ 67,540 $ (13,415) $ — $ — $ (2,667) $ 200,961 $ 35,361 Corporate debt securities 42,358 3,550 38,141 (47,025) (12,604) — (3,607) 20,813 (849) CDOs and CLOs 45,219 877 13,264 (28,037) (1,466) — 20,001 49,858 (1,798) Sovereign obligations 23 — — — — — (23) — — Residential mortgage-backed securities 1,186 (47) — — (80) — — 1,059 (17) Commercial mortgage-backed securities 3,732 (439) — — — — (1,423) 1,870 — Other asset-backed securities 62,382 (781) 21,501 (1,688) (12,296) — 15,660 84,778 (1,065) Loans and other receivables 137,942 (3,764) 15,598 (23,603) (108) — 11,687 137,752 (4,764) Investments at fair value 169,508 1,576 37 — (7,277) — — 163,844 1,576 FXCM term loan 50,335 1,545 — — — — — 51,880 1,545 Loans to and investments in associated companies 22,480 (7,685) — — — — — 14,795 — Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities 5,666 (234) (1,533) — — — (150) $ 3,749 (350) Corporate debt securities 7,308 (3,588) (16,091) 14,584 — — (1,812) 401 5 Sovereign obligations 1,159 — — — — — (1,159) — — Commercial mortgage-backed securities 315 — — 70 — — — 385 — Loans 11,541 10 (1,911) 1,089 — — 7,554 18,283 119 Net derivatives (2) 47,770 (9,100) (1,559) — (8,262) — 46,148 74,997 9,903 Other secured financings 32,377 — — — (30,015) — — 2,362 — Long-term debt (1) 794,460 (146,261) — — (4,950) 76,443 19,661 739,353 114,362 (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 May 31, 2022 were gains of $31.9 million during the three months ended May 31, 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 May 31, 2022 During the three months ended May 31, 2022, transfers of assets of $51.3 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • CDOs and CLOs of $20.0 million, other asset-backed securities of $15.8 million and loans and other receivables of $15.1 million due to reduced pricing transparency. During the three months ended May 31, 2022, transfers of assets of $11.7 million from Level 3 to Level 2 are primarily attributed to: • Corporate debt securities of $3.6 million, loans and other receivables of $3.4 million and corporate equity securities of $3.1 million due to greater pricing transparency supporting classification into Level 2. During the three months ended May 31, 2022, transfers of liabilities of $98.2 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: • Net derivatives of $66.2 million, structured notes within long-term debt of $23.0 million and loans of $9.1 million due to reduced pricing and market transparency. During the three months ended May 31, 2022, transfers of liabilities of $28.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: • Net derivatives of $20.0 million and structured notes within long-term debt of $3.3 million due to greater market and pricing transparency. Net gains on Level 3 assets were $30.4 million and net gains on Level 3 liabi

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	May 31, 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 May 31, 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 May 31, 2022 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 152,090 3 Foreign exchange contracts: Bilateral OTC 51,845 5 — — Total derivatives designated as accounting hedges 51,845 152,090 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 9,052 76,999 2,015 41,098 Cleared OTC 691,397 3,974 541,001 3,875 Bilateral OTC 528,364 819 944,289 851 Foreign exchange contracts: Bilateral OTC 500,922 11,847 512,817 11,879 Equity contracts: Exchange-traded 1,005,732 1,363,436 766,134 1,397,278 Bilateral OTC 281,493 4,656 1,122,597 5,305 Commodity contracts: Exchange-traded 66 1,365 36 1,534 Bilateral OTC 153 165 50,715 2,325 Credit contracts: Cleared OTC 32,646 95 41,949 95 Bilateral OTC 34,999 14 37,235 13 Total derivatives not designated as accounting hedges 3,084,824 4,018,788 Total gross derivative assets/liabilities: Exchange-traded 1,014,850 768,185 Cleared OTC 724,043 735,040 Bilateral OTC 1,397,776 2,667,653 Amounts offset in the Consolidated Statement of Financial Condition (3): Exchange-traded (764,932) (764,932) Cleared OTC (719,960) (735,040) Bilateral OTC (1,243,677) (1,384,717) Net amounts in the Consolidated Statement of Financial Condition (4) $ 408,100 $ 1,286,189 (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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Interest rate swaps $ (100,415) $ (1,671) $ (144,413) $ (45,462) Long-term debt 105,041 5,215 155,583 52,026 Total $ 4,626 $ 3,544 $ 11,170 $ 6,564 The following table provides information related to gains (losses) on net investment hedges recognized in Net foreign currency translation adjustments, a component of Other comprehensive income (loss), in the Consolidated Statements of Comprehensive Income (Loss) (in thousands): For the Three Months Ended May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Foreign exchange contracts $ 73,498 $ (21,906) $ 62,560 $ (63,406) Total $ 73,498 $ (21,906) $ 62,560 $ (63,406) 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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Interest rate contracts $ (87,871) $ 21,364 $ (129,463) $ (20,760) Foreign exchange contracts (112,157) 24,243 (109,533) 71,072 Equity contracts (16,776) (3,315) 194,161 (93,012) Commodity contracts (34,173) (6,720) (68,478) (25,069) Credit contracts 7,013 (2,864) 11,445 (2,043) Total $ (243,964) $ 32,708 $ (101,868) $ (69,812) The net gains (losses) on derivative contracts in the table above are one of a number of activities comprising our business activities and are before consideration of economic hedging transactions, which generally offset the net gains (losses) included above. We substantially mitigate our exposure to market risk on our cash instruments through derivative contracts, which generally provide offsetting revenues, and we manage the risk associated with these contracts in the context of our overall risk management framework. OTC Derivatives. The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities as reflected in the Consolidated Statement of Financial Condition at May 31, 2022 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross- Total Commodity swaps, options and forwards $ — $ 153 $ — $ (153) $ — Equity options and forwards 15,292 3,514 — (14,945) 3,861 Credit default swaps — 8 4,177 (8) 4,177 Total return swaps 69,436 39,246 46 (9,812) 98,916 Foreign currency forwards, swaps and options 120,957 3,836 284 (3,128) 121,949 Fixed income forwards 30,634 — — — 30,634 Interest rate swaps, options and forwards 67,393 351,584 29,597 (114,610) 333,964 Total $ 303,712 $ 398,341 $ 34,104 $ (142,656) 593,501 Cross product counterparty netting (19,797) Total OTC derivative assets included in Financial instruments owned, at fair value $ 573,704 (1) At May 31, 2022, we held net exchange-traded derivative assets and other credit agreements with a fair value of $249.9 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 May 31, 2022, cash collateral received was $415.5 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 $ 41,566 $ 9,149 $ — $ (153) $ 50,562 Equity options and forwards 78,364 393,463 22,849 (14,945) 479,731 Credit default swaps — 594 8,717 (8) 9,303 Total return swaps 387,018 122,606 100 (9,812) 499,912 Foreign currency forwards, swaps and options 81,886 3,192 49 (3,128) 81,999 Fixed income forwards 845 — — — 845 Interest rate swaps, options and forwards 64,166 351,796 428,428 (114,610) 729,780 Total $ 653,845 $ 880,800 $ 460,143 $ (142,656) 1,852,132 Cross product counterparty netting (19,797) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value $ 1,832,335 (1) At May 31, 2022, we held net exchange-traded derivative liabilities and other credit agreements with a fair value of $25.5 million, which are not included in this table. (2) OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged in the Consolidated Statements of Financial Condition. At May 31, 2022, cash collateral pledged was $571.6 million. (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. At May 31, 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 $ 371,914 BBB- to BBB+ 36,799 BB+ or lower 73,680 Unrated 91,311 Total $ 573,704 (1) We utilize internal credit ratings determined by the Jefferies Group's Risk Management department. Credit ratings determined by Jefferies Group Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. Credit Related Derivative Contracts The external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts are as follows (in millions): External Credit Rating Investment Grade Non-investment grade Unrated Total Notional May 31, 2022 Credit protection sold: Index credit default swaps $ 2,428.4 $ 898.9 $ — $ 3,327.3 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). May 31, November 30, 2021 Derivative instrument liabilities with credit-risk-related contingent features $ 411.7 $ 821.5 Collateral posted (112.6) (160.5) Collateral received 138.0 369.3 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 437.1 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	6 Months Ended
	May 31, 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 May 31, 2022 Cash $ 2,360 $ — $ — $ 2,360 Corporate equity securities 1,548,640 420,284 1,322 1,970,246 Corporate debt securities 264,308 2,072,975 — 2,337,283 Mortgage-backed and asset-backed securities — 1,585,022 — 1,585,022 U.S. government and federal agency securities 55,398 8,680,828 — 8,736,226 Municipal securities — 444,268 — 444,268 Sovereign obligations 5,728 3,256,207 — 3,261,935 Loans and other receivables — 1,228,714 — 1,228,714 Total $ 1,876,434 $ 17,688,298 $ 1,322 $ 19,566,054 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 May 31, 2022 Securities lending arrangements $ 1,088,631 $ 107,370 $ 285,165 $ 395,268 $ 1,876,434 Repurchase agreements 9,267,240 2,549,573 2,363,392 3,508,093 17,688,298 Obligation to return securities received as collateral, at fair value 1,322 — — — 1,322 Total $ 10,357,193 $ 2,656,943 $ 2,648,557 $ 3,903,361 $ 19,566,054 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 May 31, 2022 and November 30, 2021, the approximate fair value of securities received as collateral by us that may be sold or repledged was $30.16 billion and $31.97 billion, respectively. At May 31, 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 May 31, 2022 Securities borrowing arrangements $ 6,312,320 $ — $ 6,312,320 $ (416,770) $ (1,328,320) $ 4,567,230 Reverse repurchase agreements 14,269,387 (9,524,408) 4,744,979 (469,355) (4,140,956) 134,668 Securities received as collateral, at fair value 1,322 — 1,322 — (1,322) — Liabilities at May 31, 2022 Securities lending arrangements $ 1,876,434 $ — $ 1,876,434 $ (416,770) $ (1,433,026) $ 26,638 Repurchase agreements 17,688,298 (9,524,408) 8,163,890 (469,355) (7,318,621) 375,914 Obligation to return securities received as collateral, at fair value 1,322 — 1,322 — (1,322) — 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 May 31, 2022, amounts include $4.50 billion of securities borrowing arrangements, for which we have received securities collateral of $4.32 billion, and $360.0 million of repurchase agreements, for which we have pledged securities collateral of $371.8 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 $962.6 million and $1.02 billion at May 31, 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	6 Months Ended
	May 31, 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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Transferred assets $ 2,462.0 $ 3,146.5 $ 3,542.6 $ 6,730.0 Proceeds on new securitizations 2,513.4 3,146.5 3,594.0 6,729.6 Cash flows received on retained interests 6.5 5.1 15.4 11.1 We have no explicit or implicit arrangements to provide additional financial support to these SPEs, have no liabilities related to these SPEs and do not have any outstanding derivative contracts executed in connection with these securitization activities at May 31, 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): May 31, 2022 November 30, 2021 Securitization Type Total Retained Total Retained U.S. government agency residential mortgage-backed securities $ 255.2 $ 3.7 $ 330.2 $ 4.9 U.S. government agency commercial mortgage-backed securities 2,549.5 180.1 2,201.8 69.2 CLOs 4,676.1 37.0 3,382.3 31.0 Consumer and other loans 2,626.9 142.0 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	6 Months Ended
	May 31, 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. May 31, 2022 November 30, 2021 Secured Funding Vehicles Other Secured Funding Vehicles Other Cash $ — $ 0.1 $ 3.8 $ — Financial instruments owned, at fair value — 37.8 173.1 146.4 Securities purchased under agreements to resell (1) 2,172.6 — 3,697.1 — Receivables (2) 668.2 30.5 626.8 40.6 Other assets (3) 117.4 67.8 114.6 — Total assets $ 2,958.2 $ 136.2 $ 4,615.4 $ 187.0 Financial instruments sold, not yet purchased, at fair $ — $ 6.9 $ — $ 109.1 Other secured financings (4) 2,916.3 — 4,521.6 — Other liabilities (5) 3.5 90.1 46.6 75.3 Total liabilities $ 2,919.8 $ 97.0 $ 4,568.2 $ 184.4 Noncontrolling interests $ — $ 34.6 $ — $ — (1) Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. (2) Approximately $1.4 million and $1.2 million of the receivables at May 31, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation. (3) Approximately $65.5 million and $56.5 million of the other assets at May 31, 2022 and November 30, 2021, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (4) Approximately $252.6 million and $36.7 million of the other secured financings at May 31, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation. (5) Approximately $85.0 million and $75.3 million of the other liabilities at May 31, 2022 and November 30, 2021, respectively, are 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 May 31, 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 May 31, 2022 CLOs $ 367.6 $ 0.8 $ 2,731.9 $ 7,954.0 Asset-backed vehicles 472.8 — 579.1 4,871.8 Related party private equity vehicles 28.4 — 39.1 81.7 Other investment vehicles 1,392.4 — 1,494.7 15,888.7 Total $ 2,261.2 $ 0.8 $ 4,844.8 $ 28,796.2 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 May 31, 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 $28.4 million and $27.1 million at May 31, 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 $1.39 billion and $1.11 billion at May 31, 2022 and November 30, 2021, respectively. Our unfunded equity commitment related to these investments totaled $102.3 million and $90.0 million at May 31, 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 May 31, 2022 and November 30, 2021, we held $1.58 billion and $1.31 billion of agency mortgage-backed securities, respectively, and $205.8 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 $398.8 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 ($51.9 million) and the investment in associated company ($51.2 million) at May 31, 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	6 Months Ended
	May 31, 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 six months ended May 31, 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 $ — $ 4,796 $ 25,370 $ (3) $ 806,325 Berkadia 373,417 77,484 (22,224) (811) 427,866 FXCM (2) 48,986 (6,969) 10,000 (786) 51,231 Linkem (3) 133,778 (44,972) — 8,739 — 97,545 Asset Management companies (4) 183,076 — 6,447 (3,250) 2 186,275 Real estate companies 122,720 710 — 10,257 — 133,687 Other (3) (4) 107,651 (454) (142) (3,983) (2,459) 100,613 Total $ 1,745,790 $ (51,685) $ 88,585 $ 24,909 $ (4,057) $ 1,803,542 2021 Jefferies Finance $ 693,201 $ — $ 60,835 $ (21,817) $ — $ 732,219 Berkadia 301,152 — 60,672 (505) (57) 361,262 FXCM (2) 73,920 (10,120) — — 328 64,128 Linkem 198,991 (19,943) — (8,783) — 170,265 Asset Management companies (4) 139,707 — 31,297 (31,591) — 139,413 Real estate companies 168,678 (3,117) — (11,854) — 153,707 Other (4) 110,914 (914) 240 (3,118) (1) 107,121 Total $ 1,686,563 $ (34,094) $ 153,044 $ (77,668) $ 270 $ 1,728,115 (1) Primarily related to Jefferies Group and classified in Other revenues. (2) As further described in Note 3, our investment in FXCM includes both our equity method investment in FXCM and our term loan with FXCM. Our equity method investment is included in Loans to and investments in associated companies and our term loan is included in Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition. (3) Loans to and investments in associated companies at May 31, 2022 include loans and debt securities aggregating $24.5 million related to Linkem and other, and $15.3 million at November 30, 2021 related to other. (4) Certain prior year amounts have been reclassified to conform to the current year presentation. Income (losses) related to associated companies includes the following (in thousands): For the Three Months Ended May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 FXCM $ 2,578 $ (4,658) $ (6,969) $ (10,120) Linkem (22,001) (10,836) (44,972) (19,943) Real estate companies (1,290) (9,168) 710 (3,117) Other (987) 1,136 (454) (914) Total $ (21,700) $ (23,526) $ (51,685) $ (34,094) 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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Jefferies Finance $ (14,215) $ 33,250 $ 4,796 $ 60,835 Berkadia 38,584 30,654 77,484 60,672 Asset Management companies (1) 6,316 1,113 6,447 31,297 Other (1) (118) 121 (142) 240 Total $ 30,567 $ 65,138 $ 88,585 $ 153,044 (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 May 31, 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 May 31, 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 May 31, 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 May 31, 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 $0.6 million and $1.3 million during the three months ended May 31, 2022 and 2021, respectively, and $1.0 million and $1.9 million during the six months ended May 31, 2022 and 2021, respectively. The following summarizes activity related to our other transactions with Jefferies Finance (in millions): For the Three Months Ended May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Origination and syndication fee revenues (1) $ 41.9 $ 145.4 $ 156.8 $ 215.7 Origination fee expenses (1) 11.4 20.5 27.3 32.8 CLO placement fee revenues (2) 1.2 1.3 1.9 3.7 Underwriting fees (3) — — — 0.5 Service fees (4) 15.8 14.0 65.8 45.5 (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 May 31, 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 May 31, 2022 and November 30, 2021, we had receivables from Jefferies Finance, included in Other assets in the Consolidated Statements of Financial Condition of $3.0 million and $26.2 million, respectively. At May 31, 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 $0.8 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 May 31, 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 $103.9 million at May 31, 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 May 31, 2022. We have approximately 48% of the total voting securities of Linkem. Additionally, we have made shareholder loans to Linkem with principal outstanding of $7.1 million at May 31, 2022. Subsequent to quarter end in June 2022, we made an additional shareholder loan to Linkem of $39.5 million. 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, a registered investment advisor and general partner of various investment management funds, provides us with a 50% voting rights interest and the rights to distribution of 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	6 Months Ended
	May 31, 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): May 31, November 30, 2021 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 7,554 $ 7,732 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $130,699 and $128,012 39,347 42,808 Trademarks and tradenames, net of accumulated amortization of $33,855 and $32,244 94,030 96,509 Other, net of accumulated amortization of $12,328 and $11,329 4,354 5,353 Total intangible assets, net 145,285 152,402 Goodwill: Investment Banking and Capital Markets (1) 1,556,588 1,561,928 Asset Management 143,000 143,000 Real estate 36,711 36,711 Other operations 3,459 3,459 Total goodwill 1,739,758 1,745,098 Total intangible assets, net and goodwill $ 1,885,043 $ 1,897,500 (1) The decrease in Investment Banking and Capital Markets goodwill during the six months ended May 31, 2022, primarily relates to translation adjustments. Amortization expense on intangible assets was $2.5 million and $3.6 million for the three months ended May 31, 2022 and 2021, respectively, and $6.0 million and $7.2 million for the six months ended May 31, 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 $ 5,034 2023 9,900 2024 9,143 2025 8,633 2026 8,606

Short-Term Borrowings

Short-Term Borrowings	6 Months Ended
	May 31, 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): May 31, November 30, 2021 Bank loans (1) $ 347,381 $ 215,063 Floating rate puttable notes (1) 6,800 6,800 Total short-term borrowings $ 354,181 $ 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 May 31, 2022 and November 30, 2021, the weighted average interest rate on short-term borrowings outstanding was 2.17% and 1.41% per annum, respectively.

Long-Term Debt

Long-Term Debt	6 Months Ended
	May 31, 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). May 31, November 30, 2021 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $441,748 principal $ 440,536 $ 440,120 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,921 246,888 Total long-term debt – Parent Company 687,457 687,008 Subsidiary Debt (non-recourse to Parent Company): Jefferies Group Unsecured Long-term Debt: 1.00% Euro Medium Term Notes, due July 19, 2024, $536,850 and $566,150 principal 535,932 564,985 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 728,582 775,550 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 365,253 366,556 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 991,016 990,525 2.625% Senior Notes due October 15, 2031, $1,000,000 principal (1) 932,107 988,059 2.75% Senior Notes, due October 15, 2032, $500,000 principal (1) 409,167 460,724 6.25% Senior Debentures, due January 15, 2036, $495,000 principal 505,033 505,267 6.50% Senior Notes, due January 20, 2043, $391,000 principal 409,702 409,926 Floating Rate Senior Notes, due October 29, 2071 61,709 61,703 Jefferies Group Unsecured Revolving Credit Facility 349,263 348,951 Structured Notes (2) 1,617,020 1,843,598 Jefferies Group Secured Long-term Debt: Jefferies Group Secured Credit Facilities (3) 822,035 706,608 Jefferies Group Secured Bank Loan 100,000 100,000 HomeFed EB-5 Program debt 207,987 203,132 HomeFed construction loans 77,847 45,581 Vitesse Energy Revolving Credit Facility 81,985 67,572 Total long-term debt – subsidiaries 8,194,638 8,438,737 Long-term debt $ 8,882,095 $ 9,125,745 (1) Amounts include net gains of $155.6 million and $52.0 million during the six months ended May 31, 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 six months ended May 31, 2022, structured notes with a total principal amount of approximately $170.5 million, net of retirements, were issued by Jefferies Group. At May 31, 2022 and November 30, 2021, borrowings under several of Jefferies Group's credit facilities classified within Long-term debt amounted to $1.17 billion and $972.9 million, respectively. Interest on these credit facilities is based on adjusted London Interbank Offered Rate ("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 May 31, 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 May 31, 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 May 31, 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 May 31, 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 May 31, 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 the 30 day LIBOR or the Secured Overnight Financing Rate ("SOFR"), plus spreads of 2.15% to 3.15%, subject to adjustment on the first of each calendar month. At May 31, 2022, the weighted average interest rate on these loans was 3.30%. 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 May 31, 2022 and November 30, 2021, $78.8 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 2026 and has a maximum borrowing base of $200.0 million at May 31, 2022. At May 31, 2022, $84.0 million was outstanding under the facility. Borrowings under the facility have been made as SOFR loans that bear interest at SOFR 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. At November 30, 2021, $68.0 million was outstanding under the prior revolving credit facility.

Mezzanine Equity

Mezzanine Equity	6 Months Ended
	May 31, 2022
Temporary Equity Disclosure [Abstract]
Mezzanine Equity	Mezzanine Equity Redeemable Noncontrolling Interests At May 31, 2022 and November 30, 2021, redeemable noncontrolling interests include other redeemable noncontrolling interests of $18.8 million and $25.4 million, respectively, primarily related to our oil and gas exploration and development businesses.

Compensation Plans

Compensation Plans	6 Months Ended
	May 31, 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 and six months ended May 31, 2022, we recorded $6.6 million and $11.9 million, respectively, 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 and six months ended May 31, 2021, we recorded $2.2 million and $48.6 million, respectively, of total Compensation and benefits expense relating to the stock options and SARs, of which $0.0 million and $12.9 million, respectively, was stock-based compensation and $2.2 million and $35.7 million, respectively, related to the SAR awards. Share-Based Compensation Expense. Share-based compensation expense relating to grants made under our share-based compensation plans was $13.3 million and $10.1 million (including $2.2 million related to the senior executive stock option and SAR awards, as discussed above) for the three months ended May 31, 2022 and 2021, respectively, and $23.0 million and $64.3 million (including $48.6 million related to the senior executive stock option award and SAR awards, as discussed above) for the six months ended May 31, 2022 and 2021, respectively. Total compensation cost includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. At May 31, 2022, total unrecognized compensation cost related to nonvested share-based compensation plans was $107.0 million; this cost is expected to be recognized over a weighted average period of 3.6 years. At May 31, 2022, there were 836,000 shares of restricted stock outstanding with future service required, 4,205,000 RSUs outstanding with future service required (including target RSUs that may be issued under the senior executive compensation plan), 12,424,000 RSUs outstanding with no future service required, 5,061,000 stock options outstanding and 1,141,000 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 27,272,000 at May 31, 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 May 31, 2022, the remaining unamortized amount of the restricted cash awards was $279.8 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)	6 Months Ended
	May 31, 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): May 31, November 30, 2021 Net unrealized gains (losses) on available for sale securities $ (277) $ 269 Net foreign currency translation adjustments (189,188) (166,499) Net changes in instrument-specific credit risk (76,472) (153,672) Net minimum pension liability (51,040) (52,241) Total accumulated other comprehensive income (loss) $ (316,977) $ (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 Six Months Ended May 31, 2022 2021 Net changes in instrument-specific credit risk, net of income tax provision (benefit) of $(8) and $920 $ (24) $ 2,859 Principal transactions revenues Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(412) and $(525) (1,201) (1,551) Selling, general and other expenses, which includes pension expense Total reclassifications for the period, net of tax $ (1,225) $ 1,308

Revenues from Contracts with Cu

Revenues from Contracts with Customers	6 Months Ended
	May 31, 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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Revenues from contracts with customers: Commissions and other fees $ 254,706 $ 222,624 $ 484,022 $ 459,393 Investment banking 600,859 1,000,700 1,545,907 2,004,312 Other 277,392 269,029 510,070 461,291 Total revenues from contracts with customers 1,132,957 1,492,353 2,539,999 2,924,996 Other sources of revenue: Principal transactions 204,589 361,023 453,744 1,280,924 Interest income 244,699 230,448 458,680 470,945 Other 35,902 82,505 108,524 193,052 Total revenues from other sources 485,190 673,976 1,020,948 1,944,921 Total revenues $ 1,618,147 $ 2,166,329 $ 3,560,947 $ 4,869,917 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 May 31, 2022 Major Business Activity: Investment Banking - Advisory $ 371,760 $ — $ — $ — $ — $ 371,760 Investment Banking - Underwriting 229,455 — — — (356) 229,099 Equities (2) 251,433 — — — (155) 251,278 Fixed Income (2) 3,428 — — — — 3,428 Asset Management — 3,300 — — — 3,300 Manufacturing revenues — — 166,028 — — 166,028 Oil and gas revenues — — 83,240 — — 83,240 Other revenues — — 24,824 — — 24,824 Total revenues from contracts with customers $ 856,076 $ 3,300 $ 274,092 $ — $ (511) $ 1,132,957 Primary Geographic Region: Americas $ 683,804 $ 3,300 $ 273,030 $ — $ (511) $ 959,623 Europe 106,392 — 649 — — 107,041 Asia Pacific 65,880 — 413 — — 66,293 Total revenues from contracts with customers $ 856,076 $ 3,300 $ 274,092 $ — $ (511) $ 1,132,957 Three months ended May 31, 2021 Major Business Activity: Investment Banking - Advisory $ 390,508 $ — $ — $ — $ — $ 390,508 Investment Banking - Underwriting 610,192 — — — — 610,192 Equities (2) 219,855 — — — (19) 219,836 Fixed Income (2) 2,788 — — — — 2,788 Asset Management — 2,315 — — — 2,315 Manufacturing revenues — — 184,092 — — 184,092 Oil and gas revenues — — 45,032 — — 45,032 Other revenues — — 37,590 — — 37,590 Total revenues from contracts with customers $ 1,223,343 $ 2,315 $ 266,714 $ — $ (19) $ 1,492,353 Primary Geographic Region: Americas $ 962,556 $ 2,011 $ 265,972 $ — $ (19) $ 1,230,520 Europe 196,891 304 537 — — 197,732 Asia Pacific 63,896 — 205 — — 64,101 Total revenues from contracts with customers $ 1,223,343 $ 2,315 $ 266,714 $ — $ (19) $ 1,492,353 Reportable Segments (1) Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Reconciling Items -Consolidation Adjustments Total Six months ended May 31, 2022 Major Business Activity: Investment Banking - Advisory $ 915,529 $ — $ — $ — $ — $ 915,529 Investment Banking - Underwriting 630,734 — — — (356) 630,378 Equities (2) 477,501 — — — (292) 477,209 Fixed Income (2) 6,813 — — — — 6,813 Asset Management — 15,869 — — — 15,869 Manufacturing revenues — — 307,136 — — 307,136 Oil and gas revenues — — 141,159 — — 141,159 Other revenues — — 45,906 — — 45,906 Total revenues from contracts with customers $ 2,030,577 $ 15,869 $ 494,201 $ — $ (648) $ 2,539,999 Primary Geographic Region: Americas $ 1,620,874 $ 15,869 $ 492,259 $ — $ (648) $ 2,128,354 Europe 272,564 — 1,207 — — 273,771 Asia Pacific 137,139 — 735 — — 137,874 Total revenues from contracts with customers $ 2,030,577 $ 15,869 $ 494,201 $ — $ (648) $ 2,539,999 Six months ended May 31, 2021 Major Business Activity: Investment Banking - Advisory $ 701,947 $ — $ — $ — $ — $ 701,947 Investment Banking - Underwriting 1,302,365 — — — — 1,302,365 Equities (2) 453,394 — — — (188) 453,206 Fixed Income (2) 6,187 — — — — 6,187 Asset Management — 9,741 — — — 9,741 Manufacturing revenues — — 321,939 — — 321,939 Oil and gas revenues — — 77,041 — — 77,041 Other revenues — — 52,570 — — 52,570 Total revenues from contracts with customers $ 2,463,893 $ 9,741 $ 451,550 $ — $ (188) $ 2,924,996 Primary Geographic Region: Americas $ 1,989,422 $ 9,108 $ 450,310 $ — $ (188) $ 2,448,652 Europe 360,628 633 906 — — 362,167 Asia Pacific 113,843 — 334 — — 114,177 Total revenues from contracts with customers $ 2,463,893 $ 9,741 $ 451,550 $ — $ (188) $ 2,924,996 (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 May 31, 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 May 31, 2022. We recognized $18.9 million and $20.9 million during the three months ended May 31, 2022 and 2021, respectively, and $52.6 million and $41.4 million during the six months ended May 31, 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 $6.6 million and $5.6 million during the three months ended May 31, 2022 and 2021, respectively, and $10.1 million and $8.5 million during the six months ended May 31, 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 $248.5 million and $298.7 million at May 31, 2022 and November 30, 2021, respectively, and we had contract assets related to revenues from contracts with customers of $16.7 million and $25.2 million at May 31, 2022 and November 30, 2021, respectively. We had no significant impairments related to these receivables or contract assets during the three and six months ended May 31, 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 $30.3 million and $49.7 million at May 31, 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 May 31, 2022, we recognized $8.1 million of deferred revenue from the balance at February 28, 2022. During the three months ended May 31, 2021, we recognized $4.1 million of deferred revenue from the balance at February 28, 2021. During the six months ended May 31, 2022, we recognized $20.8 million of deferred revenue from the balance at November 30, 2021. During the six months ended May 31, 2021, we recognized $9.4 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 May 31, 2022 and November 30, 2021, capitalized costs to fulfill a contract were $1.5 million and $1.6 million, respectively, which are recorded in Receivables in the Consolidated Statements of Financial Condition. We recognized expenses of $0.7 million and $0.8 million during the three months ended May 31, 2022 and 2021, respectively, and $1.5 million and $1.8 million during the six months ended May 31, 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 and six months ended May 31, 2022 and 2021.

Income Taxes

Income Taxes	6 Months Ended
	May 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The aggregate amount of gross unrecognized tax benefits related to uncertain tax positions was $455.6 million (including $105.8 million for interest) at May 31, 2022, of which $290.7 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 $401.3 million and $327.5 million at May 31, 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 2016 Germany 2017 Our provision for income taxes for the six months ended May 31, 2022 was $114.0 million, representing an effective tax rate of 20.4%. The provision for income taxes for the six months ended May 31, 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 six months ended May 31, 2021 was $339.1 million, representing an effective tax rate of 26.6%.

Common Share and Earnings Per C

Common Share and Earnings Per Common Share	6 Months Ended
	May 31, 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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 114,014 $ 352,596 $ 441,461 $ 935,031 Allocation of earnings to participating securities (1) (365) (2,178) (2,116) (5,470) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 113,649 350,418 439,345 929,561 Adjustment to allocation of earnings to participating securities related to diluted shares (1) (4) 43 25 107 Mandatorily redeemable convertible preferred share dividends (2) — 1,626 4,141 3,252 Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 113,645 $ 352,087 $ 443,511 $ 932,920 Denominator for earnings per share: Weighted average common shares outstanding 236,687 246,937 239,325 248,144 Weighted average shares of restricted stock outstanding with future service required (967) (1,618) (1,259) (1,540) Weighted average RSUs outstanding with no future service required 13,422 17,961 15,264 18,225 Denominator for basic earnings per share – weighted average shares 249,142 263,280 253,330 264,829 Stock options and other share based awards 1,331 1,152 1,627 646 Senior executive compensation plan RSUs awards 1,506 2,219 2,096 2,032 Mandatorily redeemable convertible preferred shares (2) — 4,441 4,441 4,441 Denominator for diluted earnings per share 251,979 271,092 261,494 271,948 (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 975,500 and 1,638,600 for the three months ended May 31, 2022 and 2021, respectively, and 1,269,800 and 1,561,100 for the six months ended May 31, 2022 and 2021, respectively. Dividends declared on participating securities were not material during the three and six months ended May 31, 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. (2) For the three months ended May 31, 2022, shares related to the mandatorily redeemable convertible preferred shares were not included in the computation of diluted per share amounts as the effect was antidilutive. Our Board of Directors from time to time has authorized the repurchase of our common shares. In January 2022, the Board of Directors increased the share repurchase authorization by $87.5 million. In March 2022, the Board of Directors increased the share repurchase authorization by $250.0 million. During the first half of 2022, we purchased a total of 18,051,306 of our common shares for $622.2 million, or an average price of $34.47 per share, including 14,624,095 of our common shares in the open market for $500.0 million under our current Board of Director authorization, and 3,427,211 shares of our common stock for $122.2 million in connection with net-share settlements under our equity compensation plan. At May 31, 2022, we had no remaining authorization of future repurchases. In June 2022, the Board of Directors increased the share repurchase authorization back up to $250.0 million.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	6 Months Ended
	May 31, 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 May 31, 2022 (in millions): Expected Maturity Date (Fiscal Years) 2022 2023 2024 2026 2028 Maximum Payout Equity commitments (1) $ 292.6 $ 27.3 $ 2.4 $ 5.2 $ 168.3 $ 495.8 Loan commitments (1) 4.0 267.6 — 70.0 — 341.6 Underwriting commitments 72.3 — — — — 72.3 Forward starting reverse repos (2) 10,774.6 — — — — 10,774.6 Forward starting repos (2) 5,632.5 — — — — 5,632.5 Other unfunded commitments (1) — 109.0 346.1 — — 455.1 Total $ 16,776.0 $ 403.9 $ 348.5 $ 75.2 $ 168.3 $ 17,771.9 (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 May 31, 2022, all except $5.7 million within forward starting securities purchased under agreements to resell and all except $3.6 million 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 May 31, 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 May 31, 2022, we had other outstanding equity commitments to invest up to $70.8 million in the Oak Hill entities, $350.0 million to strategic affiliates and $48.9 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 May 31, 2022, we had $91.6 million of outstanding loan commitments to clients. Loan commitments outstanding at May 31, 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 May 31, 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 May 31, 2022 (in millions): Expected Maturity Date (Fiscal Years) Guarantee Type 2022 2023 2024 2026 2028 Notional/ Derivative contracts – non-credit related $ 12,365.3 $ 9,290.1 $ 9,364.9 $ 1,619.7 $ 107.0 $ 32,747.0 Written derivative contracts – credit related — — 0.2 — — 0.2 Total derivative contracts $ 12,365.3 $ 9,290.1 $ 9,365.1 $ 1,619.7 $ 107.0 $ 32,747.2 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 May 31, 2022, the fair value of derivative contracts meeting the definition of a guarantee is approximately $600.7 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 May 31, 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 May 31, 2022, the aggregate amount of infrastructure improvement bonds outstanding was $75.2 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 May 31, 2022, we provided guarantees to certain counterparties in the form of standby letters of credit totaling $8.2 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	6 Months Ended
	May 31, 2022
Broker-Dealer [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 May 31, 2022 were $1.88 billion and $1.77 billion, respectively. JFSI's net capital and excess net capital at May 31, 2022 were $344.4 million and $324.4 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	6 Months Ended
	May 31, 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): May 31, 2022 November 30, 2021 Carrying Fair Carrying Fair Receivables: Notes and loans receivable (1) $ 872,531 $ 906,242 $ 835,009 $ 866,163 Financial Liabilities: Short-term borrowings (2) $ 354,181 $ 354,181 $ 221,863 $ 221,863 Long-term debt (3) 7,265,075 7,185,379 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	6 Months Ended
	May 31, 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 May 31, 2022 and November 30, 2021 are Jefferies Group's equity investments in Private Equity Related Funds of $28.4 million and $27.1 million, respectively. Net gains (losses) from Jefferies Group's investment in JCP Fund V aggregating $2.3 million and $5.0 million for the three months ended May 31, 2022 and 2021, respectively, and $3.2 million and $4.5 million for the six months ended May 31, 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. Special Purpose Acquisition Companies. Jefferies Group earned investment banking revenues during the three and six months ended May 31, 2021 of $10.5 million and $24.0 million, respectively, for services provided to special purpose acquisition companies we have co-sponsored. Berkadia Commercial Mortgage, LLC. At May 31, 2022 and November 30, 2021, Jefferies Group has commitments to purchase $361.0 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 $8.9 million and $13.6 million at May 31, 2022 and November 30, 2021, respectively. We own limited partnership interests in certain Oak Hill managed funds of $4.4 million and $6.0 million at May 31, 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 May 31, 2022 and November 30, 2021, respectively, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Officers, Directors and Employees. We had $20.8 million and $23.1 million of loans outstanding to certain non-executive officers and employees at May 31, 2022 and November 30, 2021, respectively.

Segment Information

Segment Information	6 Months Ended
	May 31, 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 tables (in thousands): For the Three Months Ended May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 1,098,378 $ 1,598,862 $ 2,580,196 $ 3,586,358 Asset Management 31,147 50,675 91,103 279,877 Merchant Banking 238,255 296,815 427,790 563,819 Corporate 1,818 724 2,564 1,314 Total net revenues related to reportable segments 1,369,598 1,947,076 3,101,653 4,431,368 Reconciling items - Consolidation adjustments (516) 3,431 (656) 6,081 Total consolidated revenues $ 1,369,082 $ 1,950,507 $ 3,100,997 $ 4,437,449 Income (loss) before income taxes: Reportable Segments: Investment Banking and Capital Markets $ 188,063 $ 435,015 $ 608,948 $ 991,246 Asset Management 973 7,148 16,982 191,080 Merchant Banking (3,628) 54,448 (28,035) 146,650 Corporate (10,126) (12,099) (21,890) (32,576) Income before income taxes related to reportable segments 175,282 484,512 576,005 1,296,400 Reconciling items - Parent Company interest (8,385) (13,829) (16,776) (27,731) Reconciling items - Consolidation adjustments (356) 3,456 (356) 6,255 Total consolidated income before income taxes $ 166,541 $ 474,139 $ 558,873 $ 1,274,924 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 22,766 $ 20,805 $ 46,321 $ 41,515 Asset Management 467 489 829 968 Merchant Banking 16,655 17,268 38,251 33,982 Corporate 419 878 843 1,742 Total consolidated depreciation and amortization expenses $ 40,307 $ 39,440 $ 86,244 $ 78,207 May 31, November 30, 2021 Identifiable Assets Employed: Reportable Segments: Investment Banking and Capital Markets $ 49,754,402 $ 52,903,374 Asset Management 3,461,539 3,205,799 Merchant Banking 2,323,547 2,263,050 Corporate 1,902,875 2,432,927 Identifiable assets related to reportable segments 57,442,363 60,805,150 Reconciling items - Consolidation adjustments (228,553) (401,040) Total consolidated assets $ 57,213,810 $ 60,404,110 Interest expense classified as a component of Net revenues relates to Jefferies Group. For the three months ended May 31, 2022 and 2021, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($8.4 million and $13.8 million, respectively) and Merchant Banking ($0.9 million and $0.8 million, respectively). For the six months ended May 31, 2022 and 2021, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($16.8 million and $27.7 million, respectively) and Merchant Banking ($1.6 million and $1.8 million, respectively). Additionally, for the three and six months ended May 31, 2021, interest expense classified as a component of Expenses in the Investment Banking and Capital Markets reportable segment includes $5.3 million and $10.8 million, respectively, related to Foursight.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policy)	6 Months Ended
	May 31, 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)	6 Months Ended
	May 31, 2022
Accounting Policies [Abstract]
Schedule of Allowance for Credit Loss	A rollforward of the allowance for credit losses related to receivables for the three and six months ended May 31, 2022 and 2021 is as follows (in thousands): For the Three Months Ended May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Beginning balance $ 79,369 $ 76,392 $ 75,999 $ 53,926 Adjustment for change in accounting principle for current expected credit losses — — — 26,519 Provision for doubtful accounts (1) 9,425 45,672 18,426 48,939 Charge-offs, net of recoveries (1) (2,769) (42,810) (8,400) (50,130) Ending balance $ 86,025 $ 79,254 $ 86,025 $ 79,254 (1) The three and six months ended May 31, 2021 includes a $39.0 million bad debt expense related to our prime brokerage business.
Supplemental Cash Flow Information	Supplemental Cash Flow Information For the Six Months Ended May 31, (In thousands) 2022 2021 Cash paid during the year for: Interest $ 551,165 $ 444,939 Income tax payments (refunds), net $ 101,049 $ 337,720

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	May 31, 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 $1.31 billion and $1.03 billion at May 31, 2022 and November 30, 2021, respectively, by level within the fair value hierarchy (in thousands): May 31, 2022 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 3,867,049 $ 157,414 $ 200,961 $ — $ 4,225,424 Corporate debt securities — 3,231,505 20,813 — 3,252,318 Collateralized debt obligations and collateralized loan obligations — 323,627 49,858 — 373,485 U.S. government and federal agency securities 2,549,972 32,268 — — 2,582,240 Municipal securities — 630,483 — — 630,483 Sovereign obligations 1,061,291 1,001,175 — — 2,062,466 Residential mortgage-backed securities — 1,591,820 1,059 — 1,592,879 Commercial mortgage-backed securities — 343,744 1,870 — 345,614 Other asset-backed securities — 202,509 84,778 — 287,287 Loans and other receivables — 2,824,872 137,752 — 2,962,624 Derivatives 9,495 3,100,255 26,919 (2,728,569) 408,100 Investments at fair value — 4,311 163,844 — 168,155 FXCM term loan — — 51,880 — 51,880 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 7,487,807 $ 13,443,983 $ 739,734 $ (2,728,569) $ 18,942,955 Loans to and investments in associated $ — $ 1,795 $ 14,795 $ — $ 16,590 Securities received as collateral, at fair value $ 1,322 $ — $ — $ — $ 1,322 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 1,801,924 $ 32,488 $ 3,749 $ — $ 1,838,161 Corporate debt securities — 2,308,815 401 — 2,309,216 U.S. government and federal agency securities 3,471,943 — — — 3,471,943 Sovereign obligations 1,371,769 902,107 — — 2,273,876 Residential mortgage-backed securities — 1,010 — — 1,010 Commercial mortgage-backed securities — — 385 — 385 Loans — 2,465,974 18,283 — 2,484,257 Derivatives 2,172 4,066,790 101,916 (2,884,689) 1,286,189 Total financial instruments sold, not yet purchased, at fair value $ 6,647,808 $ 9,777,184 $ 124,734 $ (2,884,689) $ 13,665,037 Other secured financings $ — $ — $ 2,362 $ — $ 2,362 Long-term debt $ — $ 877,667 $ 739,353 $ — $ 1,617,020 Obligation to return securities received as collateral, at fair value $ 1,322 $ — $ — $ — $ 1,322 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 May 31, 2022 Equity Long/Short Hedge Funds (2) $ 482,004 $ — Equity Funds (3) 57,760 41,191 Commodity Fund (4) 25,461 — Multi-asset Funds (5) 418,397 — Other Funds (6) 321,378 15,963 Total $ 1,305,000 $ 57,154 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 May 31, 2022 and November 30, 2021, approximately 63% and 74%, respectively, of the fair value of investments are redeemable quarterly with 90 days prior written notice on December 31, 2021. At May 31, 2022 and November 30, 2021, approximately 32% and 21%, respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption before 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. These investments are redeemable quarterly with 60 days prior written notice. (5) This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At May 31, 2022 and November 30, 2021, investments representing approximately 77% and 78%, respectively, of the fair value of investments are redeemable monthly with 60 days prior written notice. At May 31, 2022 and November 30, 2021, approximately 16% and 22%, respectively, of the fair value of investments in this category are redeemable quarterly with 90 days prior written notice. At May 31, 2022, the remaining investments cannot be redeemed because these investments include restrictions that do not allow for redemption before April 1, 2024. (6) This category includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments. This category also includes investments in a fund that invests in distressed and special situations long and short credit strategies across sectors and asset types. Investments in this category are redeemable quarterly with 90 days prior written notice.
Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3	The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended May 31, 2022 (in thousands): Balance, February 28, 2022 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, May 31, 2022 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 113,922 $ 35,581 $ 67,540 $ (13,415) $ — $ — $ (2,667) $ 200,961 $ 35,361 Corporate debt securities 42,358 3,550 38,141 (47,025) (12,604) — (3,607) 20,813 (849) CDOs and CLOs 45,219 877 13,264 (28,037) (1,466) — 20,001 49,858 (1,798) Sovereign obligations 23 — — — — — (23) — — Residential mortgage-backed securities 1,186 (47) — — (80) — — 1,059 (17) Commercial mortgage-backed securities 3,732 (439) — — — — (1,423) 1,870 — Other asset-backed securities 62,382 (781) 21,501 (1,688) (12,296) — 15,660 84,778 (1,065) Loans and other receivables 137,942 (3,764) 15,598 (23,603) (108) — 11,687 137,752 (4,764) Investments at fair value 169,508 1,576 37 — (7,277) — — 163,844 1,576 FXCM term loan 50,335 1,545 — — — — — 51,880 1,545 Loans to and investments in associated companies 22,480 (7,685) — — — — — 14,795 — Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities 5,666 (234) (1,533) — — — (150) $ 3,749 (350) Corporate debt securities 7,308 (3,588) (16,091) 14,584 — — (1,812) 401 5 Sovereign obligations 1,159 — — — — — (1,159) — — Commercial mortgage-backed securities 315 — — 70 — — — 385 — Loans 11,541 10 (1,911) 1,089 — — 7,554 18,283 119 Net derivatives (2) 47,770 (9,100) (1,559) — (8,262) — 46,148 74,997 9,903 Other secured financings 32,377 — — — (30,015) — — 2,362 — Long-term debt (1) 794,460 (146,261) — — (4,950) 76,443 19,661 739,353 114,362 (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 May 31, 2022 were gains of $31.9 million during the three months ended May 31, 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 May 31, 2021 (in thousands): Balance, February 28, 2021 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, May 31, 2021 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 102,065 $ 7,997 $ 448 $ (24,561) $ — $ — $ 502 $ 86,451 $ (4,971) Corporate debt securities 6,811 1,292 4,116 (5,870) (132) — 1,768 7,985 963 CDOs and CLOs 33,199 7,478 4,287 (37,324) (1,203) — 20,124 26,561 2,888 Residential mortgage-backed securities 21,692 205 — — (612) — (15,252) 6,033 (36) Commercial mortgage-backed securities 2,671 201 — — (1,696) — — 1,176 (824) Other asset-backed securities 60,594 3,575 12,835 (1,099) (14,408) — 9,058 70,555 819 Loans and other receivables 149,084 2,814 26,948 (8,070) (156) — 19,792 190,412 706 Investments at fair value 219,541 26,775 6,634 (17,085) (5,031) — — 230,834 11,318 FXCM term loan 62,132 (2,977) — — — — — 59,155 (2,977) Loans to and investments in associated companies 39,397 (2,110) — — — — — 37,287 (2,110) Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,443 $ 42 $ (23) $ — $ — $ — $ — $ 4,462 $ (40) Corporate debt securities 1,571 (22) (665) 27 — — 16 927 (38) Commercial mortgage-backed securities 35 — (35) 35 — — — 35 — Loans 14,916 (7) (637) 6,330 44 — (257) 20,389 (167) Net derivatives (2) 305,506 (8,965) (36) 33,715 593 — (103,755) 227,058 8,372 Other secured financings 2,168 — — — — 325 — 2,493 — Long-term debt (1) 723,115 15,986 — — — 28,565 27,432 795,098 3,057 (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 May 31, 2021 were losses of $19.0 million during the three months ended May 31, 2021. (2) Net derivatives represent Financial instruments owned, at fair value - Derivatives and Financial instruments sold, not yet purchased, at fair value - Derivatives. The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the six months ended May 31, 2022 (in thousands): Balance, November 30, 2021 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, May 31, 2022 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 87,647 $ 36,463 $ 69,837 $ (13,839) $ — $ — $ 20,853 $ 200,961 $ 36,204 Corporate debt securities 11,803 5,631 9,465 (18,345) (9) — 12,268 20,813 2,381 CDOs and CLOs 31,946 254 31,245 (37,305) (5,033) — 28,751 49,858 (1,304) Residential mortgage-backed securities 1,477 (111) — (204) (103) — — 1,059 (57) Commercial mortgage-backed securities 2,333 (463) — — — — — 1,870 (29) Other asset-backed securities 93,524 835 37,795 (17,238) (22,812) — (7,326) 84,778 1,324 Loans and other receivables 135,239 (9,814) 29,962 (25,983) (229) — 8,577 137,752 (9,726) Investments at fair value 154,373 33,310 14,286 — (14,718) — (23,407) 163,844 33,380 FXCM term loan 50,455 1,425 — — — — — 51,880 1,425 Loans to and investments in associated companies 30,842 (16,047) — — — — — 14,795 — Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,635 $ (3,592) $ (2,344) $ 5,050 $ — $ — $ — $ 3,749 $ 3,009 Corporate debt securities 482 (11) (70) — — — — 401 5 Commercial mortgage-backed securities 210 — — 175 — — — 385 — Loans 15,770 (15) (12,315) 10,194 (87) — 4,736 18,283 104 Net derivatives (2) 67,769 (88,018) (1,559) — — 21,024 75,781 74,997 86,050 Other secured financings 25,905 — — — (23,543) — — 2,362 — Long-term debt (1) 881,732 (240,698) — — — 100,195 (1,876) 739,353 175,615 (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 May 31, 2022 were gains of $65.1 million during the six months ended May 31, 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 six months ended May 31, 2021 (in thousands): Balance, November 30, 2020 Total gains/ losses Purchases Sales Settlements Issuances Net transfers Balance, May 31, 2021 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 75,904 $ 11,299 $ 8,288 $ (37,297) $ — $ — $ 28,257 $ 86,451 $ (3,683) Corporate debt securities 23,146 2,466 4,370 (5,960) (132) — (15,905) 7,985 1,492 CDOs and CLOs 17,972 10,616 16,510 (35,251) (1,427) — 18,141 26,561 6,808 Residential mortgage-backed securities 21,826 33 799 (784) (1,126) — (14,715) 6,033 88 Commercial mortgage-backed securities 2,003 158 1,119 (393) (1,696) — (15) 1,176 (740) Other asset-backed securities 79,995 6,373 34,476 (27,647) (26,465) — 3,823 70,555 1,158 Loans and other receivables 134,636 17,580 37,431 (50,556) (273) — 51,594 190,412 14,146 Investments at fair value 213,946 103,032 11,489 (47,244) (8,573) — (41,816) 230,834 80,099 FXCM term loan 59,455 (300) — — — — — 59,155 (300) Loans to and investments in associated companies 40,185 (2,898) — — — — — 37,287 (2,898) Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,434 $ 64 $ (23) $ — $ — $ — $ (13) $ 4,462 $ (62) Corporate debt securities 141 1,349 (563) — — — — 927 (414) Commercial mortgage-backed securities 35 — (35) 35 — — — 35 — Loans 16,635 1,441 (6,872) 8,817 — — 368 20,389 (884) Net derivatives (2) 26,017 16,813 (82) 66,304 506 — 117,500 227,058 (17,358) Other secured financings 1,543 — — — — 950 — 2,493 — Long-term debt (1) 676,028 41,064 — — — 50,295 27,711 795,098 20,565 (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 May 31, 2021 were losses of $61.6 million during the six months ended May 31, 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. May 31, 2022 Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Financial instruments owned, at fair value Corporate equity securities $ 200,961 Non-exchange-traded Market approach Price $1 to $366 $80 Volatility benchmarking Volatility 50 % to 70% 60 % Corporate debt securities $ 20,813 Market approach Price $23 — EBITDA multiple 3.3 — Scenario analysis Estimated recovery percentage 6% — CDOs and CLOs $ 49,858 Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 70% — Discount rate/yield 10 % to 22% 19 % Market approach Price $69 to $102 $92 Commercial mortgage- $ 1,870 Scenario analysis Estimated recovery percentage 81% — Other asset-backed securities $ 66,623 Discounted cash flows Constant default rate 2% — Loss severity 88% — Discount rate/yield 5 % to 17% 12 % Cumulative loss rate 5 % to 21% 17 % Duration (years) 0.8 years to 1.6 years 1.3 years Market approach Price $37 — Loans and other receivables $ 137,752 Market approach Price $7 to $136 $108 Scenario analysis Estimated recovery percentage 5 % to 94% 35 % Derivatives $ 18,755 Equity Options Volatility benchmarking Volatility 53% — Interest rate swaps Market approach Basis points upfront 2.8 to 11.1 6.7 Investments at fair value $ 158,312 Private equity securities Market approach Price $1 to $15,852 $548 EBITDA multiple 15.7 — Discounted cash flows Discount rate/yield 10 % to 14% 12 % Scenario analysis Discount rate/yield 12% — Investment in FXCM $ 51,880 Term loan Discounted cash flows Term based on the pay off (years) 0 months to 1.7 years 1.7 years Loans to and investments in associated companies Non-exchange-traded $ 14,795 Market approach Underlying stock price $723 — Underlying stock price €11 to €14 €13 Volatility 25 % to 49% 30 % Financial instruments sold, not yet purchased, at fair value Corporate equity securities $ 3,749 Non-exchange-traded Market approach Price $1 — Loans $ 18,283 Market approach Price $91 — Scenario analysis Estimated recovery percentage 5% — Derivatives $ 97,612 Equity options Volatility benchmarking Volatility 29 % to 63% 49 % Interest rate swaps Market approach Basis points upfront 2.8 to 11.1 6.7 Total return swaps Price $99 — Other secured financings $ 2,362 Scenario analysis Estimated recovery percentage 13 % to 36% 29 % Long-term debt Structured notes $ 739,353 Market approach Price $52 to $108 $75 Price €60 to €102 €80 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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Financial instruments owned, at fair value: Loans and other receivables $ (1,478) $ 15,520 $ (1,294) $ 23,259 Financial instruments sold, not yet purchased, at fair value: Loans $ (882) $ (363) $ (4,889) $ (363) Long-term debt: Changes in instrument-specific credit risk (1) $ 42,886 $ (32,247) $ 94,133 $ (122,898) Other changes in fair value (2) 161,381 6,846 255,932 86,113 (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): May 31, November 30, 2021 Financial instruments owned, at fair value: Loans and other receivables (1) $ 5,703,268 $ 5,600,648 Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) 143,521 64,203 Long-term debt $ 317,452 $ (38,391) Other secured financings $ 2,913 $ 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)	6 Months Ended
	May 31, 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 May 31, 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 May 31, 2022 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ — — $ 152,090 3 Foreign exchange contracts: Bilateral OTC 51,845 5 — — Total derivatives designated as accounting hedges 51,845 152,090 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 9,052 76,999 2,015 41,098 Cleared OTC 691,397 3,974 541,001 3,875 Bilateral OTC 528,364 819 944,289 851 Foreign exchange contracts: Bilateral OTC 500,922 11,847 512,817 11,879 Equity contracts: Exchange-traded 1,005,732 1,363,436 766,134 1,397,278 Bilateral OTC 281,493 4,656 1,122,597 5,305 Commodity contracts: Exchange-traded 66 1,365 36 1,534 Bilateral OTC 153 165 50,715 2,325 Credit contracts: Cleared OTC 32,646 95 41,949 95 Bilateral OTC 34,999 14 37,235 13 Total derivatives not designated as accounting hedges 3,084,824 4,018,788 Total gross derivative assets/liabilities: Exchange-traded 1,014,850 768,185 Cleared OTC 724,043 735,040 Bilateral OTC 1,397,776 2,667,653 Amounts offset in the Consolidated Statement of Financial Condition (3): Exchange-traded (764,932) (764,932) Cleared OTC (719,960) (735,040) Bilateral OTC (1,243,677) (1,384,717) Net amounts in the Consolidated Statement of Financial Condition (4) $ 408,100 $ 1,286,189 (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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Interest rate swaps $ (100,415) $ (1,671) $ (144,413) $ (45,462) Long-term debt 105,041 5,215 155,583 52,026 Total $ 4,626 $ 3,544 $ 11,170 $ 6,564 The following table provides information related to gains (losses) on net investment hedges recognized in Net foreign currency translation adjustments, a component of Other comprehensive income (loss), in the Consolidated Statements of Comprehensive Income (Loss) (in thousands): For the Three Months Ended May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Foreign exchange contracts $ 73,498 $ (21,906) $ 62,560 $ (63,406) Total $ 73,498 $ (21,906) $ 62,560 $ (63,406) 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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Interest rate contracts $ (87,871) $ 21,364 $ (129,463) $ (20,760) Foreign exchange contracts (112,157) 24,243 (109,533) 71,072 Equity contracts (16,776) (3,315) 194,161 (93,012) Commodity contracts (34,173) (6,720) (68,478) (25,069) Credit contracts 7,013 (2,864) 11,445 (2,043) Total $ (243,964) $ 32,708 $ (101,868) $ (69,812)
Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities	The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities as reflected in the Consolidated Statement of Financial Condition at May 31, 2022 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross- Total Commodity swaps, options and forwards $ — $ 153 $ — $ (153) $ — Equity options and forwards 15,292 3,514 — (14,945) 3,861 Credit default swaps — 8 4,177 (8) 4,177 Total return swaps 69,436 39,246 46 (9,812) 98,916 Foreign currency forwards, swaps and options 120,957 3,836 284 (3,128) 121,949 Fixed income forwards 30,634 — — — 30,634 Interest rate swaps, options and forwards 67,393 351,584 29,597 (114,610) 333,964 Total $ 303,712 $ 398,341 $ 34,104 $ (142,656) 593,501 Cross product counterparty netting (19,797) Total OTC derivative assets included in Financial instruments owned, at fair value $ 573,704 (1) At May 31, 2022, we held net exchange-traded derivative assets and other credit agreements with a fair value of $249.9 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 May 31, 2022, cash collateral received was $415.5 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 $ 41,566 $ 9,149 $ — $ (153) $ 50,562 Equity options and forwards 78,364 393,463 22,849 (14,945) 479,731 Credit default swaps — 594 8,717 (8) 9,303 Total return swaps 387,018 122,606 100 (9,812) 499,912 Foreign currency forwards, swaps and options 81,886 3,192 49 (3,128) 81,999 Fixed income forwards 845 — — — 845 Interest rate swaps, options and forwards 64,166 351,796 428,428 (114,610) 729,780 Total $ 653,845 $ 880,800 $ 460,143 $ (142,656) 1,852,132 Cross product counterparty netting (19,797) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value $ 1,832,335 (1) At May 31, 2022, we held net exchange-traded derivative liabilities and other credit agreements with a fair value of $25.5 million, which are not included in this table. (2) OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged in the Consolidated Statements of Financial Condition. At May 31, 2022, cash collateral pledged was $571.6 million. (3) Derivative fair values include counterparty netting within product category.
Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets	At May 31, 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 $ 371,914 BBB- to BBB+ 36,799 BB+ or lower 73,680 Unrated 91,311 Total $ 573,704 (1) We utilize internal credit ratings determined by the Jefferies Group's Risk Management department. Credit ratings determined by Jefferies Group Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.
Credit Related Derivative Contracts	The external credit ratings of the underlyings or referenced assets for our written credit related derivative contracts are as follows (in millions): External Credit Rating Investment Grade Non-investment grade Unrated Total Notional May 31, 2022 Credit protection sold: Index credit default swaps $ 2,428.4 $ 898.9 $ — $ 3,327.3 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). May 31, November 30, 2021 Derivative instrument liabilities with credit-risk-related contingent features $ 411.7 $ 821.5 Collateral posted (112.6) (160.5) Collateral received 138.0 369.3 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 437.1 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)	6 Months Ended
	May 31, 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 May 31, 2022 Cash $ 2,360 $ — $ — $ 2,360 Corporate equity securities 1,548,640 420,284 1,322 1,970,246 Corporate debt securities 264,308 2,072,975 — 2,337,283 Mortgage-backed and asset-backed securities — 1,585,022 — 1,585,022 U.S. government and federal agency securities 55,398 8,680,828 — 8,736,226 Municipal securities — 444,268 — 444,268 Sovereign obligations 5,728 3,256,207 — 3,261,935 Loans and other receivables — 1,228,714 — 1,228,714 Total $ 1,876,434 $ 17,688,298 $ 1,322 $ 19,566,054 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 May 31, 2022 Securities lending arrangements $ 1,088,631 $ 107,370 $ 285,165 $ 395,268 $ 1,876,434 Repurchase agreements 9,267,240 2,549,573 2,363,392 3,508,093 17,688,298 Obligation to return securities received as collateral, at fair value 1,322 — — — 1,322 Total $ 10,357,193 $ 2,656,943 $ 2,648,557 $ 3,903,361 $ 19,566,054 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 May 31, 2022 Securities borrowing arrangements $ 6,312,320 $ — $ 6,312,320 $ (416,770) $ (1,328,320) $ 4,567,230 Reverse repurchase agreements 14,269,387 (9,524,408) 4,744,979 (469,355) (4,140,956) 134,668 Securities received as collateral, at fair value 1,322 — 1,322 — (1,322) — Liabilities at May 31, 2022 Securities lending arrangements $ 1,876,434 $ — $ 1,876,434 $ (416,770) $ (1,433,026) $ 26,638 Repurchase agreements 17,688,298 (9,524,408) 8,163,890 (469,355) (7,318,621) 375,914 Obligation to return securities received as collateral, at fair value 1,322 — 1,322 — (1,322) — 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 May 31, 2022, amounts include $4.50 billion of securities borrowing arrangements, for which we have received securities collateral of $4.32 billion, and $360.0 million of repurchase agreements, for which we have pledged securities collateral of $371.8 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 May 31, 2022 Securities borrowing arrangements $ 6,312,320 $ — $ 6,312,320 $ (416,770) $ (1,328,320) $ 4,567,230 Reverse repurchase agreements 14,269,387 (9,524,408) 4,744,979 (469,355) (4,140,956) 134,668 Securities received as collateral, at fair value 1,322 — 1,322 — (1,322) — Liabilities at May 31, 2022 Securities lending arrangements $ 1,876,434 $ — $ 1,876,434 $ (416,770) $ (1,433,026) $ 26,638 Repurchase agreements 17,688,298 (9,524,408) 8,163,890 (469,355) (7,318,621) 375,914 Obligation to return securities received as collateral, at fair value 1,322 — 1,322 — (1,322) — 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 May 31, 2022, amounts include $4.50 billion of securities borrowing arrangements, for which we have received securities collateral of $4.32 billion, and $360.0 million of repurchase agreements, for which we have pledged securities collateral of $371.8 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)	6 Months Ended
	May 31, 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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Transferred assets $ 2,462.0 $ 3,146.5 $ 3,542.6 $ 6,730.0 Proceeds on new securitizations 2,513.4 3,146.5 3,594.0 6,729.6 Cash flows received on retained interests 6.5 5.1 15.4 11.1
Summary of Retained Interests in SPEs	The following table summarizes our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): May 31, 2022 November 30, 2021 Securitization Type Total Retained Total Retained U.S. government agency residential mortgage-backed securities $ 255.2 $ 3.7 $ 330.2 $ 4.9 U.S. government agency commercial mortgage-backed securities 2,549.5 180.1 2,201.8 69.2 CLOs 4,676.1 37.0 3,382.3 31.0 Consumer and other loans 2,626.9 142.0 2,271.4 136.4

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	May 31, 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. May 31, 2022 November 30, 2021 Secured Funding Vehicles Other Secured Funding Vehicles Other Cash $ — $ 0.1 $ 3.8 $ — Financial instruments owned, at fair value — 37.8 173.1 146.4 Securities purchased under agreements to resell (1) 2,172.6 — 3,697.1 — Receivables (2) 668.2 30.5 626.8 40.6 Other assets (3) 117.4 67.8 114.6 — Total assets $ 2,958.2 $ 136.2 $ 4,615.4 $ 187.0 Financial instruments sold, not yet purchased, at fair $ — $ 6.9 $ — $ 109.1 Other secured financings (4) 2,916.3 — 4,521.6 — Other liabilities (5) 3.5 90.1 46.6 75.3 Total liabilities $ 2,919.8 $ 97.0 $ 4,568.2 $ 184.4 Noncontrolling interests $ — $ 34.6 $ — $ — (1) Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. (2) Approximately $1.4 million and $1.2 million of the receivables at May 31, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation. (3) Approximately $65.5 million and $56.5 million of the other assets at May 31, 2022 and November 30, 2021, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (4) Approximately $252.6 million and $36.7 million of the other secured financings at May 31, 2022 and November 30, 2021, respectively, are with related consolidated entities, which are eliminated in consolidation. (5) Approximately $85.0 million and $75.3 million of the other liabilities at May 31, 2022 and November 30, 2021, respectively, are 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 May 31, 2022 CLOs $ 367.6 $ 0.8 $ 2,731.9 $ 7,954.0 Asset-backed vehicles 472.8 — 579.1 4,871.8 Related party private equity vehicles 28.4 — 39.1 81.7 Other investment vehicles 1,392.4 — 1,494.7 15,888.7 Total $ 2,261.2 $ 0.8 $ 4,844.8 $ 28,796.2 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)	6 Months Ended
	May 31, 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 six months ended May 31, 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 $ — $ 4,796 $ 25,370 $ (3) $ 806,325 Berkadia 373,417 77,484 (22,224) (811) 427,866 FXCM (2) 48,986 (6,969) 10,000 (786) 51,231 Linkem (3) 133,778 (44,972) — 8,739 — 97,545 Asset Management companies (4) 183,076 — 6,447 (3,250) 2 186,275 Real estate companies 122,720 710 — 10,257 — 133,687 Other (3) (4) 107,651 (454) (142) (3,983) (2,459) 100,613 Total $ 1,745,790 $ (51,685) $ 88,585 $ 24,909 $ (4,057) $ 1,803,542 2021 Jefferies Finance $ 693,201 $ — $ 60,835 $ (21,817) $ — $ 732,219 Berkadia 301,152 — 60,672 (505) (57) 361,262 FXCM (2) 73,920 (10,120) — — 328 64,128 Linkem 198,991 (19,943) — (8,783) — 170,265 Asset Management companies (4) 139,707 — 31,297 (31,591) — 139,413 Real estate companies 168,678 (3,117) — (11,854) — 153,707 Other (4) 110,914 (914) 240 (3,118) (1) 107,121 Total $ 1,686,563 $ (34,094) $ 153,044 $ (77,668) $ 270 $ 1,728,115 (1) Primarily related to Jefferies Group and classified in Other revenues. (2) As further described in Note 3, our investment in FXCM includes both our equity method investment in FXCM and our term loan with FXCM. Our equity method investment is included in Loans to and investments in associated companies and our term loan is included in Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition. (3) Loans to and investments in associated companies at May 31, 2022 include loans and debt securities aggregating $24.5 million related to Linkem and other, and $15.3 million at November 30, 2021 related to other. (4) Certain prior year amounts have been reclassified to conform to the current year presentation. Income (losses) related to associated companies includes the following (in thousands): For the Three Months Ended May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 FXCM $ 2,578 $ (4,658) $ (6,969) $ (10,120) Linkem (22,001) (10,836) (44,972) (19,943) Real estate companies (1,290) (9,168) 710 (3,117) Other (987) 1,136 (454) (914) Total $ (21,700) $ (23,526) $ (51,685) $ (34,094) 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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Jefferies Finance $ (14,215) $ 33,250 $ 4,796 $ 60,835 Berkadia 38,584 30,654 77,484 60,672 Asset Management companies (1) 6,316 1,113 6,447 31,297 Other (1) (118) 121 (142) 240 Total $ 30,567 $ 65,138 $ 88,585 $ 153,044 (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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Origination and syndication fee revenues (1) $ 41.9 $ 145.4 $ 156.8 $ 215.7 Origination fee expenses (1) 11.4 20.5 27.3 32.8 CLO placement fee revenues (2) 1.2 1.3 1.9 3.7 Underwriting fees (3) — — — 0.5 Service fees (4) 15.8 14.0 65.8 45.5 (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 May 31, 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)	6 Months Ended
	May 31, 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): May 31, November 30, 2021 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 7,554 $ 7,732 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $130,699 and $128,012 39,347 42,808 Trademarks and tradenames, net of accumulated amortization of $33,855 and $32,244 94,030 96,509 Other, net of accumulated amortization of $12,328 and $11,329 4,354 5,353 Total intangible assets, net 145,285 152,402 Goodwill: Investment Banking and Capital Markets (1) 1,556,588 1,561,928 Asset Management 143,000 143,000 Real estate 36,711 36,711 Other operations 3,459 3,459 Total goodwill 1,739,758 1,745,098 Total intangible assets, net and goodwill $ 1,885,043 $ 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 $ 5,034 2023 9,900 2024 9,143 2025 8,633 2026 8,606

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	6 Months Ended
	May 31, 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): May 31, November 30, 2021 Bank loans (1) $ 347,381 $ 215,063 Floating rate puttable notes (1) 6,800 6,800 Total short-term borrowings $ 354,181 $ 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)	6 Months Ended
	May 31, 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). May 31, November 30, 2021 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $441,748 principal $ 440,536 $ 440,120 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,921 246,888 Total long-term debt – Parent Company 687,457 687,008 Subsidiary Debt (non-recourse to Parent Company): Jefferies Group Unsecured Long-term Debt: 1.00% Euro Medium Term Notes, due July 19, 2024, $536,850 and $566,150 principal 535,932 564,985 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 728,582 775,550 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 365,253 366,556 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 991,016 990,525 2.625% Senior Notes due October 15, 2031, $1,000,000 principal (1) 932,107 988,059 2.75% Senior Notes, due October 15, 2032, $500,000 principal (1) 409,167 460,724 6.25% Senior Debentures, due January 15, 2036, $495,000 principal 505,033 505,267 6.50% Senior Notes, due January 20, 2043, $391,000 principal 409,702 409,926 Floating Rate Senior Notes, due October 29, 2071 61,709 61,703 Jefferies Group Unsecured Revolving Credit Facility 349,263 348,951 Structured Notes (2) 1,617,020 1,843,598 Jefferies Group Secured Long-term Debt: Jefferies Group Secured Credit Facilities (3) 822,035 706,608 Jefferies Group Secured Bank Loan 100,000 100,000 HomeFed EB-5 Program debt 207,987 203,132 HomeFed construction loans 77,847 45,581 Vitesse Energy Revolving Credit Facility 81,985 67,572 Total long-term debt – subsidiaries 8,194,638 8,438,737 Long-term debt $ 8,882,095 $ 9,125,745 (1) Amounts include net gains of $155.6 million and $52.0 million during the six months ended May 31, 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)	6 Months Ended
	May 31, 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): May 31, November 30, 2021 Net unrealized gains (losses) on available for sale securities $ (277) $ 269 Net foreign currency translation adjustments (189,188) (166,499) Net changes in instrument-specific credit risk (76,472) (153,672) Net minimum pension liability (51,040) (52,241) Total accumulated other comprehensive income (loss) $ (316,977) $ (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 Six Months Ended May 31, 2022 2021 Net changes in instrument-specific credit risk, net of income tax provision (benefit) of $(8) and $920 $ (24) $ 2,859 Principal transactions revenues Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(412) and $(525) (1,201) (1,551) Selling, general and other expenses, which includes pension expense Total reclassifications for the period, net of tax $ (1,225) $ 1,308

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	6 Months Ended
	May 31, 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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Revenues from contracts with customers: Commissions and other fees $ 254,706 $ 222,624 $ 484,022 $ 459,393 Investment banking 600,859 1,000,700 1,545,907 2,004,312 Other 277,392 269,029 510,070 461,291 Total revenues from contracts with customers 1,132,957 1,492,353 2,539,999 2,924,996 Other sources of revenue: Principal transactions 204,589 361,023 453,744 1,280,924 Interest income 244,699 230,448 458,680 470,945 Other 35,902 82,505 108,524 193,052 Total revenues from other sources 485,190 673,976 1,020,948 1,944,921 Total revenues $ 1,618,147 $ 2,166,329 $ 3,560,947 $ 4,869,917 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 May 31, 2022 Major Business Activity: Investment Banking - Advisory $ 371,760 $ — $ — $ — $ — $ 371,760 Investment Banking - Underwriting 229,455 — — — (356) 229,099 Equities (2) 251,433 — — — (155) 251,278 Fixed Income (2) 3,428 — — — — 3,428 Asset Management — 3,300 — — — 3,300 Manufacturing revenues — — 166,028 — — 166,028 Oil and gas revenues — — 83,240 — — 83,240 Other revenues — — 24,824 — — 24,824 Total revenues from contracts with customers $ 856,076 $ 3,300 $ 274,092 $ — $ (511) $ 1,132,957 Primary Geographic Region: Americas $ 683,804 $ 3,300 $ 273,030 $ — $ (511) $ 959,623 Europe 106,392 — 649 — — 107,041 Asia Pacific 65,880 — 413 — — 66,293 Total revenues from contracts with customers $ 856,076 $ 3,300 $ 274,092 $ — $ (511) $ 1,132,957 Three months ended May 31, 2021 Major Business Activity: Investment Banking - Advisory $ 390,508 $ — $ — $ — $ — $ 390,508 Investment Banking - Underwriting 610,192 — — — — 610,192 Equities (2) 219,855 — — — (19) 219,836 Fixed Income (2) 2,788 — — — — 2,788 Asset Management — 2,315 — — — 2,315 Manufacturing revenues — — 184,092 — — 184,092 Oil and gas revenues — — 45,032 — — 45,032 Other revenues — — 37,590 — — 37,590 Total revenues from contracts with customers $ 1,223,343 $ 2,315 $ 266,714 $ — $ (19) $ 1,492,353 Primary Geographic Region: Americas $ 962,556 $ 2,011 $ 265,972 $ — $ (19) $ 1,230,520 Europe 196,891 304 537 — — 197,732 Asia Pacific 63,896 — 205 — — 64,101 Total revenues from contracts with customers $ 1,223,343 $ 2,315 $ 266,714 $ — $ (19) $ 1,492,353 Reportable Segments (1) Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Reconciling Items -Consolidation Adjustments Total Six months ended May 31, 2022 Major Business Activity: Investment Banking - Advisory $ 915,529 $ — $ — $ — $ — $ 915,529 Investment Banking - Underwriting 630,734 — — — (356) 630,378 Equities (2) 477,501 — — — (292) 477,209 Fixed Income (2) 6,813 — — — — 6,813 Asset Management — 15,869 — — — 15,869 Manufacturing revenues — — 307,136 — — 307,136 Oil and gas revenues — — 141,159 — — 141,159 Other revenues — — 45,906 — — 45,906 Total revenues from contracts with customers $ 2,030,577 $ 15,869 $ 494,201 $ — $ (648) $ 2,539,999 Primary Geographic Region: Americas $ 1,620,874 $ 15,869 $ 492,259 $ — $ (648) $ 2,128,354 Europe 272,564 — 1,207 — — 273,771 Asia Pacific 137,139 — 735 — — 137,874 Total revenues from contracts with customers $ 2,030,577 $ 15,869 $ 494,201 $ — $ (648) $ 2,539,999 Six months ended May 31, 2021 Major Business Activity: Investment Banking - Advisory $ 701,947 $ — $ — $ — $ — $ 701,947 Investment Banking - Underwriting 1,302,365 — — — — 1,302,365 Equities (2) 453,394 — — — (188) 453,206 Fixed Income (2) 6,187 — — — — 6,187 Asset Management — 9,741 — — — 9,741 Manufacturing revenues — — 321,939 — — 321,939 Oil and gas revenues — — 77,041 — — 77,041 Other revenues — — 52,570 — — 52,570 Total revenues from contracts with customers $ 2,463,893 $ 9,741 $ 451,550 $ — $ (188) $ 2,924,996 Primary Geographic Region: Americas $ 1,989,422 $ 9,108 $ 450,310 $ — $ (188) $ 2,448,652 Europe 360,628 633 906 — — 362,167 Asia Pacific 113,843 — 334 — — 114,177 Total revenues from contracts with customers $ 2,463,893 $ 9,741 $ 451,550 $ — $ (188) $ 2,924,996 (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)	6 Months Ended
	May 31, 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 May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 114,014 $ 352,596 $ 441,461 $ 935,031 Allocation of earnings to participating securities (1) (365) (2,178) (2,116) (5,470) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 113,649 350,418 439,345 929,561 Adjustment to allocation of earnings to participating securities related to diluted shares (1) (4) 43 25 107 Mandatorily redeemable convertible preferred share dividends (2) — 1,626 4,141 3,252 Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 113,645 $ 352,087 $ 443,511 $ 932,920 Denominator for earnings per share: Weighted average common shares outstanding 236,687 246,937 239,325 248,144 Weighted average shares of restricted stock outstanding with future service required (967) (1,618) (1,259) (1,540) Weighted average RSUs outstanding with no future service required 13,422 17,961 15,264 18,225 Denominator for basic earnings per share – weighted average shares 249,142 263,280 253,330 264,829 Stock options and other share based awards 1,331 1,152 1,627 646 Senior executive compensation plan RSUs awards 1,506 2,219 2,096 2,032 Mandatorily redeemable convertible preferred shares (2) — 4,441 4,441 4,441 Denominator for diluted earnings per share 251,979 271,092 261,494 271,948 (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 975,500 and 1,638,600 for the three months ended May 31, 2022 and 2021, respectively, and 1,269,800 and 1,561,100 for the six months ended May 31, 2022 and 2021, respectively. Dividends declared on participating securities were not material during the three and six months ended May 31, 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. (2) For the three months ended May 31, 2022, shares related to the mandatorily redeemable convertible preferred shares were not included in the computation of diluted per share amounts as the effect was antidilutive.

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Tables)	6 Months Ended
	May 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments	The following table summarizes commitments associated with certain business activities at May 31, 2022 (in millions): Expected Maturity Date (Fiscal Years) 2022 2023 2024 2026 2028 Maximum Payout Equity commitments (1) $ 292.6 $ 27.3 $ 2.4 $ 5.2 $ 168.3 $ 495.8 Loan commitments (1) 4.0 267.6 — 70.0 — 341.6 Underwriting commitments 72.3 — — — — 72.3 Forward starting reverse repos (2) 10,774.6 — — — — 10,774.6 Forward starting repos (2) 5,632.5 — — — — 5,632.5 Other unfunded commitments (1) — 109.0 346.1 — — 455.1 Total $ 16,776.0 $ 403.9 $ 348.5 $ 75.2 $ 168.3 $ 17,771.9 (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 May 31, 2022, all except $5.7 million within forward starting securities purchased under agreements to resell and all except $3.6 million 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 May 31, 2022 (in millions): Expected Maturity Date (Fiscal Years) Guarantee Type 2022 2023 2024 2026 2028 Notional/ Derivative contracts – non-credit related $ 12,365.3 $ 9,290.1 $ 9,364.9 $ 1,619.7 $ 107.0 $ 32,747.0 Written derivative contracts – credit related — — 0.2 — — 0.2 Total derivative contracts $ 12,365.3 $ 9,290.1 $ 9,365.1 $ 1,619.7 $ 107.0 $ 32,747.2

Other Fair Value Information (T

Other Fair Value Information (Tables)	6 Months Ended
	May 31, 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): May 31, 2022 November 30, 2021 Carrying Fair Carrying Fair Receivables: Notes and loans receivable (1) $ 872,531 $ 906,242 $ 835,009 $ 866,163 Financial Liabilities: Short-term borrowings (2) $ 354,181 $ 354,181 $ 221,863 $ 221,863 Long-term debt (3) 7,265,075 7,185,379 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)	6 Months Ended
	May 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Certain information concerning our segments is presented in the following tables (in thousands): For the Three Months Ended May 31, For the Six Months Ended May 31, 2022 2021 2022 2021 Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 1,098,378 $ 1,598,862 $ 2,580,196 $ 3,586,358 Asset Management 31,147 50,675 91,103 279,877 Merchant Banking 238,255 296,815 427,790 563,819 Corporate 1,818 724 2,564 1,314 Total net revenues related to reportable segments 1,369,598 1,947,076 3,101,653 4,431,368 Reconciling items - Consolidation adjustments (516) 3,431 (656) 6,081 Total consolidated revenues $ 1,369,082 $ 1,950,507 $ 3,100,997 $ 4,437,449 Income (loss) before income taxes: Reportable Segments: Investment Banking and Capital Markets $ 188,063 $ 435,015 $ 608,948 $ 991,246 Asset Management 973 7,148 16,982 191,080 Merchant Banking (3,628) 54,448 (28,035) 146,650 Corporate (10,126) (12,099) (21,890) (32,576) Income before income taxes related to reportable segments 175,282 484,512 576,005 1,296,400 Reconciling items - Parent Company interest (8,385) (13,829) (16,776) (27,731) Reconciling items - Consolidation adjustments (356) 3,456 (356) 6,255 Total consolidated income before income taxes $ 166,541 $ 474,139 $ 558,873 $ 1,274,924 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 22,766 $ 20,805 $ 46,321 $ 41,515 Asset Management 467 489 829 968 Merchant Banking 16,655 17,268 38,251 33,982 Corporate 419 878 843 1,742 Total consolidated depreciation and amortization expenses $ 40,307 $ 39,440 $ 86,244 $ 78,207 May 31, November 30, 2021 Identifiable Assets Employed: Reportable Segments: Investment Banking and Capital Markets $ 49,754,402 $ 52,903,374 Asset Management 3,461,539 3,205,799 Merchant Banking 2,323,547 2,263,050 Corporate 1,902,875 2,432,927 Identifiable assets related to reportable segments 57,442,363 60,805,150 Reconciling items - Consolidation adjustments (228,553) (401,040) Total consolidated assets $ 57,213,810 $ 60,404,110

Nature of Operations (Details)

Nature of Operations (Details) $ in Millions	6 Months Ended
	May 31, 2022 segment	Dec. 01, 2021 USD ($)
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 ($)			3 Months Ended		6 Months Ended
	May 31, 2022	Nov. 30, 2021	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Loans and Leases Receivable Disclosure [Line Items]
Receivables from brokers, dealers and clearing organizations	$ 5,930,000,000	$ 4,900,000,000	$ 5,930,000,000		$ 5,930,000,000
Receivables from customers of securities operations	2,090,000,000	1,620,000,000	2,090,000,000		2,090,000,000
Other investments with fair values not readily determinable	77,300,000	119,400,000	77,300,000		77,300,000
Impairment losses on investments			0	$ 0	0	$ 0
Capitalized interest			3,300,000	$ 2,200,000	6,500,000	$ 4,100,000
Payables to brokers, dealers and clearing organizations	4,780,000,000	5,820,000,000	4,780,000,000		4,780,000,000
Payables to customers of securities operations	3,720,000,000	4,460,000,000	3,720,000,000		3,720,000,000
Foursight Capital | Foursight Credit Facilities | Line of credit
Loans and Leases Receivable Disclosure [Line Items]
Assets pledged for indebtedness	111,100,000	103,000,000	111,100,000		111,100,000
Automobile loan | Foursight Capital
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 872,500,000	$ 812,600,000	872,500,000		872,500,000
Automobile loan | Foursight Capital | Credit concentration risk | Loans receivable | Credit Score 680 and Above
Loans and Leases Receivable Disclosure [Line Items]
Concentration risk, percentage	17%	19%
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	47%	51%
Automobile loan | Foursight Capital | Credit concentration risk | Loans receivable | Credit Scores Below 620
Loans and Leases Receivable Disclosure [Line Items]
Concentration risk, percentage	36%	30%
Securitized vehicles | Foursight Capital
Loans and Leases Receivable Disclosure [Line Items]
Loans receivable	$ 731,400,000	$ 682,700,000	$ 731,400,000		$ 731,400,000

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		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Feb. 28, 2022	Nov. 30, 2021	Feb. 28, 2021	Nov. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 86,025	$ 79,254	$ 86,025	$ 79,254	$ 79,369	$ 75,999	$ 76,392	$ 53,926
Provision for doubtful accounts	9,425	45,672	18,426	48,939
Charge-offs, net of recoveries	(2,769)	(42,810)	(8,400)	(50,130)
Ending balance	$ 86,025	79,254	$ 86,025	79,254
Prime Brokerage
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for doubtful accounts		$ 39,000		$ 39,000
Adjustment for change in accounting principle for current expected credit losses
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance					$ 0	$ 0	$ 0	$ 26,519

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2022	May 31, 2021
Cash paid during the year for:
Interest	$ 551,165	$ 444,939
Income tax payments (refunds), net	$ 101,049	$ 337,720

Fair Value Disclosures - Schedu

Fair Value Disclosures - Schedule of Assets and Liabilities Measured on Recurring Basis at Fair Value (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	$ 18,942,955	$ 18,802,730
Counterparty and cash collateral netting, assets	(2,728,569)	(3,305,756)
Loans to and investments in associated companies	16,590	30,842
Securities received as collateral, at fair value	1,322	7,289
Liabilities:
Financial instruments sold, not yet purchased, at fair value	13,665,037	11,699,467
Counterparty and cash collateral netting, liabilities	(2,884,689)	(3,702,200)
Other secured financings	2,362	102,788
Long-term debt	1,617,020	1,843,598
Obligation to return securities received as collateral, at fair value	1,322	7,289
Fair value measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative investments	1,305,000	1,025,940
Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	7,487,807	6,686,065
Loans to and investments in associated companies	0	0
Securities received as collateral, at fair value	1,322	7,289
Liabilities:
Financial instruments sold, not yet purchased, at fair value	6,647,808	5,066,732
Other secured financings	0	0
Long-term debt	0	0
Obligation to return securities received as collateral, at fair value	1,322	7,289
Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	13,443,983	14,843,376
Loans to and investments in associated companies	1,795	0
Securities received as collateral, at fair value	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value	9,777,184	10,235,821
Other secured financings	0	76,883
Long-term debt	877,667	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	739,734	579,045
Loans to and investments in associated companies	14,795	30,842
Securities received as collateral, at fair value	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value	124,734	99,114
Other secured financings	2,362	25,905
Long-term debt	739,353	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	4,225,424	3,082,220
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,838,161	1,695,985
Obligation to return securities received as collateral, at fair value	1,322	7,289
Corporate equity securities | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,867,049	2,737,255
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,801,924	1,671,696
Corporate equity securities | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	157,414	257,318
Liabilities:
Financial instruments sold, not yet purchased, at fair value	32,488	19,654
Corporate equity securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	200,961	87,647
Liabilities:
Financial instruments sold, not yet purchased, at fair value	3,749	4,635
Corporate debt securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,252,318	3,848,144
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,309,216	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	3,231,505	3,836,341
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,308,815	2,111,777
Corporate debt securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	20,813	11,803
Liabilities:
Financial instruments sold, not yet purchased, at fair value	401	482
Collateralized debt obligations and collateralized loan obligations
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	373,485	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	323,627	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	49,858	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	2,582,240	3,114,079
Liabilities:
Financial instruments sold, not yet purchased, at fair value	3,471,943	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	2,549,972	3,045,295
Liabilities:
Financial instruments sold, not yet purchased, at fair value	3,471,943	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	32,268	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	630,483	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	630,483	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	2,062,466	1,553,285
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,273,876	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	1,061,291	899,086
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,371,769	935,801
Sovereign obligations | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,001,175	654,199
Liabilities:
Financial instruments sold, not yet purchased, at fair value	902,107	593,040
Sovereign obligations | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	0	0
Liabilities:
Financial instruments sold, not yet purchased, at fair value	0	0
Residential mortgage-backed securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,592,879	1,169,723
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,010	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	0
Residential mortgage-backed securities | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,591,820	1,168,246
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,010	719
Residential mortgage-backed securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	1,059	1,477
Liabilities:
Financial instruments sold, not yet purchased, at fair value	0	0
Commercial mortgage-backed securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	345,614	198,752
Liabilities:
Financial instruments sold, not yet purchased, at fair value	385	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	343,744	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	1,870	2,333
Liabilities:
Financial instruments sold, not yet purchased, at fair value	385	210
Other asset-backed securities
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	287,287	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	202,509	337,022
Other asset-backed securities | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	84,778	93,524
Loans and other receivables
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	2,962,624	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	2,824,872	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	137,752	135,239
Derivatives, assets
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	408,100	570,472
Derivatives, assets | Level 1
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	9,495	4,429
Derivatives, assets | Level 2
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	3,100,255	3,861,551
Derivatives, assets | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	26,919	10,248
Investments at fair value
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	168,155	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	4,311	11,369
Investments at fair value | Level 3
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	163,844	154,373
FXCM term loan
Assets:
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV	51,880	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	51,880	50,455
Loans
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,484,257	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	2,465,974	2,476,087
Loans | Level 3
Liabilities:
Financial instruments sold, not yet purchased, at fair value	18,283	15,770
Derivatives, liabilities
Liabilities:
Financial instruments sold, not yet purchased, at fair value	1,286,189	1,412,176
Derivatives, liabilities | Level 1
Liabilities:
Financial instruments sold, not yet purchased, at fair value	2,172	1,815
Derivatives, liabilities | Level 2
Liabilities:
Financial instruments sold, not yet purchased, at fair value	4,066,790	5,034,544
Derivatives, liabilities | Level 3
Liabilities:
Financial instruments sold, not yet purchased, at fair value	$ 101,916	$ 78,017

Fair Value Disclosures - Invest

Fair Value Disclosures - Investments at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	May 31, 2022	May 31, 2022	Nov. 30, 2021
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 57,154	$ 57,154	$ 53,905
Equity Long/Short Hedge Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 0	$ 0	$ 0
Percentage of investment at fair value, redemption restriction	32%	32%	21%
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	63%	63%	74%
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	$ 41,191	$ 41,191	$ 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	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	$ 0
Multi-asset 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	16%	16%	22%
Notice period redemption of investments prior written notice period	90 days	90 days
Multi-asset Funds | 60 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	77%	77%	78%
Notice period redemption of investments prior written notice period	60 days	60 days
Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 15,963	$ 15,963	$ 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	$ 1,305,000	$ 1,305,000	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	482,004	482,004	466,231
Fair value measured at NAV | Equity Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	57,760	57,760	46,030
Fair value measured at NAV | Commodity Fund
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	25,461	25,461	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	418,397	418,397	390,224
Fair value measured at NAV | Other Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 321,378	$ 321,378	$ 99,054

Fair Value Disclosures - Inve_2

Fair Value Disclosures - Investment in FXCM (Details) - Investment in FXCM $ in Millions	May 31, 2022 USD ($)
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%

Fair Value Disclosures - Level

Fair Value Disclosures - Level 3 Rollforwards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) (realized and unrealized)	$ 30,400	$ 45,300	$ 51,500	$ 148,400
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains/ losses (realized and unrealized)	(159,200)	7,000	(332,300)	60,700
Fair value, liabilities, change in unrealized gains/(losses) included in other comprehensive income relating to instruments still held	(31,900)	19,000	(65,100)	61,600
Corporate equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	113,922	102,065	87,647	75,904
Total gains (losses) (realized and unrealized)	35,581	7,997	36,463	11,299
Purchases	67,540	448	69,837	8,288
Sales	(13,415)	(24,561)	(13,839)	(37,297)
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(2,667)	502	20,853	28,257
Ending Balance	200,961	86,451	200,961	86,451
Changes in unrealized gains/losses included in earnings relating to instruments still held	35,361	(4,971)	36,204	(3,683)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	5,666	4,443	4,635	4,434
Total gains/ losses (realized and unrealized)	(234)	42	(3,592)	64
Purchases	(1,533)	(23)	(2,344)	(23)
Sales	0	0	5,050	0
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(150)	0	0	(13)
Ending Balance	3,749	4,462	3,749	4,462
Changes in unrealized gains/losses included in earnings relating to instruments still held	(350)	(40)	3,009	(62)
Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	42,358	6,811	11,803	23,146
Total gains (losses) (realized and unrealized)	3,550	1,292	5,631	2,466
Purchases	38,141	4,116	9,465	4,370
Sales	(47,025)	(5,870)	(18,345)	(5,960)
Settlements	(12,604)	(132)	(9)	(132)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(3,607)	1,768	12,268	(15,905)
Ending Balance	20,813	7,985	20,813	7,985
Changes in unrealized gains/losses included in earnings relating to instruments still held	(849)	963	2,381	1,492
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7,308	1,571	482	141
Total gains/ losses (realized and unrealized)	(3,588)	(22)	(11)	1,349
Purchases	(16,091)	(665)	(70)	(563)
Sales	14,584	27	0	0
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(1,812)	16	0	0
Ending Balance	401	927	401	927
Changes in unrealized gains/losses included in earnings relating to instruments still held	5	(38)	5	(414)
CDOs and CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	45,219	33,199	31,946	17,972
Total gains (losses) (realized and unrealized)	877	7,478	254	10,616
Purchases	13,264	4,287	31,245	16,510
Sales	(28,037)	(37,324)	(37,305)	(35,251)
Settlements	(1,466)	(1,203)	(5,033)	(1,427)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	20,001	20,124	28,751	18,141
Ending Balance	49,858	26,561	49,858	26,561
Changes in unrealized gains/losses included in earnings relating to instruments still held	(1,798)	2,888	(1,304)	6,808
Sovereign obligations
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	23
Total gains (losses) (realized and unrealized)	0
Purchases	0
Sales	0
Settlements	0
Issuances	0
Net transfers into (out of) Level 3	(23)
Ending Balance	0		0
Changes in unrealized gains/losses included in earnings relating to instruments still held	0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,159
Total gains/ losses (realized and unrealized)	0
Purchases	0
Sales	0
Settlements	0
Issuances	0
Net transfers into (out of) Level 3	(1,159)
Ending Balance	0		0
Changes in unrealized gains/losses included in earnings relating to instruments still held	0
Residential mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,186	21,692	1,477	21,826
Total gains (losses) (realized and unrealized)	(47)	205	(111)	33
Purchases	0	0	0	799
Sales	0	0	(204)	(784)
Settlements	(80)	(612)	(103)	(1,126)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	(15,252)	0	(14,715)
Ending Balance	1,059	6,033	1,059	6,033
Changes in unrealized gains/losses included in earnings relating to instruments still held	(17)	(36)	(57)	88
Commercial mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	3,732	2,671	2,333	2,003
Total gains (losses) (realized and unrealized)	(439)	201	(463)	158
Purchases	0	0	0	1,119
Sales	0	0	0	(393)
Settlements	0	(1,696)	0	(1,696)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	(1,423)	0	0	(15)
Ending Balance	1,870	1,176	1,870	1,176
Changes in unrealized gains/losses included in earnings relating to instruments still held	0	(824)	(29)	(740)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	315	35	210	35
Total gains/ losses (realized and unrealized)	0	0	0	0
Purchases	0	(35)	0	(35)
Sales	70	35	175	35
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	0	0	0
Ending Balance	385	35	385	35
Changes in unrealized gains/losses included in earnings relating to instruments still held	0	0	0	0
Other asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	62,382	60,594	93,524	79,995
Total gains (losses) (realized and unrealized)	(781)	3,575	835	6,373
Purchases	21,501	12,835	37,795	34,476
Sales	(1,688)	(1,099)	(17,238)	(27,647)
Settlements	(12,296)	(14,408)	(22,812)	(26,465)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	15,660	9,058	(7,326)	3,823
Ending Balance	84,778	70,555	84,778	70,555
Changes in unrealized gains/losses included in earnings relating to instruments still held	(1,065)	819	1,324	1,158
Loans and other receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	137,942	149,084	135,239	134,636
Total gains (losses) (realized and unrealized)	(3,764)	2,814	(9,814)	17,580
Purchases	15,598	26,948	29,962	37,431
Sales	(23,603)	(8,070)	(25,983)	(50,556)
Settlements	(108)	(156)	(229)	(273)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	11,687	19,792	8,577	51,594
Ending Balance	137,752	190,412	137,752	190,412
Changes in unrealized gains/losses included in earnings relating to instruments still held	(4,764)	706	(9,726)	14,146
Investments at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	169,508	219,541	154,373	213,946
Total gains (losses) (realized and unrealized)	1,576	26,775	33,310	103,032
Purchases	37	6,634	14,286	11,489
Sales	0	(17,085)	0	(47,244)
Settlements	(7,277)	(5,031)	(14,718)	(8,573)
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	0	(23,407)	(41,816)
Ending Balance	163,844	230,834	163,844	230,834
Changes in unrealized gains/losses included in earnings relating to instruments still held	1,576	11,318	33,380	80,099
FXCM term loan
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	50,335	62,132	50,455	59,455
Total gains (losses) (realized and unrealized)	1,545	(2,977)	1,425	(300)
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	0	0	0
Ending Balance	51,880	59,155	51,880	59,155
Changes in unrealized gains/losses included in earnings relating to instruments still held	1,545	(2,977)	1,425	(300)
Loans to and investments in associated companies
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	22,480	39,397	30,842	40,185
Total gains (losses) (realized and unrealized)	(7,685)	(2,110)	(16,047)	(2,898)
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	0	0	0	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	0	0	0	0
Ending Balance	14,795	37,287	14,795	37,287
Changes in unrealized gains/losses included in earnings relating to instruments still held	0	(2,110)	0	(2,898)
Loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	11,541	14,916	15,770	16,635
Total gains/ losses (realized and unrealized)	10	(7)	(15)	1,441
Purchases	(1,911)	(637)	(12,315)	(6,872)
Sales	1,089	6,330	10,194	8,817
Settlements	0	44	(87)	0
Issuances	0	0	0	0
Net transfers into (out of) Level 3	7,554	(257)	4,736	368
Ending Balance	18,283	20,389	18,283	20,389
Changes in unrealized gains/losses included in earnings relating to instruments still held	119	(167)	104	(884)
Net derivatives
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	47,770	305,506	67,769	26,017
Total gains/ losses (realized and unrealized)	(9,100)	(8,965)	(88,018)	16,813
Purchases	(1,559)	(36)	(1,559)	(82)
Sales	0	33,715	0	66,304
Settlements	(8,262)	593	0	506
Issuances	0	0	21,024	0
Net transfers into (out of) Level 3	46,148	(103,755)	75,781	117,500
Ending Balance	74,997	227,058	74,997	227,058
Changes in unrealized gains/losses included in earnings relating to instruments still held	9,903	8,372	86,050	(17,358)
Other secured financings
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	32,377	2,168	25,905	1,543
Total gains/ losses (realized and unrealized)	0	0	0	0
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	(30,015)	0	(23,543)	0
Issuances	0	325	0	950
Net transfers into (out of) Level 3	0	0	0	0
Ending Balance	2,362	2,493	2,362	2,493
Changes in unrealized gains/losses included in earnings relating to instruments still held	0	0	0	0
Long-term debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	794,460	723,115	881,732	676,028
Total gains/ losses (realized and unrealized)	(146,261)	15,986	(240,698)	41,064
Purchases	0	0	0	0
Sales	0	0	0	0
Settlements	(4,950)	0	0	0
Issuances	76,443	28,565	100,195	50,295
Net transfers into (out of) Level 3	19,661	27,432	(1,876)	27,711
Ending Balance	739,353	795,098	739,353	795,098
Changes in unrealized gains/losses included in earnings relating to instruments still held	$ 114,362	$ 3,057	$ 175,615	$ 20,565

Fair Value Disclosures - Analys

Fair Value Disclosures - Analysis of Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 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	$ 51,300	$ 57,800	$ 64,700	$ 99,700
Transfers of assets from Level 3 to Level 2	11,700	21,800	25,000	70,300
Transfers of liabilities from Level 2 to Level 3	98,200	78,100	122,600	162,900
Transfers of liabilities from Level 3 to Level 2	28,000	154,700	44,000	17,300
Net gains (losses) on Level 3 assets (realized and unrealized)	30,400	45,300	51,500	148,400
Net gains (losses) on Level 3 liabilities (realized and unrealized)	159,200	(7,000)	332,300	(60,700)
Excluded assets from unobservable quantitative information	32,900		32,900		$ 40,800
Excluded liabilities from unobservable quantitative information	5,100		5,100		$ 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	20,000	20,100	28,800	18,200
Net gains (losses) on Level 3 assets (realized and unrealized)	877	7,478	254	10,616
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	15,100	20,900	9,700	58,300
Transfers of assets from Level 3 to Level 2	3,400			6,700
Net gains (losses) on Level 3 assets (realized and unrealized)	(3,764)	2,814	(9,814)	17,580
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	15,800	13,500	14,000	10,500
Transfers of assets from Level 3 to Level 2		4,400	21,400	6,700
Net gains (losses) on Level 3 assets (realized and unrealized)	(781)	3,575	835	6,373
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			6,700
Transfers of assets from Level 3 to Level 2	3,600			17,500
Net gains (losses) on Level 3 assets (realized and unrealized)	3,550	1,292	5,631	2,466
Net gains (losses) on Level 3 liabilities (realized and unrealized)	3,588	22	11	(1,349)
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			5,600	11,000
Transfers of assets from Level 3 to Level 2	3,100
Net gains (losses) on Level 3 assets (realized and unrealized)	35,581	7,997	36,463	11,299
Net gains (losses) on Level 3 liabilities (realized and unrealized)	234	(42)	3,592	(64)
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets from Level 3 to Level 2		15,300		14,700
Net gains (losses) on Level 3 assets (realized and unrealized)	(47)	205	(111)	33
Net derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	66,200	50,500	80,800	134,800
Transfers of liabilities from Level 3 to Level 2	20,000	154,200	5,000	17,300
Net gains (losses) on Level 3 liabilities (realized and unrealized)	9,100	8,965	88,018	(16,813)
Structured notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	23,000	27,400	37,000	27,700
Transfers of liabilities from Level 3 to Level 2	3,300		38,900
Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of liabilities from Level 2 to Level 3	9,100		4,800
Net gains (losses) on Level 3 liabilities (realized and unrealized)	(10)	7	15	(1,441)
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)	1,576	26,775	33,310	103,032
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net gains (losses) on Level 3 assets (realized and unrealized)	(439)	201	(463)	158
Net gains (losses) on Level 3 liabilities (realized and unrealized)	$ 0	$ 0	$ 0	$ 0

Fair Value Disclosures - Quanti

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

6 Months Ended

12 Months Ended

May 31, 2022 USD ($)

Nov. 30, 2021 USD ($)

May 31, 2022 $ / shares

May 31, 2022

May 31, 2022 $ / Bond

May 31, 2022 € / shares

May 31, 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

$ 18,942,955

$ 18,802,730

Derivative assets

408,100

570,472

Loans to and investments in associated companies

16,590

30,842

Financial instruments sold, not yet purchased, at fair value

13,665,037

11,699,467

Derivative liability

1,286,189

1,412,176

Other secured financings

2,362

102,788

Long-term debt, fair value

1,617,020

1,843,598

Corporate debt securities

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

Financial instruments owned, at fair value

3,252,318

3,848,144

Financial instruments sold, not yet purchased, at fair value

2,309,216

2,112,259

CDOs and CLOs

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

Financial instruments owned, at fair value

373,485

611,464

Commercial mortgage-backed securities

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

Financial instruments owned, at fair value

345,614

198,752

Financial instruments sold, not yet purchased, at fair value

385

210

Other asset-backed securities

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

Financial instruments owned, at fair value

287,287

430,546

Loans and other receivables

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

Financial instruments owned, at fair value

2,962,624

3,498,289

Corporate equity securities

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

Financial instruments owned, at fair value

4,225,424

3,082,220

Financial instruments sold, not yet purchased, at fair value

1,838,161

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

2,484,257

2,491,857

Level 3

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

Financial instruments owned, at fair value

739,734

579,045

Loans to and investments in associated companies

14,795

30,842

Financial instruments sold, not yet purchased, at fair value

124,734

99,114

Other secured financings

2,362

25,905

Long-term debt, fair value

739,353

881,732

Level 3 | Market approach and volatility benchmarking

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

Derivative assets

18,755

6,501

Derivative liability

97,612

76,533

Level 3 | Scenario analysis

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

Other secured financings

2,362

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

200,961

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

1

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

366

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

80

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

0.50

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

0.70

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

0.60

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

20,813

11,803

Financial instruments sold, not yet purchased, at fair value

401

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

11,803

Level 3 | Corporate debt securities | Market approach | Price

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

Financial instrument owned, measurement input | $ / Bond

23

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

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

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

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

3.3

Level 3 | Corporate debt securities | Market approach and scenario analysis

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

Financial instruments owned, at fair value

20,813

Level 3 | Corporate debt securities | Scenario analysis | Estimated recovery percentage

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

Financial instrument owned, measurement input

0.06

Level 3 | CDOs and CLOs

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

Financial instruments owned, at fair value

49,858

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

69

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

92

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

49,858

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

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

Financial instrument owned, measurement input

0.70

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

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

0.30

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

0.26

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

0.10

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

0.22

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

0.19

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

1,870

2,333

Financial instruments sold, not yet purchased, at fair value

385

210

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

1,870

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

84,778

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

$ 66,623

$ 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

9 months 18 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

1 year 7 months 6 days

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

1 year 3 months 18 days

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

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

0.35

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

0.31

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

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

Financial instrument owned, measurement input

0.88

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

0.60

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

0.85

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

0.55

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

0.05

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

0.17

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

0.12

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

0.05

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

0.21

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

0.17

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

$ 137,752

$ 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

7

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

136

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

108

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

137,752

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

0.35

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

0.53

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

0.29

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

0.63

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

0.49

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

2.8

0.1

Derivative liability, measurement input

2.8

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

11.1

8.7

Derivative liability, measurement input

11.1

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

6.7

3.3

Derivative liability, measurement input

6.7

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

100

Derivative liability, measurement input | $ / Bond

99

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

548

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

15.7

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

0.12

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

158,312

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

$ 51,880

$ 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 8 months 12 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 8 months 12 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

$ 14,795

$ 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

0.49

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

723

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

11

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

14

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

13

16

Level 3 | Corporate equity securities

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

Financial instruments owned, at fair value

200,961

87,647

Financial instruments sold, not yet purchased, at fair value

3,749

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

3,749

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

18,283

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

91

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

18,283

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 | 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

$ 739,353

$ 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

52

60

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

108

102

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

75

80

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		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Nov. 30, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and other receivables	$ (1,478)	$ 15,520	$ (1,294)	$ 23,259
Changes in instrument specific credit risk	(2)	2,637	(24)	2,859
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	143,521		143,521		$ 64,203
Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument specific credit risk	(882)	(363)	(4,889)	(363)
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Changes in instrument specific credit risk	42,886	(32,247)	94,133	(122,898)
Other changes in fair value	$ 161,381	$ 6,846	$ 255,932	$ 86,113

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	May 31, 2022	Nov. 30, 2021
Fair Value Disclosures [Abstract]
Loans and other receivables	$ 5,703,268	$ 5,600,648
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	143,521	64,203
Long-term debt	317,452	(38,391)
Other secured financings	2,913	3,432
All loans and other receivables 90 days or greater past due	$ 109,700	$ 19,700

Fair Value Disclosures - Fair V

Fair Value Disclosures - Fair Value Option Election (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Nov. 30, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and other receivables on nonaccrual status and/or 90 days or greater past due	$ 164.4		$ 164.4		$ 56.9
Loans and other receivables 90 days or greater past due	$ 33.3		$ 33.3		$ 23.5
ApiJect
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments, ownership percentage	38%		38%
Percentage of future revenue	1.125%		1.125%
Cash consideration	$ 25
Converted term loan agreement into common shares	25
Fair value of equity investment	$ 100.1		$ 100.1
Maximum common shares to be issued upon exercise of warrants	950,000		950,000
Change in fair value of equity investments	$ 37.3		$ 37.3
ApiJect | Term Loan Receivable
Fair Value, Option, Quantitative Disclosures [Line Items]
Principal amount	25		25
Interest income	0.6	$ 0.4	1.1	$ 0.6
Loan fair value	$ 27.7		$ 27.7

Derivative Financial Instrume_3

Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Predominant Risk Exposure (Details) $ in Thousands	May 31, 2022 USD ($) contract	Nov. 30, 2021 USD ($) contract
Derivatives, Fair Value [Line Items]
Net amounts per consolidated statement of financial condition, assets	$ 408,100	$ 570,472
Net amounts per consolidated statement of financial condition, liabilities	1,286,189	1,412,176
Exchange-traded
Derivatives, Fair Value [Line Items]
Fair value, assets	1,014,850	1,208,316
Amounts offset in the Consolidated Statement of Financial Condition, assets	(764,932)	(1,008,091)
Fair value, liabilities	768,185	1,036,998
Amount offset in the Consolidated Statement of Financial Condition, liabilities	(764,932)	(1,008,091)
Cleared OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	724,043	493,261
Amounts offset in the Consolidated Statement of Financial Condition, assets	(719,960)	(483,339)
Fair value, liabilities	735,040	508,333
Amount offset in the Consolidated Statement of Financial Condition, liabilities	(735,040)	(508,333)
Bilateral OTC
Derivatives, Fair Value [Line Items]
Fair value, assets	1,397,776	2,174,651
Amounts offset in the Consolidated Statement of Financial Condition, assets	(1,243,677)	(1,814,326)
Fair value, liabilities	2,667,653	3,569,045
Amount offset in the Consolidated Statement of Financial Condition, liabilities	(1,384,717)	(2,185,776)
Designated as accounting hedges
Derivatives, Fair Value [Line Items]
Fair value, assets	51,845	66,188
Fair value, liabilities	152,090	32,200
Designated as accounting hedges | Cleared OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 0	$ 35,726
Number of contracts, assets | contract	0	2
Fair value, liabilities	$ 152,090	$ 32,200
Number of contracts, liabilities | contract	3	1
Designated as accounting hedges | Bilateral OTC | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 51,845	$ 30,462
Number of contracts, assets | contract	5	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	$ 3,084,824	$ 3,810,040
Fair value, liabilities	4,018,788	5,082,176
Not designated as accounting hedges | Exchange-traded | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 9,052	$ 1,262
Number of contracts, assets | contract	76,999	23,888
Fair value, liabilities	$ 2,015	$ 756
Number of contracts, liabilities | contract	41,098	39,195
Not designated as accounting hedges | Exchange-traded | Equity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 1,005,732	$ 1,206,606
Number of contracts, assets | contract	1,363,436	1,582,713
Fair value, liabilities	$ 766,134	$ 1,036,019
Number of contracts, liabilities | contract	1,397,278	1,450,624
Not designated as accounting hedges | Exchange-traded | Commodity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 66	$ 448
Number of contracts, assets | contract	1,365	1,394
Fair value, liabilities	$ 36	$ 223
Number of contracts, liabilities | contract	1,534	1,457
Not designated as accounting hedges | Cleared OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 691,397	$ 373,355
Number of contracts, assets | contract	3,974	4,505
Fair value, liabilities	$ 541,001	$ 367,134
Number of contracts, liabilities | contract	3,875	4,467
Not designated as accounting hedges | Cleared OTC | Credit contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 32,646	$ 84,180
Number of contracts, assets | contract	95	132
Fair value, liabilities	$ 41,949	$ 108,999
Number of contracts, liabilities | contract	95	128
Not designated as accounting hedges | Bilateral OTC | Interest rate contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 528,364	$ 322,353
Number of contracts, assets | contract	819	1,037
Fair value, liabilities	$ 944,289	$ 283,481
Number of contracts, liabilities | contract	851	967
Not designated as accounting hedges | Bilateral OTC | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 500,922	$ 1,428,712
Number of contracts, assets | contract	11,847	17,792
Fair value, liabilities	$ 512,817	$ 1,437,116
Number of contracts, liabilities | contract	11,879	17,576
Not designated as accounting hedges | Bilateral OTC | Equity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 281,493	$ 377,132
Number of contracts, assets | contract	4,656	2,888
Fair value, liabilities	$ 1,122,597	$ 1,824,418
Number of contracts, liabilities | contract	5,305	2,682
Not designated as accounting hedges | Bilateral OTC | Commodity contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 153	$ 2,703
Number of contracts, assets | contract	165	616
Fair value, liabilities	$ 50,715	$ 9,862
Number of contracts, liabilities | contract	2,325	825
Not designated as accounting hedges | Bilateral OTC | Credit contracts
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 34,999	$ 13,289
Number of contracts, assets | contract	14	14
Fair value, liabilities	$ 37,235	$ 14,168
Number of contracts, liabilities | contract	13	17

Derivative Financial Instrume_4

Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense of Jefferies Group	$ 4,626	$ 3,544	$ 11,170	$ 6,564
Unrealized and realized gains (losses)	(243,964)	32,708	(101,868)	(69,812)
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(87,871)	21,364	(129,463)	(20,760)
Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(112,157)	24,243	(109,533)	71,072
Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(16,776)	(3,315)	194,161	(93,012)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	(34,173)	(6,720)	(68,478)	(25,069)
Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized and realized gains (losses)	7,013	(2,864)	11,445	(2,043)
Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on net investment hedges recognized in other comprehensive income (loss)	73,498	(21,906)	62,560	(63,406)
Net investment hedges | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on net investment hedges recognized in other comprehensive income (loss)	73,498	(21,906)	62,560	(63,406)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense of Jefferies Group	(100,415)	(1,671)	(144,413)	(45,462)
Long-term debt
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in interest expense of Jefferies Group	$ 105,041	$ 5,215	$ 155,583	$ 52,026

Derivative Financial Instrume_5

Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Details) $ in Thousands	May 31, 2022 USD ($)
OTC Derivative Assets
0-12 Months	$ 303,712
1-5 Years	398,341
Greater Than 5 Years	34,104
Cross-Maturity Netting	(142,656)
Total OTC derivative assets, net of cross-maturity netting	593,501
Cross product counterparty netting	(19,797)
Total OTC derivative assets included in Financial instruments owned, at fair value	573,704
OTC Derivative Liabilities
0-12 Months	653,845
1-5 Years	880,800
Greater Than 5 Years	460,143
Cross-Maturity Netting	(142,656)
Total	1,852,132
Cross product counterparty netting	(19,797)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value	1,832,335
Exchange traded derivative assets and other credit agreements	249,900
Cash collateral received	415,500
Exchange traded derivative liabilities and other credit agreements	25,500
Cash collateral pledged	571,600
Commodity swaps, options and forwards
OTC Derivative Assets
0-12 Months	0
1-5 Years	153
Greater Than 5 Years	0
Cross-Maturity Netting	(153)
Total OTC derivative assets, net of cross-maturity netting	0
OTC Derivative Liabilities
0-12 Months	41,566
1-5 Years	9,149
Greater Than 5 Years	0
Cross-Maturity Netting	(153)
Total	50,562
Equity options and forwards
OTC Derivative Assets
0-12 Months	15,292
1-5 Years	3,514
Greater Than 5 Years	0
Cross-Maturity Netting	(14,945)
Total OTC derivative assets, net of cross-maturity netting	3,861
OTC Derivative Liabilities
0-12 Months	78,364
1-5 Years	393,463
Greater Than 5 Years	22,849
Cross-Maturity Netting	(14,945)
Total	479,731
Credit default swaps
OTC Derivative Assets
0-12 Months	0
1-5 Years	8
Greater Than 5 Years	4,177
Cross-Maturity Netting	(8)
Total OTC derivative assets, net of cross-maturity netting	4,177
OTC Derivative Liabilities
0-12 Months	0
1-5 Years	594
Greater Than 5 Years	8,717
Cross-Maturity Netting	(8)
Total	9,303
Total return swaps
OTC Derivative Assets
0-12 Months	69,436
1-5 Years	39,246
Greater Than 5 Years	46
Cross-Maturity Netting	(9,812)
Total OTC derivative assets, net of cross-maturity netting	98,916
OTC Derivative Liabilities
0-12 Months	387,018
1-5 Years	122,606
Greater Than 5 Years	100
Cross-Maturity Netting	(9,812)
Total	499,912
Foreign currency forwards, swaps and options
OTC Derivative Assets
0-12 Months	120,957
1-5 Years	3,836
Greater Than 5 Years	284
Cross-Maturity Netting	(3,128)
Total OTC derivative assets, net of cross-maturity netting	121,949
OTC Derivative Liabilities
0-12 Months	81,886
1-5 Years	3,192
Greater Than 5 Years	49
Cross-Maturity Netting	(3,128)
Total	81,999
Fixed income forwards
OTC Derivative Assets
0-12 Months	30,634
1-5 Years	0
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total OTC derivative assets, net of cross-maturity netting	30,634
OTC Derivative Liabilities
0-12 Months	845
1-5 Years	0
Greater Than 5 Years	0
Cross-Maturity Netting	0
Total	845
Interest rate swaps, options and forwards
OTC Derivative Assets
0-12 Months	67,393
1-5 Years	351,584
Greater Than 5 Years	29,597
Cross-Maturity Netting	(114,610)
Total OTC derivative assets, net of cross-maturity netting	333,964
OTC Derivative Liabilities
0-12 Months	64,166
1-5 Years	351,796
Greater Than 5 Years	428,428
Cross-Maturity Netting	(114,610)
Total	$ 729,780

Derivative Financial Instrume_6

Derivative Financial Instruments (Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets) (Details) $ in Thousands	May 31, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
A- or higher	$ 371,914
BBB- to BBB+	36,799
BB+ or lower	73,680
Unrated	91,311
Total OTC derivative assets included in Financial instruments owned, at fair value	$ 573,704

Derivative Financial Instrume_7

Derivative Financial Instruments (Credit Related Derivative Contracts) (Details) - USD ($) $ in Millions	May 31, 2022	Nov. 30, 2021
Index credit default swaps
Derivative [Line Items]
Notional amount	$ 3,327.3	$ 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	2,428.4	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	898.9	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	May 31, 2022	Nov. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instrument liabilities with credit-risk-related contingent features	$ 411.7	$ 821.5
Collateral posted	(112.6)	(160.5)
Collateral received	138	369.3
Return of and additional collateral required in the event of a credit rating downgrade below investment grade	$ 437.1	$ 1,030.4

Collateralized Transactions - C

Collateralized Transactions - Collateral Pledged (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 1,876,434	$ 1,525,721
Repurchase agreements	17,688,298	16,019,400
Obligation to return securities received as collateral, at fair value	1,322	7,289
Total	19,566,054	17,552,410
Cash
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	2,360
Repurchase agreements	0
Obligation to return securities received as collateral, at fair value	0
Total	2,360
Corporate equity securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	1,548,640	1,160,916
Repurchase agreements	420,284	150,602
Obligation to return securities received as collateral, at fair value	1,322	7,289
Total	1,970,246	1,318,807
Corporate debt securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	264,308	321,356
Repurchase agreements	2,072,975	2,684,458
Obligation to return securities received as collateral, at fair value	0	0
Total	2,337,283	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	1,585,022	1,209,442
Obligation to return securities received as collateral, at fair value	0	0
Total	1,585,022	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	55,398	6,348
Repurchase agreements	8,680,828	8,426,536
Obligation to return securities received as collateral, at fair value	0	0
Total	8,736,226	8,432,884
Municipal securities
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	0	0
Repurchase agreements	444,268	413,073
Obligation to return securities received as collateral, at fair value	0	0
Total	444,268	413,073
Sovereign obligations
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	5,728	37,101
Repurchase agreements	3,256,207	2,422,901
Obligation to return securities received as collateral, at fair value	0	0
Total	3,261,935	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	1,228,714	712,388
Obligation to return securities received as collateral, at fair value	0	0
Total	$ 1,228,714	$ 712,388

Collateralized Transactions -_2

Collateralized Transactions - Contractual Maturity (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	$ 1,876,434	$ 1,525,721
Repurchase agreements	17,688,298	16,019,400
Obligation to return securities received as collateral, at fair value	1,322	7,289
Total	19,566,054	17,552,410
Overnight and Continuous
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	1,088,631	595,628
Repurchase agreements	9,267,240	6,551,934
Obligation to return securities received as collateral, at fair value	1,322	7,289
Total	10,357,193	7,154,851
Up to 30 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	107,370	1,318
Repurchase agreements	2,549,573	1,798,716
Obligation to return securities received as collateral, at fair value	0	0
Total	2,656,943	1,800,034
31 to 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	285,165	539,623
Repurchase agreements	2,363,392	4,361,993
Obligation to return securities received as collateral, at fair value	0	0
Total	2,648,557	4,901,616
Greater than 90 Days
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending arrangements	395,268	389,152
Repurchase agreements	3,508,093	3,306,757
Obligation to return securities received as collateral, at fair value	0	0
Total	$ 3,903,361	$ 3,695,909

Collateralized Transactions - N

Collateralized Transactions - Narrative (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Collateralized Transactions [Abstract]
Fair value of securities received as collateral that may be sold or repledged	$ 30,160,000	$ 31,970,000
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$ 962,590	$ 1,015,107

Collateralized Transactions - O

Collateralized Transactions - Offsetting of Securities Financing Agreements (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Securities borrowing arrangements, Assets
Gross Amounts	$ 6,312,320	$ 6,409,420
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	6,312,320	6,409,420
Additional Amounts Available for Setoff	(416,770)	(271,475)
Available Collateral	(1,328,320)	(1,528,206)
Net Amount	4,567,230	4,609,739
Reverse repurchase agreements, Assets
Gross Amounts	14,269,387	15,215,785
Netting in Consolidated Statements of Financial Condition	(9,524,408)	(7,573,301)
Net Amounts in Consolidated Statements of Financial Condition	4,744,979	7,642,484
Additional Amounts Available for Setoff	(469,355)	(540,312)
Available Collateral	(4,140,956)	(7,048,823)
Net Amount	134,668	53,349
Securities lending arrangements, Liabilities
Gross Amounts	1,876,434	1,525,721
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	1,876,434	1,525,721
Additional Amounts Available for Setoff	(416,770)	(271,475)
Available Collateral	(1,433,026)	(1,213,563)
Net Amount	26,638	40,683
Repurchase agreements, Liabilities
Gross Amounts	17,688,298	16,019,400
Netting in Consolidated Statements of Financial Condition	(9,524,408)	(7,573,301)
Net Amounts in Consolidated Statements of Financial Condition	8,163,890	8,446,099
Additional Amounts Available for Setoff	(469,355)	(540,312)
Available Collateral	(7,318,621)	(7,136,585)
Net Amount	375,914	769,202
Securities borrowing agreement, subject to review	4,500,000	4,510,000
Securities borrowing agreement, collateral received, subject to review	4,320,000	4,350,000
Repurchase agreement, net amount, subject to review	360,000	765,000
Repurchase agreements, collateral pledged, subject to review	371,800	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	1,322	7,289
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	1,322	7,289
Additional Amounts Available for Setoff	0	0
Available Collateral	(1,322)	(7,289)
Net Amount	0	0
Securities received as collateral, at fair value
Securities borrowing arrangements, Assets
Gross Amounts	1,322	7,289
Netting in Consolidated Statements of Financial Condition	0	0
Net Amounts in Consolidated Statements of Financial Condition	1,322	7,289
Additional Amounts Available for Setoff	0	0
Available Collateral	(1,322)	(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		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Transfers and Servicing [Abstract]
Transferred assets	$ 2,462	$ 3,146.5	$ 3,542.6	$ 6,730
Proceeds on new securitizations	2,513.4	3,146.5	3,594	6,729.6
Cash flows received on retained interests	$ 6.5	$ 5.1	$ 15.4	$ 11.1

Securitization Activities - Sum

Securitization Activities - Summary of Retained Interests in SPEs (Details) - USD ($) $ in Millions	May 31, 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	$ 255.2	$ 330.2
Retained Interests	3.7	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	2,549.5	2,201.8
Retained Interests	180.1	69.2
CLOs
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]
CLOs	4,676.1	3,382.3
Retained Interests	37	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	2,626.9	2,271.4
Retained Interests	$ 142	$ 136.4

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Consolidated VIEs (Details) - USD ($) $ in Thousands		May 31, 2022	Nov. 30, 2021
Variable Interest Entity [Line Items]
Assets	[1]	$ 57,213,810	$ 60,404,110
Liabilities	[1]	46,701,830	49,674,070
Noncontrolling interests		67,962	25,885
Variable interest entities, primary beneficiary
Variable Interest Entity [Line Items]
Assets		854,800	1,050,000
Liabilities		2,680,000	4,640,000
Noncontrolling interests		34,600
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		65,500	56,500
Variable interest entities, primary beneficiary | Other secured financings
Variable Interest Entity [Line Items]
VIE liabilities, eliminated in consolidation		252,600	36,700
Variable interest entities, primary beneficiary | Other liabilities
Variable Interest Entity [Line Items]
VIE liabilities, eliminated in consolidation		85,000	75,300
Variable interest entities, primary beneficiary | Secured Funding Vehicles
Variable Interest Entity [Line Items]
Assets		2,958,200	4,615,400
Liabilities		2,919,800	4,568,200
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Cash
Variable Interest Entity [Line Items]
Assets		0	3,800
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Financial instruments owned, at fair value
Variable Interest Entity [Line Items]
Assets		0	173,100
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Securities purchased under agreements to resell
Variable Interest Entity [Line Items]
Assets		2,172,600	3,697,100
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Receivables
Variable Interest Entity [Line Items]
Assets		668,200	626,800
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other assets
Variable Interest Entity [Line Items]
Assets		117,400	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		2,916,300	4,521,600
Variable interest entities, primary beneficiary | Secured Funding Vehicles | Other liabilities
Variable Interest Entity [Line Items]
Liabilities		3,500	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		136,200	187,000
Liabilities		97,000	184,400
Variable interest entities, primary beneficiary | Other | Cash
Variable Interest Entity [Line Items]
Assets		100	0
Variable interest entities, primary beneficiary | Other | Financial instruments owned, at fair value
Variable Interest Entity [Line Items]
Assets		37,800	146,400
Variable interest entities, primary beneficiary | Other | Securities purchased under agreements to resell
Variable Interest Entity [Line Items]
Assets		0	0
Variable interest entities, primary beneficiary | Other | Receivables
Variable Interest Entity [Line Items]
Assets		30,500	40,600
Variable interest entities, primary beneficiary | Other | Other assets
Variable Interest Entity [Line Items]
Assets		67,800	0
Variable interest entities, primary beneficiary | Other | Financial instruments sold, not yet purchased, at fair value
Variable Interest Entity [Line Items]
Liabilities		6,900	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 | Other liabilities
Variable Interest Entity [Line Items]
Liabilities		90,100	75,300
Variable interest entities, primary beneficiary | Other | Noncontrolling Interests
Variable Interest Entity [Line Items]
Noncontrolling interests		$ 34,600	$ 0
[1]Total assets include assets related to variable interest entities of $854.8 million and $1.05 billion at May 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.68 billion and $4.64 billion at May 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at May 31, 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		May 31, 2022	Nov. 30, 2021
Variable Interest Entity [Line Items]
Assets	[1]	$ 57,213,810	$ 60,404,110
Liabilities	[1]	46,701,830	49,674,070
VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		2,261,200	2,002,700
Liabilities		800	2,000
Maximum Exposure to Loss		4,844,800	4,155,800
VIE Assets		28,796,200	28,932,400
CLOs | VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		367,600	582,200
Liabilities		800	2,000
Maximum Exposure to Loss		2,731,900	2,557,100
VIE Assets		7,954,000	10,277,500
Asset-backed vehicles | VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		472,800	281,900
Liabilities		0	0
Maximum Exposure to Loss		579,100	359,300
VIE Assets		4,871,800	3,474,600
Related party private equity vehicles | VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		28,400	27,100
Liabilities		0	0
Maximum Exposure to Loss		39,100	37,800
VIE Assets		81,700	78,900
Other investment vehicles | VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		1,392,400	1,111,500
Liabilities		0	0
Maximum Exposure to Loss		1,494,700	1,201,600
VIE Assets		$ 15,888,700	$ 15,101,400
[1]Total assets include assets related to variable interest entities of $854.8 million and $1.05 billion at May 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.68 billion and $4.64 billion at May 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at May 31, 2022. See Note 7 for additional information related to variable interest entities.

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands		May 31, 2022	Nov. 30, 2021	May 31, 2021	Nov. 30, 2020
Variable Interest Entity [Line Items]
Assets	[1]	$ 57,213,810	$ 60,404,110
Investment in associated company		1,803,542	1,745,790	$ 1,728,115	$ 1,686,563
Other investment vehicles
Variable Interest Entity [Line Items]
Carrying amount of equity investment		1,390,000	1,110,000
Unfunded equity commitments related to investments		102,300	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		28,400	27,100
VIE, not primary beneficiary
Variable Interest Entity [Line Items]
Assets		2,261,200	2,002,700
Reported total assets		28,796,200	28,932,400
VIE, not primary beneficiary | Investment in FXCM
Variable Interest Entity [Line Items]
Reported total assets		398,800
Fair value of senior secured term loan receivable		51,900
Investment in associated company		51,200
VIE, not primary beneficiary | Related party private equity vehicles
Variable Interest Entity [Line Items]
Assets		28,400	27,100
Reported total assets		81,700	78,900
VIE, not primary beneficiary | Other investment vehicles
Variable Interest Entity [Line Items]
Assets		1,392,400	1,111,500
Reported total assets		15,888,700	15,101,400
VIE, not primary beneficiary | Agency mortgage-backed securities
Variable Interest Entity [Line Items]
Assets		1,580,000	1,310,000
VIE, not primary beneficiary | Non agency mortgage- and asset-backed securities
Variable Interest Entity [Line Items]
Assets		$ 205,800	$ 253,900
[1]Total assets include assets related to variable interest entities of $854.8 million and $1.05 billion at May 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.68 billion and $4.64 billion at May 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at May 31, 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		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 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	$ (21,700)	$ (23,526)	(51,685)	(34,094)
Other income (losses) related to associated companies	30,567	65,138	88,585	153,044
Contributions to (distributions from) associated companies, net			24,909	(77,668)
Other			(4,057)	270
Loans to and investments in associated companies as of end of period	1,803,542	1,728,115	1,803,542	1,728,115
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	(14,215)	33,250	4,796	60,835
Contributions to (distributions from) associated companies, net			25,370	(21,817)
Other			(3)	0
Loans to and investments in associated companies as of end of period	806,325	732,219	806,325	732,219
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	38,584	30,654	77,484	60,672
Contributions to (distributions from) associated companies, net			(22,224)	(505)
Other			(811)	(57)
Loans to and investments in associated companies as of end of period	427,866	361,262	427,866	361,262
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	2,578	(4,658)	(6,969)	(10,120)
Other income (losses) related to associated companies				0
Contributions to (distributions from) associated companies, net			10,000	0
Other			(786)	328
Loans to and investments in associated companies as of end of period	51,231	64,128	51,231	64,128
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	(22,001)	(10,836)	(44,972)	(19,943)
Other income (losses) related to associated companies			0	0
Contributions to (distributions from) associated companies, net			8,739	(8,783)
Other			0	0
Loans to and investments in associated companies as of end of period	97,545	170,265	97,545	170,265
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	6,316	1,113	6,447	31,297
Contributions to (distributions from) associated companies, net			(3,250)	(31,591)
Other			2	0
Loans to and investments in associated companies as of end of period	186,275	139,413	186,275	139,413
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	(1,290)	(9,168)	710	(3,117)
Other income (losses) related to associated companies			0	0
Contributions to (distributions from) associated companies, net			10,257	(11,854)
Other			0	0
Loans to and investments in associated companies as of end of period	133,687	153,707	133,687	153,707
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	(987)	1,136	(454)	(914)
Other income (losses) related to associated companies	(118)	121	(142)	240
Contributions to (distributions from) associated companies, net			(3,983)	(3,118)
Other			(2,459)	(1)
Loans to and investments in associated companies as of end of period	100,613	$ 107,121	100,613	$ 107,121
Other | Loans and debt securities
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of beginning of period			15,300
Linkem and Other | Loans and debt securities
Equity Method Investment [Roll Forward]
Loans to and investments in associated companies as of end of period	$ 24,500		$ 24,500

Loans to and Investments in A_4

Loans to and Investments in Associated Companies - Jefferies Finance (Details)	3 Months Ended		6 Months Ended
	May 31, 2022 USD ($)	May 31, 2021 USD ($)	May 31, 2022 USD ($) businessLine	May 31, 2021 USD ($)	Nov. 30, 2021 USD ($)
Investments In Associated Companies [Line Items]
Interest income and unfunded commitment fees related to facility commitment	$ 600,000	$ 1,300,000
Other assets	2,525,295,000		$ 2,525,295,000		$ 2,352,247,000
Payables, expense accruals and other liabilities	10,576,405,000		10,576,405,000		13,612,367,000
Jefferies Finance
Investments In Associated Companies [Line Items]
Equity investment commitment	750,000,000		750,000,000
Remaining equity commitment	15,400,000		$ 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		$ 500,000,000
Termination notice			60 days
Line of credit facility, commitment of Jefferies, funded	0		$ 0
Line of credit facility commitment of Jefferies	250,000,000		$ 250,000,000
Jefferies Finance
Investments In Associated Companies [Line Items]
Extension period			1 year
Other assets	3,000,000		$ 3,000,000		26,200,000
Payables, expense accruals and other liabilities	$ 800,000		$ 800,000		$ 8,500,000
Jefferies Finance | Jefferies Finance
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	50%		50%
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			$ 1,000,000	$ 1,900,000

Loans to and Investments in A_5

Loans to and Investments in Associated Companies - Activity Related to Other Transactions with Jefferies Finance (Details) - Jefferies Finance - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Investments In Associated Companies [Line Items]
Origination and syndication fee revenues	$ 41.9	$ 145.4	$ 156.8	$ 215.7
Origination fee expenses	11.4	20.5	27.3	32.8
CLO placement fee revenues	1.2	1.3	1.9	3.7
Underwriting fees	0	0	0	0.5
Service fees	$ 15.8	$ 14	$ 65.8	$ 45.5

Loans to and Investments in A_6

Loans to and Investments in Associated Companies - Berkadia (Details) - USD ($)	12 Months Ended
	Dec. 31, 2009	May 31, 2022
Berkadia
Investments In Associated Companies [Line Items]
Surety policy issued		$ 1,500,000,000
Reimbursement of losses incurred, maximum percentage		50%
Commercial paper		$ 1,470,000,000
Berkadia
Investments In Associated Companies [Line Items]
Capital contributed	$ 217,200,000
Equity method investment, ownership percentage		50%
Percentage of profits received from joint venture		45%
Reimbursement of losses incurred, maximum percentage		50%

Loans to and Investments in A_7

Loans to and Investments in Associated Companies - FXCM (Details) - Investment in FXCM	6 Months Ended
	May 31, 2022
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage	50%
Weighted average useful life	11 years

Loans to and Investments in A_8

Loans to and Investments in Associated Companies - Linkem (Details) - Linkem - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2022	May 31, 2022
Investments In Associated Companies [Line Items]
Equity method investment, ownership percentage		42%
Redemption value of convertible preferred stock		$ 103.9
Ownership percentage upon conversion of preferred shares and exercise of warrants		57%
Percentage of total voting securities		48%
Shareholder loans to investee, principal outstanding		$ 7.1
Subsequent event
Investments In Associated Companies [Line Items]
Shareholder loans to investee	$ 39.5

Loans to and Investments in A_9

Loans to and Investments in Associated Companies - Asset Management Companies (Details) - Jefferies Group	May 31, 2022
Monashee
Schedule of Equity Method Investments [Line Items]
Percentage of total voting securities	50%
Percentage of profits received from joint venture	47.50%
Oak Hill
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	15%

Loans to and Investments in _10

Loans to and Investments in Associated Companies - Real Estate Companies (Details)	6 Months Ended
	May 31, 2022 project
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	May 31, 2022	Nov. 30, 2021
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	$ 145,285	$ 152,402
Goodwill	1,739,758	1,745,098
Total intangible assets, net and goodwill	1,885,043	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	1,556,588	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	39,347	42,808
Intangible assets, accumulated amortization	130,699	128,012
Trademarks and tradenames
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	94,030	96,509
Intangible assets, accumulated amortization	33,855	32,244
Other
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortizable intangibles	4,354	5,353
Intangible assets, accumulated amortization	12,328	11,329
Exchange and clearing organization membership interests and registrations
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite lived intangibles	$ 7,554	$ 7,732

Intangible Assets, Net and Go_4

Intangible Assets, Net and Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense on intangible assets	$ 2.5	$ 3.6	$ 6	$ 7.2

Intangible Assets, Net and Go_5

Intangible Assets, Net and Goodwill - Schedule of Estimated Future Amortization Expense (Details) $ in Thousands	May 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of current year	$ 5,034
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	May 31, 2022	Nov. 30, 2021
Short-term Debt [Line Items]
Total short-term borrowings	$ 354,181	$ 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	$ 347,381	$ 215,063

Short-Term Borrowings - Narrati

Short-Term Borrowings - Narrative (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Short-term Debt [Line Items]
Interest rate on short-term borrowings	2.17%	1.41%
Short-term borrowings	$ 354,181	$ 221,863
Line of credit
Short-term Debt [Line Items]
Short-term borrowings	$ 345,000	$ 200,000

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Nov. 30, 2021
Debt Instrument [Line Items]
Long-term debt	$ 8,882,095		$ 8,882,095		$ 9,125,745
Gains (losses) recognized in interest expense of Jefferies Group	$ 4,626	$ 3,544	$ 11,170	$ 6,564
5.50% Senior Notes due October 18, 2023
Debt Instrument [Line Items]
Interest rate	5.50%		5.50%		5.50%
Principal outstanding	$ 441,748		$ 441,748		$ 441,748
6.625% Senior Notes due October 23, 2043
Debt Instrument [Line Items]
Interest rate	6.625%		6.625%		6.625%
Principal outstanding	$ 250,000		$ 250,000		$ 250,000
1.00% Euro Medium Term Notes, due July 19, 2024
Debt Instrument [Line Items]
Interest rate	1%		1%		1%
Principal outstanding	$ 536,850		$ 536,850		$ 566,150
4.85% Senior Notes, due January 15, 2027
Debt Instrument [Line Items]
Interest rate	4.85%		4.85%		4.85%
Principal outstanding	$ 750,000		$ 750,000		$ 750,000
6.45% Senior Debentures, due June 8, 2027
Debt Instrument [Line Items]
Interest rate	6.45%		6.45%		6.45%
Principal outstanding	$ 350,000		$ 350,000		$ 350,000
4.15% Senior Notes, due January 23, 2030
Debt Instrument [Line Items]
Interest rate	4.15%		4.15%		4.15%
Principal outstanding	$ 1,000,000		$ 1,000,000		$ 1,000,000
2.625% Senior Notes, due October 15, 2031
Debt Instrument [Line Items]
Interest rate	2.625%		2.625%		2.625%
Principal outstanding	$ 1,000,000		$ 1,000,000		$ 1,000,000
2.75% Senior Notes, due October 15, 2032
Debt Instrument [Line Items]
Interest rate	2.75%		2.75%		2.75%
Principal outstanding	$ 500,000		$ 500,000		$ 500,000
6.25% Senior Debentures, due January 15, 2036
Debt Instrument [Line Items]
Interest rate	6.25%		6.25%		6.25%
Principal outstanding	$ 495,000		$ 495,000		$ 495,000
6.50% Senior Notes, due January 20, 2043
Debt Instrument [Line Items]
Interest rate	6.50%		6.50%		6.50%
Principal outstanding	$ 391,000		$ 391,000		$ 391,000
Parent company
Debt Instrument [Line Items]
Long-term debt	687,457		687,457		687,008
Parent company | 5.50% Senior Notes due October 18, 2023
Debt Instrument [Line Items]
Long-term debt	440,536		440,536		440,120
Parent company | 6.625% Senior Notes due October 23, 2043
Debt Instrument [Line Items]
Long-term debt	246,921		246,921		246,888
Subsidiaries
Debt Instrument [Line Items]
Long-term debt	8,194,638		8,194,638		8,438,737
Subsidiaries | 1.00% Euro Medium Term Notes, due July 19, 2024 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	535,932		535,932		564,985
Subsidiaries | 4.85% Senior Notes, due January 15, 2027 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	728,582		728,582		775,550
Subsidiaries | 6.45% Senior Debentures, due June 8, 2027 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	365,253		365,253		366,556
Subsidiaries | 4.15% Senior Notes, due January 23, 2030 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	991,016		991,016		990,525
Subsidiaries | 2.625% Senior Notes, due October 15, 2031 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	932,107		932,107		988,059
Subsidiaries | 2.75% Senior Notes, due October 15, 2032 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	409,167		409,167		460,724
Subsidiaries | 6.25% Senior Debentures, due January 15, 2036 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	505,033		505,033		505,267
Subsidiaries | 6.50% Senior Notes, due January 20, 2043 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	409,702		409,702		409,926
Subsidiaries | Floating Rate Senior Notes, due October 29, 2071 | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	61,709		61,709		61,703
Subsidiaries | Jefferies Group Unsecured Revolving Credit Facility | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	349,263		349,263		348,951
Subsidiaries | Structured Notes | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	1,617,020		1,617,020		1,843,598
Subsidiaries | Jefferies Group Secured Credit Facilities | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	822,035		822,035		706,608
Subsidiaries | Jefferies Group Secured Bank Loan | Jefferies Group
Debt Instrument [Line Items]
Long-term debt	100,000		100,000		100,000
Subsidiaries | HomeFed EB-5 Program debt
Debt Instrument [Line Items]
Long-term debt	207,987		207,987		203,132
Subsidiaries | HomeFed construction loans
Debt Instrument [Line Items]
Long-term debt	77,847		77,847		45,581
Subsidiaries | Vitesse Energy Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 81,985		81,985		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			$ 155,600	$ 52,000
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 ($) $ in Thousands	6 Months Ended
	May 31, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Long-term debt	$ 8,882,095	$ 9,125,745
Subsidiaries
Debt Instrument [Line Items]
Long-term debt	8,194,638	8,438,737
HomeFed construction loans | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	77,847	45,581
Vitesse Energy revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	200,000
Long-term debt	84,000	68,000
Vitesse Energy revolving credit facility | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 81,985	67,572
Vitesse Energy revolving credit facility | Minimum
Debt Instrument [Line Items]
Percentage of proved reserve value of oil and gas properties	85%
Jefferies Group | Structured notes
Debt Instrument [Line Items]
Debt issued during period, principal amount, net of retirements	$ 170,500
Jefferies Group | Structured notes | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	1,617,020	1,843,598
Jefferies Group | Loans | Subsidiaries
Debt Instrument [Line Items]
Long-term debt	100,000	100,000
Jefferies Group | Secured and unsecured long-term debt | Line of credit
Debt Instrument [Line Items]
Long-term debt	$ 1,170,000	972,900
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
Weighted average interest rate	3.30%
Long-term debt	$ 78,800	$ 46,800
HomeFed | HomeFed construction loans | London Interbank Offered Rate (LIBOR) or Secured Overnight Financing (SOFR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.15%
HomeFed | HomeFed construction loans | London Interbank Offered Rate (LIBOR) or Secured Overnight Financing (SOFR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.15%
Vitesse Energy Finance | Vitesse Energy revolving credit facility | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.75%
Vitesse Energy Finance | Vitesse Energy revolving credit facility | SOFR | 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	6 Months Ended
	May 31, 2022	May 31, 2022	Nov. 30, 2021
Purchase Requirement [Line Items]
Redeemable noncontrolling interests	$ 18,800,000	$ 18,800,000	$ 25,400,000
Mandatorily redeemable convertible preferred shares redemption value	$ 125,000,000	$ 125,000,000	$ 125,000,000
Dividends per common share (in dollars per share)	$ 0.30
Cumulative convertible preferred shares
Purchase Requirement [Line Items]
Callable preferred shares (in shares)	125,000	125,000
Mandatorily redeemable preferred shares callable price per share (in dollars per share)	$ 1,000	$ 1,000
Mandatorily redeemable convertible preferred shares redemption value	$ 125,000,000	$ 125,000,000
Dividend rate on preferred stock		3.25%
Minimum dividend considered for additional quarterly payments (in dollars per share)	$ 0.0625	$ 0.0625
Mandatorily redeemable preferred stock, number of shares in conversion (in shares)	4,440,863	4,440,863
Mandatorily redeemable preferred stock, effective conversion price per share (in dollars per share)	$ 28.15	$ 28.15
Preferred stock, effective dividend rate, percentage		6.60%

Compensation Plans (Details)

Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense		$ 13.3	$ 10.1	$ 23	$ 64.3
Total unrecognized compensation costs related to nonvested share-based compensation plans	$ 107	$ 107		$ 107
Total unrecognized compensation costs related to nonvested share-based compensation plans, period for recognition	3 years 7 months 6 days
Other shares issuable (in shares)	1,141,000	1,141,000		1,141,000
Potential maximum increase to common shares outstanding from restricted stock and other shares (in shares)	27,272,000	27,272,000		27,272,000
Restricted cash awards, cost expected to be recognized	$ 279.8	$ 279.8		$ 279.8
Restricted cash awards, cost expected to be recognized, period	3 years
Cumulative convertible preferred shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Mandatorily redeemable preferred stock, number of shares in conversion (in shares)	4,440,863	4,440,863		4,440,863
Mandatorily redeemable preferred stock, effective conversion price per share (in dollars per share)	$ 28.15	$ 28.15		$ 28.15
RSUs | Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense		$ 6.6		$ 11.9
Stock options and SARs | Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense			2.2		48.6
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	5,061,000	5,061,000		5,061,000
Stock options | Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense			0		12.9
SAR | Senior Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits expense			$ 2.2		$ 35.7
Restricted stock with future service required
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option equity instruments, outstanding (in shares)	836,000	836,000		836,000
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)	4,205,000	4,205,000		4,205,000
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)	12,424,000	12,424,000		12,424,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income (Loss), Net of Taxes (Details) - USD ($) $ in Thousands	May 31, 2022	Feb. 28, 2022	Nov. 30, 2021	May 31, 2021	Feb. 28, 2021	Nov. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ 10,368,139	$ 10,548,919	$ 10,579,640	$ 10,095,364	$ 9,778,358	$ 9,438,525
Net unrealized gains (losses) on available for sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(277)		269
Net foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(189,188)		(166,499)
Net changes in instrument-specific credit risk
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(76,472)		(153,672)
Net minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	(51,040)		(52,241)
AOCI including portion attributable to noncontrolling interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Equity	$ (316,977)		$ (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		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 1,618,147	$ 2,166,329	$ 3,560,947	$ 4,869,917
Selling, general and other expenses	(328,281)	(341,560)	(613,538)	(613,497)
Net changes in instrument-specific credit risk
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax			(8)	920
Amortization of defined benefit pension plan actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for the period, tax			(412)	(525)
Principal transactions
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues	$ 204,589	$ 361,023	453,744	1,280,924
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			(1,225)	1,308
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			(1,201)	(1,551)
Amount Reclassified from  Accumulated Other  Comprehensive Income (Loss) | Principal transactions | Net changes in instrument-specific credit risk
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Revenues			$ (24)	$ 2,859

Revenues from Contracts with _3

Revenues from Contracts with Customers - Schedule of Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,132,957	$ 1,492,353	$ 2,539,999	$ 2,924,996
Other sources of revenue	485,190	673,976	1,020,948	1,944,921
Total revenues	1,618,147	2,166,329	3,560,947	4,869,917
Commissions and other fees
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	254,706	222,624	484,022	459,393
Total revenues	254,706	222,624	484,022	459,393
Investment banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	600,859	1,000,700	1,545,907	2,004,312
Total revenues	600,859	1,000,700	1,545,907	2,004,312
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	277,392	269,029	510,070	461,291
Principal transactions
Disaggregation of Revenue [Line Items]
Other sources of revenue	204,589	361,023	453,744	1,280,924
Total revenues	204,589	361,023	453,744	1,280,924
Interest income
Disaggregation of Revenue [Line Items]
Other sources of revenue	244,699	230,448	458,680	470,945
Total revenues	244,699	230,448	458,680	470,945
Other
Disaggregation of Revenue [Line Items]
Other sources of revenue	$ 35,902	$ 82,505	$ 108,524	$ 193,052

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,132,957	$ 1,492,353	$ 2,539,999	$ 2,924,996
Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	959,623	1,230,520	2,128,354	2,448,652
Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	107,041	197,732	273,771	362,167
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	66,293	64,101	137,874	114,177
Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	856,076	1,223,343	2,030,577	2,463,893
Reportable Segments | Investment Banking and Capital Markets | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	683,804	962,556	1,620,874	1,989,422
Reportable Segments | Investment Banking and Capital Markets | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	106,392	196,891	272,564	360,628
Reportable Segments | Investment Banking and Capital Markets | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	65,880	63,896	137,139	113,843
Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,300	2,315	15,869	9,741
Reportable Segments | Asset Management | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,300	2,011	15,869	9,108
Reportable Segments | Asset Management | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	304	0	633
Reportable Segments | Asset Management | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	274,092	266,714	494,201	451,550
Reportable Segments | Merchant Banking | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	273,030	265,972	492,259	450,310
Reportable Segments | Merchant Banking | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	649	537	1,207	906
Reportable Segments | Merchant Banking | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	413	205	735	334
Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reportable Segments | Corporate | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reportable Segments | Corporate | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reportable Segments | Corporate | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(511)	(19)	(648)	(188)
Reconciling Items -Consolidation Adjustments | Americas
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(511)	(19)	(648)	(188)
Reconciling Items -Consolidation Adjustments | Europe
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Reconciling Items -Consolidation Adjustments | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Advisory
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	371,760	390,508	915,529	701,947
Investment Banking - Advisory | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	371,760	390,508	915,529	701,947
Investment Banking - Advisory | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Advisory | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Advisory | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Advisory | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Underwriting
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	229,099	610,192	630,378	1,302,365
Investment Banking - Underwriting | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	229,455	610,192	630,734	1,302,365
Investment Banking - Underwriting | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Underwriting | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Underwriting | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Investment Banking - Underwriting | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(356)	0	(356)	0
Equities
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	251,278	219,836	477,209	453,206
Equities | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	251,433	219,855	477,501	453,394
Equities | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Equities | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Equities | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Equities | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(155)	(19)	(292)	(188)
Fixed Income
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,428	2,788	6,813	6,187
Fixed Income | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,428	2,788	6,813	6,187
Fixed Income | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Fixed Income | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Fixed Income | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Fixed Income | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,300	2,315	15,869	9,741
Asset Management | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Asset Management | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3,300	2,315	15,869	9,741
Asset Management | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Asset Management | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Asset Management | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Manufacturing revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	166,028	184,092	307,136	321,939
Manufacturing revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Manufacturing revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Manufacturing revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	166,028	184,092	307,136	321,939
Manufacturing revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Manufacturing revenues | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Oil and gas revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	83,240	45,032	141,159	77,041
Oil and gas revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Oil and gas revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Oil and gas revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	83,240	45,032	141,159	77,041
Oil and gas revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Oil and gas revenues | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Other revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	24,824	37,590	45,906	52,570
Other revenues | Reportable Segments | Investment Banking and Capital Markets
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Other revenues | Reportable Segments | Asset Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Other revenues | Reportable Segments | Merchant Banking
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	24,824	37,590	45,906	52,570
Other revenues | Reportable Segments | Corporate
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Other revenues | Reconciling Items -Consolidation Adjustments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 0	$ 0	$ 0	$ 0

Revenues from Contracts with _5

Revenues from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Nov. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue related to performance obligation satisfied	$ 18.9	$ 20.9	$ 52.6	$ 41.4
Revenue associated with distribution services, a portion of which related to prior period	6.6	5.6	10.1	8.5
Receivables related to revenues from contracts with customers	248.5		248.5		$ 298.7
Contract assets related to revenue from contracts with customers	16.7		16.7		25.2
Deferred revenue	30.3		30.3		49.7
Deferred revenue, revenue recognized	8.1	4.1	20.8	9.4
Capitalized contract cost	1.5		1.5		$ 1.6
Expenses related to capitalized costs to fulfill a contract	$ 0.7	$ 0.8	$ 1.5	$ 1.8

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Nov. 30, 2021
Income Taxes [Line Items]
Unrecognized tax benefits	$ 455,600		$ 455,600		$ 436,900
Interest included in unrecognized tax benefits	105,800		105,800		97,900
Net deferred tax asset	401,300		401,300		327,500
Income tax provision	49,683	$ 120,820	$ 114,040	$ 339,056
Effective income tax rate			20.40%	26.60%
Jefferies Group
Income Taxes [Line Items]
Unrecognized tax benefits	$ 290,700		$ 290,700		$ 273,200

Common Share and Earnings Per_3

Common Share and Earnings Per Common Share - Earnings Per Share Computation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders	$ 114,014	$ 352,596	$ 441,461	$ 935,031
Allocation of earnings to participating securities	(365)	(2,178)	(2,116)	(5,470)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share	113,649	350,418	439,345	929,561
Adjustment to allocation of earnings to participating securities related to diluted shares	(4)	43	25	107
Mandatorily redeemable convertible preferred share dividends (2)	0	1,626	4,141	3,252
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share	$ 113,645	$ 352,087	$ 443,511	$ 932,920
Denominator for earnings per share:
Weighted average common shares outstanding (in shares)	236,687,000	246,937,000	239,325,000	248,144,000
Denominator for basic earnings per share – weighted average shares (in shares)	249,142,000	263,280,000	253,330,000	264,829,000
Mandatorily redeemable convertible preferred shares (in shares)	0	4,441,000	4,441,000	4,441,000
Denominator for diluted earnings per share (in shares)	251,979,000	271,092,000	261,494,000	271,948,000
Weighted average shares of participating securities (in shares)	975,500	1,638,600	1,269,800	1,561,100
Restricted stock with future service required
Denominator for earnings per share:
Weighted average shares of restricted stock outstanding with future service required (in shares)	(967,000)	(1,618,000)	(1,259,000)	(1,540,000)
Restricted stock units with no future service required
Denominator for earnings per share:
Weighted average RSUs outstanding with no future service required (in shares)	13,422,000	17,961,000	15,264,000	18,225,000
Stock options and other share based awards
Denominator for earnings per share:
Dilutive effect of share-based payment awards (in shares)	1,331,000	1,152,000	1,627,000	646,000
Restricted stock units | Senior executive compensation plan RSUs awards
Denominator for earnings per share:
Dilutive effect of share-based payment awards (in shares)	1,506,000	2,219,000	2,096,000	2,032,000

Common Share and Earnings Per_4

Common Share and Earnings Per Common Share - Narrative (Details) - USD ($)	6 Months Ended
	May 31, 2022	Jun. 30, 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			$ 250,000,000	$ 87,500,000
Stock repurchased during period (in shares)	18,051,306
Stock repurchased during period	$ 622,200,000
Average repurchase price per share (in dollars per share)	$ 34.47
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)	14,624,095
Stock repurchased during period	$ 500,000,000
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)	3,427,211
Stock repurchased during period	$ 122,200,000
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	6 Months Ended
	May 31, 2022 USD ($)
Guarantor Obligations [Line Items]
2022	$ 16,776
2023	403.9
2024 and 2025	348.5
2026 and 2027	75.2
2028 and Later	168.3
Maximum Payout	$ 17,771.9
Guarantor obligation settled period	3 days
Equity commitments
Guarantor Obligations [Line Items]
2022	$ 292.6
2023	27.3
2024 and 2025	2.4
2026 and 2027	5.2
2028 and Later	168.3
Maximum Payout	495.8
Loan commitments
Guarantor Obligations [Line Items]
2022	4
2023	267.6
2024 and 2025	0
2026 and 2027	70
2028 and Later	0
Maximum Payout	341.6
Underwriting commitments
Guarantor Obligations [Line Items]
2022	72.3
2023	0
2024 and 2025	0
2026 and 2027	0
2028 and Later	0
Maximum Payout	72.3
Forward starting reverse repos
Guarantor Obligations [Line Items]
2022	10,774.6
2023	0
2024 and 2025	0
2026 and 2027	0
2028 and Later	0
Maximum Payout	10,774.6
Forward starting repos
Guarantor Obligations [Line Items]
2022	5,632.5
2023	0
2024 and 2025	0
2026 and 2027	0
2028 and Later	0
Maximum Payout	5,632.5
Other unfunded commitments
Guarantor Obligations [Line Items]
2022	0
2023	109
2024 and 2025	346.1
2026 and 2027	0
2028 and Later	0
Maximum Payout	455.1
Forward starting securities purchased under agreements to resell settled
Guarantor Obligations [Line Items]
Maximum Payout	5.7
Forward starting securities sold under agreements to resell settled
Guarantor Obligations [Line Items]
Maximum Payout	$ 3.6

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees - Narrative (Details)	May 31, 2022 USD ($)
Loss Contingencies [Line Items]
Fair value of derivative contracts meeting the definition of a guarantee	$ 600,700,000
Standby letters of credit
Loss Contingencies [Line Items]
Letters of credit	$ 8,200,000
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%
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	75,200,000
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	48,900,000
Oak Hill Entities
Loss Contingencies [Line Items]
Equity commitments	70,800,000
Clients
Loss Contingencies [Line Items]
Outstanding loan commitments	91,600,000
Strategic Affiliates
Loss Contingencies [Line Items]
Equity commitments	$ 350,000,000

Commitments, Contingencies an_5

Commitments, Contingencies and Guarantees - Guarantees (Details) - Derivative notional amount $ in Millions	May 31, 2022 USD ($)
Derivative contracts – non-credit related
Guarantor Obligations [Line Items]
2022	$ 12,365.3
2023	9,290.1
2024 and 2025	9,364.9
2026 and 2027	1,619.7
2028 and Later	107
Notional/ Maximum Payout	32,747
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	12,365.3
2023	9,290.1
2024 and 2025	9,365.1
2026 and 2027	1,619.7
2028 and Later	107
Notional/ Maximum Payout	$ 32,747.2

Net Capital Requirements (Detai

Net Capital Requirements (Details) $ in Millions	May 31, 2022 USD ($)
Jefferies LLC
Net Capital Requirements [Line Items]
Net capital	$ 1,880
Excess net capital	1,770
JFSI
Net Capital Requirements [Line Items]
Net capital	344.4
Excess net capital	$ 324.4

Other Fair Value Information (D

Other Fair Value Information (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings	$ 354,181	$ 221,863
Long-term debt	8,882,095	9,125,745
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	872,531	835,009
Short-term borrowings	354,181	221,863
Long-term debt	7,265,075	7,282,147
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans receivable	906,242	866,163
Short-term borrowings	354,181	221,863
Long-term debt	$ 7,185,379	$ 8,004,211

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Nov. 30, 2021
Related Party Transaction [Line Items]
Revenues	$ 1,618,147	$ 2,166,329	$ 3,560,947	$ 4,869,917
Investment banking
Related Party Transaction [Line Items]
Revenues	600,859	1,000,700	1,545,907	2,004,312
Co-sponsored Companies | Investment banking
Related Party Transaction [Line Items]
Revenues		10,500		24,000
Private Equity Related Funds
Related Party Transaction [Line Items]
Loans to and/or equity investments in related funds	28,400		28,400		$ 27,100
JCP Fund V
Related Party Transaction [Line Items]
Net gains (losses) from private equity related funds	2,300	$ 5,000	3,200	$ 4,500
Affiliated entity | Berkadia | Jefferies Group
Related Party Transaction [Line Items]
Purchase commitment	361,000		361,000		425,600
Affiliated entity | Monashee | Jefferies Group
Related Party Transaction [Line Items]
Investment in related party	8,900		8,900		13,600
Affiliated entity | Oak Hill | Jefferies Group
Related Party Transaction [Line Items]
Investment in related party	4,400		4,400		6,000
Affiliated entity | FXCM | Jefferies Group | Payables, expense accruals and other liabilities
Related Party Transaction [Line Items]
OTC foreign exchange contracts	600		600		700
Officers and employees
Related Party Transaction [Line Items]
Loans outstanding to related party	$ 20,800		$ 20,800		$ 23,100

Segment Information - Narrative

Segment Information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Dec. 01, 2021
Segment Reporting Information [Line Items]
Interest expense	$ 9,311	$ 19,943	$ 18,399	$ 40,310
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	900	800	1,600	1,800
Reportable Segments | Investment Banking and Capital Markets
Segment Reporting Information [Line Items]
Net assets					139,000
Interest expense		5,300		10,800
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	$ 13,800	$ 16,800	$ 27,700

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Nov. 30, 2021
Segment Reporting Information [Line Items]
Total consolidated revenues		$ 1,369,082	$ 1,950,507	$ 3,100,997	$ 4,437,449
Total consolidated income before income taxes		166,541	474,139	558,873	1,274,924
Total consolidated depreciation and amortization expenses		40,307	39,440	86,244	78,207
Total consolidated assets	[1]	57,213,810		57,213,810		$ 60,404,110
Reconciling items - Parent Company interest
Segment Reporting Information [Line Items]
Total consolidated income before income taxes		(8,385)	(13,829)	(16,776)	(27,731)
Reportable Segments
Segment Reporting Information [Line Items]
Total consolidated revenues		1,369,598	1,947,076	3,101,653	4,431,368
Total consolidated income before income taxes		175,282	484,512	576,005	1,296,400
Total consolidated assets		57,442,363		57,442,363		60,805,150
Reportable Segments | Investment Banking and Capital Markets
Segment Reporting Information [Line Items]
Total consolidated revenues		1,098,378	1,598,862	2,580,196	3,586,358
Total consolidated income before income taxes		188,063	435,015	608,948	991,246
Total consolidated depreciation and amortization expenses		22,766	20,805	46,321	41,515
Total consolidated assets		49,754,402		49,754,402		52,903,374
Reportable Segments | Asset Management
Segment Reporting Information [Line Items]
Total consolidated revenues		31,147	50,675	91,103	279,877
Total consolidated income before income taxes		973	7,148	16,982	191,080
Total consolidated depreciation and amortization expenses		467	489	829	968
Total consolidated assets		3,461,539		3,461,539		3,205,799
Reportable Segments | Merchant Banking
Segment Reporting Information [Line Items]
Total consolidated revenues		238,255	296,815	427,790	563,819
Total consolidated income before income taxes		(3,628)	54,448	(28,035)	146,650
Total consolidated depreciation and amortization expenses		16,655	17,268	38,251	33,982
Total consolidated assets		2,323,547		2,323,547		2,263,050
Reportable Segments | Corporate
Segment Reporting Information [Line Items]
Total consolidated revenues		1,818	724	2,564	1,314
Total consolidated income before income taxes		(10,126)	(12,099)	(21,890)	(32,576)
Total consolidated depreciation and amortization expenses		419	878	843	1,742
Total consolidated assets		1,902,875		1,902,875		2,432,927
Reconciling items - Consolidation adjustments
Segment Reporting Information [Line Items]
Total consolidated revenues		(516)	3,431	(656)	6,081
Total consolidated income before income taxes		(356)	$ 3,456	(356)	$ 6,255
Total consolidated assets		$ (228,553)		$ (228,553)		$ (401,040)
[1]Total assets include assets related to variable interest entities of $854.8 million and $1.05 billion at May 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.68 billion and $4.64 billion at May 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at May 31, 2022. See Note 7 for additional information related to variable interest entities.