Cover
Cover | Oct. 07, 2022 |
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 07, 2022 |
Entity Registrant Name | JEFFERIES FINANCIAL GROUP INC. |
Entity Incorporation, State or Country Code | NY |
Entity File Number | 001-5721 |
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 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock; Par Value $1.00 Per Share |
Trading Symbol | JEF |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000096223 |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 | |
ASSETS | |||
Cash and cash equivalents | $ 10,755,133 | $ 9,055,148 | |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 1,015,107 | 604,321 | |
Financial instruments owned, at fair value (including securities pledged of $12,723,502 and $13,065,585) | 19,828,670 | 18,124,577 | |
Loans to and investments in associated companies | 1,745,790 | 1,686,563 | |
Securities borrowed | 6,409,420 | 6,934,762 | |
Securities purchased under agreements to resell | 7,642,484 | 5,096,769 | |
Securities received as collateral, at fair value | 7,289 | 7,517 | |
Receivables | 7,839,240 | 6,608,767 | |
Property, equipment and leasehold improvements, net | 911,230 | 897,204 | |
Intangible assets, net and goodwill | 1,897,500 | 1,913,467 | |
Other assets | 2,352,247 | 2,189,257 | |
Total assets | [1] | 60,404,110 | 53,118,352 |
LIABILITIES | |||
Short-term borrowings | 221,863 | 764,715 | |
Total financial instruments sold, not yet purchased, at fair value | 11,699,467 | 10,017,600 | |
Securities loaned | 1,525,721 | 1,810,748 | |
Securities sold under agreements to repurchase | 8,446,099 | 8,316,269 | |
Other secured financings | 4,487,224 | 3,288,384 | |
Obligation to return securities received as collateral, at fair value | 7,289 | 7,517 | |
Lease liabilities | 548,295 | 584,807 | |
Payables, expense accruals and other liabilities | 13,612,367 | 10,388,072 | |
Long-term debt | 9,125,745 | 8,352,039 | |
Total liabilities (1) | [1] | 49,674,070 | 43,530,151 |
Commitments and contingencies | |||
MEZZANINE EQUITY | |||
Redeemable noncontrolling interests | 25,400 | 24,676 | |
Mandatorily redeemable convertible preferred shares | 125,000 | 125,000 | |
EQUITY | |||
Common shares, par value $1 per share, authorized 600,000,000 shares; 243,541,431 and 249,750,542 shares issued and outstanding, after deducting 72,922,277 and 66,712,070 shares held in treasury | 243,541 | 249,751 | |
Additional paid-in capital | 2,742,244 | 2,911,223 | |
Accumulated other comprehensive income (loss) | (372,143) | (288,917) | |
Retained earnings | 7,940,113 | 6,531,836 | |
Total Jefferies Financial Group Inc. shareholders' equity | 10,553,755 | 9,403,893 | |
Noncontrolling interests | 25,885 | 34,632 | |
Total equity | 10,579,640 | 9,438,525 | |
Total | $ 60,404,110 | $ 53,118,352 | |
[1]Total assets include assets related to variable interest entities of $1.05 billion and $566.1 million at November 30, 2021 and 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.64 billion and $3.29 billion at November 30, 2021 and 2020, respectively. See Note 8 for additional information related to variable interest entities. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 | |
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) | 243,541,431 | 249,750,542 | |
Treasury stock, shares (in shares) | 72,922,277 | 66,712,070 | |
Assets | [1] | $ 60,404,110 | $ 53,118,352 |
Liabilities | [1] | 49,674,070 | 43,530,151 |
Financial instruments owned, at fair value (including securities pledged of $12,723,502 and $13,065,585) | $ 19,828,670 | $ 18,124,577 | |
Common shares, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 | |
Common shares, issued after deducting shares held in treasury (in shares) | 243,541,431 | 249,750,542 | |
Common shares, outstanding after deducting shares held in treasury (in shares) | 243,541,431 | 249,750,542 | |
Treasury stock, shares (in shares) | 72,922,277 | 66,712,070 | |
Asset Pledged as Collateral | |||
Financial instruments owned, at fair value (including securities pledged of $12,723,502 and $13,065,585) | $ 12,723,502 | $ 13,065,585 | |
Variable interest entities | |||
Assets | 1,050,000 | 566,100 | |
Liabilities | $ 4,640,000 | $ 3,290,000 | |
[1]Total assets include assets related to variable interest entities of $1.05 billion and $566.1 million at November 30, 2021 and 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.64 billion and $3.29 billion at November 30, 2021 and 2020, respectively. See Note 8 for additional information related to variable interest entities. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Revenues: | |||
Revenues | $ 9,039,883 | $ 6,955,930 | $ 5,358,656 |
Interest expense | 77,084 | 84,870 | 87,177 |
Net revenues | 8,185,329 | 6,010,874 | 3,892,976 |
Expenses: | |||
Cost of sales | 470,870 | 338,588 | 319,641 |
Compensation and benefits | 3,551,124 | 2,940,863 | 1,824,891 |
Floor brokerage and clearing fees | 301,860 | 266,592 | 223,140 |
Selling, general and other expenses | 1,278,447 | 1,078,956 | 1,009,643 |
Interest expense | 77,084 | 84,870 | 87,177 |
Depreciation and amortization | 157,420 | 158,439 | 152,871 |
Total non-compensation expenses | 1,814,811 | 1,588,857 | 1,472,831 |
Total expenses | 5,836,805 | 4,868,308 | 3,617,363 |
Income before income taxes and income (loss) related to associated companies | 2,348,524 | 1,142,566 | 275,613 |
Income (loss) related to associated companies | (94,419) | (75,483) | 202,995 |
Income before income taxes | 2,254,105 | 1,067,083 | 478,608 |
Income tax provision (benefit) | 576,729 | 298,673 | (483,955) |
Net income | 1,677,376 | 768,410 | 962,563 |
Net (income) loss attributable to the noncontrolling interests | (3,850) | 5,271 | 1,847 |
Net loss attributable to the redeemable noncontrolling interests | 826 | 1,558 | 286 |
Preferred stock dividends | (6,949) | (5,634) | (5,103) |
Net income attributable to Jefferies Financial Group Inc. common shareholders | $ 1,667,403 | $ 769,605 | $ 959,593 |
Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: | |||
Net income (in dollars per share) | $ 6.29 | $ 2.68 | $ 3.07 |
Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: | |||
Net income (in dollars per share) | $ 6.13 | $ 2.65 | $ 3.03 |
Jefferies Group | |||
Revenues: | |||
Interest expense | $ 854,554 | $ 945,056 | $ 1,465,680 |
Expenses: | |||
Interest expense | 854,554 | 945,056 | 1,465,680 |
Commissions and other fees | |||
Revenues: | |||
Revenues | 896,015 | 822,248 | 675,772 |
Principal transactions | |||
Revenues: | |||
Revenues | 1,623,713 | 1,916,508 | 559,300 |
Investment banking | |||
Revenues: | |||
Revenues | 4,365,699 | 2,501,494 | 1,526,992 |
Interest income | |||
Revenues: | |||
Revenues | 943,336 | 997,555 | 1,603,940 |
Other revenues | |||
Revenues: | |||
Revenues | $ 1,211,120 | $ 718,125 | $ 992,652 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 1,677,376 | $ 768,410 | $ 962,563 |
Other comprehensive income (loss): | |||
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $(78), $117 and $165 | (244) | 372 | 487 |
Less: reclassification adjustment for net (gains) losses included in net income, net of income tax provision (benefit) of $0, $0 and $(545,054) | 0 | 0 | (543,178) |
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $(78), $117 and $545,219 | (244) | 372 | (542,691) |
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $(582), $11,392 and $1,146 | (9,781) | 35,991 | 544 |
Less: reclassification adjustment for foreign exchange (gains) losses included in net income, net of income tax provision (benefit) of $0, $0 and $(52) | 0 | 0 | 149 |
Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $(582), $11,392 and $1,198 | (9,781) | 35,991 | 693 |
Net unrealized gains (losses) on instrument specific credit risk arising during the period, net of income tax provision (benefit) of $(26,091), $(16,228) and $(4,653) | (80,660) | (51,865) | (13,588) |
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income, net of income tax provision (benefit) of $599, $146 and $(144) | (1,861) | (397) | 427 |
Net change in unrealized instrument specific credit risk gains (losses), net of income tax provision (benefit) of $(26,690), $(16,374) and $(4,509) | (82,521) | (52,262) | (13,161) |
Net unrealized gains (losses) on cash flow hedges arising during the period, net of income tax provision (benefit) of $0, $0 and $0 | 0 | 0 | 0 |
Less: reclassification adjustment for cash flow hedges (gains) losses included in net income, net of income tax provision (benefit) of $0, $0 and $161 | 0 | 0 | (470) |
Net change in unrealized cash flow hedges gains (losses), net of income tax provision (benefit) of $0, $0 and $(161) | 0 | 0 | (470) |
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $2,082, $(970) and $(2,473) | 6,182 | (2,851) | (7,103) |
Less: reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $(1,054), $(957) and $(490) | 3,138 | 2,872 | 1,407 |
Net change in pension liability benefits, net of income tax provision (benefit) of $3,136, $(13) and $(1,983) | 9,320 | 21 | (5,696) |
Other comprehensive loss, net of income taxes | (83,226) | (15,878) | (561,325) |
Comprehensive income | 1,594,150 | 752,532 | 401,238 |
Comprehensive (income) loss attributable to the noncontrolling interests | (3,850) | 5,271 | 1,847 |
Comprehensive loss attributable to the redeemable noncontrolling interests | 826 | 1,558 | 286 |
Preferred stock dividends | (6,949) | (5,634) | (5,103) |
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders | $ 1,584,177 | $ 753,727 | $ 398,268 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit) | $ (78) | $ 117 | $ 165 |
Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit) | 0 | 0 | (545,054) |
Net change in unrealized holding gains (losses) on investments, tax provision (benefit) | (78) | 117 | 545,219 |
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit) | (582) | 11,392 | 1,146 |
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), tax provision (benefit) | 0 | 0 | (52) |
Net change in unrealized foreign exchange gains (losses), tax provision (benefit) | (582) | 11,392 | 1,198 |
Net unrealized gains (losses) on instrument specific credit risk arising during the period, income tax provision (benefit) | (26,091) | (16,228) | (4,653) |
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income, income tax provision (benefit) | 599 | 146 | (144) |
Net change in unrealized instrument specific credit risk gains (losses), income tax provision (benefit) | (26,690) | (16,374) | (4,509) |
Net unrealized gains (losses) on cash flow hedges arising during the period, net of income tax provision (benefit) | 0 | 0 | 0 |
Less: reclassification adjustment for cash flow hedges (gains) losses included in net income, net of income tax provision (benefit) | 0 | 0 | 161 |
Net change in unrealized cash flow hedges gains (losses), net of income tax provision (benefit) | 0 | 0 | (161) |
Net pension and postretirement gains (losses) arising during the period, tax provision (benefit) | 2,082 | (970) | (2,473) |
Less: reclassification adjustment for pension and postretirement (gains) losses included in net income (loss), tax provision (benefit) | (1,054) | (957) | (490) |
Net change in pension liability and postretirement benefits, tax provision (benefit) | $ 3,136 | $ (13) | $ (1,983) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Net cash flows from operating activities: | |||
Net income | $ 1,677,376 | $ 768,410 | $ 962,563 |
Adjustments to reconcile net income to net cash provided by (used for) operations: | |||
Deferred income tax provision | 96,890 | 64,667 | 6,391 |
Recognition of accumulated other comprehensive income lodged taxes | 0 | 0 | (544,583) |
Depreciation and amortization | 151,169 | 142,394 | 129,766 |
Share-based compensation | 78,160 | 40,038 | 49,848 |
Provision for doubtful accounts | 55,876 | 48,157 | 29,800 |
(Income) loss related to associated companies | (156,490) | 51,549 | (288,164) |
Distributions from associated companies | 115,381 | 64,493 | 467,157 |
Net (gains) losses related to property and equipment, and other assets | 11,013 | 68,946 | (42,214) |
Gain on sale of subsidiaries and associated companies | 0 | 0 | (210,278) |
Net change in: | |||
Securities deposited with clearing and depository organizations | 34,237 | 751 | (169) |
Financial instruments owned, at fair value | (1,713,101) | (1,182,091) | 218,419 |
Securities borrowed | 520,455 | 714,664 | (1,103,708) |
Securities purchased under agreements to resell | (2,552,607) | (752,171) | (1,523,222) |
Receivables from brokers, dealers and clearing organizations | (773,612) | (1,147,886) | 211,198 |
Receivables from customers of securities operations | (329,026) | 185,266 | 524,656 |
Other receivables | (97,899) | (79,253) | (2,283) |
Other assets | (151,088) | 97,468 | 15,705 |
Financial instruments sold, not yet purchased, at fair value | 1,691,239 | (604,591) | 1,051,598 |
Securities loaned | (282,403) | 270,261 | (301,727) |
Securities sold under agreements to repurchase | 133,423 | 799,794 | (1,122,982) |
Payables to brokers, dealers and clearing organizations | 2,492,893 | 698,873 | 111,757 |
Payables to customers of securities operations | 210,055 | 442,913 | 631,854 |
Lease liabilities | (64,377) | (52,553) | 0 |
Trade payables, expense accruals and other liabilities | 528,101 | 1,179,182 | (160,784) |
Other | (102,647) | 256,667 | 61,565 |
Net cash provided by (used for) operating activities | 1,573,018 | 2,075,948 | (827,837) |
Net cash flows from investing activities: | |||
Acquisitions of property, equipment and leasehold improvements, and other assets | (165,605) | (176,958) | (232,229) |
Proceeds from sale of subsidiaries, net of expenses and cash of operations sold | 0 | 179,654 | (546) |
Proceeds from sale of associated companies | 0 | 0 | 790,612 |
Acquisitions, net of cash acquired | 0 | 0 | 100,723 |
Advances on notes, loans and other receivables | (611,486) | (813,867) | (570,659) |
Collections on notes, loans and other receivables | 394,387 | 686,114 | 323,215 |
Proceeds from sales of loan receivables held to maturity | 0 | 46,335 | 0 |
Loans to and investments in associated companies | (2,343,538) | (1,690,644) | (267,263) |
Capital distributions and loan repayments from associated companies | 2,323,549 | 1,555,973 | 110,656 |
Proceeds from maturities of investments | 2,686 | 2,525 | 531,104 |
Proceeds from sales of investments | 588 | 20,461 | 913,175 |
Other | (1,174) | 4,215 | 8,307 |
Net cash provided by (used for) investing activities | (400,593) | (186,192) | 1,707,095 |
Net cash flows from financing activities: | |||
Issuance of debt, net of issuance costs | 3,493,493 | 3,136,513 | 3,275,800 |
Repayment of debt | (3,202,314) | (3,084,531) | (2,588,791) |
Net change in other secured financings | 1,197,231 | 218,010 | 1,533,696 |
Net change in bank overdrafts | 8,216 | (34,663) | 26,568 |
Distributions to noncontrolling interests | (16,263) | (1,694) | (5,293) |
Contributions from noncontrolling interests | 4,325 | 19,617 | 6,829 |
Purchase of common shares for treasury | (269,400) | (816,871) | (509,914) |
Dividends paid | (222,798) | (160,940) | (149,647) |
Other | 1,804 | 1,034 | 330 |
Net cash provided by (used for) financing activities | 994,294 | (723,525) | 1,589,578 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (3,387) | 18,306 | (1,063) |
Net increase in cash, cash equivalents and restricted cash | 2,163,332 | 1,184,537 | 2,467,773 |
Cash, cash equivalents and restricted cash at beginning of period | 9,664,972 | 8,480,435 | 6,012,662 |
Cash, cash equivalents and restricted cash at end of period | $ 11,828,304 | $ 9,664,972 | $ 8,480,435 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows Cash (Parenthetical) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents | $ 10,755,133 | $ 9,055,148 | $ 7,678,821 |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 1,015,107 | 570,084 | 761,809 |
Other assets | 58,064 | 39,740 | 39,805 |
Total cash, cash equivalents and restricted cash | $ 11,828,304 | $ 9,664,972 | $ 8,480,435 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Cumulative effect of the adoption of accounting standards | Cumulative effect, period of adoption, adjusted balance | Spectrum Brands | Common Shares $1 Par Value | Additional Paid-In Capital | Additional Paid-In Capital Spectrum Brands | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Retained Earnings Cumulative effect of the adoption of accounting standards | Retained Earnings Cumulative effect, period of adoption, adjusted balance | Retained Earnings Spectrum Brands | Subtotal | Subtotal Cumulative effect of the adoption of accounting standards | Subtotal Cumulative effect, period of adoption, adjusted balance | Subtotal Spectrum Brands | Non-controlling Interests |
Beginning balance at Nov. 30, 2018 | $ 10,079,257 | $ 307,515 | $ 3,854,847 | $ 288,286 | $ 5,610,218 | $ 10,060,866 | $ 18,391 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income (loss) attributable to Jefferies Financial Group Inc. common shareholders | 959,593 | 959,593 | 959,593 | ||||||||||||||
Net loss attributable to the noncontrolling interests | (1,847) | (1,847) | |||||||||||||||
Other comprehensive loss, net of taxes | (561,325) | (561,325) | (561,325) | ||||||||||||||
Contributions from noncontrolling interests | 6,829 | 6,829 | |||||||||||||||
Distributions to noncontrolling interests | (5,293) | (5,293) | |||||||||||||||
Issuance of shares for HomeFed acquisition | 181,780 | 9,295 | 168,585 | 177,880 | 3,900 | ||||||||||||
Share-based compensation expense | 49,848 | 49,848 | 49,848 | ||||||||||||||
Change in fair value of redeemable noncontrolling interests | (1,213) | (1,213) | (1,213) | ||||||||||||||
Purchase of common shares for treasury | (509,970) | (26,125) | (483,845) | (509,970) | |||||||||||||
Dividends | (158,302) | $ (451,094) | $ 27,026 | (158,302) | $ (478,120) | (158,302) | $ (451,094) | ||||||||||
Other | 13,421 | 959 | 12,463 | 13,422 | (1) | ||||||||||||
Ending balance at Nov. 30, 2019 | 9,601,684 | 291,644 | 3,627,711 | (273,039) | 5,933,389 | 9,579,705 | 21,979 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income (loss) attributable to Jefferies Financial Group Inc. common shareholders | 769,605 | 769,605 | 769,605 | ||||||||||||||
Net loss attributable to the noncontrolling interests | (5,271) | (5,271) | |||||||||||||||
Other comprehensive loss, net of taxes | (15,878) | (15,878) | (15,878) | ||||||||||||||
Contributions from noncontrolling interests | 19,617 | 19,617 | |||||||||||||||
Distributions to noncontrolling interests | (1,694) | (1,694) | |||||||||||||||
Share-based compensation expense | 40,038 | 40,038 | 40,038 | ||||||||||||||
Change in fair value of redeemable noncontrolling interests | 3,056 | 3,056 | 3,056 | ||||||||||||||
Purchase of common shares for treasury | (815,656) | (42,263) | (773,393) | (815,656) | |||||||||||||
Dividends | (171,158) | (171,158) | (171,158) | ||||||||||||||
Other | 14,182 | 370 | 13,811 | 14,181 | 1 | ||||||||||||
Ending balance at Nov. 30, 2020 | 9,438,525 | $ (19,915) | $ 9,418,610 | 249,751 | 2,911,223 | (288,917) | 6,531,836 | $ (19,915) | $ 6,511,921 | 9,403,893 | $ (19,915) | $ 9,383,978 | 34,632 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income (loss) attributable to Jefferies Financial Group Inc. common shareholders | 1,667,403 | 1,667,403 | 1,667,403 | ||||||||||||||
Net loss attributable to the noncontrolling interests | 3,850 | 3,850 | |||||||||||||||
Other comprehensive loss, net of taxes | (83,226) | (83,226) | (83,226) | ||||||||||||||
Contributions from noncontrolling interests | 4,325 | 4,325 | |||||||||||||||
Distributions to noncontrolling interests | (16,263) | (16,263) | |||||||||||||||
Share-based compensation expense | 78,160 | 78,160 | 78,160 | ||||||||||||||
Change in fair value of redeemable noncontrolling interests | (6,216) | (6,216) | (6,216) | ||||||||||||||
Purchase of common shares for treasury | (269,400) | (8,643) | (260,757) | (269,400) | |||||||||||||
Dividends | (239,211) | (239,211) | (239,211) | ||||||||||||||
Other | 21,608 | 2,433 | 19,834 | 22,267 | (659) | ||||||||||||
Ending balance at Nov. 30, 2021 | $ 10,579,640 | $ 243,541 | $ 2,742,244 | $ (372,143) | $ 7,940,113 | $ 10,553,755 | $ 25,885 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||||
Nov. 30, 2021 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||||
Common shares, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Dividends per common share (in dollars per share) | $ 0.30 | $ 0.90 | $ 0.60 | $ 0.50 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Nov. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Jefferies Financial Group Inc. ("Jefferies," "we," "our" or the "Company") is engaged in investment banking and capital markets, 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 reportable 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. 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. Through Jefferies Group, we also have a 50% interest in Berkadia Commercial Mortgage Holding LLC ("Berkadia"), Jefferies Group's equity method joint venture with Berkshire Hathaway Inc. Berkadia is a commercial mortgage banking and servicing company. 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. 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). Our Merchant Banking businesses and investments also included National Beef Packing Company, LLC ("National Beef") (beef processing), prior to its sale in November 2019 and Spectrum Brands Holdings, Inc. ("Spectrum Brands") (consumer products), prior to its distribution to shareholders in October 2019. 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 Capital"), 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 revised to conform to current segment reporting. On November 29, 2019, we sold our remaining 31% equity interest in National Beef to Marfrig Global Foods S.A. ("Marfrig") and other shareholders and received a total of $970.0 million in cash, including $790.6 million of proceeds and $179.4 million from final distributions from National Beef around the time of the sale. The pre-tax gain recognized as a result of this transaction, $205.0 million for the year ended November 30, 2019, is classified as Other revenue. As of November 30, 2019, we no longer hold an equity interest in National Beef. Prior to October 11, 2019, we owned approximately 15% of Spectrum Brands, a publicly traded global consumer products company on the NYSE (NYSE: SPB), and we reflected this investment at fair value based on quoted market prices. We distributed all of our 7,514,477 Spectrum Brands shares through a special pro rata dividend effective on October 11, 2019 to our stockholders of record as of the close of business on September 30, 2019. We own approximately 42% of the common shares of Linkem, the largest fixed wireless broadband services provider in Italy. In addition, we own convertible preferred stock, which is automatically convertible to common shares in 2026, redeemable preferred stock with a redemption value of $107.6 million at November 30, 2021 and warrants. If our convertible preferred stock was converted and warrants exercised, it would increase our ownership to approximately 56% of Linkem's common equity at November 30, 2021. We have approximately 48% of the total voting securities of Linkem. Linkem provides residential broadband services in Italy using LTE technologies deployed over the 3.5 GHz spectrum band. Linkem launched its first 5G towers in late 2020 and plans to rapidly increase its network coverage and service offerings over the coming years as it upgrades to 5G, adds subscribers and leverages its assets. Linkem is accounted for under the equity method. Vitesse Energy is our 97% owned consolidated subsidiary that acquires, invests and monetizes non-operated working interests and royalties predominantly in the Bakken Shale of the Williston Basin in North Dakota. HomeFed is our 100% owned consolidated subsidiary that owns and develops residential and mixed use real estate properties. Prior to July 1, 2019, we owned approximately 70% of HomeFed and accounted for it under the equity method. On July 1, 2019, we completed a merger with HomeFed by which we acquired the remaining common stock of HomeFed. From July 1, 2019, the results of HomeFed are reflected on a consolidated basis. In connection with the merger, HomeFed stockholders received two shares of our common stock for each share of HomeFed common stock. A total of 9.3 million shares were issued, which were valued at $178.8 million at closing based on the market price of our common shares. As an offset to these issued shares, our Board of Directors authorized the repurchase of an additional 9.25 million shares in the open market. The HomeFed acquisition was accounted for as a business combination. The fair value of the shares issued to acquire the remaining common shares of HomeFed implied an aggregate fair value of $596.4 million for 100% of HomeFed's equity balance. In accordance with purchase accounting, we allocated the $596.4 million fair value for 100% of HomeFed to its assets, liabilities and noncontrolling interests. We recorded $101.7 million of cash, $413.2 million of real estate, $198.3 million of investments in associated companies, $37.4 million of deferred tax assets, $15.3 million of goodwill and intangibles, $6.6 million of other assets, $125.5 million of long-term debt, $46.7 million of payables, expense accruals and other liabilities and $3.9 million of noncontrolling interests. In addition, associated with the acquisition, we also recorded $32.4 million of goodwill generated by the establishment of $32.4 million of deferred tax liabilities related to allocated value exceeding the tax basis of some of the HomeFed net assets. The estimated weighted average useful lives for the amortizable intangibles were 4 years at time of acquisition. Our allocation of the acquisition price is based on our estimate of fair value for each of the acquired assets and liabilities, which were developed primarily utilizing discounted cash flow models. In connection with the acquisition of the remaining interest of HomeFed, we recognized a $72.1 million non-cash pre-tax gain in Other revenues during the year ended November 30, 2019, on the revaluation of our 70% interest in HomeFed to fair value. The fair value of our 70% interest in HomeFed was based on the implied $596.4 million equity value for 100% of HomeFed. Idaho Timber is our 100% owned consolidated subsidiary engaged in the manufacture and distribution of various wood products. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies We prepare these financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP"), which requires us to make estimates and assumptions that affect the reported amounts in the financial statements and disclosures of contingent assets and liabilities. The following represents our significant accounting policies. Consolidation Our policy is to consolidate all entities in which we can vote a majority of the outstanding voting stock. In addition, we consolidate entities which meet the definition of a variable interest entity ("VIE") for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity's economic performance and who has 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. We consider special allocations of cash flows and preferences, if any, to determine amounts allocable to noncontrolling interests. All intercompany transactions and balances are eliminated in consolidation. In situations in which we have significant influence, but not control, of an entity that does not qualify as a VIE, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under GAAP. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies. Our subsidiaries may act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or "kick-out" rights. Revenue Recognition Policies Commissions and Other Fees. All customer securities transactions are reported in the Consolidated Statements of Financial Condition on a settlement date basis with related income reported on a trade-date basis. 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. These arrangements are accounted for on an accrual basis and, as we are acting as an agent in these arrangements, netted against commission revenues in the Consolidated Statements of Operations. In addition, we earn asset-based fees associated with the management and supervision of assets, account services and administration related to customer accounts. Principal Transactions. Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value (all of which are recorded on a trade-date basis) are carried at fair value with gains and losses reflected in Principal transactions revenues in the Consolidated Statements of Operations, except for derivatives accounted for as hedges (see Hedge Accounting section, herein and Note 5). Fees received on loans carried at fair value are also recorded in Principal transactions revenues. Investment Banking. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress. 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 advisory engagements, 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 clients are recognized as Investment banking revenues. Underwriting and placement agent revenues are recognized at a point in time on trade-date. Costs associated with underwriting activities are deferred until the related revenue is recognized or the engagement is otherwise concluded and are recorded on a gross basis in Selling, general and other expenses in the Consolidated Statements of Operations. Asset Management Fees and Revenues. Asset management fees and revenues consist of asset management fees, as well as revenues from third-parties with strategic relationships pursuant to arrangements, which entitle us to portions of our revenues and/or affiliated managers' profits and perpetual rights to certain defined revenues for a given revenue share period. Revenue from third-parties with strategic relationships pursuant to arrangements is recognized at the end of the defined revenue or profit share period when the revenues have been realized and all contingencies have been resolved. Management and administrative fees are generally recognized over the period that the related service is provided. Performance fee revenue is generally recognized only at the end of the performance period to the extent that the benchmark return has been met. Interest Revenue and Expense. Interest expense that is deducted from Revenues to arrive at Net revenues is related to Jefferies Group's operations. Contractual interest on Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value is recognized on an accrual basis as a component of Interest income and Interest expense. Interest flows on derivative trading transactions and dividends are included as part of the fair valuation of these contracts and recognized in Principal transactions revenues in the Consolidated Statements of Operations rather than as a component of interest income or expense. Interest on short- and long-term borrowings is accounted for on an accrual basis, except for those for which we have elected the fair value option, with related interest recorded as Interest expense. Discounts/premiums arising on long-term debt are accreted/amortized to Interest expense using the effective yield method over the remaining lives of the underlying debt obligations. Interest revenue related to Securities borrowed and Securities purchased under agreements to resell activities and interest expense related to Securities loaned and Securities sold under agreements to repurchase activities are recognized on an accrual basis. In addition, we recognize interest income as earned on brokerage customer margin balances and interest expense as incurred on credit balances. Manufacturing Revenues. Manufacturing revenues, which are included in Other revenues, are from Idaho Timber, which manufactures and distributes an extensive range of quality wood products to markets across North America. 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. Cash Equivalents Cash equivalents include highly liquid investments, including money market funds and certificates of deposit, not held for resale with original maturities of three months or less. Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations In accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Jefferies LLC, which is a wholly-owned subsidiary of Jefferies Group, as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets. In addition, certain exchange and/or clearing organizations require cash and/or securities to be deposited by us to conduct day to day activities. Financial Instruments and Fair Value Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value are recorded at fair value, either as required by accounting pronouncements or through the fair value option election. These instruments primarily represent our trading activities and include both cash and derivative products. Gains and losses on Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value are recognized in Principal transactions revenues in the Consolidated Statements of Operations. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). Fair Value Hierarchy In determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect our assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. We apply a hierarchy to categorize our fair value measurements broken down into three levels based on the transparency of inputs as follows: Level 1: Quoted prices are available in active markets for identical assets or liabilities at the reported date. Valuation adjustments and block discounts are not applied to Level 1 instruments. Level 2: Pricing inputs other than quoted prices in active markets, which are either directly or indirectly observable at the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments for which fair values have been derived using model inputs that are directly observable in the market, or can be derived principally from, or corroborated by, observable market data, and financial instruments that are fair valued by reference to other similar financial instruments, the parameters of which can be directly observed. Level 3: Instruments that have little to no pricing observability at the reported date. These financial instruments are measured using management's best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Financial instruments are valued at quoted market prices, if available. Certain financial instruments have bid and ask prices that can be observed in the marketplace. For financial instruments whose inputs are based on bid-ask prices, the financial instrument is valued at the point within the bid-ask range that meets our best estimate of fair value. We use prices and inputs that are current at the measurement date. For financial instruments that do not have readily determinable fair values using quoted market prices, the determination of fair value is based on the best available information, taking into account the types of financial instruments, current financial information, restrictions (if any) on dispositions, fair values of underlying financial instruments and quotations for similar instruments. The valuation of financial instruments may include the use of valuation models and other techniques. Adjustments to valuations derived from valuation models are permitted based on management's judgment, which takes into consideration the features of the financial instrument such as its complexity, the market in which the financial instrument is traded and underlying risk uncertainties about market conditions. Adjustments from the price derived from a valuation model reflect management's judgment that other participants in the market for the financial instrument being measured at fair value would also consider in valuing that same financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument and market conditions. As the observability of prices and inputs may change for a financial instrument from period to period, this condition may cause a transfer of an instrument among the fair value hierarchy levels. The degree of judgment exercised in determining fair value is greatest for instruments categorized within Level 3. Loans to and Investments in Associated Companies Loans to and investments in associated companies include investments in private equity and other operating entities in which we exercise significant influence over operating and capital decisions and loans issued in connection with such investments. Loans to and investments in associated companies are accounted for using the equity method. See Note 9 for additional information regarding certain of these investments. Under the equity method of accounting, our share of the investee's underlying net income or loss is recorded as Income (loss) related to associated companies, or as part of Other revenues if such investees are considered to be an extension of our business. Income (loss) for investees for which the fair value option was elected is reported as Principal transactions revenues. Credit Losses Foursight Capital, our wholly-owned subsidiary, is an automobile loan originator and servicer. Provisions for credit losses are charged to income in amounts sufficient to maintain an allowance for credit losses inherent in Foursight Capital's finance receivables held for investment. The allowance for credit losses is established systematically by management based on the determination of the amount of credit losses inherent in the finance receivables held for investment as of the reporting date. All of Foursight Capital's finance receivables held for investment are collectively evaluated for impairment. Management's estimate of expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the reported amounts. Foursight Capital uses static pool modeling techniques to determine the allowance for loan losses expected over the remaining life of the receivables, which is supplemented by management judgment. Expected losses are estimated for groups of accounts aggregated by monthly vintage. Generally, the expected losses are projected based on historical loss experience over the last eight years, more heavily weighted toward recent performance when determining the allowance to result in an estimate that is more reflective of the current internal and external environments. Foursight Capital's estimate of expected credit losses includes a reasonable and supportable forecast period of one year and then reverts to an estimate based on historical losses. Foursight Capital reviews charge-off experience factors, contractual delinquency, historical collection rates, the value of underlying collateral and other information to make the necessary judgments as to credit losses expected in the portfolio as of the reporting date. While management utilizes the best information available to make its evaluations, changes in macroeconomic conditions, interest rate environments, or both, may significantly impact the assumptions and inputs used in determining the allowance for credit losses. Foursight Capital's charge-off policy is based on a loan by loan review of delinquent finance receivables. Other financial assets measured at amortized cost are presented at the net amount expected to be collected and the measurement of credit losses and any expected increases or decreases in expected credit losses are recognized in earnings. The estimate of expected credit losses involves judgment and is based on an assessment over the life of the financial instrument taking into consideration forecasts of expected future economic conditions. In evaluating secured financing receivables (reverse repurchases agreements, securities borrowing arrangements and margin loans), the underlying collateral maintenance provisions are taken into consideration. The underlying contractual collateral maintenance for significantly all of Jefferies Group's secured financing receivables requires that the counterparty continually adjust the collateralization amount, securing the credit exposure on these contracts. Collateralization levels for Jefferies Group's secured financing receivables are initially established based upon the counterparty, the type of acceptable collateral that is monitored daily and adjusted to mitigate the potential of any credit losses. Credit losses are not recognized for secured financing receivables where the underlying collateral's fair value is equal to or exceeds the asset's amortized cost basis. In cases where the collateral's fair value does not equal or exceed the amortized cost basis, the allowance for credit losses, if any, is limited to the difference between the fair value of the collateral at the reporting date and the amortized cost basis of the financial assets. Our receivables from brokers, dealers, and clearing organizations include deposits of cash with exchange clearing organizations to meet margin requirements, amounts due from clearing organizations for daily variation settlements, securities failed-to-deliver or receive, receivables and payables for fees and commissions, and receivables arising from unsettled securities or loans transactions. These receivables generally do not give rise to material credit risk and have a remote probability of default either because of their short-term nature or due to the credit protection framework inherent in the design and operations of brokers, dealers and clearing organizations. As such, generally, no allowance for credit losses is held against these receivables. For all other financial assets measured at amortized cost, we estimate expected credit losses over the financial assets' life as of the reporting date based on relevant information about past events, current conditions, and reasonable and supportable forecasts. Receivables At November 30, 2021 and 2020, Receivables include receivables from brokers, dealers and clearing organizations of $4.90 billion and $4.16 billion, respectively, and receivables from customers of securities operations of $1.62 billion and $1.29 billion, respectively. Our subsidiary, Foursight Capital, had automobile loan receivables of $803.7 million and $694.2 million at November 30, 2021 and 2020, respectively. Of these amounts, $677.6 million and $532.4 million at November 30, 2021 and 2020, respectively, were in securitized vehicles. See Notes 7 and 8 for additional information on Foursight Capital's securitization activities. Foursight Capital's loan receivables held for investment consisted of approximately 19% and 21% with credit scores 680 and above, 51% and 52% with scores between 620 and 679 and 30% and 27% with scores below 620 at November 30, 2021 and 2020, respectively. A rollforward of the allowance for credit losses related to receivables for the years ended November 30, 2021, 2020 and 2019 is as follows (in thousands): 2021 2020 2019 Beginning balance $ 53,926 $ 34,018 $ 31,055 Adjustment for adoption of accounting principle for current expected credit losses 26,519 — — Provision for doubtful accounts (1) 55,876 48,157 29,800 Charge-offs, net of recoveries (1) (60,322) (28,249) (26,837) Ending balance $ 75,999 $ 53,926 $ 34,018 (1) The year ended November 30, 2021 includes a $39.0 million bad debt expense related to our prime brokerage business, recorded during the second quarter. Securities Borrowed and Securities Loaned Securities borrowed and Securities loaned are carried at the amounts of cash collateral advanced and received in connection with the transactions and accounted for as collateralized financing transactions. In connection with both trading and brokerage activities, we borrow securities to cover short sales and to complete transactions in which customers have failed to deliver securities by the required settlement date, and lend securities to other brokers and dealers for similar purposes. When we borrow securities, we generally provide cash to the lender as collateral, which is reflected in the Consolidated Statements of Financial Condition as Securities borrowed. We earn interest revenues on this cash collateral. Similarly, when we lend securities to another party, that party provides cash to us as collateral, which is reflected in the Consolidated Statements of Financial Condition as Securities loaned. We pay interest expense on the cash collateral received from the party borrowing the securities. The initial collateral advanced or received approximates or is greater than the fair value of the securities borrowed or loaned. We monitor the fair value of the securities borrowed and loaned on a daily basis and request additional collateral or return excess collateral, as appropriate. Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities purchased under agreements to resell and Securities sold under agreements to repurchase (collectively "repos") are accounted for as collateralized financing transactions and are recorded at their contracted resale or repurchase amount plus accrued interest. We earn and incur interest over the term of the repo, which is reflected in Interest revenue and Interest expense in the Consolidated Statements of Operations on an accrual basis. Repos are presented in the Consolidated Statements of Financial Condition on a net-basis by counterparty, where permitted by GAAP. The fair value of the underlying securities is monitored daily versus the related receivable or payable balances. Should the fair value of the underlying securities decline or increase, additional collateral is requested or excess collateral is returned, as appropriate. Offsetting of Derivative Financial Instruments and Securities Financing Agreements To manage exposure to credit risk associated with derivative activities and securities financing transactions, we may enter into International Swaps and Derivative Association, Inc. ("ISDA") master netting agreements, master securities lending agreements, master repurchase agreements or similar agreements and collateral arrangements with counterparties. A master agreement creates a single contract under which all transactions between two counterparties are executed allowing for trade aggregation and a single net payment obligation. Master agreements provide protection in bankruptcy in certain circumstances and, where legally enforceable, enable receivables and payables with the same counterparty to be settled or otherwise eliminated by applying amounts due against all or a portion of an amount due from the counterparty or a third-party. Under our ISDA master netting agreements, we typically also execute credit support annexes, which provide for collateral, either in the form of cash or securities, to be posted by or paid to a counterparty based on the fair value of the derivative receivable or payable based on the rates and parameters established in the credit support annex. In the event of the counterparty's default, provisions of the master agreement permit acceleration and termination of all outstanding transactions covered by the agreement such that a single amount is owed by, or to, the non-defaulting party. In addition, any collateral posted can be applied to the net obligations, with any excess returned; and the collateralized party has a right to liquidate the collateral. Any residual claim after netting is treated along with other unsecured claims in bankruptcy court. The conditions supporting the legal right of offset may vary from one legal jurisdiction to another and the enforceability of master netting agreements and bankruptcy laws in certain countries or in certain industries is not free from doubt. The right of offset is dependent both on contract law under the governing arrangement and consistency with the bankruptcy laws of the jurisdiction where the counterparty is located. Industry legal opinions with respect to the enforceability of certain standard provisions in respective jurisdictions are relied upon as a part of managing credit risk. In cases where we have not determined an agreement to be enforceable, the related amounts are not offset. Master netting agreements are a critical component of our risk management processes as part of reducing counterparty credit risk and managing liquidity risk. We are also a party to clearing agreements with various central clearing parties. Under these arrangements, the central clearing counterparty facilitates settlement between counterparties based on the net payable owed or receivable due and, with respect to daily settlement, cash is generally only required to be deposited to the extent of the net amount. In the event of default, a net termination amount is determined based on the market values of all outstanding positions and the clearing organization or clearing member provides for the liquidation and settlement of the net termination amount among all counterparties to the open contracts or transactions. See Notes 5 and 6 for further information. Hedge Accounting Hedge accounting is applied using interest rate swaps designated as fair value hedges of changes in the benchmark interest rate of fixed rate senior long-term debt. The interest rate swaps are included as derivative contracts in Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value in the Consolidated Statements of Financial Condition. We use regression analysis to perform ongoing prospective and retrospective assessments of the effectiveness of these hedging relationships. A hedging relationship is deemed effective if the change in fair value of the interest rate swap and the change in the fair value of the long-term debt due to changes in the benchmark interest rate offset within a range of 80% to 125%. The impact of valuation adjustments related to Jefferies Group's own credit spreads and counterparty credit spreads are included in the assessment of effectiveness. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative and the change in fair value of the long-term debt provide offset of one another and, together with any resulting ineffectiveness, are recorded in Interest expense. We seek to reduce the impact of fluctuations in foreign exchange rates on our net investments in certain non-U.S. operations through the use of foreign exchange contracts. The foreign exchange contracts are included as derivative contracts in Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value in the Consolidated Statements of Financial Condition. For foreign exchange contracts designated as hedges, the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts ( i.e. , based on changes in forward rates). For qualifying net investment hedges, all gains or losses on the hedging instruments are included in Accumulated other comprehensive income (loss). See Note 5 for further information. Other Investments At November 30, 2021 and 2020, the Company had other investments (classified as Other assets and Loans to and investments in associated companies) in which fair values are not readily determinable, aggregating $119.4 million and $90.2 million, respectively. There were no impairments on these investments during the year ended November 30, 2021. Impairments recognized on these investments were $20.4 million and $5.5 million during the years ended November 30, 2020 and 2019, respectively. Realized gains of $0.8 million, $2.1 million and $13.8 million were recognized on these investments during the years ended November 30, 2021, 2020 and 2019, respectively. There were no unrealized gains or losses recognized on these investments during the years ended November 30, 2021, 2020 and 2019. Capitalization of Interest We capitalize interest on qualifying HomeFed real estate assets. During the years ended November 30, 2021, 2020 and 2019, capitalized interest of $9.0 million, $8.6 million and $6.2 million, respectively, was allocated among all of HomeFed's projects that are currently under development. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are provided principally on the straight-line method over the estimated useful lives of the assets or, if less, the term of the underlying lease. Lease Accounting We adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update No. 2016-02, Leases on December 1, 2019. These lease policy updates are applied using a modified retrospective approach. Reported financial information for the historical comparable period was not revised and continues to be reported under the accounting standards in effect during the historical periods. For leases with an original term longer than one year, lease liabilities are initially recognized on the lease commencement date based on the present value of the future minimum lease payments over the lease term, including non-lease components such as fixed common area maintenance costs and other fixed costs for generally all leases. A corresponding right of use ("ROU") asset is initially recognized equal to the lease liability adjusted for any lease prepayments, initial direct costs and lease incentives. The ROU assets are included in Property, equipment and leasehold improvements, net and the lease liabilities are included in Lease liabilities in the Consolidated Statement of Financial Condition. The discount rates used in determining the present value of leases represent our collateralized borrowing rate considering each lease's term and currency of payment. The lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Certain leases have renewal options that can be exercised at the discretion of the Company. Lease expense is generally recognized on a straight-line basis over the lease term and included in Selling, general and other expenses in the Consolidated Statement of Operations. See Note 13 for further information. Impairment of Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. When testing for impairment, we group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (or asset group). The determination of whether an asset group is recoverable is based on management's estimate of undiscounted future cash flows directly attributable to the asset group as compared to its carrying value. If the carrying amount of the asset group is greater than the undiscounted cash flows, an impairment loss would be recognized for the amount by which the carrying amount of the asset group exceeds its estimated fair value. Substantially all of our operating businesses sell products or services that are impacted by general economic conditions in the U.S. and to a lesser extent internationally. A worsening of current economic conditions could cause a decline in estimated future cash flows expected to be generated by our operations and investments. If future undiscounted cash flows are estimated to be less than the carrying amounts of the asset groups used to generate those cash flows in subsequent reporting periods, particularly for those with large investments in intangible assets, property and equipment and other long-lived assets (for example, Jefferies Group, manufacturing and oil and gas production and development), impairment charges would have t |
Accounting Developments
Accounting Developments | 12 Months Ended |
Nov. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Developments | Accounting Developments Accounting Developments - Accounting Standards Adopted in Current Annual Reporting Period Financial Instruments - Credit Losses. In June 2016, the FASB issued new guidance which provides for estimating credit losses on financial assets measured at amortized cost by introducing an approach based on expected losses over the financial asset's entire life, recorded at inception or purchase. We adopted the new credit loss guidance on December 1, 2020 and applied a modified retrospective approach through a cumulative-effect adjustment to retained earnings upon adoption. At transition on December 1, 2020, the new accounting guidance's adoption resulted in an increase in the allowance for credit losses of $26.5 million with a corresponding decrease in retained earnings of $19.9 million, net of tax. The increase is primarily attributable to a $30.1 million increase in the allowance for credit losses in Foursight Capital's portfolio of held to maturity auto finance receivables. Foursight Capital estimates expected credit losses on its portfolio using analysis of historical portfolio performance data as well as external economic factors that management considers to be relevant to the credit losses expected in the portfolio. This is partially offset by a $3.6 million decrease in the allowance for credit losses at Jefferies Group that is attributable to applying a revised provisioning methodology based on historical loss experience for its investment banking fee receivables. We have determined expected credit losses to be immaterial upon adoption for our other financial instruments within the scope of the guidance. A significant portion of our financial instruments within the scope of the guidance represent secured financing receivables (reverse repurchase agreements, secured borrowing arrangements, and margin loans) that are substantially collateralized. For our secured financing receivables, we have concluded that the impact upon adoption was immaterial because the contractual collateral maintenance provisions require that the counterparty continually adjust the amount of collateralization securing the credit exposure on these contracts. Collateralization levels for our secured financing receivables are initially established based upon the counterparty, the type of acceptable collateral that is monitored daily and adjusted to mitigate the potential of any credit losses. For the remaining financial instruments within the guidance's scope, the expected credit losses were also determined to be immaterial considering the counterparty's credit quality, an insignificant history of credit losses, or the short-term nature of the credit exposures. Goodwill. In January 2017, the FASB issued new guidance which simplifies goodwill impairment testing. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact on our consolidated financial statements. Defined Benefit Plans. In August 2018, the FASB issued new guidance to improve the effectiveness of disclosure requirements on defined benefit pension plans and other post-retirement plans. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact on our consolidated financial statements. Internal-Use Software. In August 2018, the FASB issued new guidance which amends the definition of a hosting arrangement and requires that the customer in a hosting arrangement that is a service contract capitalize certain implementation costs as if the arrangement was an internal-use software project. We adopted the guidance in the first quarter of fiscal 2021 and elected to apply the guidance prospectively to implementation costs incurred after the adoption date. The adoption did not have an impact on our consolidated financial statements on the adoption date. Consolidation. In October 2018, the FASB issued new guidance which requires indirect interests held through related parties under common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact on our consolidated financial statements. Income Taxes. In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and to provide more consistent application to improve the comparability of financial statements. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact on our consolidated financial statements. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Nov. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value ("NAV") of $1.03 billion and $965.4 million at November 30, 2021 and 2020, respectively, by level within the fair value hierarchy (in thousands): 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 November 30, 2020 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 2,475,887 $ 58,159 $ 75,904 $ — $ 2,609,950 Corporate debt securities — 2,954,236 23,146 — 2,977,382 Collateralized debt obligations and collateralized loan obligations — 64,155 17,972 — 82,127 U.S. government and federal agency securities 2,840,025 91,653 — — 2,931,678 Municipal securities — 453,881 — — 453,881 Sovereign obligations 1,962,346 591,342 — — 2,553,688 Residential mortgage-backed securities — 1,100,849 21,826 — 1,122,675 Commercial mortgage-backed securities — 736,291 2,003 — 738,294 Other asset-backed securities — 103,611 79,995 — 183,606 Loans and other receivables — 2,610,746 134,636 — 2,745,382 Derivatives 1,523 2,013,942 21,678 (1,556,136) 481,007 Investments at fair value — 6,122 213,946 — 220,068 FXCM term loan — — 59,455 — 59,455 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 7,279,781 $ 10,784,987 $ 650,561 $ (1,556,136) $ 17,159,193 Loans to and investments in associated $ — $ 8,603 $ 40,185 $ — $ 48,788 Securities received as collateral, at fair value $ 7,517 $ — $ — $ — $ 7,517 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 2,046,441 $ 9,046 $ 4,434 $ — $ 2,059,921 Corporate debt securities — 1,237,631 141 — 1,237,772 U.S. government and federal agency securities 2,609,660 — — — 2,609,660 Sovereign obligations 1,050,771 624,740 — — 1,675,511 Residential mortgage-backed securities — 477 — — 477 Commercial mortgage-backed securities — — 35 — 35 Loans — 1,776,446 16,635 — 1,793,081 Derivatives 551 2,391,556 47,695 (1,798,659) 641,143 Total financial instruments sold, not yet purchased, at fair value $ 5,707,423 $ 6,039,896 $ 68,940 $ (1,798,659) $ 10,017,600 Short-term borrowings $ — $ 5,067 $ — $ — $ 5,067 Other secured financings $ — $ — $ 1,543 $ — $ 1,543 Long-term debt $ — $ 1,036,217 $ 676,028 $ — $ 1,712,245 Obligation to return securities received as collateral, at fair value $ 7,517 $ — $ — $ — $ 7,517 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. The following is a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis: Corporate Equity Securities • Exchange-Traded Equity Securities: Exchange-traded equity securities are measured based on quoted closing exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy, otherwise they are categorized within Level 2 of the fair value hierarchy. To the extent these securities are actively traded, valuation adjustments are not applied. • Non-Exchange-Traded Equity Securities : Non-exchange-traded equity securities are measured primarily using broker quotations, pricing data from external pricing services and prices observed from recently executed market transactions and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange-traded equity securities are categorized within Level 3 of the fair value hierarchy and measured using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/Earnings before interest, taxes, depreciation and amortization ("EBITDA"), price/book value), discounted cash flow analyses and transaction prices observed from subsequent financing or capital issuance by Jefferies Group. When using pricing data of comparable companies, judgment must be applied to adjust the pricing data to account for differences between the measured security and the comparable security (e.g., issuer market capitalization, yield, dividend rate, geographical concentration). • Equity Warrants: Non-exchange-traded equity warrants are measured primarily from observed prices on recently executed market transactions and broker quotations and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange-traded equity warrants are generally categorized within Level 3 of the fair value hierarchy and can be measured using third-party valuation services or the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Corporate Debt Securities • Investment Grade Corporate Bonds: Investment grade corporate bonds are measured primarily using pricing data from external pricing services and broker quotations, where available, prices observed from recently executed market transactions and bond spreads or credit default swap spreads of the issuer adjusted for basis differences between the swap curve and the bond curve. Investment grade corporate bonds measured using these valuation methods are categorized within Level 2 of the fair value hierarchy. If broker quotes, pricing data or spread data is not available, alternative valuation techniques are used including cash flow models incorporating interest rate curves, single name or index credit default swap curves for comparable issuers and recovery rate assumptions. Investment grade corporate bonds measured using alternative valuation techniques are categorized within Level 2 or Level 3 of the fair value hierarchy and are a limited portion of our investment grade corporate bonds. • High Yield Corporate and Convertible Bonds: A significant portion of our high yield corporate and convertible bonds are categorized within Level 2 of the fair value hierarchy and are measured primarily using broker quotations and pricing data from external pricing services, where available, and prices observed from recently executed market transactions of institutional size. Where pricing data is less observable, valuations are categorized within Level 3 of the fair value hierarchy and are based on pending transactions involving the issuer or comparable issuers, prices implied from an issuer's subsequent financing or recapitalization, models incorporating financial ratios and projected cash flows of the issuer and market prices for comparable issuers. Collateralized Debt Obligations and Collateralized Loan Obligations Collateralized debt obligations ("CDOs") and collateralized loan obligations ("CLOs") are measured based on prices observed from recently executed market transactions of the same or similar security or based on valuations received from third-party brokers or data providers and are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability and significance of the pricing inputs. Valuation that is based on recently executed market transactions of similar securities incorporates additional review and analysis of pricing inputs and comparability criteria, including, but not limited to, collateral type, tranche type, rating, origination year, prepayment rates, default rates and loss severity. U.S. Government and Federal Agency Securities • U.S. Treasury Securities: U.S. Treasury securities are measured based on quoted market prices obtained from external pricing services and categorized within Level 1 of the fair value hierarchy. • U.S. Agency Debt Securities: Callable and non-callable U.S. agency debt securities are measured primarily based on quoted market prices obtained from external pricing services and are generally categorized within Level 1 or Level 2 of the fair value hierarchy. Municipal Securities Municipal securities are measured based on quoted prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size and are generally categorized within Level 2 of the fair value hierarchy. Sovereign Obligations Sovereign government obligations are measured based on quoted market prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size. Sovereign government obligations, with consideration given to the country of issuance, are generally categorized within Level 1 or Level 2 of the fair value hierarchy. Residential Mortgage-Backed Securities • Agency Residential Mortgage-Backed Securities: Agency residential mortgage-backed securities include mortgage pass-through securities (fixed and adjustable rate), collateralized mortgage obligations and principal-only and interest-only (including inverse interest-only) securities. Agency residential mortgage-backed securities are generally measured using recent transactions, pricing data from external pricing services or expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral and are categorized within Level 2 or Level 3 of the fair value hierarchy. We use prices observed from recently executed transactions to develop market-clearing spread and yield assumptions. Valuation inputs with regard to the underlying collateral incorporate factors such as weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer and weighted average loan age. • Non-Agency Residential Mortgage-Backed Securities: The fair value of non-agency residential mortgage-backed securities is determined primarily using pricing data from external pricing services, where available, and discounted cash flow methodologies and securities are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability and significance of the pricing inputs used. Performance attributes of the underlying mortgage loans are evaluated to estimate pricing inputs, such as prepayment rates, default rates and the severity of credit losses. Attributes of the underlying mortgage loans that affect the pricing inputs include, but are not limited to, weighted average coupon; average and maximum loan size; loan-to-value; credit scores; documentation type; geographic location; weighted average loan age; originator; servicer; historical prepayment, default and loss severity experience of the mortgage loan pool; and delinquency rate. Yield curves used in the discounted cash flow models are based on observed market prices for comparable securities and published interest rate data to estimate market yields. In addition, broker quotes, where available, are also referenced to compare prices primarily on interest-only securities. Commercial Mortgage-Backed Securities • Agency Commercial Mortgage-Backed Securities: Government National Mortgage Association ("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 auto loans, credit card receivables, student loans and other consumer loans and are categorized within Level 2 or Level 3 of the fair value hierarchy. Valuations are primarily determined using pricing data obtained from external pricing services, broker quotes and prices observed from recently executed market transactions. In addition, recent transaction data from comparable deals is deployed to develop market clearing yields and cumulative loss assumptions. The cumulative loss assumptions are based on the analysis of the underlying collateral and comparisons to earlier deals from the same issuer to gauge the relative performance of the deal. Loans and Other Receivables • Corporate Loans: Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market consensus pricing service quotations. Where available, market price quotations from external pricing services are reviewed to ensure they are supported by transaction data. Corporate loans categorized within Level 3 of the fair value hierarchy are measured based on price quotations that are considered to be less transparent, for example, derived using market prices for debt securities of the same creditor and estimates of future cash flows incorporating assumptions regarding creditor default and recovery rates and consideration of the issuer's capital structure. • Participation Certificates in Agency Residential Loans: Valuations of participation certificates in agency residential loans are based on observed market prices of recently executed purchases and sales of similar loans and data provider pricing. The loan participation certificates are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions and availability of data provider pricing. • Project Loans and Participation Certificates in 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 call 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 involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/EBITDA, price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy. The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands). Fair Value (1) Unfunded 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 November 30, 2020 Equity Long/Short Hedge Funds (2) $ 328,096 $ — Equity Funds (3) 33,221 12,408 Commodity Fund (4) 17,747 — Multi-asset Funds (5) 561,236 — Other Funds (6) 25,084 5,000 Total $ 965,384 $ 17,408 (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements. (2) This category includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets. At November 30, 2021 and 2020, approximately 74% and 94%, respectively, of the fair value of investments cannot be redeemed because these investments include restrictions that do not allow for redemption before December 31, 2021. At November 30, 2021 approximately 21% of the fair value of investments 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. These investments cannot be redeemed; instead distributions are received through the liquidation of the underlying assets of the funds which are primarily expected to be liquidated in approximately one (4) This category includes investments in a hedge fund that invests, long and short, primarily in commodities. Investments in this category are redeemable quarterly with 60 days prior written notice. (5) This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At November 30, 2021 and 2020, investments representing approximately 78% and 57%, respectively, of the fair value of investments in this category are redeemable monthly with 60 days prior written notice. At November 30, 2021, approximately 22% of the fair value of investments in this category are redeemable quarterly with 90 days prior written notice. (6) This category includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments. This category also includes investments in a fund that invests in distressed and special situations long and short credit strategies across sectors and asset types. Investments in this category are redeemable quarterly with 90 days prior written notice. Investment in FXCM Our investment in FXCM and associated companies consists of a senior secured term loan due February 15, 2022 ($71.6 million principal outstanding at November 30, 2021), a 50% voting interest in FXCM and rights to a majority of all distributions in respect of the equity of FXCM. Our investment in the FXCM term loan is reported within Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition. We classify our equity investment in FXCM in the Consolidated Statements of Financial Condition as Loans to and investments in associated companies, as we have the ability to significantly influence FXCM through our seats on the board of directors. We estimate the fair value of our term loan by using a valuation model with inputs including management's assumptions concerning the amount and timing of expected cash flows, the loan's implied credit rating and effective yield. Because of these inputs and the degree of judgment involved, we have categorized our term loan within Level 3 of the fair value hierarchy. Loans to and Investments in Associated Companies Corporate bonds are measured primarily using pricing data from external pricing services and are categorized within Level 2 of the fair value hierarchy. Non-exchange-traded equity warrants with no pricing from external pricing services are generally categorized within Level 3 of the fair value hierarchy. The warrants are measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, interest rate curve, strike price and maturity date. Other Secured Financings Other secured financings that are accounted for at fair value are classified within Level 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. Short-term Borrowings and Long-term Debt Short-term borrowings that are accounted for at fair value include equity-linked notes, which are generally categorized within Level 2 of the fair value hierarchy, as the fair value is based on the price of the underlying equity security. Long-term debt includes variable rate, fixed-to-floating rate, equity-linked notes, constant maturity swap, digital and Bermudan structured notes. These are valued using various valuation models that incorporate Jefferies Group's own credit spread, market price quotations from external pricing sources referencing the appropriate interest rate curves, volatilities and other inputs as well as prices for transactions in a given note during the period. Long-term debt notes are generally categorized within Level 2 of the fair value hierarchy, where market trades have been observed during the period or model pricing is available, otherwise the notes are categorized within Level 3. Nonrecurring Fair Value Measurements HomeFed has a 49% membership interest in the RedSky JZ Fulton Investors ("RedSky JZ Fulton Mall") joint venture, which owns a property in Brooklyn, New York. The property consists of 14 separate tax lots, divided into two development sites which may be redeveloped with buildings consisting of up to 540,000 square feet of floor area development rights. During the three months ended February 29, 2020, difficulties were encountered with attempts to refinance debt within the investment. We viewed this, combined with a softening of the Brooklyn, New York real estate market during the quarter, as a triggering event and evaluated HomeFed's equity method investment in RedSky JZ Fulton Mall to determine if there was an impairment. In connection with this evaluation, we obtained an appraisal which reflected a reduction in the value of the investment in comparison to an earlier appraisal obtained shortly before the beginning of the quarter. The appraisal was based off of Level 3 inputs consisting of prices of comparable properties and the appraisal indicated that the value of the property was worth less than the debt outstanding. HomeFed recorded an impairment charge of $55.6 million within Income (loss) related to associated companies during the first quarter of 2020, which represented all of its carrying value in the joint venture. Due to a decline in oil and gas prices during the first quarter of 2020, JETX Energy, LLC ("JETX Energy"), an oil and gas production and development subsidiary, performed an impairment analysis for its oil and gas properties in the East Eagle Ford. JETX Energy first determined the estimated undiscounted cash flows based on the reserves and costs utilized in its reserve report and then updated those cash flows based on strip pricing as of February 29, 2020. The expected undiscounted future net cash flows were then compared to the end of quarter net carrying value of the proven properties. As the undiscounted future net cash flows were lower than the carrying value, JETX Energy then determined the estimated fair value of the proven properties. To measure the estimated fair value of its proven properties, JETX Energy used unobservable Level 3 inputs, including a 10.0% discount rate and estimated future cash flows from its reserve report. The estimated fair value of JETX Energy's proven oil and gas properties in the East Eagle Ford totaled $9.6 million, which was $33.0 million lower than the carrying value as of the end of first quarter of 2020. As a result, an impairment charge of $33.0 million was recorded in Selling, general and other expenses during the first quarter of 2020. Due to a decline in oil and gas prices during the second quarter of 2020, Vitesse Energy performed impairment analyses on its proven oil and gas properties in the Denver-Julesburg Basin ("DJ Basin") of Wyoming and Colorado and the Williston Basin in North Dakota and Montana. Vitesse Energy first determined the estimated undiscounted cash flows based on the reserves and costs utilized in its reserve report and then updated those cash flows based on strip pricing as of May 31, 2020. The expected undiscounted future net cash flows were then compared to the end of quarter net carrying value of the oil and gas properties. No impairment of the Williston Basin assets was necessary as the undiscounted future net cash flows significantly exceeded the carrying value of these assets. As undiscounted future net cash flows were lower than the carrying value of the DJ Basin properties, Vitesse Energy then determined the estimated fair value of the proven properties. To measure the estimated fair value of its proven properties, Vitesse Energy used unobservable Level 3 inputs, including a 10.0% discount rate and estimated future cash flows from its reserve report. The estimated fair value of Vitesse Energy's proven oil and gas properties in the DJ Basin totaled $26.8 million, which was $13.2 millio |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Nov. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Derivative Financial Instruments Derivative activities are recorded at fair value in the Consolidated Statements of Financial Condition in Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value, net of cash paid or received under credit support agreements and on a net counterparty basis when a legally enforceable right to offset exists under a master netting agreement. Predominantly, we enter into derivative transactions to satisfy the needs of our clients and to manage our own exposure to market and credit risks resulting from our trading activities. In addition, we apply hedge accounting to (1) interest rate swaps that have been designated as fair value hedges of the changes in fair value due to the benchmark interest rate for certain fixed rate senior long-term debt and (2) forward foreign exchange contracts designated as hedges to offset the change in the value of certain net investments in foreign operations. See Notes 4 and 22 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 ISDA master netting agreements or similar agreements with counterparties. See Note 2 for additional information regarding the offsetting of derivative contracts. The following tables present the fair value and related number of derivative contracts at November 30, 2021 and 2020 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands, except contract amounts). Assets Liabilities Fair Value Number of Fair Value Number of 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 Assets Liabilities Fair Value Number of Fair Value Number of November 30, 2020 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 67,381 1 $ 6,891 1 Foreign exchange contracts: Bilateral OTC — — 3,306 11 Total derivatives designated as accounting hedges 67,381 10,197 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 2,442 52,620 439 42,611 Cleared OTC 17,379 3,785 114,524 4,307 Bilateral OTC 626,210 1,493 317,534 466 Foreign exchange contracts: Exchange-traded — — — 180 Bilateral OTC 297,165 15,005 277,706 15,050 Equity contracts: Exchange-traded 558,304 1,147,486 564,951 971,938 Bilateral OTC 429,304 2,374 1,125,944 2,421 Commodity contracts: Exchange-traded 64 3,207 — 2,654 Bilateral OTC 13,190 1,556 — — Credit contracts: Cleared OTC 24,696 39 26,298 31 Bilateral OTC 1,008 11 2,209 11 Total derivatives not designated as accounting hedges 1,969,762 2,429,605 Total gross derivative assets/liabilities: Exchange-traded 560,810 565,390 Cleared OTC 109,456 147,713 Bilateral OTC 1,366,877 1,726,699 Amounts offset in the Consolidated Statement of Financial Condition (3): Exchange-traded (546,989) (546,989) Cleared OTC (109,228) (111,654) Bilateral OTC (899,919) (1,140,016) Net amounts in the Consolidated Statement of Financial Condition (4) $ 481,007 $ 641,143 (1) Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables and Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition. The following table provides information related to gains (losses) recognized in Interest expense of Jefferies Group in the Consolidated Statements of Operations related to fair value hedges (in thousands): Year Ended November 30, 2021 2020 2019 Interest rate swaps $ (41,845) $ 41,524 $ 56,385 Long-term debt 58,507 (36,668) (58,931) Total $ 16,662 $ 4,856 $ (2,546) The following table provides information related to gains (losses) on net investment hedges recognized in Net unrealized foreign exchange gains (losses), a component of Other comprehensive income (loss), in the Consolidated Statements of Comprehensive Income (Loss) (in thousands): Year Ended November 30, 2021 2020 2019 Foreign exchange contracts $ 19,008 $ (3,306) $ — Total $ 19,008 $ (3,306) $ — 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): Year Ended November 30, 2021 2020 2019 Interest rate contracts $ (48,510) $ (52,331) $ (188,605) Foreign exchange contracts (10,152) 2,266 (822) Equity contracts (427,593) 47,631 (108,961) Commodity contracts (28,012) 45,491 (5,630) Credit contracts 653 15,218 9,147 Total $ (513,614) $ 58,275 $ (294,871) 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 November 30, 2021 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross- Total Commodity swaps, options and forwards $ 2,703 $ — $ — $ — $ 2,703 Equity options and forwards 26,603 3,524 — (8,181) 21,946 Credit default swaps 1 1,226 497 — 1,724 Total return swaps 124,348 24,144 — (1,211) 147,281 Foreign currency forwards, swaps and options 186,348 4,933 — (1,959) 189,322 Fixed income forwards 31,527 — — — 31,527 Interest rate swaps, options and forwards 25,630 86,577 114,519 (23,162) 203,564 Total $ 397,160 $ 120,404 $ 115,016 $ (34,513) 598,067 Cross-product counterparty netting (61,679) Total OTC derivative assets included in Financial instruments owned, at fair value $ 536,388 (1) At November 30, 2021, we held net exchange-traded derivative assets and other credit agreements with a fair value of $210.4 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 November 30, 2021, cash collateral received was $176.3 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 $ 9,862 $ — $ — $ — $ 9,862 Equity options and forwards 15,539 642,337 41,996 (8,181) 691,691 Credit default swaps 6 13,690 11,632 — 25,328 Total return swaps 149,353 777,266 2,042 (1,211) 927,450 Foreign currency forwards, swaps and options 159,206 10,028 — (1,959) 167,275 Fixed income forwards 30,368 — — — 30,368 Interest rate swaps, options and forwards 11,364 42,713 132,289 (23,162) 163,204 Total $ 375,698 $ 1,486,034 $ 187,959 $ (34,513) 2,015,178 Cross-product counterparty netting (61,679) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value $ 1,953,499 (1) At November 30, 2021, we held net exchange-traded derivative liabilities and other credit agreements with a fair value of $31.5 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 November 30, 2021, cash collateral pledged was $572.8 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 November 30, 2021, the counterparty credit quality with respect to the fair value of our OTC derivative assets was as follows (in thousands): Counterparty credit quality (1): A- or higher $ 175,204 BBB- to BBB+ 71,870 BB+ or lower 140,008 Unrated 149,306 Total $ 536,388 (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 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 November 30, 2020 Credit protection sold: Index credit default swaps $ 62.0 $ 262.8 $ — $ 324.8 Single name credit default swaps — 6.2 0.2 6.4 Contingent Features Certain of Jefferies Group's derivative instruments contain provisions that require its debt to maintain an investment grade credit rating from each of the major credit rating agencies. If Jefferies Group's debt was to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on the derivative instruments in liability positions. The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions). November 30, 2021 2020 Derivative instrument liabilities with credit-risk-related contingent features $ 821.5 $ 284.6 Collateral posted (160.5) (129.8) Collateral received 369.3 141.4 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 1,030.4 296.2 (1) These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade. Other Derivatives Vitesse Energy uses swaps and call 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 | 12 Months Ended |
Nov. 30, 2021 | |
Investments, Debt and Equity Securities [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 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 securities 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 November 30, 2020 Corporate equity securities $ 1,371,978 $ 157,912 $ 7,517 $ 1,537,407 Corporate debt securities 369,218 1,869,844 — 2,239,062 Mortgage-backed and asset-backed securities — 1,547,140 — 1,547,140 U.S. government and federal agency securities 14,789 7,149,992 — 7,164,781 Municipal securities — 278,470 — 278,470 Sovereign securities 54,763 2,763,032 — 2,817,795 Loans and other receivables — 1,392,883 — 1,392,883 Total $ 1,810,748 $ 15,159,273 $ 7,517 $ 16,977,538 Contractual Maturity Overnight and Continuous Up to 30 Days 31 to 90 Days Greater than 90 Days Total 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 November 30, 2020 Securities lending arrangements $ 636,256 $ 59,735 $ 459,455 $ 655,302 $ 1,810,748 Repurchase agreements 5,510,476 1,747,526 5,019,885 2,881,386 15,159,273 Obligation to return securities received as collateral, at fair value 7,517 — — — 7,517 Total $ 6,154,249 $ 1,807,261 $ 5,479,340 $ 3,536,688 $ 16,977,538 We receive securities as collateral under resale agreements, securities borrowing transactions and customer margin loans. We also receive securities as collateral in connection with securities-for-securities transactions in which we are the lender of securities. In many instances, we are permitted by contract to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At November 30, 2021 and 2020, the approximate fair value of securities received as collateral by us that may be sold or repledged was $31.97 billion and $25.85 billion, respectively. At November 30, 2021 and 2020, a substantial portion of the securities received have been sold or repledged. Offsetting of Securities Financing Agreements To manage our exposure to credit risk associated with securities financing transactions, we may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements (repurchase transactions). The following table provides information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized in the Consolidated Statements of Financial Condition and (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our consolidated financial position. (In thousands) Gross Netting in Consolidated Statements of Financial Condition Net Amounts in Consolidated Statements of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets at 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 16,019,400 (7,573,301) 8,446,099 (540,312) (7,336,585) 569,202 Obligation to return securities received as collateral, at fair value 7,289 — 7,289 — (7,289) — Assets at November 30, 2020 Securities borrowing arrangements $ 6,934,762 $ — $ 6,934,762 $ (395,342) $ (1,706,046) $ 4,833,374 Reverse repurchase agreements 11,939,773 (6,843,004) 5,096,769 (412,327) (4,578,560) 105,882 Securities received as collateral, at fair value 7,517 — 7,517 — — 7,517 Liabilities at November 30, 2020 Securities lending arrangements $ 1,810,748 $ — $ 1,810,748 $ (395,342) $ (1,397,550) $ 17,856 Repurchase agreements 15,159,273 (6,843,004) 8,316,269 (412,327) (7,122,422) 781,520 Obligation to return securities received as collateral, at fair value 7,517 — 7,517 — — 7,517 (1) Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty's outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty's default, but which are not netted in the Consolidated Statements of Financial Condition because other netting provisions of GAAP are not met. (2) Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty's rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3) At 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. At November 30, 2020, amounts include $4.76 billion of securities borrowing arrangements, for which we have received securities collateral of $4.62 billion, and $720.0 million of repurchase agreements, for which we have pledged securities collateral of $733.9 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations Cash and securities segregated in accordance with regulatory regulations and deposited with clearing and depository organizations totaled $1.02 billion and $604.3 million at November 30, 2021 and 2020, respectively. Segregated cash and securities consist of deposits in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, which subjects Jefferies LLC as a broker-dealer carrying customer accounts to requirements related to maintaining cash or qualified securities in segregated special reserve bank accounts for the exclusive benefit of its customers. |
Securitization Activities
Securitization Activities | 12 Months Ended |
Nov. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Securitization Activities | Securitization Activities We engage in securitization activities related to corporate loans, mortgage loans, consumer loans and mortgage-backed and other asset-backed securities. In our securitization transactions, we transfer these assets to special purpose entities ("SPEs") and act as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A significant portion of our securitization transactions are the securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of VIEs; however, we generally do not consolidate the SPEs as we are not considered the primary beneficiary for these SPEs. See Note 8 for additional information regarding VIEs and our determination of the primary beneficiary. 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. See Notes 2 and 4 for additional information regarding fair value measurement and 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): Year Ended November 30, 2021 2020 2019 Transferred assets $ 10,487.3 $ 6,556.2 $ 4,780.9 Proceeds on new securitizations 10,488.6 6,556.2 4,852.8 Cash flows received on retained interests 21.8 26.8 48.3 We have no explicit or implicit arrangements to provide additional financial support to these SPEs, have no liabilities related to these SPEs and do not have any outstanding derivative contracts executed in connection with these securitization activities at November 30, 2021 and 2020. The following table summarizes our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): November 30, 2021 November 30, 2020 Securitization Type Total Retained Total Retained U.S. government agency residential mortgage-backed securities $ 330.2 $ 4.9 $ 562.5 $ 7.8 U.S. government agency commercial mortgage-backed securities 2,201.8 69.2 2,461.2 205.2 CLOs 3,382.3 31.0 3,345.5 39.5 Consumer and other loans 2,271.4 136.4 1,290.6 56.6 Total assets represent the unpaid principal amount of assets in the SPEs in which we have continuing involvement and are presented solely to provide information regarding the size of the transactions and the size of the underlying assets supporting our retained interests, and are not considered representative of the risk of potential loss. Assets retained in connection with a securitization transaction represent the fair value of the securities of one or more tranches issued by an SPE, including senior and subordinated tranches. Our risk of loss is limited to this fair value amount, which is included in total Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition. Although not obligated, in connection with secondary market-making activities we may make a market in the securities issued by these SPEs. In these market-making transactions, we buy these securities from and sell these securities to investors. Securities purchased through these market-making activities are not considered to be continuing involvement in these SPEs. To the extent we purchased securities through these market-making activities and we are not deemed to be the primary beneficiary of the VIE, these securities are included in agency and non-agency mortgage-backed and asset-backed securitizations in the nonconsolidated VIEs section presented in Note 8. Foursight Capital also utilizes SPEs to securitize automobile loans receivable. These SPEs are VIEs and our subsidiary is the primary beneficiary; the related assets and the secured borrowings are recognized in the Consolidated Statements of Financial Condition. These secured borrowings do not have recourse to our subsidiary's general credit. See Note 8 for further information on securitization activities and VIEs. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Nov. 30, 2021 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Variable Interest Entities | Variable Interest Entities VIEs are entities in which equity investors lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has both (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. Our variable interests in VIEs include debt and equity interests, equity interests in associated companies, commitments, guarantees and certain fees. Our involvement with VIEs arises primarily from the following activities, but also includes other activities discussed below: • Purchases of securities in connection with our trading and secondary market-making activities; • Retained interests held as a result of securitization activities; • Acting as placement agent and/or underwriter in connection with client-sponsored securitizations; • Financing of agency and non-agency mortgage-backed and other asset-backed securities; • Warehouse funding arrangements for client-sponsored consumer and mortgage loan vehicles and CLOs through participation agreements, forward sale agreements, reverse repurchase agreements and revolving loan and note commitments; and • Loans to, investments in and fees from various investment vehicles. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires judgment. Our considerations in determining the VIE's most significant activities and whether we have power to direct those activities include, but are not limited to, the VIE's purpose and design and the risks passed through to investors, the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE's initial design and the existence of explicit or implicit financial guarantees. In situations where we have determined that the power over the VIE's significant activities is shared, we assess whether we are the party with the power over the most significant activities. If we are the party with the power over the most significant activities, we meet the "power" criteria of the primary beneficiary. If we do not have the power over the most significant activities or we determine that decisions require consent of each sharing party, we do not meet the "power" criteria of the primary beneficiary. We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests. Consolidated VIEs The following table presents information about our consolidated VIEs (in millions). The assets and liabilities in the table below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. November 30, 2021 November 30, 2020 Secured Funding Vehicles Other Secured Funding Vehicles Other Cash (1) $ 3.8 $ — $ — $ 1.2 Financial instruments owned, at fair value 173.1 146.4 — 5.2 Securities purchased under agreements to resell (2) 3,697.1 — 2,908.9 — Receivables (3) 626.8 40.6 510.6 12.9 Other (4) 114.6 — 46.4 0.1 Total assets $ 4,615.4 $ 187.0 $ 3,465.9 $ 19.4 Financial instruments sold, not yet purchased, at fair $ — $ 109.1 $ — $ 2.5 Other secured financings (5) 4,521.6 — 3,425.0 — Other liabilities (6) 46.6 75.3 1.8 0.4 Total liabilities $ 4,568.2 $ 184.4 $ 3,426.8 $ 2.9 (1) Approximately $0.7 million of the cash amounts at November 30, 2020 represent cash on deposit with related consolidated entities and are eliminated in consolidation. (2) Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. (3) Approximately $1.2 million of receivables at November 30, 2021 are with related consolidated entities, which are eliminated in consolidation. (4) Approximately $56.5 million and $9.7 million of the other assets amount at November 30, 2021 and 2020, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (5) Approximately $36.7 million and $138.2 million of the other secured financings at November 30, 2021 and 2020, respectively, are with related consolidated entities, which are eliminated in consolidation. (6) Approximately $75.3 million and $0.3 million of the other liabilities amounts at November 30, 2021 and 2020, respectively, represent intercompany payables with related consolidated entities, which are eliminated in consolidation. Secured Funding Vehicles. Substantially all of the VIEs for which we are the primary beneficiary are 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 November 30, 2021 and 2020, Foursight Capital is the primary beneficiary of SPEs it utilized to securitize automobile loan receivables. Foursight Capital acts as the servicer for which it receives a fee, and owns an equity interest in the SPEs. The notes issued by the SPEs are secured solely by the assets of the SPEs and do not have recourse to Foursight Capital's general credit and the assets of the VIEs are not available to satisfy any other debt. During the year ended November 30, 2021, automobile loan receivables aggregating $531.1 million were securitized by Foursight Capital in connection with secured borrowing offerings. The majority of the proceeds from issuance of the secured borrowings were used to pay down Foursight Capital's two credit facilities. Other. We are the primary beneficiary of certain investment vehicles set up for the benefit of our employees. We manage and invest alongside our employees in these vehicles. The assets of these VIEs consist of private equity securities and are available for the benefit of the entities' equity holders. Our variable interests in these vehicles consist of equity securities. The creditors of these VIEs do not have recourse to our general credit and each such VIE's assets are not available to satisfy any other debt. Nonconsolidated VIEs The following tables present information about our variable interests in nonconsolidated VIEs (in millions): Carrying Amount Maximum VIE Assets Assets Liabilities 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 November 30, 2020 CLOs $ 60.7 $ 0.2 $ 642.7 $ 6,849.1 Asset-backed vehicles 251.6 — 377.2 2,462.7 Related party private equity vehicles 19.0 — 30.0 53.0 Other investment vehicles 899.9 — 1,042.9 15,735.5 Total $ 1,231.2 $ 0.2 $ 2,092.8 $ 25,100.3 Our maximum exposure to loss often differs from the carrying value of the variable interests. The maximum exposure to loss is dependent on the nature of the variable interests in our VIEs and is limited to the notional amounts of certain loan and equity commitments and guarantees. Our maximum exposure to loss does not include the offsetting benefit of any financial instruments that may be utilized to hedge the risks associated with our variable interests and is not reduced by the amount of collateral held as part of a transaction with a VIE. Collateralized Loan Obligations. Assets collateralizing the CLOs include bank loans, participation interests, sub-investment grade and senior secured U.S. loans and senior secured Euro denominated corporate leveraged loans and bonds. We underwrite securities issued in CLO transactions on behalf of sponsors and provide advisory services to the sponsors. We may also sell corporate loans to the CLOs. Our variable interests in connection with CLOs where we have been involved in providing underwriting and/or advisory services consist of the following: • Forward sale agreements whereby we commit to sell, at a fixed price, corporate loans and ownership interests in an entity holding such corporate loans to CLOs; • Warehouse funding arrangements in the form of: ◦ Participation interests in corporate loans held by CLOs and commitments to fund such participation interests; ◦ 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 November 30, 2021 and 2020, our total equity commitment in the JCP Entities was $133.0 million, of which $122.3 million and $122.0 million, respectively, had been funded. The carrying value of our equity investments in the JCP Entities was $27.1 million and $19.0 million at November 30, 2021 and 2020, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. The assets of the JCP Entities primarily consist of private equity and equity related investments. Other Investment Vehicles. The carrying amount of our equity investment was $1.11 billion and $899.9 million at November 30, 2021 and 2020, respectively. Our unfunded equity commitment related to these investments totaled $90.0 million and $143.0 million at November 30, 2021 and 2020, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. These investment vehicles have assets primarily consisting of private and public equity investments, debt instruments, trade and insurance claims and various oil and gas assets. Mortgage-Backed and Other Asset-Backed Secured Funding Vehicles. In connection with our secondary trading and market-making activities, we buy and sell agency and non-agency mortgage-backed securities and other asset-backed securities, which are issued by third-party securitization SPEs and are generally considered variable interests in VIEs. Securities issued by securitization SPEs are backed by residential mortgage loans, U.S. agency collateralized mortgage obligations, commercial mortgage loans, CDOs and CLOs and other consumer loans, such as installment receivables, auto loans and student loans. These securities are accounted for at fair value and included in Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition. We have no other involvement with the related SPEs and therefore do not consolidate these entities. We also engage in underwriting, placement and structuring activities for third-party-sponsored securitization trusts generally through agency (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 auto loans. We do not consolidate agency-sponsored securitizations as we do not have the power to direct the activities of the SPEs that most significantly impact their economic performance. Further, we are not the servicer of non-agency-sponsored securitizations and therefore do not have power to direct the most significant activities of the SPEs and accordingly, do not consolidate these entities. We may retain unsold senior and/or subordinated interests at the time of securitization in the form of securities issued by the SPEs. At November 30, 2021 and 2020, we held $1.31 billion and $1.57 billion of agency mortgage-backed securities, respectively, and $253.9 million and $252.0 million of non-agency mortgage-backed and other asset-backed securities, respectively, as a result of our secondary trading and market-making activities, and underwriting, placement and structuring activities. Our maximum exposure to loss on these securities is limited to the carrying value of our investments in these securities. These mortgage-backed and other asset-backed secured funding vehicles discussed are not included in the above table containing information about our variable interests in nonconsolidated VIEs. FXCM is considered a VIE and our term loan and equity ownership are variable interests. We have determined that we are not the primary beneficiary of FXCM because we do not have the power to direct the activities that most significantly impact FXCM's performance. Therefore, we do not consolidate FXCM and we account for our equity interest under the equity method as an investment in an associated company. FXCM reported total assets of $387.9 million in its latest financial statements. Our maximum exposure to loss as a result of our involvement with FXCM is limited to the total of the carrying value of the term loan ($50.5 million) and the investment in associated company ($49.0 million) at November 30, 2021. FXCM is not included in the above table containing information about our variable interests in nonconsolidated VIEs. |
Loans to and Investments in Ass
Loans to and Investments in Associated Companies | 12 Months Ended |
Nov. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Loans to and Investments in Associated Companies | Loans to and Investments in Associated Companies A summary of Loans to and investments in associated companies accounted for under the equity method of accounting during the years ended November 30, 2021, 2020 and 2019 is as follows (in thousands): Loans to and investments in associated companies as of November 30, 2020 Income (losses) related to associated companies Other income (losses) related to associated companies (1) Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of November 30, 2021 Jefferies Finance $ 693,201 $ — $ 74,626 $ 8,335 $ — $ 776,162 Berkadia 301,152 — 130,641 (58,007) (369) 373,417 FXCM (2) 73,920 (30,011) — 5,000 77 48,986 Linkem (3) 198,991 (55,262) — (9,226) (725) 133,778 Real estate associated companies (4) 168,678 (6,177) — (39,781) — 122,720 Golden Queen (3) (5) 80,756 (7,054) — (167) — 73,535 Other 169,865 4,085 45,642 (2,398) (2) 217,192 Total $ 1,686,563 $ (94,419) $ 250,909 $ (96,244) $ (1,019) $ 1,745,790 Loans to and investments in associated companies as of November 30, 2019 Income (losses) related to associated companies Other income (losses) related to associated companies (1) Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of November 30, 2020 Jefferies Finance $ 673,867 $ — $ (54,256) $ 73,590 $ — $ 693,201 Berkadia 268,949 — 68,902 (37,130) 431 301,152 FXCM (2) 70,223 3,604 — — 93 73,920 Linkem (3) 194,847 (28,662) — 34,955 (2,149) 198,991 Real estate associated companies (4) (6) 255,309 (46,050) — (40,581) — 168,678 Golden Queen (3) (5) 78,196 (50) — 2,610 — 80,756 Other 111,566 (4,325) 9,288 44,101 9,235 169,865 Total $ 1,652,957 $ (75,483) $ 23,934 $ 77,545 $ 7,610 $ 1,686,563 Loans to and investments in associated companies as of November 30, 2018 Income (losses) related to associated companies Other income (losses) related to associated companies (1) Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of November 30, 2019 Jefferies Finance $ 728,560 $ — $ (1,286) $ (53,407) $ — $ 673,867 Berkadia 245,228 — 88,174 (65,045) 592 268,949 National Beef (7) 653,630 232,042 — (300,248) (585,424) — FXCM (2) 75,031 (8,212) — 3,500 (96) 70,223 Linkem 165,157 (27,956) — 66,996 (9,350) 194,847 HomeFed (4) 337,542 7,902 — — (345,444) — Real estate associated companies (4) 87,074 (353) — (29,685) 198,273 255,309 Golden Queen (5) 63,956 6,740 — 7,500 — 78,196 Other 61,154 (7,168) (1,719) 58,432 867 111,566 Total $ 2,417,332 $ 202,995 $ 85,169 $ (311,957) $ (740,582) $ 1,652,957 (1) Primarily related to Jefferies Group and classified in Other revenues. (2) As further described in Note 4, 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 include loans and debt securities aggregating $15.3 million at November 30, 2021 related to Golden Queen Mining Company, LLC ("Golden Queen") and $104.1 million at November 30, 2020 related to Linkem and Golden Queen. In the fourth quarter of 2021, our shareholder loans to Linkem were converted into newly issued redeemable preferred stock of Linkem. (4) During the third quarter of 2019, we completed a merger with HomeFed by which we acquired the remaining common stock of HomeFed. From July 1, 2019, the results of HomeFed are reflected on a consolidated basis. From July 1, 2019, HomeFed's equity method investments are included in Real estate associated companies. (5) At November 30, 2021, 2020 and 2019, the balance reflects $13.5 million, $15.2 million and $15.7 million, respectively, related to a noncontrolling interest. (6) Income (loss) related to Real estate associated companies for the year ended November 30, 2020 includes a non-cash charge of $6.9 million to fully write off the value of HomeFed's interest in the Brooklyn Renaissance Plaza hotel due to the significant impact of the global novel coronavirus ("COVID-19") during the second quarter of 2020 and a non-cash charge of $55.6 million to fully write off the value of HomeFed's RedSky JZ Fulton Mall joint venture investment related to a softening of the Brooklyn real estate market. (7) On November 29, 2019, we sold our 31% equity interest in National Beef to Marfrig and other shareholders. Jefferies Finance Through Jefferies Group, we own 50% of Jefferies Finance, a joint venture entity pursuant to an agreement with 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 commingled funds, separately managed accounts and CLOs. At November 30, 2021, 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 November 30, 2021, Jefferies Group's remaining commitment to Jefferies Finance was $42.6 million. The investment commitment is scheduled to expire on March 1, 2022 with automatic one year extensions absent a 60-day termination notice by either party. Jefferies Finance has executed a Secured Revolving Credit Facility with Jefferies Group and MassMutual, to be funded equally, to support loan underwritings by Jefferies Finance, which bears interest based on the interest rates of the related Jefferies Finance underwritten loans and is secured by the underlying loans funded by the proceeds of the facility. The total Secured Revolving Credit Facility is a committed amount of $500.0 million at November 30, 2021. Advances are shared equally between Jefferies Group and MassMutual. The facility is scheduled to mature on March 1, 2022 with automatic one year extensions absent a 60-day termination notice by either party. At November 30, 2021, 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 $2.7 million, $3.5 million and $1.3 million during the years ended November 30, 2021, 2020 and 2019, respectively. The following summarizes activity related to our other transactions with Jefferies Finance (in millions): Year Ended November 30, 2021 2020 2019 Origination and syndication fee revenues (1) $ 410.5 $ 198.1 $ 176.3 Origination fee expenses (1) 66.8 27.3 27.6 CLO placement fee revenues (2) 5.7 1.7 6.0 Underwriting fees (3) 2.5 1.7 3.9 Service fees (4) 85.1 65.1 60.8 (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 November 30, 2021 and 2020, Jefferies Group held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned, at fair value. (3) Jefferies Group acted as underwriter in connection with term loans issued by Jefferies Finance. (4) Under a service agreement, Jefferies Group charges Jefferies Finance for services provided. In connection with non-U.S. dollar loans originated by Jefferies Finance to borrowers who are investment banking clients of Jefferies Group, Jefferies Group has entered into an agreement to indemnify Jefferies Finance with respect to any foreign currency exposure. At November 30, 2021 and 2020, we had receivables from Jefferies Finance, included in Other assets in the Consolidated Statements of Financial Condition of $26.2 million and $24.2 million, respectively. At November 30, 2021 and 2020, we had payables to Jefferies Finance, related to cash deposited with Jefferies Group, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition of $8.5 million and $13.7 million, respectively. In, 2019, Jefferies Group had a promissory note with Jefferies Finance with a principal amount of $1.0 billion, the proceeds of which were used in connection with Jefferies Group's investment banking loan syndication activities. Interest paid on the note of $3.8 million is included in Interest expense of Jefferies Group within the Consolidated Statement of Operations during the year ended November 30, 2019. 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. As of November 30, 2021, the aggregate amount of commercial paper outstanding was $1.47 billion. National Beef National Beef processes and markets fresh and chilled boxed beef, ground beef, beef by-products, consumer-ready beef and pork, and wet blue leather for domestic and international markets. On November 29, 2019, we sold our 31% equity interest in National Beef to Marfrig and other shareholders. We received a total of $970.0 million in cash, including $790.6 million of proceeds and $179.4 million from final distributions from National Beef around the time of the sale. The pre-tax gain recognized as a result of this transaction, $205.0 million for the year ended November 30, 2019, is classified as Other revenue. As of November 30, 2019, we no longer hold an equity interest in National Beef. FXCM As discussed more fully in Note 4, at November 30, 2021, we have a 50% voting interest in FXCM and a senior secured term loan to FXCM due February 15, 2022. On September 1, 2016, we gained the ability to significantly influence FXCM through our seats on the board of directors. As a result, we classify our equity investment in FXCM in the Consolidated Statements of Financial Condition as Loans to and investments in associated companies. Our term loan remains classified within Financial instruments owned, at fair value. We account for our equity interest in FXCM on a one month lag. We are amortizing our basis difference between the estimated fair value and the underlying book value of FXCM customer relationships, technology and tradename over their respective useful lives (weighted average life of 11 years). FXCM is considered a VIE and our term loan and equity interest are variable interests. We have determined that we are not the primary beneficiary of FXCM because we do not have the power to direct the activities that most significantly impact FXCM's performance. Therefore, we do not consolidate FXCM. Linkem We own approximately 42% of the common shares of Linkem, the largest fixed wireless broadband services provider in Italy. In addition, we own convertible preferred stock, which is automatically convertible to common shares in 2026, redeemable preferred stock with a redemption value of $107.6 million at November 30, 2021 and warrants. If all of our convertible preferred stock was converted and warrants were exercised, it would increase our ownership to approximately 56% of Linkem's common equity at November 30, 2021. We have approximately 48% of the total voting securities of Linkem. We account for our equity interest in Linkem on a two month lag. HomeFed HomeFed develops and owns residential and mixed-use real estate properties. Through June 30, 2019, we owned an approximate 70% equity interest of HomeFed's outstanding common shares; however, we had contractually agreed to limit our voting rights such that we would not be able to vote more than 45% of HomeFed's total voting securities voting on any matter, assuming all HomeFed shares not owned by us were voted. Since we did not control HomeFed, our investment in HomeFed was accounted for under the equity method as an investment in an associated company. We accounted for our equity interest in HomeFed on a two month lag. On July 1, 2019, we completed a merger with HomeFed by which we acquired the remaining common stock of HomeFed. During the year ended November 30, 2019, we recognized a $72.1 million non-cash pre-tax gain in Other revenues on the remeasurement of our prior 70% interest in HomeFed to fair value. From July 1, 2019, the results of HomeFed are reflected on a consolidated basis. In connection with the merger, HomeFed stockholders received two shares of our common stock for each share of HomeFed common stock. A total of 9.3 million shares were issued. Real Estate Associated Companies Real estate equity method investments primarily consist of HomeFed's interests in Brooklyn Renaissance Plaza and Hotel and 54 Madison. These equity interests are accounted for on a two month lag. Brooklyn Renaissance Plaza is comprised of a hotel operated by Marriott, an office building complex and a parking garage located in Brooklyn, New York. HomeFed owns a 25.8% equity interest in the hotel and a 61.25% equity interest in the office building and garage. Although HomeFed has a majority interest in the office building and garage, it does not have control, but only has the ability to exercise significant influence on this investment. As such, HomeFed accounts for the office building and garage under the equity method of accounting. We are amortizing our basis difference between the estimated fair value and the underlying book value of Brooklyn Renaissance office building and garage over the respective useful lives (weighted average life of 39 years). Due to the significant impact of COVID-19 during the second quarter of 2020, HomeFed recorded an impairment charge of $6.9 million within Income (loss) related to associated companies during the year ended November 30, 2020, which represented all of its carrying value in the Brooklyn Renaissance Plaza hotel. We own approximately 48.1% of 54 Madison, a fund that seeks long-term capital appreciation through investment in real estate development and similar projects. 54 Madison invests both in projects which they consolidate and projects where they have significant influence and utilize the equity method of accounting. Based on total committed capital of the 54 Madison fund, all projects of this fund have already been identified and launched. Golden Queen Mining Company Since 2014, we invested $93.0 million, net in cash in a limited liability company (Gauss LLC) to partner with the Clay family and Golden Queen Mining Co. Ltd., to jointly fund, develop and operate the Soledad Mountain gold and silver mine project. Previously 100% owned by Golden Queen Mining Co. Ltd., the project is a fully-permitted, open pit, heap leach gold and silver project located in Kern County, California, which commenced gold and silver production in March 2016. In exchange for a noncontrolling ownership interest in Gauss LLC, the Clay family contributed $34.5 million, net in cash. Gauss LLC invested both our and the Clay family's net contributions totaling $127.5 million to the joint venture, Golden Queen, in exchange for a 50% ownership interest. Golden Queen Mining Co. Ltd. contributed the Soledad Mountain project to the joint venture in exchange for the other 50% interest. We account for our interest in Golden Queen on a two month lag. As a result of our consolidating Gauss LLC, our Loans to and investments in associated companies reflects Gauss LLC's net investment of $127.5 million in the joint venture, which includes both the amount we contributed and the amount contributed by the Clay family. Other The following table provides summarized data for our equity method investments as of November 30, 2021 and 2020 and for the years ended November 30, 2021, 2020 and 2019 (in thousands): November 30, 2021 2020 Assets $ 16,568,239 $ 15,314,204 Liabilities 12,368,680 11,929,100 Noncontrolling interests 702,762 254,392 Year Ended November 30, 2021 2020 2019 Revenues $ 3,529,405 $ 2,930,308 $ 10,589,489 Income from continuing operations before extraordinary items 876,910 73,715 732,575 Net income 890,861 68,846 749,649 The Company's income (loss) related to associated companies 150,357 (41,814) 248,693 Except for our investment in Berkadia and Jefferies Finance, we have not provided any guarantees, nor are we contingently liable for any of the liabilities reflected in the above table. All such liabilities are non-recourse to us. Our exposure to adverse events at the investee companies is limited to the book value of our investment. See Note 22 for further discussion of these guarantees. Included in consolidated retained earnings at November 30, 2021 is approximately $218.3 million of undistributed earnings of the associated companies accounted for under the equity method of accounting. |
Intangible Assets, Net and Good
Intangible Assets, Net and Goodwill | 12 Months Ended |
Nov. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net and Goodwill | Intangible Assets, Net and Goodwill A summary of intangible assets, net and goodwill is as follows (in thousands): November 30, 2021 2020 Indefinite lived intangibles: Exchange and clearing organization membership interests and registrations $ 7,732 $ 7,884 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $128,012 and $119,694 42,808 51,285 Trademarks and tradename, net of accumulated amortization of $32,244 and $28,585 96,509 100,255 Other, net of accumulated amortization of $11,329 and $8,953 5,353 7,729 Total intangible assets, net 152,402 167,153 Goodwill: Investment Banking and Capital Markets (1) 1,561,928 1,563,144 Asset Management 143,000 143,000 Real estate 36,711 36,711 Other operations 3,459 3,459 Total goodwill 1,745,098 1,746,314 Total intangible assets, net and goodwill $ 1,897,500 $ 1,913,467 (1) The decrease in Investment Banking and Capital Markets goodwill during the year ended November 30, 2021, primarily relates to translation adjustments. Amortization expense on intangible assets was $14.2 million, $15.3 million and $14.6 million for the years ended November 30, 2021, 2020 and 2019, respectively. The estimated aggregate future amortization expense for the intangible assets for each of the next five fiscal years is as follows (in thousands): 2022 $ 11,134 2023 9,900 2024 9,143 2025 8,632 2026 8,606 Goodwill Impairment Testing We performed our annual impairment testing of goodwill within the Investment Banking and Capital Markets, and Asset Management reportable segments as of August 1, 2021. The quantitative goodwill impairment test is performed at our reporting unit level. The fair value of the reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, an impairment loss is recognized as the difference between the fair value and carrying value of the reporting unit. The estimated fair value of both the Investment Banking and Capital Markets reportable segment and the Asset Management reportable segment are based on valuation techniques that we believe market participants would use, although the valuation process requires significant judgment and often involves the use of significant estimates and assumptions. The methodologies we utilize in estimating fair value include price-to-earnings and price-to-book multiples of comparable public companies and/or projected cash flows. In addition, as the fair values determined under the market approach represent a noncontrolling interest, we applied a control premium to arrive at the estimated fair value of our reporting units on a controlling basis. An independent valuation specialist was engaged to assist with the valuation process at August 1, 2021. The results of our annual goodwill impairment test for both the Investment Banking and Capital Markets reportable segment and the Asset Management reportable segment did not indicate any goodwill impairment. Intangible Asset Impairment Testing We performed our annual impairment testing of intangible assets with an indefinite useful life, which consists of exchange and clearing organization membership interests and registrations within our Investment Banking and Capital Markets reportable segment, at August 1, 2021. We utilized quantitative assessments of membership interests and registrations that have available quoted sales prices as well as certain other membership interests and registrations that have declined in utilization and qualitative assessments were performed on the remainder of our indefinite-life intangible assets. In applying our quantitative assessments, we recognized immaterial impairment losses on certain exchange membership interests and registrations. With regard to our qualitative assessments of the remaining indefinite-life intangible assets, based on our assessments of market conditions, the utilization of the assets and the replacement costs associated with the assets, we have concluded that it is not more likely than not that the intangible assets are impaired. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Nov. 30, 2021 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings Our short-term borrowings, which mature in one year or less, are as follows (in thousands): November 30, 2021 2020 Bank loans (1) $ 215,063 $ 752,848 Floating rate puttable notes (1) 6,800 6,800 Equity-linked notes (2) — 5,067 Total short-term borrowings $ 221,863 $ 764,715 (1) These short-term borrowings are recorded at cost in the Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their liquid and short-term nature. (2) See Note 4 for further information on these notes. At November 30, 2021 and 2020, the weighted average interest rate on short-term borrowings outstanding was 1.41% and 1.87% per annum, respectively. Our bank loans include facilities that contain certain covenants that, among other things, require Jefferies Group to maintain a specified level of tangible net worth and impose certain restrictions on the future indebtedness of certain of Jefferies Group's subsidiaries that are borrowers. At November 30, 2021, Jefferies Group was in compliance with all covenants under these facilities. The outstanding balance of Jefferies Group's facilities, which are with a bank and are included within bank loans, were $200.0 million and $746.0 million at November 30, 2021 and 2020, respectively. Interest is based on a rate per annum at spreads over the federal funds rate, as defined in the credit agreements. A bank has agreed to make revolving intraday credit advances to Jefferies Group ("Jefferies Group Intraday Credit Facility") for an aggregate committed amount of $150.0 million. The Jefferies Group Intraday Credit Facility is structured so that advances are generally repaid before the end of each business day. However, if an advance is not repaid by the end of any business day, the advance is converted to an overnight loan. Intraday loans accrue interest at a rate of 0.12% based on the number of minutes in a day the advance is outstanding. Overnight loans are charged interest at the base rate plus 3.00% on a daily basis. The base rate is the higher of the federal funds rate plus 0.50% or the prime rate in effect at that time. The Jefferies Group Intraday Credit Facility contains financial covenants, which include a minimum regulatory net capital requirement for Jefferies Group's U.S. broker-dealer, Jefferies LLC. At November 30, 2021, Jefferies Group was in compliance with all debt covenants under the Jefferies Group Intraday Credit Facility. In addition, this bank also provides Jefferies Group a $200.0 million revolving credit facility with a termination date of September 12, 2022, which is used for margin calls at a domestic clearing corporation. Overnight loans are charged interest at a spread over the federal funds rate. Another bank provides Jefferies Group committed revolving credit facilities for a total of $200.0 million, including a $150.0 million intraday component and a $50.0 million overnight component, that are used to fund Jefferies Group's Asia Pacific business activity. The intraday component is structured so that advances are generally repaid before the end of each business day. However, if an advance is not repaid by the end of any business day, the advance is converted to an overnight loan. Intraday loans accrue interest at a rate of 1.00%. Overnight loans are charged as agreed between the bank and Jefferies Group in reference to the bank's cost of funding. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Nov. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | Long-Term Debt Principal amounts included in the table below are shown net of unamortized discounts, premiums and debt issuance costs (dollars in thousands). November 30, 2021 2020 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $441,748 and $750,000 principal $ 440,120 $ 745,883 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,888 246,828 Total long-term debt – Parent Company 687,008 992,711 Subsidiary Debt (non-recourse to Parent Company): Jefferies Group: 2.25% Euro Medium Term Notes, due July 13, 2022, $0 and $4,779 principal — 4,638 5.125% Senior Notes, due January 20, 2023, $0 and $750,000 principal — 759,901 1.00% Euro Medium Term Notes, due July 19, 2024, $566,150 and $597,350 principal 564,985 595,700 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 775,550 809,039 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 366,556 369,057 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 990,525 989,574 2.625% Senior Notes due October 15, 2031, $1,000,000 and $0 principal 988,059 — 2.75% Senior Notes, due October 15, 2032, $500,000 principal (1) 460,724 485,134 6.25% Senior Debentures, due January 15, 2036, $495,000 and $500,000 principal 505,267 510,834 6.50% Senior Notes, due January 20, 2043, $391,000 and $400,000 principal 409,926 419,826 Floating Rate Senior Notes, due October 29, 2071 61,703 — Jefferies Group Unsecured Revolving Credit Facility 348,951 — Structured Notes (2) (3) 1,843,598 1,712,245 Jefferies Group Revolving Credit Facility 248,982 189,732 Jefferies Group Secured Credit Facility 375,000 — Jefferies Group Secured Bank Loan 100,000 50,000 HomeFed EB-5 Program debt 203,132 191,294 HomeFed construction loans 45,581 45,471 Foursight Capital Credit Facilities 82,626 129,000 Vitesse Energy Revolving Credit Facility 67,572 97,883 Total long-term debt – subsidiaries 8,438,737 7,359,328 Long-term debt $ 9,125,745 $ 8,352,039 (1) Amounts include net gains (losses) of $58.5 million and $(36.7) million during the years ended November 30, 2021 and 2020, respectively, associated with interest rate swaps based on designation as fair value hedges. See Notes 2 and 5 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) Of the $1.84 billion of structured notes at November 30, 2021, $12.0 million matures in 2022, $2.8 million matures in 2023, $3.9 million matures in 2024, $30.7 million matures in 2025, $35.5 million matures in 2026, and the remaining $1.76 billion matures in 2027 or thereafter. At November 30, 2021, $1.50 billion of consolidated assets (primarily receivables and other assets) are pledged for indebtedness aggregating $747.9 million. The aggregate annual mandatory redemptions of all long-term debt during the five fiscal years in the period ending November 30, 2026 are as follows (in millions): 2022 $ 57.1 2023 1,320.3 2024 1,062.1 2025 78.8 2026 55.7 Parent Company Debt Our senior note indentures contain covenants that restrict our ability to incur more Indebtedness or issue Preferred Stock of Subsidiaries unless, at the time of such incurrence or issuance, the Company meets a specified ratio of Consolidated Debt to Consolidated Tangible Net Worth, limit the ability of the Company and Material Subsidiaries to incur, in certain circumstances, Liens, limit the ability of Material Subsidiaries to incur Funded Debt in certain circumstances, and contain other terms and restrictions all as defined in the senior note indentures. We have the ability to incur substantial additional indebtedness or make distributions to our shareholders and still remain in compliance with these restrictions. If we are unable to meet the specified ratio, we would not be able to issue additional Indebtedness or Preferred Stock, but our inability to meet the applicable ratio would not result in a default under our senior note indentures. The senior note indentures do not restrict the payment of dividends. On October 8, 2021, we announced a tender offer for any and all of our $750.0 million outstanding 5.50% Senior Notes due October 18, 2023. During the fourth quarter of 2021, $308.3 million in aggregate principal amount of the notes were repurchased, for an aggregate cash payment of $332.7 million and we recognized a loss of approximately $26.0 million on the early redemption. Subsidiary Debt During the year ended November 30, 2021, structured notes with a total principal amount of approximately $175.6 million, net of retirements, were issued by Jefferies Group. In addition, Jefferies Group issued 2.625% senior notes with a principal amount of $1.0 billion, due October 15, 2031, and floating rate senior notes with a principal amount of $62.3 million, due October 29, 2071. Additionally, Jefferies Group redeemed its 5.125% senior notes, due January 20, 2023 and Jefferies Group recognized a loss of $33.4 million on the early redemption. During April 2021, Jefferies Group entered into a Revolving Credit Facility ("Jefferies Group Revolving Credit Facility") with a group of commercial banks following the maturity of its previous revolving credit facility. At November 30, 2021, borrowings under the Jefferies Group Revolving Credit Facility amounted to $249.0 million. Interest is based on an adjusted London Interbank Offered Rate ("LIBOR"), as defined in the credit agreement. The Jefferies Group Revolving Credit Facility contains certain covenants that, among other things, require Jefferies Group LLC to maintain specified levels of tangible net worth and liquidity amounts, and impose certain restrictions on future indebtedness of and require specified levels of regulated capital for certain of its subsidiaries. Throughout the period and at November 30, 2021, no instances of noncompliance with the Jefferies Group Revolving Credit Facility covenants occurred and Jefferies Group expects to remain in compliance given its current liquidity and anticipated funding requirements given its business plan and profitability expectations. During May 2021, Jefferies Group entered into a Secured Credit Facility agreement ("Jefferies Group Secured Credit Facility") with a bank under which it has borrowed $375.0 million at November 30, 2021. Interest is based on a rate per annum at spreads over an Adjusted LIBOR Rate, as defined in the credit agreement. The Jefferies Group Secured Credit Facility contains certain covenants that, among other things, require Jefferies Group LLC to maintain a specified level of tangible net worth. The covenants also require a certain subsidiary of Jefferies Group to maintain specified leverage amounts and impose certain restrictions on its future indebtedness. At November 30, 2021, Jefferies Group was in compliance with all covenants under the Jefferies Group Secured Credit Facility. During August 2021, Jefferies Group entered into a senior unsecured revolving credit facility ("Jefferies Group Unsecured Revolving Credit Facility") agreement with a bank under which it has borrowed $349.0 million. Interest is based on a rate per annum at spreads over an Adjusted LIBOR Rate or a Base Rate, as defined in the credit agreement. The Jefferies Group Unsecured Revolving Credit Facility contains certain covenants that, among other things, require Jefferies Group LLC to maintain a specified level of tangible net worth, net cash capital and a minimum regulatory net capital requirement for Jefferies LLC. At November 30, 2021, Jefferies Group was in compliance with all covenants under the Jefferies Group Unsecured Revolving Credit Facility. During September 2021, one of Jefferies Group's subsidiaries amended a Loan and Security Agreement with a bank for a term loan ("Jefferies Group Secured Bank Loan") due to the maturity of its previous secured bank loan. At November 30, 2021, borrowings under the Jefferies Group Secured Bank Loan amounted to $100.0 million. The Jefferies Group Secured Bank Loan matures on September 13, 2024 and is collateralized by certain trading securities. Interest on the Jefferies Group Secured Bank Loan is 1.25% plus LIBOR. The agreement contains certain covenants that, among other things, restrict lien or encumbrance upon any of the pledged collateral. At November 30, 2021, 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 November 30, 2021, HomeFed was in compliance with all debt covenants which include, among other requirements, limitations on incurrence of debt, collateral requirements and restricted use of proceeds. Primarily all of HomeFed's EB-5 Program debt matures in 2024 and 2025. At November 30, 2021, HomeFed has construction loans with an aggregate committed amount of $151.9 million. The proceeds are being used for construction at certain of its real estate projects. The outstanding principal amount of the loans bear interest based on spreads of 2.15% to 3.15% over the 30-day LIBOR, subject to adjustment on the first of each calendar month. At November 30, 2021, the weighted average interest rate on these loans was 3.24%. The loans mature between March 2022 and May 2024 and are collateralized by the property underlying the related project with a guarantee by HomeFed. At November 30, 2021 and 2020, $46.8 million and $46.2 million, respectively, was outstanding under the construction loan agreements. At November 30, 2021, Foursight Capital's credit facilities consisted of two warehouse credit commitments aggregating $175.0 million. The $75.0 million credit facility matures in May 2023 and bears interest based on the one-month LIBOR plus a credit spread fixed through its maturity. The $100.0 million credit facility matures in November 2023 and bears interest based on a commercial paper rate plus a fixed spread. As a condition of the credit facilities, Foursight Capital is obligated to maintain cash reserves to comply with the hedging requirements of the credit commitment. The credit facilities are secured by first priority liens on automobile loan receivables owed to Foursight Capital of approximately $103.0 million at November 30, 2021. At November 30, 2021 and 2020, $82.8 million and $129.3 million, respectively, was outstanding under Foursight Capital's credit facilities. Vitesse Energy has a revolving credit facility with a syndicate of banks that matures in April 2023 and has a maximum borrowing base of $140.0 million at November 30, 2021. Amounts outstanding under the facility at November 30, 2021 and 2020 were $68.0 million and $98.5 million, respectively. Borrowings under the facility have been made as Eurodollar loans that bear interest at adjusted LIBOR plus a spread ranging from 2.75% to 3.75% based on the borrowing base utilization percentage. The credit facility is guaranteed by Vitesse Energy's subsidiaries and is collateralized with a minimum of 85% of Vitesse Energy's proved reserve value of its oil and gas properties. Vitesse Energy's borrowing base is subject to regular re-determination on or about April 1 and October 1 of each year based on proved oil and gas reserves, hedge positions and estimated future cash flows from these reserves calculated using future commodity pricing provided by Vitesse Energy's lenders. |
Leases
Leases | 12 Months Ended |
Nov. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases We enter into lease and sublease agreements primarily for office space across our geographic locations. Information related to operating leases in the Consolidated Statements of Financial Condition is as follows (in thousands, except lease term and discount rate): November 30, 2021 2020 Property, equipment and leasehold improvements, net - ROU assets $ 472,014 $ 507,046 Weighted average: Remaining lease term (in years) 10.0 years 10.6 years Discount rate 2.9 % 3.0 % The following table presents the maturities of our operating lease liabilities and a reconciliation to the Lease liabilities included in the Consolidated Statements of Financial Condition at November 30, 2021 and 2020 (in thousands): November 30, 2021 2020 Fiscal Year 2021 $ — $ 72,491 2022 75,384 76,987 2023 71,383 67,164 2024 67,039 63,476 2025 66,939 64,563 2026 64,105 57,906 2027 and thereafter 290,686 284,289 Total undiscounted cash flows 635,536 686,876 Less: Difference between undiscounted and discounted cash flows (87,470) (102,431) Operating leases amount in the Consolidated Statement of Financial Condition 548,066 584,445 Finance leases amount in the Consolidated Statement of Financial Condition 229 362 Total amount in the Consolidated Statement of Financial Condition $ 548,295 $ 584,807 The following table presents our lease costs (in thousands): Year Ended November 30, 2021 2020 Operating lease costs (1) $ 79,701 $ 77,452 Variable lease costs (2) 11,168 13,576 Less: Sublease income (7,191) (7,590) Total lease cost, net $ 83,678 $ 83,438 (1) Includes short-term leases, which are not material. (2) Includes property taxes, insurance costs, common area maintenance, utilities, and other costs that are not fixed. The amount also includes rent increases resulting from inflation indices and periodic market rent reviews. Consolidated Statement of Cash Flows supplemental information is as follows (in thousands): Year Ended November 30, 2021 2020 Cash outflows - lease liabilities $ 79,437 $ 73,300 Non-cash - ROU assets recorded for new and modified leases 30,246 22,460 The amortization of the ROU assets is included within Other adjustments on the Consolidated Statements of Cash Flows. Rental expense, net of sublease rental income, was $65.6 million for the year ended November 30, 2019. |
Leases | Leases We enter into lease and sublease agreements primarily for office space across our geographic locations. Information related to operating leases in the Consolidated Statements of Financial Condition is as follows (in thousands, except lease term and discount rate): November 30, 2021 2020 Property, equipment and leasehold improvements, net - ROU assets $ 472,014 $ 507,046 Weighted average: Remaining lease term (in years) 10.0 years 10.6 years Discount rate 2.9 % 3.0 % The following table presents the maturities of our operating lease liabilities and a reconciliation to the Lease liabilities included in the Consolidated Statements of Financial Condition at November 30, 2021 and 2020 (in thousands): November 30, 2021 2020 Fiscal Year 2021 $ — $ 72,491 2022 75,384 76,987 2023 71,383 67,164 2024 67,039 63,476 2025 66,939 64,563 2026 64,105 57,906 2027 and thereafter 290,686 284,289 Total undiscounted cash flows 635,536 686,876 Less: Difference between undiscounted and discounted cash flows (87,470) (102,431) Operating leases amount in the Consolidated Statement of Financial Condition 548,066 584,445 Finance leases amount in the Consolidated Statement of Financial Condition 229 362 Total amount in the Consolidated Statement of Financial Condition $ 548,295 $ 584,807 The following table presents our lease costs (in thousands): Year Ended November 30, 2021 2020 Operating lease costs (1) $ 79,701 $ 77,452 Variable lease costs (2) 11,168 13,576 Less: Sublease income (7,191) (7,590) Total lease cost, net $ 83,678 $ 83,438 (1) Includes short-term leases, which are not material. (2) Includes property taxes, insurance costs, common area maintenance, utilities, and other costs that are not fixed. The amount also includes rent increases resulting from inflation indices and periodic market rent reviews. Consolidated Statement of Cash Flows supplemental information is as follows (in thousands): Year Ended November 30, 2021 2020 Cash outflows - lease liabilities $ 79,437 $ 73,300 Non-cash - ROU assets recorded for new and modified leases 30,246 22,460 The amortization of the ROU assets is included within Other adjustments on the Consolidated Statements of Cash Flows. Rental expense, net of sublease rental income, was $65.6 million for the year ended November 30, 2019. |
Mezzanine Equity
Mezzanine Equity | 12 Months Ended |
Nov. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Mezzanine Equity | Mezzanine Equity Redeemable Noncontrolling Interests At November 30, 2021 and 2020, redeemable noncontrolling interests include other redeemable noncontrolling interests of $25.4 million and $24.7 million, respectively, primarily related to our oil and gas exploration and development businesses. Mandatorily Redeemable Convertible Preferred Shares We have one series of callable mandatorily redeemable cumulative convertible preferred shares ("Preferred Shares"). Our 125,000 Preferred Shares are callable beginning January 2023 at a price of $1,000 per share, plus accrued interest and are mandatorily redeemable in 2038 for $125.0 million. The Preferred Shares have a dividend rate equal to the sum of 3.25% annual, cumulative cash dividend, plus an additional quarterly payment based on the amount by which our common stock dividends exceed $0.0625 per common share. The Preferred Shares are currently convertible into 4,440,863 common shares, an effective conversion price of $28.15 per share. Based on the current quarterly dividend of $0.30 per common share, the effective rate on these Preferred Shares is approximately 6.6%. |
Compensation Plans
Compensation Plans | 12 Months Ended |
Nov. 30, 2021 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Compensation Plans | Compensation Plans Equity Compensation Plan Upon completion of our combination with Jefferies Group in 2013, we assumed its 2003 Incentive Compensation Plan, as Amended and Restated (the "Incentive Plan"). The Incentive Plan allowed awards in the form of incentive stock options (within the meaning of Section 422 of the Internal Revenue Code), nonqualified stock options, stock appreciation rights, restricted stock, unrestricted stock, performance awards, RSUs, dividend equivalents or other share-based awards. We also assumed the 1999 Directors' Stock Compensation Plan, as Amended and Restated July 25, 2013 (the "Directors' Plan"), which provided for equity awards to our non-employee directors. On March 25, 2021, a new Equity Compensation Plan (the "ECP") was approved by shareholders. The ECP replaced the Incentive Plan and Directors' Plan; no further awards will be granted under the replaced plans. The ECP is an omnibus plan authorizing a variety of equity award types, as well as cash incentive awards, to be used for employees, non-employee directors and other service providers. Restricted stock awards are grants of our common shares that require service as a condition of vesting. RSUs give a participant the right to receive shares if service or performance conditions are met, and which may specify an additional deferral period allowing a participant to hold an interest tied to common stock on a tax deferred basis. Prior to settlement, RSUs carry no voting or dividend rights associated with the stock ownership, but dividend equivalents are accrued to the extent there are dividends declared on the underlying common shares as cash amounts or as deemed reinvestments in additional RSUs. Restricted stock and 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. The Deferred Compensation Plan (the "DCP") and the Employee Stock Purchase Plan (the "ESPP") have been implemented under both the prior Incentive Plan and the new ECP. The DCP permits eligible executive officers and other employees to defer cash compensation, which may be deemed invested in stock units or directed among other investment alternatives. Stock units generally have been acquired at a discounted price, which encourages employee participation in the DCP and enhances long- term retention of equity interests by participants and aligns executive interests with those of shareholders. The ESPP allows eligible employees to make payroll contributions that are used to acquire shares of our stock, generally at a discounted price. The number of equity awards available under the ECP was initially set at 12,000,000. At November 30, 2021, 9,105,938 common shares remained available for new grants under the ECP. Shares issued pursuant to the DCP and ESPP reduce the shares available under the ECP. The following table details the activity in restricted stock during the years ended November 30, 2021, 2020 and 2019 (in thousands, except per share amounts): Restricted Stock Weighted- Average Balance at December 1, 2018 1,795 $ 22.42 Grants 518 $ 19.57 Forfeited — $ — Fulfillment of vesting requirement (305) $ 20.09 Balance at November 30, 2019 2,008 $ 22.04 Grants 115 $ 13.20 Forfeited (21) $ 23.38 Fulfillment of vesting requirement (619) $ 19.99 Balance at November 30, 2020 1,483 $ 22.19 Grants 337 $ 30.81 Forfeited (40) $ 24.92 Fulfillment of vesting requirement (196) $ 23.55 Balance at November 30, 2021 1,584 $ 23.78 The following table details the activity in RSUs during the years ended November 30, 2021, 2020 and 2019 (in thousands, except per share amounts): Weighted-Average Future No Future Future No Future Balance at December 1, 2018 2 10,309 $ 26.90 $ 26.48 Grants 10 1,308 $ 18.83 $ 18.15 Distributions of underlying shares — (166) $ — $ 25.91 Forfeited — — $ — $ — Fulfillment of service requirement (1) (2) 4,216 $ 26.90 $ 9.99 Balance at November 30, 2019 10 15,667 $ 18.83 $ 21.35 Grants 14 487 $ 13.20 $ 15.73 Distributions of underlying shares — (88) $ — $ 25.48 Forfeited — — $ — $ — Fulfillment of service requirement (1) (3) 2,477 $ 18.83 $ 19.80 Balance at November 30, 2020 21 18,543 $ 14.99 $ 20.97 Grants 80 445 $ 27.10 $ 30.03 Distributions of underlying shares — (1,803) $ — $ 26.32 Forfeited — — $ — $ — Fulfillment of vesting requirement (1) (53) 8 $ 25.03 $ 15.52 Balance at November 30, 2021 48 17,193 $ 24.07 $ 20.64 (1) Fulfillment of vesting requirement during the years ended November 30, 2021, 2020 and 2019, includes 0 RSUs, 2,474 RSUs and 4,214 RSUs, respectively, related to the senior executive compensation plans. During the years ended November 30, 2021, 2020 and 2019, grants include approximately 445,000, 484,000 and 1,298,000, respectively, of dividend equivalents declared on RSUs; the weighted-average grant date fair values of the dividend equivalents were approximately $30.03, $15.73 and $18.15, respectively. Grants in 2019 include shares as a result of the adjustment of outstanding awards in connection with our distribution of shares of Spectrum Brands as a dividend. Senior Executive Compensation Plan The Compensation Committee of our Board of Directors approved an executive compensation plan for our senior executives for compensation year 2019 (the "2019 Plan") and compensation year 2020 (the "2020 Plan"). For each senior executive, the Compensation Committee targeted long-term compensation of $22.5 million per year under the 2019 Plan and 2020 Plan with a target of $16.0 million in long-term equity in the form of RSUs and a target of $6.5 million in cash for both plan years. To receive targeted long-term equity, our senior executives had to achieve 9% growth on a multi-year compounded basis in Jefferies' total shareholder return ("TSR") and to receive targeted cash, our senior executives had to achieve 9% growth in annual Jefferies' Return on Tangible Deployable Equity ("ROTDE"). If TSR and ROTDE were less than 6%, our senior executives would receive no incentive compensation. If TSR growth rates were greater than 9%, our senior executives were eligible to receive up to 75% additional incentive compensation relative to our peer companies. If ROTDE growth rates were greater than 9%, our senior executives were eligible to receive up to 75% additional incentive compensation on an interpolated basis up to 12% growth rates. In December 2020, the Compensation Committee of our Board of Directors granted our senior executives 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. The SARs initially provided for settlement in cash but, at the sole discretion of the Compensation Committee, the awards could be converted irrevocably to a stock-settled award. Accordingly, the SARs were initially determined to be liability-classified share-based awards. In March 2021, the Compensation Committee exercised its discretion and converted the SARs to stock-settled awards, and at which time they became equity-classified share-based awards. As a result, a total of 2,506,266 stock options, with an exercise price of $23.75, were issued to each of our senior executives. The SARs included excess dividend rights, which provide for crediting to the executive a cash amount equal to two times the amount of any quarterly dividend paid in the 9.5 years after grant to the extent the dividend exceeds the quarterly dividend rate in effect at the time of grant for each share underlying the granted SARs (including after conversion to stock options). Beginning in March 2021, the credited amounts are converted to share units at the dividend payment date, to be settled by issuance of shares 9.5 years after grant of the SARs. All of the stock options vest in three equal annual tranches beginning December 6, 2021, with a final expiration date of December 5, 2030. For the year ended November 30, 2021, we recorded $48.6 million of total Compensation and benefits expense relating to the stock options and SARs. At November 30, 2021, 5,012,532 of our common shares were designated for the senior executive nonqualified stock options. We use the fair value method in recognizing stock-based compensation expense. Under the fair value method, we estimate the fair value of each stock option award on the grant date using the Black-Scholes option pricing model. The below includes both the options granted in December 2020 and the SARs, fair valued as of the time when the liability settled award was converted to an equity settled option award in March 2021. The following summary presents the weighted-average assumptions used for the senior executive stock options issued during 2021: Risk free interest rate 0.8 % Expected volatility 32.9 % Expected dividend yield 2.6 % Expected life 5.8 years Weighted-average fair value per grant $ 7.43 The risk-free interest rate was based on the U.S. Treasury yield for zero-coupon U.S. Treasury notes with maturities approximating each grant's expected life. Expected life assumed options are exercised midway between the vesting date and expiration date. The expected volatility was based on the historical behavior of the Company's stock price using the expected life. Dividend yield was based on our current dividend yield at the time of grant. The fair value of the excess dividend rights was determined by means of a Monte Carlo simulation. The following table details the activity in RSUs related to the senior executive compensation plan targeted number of shares during the years ended November 30, 2021, 2020 and 2019 (in thousands, except per share amounts): Target Number of Shares Weighted- Average Balance at December 1, 2018 9,468 $ 18.52 Grants 1,237 $ 13.63 Forfeited — $ — Fulfillment of vesting requirement (4,214) $ 9.98 Balance at November 30, 2019 6,491 $ 23.13 Grants 187 $ 15.19 Forfeited (15) $ 19.01 Fulfillment of vesting requirement (2,474) $ 19.80 Balance at November 30, 2020 4,189 $ 24.75 Grants 74 $ 29.81 Forfeited (1,396) $ 25.31 Fulfillment of vesting requirement — $ — Balance at November 30, 2021 2,867 $ 25.43 During the years ended November 30, 2021, 2020 and 2019, grants include approximately 74,000, 139,000 and 602,000, respectively, of dividend equivalents declared on RSUs; the weighted-average grant date fair values of the dividend equivalents were approximately $29.81, $15.82 and $18.08, respectively. During the years ended November 30, 2020 and 2019, grants include approximately 48,000 and 635,000, respectively, of RSUs issued as a result of superior performance pursuant to the 2016 compensation year award. Other Compensation Plans Other Stock-Based Plans. In connection with the HomeFed merger in 2019, each HomeFed stock option was converted into an option to purchase two Jefferies common shares. At November 30, 2021, 2020 and 2019, 96,000, 313,000 and 325,000, respectively, of our common shares were designated for the HomeFed stock options. 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. During the fourth quarter of 2021 and the fourth quarter of 2020, Jefferies Group amended certain provisions of a set of cash awards that had been granted as part of compensation at previous year ends to remove any service requirements for vesting in the awards. Compensation expense of $188.3 million and $179.6 million was recorded during the years ended November 30, 2021 and November 30, 2020, as a result of these amendments. At November 30, 2021, the remaining unamortized amount of the restricted cash awards was $197.7 million and is included within Other assets in the Consolidated Statement of Financial Condition; this cost is expected to be recognized over a weighted average period of three years. Share-Based Compensation Expense Share-based compensation expense relating to grants made under our share-based compensation plans was $78.2 million (including $48.6 million related to the senior executive stock options and SARs, as discussed above), $40.0 million and $49.8 million for the years ended November 30, 2021, 2020 and 2019, respectively. Total compensation cost includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. At November 30, 2021, total unrecognized compensation cost related to nonvested share-based compensation plans was $23.9 million; this cost is expected to be recognized over a weighted-average period of 2.2 years. At November 30, 2021, there were 1,584,000 shares of restricted stock outstanding with future service required, 2,915,000 RSUs outstanding with future service required (including target RSUs issuable under the senior executive compensation plan), 17,193,000 RSUs outstanding with no future service required, 5,109,000 stock options outstanding and 1,126,000 shares issuable under other plans. Additionally, the Preferred Shares are currently convertible into 4,440,863 common shares at an effective conversion price of $28.15 per share. The maximum potential increase to common shares outstanding resulting from these outstanding awards and the Preferred Shares is 30,784,000 at November 30, 2021. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Nov. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Activity in accumulated other comprehensive income (loss) is reflected in the Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Changes in Equity but not in the Consolidated Statements of Operations. A summary of accumulated other comprehensive income (loss), net of taxes is as follows (in thousands): November 30, 2021 2020 2019 Net unrealized gains on available for sale securities $ 269 $ 513 $ 141 Net unrealized foreign exchange losses (166,499) (156,718) (192,709) Net unrealized losses on instrument specific credit risk (153,672) (71,151) (18,889) Net minimum pension liability (52,241) (61,561) (61,582) $ (372,143) $ (288,917) $ (273,039) Significant amounts reclassified out of accumulated other comprehensive income (loss) to net income are as follows (in thousands): Details about Accumulated Other Comprehensive Income (Loss) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Year Ended November 30, 2021 2020 Net unrealized gains (losses) on instrument specific credit risk, net of income tax provision (benefit) of $599 and $146 $ 1,861 $ 397 Principal transactions revenues Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(1,054) and $(957) (3,138) (2,872) Selling, general and other expenses, which includes pension expense. See Note 17 for information on this component. Total reclassifications for the period, net of tax $ (1,277) $ (2,475) During the second quarter of 2019, we completed the sale of our available for sale portfolio. In connection therewith, we recognized a tax benefit of $544.6 million during the year ended November 30, 2019. Unrealized gains and losses on available for sale securities, and their associated tax impacts, are recorded directly to equity as part of the Accumulated other comprehensive income (loss) balance. Following the portfolio approach, when unrealized gains and losses and their associated tax impacts are recorded at a then current tax rate, and then realized later at a different tax rate, the difference between the tax impact initially recorded in Accumulated other comprehensive income (loss) and the tax impact removed from Accumulated other comprehensive income (loss) upon realization remains in Accumulated other comprehensive income (loss) until the disposal of the portfolio and is referred to as a "lodged tax effect." Large changes in the fair value of our available for sale securities, primarily during 2008 through 2010, combined with fluctuations in our tax rate during those periods, generated a lodged tax benefit of $544.6 million. As a result of steps to improve our Corporate investment management efforts, we sold the remaining portion of our available for sale portfolio in the second quarter of 2019, which resulted in the realization of the $544.6 million tax benefit. While this realization did not impact total equity, it resulted in a tax benefit reflected in the Consolidated Statement of Operations of $544.6 million and, as a result, Retained earnings increased and Accumulated other comprehensive income (loss) decreased by corresponding amounts. The remaining net unrealized gains on available for sale securities at November 30, 2021 and 2020 represent Jefferies Group's share of Berkadia's net unrealized gains on available for sale securities recorded under the equity method of accounting. |
Pension Plans and Postretiremen
Pension Plans and Postretirement Benefits | 12 Months Ended |
Nov. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension Plans and Postretirement Benefits | Pension Plans and Postretirement Benefits U.S. Pension Plans Pursuant to the agreement to sell one of our former subsidiaries, WilTel Communications Group, LLC, ("WilTel") the responsibility for WilTel's defined benefit pension plan was retained by us. All benefits under this plan were frozen as of October 30, 2005. Prior to the acquisition of Jefferies Group, Jefferies Group sponsored a defined benefit pension plan covering certain employees; benefits under that plan were frozen as of December 31, 2005. A summary of activity with respect to both plans is as follows (in thousands): Year Ended November 30, 2021 2020 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 236,572 $ 218,874 Interest cost 4,946 6,349 Actuarial (gains) losses (4,977) 22,475 Settlement payments — (2,476) Benefits paid (9,813) (8,650) Projected benefit obligation, end of year $ 226,728 $ 236,572 Change in plan assets: Fair value of plan assets, beginning of year $ 190,220 $ 166,071 Actual return on plan assets 13,619 29,376 Employer contributions 7,089 8,688 Benefits paid (9,813) (8,650) Settlement payments — (2,476) Administrative expenses (1,900) (2,789) Fair value of plan assets, end of year $ 199,215 $ 190,220 Funded status at end of year $ (27,513) $ (46,352) As of November 30, 2021 and 2020, $44.9 million and $57.3 million, respectively, of the net amount recognized in the Consolidated Statements of Financial Condition was reflected as a charge to Accumulated other comprehensive income (loss) (substantially all of which were cumulative losses) and $27.5 million and $46.4 million, respectively, was reflected as accrued pension cost. The following table summarizes the components of net periodic pension cost and other amounts recognized in other comprehensive income (loss) excluding taxes (in thousands): Year Ended November 30, 2021 2020 2019 Components of net periodic pension cost: Interest cost $ 4,946 $ 6,349 $ 8,070 Expected return on plan assets (8,433) (7,934) (7,456) Settlement charge — 376 — Actuarial losses 4,192 3,453 1,897 Net periodic pension cost $ 705 $ 2,244 $ 2,511 Amounts recognized in other comprehensive income (loss): Net (gains) losses arising during the period $ (8,264) $ 3,821 $ 9,576 Settlement charge — (376) — Amortization of net loss (4,192) (3,453) (1,897) Total recognized in other comprehensive income (loss) $ (12,456) $ (8) $ 7,679 Net amount recognized in net periodic benefit cost and other comprehensive income (loss) $ (11,751) $ 2,236 $ 10,190 The amounts in Accumulated other comprehensive income (loss) at November 30, 2021 and 2020 have not yet been recognized as components of net periodic pension cost in the Consolidated Statements of Operations. We do not expect to make any employer contributions during the year ended November 30, 2022. The assumptions used are as follows: November 30, 2021 2020 WilTel Plan Discount rate used to determine benefit obligation 2.60 % 2.20 % Weighted-average assumptions used to determine net pension cost: Discount rate 2.20 % 3.00 % Expected long-term return on plan assets 7.00 % 7.00 % Jefferies Group Plan Discount rate used to determine benefit obligation 2.40 % 2.00 % Weighted-average assumptions used to determine net pension cost: Discount rate 2.00 % 2.90 % Expected long-term return on plan assets 5.00 % 6.25 % The following pension benefit payments are expected to be paid (in thousands): Fiscal Year: 2022 $ 13,461 2023 12,407 2024 13,559 2025 13,104 2026 13,820 2027 – 2031 70,236 U.S. Plan Assets The information below on the plan assets for the WilTel plan and the Jefferies Group plan is presented separately for the plans as the investments are managed independently. WilTel Plan Assets The current investment objectives are designed to close the funding gap while mitigating funded status volatility through a combination of liability hedging and investment returns. As plan funded status improves, the asset allocation will move along a predetermined, de-risking glide path that reallocates capital from growth assets to liability-hedging assets in order to reduce funded status volatility and lock in funded status gains. Plan assets are split into two separate portfolios, each with different asset mixes and objectives. The portfolios are valued at their NAV as a practical expedient for fair value. • The Growth Portfolio consists of global equities and high yield investments. • The Liability-Driven Investing ("LDI") Portfolio consists of long duration credit bonds and a suite of long duration, Treasury-based instruments designed to provide capital-efficient interest rate exposure as well as target specific maturities. The objective of the LDI Portfolio is to seek to achieve performance similar to the WilTel plan's liability by seeking to match the interest rate sensitivity and credit sensitivity. The LDI Portfolio is managed to mitigate volatility in funded status deriving from changes in the discounted value of benefit obligations from market movements in the interest rate and credit components of the underlying discount curve. To develop the assumption for the expected long-term rate of return on plan assets, we considered the following underlying assumptions: 2.3% current expected inflation, (0.5)% to 0.0% real rate of return for long duration risk free investments and an additional 1.5% to 2.5% return premium for corporate credit risk. For U.S. and international equity, we assume an equity risk premium over risk-free assets equal to 5.5%. We then weighted these assumptions based on invested assets and assumed that investment expenses were offset by expected returns in excess of benchmarks, which resulted in the selection of the 7.0% expected long-term rate of return assumption for 2021. Jefferies Group Plan Assets Jefferies Group has an agreement with an external investment manager to invest and manage the plan's assets under a strategy using a combination of two portfolios. The investment manager allocates the plan's assets between a growth portfolio and a liability-driven portfolio according to certain target allocations and tolerance bands that are agreed to by Jefferies Group's Administrative Committee of the U.S. Pension Plan. Such target allocations will take into consideration the plan's funded ratio. The manager will also monitor the strategy and, as the plan's funded ratio change over time, will rebalance the strategy, if necessary, to be within the agreed tolerance bands and target allocations. The portfolios are comprised of certain common collective investment trusts that are established and maintained by the investment manager. The common collective trusts are valued at their NAV as a practical expedient for fair value. Other We have defined contribution pension plans, including 401(k) plans, that cover certain employees. Amounts charged to expense related to such plans were $9.8 million, $9.5 million and $8.8 million for the years ended November 30, 2021, 2020 and 2019, respectively. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 12 Months Ended |
Nov. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | Revenues from Contracts with Customers The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): Year Ended November 30, 2021 2020 2019 Revenues from contracts with customers: Commissions and other fees $ 896,015 $ 822,248 $ 675,772 Investment banking 4,365,699 2,501,494 1,526,992 Other 880,088 599,485 587,364 Total revenues from contracts with customers 6,141,802 3,923,227 2,790,128 Other sources of revenue: Principal transactions 1,623,713 1,916,508 559,300 Interest income 943,336 997,555 1,603,940 Other 331,032 118,640 405,288 Total revenues from other sources 2,898,081 3,032,703 2,568,528 Total revenues $ 9,039,883 $ 6,955,930 $ 5,358,656 Revenues from contracts with customers are recognized when, or as, we satisfy our performance obligations by transferring the promised goods or services to the customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring our progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised goods or services (the "transaction price"). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third-parties. The following provides detailed information on the recognition of our revenues from contracts with customers: Commissions and Other Fees. We earn commission and other fee revenues by executing, settling and clearing transactions for clients primarily in equity, equity-related and futures products. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commission revenues are generally paid on settlement date and we record a receivable between trade-date and payment on settlement date. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third-parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. We act as an agent in the soft dollar arrangements as the customer controls the use of the soft dollars and directs our payments to third-party service providers on its behalf. Accordingly, amounts allocated to soft dollar arrangements are netted against commission revenues in the Consolidated Statements of Operations. We also earn investment research fees for the sales of our proprietary investment research when a contract with a client has been identified. The delivery of investment research services represents a distinct performance obligation that is satisfied over time when the performance obligation is to provide ongoing access to a research platform or research analysts, with fees recognized on a straight-line basis over the period in which the performance obligation is satisfied. The performance obligation is satisfied at a point in time when the performance obligation is to provide individual interactions with research analysts or research events, with fees recognized on the interaction date. We earn account advisory and distribution fees in connection with wealth management services. Account advisory fees are recognized over time using the time-elapsed method as we determined that the customer simultaneously receives and consumes the benefits of investment advisory services as they are provided. Account advisory fees may be paid in advance of a specified service period or in arrears at the end of the specified service period (e.g., quarterly). Account advisory fees paid in advance are initially deferred within Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Distribution fees are variable and recognized when the uncertainties with respect to the amounts are resolved. Investment Banking. We provide our clients with a full range of financial advisory and underwriting services. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our advisory services are considered variable as they are contingent upon a future event (e.g., completion of a transaction or third-party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within their respective expense category in the Consolidated Statements of Operations and any expenses reimbursed by our clients are recognized as Investment banking revenues. Underwriting services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings and equity-linked 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 Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Reconciling Items -Consolidation Adjustments Total Year Ended November 30, 2021 Major Business Activity: Investment Banking - Advisory $ 1,873,560 $ — $ — $ — $ — $ 1,873,560 Investment Banking - Underwriting 2,492,389 — — — (250) 2,492,139 Equities (1) 881,957 — — — (297) 881,660 Fixed Income (1) 14,355 — — — — 14,355 Asset Management — 14,837 — — — 14,837 Manufacturing revenues — — 538,628 — — 538,628 Oil and gas revenues — — 182,973 — — 182,973 Other revenues — — 143,650 — — 143,650 Total revenues from contracts with customers $ 5,262,261 $ 14,837 $ 865,251 $ — $ (547) $ 6,141,802 Primary Geographic Region: Americas $ 4,250,188 $ 14,218 $ 862,359 $ — $ (547) $ 5,126,218 Europe 766,746 619 1,863 — — 769,228 Asia Pacific 245,327 — 1,029 — — 246,356 Total revenues from contracts with customers $ 5,262,261 $ 14,837 $ 865,251 $ — $ (547) $ 6,141,802 Reportable Segments Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Reconciling Items -Consolidation Adjustments Total Year Ended November 30, 2020 Major Business Activity: Investment Banking - Advisory $ 1,053,500 $ — $ — $ — $ — $ 1,053,500 Investment Banking - Underwriting 1,447,994 — — — — 1,447,994 Equities (1) 807,350 — — — (1,010) 806,340 Fixed Income (1) 15,908 — — — — 15,908 Asset Management — 14,702 — — — 14,702 Manufacturing revenues — — 421,434 — — 421,434 Oil and gas revenues — — 102,210 — — 102,210 Other revenues — — 61,139 — — 61,139 Total revenues from contracts with customers $ 3,324,752 $ 14,702 $ 584,783 $ — $ (1,010) $ 3,923,227 Primary Geographic Region: Americas $ 2,742,298 $ 9,754 $ 582,719 $ — $ (1,010) $ 3,333,761 Europe 401,853 4,948 1,698 — — 408,499 Asia Pacific 180,601 — 366 — — 180,967 Total revenues from contracts with customers $ 3,324,752 $ 14,702 $ 584,783 $ — $ (1,010) $ 3,923,227 Reportable Segments Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Reconciling Items -Consolidation Adjustments Total Year Ended November 30, 2019 Major Business Activity: Investment Banking - Advisory $ 767,421 $ — $ — $ — $ — $ 767,421 Investment Banking - Underwriting 761,264 — — — (1,693) 759,571 Equities (1) 662,804 — — — (537) 662,267 Fixed Income (1) 13,505 — — — — 13,505 Asset Management — 23,188 — — — 23,188 Manufacturing revenues — — 324,659 — — 324,659 Oil and gas revenues — — 173,626 — — 173,626 Other revenues — — 65,891 — — 65,891 Total revenues from contracts with customers $ 2,204,994 $ 23,188 $ 564,176 $ — $ (2,230) $ 2,790,128 Primary Geographic Region: Americas $ 1,751,524 $ 16,334 $ 562,837 $ — $ (537) $ 2,330,158 Europe 374,411 6,854 935 — (1,693) 380,507 Asia Pacific 79,059 — 404 — — 79,463 Total revenues from contracts with customers $ 2,204,994 $ 23,188 $ 564,176 $ — $ (2,230) $ 2,790,128 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. Information on Remaining Performance Obligations and Revenue Recognized from Past Performance We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at November 30, 2021. Investment banking advisory fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price at November 30, 2021. During the years ended November 30, 2021, 2020 and 2019, we recognized $50.0 million, $11.1 million and $27.6 million, 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 $12.1 million, $17.6 million and $21.7 million during the years ended November 30, 2021, 2020 and 2019, 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 $298.7 million and $332.5 million at November 30, 2021 and 2020, respectively, and we had contract assets related to revenues from contracts with customers of $25.2 million at November 30, 2021. We had no significant impairments related to these receivables or contract assets during the years ended November 30, 2021, 2020 and 2019. 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 $49.7 million and $14.8 million at November 30, 2021 and 2020, respectively, which are recorded in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. During the years ended November 30, 2021, 2020 and 2019, we recognized $10.8 million, $10.9 million and $13.0 million, respectively, of deferred revenue from the balance at November 30, 2020, November 30, 2019 and November 30, 2018, respectively. 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes is as follows (in thousands): Year Ended November 30, 2021 2020 2019 Current taxes: U.S. Federal $ 322,551 $ 90,350 $ (10,000) U.S. state and local 70,370 68,261 53,211 Foreign 86,918 75,395 11,026 Total current 479,839 234,006 54,237 Deferred taxes: U.S. Federal 72,753 52,765 83,197 U.S. state and local 19,502 (1,288) (73,482) Foreign 4,635 13,190 (3,324) Total deferred 96,890 64,667 6,391 Recognition of accumulated other comprehensive income lodged taxes — — (544,583) Total income tax provision (benefit) $ 576,729 $ 298,673 $ (483,955) The following table presents the U.S. and non-U.S. components of income before income taxes (in thousands): Year Ended November 30, 2021 2020 2019 U.S. $ 1,970,625 $ 813,305 $ 495,566 Non-U.S. (1) 283,480 253,778 (16,958) Income before income taxes $ 2,254,105 $ 1,067,083 $ 478,608 (1) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S. Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate of 21% for the years ended November 30, 2021, 2020 and 2019 to income before income taxes as a result of the following (dollars in thousands): Year Ended November 30, 2021 2020 2019 Amount Percent Amount Percent Amount Percent Computed expected federal income tax $ 473,362 21.0 % $ 224,087 21.0 % $ 100,508 21.0 % Increase (decrease) in income taxes resulting from: State and local income taxes, net of federal income tax benefit 96,884 4.3 45,457 4.3 25,648 5.4 Recognition of accumulated other comprehensive income lodged taxes — — — — (544,583) (113.8) International operations (including foreign rate differential) 18,073 0.8 13,155 1.2 4,518 0.9 Decrease in valuation allowance (4,036) (0.2) (2,561) (0.2) (19,993) (4.2) Non-deductible executive compensation 20,359 0.9 12,814 1.2 7,444 1.6 Foreign tax credits (13,963) (0.6) (8,654) (0.8) (5,012) (1.0) Transition tax on foreign earnings related to the Tax Act — — — — (6,708) (1.4) Base erosion and anti-abuse tax (BEAT) — — — — (10,000) (2.1) Change in unrecognized tax benefits related to prior years (27,374) (1.2) (4,522) (0.5) (20,512) (4.3) Interest on unrecognized tax benefits 8,651 0.4 15,600 1.5 3,568 0.7 Spectrum Brands distribution — — — — 11,996 2.5 Acquisition of HomeFed — — — — (36,779) (7.7) Other, net 4,773 0.2 3,297 0.3 5,950 1.3 Actual income tax provision $ 576,729 25.6 % $ 298,673 28.0 % $ (483,955) (101.1) % As discussed above, during the second quarter of 2019, we completed the sale of our available for sale portfolio. In connection therewith, we recognized a tax benefit of $544.6 million during the year ended November 30, 2019. Unrealized gains and losses on available for sale securities, and their associated tax impacts, are recorded directly to equity as part of the Accumulated other comprehensive income (loss) balance. Following the portfolio approach, when unrealized gains and losses and their associated tax impacts are recorded at a then current tax rate, and then realized later at a different tax rate, the difference between the tax impact initially recorded in Accumulated other comprehensive income (loss) and the tax impact removed from Accumulated other comprehensive income (loss) upon realization remains in Accumulated other comprehensive income (loss) until the disposal of the portfolio and is referred to as a "lodged tax effect." Large changes in the fair value of our available for sale securities, primarily during 2008 through 2010, combined with fluctuations in our tax rate during those periods, generated a lodged tax benefit of $544.6 million. As a result of steps to improve our Corporate investment management efforts, we sold the remaining portion of our available for sale portfolio in the second quarter of 2019, which resulted in the realization of the $544.6 million tax benefit. While this realization did not impact total equity, it resulted in a tax benefit reflected in the Consolidated Statement of Operations of $544.6 million and, as a result, Retained earnings increased and Accumulated other comprehensive income (loss) decreased by corresponding amounts. The following table presents a reconciliation of gross unrecognized tax benefits (in thousands): Year Ended November 30, 2021 2020 2019 Balance at beginning of period $ 314,347 $ 260,138 $ 197,320 Increases based on tax positions related to the current period 50,079 41,114 42,306 Increases based on tax positions related to prior periods 3,490 22,328 33,007 Decreases based on tax positions related to prior periods (24,180) (8,966) (11,006) Decreases related to settlements with taxing authorities (4,700) (267) (1,489) Balance at end of period $ 339,036 $ 314,347 $ 260,138 Interest and penalties related to unrecognized tax benefits are recorded as components of the provision for income taxes. Net interest expense (benefit) related to unrecognized tax benefits was $10.8 million, $19.9 million and $13.1 million for the years ended November 30, 2021, 2020 and 2019, respectively. At November 30, 2021 and 2020, we had interest accrued of approximately $97.9 million and $87.1 million, respectively, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. No material penalties were accrued for the years ended November 30, 2021, 2020 and 2019. Prior to becoming a wholly-owned subsidiary, Jefferies Group filed a consolidated U.S. federal income tax return with its qualifying subsidiaries and was subject to income tax in various states, municipalities and foreign jurisdictions and Jefferies Group is also currently under examination by various tax jurisdictions. We do not expect that resolution of these examinations will have a significant effect on the Consolidated Statements of Financial Condition, but could have a significant impact on the Consolidated Statements of Operations for the period in which resolution occurs. It is reasonably possible that, within the next twelve months, statutes of limitation will expire which could have the effect of reducing the balance of unrecognized tax benefits by $18.2 million. The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate: Jurisdiction Tax Year United States 2018 New York State 2001 New York City 2006 United Kingdom 2020 Hong Kong 2015 The principal components of deferred taxes are as follows (in thousands): November 30, 2021 2020 Deferred tax asset: Operating lease liabilities $ 135,862 $ 145,617 Compensation and benefits 187,818 274,342 Investments in associated companies 35,358 36,345 Long-term debt 65,037 42,423 Other 178,451 179,133 602,526 677,860 Valuation allowance (11,922) (15,958) 590,604 661,902 Deferred tax liability: Amortization of intangible assets (62,123) (65,683) Operating lease right-of-use asset (126,150) (138,708) Other (74,784) (63,824) (263,057) (268,215) Net deferred tax asset $ 327,547 $ 393,687 The valuation allowance represents the portion of our deferred tax assets for which it is more likely than not that the benefit of such items will not be realized. We believe that the realization of the net deferred tax asset of $327.5 million at November 30, 2021 is more likely than not based on expectations of future taxable income in the jurisdictions in which we operate. Uncertainties that may affect the utilization of our tax attributes include future operating results, tax law changes, rulings by taxing authorities regarding whether certain transactions are taxable or deductible and expiration of carryforward periods. |
Other Results of Operations Inf
Other Results of Operations Information | 12 Months Ended |
Nov. 30, 2021 | |
Nonoperating Income (Expense) [Abstract] | |
Other Results of Operations Information | Other Results of Operations Information Other revenue consists of the following (in thousands): Year Ended November 30, 2021 2020 2019 Manufacturing revenues $ 538,628 $ 421,434 $ 324,659 Income from associated companies classified as other revenues 250,909 23,934 85,169 Revenues of oil and gas production and development businesses 170,569 154,909 175,169 Revenues from sale of real estate 102,297 26,704 32,063 Gain on sale of National Beef — — 205,017 Gain on revaluation of our interest in HomeFed — — 72,142 Other 148,717 91,144 98,433 $ 1,211,120 $ 718,125 $ 992,652 In the fourth quarter of 2019, we sold our 31% equity interest in National Beef for a total of $970.0 million in cash, including $790.6 million of proceeds and $179.4 million from final distributions from National Beef around the time of the sale. The pre-tax gain recognized as a result of this transaction, $205.0 million for the year ended November 30, 2019, is classified as Other revenue. Other revenues for the year ended November 30, 2019 include a $72.1 million pre-tax gain on the revaluation of our 70% interest in HomeFed to fair value in connection with the acquisition of the remaining common stock of HomeFed. Taxes, other than income or payroll amounted to $53.6 million, $49.3 million and $41.3 million for the years ended November 30, 2021, 2020 and 2019, respectively. Proceeds from sales of investments primarily classified as available for sale were $0.9 billion during the year ended November 30, 2019 and were not material during the years ended November 30, 2021 and 2020. Gross gains and gross losses were not material during each of the periods. |
Common Shares and Earnings Per
Common Shares and Earnings Per Common Share | 12 Months Ended |
Nov. 30, 2021 | |
Earnings Per Share [Abstract] | |
Common Shares and Earnings Per Common Share | Common Shares 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): Year Ended November 30, 2021 2020 2019 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 1,667,403 $ 769,605 $ 959,593 Allocation of earnings to participating securities (1) (9,961) (4,795) (5,576) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 1,657,442 764,810 954,017 Adjustment to allocation of earnings to participating securities related to diluted shares (1) 207 23 (5) Mandatorily redeemable convertible preferred share dividends 6,949 5,634 5,103 Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 1,664,598 $ 770,467 $ 959,115 Denominator for earnings per share: Weighted average common shares outstanding 246,991 268,518 297,796 Weighted average shares of restricted stock outstanding with future service required (1,567) (1,785) (1,939) Weighted average RSUs outstanding with no future service required 18,171 18,960 14,837 Denominator for basic earnings per share – weighted average shares 263,595 285,693 310,694 Stock options 1,203 — — Senior executive compensation plan awards 2,262 356 2,140 Mandatorily redeemable convertible preferred shares 4,441 4,441 4,198 Denominator for diluted earnings per share 271,501 290,490 317,032 (1) Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 1,586,500, 1,801,700 and 1,947,600 for the years ended November 30, 2021, 2020 and 2019, respectively. Dividends declared on participating securities were $1.4 million, $1.0 million and $3.6 million during the years ended November 30, 2021, 2020 and 2019, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. Our Board of Directors from time to time has authorized the repurchase of our common shares. In January 2019, the Board of Directors approved a $500.0 million share repurchase authorization. Additionally, in connection with the HomeFed merger on July 1, 2019, our Board of Directors authorized the repurchase of an additional 9.25 million shares in the open market. During the year ended November 30, 2020, the Board of Directors approved increases of $654.7 million to the share repurchase authorization. During the year ended November 30, 2021, the Board of Directors approved increases of $372.1 million to the share repurchase authorization. During the year ended November 30, 2021, we purchased a total of 8,540,000 of our common shares for an aggregate purchase price of $266.8 million, or an average price of $31.25 per share. At November 30, 2021, we had approximately $162.5 million available for future purchases. In January 2022, the Board of Directors increased the share repurchase authorization back up to $250.0 million. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Nov. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees Commitments The following table summarizes commitments associated with certain business activities at November 30, 2021 (in millions): Expected Maturity Date (Fiscal Years) 2022 2023 2024 2026 2028 Maximum Payout Equity commitments (1) $ 333.2 $ 27.5 $ 3.6 $ 4.6 $ 6.4 $ 375.3 Loan commitments (1) 250.0 25.5 — 60.0 — 335.5 Underwriting commitments 167.0 — — — — 167.0 Forward starting reverse repos (2) 7,682.3 — — — — 7,682.3 Forward starting repos (2) 4,572.0 — — — — 4,572.0 Other unfunded commitments (1) 25.0 571.3 5.4 — — 601.7 $ 13,029.5 $ 624.3 $ 9.0 $ 64.6 $ 6.4 $ 13,733.8 (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 November 30, 2021, $7.67 billion within forward starting securities purchased under agreements to resell and all of the forward starting securities sold under agreements to repurchase settled within three business days. 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 November 30, 2021, Jefferies Group's outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $10.7 million. See Note 9 for additional information regarding Jefferies Group's investment in Jefferies Finance. Additionally, at November 30, 2021, we had other outstanding equity commitments to invest up to $100.0 million to strategic affiliates and $222.0 million to various other investments. Loan Commitments. From time to time we make commitments to extend credit to investment banking and other clients in loan syndication and acquisition finance, and to strategic affiliates. These commitments and any related drawdowns of these facilities typically have fixed maturity dates and are contingent on certain representations, warranties and contractual conditions applicable to the borrower. At November 30, 2021, we had $85.0 million of outstanding loan commitments to clients. Loan commitments outstanding at November 30, 2021 also include Jefferies Group's portion of the outstanding secured revolving credit facility provided to Jefferies Finance to support loan underwritings by Jefferies Finance. At November 30, 2021, $0.0 million of Jefferies Group's $250.0 million commitment was funded. Underwriting Commitments. In connection with investment banking activities, we may from time to time provide underwriting commitments to our clients in connection with capital raising transactions. Forward Starting Reverse Repos and Repos. We enter into commitments to take possession of securities with agreements to resell on a forward starting basis and to sell securities with agreements to repurchase on a forward starting basis that are primarily secured by U.S. government and agency securities. Other Unfunded Commitments. Other unfunded commitments include obligations in the form of revolving notes, warehouse financings and debt securities to provide financing to asset-backed and CLO vehicles. Upon advancing funds, drawn amounts are collateralized by the assets of an entity. Contingencies We and our subsidiaries are parties to legal and regulatory proceedings that are considered to be either ordinary, routine litigation incidental to their business or not significant to our consolidated financial position. We and our subsidiaries are also involved, from time to time, in other exams, investigations and similar reviews (both formal and informal) by governmental and self-regulatory agencies regarding our businesses, certain of which may result in judgments, settlements, fines, penalties or other injunctions. We do not believe that any of these actions will have a significant adverse effect on our consolidated financial position or liquidity, but any amounts paid could be significant to results of operations for the period. Guarantees Derivative Contracts. Our dealer activities cause us to make markets and trade in a variety of derivative instruments. Certain derivative contracts that we have entered into meet the accounting definition of a guarantee under GAAP, including credit default swaps, written foreign currency options and written equity put options. On certain of these contracts, such as written interest rate caps and foreign currency options, the maximum payout cannot be quantified since the increase in interest or foreign exchange rates are not contractually limited by the terms of the contract. As such, we have disclosed notional values as a measure of our maximum potential payout under these contracts. The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under GAAP as of November 30, 2021 (in millions): Expected Maturity Date (Fiscal Years) Guarantee Type 2022 2023 2024 2026 2028 Notional/ Derivative contracts – non-credit related $ 16,978.6 $ 7,849.4 $ 3,081.8 $ 87.7 $ — $ 27,997.5 Written derivative contracts – credit related — — 17.8 — — 17.8 Total derivative contracts $ 16,978.6 $ 7,849.4 $ 3,099.6 $ 87.7 $ — $ 28,015.3 The derivative contracts deemed to meet the definition of a guarantee under GAAP are before consideration of hedging transactions and only reflect a partial or "one-sided" component of any risk exposure. Written equity options and written credit default swaps are often executed in a strategy that is in tandem with long cash instruments (e.g., equity and debt securities). We substantially mitigate our exposure to market risk on these contracts through hedges, such as other derivative contracts and/or cash instruments, and we manage the risk associated with these contracts in the context of our overall risk management framework. We believe notional amounts overstate our expected payout and that fair value of these contracts is a more relevant measure of our obligations. At November 30, 2021, the fair value of derivative contracts meeting the definition of a guarantee is approximately $353.1 million. Berkadia. We have agreed to reimburse Berkshire Hathaway for up to one-half of any losses incurred under a $1.5 billion surety policy securing outstanding commercial paper issued by an affiliate of Berkadia. At November 30, 2021, the aggregate amount of commercial paper outstanding was $1.47 billion. HomeFed. For real estate development projects, HomeFed is generally required to obtain infrastructure improvement bonds at the beginning of construction work and warranty bonds upon completion of such improvements. These bonds are issued by surety companies to guarantee satisfactory completion of a project and provide funds primarily to a municipality in the event HomeFed is unable or unwilling to complete certain infrastructure improvements. As HomeFed develops the planned area and the municipality accepts the improvements, the bonds are released. Should the respective municipality or others draw on the bonds for any reason, certain of HomeFed's subsidiaries would be obligated to pay. At November 30, 2021, the aggregate amount of infrastructure improvement bonds outstanding was $77.1 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 November 30, 2021, we provided guarantees to certain counterparties in the form of standby letters of credit totaling $6.7 million. Standby letters of credit commit us to make payment to the beneficiary if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Since commitments associated with these collateral instruments may expire unused, the amount shown does not necessarily reflect the actual future cash funding requirement. Primarily all letters of credit expire within one year. |
Net Capital Requirements
Net Capital Requirements | 12 Months Ended |
Nov. 30, 2021 | |
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. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") contains provisions that require the registration of all swap dealers, major swap participants, security-based swap dealers, and/or major security-based swap participants. On October 6, 2021, Jefferies Financial Services, Inc. ("JFSI"), a registered swap dealer, became subject to the CFTC's regulatory capital requirements and holds regulatory capital in excess of the minimum regulatory requirement. Additionally, JFSI registered as a security-based swap dealer with the SEC on November 1, 2021, and became subject to the SEC's security-based swap dealer regulatory rules. Further, subsequent to year end, on December 16, 2021, JFSI was approved by the SEC as an OTC derivatives dealer, and is subject to compliance with the SEC's net capital requirements. At November 30, 2021, JFSI is in compliance with these SEC and CFTC requirements. As a security-based swap dealer and swap dealer, JFSI is subject to the net capital requirements of the SEC, CFTC and the National Futures Association ("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 as of November 30, 2021 were $2.23 billion and $2.11 billion, respectively. JFSI's net capital and excess net capital at November 30, 2021 were $452.3 million and $432.3 million, respectively. FINRA is the designated examining authority for Jefferies LLC and the NFA is the designated self-regulatory organization for Jefferies LLC as an FCM. Certain other U.S. and non-U.S. subsidiaries of Jefferies Group are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions, including Jefferies International Limited, which is 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 | 12 Months Ended |
Nov. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Other Fair Value Information | Other Fair Value Information The carrying amounts and estimated fair values of our principal financial instruments that are not recognized at fair value on a recurring basis are as follows (in thousands): November 30, 2021 November 30, 2020 Carrying Fair Carrying Fair Other Assets: Notes and loans receivable (1) $ 835,009 $ 866,163 $ 727,492 $ 744,424 Financial Liabilities: Short-term borrowings (2) 221,863 221,863 759,648 759,648 Long-term debt (3) 7,282,147 8,004,211 6,639,794 7,495,642 (1) Notes and loans receivable: The fair values are estimated principally based on a discounted future cash flows model using market interest rates for similar instruments. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. (2) Short-term borrowings: The fair values of short-term borrowings carried at cost are estimated to be the carrying amount due to their short maturities. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. (3) Long-term debt: The fair values are estimated using quoted prices, pricing information obtained from external data providers and, for certain variable rate debt, is estimated to be the carrying amount. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 and Level 3 in the fair value hierarchy. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Nov. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Jefferies Capital Partners Related Funds. Jefferies Group has equity investments in the JCP Manager and in private equity funds (including JCP Fund V), which are managed by a team led by our President and a Director ("Private Equity Related Funds"). Reflected in the Consolidated Statements of Financial Condition at November 30, 2021 and 2020 are Jefferies Group's equity investments in Private Equity Related Funds of $27.1 million and $19.0 million, respectively. Net gains (losses) from Jefferies Group's investment in JCP Fund V aggregating $7.7 million, $(3.0) million and $(5.7) million were recorded in Principal transactions revenues for the years ended November 30, 2021, 2020 and 2019, respectively. 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 8 and 22 . Special Purpose Acquisition Companies. Jefferies Group earned investment banking revenues during the year ended November 30, 2021 of $45.5 million for services provided to special purpose acquisition companies we have co-sponsored. Berkadia Commercial Mortgage, LLC. At November 30, 2021 and 2020, Jefferies Group has commitments to purchase $425.6 million and $401.0 million, respectively, in agency commercial mortgage-backed securities from Berkadia. FXCM . Jefferies Group entered into a foreign exchange prime brokerage agreement with FXCM in 2017. In connection with the foreign exchange contracts entered into under this agreement, Jefferies Group had $0.7 million and $2.7 million at November 30, 2021 and 2020, respectively, included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Officers, Directors and Employees. We had $23.1 million and $38.9 million of loans outstanding to certain officers and employees (none of whom are an executive officer or director of the Company) at November 30, 2021 and 2020, respectively. Receivables from and payables to customers include balances arising from officers', directors' and employees' individual security transactions. These transactions are subject to the same regulations as all customer transactions and are provided on substantially the same terms. Jefferies Finance. During the year ended November 30, 2019, we purchased $65.3 million of loan receivables from Jefferies Finance which settled during the year ended November 30, 2020. See Note 9 for additional information on transactions with Jefferies Finance. Sale of Property. On November 29, 2019, we sold a hotel and restaurant in Telluride, Colorado that we owned, to the Company's Chairman and certain of his family trusts in exchange for 780,315 shares of the Company's common stock, at a price of $21.03 per share. Sale of Subsidiary. On November 3, 2020, we sold a wholly-owned subsidiary primarily invested in short-dated receivables that related to an asset management strategy to an investment fund managed by us for approximately $180.7 million. The gain on sale was not material. |
Segment Information
Segment Information | 12 Months Ended |
Nov. 30, 2021 | |
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 Capital, 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 revised 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. Merchant Banking businesses and investments also included our 31% equity investment in National Beef, prior to its sale in November 2019, and Spectrum Brands, prior to its distribution to shareholders in October 2019. Corporate assets primarily consist of cash and cash equivalents. Corporate revenues primarily include interest income. Certain information concerning our reportable segments is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired. Year Ended November 30, 2021 2020 2019 (In thousands) Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 6,907,386 $ 5,072,640 $ 3,113,484 Asset Management 336,013 234,910 86,838 Merchant Banking 930,577 681,574 656,514 Corporate 3,042 13,258 32,833 Total net revenues related to reportable segments 8,177,018 6,002,382 3,889,669 Reconciling items - Consolidation adjustments 8,311 8,492 3,307 Total consolidated net revenues $ 8,185,329 $ 6,010,874 $ 3,892,976 Income (loss) before income taxes: Reportable Segments: Investment Banking and Capital Markets $ 2,140,346 $ 1,129,010 $ 348,127 Asset Management 166,628 68,551 (40,011) Merchant Banking 71,944 (33,344) 287,310 Corporate (54,586) (55,619) (68,467) Income before income taxes related to reportable segments 2,324,332 1,108,598 526,959 Reconciling items - Parent Company interest (79,137) (53,445) (53,048) Reconciling items - Consolidation adjustments 8,910 11,930 4,697 Total consolidated income before income taxes $ 2,254,105 $ 1,067,083 $ 478,608 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 85,291 $ 82,479 $ 77,661 Asset Management 1,901 5,228 2,042 Merchant Banking 67,464 67,236 69,693 Corporate 2,764 3,496 3,475 Total consolidated depreciation and amortization expenses $ 157,420 $ 158,439 $ 152,871 November 30, 2021 2020 2019 Identifiable assets employed: Reportable Segments: Investment Banking and Capital Markets (1) $ 52,903,374 $ 45,605,851 $ 41,339,914 Asset Management 3,205,799 3,265,149 3,342,029 Merchant Banking 2,263,050 2,376,037 2,446,714 Corporate 2,432,927 2,170,917 2,426,110 Identifiable assets employed related to reportable segments 60,805,150 53,417,954 49,554,767 Reconciling items - Consolidation adjustments (401,040) (299,602) (94,533) Total consolidated assets $ 60,404,110 $ 53,118,352 $ 49,460,234 (1) Includes $180.7 million, $243.5 million and $203.7 million at November 30, 2021, 2020 and 2019, respectively, of the deferred tax asset, net. Net revenues for the Investment Banking and Capital Markets reportable segment and Asset Management reportable segment are recorded in the geographic region in which the position was risk-managed, in the case of Investment Banking and Capital Markets in which the senior coverage banker is located, or for Asset Management, according to the location of the investment advisor. Net revenues by geographic region were as follows (in thousands): Year Ended November 30, 2021 2020 2019 Americas (1) $ 6,795,027 $ 4,871,313 $ 3,188,353 Europe (2) 1,111,434 853,674 592,087 Asia Pacific 278,868 285,887 112,536 $ 8,185,329 $ 6,010,874 $ 3,892,976 (1) Substantially all relates to U.S. results. (2) Substantially all relates to United Kingdom results. Interest expense classified as a component of Net revenues relates to Jefferies Group. For the years ended November 30, 2021, 2020 and 2019, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($53.1 million, $53.4 million and $53.0 million, respectively) and Merchant Banking ($3.2 million, $4.7 million and $5.1 million, respectively). Additionally, for the for the years ended November 30, 2021, 2020 and 2019, interest expense classified as a component of Expenses in the Investment Banking and Capital Markets reportable segment includes $20.7 million, $26.7 million and $29.0 million, respectively, related to Foursight Capital. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation Our policy is to consolidate all entities in which we can vote a majority of the outstanding voting stock. In addition, we consolidate entities which meet the definition of a variable interest entity ("VIE") for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity's economic performance and who has 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. We consider special allocations of cash flows and preferences, if any, to determine amounts allocable to noncontrolling interests. All intercompany transactions and balances are eliminated in consolidation. In situations in which we have significant influence, but not control, of an entity that does not qualify as a VIE, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under GAAP. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies. Our subsidiaries may act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or "kick-out" rights. |
Revenue Recognition Policies | Revenue Recognition Policies Commissions and Other Fees. All customer securities transactions are reported in the Consolidated Statements of Financial Condition on a settlement date basis with related income reported on a trade-date basis. 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. These arrangements are accounted for on an accrual basis and, as we are acting as an agent in these arrangements, netted against commission revenues in the Consolidated Statements of Operations. In addition, we earn asset-based fees associated with the management and supervision of assets, account services and administration related to customer accounts. Principal Transactions. Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value (all of which are recorded on a trade-date basis) are carried at fair value with gains and losses reflected in Principal transactions revenues in the Consolidated Statements of Operations, except for derivatives accounted for as hedges (see Hedge Accounting section, herein and Note 5). Fees received on loans carried at fair value are also recorded in Principal transactions revenues. Investment Banking. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress. 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 advisory engagements, 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 clients are recognized as Investment banking revenues. Underwriting and placement agent revenues are recognized at a point in time on trade-date. Costs associated with underwriting activities are deferred until the related revenue is recognized or the engagement is otherwise concluded and are recorded on a gross basis in Selling, general and other expenses in the Consolidated Statements of Operations. Asset Management Fees and Revenues. Asset management fees and revenues consist of asset management fees, as well as revenues from third-parties with strategic relationships pursuant to arrangements, which entitle us to portions of our revenues and/or affiliated managers' profits and perpetual rights to certain defined revenues for a given revenue share period. Revenue from third-parties with strategic relationships pursuant to arrangements is recognized at the end of the defined revenue or profit share period when the revenues have been realized and all contingencies have been resolved. Management and administrative fees are generally recognized over the period that the related service is provided. Performance fee revenue is generally recognized only at the end of the performance period to the extent that the benchmark return has been met. Interest Revenue and Expense. Interest expense that is deducted from Revenues to arrive at Net revenues is related to Jefferies Group's operations. Contractual interest on Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value is recognized on an accrual basis as a component of Interest income and Interest expense. Interest flows on derivative trading transactions and dividends are included as part of the fair valuation of these contracts and recognized in Principal transactions revenues in the Consolidated Statements of Operations rather than as a component of interest income or expense. Interest on short- and long-term borrowings is accounted for on an accrual basis, except for those for which we have elected the fair value option, with related interest recorded as Interest expense. Discounts/premiums arising on long-term debt are accreted/amortized to Interest expense using the effective yield method over the remaining lives of the underlying debt obligations. Interest revenue related to Securities borrowed and Securities purchased under agreements to resell activities and interest expense related to Securities loaned and Securities sold under agreements to repurchase activities are recognized on an accrual basis. In addition, we recognize interest income as earned on brokerage customer margin balances and interest expense as incurred on credit balances. Manufacturing Revenues. Manufacturing revenues, which are included in Other revenues, are from Idaho Timber, which manufactures and distributes an extensive range of quality wood products to markets across North America. 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. |
Cash Equivalents | Cash Equivalents Cash equivalents include highly liquid investments, including money market funds and certificates of deposit, not held for resale with original maturities of three months or less. |
Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations | Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations In accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Jefferies LLC, which is a wholly-owned subsidiary of Jefferies Group, as a broker-dealer carrying client accounts, is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of its clients. Certain other entities are also obligated by rules mandated by their primary regulators to segregate or set aside cash or equivalent securities to satisfy regulations, promulgated to protect customer assets. In addition, certain exchange and/or clearing organizations require cash and/or securities to be deposited by us to conduct day to day activities. |
Financial Instruments and Fair Value | Financial Instruments and Fair Value Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value are recorded at fair value, either as required by accounting pronouncements or through the fair value option election. These instruments primarily represent our trading activities and include both cash and derivative products. Gains and losses on Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value are recognized in Principal transactions revenues in the Consolidated Statements of Operations. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). |
Fair Value Hierarchy | Fair Value Hierarchy In determining fair value, we maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect our assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. We apply a hierarchy to categorize our fair value measurements broken down into three levels based on the transparency of inputs as follows: Level 1: Quoted prices are available in active markets for identical assets or liabilities at the reported date. Valuation adjustments and block discounts are not applied to Level 1 instruments. Level 2: Pricing inputs other than quoted prices in active markets, which are either directly or indirectly observable at the reported date. The nature of these financial instruments include cash instruments for which quoted prices are available but traded less frequently, derivative instruments for which fair values have been derived using model inputs that are directly observable in the market, or can be derived principally from, or corroborated by, observable market data, and financial instruments that are fair valued by reference to other similar financial instruments, the parameters of which can be directly observed. Level 3: Instruments that have little to no pricing observability at the reported date. These financial instruments are measured using management's best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Financial instruments are valued at quoted market prices, if available. Certain financial instruments have bid and ask prices that can be observed in the marketplace. For financial instruments whose inputs are based on bid-ask prices, the financial instrument is valued at the point within the bid-ask range that meets our best estimate of fair value. We use prices and inputs that are current at the measurement date. For financial instruments that do not have readily determinable fair values using quoted market prices, the determination of fair value is based on the best available information, taking into account the types of financial instruments, current financial information, restrictions (if any) on dispositions, fair values of underlying financial instruments and quotations for similar instruments. The valuation of financial instruments may include the use of valuation models and other techniques. Adjustments to valuations derived from valuation models are permitted based on management's judgment, which takes into consideration the features of the financial instrument such as its complexity, the market in which the financial instrument is traded and underlying risk uncertainties about market conditions. Adjustments from the price derived from a valuation model reflect management's judgment that other participants in the market for the financial instrument being measured at fair value would also consider in valuing that same financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. The availability of observable inputs can vary and is affected by a wide variety of factors, including, for example, the type of financial instrument and market conditions. As the observability of prices and inputs may change for a financial instrument from period to period, this condition may cause a transfer of an instrument among the fair value hierarchy levels. The degree of judgment exercised in determining fair value is greatest for instruments categorized within Level 3. |
Loans to and Investments in Associated Companies | Loans to and Investments in Associated Companies Loans to and investments in associated companies include investments in private equity and other operating entities in which we exercise significant influence over operating and capital decisions and loans issued in connection with such investments. Loans to and investments in associated companies are accounted for using the equity method. See Note 9 for additional information regarding certain of these investments. Under the equity method of accounting, our share of the investee's underlying net income or loss is recorded as Income (loss) related to associated companies, or as part of Other revenues if such investees are considered to be an extension of our business. Income (loss) for investees for which the fair value option was elected is reported as Principal transactions revenues. |
Credit Losses | Credit Losses Foursight Capital, our wholly-owned subsidiary, is an automobile loan originator and servicer. Provisions for credit losses are charged to income in amounts sufficient to maintain an allowance for credit losses inherent in Foursight Capital's finance receivables held for investment. The allowance for credit losses is established systematically by management based on the determination of the amount of credit losses inherent in the finance receivables held for investment as of the reporting date. All of Foursight Capital's finance receivables held for investment are collectively evaluated for impairment. Management's estimate of expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the reported amounts. Foursight Capital uses static pool modeling techniques to determine the allowance for loan losses expected over the remaining life of the receivables, which is supplemented by management judgment. Expected losses are estimated for groups of accounts aggregated by monthly vintage. Generally, the expected losses are projected based on historical loss experience over the last eight years, more heavily weighted toward recent performance when determining the allowance to result in an estimate that is more reflective of the current internal and external environments. Foursight Capital's estimate of expected credit losses includes a reasonable and supportable forecast period of one year and then reverts to an estimate based on historical losses. Foursight Capital reviews charge-off experience factors, contractual delinquency, historical collection rates, the value of underlying collateral and other information to make the necessary judgments as to credit losses expected in the portfolio as of the reporting date. While management utilizes the best information available to make its evaluations, changes in macroeconomic conditions, interest rate environments, or both, may significantly impact the assumptions and inputs used in determining the allowance for credit losses. Foursight Capital's charge-off policy is based on a loan by loan review of delinquent finance receivables. Other financial assets measured at amortized cost are presented at the net amount expected to be collected and the measurement of credit losses and any expected increases or decreases in expected credit losses are recognized in earnings. The estimate of expected credit losses involves judgment and is based on an assessment over the life of the financial instrument taking into consideration forecasts of expected future economic conditions. In evaluating secured financing receivables (reverse repurchases agreements, securities borrowing arrangements and margin loans), the underlying collateral maintenance provisions are taken into consideration. The underlying contractual collateral maintenance for significantly all of Jefferies Group's secured financing receivables requires that the counterparty continually adjust the collateralization amount, securing the credit exposure on these contracts. Collateralization levels for Jefferies Group's secured financing receivables are initially established based upon the counterparty, the type of acceptable collateral that is monitored daily and adjusted to mitigate the potential of any credit losses. Credit losses are not recognized for secured financing receivables where the underlying collateral's fair value is equal to or exceeds the asset's amortized cost basis. In cases where the collateral's fair value does not equal or exceed the amortized cost basis, the allowance for credit losses, if any, is limited to the difference between the fair value of the collateral at the reporting date and the amortized cost basis of the financial assets. Our receivables from brokers, dealers, and clearing organizations include deposits of cash with exchange clearing organizations to meet margin requirements, amounts due from clearing organizations for daily variation settlements, securities failed-to-deliver or receive, receivables and payables for fees and commissions, and receivables arising from unsettled securities or loans transactions. These receivables generally do not give rise to material credit risk and have a remote probability of default either because of their short-term nature or due to the credit protection framework inherent in the design and operations of brokers, dealers and clearing organizations. As such, generally, no allowance for credit losses is held against these receivables. |
Receivables | Foursight Capital's loan receivables held for investment consisted |
Securities Borrowed And Securities Loaned | Securities Borrowed and Securities Loaned Securities borrowed and Securities loaned are carried at the amounts of cash collateral advanced and received in connection with the transactions and accounted for as collateralized financing transactions. In connection with both trading and brokerage activities, we borrow securities to cover short sales and to complete transactions in which customers have failed to deliver securities by the required settlement date, and lend securities to other brokers and dealers for similar purposes. When we borrow securities, we generally provide cash to the lender as collateral, which is reflected in the Consolidated Statements of Financial Condition as Securities borrowed. We earn interest revenues on this cash collateral. Similarly, when we lend securities to another party, that party provides cash to us as collateral, which is reflected in the Consolidated Statements of Financial Condition as Securities loaned. We pay interest expense on the cash collateral received from the party borrowing the securities. The initial collateral advanced or received approximates or is greater than the fair value of the securities borrowed or loaned. We monitor the fair value of the securities borrowed and loaned on a daily basis and request additional collateral or return excess collateral, as appropriate. |
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase | Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities purchased under agreements to resell and Securities sold under agreements to repurchase (collectively "repos") are accounted for as collateralized financing transactions and are recorded at their contracted resale or repurchase amount plus accrued interest. We earn and incur interest over the term of the repo, which is reflected in Interest revenue and Interest expense in the Consolidated Statements of Operations on an accrual basis. Repos are presented in the Consolidated Statements of Financial Condition on a net-basis by counterparty, where permitted by GAAP. The fair value of the underlying securities is monitored daily versus the related receivable or payable balances. Should the fair value of the underlying securities decline or increase, additional collateral is requested or excess collateral is returned, as appropriate. |
Offsetting of Derivative Financial Instruments and Securities Financing Agreements | Offsetting of Derivative Financial Instruments and Securities Financing Agreements To manage exposure to credit risk associated with derivative activities and securities financing transactions, we may enter into International Swaps and Derivative Association, Inc. ("ISDA") master netting agreements, master securities lending agreements, master repurchase agreements or similar agreements and collateral arrangements with counterparties. A master agreement creates a single contract under which all transactions between two counterparties are executed allowing for trade aggregation and a single net payment obligation. Master agreements provide protection in bankruptcy in certain circumstances and, where legally enforceable, enable receivables and payables with the same counterparty to be settled or otherwise eliminated by applying amounts due against all or a portion of an amount due from the counterparty or a third-party. Under our ISDA master netting agreements, we typically also execute credit support annexes, which provide for collateral, either in the form of cash or securities, to be posted by or paid to a counterparty based on the fair value of the derivative receivable or payable based on the rates and parameters established in the credit support annex. In the event of the counterparty's default, provisions of the master agreement permit acceleration and termination of all outstanding transactions covered by the agreement such that a single amount is owed by, or to, the non-defaulting party. In addition, any collateral posted can be applied to the net obligations, with any excess returned; and the collateralized party has a right to liquidate the collateral. Any residual claim after netting is treated along with other unsecured claims in bankruptcy court. The conditions supporting the legal right of offset may vary from one legal jurisdiction to another and the enforceability of master netting agreements and bankruptcy laws in certain countries or in certain industries is not free from doubt. The right of offset is dependent both on contract law under the governing arrangement and consistency with the bankruptcy laws of the jurisdiction where the counterparty is located. Industry legal opinions with respect to the enforceability of certain standard provisions in respective jurisdictions are relied upon as a part of managing credit risk. In cases where we have not determined an agreement to be enforceable, the related amounts are not offset. Master netting agreements are a critical component of our risk management processes as part of reducing counterparty credit risk and managing liquidity risk. We are also a party to clearing agreements with various central clearing parties. Under these arrangements, the central clearing counterparty facilitates settlement between counterparties based on the net payable owed or receivable due and, with respect to daily settlement, cash is generally only required to be deposited to the extent of the net amount. In the event of default, a net termination amount is determined based on the market values of all outstanding positions and the clearing organization or clearing member provides for the liquidation and settlement of the net termination amount among all counterparties to the open contracts or transactions. See Notes 5 and 6 for further information. |
Hedge Accounting | Hedge Accounting Hedge accounting is applied using interest rate swaps designated as fair value hedges of changes in the benchmark interest rate of fixed rate senior long-term debt. The interest rate swaps are included as derivative contracts in Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value in the Consolidated Statements of Financial Condition. We use regression analysis to perform ongoing prospective and retrospective assessments of the effectiveness of these hedging relationships. A hedging relationship is deemed effective if the change in fair value of the interest rate swap and the change in the fair value of the long-term debt due to changes in the benchmark interest rate offset within a range of 80% to 125%. The impact of valuation adjustments related to Jefferies Group's own credit spreads and counterparty credit spreads are included in the assessment of effectiveness. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative and the change in fair value of the long-term debt provide offset of one another and, together with any resulting ineffectiveness, are recorded in Interest expense. We seek to reduce the impact of fluctuations in foreign exchange rates on our net investments in certain non-U.S. operations through the use of foreign exchange contracts. The foreign exchange contracts are included as derivative contracts in Financial instruments owned, at fair value and Financial instruments sold, not yet purchased, at fair value in the Consolidated Statements of Financial Condition. For foreign exchange contracts designated as hedges, the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts ( i.e. , based on changes in forward rates). For qualifying net investment hedges, all gains or losses on the hedging instruments are included in Accumulated other comprehensive income (loss). |
Capitalization of Interest | Capitalization of InterestWe capitalize interest on qualifying HomeFed real estate assets. |
Property, Equipment and Leasehold Improvements | Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are provided principally on the straight-line method over the estimated useful lives of the assets or, if less, the term of the underlying lease. |
Lease Accounting | Lease Accounting We adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update No. 2016-02, Leases on December 1, 2019. These lease policy updates are applied using a modified retrospective approach. Reported financial information for the historical comparable period was not revised and continues to be reported under the accounting standards in effect during the historical periods. For leases with an original term longer than one year, lease liabilities are initially recognized on the lease commencement date based on the present value of the future minimum lease payments over the lease term, including non-lease components such as fixed common area maintenance costs and other fixed costs for generally all leases. A corresponding right of use ("ROU") asset is initially recognized equal to the lease liability adjusted for any lease prepayments, initial direct costs and lease incentives. The ROU assets are included in Property, equipment and leasehold improvements, net and the lease liabilities are included in Lease liabilities in the Consolidated Statement of Financial Condition. The discount rates used in determining the present value of leases represent our collateralized borrowing rate considering each lease's term and currency of payment. The lease term includes options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Certain leases have renewal options that can be exercised at the discretion of the Company. Lease expense is generally recognized on a straight-line basis over the lease term and included in Selling, general and other expenses in the Consolidated Statement of Operations. See Note 13 for further information. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable. When testing for impairment, we group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (or asset group). The determination of whether an asset group is recoverable is based on management's estimate of undiscounted future cash flows directly attributable to the asset group as compared to its carrying value. If the carrying amount of the asset group is greater than the undiscounted cash flows, an impairment loss would be recognized for the amount by which the carrying amount of the asset group exceeds its estimated fair value. Substantially all of our operating businesses sell products or services that are impacted by general economic conditions in the U.S. and to a lesser extent internationally. A worsening of current economic conditions could cause a decline in estimated future cash flows expected to be generated by our operations and investments. If future undiscounted cash flows are estimated to be less than the carrying amounts of the asset groups used to generate those cash flows in subsequent reporting periods, particularly for those with large investments in intangible assets, property and equipment and other long-lived assets (for example, Jefferies Group, manufacturing and oil and gas production and development), impairment charges would have to be recorded. |
Intangible Assets, Net and Goodwill | Intangible Assets, Net and Goodwill Intangible Assets . Intangible assets deemed to have finite lives are generally amortized on a straight-line basis over their estimated useful lives, where the useful life is the period over which the asset is expected to contribute directly, or indirectly, to our future cash flows. Intangible assets are reviewed for impairment on an interim basis when certain events or circumstances exist. If future undiscounted cash flows are estimated to be less than the carrying amounts of the asset groups used to generate those cash flows in subsequent reporting periods, particularly for those with large investments in amortizable intangible assets, impairment charges would have to be recorded. At least annually, the remaining useful life is evaluated. An intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events or changes in circumstances occur indicating it is more likely than not that the indefinite-lived asset is impaired. Impairment exists when the carrying amount exceeds its fair value. In testing for impairment, we have the option to first perform a qualitative assessment to determine whether it is more likely than not that an impairment exists. If it is determined that it is not more likely than not that an impairment exists, a quantitative impairment test is not necessary. If we conclude otherwise, we are required to perform a quantitative impairment test. Fair value will be determined using valuation techniques consistent with what a market participant would use. All of our indefinite-lived intangible assets were recognized in connection with the Jefferies Group acquisition, and our annual impairment testing date for these assets is August 1. Goodwill. At acquisition, we allocate the cost of a business acquisition to the specific tangible and intangible assets acquired and liabilities assumed based upon their fair values. Significant judgments and estimates are often made by management to determine these values, and may include the use of appraisals, consideration of market quotes for similar transactions, use of discounted cash flow techniques or consideration of other information we believe to be relevant. Any excess of the cost of a business acquisition over the fair values of the assets and liabilities acquired is recorded as goodwill, which is not amortized to expense. Substantially all of our goodwill was recognized in connection with the Jefferies Group acquisition. At least annually, and more frequently if warranted, we will assess whether goodwill has been impaired. The quantitative goodwill impairment test is performed at our reporting unit level. The fair value of the reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, an impairment loss is recognized as the difference between the fair value and carrying value of the reporting unit. The fair values will be based on widely accepted valuation techniques that we believe market participants would use, although the valuation process requires significant judgment and often involves the use of significant estimates and assumptions. The methodologies we utilize in |
Inventories and Cost of Sales | Inventories and Cost of Sales Manufacturing inventories are stated at the lower of cost or net realizable value, with cost principally determined under the first-in-first-out method. Manufacturing cost of sales principally includes product and manufacturing costs, inbound and outbound shipping costs and handling costs. Inventories are classified as Other assets in the Consolidated Statements of Financial Condition. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The realization of deferred tax assets is assessed, and a valuation allowance is recorded to the extent that it is more likely than not that any portion of the deferred tax asset will not be realized on the basis of its projected separate return results. We record uncertain tax positions using a two-step process: (i) we determine whether it is more likely than not that each tax position will be sustained on the basis of the technical merits of the position; and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company uses the portfolio approach relating to the release of stranded tax effects recorded in accumulated other comprehensive income (loss). Under the portfolio approach, the net unrealized gains or losses recorded in accumulated other comprehensive income (loss) would be eliminated only on the date the entire portfolio of available for sale securities is sold or otherwise disposed of. |
Share-based Compensation | Share-based Compensation Share-based awards are measured based on the fair value of the award as determined in accordance with GAAP and recognized over the required service or vesting period. Certain executive share-based awards contain market, performance and service conditions. Market conditions are incorporated into the grant-date fair value using a Monte Carlo valuation model. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market condition is not met. Awards with performance conditions are amortized over the service period if it is determined that it is probable that the performance condition will be achieved. The fair value of options are estimated at the date of grant using the Black-Scholes option pricing model. We account for forfeitures as they occur, which results in dividends and dividend equivalents originally charged against retained earnings for forfeited shares to be reclassified to compensation expense in the period in which the forfeiture occurs. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of foreign subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the end of the relevant period. Revenues and expenses are translated at average exchange rates during the period. The gains or losses resulting from translating foreign currency financial statements into U.S. dollars, net of hedging gains or losses and taxes, if any, are included in Accumulated other comprehensive income (loss) in the Consolidated Statements of Comprehensive Income (Loss) and classified as Accumulated other comprehensive income (loss) in the Consolidated Statements of Financial |
Earnings per Common Share | Earnings per Common Share Basic earnings per share is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding and certain other shares committed to be, but not yet issued. Net earnings available to common shareholders represent net earnings to common shareholders reduced by the allocation of earnings to participating securities. Losses are not allocated to participating securities. Common shares outstanding and certain other shares committed to be, but not yet issued, include restricted stock and restricted stock units ("RSUs") for which no future service is required. Diluted earnings per share is computed by dividing net earnings available to common shareholders plus dividends on dilutive mandatorily redeemable convertible preferred shares by the weighted average number of common shares outstanding and certain other shares committed to be, but not yet issued, plus all dilutive common stock equivalents outstanding during the period. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and, therefore, are included in the earnings allocation in computing earnings per share under the two-class method of earnings per share. Restricted stock and RSUs granted as part of share-based compensation contain nonforfeitable rights to dividends and dividend equivalents, respectively, and therefore, prior to the requisite service being rendered for the right to retain the award, restricted stock and RSUs meet the definition of a participating security. As such, we calculate basic and diluted earnings per share under the two-class method. RSUs granted under the senior executive compensation plan are not considered participating securities as the rights to dividend equivalents are forfeitable. See Note 15 for more information regarding the senior executive compensation plan. |
Securitization Activities | Securitization Activities We engage in securitization activities related to corporate loans, consumer loans, commercial mortgage loans and mortgage-backed and other asset-backed securities. Transfers of financial assets to secured funding vehicles are accounted for as sales when we have relinquished control over the transferred assets. The gain or loss on sale of such financial assets depends, in part, on the previous carrying amount of the assets involved in the transfer allocated between the assets sold and the retained interests, if any, based upon their respective fair values at the date of sale. We may retain interests in the securitized financial assets as one or more tranches of the securitization. These retained interests are included in Financial instruments owned, at fair value in the Consolidated Statements of Financial Condition at fair value. Any changes in the fair value of such retained interests are recognized in Principal transactions revenues in the Consolidated Statements of Operations. When a transfer of assets does not meet the criteria of a sale, the transfer is accounted for as a secured borrowing and we continue to recognize the assets of a secured borrowing in Financial instruments owned, at fair value and recognize the associated financing in Other secured financings in the Consolidated Statements of Financial Condition. |
Contingencies | Contingencies In the normal course of business, we have been named, from time to time, as a defendant in legal and regulatory proceedings. We 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 recognize a liability for a contingency when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If the reasonable estimate of a probable loss is a range, we accrue the most likely amount of such loss, and if such amount is not determinable, then we accrue the minimum in the range as the loss accrual. The determination of the outcome and loss estimates requires significant judgment on the part of management, can be highly subjective and is subject to significant change with the passage of time as more information becomes available. Estimating the ultimate impact of litigation matters is inherently uncertain, in particular because the ultimate outcome will rest on events and decisions of others that may not be within our power to control. We do not believe that any of our current litigation will have a significant adverse effect on our consolidated financial position, results of operations or liquidity; however, if amounts paid at the resolution of litigation are |
Accounting Developments - Accounting Standards Adopted in Current Annual Reporting Period | Accounting Developments - Accounting Standards Adopted in Current Annual Reporting Period Financial Instruments - Credit Losses. In June 2016, the FASB issued new guidance which provides for estimating credit losses on financial assets measured at amortized cost by introducing an approach based on expected losses over the financial asset's entire life, recorded at inception or purchase. We adopted the new credit loss guidance on December 1, 2020 and applied a modified retrospective approach through a cumulative-effect adjustment to retained earnings upon adoption. At transition on December 1, 2020, the new accounting guidance's adoption resulted in an increase in the allowance for credit losses of $26.5 million with a corresponding decrease in retained earnings of $19.9 million, net of tax. The increase is primarily attributable to a $30.1 million increase in the allowance for credit losses in Foursight Capital's portfolio of held to maturity auto finance receivables. Foursight Capital estimates expected credit losses on its portfolio using analysis of historical portfolio performance data as well as external economic factors that management considers to be relevant to the credit losses expected in the portfolio. This is partially offset by a $3.6 million decrease in the allowance for credit losses at Jefferies Group that is attributable to applying a revised provisioning methodology based on historical loss experience for its investment banking fee receivables. We have determined expected credit losses to be immaterial upon adoption for our other financial instruments within the scope of the guidance. A significant portion of our financial instruments within the scope of the guidance represent secured financing receivables (reverse repurchase agreements, secured borrowing arrangements, and margin loans) that are substantially collateralized. For our secured financing receivables, we have concluded that the impact upon adoption was immaterial because the contractual collateral maintenance provisions require that the counterparty continually adjust the amount of collateralization securing the credit exposure on these contracts. Collateralization levels for our secured financing receivables are initially established based upon the counterparty, the type of acceptable collateral that is monitored daily and adjusted to mitigate the potential of any credit losses. For the remaining financial instruments within the guidance's scope, the expected credit losses were also determined to be immaterial considering the counterparty's credit quality, an insignificant history of credit losses, or the short-term nature of the credit exposures. Goodwill. In January 2017, the FASB issued new guidance which simplifies goodwill impairment testing. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact on our consolidated financial statements. Defined Benefit Plans. In August 2018, the FASB issued new guidance to improve the effectiveness of disclosure requirements on defined benefit pension plans and other post-retirement plans. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact on our consolidated financial statements. Internal-Use Software. In August 2018, the FASB issued new guidance which amends the definition of a hosting arrangement and requires that the customer in a hosting arrangement that is a service contract capitalize certain implementation costs as if the arrangement was an internal-use software project. We adopted the guidance in the first quarter of fiscal 2021 and elected to apply the guidance prospectively to implementation costs incurred after the adoption date. The adoption did not have an impact on our consolidated financial statements on the adoption date. Consolidation. In October 2018, the FASB issued new guidance which requires indirect interests held through related parties under common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact on our consolidated financial statements. Income Taxes. In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and to provide more consistent application to improve the comparability of financial statements. We adopted the guidance in the first quarter of fiscal 2021 and the adoption did not have a material impact on our consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Credit Loss | A rollforward of the allowance for credit losses related to receivables for the years ended November 30, 2021, 2020 and 2019 is as follows (in thousands): 2021 2020 2019 Beginning balance $ 53,926 $ 34,018 $ 31,055 Adjustment for adoption of accounting principle for current expected credit losses 26,519 — — Provision for doubtful accounts (1) 55,876 48,157 29,800 Charge-offs, net of recoveries (1) (60,322) (28,249) (26,837) Ending balance $ 75,999 $ 53,926 $ 34,018 |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Year Ended November 30, 2021 2020 2019 (In thousands) Cash paid during the year for: Interest, net of amounts capitalized $ 936,272 $ 1,080,368 $ 1,563,152 Income tax payments (refunds), net $ 727,126 $ 25 $ 24,587 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Measured On Recurring Basis At Fair Value | The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value ("NAV") of $1.03 billion and $965.4 million at November 30, 2021 and 2020, respectively, by level within the fair value hierarchy (in thousands): 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 November 30, 2020 Level 1 Level 2 Level 3 Counterparty Total Assets: Financial instruments owned, at fair value: Corporate equity securities $ 2,475,887 $ 58,159 $ 75,904 $ — $ 2,609,950 Corporate debt securities — 2,954,236 23,146 — 2,977,382 Collateralized debt obligations and collateralized loan obligations — 64,155 17,972 — 82,127 U.S. government and federal agency securities 2,840,025 91,653 — — 2,931,678 Municipal securities — 453,881 — — 453,881 Sovereign obligations 1,962,346 591,342 — — 2,553,688 Residential mortgage-backed securities — 1,100,849 21,826 — 1,122,675 Commercial mortgage-backed securities — 736,291 2,003 — 738,294 Other asset-backed securities — 103,611 79,995 — 183,606 Loans and other receivables — 2,610,746 134,636 — 2,745,382 Derivatives 1,523 2,013,942 21,678 (1,556,136) 481,007 Investments at fair value — 6,122 213,946 — 220,068 FXCM term loan — — 59,455 — 59,455 Total financial instruments owned, at fair value, excluding investments at fair value based on NAV $ 7,279,781 $ 10,784,987 $ 650,561 $ (1,556,136) $ 17,159,193 Loans to and investments in associated $ — $ 8,603 $ 40,185 $ — $ 48,788 Securities received as collateral, at fair value $ 7,517 $ — $ — $ — $ 7,517 Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 2,046,441 $ 9,046 $ 4,434 $ — $ 2,059,921 Corporate debt securities — 1,237,631 141 — 1,237,772 U.S. government and federal agency securities 2,609,660 — — — 2,609,660 Sovereign obligations 1,050,771 624,740 — — 1,675,511 Residential mortgage-backed securities — 477 — — 477 Commercial mortgage-backed securities — — 35 — 35 Loans — 1,776,446 16,635 — 1,793,081 Derivatives 551 2,391,556 47,695 (1,798,659) 641,143 Total financial instruments sold, not yet purchased, at fair value $ 5,707,423 $ 6,039,896 $ 68,940 $ (1,798,659) $ 10,017,600 Short-term borrowings $ — $ 5,067 $ — $ — $ 5,067 Other secured financings $ — $ — $ 1,543 $ — $ 1,543 Long-term debt $ — $ 1,036,217 $ 676,028 $ — $ 1,712,245 Obligation to return securities received as collateral, at fair value $ 7,517 $ — $ — $ — $ 7,517 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. |
Investments Measured At Fair Value Based On Net Asset Value | The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands). Fair Value (1) Unfunded 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 November 30, 2020 Equity Long/Short Hedge Funds (2) $ 328,096 $ — Equity Funds (3) 33,221 12,408 Commodity Fund (4) 17,747 — Multi-asset Funds (5) 561,236 — Other Funds (6) 25,084 5,000 Total $ 965,384 $ 17,408 (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements. (2) This category includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets. At November 30, 2021 and 2020, approximately 74% and 94%, respectively, of the fair value of investments cannot be redeemed because these investments include restrictions that do not allow for redemption before December 31, 2021. At November 30, 2021 approximately 21% of the fair value of investments 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. These investments cannot be redeemed; instead distributions are received through the liquidation of the underlying assets of the funds which are primarily expected to be liquidated in approximately one (4) This category includes investments in a hedge fund that invests, long and short, primarily in commodities. Investments in this category are redeemable quarterly with 60 days prior written notice. (5) This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At November 30, 2021 and 2020, investments representing approximately 78% and 57%, respectively, of the fair value of investments in this category are redeemable monthly with 60 days prior written notice. At November 30, 2021, approximately 22% of the fair value of investments in this category are redeemable quarterly with 90 days prior written notice. (6) This category includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments. This category also includes investments |
Summary Of Changes In Fair Value Of Financial Assets And Liabilities Classified As Level 3 | The following is a summary of changes in the fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the year ended November 30, 2021 (in thousands): Balance, November 30, 2020 Total gains (losses) Purchases Sales Settlements Issuances Net transfers Balance, November 30, 2021 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 75,904 $ 28,556 $ 8,778 $ (34,307) $ (49) $ — $ 8,765 $ 87,647 $ 20,932 Corporate debt securities 23,146 1,565 11,161 (7,978) (1,417) — (14,674) 11,803 1,724 CDOs and CLOs 17,972 8,092 32,618 (27,332) (5,042) — 5,638 31,946 (4,390) Residential mortgage-backed securities 21,826 (243) 708 (1,183) (354) — (19,277) 1,477 (131) Commercial mortgage-backed securities 2,003 (1,694) 2,445 (393) (13) — (15) 2,333 (733) Other asset-backed securities 79,995 5,335 65,277 (21,727) (45,397) — 10,041 93,524 (14,471) Loans and other receivables 134,636 6,995 58,993 (61,560) (20,442) — 16,617 135,239 3,136 Investments at fair value 213,946 112,012 22,957 (47,243) (9,809) — (137,490) 154,373 25,723 FXCM term loan 59,455 (9,000) — — — — — 50,455 (9,000) Loans to and investments in associated companies 40,185 (9,343) — — — — — 30,842 (9,343) Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,434 $ (83) $ (21) $ 318 $ — $ — $ (13) $ 4,635 $ 83 Corporate debt securities 141 1,205 (815) — (49) — — 482 (139) Commercial mortgage-backed securities 35 — (35) 210 — — — 210 — Loans 16,635 1,826 (8,549) 5,673 — — 185 15,770 (1,825) Net derivatives (2) 26,017 7,246 — — (1,491) 44,453 (8,456) 67,769 (7,371) Other secured financings 1,543 (649) — — — 25,011 — 25,905 649 Long-term debt (1) 676,028 (22,132) — — — 169,975 57,861 881,732 85,260 (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 November 30, 2021 were losses of $63.1 million. (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 the fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the year ended November 30, 2020 (in thousands): Balance, November 30, 2019 Total gains (losses) Purchases Sales Settlements Issuances Net transfers Balance, November30, 2020 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 58,426 $ (4,086) $ 31,885 $ (37,706) $ — $ — $ 27,385 $ 75,904 $ (652) Corporate debt securities 7,490 83 1,607 (391) (602) — 14,959 23,146 (270) CDOs and CLOs 28,788 (3,821) 10,913 (14,389) (5,201) — 1,682 17,972 (17,212) Residential mortgage-backed securities 17,740 (934) 7,887 (969) (1,053) — (845) 21,826 (599) Commercial mortgage-backed securities 6,110 (827) 393 (1,856) (1,787) — (30) 2,003 (295) Other asset-backed securities 42,563 (3,848) 69,701 (1,638) (43,072) — 16,289 79,995 (5,945) Loans and other receivables 114,080 (12,341) 123,485 (36,929) (57,455) — 3,796 134,636 (11,153) Investments at fair value 205,412 (31,666) 55,836 (167) (17,298) — 1,829 213,946 (33,514) FXCM term loan 59,120 335 — — — — — 59,455 335 Loans to and investments in associated companies — 5,497 — — — — 34,688 40,185 5,497 Securities purchased under agreements to resell 25,000 — — — (25,000) — — — — Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ 4,487 $ 456 $ (513) $ — $ — $ — $ 4 $ 4,434 $ (81) Corporate debt securities 340 (268) (325) 394 — — — 141 27 Commercial mortgage-backed securities 35 — — 35 — — (35) 35 — Loans 9,463 (520) (6,061) 13,851 — — (98) 16,635 360 Net derivatives (2) 77,168 (40) (7,446) 19,376 (2,216) — (60,825) 26,017 (1,805) Other secured financings — (2,475) — — — 4,018 — 1,543 2,475 Long-term debt (1) 480,069 84,930 — — (57,088) 248,718 (80,601) 676,028 (51,567) (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 November 30, 2020 were losses of $33.4 million. (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 year ended November 30, 2019 (in thousands): Balance, November 30, 2018 Total gains (losses) Purchases Sales Settlements Issuances Net transfers Balance, November 30, 2019 Changes in Assets: Financial instruments owned, at fair value: Corporate equity securities $ 52,192 $ (11,407) $ 69,065 $ (28,159) $ (18,208) $ — $ (5,057) $ 58,426 $ (13,848) Corporate debt securities 9,484 (4,860) 8,900 (13,854) (379) — 8,199 7,490 (6,176) CDOs and CLOs 36,105 (514) 49,658 (38,147) (12,494) — (5,820) 28,788 (2,330) Residential mortgage-backed securities 19,603 (1,669) 1,954 (2,472) (152) — 476 17,740 (530) Commercial mortgage-backed securities 10,886 (2,888) 206 (2,346) (5,317) — 5,569 6,110 (2,366) Other asset-backed securities 53,175 433 104,097 (73,335) (51,374) — 9,567 42,563 (98) Loans and other receivables 46,985 (4,507) 106,965 (48,350) (5,788) — 18,775 114,080 (2,321) Investments at fair value 396,254 (183,480) 11,236 (28,749) — — 10,151 205,412 (180,629) FXCM term loan 73,150 (8,139) 1,500 — (7,391) — — 59,120 (8,139) Securities purchased under agreements to resell — — — — — 25,000 — 25,000 — Liabilities: Financial instruments sold, not yet purchased, at fair value: Corporate equity securities $ — $ (2,649) $ (4,322) $ 11,458 $ — $ — $ — $ 4,487 $ 1,928 Corporate debt securities 522 (381) (457) — (524) — 1,180 340 383 Commercial mortgage-backed securities — 35 — — — — — 35 35 Loans 6,376 (1,382) (2,573) 6,494 — — 548 9,463 1,382 Net derivatives (2) 21,614 (21,452) (4,323) 36,144 2,227 — 42,958 77,168 12,098 Long-term debt (1) 200,745 (18,662) — — (11,250) 348,275 (39,039) 480,069 29,656 (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 November 30, 2019 were losses of $11.0 million. (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. November 30, 2021 Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average 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 warrants $ 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 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 November 30, 2020 Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Financial instruments owned, at fair value Corporate equity securities $ 75,409 Non-exchange-traded Market approach Price $1 to $213 $86 EBITDA multiple 4.0 to 8.0 5.7 Corporate debt securities $ 23,146 Market approach Price $69 — Scenario analysis Estimated recovery percentage 20 % to 44% 30 % CDOs and CLOs $ 17,972 Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25 % to 30% 26 % Discount rate/yield 14 % to 28% 20 % Scenario analysis Estimated recovery percentage 2 % to 34% 23 % Residential mortgage- $ 21,826 Discounted cash flows Cumulative loss rate 2 % to 3% 3 % Loss severity 35 % to 50% 36 % Duration (years) 2.0 years to 12.9 years 5.1 years Discount rate/yield 3 % to 12% 4 % Other asset-backed securities $ 67,816 Discounted cash flows Cumulative loss rate 1 % to 28% 11 % Loss severity 50 % to 85% 54 % Duration (years) 0.2 years to 2.1 years 1.3 years Discount rate/yield 1 % to 16% 9 % Market approach Price $100 — Loans and other receivables $ 76,049 Market approach Price $31 to $100 $84 Scenario analysis Estimated recovery percentage 19 % to 100% 52 % Derivatives $ 19,951 Equity options Volatility benchmarking Volatility 47% — Interest rate swaps Market approach Basis points upfront 1.2 to 8.0 4.8 Investments at fair value $ 96,906 Private equity securities Market approach Price $1 to $169 $29 Scenario analysis Estimated recovery percentage 17% — Discount rate/yield 19 % to 21% 20 % Revenue growth 0% — Investment in FXCM $ 59,455 Term loan Discounted cash flows Term based on the pay off (years) 0 months to 1.2 years 1.2 years Loans to and investments in associated companies Non-exchange-traded warrants $ 40,185 Market approach Underlying stock price $778 to $805 $792 Underlying stock price €15 to €19 €16 Volatility 25 % to 55% 30 % Financial instruments sold, not yet purchased, at fair value Corporate equity securities $ 4,434 Market approach Price $1 — Corporate debt securities $ 141 Scenario analysis Estimated recovery percentage 20% — Loans $ 16,635 Market approach Price $31 to $99 $55 Derivatives $ 46,971 Equity options Volatility benchmarking Volatility 33 % to 50% 42 % Interest rate swaps Market approach Basis points upfront 1.2 to 8.0 5.4 Other secured financings $ 1,543 Scenario analysis Estimated recovery percentage 19 % to 55% 45 % Long-term debt Structured notes $ 676,028 Market approach Price $100 — Price €76 to €113 €99 |
Summary Of Gains (Losses) Due To Changes In Instrument Specific Credit Risk For Loans and Other Receivables And Loan Commitments Measured At Fair Value Under Fair Value Option | The following is a summary of gains (losses) due to changes in instrument specific credit risk on loans, other receivables and debt instruments and gains (losses) due to other changes in fair value on short-term borrowings, other secured financings and long-term debt measured at fair value under the fair value option (in thousands): Year Ended November 30, 2021 2020 2019 Financial instruments owned, at fair value: Loans and other receivables $ 11,682 $ (25,623) $ (2,072) Financial instruments sold, not yet purchased, at fair value: Loans $ 1,077 $ — $ 656 Loan commitments — 464 (1,089) Short-term borrowings: Changes in instrument specific credit risk (1) $ — $ — $ 114 Other changes in fair value (2) — (48) (863) Other secured financings: Other changes in fair value (2) $ 650 $ 2,475 $ — Long-term debt: Changes in instrument specific credit risk (1) $ (113,027) $ 70,201 $ (20,332) Other changes in fair value (2) 108,739 (84,116) (25,144) (1) Changes in instrument specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of taxes. (2) Other changes in fair value are included in Principal transactions revenues in the Consolidated Statements of Operations. |
Summary Of Amount By Which Contractual Principal Exceeds Fair Value For Loans And Other Receivables Measured At Fair Value Under Fair Value Option | The following is a summary of the amount by which contractual principal is greater than (less than) fair value for loans and other receivables, long-term debt and short-term borrowings, and other secured financings measured at fair value under the fair value option (in thousands): November 30, 2021 2020 Financial instruments owned, at fair value: Loans and other receivables (1) $ 5,600,648 $ 1,662,647 Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2) 64,203 287,889 Long-term debt and short-term borrowings (38,391) (42,819) Other secured financings 3,432 2,782 (1) Interest income is recognized separately from other changes in fair value and is included in Interest income in the Consolidated Statements of Operations. (2) Amounts include all loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $19.7 million and $30.0 million at November 30, 2021 and 2020, respectively. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure | The following tables present the fair value and related number of derivative contracts at November 30, 2021 and 2020 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands, except contract amounts). Assets Liabilities Fair Value Number of Fair Value Number of 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 Assets Liabilities Fair Value Number of Fair Value Number of November 30, 2020 (1) Derivatives designated as accounting hedges: Interest rate contracts: Cleared OTC $ 67,381 1 $ 6,891 1 Foreign exchange contracts: Bilateral OTC — — 3,306 11 Total derivatives designated as accounting hedges 67,381 10,197 Derivatives not designated as accounting hedges: Interest rate contracts: Exchange-traded 2,442 52,620 439 42,611 Cleared OTC 17,379 3,785 114,524 4,307 Bilateral OTC 626,210 1,493 317,534 466 Foreign exchange contracts: Exchange-traded — — — 180 Bilateral OTC 297,165 15,005 277,706 15,050 Equity contracts: Exchange-traded 558,304 1,147,486 564,951 971,938 Bilateral OTC 429,304 2,374 1,125,944 2,421 Commodity contracts: Exchange-traded 64 3,207 — 2,654 Bilateral OTC 13,190 1,556 — — Credit contracts: Cleared OTC 24,696 39 26,298 31 Bilateral OTC 1,008 11 2,209 11 Total derivatives not designated as accounting hedges 1,969,762 2,429,605 Total gross derivative assets/liabilities: Exchange-traded 560,810 565,390 Cleared OTC 109,456 147,713 Bilateral OTC 1,366,877 1,726,699 Amounts offset in the Consolidated Statement of Financial Condition (3): Exchange-traded (546,989) (546,989) Cleared OTC (109,228) (111,654) Bilateral OTC (899,919) (1,140,016) Net amounts in the Consolidated Statement of Financial Condition (4) $ 481,007 $ 641,143 (1) Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2) Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables and Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. (3) Amounts netted include both netting by counterparty and for cash collateral paid or received. (4) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition. |
Unrealized And Realized Gains (Losses) On Derivative Contracts | The following table provides information related to gains (losses) recognized in Interest expense of Jefferies Group in the Consolidated Statements of Operations related to fair value hedges (in thousands): Year Ended November 30, 2021 2020 2019 Interest rate swaps $ (41,845) $ 41,524 $ 56,385 Long-term debt 58,507 (36,668) (58,931) Total $ 16,662 $ 4,856 $ (2,546) The following table provides information related to gains (losses) on net investment hedges recognized in Net unrealized foreign exchange gains (losses), a component of Other comprehensive income (loss), in the Consolidated Statements of Comprehensive Income (Loss) (in thousands): Year Ended November 30, 2021 2020 2019 Foreign exchange contracts $ 19,008 $ (3,306) $ — Total $ 19,008 $ (3,306) $ — 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): Year Ended November 30, 2021 2020 2019 Interest rate contracts $ (48,510) $ (52,331) $ (188,605) Foreign exchange contracts (10,152) 2,266 (822) Equity contracts (427,593) 47,631 (108,961) Commodity contracts (28,012) 45,491 (5,630) Credit contracts 653 15,218 9,147 Total $ (513,614) $ 58,275 $ (294,871) |
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 November 30, 2021 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than Cross- Total Commodity swaps, options and forwards $ 2,703 $ — $ — $ — $ 2,703 Equity options and forwards 26,603 3,524 — (8,181) 21,946 Credit default swaps 1 1,226 497 — 1,724 Total return swaps 124,348 24,144 — (1,211) 147,281 Foreign currency forwards, swaps and options 186,348 4,933 — (1,959) 189,322 Fixed income forwards 31,527 — — — 31,527 Interest rate swaps, options and forwards 25,630 86,577 114,519 (23,162) 203,564 Total $ 397,160 $ 120,404 $ 115,016 $ (34,513) 598,067 Cross-product counterparty netting (61,679) Total OTC derivative assets included in Financial instruments owned, at fair value $ 536,388 (1) At November 30, 2021, we held net exchange-traded derivative assets and other credit agreements with a fair value of $210.4 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 November 30, 2021, cash collateral received was $176.3 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 $ 9,862 $ — $ — $ — $ 9,862 Equity options and forwards 15,539 642,337 41,996 (8,181) 691,691 Credit default swaps 6 13,690 11,632 — 25,328 Total return swaps 149,353 777,266 2,042 (1,211) 927,450 Foreign currency forwards, swaps and options 159,206 10,028 — (1,959) 167,275 Fixed income forwards 30,368 — — — 30,368 Interest rate swaps, options and forwards 11,364 42,713 132,289 (23,162) 163,204 Total $ 375,698 $ 1,486,034 $ 187,959 $ (34,513) 2,015,178 Cross-product counterparty netting (61,679) Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value $ 1,953,499 (1) At November 30, 2021, we held net exchange-traded derivative liabilities and other credit agreements with a fair value of $31.5 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 November 30, 2021, cash collateral pledged was $572.8 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. |
Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets | At November 30, 2021, the counterparty credit quality with respect to the fair value of our OTC derivative assets was as follows (in thousands): Counterparty credit quality (1): A- or higher $ 175,204 BBB- to BBB+ 71,870 BB+ or lower 140,008 Unrated 149,306 Total $ 536,388 (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 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 November 30, 2020 Credit protection sold: Index credit default swaps $ 62.0 $ 262.8 $ — $ 324.8 Single name credit default swaps — 6.2 0.2 6.4 |
Derivative Instruments With Contingent Features | The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts posted or received in the normal course of business and the potential collateral we would have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered (in millions). November 30, 2021 2020 Derivative instrument liabilities with credit-risk-related contingent features $ 821.5 $ 284.6 Collateral posted (160.5) (129.8) Collateral received 369.3 141.4 Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) 1,030.4 296.2 (1) These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade. |
Collateralized Transactions (Ta
Collateralized Transactions (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Investments, Debt and Equity Securities [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 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 securities 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 November 30, 2020 Corporate equity securities $ 1,371,978 $ 157,912 $ 7,517 $ 1,537,407 Corporate debt securities 369,218 1,869,844 — 2,239,062 Mortgage-backed and asset-backed securities — 1,547,140 — 1,547,140 U.S. government and federal agency securities 14,789 7,149,992 — 7,164,781 Municipal securities — 278,470 — 278,470 Sovereign securities 54,763 2,763,032 — 2,817,795 Loans and other receivables — 1,392,883 — 1,392,883 Total $ 1,810,748 $ 15,159,273 $ 7,517 $ 16,977,538 Contractual Maturity Overnight and Continuous Up to 30 Days 31 to 90 Days Greater than 90 Days Total 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 November 30, 2020 Securities lending arrangements $ 636,256 $ 59,735 $ 459,455 $ 655,302 $ 1,810,748 Repurchase agreements 5,510,476 1,747,526 5,019,885 2,881,386 15,159,273 Obligation to return securities received as collateral, at fair value 7,517 — — — 7,517 Total $ 6,154,249 $ 1,807,261 $ 5,479,340 $ 3,536,688 $ 16,977,538 |
Summary of Offsetting Assets | The following table provides information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized in the Consolidated Statements of Financial Condition and (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our consolidated financial position. (In thousands) Gross Netting in Consolidated Statements of Financial Condition Net Amounts in Consolidated Statements of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets at 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 16,019,400 (7,573,301) 8,446,099 (540,312) (7,336,585) 569,202 Obligation to return securities received as collateral, at fair value 7,289 — 7,289 — (7,289) — Assets at November 30, 2020 Securities borrowing arrangements $ 6,934,762 $ — $ 6,934,762 $ (395,342) $ (1,706,046) $ 4,833,374 Reverse repurchase agreements 11,939,773 (6,843,004) 5,096,769 (412,327) (4,578,560) 105,882 Securities received as collateral, at fair value 7,517 — 7,517 — — 7,517 Liabilities at November 30, 2020 Securities lending arrangements $ 1,810,748 $ — $ 1,810,748 $ (395,342) $ (1,397,550) $ 17,856 Repurchase agreements 15,159,273 (6,843,004) 8,316,269 (412,327) (7,122,422) 781,520 Obligation to return securities received as collateral, at fair value 7,517 — 7,517 — — 7,517 (1) Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty's outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty's default, but which are not netted in the Consolidated Statements of Financial Condition because other netting provisions of GAAP are not met. (2) Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty's rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3) At 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. At November 30, 2020, amounts include $4.76 billion of securities borrowing arrangements, for which we have received securities collateral of $4.62 billion, and $720.0 million of repurchase agreements, for which we have pledged securities collateral of $733.9 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. |
Summary of Offsetting Liabilities | The following table provides information regarding repurchase agreements, securities borrowing and lending arrangements and securities received as collateral, at fair value, and obligation to return securities received as collateral, at fair value, that are recognized in the Consolidated Statements of Financial Condition and (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our consolidated financial position. (In thousands) Gross Netting in Consolidated Statements of Financial Condition Net Amounts in Consolidated Statements of Financial Condition Additional Amounts Available for Setoff (1) Available Collateral (2) Net Amount (3) Assets at 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 16,019,400 (7,573,301) 8,446,099 (540,312) (7,336,585) 569,202 Obligation to return securities received as collateral, at fair value 7,289 — 7,289 — (7,289) — Assets at November 30, 2020 Securities borrowing arrangements $ 6,934,762 $ — $ 6,934,762 $ (395,342) $ (1,706,046) $ 4,833,374 Reverse repurchase agreements 11,939,773 (6,843,004) 5,096,769 (412,327) (4,578,560) 105,882 Securities received as collateral, at fair value 7,517 — 7,517 — — 7,517 Liabilities at November 30, 2020 Securities lending arrangements $ 1,810,748 $ — $ 1,810,748 $ (395,342) $ (1,397,550) $ 17,856 Repurchase agreements 15,159,273 (6,843,004) 8,316,269 (412,327) (7,122,422) 781,520 Obligation to return securities received as collateral, at fair value 7,517 — 7,517 — — 7,517 (1) Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty's outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty's default, but which are not netted in the Consolidated Statements of Financial Condition because other netting provisions of GAAP are not met. (2) Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty's rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. (3) At 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. At November 30, 2020, amounts include $4.76 billion of securities borrowing arrangements, for which we have received securities collateral of $4.62 billion, and $720.0 million of repurchase agreements, for which we have pledged securities collateral of $733.9 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. |
Securitization Activities (Tabl
Securitization Activities (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Activity Related To Securitizations Accounted For As Sales | The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions): Year Ended November 30, 2021 2020 2019 Transferred assets $ 10,487.3 $ 6,556.2 $ 4,780.9 Proceeds on new securitizations 10,488.6 6,556.2 4,852.8 Cash flows received on retained interests 21.8 26.8 48.3 |
Summary Of Retained Interests In SPEs | The following table summarizes our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions): November 30, 2021 November 30, 2020 Securitization Type Total Retained Total Retained U.S. government agency residential mortgage-backed securities $ 330.2 $ 4.9 $ 562.5 $ 7.8 U.S. government agency commercial mortgage-backed securities 2,201.8 69.2 2,461.2 205.2 CLOs 3,382.3 31.0 3,345.5 39.5 Consumer and other loans 2,271.4 136.4 1,290.6 56.6 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Schedule of Variable Interest Entities | 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. November 30, 2021 November 30, 2020 Secured Funding Vehicles Other Secured Funding Vehicles Other Cash (1) $ 3.8 $ — $ — $ 1.2 Financial instruments owned, at fair value 173.1 146.4 — 5.2 Securities purchased under agreements to resell (2) 3,697.1 — 2,908.9 — Receivables (3) 626.8 40.6 510.6 12.9 Other (4) 114.6 — 46.4 0.1 Total assets $ 4,615.4 $ 187.0 $ 3,465.9 $ 19.4 Financial instruments sold, not yet purchased, at fair $ — $ 109.1 $ — $ 2.5 Other secured financings (5) 4,521.6 — 3,425.0 — Other liabilities (6) 46.6 75.3 1.8 0.4 Total liabilities $ 4,568.2 $ 184.4 $ 3,426.8 $ 2.9 (1) Approximately $0.7 million of the cash amounts at November 30, 2020 represent cash on deposit with related consolidated entities and are eliminated in consolidation. (2) Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation. (3) Approximately $1.2 million of receivables at November 30, 2021 are with related consolidated entities, which are eliminated in consolidation. (4) Approximately $56.5 million and $9.7 million of the other assets amount at November 30, 2021 and 2020, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (5) Approximately $36.7 million and $138.2 million of the other secured financings at November 30, 2021 and 2020, respectively, are with related consolidated entities, which are eliminated in consolidation. (6) Approximately $75.3 million and $0.3 million of the other liabilities amounts at November 30, 2021 and 2020, respectively, represent intercompany payables with related consolidated entities, which are eliminated in consolidation. The following tables present information about our variable interests in nonconsolidated VIEs (in millions): Carrying Amount Maximum VIE Assets Assets Liabilities 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 November 30, 2020 CLOs $ 60.7 $ 0.2 $ 642.7 $ 6,849.1 Asset-backed vehicles 251.6 — 377.2 2,462.7 Related party private equity vehicles 19.0 — 30.0 53.0 Other investment vehicles 899.9 — 1,042.9 15,735.5 Total $ 1,231.2 $ 0.2 $ 2,092.8 $ 25,100.3 |
Loans to and Investments in A_2
Loans to and Investments in Associated Companies (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule Of Loans To And Investments In Associated Companies | A summary of Loans to and investments in associated companies accounted for under the equity method of accounting during the years ended November 30, 2021, 2020 and 2019 is as follows (in thousands): Loans to and investments in associated companies as of November 30, 2020 Income (losses) related to associated companies Other income (losses) related to associated companies (1) Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of November 30, 2021 Jefferies Finance $ 693,201 $ — $ 74,626 $ 8,335 $ — $ 776,162 Berkadia 301,152 — 130,641 (58,007) (369) 373,417 FXCM (2) 73,920 (30,011) — 5,000 77 48,986 Linkem (3) 198,991 (55,262) — (9,226) (725) 133,778 Real estate associated companies (4) 168,678 (6,177) — (39,781) — 122,720 Golden Queen (3) (5) 80,756 (7,054) — (167) — 73,535 Other 169,865 4,085 45,642 (2,398) (2) 217,192 Total $ 1,686,563 $ (94,419) $ 250,909 $ (96,244) $ (1,019) $ 1,745,790 Loans to and investments in associated companies as of November 30, 2019 Income (losses) related to associated companies Other income (losses) related to associated companies (1) Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of November 30, 2020 Jefferies Finance $ 673,867 $ — $ (54,256) $ 73,590 $ — $ 693,201 Berkadia 268,949 — 68,902 (37,130) 431 301,152 FXCM (2) 70,223 3,604 — — 93 73,920 Linkem (3) 194,847 (28,662) — 34,955 (2,149) 198,991 Real estate associated companies (4) (6) 255,309 (46,050) — (40,581) — 168,678 Golden Queen (3) (5) 78,196 (50) — 2,610 — 80,756 Other 111,566 (4,325) 9,288 44,101 9,235 169,865 Total $ 1,652,957 $ (75,483) $ 23,934 $ 77,545 $ 7,610 $ 1,686,563 Loans to and investments in associated companies as of November 30, 2018 Income (losses) related to associated companies Other income (losses) related to associated companies (1) Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of November 30, 2019 Jefferies Finance $ 728,560 $ — $ (1,286) $ (53,407) $ — $ 673,867 Berkadia 245,228 — 88,174 (65,045) 592 268,949 National Beef (7) 653,630 232,042 — (300,248) (585,424) — FXCM (2) 75,031 (8,212) — 3,500 (96) 70,223 Linkem 165,157 (27,956) — 66,996 (9,350) 194,847 HomeFed (4) 337,542 7,902 — — (345,444) — Real estate associated companies (4) 87,074 (353) — (29,685) 198,273 255,309 Golden Queen (5) 63,956 6,740 — 7,500 — 78,196 Other 61,154 (7,168) (1,719) 58,432 867 111,566 Total $ 2,417,332 $ 202,995 $ 85,169 $ (311,957) $ (740,582) $ 1,652,957 (1) Primarily related to Jefferies Group and classified in Other revenues. (2) As further described in Note 4, 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 include loans and debt securities aggregating $15.3 million at November 30, 2021 related to Golden Queen Mining Company, LLC ("Golden Queen") and $104.1 million at November 30, 2020 related to Linkem and Golden Queen. In the fourth quarter of 2021, our shareholder loans to Linkem were converted into newly issued redeemable preferred stock of Linkem. (4) During the third quarter of 2019, we completed a merger with HomeFed by which we acquired the remaining common stock of HomeFed. From July 1, 2019, the results of HomeFed are reflected on a consolidated basis. From July 1, 2019, HomeFed's equity method investments are included in Real estate associated companies. (5) At November 30, 2021, 2020 and 2019, the balance reflects $13.5 million, $15.2 million and $15.7 million, respectively, related to a noncontrolling interest. (6) Income (loss) related to Real estate associated companies for the year ended November 30, 2020 includes a non-cash charge of $6.9 million to fully write off the value of HomeFed's interest in the Brooklyn Renaissance Plaza hotel due to the significant impact of the global novel coronavirus ("COVID-19") during the second quarter of 2020 and a non-cash charge of $55.6 million to fully write off the value of HomeFed's RedSky JZ Fulton Mall joint venture investment related to a softening of the Brooklyn real estate market. (7) On November 29, 2019, we sold our 31% equity interest in National Beef to Marfrig and other shareholders. |
Equity Method Investments | The following summarizes activity related to our other transactions with Jefferies Finance (in millions): Year Ended November 30, 2021 2020 2019 Origination and syndication fee revenues (1) $ 410.5 $ 198.1 $ 176.3 Origination fee expenses (1) 66.8 27.3 27.6 CLO placement fee revenues (2) 5.7 1.7 6.0 Underwriting fees (3) 2.5 1.7 3.9 Service fees (4) 85.1 65.1 60.8 (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 November 30, 2021 and 2020, Jefferies Group held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned, at fair value. (3) Jefferies Group acted as underwriter in connection with term loans issued by Jefferies Finance. (4) Under a service agreement, Jefferies Group charges Jefferies Finance for services provided. |
Schedule Of Summarized Data For Investments In Associated Companies | The following table provides summarized data for our equity method investments as of November 30, 2021 and 2020 and for the years ended November 30, 2021, 2020 and 2019 (in thousands): November 30, 2021 2020 Assets $ 16,568,239 $ 15,314,204 Liabilities 12,368,680 11,929,100 Noncontrolling interests 702,762 254,392 Year Ended November 30, 2021 2020 2019 Revenues $ 3,529,405 $ 2,930,308 $ 10,589,489 Income from continuing operations before extraordinary items 876,910 73,715 732,575 Net income 890,861 68,846 749,649 The Company's income (loss) related to associated companies 150,357 (41,814) 248,693 |
Intangible Assets, Net and Go_2
Intangible Assets, Net and Goodwill (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | A summary of intangible assets, net and goodwill is as follows (in thousands): November 30, 2021 2020 Indefinite lived intangibles: Exchange and clearing organization membership interests and registrations $ 7,732 $ 7,884 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $128,012 and $119,694 42,808 51,285 Trademarks and tradename, net of accumulated amortization of $32,244 and $28,585 96,509 100,255 Other, net of accumulated amortization of $11,329 and $8,953 5,353 7,729 Total intangible assets, net 152,402 167,153 Goodwill: Investment Banking and Capital Markets (1) 1,561,928 1,563,144 Asset Management 143,000 143,000 Real estate 36,711 36,711 Other operations 3,459 3,459 Total goodwill 1,745,098 1,746,314 Total intangible assets, net and goodwill $ 1,897,500 $ 1,913,467 |
Schedule of 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): 2022 $ 11,134 2023 9,900 2024 9,143 2025 8,632 2026 8,606 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Our short-term borrowings, which mature in one year or less, are as follows (in thousands): November 30, 2021 2020 Bank loans (1) $ 215,063 $ 752,848 Floating rate puttable notes (1) 6,800 6,800 Equity-linked notes (2) — 5,067 Total short-term borrowings $ 221,863 $ 764,715 (1) These short-term borrowings are recorded at cost in the Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their liquid and short-term nature. (2) See Note 4 for further information on these notes. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt | Principal amounts included in the table below are shown net of unamortized discounts, premiums and debt issuance costs (dollars in thousands). November 30, 2021 2020 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $441,748 and $750,000 principal $ 440,120 $ 745,883 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,888 246,828 Total long-term debt – Parent Company 687,008 992,711 Subsidiary Debt (non-recourse to Parent Company): Jefferies Group: 2.25% Euro Medium Term Notes, due July 13, 2022, $0 and $4,779 principal — 4,638 5.125% Senior Notes, due January 20, 2023, $0 and $750,000 principal — 759,901 1.00% Euro Medium Term Notes, due July 19, 2024, $566,150 and $597,350 principal 564,985 595,700 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 775,550 809,039 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 366,556 369,057 4.15% Senior Notes, due January 23, 2030, $1,000,000 principal 990,525 989,574 2.625% Senior Notes due October 15, 2031, $1,000,000 and $0 principal 988,059 — 2.75% Senior Notes, due October 15, 2032, $500,000 principal (1) 460,724 485,134 6.25% Senior Debentures, due January 15, 2036, $495,000 and $500,000 principal 505,267 510,834 6.50% Senior Notes, due January 20, 2043, $391,000 and $400,000 principal 409,926 419,826 Floating Rate Senior Notes, due October 29, 2071 61,703 — Jefferies Group Unsecured Revolving Credit Facility 348,951 — Structured Notes (2) (3) 1,843,598 1,712,245 Jefferies Group Revolving Credit Facility 248,982 189,732 Jefferies Group Secured Credit Facility 375,000 — Jefferies Group Secured Bank Loan 100,000 50,000 HomeFed EB-5 Program debt 203,132 191,294 HomeFed construction loans 45,581 45,471 Foursight Capital Credit Facilities 82,626 129,000 Vitesse Energy Revolving Credit Facility 67,572 97,883 Total long-term debt – subsidiaries 8,438,737 7,359,328 Long-term debt $ 9,125,745 $ 8,352,039 (1) Amounts include net gains (losses) of $58.5 million and $(36.7) million during the years ended November 30, 2021 and 2020, respectively, associated with interest rate swaps based on designation as fair value hedges. See Notes 2 and 5 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) Of the $1.84 billion of structured notes at November 30, 2021, $12.0 million matures in 2022, $2.8 million matures in 2023, $3.9 million matures in 2024, $30.7 million matures in 2025, $35.5 million matures in 2026, and the remaining $1.76 billion matures in 2027 or thereafter. |
Schedule of Annual Mandatory Redemptions of Long-term Debt | The aggregate annual mandatory redemptions of all long-term debt during the five fiscal years in the period ending November 30, 2026 are as follows (in millions): 2022 $ 57.1 2023 1,320.3 2024 1,062.1 2025 78.8 2026 55.7 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Leases [Abstract] | |
Schedule of Lease Costs | Information related to operating leases in the Consolidated Statements of Financial Condition is as follows (in thousands, except lease term and discount rate): November 30, 2021 2020 Property, equipment and leasehold improvements, net - ROU assets $ 472,014 $ 507,046 Weighted average: Remaining lease term (in years) 10.0 years 10.6 years Discount rate 2.9 % 3.0 % The following table presents our lease costs (in thousands): Year Ended November 30, 2021 2020 Operating lease costs (1) $ 79,701 $ 77,452 Variable lease costs (2) 11,168 13,576 Less: Sublease income (7,191) (7,590) Total lease cost, net $ 83,678 $ 83,438 (1) Includes short-term leases, which are not material. (2) Includes property taxes, insurance costs, common area maintenance, utilities, and other costs that are not fixed. The amount also includes rent increases resulting from inflation indices and periodic market rent reviews. Consolidated Statement of Cash Flows supplemental information is as follows (in thousands): Year Ended November 30, 2021 2020 Cash outflows - lease liabilities $ 79,437 $ 73,300 Non-cash - ROU assets recorded for new and modified leases 30,246 22,460 |
Schedule of Lease Liability Maturities | The following table presents the maturities of our operating lease liabilities and a reconciliation to the Lease liabilities included in the Consolidated Statements of Financial Condition at November 30, 2021 and 2020 (in thousands): November 30, 2021 2020 Fiscal Year 2021 $ — $ 72,491 2022 75,384 76,987 2023 71,383 67,164 2024 67,039 63,476 2025 66,939 64,563 2026 64,105 57,906 2027 and thereafter 290,686 284,289 Total undiscounted cash flows 635,536 686,876 Less: Difference between undiscounted and discounted cash flows (87,470) (102,431) Operating leases amount in the Consolidated Statement of Financial Condition 548,066 584,445 Finance leases amount in the Consolidated Statement of Financial Condition 229 362 Total amount in the Consolidated Statement of Financial Condition $ 548,295 $ 584,807 |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Activity of Restricted Stock | The following table details the activity in restricted stock during the years ended November 30, 2021, 2020 and 2019 (in thousands, except per share amounts): Restricted Stock Weighted- Average Balance at December 1, 2018 1,795 $ 22.42 Grants 518 $ 19.57 Forfeited — $ — Fulfillment of vesting requirement (305) $ 20.09 Balance at November 30, 2019 2,008 $ 22.04 Grants 115 $ 13.20 Forfeited (21) $ 23.38 Fulfillment of vesting requirement (619) $ 19.99 Balance at November 30, 2020 1,483 $ 22.19 Grants 337 $ 30.81 Forfeited (40) $ 24.92 Fulfillment of vesting requirement (196) $ 23.55 Balance at November 30, 2021 1,584 $ 23.78 |
Activity of Restricted Stock Units | The following table details the activity in RSUs during the years ended November 30, 2021, 2020 and 2019 (in thousands, except per share amounts): Weighted-Average Future No Future Future No Future Balance at December 1, 2018 2 10,309 $ 26.90 $ 26.48 Grants 10 1,308 $ 18.83 $ 18.15 Distributions of underlying shares — (166) $ — $ 25.91 Forfeited — — $ — $ — Fulfillment of service requirement (1) (2) 4,216 $ 26.90 $ 9.99 Balance at November 30, 2019 10 15,667 $ 18.83 $ 21.35 Grants 14 487 $ 13.20 $ 15.73 Distributions of underlying shares — (88) $ — $ 25.48 Forfeited — — $ — $ — Fulfillment of service requirement (1) (3) 2,477 $ 18.83 $ 19.80 Balance at November 30, 2020 21 18,543 $ 14.99 $ 20.97 Grants 80 445 $ 27.10 $ 30.03 Distributions of underlying shares — (1,803) $ — $ 26.32 Forfeited — — $ — $ — Fulfillment of vesting requirement (1) (53) 8 $ 25.03 $ 15.52 Balance at November 30, 2021 48 17,193 $ 24.07 $ 20.64 (1) Fulfillment of vesting requirement during the years ended November 30, 2021, 2020 and 2019, includes 0 RSUs, 2,474 RSUs and 4,214 RSUs, respectively, related to the senior executive compensation plans. The following table details the activity in RSUs related to the senior executive compensation plan targeted number of shares during the years ended November 30, 2021, 2020 and 2019 (in thousands, except per share amounts): Target Number of Shares Weighted- Average Balance at December 1, 2018 9,468 $ 18.52 Grants 1,237 $ 13.63 Forfeited — $ — Fulfillment of vesting requirement (4,214) $ 9.98 Balance at November 30, 2019 6,491 $ 23.13 Grants 187 $ 15.19 Forfeited (15) $ 19.01 Fulfillment of vesting requirement (2,474) $ 19.80 Balance at November 30, 2020 4,189 $ 24.75 Grants 74 $ 29.81 Forfeited (1,396) $ 25.31 Fulfillment of vesting requirement — $ — Balance at November 30, 2021 2,867 $ 25.43 |
Summary of Weighted-Average Assumptions | The following summary presents the weighted-average assumptions used for the senior executive stock options issued during 2021: Risk free interest rate 0.8 % Expected volatility 32.9 % Expected dividend yield 2.6 % Expected life 5.8 years Weighted-average fair value per grant $ 7.43 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary Of Accumulated Other Comprehensive Income, Net Of Taxes | A summary of accumulated other comprehensive income (loss), net of taxes is as follows (in thousands): November 30, 2021 2020 2019 Net unrealized gains on available for sale securities $ 269 $ 513 $ 141 Net unrealized foreign exchange losses (166,499) (156,718) (192,709) Net unrealized losses on instrument specific credit risk (153,672) (71,151) (18,889) Net minimum pension liability (52,241) (61,561) (61,582) $ (372,143) $ (288,917) $ (273,039) |
Schedule Of Accumulated Other Comprehensive Income Reclassifications | Significant amounts reclassified out of accumulated other comprehensive income (loss) to net income are as follows (in thousands): Details about Accumulated Other Comprehensive Income (Loss) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Year Ended November 30, 2021 2020 Net unrealized gains (losses) on instrument specific credit risk, net of income tax provision (benefit) of $599 and $146 $ 1,861 $ 397 Principal transactions revenues Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(1,054) and $(957) (3,138) (2,872) Selling, general and other expenses, which includes pension expense. See Note 17 for information on this component. Total reclassifications for the period, net of tax $ (1,277) $ (2,475) |
Pension Plans and Postretirem_2
Pension Plans and Postretirement Benefits (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Retirement Benefits [Abstract] | |
Components Of Defined Benefit Pension Plans | A summary of activity with respect to both plans is as follows (in thousands): Year Ended November 30, 2021 2020 Change in projected benefit obligation: Projected benefit obligation, beginning of year $ 236,572 $ 218,874 Interest cost 4,946 6,349 Actuarial (gains) losses (4,977) 22,475 Settlement payments — (2,476) Benefits paid (9,813) (8,650) Projected benefit obligation, end of year $ 226,728 $ 236,572 Change in plan assets: Fair value of plan assets, beginning of year $ 190,220 $ 166,071 Actual return on plan assets 13,619 29,376 Employer contributions 7,089 8,688 Benefits paid (9,813) (8,650) Settlement payments — (2,476) Administrative expenses (1,900) (2,789) Fair value of plan assets, end of year $ 199,215 $ 190,220 Funded status at end of year $ (27,513) $ (46,352) |
Schedule of Net Benefit Costs | The following table summarizes the components of net periodic pension cost and other amounts recognized in other comprehensive income (loss) excluding taxes (in thousands): Year Ended November 30, 2021 2020 2019 Components of net periodic pension cost: Interest cost $ 4,946 $ 6,349 $ 8,070 Expected return on plan assets (8,433) (7,934) (7,456) Settlement charge — 376 — Actuarial losses 4,192 3,453 1,897 Net periodic pension cost $ 705 $ 2,244 $ 2,511 Amounts recognized in other comprehensive income (loss): Net (gains) losses arising during the period $ (8,264) $ 3,821 $ 9,576 Settlement charge — (376) — Amortization of net loss (4,192) (3,453) (1,897) Total recognized in other comprehensive income (loss) $ (12,456) $ (8) $ 7,679 Net amount recognized in net periodic benefit cost and other comprehensive income (loss) $ (11,751) $ 2,236 $ 10,190 |
Schedule Of Amounts Recognized In Other Comprehensive Income (Loss) | The following table summarizes the components of net periodic pension cost and other amounts recognized in other comprehensive income (loss) excluding taxes (in thousands): Year Ended November 30, 2021 2020 2019 Components of net periodic pension cost: Interest cost $ 4,946 $ 6,349 $ 8,070 Expected return on plan assets (8,433) (7,934) (7,456) Settlement charge — 376 — Actuarial losses 4,192 3,453 1,897 Net periodic pension cost $ 705 $ 2,244 $ 2,511 Amounts recognized in other comprehensive income (loss): Net (gains) losses arising during the period $ (8,264) $ 3,821 $ 9,576 Settlement charge — (376) — Amortization of net loss (4,192) (3,453) (1,897) Total recognized in other comprehensive income (loss) $ (12,456) $ (8) $ 7,679 Net amount recognized in net periodic benefit cost and other comprehensive income (loss) $ (11,751) $ 2,236 $ 10,190 |
Schedule Of Assumptions For Pension Plan | The assumptions used are as follows: November 30, 2021 2020 WilTel Plan Discount rate used to determine benefit obligation 2.60 % 2.20 % Weighted-average assumptions used to determine net pension cost: Discount rate 2.20 % 3.00 % Expected long-term return on plan assets 7.00 % 7.00 % Jefferies Group Plan Discount rate used to determine benefit obligation 2.40 % 2.00 % Weighted-average assumptions used to determine net pension cost: Discount rate 2.00 % 2.90 % Expected long-term return on plan assets 5.00 % 6.25 % |
Schedule Of Expected Pension Benefit Payments | The following pension benefit payments are expected to be paid (in thousands): Fiscal Year: 2022 $ 13,461 2023 12,407 2024 13,559 2025 13,104 2026 13,820 2027 – 2031 70,236 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands): Year Ended November 30, 2021 2020 2019 Revenues from contracts with customers: Commissions and other fees $ 896,015 $ 822,248 $ 675,772 Investment banking 4,365,699 2,501,494 1,526,992 Other 880,088 599,485 587,364 Total revenues from contracts with customers 6,141,802 3,923,227 2,790,128 Other sources of revenue: Principal transactions 1,623,713 1,916,508 559,300 Interest income 943,336 997,555 1,603,940 Other 331,032 118,640 405,288 Total revenues from other sources 2,898,081 3,032,703 2,568,528 Total revenues $ 9,039,883 $ 6,955,930 $ 5,358,656 The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands): Reportable Segments Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Reconciling Items -Consolidation Adjustments Total Year Ended November 30, 2021 Major Business Activity: Investment Banking - Advisory $ 1,873,560 $ — $ — $ — $ — $ 1,873,560 Investment Banking - Underwriting 2,492,389 — — — (250) 2,492,139 Equities (1) 881,957 — — — (297) 881,660 Fixed Income (1) 14,355 — — — — 14,355 Asset Management — 14,837 — — — 14,837 Manufacturing revenues — — 538,628 — — 538,628 Oil and gas revenues — — 182,973 — — 182,973 Other revenues — — 143,650 — — 143,650 Total revenues from contracts with customers $ 5,262,261 $ 14,837 $ 865,251 $ — $ (547) $ 6,141,802 Primary Geographic Region: Americas $ 4,250,188 $ 14,218 $ 862,359 $ — $ (547) $ 5,126,218 Europe 766,746 619 1,863 — — 769,228 Asia Pacific 245,327 — 1,029 — — 246,356 Total revenues from contracts with customers $ 5,262,261 $ 14,837 $ 865,251 $ — $ (547) $ 6,141,802 Reportable Segments Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Reconciling Items -Consolidation Adjustments Total Year Ended November 30, 2020 Major Business Activity: Investment Banking - Advisory $ 1,053,500 $ — $ — $ — $ — $ 1,053,500 Investment Banking - Underwriting 1,447,994 — — — — 1,447,994 Equities (1) 807,350 — — — (1,010) 806,340 Fixed Income (1) 15,908 — — — — 15,908 Asset Management — 14,702 — — — 14,702 Manufacturing revenues — — 421,434 — — 421,434 Oil and gas revenues — — 102,210 — — 102,210 Other revenues — — 61,139 — — 61,139 Total revenues from contracts with customers $ 3,324,752 $ 14,702 $ 584,783 $ — $ (1,010) $ 3,923,227 Primary Geographic Region: Americas $ 2,742,298 $ 9,754 $ 582,719 $ — $ (1,010) $ 3,333,761 Europe 401,853 4,948 1,698 — — 408,499 Asia Pacific 180,601 — 366 — — 180,967 Total revenues from contracts with customers $ 3,324,752 $ 14,702 $ 584,783 $ — $ (1,010) $ 3,923,227 Reportable Segments Investment Banking and Capital Markets Asset Management Merchant Banking Corporate Reconciling Items -Consolidation Adjustments Total Year Ended November 30, 2019 Major Business Activity: Investment Banking - Advisory $ 767,421 $ — $ — $ — $ — $ 767,421 Investment Banking - Underwriting 761,264 — — — (1,693) 759,571 Equities (1) 662,804 — — — (537) 662,267 Fixed Income (1) 13,505 — — — — 13,505 Asset Management — 23,188 — — — 23,188 Manufacturing revenues — — 324,659 — — 324,659 Oil and gas revenues — — 173,626 — — 173,626 Other revenues — — 65,891 — — 65,891 Total revenues from contracts with customers $ 2,204,994 $ 23,188 $ 564,176 $ — $ (2,230) $ 2,790,128 Primary Geographic Region: Americas $ 1,751,524 $ 16,334 $ 562,837 $ — $ (537) $ 2,330,158 Europe 374,411 6,854 935 — (1,693) 380,507 Asia Pacific 79,059 — 404 — — 79,463 Total revenues from contracts with customers $ 2,204,994 $ 23,188 $ 564,176 $ — $ (2,230) $ 2,790,128 (1) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Provision For Income Taxes | The provision for income taxes is as follows (in thousands): Year Ended November 30, 2021 2020 2019 Current taxes: U.S. Federal $ 322,551 $ 90,350 $ (10,000) U.S. state and local 70,370 68,261 53,211 Foreign 86,918 75,395 11,026 Total current 479,839 234,006 54,237 Deferred taxes: U.S. Federal 72,753 52,765 83,197 U.S. state and local 19,502 (1,288) (73,482) Foreign 4,635 13,190 (3,324) Total deferred 96,890 64,667 6,391 Recognition of accumulated other comprehensive income lodged taxes — — (544,583) Total income tax provision (benefit) $ 576,729 $ 298,673 $ (483,955) |
Schedule of Income before Income Tax, U.S. and non-U.S. | The following table presents the U.S. and non-U.S. components of income before income taxes (in thousands): Year Ended November 30, 2021 2020 2019 U.S. $ 1,970,625 $ 813,305 $ 495,566 Non-U.S. (1) 283,480 253,778 (16,958) Income before income taxes $ 2,254,105 $ 1,067,083 $ 478,608 (1) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S. |
Schedule Of Reconciliation Of Expected Statutory Federal Income Tax To Actual Income Tax Provision (Benefit) | Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate of 21% for the years ended November 30, 2021, 2020 and 2019 to income before income taxes as a result of the following (dollars in thousands): Year Ended November 30, 2021 2020 2019 Amount Percent Amount Percent Amount Percent Computed expected federal income tax $ 473,362 21.0 % $ 224,087 21.0 % $ 100,508 21.0 % Increase (decrease) in income taxes resulting from: State and local income taxes, net of federal income tax benefit 96,884 4.3 45,457 4.3 25,648 5.4 Recognition of accumulated other comprehensive income lodged taxes — — — — (544,583) (113.8) International operations (including foreign rate differential) 18,073 0.8 13,155 1.2 4,518 0.9 Decrease in valuation allowance (4,036) (0.2) (2,561) (0.2) (19,993) (4.2) Non-deductible executive compensation 20,359 0.9 12,814 1.2 7,444 1.6 Foreign tax credits (13,963) (0.6) (8,654) (0.8) (5,012) (1.0) Transition tax on foreign earnings related to the Tax Act — — — — (6,708) (1.4) Base erosion and anti-abuse tax (BEAT) — — — — (10,000) (2.1) Change in unrecognized tax benefits related to prior years (27,374) (1.2) (4,522) (0.5) (20,512) (4.3) Interest on unrecognized tax benefits 8,651 0.4 15,600 1.5 3,568 0.7 Spectrum Brands distribution — — — — 11,996 2.5 Acquisition of HomeFed — — — — (36,779) (7.7) Other, net 4,773 0.2 3,297 0.3 5,950 1.3 Actual income tax provision $ 576,729 25.6 % $ 298,673 28.0 % $ (483,955) (101.1) % |
Schedule Of Reconciliation Of Unrecognized Tax Benefits | The following table presents a reconciliation of gross unrecognized tax benefits (in thousands): Year Ended November 30, 2021 2020 2019 Balance at beginning of period $ 314,347 $ 260,138 $ 197,320 Increases based on tax positions related to the current period 50,079 41,114 42,306 Increases based on tax positions related to prior periods 3,490 22,328 33,007 Decreases based on tax positions related to prior periods (24,180) (8,966) (11,006) Decreases related to settlements with taxing authorities (4,700) (267) (1,489) Balance at end of period $ 339,036 $ 314,347 $ 260,138 |
Schedule of Tax Years Subject to Examination | The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate: Jurisdiction Tax Year United States 2018 New York State 2001 New York City 2006 United Kingdom 2020 Hong Kong 2015 |
Schedule Of Principal Components Of Deferred Taxes | The principal components of deferred taxes are as follows (in thousands): November 30, 2021 2020 Deferred tax asset: Operating lease liabilities $ 135,862 $ 145,617 Compensation and benefits 187,818 274,342 Investments in associated companies 35,358 36,345 Long-term debt 65,037 42,423 Other 178,451 179,133 602,526 677,860 Valuation allowance (11,922) (15,958) 590,604 661,902 Deferred tax liability: Amortization of intangible assets (62,123) (65,683) Operating lease right-of-use asset (126,150) (138,708) Other (74,784) (63,824) (263,057) (268,215) Net deferred tax asset $ 327,547 $ 393,687 |
Other Results of Operations I_2
Other Results of Operations Information (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Nonoperating Income (Expense) [Abstract] | |
Schedule Of Other Income | Other revenue consists of the following (in thousands): Year Ended November 30, 2021 2020 2019 Manufacturing revenues $ 538,628 $ 421,434 $ 324,659 Income from associated companies classified as other revenues 250,909 23,934 85,169 Revenues of oil and gas production and development businesses 170,569 154,909 175,169 Revenues from sale of real estate 102,297 26,704 32,063 Gain on sale of National Beef — — 205,017 Gain on revaluation of our interest in HomeFed — — 72,142 Other 148,717 91,144 98,433 $ 1,211,120 $ 718,125 $ 992,652 |
Common Shares and Earnings Pe_2
Common Shares and Earnings Per Common Share (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The numerators and denominators used to calculate basic and diluted earnings per share are as follows (in thousands): Year Ended November 30, 2021 2020 2019 Numerator for earnings per share: Net income attributable to Jefferies Financial Group Inc. common shareholders $ 1,667,403 $ 769,605 $ 959,593 Allocation of earnings to participating securities (1) (9,961) (4,795) (5,576) Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 1,657,442 764,810 954,017 Adjustment to allocation of earnings to participating securities related to diluted shares (1) 207 23 (5) Mandatorily redeemable convertible preferred share dividends 6,949 5,634 5,103 Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 1,664,598 $ 770,467 $ 959,115 Denominator for earnings per share: Weighted average common shares outstanding 246,991 268,518 297,796 Weighted average shares of restricted stock outstanding with future service required (1,567) (1,785) (1,939) Weighted average RSUs outstanding with no future service required 18,171 18,960 14,837 Denominator for basic earnings per share – weighted average shares 263,595 285,693 310,694 Stock options 1,203 — — Senior executive compensation plan awards 2,262 356 2,140 Mandatorily redeemable convertible preferred shares 4,441 4,441 4,198 Denominator for diluted earnings per share 271,501 290,490 317,032 (1) Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 1,586,500, 1,801,700 and 1,947,600 for the years ended November 30, 2021, 2020 and 2019, respectively. Dividends declared on participating securities were $1.4 million, $1.0 million and $3.6 million during the years ended November 30, 2021, 2020 and 2019, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | The following table summarizes commitments associated with certain business activities at November 30, 2021 (in millions): Expected Maturity Date (Fiscal Years) 2022 2023 2024 2026 2028 Maximum Payout Equity commitments (1) $ 333.2 $ 27.5 $ 3.6 $ 4.6 $ 6.4 $ 375.3 Loan commitments (1) 250.0 25.5 — 60.0 — 335.5 Underwriting commitments 167.0 — — — — 167.0 Forward starting reverse repos (2) 7,682.3 — — — — 7,682.3 Forward starting repos (2) 4,572.0 — — — — 4,572.0 Other unfunded commitments (1) 25.0 571.3 5.4 — — 601.7 $ 13,029.5 $ 624.3 $ 9.0 $ 64.6 $ 6.4 $ 13,733.8 (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 November 30, 2021, $7.67 billion within forward starting securities purchased under agreements to resell and all of the forward starting securities sold under agreements to repurchase settled within three business days. |
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 November 30, 2021 (in millions): Expected Maturity Date (Fiscal Years) Guarantee Type 2022 2023 2024 2026 2028 Notional/ Derivative contracts – non-credit related $ 16,978.6 $ 7,849.4 $ 3,081.8 $ 87.7 $ — $ 27,997.5 Written derivative contracts – credit related — — 17.8 — — 17.8 Total derivative contracts $ 16,978.6 $ 7,849.4 $ 3,099.6 $ 87.7 $ — $ 28,015.3 |
Other Fair Value Information (T
Other Fair Value Information (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Methods And Assumptions Used To Estimate The Fair Values | The carrying amounts and estimated fair values of our principal financial instruments that are not recognized at fair value on a recurring basis are as follows (in thousands): November 30, 2021 November 30, 2020 Carrying Fair Carrying Fair Other Assets: Notes and loans receivable (1) $ 835,009 $ 866,163 $ 727,492 $ 744,424 Financial Liabilities: Short-term borrowings (2) 221,863 221,863 759,648 759,648 Long-term debt (3) 7,282,147 8,004,211 6,639,794 7,495,642 (1) Notes and loans receivable: The fair values are estimated principally based on a discounted future cash flows model using market interest rates for similar instruments. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. (2) Short-term borrowings: The fair values of short-term borrowings carried at cost are estimated to be the carrying amount due to their short maturities. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. (3) Long-term debt: The fair values are estimated using quoted prices, pricing information obtained from external data providers and, for certain variable rate debt, is estimated to be the carrying amount. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 and Level 3 in the fair value hierarchy. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Nov. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | Year Ended November 30, 2021 2020 2019 (In thousands) Net revenues: Reportable Segments: Investment Banking and Capital Markets $ 6,907,386 $ 5,072,640 $ 3,113,484 Asset Management 336,013 234,910 86,838 Merchant Banking 930,577 681,574 656,514 Corporate 3,042 13,258 32,833 Total net revenues related to reportable segments 8,177,018 6,002,382 3,889,669 Reconciling items - Consolidation adjustments 8,311 8,492 3,307 Total consolidated net revenues $ 8,185,329 $ 6,010,874 $ 3,892,976 Income (loss) before income taxes: Reportable Segments: Investment Banking and Capital Markets $ 2,140,346 $ 1,129,010 $ 348,127 Asset Management 166,628 68,551 (40,011) Merchant Banking 71,944 (33,344) 287,310 Corporate (54,586) (55,619) (68,467) Income before income taxes related to reportable segments 2,324,332 1,108,598 526,959 Reconciling items - Parent Company interest (79,137) (53,445) (53,048) Reconciling items - Consolidation adjustments 8,910 11,930 4,697 Total consolidated income before income taxes $ 2,254,105 $ 1,067,083 $ 478,608 Depreciation and amortization expenses: Reportable Segments: Investment Banking and Capital Markets $ 85,291 $ 82,479 $ 77,661 Asset Management 1,901 5,228 2,042 Merchant Banking 67,464 67,236 69,693 Corporate 2,764 3,496 3,475 Total consolidated depreciation and amortization expenses $ 157,420 $ 158,439 $ 152,871 November 30, 2021 2020 2019 Identifiable assets employed: Reportable Segments: Investment Banking and Capital Markets (1) $ 52,903,374 $ 45,605,851 $ 41,339,914 Asset Management 3,205,799 3,265,149 3,342,029 Merchant Banking 2,263,050 2,376,037 2,446,714 Corporate 2,432,927 2,170,917 2,426,110 Identifiable assets employed related to reportable segments 60,805,150 53,417,954 49,554,767 Reconciling items - Consolidation adjustments (401,040) (299,602) (94,533) Total consolidated assets $ 60,404,110 $ 53,118,352 $ 49,460,234 (1) Includes $180.7 million, $243.5 million and $203.7 million at November 30, 2021, 2020 and 2019, respectively, of the deferred tax asset, net. |
Schedule Of Net Revenues By Geographic Region | Net revenues by geographic region were as follows (in thousands): Year Ended November 30, 2021 2020 2019 Americas (1) $ 6,795,027 $ 4,871,313 $ 3,188,353 Europe (2) 1,111,434 853,674 592,087 Asia Pacific 278,868 285,887 112,536 $ 8,185,329 $ 6,010,874 $ 3,892,976 (1) Substantially all relates to U.S. results. (2) Substantially all relates to United Kingdom results. |
Nature of Operations (Details)
Nature of Operations (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Nov. 29, 2019 USD ($) | Oct. 11, 2019 shares | Jul. 01, 2019 USD ($) shares | Nov. 30, 2019 | Nov. 30, 2021 USD ($) businessLine segment | Nov. 30, 2020 USD ($) | Nov. 30, 2019 USD ($) | Dec. 01, 2021 USD ($) | Oct. 31, 2019 | Oct. 10, 2019 | Jun. 30, 2019 | Nov. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Distributions from associated companies | $ 115,381 | $ 64,493 | $ 467,157 | |||||||||
Number of shares authorized to be repurchased (in shares) | shares | 9,250,000 | |||||||||||
Operating Segments | Merchant Banking and Asset Management | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Net Assets | $ 477,000 | |||||||||||
Operating Segments | Merchant Banking | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Net Assets | 194,000 | |||||||||||
Operating Segments | Investment Banking and Capital Markets | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Net Assets | 139,000 | |||||||||||
Operating Segments | Asset Management | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Net Assets | 55,000 | |||||||||||
HomeFed | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Stock issued related to acquisition (in shares) | shares | 9,300,000 | |||||||||||
Stock issued related to acquisition | $ 178,800 | |||||||||||
Total fair value allocated in acquisition | 596,400 | |||||||||||
Cash recorded in acquisition | 101,700 | |||||||||||
Real estate recorded in acquisition | 413,200 | |||||||||||
Investments in associated companies in acquisition | 198,300 | |||||||||||
Deferred tax assets recorded in acquisition | 37,400 | |||||||||||
Goodwill and intangibles recorded in acquisition | 15,300 | |||||||||||
Other assets recorded in acquisition | 6,600 | |||||||||||
Long-term debt recorded in acquisition | 125,500 | |||||||||||
Payables, expense accruals and other liabilities recorded in acquisition | 46,700 | |||||||||||
Noncontrolling interests recorded in acquisition | 3,900 | |||||||||||
Additional goodwill generated by the establishment of deferred tax liabilities | 32,400 | |||||||||||
Deferred tax liabilities established in acquisition | $ 32,400 | |||||||||||
Estimated useful lives for intangibles acquired | 4 years | |||||||||||
Pre-tax gain recognized on acquisition | 72,100 | |||||||||||
HomeFed | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage | 100% | |||||||||||
Idaho Timber | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage | 100% | |||||||||||
Vitesse Energy, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage | 97% | |||||||||||
National Beef | Disposal group, disposed of by sale, not discontinued operations | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Percentage of equity interest sold | 31% | 31% | ||||||||||
Cash received from sale of subsidiary | $ 970,000 | |||||||||||
Proceeds from sale of associated companies | 790,600 | |||||||||||
Distributions from associated companies | $ 179,400 | |||||||||||
Pre-tax gain recognized as result of sale | $ 205,000 | |||||||||||
Berkadia | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 50% | |||||||||||
National Beef | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 31% | |||||||||||
Spectrum Brands | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage | 15% | 15% | ||||||||||
Dividend distribution (in shares) | shares | 7,514,477 | |||||||||||
Linkem | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 42% | |||||||||||
Redemption value of convertible preferred stock | $ 107,600 | |||||||||||
Percentage of ownership upon conversion of preferred shares | 56% | |||||||||||
Percentage of total voting securities | 48% | |||||||||||
HomeFed | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 70% | 70% | ||||||||||
Ownership percentage | 100% | |||||||||||
Number of shares issued per common stock of acquiree | 2 | |||||||||||
Investment in FXCM | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 50% | |||||||||||
Senior secured term loan receivable | $ 71,600 | |||||||||||
Foursight Capital | Operating Segments | Investment Banking and Capital Markets | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Net Assets | $ 48,000 | |||||||||||
Jefferies Group | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of reportable segments | segment | 2 | |||||||||||
Jefferies Finance | Jefferies Finance | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 50% | |||||||||||
Number of business lines | businessLine | 2 | |||||||||||
Berkadia | Berkadia | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 50% | |||||||||||
FXCM | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Senior secured term loan receivable | $ 71,600 |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2021 | Nov. 30, 2020 | Jun. 30, 2019 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Long Lived Assets Held-for-sale [Line Items] | ||||||
Receivables from brokers, dealers and clearing organizations | $ 4,900,000,000 | $ 4,160,000,000 | $ 4,900,000,000 | $ 4,160,000,000 | ||
Receivables from customers of securities operations | 1,620,000,000 | 1,290,000,000 | 1,620,000,000 | 1,290,000,000 | ||
Other investments carrying value | 119,400,000 | 90,200,000 | 119,400,000 | 90,200,000 | ||
Investments impairment | 0 | 20,400,000 | $ 5,500,000 | |||
Realized gains on investment | 800,000 | 2,100,000 | 13,800,000 | |||
Debt and equity securities, unrealized gains (losses), excluding other-than-temporary impairment | 0 | 0 | 0 | |||
Capitalized interest | 9,000,000 | 8,600,000 | 6,200,000 | |||
Payables to brokers, dealers and clearing organizations | 5,820,000,000 | 3,330,000,000 | 5,820,000,000 | 3,330,000,000 | ||
Payables to customers of securities operations | 4,460,000,000 | 4,250,000,000 | $ 4,460,000,000 | 4,250,000,000 | ||
Purchase of common shares for treasury settled subsequent to year end | 1,200,000 | |||||
Sale of property | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Non-cash investing activities related to sale | $ 16,400,000 | |||||
Number of common stock exchanged with related party (in shares) | 780,315 | |||||
Number of common stock exchanged with related party, price per share (in dollars per share) | $ 21.03 | |||||
HomeFed | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Non-cash investing activities related to the issuance of common stock for acquisition | $ 178,800,000 | |||||
Minimum | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Derivative hedging relationship effective percentage | 80% | |||||
Maximum | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Derivative hedging relationship effective percentage | 125% | |||||
Automobile loan | Foursight Capital | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Loans receivables | $ 803,700,000 | $ 694,200,000 | $ 803,700,000 | 694,200,000 | ||
Automobile loan | Foursight Capital | Loans receivable | Credit Score 680 and Above | Credit concentration risk | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Concentration risk, percentage | 19% | 21% | ||||
Automobile loan | Foursight Capital | Loans receivable | Credit Scores Between 620 and 679 | Credit concentration risk | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Concentration risk, percentage | 51% | 52% | ||||
Automobile loan | Foursight Capital | Loans receivable | Credit Scores Below 620 | Credit concentration risk | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Concentration risk, percentage | 30% | 27% | ||||
Securitized vehicles | Foursight Capital | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Loans receivables | $ 677,600,000 | $ 532,400,000 | $ 677,600,000 | $ 532,400,000 | ||
Iowa Premium | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Membership interest purchase agreement, aggregate ownership interests to purchase | 100% | |||||
Membership interest purchase agreement, proportionate share | $ 49,000,000 | |||||
Spectrum Brands | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Non-cash financing activities related to distribution of special dividend | $ 451,100,000 | |||||
Foursight Capital | ||||||
Long Lived Assets Held-for-sale [Line Items] | ||||||
Historical loss experience period | 8 years | |||||
Supportable forecast period | 1 year |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 53,926 | $ 34,018 | $ 31,055 |
Provision for doubtful accounts | 55,876 | 48,157 | 29,800 |
Charge-offs, net of recoveries | (60,322) | (28,249) | (26,837) |
Ending balance | 75,999 | 53,926 | 34,018 |
Prime Brokerage | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for doubtful accounts | 39,000 | ||
Charge-offs, net of recoveries | (39,000) | ||
Cumulative effect of the adoption of accounting standards | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 26,519 | 0 | 0 |
Ending balance | $ 26,519 | $ 0 |
Significant Accounting Polici_6
Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | $ 936,272 | $ 1,080,368 | $ 1,563,152 |
Income tax payments (refunds), net | $ 727,126 | $ 25 | $ 24,587 |
Accounting Developments (Detail
Accounting Developments (Details) - USD ($) $ in Thousands | Dec. 01, 2020 | Nov. 30, 2021 | Nov. 30, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 7,940,113 | $ 6,531,836 | |
Cumulative effect of the adoption of accounting standards | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Provision for loan and lease losses | $ 26,500 | ||
Retained earnings | (19,900) | ||
Cumulative effect of the adoption of accounting standards | Foursight Capital | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Provision for loan and lease losses | 30,100 | ||
Jefferies Group LLC | Cumulative effect of the adoption of accounting standards | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Provision for loan and lease losses | $ (3,600) |
Fair Value Disclosures - Schedu
Fair Value Disclosures - Schedule of Assets and Liabilities Measured on Recurring Basis at Fair Value (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | $ 18,802,730 | $ 17,159,193 |
Counterparty and cash collateral netting, assets | (3,305,756) | (1,556,136) |
Loans to and investments in associated companies | 30,842 | 48,788 |
Securities received as collateral, at fair value | 7,289 | 7,517 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 11,699,467 | 10,017,600 |
Counterparty and Cash Collateral Netting, liabilities | (3,702,200) | (1,798,659) |
Short-term borrowings | 5,067 | |
Other secured financings | 102,788 | 1,543 |
Long-term debt | 1,843,598 | 1,712,245 |
Obligation to Return Securities Received as Collateral, at Fair Value | 7,289 | 7,517 |
Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 6,686,065 | 7,279,781 |
Loans to and investments in associated companies | 0 | 0 |
Securities received as collateral, at fair value | 7,289 | 7,517 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 5,066,732 | 5,707,423 |
Short-term borrowings | 0 | |
Other secured financings | 0 | 0 |
Long-term debt | 0 | 0 |
Obligation to Return Securities Received as Collateral, at Fair Value | 7,289 | 7,517 |
Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 14,843,376 | 10,784,987 |
Loans to and investments in associated companies | 0 | 8,603 |
Securities received as collateral, at fair value | 0 | 0 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 10,235,821 | 6,039,896 |
Short-term borrowings | 5,067 | |
Other secured financings | 76,883 | 0 |
Long-term debt | 961,866 | 1,036,217 |
Obligation to Return Securities Received as Collateral, at Fair Value | 0 | 0 |
Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 579,045 | 650,561 |
Loans to and investments in associated companies | 30,842 | 40,185 |
Securities received as collateral, at fair value | 0 | 0 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 99,114 | 68,940 |
Short-term borrowings | 0 | |
Other secured financings | 25,905 | 1,543 |
Long-term debt | 881,732 | 676,028 |
Obligation to Return Securities Received as Collateral, at Fair Value | 0 | 0 |
Equity securities | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,082,220 | 2,609,950 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 1,695,985 | 2,059,921 |
Obligation to Return Securities Received as Collateral, at Fair Value | 7,289 | 7,517 |
Equity securities | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 2,737,255 | 2,475,887 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 1,671,696 | 2,046,441 |
Equity securities | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 257,318 | 58,159 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 19,654 | 9,046 |
Equity securities | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 87,647 | 75,904 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 4,635 | 4,434 |
Corporate debt securities | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,848,144 | 2,977,382 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 2,112,259 | 1,237,772 |
Obligation to Return Securities Received as Collateral, at Fair Value | 0 | 0 |
Corporate debt securities | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Liabilities: | ||
Total 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 | 3,836,341 | 2,954,236 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 2,111,777 | 1,237,631 |
Corporate debt securities | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 11,803 | 23,146 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 482 | 141 |
Collateralized debt obligations and collateralized loan obligations | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 611,464 | 82,127 |
Collateralized debt obligations and collateralized loan obligations | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Collateralized debt obligations and collateralized loan obligations | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 579,518 | 64,155 |
Collateralized debt obligations and collateralized loan obligations | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 31,946 | 17,972 |
U.S. government and federal agency securities | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,114,079 | 2,931,678 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 2,457,420 | 2,609,660 |
Obligation to Return Securities Received as Collateral, at Fair Value | 0 | 0 |
U.S. government and federal agency securities | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,045,295 | 2,840,025 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 2,457,420 | 2,609,660 |
U.S. government and federal agency securities | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 68,784 | 91,653 |
Liabilities: | ||
Total 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: | ||
Total 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 | 509,559 | 453,881 |
Liabilities: | ||
Obligation to Return Securities Received as Collateral, at Fair Value | 0 | 0 |
Municipal securities | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Municipal securities | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 509,559 | 453,881 |
Municipal securities | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Sovereign obligations | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 1,553,285 | 2,553,688 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 1,528,841 | 1,675,511 |
Obligation to Return Securities Received as Collateral, at Fair Value | 0 | 0 |
Sovereign obligations | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 899,086 | 1,962,346 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 935,801 | 1,050,771 |
Sovereign obligations | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 654,199 | 591,342 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 593,040 | 624,740 |
Sovereign obligations | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Liabilities: | ||
Total 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 | 1,169,723 | 1,122,675 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 719 | 477 |
Residential mortgage backed securities | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Liabilities: | ||
Total 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 | 1,168,246 | 1,100,849 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 719 | 477 |
Residential mortgage backed securities | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 1,477 | 21,826 |
Liabilities: | ||
Total 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 | 198,752 | 738,294 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 210 | 35 |
Commercial mortgage-backed securities | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Liabilities: | ||
Total 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 | 196,419 | 736,291 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Commercial mortgage-backed securities | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 2,333 | 2,003 |
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 210 | 35 |
Other asset backed securities | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 430,546 | 183,606 |
Other asset backed securities | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Other asset backed securities | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 337,022 | 103,611 |
Other asset backed securities | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 93,524 | 79,995 |
Loans and other receivables | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,498,289 | 2,745,382 |
Liabilities: | ||
Obligation to Return Securities Received as Collateral, at Fair Value | 0 | 0 |
Loans and other receivables | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Loans and other receivables | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,363,050 | 2,610,746 |
Loans and other receivables | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 135,239 | 134,636 |
Loans | ||
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 2,491,857 | 1,793,081 |
Loans | Level 1 | ||
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 0 | 0 |
Loans | Level 2 | ||
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 2,476,087 | 1,776,446 |
Loans | Level 3 | ||
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 15,770 | 16,635 |
Derivative, assets | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 570,472 | 481,007 |
Derivative, assets | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 4,429 | 1,523 |
Derivative, assets | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,861,551 | 2,013,942 |
Derivative, assets | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 10,248 | 21,678 |
Derivative, liabilities | ||
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 1,412,176 | 641,143 |
Derivative, liabilities | Level 1 | ||
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 1,815 | 551 |
Derivative, liabilities | Level 2 | ||
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 5,034,544 | 2,391,556 |
Derivative, liabilities | Level 3 | ||
Liabilities: | ||
Total financial instruments sold, not yet purchased, at fair value | 78,017 | 47,695 |
Investments at fair value | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 165,742 | 220,068 |
Investments at fair value | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
Investments at fair value | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 11,369 | 6,122 |
Investments at fair value | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 154,373 | 213,946 |
FXCM term loan | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 50,455 | 59,455 |
FXCM term loan | Level 1 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
FXCM term loan | Level 2 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 0 | 0 |
FXCM term loan | Level 3 | ||
Assets: | ||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | $ 50,455 | $ 59,455 |
Fair Value Disclosures - Invest
Fair Value Disclosures - Investments at Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 53,905 | $ 17,408 |
Fair value measured at NAV | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair value | 1,025,940 | 965,384 |
Equity Long/Short Hedge Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 0 | $ 0 |
Percentage of investment at fair value, redemption restriction | 74% | 94% |
Equity Long/Short Hedge Funds | Debt Instrument, Redemption, Period Two | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Percentage of investment at fair value, redemption restriction | 21% | |
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 Long/Short Hedge Funds | Fair value measured at NAV | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair value | $ 466,231 | $ 328,096 |
Equity Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 17,815 | 12,408 |
Equity Funds | Minimum | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Estimated period for the liquidation of the underlying assets | 1 year | |
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 | 7 years | |
Equity Funds | Fair value measured at NAV | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair value | $ 46,030 | 33,221 |
Commodity Fund | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 0 | $ 0 |
Commodity Fund | 60 Days prior written notice | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Notice period redemption of investments prior written notice period | 60 days | 60 days |
Commodity Fund | Fair value measured at NAV | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair value | $ 24,401 | $ 17,747 |
Multi-asset Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 0 | $ 0 |
Multi-asset Funds | 60 Days prior written notice | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Percentage of investments redeemable | 78% | 57% |
Notice period redemption of investments prior written notice period | 60 days | 60 days |
Multi-asset Funds | 90 Days prior written notice | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Percentage of investments redeemable | 22% | |
Notice period redemption of investments prior written notice period | 90 days | |
Multi-asset Funds | Fair value measured at NAV | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair value | $ 390,224 | $ 561,236 |
Other Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Unfunded Commitments | $ 36,090 | $ 5,000 |
Notice period redemption of investments prior written notice period | 90 days | 90 days |
Other Funds | Minimum | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments outstanding period | 90 days | 90 days |
Other Funds | Maximum | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments outstanding period | 120 days | 120 days |
Other Funds | Fair value measured at NAV | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair value | $ 99,054 | $ 25,084 |
Fair Value Disclosures - Inve_2
Fair Value Disclosures - Investment in FXCM (Details) - Investment in FXCM $ in Millions | Nov. 30, 2021 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Senior secured term loan receivable | $ 71.6 |
Equity method investment, ownership percentage | 50% |
Fair Value Disclosures - Nonrec
Fair Value Disclosures - Nonrecurring Fair Value Measurements (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
May 31, 2020 USD ($) € / Bond | Feb. 29, 2020 USD ($) € / Bond | Nov. 30, 2020 USD ($) | Nov. 30, 2021 ft² site taxLot | |
RedSky JZ Fulton Mall | HomeFed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity method investment impairment | $ 55.6 | |||
RedSky JZ Fulton Mall | Development site | HomeFed | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investment, ownership percentage | 49% | |||
Number of separate tax lots | taxLot | 14 | |||
Number of premier development sites | site | 2 | |||
Area of real estate property (up to) | ft² | 540,000 | |||
Equity method investment impairment | $ 55.6 | |||
JETX Energy | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of oil and gas properties | 33 | |||
JETX Energy | Oil and gas properties | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets, fair value disclosure | $ 9.6 | |||
JETX Energy | Measurement input, discount rate | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Oil and gas assets, measurement input | € / Bond | 0.100 | |||
Vitesse Energy Finance | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of oil and gas properties | $ 13.2 | |||
Vitesse Energy Finance | Oil and gas properties | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets, fair value disclosure | $ 26.8 | |||
Vitesse Energy Finance | Measurement input, discount rate | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Oil and gas assets, measurement input | € / Bond | 0.100 |
Fair Value Disclosures - Level
Fair Value Disclosures - Level 3 Rollforwards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Total gains (losses) (realized and unrealized) | $ 142,300 | $ (51,600) | $ (217,000) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Total gains (losses) (realized and unrealized) | (12,600) | 82,100 | (44,500) |
Change in unrealized gains/(losses) included in other comprehensive income relating to instruments still held | 63,100 | 33,400 | 11,000 |
Equity securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 75,904 | 58,426 | 52,192 |
Total gains (losses) (realized and unrealized) | 28,556 | (4,086) | (11,407) |
Purchases | 8,778 | 31,885 | 69,065 |
Sales | (34,307) | (37,706) | (28,159) |
Settlements | (49) | 0 | (18,208) |
Issuances | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 8,765 | 27,385 | (5,057) |
Ending Balance | 87,647 | 75,904 | 58,426 |
Change in unrealized gains/(losses) relating to instruments still held | 20,932 | (652) | (13,848) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 4,434 | 4,487 | 0 |
Total gains (losses) (realized and unrealized) | (83) | 456 | (2,649) |
Purchases | (21) | (513) | (4,322) |
Sales | 318 | 0 | 11,458 |
Settlements | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | (13) | 4 | 0 |
Ending Balance | 4,635 | 4,434 | 4,487 |
Change in unrealized gains/(losses) relating to instruments still held | 83 | (81) | 1,928 |
Corporate debt securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 23,146 | 7,490 | 9,484 |
Total gains (losses) (realized and unrealized) | 1,565 | 83 | (4,860) |
Purchases | 11,161 | 1,607 | 8,900 |
Sales | (7,978) | (391) | (13,854) |
Settlements | (1,417) | (602) | (379) |
Issuances | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | (14,674) | 14,959 | 8,199 |
Ending Balance | 11,803 | 23,146 | 7,490 |
Change in unrealized gains/(losses) relating to instruments still held | 1,724 | (270) | (6,176) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 141 | 340 | 522 |
Total gains (losses) (realized and unrealized) | 1,205 | (268) | (381) |
Purchases | (815) | (325) | (457) |
Sales | 0 | 394 | 0 |
Settlements | (49) | 0 | (524) |
Issuances | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 0 | 0 | 1,180 |
Ending Balance | 482 | 141 | 340 |
Change in unrealized gains/(losses) relating to instruments still held | (139) | 27 | 383 |
Collateralized debt obligations and collateralized loan obligations | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 17,972 | 28,788 | 36,105 |
Total gains (losses) (realized and unrealized) | 8,092 | (3,821) | (514) |
Purchases | 32,618 | 10,913 | 49,658 |
Sales | (27,332) | (14,389) | (38,147) |
Settlements | (5,042) | (5,201) | (12,494) |
Issuances | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 5,638 | 1,682 | (5,820) |
Ending Balance | 31,946 | 17,972 | 28,788 |
Change in unrealized gains/(losses) relating to instruments still held | (4,390) | (17,212) | (2,330) |
Residential mortgage backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 21,826 | 17,740 | 19,603 |
Total gains (losses) (realized and unrealized) | (243) | (934) | (1,669) |
Purchases | 708 | 7,887 | 1,954 |
Sales | (1,183) | (969) | (2,472) |
Settlements | (354) | (1,053) | (152) |
Issuances | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | (19,277) | (845) | 476 |
Ending Balance | 1,477 | 21,826 | 17,740 |
Change in unrealized gains/(losses) relating to instruments still held | (131) | (599) | (530) |
Commercial mortgage-backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 2,003 | 6,110 | 10,886 |
Total gains (losses) (realized and unrealized) | (1,694) | (827) | (2,888) |
Purchases | 2,445 | 393 | 206 |
Sales | (393) | (1,856) | (2,346) |
Settlements | (13) | (1,787) | (5,317) |
Issuances | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | (15) | (30) | 5,569 |
Ending Balance | 2,333 | 2,003 | 6,110 |
Change in unrealized gains/(losses) relating to instruments still held | (733) | (295) | (2,366) |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 35 | 35 | 0 |
Total gains (losses) (realized and unrealized) | 0 | 0 | 35 |
Purchases | (35) | 0 | 0 |
Sales | 210 | 35 | 0 |
Settlements | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 0 | (35) | 0 |
Ending Balance | 210 | 35 | 35 |
Change in unrealized gains/(losses) relating to instruments still held | 0 | 0 | 35 |
Other asset backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 79,995 | 42,563 | 53,175 |
Total gains (losses) (realized and unrealized) | 5,335 | (3,848) | 433 |
Purchases | 65,277 | 69,701 | 104,097 |
Sales | (21,727) | (1,638) | (73,335) |
Settlements | (45,397) | (43,072) | (51,374) |
Issuances | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 10,041 | 16,289 | 9,567 |
Ending Balance | 93,524 | 79,995 | 42,563 |
Change in unrealized gains/(losses) relating to instruments still held | (14,471) | (5,945) | (98) |
Loans and other receivables | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 134,636 | 114,080 | 46,985 |
Total gains (losses) (realized and unrealized) | 6,995 | (12,341) | (4,507) |
Purchases | 58,993 | 123,485 | 106,965 |
Sales | (61,560) | (36,929) | (48,350) |
Settlements | (20,442) | (57,455) | (5,788) |
Issuances | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 16,617 | 3,796 | 18,775 |
Ending Balance | 135,239 | 134,636 | 114,080 |
Change in unrealized gains/(losses) relating to instruments still held | 3,136 | (11,153) | (2,321) |
Investments at fair value | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 213,946 | 205,412 | 396,254 |
Total gains (losses) (realized and unrealized) | 112,012 | (31,666) | (183,480) |
Purchases | 22,957 | 55,836 | 11,236 |
Sales | (47,243) | (167) | (28,749) |
Settlements | (9,809) | (17,298) | 0 |
Issuances | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | (137,490) | 1,829 | 10,151 |
Ending Balance | 154,373 | 213,946 | 205,412 |
Change in unrealized gains/(losses) relating to instruments still held | 25,723 | (33,514) | (180,629) |
Investment in senior secured term loan | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 59,455 | 59,120 | 73,150 |
Total gains (losses) (realized and unrealized) | (9,000) | 335 | (8,139) |
Purchases | 0 | 0 | 1,500 |
Sales | 0 | 0 | 0 |
Settlements | 0 | 0 | (7,391) |
Issuances | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 0 | 0 | 0 |
Ending Balance | 50,455 | 59,455 | 59,120 |
Change in unrealized gains/(losses) relating to instruments still held | (9,000) | 335 | (8,139) |
Loans to and investments in associated companies | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 40,185 | 0 | |
Total gains (losses) (realized and unrealized) | (9,343) | 5,497 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Settlements | 0 | 0 | |
Issuances | 0 | 0 | |
Net transfers into (out of) Level 3 | 0 | 34,688 | |
Ending Balance | 30,842 | 40,185 | 0 |
Change in unrealized gains/(losses) relating to instruments still held | (9,343) | 5,497 | |
Securities purchased under agreements to resell | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 0 | 25,000 | 0 |
Total gains (losses) (realized and unrealized) | 0 | 0 | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Settlements | (25,000) | 0 | |
Issuances | 0 | 25,000 | |
Net transfers into (out of) Level 3 | 0 | 0 | |
Ending Balance | 0 | 25,000 | |
Change in unrealized gains/(losses) relating to instruments still held | 0 | 0 | |
Loans | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 16,635 | 9,463 | 6,376 |
Total gains (losses) (realized and unrealized) | 1,826 | (520) | (1,382) |
Purchases | (8,549) | (6,061) | (2,573) |
Sales | 5,673 | 13,851 | 6,494 |
Settlements | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 185 | (98) | 548 |
Ending Balance | 15,770 | 16,635 | 9,463 |
Change in unrealized gains/(losses) relating to instruments still held | (1,825) | 360 | 1,382 |
Derivatives | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 26,017 | 77,168 | 21,614 |
Total gains (losses) (realized and unrealized) | 7,246 | (40) | (21,452) |
Purchases | 0 | (7,446) | (4,323) |
Sales | 0 | 19,376 | 36,144 |
Settlements | (1,491) | (2,216) | 2,227 |
Issuances | 44,453 | 0 | 0 |
Net transfers into (out of) Level 3 | (8,456) | (60,825) | 42,958 |
Ending Balance | 67,769 | 26,017 | 77,168 |
Change in unrealized gains/(losses) relating to instruments still held | (7,371) | (1,805) | 12,098 |
Other secured financings | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 1,543 | 0 | |
Total gains (losses) (realized and unrealized) | (649) | (2,475) | |
Purchases | 0 | 0 | |
Sales | 0 | 0 | |
Settlements | 0 | 0 | |
Issuances | 25,011 | 4,018 | |
Net transfers into (out of) Level 3 | 0 | 0 | |
Ending Balance | 25,905 | 1,543 | 0 |
Change in unrealized gains/(losses) relating to instruments still held | 649 | 2,475 | |
Long-term debt | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 676,028 | 480,069 | 200,745 |
Total gains (losses) (realized and unrealized) | (22,132) | 84,930 | (18,662) |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Settlements | 0 | (57,088) | (11,250) |
Issuances | 169,975 | 248,718 | 348,275 |
Net transfers into (out of) Level 3 | 57,861 | (80,601) | (39,039) |
Ending Balance | 881,732 | 676,028 | 480,069 |
Change in unrealized gains/(losses) relating to instruments still held | $ 85,260 | $ (51,567) | $ 29,656 |
Fair Value Disclosures - Analys
Fair Value Disclosures - Analysis of Level 3 Assets and Liabilities Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers of assets from Level 2 to Level 3 | $ 38,300 | $ 88,000 | $ 68,600 |
Transfers of assets from Level 3 to Level 2 | 168,700 | 24,700 | 26,700 |
Transfers of liabilities from Level 2 to Level 3 | 74,300 | 1,900 | |
Fair value, measurement with unobservable inputs reconciliation, liability, transfers out of level 3 | 24,700 | 143,400 | |
Net gains (losses) on Level 3 assets (realized and unrealized) | 142,300 | (51,600) | (217,000) |
Net gains (losses) on Level 3 liabilities (realized and unrealized) | 12,600 | (82,100) | 44,500 |
Equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers of assets from Level 2 to Level 3 | 32,500 | ||
Transfers of assets from Level 3 to Level 2 | 5,400 | 5,100 | 6,000 |
Net gains (losses) on Level 3 assets (realized and unrealized) | 28,556 | (4,086) | (11,407) |
Net gains (losses) on Level 3 liabilities (realized and unrealized) | 83 | (456) | 2,649 |
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 | 10,200 | 23,000 | 12,100 |
Transfers of assets from Level 3 to Level 2 | 6,800 | 2,600 | |
Net gains (losses) on Level 3 assets (realized and unrealized) | 5,335 | (3,848) | 433 |
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 | 3,300 | 18,000 | 8,900 |
Transfers of assets from Level 3 to Level 2 | 17,900 | 3,000 | |
Net gains (losses) on Level 3 assets (realized and unrealized) | 1,565 | 83 | (4,860) |
Net gains (losses) on Level 3 liabilities (realized and unrealized) | (1,205) | 268 | 381 |
Loans and finance eceivables | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers of assets from Level 2 to Level 3 | 17,200 | 10,900 | 27,400 |
Transfers of assets from Level 3 to Level 2 | 7,100 | 8,600 | |
Net gains (losses) on Level 3 assets (realized and unrealized) | 6,995 | (12,341) | (4,507) |
Investments at fair value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers of assets from Level 2 to Level 3 | 10,200 | ||
Transfers of assets from Level 3 to Level 2 | 137,500 | ||
Net gains (losses) on Level 3 assets (realized and unrealized) | 112,012 | (31,666) | (183,480) |
Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers of assets from Level 2 to Level 3 | 5,600 | ||
Net gains (losses) on Level 3 assets (realized and unrealized) | (1,694) | (827) | (2,888) |
Net gains (losses) on Level 3 liabilities (realized and unrealized) | 0 | 0 | (35) |
Collateralized Debt Obligations and Collateralized Loan Obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers of assets from Level 2 to Level 3 | 7,600 | 3,000 | |
Transfers of assets from Level 3 to Level 2 | 8,800 | ||
Net gains (losses) on Level 3 assets (realized and unrealized) | 8,092 | (3,821) | (514) |
Derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers of liabilities from Level 2 to Level 3 | 16,200 | 57,200 | |
Fair value, measurement with unobservable inputs reconciliation, liability, transfers out of level 3 | 24,700 | 60,800 | 14,300 |
Net gains (losses) on Level 3 liabilities (realized and unrealized) | (7,246) | 40 | 21,452 |
Long-term debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Net gains (losses) on Level 3 liabilities (realized and unrealized) | 22,132 | (84,930) | 18,662 |
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 | 19,300 | ||
Net gains (losses) on Level 3 assets (realized and unrealized) | (243) | (934) | (1,669) |
Loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers of liabilities from Level 2 to Level 3 | 1,800 | ||
Net gains (losses) on Level 3 liabilities (realized and unrealized) | (1,826) | 520 | 1,382 |
Loans to and investments in associated companies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers of assets from Level 2 to Level 3 | 34,700 | ||
Net gains (losses) on Level 3 assets (realized and unrealized) | (9,343) | 5,497 | |
Structured notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers of liabilities from Level 2 to Level 3 | $ 57,900 | 22,600 | |
Fair value, measurement with unobservable inputs reconciliation, liability, transfers out of level 3 | $ 80,600 | $ 61,700 |
Fair Value Disclosures - Quanti
Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) $ in Thousands | 12 Months Ended | |||||||||||
Nov. 30, 2021 USD ($) | Nov. 30, 2020 USD ($) | Nov. 30, 2021 $ / shares | Nov. 30, 2021 | Nov. 30, 2021 $ / Bond | Nov. 30, 2021 € / shares | Nov. 30, 2021 € / Bond | Nov. 30, 2020 $ / shares | Nov. 30, 2020 | Nov. 30, 2020 $ / Bond | Nov. 30, 2020 € / shares | Nov. 30, 2020 € / Bond | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | $ 18,802,730 | $ 17,159,193 | ||||||||||
Derivative assets | 570,472 | 481,007 | ||||||||||
Derivative liability | 1,412,176 | 641,143 | ||||||||||
Long-term debt, fair value | 1,843,598 | 1,712,245 | ||||||||||
Loans to and investments in associated companies | 30,842 | 48,788 | ||||||||||
Total financial instruments sold, not yet purchased, at fair value | 11,699,467 | 10,017,600 | ||||||||||
Excluded assets from unobservable quantitative information | 40,800 | 192,000 | ||||||||||
Excluded liabilities from unobservable quantitative information | 2,200 | 800 | ||||||||||
Other secured financings | 102,788 | 1,543 | ||||||||||
Corporate debt securities | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,848,144 | 2,977,382 | ||||||||||
Total financial instruments sold, not yet purchased, at fair value | 2,112,259 | 1,237,772 | ||||||||||
Collateralized Debt Obligations and Collateralized Loan Obligations | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 611,464 | 82,127 | ||||||||||
Residential mortgage backed securities | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 1,169,723 | 1,122,675 | ||||||||||
Total financial instruments sold, not yet purchased, at fair value | 719 | 477 | ||||||||||
Other asset backed securities | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 430,546 | 183,606 | ||||||||||
Loans and finance eceivables | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,498,289 | 2,745,382 | ||||||||||
Equity securities | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 3,082,220 | 2,609,950 | ||||||||||
Total financial instruments sold, not yet purchased, at fair value | 1,695,985 | 2,059,921 | ||||||||||
Loans | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments sold, not yet purchased, at fair value | 2,491,857 | 1,793,081 | ||||||||||
Commercial mortgage-backed securities | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 198,752 | 738,294 | ||||||||||
Total financial instruments sold, not yet purchased, at fair value | 210 | 35 | ||||||||||
Level 3 | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 579,045 | 650,561 | ||||||||||
Long-term debt, fair value | 881,732 | 676,028 | ||||||||||
Loans to and investments in associated companies | 30,842 | 40,185 | ||||||||||
Total financial instruments sold, not yet purchased, at fair value | 99,114 | 68,940 | ||||||||||
Other secured financings | 25,905 | 1,543 | ||||||||||
Level 3 | Scenario analysis | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Other secured financings | 25,905 | 1,543 | ||||||||||
Level 3 | Volatility benchmarking and market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative assets | 6,501 | 19,951 | ||||||||||
Derivative liability | 76,533 | 46,971 | ||||||||||
Level 3 | Non-exchange traded securities | Market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 75,409 | |||||||||||
Level 3 | Non-exchange traded securities | Volatility benchmarking and market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 86,961 | |||||||||||
Level 3 | Non-exchange traded securities | Offered price | Market approach | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / shares | 1 | 1 | ||||||||||
Level 3 | Non-exchange traded securities | Offered price | Market approach | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / shares | 366 | 213 | ||||||||||
Level 3 | Non-exchange traded securities | Offered price | Market approach | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / shares | 183 | 86 | ||||||||||
Level 3 | Non-exchange traded securities | Price volatility | Volatility benchmarking | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.40 | |||||||||||
Level 3 | Non-exchange traded securities | Price volatility | Volatility benchmarking | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.53 | |||||||||||
Level 3 | Non-exchange traded securities | Price volatility | Volatility benchmarking | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.45 | |||||||||||
Level 3 | Non-exchange traded securities | EBITDA multiple | Market approach | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 4 | |||||||||||
Level 3 | Non-exchange traded securities | EBITDA multiple | Market approach | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 8 | |||||||||||
Level 3 | Non-exchange traded securities | EBITDA multiple | Market approach | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 5.7 | |||||||||||
Level 3 | Corporate debt securities | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 11,803 | 23,146 | ||||||||||
Total financial instruments sold, not yet purchased, at fair value | 482 | 141 | ||||||||||
Level 3 | Corporate debt securities | Market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 11,803 | |||||||||||
Level 3 | Corporate debt securities | Scenario analysis | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments sold, not yet purchased, at fair value | 141 | |||||||||||
Level 3 | Corporate debt securities | Market approach and scenario analysis | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 23,146 | |||||||||||
Level 3 | Corporate debt securities | Offered price | Market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 69 | |||||||||||
Level 3 | Corporate debt securities | Offered price | Market approach | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 13 | |||||||||||
Level 3 | Corporate debt securities | Offered price | Market approach | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 100 | |||||||||||
Level 3 | Corporate debt securities | Offered price | Market approach | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 86 | |||||||||||
Level 3 | Corporate debt securities | Estimated recovery percentage | Scenario analysis | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading liabilities, measurement input | 0.20 | |||||||||||
Level 3 | Corporate debt securities | Estimated recovery percentage | Scenario analysis | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.20 | |||||||||||
Level 3 | Corporate debt securities | Estimated recovery percentage | Scenario analysis | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.44 | |||||||||||
Level 3 | Corporate debt securities | Estimated recovery percentage | Scenario analysis | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.30 | |||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 31,946 | 17,972 | ||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Discounted cash flows and market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 31,944 | |||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Discounted cash flows and scenario analysis | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 17,972 | |||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Offered price | Market approach | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 86 | |||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Offered price | Market approach | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 103 | |||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Offered price | Market approach | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 93 | |||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Prepayment rate | Discounted cash flow | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.20 | 0.20 | ||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Default rate | Discounted cash flow | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.02 | 0.02 | ||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Loss severity | Discounted cash flow | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.25 | 0.25 | ||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Loss severity | Discounted cash flow | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.30 | 0.30 | ||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Loss severity | Discounted cash flow | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.26 | 0.26 | ||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Discount rate | Discounted cash flow | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.08 | 0.14 | ||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Discount rate | Discounted cash flow | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.19 | 0.28 | ||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Discount rate | Discounted cash flow | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.16 | 0.20 | ||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Estimated recovery percentage | Scenario analysis | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.02 | |||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Estimated recovery percentage | Scenario analysis | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.34 | |||||||||||
Level 3 | Collateralized Debt Obligations and Collateralized Loan Obligations | Estimated recovery percentage | Scenario analysis | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.23 | |||||||||||
Level 3 | Residential mortgage backed securities | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 1,477 | 21,826 | ||||||||||
Total financial instruments sold, not yet purchased, at fair value | 0 | 0 | ||||||||||
Level 3 | Residential mortgage backed securities | Discounted cash flow | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | $ 21,826 | |||||||||||
Level 3 | Residential mortgage backed securities | Loss severity | Discounted cash flow | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.35 | |||||||||||
Level 3 | Residential mortgage backed securities | Loss severity | Discounted cash flow | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.50 | |||||||||||
Level 3 | Residential mortgage backed securities | Loss severity | Discounted cash flow | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.36 | |||||||||||
Level 3 | Residential mortgage backed securities | Discount rate | Discounted cash flow | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.03 | |||||||||||
Level 3 | Residential mortgage backed securities | Discount rate | Discounted cash flow | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.12 | |||||||||||
Level 3 | Residential mortgage backed securities | Discount rate | Discounted cash flow | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.04 | |||||||||||
Level 3 | Residential mortgage backed securities | Cumulative loss rate | Discounted cash flow | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.02 | |||||||||||
Level 3 | Residential mortgage backed securities | Cumulative loss rate | Discounted cash flow | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.03 | |||||||||||
Level 3 | Residential mortgage backed securities | Cumulative loss rate | Discounted cash flow | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.03 | |||||||||||
Level 3 | Residential mortgage backed securities | Expected term | Discounted cash flow | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input, term | 2 years | |||||||||||
Level 3 | Residential mortgage backed securities | Expected term | Discounted cash flow | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input, term | 12 years 10 months 24 days | |||||||||||
Level 3 | Residential mortgage backed securities | Expected term | Discounted cash flow | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input, term | 5 years 1 month 6 days | |||||||||||
Level 3 | Other asset backed securities | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 93,524 | $ 79,995 | ||||||||||
Level 3 | Other asset backed securities | Discounted cash flows and market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | $ 86,099 | $ 67,816 | ||||||||||
Level 3 | Other asset backed securities | Offered price | Market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 100 | |||||||||||
Level 3 | Other asset backed securities | Offered price | Market approach | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 37 | |||||||||||
Level 3 | Other asset backed securities | Offered price | Market approach | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 100 | |||||||||||
Level 3 | Other asset backed securities | Offered price | Market approach | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 94 | |||||||||||
Level 3 | Other asset backed securities | Prepayment rate | Discounted cash flow | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0 | |||||||||||
Level 3 | Other asset backed securities | Prepayment rate | Discounted cash flow | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.35 | |||||||||||
Level 3 | Other asset backed securities | Prepayment rate | Discounted cash flow | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.31 | |||||||||||
Level 3 | Other asset backed securities | Default rate | Discounted cash flow | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.02 | |||||||||||
Level 3 | Other asset backed securities | Default rate | Discounted cash flow | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.04 | |||||||||||
Level 3 | Other asset backed securities | Default rate | Discounted cash flow | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.04 | |||||||||||
Level 3 | Other asset backed securities | Loss severity | Discounted cash flow | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.60 | 0.50 | ||||||||||
Level 3 | Other asset backed securities | Loss severity | Discounted cash flow | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.85 | 0.85 | ||||||||||
Level 3 | Other asset backed securities | Loss severity | Discounted cash flow | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.55 | 0.54 | ||||||||||
Level 3 | Other asset backed securities | Discount rate | Discounted cash flow | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.03 | 0.01 | ||||||||||
Level 3 | Other asset backed securities | Discount rate | Discounted cash flow | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.16 | 0.16 | ||||||||||
Level 3 | Other asset backed securities | Discount rate | Discounted cash flow | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.10 | 0.09 | ||||||||||
Level 3 | Other asset backed securities | Cumulative loss rate | Discounted cash flow | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.07 | 0.01 | ||||||||||
Level 3 | Other asset backed securities | Cumulative loss rate | Discounted cash flow | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.20 | 0.28 | ||||||||||
Level 3 | Other asset backed securities | Cumulative loss rate | Discounted cash flow | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.14 | 0.11 | ||||||||||
Level 3 | Other asset backed securities | Expected term | Discounted cash flow | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input, term | 8 months 12 days | 2 months 12 days | ||||||||||
Level 3 | Other asset backed securities | Expected term | Discounted cash flow | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input, term | 1 year 4 months 24 days | 2 years 1 month 6 days | ||||||||||
Level 3 | Other asset backed securities | Expected term | Discounted cash flow | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input, term | 1 year 1 month 6 days | 1 year 3 months 18 days | ||||||||||
Level 3 | Loans and finance eceivables | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | $ 135,239 | $ 134,636 | ||||||||||
Level 3 | Loans and finance eceivables | Market approach and scenario analysis | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 134,015 | 76,049 | ||||||||||
Level 3 | Loans and finance eceivables | Offered price | Market approach | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 31 | 31 | ||||||||||
Level 3 | Loans and finance eceivables | Offered price | Market approach | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 101 | 100 | ||||||||||
Level 3 | Loans and finance eceivables | Offered price | Market approach | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / Bond | 54 | 84 | ||||||||||
Level 3 | Loans and finance eceivables | Estimated recovery percentage | Scenario analysis | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.09 | 0.19 | ||||||||||
Level 3 | Loans and finance eceivables | Estimated recovery percentage | Scenario analysis | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 1 | 1 | ||||||||||
Level 3 | Loans and finance eceivables | Estimated recovery percentage | Scenario analysis | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.76 | 0.52 | ||||||||||
Level 3 | Equity options | Price volatility | Volatility benchmarking | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative asset, measurement input | 0.46 | 0.47 | ||||||||||
Level 3 | Equity options | Price volatility | Volatility benchmarking | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative liability, measurement input | 0.26 | 0.33 | ||||||||||
Level 3 | Equity options | Price volatility | Volatility benchmarking | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative liability, measurement input | 0.77 | 0.50 | ||||||||||
Level 3 | Equity options | Price volatility | Volatility benchmarking | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative liability, measurement input | 0.40 | 0.42 | ||||||||||
Level 3 | Interest rate swaps | Basis points upfront | Market approach | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative asset, measurement input | 0.1 | 1.2 | ||||||||||
Derivative liability, measurement input | 0.1 | 1.2 | ||||||||||
Level 3 | Interest rate swaps | Basis points upfront | Market approach | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative asset, measurement input | 8.7 | 8 | ||||||||||
Derivative liability, measurement input | 8.7 | 8 | ||||||||||
Level 3 | Interest rate swaps | Basis points upfront | Market approach | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative asset, measurement input | 3.3 | 4.8 | ||||||||||
Derivative liability, measurement input | 3.1 | 5.4 | ||||||||||
Level 3 | Total return swap | Offered price | Market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Derivative asset, measurement input | $ / Bond | 100 | |||||||||||
Derivative liability, measurement input | $ / Bond | 100 | |||||||||||
Level 3 | Private equity securities | Market approach and scenario analysis | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 128,152 | 96,906 | ||||||||||
Level 3 | Private equity securities | Offered price | Market approach | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / shares | 1 | 1 | ||||||||||
Level 3 | Private equity securities | Offered price | Market approach | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / shares | 152 | 169 | ||||||||||
Level 3 | Private equity securities | Offered price | Market approach | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | $ / shares | 32 | 29 | ||||||||||
Level 3 | Private equity securities | Discount rate | Scenario analysis | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.13 | 0.19 | ||||||||||
Level 3 | Private equity securities | Discount rate | Scenario analysis | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.21 | 0.21 | ||||||||||
Level 3 | Private equity securities | Discount rate | Scenario analysis | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.17 | 0.20 | ||||||||||
Level 3 | Private equity securities | Estimated recovery percentage | Scenario analysis | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.07 | 0.17 | ||||||||||
Level 3 | Private equity securities | EBITDA multiple | Market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 16.9 | |||||||||||
Level 3 | Private equity securities | Revenue multiple | Market approach | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 4.9 | |||||||||||
Level 3 | Private equity securities | Revenue multiple | Market approach | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 5.1 | |||||||||||
Level 3 | Private equity securities | Revenue multiple | Market approach | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 5 | |||||||||||
Level 3 | Private equity securities | Revenue growth | Scenario analysis | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0 | 0 | ||||||||||
Level 3 | Investment in senior secured term loan | Discounted cash flow | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | $ 50,455 | $ 59,455 | ||||||||||
Level 3 | Investment in senior secured term loan | Expected term | Discounted cash flow | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input, term | 0 months | 0 months | ||||||||||
Level 3 | Investment in senior secured term loan | Expected term | Discounted cash flow | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input, term | 2 years 2 months 12 days | 1 year 2 months 12 days | ||||||||||
Level 3 | Investment in senior secured term loan | Expected term | Discounted cash flow | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input, term | 2 years 2 months 12 days | 1 year 2 months 12 days | ||||||||||
Level 3 | Non-exchange traded warrants | Market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Loans to and investments in associated companies | $ 30,842 | $ 40,185 | ||||||||||
Level 3 | Non-exchange traded warrants | Price volatility | Market approach | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Investments in and advances to affiliates, measurement input | 0.25 | 0.25 | ||||||||||
Level 3 | Non-exchange traded warrants | Price volatility | Market approach | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Investments in and advances to affiliates, measurement input | 0.59 | 0.55 | ||||||||||
Level 3 | Non-exchange traded warrants | Price volatility | Market approach | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Investments in and advances to affiliates, measurement input | 0.31 | 0.30 | ||||||||||
Level 3 | Non-exchange traded warrants | Share price | Market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Investments in and advances to affiliates, measurement input | $ / shares | 662 | |||||||||||
Level 3 | Non-exchange traded warrants | Share price | Market approach | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Investments in and advances to affiliates, measurement input | 15 | 778 | 15 | |||||||||
Level 3 | Non-exchange traded warrants | Share price | Market approach | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Investments in and advances to affiliates, measurement input | 18 | 805 | 19 | |||||||||
Level 3 | Non-exchange traded warrants | Share price | Market approach | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Investments in and advances to affiliates, measurement input | 16 | 792 | 16 | |||||||||
Level 3 | Equity securities | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 87,647 | 75,904 | ||||||||||
Total financial instruments sold, not yet purchased, at fair value | 4,635 | 4,434 | ||||||||||
Level 3 | Equity securities | Market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments sold, not yet purchased, at fair value | 4,635 | 4,434 | ||||||||||
Level 3 | Equity securities | Offered price | Market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading liabilities, measurement input | $ / shares | 1 | 1 | ||||||||||
Level 3 | Loans | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments sold, not yet purchased, at fair value | 15,770 | 16,635 | ||||||||||
Level 3 | Loans | Market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments sold, not yet purchased, at fair value | 16,635 | |||||||||||
Level 3 | Loans | Market approach and scenario analysis | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments sold, not yet purchased, at fair value | 15,770 | |||||||||||
Level 3 | Loans | Offered price | Market approach | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Debt instrument, measurement input | $ / Bond | 31 | 31 | ||||||||||
Level 3 | Loans | Offered price | Market approach | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Debt instrument, measurement input | $ / Bond | 100 | 99 | ||||||||||
Level 3 | Loans | Offered price | Market approach | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Debt instrument, measurement input | $ / Bond | 43 | 55 | ||||||||||
Level 3 | Loans | Estimated recovery percentage | Scenario analysis | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Debt instrument, measurement input | 0.50 | |||||||||||
Level 3 | Other secured financings | Estimated recovery percentage | Scenario analysis | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Collateralized financings, measurement input | 0.13 | 0.19 | ||||||||||
Level 3 | Other secured financings | Estimated recovery percentage | Scenario analysis | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Collateralized financings, measurement input | 0.98 | 0.55 | ||||||||||
Level 3 | Other secured financings | Estimated recovery percentage | Scenario analysis | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Collateralized financings, measurement input | 0.92 | 0.45 | ||||||||||
Level 3 | Long-term debt | Market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Long-term debt, fair value | 881,732 | 676,028 | ||||||||||
Level 3 | Long-term debt | Offered price | Market approach | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Long-term debt, measurement input | $ / Bond | 100 | |||||||||||
Level 3 | Long-term debt | Offered price | Market approach | Minimum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Long-term debt, measurement input | 76 | 81 | 76 | |||||||||
Level 3 | Long-term debt | Offered price | Market approach | Maximum | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Long-term debt, measurement input | 115 | 113 | 113 | |||||||||
Level 3 | Long-term debt | Offered price | Market approach | Weighted Average | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Long-term debt, measurement input | 94 | 103 | 99 | |||||||||
Level 3 | Commercial mortgage-backed securities | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | 2,333 | 2,003 | ||||||||||
Total financial instruments sold, not yet purchased, at fair value | 210 | $ 35 | ||||||||||
Level 3 | Commercial mortgage-backed securities | Scenario analysis | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Total financial instruments owned, at fair value, excluding investments at fair value based on NAV | $ 2,333 | |||||||||||
Level 3 | Commercial mortgage-backed securities | Estimated recovery percentage | Scenario analysis | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||
Trading assets, measurement input | 0.81 |
Fair Value Disclosures - Summar
Fair Value Disclosures - 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 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Financial instruments owned, at fair value: | $ 11,682 | $ (25,623) | $ (2,072) |
Loans | 1,077 | 0 | 656 |
Loan commitments | 0 | 464 | (1,089) |
Changes in instrument specific credit risk | 1,861 | 397 | (427) |
Short-term borrowings | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Changes in instrument specific credit risk | 0 | 0 | 114 |
Other changes in fair value | 0 | (48) | (863) |
Other secured financings | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Other changes in fair value | 650 | 2,475 | 0 |
Long-term debt | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Changes in instrument specific credit risk | (113,027) | 70,201 | (20,332) |
Other changes in fair value | $ 108,739 | $ (84,116) | $ (25,144) |
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 | Nov. 30, 2021 | Nov. 30, 2020 |
Fair Value Disclosures [Abstract] | ||
Loans and other receivables | $ 5,600,648 | $ 1,662,647 |
Loans and other receivables on nonaccrual status and/or 90 days or greater past due | 64,203 | 287,889 |
Long-term debt and short-term borrowings | (38,391) | (42,819) |
Other secured financings | 3,432 | 2,782 |
Loans and other receivables 90 days or greater past due | $ 19,700 | $ 30,000 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value Option Election Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Nov. 30, 2019 | Nov. 30, 2021 | Nov. 30, 2020 | Oct. 10, 2019 | Sep. 16, 2019 | Nov. 30, 2018 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Loans and other receivables on nonaccrual status and/or 90 days or greater past due | $ 56.9 | $ 69.7 | ||||
Loans and other receivables 90 days or greater past due | $ 23.5 | $ 3.8 | ||||
Spectrum Brands | ||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||
Shares owned, number (in shares) | 7,514,477 | |||||
Ownership percentage | 15% | 15% | ||||
Changes in fair value of investments reflected as principal transactions | $ 80 | |||||
Dividends payable | $ 451.1 |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | $ 1,015,107 | $ 604,321 |
US Treasury securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | $ 0 | $ 34,200 |
Derivative Financial Instrume_3
Derivative Financial Instruments Derivative Financial Instruments - Fair Value And Related Number Of Derivative Contracts (Details) $ in Thousands | Nov. 30, 2021 USD ($) contract | Nov. 30, 2020 USD ($) contract |
Derivatives, Fair Value [Line Items] | ||
Net amounts in consolidated statements of financial condition, assets | $ 570,472 | $ 481,007 |
Net amounts in consolidated statements of financial condition, liabilities | 1,412,176 | 641,143 |
Derivatives designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | 66,188 | 67,381 |
Fair value, liabilities | 32,200 | 10,197 |
Derivatives not designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | 3,810,040 | 1,969,762 |
Fair value, liabilities | 5,082,176 | 2,429,605 |
Cleared OTC | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | 493,261 | 109,456 |
Fair value, liabilities | 508,333 | 147,713 |
Amounts offset in consolidated statement of financial condition, assets | (483,339) | (109,228) |
Amounts offset in consolidated statement of financial condition, liabilities | (508,333) | (111,654) |
Cleared OTC | Interest rate contracts: | Derivatives designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 35,726 | $ 67,381 |
Number of contracts, assets | contract | 2 | 1 |
Fair value, liabilities | $ 32,200 | $ 6,891 |
Number of contracts, liabilities | contract | 1 | 1 |
Cleared OTC | Interest rate contracts: | Derivatives not designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 373,355 | $ 17,379 |
Number of contracts, assets | contract | 4,505 | 3,785 |
Fair value, liabilities | $ 367,134 | $ 114,524 |
Number of contracts, liabilities | contract | 4,467 | 4,307 |
Cleared OTC | Credit contracts: | Derivatives not designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 84,180 | $ 24,696 |
Number of contracts, assets | contract | 132 | 39 |
Fair value, liabilities | $ 108,999 | $ 26,298 |
Number of contracts, liabilities | contract | 128 | 31 |
Bilateral OTC | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 2,174,651 | $ 1,366,877 |
Fair value, liabilities | 3,569,045 | 1,726,699 |
Amounts offset in consolidated statement of financial condition, assets | (1,814,326) | (899,919) |
Amounts offset in consolidated statement of financial condition, liabilities | (2,185,776) | (1,140,016) |
Bilateral OTC | Interest rate contracts: | Derivatives not designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 322,353 | $ 626,210 |
Number of contracts, assets | contract | 1,037 | 1,493 |
Fair value, liabilities | $ 283,481 | $ 317,534 |
Number of contracts, liabilities | contract | 967 | 466 |
Bilateral OTC | Foreign exchange contracts | Derivatives designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 30,462 | $ 0 |
Number of contracts, assets | contract | 4 | 0 |
Fair value, liabilities | $ 0 | $ 3,306 |
Number of contracts, liabilities | contract | 0 | 11 |
Bilateral OTC | Foreign exchange contracts | Derivatives not designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 1,428,712 | $ 297,165 |
Number of contracts, assets | contract | 17,792 | 15,005 |
Fair value, liabilities | $ 1,437,116 | $ 277,706 |
Number of contracts, liabilities | contract | 17,576 | 15,050 |
Bilateral OTC | Equity contracts | Derivatives not designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 377,132 | $ 429,304 |
Number of contracts, assets | contract | 2,888 | 2,374 |
Fair value, liabilities | $ 1,824,418 | $ 1,125,944 |
Number of contracts, liabilities | contract | 2,682 | 2,421 |
Bilateral OTC | Commodity contracts | Derivatives not designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 2,703 | $ 13,190 |
Number of contracts, assets | contract | 616 | 1,556 |
Fair value, liabilities | $ 9,862 | $ 0 |
Number of contracts, liabilities | contract | 825 | 0 |
Bilateral OTC | Credit contracts: | Derivatives not designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 13,289 | $ 1,008 |
Number of contracts, assets | contract | 14 | 11 |
Fair value, liabilities | $ 14,168 | $ 2,209 |
Number of contracts, liabilities | contract | 17 | 11 |
Exchange-traded | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 1,208,316 | $ 560,810 |
Fair value, liabilities | 1,036,998 | 565,390 |
Amounts offset in consolidated statement of financial condition, assets | (1,008,091) | (546,989) |
Amounts offset in consolidated statement of financial condition, liabilities | (1,008,091) | (546,989) |
Exchange-traded | Interest rate contracts: | Derivatives not designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 1,262 | $ 2,442 |
Number of contracts, assets | contract | 23,888 | 52,620 |
Fair value, liabilities | $ 756 | $ 439 |
Number of contracts, liabilities | contract | 39,195 | 42,611 |
Exchange-traded | Foreign exchange contracts | Derivatives not designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 0 | |
Number of contracts, assets | contract | 0 | |
Fair value, liabilities | $ 0 | |
Number of contracts, liabilities | contract | 180 | |
Exchange-traded | Equity contracts | Derivatives not designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 1,206,606 | $ 558,304 |
Number of contracts, assets | contract | 1,582,713 | 1,147,486 |
Fair value, liabilities | $ 1,036,019 | $ 564,951 |
Number of contracts, liabilities | contract | 1,450,624 | 971,938 |
Exchange-traded | Commodity contracts | Derivatives not designated as accounting hedges: | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, assets | $ 448 | $ 64 |
Number of contracts, assets | contract | 1,394 | 3,207 |
Fair value, liabilities | $ 223 | $ 0 |
Number of contracts, liabilities | contract | 1,457 | 2,654 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in interest expense of Jefferies Group | $ 16,662 | $ 4,856 | $ (2,546) |
Unrealized and realized gains (losses) on derivative contracts | (513,614) | 58,275 | (294,871) |
Net investment hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign exchange contracts | 19,008 | (3,306) | 0 |
Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized and realized gains (losses) on derivative contracts | (48,510) | (52,331) | (188,605) |
Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized and realized gains (losses) on derivative contracts | (10,152) | 2,266 | (822) |
Foreign exchange contracts | Net investment hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign exchange contracts | 19,008 | (3,306) | 0 |
Equity contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized and realized gains (losses) on derivative contracts | (427,593) | 47,631 | (108,961) |
Commodity contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized and realized gains (losses) on derivative contracts | (28,012) | 45,491 | (5,630) |
Credit contracts: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized and realized gains (losses) on derivative contracts | 653 | 15,218 | 9,147 |
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in interest expense of Jefferies Group | (41,845) | 41,524 | 56,385 |
Long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in interest expense of Jefferies Group | $ 58,507 | $ (36,668) | $ (58,931) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Details) $ in Thousands | Nov. 30, 2021 USD ($) |
OTC Derivative Assets | |
0-12 Months | $ 397,160 |
1-5 Years | 120,404 |
Greater Than 5 Years | 115,016 |
Cross-maturity netting | (34,513) |
Total | 598,067 |
Cross-product counterparty netting | (61,679) |
Total OTC derivative assets included in Financial instruments owned, at fair value | 536,388 |
OTC Derivative Liabilities | |
0-12 Months | 375,698 |
1-5 Years | 1,486,034 |
Greater Than 5 Years | 187,959 |
Cross-maturity netting | (34,513) |
Total | 2,015,178 |
Cross-product counterparty netting | 61,679 |
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value | 1,953,499 |
Exchange traded derivative assets and other credit agreements | 210,400 |
Cash collateral received | 176,300 |
Exchange traded derivative liabilities and other credit agreements | 31,500 |
Cash collateral pledged | 572,800 |
Commodity swaps, options and forwards | |
OTC Derivative Assets | |
0-12 Months | 2,703 |
1-5 Years | 0 |
Greater Than 5 Years | 0 |
Cross-maturity netting | 0 |
Total | 2,703 |
OTC Derivative Liabilities | |
0-12 Months | 9,862 |
1-5 Years | 0 |
Greater Than 5 Years | 0 |
Cross-maturity netting | 0 |
Total | 9,862 |
Equity options and forwards | |
OTC Derivative Assets | |
0-12 Months | 26,603 |
1-5 Years | 3,524 |
Greater Than 5 Years | 0 |
Cross-maturity netting | (8,181) |
Total | 21,946 |
OTC Derivative Liabilities | |
0-12 Months | 15,539 |
1-5 Years | 642,337 |
Greater Than 5 Years | 41,996 |
Cross-maturity netting | (8,181) |
Total | 691,691 |
Credit default swaps | |
OTC Derivative Assets | |
0-12 Months | 1 |
1-5 Years | 1,226 |
Greater Than 5 Years | 497 |
Cross-maturity netting | 0 |
Total | 1,724 |
OTC Derivative Liabilities | |
0-12 Months | 6 |
1-5 Years | 13,690 |
Greater Than 5 Years | 11,632 |
Cross-maturity netting | 0 |
Total | 25,328 |
Total return swap | |
OTC Derivative Assets | |
0-12 Months | 124,348 |
1-5 Years | 24,144 |
Greater Than 5 Years | 0 |
Cross-maturity netting | (1,211) |
Total | 147,281 |
OTC Derivative Liabilities | |
0-12 Months | 149,353 |
1-5 Years | 777,266 |
Greater Than 5 Years | 2,042 |
Cross-maturity netting | (1,211) |
Total | 927,450 |
Foreign currency forwards, swaps and options | |
OTC Derivative Assets | |
0-12 Months | 186,348 |
1-5 Years | 4,933 |
Greater Than 5 Years | 0 |
Cross-maturity netting | (1,959) |
Total | 189,322 |
OTC Derivative Liabilities | |
0-12 Months | 159,206 |
1-5 Years | 10,028 |
Greater Than 5 Years | 0 |
Cross-maturity netting | (1,959) |
Total | 167,275 |
Interest rate swaps, options and forwards | |
OTC Derivative Assets | |
0-12 Months | 25,630 |
1-5 Years | 86,577 |
Greater Than 5 Years | 114,519 |
Cross-maturity netting | (23,162) |
Total | 203,564 |
OTC Derivative Liabilities | |
0-12 Months | 11,364 |
1-5 Years | 42,713 |
Greater Than 5 Years | 132,289 |
Cross-maturity netting | (23,162) |
Total | 163,204 |
Fixed income forwards | |
OTC Derivative Assets | |
0-12 Months | 31,527 |
1-5 Years | 0 |
Greater Than 5 Years | 0 |
Cross-maturity netting | 0 |
Total | 31,527 |
OTC Derivative Liabilities | |
0-12 Months | 30,368 |
1-5 Years | 0 |
Greater Than 5 Years | 0 |
Cross-maturity netting | 0 |
Total | $ 30,368 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Details) $ in Thousands | Nov. 30, 2021 USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
A- or higher | $ 175,204 |
BBB- to BBB+ | 71,870 |
BB+ or lower | 140,008 |
Unrated | 149,306 |
Total OTC derivative assets included in Financial instruments owned, at fair value | $ 536,388 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Credit Related Derivative Contracts (Details) - USD ($) $ in Millions | Nov. 30, 2021 | Nov. 30, 2020 |
Index credit default swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 3,910.8 | $ 324.8 |
Single name credit default swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | 17.8 | 6.4 |
Investment Grade | Index credit default swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | 2,612 | 62 |
Investment Grade | Single name credit default swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | 0 | 0 |
Non-investment Grade | Index credit default swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | 1,298.8 | 262.8 |
Non-investment Grade | Single name credit default swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | 17.6 | 6.2 |
Unrated | Index credit default swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | 0 | 0 |
Unrated | Single name credit default swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 0.2 | $ 0.2 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Contingent Features (Details) - USD ($) $ in Millions | Nov. 30, 2021 | Nov. 30, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative instrument liabilities with credit-risk-related contingent features | $ 821.5 | $ 284.6 |
Collateral posted | (160.5) | (129.8) |
Collateral received | 369.3 | 141.4 |
Return of and additional collateral required in the event of a credit rating downgrade below investment grade | $ 1,030.4 | $ 296.2 |
Collateralized Transactions - C
Collateralized Transactions - Collateral Pledged (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending Arrangements | $ 1,525,721 | $ 1,810,748 |
Repurchase Agreements | 16,019,400 | 15,159,273 |
Obligation to return securities received as collateral, at fair value | 7,289 | 7,517 |
Total | 17,552,410 | 16,977,538 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending Arrangements | 1,160,916 | 1,371,978 |
Repurchase Agreements | 150,602 | 157,912 |
Obligation to return securities received as collateral, at fair value | 7,289 | 7,517 |
Total | 1,318,807 | 1,537,407 |
Corporate debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending Arrangements | 321,356 | 369,218 |
Repurchase Agreements | 2,684,458 | 1,869,844 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 3,005,814 | 2,239,062 |
Mortgage-backed and asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending Arrangements | 0 | 0 |
Repurchase Agreements | 1,209,442 | 1,547,140 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 1,209,442 | 1,547,140 |
US Treasury and Government | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending Arrangements | 6,348 | 14,789 |
Repurchase Agreements | 8,426,536 | 7,149,992 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 8,432,884 | 7,164,781 |
Municipal securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending Arrangements | 0 | 0 |
Repurchase Agreements | 413,073 | 278,470 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 413,073 | 278,470 |
Sovereign securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending Arrangements | 37,101 | 54,763 |
Repurchase Agreements | 2,422,901 | 2,763,032 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 2,460,002 | 2,817,795 |
Loans and other receivables | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Lending Arrangements | 0 | 0 |
Repurchase Agreements | 712,388 | 1,392,883 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | $ 712,388 | $ 1,392,883 |
Collateralized Transactions -_2
Collateralized Transactions - Contractual Maturity (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | $ 1,525,721 | $ 1,810,748 |
Repurchase agreements | 16,019,400 | 15,159,273 |
Obligation to Return Securities Received as Collateral, at Fair Value | 7,289 | 7,517 |
Total | 17,552,410 | 16,977,538 |
Overnight and Continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 595,628 | 636,256 |
Repurchase agreements | 6,551,934 | 5,510,476 |
Obligation to Return Securities Received as Collateral, at Fair Value | 7,289 | 7,517 |
Total | 7,154,851 | 6,154,249 |
Up to 30 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 1,318 | 59,735 |
Repurchase agreements | 1,798,716 | 1,747,526 |
Obligation to Return Securities Received as Collateral, at Fair Value | 0 | 0 |
Total | 1,800,034 | 1,807,261 |
31 to 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 539,623 | 459,455 |
Repurchase agreements | 4,361,993 | 5,019,885 |
Obligation to Return Securities Received as Collateral, at Fair Value | 0 | 0 |
Total | 4,901,616 | 5,479,340 |
Greater than 90 Days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 389,152 | 655,302 |
Repurchase agreements | 3,306,757 | 2,881,386 |
Obligation to Return Securities Received as Collateral, at Fair Value | 0 | 0 |
Total | $ 3,695,909 | $ 3,536,688 |
Collateralized Transactions - N
Collateralized Transactions - Narrative (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of securities received as collateral that may be sold or repledged | $ 31,970,000 | $ 25,850,000 |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | $ 1,015,107 | $ 604,321 |
Collateralized Transactions Col
Collateralized Transactions Collateralized Transactions - Offsetting of Securities Financing Agreements (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Securities borrowing arrangements, Assets | ||
Gross Amounts | $ 6,409,420 | $ 6,934,762 |
Netting in Consolidated Statements of Financial Condition | 0 | 0 |
Net Amounts in Consolidated Statements of Financial Condition | 6,409,420 | 6,934,762 |
Additional amounts available for setoff | (271,475) | (395,342) |
Available collateral | (1,528,206) | (1,706,046) |
Net amount | 4,609,739 | 4,833,374 |
Reverse repurchase agreements, Assets | ||
Gross Amounts | 15,215,785 | 11,939,773 |
Netting in Consolidated Statements of Financial Condition | (7,573,301) | (6,843,004) |
Net Amounts in Consolidated Statements of Financial Condition | 7,642,484 | 5,096,769 |
Additional amounts available for setoff | (540,312) | (412,327) |
Available collateral | (7,048,823) | (4,578,560) |
Net amount | 53,349 | 105,882 |
Securities lending arrangements, Liabilities | ||
Gross Amounts | 1,525,721 | 1,810,748 |
Netting in Consolidated Statements of Financial Condition | 0 | 0 |
Net Amounts in Consolidated Statements of Financial Condition | 1,525,721 | 1,810,748 |
Additional amounts available for setoff | (271,475) | (395,342) |
Available collateral | (1,213,563) | (1,397,550) |
Net amount | 40,683 | 17,856 |
Repurchase agreements, Liabilities | ||
Gross Amounts | 16,019,400 | 15,159,273 |
Netting in Consolidated Statements of Financial Condition | (7,573,301) | (6,843,004) |
Net Amounts in Consolidated Statements of Financial Condition | 8,446,099 | 8,316,269 |
Additional amounts available for setoff | (540,312) | (412,327) |
Available collateral | (7,336,585) | (7,122,422) |
Net amount | 569,202 | 781,520 |
Securities borrowing agreement, subject to review | 4,510,000 | 4,760,000 |
Securities borrowing agreement, collateral received, subject to review | 4,350,000 | 4,620,000 |
Repurchase agreement, net amount, subject to review | 765,000 | 720,000 |
Repurchase agreements, collateral pledged, subject to review | 781,800 | 733,900 |
Obligation to return securities received as collateral, at fair value | ||
Securities lending arrangements, Liabilities | ||
Gross Amounts | 7,289 | 7,517 |
Netting in Consolidated Statements of Financial Condition | 0 | 0 |
Net Amounts in Consolidated Statements of Financial Condition | 7,289 | 7,517 |
Additional amounts available for setoff | 0 | 0 |
Available collateral | (7,289) | 0 |
Net amount | 0 | 7,517 |
Securities received as collateral, at fair value | ||
Securities borrowing arrangements, Assets | ||
Gross Amounts | 7,289 | 7,517 |
Netting in Consolidated Statements of Financial Condition | 0 | 0 |
Net Amounts in Consolidated Statements of Financial Condition | 7,289 | 7,517 |
Additional amounts available for setoff | 0 | 0 |
Available collateral | (7,289) | 0 |
Net amount | $ 0 | $ 7,517 |
Securitization Activities - Act
Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Transfers and Servicing [Abstract] | |||
Transferred assets | $ 10,487.3 | $ 6,556.2 | $ 4,780.9 |
Proceeds on new securitizations | 10,488.6 | 6,556.2 | 4,852.8 |
Cash flows received on retained interests | $ 21.8 | $ 26.8 | $ 48.3 |
Securitization Activities - Sum
Securitization Activities - Summary of Retained Interests in SPEs (Details) - USD ($) $ in Millions | Nov. 30, 2021 | Nov. 30, 2020 |
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 | $ 330.2 | $ 562.5 |
Retained Interests | 4.9 | 7.8 |
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 | 2,201.8 | 2,461.2 |
Retained Interests | 69.2 | 205.2 |
CLOs | ||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
CLOs | 3,382.3 | 3,345.5 |
Retained Interests | 31 | 39.5 |
Consumer and other loans | ||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ||
Consumer and other loans | 2,271.4 | 1,290.6 |
Retained Interests | $ 136.4 | $ 56.6 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Consolidated VIEs (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |||
Variable Interest Entity [Line Items] | ||||||
Assets | $ 60,404,110 | [1] | $ 53,118,352 | [1] | $ 49,460,234 | |
Liabilities | [1] | 49,674,070 | 43,530,151 | |||
Variable interest entity, primary beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 1,050,000 | 566,100 | ||||
Liabilities | 4,640,000 | 3,290,000 | ||||
Variable interest entity, primary beneficiary | Secured Funding Vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 4,615,400 | 3,465,900 | ||||
Liabilities | 4,568,200 | 3,426,800 | ||||
Variable interest entity, primary beneficiary | Other | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 187,000 | 19,400 | ||||
Liabilities | 184,400 | 2,900 | ||||
Variable interest entity, primary beneficiary | Cash | ||||||
Variable Interest Entity [Line Items] | ||||||
VIE assets, eliminated in consolidation | 700 | |||||
Variable interest entity, primary beneficiary | Cash | Secured Funding Vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 3,800 | 0 | ||||
Variable interest entity, primary beneficiary | Cash | Other | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 0 | 1,200 | ||||
Variable interest entity, primary beneficiary | Financial instruments owned, at fair value | Secured Funding Vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 173,100 | 0 | ||||
Variable interest entity, primary beneficiary | Financial instruments owned, at fair value | Other | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 146,400 | 5,200 | ||||
Variable interest entity, primary beneficiary | Securities purchased under agreement | Secured Funding Vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 3,697,100 | 2,908,900 | ||||
Variable interest entity, primary beneficiary | Securities purchased under agreement | Other | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 0 | 0 | ||||
Variable interest entity, primary beneficiary | Receivables | ||||||
Variable Interest Entity [Line Items] | ||||||
VIE assets, eliminated in consolidation | 1,200 | |||||
Variable interest entity, primary beneficiary | Receivables | Secured Funding Vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 626,800 | 510,600 | ||||
Variable interest entity, primary beneficiary | Receivables | Other | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 40,600 | 12,900 | ||||
Variable interest entity, primary beneficiary | Other, assets | ||||||
Variable Interest Entity [Line Items] | ||||||
VIE assets, eliminated in consolidation | 56,500 | 9,700 | ||||
Variable interest entity, primary beneficiary | Other, assets | Secured Funding Vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 114,600 | 46,400 | ||||
Variable interest entity, primary beneficiary | Other, assets | Other | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 0 | 100 | ||||
Variable interest entity, primary beneficiary | Financial instruments sold, not yet purchased, at fair value | Secured Funding Vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Liabilities | 0 | 0 | ||||
Variable interest entity, primary beneficiary | Financial instruments sold, not yet purchased, at fair value | Other | ||||||
Variable Interest Entity [Line Items] | ||||||
Liabilities | 109,100 | 2,500 | ||||
Variable interest entity, primary beneficiary | Other secured financings | ||||||
Variable Interest Entity [Line Items] | ||||||
VIE liabilities, eliminated in consolidation | 36,700 | 138,200 | ||||
Variable interest entity, primary beneficiary | Other secured financings | Secured Funding Vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Liabilities | 4,521,600 | 3,425,000 | ||||
Variable interest entity, primary beneficiary | Other secured financings | Other | ||||||
Variable Interest Entity [Line Items] | ||||||
Liabilities | 0 | 0 | ||||
Variable interest entity, primary beneficiary | Other, liabilities | ||||||
Variable Interest Entity [Line Items] | ||||||
VIE liabilities, eliminated in consolidation | 75,300 | 300 | ||||
Variable interest entity, primary beneficiary | Other, liabilities | Secured Funding Vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Liabilities | 46,600 | 1,800 | ||||
Variable interest entity, primary beneficiary | Other, liabilities | Other | ||||||
Variable Interest Entity [Line Items] | ||||||
Liabilities | $ 75,300 | $ 400 | ||||
[1]Total assets include assets related to variable interest entities of $1.05 billion and $566.1 million at November 30, 2021 and 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.64 billion and $3.29 billion at November 30, 2021 and 2020, respectively. See Note 8 for additional information related to variable interest entities. |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) $ in Thousands | 12 Months Ended | |||||
Nov. 30, 2021 USD ($) contract warehouse | Nov. 30, 2020 USD ($) | Nov. 30, 2019 USD ($) | Nov. 30, 2018 USD ($) | |||
Variable Interest Entity [Line Items] | ||||||
Assets | $ 60,404,110 | [1] | $ 53,118,352 | [1] | $ 49,460,234 | |
Investment in associated company | 1,745,790 | 1,686,563 | $ 1,652,957 | $ 2,417,332 | ||
Other investment vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Carrying amount of equity investment | 1,110,000 | 899,900 | ||||
Unfunded equity commitments related to investments | 90,000 | 143,000 | ||||
JCP Entities | Related party private equity vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Equity commitments | 133,000 | 133,000 | ||||
Funded equity commitments | 122,300 | 122,000 | ||||
Carrying amount of equity investment | $ 27,100 | 19,000 | ||||
Foursight Capital | Foursight Capital Credit Facilities | ||||||
Variable Interest Entity [Line Items] | ||||||
Number of warehouse credit commitment | warehouse | 2 | |||||
Line of credit | Foursight Capital | Foursight Capital Credit Facilities | ||||||
Variable Interest Entity [Line Items] | ||||||
Number of warehouse credit commitment | contract | 2 | |||||
Variable interest entity, primary beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Automobile loan receivables securitized | $ 531,100 | |||||
Assets | 1,050,000 | 566,100 | ||||
Variable interest entity, not primary beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 2,002,700 | 1,231,200 | ||||
VIE Assets | 28,932,400 | 25,100,300 | ||||
Variable interest entity, not primary beneficiary | Investment in FXCM | ||||||
Variable Interest Entity [Line Items] | ||||||
Fair value of senior secured term loan receivable | 50,500 | |||||
Investment in associated company | 49,000 | |||||
VIE Assets | 387,900 | |||||
Variable interest entity, not primary beneficiary | Related party private equity vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 27,100 | 19,000 | ||||
VIE Assets | 78,900 | 53,000 | ||||
Variable interest entity, not primary beneficiary | Other investment vehicles | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 1,111,500 | 899,900 | ||||
VIE Assets | 15,101,400 | 15,735,500 | ||||
Variable interest entity, not primary beneficiary | Agency mortgage-backed securities | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 1,310,000 | 1,570,000 | ||||
Variable interest entity, not primary beneficiary | Non-agency mortgage- and other asset-backed securities | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | $ 253,900 | $ 252,000 | ||||
[1]Total assets include assets related to variable interest entities of $1.05 billion and $566.1 million at November 30, 2021 and 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.64 billion and $3.29 billion at November 30, 2021 and 2020, respectively. See Note 8 for additional information related to variable interest entities. |
Variable Interest Entities - _2
Variable Interest Entities - Schedule of Nonconsolidated VIEs (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |||
Variable Interest Entity [Line Items] | ||||||
Assets | $ 60,404,110 | [1] | $ 53,118,352 | [1] | $ 49,460,234 | |
Liabilities | [1] | 49,674,070 | 43,530,151 | |||
Variable interest entity, not primary beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 2,002,700 | 1,231,200 | ||||
Liabilities | 2,000 | 200 | ||||
Maximum Exposure to Loss | 4,155,800 | 2,092,800 | ||||
VIE Assets | 28,932,400 | 25,100,300 | ||||
CLOs | Variable interest entity, not primary beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 582,200 | 60,700 | ||||
Liabilities | 2,000 | 200 | ||||
Maximum Exposure to Loss | 2,557,100 | 642,700 | ||||
VIE Assets | 10,277,500 | 6,849,100 | ||||
Asset-backed vehicles | Variable interest entity, not primary beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 281,900 | 251,600 | ||||
Liabilities | 0 | 0 | ||||
Maximum Exposure to Loss | 359,300 | 377,200 | ||||
VIE Assets | 3,474,600 | 2,462,700 | ||||
Related party private equity vehicles | Variable interest entity, not primary beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 27,100 | 19,000 | ||||
Liabilities | 0 | 0 | ||||
Maximum Exposure to Loss | 37,800 | 30,000 | ||||
VIE Assets | 78,900 | 53,000 | ||||
Other investment vehicles | Variable interest entity, not primary beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Assets | 1,111,500 | 899,900 | ||||
Liabilities | 0 | 0 | ||||
Maximum Exposure to Loss | 1,201,600 | 1,042,900 | ||||
VIE Assets | $ 15,101,400 | $ 15,735,500 | ||||
[1]Total assets include assets related to variable interest entities of $1.05 billion and $566.1 million at November 30, 2021 and 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.64 billion and $3.29 billion at November 30, 2021 and 2020, respectively. See Note 8 for additional information related to variable interest entities. |
Loans to and Investments in A_3
Loans to and Investments in Associated Companies - Summary of Loans to and Investments in Associated Companies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Nov. 29, 2019 | May 31, 2020 | Nov. 30, 2019 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Equity Method Investment [Roll Forward] | ||||||
Loans to and investments in associated companies beginning balance | $ 1,686,563 | $ 1,652,957 | $ 2,417,332 | |||
Income (loss) related to associated companies | (94,419) | (75,483) | 202,995 | |||
Other income (losses) related to associated companies | 250,909 | 23,934 | 85,169 | |||
Contributions to (distributions from) associated companies, net | (96,244) | 77,545 | (311,957) | |||
Other, including foreign exchange and unrealized gains (losses) | (1,019) | 7,610 | (740,582) | |||
Loans to and investments in associated companies ending balance | $ 1,652,957 | 1,745,790 | 1,686,563 | 1,652,957 | ||
National Beef | Disposal group, disposed of by sale, not discontinued operations | ||||||
Equity Method Investment [Roll Forward] | ||||||
Percentage of equity interest sold | 31% | 31% | ||||
Jefferies Finance | ||||||
Equity Method Investment [Roll Forward] | ||||||
Loans to and investments in associated companies beginning balance | 693,201 | 673,867 | 728,560 | |||
Income (loss) related to associated companies | 0 | 0 | 0 | |||
Other income (losses) related to associated companies | 74,626 | (54,256) | (1,286) | |||
Contributions to (distributions from) associated companies, net | 8,335 | 73,590 | (53,407) | |||
Other, including foreign exchange and unrealized gains (losses) | 0 | 0 | 0 | |||
Loans to and investments in associated companies ending balance | $ 673,867 | 776,162 | 693,201 | 673,867 | ||
Berkadia | ||||||
Equity Method Investment [Roll Forward] | ||||||
Loans to and investments in associated companies beginning balance | 301,152 | 268,949 | 245,228 | |||
Income (loss) related to associated companies | 0 | 0 | 0 | |||
Other income (losses) related to associated companies | 130,641 | 68,902 | 88,174 | |||
Contributions to (distributions from) associated companies, net | (58,007) | (37,130) | (65,045) | |||
Other, including foreign exchange and unrealized gains (losses) | (369) | 431 | 592 | |||
Loans to and investments in associated companies ending balance | 268,949 | 373,417 | 301,152 | 268,949 | ||
National Beef | ||||||
Equity Method Investment [Roll Forward] | ||||||
Loans to and investments in associated companies beginning balance | 0 | 653,630 | ||||
Income (loss) related to associated companies | 232,042 | |||||
Other income (losses) related to associated companies | 0 | |||||
Contributions to (distributions from) associated companies, net | (300,248) | |||||
Other, including foreign exchange and unrealized gains (losses) | (585,424) | |||||
Loans to and investments in associated companies ending balance | 0 | 0 | ||||
FXCM | ||||||
Equity Method Investment [Roll Forward] | ||||||
Loans to and investments in associated companies beginning balance | 73,920 | 70,223 | 75,031 | |||
Income (loss) related to associated companies | (30,011) | 3,604 | (8,212) | |||
Other income (losses) related to associated companies | 0 | 0 | 0 | |||
Contributions to (distributions from) associated companies, net | 5,000 | 0 | 3,500 | |||
Other, including foreign exchange and unrealized gains (losses) | 77 | 93 | (96) | |||
Loans to and investments in associated companies ending balance | 70,223 | 48,986 | 73,920 | 70,223 | ||
Linkem | ||||||
Equity Method Investment [Roll Forward] | ||||||
Loans to and investments in associated companies beginning balance | 198,991 | 194,847 | 165,157 | |||
Income (loss) related to associated companies | (55,262) | (28,662) | (27,956) | |||
Other income (losses) related to associated companies | 0 | 0 | 0 | |||
Contributions to (distributions from) associated companies, net | (9,226) | 34,955 | 66,996 | |||
Other, including foreign exchange and unrealized gains (losses) | (725) | (2,149) | (9,350) | |||
Loans to and investments in associated companies ending balance | 194,847 | 133,778 | 198,991 | 194,847 | ||
HomeFed | ||||||
Equity Method Investment [Roll Forward] | ||||||
Loans to and investments in associated companies beginning balance | 0 | 337,542 | ||||
Income (loss) related to associated companies | 7,902 | |||||
Other income (losses) related to associated companies | 0 | |||||
Contributions to (distributions from) associated companies, net | 0 | |||||
Other, including foreign exchange and unrealized gains (losses) | (345,444) | |||||
Loans to and investments in associated companies ending balance | 0 | 0 | ||||
Real estate associated companies | ||||||
Equity Method Investment [Roll Forward] | ||||||
Loans to and investments in associated companies beginning balance | 168,678 | 255,309 | 87,074 | |||
Income (loss) related to associated companies | (6,177) | (46,050) | (353) | |||
Other income (losses) related to associated companies | 0 | 0 | 0 | |||
Contributions to (distributions from) associated companies, net | (39,781) | (40,581) | (29,685) | |||
Other, including foreign exchange and unrealized gains (losses) | 0 | 0 | 198,273 | |||
Loans to and investments in associated companies ending balance | 255,309 | 122,720 | 168,678 | 255,309 | ||
Golden Queen | ||||||
Equity Method Investment [Roll Forward] | ||||||
Loans to and investments in associated companies beginning balance | 80,756 | 78,196 | 63,956 | |||
Income (loss) related to associated companies | (7,054) | (50) | 6,740 | |||
Other income (losses) related to associated companies | 0 | 0 | 0 | |||
Contributions to (distributions from) associated companies, net | (167) | 2,610 | 7,500 | |||
Other, including foreign exchange and unrealized gains (losses) | 0 | 0 | 0 | |||
Loans to and investments in associated companies ending balance | 78,196 | 73,535 | 80,756 | 78,196 | ||
Loans to and investments in associated companies, related to noncontrolling interest | 15,700 | 13,500 | 15,200 | 15,700 | ||
Golden Queen | Loans and debt securities | ||||||
Equity Method Investment [Roll Forward] | ||||||
Loans to and investments in associated companies ending balance | 15,300 | |||||
Other | ||||||
Equity Method Investment [Roll Forward] | ||||||
Loans to and investments in associated companies beginning balance | 169,865 | 111,566 | 61,154 | |||
Income (loss) related to associated companies | 4,085 | (4,325) | (7,168) | |||
Other income (losses) related to associated companies | 45,642 | 9,288 | (1,719) | |||
Contributions to (distributions from) associated companies, net | (2,398) | 44,101 | 58,432 | |||
Other, including foreign exchange and unrealized gains (losses) | (2) | 9,235 | 867 | |||
Loans to and investments in associated companies ending balance | $ 111,566 | 217,192 | 169,865 | $ 111,566 | ||
Linkem and Golden Queen | Loans and debt securities | ||||||
Equity Method Investment [Roll Forward] | ||||||
Loans to and investments in associated companies beginning balance | $ 104,100 | |||||
Loans to and investments in associated companies ending balance | 104,100 | |||||
Brooklyn Renaissance Plaza Hotel | HomeFed | ||||||
Equity Method Investment [Roll Forward] | ||||||
Equity method investment impairment | $ 6,900 | 6,900 | ||||
RedSky JZ Fulton Mall | HomeFed | ||||||
Equity Method Investment [Roll Forward] | ||||||
Equity method investment impairment | $ 55,600 |
Loans to and Investments in A_4
Loans to and Investments in Associated Companies - Jefferies Finance (Details) | 12 Months Ended | |||
Nov. 30, 2021 USD ($) businessLine | Nov. 30, 2020 USD ($) | Nov. 30, 2019 USD ($) | Mar. 28, 2019 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Other assets | $ 2,352,247,000 | $ 2,189,257,000 | ||
Payables, expense accruals and other liabilities | 13,612,367,000 | 10,388,072,000 | ||
Interest expense | 77,084,000 | 84,870,000 | $ 87,177,000 | |
Jefferies Finance | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity commitment | $ 42,600,000 | |||
Investment commitment extension | 1 year | |||
Investment commitment termination notice period | 60 days | |||
Total line of credit facility commitment under joint venture | $ 500,000,000 | |||
Credit facility termination notice period | 60 days | |||
Funded portion of line of credit commitment | $ 0 | |||
Line of credit facility commitment of Jefferies | 250,000,000 | |||
Jefferies Finance | Mass Mutual | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity commitment | 750,000,000 | |||
Jefferies Group | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Interest expense | $ 854,554,000 | 945,056,000 | 1,465,680,000 | |
Jefferies Group | Promissory note | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Debt principal amount | $ 1,000,000,000 | |||
Interest expense | 3,800,000 | |||
Jefferies Finance | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Credit facility, extension period | 1 year | |||
Other assets | $ 26,200,000 | 24,200,000 | ||
Payables, expense accruals and other liabilities | $ 8,500,000 | 13,700,000 | ||
Jefferies Finance | Jefferies Finance | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50% | |||
Number of business lines | businessLine | 2 | |||
Jefferies Finance | Jefferies Group | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Interest income and unfunded commitment fees related to facility commitment | $ 2,700,000 | $ 3,500,000 | $ 1,300,000 |
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 | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Origination and syndication fee revenues | $ 410.5 | $ 198.1 | $ 176.3 |
Origination fee expenses | 66.8 | 27.3 | 27.6 |
CLO placement fee revenues | 5.7 | 1.7 | 6 |
Underwriting fees | 2.5 | 1.7 | 3.9 |
Service fees | $ 85.1 | $ 65.1 | $ 60.8 |
Loans to and Investments in A_6
Loans to and Investments in Associated Companies - Berkadia (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2009 | Nov. 30, 2021 | |
Berkadia | ||
Schedule of Equity Method Investments [Line Items] | ||
Surety policy issued | $ 1,500,000,000 | |
Reimbursement of losses incurred, maximum percentage | 50% | |
Commercial paper outstanding | $ 1,470,000,000 | |
Berkadia | ||
Schedule of Equity Method Investments [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% | |
Berkadia | Berkadia | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50% |
Loans to and Investments in A_7
Loans to and Investments in Associated Companies - National Beef (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Nov. 29, 2019 | Nov. 30, 2019 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||||
Distributions from associated companies | $ 115,381 | $ 64,493 | $ 467,157 | ||
Disposal group, disposed of by sale, not discontinued operations | National Beef | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of equity interest sold | 31% | 31% | |||
Proceeds from sale of associated companies, including distributions | $ 970,000 | ||||
Proceeds from sale of associated companies | 790,600 | ||||
Distributions from associated companies | $ 179,400 | ||||
Gain on sale of associated companies | $ 205,000 |
Loans to and Investments in A_8
Loans to and Investments in Associated Companies - FXCM (Details) - Investment in FXCM | 12 Months Ended |
Nov. 30, 2021 | |
Investments in and Advances to Affiliates [Line Items] | |
Equity method investment, ownership percentage | 50% |
Weighted average useful life | 11 years |
Loans to and Investments in A_9
Loans to and Investments in Associated Companies - Linkem (Details) - Linkem $ in Millions | Nov. 30, 2021 USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment, ownership percentage | 42% |
Redemption value of convertible preferred stock | $ 107.6 |
Percentage of ownership upon conversion of preferred shares | 56% |
Percentage of total voting securities | 48% |
Loans to and Investments in _10
Loans to and Investments in Associated Companies - HomeFed (Details) shares in Millions, $ in Millions | 12 Months Ended | ||
Jul. 01, 2019 shares | Nov. 30, 2019 USD ($) | Jun. 30, 2019 | |
HomeFed | |||
Schedule of Equity Method Investments [Line Items] | |||
Stock issued related to acquisition (in shares) | shares | 9.3 | ||
HomeFed | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 70% | 70% | |
Maximum voting rights as a percentage of total voting securities voting | 45% | ||
Business combination, step acquisition, equity interest in acquiree, remeasurement gain | $ | $ 72.1 | ||
Number of shares issued per common stock of acquiree | 2 |
Loans to and Investments in _11
Loans to and Investments in Associated Companies Loans to and Investments in Associated Companies - Real Estate Associated Companies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
May 31, 2020 | Nov. 30, 2021 | Nov. 30, 2020 | |
Brooklyn Renaissance Plaza Office | |||
Schedule of Equity Method Investments [Line Items] | |||
Weighted average useful life | 39 years | ||
54 Madison | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 48.10% | ||
HomeFed | Brooklyn Renaissance Plaza Hotel | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment impairment | $ 6.9 | $ 6.9 | |
HomeFed | Brooklyn Renaissance Plaza Hotel | Hotel | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 25.80% | ||
HomeFed | Brooklyn Renaissance Plaza Office | Office Building | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 61.25% |
Loans to and Investments in _12
Loans to and Investments in Associated Companies - Golden Queen Mining Company (Details) - USD ($) $ in Millions | 95 Months Ended | |
Nov. 30, 2021 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||
Cash invested in Limited Liability Company | $ 93 | |
Golden Queen Mining Co, Ltd | ||
Schedule of Equity Method Investments [Line Items] | ||
Prior ownership percentage | 100% | |
Ownership percentage | 50% | |
Golden Queen Mining Company, LLC [Member] | Golden Queen Mining Company, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50% | |
Golden Queen Mining Company, LLC [Member] | Gauss LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Total investment in associated company | $ 127.5 | |
Clay Family | ||
Schedule of Equity Method Investments [Line Items] | ||
Contributions from noncontrolling interests | $ 34.5 |
Loans to and Investments in _13
Loans to and Investments in Associated Companies - Schedule of Summarized Data for Investments in Associated Companies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | ||||
Schedule of Equity Method Investments [Line Items] | ||||||
Assets | $ 60,404,110 | [1] | $ 53,118,352 | [1] | $ 49,460,234 | |
Liabilities | [1] | 49,674,070 | 43,530,151 | |||
Noncontrolling interests | 25,885 | 34,632 | ||||
Revenues | 9,039,883 | 6,955,930 | 5,358,656 | |||
Net income | 1,677,376 | 768,410 | 962,563 | |||
Undistributed earnings of equity method investments | 218,300 | |||||
Equity method investment, nonconsolidated investee or group of investees | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Assets | 16,568,239 | 15,314,204 | ||||
Liabilities | 12,368,680 | 11,929,100 | ||||
Noncontrolling interests | 702,762 | 254,392 | ||||
Revenues | 3,529,405 | 2,930,308 | 10,589,489 | |||
Income from continuing operations before extraordinary items | 876,910 | 73,715 | 732,575 | |||
Net income | 890,861 | 68,846 | 749,649 | |||
The Company's income (loss) related to associated companies | $ 150,357 | $ (41,814) | $ 248,693 | |||
[1]Total assets include assets related to variable interest entities of $1.05 billion and $566.1 million at November 30, 2021 and 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.64 billion and $3.29 billion at November 30, 2021 and 2020, respectively. See Note 8 for additional information related to variable interest entities. |
Intangible Assets, Net and Go_3
Intangible Assets, Net and Goodwill - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangibles | $ 152,402 | $ 167,153 |
Goodwill | 1,745,098 | 1,746,314 |
Total intangible assets, net and goodwill | 1,897,500 | 1,913,467 |
Real estate | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 36,711 | 36,711 |
Other operations | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 3,459 | 3,459 |
Investment Banking and Capital Markets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 1,561,928 | 1,563,144 |
Asset Management | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 143,000 | 143,000 |
Customer and other relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangibles | 42,808 | 51,285 |
Intangibles, accumulated amortization | 128,012 | 119,694 |
Trademarks and tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangibles | 96,509 | 100,255 |
Intangibles, accumulated amortization | 32,244 | 28,585 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangibles | 5,353 | 7,729 |
Intangibles, accumulated amortization | 11,329 | 8,953 |
Exchange and clearing organization membership interests and registrations | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite lived intangibles | $ 7,732 | $ 7,884 |
Intangible Assets, Net and Go_4
Intangible Assets, Net and Goodwill - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense on intangible assets | $ 14.2 | $ 15.3 | $ 14.6 |
Intangible Assets, Net and Go_5
Intangible Assets, Net and Goodwill - Schedule of Estimated Aggregate Future Amortization Expense (Details) $ in Thousands | Nov. 30, 2021 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 11,134 |
2023 | 9,900 |
2024 | 9,143 |
2025 | 8,632 |
2026 | $ 8,606 |
Short-Term Borrowings - Schedul
Short-Term Borrowings - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 221,863 | $ 764,715 |
Floating rate puttable notes | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 6,800 | 6,800 |
Equity-linked notes | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 0 | 5,067 |
Jefferies Group Secured Bank Loan | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 215,063 | $ 752,848 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Short-term Debt [Line Items] | ||
Interest rate on short-term borrowings | 1.41% | 1.87% |
Short-term borrowings | $ 221,863,000 | $ 764,715,000 |
Intraday credit facility | Revolving credit facility | ||
Short-term Debt [Line Items] | ||
Committed amount | $ 150,000,000 | |
Interest rate | 0.12% | |
Intraday credit facility | Revolving credit facility | Base rate | ||
Short-term Debt [Line Items] | ||
Basis spread on variable rate | 3% | |
Intraday credit facility | Revolving credit facility | Federal funds rate | ||
Short-term Debt [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Line of credit | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 200,000,000 | $ 746,000,000 |
Line of credit | Revolving credit facility | Jefferies Group LLC | ||
Short-term Debt [Line Items] | ||
Committed amount | 200,000,000 | |
Line of credit | Revolving credit facility two | Revolving credit facility | Jefferies Group LLC | ||
Short-term Debt [Line Items] | ||
Committed amount | 200,000,000 | |
Line of credit | Intraday credit facility two | Revolving credit facility | Jefferies Group LLC | ||
Short-term Debt [Line Items] | ||
Committed amount | $ 150,000,000 | |
Interest rate | 1% | |
Line of credit | Overnight credit facility | Revolving credit facility | Jefferies Group LLC | ||
Short-term Debt [Line Items] | ||
Committed amount | $ 50,000,000 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Debt (Details) - USD ($) | 12 Months Ended | |||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | Oct. 08, 2021 | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 9,125,745,000 | $ 8,352,039,000 | ||
Gains (losses) recognized in interest expense of Jefferies Group | 16,662,000 | 4,856,000 | $ (2,546,000) | |
Structured notes matures in 2022 | 57,100,000 | |||
Structured notes matures in 2023 | 1,320,300,000 | |||
Structured notes matures in 2024 | 1,062,100,000 | |||
Structured notes matures in 2025 | 78,800,000 | |||
Structured notes matures in 2026 | 55,700,000 | |||
Parent company | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 687,008,000 | 992,711,000 | ||
Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 8,438,737,000 | $ 7,359,328,000 | ||
5.50% Senior Notes due October 18, 2023 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.50% | 5.50% | ||
Principal outstanding | $ 441,748,000 | $ 750,000,000 | $ 750,000,000 | |
5.50% Senior Notes due October 18, 2023 | Parent company | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 440,120,000 | $ 745,883,000 | ||
6.625% Senior Notes due October 23, 2043 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.625% | 6.625% | ||
Principal outstanding | $ 250,000,000 | $ 250,000,000 | ||
6.625% Senior Notes due October 23, 2043 | Parent company | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 246,888,000 | $ 246,828,000 | ||
2.25% Euro Medium Term Notes, due July 13, 2022 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.25% | 2.25% | ||
Principal outstanding | $ 0 | $ 4,779,000 | ||
2.25% Euro Medium Term Notes, due July 13, 2022 | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 0 | $ 4,638,000 | ||
5.125% Senior Notes, due January 20, 2023 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.125% | 5.125% | ||
Principal outstanding | $ 0 | $ 750,000,000 | ||
5.125% Senior Notes, due January 20, 2023 | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.125% | |||
5.125% Senior Notes, due January 20, 2023 | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 0 | $ 759,901,000 | ||
1.00% Euro Medium Term Notes, due July 19, 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1% | 1% | ||
Principal outstanding | $ 566,150,000 | $ 597,350,000 | ||
1.00% Euro Medium Term Notes, due July 19, 2024 | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 564,985,000 | $ 595,700,000 | ||
4.85% Senior Notes, due January 15, 2027 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.85% | 4.85% | ||
Principal outstanding | $ 750,000,000 | $ 750,000,000 | ||
4.85% Senior Notes, due January 15, 2027 | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 775,550,000 | $ 809,039,000 | ||
6.45% Senior Debentures, due June 8, 2027 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.45% | 6.45% | ||
Principal outstanding | $ 350,000,000 | $ 350,000,000 | ||
6.45% Senior Debentures, due June 8, 2027 | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 366,556,000 | $ 369,057,000 | ||
4.15% Senior Notes, due January 23, 2030 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.15% | 4.15% | ||
Principal outstanding | $ 1,000,000,000 | $ 1,000,000,000 | ||
4.15% Senior Notes, due January 23, 2030 | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 990,525,000 | $ 989,574,000 | ||
2.625% Senior Notes due October 15, 2031 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.625% | 2.625% | ||
Principal outstanding | $ 1,000,000,000 | $ 0 | ||
2.625% Senior Notes due October 15, 2031 | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 988,059,000 | $ 0 | ||
2.75% Senior Notes, due October 15, 2032 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.75% | 2.75% | ||
Principal outstanding | $ 500,000,000 | $ 500,000,000 | ||
2.75% Senior Notes, due October 15, 2032 | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 460,724,000 | $ 485,134,000 | ||
6.25% Senior Debentures, due January 15, 2036 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.25% | 6.25% | ||
Principal outstanding | $ 495,000,000 | $ 500,000,000 | ||
6.25% Senior Debentures, due January 15, 2036 | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 505,267,000 | $ 510,834,000 | ||
6.50% Senior Notes, due January 20, 2043 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.50% | 6.50% | ||
Principal outstanding | $ 391,000,000 | $ 400,000,000 | ||
6.50% Senior Notes, due January 20, 2043 | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 409,926,000 | 419,826,000 | ||
Floating Rate Senior Notes, due October 29, 2071 | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 61,703,000 | 0 | ||
Jefferies Group Unsecured Revolving Credit Facility | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 348,951,000 | 0 | ||
Structured notes | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 1,840,000,000 | |||
Structured notes matures in 2022 | 12,000,000 | |||
Structured notes matures in 2023 | 2,800,000 | |||
Structured notes matures in 2024 | 3,900,000 | |||
Structured notes matures in 2025 | 30,700,000 | |||
Structured notes matures in 2026 | 35,500,000 | |||
Structured notes matures in 2027 and thereafter | 1,760,000,000 | |||
Structured notes | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 1,843,598,000 | 1,712,245,000 | ||
Jefferies Group Revolving Credit Facility | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 249,000,000 | |||
Jefferies Group Revolving Credit Facility | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 248,982,000 | 189,732,000 | ||
Jefferies Group Secured Credit Facility | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 375,000,000 | 0 | ||
Jefferies Group Secured Bank Loan | Subsidiaries | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 100,000,000 | 50,000,000 | ||
HomeFed EB-5 Program debt | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 203,132,000 | 191,294,000 | ||
HomeFed construction loans | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 45,581,000 | 45,471,000 | ||
Foursight Capital | Subsidiaries | Jefferies Group Secured Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 82,626,000 | 129,000,000 | ||
Vitesse Energy Revolving Credit Facility | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 67,572,000 | 97,883,000 | ||
4.85% Senior notes, due January 15, 2027 and 2.75% senior notes, due October 15, 2032 | Subsidiaries | Interest rate swaps | ||||
Debt Instrument [Line Items] | ||||
Gains (losses) recognized in interest expense of Jefferies Group | $ (58,500,000) | $ 36,700,000 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Nov. 30, 2021 USD ($) contract warehouse | Nov. 30, 2021 USD ($) contract warehouse | Oct. 08, 2021 USD ($) | Nov. 30, 2020 USD ($) | |
Debt Instrument [Line Items] | ||||
Assets pledged for indebtedness | $ 1,500,000,000 | $ 1,500,000,000 | ||
Nonrecourse indebtedness collateralized by assets | 747,900,000 | 747,900,000 | ||
Long-term debt | 9,125,745,000 | 9,125,745,000 | $ 8,352,039,000 | |
Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 8,438,737,000 | 8,438,737,000 | 7,359,328,000 | |
5.50% Senior Notes due October 18, 2023 | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 441,748,000 | $ 441,748,000 | $ 750,000,000 | $ 750,000,000 |
Interest rate | 5.50% | 5.50% | 5.50% | |
Aggregate principal amount tendered | $ 308,300,000 | |||
Repayments of debt | 332,700,000 | |||
Loss on early redemption | 26,000,000 | |||
Structured notes | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 1,840,000,000 | $ 1,840,000,000 | ||
Structured notes | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Debt issued during period, principal amount, net of retirements | 175,600,000 | |||
Structured notes | Jefferies Group | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 1,843,598,000 | 1,843,598,000 | $ 1,712,245,000 | |
5.125% Senior Notes, due January 20, 2023 | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 0 | $ 0 | $ 750,000,000 | |
Interest rate | 5.125% | 5.125% | 5.125% | |
5.125% Senior Notes, due January 20, 2023 | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.125% | 5.125% | ||
Loss on early redemption | $ 33,400,000 | |||
5.125% Senior Notes, due January 20, 2023 | Jefferies Group | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 0 | 0 | $ 759,901,000 | |
Revolving credit facility | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 249,000,000 | 249,000,000 | ||
Revolving credit facility | Jefferies Group | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 248,982,000 | 248,982,000 | 189,732,000 | |
Jefferies Group Secured Credit Facility | Jefferies Group | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 375,000,000 | $ 375,000,000 | 0 | |
Jefferies Group Secured Bank Loan | Jefferies Group | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
HomeFed construction loans | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 45,581,000 | $ 45,581,000 | 45,471,000 | |
HomeFed Construction Loans | HomeFed | ||||
Debt Instrument [Line Items] | ||||
Construction loan, maximum borrowing amount | $ 151,900,000 | $ 151,900,000 | ||
Weighted average interest rate | 3.24% | 3.24% | ||
Long-term debt, gross | $ 46,800,000 | $ 46,800,000 | 46,200,000 | |
HomeFed Construction Loans | HomeFed | London Interbank Offered Rate (LIBOR) | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.15% | |||
HomeFed Construction Loans | HomeFed | London Interbank Offered Rate (LIBOR) | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.15% | |||
Foursight Capital Credit Facilities | Foursight Capital | ||||
Debt Instrument [Line Items] | ||||
Credit facility maximum amount | 175,000,000 | $ 175,000,000 | ||
Long-term debt, gross | $ 82,800,000 | $ 82,800,000 | 129,300,000 | |
Number of warehouse credit commitment | warehouse | 2 | 2 | ||
Foursight Capital Credit Facilities | Line of credit | Foursight Capital | ||||
Debt Instrument [Line Items] | ||||
Assets pledged for indebtedness | $ 103,000,000 | $ 103,000,000 | ||
Number of warehouse credit commitment | contract | 2 | 2 | ||
Foursight Credit Facilities, Maturing May 2023 | Foursight Capital | ||||
Debt Instrument [Line Items] | ||||
Credit facility maximum amount | $ 75,000,000 | $ 75,000,000 | ||
Foursight Credit Facilities, Available Through October 2021 | Foursight Capital | ||||
Debt Instrument [Line Items] | ||||
Credit facility maximum amount | 100,000,000 | 100,000,000 | ||
Vitesse Energy Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility maximum amount | 140,000,000 | 140,000,000 | ||
Long-term debt, gross | $ 68,000,000 | $ 68,000,000 | 98,500,000 | |
Vitesse Energy Revolving Credit Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, collateral, percentage of proved reserve value of oil and gas properties | 85% | 85% | ||
Vitesse Energy Revolving Credit Facility | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 67,572,000 | $ 67,572,000 | 97,883,000 | |
Vitesse Energy Revolving Credit Facility | Vitesse Energy Finance | London Interbank Offered Rate (LIBOR) | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.75% | |||
Vitesse Energy Revolving Credit Facility | Vitesse Energy Finance | London Interbank Offered Rate (LIBOR) | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.75% | |||
Unsecured Revolving Credit Facility | Unsecured Debt | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 349,000,000 | $ 349,000,000 | ||
2.625% Senior Notes due October 15, 2031 | ||||
Debt Instrument [Line Items] | ||||
Principal outstanding | $ 1,000,000,000 | $ 1,000,000,000 | $ 0 | |
Interest rate | 2.625% | 2.625% | 2.625% | |
2.625% Senior Notes due October 15, 2031 | Jefferies Group | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 988,059,000 | $ 988,059,000 | $ 0 | |
2.625% Senior Notes due October 15, 2031 | Senior Notes | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.625% | 2.625% | ||
Debt face amount | $ 1,000,000,000 | $ 1,000,000,000 | ||
Floating Rate Senior Notes, due October 29, 2071 | Jefferies Group | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 61,703,000 | 61,703,000 | 0 | |
Floating Rate Senior Notes, due October 29, 2071 | Senior Notes | Jefferies Group | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | 62,300,000 | 62,300,000 | ||
Loans | Jefferies Group | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 100,000,000 | $ 100,000,000 | $ 50,000,000 |
Long-Term Debt - Schedule of An
Long-Term Debt - Schedule of Annual Mandatory Redemptions of Long-term Debt (Details) $ in Millions | Nov. 30, 2021 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2022 | $ 57.1 |
2023 | 1,320.3 |
2024 | 1,062.1 |
2025 | 78.8 |
2026 | $ 55.7 |
Leases - Finance Lease ROU Asse
Leases - Finance Lease ROU Assets (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | ||
Property, equipment and leasehold improvements, net - ROU assets | $ 472,014 | $ 507,046 |
Remaining lease term (in years) | 10 years | 10 years 7 months 6 days |
Discount rate | 2.90% | 3% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Leases [Abstract] | ||
Year one | $ 75,384 | $ 72,491 |
Year two | 71,383 | 76,987 |
Year three | 67,039 | 67,164 |
Year four | 66,939 | 63,476 |
Year five | 64,105 | 64,563 |
After year five | 290,686 | |
Year six | 57,906 | |
After year six | 284,289 | |
Total undiscounted cash flows | 635,536 | 686,876 |
Less: Difference between undiscounted and discounted cash flows | $ (87,470) | $ (102,431) |
Operating lease, liability, statement of financial position [Extensible List] | ||
Operating leases amount in the Consolidated Statement of Financial Condition | $ 548,066 | $ 584,445 |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | ||
Finance leases amount in the Consolidated Statement of Financial Condition | $ 229 | $ 362 |
Lease liabilities | $ 548,295 | $ 584,807 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 79,701 | $ 77,452 |
Variable lease cost | 11,168 | 13,576 |
Less: Sublease income | (7,191) | (7,590) |
Total lease cost, net | $ 83,678 | $ 83,438 |
Leases - Supplemental Informati
Leases - Supplemental Information of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Leases [Abstract] | ||
Cash outflows - lease liabilities | $ 79,437 | $ 73,300 |
Non-cash - ROU assets recorded for new and modified leases | $ 30,246 | $ 22,460 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 12 Months Ended |
Nov. 30, 2019 USD ($) | |
Leases [Abstract] | |
Rental expense (net of sublease rental income) | $ 65.6 |
Mezzanine Equity - Narrative (D
Mezzanine Equity - Narrative (Details) - USD ($) | 12 Months Ended | |||
Nov. 30, 2021 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Purchase Requirement [Line Items] | ||||
Redeemable noncontrolling interests | $ 25,400,000 | $ 25,400,000 | $ 24,700,000 | |
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 | $ 0.90 | $ 0.60 | $ 0.50 |
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 common dividend considered for additional quarterly payments (in dollars per share) | $ 0.0625 | $ 0.0625 | ||
Mandatoriy 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 - Equity Com
Compensation Plans - Equity Compensation Plan (Details) - $ / shares | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Restricted stock units (RSUs) | Dividend equivalents | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend equivalents declared on restricted stock units (in shares) | 445,000 | 484,000 | 1,298,000 |
Grants, weighted average grant date fair value (in dollars per share) | $ 30.03 | $ 15.73 | $ 18.15 |
Equity Compensation Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of shares available for grant (in shares) | 12,000,000 | ||
Stock available for grant (in shares) | 9,105,938 |
Compensation Plans - Activity o
Compensation Plans - Activity of Restricted Stock (Details) - Restricted stock - $ / shares shares in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Restricted Stock | |||
Nonvested balance, beginning of period (in shares) | 1,483 | 2,008 | 1,795 |
Grants (in shares) | 337 | 115 | 518 |
Forfeited (in shares) | (40) | (21) | 0 |
Fulfillment of vesting requirement (in shares) | (196) | (619) | (305) |
Nonvested balance, end of period (in shares) | 1,584 | 1,483 | 2,008 |
Weighted- Average Grant Date Fair Value | |||
Nonvested balance, beginning of period (in dollars per share) | $ 22.19 | $ 22.04 | $ 22.42 |
Grants (in dollars per share) | 30.81 | 13.20 | 19.57 |
Forfeited (in dollars per share) | 24.92 | 23.38 | 0 |
Fulfillment of vesting requirement (in dollars per share) | 23.55 | 19.99 | 20.09 |
Nonvested balance, end of period (in dollars per share) | $ 23.78 | $ 22.19 | $ 22.04 |
Compensation Plans - Schedule o
Compensation Plans - Schedule of Activity in RSUs (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Restricted stock units (RSUs) | Senior executive compensation plan awards | |||
Restricted Stock | |||
Nonvested balance, beginning of period (in shares) | 4,189 | 6,491 | 9,468 |
Grants (in shares) | 74 | 187 | 1,237 |
Forfeited (in shares) | (1,396) | (15) | 0 |
Fulfillment of vesting requirement (in shares) | 0 | (2,474) | (4,214) |
Nonvested balance, end of period (in shares) | 2,867 | 4,189 | 6,491 |
Weighted- Average Grant Date Fair Value | |||
Nonvested balance, beginning of period (in dollars per share) | $ 24.75 | $ 23.13 | $ 18.52 |
Grants (in dollars per share) | 29.81 | 15.19 | 13.63 |
Forfeited (in dollars per share) | 25.31 | 19.01 | 0 |
Fulfillment of vesting requirement (in dollars per share) | 0 | 19.80 | 9.98 |
Nonvested balance, end of period (in dollars per share) | $ 25.43 | $ 24.75 | $ 23.13 |
Restricted stock units with future service required | |||
Restricted Stock | |||
Nonvested balance, beginning of period (in shares) | 21 | 10 | 2 |
Grants (in shares) | 80 | 14 | 10 |
Distributions of underlying shares (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | 0 | 0 | 0 |
Fulfillment of vesting requirement (in shares) | (53) | (3) | (2) |
Nonvested balance, end of period (in shares) | 48 | 21 | 10 |
Weighted- Average Grant Date Fair Value | |||
Nonvested balance, beginning of period (in dollars per share) | $ 14.99 | $ 18.83 | $ 26.90 |
Grants (in dollars per share) | 27.10 | 13.20 | 18.83 |
Distribution of underlying shares (in dollars per share) | 0 | 0 | 0 |
Forfeited (in dollars per share) | 0 | 0 | 0 |
Fulfillment of vesting requirement (in dollars per share) | 25.03 | 18.83 | 26.90 |
Nonvested balance, end of period (in dollars per share) | $ 24.07 | $ 14.99 | $ 18.83 |
Restricted stock units with no future service required | |||
Restricted Stock | |||
Vested balance, beginning of period (in shares) | 18,543 | 15,667 | 10,309 |
Grants (in shares) | 445 | 487 | 1,308 |
Distributions of underlying shares (in shares) | (1,803) | (88) | (166) |
Forfeited (in shares) | 0 | 0 | 0 |
Fulfillment of vesting requirement (in shares) | (8) | (2,477) | (4,216) |
Vested balance, end of period (in shares) | 17,193 | 18,543 | 15,667 |
Weighted- Average Grant Date Fair Value | |||
Balance, beginning of period (in dollars per share) | $ 20.97 | $ 21.35 | $ 26.48 |
Grants (in dollars per share) | 30.03 | 15.73 | 18.15 |
Distribution of underlying shares (in dollars per share) | 26.32 | 25.48 | 25.91 |
Forfeited (in dollars per share) | 0 | 0 | 0 |
Fulfillment of vesting requirement (in dollars per share) | 15.52 | 19.80 | 9.99 |
Balance, end of period, weighted average grant date fair value (in dollars per share) | $ 20.64 | $ 20.97 | $ 21.35 |
Restricted stock units with no future service required | Senior executive compensation plan awards | |||
Restricted Stock | |||
Fulfillment of vesting requirement (in shares) | 0 | (2,474) | (4,214) |
Compensation Plans - Senior Exe
Compensation Plans - Senior Executive Compensation Plan (Details) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 $ / shares shares | Nov. 30, 2021 USD ($) multiplierAmount tranche $ / shares shares | Nov. 30, 2020 $ / shares shares | Nov. 30, 2019 $ / shares shares | |
Restricted stock units (RSUs) | Dividend equivalents | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend equivalents declared on restricted stock units (in shares) | 445,000 | 484,000 | 1,298,000 | |
Grants, weighted average grant date fair value (in dollars per share) | $ / shares | $ 30.03 | $ 15.73 | $ 18.15 | |
Senior executive compensation plan awards | Restricted stock units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants, weighted average grant date fair value (in dollars per share) | $ / shares | $ 29.81 | $ 15.19 | $ 13.63 | |
Restricted shares, vested (in shares) | 74,000 | 187,000 | 1,237,000 | |
Senior executive compensation plan awards | Restricted stock units (RSUs) | Dividend equivalents | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend equivalents declared on restricted stock units (in shares) | 74,000 | 139,000 | 602,000 | |
Grants, weighted average grant date fair value (in dollars per share) | $ / shares | $ 29.81 | $ 15.82 | $ 18.08 | |
2016 Plan | Restricted stock units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted shares, vested (in shares) | 48,000 | 635,000 | ||
Senior Executives | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options issued (in shares) | 2,506,266 | |||
Stock options, exercise price (in dollars per share) | $ / shares | $ 23.75 | |||
Dividends subject to cash credit, eligibility period | 9 years 6 months | |||
Number of vesting tranches | tranche | 3 | |||
Common shares reserved issuance (in shares) | 5,012,532 | |||
Senior Executives | Stock Options and SARs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation and benefits expense | $ | $ 48,600,000 | |||
Senior Executives | Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends subject to cash credit, multiplier amount | multiplierAmount | 2 | |||
Dividends subject to cash credit, eligibility period | 9 years 6 months | |||
Senior Executives | 2019 Plan and 2020 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance measurement, targeted long-term compensation | $ | $ 22,500,000 | |||
Performance measurement benchmark, growth rate in TSR | 9% | |||
Performance measurement benchmark, growth rate in ROTDE | 9% | |||
Performance measurement benchmark, growth rate in TSR and ROTDE (less than) | 6% | |||
Additional incentive compensation, percentage | 75% | |||
Performance measurement benchmark, growth rate in TSR and ROTDE (up to) | 12% | |||
Senior Executives | 2019 Plan and 2020 Plan | Restricted stock units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance measurement, targeted long-term compensation | $ | $ 16,000,000 | |||
Performance measurement benchmark, growth rate in TSR | 9% | |||
Senior Executives | 2019 Plan and 2020 Plan | Long-term cash | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance measurement, targeted long-term compensation | $ | $ 6,500,000 | |||
Performance measurement benchmark, growth rate in ROTDE | 9% |
Compensation Plans - Summary of
Compensation Plans - Summary of Weighted-Average Assumptions (Details) - Stock options | 12 Months Ended |
Nov. 30, 2021 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk free interest rate | 0.80% |
Expected volatility | 32.90% |
Expected dividend yield | 2.60% |
Expected life | 5 years 9 months 18 days |
Weighted-average fair value per grant (in dollars per share) | $ 7.43 |
Compensation Plans - Other Comp
Compensation Plans - Other Compensation Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options issued to purchased number of shares (in shares) | 2 | ||
Restricted cash awards, compensation expense | $ 188.3 | $ 179.6 | |
Restricted cash awards, cost expected to be recognized | $ 197.7 | ||
Restricted cash awards, cost expected to be recognized, period | 3 years | ||
Other Stock-Based Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for stock options and warrants (in shares) | 96,000 | 313,000 | 325,000 |
Compensation Plans - Stock-Base
Compensation Plans - Stock-Based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 78,160 | $ 40,038 | $ 49,848 |
Total unrecognized compensation costs related to nonvested share-based compensation plans | $ 23,900 | ||
Total unrecognized compensation costs related to nonvested share-based compensation plans, period for recognition | 2 years 2 months 12 days | ||
Stock options outstanding (in shares) | 5,109,000 | ||
Other shares issuable (in shares) | 1,126,000 | ||
Potential maximum increase to common shares outstanding from restricted stock and other shares | 30,784,000 | ||
Cumulative convertible preferred shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Mandatoriy redeemable preferred stock, number of shares in conversion (in shares) | 4,440,863 | ||
Mandatorily redeemable preferred stock, effective conversion price per share (in dollars per share) | $ 28.15 | ||
Restricted stock with future service required | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-option equity instruments, outstanding (in shares) | 1,584,000 | ||
Restricted stock units with future service required | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-option equity instruments, outstanding (in shares) | 2,915,000 | ||
Restricted stock units with no future service required | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-option equity instruments, outstanding (in shares) | 17,193,000 | ||
Stock Options and SARs | Senior Executives | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 48,600 | ||
Compensation and benefits expense | $ 48,600 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income, Net of Taxes (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity | $ 10,579,640 | $ 9,438,525 | $ 9,601,684 | $ 10,079,257 |
Net unrealized gains on available for sale securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity | 269 | 513 | 141 | |
Net unrealized foreign exchange losses | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity | (166,499) | (156,718) | (192,709) | |
Net unrealized losses on instrument specific credit risk | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity | (153,672) | (71,151) | (18,889) | |
Net minimum pension liability | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity | (52,241) | (61,561) | (61,582) | |
AOCI including portion attributable to noncontrolling interest | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Equity | $ (372,143) | $ (288,917) | $ (273,039) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Revenues | $ 9,039,883 | $ 6,955,930 | $ 5,358,656 |
Selling, general and other expenses, which includes pension expense | (1,278,447) | (1,078,956) | (1,009,643) |
Principal transactions | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Revenues | 1,623,713 | 1,916,508 | $ 559,300 |
Net unrealized gains (losses) on instrument specific credit risk, net of income tax provision (benefit) of $599 and $146 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification for the period, tax | 599 | 146 | |
Net minimum pension liability | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification for the period, tax | (1,054) | (957) | |
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 | (1,277) | (2,475) | |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net unrealized gains (losses) on instrument specific credit risk, net of income tax provision (benefit) of $599 and $146 | Principal transactions | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Revenues | 1,861 | 397 | |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net minimum pension liability | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Selling, general and other expenses, which includes pension expense | $ (3,138) | $ (2,872) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
May 31, 2019 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | Feb. 28, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Recognition of accumulated other comprehensive income lodged taxes | $ 544,600 | $ 0 | $ 0 | $ 544,583 | |
Lodged tax effect | $ 544,600 |
Pension Plans and Postretirem_3
Pension Plans and Postretirement Benefits - Components of Defined Benefit Pension Plans (Details) - U.S. - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Change in projected benefit obligation: | |||
Projected benefit obligation, beginning of year | $ 236,572 | $ 218,874 | |
Interest cost | 4,946 | 6,349 | $ 8,070 |
Actuarial (gains) losses | (4,977) | 22,475 | |
Settlement payments | 0 | (2,476) | |
Benefits paid | (9,813) | (8,650) | |
Projected benefit obligation, end of year | 226,728 | 236,572 | 218,874 |
Change in plan assets: | |||
Fair value of plan assets, beginning of year | 190,220 | 166,071 | |
Actual return on plan assets | 13,619 | 29,376 | |
Employer contributions | 7,089 | 8,688 | |
Benefits paid | (9,813) | (8,650) | |
Settlement payments | 0 | (2,476) | |
Administrative expenses | (1,900) | (2,789) | |
Fair value of plan assets, end of year | 199,215 | 190,220 | $ 166,071 |
Funded status at end of year | $ (27,513) | $ (46,352) |
Pension Plans and Postretirem_4
Pension Plans and Postretirement Benefits - Narrative (Details) $ in Millions | 12 Months Ended | ||
Nov. 30, 2021 USD ($) portfolio | Nov. 30, 2020 USD ($) | Nov. 30, 2019 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan cost | $ 9.8 | $ 9.5 | $ 8.8 |
WilTel Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of portfolios | portfolio | 2 | ||
Jefferies Group Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of portfolios | portfolio | 2 | ||
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Charge to accumulated other comprehensive income (loss) | $ 44.9 | 57.3 | |
Accrued pension cost | $ 27.5 | $ 46.4 | |
U.S. | WilTel Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current expected inflation rate | 2.30% | ||
Equity risk premium over cash | 5.50% | ||
Expected long-term rate of return assumption | 7% | 7% | |
U.S. | WilTel Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long duration risk free real rate of return | (0.50%) | ||
Return premium for corporate credit risk | 1.50% | ||
U.S. | WilTel Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long duration risk free real rate of return | (0.00%) | ||
Return premium for corporate credit risk | 2.50% | ||
U.S. | Jefferies Group Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return assumption | 5% | 6.25% |
Pension Plans and Postretirem_5
Pension Plans and Postretirement Benefits - Components of Pension Expense (Details) - U.S. - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 4,946 | $ 6,349 | $ 8,070 |
Expected return on plan assets | (8,433) | (7,934) | (7,456) |
Settlement charge | 0 | 376 | 0 |
Actuarial losses | 4,192 | 3,453 | 1,897 |
Net periodic pension cost | 705 | 2,244 | 2,511 |
Net (gains) losses arising during the period | 8,264 | (3,821) | (9,576) |
Settlement charge | 0 | (376) | 0 |
Amortization of net loss | 4,192 | 3,453 | 1,897 |
Total recognized in other comprehensive income (loss) | (12,456) | (8) | 7,679 |
Net amount recognized in net periodic benefit cost and other comprehensive income (loss) | $ (11,751) | $ 2,236 | $ 10,190 |
Pension Plans and Postretirem_6
Pension Plans and Postretirement Benefits - Schedule of Assumptions for Pensions Plan (Details) - U.S. | 12 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
WilTel Plan | ||
Projected benefit obligation: | ||
Discount rate | 2.60% | 2.20% |
Net periodic pension benefit cost: | ||
Discount rate | 2.20% | 3% |
Expected long-term return on plan assets | 7% | 7% |
Jefferies Group Plan | ||
Projected benefit obligation: | ||
Discount rate | 2.40% | 2% |
Net periodic pension benefit cost: | ||
Discount rate | 2% | 2.90% |
Expected long-term return on plan assets | 5% | 6.25% |
Pension Plans and Postretirem_7
Pension Plans and Postretirement Benefits - Schedule of Expected Pension Benefit Payments (Details) - U.S. $ in Thousands | Nov. 30, 2021 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 13,461 |
2023 | 12,407 |
2024 | 13,559 |
2025 | 13,104 |
2026 | 13,820 |
2027 – 2031 | $ 70,236 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Schedule of Components of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | $ 6,141,802 | $ 3,923,227 | $ 2,790,128 |
Other sources of revenue: | 2,898,081 | 3,032,703 | 2,568,528 |
Total revenues | 9,039,883 | 6,955,930 | 5,358,656 |
Commissions and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 896,015 | 822,248 | 675,772 |
Total revenues | 896,015 | 822,248 | 675,772 |
Investment banking | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 4,365,699 | 2,501,494 | 1,526,992 |
Total revenues | 4,365,699 | 2,501,494 | 1,526,992 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 880,088 | 599,485 | 587,364 |
Principal transactions | |||
Disaggregation of Revenue [Line Items] | |||
Other sources of revenue: | 1,623,713 | 1,916,508 | 559,300 |
Total revenues | 1,623,713 | 1,916,508 | 559,300 |
Interest income | |||
Disaggregation of Revenue [Line Items] | |||
Other sources of revenue: | 943,336 | 997,555 | 1,603,940 |
Total revenues | 943,336 | 997,555 | 1,603,940 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Other sources of revenue: | $ 331,032 | $ 118,640 | $ 405,288 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | $ 6,141,802 | $ 3,923,227 | $ 2,790,128 |
Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 5,126,218 | 3,333,761 | 2,330,158 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 769,228 | 408,499 | 380,507 |
Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 246,356 | 180,967 | 79,463 |
Reportable Segments: | Investment Banking and Capital Markets | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 5,262,261 | 3,324,752 | 2,204,994 |
Reportable Segments: | Investment Banking and Capital Markets | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 4,250,188 | 2,742,298 | 1,751,524 |
Reportable Segments: | Investment Banking and Capital Markets | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 766,746 | 401,853 | 374,411 |
Reportable Segments: | Investment Banking and Capital Markets | Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 245,327 | 180,601 | 79,059 |
Reportable Segments: | Asset Management | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 14,837 | 14,702 | 23,188 |
Reportable Segments: | Asset Management | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 14,218 | 9,754 | 16,334 |
Reportable Segments: | Asset Management | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 619 | 4,948 | 6,854 |
Reportable Segments: | Asset Management | Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Reportable Segments: | Merchant Banking | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 865,251 | 584,783 | 564,176 |
Reportable Segments: | Merchant Banking | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 862,359 | 582,719 | 562,837 |
Reportable Segments: | Merchant Banking | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 1,863 | 1,698 | 935 |
Reportable Segments: | Merchant Banking | Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 1,029 | 366 | 404 |
Reportable Segments: | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Reportable Segments: | Corporate | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Reportable Segments: | Corporate | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Reportable Segments: | Corporate | Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Reconciling Items -Consolidation Adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | (547) | (1,010) | (2,230) |
Reconciling Items -Consolidation Adjustments | Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | (547) | (1,010) | (537) |
Reconciling Items -Consolidation Adjustments | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | (1,693) |
Reconciling Items -Consolidation Adjustments | Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Investment Banking - Advisory | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 1,873,560 | 1,053,500 | 767,421 |
Investment Banking - Advisory | Reportable Segments: | Investment Banking and Capital Markets | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 1,873,560 | 1,053,500 | 767,421 |
Investment Banking - Advisory | Reportable Segments: | Asset Management | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Investment Banking - Advisory | Reportable Segments: | Merchant Banking | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Investment Banking - Advisory | Reportable Segments: | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Investment Banking - Advisory | Reconciling Items -Consolidation Adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Investment Banking - Underwriting | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 2,492,139 | 1,447,994 | 759,571 |
Investment Banking - Underwriting | Reportable Segments: | Investment Banking and Capital Markets | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 2,492,389 | 1,447,994 | 761,264 |
Investment Banking - Underwriting | Reportable Segments: | Asset Management | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Investment Banking - Underwriting | Reportable Segments: | Merchant Banking | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Investment Banking - Underwriting | Reportable Segments: | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Investment Banking - Underwriting | Reconciling Items -Consolidation Adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | (250) | 0 | (1,693) |
Equities | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 881,660 | 806,340 | 662,267 |
Equities | Reportable Segments: | Investment Banking and Capital Markets | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 881,957 | 807,350 | 662,804 |
Equities | Reportable Segments: | Asset Management | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Equities | Reportable Segments: | Merchant Banking | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Equities | Reportable Segments: | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Equities | Reconciling Items -Consolidation Adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | (297) | (1,010) | (537) |
Fixed income | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 14,355 | 15,908 | 13,505 |
Fixed income | Reportable Segments: | Investment Banking and Capital Markets | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 14,355 | 15,908 | 13,505 |
Fixed income | Reportable Segments: | Asset Management | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Fixed income | Reportable Segments: | Merchant Banking | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Fixed income | Reportable Segments: | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Fixed income | Reconciling Items -Consolidation Adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Asset Management | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 14,837 | 14,702 | 23,188 |
Asset Management | Reportable Segments: | Investment Banking and Capital Markets | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Asset Management | Reportable Segments: | Asset Management | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 14,837 | 14,702 | 23,188 |
Asset Management | Reportable Segments: | Merchant Banking | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Asset Management | Reportable Segments: | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Asset Management | Reconciling Items -Consolidation Adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Manufacturing revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 538,628 | 421,434 | 324,659 |
Manufacturing revenues | Reportable Segments: | Investment Banking and Capital Markets | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Manufacturing revenues | Reportable Segments: | Asset Management | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Manufacturing revenues | Reportable Segments: | Merchant Banking | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 538,628 | 421,434 | 324,659 |
Manufacturing revenues | Reportable Segments: | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Manufacturing revenues | Reconciling Items -Consolidation Adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Oil and gas revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 182,973 | 102,210 | 173,626 |
Oil and gas revenues | Reportable Segments: | Investment Banking and Capital Markets | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Oil and gas revenues | Reportable Segments: | Asset Management | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Oil and gas revenues | Reportable Segments: | Merchant Banking | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 182,973 | 102,210 | 173,626 |
Oil and gas revenues | Reportable Segments: | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Oil and gas revenues | Reconciling Items -Consolidation Adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 143,650 | 61,139 | 65,891 |
Other revenues | Reportable Segments: | Investment Banking and Capital Markets | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Other revenues | Reportable Segments: | Asset Management | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Other revenues | Reportable Segments: | Merchant Banking | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 143,650 | 61,139 | 65,891 |
Other revenues | Reportable Segments: | Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | 0 | 0 | 0 |
Other revenues | Reconciling Items -Consolidation Adjustments | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from contracts with customers | $ 0 | $ 0 | $ 0 |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Revenue related to performance obligation satisfied | $ 50 | $ 11.1 | $ 27.6 |
Revenue associated with distribution services, a portion of which related to prior period | 12.1 | 17.6 | 21.7 |
Receivables related to revenue from contracts with customers | 298.7 | 332.5 | |
Assets related to revenue from contracts with customers | 25.2 | ||
Deferred revenue | 49.7 | 14.8 | |
Deferred revenue, revenue recognized | 10.8 | 10.9 | 13 |
Capitalized contract cost | 1.6 | 1.8 | |
Expenses related to capitalized costs to fulfill a contract | $ 1.7 | $ 5.1 | $ 4.1 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
May 31, 2019 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Current taxes: | ||||
U.S. Federal | $ 322,551 | $ 90,350 | $ (10,000) | |
U.S. state and local | 70,370 | 68,261 | 53,211 | |
Foreign | 86,918 | 75,395 | 11,026 | |
Total current income taxes | 479,839 | 234,006 | 54,237 | |
Deferred taxes: | ||||
U.S. Federal | 72,753 | 52,765 | 83,197 | |
U.S. state and local | 19,502 | (1,288) | (73,482) | |
Foreign | 4,635 | 13,190 | (3,324) | |
Total deferred income taxes | 96,890 | 64,667 | 6,391 | |
Recognition of accumulated other comprehensive income lodged taxes | $ (544,600) | 0 | 0 | (544,583) |
Total income tax provision (benefit) | $ 576,729 | $ 298,673 | $ (483,955) |
Income Taxes - Components of In
Income Taxes - Components of Income from Continuing Operations before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 1,970,625 | $ 813,305 | $ 495,566 |
Non-U.S. | 283,480 | 253,778 | (16,958) |
Income before income taxes | $ 2,254,105 | $ 1,067,083 | $ 478,608 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Expected Statutory Federal Income Tax To Actual Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Amount | |||
Computed expected federal income tax | $ 473,362 | $ 224,087 | $ 100,508 |
State and local income taxes, net of federal income tax benefit | 96,884 | 45,457 | 25,648 |
International operations (including foreign rate differential) | 18,073 | 13,155 | 4,518 |
Decrease in valuation allowance | (4,036) | (2,561) | (19,993) |
Non-deductible executive compensation | 20,359 | 12,814 | 7,444 |
Foreign tax credits | (13,963) | (8,654) | (5,012) |
Transition tax on foreign earnings related to the Tax Act | 0 | 0 | (6,708) |
Base erosion and anti-abuse tax (BEAT) | 0 | 0 | (10,000) |
Change in unrecognized tax benefits related to prior years | (27,374) | (4,522) | (20,512) |
Interest on unrecognized tax benefits | 8,651 | 15,600 | 3,568 |
Spectrum Brands distribution | 0 | 0 | 11,996 |
Acquisition of HomeFed | 0 | 0 | (36,779) |
Other, net | 4,773 | 3,297 | 5,950 |
Total income tax provision (benefit) | $ 576,729 | $ 298,673 | $ (483,955) |
Percent | |||
Computed expected federal income tax | 21% | 21% | 21% |
State and local income taxes, net of federal income tax benefit | 4.30% | 4.30% | 5.40% |
Recognition of accumulated other comprehensive income lodged taxes | 0% | 0% | (113.80%) |
International operations (including foreign rate differential) | 0.80% | 1.20% | 0.90% |
Decrease in valuation allowance | (0.20%) | (0.20%) | (4.20%) |
Non-deductible executive compensation | 0.90% | 1.20% | 1.60% |
Foreign tax credits | (0.60%) | (0.80%) | (1.00%) |
Transition tax on foreign earnings related to the Tax Act | 0% | 0% | (1.40%) |
Base erosion and anti-abuse tax (BEAT) | 0% | 0% | (2.10%) |
Change in unrecognized tax benefits related to prior years | (1.20%) | (0.50%) | (4.30%) |
Interest on unrecognized tax benefits | 0.004 | 0.015 | 0.007 |
Spectrum Brands distribution | 0% | 0% | 2.50% |
Acquisition of HomeFed | 0% | 0% | (7.70%) |
Other, net | 0.20% | 0.30% | 1.30% |
Actual income tax provision, percent | 25.60% | 28% | (101.10%) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
May 31, 2019 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | Feb. 28, 2019 | |
Income Tax Disclosure [Abstract] | |||||
Recognition of accumulated other comprehensive income lodged taxes | $ 544,600 | $ 0 | $ 0 | $ 544,583 | |
Lodged tax effect | $ 544,600 | ||||
Net interest expense related to unrecognized tax benefits | 10,800 | 19,900 | $ 13,100 | ||
Interest accrued related to unrecognized tax benefits | 97,900 | 87,100 | |||
Expected decrease in unrecognized tax benefit related to uncertain tax position over next 12 months | 18,200 | ||||
Deferred tax asset, net | $ 327,547 | $ 393,687 |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 314,347 | $ 260,138 | $ 197,320 |
Increases based on tax positions related to the current period | 50,079 | 41,114 | 42,306 |
Increases based on tax positions related to prior periods | 3,490 | 22,328 | 33,007 |
Decreases based on tax positions related to prior periods | (24,180) | (8,966) | (11,006) |
Decreases related to settlements with taxing authorities | (4,700) | (267) | (1,489) |
Balance at end of period | $ 339,036 | $ 314,347 | $ 260,138 |
Income Taxes - Schedule of Prin
Income Taxes - Schedule of Principal Components of Deferred Taxes (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Income Tax Disclosure [Abstract] | ||
Operating lease liabilities | $ 135,862 | $ 145,617 |
Compensation and benefits | 187,818 | 274,342 |
Investments in associated companies | 35,358 | 36,345 |
Long-term debt | 65,037 | 42,423 |
Deferred tax assets, gross | 178,451 | 179,133 |
Deferred tax assets gross | 602,526 | 677,860 |
Valuation allowance | (11,922) | (15,958) |
Deferred tax assets | 590,604 | 661,902 |
Amortization of intangible assets | (62,123) | (65,683) |
Operating lease right-of-use asset | (126,150) | (138,708) |
Deferred tax liabilities, other | (74,784) | (63,824) |
Deferred tax liabilities, gross | (263,057) | (268,215) |
Net deferred tax asset | $ 327,547 | $ 393,687 |
Other Results of Operations I_3
Other Results of Operations Information - Components of Other Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | $ 9,039,883 | $ 6,955,930 | $ 5,358,656 |
Manufacturing revenues | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 538,628 | 421,434 | 324,659 |
Income from associated companies classified as other revenues | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 250,909 | 23,934 | 85,169 |
Revenues of oil and gas production and development businesses | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 170,569 | 154,909 | 175,169 |
Revenues from sale of real estate | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 102,297 | 26,704 | 32,063 |
Gain on sale of National Beef | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 0 | 0 | 205,017 |
Gain on revaluation of our interest in HomeFed | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 0 | 0 | 72,142 |
Other | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 148,717 | 91,144 | 98,433 |
Other revenues | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | $ 1,211,120 | $ 718,125 | $ 992,652 |
Other Results of Operations I_4
Other Results of Operations Information - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Nov. 29, 2019 | Nov. 30, 2019 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | Jul. 01, 2019 | Jun. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Distributions from associated companies | $ 115,381 | $ 64,493 | $ 467,157 | ||||
Taxes other than income or payroll | $ 53,600 | $ 49,300 | 41,300 | ||||
Proceeds from sale of investments classified as available-for-sale | 900,000 | ||||||
HomeFed | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on revaluation of our interest in HomeFed | 72,100 | ||||||
HomeFed | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Equity method investment, ownership percentage | 70% | 70% | |||||
Disposal group, disposed of by sale, not discontinued operations | National Beef | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Percentage of equity interest sold | 31% | 31% | |||||
Proceeds from sale of associated companies, including distributions | $ 970,000 | ||||||
Proceeds from sale of associated companies | 790,600 | ||||||
Distributions from associated companies | $ 179,400 | ||||||
Gain on sale of National Beef | $ 205,000 |
Common Shares and Earnings Pe_3
Common Shares and Earnings Per Common Share - Earnings Per Share Computation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Numerator for earnings per share: | |||
Net Income (Loss) Attributable to Parent | $ 1,667,403 | $ 769,605 | $ 959,593 |
Allocation of earnings to participating securities | (9,961) | (4,795) | (5,576) |
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share | 1,657,442 | 764,810 | 954,017 |
Adjustment to allocation of earnings to participating securities related to diluted shares | 207 | 23 | (5) |
Mandatorily redeemable convertible preferred share dividends | 6,949 | 5,634 | 5,103 |
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share | $ 1,664,598 | $ 770,467 | $ 959,115 |
Denominator for earnings per share: | |||
Weighted average common shares outstanding (in shares) | 246,991,000 | 268,518,000 | 297,796,000 |
Denominator for basic earnings per share – weighted average shares (in shares) | 263,595,000 | 285,693,000 | 310,694,000 |
Mandatorily redeemable convertible preferred shares (in shares) | 4,441,000 | 4,441,000 | 4,198,000 |
Denominator for diluted earnings per share (in shares) | 271,501,000 | 290,490,000 | 317,032,000 |
Weighted average shares of participating securities (in shares) | 1,586,500 | 1,801,700 | 1,947,600 |
Dividends declared on participating securities | $ 1,400 | $ 1,000 | $ 3,600 |
Restricted stock with future service required | |||
Denominator for earnings per share: | |||
Weighted average shares of restricted stock outstanding with future service required (in shares) | (1,567,000) | (1,785,000) | (1,939,000) |
Restricted stock units with no future service required | |||
Denominator for earnings per share: | |||
Weighted average RSUs outstanding with no future service required (in shares) | 18,171,000 | 18,960,000 | 14,837,000 |
Stock options | |||
Denominator for earnings per share: | |||
Dilutive effect of share-based payment arrangements (in shares) | 1,203,000 | 0 | 0 |
Senior executive compensation plan awards | Restricted stock units (RSUs) | |||
Denominator for earnings per share: | |||
Dilutive effect of share-based payment arrangements (in shares) | 2,262,000 | 356,000 | 2,140,000 |
Common Shares and Earnings Pe_4
Common Shares and Earnings Per Common Share - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Nov. 30, 2021 | Jan. 31, 2022 | Nov. 30, 2020 | Jul. 01, 2019 | Jan. 31, 2019 | |
Earnings Per Share [Abstract] | |||||
Stock repurchase program, authorized amount | $ 372,100,000 | $ 250,000,000 | $ 654,700,000 | $ 500,000,000 | |
Number of shares authorized to be repurchased (in shares) | 9,250,000 | ||||
Number of shares repurchased during period (in shares) | 8,540,000 | ||||
Stock repurchased during period | $ 266,800,000 | ||||
Average repurchase price per share (in dollars per share) | $ 31.25 | ||||
Available for future purchases | $ 162,500,000 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees - Schedule of Commitments (Details) $ in Millions | Nov. 30, 2021 USD ($) |
Guarantor Obligations [Line Items] | |
2022 | $ 13,029.5 |
2023 | 624.3 |
2024 and 2025 | 9 |
2026 and 2027 | 64.6 |
2028 and Later | 6.4 |
Maximum Payout | 13,733.8 |
Equity commitments | |
Guarantor Obligations [Line Items] | |
2022 | 333.2 |
2023 | 27.5 |
2024 and 2025 | 3.6 |
2026 and 2027 | 4.6 |
2028 and Later | 6.4 |
Maximum Payout | 375.3 |
Loan commitments | |
Guarantor Obligations [Line Items] | |
2022 | 250 |
2023 | 25.5 |
2024 and 2025 | 0 |
2026 and 2027 | 60 |
2028 and Later | 0 |
Maximum Payout | 335.5 |
Underwriting commitments | |
Guarantor Obligations [Line Items] | |
2022 | 167 |
2023 | 0 |
2024 and 2025 | 0 |
2026 and 2027 | 0 |
2028 and Later | 0 |
Maximum Payout | 167 |
Forward starting reverse repos | |
Guarantor Obligations [Line Items] | |
2022 | 7,682.3 |
2023 | 0 |
2024 and 2025 | 0 |
2026 and 2027 | 0 |
2028 and Later | 0 |
Maximum Payout | 7,682.3 |
Forward starting repos | |
Guarantor Obligations [Line Items] | |
2022 | 4,572 |
2023 | 0 |
2024 and 2025 | 0 |
2026 and 2027 | 0 |
2028 and Later | 0 |
Maximum Payout | 4,572 |
Other unfunded commitments | |
Guarantor Obligations [Line Items] | |
2022 | 25 |
2023 | 571.3 |
2024 and 2025 | 5.4 |
2026 and 2027 | 0 |
2028 and Later | 0 |
Maximum Payout | 601.7 |
Forward starting securities purchased under agreements to resell settled | |
Guarantor Obligations [Line Items] | |
Maximum Payout | $ 7,670 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees - Narrative (Details) | 12 Months Ended |
Nov. 30, 2021 USD ($) | |
Loss Contingencies [Line Items] | |
Fair value of derivative contracts meeting the definition of a guarantee | $ 353,100,000 |
Standby letters of credit | |
Loss Contingencies [Line Items] | |
Letters of credit | $ 6,700,000 |
Debt instrument, term | 1 year |
Jefferies Finance | |
Loss Contingencies [Line Items] | |
Line of credit commitment to associated companies, funded portion | $ 0 |
Line of credit facility commitment of Jefferies | 250,000,000 |
Berkadia | |
Loss Contingencies [Line Items] | |
Surety policy issued | $ 1,500,000,000 |
Reimbursement of losses incurred, maximum percentage | 50% |
Aggregate amount of commercial paper outstanding | $ 1,470,000,000 |
HomeFed | |
Loss Contingencies [Line Items] | |
Aggregate amount of infrastructure improvement bonds outstanding | 77,100,000 |
Jefferies Capital Partners LLC and Its Private Equity Funds | |
Loss Contingencies [Line Items] | |
Equity commitments | 10,700,000 |
Other various investments | |
Loss Contingencies [Line Items] | |
Equity commitments | 222,000,000 |
Third parties with strategic partnerships | |
Loss Contingencies [Line Items] | |
Equity commitments | 100,000,000 |
Clients | |
Loss Contingencies [Line Items] | |
Loan commitments outstanding | $ 85,000,000 |
Commitments, Contingencies an_5
Commitments, Contingencies and Guarantees - Summary of Notional Amounts Associated with Derivative Contracts (Details) $ in Millions | Nov. 30, 2021 USD ($) |
Derivatives | |
Guarantor Obligations [Line Items] | |
2022 | $ 16,978.6 |
2023 | 7,849.4 |
2024 and 2025 | 3,099.6 |
2026 and 2027 | 87.7 |
2028 and Later | 0 |
Notional/ Maximum Payout | 28,015.3 |
Derivative contracts – non-credit related | |
Guarantor Obligations [Line Items] | |
2022 | 16,978.6 |
2023 | 7,849.4 |
2024 and 2025 | 3,081.8 |
2026 and 2027 | 87.7 |
2028 and Later | 0 |
Notional/ Maximum Payout | 27,997.5 |
Written derivative contracts – credit related | |
Guarantor Obligations [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 and 2025 | 17.8 |
2026 and 2027 | 0 |
2028 and Later | 0 |
Notional/ Maximum Payout | $ 17.8 |
Net Capital Requirements (Detai
Net Capital Requirements (Details) $ in Millions | Nov. 30, 2021 USD ($) |
Jefferies LLC | |
Net Capital Requirements [Line Items] | |
Net capital | $ 2,230 |
Excess net capital | 2,110 |
JFSI | |
Net Capital Requirements [Line Items] | |
Net capital | 452.3 |
Excess net capital | $ 432.3 |
Other Fair Value Information (D
Other Fair Value Information (Details) - USD ($) $ in Thousands | Nov. 30, 2021 | Nov. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term borrowings | $ 221,863 | $ 764,715 |
Long-term debt | 9,125,745 | 8,352,039 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes and loans receivable | 835,009 | 727,492 |
Short-term borrowings | 221,863 | 759,648 |
Long-term debt | 7,282,147 | 6,639,794 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes and loans receivable | 866,163 | 744,424 |
Short-term borrowings | 221,863 | 759,648 |
Long-term debt | $ 8,004,211 | $ 7,495,642 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 03, 2020 | |
Related Party Transaction [Line Items] | ||||
Revenues | $ 9,039,883 | $ 6,955,930 | $ 5,358,656 | |
Disposal group, disposed of by sale, not discontinued operations | Sale of subsidiary | ||||
Related Party Transaction [Line Items] | ||||
Sale of subsidiary | $ 180,700 | |||
Sale of property | ||||
Related Party Transaction [Line Items] | ||||
Number of common stock exchanged with related party (in shares) | 780,315 | |||
Number of common stock exchanged with related party, price per share (in dollars per share) | $ 21.03 | |||
Investment banking | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 4,365,699 | 2,501,494 | $ 1,526,992 | |
Investment banking | Co-sponsored Companies | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 45,500 | |||
Private Equity Related Funds | ||||
Related Party Transaction [Line Items] | ||||
Loans to and/or equity investments in related funds | 27,100 | 19,000 | ||
Net gains (losses) from private equity related funds | 7,700 | (3,000) | (5,700) | |
Affiliated entity | Berkadia | Jefferies Group | ||||
Related Party Transaction [Line Items] | ||||
Purchase commitment | 425,600 | 401,000 | ||
Affiliated entity | FXCM | Jefferies Group | Payables, expense accruals and other liabilities | ||||
Related Party Transaction [Line Items] | ||||
OTC foreign exchange contracts | 700 | 2,700 | ||
Affiliated entity | Jefferies Finance | ||||
Related Party Transaction [Line Items] | ||||
Purchases of loan receivables | $ 65,300 | |||
Officers and employees | ||||
Related Party Transaction [Line Items] | ||||
Loans outstanding to related party | $ 23,100 | $ 38,900 |
Segment Information - Narrative
Segment Information - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Nov. 29, 2019 | Nov. 30, 2019 | Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | Dec. 01, 2021 | Oct. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||
Interest expense | $ 77,084 | $ 84,870 | $ 87,177 | ||||
Disposal group, disposed of by sale, not discontinued operations | National Beef | |||||||
Segment Reporting Information [Line Items] | |||||||
Percentage of equity interest sold | 31% | 31% | |||||
Gain on sale of associated companies | 205,000 | ||||||
Merchant Banking | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest expense | 3,200 | 4,700 | 5,100 | ||||
Merchant Banking | Reportable Segments: | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Assets | $ 194,000 | ||||||
Investment Banking and Capital Markets | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest expense | 20,700 | 26,700 | 29,000 | ||||
Investment Banking and Capital Markets | Reportable Segments: | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Assets | 139,000 | ||||||
Merchant Banking and Asset Management | Reportable Segments: | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Assets | 477,000 | ||||||
Asset Management | Reportable Segments: | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Assets | 55,000 | ||||||
Parent company | |||||||
Segment Reporting Information [Line Items] | |||||||
Interest expense | $ 53,100 | $ 53,400 | $ 53,000 | ||||
National Beef | |||||||
Segment Reporting Information [Line Items] | |||||||
Equity method investment, ownership percentage | 31% | ||||||
Foursight Capital | Investment Banking and Capital Markets | Reportable Segments: | |||||||
Segment Reporting Information [Line Items] | |||||||
Net Assets | $ 48,000 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information By Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |||
Segment Reporting Information [Line Items] | |||||
Net revenues | $ 8,185,329 | $ 6,010,874 | $ 3,892,976 | ||
Total consolidated income before income taxes | 2,254,105 | 1,067,083 | 478,608 | ||
Depreciation and amortization | 157,420 | 158,439 | 152,871 | ||
Identifiable assets employed: | 60,404,110 | [1] | 53,118,352 | [1] | 49,460,234 |
Deferred tax asset, net | 327,547 | 393,687 | |||
Reconciling items - Parent Company interest | |||||
Segment Reporting Information [Line Items] | |||||
Total consolidated income before income taxes | (79,137) | (53,445) | (53,048) | ||
Reportable Segments: | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 8,177,018 | 6,002,382 | 3,889,669 | ||
Total consolidated income before income taxes | 2,324,332 | 1,108,598 | 526,959 | ||
Identifiable assets employed: | 60,805,150 | 53,417,954 | 49,554,767 | ||
Reconciling items - Consolidation adjustments | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 8,311 | 8,492 | 3,307 | ||
Total consolidated income before income taxes | 8,910 | 11,930 | 4,697 | ||
Identifiable assets employed: | (401,040) | (299,602) | (94,533) | ||
Investment Banking and Capital Markets | Reportable Segments: | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 6,907,386 | 5,072,640 | 3,113,484 | ||
Total consolidated income before income taxes | 2,140,346 | 1,129,010 | 348,127 | ||
Depreciation and amortization | 85,291 | 82,479 | 77,661 | ||
Identifiable assets employed: | 52,903,374 | 45,605,851 | 41,339,914 | ||
Deferred tax asset, net | 180,700 | 243,500 | 203,700 | ||
Asset Management | Reportable Segments: | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 336,013 | 234,910 | 86,838 | ||
Total consolidated income before income taxes | 166,628 | 68,551 | (40,011) | ||
Depreciation and amortization | 1,901 | 5,228 | 2,042 | ||
Identifiable assets employed: | 3,205,799 | 3,265,149 | 3,342,029 | ||
Merchant Banking | Reportable Segments: | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 930,577 | 681,574 | 656,514 | ||
Total consolidated income before income taxes | 71,944 | (33,344) | 287,310 | ||
Depreciation and amortization | 67,464 | 67,236 | 69,693 | ||
Identifiable assets employed: | 2,263,050 | 2,376,037 | 2,446,714 | ||
Corporate | Reportable Segments: | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 3,042 | 13,258 | 32,833 | ||
Total consolidated income before income taxes | (54,586) | (55,619) | (68,467) | ||
Depreciation and amortization | 2,764 | 3,496 | 3,475 | ||
Identifiable assets employed: | $ 2,432,927 | $ 2,170,917 | $ 2,426,110 | ||
[1]Total assets include assets related to variable interest entities of $1.05 billion and $566.1 million at November 30, 2021 and 2020, respectively, and Total liabilities include liabilities related to variable interest entities of $4.64 billion and $3.29 billion at November 30, 2021 and 2020, respectively. See Note 8 for additional information related to variable interest entities. |
Segment Information - Schedul_2
Segment Information - Schedule of Net Revenues by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues | $ 8,185,329 | $ 6,010,874 | $ 3,892,976 |
Americas | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues | 6,795,027 | 4,871,313 | 3,188,353 |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues | 1,111,434 | 853,674 | 592,087 |
Asia Pacific | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues | $ 278,868 | $ 285,887 | $ 112,536 |