JEFFERIES FINANCIAL GROUP INC., 10-K filed on 1/27/2023
Annual Report
v3.22.4
Cover - USD ($)
 12 Months Ended
Nov. 30, 2022
Jan. 19, 2023
May 31, 2022
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Nov. 30, 2022    
Current Fiscal Year End Date --11-30    
Document Transition Report false    
Entity File Number 1-5721    
Entity Registrant Name JEFFERIES FINANCIAL GROUP INC.    
Entity Incorporation, State or Country Code NY    
Entity Tax Identification Number 13-2615557    
Entity Address, Address Line One 520 Madison Avenue,    
Entity Address, City or Town New York,    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 10022    
City Area Code 212    
Local Phone Number -2300    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 6,658,740,985
Entity Common Stock, Shares Outstanding   226,162,081  
Entity Central Index Key 0000096223    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Stock      
Entity Information [Line Items]      
Title of 12(b) Security Common Shares, par value $1 per share    
Trading Symbol JEF    
Security Exchange Name NYSE    
4.850% Senior Notes      
Entity Information [Line Items]      
Title of 12(b) Security 4.850% Senior Notes Due 2027    
Trading Symbol JEF 27A    
Security Exchange Name NYSE    
2.750% Senior Notes      
Entity Information [Line Items]      
Title of 12(b) Security 2.750% Senior Notes Due 2032    
Trading Symbol JEF 32A    
Security Exchange Name NYSE    
v3.22.4
Audit Information
 12 Months Ended
Nov. 30, 2022
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location New York, New York
Auditor Firm ID 34
v3.22.4
Cover
 12 Months Ended
Nov. 30, 2022
Cover [Abstract]  
Documents Incorporated by Reference [Text Block] Certain portions of the registrant's Definitive Proxy Statement pursuant to Regulation 14A of the Securities Exchange Act of 1934 in connection with the 2023 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.
v3.22.4
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
 [1]
ASSETS    
Cash and cash equivalents $ 9,703,109 $ 10,755,133
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations 957,302 1,015,107
Financial instruments owned, at fair value (includes securities pledged of $14,099,136 and $12,723,502 at November 30, 2022 and 2021, respectively) 18,666,296 18,024,621
Investments in and loans to related parties 1,426,817 1,587,409
Securities borrowed 5,831,148 6,409,420
Securities purchased under agreements to resell 4,546,691 7,642,484
Securities received as collateral 100,362 7,289
Receivables:    
Brokers, dealers and clearing organizations 1,792,937 2,454,918
Customers 1,225,137 1,615,822
Fees, interest and other 568,921 582,756
Premises and equipment 906,864 911,230
Goodwill 1,736,114 1,745,098
Other Assets 3,595,985 3,356,024
Total assets 51,057,683 56,107,311
LIABILITIES AND EQUITY    
Short-term borrowings 528,392 221,863
Financial instruments sold, not yet purchased, at fair value 11,056,477 9,267,090
Securities loaned 1,366,025 1,525,721
Securities sold under agreements to repurchase 7,452,342 8,446,099
Other secured financings (includes $1,712 and $102,788 at fair value at November 30, 2022 and 2021, respectively) 2,037,843 4,487,224
Obligation to return securities received as collateral, at fair value 100,362 7,289
Payables:    
Brokers, dealers and clearing organizations 2,628,727 3,952,093
Customers 3,578,854 4,461,481
Lease liabilities 533,708 548,295
Accrued expenses and other liabilities 2,573,927 3,334,371
Long-term debt (includes $1,583,828 and $1,843,598 at fair value at November 30, 2022 and 2021, respectively) 8,774,086 9,125,745
Total liabilities 40,630,743 45,377,271
MEZZANINE EQUITY    
Redeemable noncontrolling interests 6,461 25,400
Mandatorily redeemable convertible preferred shares 125,000 125,000
EQUITY    
Common shares, par value $1 per share, authorized 600,000,000 shares; 226,129,626 and 243,541,431 shares issued and outstanding, after deducting 90,334,082 and 72,922,277 shares held in treasury 226,130 243,541
Additional paid-in capital 1,967,781 2,742,244
Accumulated other comprehensive loss (379,419) (372,143)
Retained earnings 8,418,354 7,940,113
Total Jefferies Financial Group Inc. common shareholders’ equity 10,232,846 10,553,755
Noncontrolling interests 62,633 25,885
Total equity 10,295,479 10,579,640
Total liabilities and equity $ 51,057,683 $ 56,107,311
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Financial instruments owned $ 18,666,296 $ 18,024,621 [1]
Other assets 3,595,985 3,356,024 [1]
LIABILITIES AND EQUITY    
Long term debt, at fair value $ 1,583,828 $ 1,843,598
EQUITY    
Common shares, par value (in dollars per share) $ 1 $ 1
Common shares, authorized (in shares) 600,000,000 600,000,000
Common shares, issued after deducting shares held in treasury (in shares) 226,129,626 243,541,431
Common shares, outstanding after deducting shares held in treasury (in shares) 226,129,626 243,541,431
Treasury stock, shares (in shares) 90,334,082 72,922,277
Variable interest entities    
Other secured financings $ 1,712 $ 102,788
Other assets 1,032,353 990,389
Asset Pledged as Collateral    
Financial instruments owned $ 14,099,136 $ 12,723,502
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
 [1]
Nov. 30, 2020
 [1]
Revenues      
Revenues $ 7,149,263 $ 8,945,464 $ 6,880,447
Interest expense 1,170,425 931,638 1,029,926
Net revenues 5,978,838 8,013,826 5,850,521
Non-interest expenses      
Compensation and benefits 2,589,044 3,554,760 2,944,071
Floor brokerage and clearing fees 347,805 301,860 266,592
Underwriting costs 42,067 117,572 95,636
Technology and communications 444,011 388,134 335,065
Occupancy and equipment rental 108,001 106,254 95,754
Business development 150,500 109,772 70,797
Professional services 240,978 215,761 176,280
Depreciation and amortization 172,902 157,420 158,439
Cost of sales 440,837 470,870 338,588
Other expenses 387,131 337,318 302,216
Total non-interest expenses 4,923,276 5,759,721 4,783,438
Earnings before income taxes 1,055,562 2,254,105 1,067,083
Income tax expense 273,852 576,729 298,673
Net earnings 781,710 1,677,376 768,410
Net earnings (loss) attributable to noncontrolling interests (2,397) 3,850 (5,271)
Net loss attributable to redeemable noncontrolling interests (1,342) (826) (1,558)
Preferred stock dividends 8,281 6,949 5,634
Net earnings attributable to Jefferies Financial Group Inc. $ 777,168 $ 1,667,403 $ 769,605
Basic earnings per common share (in USD per share) $ 3.13 $ 6.29 $ 2.68
Diluted earnings per common share (in USD per share) $ 3.06 $ 6.13 $ 2.65
Investment banking      
Revenues      
Revenues $ 2,807,822 $ 4,365,699 $ 2,501,494
Principal transactions      
Revenues      
Revenues 833,757 1,617,336 1,928,143
Commissions and other fees      
Revenues      
Revenues 925,494 896,015 822,248
Asset management fees      
Revenues      
Revenues 80,264 72,084 34,209
Interest      
Revenues      
Revenues 1,183,638 956,318 1,009,548
Other contracts with customers      
Revenues      
Revenues $ 1,318,288 $ 1,038,012 $ 584,805
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Statement of Comprehensive Income [Abstract]      
Net earnings $ 781,710 $ 1,677,376 [1] $ 768,410 [1]
Other comprehensive loss, net of tax:      
Currency translation and other adjustments [2] (53,572) (9,781) 35,991
Change in fair value of instrument specific credit risk [3] 49,146 (82,521) (52,262)
Minimum pension liability adjustments [4] 3,311 9,320 21
Unrealized gain (loss) on available-for-sale securities (6,161) (244) 372
Total other comprehensive loss, net of tax [5] (7,276) (83,226) (15,878)
Comprehensive income 774,434 1,594,150 752,532
Net earnings (loss) attributable to noncontrolling interests (2,397) 3,850 (5,271)
Net loss attributable to redeemable noncontrolling interests (1,342) (826) (1,558)
Preferred stock dividends 8,281 6,949 [1] 5,634 [1]
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders $ 769,892 $ 1,584,177 $ 753,727
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
[2] The amounts include income tax benefits (expenses) of approximately $15.6 million, $0.6 million and $(11.4) million during the years ended November 30, 2022, 2021 and 2020, respectively.
[3] The amounts include income tax benefits (expenses) of approximately $(15.6) million, $26.7 million and $16.4 million for the years ended November 30, 2022, 2021 and 2020, respectively. The amounts for the years ended November 30, 2022, 2021 and 2020 include net gains (losses) of $0.1 million, $(1.9) million and $(0.4) million, respectively, net of tax benefits (expenses) of $41 thousand, $0.6 million and $0.1 million, respectively, for fair value changes related to instrument specific risk, which were reclassified to Principal transactions revenues within the Consolidated Statements of Earnings.
[4] The amounts include income tax benefits (expense) of $(1.2) million, $(3.1) million and $13 thousand for the years ended November 30, 2022, 2021 and 2020, respectively. The amounts during the years ended November 30, 2022, 2021 and 2020, include pension net losses of $2.5 million, $3.1 million and $2.9 million, respectively, net of tax benefits of $0.8 million, $1.1 million and $1.0 million, respectively, which were reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings.
[5] None of the components of other comprehensive income (loss) are attributable to noncontrolling interests, redeemable noncontrolling interest or preferred stock dividends.
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Currency translation adjustments and other, tax benefits (expenses) $ 15,600 $ 600 $ (11,400)
Changes in instrument specific credit risk, tax benefits (expenses) (15,600) 26,700 16,400
Minimum pension liability adjustments, tax benefits (expenses) (1,200) (3,100) 13
Pension losses reclassification amount 2,500 3,100 2,900
Pension losses reclassification amount, tax (800) (1,100) (1,000)
Changes in instrument specific credit risk      
Changes in instrument specific credit risk reclassified to principal transactions revenues 100 (1,900) (400)
Changes in instrument specific credit risk reclassified to principal transactions revenues, tax $ 41 $ 600 $ 100
v3.22.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional paid-in capital
Accumulated other comprehensive loss, net of tax
Retained earnings
Retained earnings
Adjustment for change in accounting principle for current expected credit losses
Total Jefferies Financial Group Inc. common shareholders’ equity
Noncontrolling interests
Balance, beginning of period at Nov. 30, 2019   $ 291,644 $ 3,627,711 $ (273,039) $ 5,933,389     $ 21,979
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Share-based compensation expense     40,038          
Change in fair value of redeemable noncontrolling interests     3,056          
Purchase of common shares for treasury   (42,263) (773,393)          
Other   370 13,811         1
Other comprehensive loss, net of taxes: $ (15,878) [1]     (15,878)        
Net earnings attributable to Jefferies Financial Group Inc. 769,605 [2]       769,605      
Dividends ($1.20, $0.90, and $0.60 per common share, respectively)         (171,158)      
Net earnings (loss) 768,410 [2]             (5,271)
Contributions               19,617
Distributions               (1,694)
Deconsolidation of asset management entity               0
Balance, end of period at Nov. 30, 2020 9,438,525 249,751 2,911,223 (288,917) 6,531,836 $ (19,915) $ 9,403,893 34,632
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Share-based compensation expense     78,160          
Change in fair value of redeemable noncontrolling interests     (6,216)          
Purchase of common shares for treasury   (8,643) (260,757)          
Other   2,433 19,834         (659)
Other comprehensive loss, net of taxes: (83,226) [1]     (83,226)        
Net earnings attributable to Jefferies Financial Group Inc. 1,667,403 [2]       1,667,403      
Dividends ($1.20, $0.90, and $0.60 per common share, respectively)         (239,211)      
Net earnings (loss) 1,677,376 [2]             3,850
Contributions               4,325
Distributions               (16,263)
Deconsolidation of asset management entity               0
Balance, end of period at Nov. 30, 2021 10,579,640 [2] 243,541 2,742,244 (372,143) 7,940,113   10,553,755 25,885
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Share-based compensation expense     43,919          
Change in fair value of redeemable noncontrolling interests     (1,147)          
Purchase of common shares for treasury   (25,595) (833,998)          
Other   8,184 16,763         1
Other comprehensive loss, net of taxes: (7,276) [1]     (7,276)        
Net earnings attributable to Jefferies Financial Group Inc. 777,168       777,168      
Dividends ($1.20, $0.90, and $0.60 per common share, respectively)         (298,927)      
Net earnings (loss) 781,710             (2,397)
Contributions               64,880
Distributions               (2,629)
Deconsolidation of asset management entity               (23,107)
Balance, end of period at Nov. 30, 2022 $ 10,295,479 $ 226,130 $ 1,967,781 $ (379,419) $ 8,418,354   $ 10,232,846 $ 62,633
[1] None of the components of other comprehensive income (loss) are attributable to noncontrolling interests, redeemable noncontrolling interest or preferred stock dividends.
[2] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Cash flows from operating activities:      
Net earnings $ 781,710 $ 1,677,376 [1] $ 768,410 [1]
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 189,343 144,255 136,475
Deferred income taxes (70,396) 96,890 64,667
Share-based compensation 43,919 78,160 40,038
Bad debt expense, net of reversals 46,846 55,876 48,157
(Income) loss on investments in and loans to related parties 36,287 (149,885) 75,177
Distributions received on investments in related parties 82,161 110,963 63,134
Gain on sale of subsidiaries and investments in related parties (319,041) 0 0
Other adjustments (601,303) (89,004) 320,611
Net change in assets and liabilities:      
Securities deposited with clearing and depository organizations 0 34,237 751
Receivables:      
Brokers, dealers and clearing organizations 631,672 (136,614) (666,491)
Customers 384,097 (329,026) 185,266
Fees, interest and other 200,672 (28,340) (153,463)
Securities borrowed 548,567 520,455 714,664
Financial instruments owned (773,523) (1,314,603) (877,088)
Securities purchased under agreements to resell 3,047,353 (2,552,607) (752,171)
Other assets (230,722) (225,916) 167,889
Payables:      
Brokers, dealers and clearing organizations (1,288,912) 2,173,266 294,397
Customers (882,576) 210,055 442,913
Securities loaned (139,557) (282,403) 270,261
Financial instruments sold, not yet purchased 1,875,957 992,199 (1,014,535)
Securities sold under agreements to repurchase (952,584) 133,423 799,794
Lease liabilities (89,689) (64,377) (52,553)
Accrued expenses and other liabilities (715,432) 527,910 1,179,136
Net cash provided by operating activities 1,804,849 1,582,290 2,055,439
Cash flows from investing activities:      
Contributions to investments in and loans to related parties (351,645) (2,339,447) (1,666,323)
Capital distributions from investments and repayments of loans from related parties 286,578 2,310,186 1,552,161
Originations and purchases of automobile loans, notes and other receivables (527,929) (611,486) (813,867)
Principal collections of automobile loans, notes and other receivables 434,487 394,387 686,114
Net payments on premises and equipment, and other assets (224,301) (165,605) (176,958)
Deconsolidation of asset management entity (23,107) 0 0
Proceeds from sales and maturities of investments and loan receivables 3,588 3,274 69,321
Proceeds from sales of subsidiaries and investments in related parties, net of expenses and cash of operations sold 333,149 0 179,654
Other 8,641 (1,174) 4,215
Net cash used in investing activities (60,539) (409,865) (165,683)
Cash flows from financing activities:      
Proceeds from short-term borrowings 3,659,098 1,005,000 1,619,820
Payments on short-term borrowings (3,338,000) (1,556,090) (1,368,255)
Proceeds from issuance of long-term debt, net of issuance costs 1,198,565 2,488,493 1,516,693
Repayment of long-term debt (824,894) (1,646,224) (1,716,276)
Net proceeds from (payments on) other secured financings (2,448,731) 1,197,231 218,010
Net change in bank overdrafts (14,569) 8,216 (34,663)
Proceeds from contributions of noncontrolling interests 64,880 4,325 19,617
Payments on distributions to noncontrolling interests (2,629) (16,263) (1,694)
Purchase of common shares for treasury (859,593) (269,400) (816,871)
Dividends paid (280,104) (222,798) (160,940)
Other 2,752 1,804 1,034
Net cash provided by (used in) financing activities (2,843,225) 994,294 (723,525)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (22,143) (3,387) 18,306
Net increase (decrease) in cash, cash equivalents and restricted cash (1,121,060) 2,163,332 1,184,537
Cash, cash equivalents and restricted cash at beginning of period 11,828,304 9,664,972 8,480,435
Cash, cash equivalents and restricted cash at end of period 10,707,244 11,828,304 9,664,972
Cash paid during the period for:      
Interest 1,164,093 936,272 1,080,368
Income taxes, net 214,066 $ 727,126 $ 25
Transfer from investments $ 215,900    
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Statement of Cash Flows [Abstract]    
Cash and cash equivalents $ 9,703,109 $ 10,755,133 [1]
Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations 957,302 1,015,107
Other assets 46,833 58,064
Total cash, cash equivalents and restricted cash $ 10,707,244 $ 11,828,304
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (Details) - $ / shares
 3 Months Ended 12 Months Ended
Nov. 30, 2022
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Statement of Stockholders' Equity [Abstract]        
Dividends per common share (in dollars per share) $ 0.30 $ 1.20 $ 0.90 $ 0.60
v3.22.4
Organization and Basis of Presentation
 12 Months Ended
Nov. 30, 2022
Accounting Policies [Abstract]  
Organization and Basis of Presentation Organization and Basis of Presentation
Organization
Jefferies Financial Group Inc. is a U.S.-headquartered global full service, integrated investment banking and securities firm. The accompanying Consolidated Financial Statements represent the accounts of Jefferies Financial Group Inc. and subsidiaries (together “we” or “us”). We, collectively with our consolidated subsidiaries and through our affiliates, deliver a broad range of financial services across investment banking, capital markets and asset management.
We operate in two reportable business segments: (1) Investment Banking and Capital Markets and (2) Asset Management. The Investment Banking and Capital Markets reportable business segment includes our securities, commodities, futures and foreign exchange capital markets activities and our investment banking business, which provides underwriting and financial advisory services to our clients across most industry sectors. We operate globally in the Americas; Europe and the Middle East; and Asia. Investment Banking and Capital Markets also includes our corporate lending joint venture (“JFIN Parent LLC” or “Jefferies Finance”), our commercial real estate joint venture (“Berkadia Commercial Holding LLC” or “Berkadia”) and our automobile lending and servicing activities. The Asset Management reportable business segment provides alternative investment management services to investors in the U.S. and overseas and generates investment income from capital invested in and managed by us or our affiliated asset managers.
Jefferies Group LLC (“Jefferies Group”), our investment banking and securities firm, was historically operated as a separate consolidated subsidiary and was a separate Securities and Exchange Commission (“SEC”) reporting company, filing annual, quarterly and periodic financial reports. On November 1, 2022, Jefferies Group was wholly merged into Jefferies Financial Group Inc., which has eliminated the requirement for separate SEC report filings. In addition, we have historically owned a portfolio of investments that have been reflected in our consolidated financial statements as consolidated subsidiaries, equity investments, securities or in other ways that constituted our “merchant banking” business, which were reported as part of our Merchant Banking reportable segment. During the year ended November 30, 2022 and in connection with the merger, we transferred significantly all of our Merchant Banking investments into our Asset Management reportable segment. Certain other publicly traded equity investments related to investment banking relationships were transferred from our Merchant Banking reportable segment to our Investment Banking and Capital Markets reportable segment. These investments are now managed by the respective segment managers. Additionally, activities that were presented as part of the Corporate reportable segment are now fully allocated to either the Investment Banking and Capital Markets or Asset Management reportable segments. Prior year amounts have been revised to conform to the current segment reporting. For further information on our reportable business segments, refer to Note 24, Segment Reporting.
During the year ended November 30, 2022, we sold all of our interests in Idaho Timber and sold our interests in the Oak Hill investment management company, registered investment adviser and general partner entity and recognized a gain on sale of $138.7 million and $175.1 million, respectively. These gains are presented within Other revenues in the Consolidated Statements of Earnings and included within our Asset Management reportable business segment.
Reclassifications to Consolidated Financial Statements
We have made certain reclassifications within our Consolidated Statements of Financial Condition and Consolidated Statements of Earnings in connection with the merger of Jefferies Group into Jefferies Financial Group Inc. This streamlines our financial statements and better aligns the presentation of our firm with our strategy of building our investment banking and capital markets and asset management businesses and reducing our legacy merchant banking portfolio. The reclassifications including, but not limited to, the presentation of equity method investments and any related equity method earnings, loans receivable, intangible assets and interest expense within the financial statements, conform to the presentation utilized in the historical Jefferies Group LLC consolidated financial statements prior to the merger. Additionally, the presentation of receivables, payables, asset management fees and revenues and selling, general and other expenses has been disaggregated to provide additional financial statement line item categories on the face of the Consolidated Statements of Financial Condition and the Consolidated Statements of Earnings. These reclassifications have no effect on our consolidated net earnings, comprehensive income, total assets, total liabilities or total equity. These reclassifications have no effect on the net change in cash, cash equivalents and restricted cash. Historical periods have been recast to conform to these reclassifications.
Changes to Consolidated Financial Statements for Change in Accounting Policy
As of November 30, 2022, we have changed the accounting for our secondary trading activity related to the purchases and sales of corporate loans. Historically, we have accounted for purchases and sales of corporate loans in the secondary market on trade date. Purchases of loans in the secondary market were recognized on trade date within Financial instruments owned for the total amount of the loans and a corresponding liability was recognized within Payables - brokers, dealers and clearing organizations. Sales of loans in the secondary market were recognized on trade date within Financial instruments sold, not yet purchased for the total amount of the loans and a corresponding asset was recognized within Receivables - brokers, dealers and clearing organizations on the Consolidated Statements of Financial Condition for the amount of cash to be paid or received upon settlement. We have determined that it is preferable to recognize this trading activity on a settlement date basis. A firm commitment to purchase and/or sell loans on the date of trade execution due to the extended settlement period for this trading activity is recognized and results in recognizing the changes in fair value related to the underlying purchased loans or sold loans. We have elected the fair value option for the firm commitment to purchase or sell loans and account for changes in the fair value of the firm commitment within Principal transactions revenues between the trade date and settlement date on the Consolidated Statement of Earnings and within Financial Instruments owned, or Financial Instruments sold on the Consolidated Statement of Financial Condition.
This change in accounting policy resulted in a reduction of Financial instruments owned of $2.1 billion, Financial instruments sold, not yet purchased of $2.8 billion, Payables - Brokers of $2.4 billion and Receivables - Brokers of $3.1 billion on the Consolidated Statement of Financial Condition at November 30, 2022. There was no impact to net earnings or total equity as a result of this change in accounting policy.
The following table sets forth our Consolidated Statement of Financial Condition as of November 30, 2021 as originally reported and as revised and presented within these consolidated financial statements as a result of the reclassifications and change in accounting policy.

Balance at
November 30, 2021
As Originally ReportedIncreases/Decreases
 due to reclassifications		Increases/Decreases due to change in accounting policyAs Revised
Assets:
Financial instruments owned$19,828,670 $50,964 $(1,855,013)$18,024,621 
Investments in and loans to related parties1,745,790 (158,381)— 1,587,409 
Receivables (1)7,839,240 (7,839,240)— — 
Receivables - Brokers, dealers and clearing organizations— 4,896,704 (2,441,786)2,454,918 
Receivables - Customers— 1,615,822 — 1,615,822 
Receivables - Fees, interest and other— 582,756 — 582,756 
Intangible assets, net and goodwill1,897,500 (1,897,500)— — 
Goodwill— 1,745,098 — 1,745,098 
Other assets (1)2,352,247 1,003,777 — 3,356,024 
Total assets60,404,110 — (4,296,799)56,107,311 

Liabilities:
Financial instruments sold, not yet purchased$11,699,467 $— $(2,432,377)$9,267,090 
Payables, expense accruals and other liabilities13,612,367 (13,612,367)— — 
Payables - Brokers, dealers and clearing organizations— 5,816,515 (1,864,422)3,952,093 
Payables - Customers— 4,461,481 — 4,461,481 
Accrued expenses and other liabilities— 3,334,371 — 3,334,371 
Total liabilities49,674,070 — (4,296,799)45,377,271 
(1) Automobile loans of $745.3 million historically presented within Receivables have been reclassified to Other assets on the Consolidated Statement of Financial Condition.
The following table sets forth our Consolidated Statements of Earnings for the years ended November 30, 2021 and 2020 as originally reported and as revised and presented within these consolidated financial statements as a result of the reclassifications.
Year Ended
 November 30, 2021		Year Ended
 November 30, 2020
As Originally ReportedIncreases/Decreases
 due to reclassifications		As RevisedAs Originally ReportedIncreases/Decreases
 due to reclassifications		As Revised
Principal transactions$1,623,713 $(6,377)$1,617,336 $1,916,508 $11,635 $1,928,143 
Asset management fees and revenues— 72,084 72,084 — 34,209 34,209 
Interest943,336 12,982 956,318 997,555 11,993 1,009,548 
Other1,211,120 (173,108)1,038,012 718,125 (133,320)584,805 
Total revenues9,039,883 (94,419)8,945,464 6,955,930 (75,483)6,880,447 
Interest expense854,554 77,084 931,638 945,056 84,870 1,029,926 
Net revenues8,185,329 (171,503)8,013,826 6,010,874 (160,353)5,850,521 
Compensation and benefits3,551,124 3,636 3,554,760 2,940,863 3,208 2,944,071 
Interest expense77,084 (77,084)— 84,870 (84,870)— 
Selling, general and other expenses1,278,447 (1,278,447)— 1,078,956 (1,078,956)— 
Underwriting costs— 117,572 117,572 — 95,636 95,636 
Technology and communications— 388,134 388,134 — 335,065 335,065 
Occupancy and equipment rental— 106,254 106,254 — 95,754 95,754 
Business development— 109,772 109,772 — 70,797 70,797 
Professional services— 215,761 215,761 — 176,280 176,280 
Other expenses— 337,318 337,318 — 302,216 302,216 
Total expenses5,836,805 (77,084)5,759,721 4,868,308 (84,870)4,783,438 
Income (loss) related to associated companies(94,419)94,419 — (75,483)75,483 — 
Conforming changes consistent with these reclassifications have been made to our Consolidated Statements of Cash Flows and to Note 4, Fair Value Disclosures, Note 5, Derivative Financial Instruments, Note 9, Investments, Note 10, Credit Losses on Financial Instruments Measured at Amortized Cost and Note 24, Segment Reporting within our consolidated financial statements for the years ended November 30, 2021 and 2020.
Basis of Presentation
The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial information.
We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, goodwill and the accounting for income taxes. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.
Consolidation
Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that 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. For consolidated entities that are less than wholly-owned, the third-party’s holding of equity interest is presented as Noncontrolling interests in our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings (loss) attributable to noncontrolling interests in our Consolidated Statements of Earnings.
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 U.S. GAAP, with our portion of net earnings or gains and losses recorded in Other revenues or Principal transactions revenues, respectively. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. We 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.
Intercompany accounts and transactions are eliminated in consolidation.
v3.22.4
Summary of Significant Accounting Policies
 12 Months Ended
Nov. 30, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Revenue Recognition Policies
Commissions and Other Fees. All customer securities transactions are reported in our 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 our Consolidated Statements of Earnings. 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 and Financial instruments sold, not yet purchased are carried at fair value with gains and losses reflected in Principal transactions revenues in our Consolidated Statements of Earnings, except for derivatives accounted for as hedges (see “Hedge Accounting” section herein and Note 5, Derivative Financial Instruments). 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 on the Consolidated Statements of Earnings 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 within Underwriting costs in the Consolidated Statements of Earnings.
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. We recognize contractual interest on Financial instruments owned and Financial instruments sold, not yet purchased, on an accrual basis as a component of interest revenue and 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 our Consolidated Statements of Earnings rather than as a component of interest revenue or expense. We account for our short- and long-term borrowings at amortized cost, except for those for which we have elected the fair value option, with related interest recorded on an accrual basis as Interest expense. Discounts/premiums arising on our long-term debt are accreted/amortized to Interest expense using the effective yield method over the remaining lives of the underlying debt obligations. We recognize interest revenue related to our securities borrowed and securities purchased under agreements to resell activities and interest expense related to our securities loaned and securities sold under agreements to repurchase activities 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.
Other Revenues. Other revenues include revenue from the sale of manufactured or remanufactured lumber for which the transaction price is fixed at the time of sale and revenue is generally recognized when the customer takes control of the product. Other revenues also include revenue from the sale of produced oil and gas and revenue from the sale of real estate. Contracts for revenue from the sale of produced oil and gas typically include variable consideration based on monthly pricing tied to local indices and volumes and revenue is recorded at the point in time when control of the produced oil and gas transfers to the customer, which is when the performance obligation is satisfied and the variable consideration can be reliably estimated at the end of each month. Revenues from the sales of real estate are recognized at a point in time when the related transaction is complete. If performance obligations under the contract with a customer related to a parcel of real estate are not yet complete when title transfers to the buyer, revenue associated with the incomplete performance obligations is deferred until the performance obligation is completed.
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 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 and Financial instruments sold, not yet purchased 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 are recognized in Principal transactions revenues in our Consolidated Statements of Earnings. 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).
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.
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.
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 our 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 our 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. In instances where the Company receives securities as collateral in connection with securities-for-securities transactions in the which the Company is the lender of securities and is permitted to sell or repledge the securities received as collateral, the Company reports the fair value of the collateral received and the related obligation to return the collateral in the Company’s Consolidated Statement of Financial Condition.
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 our Consolidated Statements of Earnings on an accrual basis. Repos are presented in our Consolidated Statements of Financial Condition on a net-basis by counterparty, where permitted by U.S. GAAP. We monitor the fair value of the underlying securities 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 our exposure to credit risk associated with our 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.
Refer to Note 5, Derivative Financial Instruments, and Note 6, Collateralized Transactions, for further information.
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 within our 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 our Consolidated Statements of Earnings.
When a transfer of assets does not meet the criteria of a sale, we account for the transfer as a secured borrowing and continue to recognize the assets of a secured borrowing in Financial instruments owned and recognize the associated financing in Other secured financings in our Consolidated Statements of Financial Condition.
Investments in and Loans to Related Parties
Investments in and loans to related parties 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 activities. Investments in and loans to related parties are accounted for using the equity method or at cost, as appropriate, and reviewed for impairment when changes in circumstances may indicate a decrease in value which is other than temporary. Revenues on Investments in and loans related parties are included in Other revenues in our Consolidated Statements of Earnings. See Note 9, Investments, and Note 25, Related Party Transactions, for additional information regarding certain of these investments.
Credit Losses
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 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 current market conditions and reasonable and supportable forecasts of expected future economic conditions.
Goodwill and Intangible Assets
Goodwill. Goodwill represents the excess acquisition cost over the fair value of net tangible and intangible assets acquired. Goodwill is not amortized and is subject to annual impairment testing on August 1 for our Investment Banking, Fixed Income, Equities and Asset Management reporting units, on November 30 for other identified reporting units or between annual tests if an event or change in circumstance occurs that would more likely than not reduce the fair value of a reporting unit below its carrying value. The goodwill impairment test is performed at the reporting unit level by comparing the estimated fair value of a reporting unit with its respective carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not impaired. If the fair value is less than the carrying value, then an impairment loss is recognized for the amount by which the carrying value of the reporting unit exceeds the reporting unit’s fair value.
The fair value of reporting units are 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 estimating the fair value of reporting units include market valuation methods that incorporate price-to-earnings and price-to-book multiples of comparable exchange-traded companies and multiples of merger and acquisitions of similar businesses. The estimates and assumptions used in determining fair value could have a significant effect on whether or not an impairment charge is recorded and the magnitude of such a charge. Adverse market or economic events could result in impairment charges in future periods.
Intangible Assets. Intangible assets deemed to have finite lives are 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. For intangible assets deemed to be impaired, an impairment loss is recognized for the amount by which the intangible asset's carrying value exceeds its fair value. 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 that 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.
Intangible assets are included in Other assets in our Consolidated Statements of Financial Condition. Our annual indefinite-lived intangible asset impairment testing date is August 1st. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset that is amortized over the remaining useful life of that asset, if any. Subsequent reversal of impairment losses is not permitted.
Refer to Note 11, Goodwill and Intangible Assets, for further information.
Premises and Equipment
Premises and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets (generally three to ten years). Leasehold improvements are amortized using the straight-line method over the term of the related leases or the estimated useful lives of the assets, whichever is shorter. Premises and equipment includes internally developed software. The carrying values of internally developed software ready for its intended use are depreciated over the remaining useful life.
At November 30, 2022 and 2021, furniture, fixtures and equipment amounted to $730.1 million and $728.3 million, respectively, and leasehold improvements amounted to $245.1 million and $236.8 million, respectively. Accumulated depreciation and amortization was $524.6 million and $526.0 million at November 30, 2022 and 2021, respectively.
Depreciation and amortization expense amounted to $172.9 million, $157.4 million and $158.4 million for the years ended November 30, 2022, 2021 and 2020, respectively.
Leases
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 Premises and equipment and the lease liabilities are included in Lease liabilities in our 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 Occupancy and equipment rental expense in our Consolidated Statement of Earnings.
Other Real Estate
Other real estate is classified within Other assets and includes all expenditures incurred in connection with the acquisition, development and construction of properties. Interest, payroll related to construction, property taxes and other professional fees attributable to land and property construction are capitalized and added to the cost of those properties when active development begins and ends when the property development is fully completed and ready for its intended use. During the years ended November 30, 2022, 2021 and 2020, capitalized interest of $13.5 million, $9.0 million and $8.6 million, respectively was allocated among real estate projects that are currently under development.
Inventories and Cost of Sales
We have investments in entities that are consolidated by us that are engaged in various manufacturing and real estate activities. Inventories arising from these consolidated entities are classified as Other assets in the Consolidated Statements of Financial Condition and are stated at the lower of cost or net realizable value, with cost principally determined under the first-in-first-out method. Cost of goods sold, which is recognized within Non-interest expenses on the Consolidated Statements of Earnings in connection with sales of such inventories, principally includes product and manufacturing costs, inbound and outbound shipping costs and handling costs.
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.
Share-based Compensation
Share-based awards are measured based on the fair value of the award 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.
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.
We use the portfolio approach relating to the release of stranded tax effects recorded in accumulated other comprehensive income (loss).
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. RSUs granted under the senior executive compensation plan are not considered participating securities as the rights to dividend equivalents are forfeitable. See Note 13 for more information regarding the senior executive compensation plan.
Legal Reserves
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 in Accrued expenses and other liabilities 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. We believe that any other matters for which we have determined a loss to be probable and reasonably estimable are not material to our consolidated financial statements.
In many instances, it is not possible to determine whether any loss is probable or even possible or to estimate the amount of any loss or the size of any range of loss. We believe that, in the aggregate, the pending legal actions or regulatory proceedings and any other exams, investigations or similar reviews (both formal and informal) should not have a material adverse effect on our consolidated results of operations, cash flows or financial condition. In addition, we believe that any amount of potential loss or range of potential loss in excess of what has been provided in our consolidated financial statements that could be reasonably estimated is not material.
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 and Financial instruments sold, not yet purchased in our Consolidated Statements of Financial Position. 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% - 125%. The impact of valuation adjustments related to our 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 and Financial instruments sold, not yet purchased in our Consolidated Statements of Financial Position. 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 Currency translation adjustments and other in our Consolidated Statements of Comprehensive Income.
Refer to Note 5, Derivative Financial Instruments, for further information.
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 a 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 Other comprehensive income. Gains or losses resulting from foreign currency transactions are included in Principal transactions revenues in our Consolidated Statements of Earnings.
v3.22.4
Accounting Developments
 12 Months Ended
Nov. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Accounting Developments Accounting Developments
Adopted Accounting Standards
Reference Rate Reform. In March 2020, the FASB issued new guidance, which was subsequently amended in January 2021, which provides optional exceptions for applying GAAP to certain contract modifications, hedge accounting relationships or other transactions affected by reference rate reform. In December 2022, the FASB issued an accounting standard update to extend the temporary relief until December 31, 2024. Our assessment of contracts with provisions based on LIBOR is ongoing and this guidance may be applied as we transition away from LIBOR.
Income Taxes. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The objective of the guidance is 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.
Consolidation. In October 2018, the FASB issued ASU No. 2018-17, Consolidation: Targeted Improvements to Related Party Guidance for Variable Interest Entities. The guidance 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.
Internal-Use Software. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The guidance 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.
Defined Benefit Plans. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General: Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. The objective of the guidance is to improve the effectiveness of disclosure requirements on defined benefit pension plans and other postretirement 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.
Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, 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.
Financial Instruments—Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The guidance 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 provision 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 our automobile loans receivables portfolio. We estimate expected credit losses on the portfolio using an analysis of historical portfolio performance data as well as external economic factors that we consider to be relevant to the credit losses expected in the portfolio. This was offset by decreases attributable to applying a revised provisioning methodology based on historical loss experience for our investment banking fee receivables. The impact upon adoption for our secured financing receivables (reverse repurchases agreements, securities borrowing arrangements, and margin loans) was immaterial because of the contractual collateral maintenance provisions that require that the counterparty continually adjust the amount of collateralization securing the credit exposure on these contracts. 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.
v3.22.4
Fair Value Disclosures
 12 Months Ended
Nov. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value (“NAV”) of $1.29 billion and $1.05 billion at November 30, 2022 and 2021, respectively, by level within the fair value hierarchy (in thousands):
November 30, 2022
Level 1Level 2Level 3Counterparty and Cash Collateral Netting (1)Total
Assets:
Financial instruments owned:
Corporate equity securities$3,117,327 $140,157 $240,347 $— $3,497,831 
Corporate debt securities— 3,972,153 30,232 — 4,002,385 
Collateralized debt obligations and collateralized loan obligations— 71,640 55,824 — 127,464 
U.S. government and federal agency securities3,442,484 15,111 — — 3,457,595 
Municipal securities— 574,903 — — 574,903 
Sovereign obligations896,805 849,558 — — 1,746,363 
Residential mortgage-backed securities— 1,314,199 27,617 — 1,341,816 
Commercial mortgage-backed securities— 442,471 839 — 443,310 
Other asset-backed securities— 333,164 94,677 — 427,841 
Loans and other receivables— 1,069,041 168,875 — 1,237,916 
Derivatives3,437 3,427,921 11,052 (3,093,244)349,166 
Investments at fair value— 3,750 161,992 — 165,742 
Total financial instruments owned, excluding Investments at fair value based on NAV$7,460,053 $12,214,068 $791,455 $(3,093,244)$17,372,332 
Securities received as collateral
$100,362 $— $— $— $100,362 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$2,097,436 $48,931 $750 $— $2,147,117 
Corporate debt securities— 2,337,691 500 — 2,338,191 
U.S. government and federal agency securities3,223,637 — — — 3,223,637 
Sovereign obligations879,909 771,125 — — 1,651,034 
Commercial mortgage-backed securities— — 490 — 490 
Loans— 180,147 3,164 — 183,311 
Derivatives204 4,174,082 70,576 (2,732,165)1,512,697 
Total financial instruments sold, not yet purchased$6,201,186 $7,511,976 $75,480 $(2,732,165)$11,056,477 
Other secured financings$— $— $1,712 $— $1,712 
Obligation to return securities received as collateral
$100,362 $— $— $— $100,362 
Long-term debt
$— $922,705 $661,123 $— $1,583,828 
(1)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
November 30, 2021
Level 1Level 2Level 3Counterparty and Cash Collateral Netting (1)Total
Assets:
Financial instruments owned:
Corporate equity securities$2,737,255 $257,318 $118,489 $— $3,113,062 
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 securities3,045,295 68,784 — — 3,114,079 
Municipal securities— 509,559 — — 509,559 
Sovereign obligations899,086 654,199 — — 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— 1,515,314 178,417 — 1,693,731 
Derivatives4,429 3,861,551 10,248 (3,305,756)570,472 
Investments at fair value— 11,369 154,373 — 165,742 
Total financial instruments owned, excluding Investments at fair value based on NAV$6,686,065 $12,995,640 $602,610 $(3,305,756)$16,978,559 
Securities received as collateral
$7,289 $— $— $— $7,289 
Liabilities:
Financial instruments sold, not yet purchased:
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 securities2,457,420 — — — 2,457,420 
Sovereign obligations935,801 593,040 — — 1,528,841 
Residential mortgage-backed securities— 719 — — 719 
Commercial mortgage-backed securities — — 210 — 210 
Loans— 49,555 9,925 — 59,480 
Derivatives1,815 5,034,544 78,017 (3,702,200)1,412,176 
Total financial instruments sold, not yet purchased$5,066,732 $7,809,289 $93,269 $(3,702,200)$9,267,090 
Other secured financings$— $76,883 $25,905 $— $102,788 
Obligation to return securities received as collateral
$7,289 $— $— $— $7,289 
Long-term debt
$— $961,866 $881,732 $— $1,843,598 
(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 the company. 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. 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 may be used. Investment grade corporate bonds measured using alternative valuation techniques are categorized within Level 2 or Level 3 of the fair value hierarchy
•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 (“RMBS”): Agency RMBS include mortgage pass-through securities (fixed and adjustable rate), collateralized mortgage obligations and principal-only and interest-only (including inverse interest-only) securities. Agency RMBS 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 RMBS: The fair value of non-agency RMBS 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 (“CMBS”): 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 CMBS: Non-agency CMBS 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 CMBS 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 (“ABS”) 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. Price quotations are derived using market prices for debt securities of the same creditor and estimates of future cash flows. Future cash flows use assumptions regarding creditor default and recovery rates, credit rating, effective yield 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.
Investments at Fair Value
Investments at fair value includes 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):
November 30, 2022
Fair Value (1)Unfunded Commitments
Equity Long/Short Hedge Funds (2)
$441,229 $— 
Equity Funds (3)
73,176 36,861 
Commodity Fund (4)
24,283 — 
Multi-asset Funds (5)
401,655 — 
Other Funds (6)
353,621 53,994 
Total$1,293,964 $90,855 
November 30, 2021
Fair Value (1)Unfunded Commitments
Equity Long/Short Hedge Funds (2)
$466,231 $— 
Equity Funds (3)
66,152 18,888 
Commodity Fund (4)
24,401 — 
Multi-asset Funds (5)
390,224 — 
Other Funds (6)
99,054 36,090 
Total$1,046,062 $54,978 
(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, 2022 and 2021, approximately 58% and 74%, respectively, became redeemable quarterly with 90 days written notice on December 31, 2021. At November 30, 2022 and 2021, approximately 34% and 21%, respectively, of the fair value of investments cannot be redeemed because these investments include restrictions that do not allow for redemption before November 30, 2023. At November 30, 2022 and 2021, approximately 6% and 5%, respectively, of the investments are redeemable quarterly with 60 days prior written notice. At November 30, 2022, the remaining balance cannot be redeemed because these investments include restrictions that do not allow for redemption before August 31, 2025.
(3)The investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed; instead, distributions are received through the liquidation of the underlying assets of the funds which are primarily expected to be liquidated in approximately one to twelve years.
(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 both November 30, 2022 and 2021, investments representing approximately 78% of the fair value of investments in this category are redeemable monthly with 60 days prior written notice. At November 30, 2022 and 2021, approximately 15% and 22%, respectively, of the fair value of investments in this category are redeemable quarterly with 90 days prior written notice.
(6)This category includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments. This category also includes investments in a fund that invests in distressed and special situations long and short credit strategies across sectors and asset types. Investments in this category are redeemable quarterly with 90 days prior written notice.
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 / Obligations to Return Securities Received as Collateral
In connection with securities-for-securities transactions in which we are the lender of securities and are permitted to sell or repledge the securities received as collateral, we report the fair value of the collateral received and the related obligation to return the collateral. Valuation is based on the price of the underlying security and is categorized within the corresponding leveling guidance above. These financial instruments are typically categorized within Level 1 of the fair value hierarchy.
Long-term Debt
Long-term debt includes variable rate, fixed-to-floating rate, equity-linked notes, constant maturity swap, digital and Bermudan structured notes. These are valued using various valuation models that incorporate our own credit spread, market price quotations from external pricing sources referencing the appropriate interest rate curves, volatilities and other inputs as well as prices for transactions in a given note during the period. Long-term debt notes are generally categorized within Level 2 of the fair value hierarchy where market trades have been observed during the period or model pricing is available, otherwise the notes are categorized within Level 3.
Level 3 Rollforwards
The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the year ended November 30, 2022 (in thousands):
For instruments still held at November 30, 2022, changes in unrealized gains/(losses) included in:
Balance at November 30, 2021Total gains/ losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of)
Level 3		Balance at November 30, 2022Earnings (1)Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities$118,489 $(645)$171,700 $(62,474)$(298)$— $13,575 $240,347 $7,286 $— 
Corporate debt securities11,803 946 18,686 (23,964)(9)— 22,770 30,232 (2,087)— 
CDOs and CLOs31,946 7,099 44,995 (22,600)(16,634)— 11,018 55,824 (10,938)— 
RMBS1,477 (13,210)35,774 (372)(240)— 4,188 27,617 (7,728)— 
CMBS2,333 (733)— (749)— — (12)839 (703)— 
Other ABS93,524 (6,467)74,353 (20,362)(39,647)— (6,724)94,677 (26,982)— 
Loans and other receivables178,417 (1,912)45,536 (33,692)(48,218)— 28,744 168,875 (11,610)— 
Investments at fair value154,373 46,735 74,984 (74,742)(15,951)— (23,407)161,992 33,294 — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$4,635 $(3,611)$(815)$4,858 $— $— $(4,317)$750 $2,382 $— 
Corporate debt securities482 88 (70)— — — — 500 (88)— 
CMBS210 — — 280 — — — 490 — — 
Loans9,925 1,197 (5,173)— 96 — (2,881)3,164 (2,484)— 
Net derivatives (2)67,769 (181,750)(1,559)1,285 — 28,436 145,343 59,524 168,304 — 
Other secured financings25,905 (650)— — (23,543)— — 1,712 650 
Long-term debt881,732 (280,967)— — (3,919)83,874 (19,597)661,123 239,400 41,567 
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within long-term debt are included in our Consolidated Statement of Comprehensive Income, net of tax.
(2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives.
Analysis of Level 3 Assets and Liabilities for the Year Ended November 30, 2022
During the year ended November 30, 2022, transfers of assets of $111.7 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Loans and other receivables of $33.2 million, corporate debt securities of $22.8 million, other ABS of $22.6 million, corporate equity securities of $17.9 million and CDOs and CLOs of $11.0 million due to reduced pricing transparency.
During the year ended November 30, 2022, transfers of assets of $61.5 million from Level 3 to Level 2 are primarily attributed to:
•Other ABS of $29.3 million, investment at fair value of $23.4 million, loans and other receivables of $4.5 million and corporate equity securities of $4.3 million due to greater pricing transparency.
During the year ended November 30, 2022, transfers of liabilities of $172.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Net derivatives of $152.8 million and structured notes within long-term debt of $19.3 million due to reduced pricing and market transparency.
During the year ended November 30, 2022, transfers of liabilities of $53.6 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Structured notes within long-term debt of $38.9 million, net derivatives of $7.5 million and corporate equity securities of $4.3 million due to greater pricing and market transparency.
Net gains on Level 3 assets were $31.8 million and net gains on Level 3 liabilities were $465.7 million for the year ended November 30, 2022. Net gains on Level 3 assets were primarily due to increased market values in investments at fair value and CDOs and CLOs, partially offset by decreases in RMBS and Other ABS. Net gains on Level 3 liabilities were primarily due to decreased market valuations of certain structured notes within long-term debt and certain 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, 2021 (in thousands):
For instruments still held at November 30, 2021, changes in unrealized gains/(losses) included in:
Balance at November 30, 2020Total gains/
losses
(realized
and
unrealized)
(1)		PurchasesSalesSettlementsIssuancesNet
transfers
into/
(out of)
Level 3		Balance at November 30, 2021Earnings (1)Other
comprehensive
income (1)
Assets:
Financial instruments owned:
Corporate equity securities$116,089 $19,213 $8,778 $(34,307)$(49)$— $8,765 $118,489 $11,589 $— 
Corporate debt securities23,146 1,565 11,161 (7,978)(1,417)— (14,674)11,803 1,724 — 
CDOs and CLOs17,972 8,092 32,618 (27,332)(5,042)— 5,638 31,946 (4,390)— 
RMBS21,826 (243)708 (1,183)(354)— (19,277)1,477 (131)— 
CMBS2,003 (1,694)2,445 (393)(13)— (15)2,333 (733)— 
Other ABS79,995 5,335 65,277 (21,727)(45,397)— 10,041 93,524 (14,471)— 
Loans and other receivables186,568 1,250 50,167 (55,848)(20,442)— 16,722 178,417 (4,905)— 
Investments at fair value213,946 112,012 22,957 (47,243)(9,809)— (137,490)154,373 25,723 — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$4,434 $(83)$(21)$318 $— $— $(13)$4,635 $83 $— 
Corporate debt securities141 1,205 (815)— (49)— — 482 (139)— 
CMBS35 — (35)210 — — — 210 — — 
Loans6,913 3,384 (469)220 — — (123)9,925 (1,523)— 
Net derivatives (2)26,017 7,246 — — (1,491)44,453 (8,456)67,769 (7,371)— 
Other secured financings1,543 (649)— — — 25,011 — 25,905 649 — 
Long-term debt676,028 (22,132)— — — 169,975 57,861 881,732 85,260 (63,126)
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within long-term debt are included in our Consolidated Statement of Comprehensive Income, net of tax.
(2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives.
Analysis of Level 3 Assets and Liabilities for the Year Ended November 30, 2021
During the year ended November 30, 2021, transfers of assets of $21.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Other ABS of $10.2 million, CDOs and CLOs of $7.6 million and corporate debt securities of $3.3 million due to reduced pricing transparency.
During the year ended November 30, 2021, transfers of assets of $168.7 million from Level 3 to Level 2 are primarily attributed to:
•Investments at fair value of $137.5 million, RMBS of $19.3 million, corporate debt securities of $17.9 million and corporate equity securities of $5.4 million due to greater pricing transparency supporting classification into Level 2.
During the year ended November 30, 2021, transfers of liabilities of $74.3 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Structured notes within long-term debt of $57.9 million and net derivatives of $16.2 million due to reduced market and pricing transparency.
During the year ended November 30, 2021, transfers of liabilities of $24.7 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to:
•Net derivatives of $24.7 million due to greater pricing transparency.
Net gains on Level 3 assets were $140.0 million and net gains on Level 3 liabilities were $12.9 million for the year ended November 30, 2021. Net gains on Level 3 assets were primarily due to increased market values in investments at fair value, corporate equity securities and CDOs and CLOs. Net gains on Level 3 liabilities were primarily due to decreased market valuations of certain structured notes within long-term debt, partially offset by decreased values of certain derivatives and loans.
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, 2020 (in thousands):
For instruments still held at November 30, 2020, changes in unrealized gains/(losses) included in:
Balance at November 30, 2019Total gains/
losses
(realized
and
unrealized)
(1)		PurchasesSalesSettlementsIssuancesNet
transfers
into/
(out of)
Level 3		Balance at November 30, 2020Earnings (1)Other
comprehensive
income (1)
Assets:
Financial instruments owned:
Corporate equity securities$58,426 $1,411 $31,885 $(37,706)$— $34,688 $27,385 $116,089 $4,845 $— 
Corporate debt securities7,490 83 1,607 (391)(602)— 14,959 23,146 (270)— 
CDOs and CLOs28,788 (3,821)10,913 (14,389)(5,201)— 1,682 17,972 (17,212)— 
RMBS17,740 (934)7,887 (969)(1,053)— (845)21,826 (599)— 
CMBS6,110 (827)393 (1,856)(1,787)— (30)2,003 (295)— 
Other ABS42,563 (3,848)69,701 (1,638)(43,072)— 16,289 79,995 (5,945)
Loans and other receivables154,322 (6,203)110,116 (25,568)(57,455)— 11,356 186,568 (5,522)— 
Investments, at fair value205,412 (31,666)55,836 (167)(17,298)— 1,829 213,946 (33,514)— 
Securities purchased under agreements to resell25,000 — — — (25,000)— — — — — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$4,487 $456 $(513)$— $— $— $4 $4,434 $(81)$— 
Corporate debt securities340 (268)(325)394 — — — 141 27 — 
CMBS35 — — 35 — — (35)35 — — 
Loans1,690 5,297 (440)— — — 366 6,913 (5,409)— 
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 debt480,069 84,930 — — (57,088)248,718 (80,601)676,028 (51,567)(33,363)
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within long-term debt are included in our Consolidated Statement of Comprehensive Income, net of tax.
(2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives.
Analysis of Level 3 Assets and Liabilities for the Year Ended November 30, 2020
During the year ended November 30, 2020, transfers of assets of $122.2 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to:
•Loans and other receivables of $45.1 million, corporate equity securities of $32.5 million, other ABS of $23.0 million and corporate debt securities of $18.0 million due to reduced price transparency.
During the year ended November 30, 2020, transfers of assets of $24.2 million from Level 3 to Level 2 are primarily attributed to:
•Other ABS of $6.8 million, Loans and other receivables of $6.6 million, corporate equity securities of $5.1 million and corporate debt securities $3.0 million due to greater pricing transparency supporting classification into Level 2.
During the year ended November 30, 2020, transfers of liabilities of $0.5 million from Level 2 to Level 3 are primarily attributed to:
•Loans of $0.4 million due to reduced pricing transparency.
During the year ended November 30, 2020, transfers of liabilities of $141.5 million from Level 3 to Level 2 are primarily attributed to:
•Structured notes within long-term debt of $80.6 million and net derivatives of $60.8 million due to greater market and pricing transparency.
Net losses on Level 3 assets were $46.3 million and net losses on Level 3 liabilities were $88.0 million for the year ended November 30, 2020. Net losses on Level 3 assets were primarily due to decreased market values in investments at fair value, loans and other receivables and other ABS. Net losses on Level 3 liabilities were primarily due to increased market valuations of certain structured notes within long-term debt and loans, partially offset by decreased values of other secured financings.
Quantitative Information about Significant Unobservable Inputs used in Level 3 Fair Value Measurements at November 30, 2022 and 2021
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, 2022
Financial Instruments OwnedFair Value
(in thousands)		Valuation TechniqueSignificant Unobservable Input(s)Input / RangeWeighted
Average
Corporate equity securities$240,347 
Non-exchange-traded securitiesMarket approachPrice$0-$325$43
Corporate debt securities$30,232 Market approachPrice$48-$82$65
EBITDA multiple4.2—
Scenario analysisEstimated recovery percentage7%—
CDOs and CLOs$55,824 Discounted cash flowsConstant prepayment rate20%—
Constant default rate2 %-3%2%
Loss severity30 %-40%32%
Discount rate/yield18 %-23%22%
Market approachPrice$67-$102$89
Scenario analysisEstimated recovery percentage69%—
CMBS$839 Scenario analysisEstimated recovery percentage45%—
Other ABS$55,858 Discounted cash flowsDiscount rate/yield6 %-20%17%
Cumulative loss rate8 %-22%19%
Duration (years)0.8-1.61.2
Loans and other receivables$168,875 Market approachPrice$1-$150$82
Scenario analysisEstimated recovery percentage6 %-78%30%
Investments at fair value$159,304 
Private equity securitiesMarket approachPrice$0-$14,919$604
Discount rate/yield23%—
Revenue$30,194,338—
Financial Instruments Sold, Not Yet Purchased:
Derivatives$65,841 
Equity optionsVolatility benchmarkingVolatility26 %-75%51%
Other secured financings$1,712 Scenario analysisEstimated recovery percentage9 %-30%23%
Long-term debt$661,123 
Structured notes Market approach Price$51-$97$64
Price€59-€99€77
November 30, 2021
Financial Instruments Owned:Fair Value
(in thousands)		Valuation TechniqueSignificant Unobservable Input(s)Input / RangeWeighted
Average
Corporate equity securities$117,803
Non-exchange-traded securitiesMarket approachPrice$1-$662$227
Price€15-€18€16
Volatility25 %-59%31%
Volatility benchmarkingVolatility40 %-53%45%
Corporate debt securities$11,803 Market approachPrice$13-$100$86
CDOs and CLOs$31,944 Discounted cash flowsConstant prepayment rate20%—
Constant default rate2%—
Loss severity25 % -30%26%
Discount rate/yield8 %-19%16%
Market approachPrice$86 -$103$93
CMBS$2,333 Scenario analysisEstimated recovery percentage81%—
Other ABS$86,099 Discounted cash flowsConstant prepayment rate0 % -35%31%
Constant default rate2 %4%4%
Loss severity60 %-85%55%
Discount rate/yield3 %-16%10%
Cumulative loss rate7 % -20%14%
Duration (years)0.7-1.41.1
Market approachPrice$37-$100$94
Loans and other receivables$177,193 Market approachPrice$31-$101$54
Discounted cash flowsDuration (years)0 -2.22.2
Scenario analysisEstimated recovery percentage9 %-100%76%
Derivatives$6,501 
Equity optionsVolatility benchmarkingVolatility46%—
Interest rate swapsMarket approachBasis points upfront0.1-8.13.3
Total return swapsPrice$100—
Investments at fair value$128,152 
Private equity securitiesMarket approachPrice$1-$152$32
EBITDA multiple16.9—
Revenue multiple4.9-5.15.0
Scenario analysisEstimated recovery percentage7%—
Discount rate/yield13%-21%17
Revenue growth0%—
Financial Instruments Sold, Not Yet Purchased:
Corporate equity securities
Non-exchange-traded securities$4,635 Market approachPrice$1—
Loans$9,925 Market approachPrice$31-$100$43
Scenario analysisEstimated recovery percentage50%—
Derivatives$76,533 
Equity optionsVolatility benchmarkingVolatility26 %-77%40%
Interest rate swapsMarket approachBasis points upfront0.1 -8.73.1
Total return swapsPrice$100—
Other secured financings$25,905 Scenario analysisEstimated recovery percentage13 %-98%92%
Long-term debt$881,732 
Structured notesMarket approachPrice$76-$115$94
Price€81-€113€103
The fair values of certain Level 3 assets and liabilities that were determined based on third-party pricing information, unadjusted past transaction prices or a percentage of the reported enterprise fair value are excluded from the above tables. At November 30, 2022 and 2021, asset exclusions consisted of $80.2 million and $40.8 million, respectively, primarily composed of corporate equity securities, RMBS, other ABS, loans and other receivables, certain derivatives and investments at fair value. At November 30, 2022 and 2021, liability exclusions consisted of $9.6 million and $2.2 million, respectively, primarily composed of corporate equity securities, corporate debt securities, CMBS, loans and certain derivatives, .
Uncertainty of Fair Value Measurement from Use of Significant Unobservable Inputs
For recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the uncertainty of the fair value measurement due to the use of significant unobservable inputs and interrelationships between those unobservable inputs (if any) are described below:
•Non-exchange-traded securities, corporate debt securities, CDOs and CLOs, loans and other receivables, other ABS, private equity securities, certain derivatives and structured notes using a market approach valuation technique. A significant increase (decrease) in the price of the private equity securities, non-exchange-traded securities, corporate debt securities, CDOs and CLOs, other ABS, loans and other receivables, total return swaps or structured notes would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the EBITDA multiple related to corporate debt and private equity securities would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the revenue multiple related to private equity securities would result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in the discount rate/security yield related to private equity securities would result in a significantly lower (higher) fair value measurement. Depending on whether we are a receiver or (payer) of basis points upfront, a significant increase in basis points would result in a significant increase (decrease) in the fair value measurement of interest rate swaps.
•Loans and other receivables, corporate debt securities, CDOs and CLOs, CMBS, private equity securities and other secured financings using scenario analysis. A significant increase (decrease) in the possible recovery rates of the cash flow outcomes underlying the financial instrument would result in a significantly higher (lower) fair value measurement for the financial instrument. A significant increase (decrease) in the discount rate/yield underlying the investment would result in a significantly lower (higher) fair value measurement. A significant increase (decrease) in the revenue growth underlying the investment would result in a significantly higher (lower) fair value measurement.
•CDOs and CLOs and other ABS using a discounted cash flow valuation technique. A significant increase (decrease) in isolation in the constant default rate, loss severity or cumulative loss rate would result in a significantly lower (higher) fair value measurement. The impact of changes in the constant prepayment rate and duration would have differing impacts depending on the capital structure and type of security. A significant increase (decrease) in the discount rate/security yield would result in a significantly lower (higher) fair value measurement. A significant increase (decrease) in term based on the time to pay off the loan would result in a lower (higher) fair value measurement.
•Derivative equity options and non-exchange-traded securities using volatility benchmarking. A significant increase (decrease) in volatility would result in a significantly higher (lower) fair value measurement.
Fair Value Option Election
We have elected the fair value option for all loans and loan commitments made by our investment banking and capital markets businesses. These loans and loan commitments include loans entered into by our investment banking division in connection with client bridge financing and loan syndications, loans purchased by our leveraged credit trading desk as part of its bank loan trading activities and mortgage and consumer loan commitments, purchases and fundings in connection with mortgage-backed and other asset-backed securitization activities. Loans and loan commitments originated or purchased by our leveraged credit and mortgage-backed businesses are managed on a fair value basis. Loans are included in Financial instruments owned and loan commitments are included in Financial instruments owned and Financial instruments sold, not yet purchased in our Consolidated Statements of Financial Condition. The fair value option election is not applied to loans made to affiliate entities as such loans are entered into as part of ongoing, strategic business ventures. Loans to affiliate entities are included in Investments in and loans to related parties in our Consolidated Statements of Financial Condition and are accounted for on an amortized cost basis. We have also elected the fair value option for certain of our structured notes which are managed by our investment banking and capital markets businesses and are included in Long-term debt and Short-term borrowings in our Consolidated Statements of Financial Condition. We have elected the fair value option for certain financial instruments held by subsidiaries as the investments are risk managed by us on a fair value basis. The fair value option has been elected for certain other secured financings that arise in connection with our securitization activities and other structured financings. Other secured financings, Receivables – Brokers, dealers and clearing organizations, Receivables – Customers, Receivables – Fees, interest and other, Payables – Brokers, dealers and clearing organizations and Payables – Customers, are accounted for at cost plus accrued interest rather than at fair value; however, the recorded amounts approximate fair value due to their liquid or short-term nature.
The following is a summary of gains (losses) due to changes in fair value related to 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,
202220212020
Financial instruments owned:
Loans and other receivables$(20,529)$11,682 $(25,623)
Financial instruments sold, not yet purchased:
Loans— 1,077 — 
Loan commitments— — 464 
Short-term borrowings:
Other changes in fair value (2)— — (48)
Other secured financings:
Other changes in fair value (2)695 650 2,475 
Long-term debt:
Changes in fair value of instrument specific credit risk (1)63,344 (113,027)70,201 
Other changes in fair value (2)345,050 108,739 (84,116)
(1)Changes in fair value of instrument specific credit risk related to structured notes are included in our Consolidated Statements of Comprehensive Income, net of tax.
(2)Other changes in fair value are included in Principal transactions revenues in our Consolidated Statements of Earnings.
The following is a summary of the amounts by which contractual principal is greater than (less than) fair value for loans and other receivables, short-term borrowings, Other secured financings and Long-term debt measured at fair value under the fair value option (in thousands):
November 30,
20222021
Financial instruments owned:
Loans and other receivables (1)$2,144,632 $5,600,648 
Loans and other receivables on nonaccrual status and/or 90 days or
    greater past due (1) (2)		181,766 64,203 
Long-term debt and short-term borrowings
369,990 (38,391)
Other secured financings3,563 3,432 
(1)Interest income is recognized separately from other changes in fair value and is included in Interest revenues in our Consolidated Statements of Earnings.
(2)Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $83.4 million and $19.7 million at November 30, 2022 and 2021, respectively.
The aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due was $69.2 million and $56.9 million at November 30, 2022 and 2021, respectively, which includes loans and other receivables 90 days or greater past due of $65.1 million and $23.5 million at November 30, 2022 and 2021, respectively.
Assets Measured at Fair Value on a Non-recurring Basis
Certain assets were measured at fair value on a non-recurring basis and are not included in the tables above. The following table presents those assets measured at fair value on a non-recurring basis for which we recognized a non-recurring fair value adjustment during the years ended November 30, 2022, 2021 and 2020 (in thousands):
November 30, 2022Level 2Level 3Impairment Losses
Exchange ownership interests and registrations (1)$— $— $39 
Investments in and loans to related parties (2) — 106,172 27,119 
Other assets (3)— 1,709 6,701 
November 30, 2021Level 2Level 3Impairment Losses
Exchange ownership interests and registrations (1)$1,935 $— $66 
November 30, 2020Level 2Level 3Impairment Losses
Exchange ownership interests and registrations (1)$1,974 $— $468 
Intangible assets (4)— — 300 
Investments in and loans to related parties (5) — — 55,612 
Other assets (6)36,400 46,200 
(1)These impairment losses, which represent ownership interests in market exchanges on which trading business is conducted, and registrations, were recognized in Other expenses in our Consolidated Statements of Earnings and the assets were in the Investment Banking and Capital Markets reportable business segment. The fair value is based on observed quoted sales prices for each individual membership. (See Note 11, Goodwill and Intangible Assets.)
(2)These impairment losses, which are related to certain equity method investments, were recognized in Other revenues in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. The fair values were based on estimated future cash flows using discount rates ranging from 10.0% to 23.0%. (See Note 9, Investments.)
(3)These impairment losses, which relate to a real estate property, were recognized in Other expenses in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. The fair values were based on estimated future cash flows discounted at 12.0%.
(4)These impairment losses were recognized in Other expenses in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. (See Note 11, Goodwill and Intangible Assets.)
(5)These impairment losses, which are related to a real estate equity method investment, were recognized in Other revenues in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. The fair value was based on a third party appraisal which incorporates Level 3 inputs of comparable property prices. (See Note 9, Investments.)
(6)These impairment losses, which are related to certain oil and gas properties, were recognized in Other expenses in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. The fair values were based on estimated future cash flows of reserves discounted at 10.0%.
Financial Instruments Not Measured at Fair Value
Certain of our financial instruments are not carried at fair value but are recorded at amounts that approximate fair value due to their liquid or short-term nature and generally negligible credit risk. These financial assets include Cash and cash equivalents and Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations and would generally be presented within Level 1 of the fair value hierarchy.
Additionally, at November 30, 2022 and 2021, we had equity securities without readily determinable fair values, which we account for at cost, minus impairment, of $37.0 million and $119.4 million, respectively, which are presented within Other assets in the Consolidated Statements of Financial Condition. There were no impairments on these investments during the years ended November 30, 2022 and 2021. An impairment was recognized on these investments of $20.4 million during the year ended November 30, 2020. Realized gains of $3.6 million, $0.8 million and $2.1 million were recognized on these investments during the years ended November 30, 2022, 2021 and 2020, respectively. There were no unrealized gains or losses recognized on these investments during the years ended November 30, 2022, 2021 and 2020. These investments would generally be presented within Level 3 of the fair value hierarchy.
v3.22.4
Derivative Financial Instruments
 12 Months Ended
Nov. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Derivative Financial Instruments
Our derivative activities are recorded at fair value in our Consolidated Statements of Financial Condition in Financial instruments owned and Financial instruments sold, not yet purchased, 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. We enter into derivative transactions to satisfy the needs of our clients and to manage our own exposure to market and credit risks. 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 Note 4, Fair Value Disclosures, and Note 22, Commitments, Contingencies and Guarantees, 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, Summary of Significant Accounting Policies, 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, 2022 and 2021 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. 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).
November 30, 2022 (1)
AssetsLiabilities
Fair ValueNumber of Contracts (2)Fair ValueNumber of Contracts (2)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC$— — $217,922 3 
Foreign exchange contracts:
Bilateral OTC— — 57,875 5 
Total derivatives designated as accounting hedges— 275,797 
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded3,297 49,736 123 36,085 
Cleared OTC655,140 3,843 452,570 4,203 
Bilateral OTC1,044,632 772 1,573,975 704 
Foreign exchange contracts:
Exchange-traded— 2 — 1 
Bilateral OTC287,594 2,398 251,339 2,428 
Equity contracts:
Exchange-traded1,074,134 1,323,637 864,804 1,338,129 
Bilateral OTC348,611 5,201 800,230 5,543 
Commodity contracts:
Exchange-traded37 597 19 607 
Bilateral OTC4,327 5 4,874 3 
Credit contracts:
Cleared OTC8,364 51 7,742 35 
Bilateral OTC16,274 9 13,389 8 
Total derivatives not designated as accounting hedges3,442,410 3,969,065 
Total gross derivative assets/ liabilities:
Exchange-traded1,077,468 864,946 
Cleared OTC663,504 678,234 
Bilateral OTC1,701,438 2,701,682 
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded(858,921)(858,921)
Cleared OTC(655,969)(657,192)
Bilateral OTC(1,578,354)(1,216,052)
Net amounts per Consolidated Statements of Financial Condition (4)$349,166 $1,512,697 
(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 from/Payables to brokers, dealers and clearing organizations in our 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 our Consolidated Statements of Financial Condition.
November 30, 2021 (1)
AssetsLiabilities
Fair ValueNumber of Contracts (2)Fair ValueNumber of Contracts (2)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC$35,726 2 $32,200 1 
Foreign exchange contracts:
Bilateral OTC30,462 4 — — 
Total derivatives designated as accounting hedges66,188 32,200 
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded1,262 23,888 756 39,195 
Cleared OTC373,355 4,505 367,134 4,467 
Bilateral OTC322,353 1,037 283,481 967 
Foreign exchange contracts:
Bilateral OTC1,428,712 17,792 1,437,116 17,576 
Equity contracts:
Exchange-traded1,206,606 1,582,713 1,036,019 1,450,624 
Bilateral OTC377,132 2,888 1,824,418 2,682 
Commodity contracts:
Exchange-traded448 1,394 223 1,457 
Bilateral OTC (3)2,703 2 9,862 7 
Credit contracts:
Cleared OTC84,180 132 108,999 128 
Bilateral OTC13,289 14 14,168 17 
Total derivatives not designated as accounting hedges3,810,040 5,082,176 
Total gross derivative assets/liabilities:
Exchange-traded1,208,316 1,036,998 
Cleared OTC493,261 508,333 
Bilateral OTC2,174,651 3,569,045 
Amounts offset in our Consolidated Statements of Financial Condition (4):
Exchange-traded(1,008,091)(1,008,091)
Cleared OTC(483,339)(508,333)
Bilateral OTC(1,814,326)(2,185,776)
Net amounts per Consolidated Statements of Financial Condition (5)$570,472 $1,412,176 
(1)Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty.
(2)Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition.
(3)As of November 30, 2021, the notional amount of outstanding bilateral commodity contracts was 616 asset contracts and 825 liability contracts.
(4)Amounts netted include both netting by counterparty and for cash collateral paid or received.
(5)We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition.
The following table provides information related to gains (losses) recognized in Interest expense in our Consolidated Statements of Earnings related to fair value hedges (in thousands):
Year Ended November 30,
Gains (Losses)202220212020
Interest rate swaps$(212,280)$(41,845)$41,524 
Long-term debt219,143 58,507 (36,668)
Total$6,863 $16,662 $4,856 
The following table provides information related to gains (losses) on our net investment hedges recognized in Currency translation and other adjustments, a component of Other comprehensive income (loss), in our Consolidated Statements of Comprehensive Income (in thousands):
Year Ended November 30,
Gains (Losses)202220212020
Foreign exchange contracts$116,876 $19,008 $(3,306)
Total$116,876 $19,008 $(3,306)
The following table presents unrealized and realized gains (losses) on derivative contracts recognized primarily in Principal transactions revenues in our Consolidated Statements of Earnings, which are utilized in connection with our client activities and our economic risk management activities (in thousands):
Year Ended November 30,
Gains (Losses)202220212020
Interest rate contracts
$(154,378)$(48,510)$(52,331)
Foreign exchange contracts
(164,729)(10,152)2,266 
Equity contracts
(29,740)(427,593)47,631 
Commodity contracts
(43,106)(28,012)45,491 
Credit contracts
15,612 653 15,218 
Total$(376,341)$(513,614)$58,275 
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 at November 30, 2022 (in thousands):
OTC Derivative Assets (1) (2) (3)
0 – 12 Months1 – 5 YearsGreater Than 
5 Years		Cross-Maturity
Netting (4)		Total
Commodity swaps, options and forwards$2,826 $1,512 $— $(1,547)$2,791 
Equity options and forwards51,033 2,698 — (499)53,232 
Credit default swaps — 762 7,209 (153)7,818 
Total return swaps126,590 24,528 — (4,778)146,340 
Foreign currency forwards, swaps and options106,481 7,379 — (5,965)107,895 
Fixed income forwards12,816 — — — 12,816 
Interest rate swaps, options and forwards134,140 763,300 28,963 (177,420)748,983 
Total$433,886 $800,179 $36,172 $(190,362)1,079,875 
Cross-product counterparty netting(35,883)
Total OTC derivative assets included in Financial instruments owned$1,043,992 
(1)At November 30, 2022, we held net exchange-traded derivative assets and other credit agreements with a fair value of $218.6 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 our Consolidated Statements of Financial Condition. At November 30, 2022, cash collateral received was $913.4 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 Months1 – 5 YearsGreater Than 5 YearsCross-Maturity Netting (4)Total
Commodity swaps, options and forwards$3,904 $980 $— $(1,547)$3,337 
Equity options and forwards248,343 269,123 453 (499)517,420 
Credit default swaps— — 153 (153)— 
Total return swaps66,364 82,529 325 (4,778)144,440 
Foreign currency forwards, swaps and options128,931 6,530 — (5,965)129,496 
Fixed income forwards5,989 — — — 5,989 
Interest rate swaps, options and forwards149,794 774,289 524,062 (177,420)1,270,725 
Total$603,325 $1,133,451 $524,993 $(190,362)2,071,407 
Cross-product counterparty netting(35,883)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased$2,035,524 
(1)At November 30, 2022, we held net exchange-traded derivative liabilities and other credit agreements with a fair value of $29.5 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 our Consolidated Statements of Financial Condition. At November 30, 2022, cash collateral pledged was $552.8 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.
The following table presents the counterparty credit quality with respect to the fair value of our OTC derivative assets at November 30, 2022 (in thousands):
Counterparty credit quality (1):
A- or higher$763,128 
BBB- to BBB+156,219 
BB+ or lower73,831 
Unrated50,814 
Total$1,043,992 
(1)We utilize internal credit ratings determined by our Risk Management department. Credit ratings determined by 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 (in millions):
November 30, 2022
External Credit Rating
Investment GradeNon-investment GradeUnratedTotal Notional
Credit protection sold:
Index credit default swaps$207.9 $515.8 $— $723.7 
Single name credit default swaps— — 0.2 0.2 

November 30, 2021
External Credit Rating
Investment GradeNon-investment GradeUnratedTotal Notional
Credit protection sold:
Index credit default swaps$2,612.0 $1,298.8 $— $3,910.8 
Single name credit default swaps— 17.6 0.2 17.8 
Contingent Features
Certain of our derivative instruments contain provisions that require our debt to maintain an investment grade credit rating from each of the major credit rating agencies. If our debt were to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on our 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 we have 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,
20222021
Derivative instrument liabilities with credit-risk-related contingent features
$226.5 $821.5 
Collateral posted(168.8)(160.5)
Collateral received177.4 369.3 
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1)
235.0 1,030.4 
(1)These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.
v3.22.4
Collateralized Transactions
 12 Months Ended
Nov. 30, 2022
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 our 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 our 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 our 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 our 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 (in thousands):
November 30, 2022
Securities Lending ArrangementsRepurchase AgreementsObligation to Return Securities Received as Collateral, at Fair ValueTotal
Collateral Pledged:
Corporate equity securities$967,800 $471,581 $— $1,439,381 
Corporate debt securities332,204 2,210,934 — 2,543,138 
Mortgage-backed and asset-backed securities— 1,192,265 — 1,192,265 
U.S. government and federal agency securities66,021 6,203,263 100,362 6,369,646 
Municipal securities— 535,619 — 535,619 
Sovereign obligations— 2,450,880 — 2,450,880 
Loans and other receivables— 538,491 — 538,491 
Total$1,366,025 $13,603,033 $100,362 $15,069,420 
November 30, 2021
Securities Lending ArrangementsRepurchase AgreementsObligation to Return Securities Received as Collateral, at Fair ValueTotal
Collateral Pledged:
Corporate equity securities$1,160,916 $150,602 $7,289 $1,318,807 
Corporate debt securities321,356 2,684,458 — 3,005,814 
Mortgage-backed and asset-backed securities— 1,209,442 — 1,209,442 
U.S. government and federal agency securities6,348 8,426,536 — 8,432,884 
Municipal securities— 413,073 — 413,073 
Sovereign obligations37,101 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 
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 remaining contractual maturity (in thousands):
November 30, 2022
Overnight and ContinuousUp to 30 Days31-90 DaysGreater than 90 DaysTotal
Securities lending arrangements$808,472 $— $273,865 $283,688 $1,366,025 
Repurchase agreements6,930,667 1,521,629 2,262,705 2,888,032 13,603,033 
Obligation to return securities received as collateral, at fair value100,362 — — — 100,362 
Total$7,839,501 $1,521,629 $2,536,570 $3,171,720 $15,069,420 
November 30, 2021
Overnight and ContinuousUp to 30 Days31-90 DaysGreater than 90 DaysTotal
Securities lending arrangements$595,628 $1,318 $539,623 $389,152 $1,525,721 
Repurchase agreements6,551,934 1,798,716 4,361,993 3,306,757 16,019,400 
Obligation to return securities received as collateral, at fair value7,289 — — — 7,289 
Total$7,154,851 $1,800,034 $4,901,616 $3,695,909 $17,552,410 
We receive securities as collateral under resale agreements, securities borrowing transactions, customer margin loans, as initial margin on certain derivative transactions and 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, 2022 and 2021, the approximate fair value of securities received as collateral by us that may be sold or repledged was $26.82 billion and $31.97 billion, respectively. At November 30, 2022 and 2021, a substantial portion of the securities received by us had 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). See Note 2, Summary of Significant Accounting Policies, for additional information regarding the offsetting of securities financing agreements.
The following tables provide 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 our Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. 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).
November 30, 2022
Gross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (3)
Assets
Securities borrowing arrangements$5,831,148 $— $5,831,148 $(285,361)$(1,381,404)$4,164,383 
Reverse repurchase agreements10,697,382 (6,150,691)4,546,691 (550,669)(3,954,525)41,497 
Securities received as collateral, at fair value100,362 — 100,362 — (100,362)— 
Liabilities
Securities lending arrangements$1,366,025 $— $1,366,025 $(285,361)$(1,054,228)$26,436 
Repurchase agreements13,603,033 (6,150,691)7,452,342 (550,669)(6,374,480)527,193 
Obligation to return securities received as collateral, at fair value100,362 — 100,362 — (100,362)— 
November 30, 2021
Gross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (4)
Assets
Securities borrowing arrangements$6,409,420 $— $6,409,420 $(271,475)$(1,528,206)$4,609,739 
Reverse repurchase agreements15,215,785 (7,573,301)7,642,484 (540,312)(7,048,823)53,349 
Securities received as collateral, at fair value7,289 — 7,289 — (7,289)— 
Liabilities
Securities lending arrangements$1,525,721 $— $1,525,721 $(271,475)$(1,213,563)$40,683 
Repurchase agreements (5)16,019,400 (7,573,301)8,446,099 (540,312)(7,136,585)769,202 
Obligation to return securities received as collateral, at fair value7,289 — 7,289 — (7,289)— 
(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statement of Financial Condition because other netting provisions of U.S. 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)Amounts include $4.12 billion of securities borrowing arrangements, for which we have received securities collateral of $4.02 billion, and $495.2 million of repurchase agreements, for which we have pledged securities collateral of $507.3 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
(4)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.
(5)There was an immaterial correction in the amount of available collateral, which resulted in a $200 million decrease in the available collateral and a $200 million increase in the net amount related to repurchase agreements at November 30, 2021.
Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations
Cash and securities segregated in accordance with regulatory regulations and deposited with clearing and depository organizations totaled $0.96 billion and $1.02 billion at November 30, 2022 and 2021, respectively. Segregated cash and securities consist of deposits in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, which subjects Jefferies LLC as a broker-dealer carrying customer accounts to requirements related to maintaining cash or qualified securities in segregated special reserve bank accounts for the exclusive benefit of its customers.
v3.22.4
Securitization Activities
 12 Months Ended
Nov. 30, 2022
Transfers and Servicing [Abstract]  
Securitization Activities Securitization Activities
We engage in securitization activities related to corporate loans, mortgage loans, consumer loans and mortgage-backed and other asset-backed securities. In our securitization transactions, we transfer these assets to special purpose entities (“SPEs”) and act as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A significant portion of our securitization transactions are the securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of VIEs; however, we generally do not consolidate the SPEs as we are not considered the primary beneficiary for these SPEs. See Note 8, Variable Interest Entities, for further discussion on 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 our Consolidated Statements of Earnings 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 our Consolidated Statements of Financial Condition and are generally initially categorized as Level 2 within the fair value hierarchy. For further information on fair value measurements and the fair value hierarchy, refer to Note 4, Fair Value Disclosures, and Note 2, Summary of Significant Accounting Policies, herein.
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,
202220212020
Transferred assets$6,351.2 $10,487.3 $6,556.2 
Proceeds on new securitizations6,402.6 10,488.6 6,556.2 
Cash flows received on retained interests31.7 21.8 26.8 
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, 2022 and 2021.
The following tables summarize our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions):
November 30,
20222021
Securitization TypeTotal AssetsRetained InterestsTotal AssetsRetained Interests
U.S. government agency RMBS
$219.8 $2.9 $330.2 $4.9 
U.S. government agency CMBS
2,997.7 173.9 2,201.8 69.2 
CLOs
5,140.5 31.9 3,382.3 31.0 
Consumer and other loans
2,526.7 122.8 2,271.4 136.4 
Total assets represent the unpaid principal amount of assets in the SPEs in which we have continuing involvement and are presented solely to provide information regarding the size of the transactions and the size of the underlying assets supporting our retained interests, and are not considered representative of the risk of potential loss. Assets retained in connection with a securitization transaction represent the fair value of the securities of one or more tranches issued by an SPE, including senior and subordinated tranches. Our risk of loss is limited to this fair value amount which is included in total Financial instruments owned in our 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, Variable Interest Entities.
v3.22.4
Variable Interest Entities
 12 Months Ended
Nov. 30, 2022
Equity Method Investments and Joint Ventures [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, commitments, guarantees and certain fees. Our involvement with VIEs arises primarily from:
•Purchases of securities in connection with our trading and secondary market making activities;
•Retained interests held as a result of securitization activities;
•Acting as placement agent and/or underwriter in connection with client-sponsored securitizations;
•Financing of agency and non-agency mortgage-backed and other asset-backed securities;
•Acting as servicer for a fee to automobile loan financing vehicles;
•Warehouse funding arrangements for client-sponsored consumer and mortgage loan vehicles and CLOs through participation agreements, forward sale agreements, reverse repurchase agreements, and revolving loan and note commitments; and
•Loans to, investments in and fees from various investment vehicles.
We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires judgment. Our considerations in determining the VIE’s most significant activities and whether we have power to direct those activities include, but are not limited to, the VIE’s purpose and design and the risks passed through to investors, the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE’s initial design and the existence of explicit or implicit financial guarantees. In situations where we have determined that the power over the VIE’s significant activities is shared, we assess whether we are the party with the power over the most significant activities. If we are the party with the power over the most significant activities, we meet the “power” criteria of the primary beneficiary. If we do not have the power over the most significant activities or we determine that decisions require consent of each sharing party, we do not meet the “power” criteria of the primary beneficiary.
We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests.
Consolidated VIEs
The following table presents information about our consolidated VIEs at November 30, 2022 and 2021 (in millions). The assets and liabilities in the tables below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation.
November 30,
20222021
Secured Funding VehiclesOtherSecured Funding VehiclesOther
Cash$— $1.4 $3.8 $— 
Financial instruments owned— 7.1 173.1 146.4 
Securities purchased under agreements to resell (1)1,565.0 — 3,697.1 — 
Receivables from brokers (2)— 15.2 — 40.6 
Other receivables— — 0.6 — 
Other assets (3)798.8 88.3 740.8 — 
Total assets$2,363.8 $112.0 $4,615.4 $187.0 
Financial instruments sold, not yet purchased $— $5.7 $— $109.1 
Other secured financings (4)2,289.9 — 4,521.6 — 
Payables to broker dealers — — 44.2 — 
Other liabilities (5)4.6 37.6 2.4 75.3 
Long-term debt— 24.7 — — 
Total liabilities$2,294.5 $68.0 $4,568.2 $184.4 
(1)Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation.
(2)Approximately $1.2 million of receivables from brokers at November 30, 2021 are with related consolidated entities, which are eliminated in consolidation.
(3)Approximately $82.4 million and $56.5 million of the other assets at November 30, 2022 and 2021, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation.
(4)Approximately $253.8 million and $36.7 million of the other secured financings at November 30, 2022 and 2021, respectively, are with related consolidated entities and are eliminated in consolidation.
(5)Approximately $30.9 million and $75.3 million of the other liabilities amounts at November 30, 2022 and 2021, respectively, are with related consolidated entities, which are eliminated in consolidation.
Secured Funding Vehicles. We are the primary beneficiary of asset-backed financing vehicles to which we sell agency and non-agency residential and commercial mortgage loans, and asset-backed securities pursuant to the terms of a master repurchase agreement. Our variable interests in these vehicles consist of our collateral margin maintenance obligations under the master repurchase agreement, which we manage, and retained interests in securities issued. The assets of these VIEs consist of reverse repurchase agreements, which are available for the benefit of the vehicle’s debt holders.
We are the primary beneficiary of automobile loan financing vehicles to which we transfer automobile loans, act as servicer of the automobile loans for a fee and retain equity interests in the vehicles. The assets of these VIEs consist primarily of automobile loans, which are accounted for as loans held for investment at amortized cost included within Other assets on the Consolidated Statement of Financial Condition. The liabilities of these VIEs consist of notes issued by the VIEs, which are accounted for at amortized cost and included within Other secured financings on the Consolidated Statement of Financial Condition and do not have recourse to our general credit. The automobile loans are pledged as collateral for the related notes and available only for the benefit of the note holders.
Other. We are the primary beneficiary of certain investment vehicles set up for the benefit of our employees. We manage and invest alongside our employees in these vehicles. The assets of these VIEs consist of private equity securities, and are available for the benefit of the entities’ equity holders. Our variable interests in these vehicles consist of equity securities. The creditors of these VIEs do not have recourse to our general credit and each such VIE’s assets are not available to satisfy any other debt.
We also are the primary beneficiary of a real estate syndication entity that is developing multi-family residential property and manage the property. The assets of the VIE consist primarily of real estate and its liabilities consist primarily of accrued expenses and long-term debt secured by the real estate property. Our variable interest in the VIE consist primarily of our limited liability company interest, a sponsor promote and development and asset management fees for managing the project.
Nonconsolidated VIEs
The following tables present information about our variable interests in nonconsolidated VIEs (in millions):
November 30, 2022
Carrying AmountMaximum Exposure to LossVIE Assets
AssetsLiabilities
CLOs$133.5 $1.4 $1,642.5 $7,705.3 
Asset-backed vehicles561.0 — 690.4 4,408.3 
Related party private equity vehicles24.8 — 35.5 69.1 
Other investment vehicles1,172.6 — 1,254.0 18,940.5 
FXCM94.8 — 94.8 389.6 
Total$1,986.7 $1.4 $3,717.2 $31,512.8 
November 30, 2021
Carrying AmountMaximum Exposure to LossVIE Assets
AssetsLiabilities
CLOs$582.2 $2.0 $2,557.1 $10,277.5 
Asset-backed vehicles281.9 — 359.3 3,474.6 
Related party private equity vehicles27.1 — 37.8 78.9 
Other investment vehicles1,111.5 — 1,201.6 15,101.4 
FXCM99.5 — 99.5 387.9 
Total$2,102.2 $2.0 $4,255.3 $29,320.3 
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 our variable interests in the VIEs and is limited to the notional amounts of certain loan and equity commitments and guarantees. Our maximum exposure to loss does not include the offsetting benefit of any financial instruments that may be utilized to hedge the risks associated with our variable interests and is not reduced by the amount of collateral held as part of a transaction with a VIE.
Collateralized Loan Obligations. Assets collateralizing the CLOs include bank loans, participation interests, 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 JCP Fund V (see Note 9, Investments)) 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, 2022 and 2021, our total equity commitment in the JCP Entities was $133.0 million, of which $122.4 million and $122.3 million had been funded, respectively. The carrying value of our equity investments in the JCP Entities was $24.8 million and $27.1 million at November 30, 2022 and 2021, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. The assets of the JCP Entities primarily consist of private equity and equity related investments.
Other Investment Vehicles. At November 30, 2022 and 2021, we had equity commitments to invest $1.14 billion and $1.09 billion, respectively, in various other investment vehicles, of which $1.06 billion and $999.8 million was funded, respectively. The carrying value of our equity investments was $1.17 billion and $1.11 billion at November 30, 2022 and 2021, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. These investment vehicles have assets primarily consisting of private and public equity investments, debt instruments, trade and insurance claims and various oil and gas assets.
FXCM. We have equity interests in FXCM of $59.7 million consisting of a 50% voting interest in FXCM and rights to a majority of all distributions in respect of the equity of FXCM, which is accounted for under the equity method of accounting and reported within Investments in and loans to related parties in the Consolidated Statements of Financial Condition. We also have a senior secured term loan to FXCM due May 6, 2023, which is accounted for at a fair value of $35.1 million and $50.5 million, at November 30, 2022 and 2021, respectively, and is reported within Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition. The assets of FXCM consist primarily of brokerage receivables and other financial instruments and operating assets as part of FXCM’s foreign exchange trading business.
Mortgage-Backed and Other Asset-Backed Secured Funding Vehicles. In connection with our secondary trading and market making activities, we buy and sell agency and non-agency mortgage-backed securities and other asset-backed securities, which are issued by third-party securitization SPEs and are generally considered variable interests in VIEs. Securities issued by securitization SPEs are backed by residential mortgage loans, U.S. agency collateralized mortgage obligations, commercial mortgage loans, CDOs and CLOs and other consumer loans, such as installment receivables, automobile loans and student loans. These securities are accounted for at fair value and included in Financial instruments owned in our Consolidated Statements of Financial Condition. We have no other involvement with the related SPEs and therefore do not consolidate these entities.
We also engage in underwriting, placement and structuring activities for third-party-sponsored securitization trusts generally through agency (Fannie Mae, Federal Home Loan Mortgage Corporation (“Freddie Mac”) or Ginnie Mae) or non-agency-sponsored SPEs and may purchase loans or mortgage-backed securities from third-parties that are subsequently transferred into the securitization trusts. The securitizations are backed by residential and commercial mortgage, home equity and automobile loans. We do not consolidate agency-sponsored securitizations as we do not have the power to direct the activities of the SPEs that most significantly impact their economic performance. Further, we are not the servicer of non-agency-sponsored securitizations and therefore do not have power to direct the most significant activities of the SPEs and accordingly, do not consolidate these entities. We may retain unsold senior and/or subordinated interests at the time of securitization in the form of securities issued by the SPEs.
At November 30, 2022 and 2021, we held $1.47 billion and $1.31 billion of agency mortgage-backed securities, respectively, and $180.6 million and $253.9 million of non-agency mortgage-backed and other asset-backed securities, respectively, as a result of our secondary trading and market-making activities, and underwriting, placement and structuring activities. Our maximum exposure to loss on these securities is limited to the carrying value of our investments in these securities. These mortgage-backed and other asset-backed secured funding vehicles discussed are not included in the above table containing information about our variable interests in nonconsolidated VIEs.
v3.22.4
Investments
 12 Months Ended
Nov. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Investments Investments
Investments for which we exercise significant influence over the investee are accounted for under the equity method of accounting with our shares of the investees’ earnings recognized in Other revenues in our Consolidated Statements of Earnings. Equity method investments, including any loans to the investees, are reported within Investments in and loans to related parties in our Consolidated Statements of Financial Condition are summarized as follows (in millions).
November 30,
20222021
Total Investments in and loans to related parties$1,426.8 $1,587.4 
Year Ended November 30,
202220212020
Total equity method pickup income recognized in Other revenues in our Consolidated Statements of Earnings $(36.3)$149.9 $(75.2)
The following presents summarized financial information about our significant equity method investees. For certain investees, we receive financial information at a lag and the summarized information provided for these investees is based on the latest financial information available as of November 30, 2022, 2021 and 2020, respectively.
Jefferies Finance
Jefferies Finance, our 50/50 joint venture entity pursuant to an agreement with Massachusetts Mutual Life Insurance Company (“MassMutual”), 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 Asset Management. Loans are originated primarily through our investment banking efforts and Jefferies Finance typically syndicates to third-party investors substantially all of its arranged volume through us. Jefferies Finance may also underwrite and arrange other debt products such as second lien term, bridge and mezzanine loans, as well as related equity co-investments. The Asset Management business, collectively referred to as Jefferies Credit Partners, LLC, (formerly known as JFIN Asset Management LLC) manages a broad portfolio of assets under management composed 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 composed of three registered Investment Advisors: Jefferies Finance, Apex Credit Partners LLC and Jefferies Credit Partners 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, 2022, we and MassMutual each had equity commitments to Jefferies Finance of $750.0 million, for a combined total commitment of $1.5 billion. The equity commitment is reduced quarterly based on our 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, 2022, our remaining commitment to Jefferies Finance was $15.4 million. The investment commitment is scheduled to expire on March 1, 2023 with automatic one year extensions absent a 60 days termination notice by either party.
Jefferies Finance has executed a Secured Revolving Credit Facility with us 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, 2022. Advances are shared equally between us and MassMutual. The facility is scheduled to mature on March 1, 2023 with automatic one year extensions absent a 60 days termination notice by either party. At November 30, 2022, we had funded $0.0 million of our $250.0 million commitment. The following summarizes the activity included in our Consolidated Statements of Earnings related to the facility (in millions):
Year Ended November 30,
202220212020
Interest income$0.4 $1.5 $2.4 
Unfunded commitment fees1.2 1.2 1.1 
The following is a summary of selected financial information for Jefferies Finance (in millions):
November 30,
20222021
Total assets
$6,763.0 $8,258.7 
Total liabilities
5,490.1 6,843.9 
November 30,
20222021
Our total equity balance
$636.4 $707.4 
Year Ended November 30,
202220212020
Net earnings (loss)$(129.4)$205.7 $(74.9)
The following summarizes activity related to our other transactions with Jefferies Finance (in millions):
Year Ended November 30,
202220212020
Origination and syndication fee revenues (1)$194.7 $410.5 $198.1 
Origination fee expenses (1)39.7 66.8 27.3 
CLO placement fee revenues (2)4.6 5.7 1.7 
Underwriting fees (3)— 2.5 1.7 
Service fees (4)94.7 85.1 65.1 
(1)We engage in the origination and syndication of loans underwritten by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues in our Consolidated Statements of Earnings. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses in our Consolidated Statements of Earnings.
(2)We act as a placement agent for CLOs managed by Jefferies Finance, for which we recognized fees, which are included in Investment banking revenues in our Consolidated Statements of Earnings. At November 30, 2022 and 2021, we held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned, at fair value in our Consolidated Statements of Condition.
(3)We acted as underwriter in connection with term loans issued by Jefferies Finance.
(4)Under a service agreement, we charge 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 ours, we have entered into an agreement to indemnify Jefferies Finance with respect to any foreign currency exposure.
Receivables from Jefferies Finance, included in Other assets in our Consolidated Statements of Financial Condition, were $1.2 million and $26.2 million at November 30, 2022 and 2021, respectively. At November 30, 2022 and 2021, payables to Jefferies Finance related to cash deposited with us and included in Payables to customers in our Consolidated Statements of Financial Condition, were $0.5 million and $8.5 million, respectively.
Berkadia
Berkadia is a commercial mortgage banking, servicing and finance joint venture that was formed by us and Berkshire Hathaway Inc. We are entitled to receive 45% of the profits of Berkadia. 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.
Commercial paper issued by Berkadia is supported by a $1.50 billion surety policy issued by a Berkshire Hathaway insurance subsidiary and corporate guaranty, and we have agreed to reimburse Berkshire Hathaway for one-half of any losses incurred thereunder. At November 30, 2022, the aggregate amount of commercial paper outstanding was $1.47 billion.
The following is a summary of selected financial information for Berkadia (in millions):
November 30,
20222021
Total assets$4,436.0 $4,630.7 
Total liabilities2,801.7 3,377.0 
Total noncontrolling interest690.1 425.8 
November 30,
20222021
Our total equity balance
$425.9 $373.4 
Year Ended November 30,
202220212020
Gross revenues$1,361.2 $1,262.4 $1,000.4 
Net earnings276.5 290.3 153.1 
Our share of net earnings124.4 130.6 68.9 
We received distributions from Berkadia on our equity interest as follows (in millions):
Year Ended November 30,
202220212020
Distributions$69.8 $58.0 $37.1 
At November 30, 2022 and 2021, we had commitments to purchase $237.4 million and $425.6 million, respectively, of agency CMBS from Berkadia.
OpNet
We own approximately 42% of the common shares and 48% of the voting rights of OpNet (formerly known as Linkem). In addition to common stock, we own convertible preferred stock, which is automatically convertible to common shares in 2026, and common stock warrants, which are exercisable by June 2024 and June 2027. If our convertible preferred stock and warrants were all converted or exercised, our ownership would increase to approximately 63% of OpNet’s common equity and voting rights. The convertible preferred stock is reported in Other assets in our Consolidated Statements of Financial Condition and had a carrying value of $0 million and $17.4 million at November 30, 2022 and 2021, respectively. The common stock warrants are reported in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition and had a fair value of $54.2 million and $27.8 million at November 30, 2022 and 2021, respectively.
We also own redeemable preferred stock and subordinated bonds issued by OpNet. The redeemable preferred stock is reported in Other assets in our Consolidated Statements of Financial Condition and had a carrying value of $24.5 million and $89.1 million at November 30, 2022 and 2021, respectively. During the year ended November 30, 2022, we reported the subordinated bonds in Financial instruments owned, at fair value in our Consolidated Statements of Condition with a fair value of $48.6 million. Additionally, during the year ended November 30, 2022 we have made shareholder loans to OpNet with a carrying value of $19.3 million at November 30, 2022.
In November 2022, we made a subscription advance of $12.5 million, and subsequent to year end we have made additional subscription advances of $20.8 million to participate in a new convertible preferred stock offering, which were partially issued in January 2023. We also received warrants for the new convertible preferred stock in January 2023, which are exercisable by December 23, 2027.
We, along with another significant shareholder in OpNet, have agreed to provide additional financial support, if necessary, to meet certain funding needs of OpNet until June 2023.
The following is a summary of selected financial information for OpNet (in millions):
November 30,
20222021
Total assets$1,050.8 $782.0 
Total liabilities935.2 734.0 
November 30,
20222021
Our total equity balance
$— $— 
Year Ended November 30,
202220212020
Net loss$(88.6)$(90.5)$(78.8)
FXCM
We have a 50% voting interest in FXCM, a provider of online foreign exchange trading services and have the ability to significantly influence FXCM through our seats on the board of directors. We also have a senior secured term loan to FXCM, which is reported within Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition and had a fair value of $35.1 million and $50.5 million as of November 30 2022, and 2021 respectively. We are amortizing our basis difference between the estimated fair value and the underlying book value of FXCM customer relationships, technology and trade name 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. During the year ended November 30, 2022, we recognized an other-than-temporary impairment charge of $25.3 million within Other revenues on the Consolidated Statement of Earnings on our investment. The following is a summary of selected financial information for FXCM (in millions):
November 30,
20222021
Total assets$389.6 $387.9 
Total liabilities341.4 382.2 
November 30,
20222021
Our total equity balance
$59.7 $49.0 
Year Ended November 30,
202220212020
Net earnings (loss)$39.0 $(21.5)$6.5 
In connection with foreign exchange contracts entered into with FXCM, we have $0.5 million and $0.7 million at November 30, 2022 and 2021, respectively, included in Payables—brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition.
Golden Queen Mining Company LLC
We have a 50% ownership interest in Golden Queen Mining Company, LLC (“Golden Queen”), which owns and operates a gold and silver mine project located in California. We also own warrants to purchase shares with a fair value of $0.6 million and $3.1 million at November 30, 2022 and 2021, which if exercised, would increase our ownership to approximately 51.9% of Golden Queen’s common equity. We also have a shareholder loan to Golden Queen with a carrying value of $14.0 million and $13.9 million at November 30, 2022 and 2021 respectively. The following is a summary of selected financial information for Golden Queen (in millions):
November 30,
20222021
Total assets$209.8 $224.5 
Total liabilities102.1 101.6 
November 30,
20222021
Our total equity balance
$46.5 $55.1 
Year Ended November 30,
202220212020
Net loss$(15.2)$(14.7)$(9.6)
Real Estate Investments
Our real estate equity method investments primarily consist of equity interests in Brooklyn Renaissance Plaza and Hotel and 54 Madison.
Brooklyn Renaissance Plaza is composed of a hotel, office building complex and parking garage located in Brooklyn, New York. We have a 25.4% equity interest in the hotel and a 61.3% equity interest in the office building and garage. Although we have a majority interest in the office building and garage, we do not have control, but only have the ability to exercise significant influence on this investment. 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). An impairment charge of $6.9 million was recognized during the year ended November 30, 2020, which represented all of the carrying value in the Brooklyn Renaissance Plaza hotel.
We own approximately 48.1% equity interest in 54 Madison, a fund that owns an interest in one real estate project and is in the process of being liquidated. We received cash distributions of $18.4 million and $39.4 million from 54 Madison during years ended November 30, 2022 and 2021, respectively. The following is a summary of selected financial information for our significant Real Estate Investments (in millions):
November 30,
20222021
Total assets$350.4 $434.5 
Total liabilities487.5 506.1 
November 30,
20222021
Our total equity balance
$107.3 $115.2 
Year Ended November 30,
202220212020
Net earnings (loss)$17.7 $(27.0)$(12.3)
JCP Fund V
We have limited partnership interests of 11% and 50% in Jefferies Capital Partners V L.P. and the Jefferies SBI USA Fund L.P. (together, “JCP Fund V”), respectively, which are private equity funds managed by a team led by our President. The amount of our investments in JCP Fund V included in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition was $23.9 million and $25.4 million at November 30, 2022 and 2021, respectively. We account for these investments at fair value based on the NAV of the funds provided by the fund managers (see Note 2, Summary of Significant Accounting Policies, herein). The following summarizes the results from these investments which are included in Principal transactions revenues in our Consolidated Statements of Earnings (in millions):
Year Ended November 30,
202220212020
Net gains (losses) from our investments in JCP Fund V$0.1 $7.7 $(3.0)
At both November 30, 2022 and 2021, we were committed to invest equity of up to $85.0 million in JCP Fund V. At both November 30, 2022 and 2021, our unfunded commitment relating to JCP Fund V was $8.7 million.
The following is a summary of selected financial information for 100.0% of JCP Fund V, in which we owned effectively 35.2% of the combined equity interests (in millions):
September 30,
2022 (1)2021 (1)
Total assets
$68 $72 
Total liabilities
— — 
Total partners’ capital
68 72 
Nine Months Ended September 30, 2022 (1)Three Months Ended December 31, 2021 (1)Nine Months Ended September 30, 2021 (1)Three Months Ended December 31, 2020 (1)Nine Months Ended September 30, 2020 (1)Three Months Ended December 31, 2019 (1)
Net increase (decrease) in net assets resulting from operations
$(1.3)$(3.2)$23.8 $(1.0)$(12.5)$(1.4)
(1)Financial information for JCP Fund V in financial position and results of operations at November 30, 2022 and 2021 and for the years ended November 30, 2022, 2021 and 2020 is included based on the presented periods.
Other Asset Management Investments
We have investments in asset management entities with an aggregate carrying amount of $18.6 million and $25.0 million at November 30, 2022 and 2021, respectively, which consist of our shares in Monashee, an investment management company, registered investment advisor and general partner of various investment management funds and provide us with a 50% voting rights interest and the rights to distributions of 47.5% of the annual net profits of Monashee’s operations if certain thresholds are met. A portion of the carrying amount of the investment in Monashee relates to contract and customer relationship and client relationship intangible assets and goodwill. The intangible assets are amortized over their useful life and the goodwill is not amortized.
We also have an investment management agreement whereby Monashee provides asset management services to us for certain separately managed accounts. Our net investment balance in the separately managed accounts was $17.7 million and $13.6 million at November 30, 2022 and 2021, respectively. The following table presents the activity included in our Consolidated Statements of Earnings related to these separately managed accounts (in millions):
Year Ended November 30,
202220212020
Investment losses (1)$(3.2)$(0.8)$— 
Management fees (2)0.7 — — 
(1)Included in Principal transactions revenues in our Consolidated Statements of Earnings.
(2)Included in Floor brokerage and clearing fees in our Consolidated Statements of Earnings.
At November 30, 2021 our equity method investments also consist of membership interests and limited partnership interests of approximately 15% in the Oak Hill investment management company and registered investment adviser and the Oak Hill general partner entity, which is entitled to a carried interest from certain Oak Hill managed funds (collectively “the Oak Hill interests”). On September 30, 2022, we sold the Oak Hill interests with a carrying value of $167.7 million and recognized $175.1 million within Other revenues in our Consolidated Statement of Earnings as a result of the sale.
ApiJect
We owned shares which represent a 38% economic interest in ApiJect at November 30, 2022. Our investment in ApiJect is accounted for at fair value by electing the fair value option available under U.S. GAAP and is included within corporate equity securities in Financial instruments owned, at fair value in our Consolidated Statements of Financial Condition. At November 30, 2022, we purchased additional common shares of ApiJect and obtained a right to 1.125% of ApiJect’s future revenues for cash consideration of $25.0 million. In addition, we converted our $25.0 million term loan agreement into additional common shares. At November 30, 2022, the change in fair value of our equity investments in ApiJect was a mark-to-market gain of $37.3 million and the total fair value of our equity investment in common shares of ApiJect is $100.1 million, which is included within Level 3 of the fair value hierarchy. Additionally, we owned warrants to purchase up to 950,000 shares of common stock at any time or from time to time on or before April 15, 2032.
We also have a term loan agreement with a principal of ApiJect for $28.7 million, maturing on February 28, 2023. The loan is accounted for at cost plus accrued interest and is reported within Other assets in our Consolidated Statements of Financial Condition. Interest income on the term loan of $2.3 million and $1.6 million was recognized in Interest revenues in our Consolidated Statements of Earnings for the year ended November 30, 2022 and 2021, respectively. The loan has a fair value of $28.9 million and $26.6 million at November 30, 2022 and 2021, which is classified as Level 3 in the fair value hierarchy.
v3.22.4
Credit Losses on Financial Assets Measured at Amortized Cost
 12 Months Ended
Nov. 30, 2022
Credit Loss [Abstract]  
Credit Losses on Financial Assets Measured at Amortized Cost Credit Losses on Financial Assets Measured at Amortized CostAutomobile Loans. 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 based on an assessment over the life of the financial instrument taking into consideration forecast of expected future economic conditions.
At November 30, 2022 and 2021, we had automobile loans, including accrued interest and related fees, of $891.1 million and $812.6 million, respectively, which are classified as either held for investment or held for sale depending on the intent and ability to hold the loans, which are collateralized by a security interest in the vehicles’ titles. These loans are included in Other assets in our Consolidated Statements of Financial Condition. Loans held for investment are recorded at cost net of deferred acquisition costs and an allowance for credit losses. Loans held for sale are recorded at the lower of cost or fair value until the loans are sold.
Provision for credit losses are charged to income in amounts sufficient to maintain an allowance for credit losses inherent in the automobile loans held for investment which is established systematically by management as of the reporting date. All automobile loans 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. We use static pool modeling techniques to determine the allowance for loan losses expected over the remaining life of the loans, 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. Our estimate of expected credit losses includes a reasonable and supportable forecast period of two years and then reverts to an estimate based on historical losses. We review 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. Our charge-off policy is based on a loan by loan review of delinquent loans. We have an accounting policy to not place loans on nonaccrual status; however, the allowance for credit losses is determined including the accrued interest receivable that it does not expect to collect.
A rollforward of the allowance for credit losses related to our automobile loans for the years ended November 30, 2022, 2021 and 2020 is as follows (in thousands):
Year Ended November 30,
202220212020
Beginning balance $67,236 $29,710 $23,606 
Adjustment for change in accounting principle for current expected credit losses— 30,148 — 
Provision for doubtful accounts35,173 18,768 27,974 
Charge-offs, net of recoveries(22,795)(11,390)(21,870)
Ending balance$79,614 $67,236 $29,710 
The following tables present a summary of automobile loans held for investment by credit score, determined at origination, at November 30, 2022 for each vintage of the loan portfolio:
Year of Origination
20222021202020192018Prior YearsTotalPercent
Credit scores of 680 and above$53,700 $46,668 $17,276 $16,560 $7,631 $1,378 $143,213 16.3 %
Credit scores between 620 to 679170,220 132,528 44,095 35,393 17,635 7,647 407,518 46.3 
Credit scores below 620175,690 97,953 21,371 19,039 8,840 5,602 328,495 37.4 
Total$399,610 $277,149 $82,742 $70,992 $34,106 $14,627 $879,226 100.0 %
The following tables present a summary of automobile loans held for investment by credit score, determined at origination, at November 30, 2021 for each vintage of the loan portfolio:
Year of Origination
20212020201920182017Prior YearsTotalPercent
Credit scores of 680 and above$71,724 $31,215 $31,143 $16,695 $3,642 $805 $155,224 19.4 %
Credit scores between 620 to 679198,097 79,315 66,247 37,714 17,637 6,509 405,519 50.6 
Credit scores below 620132,374 38,322 34,638 18,277 11,689 5,644 240,944 30.0 
Total$402,195 $148,852 $132,028 $72,686 $32,968 $12,958 $801,687 100.0 %
The aging of automobile loans held for investment at November 30, 2022 is as follows:
Year of Origination
20222021202020192018Prior YearsTotalPercent
Current Accounts$380,863 $255,412 $76,841 $66,338 $31,269 $13,291 $824,014 93.7 %
Delinquent Accounts
30 - 59 days12,720 15,550 4,307 3,380 2,020 1,097 39,074 4.4 
60 - 89 days3,718 4,156 1,090 734 569 181 10,448 1.2 
90 days and over2,309 2,031 504 539 248 59 5,690 0.7 
Total$399,610 $277,149 $82,742 $70,991 $34,106 $14,628 $879,226 100.0 %
The aging of automobile loans held for investment at November 30, 2021 is as follows:
Year of Origination
20212020201920182017Prior YearsTotalPercent
Current Accounts$391,366 $142,210 $125,580 $68,852 $31,147 $12,041 $771,196 96.2 %
Delinquent Accounts
30 - 59 days7,387 4,444 4,330 2,979 1,472 698 21,310 2.7 
60 - 89 days2,613 1,586 1,620 616 305 157 6,897 0.8 
90 days and over829 612 498 240 44 61 2,284 0.3 
Total$402,195 $148,852 $132,028 $72,687 $32,968 $12,957 $801,687 100.0 %
Secured Financing Receivables. 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 our secured financing receivables requires that the counterparty continually adjust the collateralization amount, 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. 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. During the year ended November 30, 2021, we incurred bad debt expense of $39.0 million related to a specific default in our prime brokerage business.
Broker Receivables. 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.
Other Financial Assets. 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.
Our allowance for credit losses on our investment banking fee receivables using a provisioning matrix based on the shared risk characteristics and historical loss experience for such receivables. In some instances, we may adjust the allowance calculated based on the provision matrix to incorporate a specific allowance based on the unique credit risk profile of a receivable. The provisioning matrix is periodically updated to reflect changes in the underlying portfolio's credit characteristics and most recent historical loss data.
The allowance for credit losses for investment banking receivables for the years ended November 30, 2022, 2021 and 2020 is as follows (in thousands):
Year Ended November 30,
202220212020
Beginning balance$4,824 $19,788 $6,817 
Adjustment for change in accounting principle for current expected credit losses
— (3,594)— 
Bad debt expense, net of reversals4,141 2,287 19,582 
Charge-offs(910)(6,409)(2,083)
Recoveries collected(2,141)(7,248)(4,528)
  Ending balance (1)$5,914 $4,824 $19,788 
(1)The allowance for doubtful accounts balances are substantially all related to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.
v3.22.4
Goodwill and Intangible Assets
 12 Months Ended
Nov. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
Goodwill attributed to our reportable business segments are as follows (in thousands):
November 30,
20222021
Investment Banking and Capital Markets$1,552,944 $1,561,928 
Asset Management183,170 183,170 
Total goodwill$1,736,114 $1,745,098 
The following table is a summary of the changes to goodwill (in thousands):
Year Ended November 30,
20222021
Balance, at beginning of period$1,745,098 $1,746,314 
Currency translation and other adjustments(8,984)(1,216)
Balance, at end of period$1,736,114 $1,745,098 
Goodwill Impairment Testing
A reporting unit is an operating segment or one level below an operating segment. The quantitative goodwill impairment test is performed at the level of the reporting unit. The fair value of each reporting unit is compared with its carrying value, including goodwill and allocated intangible assets. If the fair value is in excess of the carrying value, the goodwill for the reporting unit is considered not to be impaired. If the fair value is less than the carrying value, then an impairment loss is recognized for the amount by which the carrying value of the reporting unit exceeds the reporting unit's fair value. Allocated tangible equity plus allocated goodwill and intangible assets are used for the carrying amount of each reporting unit.
Estimating the fair value of a reporting unit requires management judgment. Estimated fair values for our reporting units were determined using methodologies that include a market valuation method that incorporated price-to-earnings and price-to-book multiples of comparable public companies and/or projected cash flows. Under the market valuation approach, the key assumptions are the selected multiples and our internally developed projections of future profitability, growth and return on equity for each reporting unit. The weight assigned to the multiples requires judgment in qualitatively and quantitatively evaluating the size, profitability and the nature of the business activities of the reporting units as compared to the comparable publicly-traded companies. In addition, as the fair values determined under the market valuation approach represent a noncontrolling interest, we applied a control premium to arrive at the estimated fair value of each reporting unit on a controlling basis. We engaged an independent valuation specialist to assist us in our valuation process at August 1, 2022.
Historically, we have performed our annual goodwill impairment testing within the Investment Banking and Capital Markets and Asset Management reportable business segments, which did not indicate any goodwill impairment as of our annual testing date of August 1, 2022. On November 1, 2022, in connection with the merger of Jefferies Group LLC into Jefferies Financial Group Inc., we reassessed our reporting units based on the discrete financial information to be made available to segment management as of and subsequent to the merger. As a result, we identified each of the Investment Banking, Equities and Fixed Income businesses to be reporting units within the Investment Banking and Capital Markets reportable business segment. The total goodwill of $1.55 billion attributed to the Investment Banking and Capital Markets reportable business segment has been assigned to each of these reporting units as of November 1, 2022, based on the relative fair value of each of the reporting units as of November 1, 2022. The relative fair value estimate of each of the reporting units as of November 1, 2022 was based on methodologies consistent with the market valuation approach used in our annual impairment test, which are consistent with valuation techniques market participants would use. In connection with the transfer of certain legacy merchant banking investments to our Asset Management segment, goodwill previously attributable to our Merchant Banking reportable segment is now included within our Asset Management reportable business segment.
We tested the assigned goodwill to each of the Investment Banking, Equities and Fixed Income reporting units as of November 1, 2022 for impairment by comparing the fair value of the reporting units to their carrying values as of November 1, 2022. The carrying values of the reporting units were determined based on, allocated tangible equity as determined by our cash capital model plus allocated goodwill and intangible assets. The amount of tangible equity allocated to a reporting unit is based on our cash capital model deployed in managing our businesses, which seeks to approximate the capital a business would require if it were operating independently. Intangible assets are allocated to a reporting unit based on either specifically identifying a particular intangible asset as pertaining to a reporting unit or, if shared among reporting units, based on an assessment of the reporting unit’s benefit from the intangible asset in order to generate results. There was no indication of goodwill impairment in any of the reporting units as a result of the testing performed as of November 1, 2022 in connection with the reassessment of our reporting units.
Intangible Assets
Intangible assets are included in Other assets in our Consolidated Statements of Financial Condition. The following tables present the gross carrying amount, changes in carrying amount, net carrying amount and weighted average amortization period of identifiable intangible assets at November 30, 2022 and 2021 (dollars in thousands):
November 30, 2022Weighted average remaining lives (years)
Gross costImpairment lossesAccumulated amortizationNet carrying amount
Customer relationships$126,028 $— $(89,109)$36,919 8.2
Trade name127,185 — (35,486)91,699 25.3
Exchange and clearing organization membership interests and registrations
7,447 (39)— 7,408 N/A
Other14,957 — (11,521)3,436 4.7
Total$275,617 $(39)$(136,116)$139,462 
November 30, 2021Weighted average remaining lives (years)
Gross costImpairment lossesAccumulated amortizationNet carrying amount
Customer relationships $170,820 $— $(128,012)$42,808 9.0
Trade name128,753 — (32,244)96,509 26.3
Exchange and clearing organization membership interests and registrations
7,798 (66)— 7,732 N/A
Other16,682 — (11,329)5,353 5.6
Total$324,053 $(66)$(171,585)$152,402 
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, at August 1, 2022. 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 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.
Amortization Expense
For finite life intangible assets, aggregate amortization expense amounted to $10.9 million, $14.2 million and $15.3 million for the years ended November 30, 2022, 2021 and 2020, respectively. These expenses are included in Other expenses in our Consolidated Statements of Earnings.
The estimated future amortization expense for the five succeeding fiscal years is as follows (in thousands):
Year ending November 30, 2023$9,902 
Year ending November 30, 20249,147 
Year ending November 30, 20258,636 
Year ending November 30, 20268,608 
Year ending November 30, 20278,593 
v3.22.4
Short-Term Borrowings
 12 Months Ended
Nov. 30, 2022
Debt Disclosure [Abstract]  
Short-Term Borrowings Short-Term Borrowings
Short-term borrowings at November 30, 2022 and 2021 mature in one year or less and include the following (in thousands):
November 30,
20222021
Bank loans (1)
$517,524 $215,063 
Fixed rate callable note (1)4,068 — 
Floating rate puttable notes (1)
6,800 6,800 
Total short-term borrowings$528,392 $221,863 
(1)    These Short-term borrowings are recorded at cost in our Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their liquid and short-term nature.
At November 30, 2022, the weighted average interest rate on short-term borrowings outstanding is 4.62% per annum.
At November 30, 2022 and 2021, our borrowings under credit facilities classified within bank loans in Short-term borrowings in our Consolidated Statements of Financial Condition were $517.0 million and $200.0 million, respectively. Our borrowings include credit facilities that contain certain covenants that, among other things, require us to maintain a specified level of tangible net worth, require a minimum regulatory net capital requirement for our U.S. broker-dealer, Jefferies LLC, and impose certain restrictions on the future indebtedness of certain of our subsidiaries that are borrowers. Interest is based on rates at spreads over the federal funds rate or other adjusted rates, as defined in the various credit agreements, or at a rate as agreed between the bank and us in reference to the bank’s cost of funding. At November 30, 2022, we were in compliance with all covenants under these credit facilities.
v3.22.4
Long-Term Debt
 12 Months Ended
Nov. 30, 2022
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The following summarizes our long-term debt carrying values (including unamortized discounts and premiums, valuation adjustments and debt issuance costs, where applicable) (in thousands):
November 30,
MaturityEffective Interest Rate20222021
Unsecured long-term debt
5.500% Senior Notes
October 18, 20235.47%$393,048 $440,120 
1.000% Euro Medium Term Notes
July 19, 20241.00%519,970 564,985 
4.500% Callable Note due 2025
July 22, 20254.84%6,153 — 
5.000% Callable Note due 2026
March 26, 20265.52%8,554 — 
4.850% Senior Notes (1)
January 15, 20276.29%703,533 775,550 
6.450% Senior Debentures
June 8, 20275.46%363,915 366,556 
5.000% Callable Note due 2027
June 16, 20275.22%24,784 — 
5.000% Callable Note due 2028
February 17, 20285.29%9,888 — 
4.150% Senior Notes
January 23, 20304.26%991,518 990,525 
2.625% Senior Debentures (1)
October 15, 20313.90%911,777 988,059 
2.750% Senior Debentures (1)
October 15, 20325.67%392,162 460,724 
6.250% Senior Notes
January 15, 20366.03%497,681 505,267 
6.500% Senior Notes
January 20, 20436.09%409,472 409,926 
6.625% Senior Notes
October 23, 20436.61%246,954 246,888 
Floating Rate Senior NotesOctober 29, 20713.72%61,715 61,703 
Unsecured Revolving Credit FacilityAugust 3, 20235.29%349,578 348,951 
Structured notes (2)VariousVarious1,583,828 1,843,598 
Total unsecured long-term debt7,474,530 8,002,852 
Secured long-term debt
HomeFed EB-5 Program debt209,060 203,132 
HomeFed construction loans56,965 45,581 
Secured Credit Facilities933,531 774,180 
Secured Bank Loan100,000 100,000 
Total long-term debt (3)$8,774,086 $9,125,745 
(1)The carrying values of these senior notes include net gains of $219.1 million and $58.5 million during the years ended November 30, 2022 and 2021, respectively, associated with interest rate swaps based on designation as fair value hedges. See Note 2, Summary of Significant Accounting Policies, and Note 5, Derivative Financial Instruments, 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 other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. A weighted average coupon rate is not meaningful, as all of the structured notes are carried at fair value.
(3)The Total Long-term debt has a fair value of $8.46 billion and $9.85 billion at November 30, 2022 and 2021, respectively, which would be classified as Level 2 and Level 3 in the fair value hierarchy.
In connection with the merger of Jefferies Group LLC with and into Jefferies Financial Group Inc. on November 1, 2022, we assumed all of the debt obligations of Jefferies Group LLC, which had previously been non-recourse to us.
During 2022, long-term debt decreased by $351.7 million to $8.77 billion at November 30, 2022, as presented in our Consolidated Statements of Financial Condition. This decrease is primarily due to fair value changes in our structured notes and gains on certain of our senior notes associated with interest rate swaps based on their designation as fair value hedges, partially offset by structured notes issuances, net of retirements, of approximately $209.4 million and net issuances of approximately $176.7 million related to our secured credit facilities.
During 2021, long-term debt increased by $774 million to $9.13 billion at November 30, 2021. This increase is primarily due to our issuances of 2.625% senior notes with a principal amount of $1.0 billion, due 2031, and floating rate senior notes with a principal amount of $62.3 million, due 2071, partially offset by the early redemption of our 5.125% senior notes with a principal amount of $750.0 million, due January 20, 2023 and partial repurchase of $308.3 million of our 5.500% senior notes, due October 18, 2023. The change was also due to an increase of $349.0 million from borrowings under our senior unsecured revolving credit facility (“Unsecured Revolving Credit Facility”), an increase of $484.3 million from secured long-term borrowings and approximately $175.6 million of structured notes issuances, net of retirements.
At November 30, 2022 and 2021, our borrowings under several credit facilities classified within Long-term debt in our Consolidated Statements of Financial Condition amounted to $933.5 million and $774.1 million, respectively. Interest on these credit facilities are based on adjusted London Interbank Offered Rate (“LIBOR”) rates, Secured Overnight Financing Rate ("SOFR") plus a spread or other adjusted rates, as defined in the various credit agreements. The credit facility agreements contain certain covenants that, among other things, require us to maintain specified levels of tangible net worth and liquidity amounts, and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of our subsidiaries. At November 30, 2022, we were in compliance with all covenants under theses credit facilities, except for certain facilities secured by automobile loans with an amount outstanding of $112.9 million for which technical covenant violations have occurred that are in the process of being resolved with the lenders.
In addition, one of our subsidiaries has a Loan and Security Agreement with a bank for a term loan (“Secured Bank Loan”). At November 30, 2022 and 2021, borrowings under the Secured Bank Loan amounted to $100.0 million and are also classified within Long-term debt in our Consolidated Statements of Financial Condition. The Secured Bank Loan matures on September 13, 2024 and is collateralized by certain trading securities with an interest rate of 1.25% plus LIBOR. The agreement contains certain covenants that, among other things, restricts lien or encumbrance upon any of the pledged collateral. At November 30, 2022, we were in compliance with all covenants under the 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 debt is secured by certain real estate of HomeFed. At November 30, 2022, HomeFed was in compliance with all debt covenants which include, among other requirements, limitations on incurrence of debt, collateral requirements and restricted use of proceeds. Primarily all of HomeFed's EB-5 Program debt matures in 2024 through 2026.
At November 30, 2022, HomeFed has construction loans with an aggregate committed amount of $101.9 million. The proceeds are being used for construction at certain of its real estate projects. The outstanding principal amount of the loans bears interest based on the 30 day LIBOR or the SOFR, plus spreads of 1.35% to 3.00%, subject to adjustment on the first of each calendar month. At November 30, 2022, the weighted average interest rate on these loans was 6.07%. The loans mature between October 2023 and May 2024 and are collateralized by the property underlying the related project with a guarantee by HomeFed. At November 30, 2022 and 2021, $57.0 million and $45.6 million, respectively, was outstanding under the construction loan agreements.
v3.22.4
Leases
 12 Months Ended
Nov. 30, 2022
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 our Consolidated Statements of Financial Condition at November 30, 2022 and 2021 is as follows (in thousands, except lease term and discount rate):
November 30,
20222021
Premises and equipment - ROU assets$455,264$472,014
Weighted average:
Remaining lease term (in years)10.010.0
Discount rate2.9 %2.9 %
The following table presents the maturities of our operating lease liabilities and a reconciliation to the Lease liabilities included in our Consolidated Statements of Financial Condition at November 30, 2022 and 2021 (in thousands):
November 30,
Fiscal Year20222021
2022$— $75,384 
202376,847 71,383 
202478,656 67,039 
202578,103 66,939 
202674,472 64,105 
202771,255 61,722 
2028 and thereafter228,722 228,964 
Total undiscounted cash flows608,055 635,536 
Less: Difference between undiscounted and discounted cash flows(75,353)(87,470)
Operating leases amount in our Consolidated Statements of Financial Condition532,702 548,066 
Finance leases amount in our Consolidated Statements of Financial Condition1,006 229 
Total amount in our Consolidated Statements of Financial Condition$533,708 $548,295 
In addition to the table above, at November 30, 2022, we entered into a lease agreement that was signed but had not yet commenced. This operating lease will commence in 2023 with a lease term of five years. Lease payments for this lease agreement will be $1.2 million for the period from lease commencement to the end of the lease term.
The following table presents our lease costs (in thousands):
Year Ended November 30,
202220212020
Operating lease costs (1)$80,959 $79,701 $77,452 
Variable lease costs (2)12,887 11,168 13,576 
Less: Sublease income(4,507)(7,191)(7,590)
Total lease cost, net$89,339 $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 Statements of Cash Flows supplemental information was as follows (in thousands):
Year Ended November 30,
202220212020
Cash outflows - lease liabilities$81,082 $79,437 $73,300 
Non-cash - ROU assets recorded for new and modified leases87,977 30,246 22,460 
The amortization of the ROU assets is included within Other adjustments in the Consolidated Statements of Cash Flows.
v3.22.4
Mezzanine Equity
 12 Months Ended
Nov. 30, 2022
Temporary Equity Disclosure [Abstract]  
Mezzanine Equity Mezzanine Equity
Redeemable Noncontrolling Interests
At November 30, 2022 and 2021, redeemable noncontrolling interests include other redeemable noncontrolling interests of $6.5 million and $25.4 million, respectively, primarily related to our oil and gas exploration and development businesses.
Mandatorily Redeemable Convertible Preferred Shares
Our 125,000 callable mandatorily redeemable cumulative convertible preferred shares ("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. At November 30, 2022, the Preferred Shares are 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%. In connection with the Vitesse Energy spin-off, the number of common shares into which the Preferred Shares will convert may be adjusted based on subsequent trading prices, which may increase the number of Preferred Shares convertible into common shares.
v3.22.4
Common Shares and Earnings Per Common Share
 12 Months Ended
Nov. 30, 2022
Earnings Per Share [Abstract]  
Common Shares and Earnings Per Common Share Common Shares and Earnings Per Common Share
Basic and diluted earnings per common share amounts were calculated by dividing net earnings 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,
 202220212020
Numerator for earnings per common share:
Net earnings attributable to Jefferies Financial Group Inc.$777,168 $1,667,403 $769,605 
Allocation of earnings to participating securities (1)(3,015)(9,961)(4,795)
Net earnings attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share774,153 1,657,442 764,810 
Adjustment to allocation of earnings to participating securities related to diluted shares (1)29 207 23 
Mandatorily redeemable convertible preferred share dividends8,281 6,949 5,634 
Net earnings attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share$782,463 $1,664,598 $770,467 
Denominator for earnings per common share: 
Weighted average common shares outstanding234,258 246,991 268,518 
Weighted average shares of restricted stock outstanding with future service required(1,330)(1,567)(1,785)
Weighted average RSUs outstanding with no future service required14,450 18,171 18,960 
Denominator for basic earnings per common share – weighted average shares247,378 263,595 285,693 
Stock options and other share-based awards1,518 1,203 — 
Senior executive compensation plan RSU awards2,234 2,262 356 
Mandatorily redeemable convertible preferred shares4,441 4,441 4,441 
Denominator for diluted earnings per common share255,571 271,501 290,490 
Earnings per common share:
Basic$3.13 $6.29 $2.68 
Diluted$3.06 $6.13 $2.65 
(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 991,400, 1,586,500 and 1,801,700 for the years ended November 30, 2022, 2021 and 2020, respectively. Dividends declared on participating securities were $1.1 million, $1.4 million and $1.0 million during the years ended November 30, 2022, 2021 and 2020, 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 2022, the Board of Directors increased the share repurchase authorization by $87.5 million. In March 2022, the Board of Directors increased the share repurchase authorization by $250.0 million. In June 2022, the Board of Directors increased the share repurchase authorization by $250.0 million. In September 2022, the Board of Directors increased the share repurchase authorization by $145.9 million back to a total authorized repurchase amount of $250.0 million.
v3.22.4
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Nov. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
Activity in accumulated other comprehensive income (loss) is reflected in the Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Changes in Equity but not in the Consolidated Statements of Operations. A summary of accumulated other comprehensive income (loss), net of taxes is as follows (in thousands):
November 30,
 202220212020
Net unrealized gains (losses) on available for sale securities$(5,892)$269 $513 
Net unrealized foreign exchange losses(220,071)(166,499)(156,718)
Net unrealized losses related to instrument specific credit risk (104,526)(153,672)(71,151)
Net minimum pension liability(48,930)(52,241)(61,561)
Total accumulated other comprehensive loss$(379,419)$(372,143)$(288,917)

Significant amounts reclassified out of accumulated other comprehensive income (loss) to net earnings are as follows (in thousands):
Details about Accumulated Other Comprehensive Income (Loss)
Components		Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Affected Line Item in the
Consolidated Statements of Earnings
Year Ended November 30,
 202220212020 
Net unrealized gains (losses) on instrument specific credit risk at fair value, net of income tax benefit (expense) of $41, $(599), and $(146), respectively
$(129)$1,861 $397 Principal transactions revenues
Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $845, $1,054, and $957, respectively
(2,483)(3,138)(2,872)
Compensation and benefits expenses. See Note 14, Benefit Plans for information on this component.
Total reclassifications for the period, net of tax$(2,612)$(1,277)$(2,475) 
v3.22.4
Revenues from Contracts with Customers
 12 Months Ended
Nov. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Revenues from Contracts with Customers
The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands):
Year Ended November 30,
202220212020
Revenues from contracts with customers:
Investment banking$2,807,822 $4,365,699 $2,501,494 
Commissions and other fees 925,494 896,015 822,248 
Asset management fees23,525 14,836 14,702 
Manufacturing revenues412,605 538,628 421,434 
Oil and gas revenues302,135 182,973 102,210 
Real estate revenues223,323 102,297 26,671 
Other contracts with customers47,954 41,353 34,468 
Total revenue from contracts with customers4,742,858 6,141,801 3,923,227 
Other sources of revenue:
Principal transactions833,757 1,617,336 1,928,143 
Revenues from strategic affiliates
56,739 57,248 19,507 
Interest1,183,638 956,318 1,009,548 
Other332,271 172,761 22 
Total revenues$7,149,263 $8,945,464 $6,880,447 
Revenue from contracts with customers is 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 (i.e., 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:
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 Accrued expenses and other liabilities in our 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 our Consolidated Statements of Earnings 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 our Consolidated Statements of Earnings as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as Investment banking revenues.
Commissions and Other Fees. We earn commission and other fee revenue by executing, settling and clearing transactions for clients primarily in equity, equity-related and futures products. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commissions 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 our Consolidated Statements of Earnings. 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 Accrued expenses and other liabilities in our Consolidated Statements of Financial Condition. Distribution fees are variable and recognized when the uncertainties with respect to the amounts are resolved.
Asset Management Fees. We earn management and performance fees in connection with investment advisory services provided to various funds and accounts, which are satisfied over time and measured using a time elapsed measure of progress as the customer receives the benefits of the services evenly throughout the term of the contract. Management and performance fees are considered variable as they are subject to fluctuation (e.g., changes in assets under management, market performance) and/ or are contingent on a future event during the measurement period (e.g., meeting a specified benchmark) and are recognized only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved. Management fees are generally based on month-end assets under management or an agreed upon notional amount and are included in the transaction price at the end of each month when the assets under management or notional amount is known. Performance fees are received when the return on assets under management for a specified performance period exceed certain benchmark returns, “high-water marks” or other performance targets. The performance period related to our performance fees is annual or semi-annual. Accordingly, performance fee revenue will generally be recognized only at the end of the performance period to the extent that the benchmark return has been met.
Manufacturing Revenues. We earn revenues from the sale of manufactured or remanufactured lumber. 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.
Oil and Gas Revenues. The sales of oil and natural gas are made under contracts negotiated with customers, which typically include variable consideration based on monthly pricing tied to local indices and volumes. Revenue is recorded at the point in time when control of the produced oil and gas transfers to the customer, which is when the performance obligation is satisfied. The amount of production delivered to the customer and the price that will be received for the sale of the product is estimated utilizing production reports, market indices and estimated differential. The variable consideration can be reasonably estimated at the end of the month when the performance obligation is satisfied.
Real Estate Revenues. Revenues from the sales of real estate are recognized at a point in time when the related transaction is complete. The majority of our real estate sales of land, lots and homes transfer the goods and services to the customer at the close of escrow when the title transfers to the buyer and the buyer has the benefit and control of the goods and service. If performance obligation under the contract with a customer related to a parcel of real estate are not yet complete when title transfers to the buyer, revenue associated with the incomplete performance obligation is deferred until the performance obligation is completed.
Disaggregation of Revenue
The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands):
Year Ended November 30,
202220212020
Reportable SegmentReportable SegmentReportable Segment
Investment Banking and Capital MarketsAsset ManagementTotalInvestment Banking and Capital MarketsAsset ManagementTotalInvestment Banking and Capital MarketsAsset ManagementTotal
Major business activity:
Investment banking -
   Advisory
$1,778,003 $— $1,778,003 $1,873,560 $— $1,873,560 $1,053,500 $— $1,053,500 
Investment banking -
   Underwriting
1,029,819 — 1,029,819 2,492,139 — 2,492,139 1,447,994 — 1,447,994 
Equities (1)910,254 — 910,254 881,660 — 881,660 806,340 — 806,340 
Fixed income (1)15,240 — 15,240 14,355 — 14,355 15,908 — 15,908 
Asset management— 23,525 23,525 — 14,836 14,836 — 14,702 14,702 
Merchant banking— 986,017 986,017 — 865,251 865,251 — 584,783 584,783 
Total$3,733,316 $1,009,542 $4,742,858 $5,261,714 $880,087 $6,141,801 $3,323,742 $599,485 $3,923,227 
Primary geographic region:
Americas$2,910,318 $1,005,200 $3,915,518 $4,249,641 $876,242 $5,125,883 $2,741,288 $592,474 $3,333,762 
Europe and the Middle East575,012 2,595 577,607 766,746 2,816 769,562 401,853 6,645 408,498 
Asia 247,986 1,747 249,733 245,327 1,029 246,356 180,601 366 180,967 
Total$3,733,316 $1,009,542 $4,742,858 $5,261,714 $880,087 $6,141,801 $3,323,742 $599,485 $3,923,227 
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.
Refer to Note 24, Segment Reporting, for a further discussion on the allocation of revenues to geographic regions.
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, 2022. Investment banking advisory fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price at November 30, 2022.
During the years ended November 30, 2022, 2021 and 2020, we recognized $78.9 million, $50.0 million and $11.1 million, respectively, of revenue 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 $28.1 million, $12.1 million and $17.6 million of revenues primarily associated with distribution services during the years ended November 30, 2022, 2021 and 2020, respectively, a portion of which relates to prior periods.
Contract Balances
The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied.
Our deferred revenue primarily relates to retainer and milestone fees received in investment banking advisory engagements where the performance obligation has not yet been satisfied. Deferred revenue at November 30, 2022 and 2021 was $27.0 million and $49.7 million, respectively, which are recorded in Accrued expenses and other liabilities in our Consolidated Statements of Financial Condition. During the years ended November 30, 2022, 2021 and 2020, we recognized revenue of $48.7 million, $10.8 million and $10.9 million, respectively, that were recorded as deferred revenue at the beginning of the year. We had receivables related to revenues from contracts with customers of $206.6 million and $298.7 million at November 30, 2022 and 2021, 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.
At November 30, 2022 and 2021, capitalized costs to fulfill a contract were $3.4 million and $1.6 million, respectively, which are recorded in Receivables – Fees, interest and other in the Consolidated Statement of Financial Condition. For the years ended November 30, 2022, 2021 and 2020, we recognized expenses of $1.6 million, $1.7 million and $5.1 million, respectively, related to costs to fulfill a contract that were capitalized as of the beginning of the year. There were no significant impairment charges recognized in relation to these capitalized costs during the years ended November 30, 2022, 2021 and 2020.
v3.22.4
Benefit Plans
 12 Months Ended
Nov. 30, 2022
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
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. Jefferies Group LLC Employees’ Pension Plan (the “U.S. Pension Plan”) is a defined benefit pension plan covering certain employees; benefits under that plan were frozen as of December 31, 2005. We contributed $1.0 million to the U.S. Pension Plan during the year ended November 30, 2022 and we anticipate making $1.0 million contribution to the plan for the year ending November 30, 2023.
A summary of activity with respect to both plans is as follows (in thousands):
Year Ended November 30,
 20222021
Change in projected benefit obligation:
Projected benefit obligation, beginning of year$226,728 $236,572 
Interest cost5,805 4,946 
Actuarial (gains) losses(47,362)(4,977)
Settlements(4,702)— 
Benefits paid(8,403)(9,813)
Projected benefit obligation, end of year$172,066 $226,728 
Change in plan assets:  
Fair value of plan assets, beginning of year$199,215 $190,220 
Actual return on plan assets(37,574)13,619 
Employer contributions1,000 7,089 
Benefits paid(8,403)(9,813)
Settlements(4,702)— 
Administrative expenses paid(2,264)(1,900)
Fair value of plan assets, end of year$147,272 $199,215 
Funded status at end of year$(24,794)$(27,513)
As of November 30, 2022 and 2021, $40.5 million and $44.9 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 $24.8 million and $27.5 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,
 202220212020
Interest cost$5,805 $4,946 $6,349 
Expected return on plan assets(7,311)(8,433)(7,934)
Settlement losses833 — 376 
Actuarial losses3,348 4,192 3,453 
Net periodic pension cost$2,675 $705 $2,244 
Amounts recognized in other comprehensive income (loss):
Net (gains) losses arising during the period$(211)$(8,264)$3,821 
Settlement losses(833)— (376)
Amortization of net loss(3,348)(4,192)(3,453)
Total recognized in other comprehensive income (loss)$(4,392)$(12,456)$(8)
   
Net amount recognized in net periodic benefit cost and other
  comprehensive income (loss)
$(1,717)$(11,751)$2,236 
The amounts in Accumulated other comprehensive income (loss) at November 30, 2022 and 2021 have not yet been recognized as components of net periodic pension cost in the Consolidated Statements of Operations.
The assumptions used are as follows:
November 30,
 20222021
WilTel Plan
Discount rate used to determine benefit obligation4.90 %2.60 %
Weighted-average assumptions used to determine net pension cost:
Discount rate
2.60 %2.20 %
Expected long-term return on plan assets
6.00 %7.00 %
U.S. Pension Plan
Discount rate used to determine benefit obligation4.80 %2.40 %
Weighted-average assumptions used to determine net pension cost:
Discount rate
2.40 %2.00 %
Expected long-term return on plan assets
5.00 %5.00 %

The following pension benefit payments are expected to be paid (in thousands):
Fiscal Year:
2023$15,869 
202412,362 
202512,015 
202612,933 
202713,487 
2028 – 203263,356 
U.S. Plan Assets
The information below on the plan assets for the WilTel plan and the U.S. Pension 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.
U.S. Pension Plan Assets
We have 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 the 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 changes over time, will rebalance the strategy, if necessary, to be within the agreed tolerance bands and target allocations. The portfolios are composed 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.
Plan Assumptions
To develop the assumption for the expected long-term rate of return on plan assets, we considered the following underlying assumptions: 2.5% current expected inflation, (0.5)% to 1.5% real rate of return for long duration risk free investments and an additional 0.5% to 1.5% return premium for corporate credit risk. For U.S. and international equity, we assume an equity risk premium over risk-free assets equal to 4.6%. 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 6.0% and 5.0% expected long-term rate of return assumption for WilTel and U.S. Pension plan, respectively, for 2022.
Other
We have defined contribution pension plans, including 401(k) plans, that cover certain employees. Amounts charged to expense related to such plans were $12.7 million, $9.8 million and $9.5 million for the years ended November 30, 2022, 2021 and 2020, respectively.
v3.22.4
Compensation Plans
 12 Months Ended
Nov. 30, 2022
Compensation Related Costs [Abstract]  
Compensation Plans Compensation Plans
Equity Compensation Plan. Our 2003 Incentive Compensation Plan, as Amended and Restated ("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, restricted stock units (“RSUs”), dividend equivalents or other share-based awards. We also have 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. At November 30, 2022, 4,489,965 shares remain available for new grants under the ECP.
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 granted to certain senior executives may contain market, performance and/or service conditions. Market conditions are incorporated into the grant-date fair value of senior executive awards using a Monte Carlo valuation model. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market conditions are not met. Awards with performance conditions are amortized over the service period if, and to the extent, it is determined to be probable that the performance condition will be achieved. If awards are forfeited due to failure to achieve performance conditions or failure to satisfy service conditions, any previously recognized expense for such awards is reversed.
Senior Executive Compensation Plan. The Compensation Committee of our Board of Directors approved an executive compensation plan for our senior executives for 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 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 both November 30, 2022 and 2021, 5,012,532 of our common shares were designated for the senior executive nonqualified stock options.
In December 2021, the Compensation Committee of our Board of Directors granted each of our senior executives RSUs with a grant date fair value of $8.2 million and performance stock units (“PSUs”) with a target fair market value of $8.2 million. The RSUs have a three-year cliff vesting schedule. With respect to the PSUs, there is a three-year service period, along with performance period measures of fiscal 2021 through fiscal 2023 performance, the threshold level of Return on Tangible Equity (“ROTE”) was 7.5%, the target level of ROTE was 10%, and the upper end was 15%. Any performance below 7.5% will result in forfeiture of all PSUs; 7.5% ROTE will result in receiving 75% of target PSUs; and 15% ROTE or greater will result in receiving 150% of target PSUs. ROTE performance between 7.5% and 10% and 10% and 15% will be linearly interpolated to determine PSU distribution.
In December 2021, the Board of Directors also granted our senior executives each a special long-term, five-year retention grant, termed the Leadership Continuity Grant, with a grant date fair value of $25.0 million. Our senior executives will gain the benefits of the retention award after an additional three-year holding period following the five-year service period.
The following table details the total activity in restricted stock, inclusive across all plans, during the years ended November 30, 2022, 2021 and 2020 (in thousands, except per share amounts):
Restricted StockWeighted- Average
Grant Date
Fair Value
Balance at November 30, 2019
2,008 $22.04 
Grants115 $13.20 
Forfeited(21)$23.38 
Fulfillment of vesting requirement(619)$19.99 
Balance at November 30, 2020
1,483 $22.19 
Grants337 $30.81 
Forfeited(40)$24.92 
Fulfillment of vesting requirement(196)$23.55 
Balance at November 30, 2021
1,584 $23.78 
Grants1,457 $29.91 
Forfeited— $— 
Fulfillment of vesting requirement(902)$24.03 
Balance at November 30, 2022
2,139 $27.85 

The following table details the activity in total RSUs, inclusive across all plans, during the years ended November 30, 2022, 2021 and 2020 (in thousands, except per share amounts):
Weighted-Average
Grant Date
Fair Value
Future
Service
Required		No Future
Service
Required		Future
Service
Required		No Future
Service
Required
Balance at November 30, 2019
10 15,667 $18.83 $21.35 
Grants14 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 
Grants80 445 $27.10 $30.03 
Distributions of underlying shares— (1,803)$— $26.32 
Forfeited— — $— $— 
Fulfillment of service requirement (1)(53)8 $25.03 $15.52 
Balance at November 30, 2021
48 17,193 $24.07 $20.64 
Grants2,299 472 $33.75 $28.79 
Distributions of underlying shares— (6,453)$— $14.65 
Forfeited— — $— $— 
Fulfillment of vesting requirement (1)(39)1,443 $24.67 $25.38 
Balance at November 30, 2022
2,308 12,655 $33.70 $24.55 

(1)Fulfillment of vesting requirement during the years ended November 30, 2022, 2021 and 2020, includes 1,433 RSUs, 0 RSUs and 2,474 RSUs, respectively, related to the senior executive compensation plans.
During the years ended November 30, 2022, 2021 and 2020, grants include approximately 550,000, 445,000 and 484,000, respectively, of dividend equivalents declared on RSUs; the weighted-average grant date fair values of the dividend equivalents were approximately $28.78, $30.03 and $15.73, respectively.
In addition, 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, 2022, 2021 and 2020 (in thousands, except per share amounts):
Target Number of SharesWeighted- Average
Grant Date
Fair Value
Balance at November 30, 2019
6,491 $23.13 
Grants187 $15.19 
Forfeited(15)$19.01 
Fulfillment of vesting requirement(2,474)$19.80 
Balance at November 30, 2020
4,189 $24.75 
Grants74 $29.81 
Forfeited(1,396)$25.31 
Fulfillment of vesting requirement— $— 
Balance at November 30, 2021
2,867 $25.43 
Grants537 $35.44 
Forfeited— $— 
Fulfillment of vesting requirement(1,433)$25.43 
Balance at November 30, 2022
1,971 $28.16 
During the years ended November 30, 2022, 2021 and 2020, grants related to the targeted number of shares include approximately 67,000, 74,000 and 139,000, respectively, of dividend equivalents declared on RSUs; the weighted-average grant date fair values of the dividend equivalents were approximately $28.67, $29.81 and $15.82, respectively. During the year ended November 30, 2020, grants include approximately 48,000 of RSUs issued as a result of superior performance pursuant to the 2016 compensation year award. In December 2022, the Compensation Committee of our Board of Directors approved a total of 934,718 RSUs relating to above target performance earned under the compensation year 2020 Plan.
In estimating the fair value of each stock option award on the grant date we use 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 the year ended November 30, 2021:
Year Ended
 November 30, 2021
Risk free interest rate0.8 %
Expected volatility32.9 %
Expected dividend yield2.6 %
Expected life5.8 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.
Employee Stock Purchase Plan. An Employee Stock Purchase Plan (the "ESPP") has been implemented under both the prior Incentive Plan and the new ECP. We consider the ESPP to be noncompensatory effective January 1, 2007. The ESPP allows eligible employees to make payroll contributions that are used to acquire shares of our stock, generally at a discounted price.
Deferred Compensation Plan. A Deferred Compensation Plan (the "DCP"), has been implemented under both the prior Incentive Plan and the new ECP. The DCP permits eligible employees to defer compensation which may be deemed invested in our common shares usually at a discount, or directed among other investment vehicles available under the DCP. We often invest directly, as a principal, in investments corresponding to the other investment vehicles, relating to our obligations to perform under the DCP. The compensation deferred by our eligible employees is expensed in the period earned. The change in fair value of our investments in assets corresponding to the specified other investment vehicles are recognized in Principal transactions revenues and changes in the corresponding deferred compensation liability are reflected as Compensation and benefits expense in our Consolidated Statements of Earnings.
Other Stock-Based Plans. In connection with the HomeFed merger in 2019, each HomeFed stock option was converted into an option to purchase two of our common shares. At November 30, 2022, 2021 and 2020, 12,000, 96,000 and 313,000, respectively, of our common shares were designated for the HomeFed stock options.
Profit Sharing Plan. We have a profit sharing plan, covering substantially all employees, which includes a salary reduction feature designed to qualify under Section 401(k) of the Internal Revenue Code.
Restricted Cash Awards. We provide compensation to new and existing employees in the form of loans and/or other cash awards which are subject to ratable vesting terms with service requirements. We amortize these awards to compensation expense over the relevant service period, which is generally considered to start at the beginning of the annual compensation year.
Compensation Expense. The components of total compensation costs associated with certain of our compensation plans are as follows (in millions):
Year Ended November 30,
202220212020
Components of compensation costs:
Restricted cash awards (1)$196.6 $375.5 $474.3 
Stock options and Stock appreciation rights— 48.7 0.1 
Restricted stock and RSUs (2)43.9 29.5 39.9 
Profit sharing plan10.5 7.8 7.8 
Total compensation costs$251.0 $461.5 $522.1 
(1)Amounts include costs related to the accelerated amortization of certain cash-based awards, which were amended to remove any service requirements for vesting in the awards, which amounted to $0.0 million and $188.3 million for the years ended November 30, 2022 and 2021, respectively.
(2)Total compensation costs associated with restricted stock and RSUs include the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. Additionally, we recognize compensation costs related to the discount provided to employees in electing to defer compensation under the DCP. These compensation costs were approximately $0.5 million, $0.4 million and $0.3 million for the years ended November 30, 2022, 2021 and 2020, respectively.
Remaining unamortized amounts related to certain compensation plans at November 30, 2022 are as follows (dollars in millions):
Remaining Unamortized AmountsWeighted Average Vesting Period
(in Years)
Non-vested share-based awards$124.6 4
Restricted cash awards289.7 3
Total$414.3 
In December 2022, $528.0 million of restricted cash awards related to the 2022 performance year that contain a future service requirement were approved and awarded. Absent actual forfeitures or cancellations or accelerations, the annual compensation cost for these awards will be recognized as follows (in millions):
Year Ended November 30,
202220232024ThereafterTotal
Restricted cash awards$90.4 $106.8 $103.7 $227.1 $528.0 
v3.22.4
Income Taxes
 12 Months Ended
Nov. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income tax expense consists of the following components (in thousands):
Year Ended November 30,
202220212020
Current:
U.S. Federal$198,507 $322,551 $90,350 
U.S. state and local67,236 70,370 68,261 
Foreign78,505 86,918 75,395 
Total current344,248 479,839 234,006 
Deferred:
U.S. Federal(61,303)72,753 52,765 
U.S. state and local(17,010)19,502 (1,288)
Foreign7,917 4,635 13,190 
Total deferred(70,396)96,890 64,667 
Total income tax expense$273,852 $576,729 $298,673 
The following table presents the U.S. and non-U.S. components of earnings before income tax expense (in thousands):
Year Ended November 30,
202220212020
U.S.
$801,047 $1,970,625 $813,305 
Non-U.S. (1)
254,515 283,480 253,778 
Earnings before income tax expense$1,055,562 $2,254,105 $1,067,083 
(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 21.0% to earnings before income taxes as a result of the following (dollars in thousands):
Year Ended November 30,
202220212020
AmountPercentAmountPercentAmountPercent
Computed expected federal income taxes$221,668 21.0 %$473,362 21.0 %$224,087 21.0 %
Increase (decrease) in income taxes resulting from:
State and local income taxes, net of Federal income tax benefit47,364 4.5 96,884 4.3 45,457 4.3 
International operations (including foreign rate differential)18,711 1.8 18,073 0.8 13,155 1.2 
Non-deductible executive compensation12,596 1.2 20,359 0.9 12,814 1.2 
Foreign tax credits, net(20,368)(1.9)(13,963)(0.6)(8,654)(0.8)
Employee share-based awards(37,988)(3.6)893 — 209 — 
Regulatory Settlement20,184 1.9 — — — — 
Change in unrecognized tax benefits related to prior years (16,915)(1.7)(27,374)(1.2)(4,522)(0.5)
Interest on unrecognized tax benefits13,902 1.3 8,651 0.4 15,600 1.5 
Other, net14,698 1.4 (156)— 527 0.1 
Total income tax expense$273,852 25.9 %$576,729 25.6 %$298,673 28.0 %
The following table presents a reconciliation of gross unrecognized tax benefits (in thousands):
Year Ended November 30,
202220212020
Balance at beginning of period$339,036 $314,347 $260,138 
Increases based on tax positions related to the current period30,690 50,079 41,114 
Increases based on tax positions related to prior periods5,902 3,490 22,328 
Decreases based on tax positions related to prior periods(25,673)(24,180)(8,966)
Decreases related to settlements with taxing authorities— (4,700)(267)
Balance at end of period$349,955 $339,036 $314,347 
The total amount of unrecognized benefits that, if recognized, would favorably affect the effective tax rate was $276.5 million and $267.8 million (net of Federal benefit) at November 30, 2022 and 2021, respectively.
We recognize interest accrued related to unrecognized tax benefits and penalties, if any, as components of Income tax expense. Net interest expense related to unrecognized tax benefits was $18.6 million, $10.8 million and $19.9 million for the years ended November 30, 2022, 2021 and 2020, respectively. At November 30, 2022, 2021 and 2020, we had interest accrued of approximately $116.5 million, $97.9 million and $87.1 million, respectively, included in Accrued expenses and other liabilities in our Consolidated Statements of Financial Condition. No material penalties were accrued for the years ended November 30, 2022, 2021 and 2020.
The cumulative tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below (in thousands):
November 30,
20222021
Deferred tax assets:
Compensation and benefits$250,096 $187,818 
Operating lease liabilities133,250 135,862 
Long-term debt47,535 65,037 
Accrued expenses and other166,564 178,451 
Investments in associated companies11,931 1,135 
Sub-total609,376 568,303 
Valuation allowance(6,266)(11,922)
Total deferred tax assets603,110 556,381 
Deferred tax liabilities:
Operating lease right-of-use assets118,567 126,150 
Amortization of intangibles62,670 62,123 
Other34,011 40,561 
Total deferred tax liabilities215,248 228,834 
Net deferred tax asset, included in Other assets$387,862 $327,547 
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 $387.9 million at November 30, 2022 is more likely than not based on expectations of future taxable income in the jurisdictions in which we operate.
At November 30, 2022, we had gross net operating loss carryforwards of $10.2 million, primarily related to various state and local jurisdictions. This balance has been partially offset by a valuation allowance of $4.5 million. The remaining valuation allowance is attributable to deferred tax assets related to compensation and benefits in the U.K.
We are currently under examination by a number of taxing jurisdictions. Though we do not expect that resolution of these examinations will have a material effect on our consolidated financial position, they may have a material impact on our consolidated results of operations for the period in which resolution occurs. It is reasonably possible that, within the next twelve months, statutes of limitation will expire which would have the effect of reducing the balance of unrecognized tax benefits by $26.3 million.
The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate:
JurisdictionTax Year
United States2019
New York State2001
New York City2006
United Kingdom2021
Germany2017
Hong Kong2016
India2010
We will recognize any U.S. income tax expense we may incur on global intangible low-taxed income as income tax expense in the period in which the tax is incurred.
On August 16, 2022, the Inflation Reduction Act of 2022 was signed into law. The Inflation Reduction Act of 2022 includes a 15% corporate alternative minimum tax (“AMT”) and a one percent excise tax on net stock repurchases. The corporate AMT applies to corporations with average annual profits over $1 billion and is calculated on their financial statement income, with certain adjustments, and will apply to our tax year beginning December 1, 2023. The one percent excise tax on net stock repurchases is effective January 1, 2023. We do not expect that these changes will have a significant effect on our future effective tax rate, but we will continue to evaluate the nature and monitor the extent of the potential impacts.
v3.22.4
Commitments, Contingencies and Guarantees
 12 Months Ended
Nov. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingencies and Guarantees Commitments, Contingencies and Guarantees
Commitments
The following table summarizes our commitments at November 30, 2022 (in millions):
Expected Maturity Date (fiscal years)
202320242025 and 20262027 and 20282029 and LaterMaximum Payout
Equity commitments (1)
$25.2 $1.4 $103.3 $2.8 $160.2 $292.9 
Loan commitments (1)
271.5 — 70.0 9.9 — 351.4 
Loans purchase commitments (2)2,363.9 — — — — 2,363.9 
Underwriting commitments
62.3 — — — — 62.3 
Forward starting reverse repos (3)8,470.9 — — — — 8,470.9 
Forward starting repos (3)4,213.7 — — — — 4,213.7 
Other unfunded commitments (1)
0.1 287.5 109.7 — — 397.3 
Total commitments$15,407.6 $288.9 $283.0 $12.7 $160.2 $16,152.4 
(1)Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are available on demand.
(2)Loan purchase commitments comprise of unfunded commitments to acquire secondary market loans. For the population of loans to be acquired under the loan purchase commitments, at November 30, 2022, Jefferies had also entered into back-to-back committed sale contracts aggregating to $2.67 billion.
(3)At November 30, 2022, $7.73 billion within forward starting securities purchased under agreements to resell and all except $2.6 million of forward starting securities sold under agreements to repurchase settled within three business days.
Equity Commitments. Include a commitment to invest in our 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, 2022, our outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $10.6 million.
Additionally, at November 30, 2022, we had other outstanding equity commitments to invest up to $230.1 million with strategic affiliates and $36.8 million to various other investments.
Loan Commitments. From time to time we make commitments to extend credit to clients 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, 2022, we had $97.4 million of outstanding loan commitments to clients and $4.0 million to strategic affiliates.
Loan commitments outstanding at November 30, 2022 also include our portion of the outstanding secured revolving credit facility provided to Jefferies Finance, to support loan underwritings by Jefferies Finance.
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.
Guarantees
Derivative Contracts. As a dealer, we 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 U.S. 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 U.S. GAAP at November 30, 2022 (in millions):
Expected Maturity Date (Fiscal Years)
202320242025 and 20262027 and 20282029 and LaterNotional/ Maximum Payout
Guarantee Type:
Derivative contracts—non-credit related$19,015.0 $6,933.1 $11,994.3 $850.3 $— $38,792.7 
Written derivative contracts—credit related— 0.2 — — — 0.2 
Total derivative contracts$19,015.0 $6,933.3 $11,994.3 $850.3 $— $38,792.9 
The derivative contracts deemed to meet the definition of a guarantee under U.S. 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, 2022, the fair value of derivative contracts meeting the definition of a guarantee is approximately $702.1 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, 2022, the aggregate amount of commercial paper outstanding was $1.47 billion.
HomeFed. For real estate development projects, we are 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 a municipality satisfactory completion of a project. As the planned area is developed and the municipality accepts the improvements, the bonds are released. At November 30, 2022, the aggregate amount of infrastructure improvement bonds outstanding was $70.7 million.
Standby Letters of Credit. At November 30, 2022, we provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $57.6 million, with a weighted average maturity of less than one year. 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.
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.
v3.22.4
Net Capital Requirements
 12 Months Ended
Nov. 30, 2022
Broker-Dealer [Abstract]  
Net Capital Requirements Net Capital Requirements
As a broker-dealer registered with the SEC and a member firm of the Financial Industry Regulatory Authority (“FINRA”), Jefferies LLC is subject to the SEC Uniform Net Capital Rule (“Rule 15c3-1”), which requires the maintenance of minimum net capital, and has elected to calculate minimum capital requirements using the alternative method permitted by Rule 15c3-1 in calculating net capital. Jefferies LLC, as a dually-registered U.S. broker-dealer and futures commission merchant (“FCM”), is also subject to Rule 1.17 of the Commodity Futures Trading Commission (“CFTC”), which sets forth minimum financial requirements. The minimum net capital requirement in determining excess net capital for a dually-registered U.S. broker-dealer and FCM is equal to the greater of the requirement under Rule 15c3-1 or CFTC Rule 1.17.
Jefferies Financial Services, Inc. (“JFSI”) is a registered swap dealer subject to the CFTC’s regulatory capital requirements, is a registered security-based swap dealer with the SEC subject to the SEC’s security-based swap dealer regulatory rules and is approved by the SEC as an OTC derivatives dealer subject to compliance with the SEC’s net capital requirements. At November 30, 2022, JFSI is in compliance with these SEC and CFTC requirements. Additionally, JFSI is subject to the net capital requirements of 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.
At November 30, 2022, Jefferies LLC and JFSI’s net capital and excess net capital were as follows (in thousands):
Net CapitalExcess Net Capital
Jefferies LLC
$903,349 $806,238 
JFSI436,681 416,681 
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 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 U.K.
The regulatory capital requirements referred to above may restrict our ability to withdraw capital from our regulated subsidiaries.
At November 30, 2022 and 2021, $5.77 billion and $6.07 billion, respectively, of net assets of our consolidated subsidiaries are restricted as to the payment of cash dividends, or the ability to make loans or advances to the parent company. At November 30, 2022 and 2021, $4.87 billion and $5.25 billion, respectively, of these assets are restricted as they reflect regulatory capital requirements or require regulatory approval prior to the payment of cash dividends and advances to the parent company.
v3.22.4
Segment Reporting
 12 Months Ended
Nov. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We operate in two reportable business segments: (1) Investment Banking and Capital Markets and (2) Asset Management. The Investment Banking and Capital Markets reportable business segment includes our securities, commodities, futures and foreign exchange capital markets activities and investment banking business, which is composed of financial advisory and underwriting activities. The Investment Banking and Capital Markets reportable business segment provides the sales, trading, origination and advisory effort for various fixed income, equity and advisory products and services. The Asset Management reportable business segment provides investment management services to investors in the U.S. and overseas and invests capital in hedge funds, separately managed accounts and third-party asset managers.
Our reportable business segment information is prepared using the following methodologies:
•Net revenues and non-interest expenses directly associated with each reportable business segment are included in determining earnings (loss) before income taxes.
•Net revenues and non-interest expenses not directly associated with specific reportable business segments are allocated based on the most relevant measures applicable, including each reportable business segment’s net revenues, headcount and other factors.
•Reportable business segment assets include an allocation of indirect corporate assets that have been fully allocated to our reportable business segments, generally based on each reportable business segment’s capital utilization.
During the year ended November 30, 2022 and in connection with the merger of Jefferies Group LLC with and into Jefferies Financial Group Inc., we transferred significantly all of our legacy merchant banking investments to our Asset Management reportable segment. Certain other publicly traded equity investments related to investment banking relationships were transferred from our Merchant Banking reportable segment to our Investment Banking and Capital Markets reportable segment. In addition, there were certain investments that were held within the Investment Banking and Capital Markets reportable segment, which have been transferred to the Asset Management reportable segment. These investments are now managed by the respective segment managers and we have revised our reportable segment presentation accordingly. We believe that this reorganization of our segments better aligns the manner in which we manage our business activities and is in keeping with our fundamental long-term strategy of continuing to build out our investment banking effort, enhancing our capital markets businesses and further developing our Leucadia Asset Management alternative asset management platform as we continue to divest of significant portions of our legacy merchant banking portfolio. Additionally, corporate activities are now fully allocated to either the Investment Banking and Capital Markets reportable segment or the Asset Management reportable segment. Prior year amounts have been revised to conform to current segment reporting.
Our net revenues, non-interest expenses and earnings (loss) before income taxes by reportable business segment are summarized below (in millions):
Year Ended November 30,
202220212020
Investment Banking and Capital Markets:
Net revenues$4,726.2 $6,917.8 $5,029.5 
Non-interest expenses3,950.9 4,730.6 3,920.7 
Earnings before income taxes775.3 2,187.2 1,108.8 
Asset Management:
Net revenues1,257.7 1,092.6 814.6 
Non-interest expenses967.0 1,025.7 858.7 
Earnings (loss) before income taxes290.7 66.9 (44.1)
Total of Reportable Business Segments:
Net revenues5,983.9 8,010.4 5,844.1 
Non-interest expenses4,917.9 5,756.3 4,779.4 
Earnings before income taxes1,066.0 2,254.1 1,064.7 
Reconciliation to consolidated amounts:
Net revenues(5.1)3.4 6.4 
Non-interest expenses5.3 3.4 4.0 
Earnings (loss) before income taxes (1)(10.4)— 2.4 
Total:
Net revenues5,978.8 8,013.8 5,850.5 
Non-interest expenses4,923.2 5,759.7 4,783.4 
Total earnings before income taxes$1,055.6 $2,254.1 $1,067.1 
(1)Management does not consider certain foreign currency transaction gains or losses, fair value debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation or certain other immaterial corporate income and expense items in assessing the financial performance of operating businesses. Collectively, these items are included in the reconciliation of reportable business segment amounts to consolidated amounts.
The following table summarizes our total assets by reportable business segment (in millions):
November 30,
20222021
Investment Banking and Capital Markets$45,541.0 $50,912.3 
Asset Management5,516.7 5,195.0 
Total assets$51,057.7 $56,107.3 
Net Revenues by Geographic Region
Net revenues for the Investment Banking and Capital Markets reportable business segment are recorded in the geographic region in which the position was risk-managed or, in the case of investment banking, in which the senior coverage banker is located. For the Asset Management reportable business segment, net revenues are allocated according to the location of the investment advisor or the location of the invested capital. Net revenues by geographic region were as follows (in millions):
Year Ended November 30,
202220212020
Americas (1)
$4,815.4 $6,748.8 $4,730.1 
Europe and the Middle East (2)925.4 1,045.7 826.4 
Asia238.0 219.3 294.0 
Net revenues$5,978.8 $8,013.8 $5,850.5 
(1)Substantially all relates to U.S. results.
(2)Substantially all relates to U.K. results.
v3.22.4
Related Party Transactions
 12 Months Ended
Nov. 30, 2022
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Officers, Directors and Employees. The following sets forth information regarding related party transactions with our officers, directors and employees:
•At November 30, 2022 and 2021, we had $17.7 million and $23.1 million, respectively, of loans outstanding to certain of our officers and employees (none of whom are executive officers or directors) that are included in Other assets in our Consolidated Statements of Financial Condition.
•On October 24, 2022, we repurchased 640,000 of our shares from one of our officers for approximately $21.0 million.
•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.
•One of our directors had an investment in a hedge fund managed by us of approximately $0.8 million at November 30, 2020. This investment was fully redeemed in February 2021.
Special Purpose Acquisition Companies. We 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.
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.
See Note 8, Variable Interest Entities, and Note 22, Commitments, Contingencies and Guarantees, for further information regarding related party transactions with our officers, directors and employees.
See Note 9, Investments for further information on transactions with our equity method investees.
v3.22.4
Subsequent Events
 12 Months Ended
Nov. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Management has evaluated events and transactions that occurred subsequent to November 30, 2022 through the date these consolidated financial statements were issued.
On January 13, 2023, we completed the previously announced legal and structural separation and distribution to our shareholders of all of the outstanding shares of Vitesse Energy that were held by us. The distribution was made in the amount of one share of Vitesse Energy common stock for every 8.49668 common shares of Jefferies Financial Group Inc. owned by our shareholders as of the close of business on December 27, 2022, the record date of the distribution.
v3.22.4
Schedule I (PARENT COMPANY ONLY)
 12 Months Ended
Nov. 30, 2022
Condensed Financial Information Disclosure [Abstract]  
Schedule I (PARENT COMPANY ONLY)
JEFFERIES FINANCIAL GROUP INC.
(PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
November 30,
20222021
ASSETS
Cash and cash equivalents
$2,411,270 $640,985 
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations57,876 8,219 
Financial instruments owned, at fair value
97,870 298,773 
Investments in and loans to related parties637,302 708,611 
Investment in subsidiaries
7,567,225 10,092,436 
Advances to subsidiaries
3,486,572 3,154,643 
Subordinated notes receivable
3,867,931 3,868,198 
Other assets
821,634 753,349 
Total assets$18,947,680 $19,525,214 
LIABILITIES AND EQUITY
Short-term borrowings
$10,868 $6,800 
Financial instruments sold, not yet purchased, at fair value
4,873 3,491 
Advances from subsidiaries430,846 402,786 
Accrued expenses and other liabilities
668,717 430,530 
Long-term debt
7,474,530 8,002,852 
Total liabilities8,589,834 8,846,459 
MEZZANINE EQUITY
Mandatorily redeemable convertible preferred shares125,000 125,000 
EQUITY
Common shares, par value $1 per share, authorized 600,000,000 shares; 226,129,626 and 243,541,431 shares issued and outstanding, after deducting 90,334,082 and 72,922,277 shares held in treasury
226,130 243,541 
Additional paid-in capital1,967,781 2,742,244 
Accumulated other comprehensive loss(379,419)(372,143)
Retained earnings8,418,354 7,940,113 
Total Jefferies Financial Group Inc. common shareholders’ equity10,232,846 10,553,755 
Total liabilities and equity$18,947,680 $19,525,214 
See accompanying notes to condensed financial statements.
JEFFERIES FINANCIAL GROUP INC.
(PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(In thousands)
Year Ended November 30,
202220212020
Revenues:
Principal transactions$(61,407)$98,373 $111,688 
Interest317,020 213,910 217,159 
Other(66,539)101,203 (43,375)
Total revenues189,074 413,486 285,472 
Interest expense317,916 318,138 338,535 
Net revenues(128,842)95,348 (53,063)
Non-interest expenses:
Total non-interest expenses69,962 147,761 85,339 
Earnings (loss) before income taxes(198,804)(52,413)(138,402)
Income tax expense (benefit)
(78,338)(11,806)(35,770)
Net earnings (loss) before undistributed earnings of subsidiaries(120,466)(40,607)(102,632)
Undistributed earnings of subsidiaries
905,915 1,714,959 877,871 
Net earnings 785,449 1,674,352 775,239 
Preferred stock dividends8,281 6,949 5,634 
Net earnings attributable to Jefferies Financial Group Inc.777,168 1,667,403 769,605 
Other comprehensive income (loss), net of tax:
Currency translation and other adjustments(53,572)(9,781)35,991 
Change in fair value of instrument specific credit risk49,146 (82,521)(52,262)
Minimum pension liability adjustments, net of tax3,311 9,320 21 
Unrealized gain (loss) on available-for-sale securities(6,161)(244)372 
Total other comprehensive loss, net of tax(7,276)(83,226)(15,878)
Comprehensive income attributable to Jefferies Financial Group Inc.$769,892 $1,584,177 $753,727 
See accompanying notes to condensed financial statements.
JEFFERIES FINANCIAL GROUP INC.
(PARENT COMPANY ONLY)
CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)

Year Ended November 30,
202220212020
Cash flows from operating activities:
Net earnings$785,449 $1,674,352 $775,239 
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Deferred income taxes(38,875)27,933 (1,787)
Share-based compensation43,919 78,160 40,038 
Amortization1,322 (24,379)(36,708)
Undistributed earnings of subsidiaries(905,915)(1,714,959)(877,871)
(Income) loss on investments in and loans to related parties71,405 (101,302)42,412 
Other adjustments(560,325)(203,947)187,486 
Net change in assets and liabilities:
Financial instruments owned200,903 (76,852)78,592 
Other assets129,322 (171,933)(4,069)
Financial instruments sold, not yet purchased1,382 3,491 (2,307)
Income taxes receivable/payable, net(158,732)(62,531)65,057 
Accrued expenses and other liabilities233,217 (126,894)446,386 
Net cash provided by (used in) operating activities(196,928)(698,861)712,468 
Cash flows from investing activities:
Contributions to investments in and loans to related parties(118)— (50,000)
Capital distributions from investments and repayments of loans from related parties22 50,000 — 
Advances on loan receivables— (50,000)(23,000)
Principal collections of loan receivables— — 23,000 
Distribution (to) from subsidiaries, net2,921,528 456,220 441,063 
Proceeds from sales of subsidiaries— — 180,664 
Other— (611)— 
Net cash provided by investing activities2,921,432 455,609 571,727 
Cash flows from financing activities:
Proceeds from short-term borrowings4,068 — 11,820 
Payments on short-term borrowings— (5,090)(20,263)
Proceeds from issuance of long-term debt, net of issuance costs400,059 1,681,058 1,169,722 
Repayments of long-term debt(202,172)(1,256,495)(1,494,696)
Advances (to) from subsidiaries, net30,428 (341,327)1,159,495 
Issuances of common shares2,752 2,107 1,034 
Purchase of common shares for treasury(859,593)(269,400)(816,871)
Dividends paid(280,104)(222,798)(160,940)
Net cash used in financing activities(904,562)(411,945)(150,699)
Net increase (decrease) in cash and cash equivalents and restricted cash1,819,942 (655,197)1,133,496 
Cash, cash equivalents and restricted cash at beginning of period649,204 1,304,401 170,905 
Cash, cash equivalents and restricted cash at end of period$2,469,146 $649,204 $1,304,401 
Year Ended November 30,
202220212020
Supplemental disclosures of cash flow information:
Cash paid (received) during the period for:
Interest$484,349 $381,117 $324,782 
Income taxes, net124,516 625,072 1,811 
Non-cash investing activities:
Investments contributed to subsidiary$— $5,451 $51,190 
Dividends received from subsidiaries— 1,970 40,805 
The following presents the Parent Company’s cash, cash equivalents and restricted cash by category within the Condensed Statements of Financial Condition (in thousands):
November 30,
20222021
Cash and cash equivalents$2,411,270 $640,985 
Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations57,876 8,219 
Total cash, cash equivalents and restricted cash$2,469,146 $649,204 
See accompanying notes to condensed financial statements.
Introduction and Basis of Presentation
The accompanying condensed financial statements (the “Parent Company Financial Statements”), including the notes thereto, should be read in conjunction with the consolidated financial statements of Jefferies Financial Group Inc. (the “Company”) and the notes thereto found in the Company’s Annual Report on Form 10-K for the year ended November 30, 2022. For purposes of these condensed financial statements, the Company’s wholly-owned and majority owned subsidiaries are accounted for using the equity method of accounting (“equity method subsidiaries”).
On November 1, 2022, Jefferies Group LLC was merged into the Company with the Company as the surviving entity. Prior to the merger, Jefferies Group LLC was a direct wholly-owned subsidiary of the Company. Upon the merger, the Company recognized the assets and liabilities of Jefferies Group LLC transferred into the Company at their carrying amounts. The merger of Jefferies Group LLC into the Company is deemed a transfer between entities under common control and constitutes a change in the reporting entity of the Company. Accordingly, the financial statements of the Company are combined retrospectively as if the merger of Jefferies Group LLC with and into the Company had occurred as of December 1, 2019. The transfer of the net assets of Jefferies Group LLC into the Company resulted in an increase in total assets of $8.06 billion and an increase in total liabilities of $8.06 billion at November 30, 2021. There was no impact to total common shareholders’ equity, net earnings attributable to the Company or comprehensive income attributable to the Company as a result of the net transfer.
The Parent Company Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial information. The significant accounting policies of the Parent Company Financial Statements are those used by the Company on a consolidated basis, to the extent applicable. For further information regarding the significant accounting policies refer to Note 2, Summary of Significant Accounting Policies, in the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended November 30, 2022.
The Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, goodwill and intangible assets, the ability to realize deferred tax assets and the recognition and measurement of uncertain tax positions. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.
Transactions with SubsidiariesThe Parent Company has transactions with its consolidated subsidiaries and certain other affiliated entities determined on an agreed upon basis and has guaranteed certain unsecured lines of credit and contractual obligations of certain equity method subsidiaries.Guarantees
In the normal course of its business, the Parent Company issues guarantees in respect of obligations of certain of its wholly- owned subsidiaries under trading and other financial arrangements, including guarantees to various trading counterparties and banks. The Parent Company records all derivative contracts and Financial instruments owned and Financial instruments sold, not yet purchased at fair value in its Consolidated Statements of Financial Condition.
Certain of the Parent Company’s equity method subsidiaries are members of various exchanges and clearing houses. In the normal course of business, the Parent Company provides guarantees to securities clearinghouses 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 clearinghouse, other members would be required to meet these shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral. The Parent Company’s obligations under such guarantees could exceed the collateral amounts posted. The maximum potential liability under these arrangements cannot be quantified; however, the potential for the Parent Company to be required to make payments under such guarantees is deemed remote. Accordingly, no liability has been recognized for these arrangements.
The Parent Company guarantees certain financing arrangements of subsidiaries. The maximum amount payable under these guarantees is $876.2 million at November 30, 2022. For further information, refer to Note 16, Short-Term Borrowings, and Note 17, Long-Term Debt, in the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended November 30, 2022.
v3.22.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Nov. 30, 2022
Accounting Policies [Abstract]  
Reclassification to Consolidated Financial Statements
Reclassifications to Consolidated Financial Statements
We have made certain reclassifications within our Consolidated Statements of Financial Condition and Consolidated Statements of Earnings in connection with the merger of Jefferies Group into Jefferies Financial Group Inc. This streamlines our financial statements and better aligns the presentation of our firm with our strategy of building our investment banking and capital markets and asset management businesses and reducing our legacy merchant banking portfolio. The reclassifications including, but not limited to, the presentation of equity method investments and any related equity method earnings, loans receivable, intangible assets and interest expense within the financial statements, conform to the presentation utilized in the historical Jefferies Group LLC consolidated financial statements prior to the merger. Additionally, the presentation of receivables, payables, asset management fees and revenues and selling, general and other expenses has been disaggregated to provide additional financial statement line item categories on the face of the Consolidated Statements of Financial Condition and the Consolidated Statements of Earnings. These reclassifications have no effect on our consolidated net earnings, comprehensive income, total assets, total liabilities or total equity. These reclassifications have no effect on the net change in cash, cash equivalents and restricted cash. Historical periods have been recast to conform to these reclassifications.
Basis of Presentation
Basis of Presentation
The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial information.
We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, goodwill and the accounting for income taxes. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.
Consolidation
Changes to Consolidated Financial Statements for Change in Accounting Policy
As of November 30, 2022, we have changed the accounting for our secondary trading activity related to the purchases and sales of corporate loans. Historically, we have accounted for purchases and sales of corporate loans in the secondary market on trade date. Purchases of loans in the secondary market were recognized on trade date within Financial instruments owned for the total amount of the loans and a corresponding liability was recognized within Payables - brokers, dealers and clearing organizations. Sales of loans in the secondary market were recognized on trade date within Financial instruments sold, not yet purchased for the total amount of the loans and a corresponding asset was recognized within Receivables - brokers, dealers and clearing organizations on the Consolidated Statements of Financial Condition for the amount of cash to be paid or received upon settlement. We have determined that it is preferable to recognize this trading activity on a settlement date basis. A firm commitment to purchase and/or sell loans on the date of trade execution due to the extended settlement period for this trading activity is recognized and results in recognizing the changes in fair value related to the underlying purchased loans or sold loans. We have elected the fair value option for the firm commitment to purchase or sell loans and account for changes in the fair value of the firm commitment within Principal transactions revenues between the trade date and settlement date on the Consolidated Statement of Earnings and within Financial Instruments owned, or Financial Instruments sold on the Consolidated Statement of Financial Condition.
Consolidation
Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that 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. For consolidated entities that are less than wholly-owned, the third-party’s holding of equity interest is presented as Noncontrolling interests in our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings (loss) attributable to noncontrolling interests in our Consolidated Statements of Earnings.
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 U.S. GAAP, with our portion of net earnings or gains and losses recorded in Other revenues or Principal transactions revenues, respectively. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. We 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.
Intercompany accounts and transactions are eliminated in consolidation.
Revenue Recognition Policies
Revenue Recognition Policies
Commissions and Other Fees. All customer securities transactions are reported in our 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 our Consolidated Statements of Earnings. 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 and Financial instruments sold, not yet purchased are carried at fair value with gains and losses reflected in Principal transactions revenues in our Consolidated Statements of Earnings, except for derivatives accounted for as hedges (see “Hedge Accounting” section herein and Note 5, Derivative Financial Instruments). 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 on the Consolidated Statements of Earnings 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 within Underwriting costs in the Consolidated Statements of Earnings.
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. We recognize contractual interest on Financial instruments owned and Financial instruments sold, not yet purchased, on an accrual basis as a component of interest revenue and 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 our Consolidated Statements of Earnings rather than as a component of interest revenue or expense. We account for our short- and long-term borrowings at amortized cost, except for those for which we have elected the fair value option, with related interest recorded on an accrual basis as Interest expense. Discounts/premiums arising on our long-term debt are accreted/amortized to Interest expense using the effective yield method over the remaining lives of the underlying debt obligations. We recognize interest revenue related to our securities borrowed and securities purchased under agreements to resell activities and interest expense related to our securities loaned and securities sold under agreements to repurchase activities 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.
Other Revenues. Other revenues include revenue from the sale of manufactured or remanufactured lumber for which the transaction price is fixed at the time of sale and revenue is generally recognized when the customer takes control of the product. Other revenues also include revenue from the sale of produced oil and gas and revenue from the sale of real estate. Contracts for revenue from the sale of produced oil and gas typically include variable consideration based on monthly pricing tied to local indices and volumes and revenue is recorded at the point in time when control of the produced oil and gas transfers to the customer, which is when the performance obligation is satisfied and the variable consideration can be reliably estimated at the end of each month. Revenues from the sales of real estate are recognized at a point in time when the related transaction is complete. If performance obligations under the contract with a customer related to a parcel of real estate are not yet complete when title transfers to the buyer, revenue associated with the incomplete performance obligations is deferred until the performance obligation is completed.
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 OrganizationsIn accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Jefferies LLC 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 and Financial instruments sold, not yet purchased 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 are recognized in Principal transactions revenues in our Consolidated Statements of Earnings. 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).
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.
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.
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 our 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 our 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. In instances where the Company receives securities as collateral in connection with securities-for-securities transactions in the which the Company is the lender of securities and is permitted to sell or repledge the securities received as collateral, the Company reports the fair value of the collateral received and the related obligation to return the collateral in the Company’s Consolidated Statement of Financial Condition.
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 our Consolidated Statements of Earnings on an accrual basis. Repos are presented in our Consolidated Statements of Financial Condition on a net-basis by counterparty, where permitted by U.S. GAAP. We monitor the fair value of the underlying securities 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 our exposure to credit risk associated with our 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.
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 within our 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 our Consolidated Statements of Earnings.
When a transfer of assets does not meet the criteria of a sale, we account for the transfer as a secured borrowing and continue to recognize the assets of a secured borrowing in Financial instruments owned and recognize the associated financing in Other secured financings in our Consolidated Statements of Financial Condition.
Investments and in Loans to Related Parties Investments in and Loans to Related PartiesInvestments in and loans to related parties 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 activities. Investments in and loans to related parties are accounted for using the equity method or at cost, as appropriate, and reviewed for impairment when changes in circumstances may indicate a decrease in value which is other than temporary. Revenues on Investments in and loans related parties are included in Other revenues in our Consolidated Statements of Earnings.
Credit Losses
Credit Losses
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 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 current market conditions and reasonable and supportable forecasts of expected future economic conditions.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill. Goodwill represents the excess acquisition cost over the fair value of net tangible and intangible assets acquired. Goodwill is not amortized and is subject to annual impairment testing on August 1 for our Investment Banking, Fixed Income, Equities and Asset Management reporting units, on November 30 for other identified reporting units or between annual tests if an event or change in circumstance occurs that would more likely than not reduce the fair value of a reporting unit below its carrying value. The goodwill impairment test is performed at the reporting unit level by comparing the estimated fair value of a reporting unit with its respective carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not impaired. If the fair value is less than the carrying value, then an impairment loss is recognized for the amount by which the carrying value of the reporting unit exceeds the reporting unit’s fair value.
The fair value of reporting units are 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 estimating the fair value of reporting units include market valuation methods that incorporate price-to-earnings and price-to-book multiples of comparable exchange-traded companies and multiples of merger and acquisitions of similar businesses. The estimates and assumptions used in determining fair value could have a significant effect on whether or not an impairment charge is recorded and the magnitude of such a charge. Adverse market or economic events could result in impairment charges in future periods.
Intangible Assets. Intangible assets deemed to have finite lives are 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. For intangible assets deemed to be impaired, an impairment loss is recognized for the amount by which the intangible asset's carrying value exceeds its fair value. 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 that 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.
Intangible assets are included in Other assets in our Consolidated Statements of Financial Condition. Our annual indefinite-lived intangible asset impairment testing date is August 1st. To the extent an impairment loss is recognized, the loss establishes the new cost basis of the asset that is amortized over the remaining useful life of that asset, if any. Subsequent reversal of impairment losses is not permitted.
Premises and Equipment
Premises and Equipment
Premises and equipment are depreciated using the straight-line method over the estimated useful lives of the related assets (generally three to ten years). Leasehold improvements are amortized using the straight-line method over the term of the related leases or the estimated useful lives of the assets, whichever is shorter. Premises and equipment includes internally developed software. The carrying values of internally developed software ready for its intended use are depreciated over the remaining useful life.
Leases
Leases
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 Premises and equipment and the lease liabilities are included in Lease liabilities in our 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 Occupancy and equipment rental expense in our Consolidated Statement of Earnings.
Other Real Estate Other Real EstateOther real estate is classified within Other assets and includes all expenditures incurred in connection with the acquisition, development and construction of properties. Interest, payroll related to construction, property taxes and other professional fees attributable to land and property construction are capitalized and added to the cost of those properties when active development begins and ends when the property development is fully completed and ready for its intended use.
Inventories and Cost of Sales Inventories and Cost of SalesWe have investments in entities that are consolidated by us that are engaged in various manufacturing and real estate activities. Inventories arising from these consolidated entities are classified as Other assets in the Consolidated Statements of Financial Condition and are stated at the lower of cost or net realizable value, with cost principally determined under the first-in-first-out method. Cost of goods sold, which is recognized within Non-interest expenses on the Consolidated Statements of Earnings in connection with sales of such inventories, principally includes product and manufacturing costs, inbound and outbound shipping costs and handling costs.
Impairment oof 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.
Share-based Compensation
Share-based Compensation
Share-based awards are measured based on the fair value of the award 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.
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.
We use the portfolio approach relating to the release of stranded tax effects recorded in accumulated other comprehensive income (loss).
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. RSUs granted under the senior executive compensation plan are not considered participating securities as the rights to dividend equivalents are forfeitable. See Note 13 for more information regarding the senior executive compensation plan.
Legal Reserves
Legal Reserves
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 in Accrued expenses and other liabilities 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. We believe that any other matters for which we have determined a loss to be probable and reasonably estimable are not material to our consolidated financial statements.
In many instances, it is not possible to determine whether any loss is probable or even possible or to estimate the amount of any loss or the size of any range of loss. We believe that, in the aggregate, the pending legal actions or regulatory proceedings and any other exams, investigations or similar reviews (both formal and informal) should not have a material adverse effect on our consolidated results of operations, cash flows or financial condition. In addition, we believe that any amount of potential loss or range of potential loss in excess of what has been provided in our consolidated financial statements that could be reasonably estimated is not material.
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 and Financial instruments sold, not yet purchased in our Consolidated Statements of Financial Position. 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% - 125%. The impact of valuation adjustments related to our 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 and Financial instruments sold, not yet purchased in our Consolidated Statements of Financial Position. 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 Currency translation adjustments and other in our Consolidated Statements of Comprehensive Income.
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 a 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 Other comprehensive income. Gains or losses resulting from foreign currency transactions are included in Principal transactions revenues in our Consolidated Statements of Earnings.
Adopted Accounting Standards
Adopted Accounting Standards
Reference Rate Reform. In March 2020, the FASB issued new guidance, which was subsequently amended in January 2021, which provides optional exceptions for applying GAAP to certain contract modifications, hedge accounting relationships or other transactions affected by reference rate reform. In December 2022, the FASB issued an accounting standard update to extend the temporary relief until December 31, 2024. Our assessment of contracts with provisions based on LIBOR is ongoing and this guidance may be applied as we transition away from LIBOR.
Income Taxes. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The objective of the guidance is 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.
Consolidation. In October 2018, the FASB issued ASU No. 2018-17, Consolidation: Targeted Improvements to Related Party Guidance for Variable Interest Entities. The guidance 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.
Internal-Use Software. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The guidance 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.
Defined Benefit Plans. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General: Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. The objective of the guidance is to improve the effectiveness of disclosure requirements on defined benefit pension plans and other postretirement 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.
Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, 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.
Financial Instruments—Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The guidance 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 provision 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 our automobile loans receivables portfolio. We estimate expected credit losses on the portfolio using an analysis of historical portfolio performance data as well as external economic factors that we consider to be relevant to the credit losses expected in the portfolio. This was offset by decreases attributable to applying a revised provisioning methodology based on historical loss experience for our investment banking fee receivables. The impact upon adoption for our secured financing receivables (reverse repurchases agreements, securities borrowing arrangements, and margin loans) was immaterial because of the contractual collateral maintenance provisions that require that the counterparty continually adjust the amount of collateralization securing the credit exposure on these contracts. 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.
v3.22.4
Organization and Basis of Presentation (Tables)
 12 Months Ended
Nov. 30, 2022
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
The following table sets forth our Consolidated Statement of Financial Condition as of November 30, 2021 as originally reported and as revised and presented within these consolidated financial statements as a result of the reclassifications and change in accounting policy.

Balance at
November 30, 2021
As Originally ReportedIncreases/Decreases
 due to reclassifications		Increases/Decreases due to change in accounting policyAs Revised
Assets:
Financial instruments owned$19,828,670 $50,964 $(1,855,013)$18,024,621 
Investments in and loans to related parties1,745,790 (158,381)— 1,587,409 
Receivables (1)7,839,240 (7,839,240)— — 
Receivables - Brokers, dealers and clearing organizations— 4,896,704 (2,441,786)2,454,918 
Receivables - Customers— 1,615,822 — 1,615,822 
Receivables - Fees, interest and other— 582,756 — 582,756 
Intangible assets, net and goodwill1,897,500 (1,897,500)— — 
Goodwill— 1,745,098 — 1,745,098 
Other assets (1)2,352,247 1,003,777 — 3,356,024 
Total assets60,404,110 — (4,296,799)56,107,311 

Liabilities:
Financial instruments sold, not yet purchased$11,699,467 $— $(2,432,377)$9,267,090 
Payables, expense accruals and other liabilities13,612,367 (13,612,367)— — 
Payables - Brokers, dealers and clearing organizations— 5,816,515 (1,864,422)3,952,093 
Payables - Customers— 4,461,481 — 4,461,481 
Accrued expenses and other liabilities— 3,334,371 — 3,334,371 
Total liabilities49,674,070 — (4,296,799)45,377,271 
(1) Automobile loans of $745.3 million historically presented within Receivables have been reclassified to Other assets on the Consolidated Statement of Financial Condition.
The following table sets forth our Consolidated Statements of Earnings for the years ended November 30, 2021 and 2020 as originally reported and as revised and presented within these consolidated financial statements as a result of the reclassifications.
Year Ended
 November 30, 2021		Year Ended
 November 30, 2020
As Originally ReportedIncreases/Decreases
 due to reclassifications		As RevisedAs Originally ReportedIncreases/Decreases
 due to reclassifications		As Revised
Principal transactions$1,623,713 $(6,377)$1,617,336 $1,916,508 $11,635 $1,928,143 
Asset management fees and revenues— 72,084 72,084 — 34,209 34,209 
Interest943,336 12,982 956,318 997,555 11,993 1,009,548 
Other1,211,120 (173,108)1,038,012 718,125 (133,320)584,805 
Total revenues9,039,883 (94,419)8,945,464 6,955,930 (75,483)6,880,447 
Interest expense854,554 77,084 931,638 945,056 84,870 1,029,926 
Net revenues8,185,329 (171,503)8,013,826 6,010,874 (160,353)5,850,521 
Compensation and benefits3,551,124 3,636 3,554,760 2,940,863 3,208 2,944,071 
Interest expense77,084 (77,084)— 84,870 (84,870)— 
Selling, general and other expenses1,278,447 (1,278,447)— 1,078,956 (1,078,956)— 
Underwriting costs— 117,572 117,572 — 95,636 95,636 
Technology and communications— 388,134 388,134 — 335,065 335,065 
Occupancy and equipment rental— 106,254 106,254 — 95,754 95,754 
Business development— 109,772 109,772 — 70,797 70,797 
Professional services— 215,761 215,761 — 176,280 176,280 
Other expenses— 337,318 337,318 — 302,216 302,216 
Total expenses5,836,805 (77,084)5,759,721 4,868,308 (84,870)4,783,438 
Income (loss) related to associated companies(94,419)94,419 — (75,483)75,483 — 
v3.22.4
Fair Value Disclosures (Tables)
 12 Months Ended
Nov. 30, 2022
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis
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 $1.29 billion and $1.05 billion at November 30, 2022 and 2021, respectively, by level within the fair value hierarchy (in thousands):
November 30, 2022
Level 1Level 2Level 3Counterparty and Cash Collateral Netting (1)Total
Assets:
Financial instruments owned:
Corporate equity securities$3,117,327 $140,157 $240,347 $— $3,497,831 
Corporate debt securities— 3,972,153 30,232 — 4,002,385 
Collateralized debt obligations and collateralized loan obligations— 71,640 55,824 — 127,464 
U.S. government and federal agency securities3,442,484 15,111 — — 3,457,595 
Municipal securities— 574,903 — — 574,903 
Sovereign obligations896,805 849,558 — — 1,746,363 
Residential mortgage-backed securities— 1,314,199 27,617 — 1,341,816 
Commercial mortgage-backed securities— 442,471 839 — 443,310 
Other asset-backed securities— 333,164 94,677 — 427,841 
Loans and other receivables— 1,069,041 168,875 — 1,237,916 
Derivatives3,437 3,427,921 11,052 (3,093,244)349,166 
Investments at fair value— 3,750 161,992 — 165,742 
Total financial instruments owned, excluding Investments at fair value based on NAV$7,460,053 $12,214,068 $791,455 $(3,093,244)$17,372,332 
Securities received as collateral
$100,362 $— $— $— $100,362 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$2,097,436 $48,931 $750 $— $2,147,117 
Corporate debt securities— 2,337,691 500 — 2,338,191 
U.S. government and federal agency securities3,223,637 — — — 3,223,637 
Sovereign obligations879,909 771,125 — — 1,651,034 
Commercial mortgage-backed securities— — 490 — 490 
Loans— 180,147 3,164 — 183,311 
Derivatives204 4,174,082 70,576 (2,732,165)1,512,697 
Total financial instruments sold, not yet purchased$6,201,186 $7,511,976 $75,480 $(2,732,165)$11,056,477 
Other secured financings$— $— $1,712 $— $1,712 
Obligation to return securities received as collateral
$100,362 $— $— $— $100,362 
Long-term debt
$— $922,705 $661,123 $— $1,583,828 
(1)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
November 30, 2021
Level 1Level 2Level 3Counterparty and Cash Collateral Netting (1)Total
Assets:
Financial instruments owned:
Corporate equity securities$2,737,255 $257,318 $118,489 $— $3,113,062 
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 securities3,045,295 68,784 — — 3,114,079 
Municipal securities— 509,559 — — 509,559 
Sovereign obligations899,086 654,199 — — 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— 1,515,314 178,417 — 1,693,731 
Derivatives4,429 3,861,551 10,248 (3,305,756)570,472 
Investments at fair value— 11,369 154,373 — 165,742 
Total financial instruments owned, excluding Investments at fair value based on NAV$6,686,065 $12,995,640 $602,610 $(3,305,756)$16,978,559 
Securities received as collateral
$7,289 $— $— $— $7,289 
Liabilities:
Financial instruments sold, not yet purchased:
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 securities2,457,420 — — — 2,457,420 
Sovereign obligations935,801 593,040 — — 1,528,841 
Residential mortgage-backed securities— 719 — — 719 
Commercial mortgage-backed securities — — 210 — 210 
Loans— 49,555 9,925 — 59,480 
Derivatives1,815 5,034,544 78,017 (3,702,200)1,412,176 
Total financial instruments sold, not yet purchased$5,066,732 $7,809,289 $93,269 $(3,702,200)$9,267,090 
Other secured financings$— $76,883 $25,905 $— $102,788 
Obligation to return securities received as collateral
$7,289 $— $— $— $7,289 
Long-term debt
$— $961,866 $881,732 $— $1,843,598 
(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 Per Share
The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands):
November 30, 2022
Fair Value (1)Unfunded Commitments
Equity Long/Short Hedge Funds (2)
$441,229 $— 
Equity Funds (3)
73,176 36,861 
Commodity Fund (4)
24,283 — 
Multi-asset Funds (5)
401,655 — 
Other Funds (6)
353,621 53,994 
Total$1,293,964 $90,855 
November 30, 2021
Fair Value (1)Unfunded Commitments
Equity Long/Short Hedge Funds (2)
$466,231 $— 
Equity Funds (3)
66,152 18,888 
Commodity Fund (4)
24,401 — 
Multi-asset Funds (5)
390,224 — 
Other Funds (6)
99,054 36,090 
Total$1,046,062 $54,978 
(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, 2022 and 2021, approximately 58% and 74%, respectively, became redeemable quarterly with 90 days written notice on December 31, 2021. At November 30, 2022 and 2021, approximately 34% and 21%, respectively, of the fair value of investments cannot be redeemed because these investments include restrictions that do not allow for redemption before November 30, 2023. At November 30, 2022 and 2021, approximately 6% and 5%, respectively, of the investments are redeemable quarterly with 60 days prior written notice. At November 30, 2022, the remaining balance cannot be redeemed because these investments include restrictions that do not allow for redemption before August 31, 2025.
(3)The investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed; instead, distributions are received through the liquidation of the underlying assets of the funds which are primarily expected to be liquidated in approximately one to twelve years.
(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 both November 30, 2022 and 2021, investments representing approximately 78% of the fair value of investments in this category are redeemable monthly with 60 days prior written notice. At November 30, 2022 and 2021, approximately 15% and 22%, respectively, of the fair value of investments in this category are redeemable quarterly with 90 days prior written notice.
(6)This category includes investments in a fund that invests in short-term trade receivables and payables that are expected to generally be outstanding between 90 to 120 days and short-term credit instruments. This category also includes investments in a fund that invests in distressed and special situations long and short credit strategies across sectors and asset types. Investments in this category are redeemable quarterly with 90 days prior written notice.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
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, 2022 (in thousands):
For instruments still held at November 30, 2022, changes in unrealized gains/(losses) included in:
Balance at November 30, 2021Total gains/ losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of)
Level 3		Balance at November 30, 2022Earnings (1)Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities$118,489 $(645)$171,700 $(62,474)$(298)$— $13,575 $240,347 $7,286 $— 
Corporate debt securities11,803 946 18,686 (23,964)(9)— 22,770 30,232 (2,087)— 
CDOs and CLOs31,946 7,099 44,995 (22,600)(16,634)— 11,018 55,824 (10,938)— 
RMBS1,477 (13,210)35,774 (372)(240)— 4,188 27,617 (7,728)— 
CMBS2,333 (733)— (749)— — (12)839 (703)— 
Other ABS93,524 (6,467)74,353 (20,362)(39,647)— (6,724)94,677 (26,982)— 
Loans and other receivables178,417 (1,912)45,536 (33,692)(48,218)— 28,744 168,875 (11,610)— 
Investments at fair value154,373 46,735 74,984 (74,742)(15,951)— (23,407)161,992 33,294 — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$4,635 $(3,611)$(815)$4,858 $— $— $(4,317)$750 $2,382 $— 
Corporate debt securities482 88 (70)— — — — 500 (88)— 
CMBS210 — — 280 — — — 490 — — 
Loans9,925 1,197 (5,173)— 96 — (2,881)3,164 (2,484)— 
Net derivatives (2)67,769 (181,750)(1,559)1,285 — 28,436 145,343 59,524 168,304 — 
Other secured financings25,905 (650)— — (23,543)— — 1,712 650 
Long-term debt881,732 (280,967)— — (3,919)83,874 (19,597)661,123 239,400 41,567 
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within long-term debt are included in our Consolidated Statement of Comprehensive Income, net of tax.
(2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —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, 2021 (in thousands):
For instruments still held at November 30, 2021, changes in unrealized gains/(losses) included in:
Balance at November 30, 2020Total gains/
losses
(realized
and
unrealized)
(1)		PurchasesSalesSettlementsIssuancesNet
transfers
into/
(out of)
Level 3		Balance at November 30, 2021Earnings (1)Other
comprehensive
income (1)
Assets:
Financial instruments owned:
Corporate equity securities$116,089 $19,213 $8,778 $(34,307)$(49)$— $8,765 $118,489 $11,589 $— 
Corporate debt securities23,146 1,565 11,161 (7,978)(1,417)— (14,674)11,803 1,724 — 
CDOs and CLOs17,972 8,092 32,618 (27,332)(5,042)— 5,638 31,946 (4,390)— 
RMBS21,826 (243)708 (1,183)(354)— (19,277)1,477 (131)— 
CMBS2,003 (1,694)2,445 (393)(13)— (15)2,333 (733)— 
Other ABS79,995 5,335 65,277 (21,727)(45,397)— 10,041 93,524 (14,471)— 
Loans and other receivables186,568 1,250 50,167 (55,848)(20,442)— 16,722 178,417 (4,905)— 
Investments at fair value213,946 112,012 22,957 (47,243)(9,809)— (137,490)154,373 25,723 — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$4,434 $(83)$(21)$318 $— $— $(13)$4,635 $83 $— 
Corporate debt securities141 1,205 (815)— (49)— — 482 (139)— 
CMBS35 — (35)210 — — — 210 — — 
Loans6,913 3,384 (469)220 — — (123)9,925 (1,523)— 
Net derivatives (2)26,017 7,246 — — (1,491)44,453 (8,456)67,769 (7,371)— 
Other secured financings1,543 (649)— — — 25,011 — 25,905 649 — 
Long-term debt676,028 (22,132)— — — 169,975 57,861 881,732 85,260 (63,126)
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within long-term debt are included in our Consolidated Statement of Comprehensive Income, net of tax.
(2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —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, 2020 (in thousands):
For instruments still held at November 30, 2020, changes in unrealized gains/(losses) included in:
Balance at November 30, 2019Total gains/
losses
(realized
and
unrealized)
(1)		PurchasesSalesSettlementsIssuancesNet
transfers
into/
(out of)
Level 3		Balance at November 30, 2020Earnings (1)Other
comprehensive
income (1)
Assets:
Financial instruments owned:
Corporate equity securities$58,426 $1,411 $31,885 $(37,706)$— $34,688 $27,385 $116,089 $4,845 $— 
Corporate debt securities7,490 83 1,607 (391)(602)— 14,959 23,146 (270)— 
CDOs and CLOs28,788 (3,821)10,913 (14,389)(5,201)— 1,682 17,972 (17,212)— 
RMBS17,740 (934)7,887 (969)(1,053)— (845)21,826 (599)— 
CMBS6,110 (827)393 (1,856)(1,787)— (30)2,003 (295)— 
Other ABS42,563 (3,848)69,701 (1,638)(43,072)— 16,289 79,995 (5,945)
Loans and other receivables154,322 (6,203)110,116 (25,568)(57,455)— 11,356 186,568 (5,522)— 
Investments, at fair value205,412 (31,666)55,836 (167)(17,298)— 1,829 213,946 (33,514)— 
Securities purchased under agreements to resell25,000 — — — (25,000)— — — — — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$4,487 $456 $(513)$— $— $— $4 $4,434 $(81)$— 
Corporate debt securities340 (268)(325)394 — — — 141 27 — 
CMBS35 — — 35 — — (35)35 — — 
Loans1,690 5,297 (440)— — — 366 6,913 (5,409)— 
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 debt480,069 84,930 — — (57,088)248,718 (80,601)676,028 (51,567)(33,363)
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within long-term debt are included in our Consolidated Statement of Comprehensive Income, net of tax.
(2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
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, 2022 (in thousands):
For instruments still held at November 30, 2022, changes in unrealized gains/(losses) included in:
Balance at November 30, 2021Total gains/ losses (realized and unrealized) (1)PurchasesSalesSettlementsIssuancesNet transfers into/
(out of)
Level 3		Balance at November 30, 2022Earnings (1)Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities$118,489 $(645)$171,700 $(62,474)$(298)$— $13,575 $240,347 $7,286 $— 
Corporate debt securities11,803 946 18,686 (23,964)(9)— 22,770 30,232 (2,087)— 
CDOs and CLOs31,946 7,099 44,995 (22,600)(16,634)— 11,018 55,824 (10,938)— 
RMBS1,477 (13,210)35,774 (372)(240)— 4,188 27,617 (7,728)— 
CMBS2,333 (733)— (749)— — (12)839 (703)— 
Other ABS93,524 (6,467)74,353 (20,362)(39,647)— (6,724)94,677 (26,982)— 
Loans and other receivables178,417 (1,912)45,536 (33,692)(48,218)— 28,744 168,875 (11,610)— 
Investments at fair value154,373 46,735 74,984 (74,742)(15,951)— (23,407)161,992 33,294 — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$4,635 $(3,611)$(815)$4,858 $— $— $(4,317)$750 $2,382 $— 
Corporate debt securities482 88 (70)— — — — 500 (88)— 
CMBS210 — — 280 — — — 490 — — 
Loans9,925 1,197 (5,173)— 96 — (2,881)3,164 (2,484)— 
Net derivatives (2)67,769 (181,750)(1,559)1,285 — 28,436 145,343 59,524 168,304 — 
Other secured financings25,905 (650)— — (23,543)— — 1,712 650 
Long-term debt881,732 (280,967)— — (3,919)83,874 (19,597)661,123 239,400 41,567 
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within long-term debt are included in our Consolidated Statement of Comprehensive Income, net of tax.
(2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —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, 2021 (in thousands):
For instruments still held at November 30, 2021, changes in unrealized gains/(losses) included in:
Balance at November 30, 2020Total gains/
losses
(realized
and
unrealized)
(1)		PurchasesSalesSettlementsIssuancesNet
transfers
into/
(out of)
Level 3		Balance at November 30, 2021Earnings (1)Other
comprehensive
income (1)
Assets:
Financial instruments owned:
Corporate equity securities$116,089 $19,213 $8,778 $(34,307)$(49)$— $8,765 $118,489 $11,589 $— 
Corporate debt securities23,146 1,565 11,161 (7,978)(1,417)— (14,674)11,803 1,724 — 
CDOs and CLOs17,972 8,092 32,618 (27,332)(5,042)— 5,638 31,946 (4,390)— 
RMBS21,826 (243)708 (1,183)(354)— (19,277)1,477 (131)— 
CMBS2,003 (1,694)2,445 (393)(13)— (15)2,333 (733)— 
Other ABS79,995 5,335 65,277 (21,727)(45,397)— 10,041 93,524 (14,471)— 
Loans and other receivables186,568 1,250 50,167 (55,848)(20,442)— 16,722 178,417 (4,905)— 
Investments at fair value213,946 112,012 22,957 (47,243)(9,809)— (137,490)154,373 25,723 — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$4,434 $(83)$(21)$318 $— $— $(13)$4,635 $83 $— 
Corporate debt securities141 1,205 (815)— (49)— — 482 (139)— 
CMBS35 — (35)210 — — — 210 — — 
Loans6,913 3,384 (469)220 — — (123)9,925 (1,523)— 
Net derivatives (2)26,017 7,246 — — (1,491)44,453 (8,456)67,769 (7,371)— 
Other secured financings1,543 (649)— — — 25,011 — 25,905 649 — 
Long-term debt676,028 (22,132)— — — 169,975 57,861 881,732 85,260 (63,126)
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within long-term debt are included in our Consolidated Statement of Comprehensive Income, net of tax.
(2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —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, 2020 (in thousands):
For instruments still held at November 30, 2020, changes in unrealized gains/(losses) included in:
Balance at November 30, 2019Total gains/
losses
(realized
and
unrealized)
(1)		PurchasesSalesSettlementsIssuancesNet
transfers
into/
(out of)
Level 3		Balance at November 30, 2020Earnings (1)Other
comprehensive
income (1)
Assets:
Financial instruments owned:
Corporate equity securities$58,426 $1,411 $31,885 $(37,706)$— $34,688 $27,385 $116,089 $4,845 $— 
Corporate debt securities7,490 83 1,607 (391)(602)— 14,959 23,146 (270)— 
CDOs and CLOs28,788 (3,821)10,913 (14,389)(5,201)— 1,682 17,972 (17,212)— 
RMBS17,740 (934)7,887 (969)(1,053)— (845)21,826 (599)— 
CMBS6,110 (827)393 (1,856)(1,787)— (30)2,003 (295)— 
Other ABS42,563 (3,848)69,701 (1,638)(43,072)— 16,289 79,995 (5,945)
Loans and other receivables154,322 (6,203)110,116 (25,568)(57,455)— 11,356 186,568 (5,522)— 
Investments, at fair value205,412 (31,666)55,836 (167)(17,298)— 1,829 213,946 (33,514)— 
Securities purchased under agreements to resell25,000 — — — (25,000)— — — — — 
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities$4,487 $456 $(513)$— $— $— $4 $4,434 $(81)$— 
Corporate debt securities340 (268)(325)394 — — — 141 27 — 
CMBS35 — — 35 — — (35)35 — — 
Loans1,690 5,297 (440)— — — 366 6,913 (5,409)— 
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 debt480,069 84,930 — — (57,088)248,718 (80,601)676,028 (51,567)(33,363)
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes within long-term debt are included in our Consolidated Statement of Comprehensive Income, net of tax.
(2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —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, 2022
Financial Instruments OwnedFair Value
(in thousands)		Valuation TechniqueSignificant Unobservable Input(s)Input / RangeWeighted
Average
Corporate equity securities$240,347 
Non-exchange-traded securitiesMarket approachPrice$0-$325$43
Corporate debt securities$30,232 Market approachPrice$48-$82$65
EBITDA multiple4.2—
Scenario analysisEstimated recovery percentage7%—
CDOs and CLOs$55,824 Discounted cash flowsConstant prepayment rate20%—
Constant default rate2 %-3%2%
Loss severity30 %-40%32%
Discount rate/yield18 %-23%22%
Market approachPrice$67-$102$89
Scenario analysisEstimated recovery percentage69%—
CMBS$839 Scenario analysisEstimated recovery percentage45%—
Other ABS$55,858 Discounted cash flowsDiscount rate/yield6 %-20%17%
Cumulative loss rate8 %-22%19%
Duration (years)0.8-1.61.2
Loans and other receivables$168,875 Market approachPrice$1-$150$82
Scenario analysisEstimated recovery percentage6 %-78%30%
Investments at fair value$159,304 
Private equity securitiesMarket approachPrice$0-$14,919$604
Discount rate/yield23%—
Revenue$30,194,338—
Financial Instruments Sold, Not Yet Purchased:
Derivatives$65,841 
Equity optionsVolatility benchmarkingVolatility26 %-75%51%
Other secured financings$1,712 Scenario analysisEstimated recovery percentage9 %-30%23%
Long-term debt$661,123 
Structured notes Market approach Price$51-$97$64
Price€59-€99€77
November 30, 2021
Financial Instruments Owned:Fair Value
(in thousands)		Valuation TechniqueSignificant Unobservable Input(s)Input / RangeWeighted
Average
Corporate equity securities$117,803
Non-exchange-traded securitiesMarket approachPrice$1-$662$227
Price€15-€18€16
Volatility25 %-59%31%
Volatility benchmarkingVolatility40 %-53%45%
Corporate debt securities$11,803 Market approachPrice$13-$100$86
CDOs and CLOs$31,944 Discounted cash flowsConstant prepayment rate20%—
Constant default rate2%—
Loss severity25 % -30%26%
Discount rate/yield8 %-19%16%
Market approachPrice$86 -$103$93
CMBS$2,333 Scenario analysisEstimated recovery percentage81%—
Other ABS$86,099 Discounted cash flowsConstant prepayment rate0 % -35%31%
Constant default rate2 %4%4%
Loss severity60 %-85%55%
Discount rate/yield3 %-16%10%
Cumulative loss rate7 % -20%14%
Duration (years)0.7-1.41.1
Market approachPrice$37-$100$94
Loans and other receivables$177,193 Market approachPrice$31-$101$54
Discounted cash flowsDuration (years)0 -2.22.2
Scenario analysisEstimated recovery percentage9 %-100%76%
Derivatives$6,501 
Equity optionsVolatility benchmarkingVolatility46%—
Interest rate swapsMarket approachBasis points upfront0.1-8.13.3
Total return swapsPrice$100—
Investments at fair value$128,152 
Private equity securitiesMarket approachPrice$1-$152$32
EBITDA multiple16.9—
Revenue multiple4.9-5.15.0
Scenario analysisEstimated recovery percentage7%—
Discount rate/yield13%-21%17
Revenue growth0%—
Financial Instruments Sold, Not Yet Purchased:
Corporate equity securities
Non-exchange-traded securities$4,635 Market approachPrice$1—
Loans$9,925 Market approachPrice$31-$100$43
Scenario analysisEstimated recovery percentage50%—
Derivatives$76,533 
Equity optionsVolatility benchmarkingVolatility26 %-77%40%
Interest rate swapsMarket approachBasis points upfront0.1 -8.73.1
Total return swapsPrice$100—
Other secured financings$25,905 Scenario analysisEstimated recovery percentage13 %-98%92%
Long-term debt$881,732 
Structured notesMarket approachPrice$76-$115$94
Price€81-€113€103
Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables
The following is a summary of gains (losses) due to changes in fair value related to instrument specific credit risk on loans, other receivables and debt instruments and gains (losses) due to other changes in fair value on Short-term borrowings, Other secured financings and Long-term debt measured at fair value under the fair value option (in thousands):
Year Ended November 30,
202220212020
Financial instruments owned:
Loans and other receivables$(20,529)$11,682 $(25,623)
Financial instruments sold, not yet purchased:
Loans— 1,077 — 
Loan commitments— — 464 
Short-term borrowings:
Other changes in fair value (2)— — (48)
Other secured financings:
Other changes in fair value (2)695 650 2,475 
Long-term debt:
Changes in fair value of instrument specific credit risk (1)63,344 (113,027)70,201 
Other changes in fair value (2)345,050 108,739 (84,116)
(1)Changes in fair value of instrument specific credit risk related to structured notes are included in our Consolidated Statements of Comprehensive Income, net of tax.
(2)Other changes in fair value are included in Principal transactions revenues in our Consolidated Statements of Earnings.
The following is a summary of the amounts by which contractual principal is greater than (less than) fair value for loans and other receivables, short-term borrowings, Other secured financings and Long-term debt measured at fair value under the fair value option (in thousands):
November 30,
20222021
Financial instruments owned:
Loans and other receivables (1)$2,144,632 $5,600,648 
Loans and other receivables on nonaccrual status and/or 90 days or
    greater past due (1) (2)		181,766 64,203 
Long-term debt and short-term borrowings
369,990 (38,391)
Other secured financings3,563 3,432 
(1)Interest income is recognized separately from other changes in fair value and is included in Interest revenues in our Consolidated Statements of Earnings.
(2)Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $83.4 million and $19.7 million at November 30, 2022 and 2021, respectively.
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis The following table presents those assets measured at fair value on a non-recurring basis for which we recognized a non-recurring fair value adjustment during the years ended November 30, 2022, 2021 and 2020 (in thousands):
November 30, 2022Level 2Level 3Impairment Losses
Exchange ownership interests and registrations (1)$— $— $39 
Investments in and loans to related parties (2) — 106,172 27,119 
Other assets (3)— 1,709 6,701 
November 30, 2021Level 2Level 3Impairment Losses
Exchange ownership interests and registrations (1)$1,935 $— $66 
November 30, 2020Level 2Level 3Impairment Losses
Exchange ownership interests and registrations (1)$1,974 $— $468 
Intangible assets (4)— — 300 
Investments in and loans to related parties (5) — — 55,612 
Other assets (6)36,400 46,200 
(1)These impairment losses, which represent ownership interests in market exchanges on which trading business is conducted, and registrations, were recognized in Other expenses in our Consolidated Statements of Earnings and the assets were in the Investment Banking and Capital Markets reportable business segment. The fair value is based on observed quoted sales prices for each individual membership. (See Note 11, Goodwill and Intangible Assets.)
(2)These impairment losses, which are related to certain equity method investments, were recognized in Other revenues in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. The fair values were based on estimated future cash flows using discount rates ranging from 10.0% to 23.0%. (See Note 9, Investments.)
(3)These impairment losses, which relate to a real estate property, were recognized in Other expenses in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. The fair values were based on estimated future cash flows discounted at 12.0%.
(4)These impairment losses were recognized in Other expenses in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. (See Note 11, Goodwill and Intangible Assets.)
(5)These impairment losses, which are related to a real estate equity method investment, were recognized in Other revenues in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. The fair value was based on a third party appraisal which incorporates Level 3 inputs of comparable property prices. (See Note 9, Investments.)
(6)These impairment losses, which are related to certain oil and gas properties, were recognized in Other expenses in our Consolidated Statements of Earnings and the assets were in the Asset Management reportable business segment. The fair values were based on estimated future cash flows of reserves discounted at 10.0%.
v3.22.4
Derivative Financial Instruments (Tables)
 12 Months Ended
Nov. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract The following tables present the fair value and related number of derivative contracts at November 30, 2022 and 2021 categorized by type of derivative contract and the platform on which these derivatives are transacted. The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. 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).
November 30, 2022 (1)
AssetsLiabilities
Fair ValueNumber of Contracts (2)Fair ValueNumber of Contracts (2)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC$— — $217,922 3 
Foreign exchange contracts:
Bilateral OTC— — 57,875 5 
Total derivatives designated as accounting hedges— 275,797 
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded3,297 49,736 123 36,085 
Cleared OTC655,140 3,843 452,570 4,203 
Bilateral OTC1,044,632 772 1,573,975 704 
Foreign exchange contracts:
Exchange-traded— 2 — 1 
Bilateral OTC287,594 2,398 251,339 2,428 
Equity contracts:
Exchange-traded1,074,134 1,323,637 864,804 1,338,129 
Bilateral OTC348,611 5,201 800,230 5,543 
Commodity contracts:
Exchange-traded37 597 19 607 
Bilateral OTC4,327 5 4,874 3 
Credit contracts:
Cleared OTC8,364 51 7,742 35 
Bilateral OTC16,274 9 13,389 8 
Total derivatives not designated as accounting hedges3,442,410 3,969,065 
Total gross derivative assets/ liabilities:
Exchange-traded1,077,468 864,946 
Cleared OTC663,504 678,234 
Bilateral OTC1,701,438 2,701,682 
Amounts offset in our Consolidated Statements of Financial Condition (3):
Exchange-traded(858,921)(858,921)
Cleared OTC(655,969)(657,192)
Bilateral OTC(1,578,354)(1,216,052)
Net amounts per Consolidated Statements of Financial Condition (4)$349,166 $1,512,697 
(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 from/Payables to brokers, dealers and clearing organizations in our 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 our Consolidated Statements of Financial Condition.
November 30, 2021 (1)
AssetsLiabilities
Fair ValueNumber of Contracts (2)Fair ValueNumber of Contracts (2)
Derivatives designated as accounting hedges:
Interest rate contracts:
Cleared OTC$35,726 2 $32,200 1 
Foreign exchange contracts:
Bilateral OTC30,462 4 — — 
Total derivatives designated as accounting hedges66,188 32,200 
Derivatives not designated as accounting hedges:
Interest rate contracts:
Exchange-traded1,262 23,888 756 39,195 
Cleared OTC373,355 4,505 367,134 4,467 
Bilateral OTC322,353 1,037 283,481 967 
Foreign exchange contracts:
Bilateral OTC1,428,712 17,792 1,437,116 17,576 
Equity contracts:
Exchange-traded1,206,606 1,582,713 1,036,019 1,450,624 
Bilateral OTC377,132 2,888 1,824,418 2,682 
Commodity contracts:
Exchange-traded448 1,394 223 1,457 
Bilateral OTC (3)2,703 2 9,862 7 
Credit contracts:
Cleared OTC84,180 132 108,999 128 
Bilateral OTC13,289 14 14,168 17 
Total derivatives not designated as accounting hedges3,810,040 5,082,176 
Total gross derivative assets/liabilities:
Exchange-traded1,208,316 1,036,998 
Cleared OTC493,261 508,333 
Bilateral OTC2,174,651 3,569,045 
Amounts offset in our Consolidated Statements of Financial Condition (4):
Exchange-traded(1,008,091)(1,008,091)
Cleared OTC(483,339)(508,333)
Bilateral OTC(1,814,326)(2,185,776)
Net amounts per Consolidated Statements of Financial Condition (5)$570,472 $1,412,176 
(1)Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty.
(2)Number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations in our Consolidated Statements of Financial Condition.
(3)As of November 30, 2021, the notional amount of outstanding bilateral commodity contracts was 616 asset contracts and 825 liability contracts.
(4)Amounts netted include both netting by counterparty and for cash collateral paid or received.
(5)We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition.
Unrealized and Realized Gains (Losses) on Derivative Contracts
The following table provides information related to gains (losses) recognized in Interest expense in our Consolidated Statements of Earnings related to fair value hedges (in thousands):
Year Ended November 30,
Gains (Losses)202220212020
Interest rate swaps$(212,280)$(41,845)$41,524 
Long-term debt219,143 58,507 (36,668)
Total$6,863 $16,662 $4,856 
The following table provides information related to gains (losses) on our net investment hedges recognized in Currency translation and other adjustments, a component of Other comprehensive income (loss), in our Consolidated Statements of Comprehensive Income (in thousands):
Year Ended November 30,
Gains (Losses)202220212020
Foreign exchange contracts$116,876 $19,008 $(3,306)
Total$116,876 $19,008 $(3,306)
The following table presents unrealized and realized gains (losses) on derivative contracts recognized primarily in Principal transactions revenues in our Consolidated Statements of Earnings, which are utilized in connection with our client activities and our economic risk management activities (in thousands):
Year Ended November 30,
Gains (Losses)202220212020
Interest rate contracts
$(154,378)$(48,510)$(52,331)
Foreign exchange contracts
(164,729)(10,152)2,266 
Equity contracts
(29,740)(427,593)47,631 
Commodity contracts
(43,106)(28,012)45,491 
Credit contracts
15,612 653 15,218 
Total$(376,341)$(513,614)$58,275 
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 at November 30, 2022 (in thousands):
OTC Derivative Assets (1) (2) (3)
0 – 12 Months1 – 5 YearsGreater Than 
5 Years		Cross-Maturity
Netting (4)		Total
Commodity swaps, options and forwards$2,826 $1,512 $— $(1,547)$2,791 
Equity options and forwards51,033 2,698 — (499)53,232 
Credit default swaps — 762 7,209 (153)7,818 
Total return swaps126,590 24,528 — (4,778)146,340 
Foreign currency forwards, swaps and options106,481 7,379 — (5,965)107,895 
Fixed income forwards12,816 — — — 12,816 
Interest rate swaps, options and forwards134,140 763,300 28,963 (177,420)748,983 
Total$433,886 $800,179 $36,172 $(190,362)1,079,875 
Cross-product counterparty netting(35,883)
Total OTC derivative assets included in Financial instruments owned$1,043,992 
(1)At November 30, 2022, we held net exchange-traded derivative assets and other credit agreements with a fair value of $218.6 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 our Consolidated Statements of Financial Condition. At November 30, 2022, cash collateral received was $913.4 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 Months1 – 5 YearsGreater Than 5 YearsCross-Maturity Netting (4)Total
Commodity swaps, options and forwards$3,904 $980 $— $(1,547)$3,337 
Equity options and forwards248,343 269,123 453 (499)517,420 
Credit default swaps— — 153 (153)— 
Total return swaps66,364 82,529 325 (4,778)144,440 
Foreign currency forwards, swaps and options128,931 6,530 — (5,965)129,496 
Fixed income forwards5,989 — — — 5,989 
Interest rate swaps, options and forwards149,794 774,289 524,062 (177,420)1,270,725 
Total$603,325 $1,133,451 $524,993 $(190,362)2,071,407 
Cross-product counterparty netting(35,883)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased$2,035,524 
(1)At November 30, 2022, we held net exchange-traded derivative liabilities and other credit agreements with a fair value of $29.5 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 our Consolidated Statements of Financial Condition. At November 30, 2022, cash collateral pledged was $552.8 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
The following table presents the counterparty credit quality with respect to the fair value of our OTC derivative assets at November 30, 2022 (in thousands):
Counterparty credit quality (1):
A- or higher$763,128 
BBB- to BBB+156,219 
BB+ or lower73,831 
Unrated50,814 
Total$1,043,992 
(1)We utilize internal credit ratings determined by our Risk Management department. Credit ratings determined by 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 (in millions):
November 30, 2022
External Credit Rating
Investment GradeNon-investment GradeUnratedTotal Notional
Credit protection sold:
Index credit default swaps$207.9 $515.8 $— $723.7 
Single name credit default swaps— — 0.2 0.2 

November 30, 2021
External Credit Rating
Investment GradeNon-investment GradeUnratedTotal Notional
Credit protection sold:
Index credit default swaps$2,612.0 $1,298.8 $— $3,910.8 
Single name credit default swaps— 17.6 0.2 17.8 
Derivative Instruments with Contingent Features The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position, the collateral amounts we have 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,
20222021
Derivative instrument liabilities with credit-risk-related contingent features
$226.5 $821.5 
Collateral posted(168.8)(160.5)
Collateral received177.4 369.3 
Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1)
235.0 1,030.4 
(1)These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.
v3.22.4
Collateralized Transactions (Tables)
 12 Months Ended
Nov. 30, 2022
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 (in thousands):
November 30, 2022
Securities Lending ArrangementsRepurchase AgreementsObligation to Return Securities Received as Collateral, at Fair ValueTotal
Collateral Pledged:
Corporate equity securities$967,800 $471,581 $— $1,439,381 
Corporate debt securities332,204 2,210,934 — 2,543,138 
Mortgage-backed and asset-backed securities— 1,192,265 — 1,192,265 
U.S. government and federal agency securities66,021 6,203,263 100,362 6,369,646 
Municipal securities— 535,619 — 535,619 
Sovereign obligations— 2,450,880 — 2,450,880 
Loans and other receivables— 538,491 — 538,491 
Total$1,366,025 $13,603,033 $100,362 $15,069,420 
November 30, 2021
Securities Lending ArrangementsRepurchase AgreementsObligation to Return Securities Received as Collateral, at Fair ValueTotal
Collateral Pledged:
Corporate equity securities$1,160,916 $150,602 $7,289 $1,318,807 
Corporate debt securities321,356 2,684,458 — 3,005,814 
Mortgage-backed and asset-backed securities— 1,209,442 — 1,209,442 
U.S. government and federal agency securities6,348 8,426,536 — 8,432,884 
Municipal securities— 413,073 — 413,073 
Sovereign obligations37,101 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 
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 remaining contractual maturity (in thousands):
November 30, 2022
Overnight and ContinuousUp to 30 Days31-90 DaysGreater than 90 DaysTotal
Securities lending arrangements$808,472 $— $273,865 $283,688 $1,366,025 
Repurchase agreements6,930,667 1,521,629 2,262,705 2,888,032 13,603,033 
Obligation to return securities received as collateral, at fair value100,362 — — — 100,362 
Total$7,839,501 $1,521,629 $2,536,570 $3,171,720 $15,069,420 
November 30, 2021
Overnight and ContinuousUp to 30 Days31-90 DaysGreater than 90 DaysTotal
Securities lending arrangements$595,628 $1,318 $539,623 $389,152 $1,525,721 
Repurchase agreements6,551,934 1,798,716 4,361,993 3,306,757 16,019,400 
Obligation to return securities received as collateral, at fair value7,289 — — — 7,289 
Total$7,154,851 $1,800,034 $4,901,616 $3,695,909 $17,552,410 
Offsetting Assets
The following tables provide 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 our Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. 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).
November 30, 2022
Gross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (3)
Assets
Securities borrowing arrangements$5,831,148 $— $5,831,148 $(285,361)$(1,381,404)$4,164,383 
Reverse repurchase agreements10,697,382 (6,150,691)4,546,691 (550,669)(3,954,525)41,497 
Securities received as collateral, at fair value100,362 — 100,362 — (100,362)— 
Liabilities
Securities lending arrangements$1,366,025 $— $1,366,025 $(285,361)$(1,054,228)$26,436 
Repurchase agreements13,603,033 (6,150,691)7,452,342 (550,669)(6,374,480)527,193 
Obligation to return securities received as collateral, at fair value100,362 — 100,362 — (100,362)— 
November 30, 2021
Gross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (4)
Assets
Securities borrowing arrangements$6,409,420 $— $6,409,420 $(271,475)$(1,528,206)$4,609,739 
Reverse repurchase agreements15,215,785 (7,573,301)7,642,484 (540,312)(7,048,823)53,349 
Securities received as collateral, at fair value7,289 — 7,289 — (7,289)— 
Liabilities
Securities lending arrangements$1,525,721 $— $1,525,721 $(271,475)$(1,213,563)$40,683 
Repurchase agreements (5)16,019,400 (7,573,301)8,446,099 (540,312)(7,136,585)769,202 
Obligation to return securities received as collateral, at fair value7,289 — 7,289 — (7,289)— 
(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statement of Financial Condition because other netting provisions of U.S. 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)Amounts include $4.12 billion of securities borrowing arrangements, for which we have received securities collateral of $4.02 billion, and $495.2 million of repurchase agreements, for which we have pledged securities collateral of $507.3 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
(4)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.
(5)There was an immaterial correction in the amount of available collateral, which resulted in a $200 million decrease in the available collateral and a $200 million increase in the net amount related to repurchase agreements at November 30, 2021.
Offsetting Liabilities
The following tables provide 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 our Consolidated Statements of Financial Condition and 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. 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).
November 30, 2022
Gross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (3)
Assets
Securities borrowing arrangements$5,831,148 $— $5,831,148 $(285,361)$(1,381,404)$4,164,383 
Reverse repurchase agreements10,697,382 (6,150,691)4,546,691 (550,669)(3,954,525)41,497 
Securities received as collateral, at fair value100,362 — 100,362 — (100,362)— 
Liabilities
Securities lending arrangements$1,366,025 $— $1,366,025 $(285,361)$(1,054,228)$26,436 
Repurchase agreements13,603,033 (6,150,691)7,452,342 (550,669)(6,374,480)527,193 
Obligation to return securities received as collateral, at fair value100,362 — 100,362 — (100,362)— 
November 30, 2021
Gross AmountsNetting in Consolidated Statement of Financial ConditionNet Amounts in Consolidated Statement of Financial ConditionAdditional Amounts Available for Setoff (1)Available Collateral (2)Net Amount (4)
Assets
Securities borrowing arrangements$6,409,420 $— $6,409,420 $(271,475)$(1,528,206)$4,609,739 
Reverse repurchase agreements15,215,785 (7,573,301)7,642,484 (540,312)(7,048,823)53,349 
Securities received as collateral, at fair value7,289 — 7,289 — (7,289)— 
Liabilities
Securities lending arrangements$1,525,721 $— $1,525,721 $(271,475)$(1,213,563)$40,683 
Repurchase agreements (5)16,019,400 (7,573,301)8,446,099 (540,312)(7,136,585)769,202 
Obligation to return securities received as collateral, at fair value7,289 — 7,289 — (7,289)— 
(1)Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in our Consolidated Statement of Financial Condition because other netting provisions of U.S. 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)Amounts include $4.12 billion of securities borrowing arrangements, for which we have received securities collateral of $4.02 billion, and $495.2 million of repurchase agreements, for which we have pledged securities collateral of $507.3 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
(4)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.
(5)There was an immaterial correction in the amount of available collateral, which resulted in a $200 million decrease in the available collateral and a $200 million increase in the net amount related to repurchase agreements at November 30, 2021.
v3.22.4
Securitization Activities (Tables)
 12 Months Ended
Nov. 30, 2022
Transfers and Servicing [Abstract]  
Activity Related to Securitizations Accounted for as Sales
The following table presents activity related to our securitizations that were accounted for as sales in which we had continuing involvement (in millions):
Year Ended November 30,
202220212020
Transferred assets$6,351.2 $10,487.3 $6,556.2 
Proceeds on new securitizations6,402.6 10,488.6 6,556.2 
Cash flows received on retained interests31.7 21.8 26.8 
Summary of Retained Interests in SPEs
The following tables summarize our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment (in millions):
November 30,
20222021
Securitization TypeTotal AssetsRetained InterestsTotal AssetsRetained Interests
U.S. government agency RMBS
$219.8 $2.9 $330.2 $4.9 
U.S. government agency CMBS
2,997.7 173.9 2,201.8 69.2 
CLOs
5,140.5 31.9 3,382.3 31.0 
Consumer and other loans
2,526.7 122.8 2,271.4 136.4 
v3.22.4
Variable Interest Entities (Tables)
 12 Months Ended
Nov. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Variable Interest Entities
The following table presents information about our consolidated VIEs at November 30, 2022 and 2021 (in millions). The assets and liabilities in the tables below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation.
November 30,
20222021
Secured Funding VehiclesOtherSecured Funding VehiclesOther
Cash$— $1.4 $3.8 $— 
Financial instruments owned— 7.1 173.1 146.4 
Securities purchased under agreements to resell (1)1,565.0 — 3,697.1 — 
Receivables from brokers (2)— 15.2 — 40.6 
Other receivables— — 0.6 — 
Other assets (3)798.8 88.3 740.8 — 
Total assets$2,363.8 $112.0 $4,615.4 $187.0 
Financial instruments sold, not yet purchased $— $5.7 $— $109.1 
Other secured financings (4)2,289.9 — 4,521.6 — 
Payables to broker dealers — — 44.2 — 
Other liabilities (5)4.6 37.6 2.4 75.3 
Long-term debt— 24.7 — — 
Total liabilities$2,294.5 $68.0 $4,568.2 $184.4 
(1)Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation.
(2)Approximately $1.2 million of receivables from brokers at November 30, 2021 are with related consolidated entities, which are eliminated in consolidation.
(3)Approximately $82.4 million and $56.5 million of the other assets at November 30, 2022 and 2021, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation.
(4)Approximately $253.8 million and $36.7 million of the other secured financings at November 30, 2022 and 2021, respectively, are with related consolidated entities and are eliminated in consolidation.
(5)Approximately $30.9 million and $75.3 million of the other liabilities amounts at November 30, 2022 and 2021, respectively, are with related consolidated entities, which are eliminated in consolidation.
The following tables present information about our variable interests in nonconsolidated VIEs (in millions):
November 30, 2022
Carrying AmountMaximum Exposure to LossVIE Assets
AssetsLiabilities
CLOs$133.5 $1.4 $1,642.5 $7,705.3 
Asset-backed vehicles561.0 — 690.4 4,408.3 
Related party private equity vehicles24.8 — 35.5 69.1 
Other investment vehicles1,172.6 — 1,254.0 18,940.5 
FXCM94.8 — 94.8 389.6 
Total$1,986.7 $1.4 $3,717.2 $31,512.8 
November 30, 2021
Carrying AmountMaximum Exposure to LossVIE Assets
AssetsLiabilities
CLOs$582.2 $2.0 $2,557.1 $10,277.5 
Asset-backed vehicles281.9 — 359.3 3,474.6 
Related party private equity vehicles27.1 — 37.8 78.9 
Other investment vehicles1,111.5 — 1,201.6 15,101.4 
FXCM99.5 — 99.5 387.9 
Total$2,102.2 $2.0 $4,255.3 $29,320.3 
v3.22.4
Investments (Tables)
 12 Months Ended
Nov. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Selected Financial Information Equity method investments, including any loans to the investees, are reported within Investments in and loans to related parties in our Consolidated Statements of Financial Condition are summarized as follows (in millions).
November 30,
20222021
Total Investments in and loans to related parties$1,426.8 $1,587.4 
Year Ended November 30,
202220212020
Total equity method pickup income recognized in Other revenues in our Consolidated Statements of Earnings $(36.3)$149.9 $(75.2)
The following summarizes the activity included in our Consolidated Statements of Earnings related to the facility (in millions):
Year Ended November 30,
202220212020
Interest income$0.4 $1.5 $2.4 
Unfunded commitment fees1.2 1.2 1.1 
The following is a summary of selected financial information for Jefferies Finance (in millions):
November 30,
20222021
Total assets
$6,763.0 $8,258.7 
Total liabilities
5,490.1 6,843.9 
November 30,
20222021
Our total equity balance
$636.4 $707.4 
Year Ended November 30,
202220212020
Net earnings (loss)$(129.4)$205.7 $(74.9)
The following summarizes activity related to our other transactions with Jefferies Finance (in millions):
Year Ended November 30,
202220212020
Origination and syndication fee revenues (1)$194.7 $410.5 $198.1 
Origination fee expenses (1)39.7 66.8 27.3 
CLO placement fee revenues (2)4.6 5.7 1.7 
Underwriting fees (3)— 2.5 1.7 
Service fees (4)94.7 85.1 65.1 
(1)We engage in the origination and syndication of loans underwritten by Jefferies Finance. In connection with such services, we earned fees, which are recognized in Investment banking revenues in our Consolidated Statements of Earnings. In addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses in our Consolidated Statements of Earnings.
(2)We act as a placement agent for CLOs managed by Jefferies Finance, for which we recognized fees, which are included in Investment banking revenues in our Consolidated Statements of Earnings. At November 30, 2022 and 2021, we held securities issued by CLOs managed by Jefferies Finance, which are included in Financial instruments owned, at fair value in our Consolidated Statements of Condition.
(3)We acted as underwriter in connection with term loans issued by Jefferies Finance.
(4)Under a service agreement, we charge Jefferies Finance for services provided.
The following is a summary of selected financial information for Berkadia (in millions):
November 30,
20222021
Total assets$4,436.0 $4,630.7 
Total liabilities2,801.7 3,377.0 
Total noncontrolling interest690.1 425.8 
November 30,
20222021
Our total equity balance
$425.9 $373.4 
Year Ended November 30,
202220212020
Gross revenues$1,361.2 $1,262.4 $1,000.4 
Net earnings276.5 290.3 153.1 
Our share of net earnings124.4 130.6 68.9 
We received distributions from Berkadia on our equity interest as follows (in millions):
Year Ended November 30,
202220212020
Distributions$69.8 $58.0 $37.1 
The following is a summary of selected financial information for OpNet (in millions):
November 30,
20222021
Total assets$1,050.8 $782.0 
Total liabilities935.2 734.0 
November 30,
20222021
Our total equity balance
$— $— 
Year Ended November 30,
202220212020
Net loss$(88.6)$(90.5)$(78.8)
The following is a summary of selected financial information for FXCM (in millions):
November 30,
20222021
Total assets$389.6 $387.9 
Total liabilities341.4 382.2 
November 30,
20222021
Our total equity balance
$59.7 $49.0 
Year Ended November 30,
202220212020
Net earnings (loss)$39.0 $(21.5)$6.5 
The following is a summary of selected financial information for Golden Queen (in millions):
November 30,
20222021
Total assets$209.8 $224.5 
Total liabilities102.1 101.6 
November 30,
20222021
Our total equity balance
$46.5 $55.1 
Year Ended November 30,
202220212020
Net loss$(15.2)$(14.7)$(9.6)
The following is a summary of selected financial information for our significant Real Estate Investments (in millions):
November 30,
20222021
Total assets$350.4 $434.5 
Total liabilities487.5 506.1 
November 30,
20222021
Our total equity balance
$107.3 $115.2 
Year Ended November 30,
202220212020
Net earnings (loss)$17.7 $(27.0)$(12.3)
The following summarizes the results from these investments which are included in Principal transactions revenues in our Consolidated Statements of Earnings (in millions):
Year Ended November 30,
202220212020
Net gains (losses) from our investments in JCP Fund V$0.1 $7.7 $(3.0)
The following is a summary of selected financial information for 100.0% of JCP Fund V, in which we owned effectively 35.2% of the combined equity interests (in millions):
September 30,
2022 (1)2021 (1)
Total assets
$68 $72 
Total liabilities
— — 
Total partners’ capital
68 72 
Nine Months Ended September 30, 2022 (1)Three Months Ended December 31, 2021 (1)Nine Months Ended September 30, 2021 (1)Three Months Ended December 31, 2020 (1)Nine Months Ended September 30, 2020 (1)Three Months Ended December 31, 2019 (1)
Net increase (decrease) in net assets resulting from operations
$(1.3)$(3.2)$23.8 $(1.0)$(12.5)$(1.4)
(1)Financial information for JCP Fund V in financial position and results of operations at November 30, 2022 and 2021 and for the years ended November 30, 2022, 2021 and 2020 is included based on the presented periods.
The following table presents the activity included in our Consolidated Statements of Earnings related to these separately managed accounts (in millions):
Year Ended November 30,
202220212020
Investment losses (1)$(3.2)$(0.8)$— 
Management fees (2)0.7 — — 
(1)Included in Principal transactions revenues in our Consolidated Statements of Earnings.
(2)Included in Floor brokerage and clearing fees in our Consolidated Statements of Earnings.
v3.22.4
Credit Losses on Financial Assets Measured at Amortized Cost (Tables)
 12 Months Ended
Nov. 30, 2022
Credit Loss [Abstract]  
Schedule of Allowance for Credit Loss, Automobiles
A rollforward of the allowance for credit losses related to our automobile loans for the years ended November 30, 2022, 2021 and 2020 is as follows (in thousands):
Year Ended November 30,
202220212020
Beginning balance $67,236 $29,710 $23,606 
Adjustment for change in accounting principle for current expected credit losses— 30,148 — 
Provision for doubtful accounts35,173 18,768 27,974 
Charge-offs, net of recoveries(22,795)(11,390)(21,870)
Ending balance$79,614 $67,236 $29,710 
Financing Receivable Credit Quality Indicators
The following tables present a summary of automobile loans held for investment by credit score, determined at origination, at November 30, 2022 for each vintage of the loan portfolio:
Year of Origination
20222021202020192018Prior YearsTotalPercent
Credit scores of 680 and above$53,700 $46,668 $17,276 $16,560 $7,631 $1,378 $143,213 16.3 %
Credit scores between 620 to 679170,220 132,528 44,095 35,393 17,635 7,647 407,518 46.3 
Credit scores below 620175,690 97,953 21,371 19,039 8,840 5,602 328,495 37.4 
Total$399,610 $277,149 $82,742 $70,992 $34,106 $14,627 $879,226 100.0 %
The following tables present a summary of automobile loans held for investment by credit score, determined at origination, at November 30, 2021 for each vintage of the loan portfolio:
Year of Origination
20212020201920182017Prior YearsTotalPercent
Credit scores of 680 and above$71,724 $31,215 $31,143 $16,695 $3,642 $805 $155,224 19.4 %
Credit scores between 620 to 679198,097 79,315 66,247 37,714 17,637 6,509 405,519 50.6 
Credit scores below 620132,374 38,322 34,638 18,277 11,689 5,644 240,944 30.0 
Total$402,195 $148,852 $132,028 $72,686 $32,968 $12,958 $801,687 100.0 %
Schedule of Aging Loans
The aging of automobile loans held for investment at November 30, 2022 is as follows:
Year of Origination
20222021202020192018Prior YearsTotalPercent
Current Accounts$380,863 $255,412 $76,841 $66,338 $31,269 $13,291 $824,014 93.7 %
Delinquent Accounts
30 - 59 days12,720 15,550 4,307 3,380 2,020 1,097 39,074 4.4 
60 - 89 days3,718 4,156 1,090 734 569 181 10,448 1.2 
90 days and over2,309 2,031 504 539 248 59 5,690 0.7 
Total$399,610 $277,149 $82,742 $70,991 $34,106 $14,628 $879,226 100.0 %
The aging of automobile loans held for investment at November 30, 2021 is as follows:
Year of Origination
20212020201920182017Prior YearsTotalPercent
Current Accounts$391,366 $142,210 $125,580 $68,852 $31,147 $12,041 $771,196 96.2 %
Delinquent Accounts
30 - 59 days7,387 4,444 4,330 2,979 1,472 698 21,310 2.7 
60 - 89 days2,613 1,586 1,620 616 305 157 6,897 0.8 
90 days and over829 612 498 240 44 61 2,284 0.3 
Total$402,195 $148,852 $132,028 $72,687 $32,968 $12,957 $801,687 100.0 %
Schedule of Allowance for Credit Loss, Investment Banking
The allowance for credit losses for investment banking receivables for the years ended November 30, 2022, 2021 and 2020 is as follows (in thousands):
Year Ended November 30,
202220212020
Beginning balance$4,824 $19,788 $6,817 
Adjustment for change in accounting principle for current expected credit losses
— (3,594)— 
Bad debt expense, net of reversals4,141 2,287 19,582 
Charge-offs(910)(6,409)(2,083)
Recoveries collected(2,141)(7,248)(4,528)
  Ending balance (1)$5,914 $4,824 $19,788 
(1)The allowance for doubtful accounts balances are substantially all related to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.
v3.22.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Nov. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Goodwill attributed to our reportable business segments are as follows (in thousands):
November 30,
20222021
Investment Banking and Capital Markets$1,552,944 $1,561,928 
Asset Management183,170 183,170 
Total goodwill$1,736,114 $1,745,098 
The following table is a summary of the changes to goodwill (in thousands):
Year Ended November 30,
20222021
Balance, at beginning of period$1,745,098 $1,746,314 
Currency translation and other adjustments(8,984)(1,216)
Balance, at end of period$1,736,114 $1,745,098 
Schedule of Finite-Lived Intangible Assets The following tables present the gross carrying amount, changes in carrying amount, net carrying amount and weighted average amortization period of identifiable intangible assets at November 30, 2022 and 2021 (dollars in thousands):
November 30, 2022Weighted average remaining lives (years)
Gross costImpairment lossesAccumulated amortizationNet carrying amount
Customer relationships$126,028 $— $(89,109)$36,919 8.2
Trade name127,185 — (35,486)91,699 25.3
Exchange and clearing organization membership interests and registrations
7,447 (39)— 7,408 N/A
Other14,957 — (11,521)3,436 4.7
Total$275,617 $(39)$(136,116)$139,462 
November 30, 2021Weighted average remaining lives (years)
Gross costImpairment lossesAccumulated amortizationNet carrying amount
Customer relationships $170,820 $— $(128,012)$42,808 9.0
Trade name128,753 — (32,244)96,509 26.3
Exchange and clearing organization membership interests and registrations
7,798 (66)— 7,732 N/A
Other16,682 — (11,329)5,353 5.6
Total$324,053 $(66)$(171,585)$152,402 
Schedule of Indefinite-Lived Intangible Assets The following tables present the gross carrying amount, changes in carrying amount, net carrying amount and weighted average amortization period of identifiable intangible assets at November 30, 2022 and 2021 (dollars in thousands):
November 30, 2022Weighted average remaining lives (years)
Gross costImpairment lossesAccumulated amortizationNet carrying amount
Customer relationships$126,028 $— $(89,109)$36,919 8.2
Trade name127,185 — (35,486)91,699 25.3
Exchange and clearing organization membership interests and registrations
7,447 (39)— 7,408 N/A
Other14,957 — (11,521)3,436 4.7
Total$275,617 $(39)$(136,116)$139,462 
November 30, 2021Weighted average remaining lives (years)
Gross costImpairment lossesAccumulated amortizationNet carrying amount
Customer relationships $170,820 $— $(128,012)$42,808 9.0
Trade name128,753 — (32,244)96,509 26.3
Exchange and clearing organization membership interests and registrations
7,798 (66)— 7,732 N/A
Other16,682 — (11,329)5,353 5.6
Total$324,053 $(66)$(171,585)$152,402 
Future Amortization Expense Related to Intangible Assets
The estimated future amortization expense for the five succeeding fiscal years is as follows (in thousands):
Year ending November 30, 2023$9,902 
Year ending November 30, 20249,147 
Year ending November 30, 20258,636 
Year ending November 30, 20268,608 
Year ending November 30, 20278,593 
v3.22.4
Short-Term Borrowings (Tables)
 12 Months Ended
Nov. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Short-Term Borrowings
Short-term borrowings at November 30, 2022 and 2021 mature in one year or less and include the following (in thousands):
November 30,
20222021
Bank loans (1)
$517,524 $215,063 
Fixed rate callable note (1)4,068 — 
Floating rate puttable notes (1)
6,800 6,800 
Total short-term borrowings$528,392 $221,863 
(1)    These Short-term borrowings are recorded at cost in our Consolidated Statements of Financial Condition, which is a reasonable approximation of their fair values due to their liquid and short-term nature.
v3.22.4
Long-Term Debt (Tables)
 12 Months Ended
Nov. 30, 2022
Debt Disclosure [Abstract]  
Summary of Long-Term Debt
The following summarizes our long-term debt carrying values (including unamortized discounts and premiums, valuation adjustments and debt issuance costs, where applicable) (in thousands):
November 30,
MaturityEffective Interest Rate20222021
Unsecured long-term debt
5.500% Senior Notes
October 18, 20235.47%$393,048 $440,120 
1.000% Euro Medium Term Notes
July 19, 20241.00%519,970 564,985 
4.500% Callable Note due 2025
July 22, 20254.84%6,153 — 
5.000% Callable Note due 2026
March 26, 20265.52%8,554 — 
4.850% Senior Notes (1)
January 15, 20276.29%703,533 775,550 
6.450% Senior Debentures
June 8, 20275.46%363,915 366,556 
5.000% Callable Note due 2027
June 16, 20275.22%24,784 — 
5.000% Callable Note due 2028
February 17, 20285.29%9,888 — 
4.150% Senior Notes
January 23, 20304.26%991,518 990,525 
2.625% Senior Debentures (1)
October 15, 20313.90%911,777 988,059 
2.750% Senior Debentures (1)
October 15, 20325.67%392,162 460,724 
6.250% Senior Notes
January 15, 20366.03%497,681 505,267 
6.500% Senior Notes
January 20, 20436.09%409,472 409,926 
6.625% Senior Notes
October 23, 20436.61%246,954 246,888 
Floating Rate Senior NotesOctober 29, 20713.72%61,715 61,703 
Unsecured Revolving Credit FacilityAugust 3, 20235.29%349,578 348,951 
Structured notes (2)VariousVarious1,583,828 1,843,598 
Total unsecured long-term debt7,474,530 8,002,852 
Secured long-term debt
HomeFed EB-5 Program debt209,060 203,132 
HomeFed construction loans56,965 45,581 
Secured Credit Facilities933,531 774,180 
Secured Bank Loan100,000 100,000 
Total long-term debt (3)$8,774,086 $9,125,745 
(1)The carrying values of these senior notes include net gains of $219.1 million and $58.5 million during the years ended November 30, 2022 and 2021, respectively, associated with interest rate swaps based on designation as fair value hedges. See Note 2, Summary of Significant Accounting Policies, and Note 5, Derivative Financial Instruments, 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 other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transactions revenues. A weighted average coupon rate is not meaningful, as all of the structured notes are carried at fair value.
(3)The Total Long-term debt has a fair value of $8.46 billion and $9.85 billion at November 30, 2022 and 2021, respectively, which would be classified as Level 2 and Level 3 in the fair value hierarchy.
v3.22.4
Leases (Tables)
 12 Months Ended
Nov. 30, 2022
Leases [Abstract]  
Components of Lease Expense and Other Information Information related to operating leases in our Consolidated Statements of Financial Condition at November 30, 2022 and 2021 is as follows (in thousands, except lease term and discount rate):
November 30,
20222021
Premises and equipment - ROU assets$455,264$472,014
Weighted average:
Remaining lease term (in years)10.010.0
Discount rate2.9 %2.9 %
The following table presents our lease costs (in thousands):
Year Ended November 30,
202220212020
Operating lease costs (1)$80,959 $79,701 $77,452 
Variable lease costs (2)12,887 11,168 13,576 
Less: Sublease income(4,507)(7,191)(7,590)
Total lease cost, net$89,339 $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 Statements of Cash Flows supplemental information was as follows (in thousands):
Year Ended November 30,
202220212020
Cash outflows - lease liabilities$81,082 $79,437 $73,300 
Non-cash - ROU assets recorded for new and modified leases87,977 30,246 22,460 
Maturity of Operating Lease Liabilities
The following table presents the maturities of our operating lease liabilities and a reconciliation to the Lease liabilities included in our Consolidated Statements of Financial Condition at November 30, 2022 and 2021 (in thousands):
November 30,
Fiscal Year20222021
2022$— $75,384 
202376,847 71,383 
202478,656 67,039 
202578,103 66,939 
202674,472 64,105 
202771,255 61,722 
2028 and thereafter228,722 228,964 
Total undiscounted cash flows608,055 635,536 
Less: Difference between undiscounted and discounted cash flows(75,353)(87,470)
Operating leases amount in our Consolidated Statements of Financial Condition532,702 548,066 
Finance leases amount in our Consolidated Statements of Financial Condition1,006 229 
Total amount in our Consolidated Statements of Financial Condition$533,708 $548,295 
v3.22.4
Common Shares and Earnings Per Common Share (Tables)
 12 Months Ended
Nov. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Computation The numerators and denominators used to calculate basic and diluted earnings per share are as follows (in thousands):
Year Ended November 30,
 202220212020
Numerator for earnings per common share:
Net earnings attributable to Jefferies Financial Group Inc.$777,168 $1,667,403 $769,605 
Allocation of earnings to participating securities (1)(3,015)(9,961)(4,795)
Net earnings attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share774,153 1,657,442 764,810 
Adjustment to allocation of earnings to participating securities related to diluted shares (1)29 207 23 
Mandatorily redeemable convertible preferred share dividends8,281 6,949 5,634 
Net earnings attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share$782,463 $1,664,598 $770,467 
Denominator for earnings per common share: 
Weighted average common shares outstanding234,258 246,991 268,518 
Weighted average shares of restricted stock outstanding with future service required(1,330)(1,567)(1,785)
Weighted average RSUs outstanding with no future service required14,450 18,171 18,960 
Denominator for basic earnings per common share – weighted average shares247,378 263,595 285,693 
Stock options and other share-based awards1,518 1,203 — 
Senior executive compensation plan RSU awards2,234 2,262 356 
Mandatorily redeemable convertible preferred shares4,441 4,441 4,441 
Denominator for diluted earnings per common share255,571 271,501 290,490 
Earnings per common share:
Basic$3.13 $6.29 $2.68 
Diluted$3.06 $6.13 $2.65 
(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 991,400, 1,586,500 and 1,801,700 for the years ended November 30, 2022, 2021 and 2020, respectively. Dividends declared on participating securities were $1.1 million, $1.4 million and $1.0 million during the years ended November 30, 2022, 2021 and 2020, respectively. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.
v3.22.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Nov. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Summary Of Accumulated Other Comprehensive Income, Net Of Taxes A summary of accumulated other comprehensive income (loss), net of taxes is as follows (in thousands):
November 30,
 202220212020
Net unrealized gains (losses) on available for sale securities$(5,892)$269 $513 
Net unrealized foreign exchange losses(220,071)(166,499)(156,718)
Net unrealized losses related to instrument specific credit risk (104,526)(153,672)(71,151)
Net minimum pension liability(48,930)(52,241)(61,561)
Total accumulated other comprehensive loss$(379,419)$(372,143)$(288,917)
Schedule Of Accumulated Other Comprehensive Income Reclassifications
Significant amounts reclassified out of accumulated other comprehensive income (loss) to net earnings are as follows (in thousands):
Details about Accumulated Other Comprehensive Income (Loss)
Components		Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
Affected Line Item in the
Consolidated Statements of Earnings
Year Ended November 30,
 202220212020 
Net unrealized gains (losses) on instrument specific credit risk at fair value, net of income tax benefit (expense) of $41, $(599), and $(146), respectively
$(129)$1,861 $397 Principal transactions revenues
Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $845, $1,054, and $957, respectively
(2,483)(3,138)(2,872)
Compensation and benefits expenses. See Note 14, Benefit Plans for information on this component.
Total reclassifications for the period, net of tax$(2,612)$(1,277)$(2,475) 
v3.22.4
Revenues from Contracts with Customers (Tables)
 12 Months Ended
Nov. 30, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands):
Year Ended November 30,
202220212020
Revenues from contracts with customers:
Investment banking$2,807,822 $4,365,699 $2,501,494 
Commissions and other fees 925,494 896,015 822,248 
Asset management fees23,525 14,836 14,702 
Manufacturing revenues412,605 538,628 421,434 
Oil and gas revenues302,135 182,973 102,210 
Real estate revenues223,323 102,297 26,671 
Other contracts with customers47,954 41,353 34,468 
Total revenue from contracts with customers4,742,858 6,141,801 3,923,227 
Other sources of revenue:
Principal transactions833,757 1,617,336 1,928,143 
Revenues from strategic affiliates
56,739 57,248 19,507 
Interest1,183,638 956,318 1,009,548 
Other332,271 172,761 22 
Total revenues$7,149,263 $8,945,464 $6,880,447 
The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands):
Year Ended November 30,
202220212020
Reportable SegmentReportable SegmentReportable Segment
Investment Banking and Capital MarketsAsset ManagementTotalInvestment Banking and Capital MarketsAsset ManagementTotalInvestment Banking and Capital MarketsAsset ManagementTotal
Major business activity:
Investment banking -
   Advisory
$1,778,003 $— $1,778,003 $1,873,560 $— $1,873,560 $1,053,500 $— $1,053,500 
Investment banking -
   Underwriting
1,029,819 — 1,029,819 2,492,139 — 2,492,139 1,447,994 — 1,447,994 
Equities (1)910,254 — 910,254 881,660 — 881,660 806,340 — 806,340 
Fixed income (1)15,240 — 15,240 14,355 — 14,355 15,908 — 15,908 
Asset management— 23,525 23,525 — 14,836 14,836 — 14,702 14,702 
Merchant banking— 986,017 986,017 — 865,251 865,251 — 584,783 584,783 
Total$3,733,316 $1,009,542 $4,742,858 $5,261,714 $880,087 $6,141,801 $3,323,742 $599,485 $3,923,227 
Primary geographic region:
Americas$2,910,318 $1,005,200 $3,915,518 $4,249,641 $876,242 $5,125,883 $2,741,288 $592,474 $3,333,762 
Europe and the Middle East575,012 2,595 577,607 766,746 2,816 769,562 401,853 6,645 408,498 
Asia 247,986 1,747 249,733 245,327 1,029 246,356 180,601 366 180,967 
Total$3,733,316 $1,009,542 $4,742,858 $5,261,714 $880,087 $6,141,801 $3,323,742 $599,485 $3,923,227 
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.
v3.22.4
Benefit Plans (Tables)
 12 Months Ended
Nov. 30, 2022
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligation
A summary of activity with respect to both plans is as follows (in thousands):
Year Ended November 30,
 20222021
Change in projected benefit obligation:
Projected benefit obligation, beginning of year$226,728 $236,572 
Interest cost5,805 4,946 
Actuarial (gains) losses(47,362)(4,977)
Settlements(4,702)— 
Benefits paid(8,403)(9,813)
Projected benefit obligation, end of year$172,066 $226,728 
Change in plan assets:  
Fair value of plan assets, beginning of year$199,215 $190,220 
Actual return on plan assets(37,574)13,619 
Employer contributions1,000 7,089 
Benefits paid(8,403)(9,813)
Settlements(4,702)— 
Administrative expenses paid(2,264)(1,900)
Fair value of plan assets, end of year$147,272 $199,215 
Funded status at end of year$(24,794)$(27,513)
Components of Net Periodic Pension (Benefit) 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,
 202220212020
Interest cost$5,805 $4,946 $6,349 
Expected return on plan assets(7,311)(8,433)(7,934)
Settlement losses833 — 376 
Actuarial losses3,348 4,192 3,453 
Net periodic pension cost$2,675 $705 $2,244 
Amounts recognized in other comprehensive income (loss):
Net (gains) losses arising during the period$(211)$(8,264)$3,821 
Settlement losses(833)— (376)
Amortization of net loss(3,348)(4,192)(3,453)
Total recognized in other comprehensive income (loss)$(4,392)$(12,456)$(8)
   
Net amount recognized in net periodic benefit cost and other
  comprehensive income (loss)
$(1,717)$(11,751)$2,236 
Assumptions Used to Determine the Present Value of the Projected Benefit Obligations and Net Periodic Pension Costs
The assumptions used are as follows:
November 30,
 20222021
WilTel Plan
Discount rate used to determine benefit obligation4.90 %2.60 %
Weighted-average assumptions used to determine net pension cost:
Discount rate
2.60 %2.20 %
Expected long-term return on plan assets
6.00 %7.00 %
U.S. Pension Plan
Discount rate used to determine benefit obligation4.80 %2.40 %
Weighted-average assumptions used to determine net pension cost:
Discount rate
2.40 %2.00 %
Expected long-term return on plan assets
5.00 %5.00 %
Expected Benefit Payments
The following pension benefit payments are expected to be paid (in thousands):
Fiscal Year:
2023$15,869 
202412,362 
202512,015 
202612,933 
202713,487 
2028 – 203263,356 
v3.22.4
Compensation Plans (Tables)
 12 Months Ended
Nov. 30, 2022
Compensation Related Costs [Abstract]  
Activity of Restricted Stock
The following table details the total activity in restricted stock, inclusive across all plans, during the years ended November 30, 2022, 2021 and 2020 (in thousands, except per share amounts):
Restricted StockWeighted- Average
Grant Date
Fair Value
Balance at November 30, 2019
2,008 $22.04 
Grants115 $13.20 
Forfeited(21)$23.38 
Fulfillment of vesting requirement(619)$19.99 
Balance at November 30, 2020
1,483 $22.19 
Grants337 $30.81 
Forfeited(40)$24.92 
Fulfillment of vesting requirement(196)$23.55 
Balance at November 30, 2021
1,584 $23.78 
Grants1,457 $29.91 
Forfeited— $— 
Fulfillment of vesting requirement(902)$24.03 
Balance at November 30, 2022
2,139 $27.85 
Activity of Restricted Stock Units
The following table details the activity in total RSUs, inclusive across all plans, during the years ended November 30, 2022, 2021 and 2020 (in thousands, except per share amounts):
Weighted-Average
Grant Date
Fair Value
Future
Service
Required		No Future
Service
Required		Future
Service
Required		No Future
Service
Required
Balance at November 30, 2019
10 15,667 $18.83 $21.35 
Grants14 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 
Grants80 445 $27.10 $30.03 
Distributions of underlying shares— (1,803)$— $26.32 
Forfeited— — $— $— 
Fulfillment of service requirement (1)(53)8 $25.03 $15.52 
Balance at November 30, 2021
48 17,193 $24.07 $20.64 
Grants2,299 472 $33.75 $28.79 
Distributions of underlying shares— (6,453)$— $14.65 
Forfeited— — $— $— 
Fulfillment of vesting requirement (1)(39)1,443 $24.67 $25.38 
Balance at November 30, 2022
2,308 12,655 $33.70 $24.55 

(1)Fulfillment of vesting requirement during the years ended November 30, 2022, 2021 and 2020, includes 1,433 RSUs, 0 RSUs and 2,474 RSUs, respectively, related to the senior executive compensation plans.
In addition, 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, 2022, 2021 and 2020 (in thousands, except per share amounts):
Target Number of SharesWeighted- Average
Grant Date
Fair Value
Balance at November 30, 2019
6,491 $23.13 
Grants187 $15.19 
Forfeited(15)$19.01 
Fulfillment of vesting requirement(2,474)$19.80 
Balance at November 30, 2020
4,189 $24.75 
Grants74 $29.81 
Forfeited(1,396)$25.31 
Fulfillment of vesting requirement— $— 
Balance at November 30, 2021
2,867 $25.43 
Grants537 $35.44 
Forfeited— $— 
Fulfillment of vesting requirement(1,433)$25.43 
Balance at November 30, 2022
1,971 $28.16 
Summary of Weighted-Average Assumptions The following summary presents the weighted-average assumptions used for the senior executive stock options issued during the year ended November 30, 2021:
Year Ended
 November 30, 2021
Risk free interest rate0.8 %
Expected volatility32.9 %
Expected dividend yield2.6 %
Expected life5.8 years
Weighted-average fair value per grant$7.43 
Schedule of Components of Compensation Cost The components of total compensation costs associated with certain of our compensation plans are as follows (in millions):
Year Ended November 30,
202220212020
Components of compensation costs:
Restricted cash awards (1)$196.6 $375.5 $474.3 
Stock options and Stock appreciation rights— 48.7 0.1 
Restricted stock and RSUs (2)43.9 29.5 39.9 
Profit sharing plan10.5 7.8 7.8 
Total compensation costs$251.0 $461.5 $522.1 
(1)Amounts include costs related to the accelerated amortization of certain cash-based awards, which were amended to remove any service requirements for vesting in the awards, which amounted to $0.0 million and $188.3 million for the years ended November 30, 2022 and 2021, respectively.
(2)Total compensation costs associated with restricted stock and RSUs include the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. Additionally, we recognize compensation costs related to the discount provided to employees in electing to defer compensation under the DCP. These compensation costs were approximately $0.5 million, $0.4 million and $0.3 million for the years ended November 30, 2022, 2021 and 2020, respectively.
Absent actual forfeitures or cancellations or accelerations, the annual compensation cost for these awards will be recognized as follows (in millions):
Year Ended November 30,
202220232024ThereafterTotal
Restricted cash awards$90.4 $106.8 $103.7 $227.1 $528.0 
Schedule of Remaining Unamortized Amounts Related to Certain Compensation Plans
Remaining unamortized amounts related to certain compensation plans at November 30, 2022 are as follows (dollars in millions):
Remaining Unamortized AmountsWeighted Average Vesting Period
(in Years)
Non-vested share-based awards$124.6 4
Restricted cash awards289.7 3
Total$414.3 
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Nov. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule Of Provision For Income Taxes
The provision for income tax expense consists of the following components (in thousands):
Year Ended November 30,
202220212020
Current:
U.S. Federal$198,507 $322,551 $90,350 
U.S. state and local67,236 70,370 68,261 
Foreign78,505 86,918 75,395 
Total current344,248 479,839 234,006 
Deferred:
U.S. Federal(61,303)72,753 52,765 
U.S. state and local(17,010)19,502 (1,288)
Foreign7,917 4,635 13,190 
Total deferred(70,396)96,890 64,667 
Total income tax expense$273,852 $576,729 $298,673 
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 earnings before income tax expense (in thousands):
Year Ended November 30,
202220212020
U.S.
$801,047 $1,970,625 $813,305 
Non-U.S. (1)
254,515 283,480 253,778 
Earnings before income tax expense$1,055,562 $2,254,105 $1,067,083 
(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 21.0% to earnings before income taxes as a result of the following (dollars in thousands):
Year Ended November 30,
202220212020
AmountPercentAmountPercentAmountPercent
Computed expected federal income taxes$221,668 21.0 %$473,362 21.0 %$224,087 21.0 %
Increase (decrease) in income taxes resulting from:
State and local income taxes, net of Federal income tax benefit47,364 4.5 96,884 4.3 45,457 4.3 
International operations (including foreign rate differential)18,711 1.8 18,073 0.8 13,155 1.2 
Non-deductible executive compensation12,596 1.2 20,359 0.9 12,814 1.2 
Foreign tax credits, net(20,368)(1.9)(13,963)(0.6)(8,654)(0.8)
Employee share-based awards(37,988)(3.6)893 — 209 — 
Regulatory Settlement20,184 1.9 — — — — 
Change in unrecognized tax benefits related to prior years (16,915)(1.7)(27,374)(1.2)(4,522)(0.5)
Interest on unrecognized tax benefits13,902 1.3 8,651 0.4 15,600 1.5 
Other, net14,698 1.4 (156)— 527 0.1 
Total income tax expense$273,852 25.9 %$576,729 25.6 %$298,673 28.0 %
Schedule Of Reconciliation Of Unrecognized Tax Benefits
The following table presents a reconciliation of gross unrecognized tax benefits (in thousands):
Year Ended November 30,
202220212020
Balance at beginning of period$339,036 $314,347 $260,138 
Increases based on tax positions related to the current period30,690 50,079 41,114 
Increases based on tax positions related to prior periods5,902 3,490 22,328 
Decreases based on tax positions related to prior periods(25,673)(24,180)(8,966)
Decreases related to settlements with taxing authorities— (4,700)(267)
Balance at end of period$349,955 $339,036 $314,347 
Schedule of Deferred Tax Assets and Liabilities
The cumulative tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below (in thousands):
November 30,
20222021
Deferred tax assets:
Compensation and benefits$250,096 $187,818 
Operating lease liabilities133,250 135,862 
Long-term debt47,535 65,037 
Accrued expenses and other166,564 178,451 
Investments in associated companies11,931 1,135 
Sub-total609,376 568,303 
Valuation allowance(6,266)(11,922)
Total deferred tax assets603,110 556,381 
Deferred tax liabilities:
Operating lease right-of-use assets118,567 126,150 
Amortization of intangibles62,670 62,123 
Other34,011 40,561 
Total deferred tax liabilities215,248 228,834 
Net deferred tax asset, included in Other assets$387,862 $327,547 
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:
JurisdictionTax Year
United States2019
New York State2001
New York City2006
United Kingdom2021
Germany2017
Hong Kong2016
India2010
v3.22.4
Commitments, Contingencies and Guarantees (Tables)
 12 Months Ended
Nov. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Commitments and Contingencies
The following table summarizes our commitments at November 30, 2022 (in millions):
Expected Maturity Date (fiscal years)
202320242025 and 20262027 and 20282029 and LaterMaximum Payout
Equity commitments (1)
$25.2 $1.4 $103.3 $2.8 $160.2 $292.9 
Loan commitments (1)
271.5 — 70.0 9.9 — 351.4 
Loans purchase commitments (2)2,363.9 — — — — 2,363.9 
Underwriting commitments
62.3 — — — — 62.3 
Forward starting reverse repos (3)8,470.9 — — — — 8,470.9 
Forward starting repos (3)4,213.7 — — — — 4,213.7 
Other unfunded commitments (1)
0.1 287.5 109.7 — — 397.3 
Total commitments$15,407.6 $288.9 $283.0 $12.7 $160.2 $16,152.4 
(1)Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are available on demand.
(2)Loan purchase commitments comprise of unfunded commitments to acquire secondary market loans. For the population of loans to be acquired under the loan purchase commitments, at November 30, 2022, Jefferies had also entered into back-to-back committed sale contracts aggregating to $2.67 billion.
(3)At November 30, 2022, $7.73 billion within forward starting securities purchased under agreements to resell and all except $2.6 million of forward starting securities sold under agreements to repurchase settled within three business days.
Schedule of Guarantees
The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at November 30, 2022 (in millions):
Expected Maturity Date (Fiscal Years)
202320242025 and 20262027 and 20282029 and LaterNotional/ Maximum Payout
Guarantee Type:
Derivative contracts—non-credit related$19,015.0 $6,933.1 $11,994.3 $850.3 $— $38,792.7 
Written derivative contracts—credit related— 0.2 — — — 0.2 
Total derivative contracts$19,015.0 $6,933.3 $11,994.3 $850.3 $— $38,792.9 
v3.22.4
Net Capital Requirements (Tables)
 12 Months Ended
Nov. 30, 2022
Broker-Dealer [Abstract]  
Schedule of Net Capital, Adjusted and Excess Net Capital
At November 30, 2022, Jefferies LLC and JFSI’s net capital and excess net capital were as follows (in thousands):
Net CapitalExcess Net Capital
Jefferies LLC
$903,349 $806,238 
JFSI436,681 416,681 
v3.22.4
Segment Reporting (Tables)
 12 Months Ended
Nov. 30, 2022
Segment Reporting [Abstract]  
Schedule of Net Revenues, Expenses and Total Assets by Segment
Our net revenues, non-interest expenses and earnings (loss) before income taxes by reportable business segment are summarized below (in millions):
Year Ended November 30,
202220212020
Investment Banking and Capital Markets:
Net revenues$4,726.2 $6,917.8 $5,029.5 
Non-interest expenses3,950.9 4,730.6 3,920.7 
Earnings before income taxes775.3 2,187.2 1,108.8 
Asset Management:
Net revenues1,257.7 1,092.6 814.6 
Non-interest expenses967.0 1,025.7 858.7 
Earnings (loss) before income taxes290.7 66.9 (44.1)
Total of Reportable Business Segments:
Net revenues5,983.9 8,010.4 5,844.1 
Non-interest expenses4,917.9 5,756.3 4,779.4 
Earnings before income taxes1,066.0 2,254.1 1,064.7 
Reconciliation to consolidated amounts:
Net revenues(5.1)3.4 6.4 
Non-interest expenses5.3 3.4 4.0 
Earnings (loss) before income taxes (1)(10.4)— 2.4 
Total:
Net revenues5,978.8 8,013.8 5,850.5 
Non-interest expenses4,923.2 5,759.7 4,783.4 
Total earnings before income taxes$1,055.6 $2,254.1 $1,067.1 
(1)Management does not consider certain foreign currency transaction gains or losses, fair value debt valuation adjustments on derivative contracts, gains and losses on investments held in deferred compensation or certain other immaterial corporate income and expense items in assessing the financial performance of operating businesses. Collectively, these items are included in the reconciliation of reportable business segment amounts to consolidated amounts.
The following table summarizes our total assets by reportable business segment (in millions):
November 30,
20222021
Investment Banking and Capital Markets$45,541.0 $50,912.3 
Asset Management5,516.7 5,195.0 
Total assets$51,057.7 $56,107.3 
Summary Net Revenues by Geographic Region Net revenues by geographic region were as follows (in millions):
Year Ended November 30,
202220212020
Americas (1)
$4,815.4 $6,748.8 $4,730.1 
Europe and the Middle East (2)925.4 1,045.7 826.4 
Asia238.0 219.3 294.0 
Net revenues$5,978.8 $8,013.8 $5,850.5 
(1)Substantially all relates to U.S. results.
(2)Substantially all relates to U.K. results.
v3.22.4
Organization and Basis of Presentation - Narrative (Details)
$ in Thousands
 12 Months Ended
Sep. 30, 2022
USD ($)
Nov. 30, 2022
USD ($)
segment
Nov. 30, 2021
USD ($)
Schedule of Equity Method Investments [Line Items]      
Number of reportable segments | segment   2  
Financial instruments owned   $ 18,666,296 $ 18,024,621 [1]
Financial instruments sold, not yet purchased, at fair value   11,056,477 9,267,090 [1]
Brokers, dealers and clearing organizations   2,628,727 3,952,093 [1]
Brokers, dealers and clearing organizations   1,792,937 2,454,918 [1]
Oak Hill      
Schedule of Equity Method Investments [Line Items]      
Gain on sale $ 175,100    
Increases/Decreases due to change in accounting policy      
Schedule of Equity Method Investments [Line Items]      
Financial instruments owned   2,100,000 (1,855,013)
Financial instruments sold, not yet purchased, at fair value   2,800,000 (2,432,377)
Brokers, dealers and clearing organizations   2,400,000 (1,864,422)
Brokers, dealers and clearing organizations   3,100,000 $ (2,441,786)
Disposal group, disposed of by sale, not discontinued operations | Idaho Timber      
Schedule of Equity Method Investments [Line Items]      
Gain on disposition of business   138,700  
Disposal group, disposed of by sale, not discontinued operations | Oak Hill      
Schedule of Equity Method Investments [Line Items]      
Gain on disposition of business   $ 175,100  
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Organization and Basis of Presentation - Reclassification (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
ASSETS      
Financial instruments owned $ 18,666,296 $ 18,024,621 [1]  
Investments in and loans to related parties 1,426,817 1,587,409 [1]  
Brokers, dealers and clearing organizations 1,792,937 2,454,918 [1]  
Customers 1,225,137 1,615,822 [1]  
Fees, interest and other 568,921 582,756 [1]  
Intangible assets, net and goodwill   0  
Goodwill 1,736,114 1,745,098 [1] $ 1,746,314
Other Assets 3,595,985 3,356,024 [1]  
Total assets 51,057,683 56,107,311 [1]  
Liabilities:      
Financial instruments sold, not yet purchased, at fair value 11,056,477 9,267,090 [1]  
Brokers, dealers and clearing organizations 2,628,727 3,952,093 [1]  
Customers 3,578,854 4,461,481 [1]  
Accrued expenses and other liabilities 2,573,927 3,334,371 [1]  
Total liabilities 40,630,743 45,377,271 [1]  
Revenues 7,149,263 8,945,464 [1] 6,880,447 [1]
Interest expense 1,170,425 931,638 [1] 1,029,926 [1]
Net revenues 5,978,838 8,013,826 [1] 5,850,521 [1]
Compensation and benefits 2,589,044 3,554,760 [1] 2,944,071 [1]
Selling, general and other expenses   0 0
Underwriting costs 42,067 117,572 [1] 95,636 [1]
Technology and communications 444,011 388,134 [1] 335,065 [1]
Occupancy and equipment rental 108,001 106,254 [1] 95,754 [1]
Business development 150,500 109,772 [1] 70,797 [1]
Professional services 240,978 215,761 [1] 176,280 [1]
Other expenses 387,131 337,318 [1] 302,216 [1]
Total non-interest expenses 4,923,276 5,759,721 [1] 4,783,438 [1]
Income (loss) related to associated companies (36,300) 149,900 (75,200)
Other contracts with customers      
Liabilities:      
Revenues 1,318,288 1,038,012 [1] 584,805 [1]
JFG Pre Merger      
ASSETS      
Receivables   0  
Liabilities:      
Payables, expense accruals and other liabilities   0  
Interest expense   0 0
Income (loss) related to associated companies   0 0
As Originally Reported      
ASSETS      
Financial instruments owned   19,828,670  
Investments in and loans to related parties   1,745,790  
Receivables   7,839,240  
Brokers, dealers and clearing organizations   0  
Customers   0  
Fees, interest and other   0  
Intangible assets, net and goodwill   1,897,500  
Goodwill   0  
Other Assets   2,352,247  
Total assets   60,404,110  
Liabilities:      
Financial instruments sold, not yet purchased, at fair value   11,699,467  
Brokers, dealers and clearing organizations   0  
Customers   0  
Accrued expenses and other liabilities   0  
Total liabilities   49,674,070  
Principal transactions   1,623,713 1,916,508
Asset management fees and revenues   0 0
Other   1,211,120 718,125
Revenues   9,039,883 6,955,930
Interest   943,336 997,555
Interest expense   854,554 945,056
Net revenues   8,185,329 6,010,874
Compensation and benefits   3,551,124 2,940,863
Selling, general and other expenses   1,278,447 1,078,956
Underwriting costs   0 0
Technology and communications   0 0
Occupancy and equipment rental   0 0
Business development   0 0
Professional services   0 0
Other expenses   0 0
Total non-interest expenses   5,836,805 4,868,308
As Originally Reported | JFG Pre Merger      
Liabilities:      
Payables, expense accruals and other liabilities   13,612,367  
Interest expense   77,084 84,870
Income (loss) related to associated companies   (94,419) (75,483)
Increases/Decreases due to reclassifications      
ASSETS      
Financial instruments owned   50,964  
Investments in and loans to related parties   (158,381)  
Brokers, dealers and clearing organizations   4,896,704  
Customers   1,615,822  
Fees, interest and other   582,756  
Intangible assets, net and goodwill   (1,897,500)  
Goodwill   1,745,098  
Other Assets   1,003,777  
Total assets   0  
Liabilities:      
Financial instruments sold, not yet purchased, at fair value   0  
Brokers, dealers and clearing organizations   5,816,515  
Customers   4,461,481  
Accrued expenses and other liabilities   3,334,371  
Total liabilities   0  
Principal transactions   (6,377) 11,635
Asset management fees and revenues   72,084 34,209
Other   (173,108) (133,320)
Revenues   (94,419) (75,483)
Interest   12,982 11,993
Interest expense   77,084 84,870
Net revenues   (171,503) (160,353)
Compensation and benefits   3,636 3,208
Selling, general and other expenses   (1,278,447) (1,078,956)
Underwriting costs   117,572 95,636
Technology and communications   388,134 335,065
Occupancy and equipment rental   106,254 95,754
Business development   109,772 70,797
Professional services   215,761 176,280
Other expenses   337,318 302,216
Total non-interest expenses   (77,084) (84,870)
Increases/Decreases due to reclassifications | Automobile Loan      
ASSETS      
Other Assets   745,300  
Increases/Decreases due to reclassifications | JFG Pre Merger      
ASSETS      
Receivables   (7,839,240)  
Liabilities:      
Payables, expense accruals and other liabilities   (13,612,367)  
Interest expense   (77,084) (84,870)
Income (loss) related to associated companies   94,419 $ 75,483
Increases/Decreases due to change in accounting policy      
ASSETS      
Financial instruments owned 2,100,000 (1,855,013)  
Investments in and loans to related parties   0  
Brokers, dealers and clearing organizations 3,100,000 (2,441,786)  
Customers   0  
Fees, interest and other   0  
Intangible assets, net and goodwill   0  
Goodwill   0  
Other Assets   0  
Total assets   (4,296,799)  
Liabilities:      
Financial instruments sold, not yet purchased, at fair value 2,800,000 (2,432,377)  
Brokers, dealers and clearing organizations $ 2,400,000 (1,864,422)  
Customers   0  
Accrued expenses and other liabilities   0  
Total liabilities   (4,296,799)  
Increases/Decreases due to change in accounting policy | JFG Pre Merger      
ASSETS      
Receivables   0  
Liabilities:      
Payables, expense accruals and other liabilities   $ 0  
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Accounting Policies [Abstract]      
Capitalized interest $ 13.5 $ 9.0 $ 8.6
v3.22.4
Summary of Significant Accounting Policies - Premises and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Property, Plant and Equipment [Line Items]      
Accumulated depreciation and amortization $ (524.6) $ (526.0)  
Depreciation and amortization 172.9 157.4 $ 158.4
Furniture, Fixtures and Equipment      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross 730.1 728.3  
Leasehold Improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, gross $ 245.1 $ 236.8  
Minimum      
Property, Plant and Equipment [Line Items]      
Useful life of premises and equipment 3 years    
Maximum      
Property, Plant and Equipment [Line Items]      
Useful life of premises and equipment 10 years    
v3.22.4
Summary of Significant Accounting Policies - Hedge Accounting (Details)
 12 Months Ended
Nov. 30, 2022
Minimum  
Derivative [Line Items]  
Hedging relationship effective percentage 80.00%
Maximum  
Derivative [Line Items]  
Hedging relationship effective percentage 125.00%
v3.22.4
Accounting Developments (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
 [1]
Dec. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Decrease in retained earnings $ (8,418,354) $ (7,940,113)  
Adjustment for change in accounting principle for current expected credit losses      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Provision for credit losses     $ 26,500
Decrease in retained earnings     19,900
Adjustment for change in accounting principle for current expected credit losses | Automobile Loan      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Provision for credit losses     $ 30,100
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative investment $ 1,293,964 $ 1,046,062
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 17,372,332 16,978,559
Counterparty and cash collateral netting, assets (3,093,244) (3,305,756)
Securities received as collateral 100,362 7,289 [1]
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 11,056,477 9,267,090 [1]
Counterparty and Cash Collateral Netting (2,732,165) (3,702,200)
Other secured financings 1,712 102,788
Obligation to return securities received as collateral 100,362 7,289 [1]
Long-term debt 1,583,828 1,843,598
Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 3,497,831 3,113,062
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 2,147,117 1,695,985
Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 4,002,385 3,848,144
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 2,338,191 2,112,259
Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 127,464 611,464
U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 3,457,595 3,114,079
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 3,223,637 2,457,420
Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 574,903 509,559
Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,746,363 1,553,285
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,651,034 1,528,841
Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,341,816 1,169,723
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value   719
Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 443,310 198,752
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 490 210
Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 427,841 430,546
Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,237,916 1,693,731
Derivative, assets    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 349,166 570,472
Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 165,742 165,742
Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 183,311 59,480
Net derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 1,512,697 1,412,176
Fair value based on net asset value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Alternative investment 1,290,000 1,050,000
Level 1    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 7,460,053 6,686,065
Securities received as collateral 100,362 7,289
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 6,201,186 5,066,732
Other secured financings 0 0
Obligation to return securities received as collateral 100,362 7,289
Long-term debt 0 0
Level 1 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 3,117,327 2,737,255
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 2,097,436 1,671,696
Level 1 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 1 | Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 3,442,484 3,045,295
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 3,223,637 2,457,420
Level 1 | Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 896,805 899,086
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 879,909 935,801
Level 1 | Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value   0
Level 1 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 1 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Derivative, assets    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 3,437 4,429
Level 1 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 1 | Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 1 | Net derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 204 1,815
Level 2    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 12,214,068 12,995,640
Securities received as collateral 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 7,511,976 7,809,289
Other secured financings 0 76,883
Obligation to return securities received as collateral 0 0
Long-term debt 922,705 961,866
Level 2 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 140,157 257,318
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 48,931 19,654
Level 2 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 3,972,153 3,836,341
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 2,337,691 2,111,777
Level 2 | Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 71,640 579,518
Level 2 | U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 15,111 68,784
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 2 | Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 574,903 509,559
Level 2 | Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 849,558 654,199
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 771,125 593,040
Level 2 | Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,314,199 1,168,246
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value   719
Level 2 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 442,471 196,419
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 2 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 333,164 337,022
Level 2 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 1,069,041 1,515,314
Level 2 | Derivative, assets    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 3,427,921 3,861,551
Level 2 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 3,750 11,369
Level 2 | Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 180,147 49,555
Level 2 | Net derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 4,174,082 5,034,544
Level 3    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 791,455 602,610
Securities received as collateral 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 75,480 93,269
Other secured financings 1,712 25,905
Obligation to return securities received as collateral 0 0
Long-term debt 661,123 881,732
Level 3 | Corporate equity securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 240,347 118,489
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 750 4,635
Level 3 | Corporate debt securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 30,232 11,803
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 500 482
Level 3 | Collateralized debt obligations and collateralized loan obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 55,824 31,946
Level 3 | U.S. government and federal agency securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 3 | Municipal securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Level 3 | Sovereign obligations    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 0 0
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 0 0
Level 3 | Residential mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 27,617 1,477
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value   0
Level 3 | Commercial mortgage-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 839 2,333
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 490 210
Level 3 | Other asset-backed securities    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 94,677 93,524
Level 3 | Loans and other receivables    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 168,875 178,417
Level 3 | Derivative, assets    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 11,052 10,248
Level 3 | Investments at fair value    
Financial instruments owned:    
Total financial instruments owned, excluding Investments at fair value based on NAV 161,992 154,373
Level 3 | Loans    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value 3,164 9,925
Level 3 | Net derivatives    
Financial instruments sold, not yet purchased:    
Financial instruments sold, not yet purchased, at fair value $ 70,576 $ 78,017
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value $ 1,293,964 $ 1,046,062
Unfunded Commitments 90,855 54,978
Equity long/short hedge funds    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value 441,229 466,231
Unfunded Commitments $ 0 $ 0
Percentage of investment at fair value, redemption restriction 34.00% 21.00%
Equity long/short hedge funds | 90 Days prior written notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Percentage of investments redeemable 58.00% 74.00%
Notice period redemption of investment prior written notice 90 days  
Equity long/short hedge funds | Sixty Days Prior Written Notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Percentage of investments redeemable 6.00% 5.00%
Notice period redemption of investment prior written notice 60 days  
Equity funds    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value $ 73,176 $ 66,152
Unfunded Commitments $ 36,861 $ 18,888
Estimated period for the liquidation of the underlying assets, minimum 1 year 1 year
Estimated period for the liquidation of the underlying assets, maximum 12 years 12 years
Commodity funds    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value $ 24,283 $ 24,401
Unfunded Commitments $ 0 $ 0
Commodity funds | 60 Days prior written notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Notice period redemption of investment prior written notice 60 days 60 days
Multi-asset funds    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value $ 401,655 $ 390,224
Unfunded Commitments $ 0 $ 0
Multi-asset funds | 90 Days prior written notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Percentage of investments redeemable 15.00% 22.00%
Multi-asset funds | 60 Days prior written notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Notice period redemption of investment prior written notice 60 days 60 days
Percentage of investments redeemable 78.00% 78.00%
Multi-asset funds | 90 Days prior written notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Notice period redemption of investment prior written notice 90 days 90 days
Other funds    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair value $ 353,621 $ 99,054
Unfunded Commitments $ 53,994 $ 36,090
Short-term investments | 90 Days prior written notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Notice period redemption of investment prior written notice 90 days 90 days
Short-term investments | 120 Days prior written notice    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Notice period redemption of investment prior written notice 120 days 120 days
v3.22.4
Fair Value Disclosures - Level 3 Rollforwards (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Assets:      
Total gains/(losses) (realized and unrealized) $ 31,800 $ 140,000 $ (46,300)
Liabilities:      
Total gains/(losses) (realized and unrealized) 465,700 (12,900) 88,000
Transfers of liabilities from Level 2 to Level 3 $ 172,100 $ 74,300 $ 500
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues Revenues Revenues
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues Revenues Revenues
Corporate equity securities      
Assets:      
Beginning balance $ 118,489 $ 116,089 $ 58,426
Total gains/(losses) (realized and unrealized) (645) 19,213 1,411
Purchases 171,700 8,778 31,885
Sales (62,474) (34,307) (37,706)
Settlements (298) (49) 0
Issuances 0 0 34,688
Net transfers into/ (out of) Level 3 13,575 8,765 27,385
Ending balance 240,347 118,489 116,089
Changes in unrealized gains/(losses) included in earnings for instruments still held 7,286 11,589 4,845
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0 0 0
Liabilities:      
Beginning balance 4,635 4,434 4,487
Total gains/(losses) (realized and unrealized) (3,611) (83) 456
Purchases (815) (21) (513)
Sales 4,858 318 0
Settlements 0 0 0
Issuances 0 0 0
Net transfers into/ (out of) Level 3 (4,317) (13) 4
Ending balance 750 4,635 4,434
Changes in unrealized gains/ (losses) included in earnings for instruments still held 2,382 83 (81)
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0 0 0
Corporate debt securities      
Assets:      
Beginning balance 11,803 23,146 7,490
Total gains/(losses) (realized and unrealized) 946 1,565 83
Purchases 18,686 11,161 1,607
Sales (23,964) (7,978) (391)
Settlements (9) (1,417) (602)
Issuances 0 0 0
Net transfers into/ (out of) Level 3 22,770 (14,674) 14,959
Ending balance 30,232 11,803 23,146
Changes in unrealized gains/(losses) included in earnings for instruments still held (2,087) 1,724 (270)
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0 0 0
Liabilities:      
Beginning balance 482 141 340
Total gains/(losses) (realized and unrealized) 88 1,205 (268)
Purchases (70) (815) (325)
Sales 0 0 394
Settlements 0 (49) 0
Issuances 0 0 0
Net transfers into/ (out of) Level 3 0 0 0
Ending balance 500 482 141
Changes in unrealized gains/ (losses) included in earnings for instruments still held (88) (139) 27
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0 0 0
CDOs and CLOs      
Assets:      
Beginning balance 31,946 17,972 28,788
Total gains/(losses) (realized and unrealized) 7,099 8,092 (3,821)
Purchases 44,995 32,618 10,913
Sales (22,600) (27,332) (14,389)
Settlements (16,634) (5,042) (5,201)
Issuances 0 0 0
Net transfers into/ (out of) Level 3 11,018 5,638 1,682
Ending balance 55,824 31,946 17,972
Changes in unrealized gains/(losses) included in earnings for instruments still held (10,938) (4,390) (17,212)
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0 0 0
RMBS      
Assets:      
Beginning balance 1,477 21,826 17,740
Total gains/(losses) (realized and unrealized) (13,210) (243) (934)
Purchases 35,774 708 7,887
Sales (372) (1,183) (969)
Settlements (240) (354) (1,053)
Issuances 0 0 0
Net transfers into/ (out of) Level 3 4,188 (19,277) (845)
Ending balance 27,617 1,477 21,826
Changes in unrealized gains/(losses) included in earnings for instruments still held (7,728) (131) (599)
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0 0 0
CMBS      
Assets:      
Beginning balance 2,333 2,003 6,110
Total gains/(losses) (realized and unrealized) (733) (1,694) (827)
Purchases 0 2,445 393
Sales (749) (393) (1,856)
Settlements 0 (13) (1,787)
Issuances 0 0 0
Net transfers into/ (out of) Level 3 (12) (15) (30)
Ending balance 839 2,333 2,003
Changes in unrealized gains/(losses) included in earnings for instruments still held (703) (733) (295)
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0 0 0
Liabilities:      
Beginning balance 210 35 35
Total gains/(losses) (realized and unrealized) 0 0 0
Purchases 0 (35) 0
Sales 280 210 35
Settlements 0 0 0
Issuances 0 0 0
Net transfers into/ (out of) Level 3 0 0 (35)
Ending balance 490 210 35
Changes in unrealized gains/ (losses) included in earnings for instruments still held 0 0 0
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0 0 0
Other ABS      
Assets:      
Beginning balance 93,524 79,995 42,563
Total gains/(losses) (realized and unrealized) (6,467) 5,335 (3,848)
Purchases 74,353 65,277 69,701
Sales (20,362) (21,727) (1,638)
Settlements (39,647) (45,397) (43,072)
Issuances 0 0 0
Net transfers into/ (out of) Level 3 (6,724) 10,041 16,289
Ending balance 94,677 93,524 79,995
Changes in unrealized gains/(losses) included in earnings for instruments still held (26,982) (14,471) (5,945)
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0 0
Loans and other receivables      
Assets:      
Beginning balance 178,417 186,568 154,322
Total gains/(losses) (realized and unrealized) (1,912) 1,250 (6,203)
Purchases 45,536 50,167 110,116
Sales (33,692) (55,848) (25,568)
Settlements (48,218) (20,442) (57,455)
Issuances 0 0 0
Net transfers into/ (out of) Level 3 28,744 16,722 11,356
Ending balance 168,875 178,417 186,568
Changes in unrealized gains/(losses) included in earnings for instruments still held (11,610) (4,905) (5,522)
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0 0 0
Investments at fair value      
Assets:      
Beginning balance 154,373 213,946 205,412
Total gains/(losses) (realized and unrealized) 46,735 112,012 (31,666)
Purchases 74,984 22,957 55,836
Sales (74,742) (47,243) (167)
Settlements (15,951) (9,809) (17,298)
Issuances 0 0 0
Net transfers into/ (out of) Level 3 (23,407) (137,490) 1,829
Ending balance 161,992 154,373 213,946
Changes in unrealized gains/(losses) included in earnings for instruments still held 33,294 25,723 (33,514)
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0 0 0
Securities purchased under agreements to resell      
Assets:      
Beginning balance   0 25,000
Total gains/(losses) (realized and unrealized)     0
Purchases     0
Sales     0
Settlements     (25,000)
Issuances     0
Net transfers into/ (out of) Level 3     0
Ending balance     0
Changes in unrealized gains/(losses) included in earnings for instruments still held     0
Loans      
Liabilities:      
Beginning balance 9,925 6,913 1,690
Total gains/(losses) (realized and unrealized) 1,197 3,384 5,297
Purchases (5,173) (469) (440)
Sales 0 220 0
Settlements 96 0 0
Issuances 0 0 0
Net transfers into/ (out of) Level 3 (2,881) (123) 366
Ending balance 3,164 9,925 6,913
Changes in unrealized gains/ (losses) included in earnings for instruments still held (2,484) (1,523) (5,409)
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0 0 0
Transfers of liabilities from Level 2 to Level 3     400
Net derivatives      
Liabilities:      
Beginning balance 67,769 26,017 77,168
Total gains/(losses) (realized and unrealized) (181,750) 7,246 (40)
Purchases (1,559) 0 (7,446)
Sales 1,285 0 19,376
Settlements 0 (1,491) (2,216)
Issuances 28,436 44,453 0
Net transfers into/ (out of) Level 3 145,343 (8,456) (60,825)
Ending balance 59,524 67,769 26,017
Changes in unrealized gains/ (losses) included in earnings for instruments still held 168,304 (7,371) (1,805)
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0 0 0
Transfers of liabilities from Level 2 to Level 3 152,800 16,200  
Other secured financings      
Liabilities:      
Beginning balance 25,905 1,543 0
Total gains/(losses) (realized and unrealized) (650) (649) (2,475)
Purchases 0 0 0
Sales 0 0 0
Settlements (23,543) 0 0
Issuances 0 25,011 4,018
Net transfers into/ (out of) Level 3 0 0 0
Ending balance 1,712 25,905 1,543
Changes in unrealized gains/ (losses) included in earnings for instruments still held 650 649 2,475
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 0  
Long-term debt      
Liabilities:      
Beginning balance 881,732 676,028 480,069
Total gains/(losses) (realized and unrealized) (280,967) (22,132) 84,930
Purchases 0 0 0
Sales 0 0 0
Settlements (3,919) 0 (57,088)
Issuances 83,874 169,975 248,718
Net transfers into/ (out of) Level 3 (19,597) 57,861 (80,601)
Ending balance 661,123 881,732 676,028
Changes in unrealized gains/ (losses) included in earnings for instruments still held 239,400 85,260 (51,567)
Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held 41,567 (63,126) $ (33,363)
Structured notes      
Liabilities:      
Transfers of liabilities from Level 2 to Level 3 $ 19,300 $ 57,900  
v3.22.4
Fair Value Disclosures - Narrative (Details) - USD ($)
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Transfers of assets from Level 2 to Level 3 $ 111,700,000 $ 21,100,000 $ 122,200,000
Transfers of assets from Level 3 to Level 2 61,500,000 168,700,000 24,200,000
Transfers of liabilities from Level 2 to Level 3 172,100,000 74,300,000 500,000
Transfers of liabilities from Level 3 to Level 2 53,600,000 24,700,000 141,500,000
Net gains/(losses) on Level 3 assets (realized and unrealized) 31,800,000 140,000,000 (46,300,000)
Net gains (losses) on Level 3 liabilities (realized and unrealized) (465,700,000) 12,900,000 (88,000,000)
Value of asset excluded from significant unobservable inputs 80,200,000 40,800,000  
Value of liability excluded from significant unobservable inputs (9,600,000) (2,200,000)  
Aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due 69,200,000 56,900,000  
Loan and other receivables greater than 90 days past due 65,100,000 23,500,000  
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations 957,302,000 1,015,107,000 [1]  
Equity securities without readily determinable fair value 37,000,000 119,400,000  
Impairment 0 0 20,400,000
Realized investment gains (losses) 3,600,000 800,000 2,100,000
Unrealized gains (losses) on investments 0 0 0
Loans and other receivables      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Transfers of assets from Level 2 to Level 3 33,200,000   45,100,000
Transfers of assets from Level 3 to Level 2 4,500,000   6,600,000
Net gains/(losses) on Level 3 assets (realized and unrealized) (1,912,000) 1,250,000 (6,203,000)
Other ABS      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Transfers of assets from Level 2 to Level 3 22,600,000 10,200,000 23,000,000
Transfers of assets from Level 3 to Level 2 29,300,000   6,800,000
Net gains/(losses) on Level 3 assets (realized and unrealized) (6,467,000) 5,335,000 (3,848,000)
CDOs and CLOs      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Transfers of assets from Level 2 to Level 3 11,000,000 7,600,000  
Net gains/(losses) on Level 3 assets (realized and unrealized) 7,099,000 8,092,000 (3,821,000)
Corporate debt securities      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Transfers of assets from Level 2 to Level 3 22,800,000 3,300,000 18,000,000
Transfers of assets from Level 3 to Level 2   17,900,000 3,000,000
Net gains/(losses) on Level 3 assets (realized and unrealized) 946,000 1,565,000 83,000
Net gains (losses) on Level 3 liabilities (realized and unrealized) (88,000) (1,205,000) 268,000
RMBS      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Transfers of assets from Level 3 to Level 2   19,300,000  
Net gains/(losses) on Level 3 assets (realized and unrealized) (13,210,000) (243,000) (934,000)
Corporate equity securities      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Transfers of assets from Level 2 to Level 3 17,900,000   32,500,000
Transfers of assets from Level 3 to Level 2 4,300,000 5,400,000 5,100,000
Transfers of liabilities from Level 3 to Level 2 4,300,000    
Net gains/(losses) on Level 3 assets (realized and unrealized) (645,000) 19,213,000 1,411,000
Net gains (losses) on Level 3 liabilities (realized and unrealized) 3,611,000 83,000 (456,000)
Structured notes      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Transfers of liabilities from Level 2 to Level 3 19,300,000 57,900,000  
Transfers of liabilities from Level 3 to Level 2 38,900,000   80,600,000
Net derivatives      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Transfers of liabilities from Level 2 to Level 3 152,800,000 16,200,000  
Transfers of liabilities from Level 3 to Level 2 7,500,000 24,700,000 60,800,000
Net gains (losses) on Level 3 liabilities (realized and unrealized) 181,750,000 (7,246,000) 40,000
Loans      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Transfers of liabilities from Level 2 to Level 3     400,000
Net gains (losses) on Level 3 liabilities (realized and unrealized) (1,197,000) (3,384,000) (5,297,000)
CMBS      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Net gains/(losses) on Level 3 assets (realized and unrealized) (733,000) (1,694,000) (827,000)
Net gains (losses) on Level 3 liabilities (realized and unrealized) 0 0 $ 0
Investments at Fair Value      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Transfers of assets from Level 3 to Level 2 $ 23,400,000 $ 137,500,000  
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details)
 12 Months Ended
Nov. 30, 2022
USD ($)
Nov. 30, 2021
USD ($)
Nov. 30, 2022
$ / shares
Nov. 30, 2022
$ / Bond
Nov. 30, 2022
Nov. 30, 2022
€ / shares
Nov. 30, 2021
$ / shares
Nov. 30, 2021
$ / Bond
Nov. 30, 2021
Nov. 30, 2021
€ / shares
Nov. 30, 2021
€ / Bond
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value $ 17,372,332,000 $ 16,978,559,000                  
Derivative assets 349,166,000 570,472,000                  
Financial instruments sold, not yet purchased, at fair value 11,056,477,000 9,267,090,000 [1]                  
Derivative liabilities 1,512,697,000 1,412,176,000                  
Long term debt, at fair value 1,583,828,000 1,843,598,000                  
Corporate equity securities                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 3,497,831,000 3,113,062,000                  
Financial instruments sold, not yet purchased, at fair value 2,147,117,000 1,695,985,000                  
Corporate debt securities                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 4,002,385,000 3,848,144,000                  
Financial instruments sold, not yet purchased, at fair value 2,338,191,000 2,112,259,000                  
CDOs and CLOs                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 127,464,000 611,464,000                  
CMBS                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 443,310,000 198,752,000                  
Financial instruments sold, not yet purchased, at fair value 490,000 210,000                  
Other ABS                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 427,841,000 430,546,000                  
Loans and other receivables                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 1,237,916,000 1,693,731,000                  
RMBS                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 1,341,816,000 1,169,723,000                  
Financial instruments sold, not yet purchased, at fair value   719,000                  
Investments at fair value                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 165,742,000 165,742,000                  
Loans                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments sold, not yet purchased, at fair value 183,311,000 59,480,000                  
Level 3                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 791,455,000 602,610,000                  
Financial instruments sold, not yet purchased, at fair value 75,480,000 93,269,000                  
Long term debt, at fair value 661,123,000 881,732,000                  
Level 3 | Volatility benchmarking and market approach                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Derivative assets   6,501,000                  
Derivative liabilities 65,841,000 76,533,000                  
Level 3 | Scenario analysis                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Other secured financings 1,712,000 25,905,000                  
Level 3 | Corporate equity securities                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 240,347,000 118,489,000                  
Financial instruments sold, not yet purchased, at fair value 750,000 4,635,000                  
Level 3 | Corporate equity securities | Market approach                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments sold, not yet purchased, at fair value   4,635,000                  
Level 3 | Corporate equity securities | Market approach | Price                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments sold, not yet purchased, measurement input | $ / shares             1        
Level 3 | Non-exchange-traded securities | Market approach                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 240,347,000 117,803,000                  
Level 3 | Non-exchange-traded securities | Market approach | Price | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input     0       1     15  
Level 3 | Non-exchange-traded securities | Market approach | Price | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input     325       662     18  
Level 3 | Non-exchange-traded securities | Market approach | Price | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input     43       227     16  
Level 3 | Non-exchange-traded securities | Market approach | Volatility | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Investments in and advances to affiliates, measurement Iinput                 0.25    
Level 3 | Non-exchange-traded securities | Market approach | Volatility | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Investments in and advances to affiliates, measurement Iinput                 0.59    
Level 3 | Non-exchange-traded securities | Market approach | Volatility | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Investments in and advances to affiliates, measurement Iinput                 0.31    
Level 3 | Non-exchange-traded securities | Volatility | Volatility | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Investments in and advances to affiliates, measurement Iinput                 0.40    
Level 3 | Non-exchange-traded securities | Volatility | Volatility | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Investments in and advances to affiliates, measurement Iinput                 0.53    
Level 3 | Non-exchange-traded securities | Volatility | Volatility | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Investments in and advances to affiliates, measurement Iinput                 0.45    
Level 3 | Corporate debt securities                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 30,232,000 11,803,000                  
Financial instruments sold, not yet purchased, at fair value 500,000 482,000                  
Level 3 | Corporate debt securities | Market approach and scenario analysis                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value   11,803,000                  
Level 3 | Corporate debt securities | Market approach                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 30,232,000                    
Level 3 | Corporate debt securities | Market approach | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares     48                
Level 3 | Corporate debt securities | Market approach | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares     82                
Level 3 | Corporate debt securities | Market approach | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares     65                
Level 3 | Corporate debt securities | Market approach | Price | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares             13        
Level 3 | Corporate debt securities | Market approach | Price | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares             100        
Level 3 | Corporate debt securities | Market approach | Price | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares             86        
Level 3 | Corporate debt securities | Market approach | EBITDA multiple                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / Bond       4.2              
Level 3 | Corporate debt securities | Scenario analysis | Estimated recovery percentage                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.07            
Level 3 | CDOs and CLOs                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 55,824,000 31,946,000                  
Level 3 | CDOs and CLOs | Discounted cash flows and market approach                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 55,824,000                    
Level 3 | CDOs and CLOs | Market approach | Price | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input       67     86        
Level 3 | CDOs and CLOs | Market approach | Price | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input       102     103        
Level 3 | CDOs and CLOs | Market approach | Price | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input       89     93        
Level 3 | CDOs and CLOs | Discounted cash flows                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value   31,944,000                  
Level 3 | CDOs and CLOs | Discounted cash flows | Constant prepayment rate                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.20       0.20    
Level 3 | CDOs and CLOs | Discounted cash flows | Constant default rate                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input                 0.02    
Level 3 | CDOs and CLOs | Discounted cash flows | Constant default rate | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.02            
Level 3 | CDOs and CLOs | Discounted cash flows | Constant default rate | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.03            
Level 3 | CDOs and CLOs | Discounted cash flows | Constant default rate | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.02            
Level 3 | CDOs and CLOs | Discounted cash flows | Loss severity | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.30       0.25    
Level 3 | CDOs and CLOs | Discounted cash flows | Loss severity | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.40       0.30    
Level 3 | CDOs and CLOs | Discounted cash flows | Loss severity | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.32       0.26    
Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.18       0.08    
Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.23       0.19    
Level 3 | CDOs and CLOs | Discounted cash flows | Discount rate/yield | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.22       0.16    
Level 3 | CDOs and CLOs | Scenario analysis | Estimated recovery percentage                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.69            
Level 3 | CMBS                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 839,000 2,333,000                  
Financial instruments sold, not yet purchased, at fair value 490,000 210,000                  
Level 3 | CMBS | Discounted cash flows | Estimated recovery percentage                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input                 0.81    
Level 3 | CMBS | Scenario analysis                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 839,000                    
Level 3 | CMBS | Scenario analysis | Estimated recovery percentage                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.45            
Level 3 | CMBS | Discounted cash flows and scenario analysis                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value   2,333,000                  
Level 3 | Other ABS                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 94,677,000 $ 93,524,000                  
Level 3 | Other ABS | Discounted cash flows and market approach                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value $ 55,858,000                    
Level 3 | Other ABS | Market approach | Price | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares             37        
Level 3 | Other ABS | Market approach | Price | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares             100        
Level 3 | Other ABS | Discounted cash flows | Price                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input   94                  
Level 3 | Other ABS | Discounted cash flows | Constant prepayment rate | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input                 0    
Level 3 | Other ABS | Discounted cash flows | Constant prepayment rate | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input                 0.35    
Level 3 | Other ABS | Discounted cash flows | Constant prepayment rate | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input                 0.31    
Level 3 | Other ABS | Discounted cash flows | Constant default rate                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value   $ 86,099,000                  
Level 3 | Other ABS | Discounted cash flows | Constant default rate | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares             0.02        
Level 3 | Other ABS | Discounted cash flows | Constant default rate | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares             0.04        
Level 3 | Other ABS | Discounted cash flows | Constant default rate | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares             0.04        
Level 3 | Other ABS | Discounted cash flows | Loss severity | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input                 0.60    
Level 3 | Other ABS | Discounted cash flows | Loss severity | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input                 0.85    
Level 3 | Other ABS | Discounted cash flows | Loss severity | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input                 0.55    
Level 3 | Other ABS | Discounted cash flows | Discount rate/yield | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.06       0.03    
Level 3 | Other ABS | Discounted cash flows | Discount rate/yield | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.20       0.16    
Level 3 | Other ABS | Discounted cash flows | Discount rate/yield | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.17       0.10    
Level 3 | Other ABS | Discounted cash flows | Cumulative loss rate | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.08       0.07    
Level 3 | Other ABS | Discounted cash flows | Cumulative loss rate | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.22       0.20    
Level 3 | Other ABS | Discounted cash flows | Cumulative loss rate | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.19       0.14    
Level 3 | Other ABS | Discounted cash flows | Duration (years) | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input, term 9 months 18 days                    
Financial instruments owned, duration, measurement input   8 months 12 days                  
Level 3 | Other ABS | Discounted cash flows | Duration (years) | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input, term 1 year 7 months 6 days                    
Financial instruments owned, duration, measurement input   1 year 4 months 24 days                  
Level 3 | Other ABS | Discounted cash flows | Duration (years) | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input, term 1 year 2 months 12 days                    
Financial instruments owned, duration, measurement input   1 year 1 month 6 days                  
Level 3 | Loans and other receivables                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value $ 168,875,000 $ 178,417,000                  
Level 3 | Loans and other receivables | Market approach and scenario analysis                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 168,875,000 $ 177,193,000                  
Level 3 | Loans and other receivables | Market approach | Price | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / Bond       1       31      
Level 3 | Loans and other receivables | Market approach | Price | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / Bond       150       101      
Level 3 | Loans and other receivables | Market approach | Price | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / Bond       82       54      
Level 3 | Loans and other receivables | Discounted cash flows | Duration (years) | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, duration, measurement input   0 months                  
Level 3 | Loans and other receivables | Discounted cash flows | Duration (years) | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, duration, measurement input   2 years 2 months 12 days                  
Level 3 | Loans and other receivables | Discounted cash flows | Duration (years) | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, duration, measurement input   2 years 2 months 12 days                  
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.06       0.09    
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.78       1    
Level 3 | Loans and other receivables | Scenario analysis | Estimated recovery percentage | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input         0.30       0.76    
Level 3 | Equity options | Volatility | Volatility                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Derivative asset, measurement input                 0.46    
Level 3 | Equity options | Volatility | Volatility | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Derivative liability, measurement input         0.26       0.26    
Level 3 | Equity options | Volatility | Volatility | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Derivative liability, measurement input         0.75       0.77    
Level 3 | Equity options | Volatility | Volatility | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Derivative liability, measurement input         0.51       0.40    
Level 3 | Interest rate swaps | Market approach | Basis points upfront | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Derivative asset, measurement input                 0.1    
Derivative liability, measurement input                 0.1    
Level 3 | Interest rate swaps | Market approach | Basis points upfront | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Derivative asset, measurement input                 8.1    
Derivative liability, measurement input                 8.7    
Level 3 | Interest rate swaps | Market approach | Basis points upfront | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Derivative asset, measurement input                 3.3    
Derivative liability, measurement input                 3.1    
Level 3 | Loans/Bonds total return swaps | Market approach | Price                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments sold, not yet purchased, measurement input | $ / shares             100        
Derivative liability, measurement input | $ / Bond               100      
Level 3 | RMBS                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 27,617,000 $ 1,477,000                  
Financial instruments sold, not yet purchased, at fair value   0                  
Level 3 | Investments at fair value                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 161,992,000 154,373,000                  
Level 3 | Investments at fair value | Market approach and scenario analysis                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value 159,304,000                    
Level 3 | Private equity securities | Market approach and scenario analysis                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, at fair value   128,152,000                  
Level 3 | Private equity securities | Market approach | Price | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares     0       1        
Level 3 | Private equity securities | Market approach | Price | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares     14,919       152        
Level 3 | Private equity securities | Market approach | Price | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares     604       32        
Level 3 | Private equity securities | Market approach | Discount rate/yield | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares     0.23                
Level 3 | Private equity securities | Market approach | EBITDA multiple                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares             16.9        
Level 3 | Private equity securities | Market approach | Revenue multiple | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares             4.9        
Level 3 | Private equity securities | Market approach | Revenue multiple | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares             5.1        
Level 3 | Private equity securities | Market approach | Revenue multiple | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares             5.0        
Level 3 | Private equity securities | Market approach | Revenue growth | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input | $ / shares     30,194,338                
Level 3 | Private equity securities | Scenario analysis | Discount rate/yield | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input                 0.13    
Level 3 | Private equity securities | Scenario analysis | Discount rate/yield | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input                 0.21    
Level 3 | Private equity securities | Scenario analysis | Discount rate/yield | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input                 0.17    
Level 3 | Private equity securities | Scenario analysis | Estimated recovery percentage                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input                 0.07    
Level 3 | Private equity securities | Scenario analysis | Revenue growth                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments owned, measurement input                 0    
Level 3 | Loans                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments sold, not yet purchased, at fair value 3,164,000 9,925,000                  
Level 3 | Loans | Market approach                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Debt instrument   9,925,000                  
Level 3 | Loans | Market approach | Price | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Loans | $ / Bond               31      
Level 3 | Loans | Market approach | Price | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Loans | $ / Bond               100      
Level 3 | Loans | Market approach | Price | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Loans | $ / Bond               43      
Level 3 | Loans | Scenario analysis | Estimated recovery percentage                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments sold, not yet purchased, measurement input                 0.50    
Level 3 | Other secured financings: | Scenario analysis | Estimated recovery percentage | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Other secured financings         0.09       0.13    
Level 3 | Other secured financings: | Scenario analysis | Estimated recovery percentage | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Other secured financings         0.30       0.98    
Level 3 | Other secured financings: | Scenario analysis | Estimated recovery percentage | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Other secured financings         0.23       0.92    
Level 3 | Long-term debt | Market approach                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Financial instruments sold, not yet purchased, at fair value $ 661,123,000                    
Long term debt, at fair value   $ 881,732,000                  
Level 3 | Long-term debt | Market approach | Price | Minimum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Long-term debt       51   59   76     81
Level 3 | Long-term debt | Market approach | Price | Maximum                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Long-term debt       97   99   115     113
Level 3 | Long-term debt | Market approach | Price | Weighted Average                      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                      
Long-term debt       64   77   94     103
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
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, 2022
Nov. 30, 2021
Nov. 30, 2020
Financial instruments owned:      
Loans and other receivables $ (20,529) $ 11,682 $ (25,623)
Loans      
Financial instruments sold, not yet purchased, Long-term debt and Short-term borrowings      
Changes in instrument specific credit risk 0 1,077 0
Loan commitments      
Financial instruments sold, not yet purchased, Long-term debt and Short-term borrowings      
Changes in instrument specific credit risk 0 0 464
Short-term borrowings:      
Financial instruments sold, not yet purchased, Long-term debt and Short-term borrowings      
Other changes in fair value 0 0 (48)
Other secured financings:      
Financial instruments sold, not yet purchased, Long-term debt and Short-term borrowings      
Other changes in fair value 695 650 2,475
Long-term debt:      
Financial instruments sold, not yet purchased, Long-term debt and Short-term borrowings      
Changes in instrument specific credit risk 63,344 (113,027) 70,201
Other changes in fair value $ 345,050 $ 108,739 $ (84,116)
v3.22.4
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, 2022
Nov. 30, 2021
Financial instruments owned:    
Loans and other receivables $ 2,144,632 $ 5,600,648
Loans and other receivables on nonaccrual status and/or 90 days or greater past due 181,766 64,203
Long-term debt and short-term borrowings 369,990 (38,391)
Other secured financings 3,563 3,432
Loans and other receivables 90 days or greater past due $ 83,400 $ 19,700
v3.22.4
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on a Non-recurring Basis (Details)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
USD ($)
Nov. 30, 2021
USD ($)
Nov. 30, 2020
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Exchange ownership interest and registrations, impairment loss $ 39 $ 66  
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] Other expenses Other expenses Other expenses
Discount rate/yield      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]   Other expenses Other expenses
Discount rate/yield | Real Estate Property      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Other real estate owned, measurement input 0.120    
Discount rate/yield | Oil and Gas Properties      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Oil and gas properties, measurement input 0.100    
Discount rate/yield | Minimum | Equity Method Investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity method investments, measurement input 0.100    
Discount rate/yield | Maximum | Equity Method Investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity method investments, measurement input 0.230    
Exchange and clearing organization membership interests and registrations      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Exchange ownership interest and registrations, impairment loss $ 39 $ 66  
Nonrecurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment of Investments in and loans to related parties 27,119   $ 55,612
Impairment of intangible assets, finite-lived     300
Impairment of other assets 6,701   46,200
Nonrecurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments in and loans to related party, fair value disclosure 0   0
Finite-lived intangible assets, fair value disclosure     0
Other assets, fair value disclosure 0  
Nonrecurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments in and loans to related party, fair value disclosure 106,172   0
Finite-lived intangible assets, fair value disclosure     0
Other assets, fair value disclosure 1,709   36,400
Nonrecurring | Exchange and clearing organization membership interests and registrations      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Exchange ownership interest and registrations, impairment loss 39 66 468
Nonrecurring | Exchange and clearing organization membership interests and registrations | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Exchange ownership interest and registrations, fair value 0 1,935 1,974
Nonrecurring | Exchange and clearing organization membership interests and registrations | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Exchange ownership interest and registrations, fair value $ 0 $ 0 $ 0
v3.22.4
Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract (Details)
$ in Thousands
Nov. 30, 2022
USD ($)
Contract
Nov. 30, 2021
USD ($)
contract
Contract
Derivatives, Fair Value [Line Items]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Financial instruments owned Financial instruments owned
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Financial instruments sold, not yet purchased, at fair value Financial instruments sold, not yet purchased, at fair value
Net amounts per consolidated statements of financial condition, assets $ 349,166 $ 570,472
Net amounts per consolidated statements of financial condition, liabilities 1,512,697 1,412,176
Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets 1,077,468 1,208,316
Fair value, liabilities 864,946 1,036,998
Amounts offset in the consolidated statements of financial condition, assets (858,921) (1,008,091)
Amounts offset in the consolidated statements of financial condition, liabilities (858,921) (1,008,091)
Cleared OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets 663,504 493,261
Fair value, liabilities 678,234 508,333
Amounts offset in the consolidated statements of financial condition, assets (655,969) (483,339)
Amounts offset in the consolidated statements of financial condition, liabilities (657,192) (508,333)
Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets 1,701,438 2,174,651
Fair value, liabilities 2,701,682 3,569,045
Amounts offset in the consolidated statements of financial condition, assets (1,578,354) (1,814,326)
Amounts offset in the consolidated statements of financial condition, liabilities (1,216,052) (2,185,776)
Derivatives designated as accounting hedges:    
Derivatives, Fair Value [Line Items]    
Fair value, assets 0 66,188
Fair value, liabilities 275,797 32,200
Derivatives designated as accounting hedges: | Interest rate contracts: | Cleared OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 0 $ 35,726
Number of contracts, assets | Contract 0 2
Fair value, liabilities $ 217,922 $ 32,200
Number of contracts, liabilities | Contract 3 1
Derivatives designated as accounting hedges: | Foreign exchange contracts: | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 0 $ 30,462
Number of contracts, assets | Contract 0 4
Fair value, liabilities $ 57,875 $ 0
Number of contracts, liabilities | Contract 5 0
Derivatives not designated as accounting hedges:    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 3,442,410 $ 3,810,040
Fair value, liabilities 3,969,065 5,082,176
Derivatives not designated as accounting hedges: | Interest rate contracts: | Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 3,297 $ 1,262
Number of contracts, assets | Contract 49,736 23,888
Fair value, liabilities $ 123 $ 756
Number of contracts, liabilities | Contract 36,085 39,195
Derivatives not designated as accounting hedges: | Interest rate contracts: | Cleared OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 655,140 $ 373,355
Number of contracts, assets | Contract 3,843 4,505
Fair value, liabilities $ 452,570 $ 367,134
Number of contracts, liabilities | Contract 4,203 4,467
Derivatives not designated as accounting hedges: | Interest rate contracts: | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 1,044,632 $ 322,353
Number of contracts, assets | Contract 772 1,037
Fair value, liabilities $ 1,573,975 $ 283,481
Number of contracts, liabilities | Contract 704 967
Derivatives not designated as accounting hedges: | Foreign exchange contracts: | Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 0  
Number of contracts, assets | Contract 2  
Fair value, liabilities $ 0  
Number of contracts, liabilities | Contract 1  
Derivatives not designated as accounting hedges: | Foreign exchange contracts: | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 287,594 $ 1,428,712
Number of contracts, assets | Contract 2,398 17,792
Fair value, liabilities $ 251,339 $ 1,437,116
Number of contracts, liabilities | Contract 2,428 17,576
Derivatives not designated as accounting hedges: | Equity contracts: | Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 1,074,134 $ 1,206,606
Number of contracts, assets | Contract 1,323,637 1,582,713
Fair value, liabilities $ 864,804 $ 1,036,019
Number of contracts, liabilities | Contract 1,338,129 1,450,624
Derivatives not designated as accounting hedges: | Equity contracts: | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 348,611 $ 377,132
Number of contracts, assets | Contract 5,201 2,888
Fair value, liabilities $ 800,230 $ 1,824,418
Number of contracts, liabilities | Contract 5,543 2,682
Derivatives not designated as accounting hedges: | Commodity contracts: | Exchange-traded    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 37 $ 448
Number of contracts, assets | Contract 597 1,394
Fair value, liabilities $ 19 $ 223
Number of contracts, liabilities | Contract 607 1,457
Derivatives not designated as accounting hedges: | Commodity contracts: | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 4,327 $ 2,703
Number of contracts, assets 5 2
Fair value, liabilities $ 4,874 $ 9,862
Number of contracts, liabilities 3 7
Derivatives not designated as accounting hedges: | Commodity contracts: | Bilateral OTC | Revision of Prior Period, Error Correction, Adjustment    
Derivatives, Fair Value [Line Items]    
Number of contracts, liabilities | contract   825
Derivatives not designated as accounting hedges: | Credit contracts: | Cleared OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 8,364 $ 84,180
Number of contracts, assets | Contract 51 132
Fair value, liabilities $ 7,742 $ 108,999
Number of contracts, liabilities | Contract 35 128
Derivatives not designated as accounting hedges: | Credit contracts: | Bilateral OTC    
Derivatives, Fair Value [Line Items]    
Fair value, assets $ 16,274 $ 13,289
Number of contracts, assets | Contract 9 14
Fair value, liabilities $ 13,389 $ 14,168
Number of contracts, liabilities | Contract 8 17
Derivatives not designated as accounting hedges: | Credit contracts: | Bilateral OTC | Revision of Prior Period, Error Correction, Adjustment    
Derivatives, Fair Value [Line Items]    
Number of contracts, assets | Contract   616
v3.22.4
Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in interest expense on fair value hedge $ 6,863 $ 16,662 $ 4,856
Unrealized and realized gains (losses) (376,341) (513,614) 58,275
Net investment hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Other comprehensive income (loss), foreign currency transaction and translation gain (loss), before reclassification and tax 116,876 19,008 (3,306)
Foreign exchange contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Unrealized and realized gains (losses) (164,729) (10,152) 2,266
Foreign exchange contracts | Net investment hedging      
Derivative Instruments, Gain (Loss) [Line Items]      
Other comprehensive income (loss), foreign currency transaction and translation gain (loss), before reclassification and tax 116,876 19,008 (3,306)
Interest rate contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Unrealized and realized gains (losses) (154,378) (48,510) (52,331)
Equity contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Unrealized and realized gains (losses) (29,740) (427,593) 47,631
Commodity contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Unrealized and realized gains (losses) (43,106) (28,012) 45,491
Credit contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Unrealized and realized gains (losses) 15,612 653 15,218
Derivative, assets      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in interest expense on fair value hedge (212,280) (41,845) 41,524
Long-term debt      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in interest expense on fair value hedge $ 219,143 $ 58,507 $ (36,668)
v3.22.4
Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Details)
$ in Thousands
Nov. 30, 2022
USD ($)
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]  
OTC derivative assets having maturity period of 0 to 12 months $ 433,886
OTC derivative assets having maturity period of 1 to 5 years 800,179
OTC derivative assets having maturity period of greater than 5 years 36,172
OTC derivative assets cross-maturity netting (190,362)
Total OTC derivative assets, net of cross-maturity netting 1,079,875
Cross-product counterparty netting (35,883)
Total OTC derivative assets included in Financial instruments owned 1,043,992
OTC derivative liabilities having maturity period of 0 to 12 months 603,325
OTC derivative liabilities having maturity period of 1 to 5 years 1,133,451
OTC derivative liabilities having maturity period of greater than 5 years 524,993
OTC derivative liabilities cross-maturity netting (190,362)
Total OTC derivative liabilities, net of cross-maturity netting 2,071,407
Cross-product counterparty netting (35,883)
Total OTC derivative liabilities included in Financial instruments sold, not yet purchased 2,035,524
Exchange traded derivative assets 218,600
Cash collateral received 913,400
Exchange traded derivative liabilities, with fair value 29,500
Cash collateral pledged 552,800
Commodity swaps, options and forwards  
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]  
OTC derivative assets having maturity period of 0 to 12 months 2,826
OTC derivative assets having maturity period of 1 to 5 years 1,512
OTC derivative assets having maturity period of greater than 5 years 0
OTC derivative assets cross-maturity netting (1,547)
Total OTC derivative assets, net of cross-maturity netting 2,791
OTC derivative liabilities having maturity period of 0 to 12 months 3,904
OTC derivative liabilities having maturity period of 1 to 5 years 980
OTC derivative liabilities having maturity period of greater than 5 years 0
OTC derivative liabilities cross-maturity netting (1,547)
Consolidated Otc Derivative Liabilities Net Of Crossmaturity Netting 3,337
Equity options and forwards  
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]  
OTC derivative assets having maturity period of 0 to 12 months 51,033
OTC derivative assets having maturity period of 1 to 5 years 2,698
OTC derivative assets having maturity period of greater than 5 years 0
OTC derivative assets cross-maturity netting (499)
Total OTC derivative assets, net of cross-maturity netting 53,232
OTC derivative liabilities having maturity period of 0 to 12 months 248,343
OTC derivative liabilities having maturity period of 1 to 5 years 269,123
OTC derivative liabilities having maturity period of greater than 5 years 453
OTC derivative liabilities cross-maturity netting (499)
Total OTC derivative liabilities, net of cross-maturity netting 517,420
Credit default swaps  
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]  
OTC derivative assets having maturity period of 0 to 12 months 0
OTC derivative assets having maturity period of 1 to 5 years 762
OTC derivative assets having maturity period of greater than 5 years 7,209
OTC derivative assets cross-maturity netting (153)
Total OTC derivative assets, net of cross-maturity netting 7,818
OTC derivative liabilities having maturity period of 0 to 12 months 0
OTC derivative liabilities having maturity period of 1 to 5 years 0
OTC derivative liabilities having maturity period of greater than 5 years 153
OTC derivative liabilities cross-maturity netting (153)
Total OTC derivative liabilities, net of cross-maturity netting 0
Loans/Bonds total return swaps  
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]  
OTC derivative assets having maturity period of 0 to 12 months 126,590
OTC derivative assets having maturity period of 1 to 5 years 24,528
OTC derivative assets having maturity period of greater than 5 years 0
OTC derivative assets cross-maturity netting (4,778)
Total OTC derivative assets, net of cross-maturity netting 146,340
OTC derivative liabilities having maturity period of 0 to 12 months 66,364
OTC derivative liabilities having maturity period of 1 to 5 years 82,529
OTC derivative liabilities having maturity period of greater than 5 years 325
OTC derivative liabilities cross-maturity netting (4,778)
Total OTC derivative liabilities, net of cross-maturity netting 144,440
Foreign currency forwards, swaps and options  
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]  
OTC derivative assets having maturity period of 0 to 12 months 106,481
OTC derivative assets having maturity period of 1 to 5 years 7,379
OTC derivative assets having maturity period of greater than 5 years 0
OTC derivative assets cross-maturity netting (5,965)
Total OTC derivative assets, net of cross-maturity netting 107,895
OTC derivative liabilities having maturity period of 0 to 12 months 128,931
OTC derivative liabilities having maturity period of 1 to 5 years 6,530
OTC derivative liabilities having maturity period of greater than 5 years 0
OTC derivative liabilities cross-maturity netting (5,965)
Total OTC derivative liabilities, net of cross-maturity netting 129,496
Fixed income forwards  
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]  
OTC derivative assets having maturity period of 0 to 12 months 12,816
OTC derivative assets having maturity period of 1 to 5 years 0
OTC derivative assets having maturity period of greater than 5 years 0
OTC derivative assets cross-maturity netting 0
Total OTC derivative assets, net of cross-maturity netting 12,816
OTC derivative liabilities having maturity period of 0 to 12 months 5,989
OTC derivative liabilities having maturity period of 1 to 5 years 0
OTC derivative liabilities having maturity period of greater than 5 years 0
OTC derivative liabilities cross-maturity netting 0
Total OTC derivative liabilities, net of cross-maturity netting 5,989
Interest rate swaps, options and forwards  
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items]  
OTC derivative assets having maturity period of 0 to 12 months 134,140
OTC derivative assets having maturity period of 1 to 5 years 763,300
OTC derivative assets having maturity period of greater than 5 years 28,963
OTC derivative assets cross-maturity netting (177,420)
Total OTC derivative assets, net of cross-maturity netting 748,983
OTC derivative liabilities having maturity period of 0 to 12 months 149,794
OTC derivative liabilities having maturity period of 1 to 5 years 774,289
OTC derivative liabilities having maturity period of greater than 5 years 524,062
OTC derivative liabilities cross-maturity netting (177,420)
Total OTC derivative liabilities, net of cross-maturity netting $ 1,270,725
v3.22.4
Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Details)
$ in Thousands
Nov. 30, 2022
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
A- or higher $ 763,128
BBB- to BBB+ 156,219
BB+ or lower 73,831
Unrated 50,814
Total OTC derivative assets included in Financial instruments owned $ 1,043,992
v3.22.4
Derivative Financial Instruments - External Credit Ratings of Underlyings or Referenced Assets (Details) - USD ($)
$ in Millions
Nov. 30, 2022
Nov. 30, 2021
Index credit default swaps    
Derivative [Line Items]    
Notional amount $ 723.7 $ 3,910.8
Single name credit default swaps    
Derivative [Line Items]    
Notional amount 0.2 17.8
Investment Grade | Index credit default swaps    
Derivative [Line Items]    
Notional amount 207.9 2,612.0
Investment Grade | Single name credit default swaps    
Derivative [Line Items]    
Notional amount 0.0 0.0
Non-investment Grade | Index credit default swaps    
Derivative [Line Items]    
Notional amount 515.8 1,298.8
Non-investment Grade | Single name credit default swaps    
Derivative [Line Items]    
Notional amount 0.0 17.6
Unrated | Index credit default swaps    
Derivative [Line Items]    
Notional amount 0.0 0.0
Unrated | Single name credit default swaps    
Derivative [Line Items]    
Notional amount $ 0.2 $ 0.2
v3.22.4
Derivative Financial Instruments - Contingent Features (Details) - USD ($)
$ in Millions
Nov. 30, 2022
Nov. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Derivative instrument liabilities with credit-risk-related contingent features $ 226.5 $ 821.5
Collateral posted (168.8) (160.5)
Collateral received 177.4 369.3
Return of and additional collateral required in the event of a credit rating downgrade below investment grade $ 235.0 $ 1,030.4
v3.22.4
Collateralized Transactions - Collateral Pledged (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities Lending Arrangements $ 1,366,025 $ 1,525,721
Repurchase Agreements 13,603,033 16,019,400
Obligation to Return Securities Received as Collateral, at Fair Value 100,362 7,289
Total 15,069,420 17,552,410
Corporate equity securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities Lending Arrangements 967,800 1,160,916
Repurchase Agreements 471,581 150,602
Obligation to Return Securities Received as Collateral, at Fair Value 0 7,289
Total 1,439,381 1,318,807
Corporate debt securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities Lending Arrangements 332,204 321,356
Repurchase Agreements 2,210,934 2,684,458
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total 2,543,138 3,005,814
Mortgage-backed and asset-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities Lending Arrangements 0 0
Repurchase Agreements 1,192,265 1,209,442
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total 1,192,265 1,209,442
U.S. government and federal agency securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities Lending Arrangements 66,021 6,348
Repurchase Agreements 6,203,263 8,426,536
Obligation to Return Securities Received as Collateral, at Fair Value 100,362 0
Total 6,369,646 8,432,884
Municipal securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities Lending Arrangements 0 0
Repurchase Agreements 535,619 413,073
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total 535,619 413,073
Sovereign obligations    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities Lending Arrangements 0 37,101
Repurchase Agreements 2,450,880 2,422,901
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total 2,450,880 2,460,002
Loans and other receivables    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities Lending Arrangements 0 0
Repurchase Agreements 538,491 712,388
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total $ 538,491 $ 712,388
v3.22.4
Collateralized Transactions - Contractual Maturity (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities Lending Arrangements $ 1,366,025 $ 1,525,721
Repurchase Agreements 13,603,033 16,019,400
Obligation to Return Securities Received as Collateral, at Fair Value 100,362 7,289
Total 15,069,420 17,552,410
Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities Lending Arrangements 808,472 595,628
Repurchase Agreements 6,930,667 6,551,934
Obligation to Return Securities Received as Collateral, at Fair Value 100,362 7,289
Total 7,839,501 7,154,851
Up to 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities Lending Arrangements 0 1,318
Repurchase Agreements 1,521,629 1,798,716
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total 1,521,629 1,800,034
31-90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities Lending Arrangements 273,865 539,623
Repurchase Agreements 2,262,705 4,361,993
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total 2,536,570 4,901,616
Greater than 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities Lending Arrangements 283,688 389,152
Repurchase Agreements 2,888,032 3,306,757
Obligation to Return Securities Received as Collateral, at Fair Value 0 0
Total $ 3,171,720 $ 3,695,909
v3.22.4
Collateralized Transactions - Additional Information (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Investments, Debt and Equity Securities [Abstract]    
Fair value of securities received as collateral $ 26,820,000 $ 31,970,000
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 957,302 $ 1,015,107 [1]
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Collateralized Transactions - Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Securities borrowing arrangements    
Gross Amounts $ 5,831,148 $ 6,409,420
Netting in Consolidated Statement of Financial Condition 0 0
Net Amounts in Consolidated Statement of Financial Condition 5,831,148 6,409,420 [1]
Additional amounts available for setoff (285,361) (271,475)
Available collateral (1,381,404) (1,528,206)
Net amount 4,164,383 4,609,739
Reverse repurchase agreements    
Gross Amounts 10,697,382 15,215,785
Netting in Consolidated Statement of Financial Condition (6,150,691) (7,573,301)
Net Amounts in Consolidated Statement of Financial Condition 4,546,691 7,642,484 [1]
Additional amounts available for setoff (550,669) (540,312)
Available collateral (3,954,525) (7,048,823)
Net amount 41,497 53,349
Securities lending arrangements    
Gross Amounts 1,366,025 1,525,721
Netting in Consolidated Statement of Financial Condition 0 0
Net Amounts in Consolidated Statement of Financial Condition 1,366,025 1,525,721 [1]
Additional amounts available for setoff (285,361) (271,475)
Available collateral (1,054,228) (1,213,563)
Net amount 26,436 40,683
Repurchase agreements    
Gross Amounts 13,603,033 16,019,400
Netting in Consolidated Statement of Financial Condition (6,150,691) (7,573,301)
Net Amounts in Consolidated Statement of Financial Condition 7,452,342 8,446,099 [1]
Additional amounts available for setoff (550,669) (540,312)
Available collateral (6,374,480) (7,136,585)
Net amount 527,193 769,202
Securities borrowing arrangements 4,120,000 4,510,000
Securities borrowing arrangements, collateral 4,020,000 4,350,000
Securities borrowing arrangements, repurchase agreements 495,200 765,000
Securities borrowing arrangements, repurchase agreements, pledged securities collateral 507,300 781,800
Revision of Prior Period, Error Correction, Adjustment    
Repurchase agreements    
Available collateral 200,000  
Net amount 200,000  
Obligation to return securities received as collateral, at fair value    
Securities lending arrangements    
Gross Amounts 100,362 7,289
Netting in Consolidated Statement of Financial Condition 0 0
Net Amounts in Consolidated Statement of Financial Condition 100,362 7,289
Additional amounts available for setoff 0 0
Available collateral (100,362) (7,289)
Net amount 0 0
Securities received as collateral, at fair value    
Securities borrowing arrangements    
Gross Amounts 100,362 7,289
Netting in Consolidated Statement of Financial Condition 0 0
Net Amounts in Consolidated Statement of Financial Condition 100,362 7,289
Additional amounts available for setoff 0 0
Available collateral (100,362) (7,289)
Net amount $ 0 $ 0
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Details) - USD ($)
$ in Millions
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Transfers and Servicing [Abstract]      
Transferred assets $ 6,351.2 $ 10,487.3 $ 6,556.2
Proceeds on new securitizations 6,402.6 10,488.6 6,556.2
Cash flows received on retained interests $ 31.7 $ 21.8 $ 26.8
v3.22.4
Securitization Activities - Summary of Retained Interests in SPEs (Details) - USD ($)
$ in Millions
Nov. 30, 2022
Nov. 30, 2021
Securitization Vehicles [Line Items]    
Total RMBS securitization assets $ 219.8 $ 330.2
Total CMBS securitization assets 2,997.7 2,201.8
Total collateralized loan obligations 5,140.5 3,382.3
Consumer and other loans 2,526.7 2,271.4
U.S. government agency RMBS    
Securitization Vehicles [Line Items]    
Retained Interests 2.9 4.9
U.S. government agency CMBS    
Securitization Vehicles [Line Items]    
Retained Interests 173.9 69.2
CLOs    
Securitization Vehicles [Line Items]    
Retained Interests 31.9 31.0
Consumer and other loans    
Securitization Vehicles [Line Items]    
Retained Interests $ 122.8 $ 136.4
v3.22.4
Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Variable Interest Entity [Line Items]    
Total assets $ 51,057,683 $ 56,107,311 [1]
Total liabilities 40,630,743 45,377,271 [1]
Variable interest entities | Receivables from brokers    
Variable Interest Entity [Line Items]    
VIE assets, eliminated in consolidation   1,200
Variable interest entities | Other assets    
Variable Interest Entity [Line Items]    
VIE assets, eliminated in consolidation 82,400 56,500
Variable interest entities | Other secured financings:    
Variable Interest Entity [Line Items]    
VIE liabilities, eliminated in consolidation 253,800 36,700
Variable interest entities | Other liabilities    
Variable Interest Entity [Line Items]    
VIE liabilities, eliminated in consolidation 30,900 75,300
Variable interest entities | Securitization activity    
Variable Interest Entity [Line Items]    
Total assets 2,363,800 4,615,400
Total liabilities 2,294,500 4,568,200
Variable interest entities | Securitization activity | Cash    
Variable Interest Entity [Line Items]    
Total assets 0 3,800
Variable interest entities | Securitization activity | Financial instruments owned    
Variable Interest Entity [Line Items]    
Total assets 0 173,100
Variable interest entities | Securitization activity | Securities purchased under agreements to resell    
Variable Interest Entity [Line Items]    
Total assets 1,565,000 3,697,100
Variable interest entities | Securitization activity | Receivables from brokers    
Variable Interest Entity [Line Items]    
Total assets 0 0
Variable interest entities | Securitization activity | Other receivables    
Variable Interest Entity [Line Items]    
Total assets 0 600
Variable interest entities | Securitization activity | Other assets    
Variable Interest Entity [Line Items]    
Total assets 798,800 740,800
Variable interest entities | Securitization activity | Financial instruments sold, not yet purchased    
Variable Interest Entity [Line Items]    
Total liabilities 0 0
Variable interest entities | Securitization activity | Other secured financings:    
Variable Interest Entity [Line Items]    
Total liabilities 2,289,900 4,521,600
Variable interest entities | Securitization activity | Payables to broker dealers    
Variable Interest Entity [Line Items]    
Total liabilities 0 44,200
Variable interest entities | Securitization activity | Other liabilities    
Variable Interest Entity [Line Items]    
Total liabilities 4,600 2,400
Variable interest entities | Securitization activity | Long-term debt    
Variable Interest Entity [Line Items]    
Total liabilities 0 0
Variable interest entities | Other    
Variable Interest Entity [Line Items]    
Total assets 112,000 187,000
Total liabilities 68,000 184,400
Variable interest entities | Other | Cash    
Variable Interest Entity [Line Items]    
Total assets 1,400 0
Variable interest entities | Other | Financial instruments owned    
Variable Interest Entity [Line Items]    
Total assets 7,100 146,400
Variable interest entities | Other | Securities purchased under agreements to resell    
Variable Interest Entity [Line Items]    
Total assets 0 0
Variable interest entities | Other | Receivables from brokers    
Variable Interest Entity [Line Items]    
Total assets 15,200 40,600
Variable interest entities | Other | Other receivables    
Variable Interest Entity [Line Items]    
Total assets 0 0
Variable interest entities | Other | Other assets    
Variable Interest Entity [Line Items]    
Total assets 88,300 0
Variable interest entities | Other | Financial instruments sold, not yet purchased    
Variable Interest Entity [Line Items]    
Total liabilities 5,700 109,100
Variable interest entities | Other | Other secured financings:    
Variable Interest Entity [Line Items]    
Total liabilities 0 0
Variable interest entities | Other | Payables to broker dealers    
Variable Interest Entity [Line Items]    
Total liabilities 0 0
Variable interest entities | Other | Other liabilities    
Variable Interest Entity [Line Items]    
Total liabilities 37,600 75,300
Variable interest entities | Other | Long-term debt    
Variable Interest Entity [Line Items]    
Total liabilities $ 24,700 $ 0
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Variable Interest Entities - Variable Interests in Non-Consolidated Variable Interest Entities (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Variable Interest Entity [Line Items]    
Total assets $ 51,057,683 $ 56,107,311 [1]
Total liabilities 40,630,743 45,377,271 [1]
Variable interest entity, not primary beneficiary    
Variable Interest Entity [Line Items]    
Total assets 1,986,700 2,102,200
Total liabilities 1,400 2,000
Maximum Exposure to Loss 3,717,200 4,255,300
VIE Assets 31,512,800 29,320,300
Variable interest entity, not primary beneficiary | CLOs    
Variable Interest Entity [Line Items]    
Total assets 133,500 582,200
Total liabilities 1,400 2,000
Maximum Exposure to Loss 1,642,500 2,557,100
VIE Assets 7,705,300 10,277,500
Variable interest entity, not primary beneficiary | Asset-backed vehicles    
Variable Interest Entity [Line Items]    
Total assets 561,000 281,900
Total liabilities 0 0
Maximum Exposure to Loss 690,400 359,300
VIE Assets 4,408,300 3,474,600
Variable interest entity, not primary beneficiary | Related party private equity vehicles    
Variable Interest Entity [Line Items]    
Total assets 24,800 27,100
Total liabilities 0 0
Maximum Exposure to Loss 35,500 37,800
VIE Assets 69,100 78,900
Variable interest entity, not primary beneficiary | Other investment vehicles    
Variable Interest Entity [Line Items]    
Total assets 1,172,600 1,111,500
Total liabilities 0 0
Maximum Exposure to Loss 1,254,000 1,201,600
VIE Assets 18,940,500 15,101,400
Variable interest entity, not primary beneficiary | FXCM    
Variable Interest Entity [Line Items]    
Total assets 94,800 99,500
Total liabilities 0 0
Maximum Exposure to Loss 94,800 99,500
VIE Assets $ 389,600 $ 387,900
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Variable Interest Entities - Non-consolidated VIEs - Additional Information (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Variable Interest Entity [Line Items]    
Total assets $ 51,057,683 $ 56,107,311 [1]
Investment in FXCM    
Variable Interest Entity [Line Items]    
Our total equity balance $ 59,700 49,000
Ownership percentage 50.00%  
Variable interest entity, not primary beneficiary    
Variable Interest Entity [Line Items]    
Total assets $ 1,986,700 2,102,200
Variable interest entity, not primary beneficiary | Investment in FXCM    
Variable Interest Entity [Line Items]    
Our total equity balance 59,700  
Fair value of senior secured term loan receivable 35,100 50,500
Related party private equity vehicles | Variable interest entity, not primary beneficiary    
Variable Interest Entity [Line Items]    
Total assets 24,800 27,100
Other investment vehicles    
Variable Interest Entity [Line Items]    
Equity commitments amount 1,140,000 1,090,000
Funded equity commitments 1,060,000 999,800
Carrying amount of equity investment 1,170,000 1,110,000
Other investment vehicles | Variable interest entity, not primary beneficiary    
Variable Interest Entity [Line Items]    
Total assets 1,172,600 1,111,500
Agency mortgage-backed securities | Variable interest entities    
Variable Interest Entity [Line Items]    
Total assets 1,470,000 1,310,000
Non-agency mortgage and other asset-backed securities | Variable interest entities    
Variable Interest Entity [Line Items]    
Total assets 180,600 253,900
JCP Entities | Related party private equity vehicles    
Variable Interest Entity [Line Items]    
Equity commitments amount 133,000  
Funded equity commitments 122,400 122,300
Carrying amount of equity investment $ 24,800 $ 27,100
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Investments - Loans and Investments In Related Parties (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]      
Investments in and loans to related parties $ 1,426,817 $ 1,587,409 [1]  
Income (loss) related to associated companies $ (36,300) $ 149,900 $ (75,200)
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Investments - Jefferies Finance - Narrative (Details) - Jefferies Finance
 12 Months Ended
Nov. 30, 2022
USD ($)
businessLine
Nov. 30, 2021
USD ($)
Schedule of Equity Method Investments [Line Items]    
Number of business lines | businessLine 2  
Equity commitment $ 750,000,000  
Total committed equity capitalization 1,500,000,000  
Unfunded portion of equity commitment to subsidiary $ 15,400,000  
Extension period 1 year  
Termination notice period 60 days  
Funded portion of loan commitment $ 0  
Loan commitment 250,000,000  
Other assets (3)    
Schedule of Equity Method Investments [Line Items]    
Receivables under service agreement 1,200,000 $ 26,200,000
Accrued expense and other liabilities    
Schedule of Equity Method Investments [Line Items]    
Payables under service agreement 500,000 $ 8,500,000
Committed advances    
Schedule of Equity Method Investments [Line Items]    
Committed line of credit facility amount $ 500,000,000  
Jefferies Finance    
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 50.00%  
v3.22.4
Investments - Summary of Selected Financial Information for Jefferies Finance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]      
Total assets $ 51,057,683 $ 56,107,311 [1]  
Total liabilities 40,630,743 45,377,271 [1]  
Net earnings (loss) 781,710 1,677,376 [1] $ 768,410 [1]
Jefferies Finance      
Schedule of Equity Method Investments [Line Items]      
Total assets 6,763,000 8,258,700  
Total liabilities 5,490,100 6,843,900  
Net earnings (loss) (129,400) 205,700 (74,900)
Jefferies Finance      
Schedule of Equity Method Investments [Line Items]      
Interest income 400 1,500 2,400
Unfunded commitment fees 1,200 1,200 1,100
Our total equity balance 636,400 707,400  
Origination and syndication fee revenues 194,700 410,500 198,100
Origination fee expenses 39,700 66,800 27,300
CLO placement fee revenues 4,600 5,700 1,700
Underwriting fees 0 2,500 1,700
Service fees $ 94,700 $ 85,100 $ 65,100
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Investments - Berkadia - Narrative (Details) - USD ($)
Nov. 30, 2022
Nov. 30, 2021
Berkadia    
Schedule of Equity Method Investments [Line Items]    
Surety policy issued $ 1,500,000,000  
Commercial paper $ 1,470,000,000  
Berkadia    
Schedule of Equity Method Investments [Line Items]    
Percentage of profits received from joint venture 45.00%  
Commercial paper $ 1,470,000,000  
Purchase commitment amount $ 237,400,000 $ 425,600,000
v3.22.4
Investments - Summary of Selected Financial Information for Berkadia (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]      
Total assets $ 51,057,683 $ 56,107,311 [1]  
Total liabilities 40,630,743 45,377,271 [1]  
Noncontrolling interests 62,633 25,885 [1]  
Revenues 7,149,263 8,945,464 [1] $ 6,880,447 [1]
Net earnings (loss) 781,710 1,677,376 [1] 768,410 [1]
Our share of net earnings (36,300) 149,900 (75,200)
Berkadia      
Schedule of Equity Method Investments [Line Items]      
Total assets 4,436,000 4,630,700  
Total liabilities 2,801,700 3,377,000  
Noncontrolling interests 690,100 425,800  
Revenues 1,361,200 1,262,400 1,000,400
Net earnings (loss) 276,500 290,300 153,100
Berkadia      
Schedule of Equity Method Investments [Line Items]      
Our total equity balance 425,900 373,400  
Our share of net earnings 124,400 130,600 68,900
Cash distribution from equity method investment $ 69,800 $ 58,000 $ 37,100
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Investments - OpNet - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended
Jan. 31, 2023
Nov. 30, 2022
Nov. 30, 2021
Schedule of Equity Method Investments [Line Items]      
Ownership percentage upon conversion   63.00%  
OpNet      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage   42.00%  
Investment voting percentage   48.00%  
Subordinated bonds at fair value   $ 48.6  
Principal outstanding   19.3  
Subscriptions advance amount   12.5  
Common stock warrants, at fair value   54.2 $ 27.8
OpNet | Redeemable Preferred Stock      
Schedule of Equity Method Investments [Line Items]      
Preferred stock, redemption amount   24.5 89.1
OpNet | Convertible Preferred Stock      
Schedule of Equity Method Investments [Line Items]      
Preferred stock, redemption amount   $ 0.0 $ 17.4
OpNet | Subsequent event      
Schedule of Equity Method Investments [Line Items]      
Subscriptions advance amount $ 20.8    
v3.22.4
Investments - Summary of Selected Financial Information for OpNet (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]      
Total assets $ 51,057,683 $ 56,107,311 [1]  
Total liabilities 40,630,743 45,377,271 [1]  
Net earnings 781,710 1,677,376 [1] $ 768,410 [1]
OpNet      
Schedule of Equity Method Investments [Line Items]      
Total assets 1,050,800 782,000  
Total liabilities 935,200 734,000  
Net earnings (88,600) (90,500) $ (78,800)
OpNet      
Schedule of Equity Method Investments [Line Items]      
Our total equity balance $ 0 $ 0  
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Investments - FXCM - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Schedule of Equity Method Investments [Line Items]    
Brokers, dealers and clearing organizations $ 2,628,727 $ 3,952,093 [1]
Investment in FXCM    
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 50.00%  
Senior secured term loans at fair value $ 35,100 50,500
Weighted average life of assets and liabilities 11 years  
Brokers, dealers and clearing organizations $ 500 $ 700
Investment, other than temporary impairment $ 25,300  
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Investments - Summary of Selected Financial Information For FXCM (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]      
Total assets $ 51,057,683 $ 56,107,311 [1]  
Total liabilities 40,630,743 45,377,271 [1]  
Net earnings 781,710 1,677,376 [1] $ 768,410 [1]
Investment in FXCM      
Schedule of Equity Method Investments [Line Items]      
Total assets 389,600 387,900  
Total liabilities 341,400 382,200  
Net earnings 39,000 (21,500) $ 6,500
Investment in FXCM      
Schedule of Equity Method Investments [Line Items]      
Our total equity balance $ 59,700 $ 49,000  
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Investments - Golden Queen Mining Company - Narrative (Details) - USD ($)
$ in Millions
Nov. 30, 2022
Nov. 30, 2021
Schedule of Equity Method Investments [Line Items]    
Warrants, fair value $ 0.6 $ 3.1
Ownership percentage upon conversion 63.00%  
Golden Queen Mining Company    
Schedule of Equity Method Investments [Line Items]    
Ownership percentage upon conversion 51.90%  
Golden Queen Mining Company | Golden Queen Mining Company    
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 50.00%  
Principal outstanding $ 14.0 $ 13.9
v3.22.4
Investments - Summary of Selected Financial Information For Golden Queen Mining Company (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]      
Total assets $ 51,057,683 $ 56,107,311 [1]  
Total liabilities 40,630,743 45,377,271 [1]  
Net earnings 781,710 1,677,376 [1] $ 768,410 [1]
Golden Queen Mining Company      
Schedule of Equity Method Investments [Line Items]      
Total assets 209,800 224,500  
Total liabilities 102,100 101,600  
Net earnings (15,200) (14,700) $ (9,600)
Golden Queen Mining Company      
Schedule of Equity Method Investments [Line Items]      
Our total equity balance $ 46,500 $ 55,100  
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Investments - Real Estate Investments - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Brooklyn Renaissance Plaza Hotel | HomeFed LLC      
Schedule of Equity Method Investments [Line Items]      
Investment, other than temporary impairment     $ 6.9
54 Madison Capital, LLC      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage 48.10%    
Cash distributions $ 18.4 $ 39.4  
Hotel | Brooklyn Renaissance Plaza Office | HomeFed LLC      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage 25.40%    
Office Building | Brooklyn Renaissance Plaza Office | HomeFed LLC      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage 61.30%    
Weighted average life of assets and liabilities 39 years    
v3.22.4
Investments - Summary of Selected Financial Information For Real Estate Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]      
Total assets $ 51,057,683 $ 56,107,311 [1]  
Total liabilities 40,630,743 45,377,271 [1]  
Net earnings 781,710 1,677,376 [1] $ 768,410 [1]
Real Estate Investments      
Schedule of Equity Method Investments [Line Items]      
Total assets 350,400 434,500  
Total liabilities 487,500 506,100  
Net earnings 17,700 (27,000) $ (12,300)
Real Estate Investments      
Schedule of Equity Method Investments [Line Items]      
Our total equity balance $ 107,300 $ 115,200  
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Investments - JCP Fund V - Narrative (Details) - JCP Fund V - USD ($)
$ in Millions
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Schedule of Equity Method Investments [Line Items]    
Investment amount $ 23.9 $ 25.4
Unfunded portion of equity commitment to subsidiary $ 8.7 8.7
Percent of financial information presented 100.00%  
Ownership percentage 35.20%  
Maximum    
Schedule of Equity Method Investments [Line Items]    
Total committed equity capitalization $ 85.0 $ 85.0
v3.22.4
Investments - Summary of Selected Financial Information for JCP Fund V (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2020
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]                  
Total assets             $ 51,057,683 $ 56,107,311 [1]  
Total liabilities             40,630,743 45,377,271 [1]  
Total partners’ capital             $ 10,295,479 10,579,640 [1] $ 9,438,525
JCP Fund V                  
Schedule of Equity Method Investments [Line Items]                  
Total assets       $ 68,000 $ 72,000        
Total liabilities       0 0        
Total partners’ capital       68,000 72,000        
JCP Fund V                  
Schedule of Equity Method Investments [Line Items]                  
Ownership percentage             35.20%    
Net gains (losses) from our investments in JCP Fund V             $ 100 $ 7,700 $ (3,000)
Net increase (decrease) in net assets resulting from operations $ (3,200) $ (1,000) $ (1,400) $ (1,300) $ 23,800 $ (12,500)      
Jefferies Capital Partners V L.P.                  
Schedule of Equity Method Investments [Line Items]                  
Ownership percentage             11.00%    
SBI USA Fund L.P.                  
Schedule of Equity Method Investments [Line Items]                  
Ownership percentage             50.00%    
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Investments - Other Asset Management Companies - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 30, 2022
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]        
Revenues   $ 7,149,263 $ 8,945,464 [1] $ 6,880,447 [1]
Floor brokerage and clearing fees   347,805 301,860 [1] 266,592 [1]
Principal transactions        
Schedule of Equity Method Investments [Line Items]        
Revenues   833,757 1,617,336 [1] 1,928,143 [1]
Principal transactions | Monashee's Separate Managed Accounts        
Schedule of Equity Method Investments [Line Items]        
Revenues   $ (3,200) (800) 0
Monashee        
Schedule of Equity Method Investments [Line Items]        
Ownership percentage   50.00%    
Percentage of profits received from joint venture   47.50%    
Monashee's Separate Managed Accounts        
Schedule of Equity Method Investments [Line Items]        
Our total equity balance   $ 17,700 13,600  
Floor brokerage and clearing fees   700 0 $ 0
Various Asset Management Entities        
Schedule of Equity Method Investments [Line Items]        
Our total equity balance   $ 18,600 $ 25,000  
Oak Hill        
Schedule of Equity Method Investments [Line Items]        
Our total equity balance $ 167,700      
Ownership percentage     15.00%  
Gain on sale $ 175,100      
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Investments - ApiJect - Narrative (Details) - ApiJect - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Schedule of Equity Method Investments [Line Items]    
Ownership percentage 38.00%  
Percentage of future revenue 1.125%  
Cash consideration $ 25.0  
Converted term loan agreement into common shares 25.0  
Fair value of equity investment 100.1  
Change in fair value of equity investments $ 37.3  
Warrants purchased (in shares) 950  
Term loan    
Schedule of Equity Method Investments [Line Items]    
Loans, face amount $ 28.7  
Interest income 2.3 $ 1.6
Automobile loans fair value $ 28.9 $ 26.6
v3.22.4
Credit Losses on Financial Assets Measured at Amortized Cost - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]      
Bad debt expense, net of reversals $ 4,141 $ 2,287 $ 19,582
Prime Brokerage      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Bad debt expense, net of reversals   39,000  
Automobile Loan      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Financing receivable, balance $ 891,100 $ 812,600  
Historical loss experience period 8 years    
Supportable forecast period 2 years    
v3.22.4
Credit Losses on Financial Assets Measured at Amortized Cost - Rollforward of the Allowance for Credit Losses Related to Automobile Loans (Details) - Automobile Loan - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 67,236 $ 29,710 $ 23,606
Provision for doubtful accounts 35,173 18,768 27,974
Charge-offs, net of recoveries (22,795) (11,390) (21,870)
Ending balance 79,614 67,236 29,710
Adjustment for change in accounting principle for current expected credit losses      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 0 30,148 0
Ending balance   $ 0 $ 30,148
v3.22.4
Credit Losses on Financial Assets Measured at Amortized Cost - Summary of Automobile Loans Held for Investment by Credit Score (Details) - Automobile Loan - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 / 2021 $ 399,610 $ 402,195
2021 / 2020 277,149 148,852
2020 / 2019 82,742 132,028
2019 / 2018 70,992 72,686
2018 / 2017 34,106 32,968
Prior Years 14,627 12,958
Total $ 879,226 $ 801,687
Percent 100.00% 100.00%
Credit scores of 680 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 / 2021 $ 53,700 $ 71,724
2021 / 2020 46,668 31,215
2020 / 2019 17,276 31,143
2019 / 2018 16,560 16,695
2018 / 2017 7,631 3,642
Prior Years 1,378 805
Total $ 143,213 $ 155,224
Percent 16.30% 19.40%
Credit scores between 620 to 679    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 / 2021 $ 170,220 $ 198,097
2021 / 2020 132,528 79,315
2020 / 2019 44,095 66,247
2019 / 2018 35,393 37,714
2018 / 2017 17,635 17,637
Prior Years 7,647 6,509
Total $ 407,518 $ 405,519
Percent 46.30% 50.60%
Credit scores below 620    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022 / 2021 $ 175,690 $ 132,374
2021 / 2020 97,953 38,322
2020 / 2019 21,371 34,638
2019 / 2018 19,039 18,277
2018 / 2017 8,840 11,689
Prior Years 5,602 5,644
Total $ 328,495 $ 240,944
Percent 37.40% 30.00%
v3.22.4
Credit Losses on Financial Assets Measured at Amortized Cost - Aging of Automobile Loans Held For Investment (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Current Accounts    
Financing Receivable, Past Due [Line Items]    
2022 / 2021 $ 380,863 $ 391,366
2021 / 2020 255,412 142,210
2020 / 2019 76,841 125,580
2019 / 2018 66,338 68,852
2018 / 2017 31,269 31,147
Prior Years 13,291 12,041
Total $ 824,014 $ 771,196
Percent 93.70% 96.20%
30 - 59 days    
Financing Receivable, Past Due [Line Items]    
2022 / 2021 $ 12,720 $ 7,387
2021 / 2020 15,550 4,444
2020 / 2019 4,307 4,330
2019 / 2018 3,380 2,979
2018 / 2017 2,020 1,472
Prior Years 1,097 698
Total $ 39,074 $ 21,310
Percent 4.40% 2.70%
60 - 89 days    
Financing Receivable, Past Due [Line Items]    
2022 / 2021 $ 3,718 $ 2,613
2021 / 2020 4,156 1,586
2020 / 2019 1,090 1,620
2019 / 2018 734 616
2018 / 2017 569 305
Prior Years 181 157
Total $ 10,448 $ 6,897
Percent 1.20% 0.80%
90 days and over    
Financing Receivable, Past Due [Line Items]    
2022 / 2021 $ 2,309 $ 829
2021 / 2020 2,031 612
2020 / 2019 504 498
2019 / 2018 539 240
2018 / 2017 248 44
Prior Years 59 61
Total $ 5,690 $ 2,284
Percent 0.70% 0.30%
Total    
Financing Receivable, Past Due [Line Items]    
2022 / 2021 $ 399,610 $ 402,195
2021 / 2020 277,149 148,852
2020 / 2019 82,742 132,028
2019 / 2018 70,991 72,687
2018 / 2017 34,106 32,968
Prior Years 14,628 12,957
Total $ 879,226 $ 801,687
Percent 100.00% 100.00%
v3.22.4
Credit Losses on Financial Assets Measured at Amortized Cost - Schedule of Allowance for Credit Loss - Investing Banking (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]      
Accounts receivable, allowance for credit loss, beginning balance $ 4,824 $ 19,788 $ 6,817
Bad debt expense, net of reversals 4,141 2,287 19,582
Charge-offs (910) (6,409) (2,083)
Recoveries collected (2,141) (7,248) (4,528)
Accounts receivable, allowance for credit loss, ending balance 5,914 4,824 19,788
Adjustment for change in accounting principle for current expected credit losses      
Financing Receivable, Allowance for Credit Loss [Line Items]      
Accounts receivable, allowance for credit loss, beginning balance $ 0 (3,594) 0
Accounts receivable, allowance for credit loss, ending balance   $ 0 $ (3,594)
v3.22.4
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Goodwill [Roll Forward]    
Balance, at beginning of period $ 1,745,098 [1] $ 1,746,314
Currency translation and other adjustments (8,984) (1,216)
Balance, at end of period 1,736,114 1,745,098 [1]
Investment Banking and Capital Markets    
Goodwill [Roll Forward]    
Balance, at beginning of period 1,561,928  
Balance, at end of period 1,552,944 1,561,928
Asset Management    
Goodwill [Roll Forward]    
Balance, at beginning of period 183,170  
Balance, at end of period $ 183,170 $ 183,170
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Indefinite-lived Intangible Assets [Line Items]    
Impairment losses $ (39) $ (66)
Accumulated amortization - finite lived intangible assets (136,116) (171,585)
Total gross costs - intangible assets 275,617 324,053
Total net carrying amount - intangible assets 139,462 152,402
Exchange and clearing organization membership interests and registrations    
Indefinite-lived Intangible Assets [Line Items]    
Impairment losses (39) (66)
Gross costs - indefinite lived intangible assets 7,447 7,798
Net carrying amount - indefinite lived intangible assets 7,408 7,732
Customer relationships    
Indefinite-lived Intangible Assets [Line Items]    
Gross costs - finite lived intangible assets 126,028 170,820
Impairment losses 0 0
Accumulated amortization - finite lived intangible assets (89,109) (128,012)
Net carrying amount - finite lived intangible assets $ 36,919 $ 42,808
Useful life - finite lived intangible assets 8 years 2 months 12 days 9 years
Trade name    
Indefinite-lived Intangible Assets [Line Items]    
Gross costs - finite lived intangible assets $ 127,185 $ 128,753
Impairment losses 0 0
Accumulated amortization - finite lived intangible assets (35,486) (32,244)
Net carrying amount - finite lived intangible assets $ 91,699 $ 96,509
Useful life - finite lived intangible assets 25 years 3 months 18 days 26 years 3 months 18 days
Other    
Indefinite-lived Intangible Assets [Line Items]    
Gross costs - finite lived intangible assets $ 14,957 $ 16,682
Impairment losses 0 0
Accumulated amortization - finite lived intangible assets (11,521) (11,329)
Net carrying amount - finite lived intangible assets $ 3,436 $ 5,353
Useful life - finite lived intangible assets 4 years 8 months 12 days 5 years 7 months 6 days
v3.22.4
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]      
Aggregate amortization expense $ 10.9 $ 14.2 $ 15.3
v3.22.4
Goodwill and Intangible Assets - Future Amortization Expense Related to Intangible Assets (Details)
$ in Thousands
Nov. 30, 2022
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Year ending November 30, 2023 $ 9,902
Year ending November 30, 2024 9,147
Year ending November 30, 2025 8,636
Year ending November 30, 2026 8,608
Year ending November 30, 2027 $ 8,593
v3.22.4
Short-Term Borrowings - Schedule of Short-Term Borrowings (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Short-term Debt [Line Items]    
Short-term borrowings $ 528,392 $ 221,863
Fixed rate callable note    
Short-term Debt [Line Items]    
Short-term borrowings 4,068 0
Floating rate puttable notes    
Short-term Debt [Line Items]    
Short-term borrowings 6,800 6,800
Bank loans    
Short-term Debt [Line Items]    
Short-term borrowings $ 517,524 $ 215,063
v3.22.4
Short-Term Borrowings - Additional Infomation (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Short-term Debt [Line Items]    
Weighted average interest rate on short-term borrowings outstanding 4.62%  
Short-term debt $ 528,392 $ 221,863
Line of credit    
Short-term Debt [Line Items]    
Short-term debt $ 517,000 $ 200,000
v3.22.4
Long-Term Debt - Summary of Long-Term Debt Carrying Values Including Unamortized Discounts and Premiums (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Debt Instrument [Line Items]      
Long-term debt $ 8,774,086 $ 9,125,745 [1]  
Gain (losses) recognized in interest expense of Jeffries Group 6,863 16,662 $ 4,856
Long term debt, at fair value 1,583,828 1,843,598  
Fair value, inputs, level 2 and level 3      
Debt Instrument [Line Items]      
Long term debt, at fair value 8,460,000 $ 9,850,000  
5.500% Senior Notes      
Debt Instrument [Line Items]      
Interest rate   5.50%  
HomeFed EB-5 Program Debt | Subsidiaries      
Debt Instrument [Line Items]      
Long-term debt 209,060 $ 203,132  
HomeFed Construction Loan | Subsidiaries      
Debt Instrument [Line Items]      
Long-term debt 56,965 45,581  
Unsecured long-term debt      
Debt Instrument [Line Items]      
Long-term debt $ 7,474,530 8,002,852  
Unsecured long-term debt | 5.500% Senior Notes      
Debt Instrument [Line Items]      
Effective Interest Rate 5.47%    
Long-term debt $ 393,048 440,120  
Unsecured long-term debt | 1.000% Euro Medium Term Notes      
Debt Instrument [Line Items]      
Interest rate 1.00%    
Effective Interest Rate 1.00%    
Long-term debt $ 519,970 564,985  
Unsecured long-term debt | 4.500% Callable Note due 2025      
Debt Instrument [Line Items]      
Interest rate 4.50%    
Effective Interest Rate 4.84%    
Long-term debt $ 6,153 0  
Unsecured long-term debt | 5.000% Callable Note due 2026      
Debt Instrument [Line Items]      
Interest rate 5.00%    
Effective Interest Rate 5.52%    
Long-term debt $ 8,554 0  
Unsecured long-term debt | 4.850% Senior Notes      
Debt Instrument [Line Items]      
Interest rate 4.85%    
Effective Interest Rate 6.29%    
Long-term debt $ 703,533 775,550  
Unsecured long-term debt | 4.850% Senior Notes | Interest rate swaps      
Debt Instrument [Line Items]      
Gain (losses) recognized in interest expense of Jeffries Group $ 219,100 58,500  
Unsecured long-term debt | 6.450% Senior Debentures      
Debt Instrument [Line Items]      
Interest rate 6.45%    
Effective Interest Rate 5.46%    
Long-term debt $ 363,915 366,556  
Unsecured long-term debt | 5.000% Callable Note due 2027      
Debt Instrument [Line Items]      
Interest rate 5.00%    
Effective Interest Rate 5.22%    
Long-term debt $ 24,784 0  
Unsecured long-term debt | 5.000% Callable Note due 2028      
Debt Instrument [Line Items]      
Interest rate 5.00%    
Effective Interest Rate 5.29%    
Long-term debt $ 9,888 0  
Unsecured long-term debt | 4.150% Senior Notes      
Debt Instrument [Line Items]      
Interest rate 4.15%    
Effective Interest Rate 4.26%    
Long-term debt $ 991,518 990,525  
Unsecured long-term debt | 2.625% Senior Debentures (1)      
Debt Instrument [Line Items]      
Interest rate 2.625%    
Effective Interest Rate 3.90%    
Long-term debt $ 911,777 988,059  
Unsecured long-term debt | 2.750% Senior Debentures (1)      
Debt Instrument [Line Items]      
Interest rate 2.75%    
Effective Interest Rate 5.67%    
Long-term debt $ 392,162 460,724  
Unsecured long-term debt | 6.250% Senior Notes      
Debt Instrument [Line Items]      
Interest rate 6.25%    
Effective Interest Rate 6.03%    
Long-term debt $ 497,681 505,267  
Unsecured long-term debt | 6.500% Senior Notes      
Debt Instrument [Line Items]      
Interest rate 6.50%    
Effective Interest Rate 6.09%    
Long-term debt $ 409,472 409,926  
Unsecured long-term debt | 6.625% Senior Notes      
Debt Instrument [Line Items]      
Interest rate 6.625%    
Effective Interest Rate 6.61%    
Long-term debt $ 246,954 246,888  
Unsecured long-term debt | Floating Rate Senior Notes      
Debt Instrument [Line Items]      
Effective Interest Rate 3.72%    
Long-term debt $ 61,715 61,703  
Unsecured long-term debt | Unsecured Revolving Credit Facility      
Debt Instrument [Line Items]      
Effective Interest Rate 5.29%    
Long-term debt $ 349,578 348,951  
Unsecured long-term debt | Structured notes      
Debt Instrument [Line Items]      
Long-term debt 1,583,828 1,843,598  
Secured long-term debt      
Debt Instrument [Line Items]      
Long-term debt 100,000 100,000  
Secured long-term debt | Secured Credit Facilities      
Debt Instrument [Line Items]      
Long-term debt $ 933,531 $ 774,180  
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Long-Term Debt - Narrative (Details) - USD ($)
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Debt Instrument [Line Items]    
Increase (decrease) of long-term debt $ (351,700,000) $ 774,000,000
Long-term debt 8,774,086,000 9,125,745,000 [1]
Unsecured long-term debt    
Debt Instrument [Line Items]    
Increase (decrease) of long-term debt   349,000,000
Long-term debt 7,474,530,000 8,002,852,000
Secured long-term debt    
Debt Instrument [Line Items]    
Increase (decrease) of long-term debt 176,700,000 484,300,000
Long-term debt 100,000,000 100,000,000
Secured long-term debt | Secured Credit Facilities    
Debt Instrument [Line Items]    
Long-term debt 933,531,000 $ 774,180,000
Long-term debt gross 112,900,000  
2.625% Senior Debentures (1) | Senior notes    
Debt Instrument [Line Items]    
Interest rate   2.625%
Debt principal amount   $ 1,000,000,000
Floating Rate Senior Notes, due October 29, 2071 | Senior notes    
Debt Instrument [Line Items]    
Debt principal amount   $ 62,300,000
5.125% Senior Notes, due January 20, 2023    
Debt Instrument [Line Items]    
Interest rate   5.125%
5.125% Senior Notes, due January 20, 2023 | Senior notes    
Debt Instrument [Line Items]    
Debt principal amount   $ 750,000,000
5.500% Senior Notes    
Debt Instrument [Line Items]    
Interest rate   5.50%
Debt principal amount   $ 308,300,000
5.500% Senior Notes | Unsecured long-term debt    
Debt Instrument [Line Items]    
Long-term debt 393,048,000 440,120,000
Structured notes    
Debt Instrument [Line Items]    
Debt issued during period, principal amount, net of retirements 209,400,000 175,600,000
Structured notes | Unsecured long-term debt    
Debt Instrument [Line Items]    
Long-term debt 1,583,828,000 1,843,598,000
Secured Credit Facilities    
Debt Instrument [Line Items]    
Long-term debt   774,100,000
Loans | Subsidiaries    
Debt Instrument [Line Items]    
Long-term debt $ 100,000,000  
Bank Loan Obligations | LIBOR    
Debt Instrument [Line Items]    
Debt basis spread on variable rate 1.25%  
HomeFed Construction Loans | HomeFed LLC    
Debt Instrument [Line Items]    
Construction loans, maximum borrowing amount $ 101,900,000  
Weighted average interest rate 6.07%  
Long-term debt gross $ 57,000,000 $ 45,600,000
HomeFed Construction Loans | LIBOR | HomeFed LLC | Minimum    
Debt Instrument [Line Items]    
Debt basis spread on variable rate 1.35%  
HomeFed Construction Loans | LIBOR | HomeFed LLC | Maximum    
Debt Instrument [Line Items]    
Debt basis spread on variable rate 3.00%  
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Leases - Finance Lease ROU Assets (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Leases [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Premises and equipment Premises and equipment
Premises and equipment - ROU assets $ 455,264 $ 472,014
Remaining lease term (in years) 10 years 10 years
Discount rate 2.90% 2.90%
v3.22.4
Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Leases [Abstract]    
2022 $ 0 $ 75,384
2023 76,847 71,383
2024 78,656 67,039
2025 78,103 66,939
2026 74,472 64,105
2027 71,255 61,722
2028 and thereafter 228,722 228,964
Total undiscounted cash flows 608,055 635,536
Less: Difference between undiscounted and discounted cash flows (75,353) (87,470)
Operating leases amount in our Consolidated Statements of Financial Condition $ 532,702 $ 548,066
Operating lease, liability, statement of financial position [Extensible List]    
Finance leases amount in our Consolidated Statements of Financial Condition $ 1,006 $ 229
Finance Lease, Liability, Statement of Financial Position [Extensible List]    
Total amount in our Consolidated Statements of Financial Condition $ 533,708 $ 548,295 [1]
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Leases - Additional Information (Details)
$ in Millions
Nov. 30, 2022
USD ($)
Leases [Abstract]  
Lease not yet commenced, term 5 years
Lease not yet commenced, payments $ 1.2
v3.22.4
Leases - Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Leases [Abstract]      
Operating lease costs $ 80,959 $ 79,701 $ 77,452
Variable lease costs 12,887 11,168 13,576
Less: Sublease income (4,507) (7,191) (7,590)
Total lease cost, net $ 89,339 $ 83,678 $ 83,438
v3.22.4
Leases - Supplemental Information of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Leases [Abstract]      
Cash outflows - lease liabilities $ 81,082 $ 79,437 $ 73,300
Non-cash - ROU assets recorded for new and modified leases $ 87,977 $ 30,246 $ 22,460
v3.22.4
Mezzanine Equity - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Nov. 30, 2022
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Purchase Requirement [Line Items]        
Redeemable noncontrolling interests $ 6,500,000 $ 6,500,000 $ 25,400,000  
Mandatorily redeemable convertible preferred shares redemption value $ 125,000,000 $ 125,000,000 $ 125,000,000 [1]  
Dividends per common share (in dollars per share) $ 0.30 $ 1.20 $ 0.90 $ 0.60
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%    
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Common Shares and Earnings Per Common Share - Earnings Per Share Computation (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Numerator for earnings per common share:      
Net earnings attributable to Jefferies Financial Group Inc. $ 777,168 $ 1,667,403 [1] $ 769,605 [1]
Allocation of earnings to participating securities (3,015) (9,961) (4,795)
Net earnings attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share 774,153 1,657,442 764,810
Adjustment to allocation of earnings to participating securities related to diluted shares 29 207 23
Mandatorily redeemable convertible preferred share dividends 8,281 6,949 5,634
Net earnings attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share $ 782,463 $ 1,664,598 $ 770,467
Denominator for earnings per common share:      
Weighted average common shares outstanding (in shares) 234,258,000 246,991,000 268,518,000
Denominator for basic earnings per share – weighted average shares (in shares) 247,378,000 263,595,000 285,693,000
Mandatorily redeemable convertible preferred shares (in shares) 4,441,000 4,441,000 4,441,000
Denominator for diluted earnings per share (in shares) 255,571,000 271,501,000 290,490,000
Earnings per share, Basic (USD per share) $ 3.13 $ 6.29 [1] $ 2.68 [1]
Earnings per share, Diluted (USD per share) $ 3.06 $ 6.13 [1] $ 2.65 [1]
Weighted average shares of participating securities (in shares)   1,586,500 1,801,700
 Dividends declared on participating securities $ 1,100 $ 1,400 $ 1,000
Restricted stock with future service required      
Denominator for earnings per common share:      
Weighted average shares of restricted stock outstanding with future service required (in shares) (1,330,000) (1,567,000) (1,785,000)
Restricted stock units with no future service required      
Denominator for earnings per common share:      
Weighted average RSUs outstanding with no future service required (in shares) 14,450,000 18,171,000 18,960,000
Stock options      
Denominator for earnings per common share:      
Dilutive effect of share-based payment arrangements (in shares) 1,518,000 1,203,000 0
Senior executive compensation plan awards | Restricted stock units (RSUs)      
Denominator for earnings per common share:      
Dilutive effect of share-based payment arrangements (in shares) 2,234,000 2,262,000 356,000
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Common Shares and Earnings Per Common Share - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Jan. 31, 2022
Earnings Per Share [Abstract]        
Stock repurchase program, authorized amount $ 145.9 $ 250.0 $ 250.0 $ 87.5
Available for future purchases $ 250.0      
v3.22.4
Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income, Net of Taxes (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total accumulated other comprehensive loss $ 10,295,479 $ 10,579,640 [1] $ 9,438,525
Net unrealized gains (losses) on available for sale securities      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total accumulated other comprehensive loss (5,892) 269 513
Net unrealized foreign exchange losses      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total accumulated other comprehensive loss (220,071) (166,499) (156,718)
Net unrealized losses related to instrument specific credit risk      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total accumulated other comprehensive loss (104,526) (153,672) (71,151)
Net minimum pension liability      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total accumulated other comprehensive loss (48,930) (52,241) (61,561)
Total accumulated other comprehensive loss      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total accumulated other comprehensive loss $ (379,419) $ (372,143) $ (288,917)
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income Reclassifications (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Revenues $ 7,149,263 $ 8,945,464 [1] $ 6,880,447 [1]
Selling, general and other expenses, which includes pension expense (2,589,044) (3,554,760) [1] (2,944,071) [1]
Total reclassifications for the period, net of tax (781,710) (1,677,376) [1] (768,410) [1]
Principal transactions      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Revenues 833,757 1,617,336 [1] 1,928,143 [1]
Net unrealized gains (losses) on instrument specific credit risk at fair value, net of income tax benefit (expense) of $41, $(599), and $(146), respectively      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Reclassification for the period, tax 41 (599) (146)
Net minimum pension liability      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Reclassification for the period, tax 845 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 (2,612) (1,277) (2,475)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net unrealized gains (losses) on instrument specific credit risk at fair value, net of income tax benefit (expense) of $41, $(599), and $(146), respectively | Principal transactions      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Revenues (129) 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 $ (2,483) $ (3,138) $ (2,872)
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Revenues from Contracts with Customers - Components of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: $ 4,742,858 $ 6,141,801 $ 3,923,227
Total revenues 7,149,263 8,945,464 [1] 6,880,447 [1]
Investment banking      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 2,807,822 4,365,699 2,501,494
Total revenues 2,807,822 4,365,699 [1] 2,501,494 [1]
Commissions and other fees      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 925,494 896,015 822,248
Total revenues 925,494 896,015 [1] 822,248 [1]
Asset management fees      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 23,525 14,836 14,702
Total revenues 80,264 72,084 [1] 34,209 [1]
Manufacturing revenues      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 412,605 538,628 421,434
Oil and gas revenues      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 302,135 182,973 102,210
Real estate revenues      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 223,323 102,297 26,671
Other contracts with customers      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 47,954 41,353 34,468
Total revenues 1,318,288 1,038,012 [1] 584,805 [1]
Principal transactions      
Disaggregation of Revenue [Line Items]      
Other sources of revenue 833,757 1,617,336 1,928,143
Total revenues 833,757 1,617,336 [1] 1,928,143 [1]
Revenues from strategic affiliates      
Disaggregation of Revenue [Line Items]      
Other sources of revenue 56,739 57,248 19,507
Interest      
Disaggregation of Revenue [Line Items]      
Other sources of revenue 1,183,638 956,318 1,009,548
Total revenues 1,183,638 956,318 [1] 1,009,548 [1]
Other      
Disaggregation of Revenue [Line Items]      
Other sources of revenue $ 332,271 $ 172,761 $ 22
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: $ 4,742,858 $ 6,141,801 $ 3,923,227
Investment Banking and Capital Markets      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 3,733,316 5,261,714 3,323,742
Asset Management      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 1,009,542 880,087 599,485
Americas      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 3,915,518 5,125,883 3,333,762
Americas | Investment Banking and Capital Markets      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 2,910,318 4,249,641 2,741,288
Americas | Asset Management      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 1,005,200 876,242 592,474
Europe and the Middle East      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 577,607 769,562 408,498
Europe and the Middle East | Investment Banking and Capital Markets      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 575,012 766,746 401,853
Europe and the Middle East | Asset Management      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 2,595 2,816 6,645
Asia      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 249,733 246,356 180,967
Asia | Investment Banking and Capital Markets      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 247,986 245,327 180,601
Asia | Asset Management      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 1,747 1,029 366
Investment banking - Advisory      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 1,778,003 1,873,560 1,053,500
Investment banking - Advisory | Investment Banking and Capital Markets      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 1,778,003 1,873,560 1,053,500
Investment banking - Advisory | Asset Management      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 0 0 0
Investment banking - Underwriting      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 1,029,819 2,492,139 1,447,994
Investment banking - Underwriting | Investment Banking and Capital Markets      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 1,029,819 2,492,139 1,447,994
Investment banking - Underwriting | Asset Management      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 0 0 0
Equities      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 910,254 881,660 806,340
Equities | Investment Banking and Capital Markets      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 910,254 881,660 806,340
Equities | Asset Management      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 0 0 0
Fixed income      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 15,240 14,355 15,908
Fixed income | Investment Banking and Capital Markets      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 15,240 14,355 15,908
Fixed income | Asset Management      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 0 0 0
Asset management      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 23,525 14,836 14,702
Asset management | Investment Banking and Capital Markets      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 0 0 0
Asset management | Asset Management      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 23,525 14,836 14,702
Merchant banking      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 986,017 865,251 584,783
Merchant banking | Investment Banking and Capital Markets      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: 0 0 0
Merchant banking | Asset Management      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers: $ 986,017 $ 865,251 $ 584,783
v3.22.4
Revenues from Contracts with Customers - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Revenue from Contract with Customer [Abstract]      
Revenue related to performance obligations satisfied $ 78.9 $ 50.0 $ 11.1
Revenue associated with distribution services, a portion of which related to prior periods 28.1 12.1 17.6
Deferred revenue 27.0 49.7  
Deferred revenue, revenue recognized 48.7 10.8 10.9
Receivables related to revenue from contracts with customers 206.6 298.7  
Capitalized contract cost 3.4 1.6  
Expenses related to capitalized costs to fulfill a contract $ 1.6 $ 1.7 $ 5.1
v3.22.4
Benefit Plans - Narrative (Details)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
USD ($)
portfolio
Nov. 30, 2021
USD ($)
Nov. 30, 2020
USD ($)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]      
Defined contribution plan $ 12,700 $ 9,800 $ 9,500
WiTel Plan      
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]      
Number of portfolios | portfolio 2    
United States      
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]      
Contribution amount $ 1,000    
Expected contribution plan for next year 1,000    
Accumulated other comprehensive (income) loss, before tax 40,500 44,900  
Liability, defined benefit pension plan $ 24,800 $ 27,500  
Expected long-term return on plan assets 5.00% 5.00%  
United States | WiTel Plan      
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]      
Expected long-term return on plan assets 6.00% 7.00%  
United States | U.S. Pension Plan      
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]      
Current expected inflation Rate 2.50%    
Equity risk premium over risk free assets 4.60%    
Expected long-term return on plan assets 5.00%    
United States | U.S. Pension Plan | Minimum      
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]      
Long duration risk free real rate of return (0.50%)    
Rate of return premium for corporate credit risk 0.50%    
United States | U.S. Pension Plan | Maximum      
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]      
Long duration risk free real rate of return 1.50%    
Rate of return premium for corporate credit risk 1.50%    
v3.22.4
Benefit Plans - Changes in Projected Benefit Obligation and Components of Net Periodic Pension Costs (Details) - United States - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Change in projected benefit obligation:      
Projected benefit obligation, beginning of year $ 226,728 $ 236,572  
Interest cost 5,805 4,946 $ 6,349
Actuarial (gains) losses (47,362) (4,977)  
Settlements (4,702) 0  
Benefits paid (8,403) (9,813)  
Projected benefit obligation, end of year 172,066 226,728 236,572
Change in plan assets:      
Fair value of plan assets, beginning of year 199,215 190,220  
Actual return on plan assets (37,574) 13,619  
Employer contributions 1,000 7,089  
Benefits paid (8,403) (9,813)  
Settlements (4,702) 0  
Administrative expenses paid (2,264) (1,900)  
Fair value of plan assets, end of year 147,272 199,215 $ 190,220
Funded status at end of year $ (24,794) $ (27,513)  
v3.22.4
Benefit Plans - Components of Net Periodic Pension Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Change in projected benefit obligation:      
Defined Benefit Plan Net Periodic Benefit Cost Credit Interest Cost Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag Interest cost Interest cost Interest cost
Defined Benefit Plan Net Periodic Benefit Cost Credit Expected Return Loss Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag Expected return on plan assets Expected return on plan assets Expected return on plan assets
Defined Benefit Plan Net Periodic Benefit Cost Credit Settlement Gain Loss Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag Settlement losses Settlement losses Settlement losses
Defined Benefit Plan Net Periodic Benefit Cost Credit Amortization Of Gain Loss Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag Actuarial losses Actuarial losses Actuarial losses
United States      
Change in projected benefit obligation:      
Interest cost $ 5,805 $ 4,946 $ 6,349
Expected return on plan assets (7,311) (8,433) (7,934)
Settlement losses 833 0 376
Actuarial losses 3,348 4,192 3,453
Net periodic pension cost 2,675 705 2,244
Net (gains) losses arising during the period 211 8,264 (3,821)
Settlement losses (833) 0 (376)
Amortization of net loss (3,348) (4,192) (3,453)
Total recognized in other comprehensive income (loss) (4,392) (12,456) (8)
Net amount recognized in net periodic benefit cost and other comprehensive income (loss) $ (1,717) $ (11,751) $ 2,236
v3.22.4
Benefit Plans - Assumptions Used to Determine Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Benefit Cost (Details) - United States
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Change in projected benefit obligation:    
Discount rate used to determine benefit obligation 4.80% 2.40%
Weighted-average assumptions used to determine net pension cost:    
Discount rate 2.40% 2.00%
Expected long-term return on plan assets 5.00% 5.00%
WiTel Plan    
Change in projected benefit obligation:    
Discount rate used to determine benefit obligation 4.90% 2.60%
Weighted-average assumptions used to determine net pension cost:    
Discount rate 2.60% 2.20%
Expected long-term return on plan assets 6.00% 7.00%
v3.22.4
Benefit Plans - Expected Benefit Payments (Details) - United States
$ in Thousands
Nov. 30, 2022
USD ($)
Expected Benefit Payments  
2023 $ 15,869
2024 12,362
2025 12,015
2026 12,933
2027 13,487
2028 – 2032 $ 63,356
v3.22.4
Compensation Plans - Equity Compensation Plan (Details) - $ / shares
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Dec. 31, 2022
Restricted stock units (RSUs) | Subsequent event        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares reserved for stock options and warrants (in shares)       934,718
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) 550,000 445,000 484,000  
Grants, weighted average grant date fair value (in dollars per share) $ 28.78 $ 30.03 $ 15.73  
Equity Compensation Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock available for grant (in shares) 4,489,965      
v3.22.4
Compensation Plans - Senior Executive Compensation Plan (Details)
 1 Months Ended 12 Months Ended
Dec. 31, 2021
USD ($)
Mar. 31, 2021
$ / shares
shares
Nov. 30, 2022
USD ($)
tranche
multiplierAmount
$ / shares
shares
Nov. 30, 2021
USD ($)
$ / shares
shares
Nov. 30, 2020
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Compensation and benefits expense     $ 251,000,000.0 $ 461,500,000 $ 522,100,000
Restricted stock units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Grant date fair value $ 8,200,000        
Vesting period (in years) 3 years        
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) | shares     550,000 445,000 484,000
Grants, weighted average grant date fair value (in dollars per share) | $ / shares     $ 28.78 $ 30.03 $ 15.73
Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Grant date fair value $ 8,200,000        
Service period (in years) 3 years        
ROTE threshold level 7.50%        
Target level of ROTE 10.00%        
Performance Shares | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Target level of ROTE 7.50%        
Percentage of target PSUs 75.00%        
Performance Shares | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Target level of ROTE 15.00%        
Percentage of target PSUs 150.00%        
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     $ 35.44 $ 29.81 $ 15.19
Restricted shares, vested (in shares) | shares     537,000 74,000 187,000
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) | shares     67,000 74,000 139,000
Grants, weighted average grant date fair value (in dollars per share) | $ / shares     $ 28.67 $ 29.81 $ 15.82
2016 Plan | Restricted stock units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted shares, vested (in shares) | shares         48,000
Senior Executives | Stock options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock options issued (in shares) | shares   2,506,266      
Stock options, exercise price (in dollars per share) | $ / shares   $ 23.75      
Number of vesting tranches | tranche     3    
Common shares reserved issuance (in shares) | shares     5,012,532 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     9.00%    
Performance measurement benchmark, growth rate in ROTDE     9.00%    
Performance measurement benchmark, growth rate in TSR and ROTDE (less than)     6.00%    
Additional incentive compensation, percentage     75.00%    
Performance measurement benchmark, growth rate in TSR and ROTDE (up to)     12.00%    
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     9.00%    
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     9.00%    
Senior Executives | Leadership Continuity Grant          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Grant date fair value $ 25,000,000        
Service period (in years) 5 years        
Holding period 3 years        
v3.22.4
Compensation Plans - Activity of Restricted Stock (Details) - Restricted stock - $ / shares
shares in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Restricted Stock      
Nonvested balance, beginning of period (in shares) 1,584 1,483 2,008
Grants (in shares) 1,457 337 115
Forfeited (in shares) 0 (40) (21)
Fulfillment of vesting requirement (in shares) (902) (196) (619)
Nonvested balance, end of period (in shares) 2,139 1,584 1,483
Weighted- Average Grant Date Fair Value      
Nonvested balance, beginning of period (in dollars per share) $ 23.78 $ 22.19 $ 22.04
Grants (in dollars per share) 29.91 30.81 13.20
Forfeited (in dollars per share) 0 24.92 23.38
Fulfillment of vesting requirement (in dollars per share) 24.03 23.55 19.99
Nonvested balance, end of period (in dollars per share) $ 27.85 $ 23.78 $ 22.19
v3.22.4
Compensation Plans - Schedule of Activity in RSUs (Details) - $ / shares
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Restricted stock units (RSUs) | Senior executive compensation plan awards      
Restricted Stock      
Nonvested balance, beginning of period (in shares) 2,867,000 4,189,000 6,491,000
Grants (in shares) 537,000 74,000 187,000
Forfeited (in shares) 0 (1,396,000) (15,000)
Fulfillment of vesting requirement (in shares) (1,433,000) 0 (2,474,000)
Nonvested balance, end of period (in shares) 1,971,000 2,867,000 4,189,000
Weighted- Average Grant Date Fair Value      
Nonvested balance, beginning of period (in dollars per share) $ 25.43 $ 24.75 $ 23.13
Grants (in dollars per share) 35.44 29.81 15.19
Forfeited (in dollars per share) 0 25.31 19.01
Fulfillment of vesting requirement (in dollars per share) 25.43 0 19.80
Nonvested balance, end of period (in dollars per share) $ 28.16 $ 25.43 $ 24.75
Restricted stock units with future service required      
Restricted Stock      
Nonvested balance, beginning of period (in shares) 48,000 21,000 10,000
Grants (in shares) 2,299,000 80,000 14,000
Distributions of underlying shares (in shares) 0 0 0
Forfeited (in shares) 0 0 0
Fulfillment of vesting requirement (in shares) (39,000) (53,000) (3,000)
Nonvested balance, end of period (in shares) 2,308,000 48,000 21,000
Weighted- Average Grant Date Fair Value      
Nonvested balance, beginning of period (in dollars per share) $ 24.07 $ 14.99 $ 18.83
Grants (in dollars per share) 33.75 27.10 13.20
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) 24.67 25.03 18.83
Nonvested balance, end of period (in dollars per share) $ 33.70 $ 24.07 $ 14.99
Restricted stock units with no future service required      
Restricted Stock      
Vested balance, beginning of period (in shares) 17,193,000 18,543,000 15,667,000
Grants (in shares) 472,000 445,000 487,000
Distributions of underlying shares (in shares) (6,453,000) (1,803,000) (88,000)
Forfeited (in shares) 0 0 0
Fulfillment of vesting requirement (in shares) (1,443,000) (8,000) (2,477,000)
Vested balance, end of period (in shares) 12,655,000 17,193,000 18,543,000
Weighted- Average Grant Date Fair Value      
Balance, beginning of period (in dollars per share) $ 20.64 $ 20.97 $ 21.35
Grants (in dollars per share) 28.79 30.03 15.73
Distribution of underlying shares (in dollars per share) 14.65 26.32 25.48
Forfeited (in dollars per share) 0 0 0
Fulfillment of vesting requirement (in dollars per share) 25.38 15.52 19.80
Balance, end of period, weighted average grant date fair value (in dollars per share) $ 24.55 $ 20.64 $ 20.97
Restricted stock units with no future service required | Senior executive compensation plan awards      
Restricted Stock      
Fulfillment of vesting requirement (in shares) (1,433) 0 (2,474)
v3.22.4
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
v3.22.4
Compensation Plans - Compensation Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation and benefits expense $ 251.0 $ 461.5 $ 522.1
Profit sharing plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation and benefits expense 10.5 7.8 7.8
Restricted cash awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation and benefits expense 196.6 375.5 474.3
Accelerated amortization 0.0 188.3  
Stock options and Stock appreciation rights      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation and benefits expense 0.0 48.7 0.1
Restricted stock and RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation and benefits expense 43.9 29.5 39.9
Restricted stock and RSUs | Deferred Compensation Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted cash awards $ 0.5 $ 0.4 $ 0.3
v3.22.4
Compensation Plans - Other Compensation Plan (Details) - shares
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Options issued to purchased number of shares (in shares) 2    
Other Stock-Based Plans      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares reserved for stock options and warrants (in shares) 12,000 96,000 313,000
v3.22.4
Compensation Plans - Remaining Unamortized Amounts (Details)
$ in Millions
 12 Months Ended
Nov. 30, 2022
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Remaining Unamortized Amounts $ 414.3
Weighted Average Vesting Period (in Years)
Non-vested share-based awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Remaining Unamortized Amounts $ 124.6
Weighted Average Vesting Period (in Years) 4 years
Restricted cash awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Remaining Unamortized Amounts $ 289.7
Weighted Average Vesting Period (in Years) 3 years
v3.22.4
Compensation Plans - Restricted Cash Awards (Details) - Restricted cash awards
$ in Thousands
 12 Months Ended
Nov. 30, 2022
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]  
Year Ended November 30, 2022 $ 90,400
Year Ended November 30, 2023 106,800
Year Ended November 30, 2024 103,700
Thereafter 227,100
Total $ 528,000
v3.22.4
Income Taxes - Schedule of Provision For Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Current:      
U.S. Federal $ 198,507 $ 322,551 $ 90,350
U.S. state and local 67,236 70,370 68,261
Foreign 78,505 86,918 75,395
Total current 344,248 479,839 234,006
Deferred:      
U.S. Federal (61,303) 72,753 52,765
U.S. state and local (17,010) 19,502 (1,288)
Foreign 7,917 4,635 13,190
Total deferred (70,396) 96,890 64,667
Total income tax expense $ 273,852 $ 576,729 [1] $ 298,673 [1]
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Income Taxes - Schedule of Income before Income Tax, U.S. and non-U.S. (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Income Tax Disclosure [Abstract]      
U.S. $ 801,047 $ 1,970,625 $ 813,305
Non-U.S. 254,515 283,480 253,778
Earnings before income taxes $ 1,055,562 $ 2,254,105 [1] $ 1,067,083 [1]
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
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, 2022
Nov. 30, 2021
Nov. 30, 2020
Amount      
Computed expected federal income taxes $ 221,668 $ 473,362 $ 224,087
State and local income taxes, net of Federal income tax benefit 47,364 96,884 45,457
International operations (including foreign rate differential) 18,711 18,073 13,155
Non-deductible executive compensation 12,596 20,359 12,814
Foreign tax credits, net (20,368) (13,963) (8,654)
Employee share-based awards (37,988) 893 209
Regulatory Settlement 20,184 0 0
Change in unrecognized tax benefits related to prior years (16,915) (27,374) (4,522)
Interest on unrecognized tax benefits 13,902 8,651 15,600
Other, net 14,698 (156) 527
Total income tax expense $ 273,852 $ 576,729 [1] $ 298,673 [1]
Percent      
Computed expected federal income taxes 21.00% 21.00% 21.00%
State and local income taxes, net of Federal income tax benefit 4.50% 4.30% 4.30%
International operations (including foreign rate differential) 1.80% 0.80% 1.20%
Non-deductible executive compensation 1.20% 0.90% 1.20%
Foreign tax credits, net (1.90%) (0.60%) (0.80%)
Employee share-based awards (3.60%) 0.00% 0.00%
Regulatory Settlement 1.90% 0.00% 0.00%
Change in unrecognized tax benefits related to prior years (1.70%) (1.20%) (0.50%)
Interest on unrecognized tax benefits 0.013 0.004 0.015
Other, net 1.40% 0.00% 0.10%
Total income tax expense, percent 25.90% 25.60% 28.00%
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Reconciliation of Unrecognized Tax Benefits      
Balance at beginning of period $ 339,036 $ 314,347 $ 260,138
Increases based on tax positions related to the current period 30,690 50,079 41,114
Increases based on tax positions related to prior periods 5,902 3,490 22,328
Decreases based on tax positions related to prior periods (25,673) (24,180) (8,966)
Decreases related to settlements with taxing authorities 0 4,700 267
Balance at end of period $ 349,955 $ 339,036 $ 314,347
v3.22.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Income Tax Disclosure [Abstract]      
Unrecognized tax benefits that would impact effective tax rate in future $ 276,500 $ 267,800  
Net interest expense related to unrecognized tax benefits 18,600 10,800 $ 19,900
Accrued interest on unrecognized tax benefits 116,500 97,900 $ 87,100
Net deferred tax asset 387,862 $ 327,547  
Operating loss carryforwards 10,200    
Valuation allowance 4,500    
Decrease in unrecognized tax benefits is reasonably possible $ 26,300    
v3.22.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Deferred tax assets:    
Compensation and benefits $ 250,096 $ 187,818
Operating lease liabilities 133,250 135,862
Long-term debt 47,535 65,037
Accrued expenses and other 166,564 178,451
Investments in associated companies 11,931 1,135
Sub-total 609,376 568,303
Valuation allowance (6,266) (11,922)
Total deferred tax assets 603,110 556,381
Deferred tax liabilities:    
Operating lease right-of-use assets 118,567 126,150
Amortization of intangibles 62,670 62,123
Other 34,011 40,561
Total deferred tax liabilities 215,248 228,834
Net deferred tax asset, included in Other assets $ 387,862 $ 327,547
v3.22.4
Commitments, Contingencies and Guarantees - Commitments and Contingencies (Details)
$ in Millions
Nov. 30, 2022
USD ($)
Commitments And Guarantee Obligations [Line Items]  
2023 $ 15,407.6
2024 288.9
2025 and 2026 283.0
2027 and 2028 12.7
2029 and Later 160.2
Maximum Payout 16,152.4
Equity commitments  
Commitments And Guarantee Obligations [Line Items]  
2023 25.2
2024 1.4
2025 and 2026 103.3
2027 and 2028 2.8
2029 and Later 160.2
Maximum Payout 292.9
Loan commitments  
Commitments And Guarantee Obligations [Line Items]  
2023 271.5
2024 0.0
2025 and 2026 70.0
2027 and 2028 9.9
2029 and Later 0.0
Maximum Payout 351.4
Loans purchase commitments  
Commitments And Guarantee Obligations [Line Items]  
2023 2,363.9
2024 0.0
2025 and 2026 0.0
2027 and 2028 0.0
2029 and Later 0.0
Maximum Payout 2,363.9
Underwriting commitments  
Commitments And Guarantee Obligations [Line Items]  
2023 62.3
2024 0.0
2025 and 2026 0.0
2027 and 2028 0.0
2029 and Later 0.0
Maximum Payout 62.3
Forward starting reverse repos  
Commitments And Guarantee Obligations [Line Items]  
2023 8,470.9
2024 0.0
2025 and 2026 0.0
2027 and 2028 0.0
2029 and Later 0.0
Maximum Payout 8,470.9
Forward starting repos  
Commitments And Guarantee Obligations [Line Items]  
2023 4,213.7
2024 0.0
2025 and 2026 0.0
2027 and 2028 0.0
2029 and Later 0.0
Maximum Payout 4,213.7
Other unfunded commitments  
Commitments And Guarantee Obligations [Line Items]  
2023 0.1
2024 287.5
2025 and 2026 109.7
2027 and 2028 0.0
2029 and Later 0.0
Maximum Payout 397.3
Back-to-back committed sales contracts  
Commitments And Guarantee Obligations [Line Items]  
Maximum Payout 2,670.0
Forward starting securities purchased under agreements to resell  
Commitments And Guarantee Obligations [Line Items]  
Maximum Payout 7,730.0
Forward starting securities sold under agreements to repurchase settled agreements  
Commitments And Guarantee Obligations [Line Items]  
Maximum Payout $ 2.6
v3.22.4
Commitments, Contingencies and Guarantees - Additional Information (Details)
 12 Months Ended
Nov. 30, 2022
USD ($)
Loss Contingencies [Line Items]  
Fair value of derivative contracts approximated deemed to meet the definition of a guarantee $ 702,100,000
Berkadia  
Loss Contingencies [Line Items]  
Reimbursement of losses incurred, maximum percentage 50.00%
Surety policy issued $ 1,500,000,000
Commercial paper 1,470,000,000
HomeFed LLC  
Loss Contingencies [Line Items]  
Bonds outstanding 70,700,000
Standby letters of credit  
Loss Contingencies [Line Items]  
Letters of credit commitments $ 57,600,000
Letters of credit commitments expiration period 1 year
Clients  
Loss Contingencies [Line Items]  
Loan commitments outstanding to clients $ 97,400,000
Strategic Affiliates  
Loss Contingencies [Line Items]  
Loan commitments outstanding to clients 4,000,000
Jefferies Capital Partners LLC  
Loss Contingencies [Line Items]  
Outstanding equity commitments 10,600,000
Third parties  
Loss Contingencies [Line Items]  
Outstanding equity commitments 230,100,000
Other investments  
Loss Contingencies [Line Items]  
Outstanding equity commitments $ 36,800,000
v3.22.4
Commitments, Contingencies and Guarantees - Schedule of Guarantees (Details)
$ in Millions
Nov. 30, 2022
USD ($)
Derivative contracts—non-credit related  
Guarantor Obligations [Line Items]  
2023 $ 19,015.0
2024 6,933.1
2025 and 2026 11,994.3
2027 and 2028 850.3
2029 and Later 0.0
Notional/ Maximum Payout 38,792.7
Written derivative contracts—credit related  
Guarantor Obligations [Line Items]  
2023 0.0
2024 0.2
2025 and 2026 0.0
2027 and 2028 0.0
2029 and Later 0.0
Notional/ Maximum Payout 0.2
Total derivative contracts  
Guarantor Obligations [Line Items]  
2023 19,015.0
2024 6,933.3
2025 and 2026 11,994.3
2027 and 2028 850.3
2029 and Later 0.0
Notional/ Maximum Payout $ 38,792.9
v3.22.4
Net Capital Requirements - Schedule of Net Capital and Excess Net Capital (Details)
$ in Thousands
Nov. 30, 2022
USD ($)
Jefferies LLC  
Net Capital Requirements [Line Items]  
Net Capital $ 903,349
Excess Net Capital 806,238
JFSI  
Net Capital Requirements [Line Items]  
Net Capital 436,681
Excess Net Capital $ 416,681
v3.22.4
Net Capital Requirements - Additional Information (Details) - USD ($)
$ in Millions
Nov. 30, 2022
Nov. 30, 2021
Broker-Dealer [Abstract]    
Amount of restricted net assets $ 5,770 $ 6,070
Amount of restricted net assets for regulatory capital requirements $ 4,870 $ 5,250
v3.22.4
Segment Reporting - Additional Information (Details)
 12 Months Ended
Nov. 30, 2022
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.22.4
Segment Reporting - Net Revenues, Expenses and Total Assets by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues $ 5,978,838 $ 8,013,826 [1] $ 5,850,521 [1]
Non-interest expenses 4,923,200    
Non-interest expenses 4,923,276 5,759,721 [1] 4,783,438 [1]
Earnings before income taxes 1,055,562 2,254,105 [1] 1,067,083 [1]
Total assets 51,057,683 56,107,311 [1]  
Operating Segments      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues 5,983,900 8,010,400 5,844,100
Non-interest expenses 4,917,900 5,756,300 4,779,400
Earnings before income taxes 1,066,000 2,254,100 1,064,700
Segment Reconciling Items      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues (5,100) 3,400 6,400
Non-interest expenses 5,300 3,400 4,000
Earnings before income taxes (10,400) 0 2,400
Investment Banking and Capital Markets      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total assets 45,541,000 50,912,300  
Investment Banking and Capital Markets | Operating Segments      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues 4,726,200 6,917,800 5,029,500
Non-interest expenses 3,950,900 4,730,600 3,920,700
Earnings before income taxes 775,300 2,187,200 1,108,800
Asset Management      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total assets 5,516,700 5,195,000  
Asset Management | Operating Segments      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues 1,257,700 1,092,600 814,600
Non-interest expenses 967,000 1,025,700 858,700
Earnings before income taxes $ 290,700 $ 66,900 $ (44,100)
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Segment Reporting - Net Revenues by Geographic Region (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Revenues      
Net revenues $ 5,978,838 $ 8,013,826 [1] $ 5,850,521 [1]
Americas      
Revenues      
Net revenues 4,815,400 6,748,800 4,730,100
Europe      
Revenues      
Net revenues 925,400 1,045,700 826,400
Asia      
Revenues      
Net revenues $ 238,000 $ 219,300 $ 294,000
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Related Party Transactions - Narrative (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Oct. 24, 2022
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Nov. 03, 2020
Related Party Transaction [Line Items]          
Revenues   $ 7,149,263 $ 8,945,464 [1] $ 6,880,447 [1]  
Disposal group, disposed of by sale, not discontinued operations | Sale of subsidiary          
Related Party Transaction [Line Items]          
Sale of subsidiary         $ 180,700
Investment Banking          
Related Party Transaction [Line Items]          
Revenues   2,807,822 4,365,699 [1] 2,501,494 [1]  
Co-sponsored Companies | Investment Banking          
Related Party Transaction [Line Items]          
Revenues     45,500    
Officers And Employees          
Related Party Transaction [Line Items]          
Investments in and loans to related parties   $ 17,700 $ 23,100    
Officer          
Related Party Transaction [Line Items]          
Number of shares repurchased during period (in shares) 640        
Stock repurchased during period $ 21,000        
Director          
Related Party Transaction [Line Items]          
Investment in related party       $ 800  
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Subsequent Events (Details)
Jan. 13, 2023
$ / shares
Subsequent event | Vitesse Energy  
Subsequent Event [Line Items]  
Shares issued per entity share ratio $ 0.1176
v3.22.4
Schedule I (PARENT COMPANY ONLY) - CONDENSED STATEMENTS OF FINANCIAL CONDITION (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
ASSETS    
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations $ 957,302 $ 1,015,107 [1]
Financial instruments owned, at fair value 18,666,296 18,024,621 [1]
Investment in subsidiaries 1,426,817 1,587,409 [1]
Other assets 3,595,985 3,356,024 [1]
Total assets 51,057,683 56,107,311 [1]
LIABILITIES AND EQUITY    
Short-term borrowings 528,392 221,863
Financial instruments sold, not yet purchased, at fair value 11,056,477 9,267,090 [1]
Accrued expenses and other liabilities 2,573,927 3,334,371 [1]
Long-term debt 8,774,086 9,125,745 [1]
Total liabilities 40,630,743 45,377,271 [1]
Mandatorily redeemable convertible preferred shares 125,000 125,000 [1]
EQUITY    
Common shares, par value $1 per share, authorized 600,000,000 shares; 226,129,626 and 243,541,431 shares issued and outstanding, after deducting 90,334,082 and 72,922,277 shares held in treasury 226,130 243,541 [1]
Additional paid-in capital 1,967,781 2,742,244 [1]
Accumulated other comprehensive loss (379,419) (372,143) [1]
Retained earnings 8,418,354 7,940,113 [1]
Total Jefferies Financial Group Inc. common shareholders’ equity 10,232,846 10,553,755 [1]
Total liabilities and equity 51,057,683 56,107,311 [1]
Parent company    
ASSETS    
Cash and cash equivalents 2,411,270 640,985
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations 57,876 8,219
Financial instruments owned, at fair value 97,870 298,773
Investments in and loans to related parties 637,302 708,611
Investment in subsidiaries 7,567,225 10,092,436
Advances to subsidiaries 3,486,572 3,154,643
Subordinated notes receivable 3,867,931 3,868,198
Other assets 821,634 753,349
Total assets 18,947,680 19,525,214
LIABILITIES AND EQUITY    
Short-term borrowings 10,868 6,800
Financial instruments sold, not yet purchased, at fair value 4,873 3,491
Advances from subsidiaries 430,846 402,786
Accrued expenses and other liabilities 668,717 430,530
Long-term debt 7,474,530 8,002,852
Total liabilities 8,589,834 8,846,459
Mandatorily redeemable convertible preferred shares 125,000 125,000
EQUITY    
Common shares, par value $1 per share, authorized 600,000,000 shares; 226,129,626 and 243,541,431 shares issued and outstanding, after deducting 90,334,082 and 72,922,277 shares held in treasury 226,130 243,541
Additional paid-in capital 1,967,781 2,742,244
Accumulated other comprehensive loss (379,419) (372,143)
Retained earnings 8,418,354 7,940,113
Total Jefferies Financial Group Inc. common shareholders’ equity 10,232,846 10,553,755
Total liabilities and equity $ 18,947,680 $ 19,525,214
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Schedule I (PARENT COMPANY ONLY) - CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Revenues      
Revenues from contracts with customers: $ 4,742,858 $ 6,141,801 $ 3,923,227
Total revenues 7,149,263 8,945,464 [1] 6,880,447 [1]
Interest expense 1,170,425 931,638 [1] 1,029,926 [1]
Net revenues 5,978,838 8,013,826 [1] 5,850,521 [1]
Non-interest expenses      
Total non-interest expenses 4,923,276 5,759,721 [1] 4,783,438 [1]
Earnings before income taxes 1,055,562 2,254,105 [1] 1,067,083 [1]
Income tax expense (benefit) 273,852 576,729 [1] 298,673 [1]
Net earnings 781,710 1,677,376 [1] 768,410 [1]
Preferred stock dividends 8,281 6,949 [1] 5,634 [1]
Net earnings attributable to Jefferies Financial Group Inc. 777,168 1,667,403 [1] 769,605 [1]
Other comprehensive income (loss), net of tax:      
Currency translation and other adjustments [2] (53,572) (9,781) 35,991
Change in fair value of instrument specific credit risk [3] 49,146 (82,521) (52,262)
Minimum pension liability adjustments, net of tax [4] 3,311 9,320 21
Unrealized gain (loss) on available-for-sale securities (6,161) (244) 372
Total other comprehensive loss, net of tax [5] (7,276) (83,226) (15,878)
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders 769,892 1,584,177 753,727
Investment banking      
Revenues      
Revenues from contracts with customers: 2,807,822 4,365,699 2,501,494
Total revenues 2,807,822 4,365,699 [1] 2,501,494 [1]
Parent company      
Revenues      
Principal transactions (61,407) 98,373 111,688
Interest 317,020 213,910 217,159
Other (66,539) 101,203 (43,375)
Total revenues 189,074 413,486 285,472
Interest expense 317,916 318,138 338,535
Net revenues (128,842) 95,348 (53,063)
Non-interest expenses      
Total non-interest expenses 69,962 147,761 85,339
Earnings before income taxes (198,804) (52,413) (138,402)
Income tax expense (benefit) (78,338) (11,806) (35,770)
Net earnings (120,466) (40,607) (102,632)
Undistributed earnings of subsidiaries 905,915 1,714,959 877,871
Net earnings 785,449 1,674,352 775,239
Preferred stock dividends 8,281 6,949 5,634
Net earnings attributable to Jefferies Financial Group Inc. 777,168 1,667,403 769,605
Other comprehensive income (loss), net of tax:      
Currency translation and other adjustments (53,572) (9,781) 35,991
Change in fair value of instrument specific credit risk 49,146 (82,521) (52,262)
Minimum pension liability adjustments, net of tax 3,311 9,320 21
Unrealized gain (loss) on available-for-sale securities (6,161) (244) 372
Total other comprehensive loss, net of tax (7,276) (83,226) (15,878)
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders $ 769,892 $ 1,584,177 $ 753,727
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
[2] The amounts include income tax benefits (expenses) of approximately $15.6 million, $0.6 million and $(11.4) million during the years ended November 30, 2022, 2021 and 2020, respectively.
[3] The amounts include income tax benefits (expenses) of approximately $(15.6) million, $26.7 million and $16.4 million for the years ended November 30, 2022, 2021 and 2020, respectively. The amounts for the years ended November 30, 2022, 2021 and 2020 include net gains (losses) of $0.1 million, $(1.9) million and $(0.4) million, respectively, net of tax benefits (expenses) of $41 thousand, $0.6 million and $0.1 million, respectively, for fair value changes related to instrument specific risk, which were reclassified to Principal transactions revenues within the Consolidated Statements of Earnings.
[4] The amounts include income tax benefits (expense) of $(1.2) million, $(3.1) million and $13 thousand for the years ended November 30, 2022, 2021 and 2020, respectively. The amounts during the years ended November 30, 2022, 2021 and 2020, include pension net losses of $2.5 million, $3.1 million and $2.9 million, respectively, net of tax benefits of $0.8 million, $1.1 million and $1.0 million, respectively, which were reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings.
[5] None of the components of other comprehensive income (loss) are attributable to noncontrolling interests, redeemable noncontrolling interest or preferred stock dividends.
v3.22.4
Schedule I (PARENT COMPANY ONLY) - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Cash flows from operating activities:      
Net earnings $ 781,710 $ 1,677,376 [1] $ 768,410 [1]
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:      
Deferred income taxes (70,396) 96,890 64,667
Share-based compensation 43,919 78,160 40,038
(Income) loss on investments in and loans to related parties 36,287 (149,885) 75,177
Other adjustments (601,303) (89,004) 320,611
Net change in assets and liabilities:      
Financial instruments owned (773,523) (1,314,603) (877,088)
Other assets (230,722) (225,916) 167,889
Financial instruments sold, not yet purchased 1,875,957 992,199 (1,014,535)
Accrued expenses and other liabilities (715,432) 527,910 1,179,136
Net cash provided by operating activities 1,804,849 1,582,290 2,055,439
Cash flows from investing activities:      
Contributions to investments in and loans to related parties (351,645) (2,339,447) (1,666,323)
Capital distributions from investments and repayments of loans from related parties 286,578 2,310,186 1,552,161
Originations and purchases of automobile loans, notes and other receivables (527,929) (611,486) (813,867)
Other 8,641 (1,174) 4,215
Net cash used in investing activities (60,539) (409,865) (165,683)
Cash flows from financing activities:      
Proceeds from short-term borrowings 3,659,098 1,005,000 1,619,820
Payments on short-term borrowings (3,338,000) (1,556,090) (1,368,255)
Proceeds from issuance of long-term debt, net of issuance costs 1,198,565 2,488,493 1,516,693
Repayment of long-term debt (824,894) (1,646,224) (1,716,276)
Purchase of common shares for treasury (859,593) (269,400) (816,871)
Dividends paid (280,104) (222,798) (160,940)
Net cash provided by (used in) financing activities (2,843,225) 994,294 (723,525)
Net increase (decrease) in cash, cash equivalents and restricted cash (1,121,060) 2,163,332 1,184,537
Cash, cash equivalents and restricted cash at beginning of period 11,828,304 9,664,972 8,480,435
Cash, cash equivalents and restricted cash at end of period 10,707,244 11,828,304 9,664,972
Cash paid during the period for:      
Interest 1,164,093 936,272 1,080,368
Income taxes, net 214,066 727,126 25
Parent company      
Cash flows from operating activities:      
Net earnings 785,449 1,674,352 775,239
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:      
Deferred income taxes (38,875) 27,933 (1,787)
Share-based compensation 43,919 78,160 40,038
Amortization 1,322 (24,379) (36,708)
Undistributed earnings of subsidiaries (905,915) (1,714,959) (877,871)
(Income) loss on investments in and loans to related parties 71,405 (101,302) 42,412
Other adjustments (560,325) (203,947) 187,486
Net change in assets and liabilities:      
Financial instruments owned 200,903 (76,852) 78,592
Other assets 129,322 (171,933) (4,069)
Financial instruments sold, not yet purchased 1,382 3,491 (2,307)
Income taxes receivable/payable, net (158,732) (62,531) 65,057
Accrued expenses and other liabilities 233,217 (126,894) 446,386
Net cash provided by operating activities (196,928) (698,861) 712,468
Cash flows from investing activities:      
Contributions to investments in and loans to related parties (118) 0 (50,000)
Capital distributions from investments and repayments of loans from related parties 22 50,000 0
Originations and purchases of automobile loans, notes and other receivables 0 (50,000) (23,000)
Principal collections of loan receivables 0 0 23,000
Distribution (to) from subsidiaries, net 2,921,528 456,220 441,063
Proceeds from sales of subsidiaries 0 0 180,664
Other 0 (611) 0
Net cash used in investing activities 2,921,432 455,609 571,727
Cash flows from financing activities:      
Proceeds from short-term borrowings 4,068 0 11,820
Payments on short-term borrowings 0 5,090 20,263
Proceeds from issuance of long-term debt, net of issuance costs 400,059 1,681,058 1,169,722
Repayment of long-term debt (202,172) (1,256,495) (1,494,696)
Advances (to) from subsidiaries, net 30,428 (341,327) 1,159,495
Issuances of common shares 2,752 2,107 1,034
Purchase of common shares for treasury (859,593) (269,400) (816,871)
Dividends paid (280,104) (222,798) (160,940)
Net cash provided by (used in) financing activities (904,562) (411,945) (150,699)
Net increase (decrease) in cash, cash equivalents and restricted cash 1,819,942 (655,197) 1,133,496
Cash, cash equivalents and restricted cash at beginning of period 649,204 1,304,401 170,905
Cash, cash equivalents and restricted cash at end of period 2,469,146 649,204 1,304,401
Cash paid during the period for:      
Interest 484,349 381,117 324,782
Income taxes, net 124,516 625,072 1,811
Investments contributed to subsidiary 0 5,451 51,190
Dividends received from subsidiaries $ 0 $ 1,970 $ 40,805
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Schedule I (PARENT COMPANY ONLY) - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Nov. 30, 2020
Nov. 30, 2019
Condensed Cash Flow Statements, Captions [Line Items]        
Cash and cash equivalents $ 9,703,109 $ 10,755,133 [1]    
Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations 957,302 1,015,107    
Total cash, cash equivalents and restricted cash 10,707,244 11,828,304 $ 9,664,972 $ 8,480,435
Parent company        
Condensed Cash Flow Statements, Captions [Line Items]        
Cash and cash equivalents 2,411,270 640,985    
Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations 57,876 8,219    
Total cash, cash equivalents and restricted cash $ 2,469,146 $ 649,204 $ 1,304,401 $ 170,905
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Schedule I (PARENT COMPANY ONLY) - Additional Information (Details) - USD ($)
$ in Thousands
Nov. 30, 2022
Nov. 30, 2021
Debt Instrument [Line Items]    
Long-term debt $ 8,774,086 $ 9,125,745 [1]
Unsecured long-term debt    
Debt Instrument [Line Items]    
Long-term debt 7,474,530 8,002,852
Unsecured long-term debt | Structured notes    
Debt Instrument [Line Items]    
Long-term debt 1,583,828 1,843,598
Parent company    
Debt Instrument [Line Items]    
Maximum amount payable under guarantees 876,200  
Long-term debt $ 7,474,530 $ 8,002,852
[1] See Note 1 for a description of financial statement presentation changes made as a result of our Merger with Jefferies Group.
v3.22.4
Schedule I (PARENT COMPANY ONLY) - CONDENSED STATEMENTS OF FINANCIAL CONDITION (PARENTHETICAL) (Details) - $ / shares
Nov. 30, 2022
Nov. 30, 2021
Condensed Balance Sheet Statements, Captions [Line Items]    
Common shares, par value (in dollars per share) $ 1 $ 1
Common shares, authorized (in shares) 600,000,000 600,000,000
Common shares, issued after deducting shares held in treasury (in shares) 226,129,626 243,541,431
Common shares, outstanding after deducting shares held in treasury (in shares) 226,129,626 243,541,431
Treasury stock, shares (in shares) 90,334,082 72,922,277
Parent company    
Condensed Balance Sheet Statements, Captions [Line Items]    
Common shares, par value (in dollars per share) $ 1 $ 1
Common shares, authorized (in shares) 600,000,000 600,000,000
Common shares, issued after deducting shares held in treasury (in shares) 226,129,626 243,541,431
Common shares, outstanding after deducting shares held in treasury (in shares) 226,129,626 243,541,431
Treasury stock, shares (in shares) 90,334,082 72,922,277