Audit Information |
12 Months Ended |
|---|---|
Nov. 30, 2024 | |
| Audit Information [Abstract] | |
| Auditor Name | Deloitte & Touche LLP |
| Auditor Location | New York, New York |
| Auditor Firm ID | 34 |
Consolidated Statements of Earnings (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Income Statement [Abstract] | |||
| Net earnings (losses) from discontinued operations, gain on disposal | $ 3,493 | $ 0 | $ 0 |
| Income tax (expense) benefit, discontinued operations | $ 17,063 | $ 0 | $ 0 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|||||||||
| Statement of Comprehensive Income [Abstract] | |||||||||||
| Net earnings | $ 716,019 | $ 262,388 | $ 781,710 | ||||||||
| Other comprehensive loss, net of tax: | |||||||||||
| Currency translation adjustments and other | [1] | (11,300) | 57,530 | (53,572) | |||||||
| Change in fair value related to instrument-specific credit risk | [2] | (24,718) | (77,420) | 49,146 | |||||||
| Minimum pension liability adjustments | [3] | 6,243 | 2,467 | 3,311 | |||||||
| Unrealized gains (losses) on available-for-sale securities | 2,189 | 1,297 | (6,161) | ||||||||
| Total other comprehensive loss, net of tax | [4] | (27,586) | (16,126) | (7,276) | |||||||
| Comprehensive income | 688,433 | 246,262 | 774,434 | ||||||||
| Net losses attributable to noncontrolling interests | (27,364) | (14,846) | (2,397) | ||||||||
| Net losses attributable to redeemable noncontrolling interests | 0 | (454) | (1,342) | ||||||||
| Preferred stock dividends | 74,110 | 14,616 | 8,281 | ||||||||
| Comprehensive income attributable to common shareholders | $ 641,687 | $ 246,946 | $ 769,892 | ||||||||
| |||||||||||
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Currency translation adjustments and other, tax (expenses) benefits | $ (1.6) | $ (3.1) | $ 15.6 |
| Changes in instrument specific credit risk, tax benefits (expenses) | 9.0 | $ 29.0 | $ (15.6) |
| Income tax expense | (2.2) | ||
| Other comprehensive gains (losses) attributable to noncontrolling interest related to foreign currency adjustments | $ (2.2) | ||
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares |
3 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 20, 2024 |
Nov. 30, 2024 |
Aug. 31, 2024 |
May 31, 2024 |
Feb. 29, 2024 |
Nov. 30, 2023 |
Aug. 31, 2023 |
May 31, 2023 |
Feb. 28, 2023 |
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Dividends per common share (in dollars per share) | $ 0.35 | $ 0.35 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 1.30 | $ 1.20 | $ 1.20 | |
| Preferred Stock | ||||||||||||
| Callable preferred shares (in shares) | 13,125 | 42,000 | ||||||||||
| Preferred Stock | Conversion Of Preferred Shares To Common Shares | ||||||||||||
| Callable preferred shares (in shares) | 125,000 | |||||||||||
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Cash flows from operating activities: | |||
| Net earnings | $ 716,019 | $ 262,388 | $ 781,710 |
| Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: | |||
| Depreciation and amortization | 197,850 | 113,473 | 189,343 |
| Deferred income taxes | (4,131) | 10,462 | (70,396) |
| Share-based compensation | 63,119 | 45,360 | 43,919 |
| Net bad debt expense | 52,451 | 67,009 | 46,846 |
| (Income) losses on investments in and loans to related parties | (86,466) | 192,197 | 36,287 |
| Distributions received on investments in related parties | 60,039 | 58,336 | 82,161 |
| Gain on sale of subsidiaries and investments in related parties | (59,105) | 0 | (319,041) |
| Other adjustments | 264,680 | (99,784) | (601,303) |
| Net change in assets and liabilities: | |||
| Securities deposited with clearing and depository organizations | 0 | (110,198) | 0 |
| Receivables: | |||
| Brokers, dealers and clearing organizations | (287,820) | (436,029) | 631,672 |
| Customers | (790,292) | (480,487) | 384,097 |
| Fees, interest and other | (69,280) | (103,870) | 200,672 |
| Securities borrowed | (23,601) | (1,307,125) | 548,567 |
| Financial instruments owned | (2,416,306) | (2,843,554) | (773,523) |
| Securities purchased under agreements to resell | (237,567) | (1,263,278) | 3,047,353 |
| Other assets | (339,141) | (551,926) | (230,722) |
| Payables: | |||
| Brokers, dealers and clearing organizations | (48,889) | 1,054,135 | (1,288,912) |
| Customers | 113,418 | 83,181 | (882,576) |
| Securities loaned | 702,646 | 431,423 | (139,557) |
| Financial instruments sold, not yet purchased | (234,747) | (8,894) | 1,875,957 |
| Securities sold under agreements to repurchase | 1,427,068 | 3,324,482 | (952,584) |
| Lease liabilities | (65,417) | (52,129) | (89,689) |
| Accrued expenses and other liabilities | 925,006 | (318,798) | (715,434) |
| Net cash (used in) provided by operating activities from continuing operations | (140,466) | (1,933,626) | 1,804,847 |
| Net cash (used in) provided by operating activities from discontinued operations | (68,789) | 0 | 0 |
| Cash flows from investing activities: | |||
| Contributions to investments in and loans to related parties | (1,080,358) | (251,751) | (351,645) |
| Capital distributions from investments and repayments of loans from related parties | 936,684 | 116,750 | 286,578 |
| Originations and purchases of automobile loans, notes and other receivables | (89,540) | (441,583) | (527,929) |
| Principal collections of automobile loans, notes and other receivables | 83,268 | 350,348 | 434,487 |
| Net payments on premises and equipment | (250,584) | (1,155) | (224,301) |
| Proceeds from sales of subsidiaries and investments in related parties, net of expenses and cash of operations sold | 610,843 | 0 | 333,149 |
| Net cash acquired in business acquisitions | 0 | 215,187 | 0 |
| Proceeds for the sale from investments | 0 | 0 | 3,588 |
| Deconsolidation of asset management entity | 0 | 0 | (23,107) |
| Other | 0 | 0 | 8,641 |
| Net cash provided by (used in) investing activities from continuing operations | 210,313 | (12,204) | (60,539) |
| Cash flows from financing activities: | |||
| Proceeds from short-term borrowings | 6,219,084 | 5,413,000 | 3,659,098 |
| Payments on short-term borrowings | (6,743,153) | (5,010,868) | (3,338,000) |
| Proceeds from issuance of long-term debt, net of issuance costs | 5,952,286 | 2,209,672 | 1,198,565 |
| Repayment of long-term debt | (2,427,653) | (1,282,369) | (824,894) |
| Proceeds from conversion of common to preferred shares | 9,844 | 31,500 | 0 |
| Purchase of common shares for treasury | (44,312) | (169,402) | (859,593) |
| Dividends paid to common and preferred shareholders | (302,964) | (278,595) | (280,104) |
| Net proceeds from (payments on) other secured financings | 877,962 | 89,073 | (2,448,731) |
| Net change in bank overdrafts | (23,933) | 52,054 | (14,569) |
| Proceeds from contributions of noncontrolling interests | 10,039 | 0 | 64,880 |
| Payments on distributions to noncontrolling interests | (13,407) | 0 | (2,629) |
| Other | 6,104 | 6,059 | 2,752 |
| Net cash provided by (used in) financing activities from continuing operations | 3,519,897 | 1,060,124 | (2,843,225) |
| Net cash (used in) provided by financing activities from discontinued operations | (170,631) | 0 | 0 |
| Supplemental Cash Flow Elements [Abstract] | |||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (2,246) | 54,911 | (22,143) |
| Change in cash, cash equivalents, and restricted cash reclassified from (to) assets held for sale | (13,224) | (45,691) | 0 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 3,348,078 | (830,795) | (1,121,060) |
| Cash, cash equivalents, and restricted cash at beginning of period | 9,830,758 | 10,707,244 | 11,828,304 |
| Cash and cash equivalents at end of period | 13,165,612 | 9,830,758 | 10,707,244 |
| Cash paid during the period for: | |||
| Interest | 3,440,878 | 2,348,061 | 1,164,093 |
| Income taxes, net | 257,503 | 159,359 | 214,066 |
| Non-cash investing activities | $ 600 | 30,600 | |
| Transfer from investments | $ 215,900 | ||
| Conversion of preferred shares to common shares | 125,000 | ||
| Shareholders | |||
| Cash paid during the period for: | |||
| Dividend distributions | 527,000 | ||
| Noncontrolling Interest Holders | |||
| Cash paid during the period for: | |||
| Dividend distributions | $ 31,400 | ||
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Statement of Cash Flows [Abstract] | ||
| Cash and cash equivalents | $ 12,153,414 | $ 8,526,363 |
| Cash on deposit for regulatory purposes with clearing and depository organizations | 1,012,198 | 1,304,395 |
| Total cash, cash equivalents and restricted cash | $ 13,165,612 | $ 9,830,758 |
Organization and Basis of Presentation |
12 Months Ended |
|---|---|
Nov. 30, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization and Basis of Presentation | Note 1. Organization and Basis of Presentation Organization Jefferies Financial Group Inc. is a U.S.-headquartered global full service, integrated investment banking and capital markets firm. The accompanying Consolidated Financial Statements represent the accounts of Jefferies Financial Group Inc. and subsidiaries (together, the “Company,” “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 capital markets activities and our investment banking business, which provides underwriting and financial advisory services to our clients. We operate in the Americas; Europe and the Middle East; and Asia-Pacific. Investment Banking and Capital Markets also includes our corporate lending joint venture (“Jefferies Finance LLC” or “Jefferies Finance”), our commercial real estate joint venture (“Berkadia Commercial Holding LLC” or “Berkadia”) and historically 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, and includes certain remaining businesses and assets of our legacy merchant banking portfolio. On January 13, 2023, our consolidated subsidiary, Vitesse Energy, Inc. (“Vitesse Energy”), issued shares measured at a total consideration of $30.6 million in exchange for acquiring all of the outstanding capital interests of Vitesse Oil, LLC (“Vitesse Oil”). Prior to the acquisition, Vitesse Oil was controlled by Jefferies Capital Partners V L.P. and Jefferies SBI USA Fund L.P. (together, “JCP Fund V”), which are private equity funds managed by a team led by our President. Simultaneously, we distributed all of our ownership interests in Vitesse Energy on a tax-free pro rata basis to all of our shareholders, resulting in a distribution of capital of $527.0 million. The distribution of Vitesse Energy resulted in a reduction at the time of spin-off of Total assets of $699.5 million, Total liabilities of $141.1 million and Total equity of $558.4 million inclusive of the distribution of capital to noncontrolling interest holders. During the year ended November 30, 2022, we sold all of our interests in Idaho Timber and Oak Hill investment management company, a registered investment adviser and general partner entity. During the fourth quarter of 2023, we acquired Stratos Group International (“Stratos”) (formerly FXCM Group, LLC, or “FXCM”) and OpNet S.p.A. (“OpNet,” formerly known as “Linkem”), investments in our legacy merchant banking portfolio which became consolidated subsidiaries. In April 2024, we finalized the sale of Foursight Capital LLC (“Foursight”). In February 2024, OpNet agreed to sell substantially all of its wholesale operating assets to Wind Tre S.p.A., a subsidiary of CK Hutchison Group Telecom Holdings Ltd. The sale closed in August 2024. Refer to Note 4, Business Acquisitions and Note 5, Assets Held for Sale and Discontinued Operations for further information. 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 intangible assets 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 (losses) 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.
|
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2024 | |||||||||
| Accounting Policies [Abstract] | |||||||||
| Summary of Significant Accounting Policies | Note 2. 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 addition, we earn asset-based fees associated with the management and supervision of assets, account services and administration related to customer accounts. We also earn commissions on execution services provided to customers in facilitating foreign currency spot trades and prime brokerage services. 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, except for derivatives accounted for as hedges (refer to “Hedge Accounting” section herein and Note 7, 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 retainer 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. Asset Management Fees and Revenues. Asset management fees and revenues consist of asset management fees, as well as revenues from strategic affiliates pursuant to arrangements, which entitle us to portions of the revenues and/or profits of the affiliated managers and perpetual rights to certain defined revenues for a given revenue share period. Revenue from strategic affiliates pursuant to such 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 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. Revenues from internet connection services are recognized based on volume based pricing and revenue from activating broadband services are recognized on a straight-line basis over a two year period. Fees related to selling and licensing information and data to clients is recognized ratably over the related contract service period. 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. Amounts may also include cash and cash equivalents that are restricted for other business purposes. 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. Our derivative products are acquired or originated for trading purposes and are included within operating activities on our Consolidated Statements of Cash Flows. Gains and losses are recognized in Principal transactions revenues. 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:
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 Statements 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 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 7, Derivative Financial Instruments, and Note 8, Collateralized Transactions for further information. Securitization Activities We engage in securitization activities related to corporate loans, consumer loans, mortgage loans and mortgage-backed and other asset-backed securities. Transfers of financial assets to secured funding vehicles are accounted for as sales when we have relinquished control over the transferred assets. The gain or loss on sale of such financial assets depends, in part, on the previous carrying amount of the assets involved in the transfer allocated between the assets sold and the retained interests, if any, based upon their respective fair values at the date of sale. We may retain interests in the securitized financial assets as one or more tranches of the securitization. These retained interests are included in Financial instruments owned, at fair value. Any changes in the fair value of such retained interests are recognized in Principal transactions revenues. 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. 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 to related parties are included in Other revenues. Refer to Note 11, Investments, and Note 24, 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, including goodwill and allocated intangible assets. 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 is 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 and/or projected cash flows. 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. Our annual indefinite-lived intangible asset impairment testing date is August 1. 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 13, Goodwill and Intangible Assets for further information. Premises and Equipment Premises and equipment consist of leasehold improvements, furniture, fixtures, computer and communications equipment, capitalized software (externally purchased and developed for internal use) and owned aircraft. Furniture, fixtures, computer and communications equipment, capitalized software are depreciated using the straight-line method over the estimated useful lives of the related assets (generally 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. The carrying values of internally developed software ready for its intended use are depreciated over the remaining useful life of each capitalized software. At November 30, 2024 and 2023, premises and equipment (not including right-of-use assets) amounted to $1.51 billion and $1.16 billion, respectively. Accumulated depreciation and amortization was $816.1 million and $551.5 million at November 30, 2024 and 2023, respectively. Depreciation and amortization expense amounted to $190.3 million, $112.2 million and $172.9 million for the years ended November 30, 2024, 2023 and 2022, 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 within Premises and equipment on our Consolidated Statements of Financial Condition. The ROU assets are amortized over the lease term and is included in Occupancy and equipment rental in our Statements of Consolidated Earnings and Other adjustments in our Consolidated Statements of Cash Flows. 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. 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, 2024, 2023 and 2022, capitalized interest of $14.2 million, $12.9 million and $13.5 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 real estate activities and, prior to the sale of Idaho Timber during the year ended November 30, 2022, were engaged in manufacturing activities. Inventories arising from these consolidated entities are classified as Other assets 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 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. Assets Held for Sale We classify assets and related liabilities as held for sale when: (i) management has committed to a plan to sell the assets, (ii) the net assets are available for immediate sale, (iii) there is an active program to locate a buyer and (iv) the sale and transfer of the net assets is probable within one year. Assets and liabilities held for sale generally are presented separately on our Consolidated Statements of Financial Condition with a valuation allowance, if necessary, to recognize the net carrying amount at the lower of cost or fair value, less costs to sell. Depreciation of property, plant and equipment and amortization of finite-lived intangible assets and right-of-use assets are not recorded while these assets are classified as held for sale. For each period that assets are classified as being held for sale, they are tested for recoverability. Refer to Note 5, Assets Held for Sale and Discontinued Operations for additional information. 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 and employee share-based awards contain market, performance and/or 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 is 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 tax 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 calculated using the two-class method and 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 calculated using the two-class method using the treasury stock or if-converted method, with the more dilutive amount being reported. Diluted earnings per share is computed by taking the sum of net earnings available to common shareholders, dividends on preferred shares and dividends on dilutive mandatorily redeemable convertible preferred shares, divided 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. Preferred shares and 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. Refer to Note 15, Compensation Plans for more information regarding the senior executive compensation plan. Refer to Note 19, Total Equity for further information. 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. 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. 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 7, 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.
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Accounting Developments |
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Nov. 30, 2024 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| Accounting Developments | Note 3. Accounting Developments Accounting Standards to be Adopted in Future Periods Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07 (“ASU 2023-07”), Improvements to Reportable Segment Disclosures. The guidance primarily will require enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and are to be applied on a retrospective basis. We are evaluating the impact of the standard on our segment reporting disclosures. Income Taxes. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Improvements to Income Tax Disclosures. The guidance is intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and are required to be applied prospectively with the option of retrospective application. We are evaluating the impact of the standard on our income tax disclosures. Expenses. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Disaggregation of Income Statement Expenses. The guidance primarily will require enhanced disclosures about certain types of expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and may be applied either on a prospective or retrospective basis. We are evaluating the impact of the standard on our disclosures. Adopted Accounting Standards Reference Rate Reform. The FASB issued guidance which provides optional exceptions for applying U.S. GAAP to certain contract modifications, hedge accounting relationships or other transactions affected by reference rate reform. There was no impact to our financial statements as a result of this guidance upon the completion of our transition away from the London Interbank Offered Rate (“LIBOR”) on June 30, 2023. 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. On January 1, 2023, Berkadia, our equity method investee, adopted this guidance and applied a modified retrospective approach through a cumulative-effect adjustment to retained earnings upon adoption, which resulted in a decrease in retained earnings of $14.8 million, net of tax attributable to an increase in the allowance for credit losses. Our equity method investee, Jefferies Finance, adopted the guidance on December 1, 2023, and the impact on our consolidated financial statements was not material.
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Business Acquisitions |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisitions | Note 4. Business Acquisitions We acquired Stratos and OpNet during the fourth quarter of 2023. Stratos is a global provider of online foreign exchange services. OpNet is a fixed wireless broadband service provider in Italy and also owns a majority of the common shares of Tessellis S.p.A. (“Tessellis”), a telecommunications company publicly listed on the Italian stock exchange. These companies were investments in our legacy merchant banking portfolio, and these transactions have been accounted for under the acquisition method of accounting which requires that the assets acquired, including identifiable intangible assets, and liabilities assumed to be recognized at their respective fair values as of the acquisition date. Fair value of assets acquired and liabilities assumed on the acquisition dates:
(1)All goodwill is attributed to the Asset Management reportable segment. (2)Relates to the net operating assets of the wholesale operations of OpNet. (3)Includes intangible assets in the form of purchased technology, trademarks and trade names, and customer relationships related to Tessellis that was acquired as part of obtaining control of OpNet. These intangible assets are being amortized over a finite life of up to 20 years. Stratos We historically held a 49.9% voting interest in Stratos. In March 2023, certain noteholders of Global Brokerage Inc. (“GLBR”) filed an involuntary bankruptcy petition against GLBR and its subsidiary, Global Brokerage Holdings LLC (“Holdings”), which holds a 50.1% voting equity interest in Stratos. On September 14, 2023, we completed a foreclosure on the collateral that GLBR had pledged to secure its obligations under a credit facility, which consisted of GLBR’s equity interest in Stratos. As a result of the foreclosure, we own 100% of the outstanding interests of Stratos; and Stratos has become a consolidated subsidiary. In connection with the acquisition of the additional 50.1% interests in Stratos, we extinguished our senior secured term loan to Stratos of $39.2 million and recognized a gain of $5.6 million, which is reflected in Principal transactions revenues. Upon the acquisition, we remeasured our previously existing 49.9% interest at fair value and recognized a loss of $4.7 million, in Other revenues, representing the excess of the carrying value of the 49.9% interest of our $47.9 million equity method investment over its fair value at the date of acquisition. The fair value of the previously existing equity interest was measured using an income approach based on estimates of future expected cash flows applying a risk-adjusted discount rate of 24.5%. Critical estimates to derive future expected cash flows includes the use of projected revenues and expenses, applicable tax rates and depreciation factors with the risk-adjusted discount rate based upon an estimated weighted average cost of capital for the acquired business. No consideration, other than the nonmonetary exchange of our senior secured term loan, was transferred in connection with the foreclosure, which resulted in us obtaining 100% ownership of the outstanding interests of Stratos. In applying acquisition accounting, we estimated the overall enterprise fair value of Stratos consistent with the methodology utilized to fair value our previously existing 49.9% equity interest. The enterprise fair value was allocated based on the fair values of the acquired assets and assumed liabilities resulting in a gain of $0.9 million and goodwill of $5.5 million. The results of Stratos’ operations have been included in our Consolidated Statements of Earnings from the date of acquisition on September 14, 2023. OpNet We historically owned 47.4% of the common shares and 50.0% of the voting rights of OpNet and various classes of convertible preferred stock issued by OpNet (the “preferred shares”). On November 30, 2023, we provided notice of our intent to convert certain classes of our preferred shares into common shares and, as a result, we obtained control of OpNet. Upon conversion on May 7, 2024, our ownership increased to 57.5% of the common shares and our voting rights increased to 72.5% of the aggregate voting rights of OpNet. Additionally, during the first quarter of 2024, we exchanged €115.1 million of our shareholder loans for additional preferred shares and also subscribed to additional preferred shares of €25.0 million at a price per share of €10.00. During the second quarter of 2024, we provided an additional shareholder loan of €20.0 million and subscribed to additional preferred shares of €18.7 million at a price per share of €10.00. In June 2024, we provided an additional shareholder loan of €20.0 million. Upon obtaining control of OpNet on November 30, 2023 the assets and liabilities of OpNet are included in our consolidated financial statements. Additionally, OpNet was considered to be a variable interest entity and we determined that we were the primary beneficiary of OpNet. The initial consolidation of OpNet was accounted for under the acquisition method of accounting and we remeasured our previously existing interests at fair value and recognized a gain of $115.8 million, representing the excess of the fair value of our previously existing interests over the carrying value of our investment of $201.6 million. The fair value of the previously existing interests was measured based on an estimate of what could be recognized in a sale transaction for certain net operating assets of OpNet, which have been classified as held for sale, and OpNet’s percentage ownership of Tessellis common shares based on the publicly listed exchange price of Tessellis on November 30, 2023. No consideration was transferred in connection with the consolidation. The remaining identifiable assets and assumed liabilities of OpNet primarily represent the assets and liabilities of Tessellis. An enterprise value for Tessellis was estimated based on its market capitalization at November 30, 2023, which was then allocated to the identifiable assets, including intangible assets, liabilities, and noncontrolling interests of Tessellis using an income approach, which calculates the present value of the estimated economic benefit of future cash flows, in order to determine the fair value of the identified customer relationships and Tessellis trade name. Property and equipment and developed technology assets were valued using a replacement cost methodology. Critical estimates included future expected cash flows, including forecasted revenues and expenses, and applicable discount rates. Discount rates used to compute the present value of expected net cash flows were based upon estimated weighted average cost of capital. The initial allocation of the purchase price resulted in the recognition of goodwill relating to Tessellis of $127.1 million. The initial estimated purchase price allocation as of November 30, 2023 for OpNet was revised during the first quarter of 2024 as new information was received and analyzed resulting in an increase in intangible assets of $39.3 million, a decrease in property and equipment of $12.3 million, and a decrease in goodwill of $27.0 million. In February 2024, OpNet agreed to sell substantially all of its wholesale operating assets to Wind Tre S.p.A., a subsidiary of CK Hutchison Group Telecom Holdings Ltd. The sale closed in August 2024 and we received net cash proceeds of $322.8 million and recognized a pre-tax gain on sale of $3.5 million. The sale of OpNet did not include our interest in Tessellis. During 2024, Tessellis executed various acquisitions and, as a result, recognized assets and liabilities of $24.5 million and $18.8 million, respectively, on the acquisition dates. Total assets primarily relate to goodwill, property and equipment, intangible assets, and short-term trade receivables. Total liabilities primarily relate to financial debt assumed and trade payables. The primary acquisition executed during 2024 was the acquisition of a 97.2% ownership interest in Go Internet S.p.A. (“Go Internet”) for a total consideration of €4.1 million. We are in the process of finalizing purchase price allocation adjustments related to the identified assets and may adjust these amounts upon completion of our assessment in subsequent reporting periods.
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Assets Held for Sale and Discontinued Operations |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||
| Assets Held for Sale and Discontinued Operations | Note 5. Assets Held for Sale and Discontinued Operations Foursight On November 20, 2023, we entered into an agreement to sell Foursight. Assets held for sale are recorded initially at the lower of their carrying value or estimated fair value, less estimated costs to sell. Upon designation as an asset held for sale, we discontinue recording depreciation expense on such asset. Foursight’s major classes of assets and liabilities:
(1)Goodwill was allocated based on the relative fair values of the applicable reporting units prior to being reclassified as held for sale. (2)Includes $850.8 million of automobile loan receivables and $42.1 million in deposits required under Foursight’s warehouse credit facilities and amounts collected on pledged automobile loan receivables yet to be distributed. During 2024, we closed the sale of Foursight and recognized a gain on sale of $24.2 million, which is included within revenues. OpNet We classified certain net operating assets of OpNet as held for sale in our Consolidated Statements of Financial Condition at November 30, 2023. The net operating assets that were classified as held for sale were recognized at their estimated fair values pursuant to the step-acquisition accounting related to our interests in OpNet. Refer to Note 4, Business Acquisitions for further information. The major components of the held for sale assets and liabilities in the disposal group primarily consisted of intangible assets relating to radio frequency networks, customer relationships and other branding rights. The liabilities held for sale consisted primarily of OpNet’s outstanding publicly listed notes. The fair value of the intangible assets was based on the estimated sale price of the disposal group and the fair value of the publicly listed notes were based on observations of quoted transaction prices. Effective with the designation of the disposal group as held for sale, we suspended recording depreciation of property, plant and equipment and amortization of finite-lived intangible assets and right-of-use assets while these assets were classified as held for sale. The activities of OpNet’s wholesale operations have been classified as discontinued operations for the year ended November 30, 2024 and OpNet’s results are presented in Net earnings (losses) from discontinued operations (including gain on disposal), net of tax. In February 2024, we agreed to sell substantially all of OpNet’s wholesale operating assets. The sale closed in August 2024. Airplanes During 2024, we classified certain airplanes related to sale leaseback transaction executed by our subsidiary, Aircadia Leasing II LLC as held for sale. The airplanes are included within Assets held for sale on our Consolidated Statements of Financial Condition and have a carrying amount of $51.9 million at November 30, 2024. We are actively pursuing avenues to dispose of the airplanes through a sale process. Effective with the designation of the airplanes as held for sale, we suspended recording depreciation on these assets.
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Fair Value Disclosures |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures | Note 6. Fair Value Disclosures
(1)Excludes investments at fair value based on net asset value (“NAV”) of $1.25 billion at November 30, 2024 by level within the fair value hierarchy. (2)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
(1)Excludes investments at fair value based on net asset value (“NAV”) of $1.21 billion at November 30, 2023 by level within the fair value hierarchy. (2)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: Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations Segregated 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. 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. •Non-Exchange-Traded Equity Securities: Non-exchange-traded equity securities are measured, where available, 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. 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 with similar collateral 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. 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. 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. Long-term Debt Long-term debt includes variable rate, fixed-to-floating rate, equity-linked notes, constant maturity swap, digital, callable, collared floating rate 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. 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. Information about our investments in entities that have the characteristics of an investment company:
N/R - Not redeemable (1)Where fair value is calculated based on NAV, fair value has been derived from each of the funds’ capital statements. (2)Includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets. The non-redeemable investments at November 30, 2023 included restrictions before November 30, 2023 or August 31, 2025. (3)Includes investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. These investments cannot be redeemed; instead, distributions are received through the liquidation of the underlying assets of the funds which are primarily expected to be liquidated in approximately to ten years. (4)Includes investments in a hedge fund that invests, long and short, primarily in commodities. (5)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. The non-redeemable investments at November 30, 2023 included restrictions before April, 1 2024. (6)Primarily 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, as well as investments in a fund that invests, long and short, in distressed and special situations credit strategies across sectors and asset typesLevel 3 RollforwardsChanges 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, 2024:
(1)Realized and unrealized gains/losses are primarily reported in . Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (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, 2024 Transfers of assets of $90.5 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Other ABS of $47.6 million, corporate equity securities of $22.7 million, loans and other receivables of $14.9 million, CDOs and CLOs of $2.7 million and corporate debt securities of $2.0 million due to reduced pricing transparency. Transfers of assets of $66.9 million from Level 3 to Level 2 are primarily attributed to: •Other ABS of $19.0 million, RMBS of $14.6 million, corporate equity securities of $9.7 million, CDOs and CLOs of $8.2 million and loans and other receivables of $8.1 million due to greater pricing transparency. Transfers of liabilities of $30.1 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Structured notes within long-term debt of $26.8 million and net derivatives of $3.1 million due to reduced pricing and market transparency. Transfers of liabilities of $40.4 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: •Structured notes within long-term debt of $27.8 million and net derivatives of $13.6 million due to greater pricing and market transparency. Net losses on Level 3 assets were $52.0 million and net losses on Level 3 liabilities were $47.1 million for the year ended November 30, 2024. Net losses on Level 3 assets were primarily due to decreased market values in loans and other receivables, other ABS, investments at fair value, CDOs and CLOs, corporate equity securities and corporate debt securities. Net losses on Level 3 liabilities were primarily due to increased market valuations of certain structured notes within long-term debt and other secured financings, partially offset by decreases in certain derivatives. 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, 2023:
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (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, 2023 Transfers of assets of $88.5 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Other ABS of $57.8 million, loans and other receivables of $16.5 million, corporate debt securities of $8.9 million and corporate equity securities of $5.3 million due to reduced pricing transparency. Transfers of assets of $78.2 million from Level 3 to Level 2 are primarily attributed to: •Loans and other receivables of $32.4 million, other ABS of $24.3 million, CDOs and CLOs of $14.0 million and corporate equity securities of $6.0 million due to greater pricing transparency supporting classification into Level 2. Transfers of liabilities of $60.8 million from Level 2 to Level 3 of the fair value hierarchy are primarily attributed to: •Net derivatives of $35.6 million and structured notes within long-term debt of $25.2 million due to reduced pricing and market transparency. Transfers of liabilities of $62.0 million from Level 3 to Level 2 of the fair value hierarchy are primarily attributed to: •Net derivatives of $32.0 million and structured notes within long-term debt of $29.8 million due to greater pricing and market transparency. Net gains on Level 3 assets were $38.5 million and net losses on Level 3 liabilities were $62.9 million for the year ended November 30, 2023. Net gains on Level 3 assets were primarily due to increased market values in investments at fair value, CDOs and CLOs and loans and other receivables, partially offset by decreases in corporate equity securities and other ABS. Net losses on Level 3 liabilities were primarily due to increased market valuations of certain structured notes within long-term debt, partially offset by decreases in certain derivatives. 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:
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. Changes in instrument-specific credit risk related to structured notes within long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (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 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 price transparency. Transfers of assets of $61.5 million from Level 3 to Level 2 are primarily attributed to: •Other ABS of $29.3 million, investments 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 supporting classification into Level 2. Transfers of liabilities of $172.1 million from Level 2 to Level 3 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. Transfers of liabilities of $53.6 million from Level 3 to Level 2 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 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. 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 to 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.
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, 2024 and 2023, asset exclusions consisted of $23.9 million and $45.6 million, respectively, primarily composed of CDOs and CLOs, Other ABS, Investments at fair value, certain derivatives, RMBS, CMBS and sovereign obligations. At November 30, 2024 and 2023, liability exclusions consisted of $2.7 million and $4.0 million, respectively, primarily composed of certain derivatives, loans, CMBS, corporate equity securities and corporate debt securities. 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, other secured financings and structured notes using a market approach valuation technique. A significant increase (decrease) in the price of the private equity securities, nonexchange-traded securities, corporate debt securities, CDOs and CLOs, other ABS, loans and other receivables, other secured financings or structured notes 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 options. •Loans and other receivables, corporate debt securities, CMBS, other ABS 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. •CDOs and CLOs, corporate debt securities, RMBS 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. •Derivative equity options using volatility benchmarking. A significant increase (decrease) in volatility would result in a significantly higher (lower) fair value measurement. Fair Value Option ElectionWe 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. 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 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. 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. 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 Long-term debt measured at fair value under the fair value option:
(1)Changes in fair value of structured notes related to instrument-specific credit risk are presented net of tax in our Consolidated Statements of Comprehensive Income. (2)Other changes in fair value are included in Principal transactions revenues. Amounts by which contractual principal is greater than (less than) fair value for loans and other receivables, Other secured financings and Long-term debt measured at fair value under the fair value option:
(1)Interest income is recognized separately from other changes in fair value and is included in Interest revenues. (2)Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $48.8 million and $187.4 million at November 30, 2024 and 2023, respectively. The aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due was $126.9 million and $98.1 million at November 30, 2024 and 2023, respectively, which includes loans and other receivables 90 days or greater past due of $120.0 million and $37.6 million at November 30, 2024 and 2023, 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. Assets measured at fair value on a non-recurring basis for which we recognized a non-recurring fair value adjustment for the periods presented:
(1)Premises and equipment losses represent impairments of leasehold improvements, furniture, fixtures, computer and communications equipment and capitalized software and were recognized in Technology and communications and Occupancy and equipment rental in our Consolidated Statements of Earnings. (2)These impairment losses, which represent ownership interests in market exchanges on which trading business is conducted, and registrations, were recognized in 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. Refer to Note 13, Goodwill and Intangible Assets. (3)Our shares in Monashee, an equity method investment, were converted to a newly created class of nonmarketable preferred shares. Our equity method investment was remeasured in connection with its nonmonetary exchange into the preferred shares, which are accounted for at cost pursuant to the measurement alternative subsequent to the nonmonetary exchange. The gain was recognized in Other revenues and the asset was in the Asset Management reportable business segment. (4)These impairment losses, which are related to an equity method investments, were recognized in Other revenues and the asset was in the Asset Management reportable business segment. Fair value was based on our best estimate of what could be recognized in a sale transaction for the investment. (5)These impairment losses, which are related to real estate held for development, were recognized in Other revenues and are held in the Asset Management reportable business segment. Fair value was based on estimated future cash flows using discounts rates ranging from 10.0% to 14.0%. (6)These impairment losses, which are related to certain equity method investments, were recognized in Other revenues 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%. Refer to Note 11, Investments. (7)These impairment losses, which relate to a real estate property, were recognized in Other expenses 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%. Financial Instruments Not Measured at Fair ValueCertain 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. We have equity securities without readily determinable fair values, which we account for at cost, minus impairment, which are presented within Other assets and were $21.9 million and $0.0 million at November 30, 2024 and 2023, respectively. Net gains (losses) of $0.0 million, $(122.2) million and $3.6 million were recognized on these investments during the years ended November 30, 2024, 2023 and 2022, respectively. Impairments and downward adjustments on these investments during the year ended November 30, 2023 were $80.3 million. There were no impairments and downward adjustments on these investments during the years ended November 30, 2024 and 2022. These investments would generally be presented within Level 3 of the fair value hierarchy.
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | Note 7. Derivative Financial Instruments Our derivative activities are recorded at fair value in our Consolidated Statements of Financial Condition in instruments owned and 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. Derivatives are subject to various risks similar to other financial instruments, including market, credit and operational risk. The risks of derivatives should not be viewed in isolation, but rather should be considered on an aggregate basis along with our other trading-related activities. We manage the risks associated with derivatives on an aggregate basis along with the risks associated with proprietary trading as part of our firm wide risk management policies. In connection with our derivative activities, we may enter into International Swaps and Derivatives Association, Inc. master netting agreements or similar agreements with counterparties. Refer to Note 2, Summary of Significant Accounting Policies for additional information regarding the offsetting of derivative contracts. 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. The fair value of assets/liabilities in the following tables represent our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged.
(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)The 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. (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. Gains (losses) recognized in Interest expense related to fair value hedges:
(1)Includes net settlements of $(62.3) million, $(55.6) million and $1.4 million for the years ended November 30, 2024, 2023 and 2022, respectively. 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:
Unrealized and realized gains (losses) on derivative contracts recognized primarily in Principal transactions revenues, which are utilized in connection with our client activities and our economic risk management activities:
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 Remaining contract maturities at November 30, 2024:
(1)At November 30, 2024, we held net exchange-traded derivative assets and liabilities and other credit agreements with a fair value of $206.3 million and $46.6 million, respectively, which are not included in these tables. (2)OTC derivative assets and liabilities in the tables above are gross of collateral pledged. OTC derivative assets and liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At November 30, 2024, cash collateral received and pledged was $400.1 million and $526.0 million, respectively. (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 the fair value of our OTC derivative assets at November 30, 2024:
(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 External credit ratings of the underlyings or referenced assets for our written credit related derivative contracts:
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:
(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.
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| Collateralized Transactions | Note 8. 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 to 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.
We receive securities as collateral under resale agreements, securities borrowing transactions, customer margin loans, and in connection with securities-for-securities transactions in which we are the lender of securities. We also receive securities as initial margin on certain derivative transactions. 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, 2024 and 2023, the approximate fair value of securities received as collateral by us that may be sold or repledged was $37.63 billion and $33.99 billion, respectively. At November 30, 2024 and 2023, a substantial portion of the securities received by us had been sold or repledged. Securities Financing Agreements To manage our exposure to credit risk associated with securities financing transactions, we may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to, master securities lending agreements (securities lending transactions) and master repurchase agreements (repurchase transactions). The following 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.
(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 Statements 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)Includes $5.31 billion of securities borrowing arrangements, for which we have received securities collateral of $5.19 billion, and $645.0 million of repurchase agreements, for which we have pledged securities collateral of $656.9 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4)Includes $5.17 billion of securities borrowing arrangements, for which we have received securities collateral of $5.04 billion, and $505.0 million of repurchase agreements, for which we have pledged securities collateral of $520.4 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations Cash and securities segregated in accordance with regulatory regulations and deposited with clearing and depository organizations primarily 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.
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Securitization Activities |
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| Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securitization Activities | Note 9. 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 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. Refer to Note 10, 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 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 and are generally initially categorized as Level 2 within the fair value hierarchy. Securitizations that were accounted for as sales in which we had continuing involvement:
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, 2024 and 2023. Our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment:
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 10, Variable Interest Entities.
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Variable Interest Entities |
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| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable Interest Entities | Note 10. 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:
(1)Assets and liabilities are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. (2)Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions from related consolidated entities, which are all eliminated in consolidation. (3)$1.5 million and $1.4 million of receivables from brokers at November 30, 2024 and 2023, respectively, are with related consolidated entities, which are eliminated in consolidation. (4)$3.4 million and $56.1 million of the other assets at November 30, 2024 and 2023, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (5)$719.0 million and $681.0 million of the other secured financings at November 30, 2024 and 2023, respectively, are with related consolidated entities and are eliminated in consolidation. (6)$22.0 million and $247.9 million of the other liabilities amounts at November 30, 2024 and 2023, respectively, are with related consolidated entities, which are eliminated in consolidation. (7)At November 30, 2023, Assets held for sale and Liabilities held for sale in our Consolidated Statements of Financial Condition relate to the net operating assets of the wholesale operations of OpNet and Foursight’s automobile financing vehicles. Both entities were considered to be VIEs. $31.9 million of Assets held for sale and $5.3 million Liabilities held for sale were with related consolidated entities and were eliminated in consolidation. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further information. 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. In addition, we also from time to time securitize other financial instruments and own variable interests in the securitization vehicles to the extent that we consolidate such vehicles. Prior to the sale of Foursight in April 2024, we were the primary beneficiary of automobile loan financing vehicles to which we transferred automobile loans, acted as servicer of the automobile loans for a fee and retained equity interests in the vehicles. The assets of these VIEs primarily consisted of automobile loans, which were accounted for as loans held for investment at amortized cost included within Other assets. The liabilities of these VIEs consisted of notes issued by the VIEs, which were accounted for at amortized cost and included within Other secured financings and did not have recourse to our general credit. The automobile loans were 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 that we manage for external investors and certain investment vehicles set up for the benefit of our employees as well as investment vehicles managed by third parties where we have a controlling financial interest. The assets of these VIEs consist primarily of equity securities and broker receivables. Our variable interests in these vehicles consist of equity securities, management and performance fees and revenue share. 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 are the primary beneficiary of a real estate syndication entity that develops multi-family residential property and manages the property. The assets of the VIE consist primarily of real estate and its liabilities primarily consist of accrued expenses and long- term debt secured by the real estate property. Our variable interest in the VIE primarily consists of our limited liability company interest, a sponsor promote and development and asset management fees for managing the project. We are the primary beneficiary of special purpose vehicles that hold risk retention notes issued as part of unsecured loan asset- backed transactions. Our variable interest in the VIEs primarily consists of our ownership of certificates issued by the VIEs. During the fourth quarter of 2023, we became the primary beneficiary of OpNet’s wholesale wireless broadband business, which was classified as held for sale during the fourth quarter of 2023 and subsequently sold during the third quarter of 2024. Refer to Note 4, Business Acquisitions and Note 5, Assets Held for Sale and Discontinued Operations for further information. Nonconsolidated VIEs
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. We also may transfer originated corporate loans to certain VIEs and hold subordinated interests issued by the vehicle. The underlying assets, which are collateralizing the vehicles, are primarily composed of unsecured consumer loans, mortgage loans and corporate 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 have committed to invest in private equity funds, (the “JCP Funds”, including JCP Fund V (refer to Note 11, Investments for further information)) managed by Jefferies Capital Partners, LLC (the “JCP Manager”). Additionally, we have 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, 2024 and 2023, our total equity commitment in the JCP Entities was $133.0 million, of which $123.2 million and $122.6 million had been funded, respectively. The carrying value of our equity investments in the JCP Entities was $3.2 million and $3.1 million at November 30, 2024 and 2023, 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. We have also committed to invest $1.0 million, of which $0.5 million was funded, in a private equity fund managed by us for the benefit of our employees. The carrying value of our equity was $0.5 million. Other Investment Vehicles. At November 30, 2024 and 2023, we had equity commitments to invest $1.43 billion and $1.26 billion, respectively, in various other investment vehicles, of which $1.17 billion and $1.10 billion was funded, respectively. The carrying value of our equity investments was $1.11 billion and $1.07 billion at November 30, 2024 and 2023, respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. These investment vehicles have assets primarily consisting of private and public equity investments, debt instruments, trade and insurance claims and various oil and gas assets. Mortgage-Backed and Other Asset-Backed Secured Funding Vehicles. In connection with our secondary trading and market- making activities, we buy and sell agency and non-agency mortgage-backed securities and other asset-backed securities, which are issued by third-party securitization SPEs and are generally considered variable interests in VIEs. Securities issued by securitization SPEs are backed by residential mortgage loans, U.S. agency collateralized mortgage obligations, commercial mortgage loans, CDOs and CLOs and other consumer loans, such as installment receivables, automobile loans and student loans. These securities are accounted for at fair value and included in Financial instruments owned. 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, 2024 and November 30, 2023, we held $1.84 billion and $1.89 billion of agency mortgage-backed securities, respectively, and $201.1 million and $261.2 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.
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Investments |
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| Investments | Note 11. InvestmentsInvestments 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. Equity method investments, including any loans to the investees, are reported within Investments in and loans to related parties.
The following presents summarized financial information about our significant equity method investees. For certain investees, we receive financial information on a lag and the summarized information provided for these investees is based on the latest financial information available as of November 30, 2024, 2023 and 2022, respectively. Jefferies Finance Jefferies Finance, our 50/50 joint venture with Massachusetts Mutual Life Insurance Company (“MassMutual”) structures, underwrites and syndicates primarily senior secured loans to corporate borrowers; and manages proprietary and third-party investments in both broadly syndicated and direct lending loans. In connection with its Leveraged Finance business, 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. The Asset Management business is a multi-strategy private credit platform that manages proprietary and third-party capital across commingled funds, funds-of-one, separately managed accounts, business development companies, CLOs and levered balance sheet funds. Broadly syndicated loan investments are sourced through transactions arranged by Jefferies Finance and third- party arrangers and managed through its subsidiary, Apex Credit Partners LLC. Direct lending investments are primarily sourced through us. Jefferies Finance and its subsidiaries that are involved in investment management are registered investment advisers with the SEC. At November 30, 2024, 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, 2024, our remaining commitment to Jefferies Finance was $15.4 million. The investment commitment is scheduled to expire on March 1, 2025 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, 2024. Advances are shared equally between us and MassMutual. The facility is scheduled to mature on March 1, 2025 with automatic one year extensions absent a 60 days termination notice by either party. At November 30, 2024, we had funded $0.0 million of our $250.0 million commitment. Activity related to the facility:
Selected financial information for Jefferies Finance:
Activity related to our other transactions with Jefferies Finance:
(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 addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses. (2)We act as a placement and/or structuring agent for CLOs managed by Jefferies Finance, for which we recognized fees and are included in Investment banking revenues. (3)We act as a placement agent for investment funds managed by Jefferies Finance, for which we recognized fees, and are included in Commissions and other fees. (4)We acted as underwriter in connection with term loans issued by Jefferies Finance. The fees are included in Investment banking revenues. In addition, at November 30, 2024, we held $16.0 million of a syndicated Jefferies Finance term loan pending settlement of committed sales. (5)Under a service agreement, we charge Jefferies Finance for various administrative 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, were $1.9 million and $3.5 million at November 30, 2024 and 2023, respectively. At November 30, 2024 and 2023, payables to Jefferies Finance related to cash deposited with us and included in Payables to customers, were $13.7 million and $2.6 million, respectively. Berkadia Berkadia is a commercial real estate finance and investment sales joint venture that was formed by us and Berkshire Hathaway Inc. We are entitled to receive 45.0% of the profits of Berkadia. Berkadia originates commercial and multifamily real estate loans that are sold to U.S. government agencies or other investors with Berkadia retaining the servicing rights. Berkadia also provides advisory services in connection with sales of multifamily assets. 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 and financial services companies. 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, 2024, the aggregate amount of commercial paper outstanding was $1.47 billion. Selected financial information for Berkadia:
At November 30, 2024 and 2023, we had commitments to purchase $21.8 million and $77.5 million, respectively, of agency CMBS from Berkadia. Activity related to our other transactions with Berkadia:
(1)We refer Berkadia to our clients to act as a transaction servicer and receive fees, which are included in Commissions and other fees. (2)We pay fees to Berkadia for loan originations and realty sales. Loan origination fees are capitalized as debt issuance costs and amortized over the life of the loan. Realty sales commissions are included in Cost of sales. Real Estate Investments Our real estate equity method investments primarily consist of our 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). We own a 48.1% equity interest in 54 Madison, a fund that most recently owned an interest in one real estate project and the fund is in the process of being liquidated. Selected financial information for our significant real estate investments:
JCP Fund V We have limited partnership interests of 11% and 50% in Jefferies Capital Partners V L.P. and Jefferies SBI USA Fund L.P. (together, “JCP Fund V”), respectively, which are private equity funds managed by a team led by our President and which are in the process of being fully liquidated. The amount of our investments in JCP Fund V included in Financial instruments owned, at fair value was $2.9 million and $2.2 million at November 30, 2024 and 2023, respectively. We account for these investments at fair value based on the NAV of the funds provided by the fund managers (refer to Note 2, Summary of Significant Accounting Policies). The following summarizes the results from these investments which are included in Principal transactions revenues:
At both November 30, 2024 and 2023, we were committed to invest equity of up to $85.0 million in JCP Fund V. At both November 30, 2024 and 2023, our unfunded commitment relating to JCP Fund V was $8.7 million. We do not expect any further capital to be called by JCP Fund V. Selected financial information for 100.0% of JCP Fund V, in which we owned effectively 35.1% of the combined equity interests:
(1)Financial information for JCP Fund V included in our financial position at November 30, 2024 and 2023 and included in our results of operations for the years ended November 30, 2024, 2023 and 2022 is based on the periods presented. Asset Management Investments In July 2024, we invested $25.0 million in the Class A Common Equity Units of Hildene Insurance Holdings, LLC, an investment fund with insurance exposures. The investment is accounted for under the equity method with a carrying amount of $27.5 million at November 30, 2024. Selected financial information for 100.0% of Hildene Insurance Holdings, LLC, in which we own effectively 9.26% of the combined equity interests:
(1)Financial information for Hildene Insurance Holdings, LLC included in our financial position at November 30, 2024 and included in our results of operations for the year ended November 30, 2024, is based on the period presented. We had an equity method investment with a carrying amount of $15.8 million at November 30, 2023, consisting of our shares in Monashee, an investment management company, registered investment advisor and general partner of various investment management funds, which provided us with 50.0% voting rights interest and the rights to distributions of 47.5% of the annual net profits of Monashee’s operations if certain thresholds were met. A portion of the carrying amount of the investment in Monashee related to contract and customer relationship intangible assets and goodwill. The intangible assets were amortized over their useful life and the goodwill was not amortized. During the three months ended February 29, 2024, our shares were converted to preferred shares, which provide us with rights to be paid dividends based on Monashee’s performance and management fees, and we recognized a gain of $6.0 million upon the nonmonetary exchange. In addition, we invested $5.2 million in mandatorily redeemable preferred shares issued by Monashee. The investment in the preferred shares is accounted for at cost, less impairment, if any. The investment in the mandatorily redeemable preferred shares is accounted for at fair value. 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 $20.2 million at November 30, 2023. Activity related to these separately managed accounts:
(1)Included in Principal transactions revenues. (2)Included in Floor brokerage and clearing fees. ApiJect We own shares which represent a 33.6% economic interest in ApiJect at November 30, 2024, which 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. Additionally, we have a right to 1.125% of ApiJect’s future revenues. In December 2023, we purchased a $4.6 million secured convertible promissory note from ApiJect, which matures on December 14, 2025. In April 2024, we purchased a $1.3 million promissory note from ApiJect. These promissory notes are accounted for at fair value in Financial instruments owned and classified within Level 3 of the fair value hierarchy. We recognized interest income of $0.2 million on the two notes during the year ended 2024. In May 2024, we converted our notes into common shares and also paid $8.8 million for an additional investment in common shares of ApiJect. During the year ended 2024, we recognized a gain of $1.2 million, relating to the conversion of the convertible promissory notes. At November 30, 2024 and 2023, the total fair value of our total equity investment in common shares of ApiJect was $116.1 million and $100.1 million, respectively, which is classified within Level 3 of the fair value hierarchy. Additionally, we own 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 $23.3 million, which matures on January 31, 2025. The loan was accounted for at amortized cost and reported within Other assets. The loan had a fair value of $23.3 million and $30.4 million at November 30, 2024 and 2023, respectively, which would be classified as Level 3 in the fair value hierarchy. SPAC Prior to May 2024, we owned 73.4% of the publicly traded units of a special purpose acquisition company (“SPAC”), which represented 25.7% of its voting shares. We considered the SPAC a VIE and had significant influence over the SPAC but were not considered to be the primary beneficiary as we did not have control. Our investment was accounted for at fair value pursuant to the fair value option and was included within corporate equity securities in Financial instruments owned. The fair value of the investment was $23.8 million at November 30, 2023 and included within Level 1 of the fair value hierarchy. In May 2024, the company redeemed all of its outstanding units issued in its initial public offering, and our investment in the SPAC was redeemed in cash for approximately $24.3 million. Stratos We had a 49.9% voting interest in Stratos and had the ability to significantly influence Stratos through our seats on the board of directors. On September 14, 2023, we acquired the additional 50.1% voting interest in Stratos (refer to Note 4, Business Acquisitions for further information). As a result, the financial statements of Stratos are consolidated into our consolidated financial statements. During 2023, prior to the acquisition, we contributed additional capital of $20.0 million. Selected financial information for Stratos:
(1) Represents the period prior to the step-acquisition. Aircadia In December 2023, Aircadia Leasing II LLC (“Aircadia”), a wholly owned subsidiary, purchased airplanes and simultaneously entered into a lease with the seller to lease the airplanes for a term of 42 months. The transaction was accounted for as a sale leaseback and the airplanes were recognized within Premises and equipment at $57.7 million. During the year ended November 30, 2024, we recognized $20.7 million of operating lease income. During 2024, we classified the airplanes related to the sale leaseback transaction as held for sale. The airplanes are included within Assets held for sale on our Consolidated Statements of Financial Condition and have a carrying amount of $51.9 million at November 30, 2024. We are actively pursuing avenues to dispose of the airplanes through a sale process. Effective with the designation of the airplanes as held for sale, we suspended recording depreciation on these assets. In December 2023, we provided a loan to the seller for $30.0 million, which matures on February 3, 2025. The loan is accounted for at amortized cost and included within Investments in and loans to related parties. We recognized interest income of $3.1 million during the year ended 2024. We also hold preferred shares in the seller, which are accounted for at fair value in Financial instruments owned with a fair value of $37.1 million at both November 30, 2024 and 2023, and are classified within Level 3 of the fair value hierarchy. In September 2024, we provided a €15.0 million loan, maturing in May 2025, to an individual related to the seller, secured by a privately owned aircraft and guaranteed by the individual. We recognized interest income of $0.4 million during the year ended November 30, 2024. OpNet On November 30, 2023, we provided notice of our intent to convert certain classes of our preferred shares into common shares. As a result, we obtained control of OpNet and consolidated its assets and liabilities in our consolidated financial statements as of November 30, 2023. Upon conversion on May 7, 2024, our ownership increased to 57.5% of the common shares and our voting rights increased to 72.6% of the aggregate voting rights of OpNet. From the time we obtained control of OpNet to its sale in August 2024, its wholesale business was considered a VIE and classified as held for sale. We also consolidate Tessellis, a subsidiary of OpNet, which is not considered to be a VIE. Refer to Note 4, Business Acquisitions for further information. Prior to the acquisition and consolidation of OpNet, we accounted for our equity investment in OpNet under the equity method. We recognized equity method pickup losses of $254.1 million and $59.0 million for the years ended November 30, 2023 and 2022, respectively, in Other revenues. During the year ended November 30, 2023, we contributed $167.2 million to OpNet through direct subscription, settlement of subscription advances, and conversion of a shareholder loan. Selected financial information for OpNet:
Golden Queen Mining Company LLC We had a 50.0% ownership interest in Golden Queen, which owns and operates a gold and silver mine project located in California. We sold our interest in Golden Queen in November 2023. During the year ended 2023, we recognized impairment charges of $57.2 million on our investment within Other revenues. We sold our interest in Golden Queen in November 2023 and recognized a gain of $1.7 million. Selected financial information for Golden Queen:
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Credit Losses on Financial Assets Measured at Amortized Cost |
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| Credit Losses on Financial Assets Measured at Amortized Cost | Note 12. Credit Losses on Financial Assets Measured at Amortized Cost Automobile Loans. On November 20, 2023, we entered into an agreement to sell our automobile loans business, Foursight. As a result, we reclassified all automobile loans to assets held for sale in our Consolidated Statements of Financial Condition at November 30, 2023. Refer to Note 5, Assets Held for Sale and Discontinued Operations for additional details. Allowance for credit losses related to our automobile loans:
(1) Refer to Note 5, Assets Held for Sale and Discontinued Operations. 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. 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. During the year ended November 30, 2024, we recognized bad debt expense of $26.2 million related to receivables associated with our asset management arrangements with Weiss Multi-Strategy Advisers. Investment Banking Fee Receivables. Our allowance for credit losses on our investment banking fee receivables uses 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. Allowance for credit losses for investment banking receivables:
(1)Substantially all of the allowance for doubtful accounts relate to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.
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Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets | Note 13. Goodwill and Intangible Assets Goodwill
(1)Includes the impact of Tessellis and Go Internet. Refer to Note 4, Business Acquisitions for further information.
(1)Refer to Note 4, Business Acquisitions for further discussion. (2)Refer to Note 5, Assets Held for Sale and Discontinued Operations for further discussion. Carrying values of goodwill by reporting unit:
Goodwill Impairment Testing The goodwill impairment test is performed at the level of the reporting unit. A reporting unit is an operating segment or one level below an operating segment. 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. We test goodwill allocated to our Investment Banking, Equities, Fixed Income and Asset Management reporting units annually on August 1 and test goodwill allocated to other individual investments annually on November 30. Our annual goodwill impairment testing at August 1, 2024 did not indicate any goodwill impairment in any of our Investment Banking, Equities and Fixed Income reporting units, which are part of our Investment Banking and Capital Markets reportable segment and did not indicate any goodwill impairment in our Asset Management reporting unit. The results of our assessment indicated that each of these reporting units had a fair value in excess of their carrying amounts based on current projections. 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. Intangible Assets Intangible assets are included in Other assets.
(1)Includes a $39.3 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information.
At August 1, 2024, we performed our annual impairment testing of intangible assets with an indefinite useful life consisting of exchange and clearing organization membership interests and registrations. We utilized quantitative assessments of membership interests and registrations that have available quoted sales prices as well as certain other membership interests and registrations that have declined in utilization and qualitative assessments were performed on the remainder of our indefinite-life intangible assets. In applying our quantitative assessments, we recognized immaterial impairment losses on certain exchange membership interests and registrations. With regard to our qualitative assessments of the remaining indefinite life intangible assets, based on our assessments of market conditions, the utilization of the assets and the replacement costs associated with the assets, we have concluded that it is not more likely than not that the intangible assets are impaired. Amortization Expense For finite life intangible assets, we recognized aggregate amortization expense of $30.3 million, $9.3 million and $10.9 million for the years ended November 30, 2024, 2023 and 2022, respectively. These expenses are included in Depreciation and amortization. Estimated future amortization expense (in thousands):
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Revenues from Contracts with Customers |
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| Revenues from Contracts with Customers | Note 14. Revenues from Contracts with Customers
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. 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 is 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 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 and facilitating foreign currency spot transactions. 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. 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 the performance obligation under the contract with a customer related to a parcel of real estate is not yet complete when title transfers to the buyer, revenue associated with the incomplete performance obligation is deferred until the performance obligation is completed. •Internet Connection and Broadband Revenues. Revenues associated with internet connection and mobile voice services provided to customers are recognized based on the volume of service provided as of a given date and the related service charge. Revenues from the activation of broadband services are recognized on a straight-line basis over a period of 24 months. Amounts received in advance are deferred and recognized into revenue over the 24 month service period. Disaggregation of Revenue
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue. Refer to Note 23, 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, 2024. 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, 2024. During the years ended November 30, 2024, 2023 and 2022, we recognized $41.0 million, $38.1 million and $78.9 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 $32.1 million, $31.5 million and $28.1 million of revenues primarily associated with distribution services during the years ended November 30, 2024, 2023 and 2022, 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, 2024 and 2023 was $79.1 million and $48.3 million, respectively, which is recorded in Accrued expenses and other liabilities. During the years ended November 30, 2024, 2023 and 2022, we recognized revenues of $34.6 million, $22.7 million and $48.7 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 $275.9 million and $248.2 million at November 30, 2024 and 2023, 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, 2024 and 2023, capitalized costs to fulfill a contract were $5.8 million and $5.3 million, respectively, which are recorded in Receivables – Fees, interest and other. For the years ended November 30, 2024, 2023 and 2022, we recognized expenses of $3.6 million, $1.8 million and $1.6 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, 2024, 2023 and 2022.
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Compensation Plans |
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| Compensation Plans | Note 15. Compensation Plans Equity Compensation Plan Our amended and restated Equity Compensation Plan (the “ECP”) was approved by shareholders on March 28, 2024. The ECP replaced our 2003 Incentive Compensation Plan, as Amended and Restated (the “Incentive Plan”) and the 1999 Directors’ Stock Compensation Plan, as Amended and Restated July 25, 2013. 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, 2024, 14.6 million shares remain available for new grants under the ECP. Restricted stock awards are grants of our common shares that generally require service as a condition of vesting. RSUs give a participant the right to receive shares if service or performance conditions are met and 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 stock ownership, but dividend equivalents are accrued to the extent there are dividends declared on the underlying common shares. Restricted stock and RSUs may be granted to new employees as “sign-on” awards and to existing employees as either “retention” awards or pursuant to regulatory requirements outside the U.S. governing remuneration for certain employees. Restricted stock and RSUs are also granted to certain senior executive officers as incentive awards. Employee awards are generally subject to annual ratable vesting over a multi-year service period and may also contain performance conditions. 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 The Compensation Committee of our Board of Directors approved executive compensation for our senior executives for compensation year 2020. For each senior executive, the Compensation Committee targeted long-term compensation of $22.5 million under the 2020 Plan with a target of $16.0 million in long-term equity in the form of RSUs with performance goals measured over the three-year period ending November 30, 2022 and a target of $6.5 million in cash. To receive targeted long-term equity, our senior executives had to achieve Jefferies’ total shareholder return (“TSR”) of 9% on a multi-year compounded basis; and to receive targeted cash, our senior executives had to achieve 9% 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 was achieved at a level greater than 9%, our senior executives were eligible to receive up to 75% additional equity incentive compensation if Jefferies’ TSR exceeded the 50th percentile relative to our peer companies’ total shareholder returns. If ROTDE was greater than 9%, our senior executives were eligible to receive up to 75% additional cash incentive compensation on an interpolated basis, up to 12% in ROTDE. 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 senior executives also hold previously awarded stock options of 2,506,266 stock options, with an exercise price of $23.75, which include rights to “excess dividend equivalents,” (each share subject to the option is entitled to two times the amount of any regular quarterly cash dividend paid in the 9.5 years after grant to the extent the per share divided exceeds the quarterly dividend rate in effect at the time of grant with the dividend equivalent amount converted to non-forfeitable share units at the dividend payment date. In connection with our spin-off of Vitesse Energy, Inc. in January 2023, the options and related dividend equivalent rights were adjusted, resulting in each senior executive holding 2,532,370 Jefferies options exercisable at $22.69 per share and 228,933 Vitesse options exercisable at $8.97 per share, with corresponding adjustments such that Vitesse regular quarterly cash dividends relating to shares underlying the Vitesse options are taken into consideration in the calculation of the excess dividend equivalents. The stock options became or become exercisable in three equal annual tranches beginning December 6, 2021, with a final expiration date of December 5, 2030. At November 30, 2023 and 2022, all options were outstanding. At November 30, 2023, for each senior executive, 1,688,247 Jefferies options and 152,622 Vitesse options were exercisable. At both November 30, 2024 and 2023, 5.1 million of our common shares were designated for the senior executive nonqualified stock options. Additionally, in connection with our spin-off of Vitesse Energy, Inc. shares, we adjusted certain outstanding equity awards to include like awards for the acquisition of Vitesse common stock (“Vitesse Awards”). Vesting terms, exercise dates and expiration dates of the resulting Vitesse Awards and Vitesse options are the same as those terms of the related Jefferies awards. For those Vitesse Awards that remain subject to performance or service- based vesting requirements, we continue to recognize expense based on the original grant-date fair value and any incremental fair value resulting from modifications of awards. In fiscal 2023, $4.0 million of incremental compensation expense was recognized for these modifications connection with the adjustments relating to the Vitesse spin-off. In addition, the Compensation Committee has granted RSUs and performance stock units (“PSUs”) to each of our senior executives as follows:
(1)ROTE is defined as return on tangible equity measured over three years. (2)Performance below an ROTE of 7.5% results in forfeiture of all PSUs. An ROTE of 15% or greater results in earning 150% of target PSUs and between 7.5% to 15%, the level of earning PSUs is linearly interpolated. The following reflects activity in restricted stock, inclusive across all plans:
The following reflects activity in total RSUs, inclusive across all plans:
(1)Fulfillment of vesting requirement during the years ended November 30, 2024, 2023 and 2022, includes RSUs of 0, 2,438,000, and 1,433,000, respectively, related to senior executive compensation. The following reflects activity solely related to the portions of RSUs related to senior executive compensation that contain performance conditions:
During the years ended November 30, 2024, 2023 and 2022, grants are shown with the targeted number of shares. In December 2023, the Compensation Committee of our Board of Directors approved a total of 191,757 RSUs relating to above target performance earned under the PSUs granted in fiscal 2022, which remain subject to service-based vesting through December 2024. In December 2024, based on performance results in the fiscal 2022 to fiscal 2024 performance period and an equitable adjustment to PSUs granted in December 2021, a net of 64,369 Jefferies PSUs and 7,476 Vitesse PSUs were forfeited by senior executives. Employee Stock Purchase Plan An Employee Stock Purchase Plan (the “ESPP”) has been implemented under both the prior Incentive Plan and the 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”), which 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. 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. Other Compensation Plans In connection with the HomeFed LLC (“HomeFed”) merger in 2019, HomeFed stock options were converted into options to purchase our common shares. During the year ended November 30, 2023, all remaining HomeFed stock options were exercised at a price of $22.20 per common share. 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
(1)Total compensation cost 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 $0.7 million, $0.5 million and $0.5 million for the years ended November 30, 2024, 2023 and 2022, respectively. Remaining unamortized amounts related to certain compensation plans at November 30, 2024:
In December 2024, $384.5 million of restricted cash awards, which contain a future service requirements and are related to the 2024 performance year were approved and awarded. Absent actual forfeitures or cancellations or accelerations, the annual compensation cost for these awards will be recognized as follows:
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Benefit Plans |
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| Benefit Plans | Note 16. 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 $3.5 million to the WilTel plan during the year ended November 30, 2024. We did not contribute to the U.S. Pension Plan during the year ended November 30, 2024 and we do not anticipate making a contribution to the plan for the year ending November 30, 2025. Activity with respect to both plans:
As of November 30, 2024 and 2023, $28.6 million and $37.0 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 $13.4 million and $22.7 million, respectively, was reflected as accrued pension cost. Components of net periodic pension cost and other amounts recognized in other comprehensive income (loss) excluding taxes:
Accumulated other comprehensive income (loss) at November 30, 2024 and 2023 have not yet been recognized as components of net periodic pension cost in the Consolidated Statements of Earnings. Assumptions:
Pension benefit payments expected to be paid (in thousands):
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, 0.0% to 1.5% real rate of return for long duration risk free investments and an additional 0.5% to 1.0% return premium for corporate credit risk. For U.S. and international equity, we assume an equity risk premium over risk-free assets equal to 4.3%. 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 2024. Other We have defined contribution pension plans, including 401(k) plans, that cover certain employees. Amounts charged to expense related to such plans were $13.6 million, $12.6 million and $12.7 million for the years ended November 30, 2024, 2023 and 2022, respectively.
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Leases |
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| Leases | Note 17. 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:
(1)At November 30, 2023, we classified certain operating lease assets and liabilities as held for sale and discontinued recording amortization on the related right-of-use assets. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further discussion. Maturities of our operating lease liabilities, excluding certain operating leases liabilities reclassified as held for sale, and a reconciliation to the Lease liabilities:
In addition to the table above, at November 30, 2024, we entered into lease agreements that were signed but had not yet commenced. These operating leases will commence in 2025 with lease terms of between to seven years. Lease payments for these lease agreements will be $1.5 million for the period from lease commencement to the end of the lease term. Lease costs:
(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:
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Borrowings |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | Note 18. BorrowingsShort-Term Borrowings
(1)Short-term borrowings, mature in one year or less and are recorded at cost, which is a reasonable approximation of their fair values due to their liquid and short-term nature. At November 30, 2024 and 2023, the weighted average interest rate on bank loans outstanding is 6.25% and 6.06% per annum, 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, 2024, we were in compliance with all covenants under these credit facilities. Long-Term Debt
(1)Structured notes have various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from non-credit components recognized in Principal transactions revenues. The structured notes are classified as Level 2 or Level 3 in the fair value hierarchy. All of our long-term debt with exception of certain of the structured notes would be classified as Level 2 in the fair value hierarchy. (2)Carrying values of certain unsecured borrowings, totaling $2.04 billion and $1.99 billion for November 30, 2024 and November 30, 2023, respectively, include net losses of $50.4 million and net gains of $21.6 million for the year ended November 30, 2024 and 2023, respectively, associated with interest rate swaps based on designation as fair value hedges. Refer to Note 7, Derivative Financial Instruments for further information. (3)Carrying values include unamortized discounts and premiums, valuation adjustments and debt issuance costs. At November 30, 2024 and 2023 our borrowings under several credit facilities classified within Long-term debt amounted to $775.3 million and $735.2 million, respectively. Interest on these credit facilities is based on an adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or other adjusted rates, as defined in the various credit agreements. Additionally, certain of our borrowings are under agreements containing covenants that, among other things, require us to maintain specified levels of tangible net worth and liquidity amounts, certain credit and rating levels 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, 2024, we were in compliance with all covenants under theses credit agreements. (4)Interest rates exclude structured notes and include the effect of the associated derivative instruments used in the hedge accounting relationships. During the year ended November 30, 2024, long-term debt increased by $3.83 billion to $13.53 billion at November 30, 2024 primarily due to proceeds of $3.98 billion from the issuances of unsecured senior notes, $487.0 million from net issuances of structured notes, $254.8 million from increased subsidiaries borrowings, and valuation losses on structured notes of $175.7 million. These increases were partially offset by a $350.0 million paydown of a revolving credit facility and repayments of $720.5 million on our unsecured senior notes.
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Total Equity |
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| Total Equity | Note 19. Total EquityCommon Stock At November 30, 2024 and November 30, 2023, we had 565,000,000 authorized shares of voting common stock with a par value of $1.00 per share. At November 30, 2024 and 2023, we had outstanding 205,504,272 common shares and 210,626,642 common shares outstanding, respectively. The Board of Directors has authorized the repurchase of common stock up to $250.0 million under a share repurchase program. Treasury stock repurchases during 2024 represent repurchases of common stock for net-share withholding under our equity compensation plan. In February 2023, our mandatorily redeemable convertible preferred shares were converted into 4,654,362 common shares. Non-Voting Convertible Preferred Shares On April 27, 2023, we established Series B Non-Voting Convertible Preferred Shares with a par value of $1.00 per share (“Series B Preferred Stock”) and designated 70,000 shares as Series B Preferred Stock. The Series B Preferred Stock has a liquidation preference of $17,500 per share and rank senior to our voting common stock upon dissolution, liquidation or winding up of Jefferies Financial Group Inc. Each share of Series B Preferred Stock is automatically convertible into 500 shares of non-voting common stock, subject to certain anti-dilution adjustments, three years after issuance. The Series B Preferred Stock participates in cash dividends and distributions alongside our voting common stock on an as-converted basis. Additionally, on April 27, 2023, we entered into an Exchange Agreement with Sumitomo Mitsui Banking Corporation (“SMBC”), which entitles SMBC to exchange shares of our voting common stock for shares of the Series B Preferred Stock at a rate of 500 shares of voting common stock for one share of Series B Preferred Stock. The Exchange Agreement is limited to 55,125 shares of Preferred Stock and SMBC will pay $1.50 per share of voting common stock so exchanged. During the year ended November 30, 2023, SMBC exchanged 21.0 million shares of voting common stock for 42,000 shares of Series B Preferred Stock and we received cash of $31.5 million from SMBC in connection with the exchange. As a result of the exchange, our equity attributed to our voting common stock decreased by $21.0 million, our equity attributed to the Series B Preferred Stock increased by $42,000 and additional paid-in capital increased by $52.4 million. On June 20, 2024, SMBC exchanged an additional 6.6 million shares of voting common stock for 13,125 shares of Series B Preferred Stock and we received $9.8 million from SMBC in connection with the exchange. Following this exchange, SMBC increased its ownership to 11.8% of our common stock on an as- converted basis and 10.9% on a fully-diluted, as-converted basis. As a result, the CEO of Sumitomo Mitsui Financial Group, Inc. was elected and now serves on our Board of Directors. On September 19, 2024, SMBC purchased 9.2 million shares of our common stock. At November 30, 2024, SMBC owns approximately 15.8% of our common stock on an as-converted basis and 14.5% on a fully-diluted, as-converted basis. Refer to Note 24, Related Party Transactions for further information regarding transactions with SMBC. On June 28, 2023, shareholders approved an Amended and Restated Certificate of Incorporation, which authorized the issuance of non-voting common stock with a par value of $1.00 per share (the “Non-Voting Common Shares”). The Non-Voting Common Shares are entitled to share equally, on a per share basis, with the voting common stock, in dividends and distributions. Upon the effectiveness of the Amended and Restated Certificate of Incorporation on June 30, 2023, the number of authorized shares of common stock remains at 600,000,000 shares, comprised of 565,000,000 shares of voting common stock and 35,000,000 shares of Non-Voting Common Shares. Mandatorily Redeemable Convertible Preferred Shares Our $125.0 million of callable mandatorily redeemable cumulative convertible preferred shares (“Preferred Shares”) were converted during the first quarter of 2023 at a price of $1,000 per preferred share, plus accrued interest, into 4,654,362 common shares for $125.0 million, or $26.82 per common share. Earnings Per Common ShareBasic 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 common share are as follows:
(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 certain preferred stock, restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 24.1 million, 8.9 million and 1.0 million for the years ended November 30, 2024, 2023 and 2022, respectively. Dividends paid on participating securities were $32.0 million, $2.1 million and $1.1 million during the years ended November 30, 2024, 2023 and 2022, 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. (2)The two-class method was more dilutive for each period presented. (3)Certain securities have been excluded as they would be antidilutive. However, these securities could potentially dilute earnings per share in the future. Antidilutive shares at November 30, 2024 and 2023, were 13.2% and 9.5%, respectively, of the weighted average common shares outstanding for the year ended November 30, 2024 and 2023, respectively. Dividends
On January 8, 2025, the Board of Directors increased our quarterly dividends from $0.35 to $0.40 per common share to be paid on February 27, 2025 to common shareholders of record at February 14, 2025. We paid cash dividends on our Series B Preferred Stock of $31.9 million and $12.6 million for the year ended November 30, 2024 and 2023, respectively. The payment of dividends is subject to the discretion of our Board of Directors and depends upon general business conditions and other factors that our Board of Directors may deem to be relevant. 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 Earnings. A summary of accumulated other comprehensive income (loss), net of taxes is as follows:
Amounts reclassified out of accumulated other comprehensive income (loss) to net earnings:
(1)The amounts include income tax benefit (expense) of $(1.7) million, $0.1 million, and $0.0 million during the years ended November 30, 2024, 2023 and 2022, respectively, which were reclassified to Principal transactions revenues. (2)Relates to the acquisition and consolidation of OpNet in the fourth quarter of 2023. Refer to Note 4, Business Acquisitions and Note 5, Assets Held for Sale for further information. The amount includes income tax benefit (expense) of $(5.4) million for the year ended November 30, 2023, which was reclassified to Other income. (3)The amounts include income tax benefits of approximately $0.1 million, $0.2 million, and $0.8 million during the years ended November 30, 2024, 2023 and 2022, respectively, which were reclassified to Compensation and benefits expenses. Refer to Note 16, Benefit Plans for further information.
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 20. Income Taxes Provision for income tax expense components:
U.S. and non-U.S. components of earnings from continuing operations before income tax expense:
(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 from continuing operations before income taxes as a result of the following:
Reconciliation of gross unrecognized tax benefits:
The total amount of unrecognized benefits that, if recognized, would favorably affect the effective tax rate was $273.8 million and $263.0 million (net of Federal benefit) at November 30, 2024 and 2023, 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 $34.6 million, $25.5 million and $18.6 million for the years ended November 30, 2024, 2023 and 2022, respectively. At November 30, 2024, 2023 and 2022, we had interest accrued of approximately $176.6 million, $142.1 million and $116.5 million, respectively, included in Accrued expenses and other liabilities. No material penalties were accrued for the years ended November 30, 2024, 2023 and 2022. Cumulative tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities:
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 $497.6 million at November 30, 2024 is more likely than not based on expectations of future taxable income in the jurisdictions in which we operate. During the fourth quarter of 2023, we acquired Stratos and OpNet. Refer to Note 4, Business Acquisitions for further discussion. In relation to these acquisitions, we recognized deferred tax assets in the aggregate of $222.8 million primarily related to net operating losses, offset by a valuation allowance of $222.3 million. 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 $29.8 million. Earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate:
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Commitments, Contingencies and Guarantees |
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| Commitments, Contingencies and Guarantees | Note 21. Commitments, Contingencies and Guarantees Commitments
(1)Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are available on demand. (2)Loan purchase commitments consist of unfunded commitments to acquire secondary market loans. For the population of loans to be acquired under the loan purchase commitments, at November 30, 2024, Jefferies had also entered into back-to-back committed sale contracts aggregating to $3.51 billion. (3)At November 30, 2024, $3.66 billion forward starting securities purchased under agreements to resell and $2.04 billion of the forward starting securities sold under agreements to repurchase settled within business days. Equity Commitments. Includes commitments to invest in our joint venture, Jefferies Finance, asset management funds and in Jefferies Capital Partners, LLC, a manager of private equity funds, which consists of a team led by our President and a director. At November 30, 2024, our outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $9.8 million. Additionally, at November 30, 2024, we had other outstanding equity commitments to invest up to $250.7 million with strategic affiliates and $43.0 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, 2024, we had outstanding loan commitments of $88.4 million to clients and $9.6 million to strategic affiliates. Loan commitments outstanding at November 30, 2024 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. Other unfunded commitments also include written put options to certain bondholders of an equity method investee. 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. Notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at November 30, 2024:
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, 2024, the fair value of derivative contracts meeting the definition of a guarantee is approximately $324.6 million. 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, 2024, the aggregate amount of infrastructure improvement bonds outstanding was $46.9 million. Standby Letters of Credit. At November 30, 2024, we provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $301.2 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.
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Regulatory Requirements |
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| Broker-Dealer [Abstract] | ||||||||||||||||
| Regulatory Requirements | Note 22. Regulatory Requirements Net Capital Jefferies LLC is a broker-dealer registered with the SEC and a member firm of the Financial Industry Regulatory Authority (“FINRA”) and 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 Regulation 1.17 of the Commodity Futures Trading Commission (“CFTC”) under the Commodity Exchange Act (“CEA”), 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 SEA Rule 15c3-1 or CFTC Regulation 1.17. Accordingly, FINRA is the designated examining authority for Jefferies LLC and the National Futures Association (“NFA”) is the designated self- regulatory organization (“DSRO”) for Jefferies LLC as an FCM. Jefferies Financial Services, Inc. (“JFSI”) is registered with the SEC as a Security-Based Swap Dealer (“SBS Dealer”) and an OTC Derivatives Dealer (“OTCDD”) subject to the SEC’s SBS dealer regulatory rules and the SEC’s net capital requirements pursuant to Rule 18a-1. JFSI is also registered as a swap dealer with the CFTC and is subject to the CFTC’s regulatory capital requirements pursuant to the minimum financial requirements for swap dealers under CFTC Regulation 23.101. Additionally, as a registered member firm, JFSI is subject to the net capital requirements of the NFA. Accordingly, the SEC is the designated examining authority for JFSI in its capacity as an SBS Dealer and OTCDD, while the NFA is the DSRO for JFSI, as a CFTC registered swap dealer. Certain non-U.S. subsidiaries are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions. This includes Jefferies International Limited which is subject to the regulatory supervision and requirements of the Financial Conduct Authority (“FCA”) in the U.K. Jefferies International Limited’s’ own funds requirement represents the highest of the permanent minimum capital requirement, fixed overheads requirement and k-factor requirements set out in the Investment Firms Prudential Regime (“IFPR”) under the FCA’s MIFIDPRU sourcebook. At November 30, 2024, Jefferies LLC’s and JFSI’s net capital and excess net capital were as follows (in thousands):
In addition, the equivalent capital requirement for Jefferies International Limited, on a consolidated basis, is a total capital of $1,781.0 million and an excess capital of $1,054.0 million at November 30, 2024. At November 30, 2024, Jefferies LLC, JFSI and JIL are in compliance with their applicable requirements. The regulatory capital requirements referred to above may restrict our ability to withdraw capital from our regulated subsidiaries. At November 30, 2024 and 2023, $4.96 billion and $4.67 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, 2024 and 2023, $4.54 billion and $4.43 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. Customer Protection and Segregation Requirement As a registered broker dealer that clears and carries customer accounts, Jefferies LLC is subject to the customer protection provisions under SEC Rule 15c3-3 and is required to compute a reserve formula requirement for customer accounts and deposit cash or qualified securities into a special reserve bank account for the exclusive benefit of customers. At November 30, 2024, Jefferies LLC had $142.6 million in cash and qualified U.S. Government securities on deposit in special reserve bank accounts for the exclusive benefit of customers. As a registered broker dealer that clears and carries proprietary accounts of brokers or dealers (commonly referred to as “PAB”), Jefferies LLC is also required to compute a reserve requirement for PABs pursuant to SEC Rule 15c3-3. At November 30, 2024, Jefferies LLC had $581.9 million in cash and qualified U.S. Government securities in special reserve bank accounts for the exclusive benefit of PABs. The qualified securities meeting the 15c3-3 customer and PAB requirements are included in Cash and securities segregated and Securities purchased under agreements to resell in our Consolidated Statements of Financial Condition.
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Segment Reporting |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | Note 23. 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 (losses) from continuing operations 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. Net revenues presented for our Investment Banking and Capital Markets reportable segment include allocations of interest income and interest expense as we assess the profitability of these businesses inclusive of the net interest revenue or expense associated with the respective activities, including the net interest cost of allocated long-term debt, which is a function of the mix of each business's associated assets and liabilities and the related funding costs. During 2023, we refined our allocated net interest methodology to better reflect net interest expense across our business units based on use of capital. Historical periods have been recast to conform with the revised methodology. Our net revenues, non-interest expenses and earnings (losses) from continuing operations before income taxes by reportable business segment:
(1)Management does not consider certain foreign currency transaction gains or losses, 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. Total assets by reportable segment:
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.
(1)Primarily relates to U.S. results. (2)Primarily relates to U.K. results.
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Related Party Transactions |
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | Note 24. 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, 2024 and 2023, we had $29.4 million and $31.8 million, respectively, of loans, net of allowance, outstanding to certain of our officers and employees (none of whom are executive officers or directors) that are included in Other assets. •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 has investments in hedge funds managed by us of approximately $5.0 million and $3.0 million at November 30, 2024 and 2023, respectively. Vitesse Energy On January 13, 2023, our consolidated subsidiary, Vitesse Energy, issued shares measured at a total consideration of $30.6 million in exchange for acquiring all of the outstanding capital interests of Vitesse Oil, which was controlled by JCP Fund V. We provided investment banking services to Vitesse Energy and recognized revenue of $3.0 million for the year ended November 30, 2023, included within Investment banking revenues. Refer to Note 1, Organization and Basis of Presentation for additional details related to the Vitesse Energy distribution. SMBC We have a strategic alliance with Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation (“SMBC”) and SMBC Nikko Securities Inc. (together referred to as “SMBC Group”) to collaborate on corporate and investment banking business opportunities as well as equity sales, trading and research. The following tables summarize balances with SMBC as reported in our Consolidated Statements of Financial Condition and Consolidated Statements of Earnings. In addition, the synergies and value creation resulting from our strategic alliance with SMBC generate additive benefits for us, which are not necessarily reflected by the activity presented in the following tables.
(1)We have an undrawn revolving credit facility of $350.0 million. Interest on this credit facility is based on an adjusted SOFR plus a spread.
(1)Amounts reflect activity beginning from the date SMBC became a related party on August 12, 2024. (2)Primarily represents net gains (losses) on interest rate derivatives executed with SMBC. Other Related Party Transactions We have other related party transactions with equity method investees. Refer to Note 11, Investments for further information.
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Schedule I (PARENT COMPANY ONLY) |
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| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule I (PARENT COMPANY ONLY) |
See accompanying notes to condensed financial statements.
See accompanying notes to condensed financial statements. Condensed Statements of Cash Flows
Parent Company’s cash, cash equivalents and restricted cash by category within the Condensed Statements of Financial Condition:
See accompanying notes to condensed financial statements. Introduction and Basis of PresentationThe 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, 2024. 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”). 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, 2024. 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. GuaranteesIn 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 $1.10 billion at November 30, 2024. For further information, refer to Note 18, Borrowings in the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended November 30, 2024.
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Insider Trading Arrangements |
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| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
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| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Summary of Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | |||||||||
| 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 intangible assets 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.
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| Consolidation | 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 (losses) 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.
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| 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 addition, we earn asset-based fees associated with the management and supervision of assets, account services and administration related to customer accounts. We also earn commissions on execution services provided to customers in facilitating foreign currency spot trades and prime brokerage services. 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, except for derivatives accounted for as hedges (refer to “Hedge Accounting” section herein and Note 7, 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 retainer 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. Asset Management Fees and Revenues. Asset management fees and revenues consist of asset management fees, as well as revenues from strategic affiliates pursuant to arrangements, which entitle us to portions of the revenues and/or profits of the affiliated managers and perpetual rights to certain defined revenues for a given revenue share period. Revenue from strategic affiliates pursuant to such 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 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. Revenues from internet connection services are recognized based on volume based pricing and revenue from activating broadband services are recognized on a straight-line basis over a two year period. Fees related to selling and licensing information and data to clients is recognized ratably over the related contract service period.
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| 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.
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| Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations | Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited with Clearing and Depository Organizations In accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, Jefferies LLC 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. Amounts may also include cash and cash equivalents that are restricted for other business purposes.
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| 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. Our derivative products are acquired or originated for trading purposes and are included within operating activities on our Consolidated Statements of Cash Flows. Gains and losses are recognized in Principal transactions revenues. 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:
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.
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| 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 Statements of Financial Condition.
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| 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 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.
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| 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.
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| Securitization Activities | Securitization Activities We engage in securitization activities related to corporate loans, consumer loans, mortgage loans and mortgage-backed and other asset-backed securities. Transfers of financial assets to secured funding vehicles are accounted for as sales when we have relinquished control over the transferred assets. The gain or loss on sale of such financial assets depends, in part, on the previous carrying amount of the assets involved in the transfer allocated between the assets sold and the retained interests, if any, based upon their respective fair values at the date of sale. We may retain interests in the securitized financial assets as one or more tranches of the securitization. These retained interests are included in Financial instruments owned, at fair value. Any changes in the fair value of such retained interests are recognized in Principal transactions revenues. 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.
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| Investments and in Loans to Related Parties | 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 to related parties are included in Other revenues.
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| 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.
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| 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, including goodwill and allocated intangible assets. 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 is 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 and/or projected cash flows. 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. Our annual indefinite-lived intangible asset impairment testing date is August 1. 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.
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| Premises and Equipment | Premises and Equipment Premises and equipment consist of leasehold improvements, furniture, fixtures, computer and communications equipment, capitalized software (externally purchased and developed for internal use) and owned aircraft. Furniture, fixtures, computer and communications equipment, capitalized software are depreciated using the straight-line method over the estimated useful lives of the related assets (generally 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. The carrying values of internally developed software ready for its intended use are depreciated over the remaining useful life of each capitalized software.
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| 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 within Premises and equipment on our Consolidated Statements of Financial Condition. The ROU assets are amortized over the lease term and is included in Occupancy and equipment rental in our Statements of Consolidated Earnings and Other adjustments in our Consolidated Statements of Cash Flows. 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.
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| Other Real Estate | 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.
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| Inventories and Cost of Sales | Inventories and Cost of Sales We have investments in entities that are consolidated by us that are engaged in real estate activities and, prior to the sale of Idaho Timber during the year ended November 30, 2022, were engaged in manufacturing activities. Inventories arising from these consolidated entities are classified as Other assets 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 in connection with sales of such inventories, principally includes product and manufacturing costs, inbound and outbound shipping costs and handling costs.
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| Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate, in management’s judgment, that the carrying value of such assets may not be recoverable. When testing for impairment, we group our long- lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (or asset group). The determination of whether an asset group is recoverable is based on management’s estimate of undiscounted future cash flows directly attributable to the asset group as compared to its carrying value. If the carrying amount of the asset group is greater than the undiscounted cash flows, an impairment loss would be recognized for the amount by which the carrying amount of the asset group exceeds its estimated fair value.
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| Assets Held For Sale | Assets Held for Sale We classify assets and related liabilities as held for sale when: (i) management has committed to a plan to sell the assets, (ii) the net assets are available for immediate sale, (iii) there is an active program to locate a buyer and (iv) the sale and transfer of the net assets is probable within one year. Assets and liabilities held for sale generally are presented separately on our Consolidated Statements of Financial Condition with a valuation allowance, if necessary, to recognize the net carrying amount at the lower of cost or fair value, less costs to sell. Depreciation of property, plant and equipment and amortization of finite-lived intangible assets and right-of-use assets are not recorded while these assets are classified as held for sale. For each period that assets are classified as being held for sale, they are tested for recoverability.
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| 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 and employee share-based awards contain market, performance and/or 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 is 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.
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| 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 tax 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).
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| Earnings per Common Share | Earnings per Common Share Basic earnings per share is calculated using the two-class method and 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 calculated using the two-class method using the treasury stock or if-converted method, with the more dilutive amount being reported. Diluted earnings per share is computed by taking the sum of net earnings available to common shareholders, dividends on preferred shares and dividends on dilutive mandatorily redeemable convertible preferred shares, divided 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. Preferred shares and 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. Refer to Note 15, Compensation Plans for more information regarding the senior executive compensation plan.
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| 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.
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| 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. 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. 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.
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| 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.
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| Accounting Standards to be Adopted in Future Periods and Adopted Accounting Standards | Accounting Standards to be Adopted in Future Periods Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07 (“ASU 2023-07”), Improvements to Reportable Segment Disclosures. The guidance primarily will require enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and are to be applied on a retrospective basis. We are evaluating the impact of the standard on our segment reporting disclosures. Income Taxes. In December 2023, the FASB issued ASU No. 2023-09 (“ASU 2023-09”), Improvements to Income Tax Disclosures. The guidance is intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and are required to be applied prospectively with the option of retrospective application. We are evaluating the impact of the standard on our income tax disclosures. Expenses. In November 2024, the FASB issued ASU No. 2024-03 (“ASU 2024-03”), Disaggregation of Income Statement Expenses. The guidance primarily will require enhanced disclosures about certain types of expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and may be applied either on a prospective or retrospective basis. We are evaluating the impact of the standard on our disclosures. Adopted Accounting Standards Reference Rate Reform. The FASB issued guidance which provides optional exceptions for applying U.S. GAAP to certain contract modifications, hedge accounting relationships or other transactions affected by reference rate reform. There was no impact to our financial statements as a result of this guidance upon the completion of our transition away from the London Interbank Offered Rate (“LIBOR”) on June 30, 2023. 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. On January 1, 2023, Berkadia, our equity method investee, adopted this guidance and applied a modified retrospective approach through a cumulative-effect adjustment to retained earnings upon adoption, which resulted in a decrease in retained earnings of $14.8 million, net of tax attributable to an increase in the allowance for credit losses. Our equity method investee, Jefferies Finance, adopted the guidance on December 1, 2023, and the impact on our consolidated financial statements was not material.
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Business Acquisitions (Tables) |
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| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Fair value of assets acquired and liabilities assumed on the acquisition dates:
(1)All goodwill is attributed to the Asset Management reportable segment. (2)Relates to the net operating assets of the wholesale operations of OpNet. (3)Includes intangible assets in the form of purchased technology, trademarks and trade names, and customer relationships related to Tessellis that was acquired as part of obtaining control of OpNet. These intangible assets are being amortized over a finite life of up to 20 years.
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Assets Held for Sale and Discontinued Operations (Tables) |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||
| Schedule of Disposal Groups, Including Discontinued Operations | Foursight’s major classes of assets and liabilities:
(1)Goodwill was allocated based on the relative fair values of the applicable reporting units prior to being reclassified as held for sale. (2)Includes $850.8 million of automobile loan receivables and $42.1 million in deposits required under Foursight’s warehouse credit facilities and amounts collected on pledged automobile loan receivables yet to be distributed.
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Fair Value Disclosures (Tables) |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis |
(1)Excludes investments at fair value based on net asset value (“NAV”) of $1.25 billion at November 30, 2024 by level within the fair value hierarchy. (2)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
(1)Excludes investments at fair value based on net asset value (“NAV”) of $1.21 billion at November 30, 2023 by level within the fair value hierarchy. (2)Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.
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| Schedule of Investments Measured at Fair Value Based on Net Asset Value Per Share | Information about our investments in entities that have the characteristics of an investment company:
N/R - Not redeemable (1)Where fair value is calculated based on NAV, fair value has been derived from each of the funds’ capital statements. (2)Includes investments in hedge funds that invest, long and short, primarily in both public and private equity securities in domestic and international markets. The non-redeemable investments at November 30, 2023 included restrictions before November 30, 2023 or August 31, 2025. (3)Includes investments in equity funds that invest in the equity of various U.S. and foreign private companies in a broad range of industries. These investments cannot be redeemed; instead, distributions are received through the liquidation of the underlying assets of the funds which are primarily expected to be liquidated in approximately to ten years. (4)Includes investments in a hedge fund that invests, long and short, primarily in commodities. (5)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. The non-redeemable investments at November 30, 2023 included restrictions before April, 1 2024. (6)Primarily 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, as well as investments in a fund that invests, long and short, in distressed and special situations credit strategies across sectors and asset types.
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| Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation Table | 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, 2024:
(1)Realized and unrealized gains/losses are primarily reported in . Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives. 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, 2023:
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. Changes in instrument-specific credit risk related to structured notes within Long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives. 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:
(1)Realized and unrealized gains/losses are primarily reported in Principal transactions revenues. Changes in instrument-specific credit risk related to structured notes within long-term debt are presented net of tax in our Consolidated Statements of Comprehensive Income. (2)Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives.
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| Schedule of Fair Value Inputs Assets and Liabilities Quantitative Information Table |
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| Schedule of Gains (Losses) Due to Changes in Instrument Specific Credit Risk and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables | 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 Long-term debt measured at fair value under the fair value option:
(1)Changes in fair value of structured notes related to instrument-specific credit risk are presented net of tax in our Consolidated Statements of Comprehensive Income. (2)Other changes in fair value are included in Principal transactions revenues. Amounts by which contractual principal is greater than (less than) fair value for loans and other receivables, Other secured financings and Long-term debt measured at fair value under the fair value option:
(1)Interest income is recognized separately from other changes in fair value and is included in Interest revenues. (2)Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $48.8 million and $187.4 million at November 30, 2024 and 2023, respectively.
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| Schedule of Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | Assets measured at fair value on a non-recurring basis for which we recognized a non-recurring fair value adjustment for the periods presented:
(1)Premises and equipment losses represent impairments of leasehold improvements, furniture, fixtures, computer and communications equipment and capitalized software and were recognized in Technology and communications and Occupancy and equipment rental in our Consolidated Statements of Earnings. (2)These impairment losses, which represent ownership interests in market exchanges on which trading business is conducted, and registrations, were recognized in 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. Refer to Note 13, Goodwill and Intangible Assets. (3)Our shares in Monashee, an equity method investment, were converted to a newly created class of nonmarketable preferred shares. Our equity method investment was remeasured in connection with its nonmonetary exchange into the preferred shares, which are accounted for at cost pursuant to the measurement alternative subsequent to the nonmonetary exchange. The gain was recognized in Other revenues and the asset was in the Asset Management reportable business segment. (4)These impairment losses, which are related to an equity method investments, were recognized in Other revenues and the asset was in the Asset Management reportable business segment. Fair value was based on our best estimate of what could be recognized in a sale transaction for the investment. (5)These impairment losses, which are related to real estate held for development, were recognized in Other revenues and are held in the Asset Management reportable business segment. Fair value was based on estimated future cash flows using discounts rates ranging from 10.0% to 14.0%. (6)These impairment losses, which are related to certain equity method investments, were recognized in Other revenues 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%. Refer to Note 11, Investments. (7)These impairment losses, which relate to a real estate property, were recognized in Other expenses 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%.
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Derivative Financial Instruments (Tables) |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract | 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. The fair value of assets/liabilities in the following tables represent our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged.
(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)The 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. (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. |
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| Schedule of Unrealized and Realized Gains (Losses) on Derivative Contracts | Gains (losses) recognized in Interest expense related to fair value hedges:
(1)Includes net settlements of $(62.3) million, $(55.6) million and $1.4 million for the years ended November 30, 2024, 2023 and 2022, respectively. 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:
Unrealized and realized gains (losses) on derivative contracts recognized primarily in Principal transactions revenues, which are utilized in connection with our client activities and our economic risk management activities:
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| Schedule of Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities | Remaining contract maturities at November 30, 2024:
(1)At November 30, 2024, we held net exchange-traded derivative assets and liabilities and other credit agreements with a fair value of $206.3 million and $46.6 million, respectively, which are not included in these tables. (2)OTC derivative assets and liabilities in the tables above are gross of collateral pledged. OTC derivative assets and liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At November 30, 2024, cash collateral received and pledged was $400.1 million and $526.0 million, respectively. (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.
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| Schedule of Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets | Counterparty credit quality with respect to the fair value of our OTC derivative assets at November 30, 2024:
(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.
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| Schedule of Credit Related Derivative Contracts | External credit ratings of the underlyings or referenced assets for our written credit related derivative contracts:
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| Schedule of 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:
(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.
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Collateralized Transactions (Tables) |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Collateralized Financing Transactions |
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| Schedule of Offsetting Assets |
(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 Statements 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)Includes $5.31 billion of securities borrowing arrangements, for which we have received securities collateral of $5.19 billion, and $645.0 million of repurchase agreements, for which we have pledged securities collateral of $656.9 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4)Includes $5.17 billion of securities borrowing arrangements, for which we have received securities collateral of $5.04 billion, and $505.0 million of repurchase agreements, for which we have pledged securities collateral of $520.4 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
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| Schedule of Offsetting Liabilities |
(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 Statements 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)Includes $5.31 billion of securities borrowing arrangements, for which we have received securities collateral of $5.19 billion, and $645.0 million of repurchase agreements, for which we have pledged securities collateral of $656.9 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable. (4)Includes $5.17 billion of securities borrowing arrangements, for which we have received securities collateral of $5.04 billion, and $505.0 million of repurchase agreements, for which we have pledged securities collateral of $520.4 million, which are subject to master netting agreements, but we have not determined the agreements to be legally enforceable.
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| Schedule of Broker-Dealer, Net Capital Requirement, SEC Regulation |
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Securitization Activities (Tables) |
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| Schedule of Activity Related to Securitizations Accounted for as Sales | Securitizations that were accounted for as sales in which we had continuing involvement:
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| Schedule of Retained Interests in SPEs | Our retained interests in SPEs where we transferred assets and have continuing involvement and received sale accounting treatment:
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Variable Interest Entities (Tables) |
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Nov. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of VIEs | Consolidated VIEs:
(1)Assets and liabilities are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. (2)Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions from related consolidated entities, which are all eliminated in consolidation. (3)$1.5 million and $1.4 million of receivables from brokers at November 30, 2024 and 2023, respectively, are with related consolidated entities, which are eliminated in consolidation. (4)$3.4 million and $56.1 million of the other assets at November 30, 2024 and 2023, respectively, represent intercompany receivables with related consolidated entities, which are eliminated in consolidation. (5)$719.0 million and $681.0 million of the other secured financings at November 30, 2024 and 2023, respectively, are with related consolidated entities and are eliminated in consolidation. (6)$22.0 million and $247.9 million of the other liabilities amounts at November 30, 2024 and 2023, respectively, are with related consolidated entities, which are eliminated in consolidation. (7)At November 30, 2023, Assets held for sale and Liabilities held for sale in our Consolidated Statements of Financial Condition relate to the net operating assets of the wholesale operations of OpNet and Foursight’s automobile financing vehicles. Both entities were considered to be VIEs. $31.9 million of Assets held for sale and $5.3 million Liabilities held for sale were with related consolidated entities and were eliminated in consolidation. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further information. Nonconsolidated VIEs
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Investments (Tables) |
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Nov. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Selected Financial Information related to Equity Method Investment | Equity method investments, including any loans to the investees, are reported within Investments in and loans to related parties.
Selected financial information for Jefferies Finance:
Activity related to our other transactions with Jefferies Finance:
(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 addition, we paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance, which are recognized as Business development expenses. (2)We act as a placement and/or structuring agent for CLOs managed by Jefferies Finance, for which we recognized fees and are included in Investment banking revenues. (3)We act as a placement agent for investment funds managed by Jefferies Finance, for which we recognized fees, and are included in Commissions and other fees. (4)We acted as underwriter in connection with term loans issued by Jefferies Finance. The fees are included in Investment banking revenues. In addition, at November 30, 2024, we held $16.0 million of a syndicated Jefferies Finance term loan pending settlement of committed sales. (5)Under a service agreement, we charge Jefferies Finance for various administrative services provided. Selected financial information for Berkadia:
(1)We refer Berkadia to our clients to act as a transaction servicer and receive fees, which are included in Commissions and other fees. (2)We pay fees to Berkadia for loan originations and realty sales. Loan origination fees are capitalized as debt issuance costs and amortized over the life of the loan. Realty sales commissions are included in Cost of salesSelected financial information for our significant real estate investments:
investments which are included in Principal transactions revenues:
we owned effectively 35.1% of the combined equity interests:
(1)Financial information for JCP Fund V included in our financial position at November 30, 2024 and 2023 and included in our results of operations for the years ended November 30, 2024, 2023 and 2022 is based on the periods presented. Selected financial information for 100.0% of Hildene Insurance Holdings, LLC, in which we own effectively 9.26% of the combined equity interests:
(1)Financial information for Hildene Insurance Holdings, LLC included in our financial position at November 30, 2024 and included in our results of operations for the year ended November 30, 2024, is based on the period presented. Activity related to these separately managed accounts:
(1)Included in Principal transactions revenues. (2)Included in Floor brokerage and clearing fees. Selected financial information for Stratos:
(1) Represents the period prior to the step-acquisition. Selected financial information for OpNet:
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Credit Losses on Financial Assets Measured at Amortized Cost (Tables) |
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||
| Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||
| Schedule of Rollforward of Allowance for Credit Loss | Allowance for credit losses related to our automobile loans:
(1) Refer to Note 5, Assets Held for Sale and Discontinued Operations.
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| Schedule of Allowance for Credit Loss | Allowance for credit losses for investment banking receivables:
(1)Substantially all of the allowance for doubtful accounts relate to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.
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Goodwill and Intangible Assets (Tables) |
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill |
(1)Includes the impact of Tessellis and Go Internet. Refer to Note 4, Business Acquisitions for further information.
(1)Refer to Note 4, Business Acquisitions for further discussion. (2)Refer to Note 5, Assets Held for Sale and Discontinued Operations for further discussion. Carrying values of goodwill by reporting unit:
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| Schedule of Finite-Lived Intangible Assets |
(1)Includes a $39.3 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information.
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| Schedule of Indefinite-Lived Intangible Assets |
(1)Includes a $39.3 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information.
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| Schedule of Future Amortization Expense Related to Intangible Assets | Estimated future amortization expense (in thousands):
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Revenues from Contracts with Customers (Tables) |
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue |
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.
(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.
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Compensation Plans (Tables) |
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Nonvested Restricted Stock Units And Performance Based Units Activity | In addition, the Compensation Committee has granted RSUs and performance stock units (“PSUs”) to each of our senior executives as follows:
(1)ROTE is defined as return on tangible equity measured over three years. (2)Performance below an ROTE of 7.5% results in forfeiture of all PSUs. An ROTE of 15% or greater results in earning 150% of target PSUs and between 7.5% to 15%, the level of earning PSUs is linearly interpolated.
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| Schedule of Activity of Restricted Stock | The following reflects activity in restricted stock, inclusive across all plans:
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| Schedule of Activity of Restricted Stock Units | The following reflects activity in total RSUs, inclusive across all plans:
(1)Fulfillment of vesting requirement during the years ended November 30, 2024, 2023 and 2022, includes RSUs of 0, 2,438,000, and 1,433,000, respectively, related to senior executive compensation. The following reflects activity solely related to the portions of RSUs related to senior executive compensation that contain performance conditions:
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| Schedule of Components of Compensation Cost |
(1)Total compensation cost 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 $0.7 million, $0.5 million and $0.5 million for the years ended November 30, 2024, 2023 and 2022, respectively. Absent actual forfeitures or cancellations or accelerations, the annual compensation cost for these awards will be recognized as follows:
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| Schedule of Remaining Unamortized Amounts Related to Certain Compensation Plans | Remaining unamortized amounts related to certain compensation plans at November 30, 2024:
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Benefit Plans (Tables) |
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Projected Benefit Obligation | Activity with respect to both plans:
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| Schedule of Components of Net Periodic Pension (Benefit) Cost | Components of net periodic pension cost and other amounts recognized in other comprehensive income (loss) excluding taxes:
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| Schedule of Assumptions used to Determine the Present Value of the Projected Benefit Obligations and Net Periodic Pension Costs | Assumptions:
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| Schedule of Expected Benefit Payments | Pension benefit payments expected to be paid (in thousands):
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Lease Expense and Other Information | Information related to operating leases in our Consolidated Statements of Financial Condition:
(1)At November 30, 2023, we classified certain operating lease assets and liabilities as held for sale and discontinued recording amortization on the related right-of-use assets. Refer to Note 5, Assets Held for Sale and Discontinued Operations for further discussion. Lease costs:
(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:
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| Schedule of Maturity of Operating Lease Liabilities | Maturities of our operating lease liabilities, excluding certain operating leases liabilities reclassified as held for sale, and a reconciliation to the Lease liabilities:
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Borrowings (Tables) |
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Short-Term Borrowings |
(1)Short-term borrowings, mature in one year or less and are recorded at cost, which is a reasonable approximation of their fair values due to their liquid and short-term nature.
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| Schedule of Maturities of Long-Term Debt |
(1)Structured notes have various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from non-credit components recognized in Principal transactions revenues. The structured notes are classified as Level 2 or Level 3 in the fair value hierarchy. All of our long-term debt with exception of certain of the structured notes would be classified as Level 2 in the fair value hierarchy. (2)Carrying values of certain unsecured borrowings, totaling $2.04 billion and $1.99 billion for November 30, 2024 and November 30, 2023, respectively, include net losses of $50.4 million and net gains of $21.6 million for the year ended November 30, 2024 and 2023, respectively, associated with interest rate swaps based on designation as fair value hedges. Refer to Note 7, Derivative Financial Instruments for further information. (3)Carrying values include unamortized discounts and premiums, valuation adjustments and debt issuance costs. At November 30, 2024 and 2023 our borrowings under several credit facilities classified within Long-term debt amounted to $775.3 million and $735.2 million, respectively. Interest on these credit facilities is based on an adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or other adjusted rates, as defined in the various credit agreements. Additionally, certain of our borrowings are under agreements containing covenants that, among other things, require us to maintain specified levels of tangible net worth and liquidity amounts, certain credit and rating levels 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, 2024, we were in compliance with all covenants under theses credit agreements. (4)Interest rates exclude structured notes and include the effect of the associated derivative instruments used in the hedge accounting relationships.
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Total Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share Computation | The numerators and denominators used to calculate basic and diluted earnings per common share are as follows:
(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 certain preferred stock, restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 24.1 million, 8.9 million and 1.0 million for the years ended November 30, 2024, 2023 and 2022, respectively. Dividends paid on participating securities were $32.0 million, $2.1 million and $1.1 million during the years ended November 30, 2024, 2023 and 2022, 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. (2)The two-class method was more dilutive for each period presented. (3)Certain securities have been excluded as they would be antidilutive. However, these securities could potentially dilute earnings per share in the future. Antidilutive shares at November 30, 2024 and 2023, were 13.2% and 9.5%, respectively, of the weighted average common shares outstanding for the year ended November 30, 2024 and 2023, respectively.
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| Schedule of Dividends Declared |
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| Schedule of Accumulated Other Comprehensive Income (Loss) | A summary of accumulated other comprehensive income (loss), net of taxes is as follows:
Amounts reclassified out of accumulated other comprehensive income (loss) to net earnings:
(1)The amounts include income tax benefit (expense) of $(1.7) million, $0.1 million, and $0.0 million during the years ended November 30, 2024, 2023 and 2022, respectively, which were reclassified to Principal transactions revenues. (2)Relates to the acquisition and consolidation of OpNet in the fourth quarter of 2023. Refer to Note 4, Business Acquisitions and Note 5, Assets Held for Sale for further information. The amount includes income tax benefit (expense) of $(5.4) million for the year ended November 30, 2023, which was reclassified to Other income. (3)The amounts include income tax benefits of approximately $0.1 million, $0.2 million, and $0.8 million during the years ended November 30, 2024, 2023 and 2022, respectively, which were reclassified to Compensation and benefits expenses. Refer to Note 16, Benefit Plans for further information.
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Provision for Income Taxes | Provision for income tax expense components:
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| Schedule of Income before Income Tax, U.S. and non-U.S. | U.S. and non-U.S. components of earnings from continuing operations before income tax expense:
(1)For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S.
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| 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 from continuing operations before income taxes as a result of the following:
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| Schedule of Reconciliation of Unrecognized Tax Benefits | Reconciliation of gross unrecognized tax benefits:
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| Schedule of Deferred Tax Assets and Liabilities | Cumulative tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities:
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| Schedule of Tax Years Subject to Examination | Earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate:
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Commitments, Contingencies and Guarantees (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Commitments and Contingencies |
(1)Equity, loan and other unfunded commitments are presented by contractual maturity date. The amounts, however, are available on demand. (2)Loan purchase commitments consist of unfunded commitments to acquire secondary market loans. For the population of loans to be acquired under the loan purchase commitments, at November 30, 2024, Jefferies had also entered into back-to-back committed sale contracts aggregating to $3.51 billion. (3)At November 30, 2024, $3.66 billion forward starting securities purchased under agreements to resell and $2.04 billion of the forward starting securities sold under agreements to repurchase settled within business days.
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| Schedule of Guarantees | Notional amounts associated with our derivative contracts meeting the definition of a guarantee under U.S. GAAP at November 30, 2024:
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Regulatory Requirements (Tables) |
12 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2024 | ||||||||||||||||
| Broker-Dealer [Abstract] | ||||||||||||||||
| Schedule of Net Capital, Adjusted and Excess Net Capital |
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Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Revenues, Expenses and Total Assets by Segment |
(1)Management does not consider certain foreign currency transaction gains or losses, 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. Total assets by reportable segment:
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| Schedule of Net Revenues by Geographic Region |
(1)Primarily relates to U.S. results. (2)Primarily relates to U.K. results.
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Related Party Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions | The following tables summarize balances with SMBC as reported in our Consolidated Statements of Financial Condition and Consolidated Statements of Earnings. In addition, the synergies and value creation resulting from our strategic alliance with SMBC generate additive benefits for us, which are not necessarily reflected by the activity presented in the following tables.
(1)We have an undrawn revolving credit facility of $350.0 million. Interest on this credit facility is based on an adjusted SOFR plus a spread.
(1)Amounts reflect activity beginning from the date SMBC became a related party on August 12, 2024. (2)Primarily represents net gains (losses) on interest rate derivatives executed with SMBC.
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Organization and Basis of Presentation (Details) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Jan. 13, 2023
USD ($)
|
Nov. 30, 2024
segment
|
|
| Schedule of Equity Method Investments [Line Items] | ||
| Number of reportable segments | segment | 2 | |
| Dividend distributions | $ 527.0 | |
| Decrease in assets, spinoff transaction | 699.5 | |
| Decrease in total liabilities, spinoff transaction | 141.1 | |
| Decrease in equity, spinoff transaction | 558.4 | |
| Vitesse Energy | Subsidiaries | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Sale of subsidiary | $ 30.6 |
Summary of Significant Accounting Policies - Premises and Equipment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Property, Plant and Equipment [Line Items] | |||
| Accumulated depreciation and amortization | $ (816.1) | $ (551.5) | |
| Depreciation and amortization | 190.3 | 112.2 | $ 172.9 |
| Premises and equipment | |||
| Property, Plant and Equipment [Line Items] | |||
| Property, plant and equipment, gross | $ 1,510.0 | $ 1,160.0 | |
| 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 | ||
Summary of Significant Accounting Policies - Other Real Estate (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Accounting Policies [Abstract] | |||
| Capitalized interest | $ 14.2 | $ 12.9 | $ 13.5 |
Summary of Significant Accounting Policies - Hedge Accounting (Details) |
12 Months Ended |
|---|---|
Nov. 30, 2024 | |
| Minimum | |
| Derivative [Line Items] | |
| Hedging relationship effective percentage | 80.00% |
| Maximum | |
| Derivative [Line Items] | |
| Hedging relationship effective percentage | 125.00% |
Accounting Developments (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
Jan. 01, 2023 |
|---|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Decrease in retained earnings | $ (8,270,145) | $ (7,849,844) | |
| Adjustment for change in accounting principle for current expected credit losses | |||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Decrease in retained earnings | $ (14,800) |
Business Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|---|---|---|---|
| Receivables: | |||
| Goodwill | $ 1,827,938 | $ 1,847,856 | $ 1,736,114 |
| Financial instruments sold, net yet purchased, at fair value | 31,293 | ||
| Payables: | |||
| Brokers, dealers and clearing organizations | 236 | ||
| Customers payables | 297,494 | ||
| Short-term borrowings | 7,137 | ||
| Lease liabilities | 32,348 | ||
| Liabilities held for sale | 303,447 | ||
| Accrued expenses and other liabilities | 194,319 | ||
| Long-term debt | 75,437 | ||
| Total liabilities assumed | 941,711 | ||
| Net assets acquired | 450,406 | ||
| Noncontrolling interests | 42,168 | ||
| Asset Management | |||
| Receivables: | |||
| Goodwill | 294,925 | 315,684 | $ 183,170 |
| Stratos and OpNet | |||
| Business Acquisition [Line Items] | |||
| Cash and cash equivalents | 90,881 | ||
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 124,306 | ||
| Financial instruments owned, at fair value | 53,028 | ||
| Investments in and loans to related parties | 6,644 | ||
| Receivables: | |||
| Brokers, dealers and clearing organizations | 113,750 | ||
| Fees, interest and other | 19,473 | ||
| Property and equipment, net | 143,288 | ||
| Goodwill | 132,514 | ||
| Assets held for sale | 578,820 | ||
| Other assets | 129,413 | ||
| Total assets acquired | 1,392,117 | ||
| Stratos | |||
| Business Acquisition [Line Items] | |||
| Cash and cash equivalents | 83,006 | ||
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 124,306 | ||
| Financial instruments owned, at fair value | 53,028 | ||
| Investments in and loans to related parties | 0 | ||
| Receivables: | |||
| Brokers, dealers and clearing organizations | 113,750 | ||
| Fees, interest and other | 4,745 | ||
| Property and equipment, net | 31,830 | ||
| Goodwill | $ 5,500 | ||
| Assets held for sale | 0 | ||
| Other assets | 31,135 | ||
| Total assets acquired | 447,263 | ||
| Financial instruments sold, net yet purchased, at fair value | 31,293 | ||
| Payables: | |||
| Brokers, dealers and clearing organizations | 236 | ||
| Customers payables | 297,494 | ||
| Short-term borrowings | 0 | ||
| Lease liabilities | 9,308 | ||
| Liabilities held for sale | 0 | ||
| Accrued expenses and other liabilities | 18,011 | ||
| Long-term debt | 0 | ||
| Total liabilities assumed | 356,342 | ||
| Net assets acquired | 90,921 | ||
| Noncontrolling interests | 0 | ||
| Stratos | Asset Management | |||
| Receivables: | |||
| Goodwill | 5,463 | ||
| OpNet | |||
| Business Acquisition [Line Items] | |||
| Cash and cash equivalents | 7,875 | ||
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 0 | ||
| Financial instruments owned, at fair value | 0 | ||
| Investments in and loans to related parties | 6,644 | ||
| Receivables: | |||
| Brokers, dealers and clearing organizations | 0 | ||
| Fees, interest and other | 14,728 | ||
| Property and equipment, net | 111,458 | ||
| Goodwill | 127,100 | ||
| Assets held for sale | 578,820 | ||
| Other assets | 98,278 | ||
| Total assets acquired | 944,854 | ||
| Financial instruments sold, net yet purchased, at fair value | 0 | ||
| Payables: | |||
| Brokers, dealers and clearing organizations | 0 | ||
| Customers payables | 0 | ||
| Short-term borrowings | 7,137 | ||
| Lease liabilities | 23,040 | ||
| Liabilities held for sale | 303,447 | ||
| Accrued expenses and other liabilities | 176,308 | ||
| Long-term debt | 75,437 | ||
| Total liabilities assumed | 585,369 | ||
| Net assets acquired | 359,485 | ||
| Noncontrolling interests | 42,168 | ||
| Weighted Average Remaining Lives (Years) | 20 years | ||
| OpNet | Asset Management | |||
| Receivables: | |||
| Goodwill | $ 127,051 |
Business Acquisitions - Narrative (Details) € / shares in Units, € in Millions |
1 Months Ended | 3 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Nov. 30, 2023
USD ($)
|
Sep. 14, 2023
USD ($)
|
Aug. 31, 2024
USD ($)
|
May 31, 2024
EUR (€)
€ / shares
|
Feb. 29, 2024
USD ($)
|
Feb. 29, 2024
EUR (€)
€ / shares
|
Nov. 30, 2024
USD ($)
|
Nov. 30, 2024
EUR (€)
|
Jun. 30, 2024
EUR (€)
|
May 07, 2024 |
Dec. 31, 2023
USD ($)
|
Mar. 31, 2023 |
Nov. 30, 2022
USD ($)
|
|
| Business Acquisition [Line Items] | |||||||||||||
| Goodwill | $ 1,847,856,000 | $ 1,827,938,000 | $ 1,736,114,000 | ||||||||||
| Additional preferred shares amount | € | € 18.7 | € 25.0 | |||||||||||
| Liabilities assumed | 941,711,000 | ||||||||||||
| Discontinued Operations, Disposed of by Sale | OpNet | |||||||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Sale of subsidiary | $ 322,800,000 | ||||||||||||
| Gain on sale of disposal | $ 3,500,000 | ||||||||||||
| Nonconsolidated VIEs | |||||||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Initial consolidation gain | $ 5,600,000 | ||||||||||||
| Stratos | |||||||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Our total equity balance | $ 47,900,000 | ||||||||||||
| Stratos | Discount rate/yield | |||||||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Equity method investment, measurement input | 24.50% | ||||||||||||
| Stratos | Global Brokerage Inc | |||||||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Ownership percentage | 50.10% | ||||||||||||
| OpNet | |||||||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Ownership percentage | 47.40% | 47.40% | 72.50% | ||||||||||
| Our total equity balance | 201,600,000 | $ 0 | |||||||||||
| Investment voting percentage | 50.00% | 50.00% | |||||||||||
| Increase (decrease) in ownership percentage | 57.50% | ||||||||||||
| Increase (decrease) in voting percentage | 72.60% | ||||||||||||
| Conversion of loan receivable for preferred stock issued | € | € 20.0 | € 115.1 | € 20.0 | ||||||||||
| Conversion price of loan receivable for preferred stock (in euros per share) | € / shares | € 10.00 | € 10.00 | |||||||||||
| Difference between carrying amount and underlying equity | 115,800,000 | ||||||||||||
| Tessellis | |||||||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Ownership percentage | 97.20% | 97.20% | |||||||||||
| Our total equity balance | € | € 4.1 | ||||||||||||
| OpNet | |||||||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Goodwill | 127,100,000 | ||||||||||||
| Intangible assets increase (decrease) | $ 39,300,000 | ||||||||||||
| Property and equipment increase (decrease) | 12,300,000 | ||||||||||||
| Goodwill increase (decrease) | $ 27,000,000 | ||||||||||||
| Assets recognized | 944,854,000 | ||||||||||||
| Liabilities assumed | 585,369,000 | ||||||||||||
| OpNet | Tessellis | |||||||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Assets recognized | $ 24,500,000 | ||||||||||||
| Liabilities assumed | 18,800,000 | ||||||||||||
| Stratos | |||||||||||||
| Business Acquisition [Line Items] | |||||||||||||
| Interest at fair value | 49.90% | ||||||||||||
| Fair value percentage, identifiable assets and assumed liabilities | 100.00% | ||||||||||||
| Acquisition of additional interests | 50.10% | ||||||||||||
| Extinguishment of debt | $ 39,200,000 | ||||||||||||
| Step acquisition remeasurement gain | 900,000 | 4,700,000 | |||||||||||
| Consideration transferred | $ 0 | ||||||||||||
| Goodwill | $ 5,500,000 | ||||||||||||
| Assets recognized | 447,263,000 | ||||||||||||
| Liabilities assumed | $ 356,342,000 | ||||||||||||
Assets Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
Apr. 30, 2024 |
Nov. 30, 2024 |
Nov. 30, 2023 |
|
| Assets held for sale: | |||
| Total assets held for sale | $ 51,885 | $ 1,545,472 | |
| Liabilities held for sale: | |||
| Total liabilities held for sale | $ 0 | 1,173,648 | |
| Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | ||
| Premises and equipment | $ 1,194,720 | 1,065,680 | |
| Airplanes | Aircadia | |||
| Liabilities held for sale: | |||
| Premises and equipment | $ 51,900 | ||
| Foursight Capital | |||
| Liabilities held for sale: | |||
| Gain on sale of disposal | $ 24,200 | ||
| Disposal Group, Held-for-Sale, Not Discontinued Operations | |||
| Liabilities held for sale: | |||
| Deposits | 42,100 | ||
| Disposal Group, Held-for-Sale, Not Discontinued Operations | Financing Receivable | |||
| Assets held for sale: | |||
| Other assets | 850,800 | ||
| Disposal Group, Held-for-Sale, Not Discontinued Operations | Foursight Capital | |||
| Assets held for sale: | |||
| Cash and cash equivalents | 3,555 | ||
| Other receivables | 1,478 | ||
| Premises and equipment, net | 1,175 | ||
| Operating lease assets | 7,635 | ||
| Goodwill | 24,000 | ||
| Other assets | 928,808 | ||
| Total assets held for sale | 966,651 | ||
| Liabilities held for sale: | |||
| Other secured financings | 700,615 | ||
| Lease liabilities | 8,821 | ||
| Accrued expenses and other liabilities | 11,503 | ||
| Long-term debt | 149,262 | ||
| Total liabilities held for sale | $ 870,201 |
Fair Value Disclosures - Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Alternative investment | $ 1,252,689 | $ 1,209,383 |
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 22,885,585 | 20,538,090 |
| Counterparty and cash collateral netting, assets | (2,667,751) | (3,107,620) |
| Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 120,414 | 110,198 |
| Securities received as collateral | 185,588 | 8,800 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 11,007,328 | 11,251,154 |
| Counterparty and Cash Collateral Netting | (2,793,713) | (2,764,572) |
| Other secured financings | 24,848 | 3,898 |
| Obligation to return securities received as collateral | 185,588 | 8,800 |
| Long-term debt | 2,351,346 | 1,708,443 |
| Corporate equity securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 5,779,473 | 4,224,174 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 3,087,325 | 2,318,905 |
| Corporate debt securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 5,335,746 | 4,947,334 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 3,105,175 | 2,842,900 |
| Collateralized debt obligations and collateralized loan obligations | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 1,093,638 | 934,108 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 36 | |
| U.S. government and federal agency securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 3,743,366 | 3,628,730 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 2,904,405 | 2,957,787 |
| Municipal securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 320,507 | 223,502 |
| Sovereign obligations | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 1,380,765 | 1,660,946 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 1,089,771 | 1,809,097 |
| Residential mortgage-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 2,356,576 | 2,069,180 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 463 | |
| Commercial mortgage-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 147,229 | 345,410 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 1,153 | 840 |
| Other asset-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 213,901 | 372,709 |
| Loans and other receivables | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 1,858,738 | 1,450,318 |
| Interest rate swaps | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 517,775 | 550,844 |
| Investments at fair value | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 137,871 | 130,835 |
| Loans | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 109,185 | 175,349 |
| Net derivatives | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 710,314 | 1,145,777 |
| Level 1 | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 9,571,255 | 8,446,670 |
| Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 120,414 | 110,198 |
| Securities received as collateral | 185,588 | 8,800 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 6,585,916 | 6,422,685 |
| Other secured financings | 0 | 0 |
| Obligation to return securities received as collateral | 185,588 | 8,800 |
| 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 | 5,238,058 | 3,831,698 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 3,013,877 | 2,235,049 |
| 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 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 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 | 3,583,139 | 3,563,164 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 2,904,379 | 2,957,787 |
| 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 | 749,912 | 1,051,494 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 667,647 | 1,229,795 |
| 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 | Interest rate swaps | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 146 | 314 |
| 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 | 13 | 54 |
| Level 2 | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 15,247,856 | 14,518,460 |
| Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 0 | 0 |
| Securities received as collateral | 0 | 0 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 7,170,523 | 7,530,589 |
| Other secured financings | 9,964 | 0 |
| Obligation to return securities received as collateral | 0 | 0 |
| Long-term debt | 1,529,443 | 963,846 |
| Level 2 | Corporate equity securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 302,051 | 211,182 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 73,240 | 83,180 |
| Level 2 | Corporate debt securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 5,310,815 | 4,921,222 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 3,105,010 | 2,842,776 |
| Level 2 | Collateralized debt obligations and collateralized loan obligations | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 1,029,662 | 869,246 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 36 | |
| Level 2 | U.S. government and federal agency securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 160,227 | 65,566 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 26 | 0 |
| Level 2 | Municipal securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 320,507 | 223,502 |
| Level 2 | Sovereign obligations | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 630,681 | 609,452 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 422,124 | 579,302 |
| Level 2 | Residential mortgage-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 2,348,862 | 2,048,309 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 463 | |
| Level 2 | Commercial mortgage-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 146,752 | 344,902 |
| 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 | 110,687 | 255,048 |
| Level 2 | Loans and other receivables | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 1,706,152 | 1,320,217 |
| Level 2 | Interest rate swaps | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 3,181,454 | 3,649,814 |
| Level 2 | Investments at fair value | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 6 | 0 |
| Level 2 | Loans | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 92,321 | 173,828 |
| Level 2 | Net derivatives | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 3,477,802 | 3,851,004 |
| Level 3 | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 734,225 | 680,580 |
| Securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 0 | 0 |
| Securities received as collateral | 0 | 0 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 44,602 | 62,452 |
| Other secured financings | 14,884 | 3,898 |
| Obligation to return securities received as collateral | 0 | 0 |
| Long-term debt | 821,903 | 744,597 |
| Level 3 | Corporate equity securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 239,364 | 181,294 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 208 | 676 |
| Level 3 | Corporate debt securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 24,931 | 26,112 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 165 | 124 |
| Level 3 | Collateralized debt obligations and collateralized loan obligations | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 63,976 | 64,862 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 0 | |
| 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 | 172 | 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 | 7,714 | 20,871 |
| 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 | 477 | 508 |
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 1,153 | 840 |
| Level 3 | Other asset-backed securities | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 103,214 | 117,661 |
| Level 3 | Loans and other receivables | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 152,586 | 130,101 |
| Level 3 | Interest rate swaps | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 3,926 | 8,336 |
| Level 3 | Investments at fair value | ||
| Financial instruments owned: | ||
| Total financial instruments owned, excluding Investments at fair value based on NAV | 137,865 | 130,835 |
| Level 3 | Loans | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 16,864 | 1,521 |
| Level 3 | Net derivatives | ||
| Financial instruments sold, not yet purchased: | ||
| Financial instruments sold, not yet purchased, at fair value | 26,212 | 59,291 |
| Fair value based on net asset value | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Alternative investment | $ 1,250,000 | $ 1,210,000 |
Fair Value Disclosures - Investments Measured at Fair Value Based on Net Asset Value Per Share (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
|
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Fair Value | $ 1,252,689 | $ 1,209,383 |
| Unfunded Commitments | 293,780 | 170,196 |
| Equity Long/Short Hedge Funds | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Fair Value | 280,364 | 341,530 |
| Unfunded Commitments | $ 0 | $ 0 |
| Percentage of not redeemable investments | 43.00% | |
| Equity Long/Short Hedge Funds | 60 Days Prior Written Notice | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Notice period redemption of investment prior written notice period | 60 days | |
| 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 redeemable investments | 100.00% | |
| Notice period redemption of investment prior written notice period | 90 days | |
| Equity Long/Short Hedge Funds | Debt Instrument, Redemption, Period One | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Percentage of redeemable investments | 57.00% | |
| Equity Long/Short Hedge Funds | Debt Instrument, Redemption, Period One | 45 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 period | 45 days | |
| Equity Long/Short Hedge Funds | Debt Instrument, Redemption, Period One | 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 period | 90 days | |
| Equity Funds | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Fair Value | $ 60,215 | $ 55,701 |
| Unfunded Commitments | $ 30,530 | $ 37,534 |
| Percentage of not redeemable investments | 100.00% | 100.00% |
| Estimated period for the liquidation of the underlying assets, minimum | 1 year | 1 year |
| Expected period for the liquidation of the underlying assets, maximum | 10 years | 10 years |
| Commodity Funds | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Fair Value | $ 21,149 | $ 21,747 |
| Unfunded Commitments | $ 0 | $ 0 |
| Commodity Funds | 60 Days Prior Written Notice | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Percentage of redeemable investments | 100.00% | |
| Notice period redemption of investment prior written notice period | 60 days | 60 days |
| Commodity Funds | 90 Days Prior Written Notice | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Percentage of redeemable investments | 100.00% | |
| Multi-asset Funds | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Fair Value | $ 359,207 | $ 357,445 |
| Unfunded Commitments | $ 0 | $ 0 |
| Percentage of not redeemable investments | 4.00% | |
| 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 period | 60 days | |
| 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 period | 90 days | |
| Multi-asset Funds | Debt Instrument, Redemption, Period One | 45 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 period | 45 days | |
| Multi-asset Funds | Debt Instrument, Redemption, Period One | 60 Days Prior Written Notice | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Percentage of redeemable investments | 86.00% | 83.00% |
| Notice period redemption of investment prior written notice period | 60 days | |
| Multi-asset Funds | Debt Instrument, Redemption, Period Two | 90 Days Prior Written Notice | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Percentage of redeemable investments | 14.00% | 13.00% |
| Notice period redemption of investment prior written notice period | 90 days | |
| Other Funds | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Fair Value | $ 531,754 | $ 432,960 |
| Unfunded Commitments | $ 263,250 | $ 132,662 |
| Percentage of not redeemable investments | 28.00% | 25.00% |
| Other Funds | 90 Days Prior Written Notice | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Percentage of redeemable investments | 70.00% | 75.00% |
| Notice period redemption of investment prior written notice period | 90 days | 90 days |
| Other Funds | Debt Instrument, Redemption, Period Two | 60 Days Prior Written Notice | ||
| Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
| Percentage of redeemable investments | 2.00% | |
| 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 period | 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 period | 120 days | 120 days |
Fair Value Disclosures - Level 3 Rollforwards (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Assets: | |||
| Total gains/(losses) (realized and unrealized) | $ (52,000) | $ 38,500 | $ 31,800 |
| Liabilities: | |||
| Total gains/(losses) (realized and unrealized) | $ 47,100 | $ 62,900 | $ (465,700) |
| 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 | $ 181,294 | $ 240,347 | $ 118,489 |
| Total gains/(losses) (realized and unrealized) | (4,616) | (65,037) | (645) |
| Purchases | 50,297 | 7,865 | 171,700 |
| Sales | (524) | (1,228) | (62,474) |
| Settlements | 0 | 0 | (298) |
| Issuances | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 12,913 | (653) | 13,575 |
| Ending balance | 239,364 | 181,294 | 240,347 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | (11,748) | (11,007) | 7,286 |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 |
| Liabilities: | |||
| Beginning balance | 676 | 750 | 4,635 |
| Total gains/(losses) (realized and unrealized) | 682 | 348 | (3,611) |
| Purchases | (1,150) | (1,477) | (815) |
| Sales | 0 | 1,055 | 4,858 |
| Settlements | 0 | 0 | 0 |
| Issuances | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 0 | 0 | (4,317) |
| Ending balance | 208 | 676 | 750 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | 3 | 284 | 2,382 |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 |
| Corporate debt securities | |||
| Assets: | |||
| Beginning balance | 26,112 | 30,232 | 11,803 |
| Total gains/(losses) (realized and unrealized) | (4,442) | 1,749 | 946 |
| Purchases | 16,219 | 4,132 | 18,686 |
| Sales | (7,307) | (18,325) | (23,964) |
| Settlements | (400) | (200) | (9) |
| Issuances | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | (5,251) | 8,524 | 22,770 |
| Ending balance | 24,931 | 26,112 | 30,232 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | (19,872) | (703) | (2,087) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 |
| Liabilities: | |||
| Beginning balance | 124 | 500 | 482 |
| Total gains/(losses) (realized and unrealized) | (3) | (35) | 88 |
| Purchases | 0 | (187) | (70) |
| Sales | 0 | 0 | 0 |
| Settlements | (1,100) | 0 | 0 |
| Issuances | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 1,144 | (154) | 0 |
| Ending balance | 165 | 124 | 500 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | 105 | 29 | (88) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 |
| CDOs and CLOs | |||
| Assets: | |||
| Beginning balance | 64,862 | 55,824 | 31,946 |
| Total gains/(losses) (realized and unrealized) | (6,194) | 31,218 | 7,099 |
| Purchases | 34,964 | 51,632 | 44,995 |
| Sales | (21,963) | (3,199) | (22,600) |
| Settlements | (2,198) | (56,624) | (16,634) |
| Issuances | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | (5,495) | (13,989) | 11,018 |
| Ending balance | 63,976 | 64,862 | 55,824 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | (2,437) | (10,774) | (10,938) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 |
| Sovereign obligations | |||
| Assets: | |||
| Beginning balance | 0 | ||
| Total gains/(losses) (realized and unrealized) | 0 | ||
| Purchases | 172 | ||
| Sales | 0 | ||
| Settlements | 0 | ||
| Issuances | 0 | ||
| Net transfers into/ (out of) Level 3 | 0 | ||
| Ending balance | 172 | 0 | |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | 172 | ||
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | ||
| RMBS | |||
| Assets: | |||
| Beginning balance | 20,871 | 27,617 | 1,477 |
| Total gains/(losses) (realized and unrealized) | (669) | (5,709) | (13,210) |
| Purchases | 6,874 | 10 | 35,774 |
| Sales | (5,384) | 0 | (372) |
| Settlements | (51) | (247) | (240) |
| Issuances | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | (13,927) | (800) | 4,188 |
| Ending balance | 7,714 | 20,871 | 27,617 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | (395) | (1,775) | (7,728) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 |
| CMBS | |||
| Assets: | |||
| Beginning balance | 508 | 839 | 2,333 |
| Total gains/(losses) (realized and unrealized) | (31) | (331) | (733) |
| Purchases | 0 | 0 | 0 |
| Sales | 0 | 0 | (749) |
| Settlements | 0 | 0 | 0 |
| Issuances | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 0 | 0 | (12) |
| Ending balance | 477 | 508 | 839 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | (64) | (327) | (703) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 |
| Liabilities: | |||
| Beginning balance | 840 | 490 | 210 |
| Total gains/(losses) (realized and unrealized) | (1) | 0 | 0 |
| Purchases | (245) | 0 | 0 |
| Sales | 560 | 350 | 280 |
| Settlements | 0 | 0 | 0 |
| Issuances | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | (1) | 0 | 0 |
| Ending balance | 1,153 | 840 | 490 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | 1 | 0 | 0 |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 |
| Other ABS | |||
| Assets: | |||
| Beginning balance | 117,661 | 94,677 | 93,524 |
| Total gains/(losses) (realized and unrealized) | (22,251) | (17,800) | (6,467) |
| Purchases | 63,704 | 71,261 | 74,353 |
| Sales | (74,139) | (37,088) | (20,362) |
| Settlements | (10,284) | (26,936) | (39,647) |
| Issuances | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 28,523 | 33,547 | (6,724) |
| Ending balance | 103,214 | 117,661 | 94,677 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | (17,242) | (20,678) | (26,982) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | |
| Loans and other receivables | |||
| Assets: | |||
| Beginning balance | 130,101 | 168,875 | 178,417 |
| Total gains/(losses) (realized and unrealized) | (1,664) | 10,995 | (1,912) |
| Purchases | 79,399 | 55,520 | 45,536 |
| Sales | (41,551) | (42,999) | (33,692) |
| Settlements | (20,523) | (46,383) | (48,218) |
| Issuances | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 6,824 | (15,907) | 28,744 |
| Ending balance | 152,586 | 130,101 | 168,875 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | (22,108) | 4,168 | (11,610) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 |
| Investments at fair value | |||
| Assets: | |||
| Beginning balance | 130,835 | 161,992 | 154,373 |
| Total gains/(losses) (realized and unrealized) | (12,142) | 83,382 | 46,735 |
| Purchases | 19,726 | 8,852 | 74,984 |
| Sales | 0 | (15,080) | (74,742) |
| Settlements | (547) | (107,963) | (15,951) |
| Issuances | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | (7) | (348) | (23,407) |
| Ending balance | 137,865 | 130,835 | 161,992 |
| Changes in unrealized gains/(losses) included in earnings for instruments still held | (12,142) | (5,762) | 33,294 |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 |
| Loans | |||
| Liabilities: | |||
| Beginning balance | 1,521 | 3,164 | 9,925 |
| Total gains/(losses) (realized and unrealized) | (148) | (114) | 1,197 |
| Purchases | (1,443) | (1,655) | (5,173) |
| Sales | 16,946 | 126 | 0 |
| Settlements | 0 | 0 | 96 |
| Issuances | 0 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | (12) | 0 | (2,881) |
| Ending balance | 16,864 | 1,521 | 3,164 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | 125 | (992) | (2,484) |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 |
| Net derivatives | |||
| Liabilities: | |||
| Beginning balance | 50,955 | 59,524 | 67,769 |
| Total gains/(losses) (realized and unrealized) | (9,648) | (10,405) | (181,750) |
| Purchases | 0 | (527) | (1,559) |
| Sales | 0 | 170 | 1,285 |
| Settlements | (12,298) | (3,496) | 0 |
| Issuances | 3,766 | 2,158 | 28,436 |
| Net transfers into/ (out of) Level 3 | (10,489) | 3,531 | 145,343 |
| Ending balance | 22,286 | 50,955 | 59,524 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | 8,110 | 6,760 | 168,304 |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | 0 |
| Other secured financings | |||
| Liabilities: | |||
| Beginning balance | 3,898 | 1,712 | 25,905 |
| Total gains/(losses) (realized and unrealized) | 4,482 | 2,186 | (650) |
| Purchases | 0 | 0 | 0 |
| Sales | 0 | 0 | 0 |
| Settlements | (4,415) | 0 | (23,543) |
| Issuances | 10,919 | 0 | 0 |
| Net transfers into/ (out of) Level 3 | 0 | 0 | 0 |
| Ending balance | 14,884 | 3,898 | 1,712 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | (4,482) | (2,186) | 650 |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | 0 | 0 | |
| Long-term debt | |||
| Liabilities: | |||
| Beginning balance | 744,597 | 661,123 | 881,732 |
| Total gains/(losses) (realized and unrealized) | 51,747 | 70,945 | (280,967) |
| Purchases | 0 | 0 | 0 |
| Sales | 0 | 0 | 0 |
| Settlements | (2,109) | 0 | (3,919) |
| Issuances | 28,614 | 17,140 | 83,874 |
| Net transfers into/ (out of) Level 3 | (946) | (4,611) | (19,597) |
| Ending balance | 821,903 | 744,597 | 661,123 |
| Changes in unrealized gains/ (losses) included in earnings for instruments still held | (37,526) | (28,327) | 239,400 |
| Changes in unrealized gains/ (losses) included in other comprehensive income for instruments still held | $ (28,442) | $ (59,706) | $ 41,567 |
Fair Value Disclosures - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Transfers of assets from Level 2 to Level 3 | $ 90,500,000 | $ 88,500,000 | $ 111,700,000 |
| Transfers of assets from Level 3 to Level 2 | 66,900,000 | 78,200,000 | 61,500,000 |
| Transfers of liabilities from Level 2 to Level 3 | 30,100,000 | 60,800,000 | 172,100,000 |
| Transfers of liabilities from Level 3 to Level 2 | 40,400,000 | 62,000,000.0 | 53,600,000 |
| Net gains/(losses) on Level 3 assets (realized and unrealized) | (52,000,000.0) | 38,500,000 | 31,800,000 |
| Total gains/(losses) (realized and unrealized) | 47,100,000 | 62,900,000 | (465,700,000) |
| Value of asset excluded from significant unobservable inputs | 23,900,000 | 45,600,000 | |
| Value of liability excluded from significant unobservable inputs | 2,700,000 | 4,000,000.0 | |
| Aggregate fair value of loans and other receivables on nonaccrual status and/or 90 days or greater past due | 126,900,000 | 98,100,000 | |
| Loan and other receivables greater than 90 days past due | 120,000,000.0 | 37,600,000 | |
| Equity securities without readily determinable fair value | 21,900,000 | 0 | |
| Realized investment gains (losses) | 0 | (122,200,000) | 3,600,000 |
| Impairment | (80,300,000) | 0 | 0 |
| Other ABS | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Transfers of assets from Level 2 to Level 3 | 47,600,000 | 57,800,000 | 22,600,000 |
| Transfers of assets from Level 3 to Level 2 | 19,000,000.0 | 24,300,000 | 29,300,000 |
| Net gains/(losses) on Level 3 assets (realized and unrealized) | (22,251,000) | (17,800,000) | (6,467,000) |
| 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 | 14,900,000 | 16,500,000 | 33,200,000 |
| Transfers of assets from Level 3 to Level 2 | 8,100,000 | 32,400,000 | 4,500,000 |
| Net gains/(losses) on Level 3 assets (realized and unrealized) | (1,664,000) | 10,995,000 | (1,912,000) |
| Corporate debt securities | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Transfers of assets from Level 2 to Level 3 | 2,000,000.0 | 8,900,000 | 22,800,000 |
| Net gains/(losses) on Level 3 assets (realized and unrealized) | (4,442,000) | 1,749,000 | 946,000 |
| Total gains/(losses) (realized and unrealized) | (3,000) | (35,000) | 88,000 |
| Corporate equity securities | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Transfers of assets from Level 2 to Level 3 | 22,700,000 | 5,300,000 | 17,900,000 |
| Transfers of assets from Level 3 to Level 2 | 9,700,000 | 6,000,000.0 | 4,300,000 |
| Transfers of liabilities from Level 3 to Level 2 | 4,300,000 | ||
| Net gains/(losses) on Level 3 assets (realized and unrealized) | (4,616,000) | (65,037,000) | (645,000) |
| Total gains/(losses) (realized and unrealized) | 682,000 | 348,000 | (3,611,000) |
| Collateralized debt obligations and collateralized loan obligations | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Transfers of assets from Level 2 to Level 3 | 2,700,000 | 11,000,000.0 | |
| Transfers of assets from Level 3 to Level 2 | 8,200,000 | 14,000,000.0 | |
| Net gains/(losses) on Level 3 assets (realized and unrealized) | (6,194,000) | 31,218,000 | 7,099,000 |
| Net derivatives | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Transfers of liabilities from Level 2 to Level 3 | 3,100,000 | 35,600,000 | 152,800,000 |
| Transfers of liabilities from Level 3 to Level 2 | 13,600,000 | 32,000,000.0 | 7,500,000 |
| Total gains/(losses) (realized and unrealized) | (9,648,000) | (10,405,000) | (181,750,000) |
| Structured notes | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Transfers of liabilities from Level 2 to Level 3 | 26,800,000 | 25,200,000 | 19,300,000 |
| Transfers of liabilities from Level 3 to Level 2 | 27,800,000 | 29,800,000 | 38,900,000 |
| 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 | ||
| Residential mortgage-backed securities | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Transfers of assets from Level 3 to Level 2 | 14,600,000 | ||
| Net gains/(losses) on Level 3 assets (realized and unrealized) | $ (669,000) | $ (5,709,000) | $ (13,210,000) |
Fair Value Disclosures - Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Nov. 30, 2024
USD ($)
$ / shares
|
Nov. 30, 2023
USD ($)
|
Nov. 30, 2023
$ / shares
|
Nov. 30, 2023 |
Nov. 30, 2023
€ / shares
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Derivative liability | $ 710,314,000 | $ 1,145,777,000 | |||
| Other secured financings | 24,848,000 | 3,898,000 | |||
| Long-term debt | 2,351,346,000 | 1,708,443,000 | |||
| Level 3 | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Derivative liability | 25,045,000 | 56,779,000 | |||
| Other secured financings | 14,884,000 | 3,898,000 | |||
| Long-term debt | 821,903,000 | 744,597,000 | |||
| Level 3 | Non-exchange-traded securities | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned | $ 239,364,000 | 181,294,000 | |||
| Level 3 | Non-exchange-traded securities | Price | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 0 | 0 | |||
| Level 3 | Non-exchange-traded securities | Price | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 486 | 325 | |||
| Level 3 | Non-exchange-traded securities | Price | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 68 | 59 | |||
| Level 3 | Corporate debt securities | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned | $ 24,931,000 | 26,112,000 | |||
| Derivative liability | 124,000 | ||||
| Level 3 | Corporate debt securities | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 40 | ||||
| Level 3 | Corporate debt securities | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 94 | ||||
| Level 3 | Corporate debt securities | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 50 | ||||
| Level 3 | Corporate debt securities | Price | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 28 | ||||
| Level 3 | Corporate debt securities | Price | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 105 | ||||
| Level 3 | Corporate debt securities | Price | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 74 | ||||
| Level 3 | Corporate debt securities | Estimated recovery percentage | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.04 | ||||
| Financial instruments sold, not yet purchased, measurement input | 0.04 | ||||
| Level 3 | Corporate debt securities | Discount rate/yield | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.11 | ||||
| Level 3 | CDOs and CLOs | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned | $ 53,388,000 | 64,862,000 | |||
| Level 3 | CDOs and CLOs | Price | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 70 | 48 | |||
| Level 3 | CDOs and CLOs | Price | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 106 | 100 | |||
| Level 3 | CDOs and CLOs | Price | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 94 | 88 | |||
| Level 3 | CDOs and CLOs | Constant prepayment rate | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.20 | 0.15 | |||
| Level 3 | CDOs and CLOs | Constant prepayment rate | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.20 | ||||
| Level 3 | CDOs and CLOs | Constant prepayment rate | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0 | 0.19 | |||
| Level 3 | CDOs and CLOs | Constant default rate | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.02 | 0.02 | |||
| Level 3 | CDOs and CLOs | Loss severity | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.30 | 0.35 | |||
| Level 3 | CDOs and CLOs | Loss severity | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.40 | ||||
| Level 3 | CDOs and CLOs | Loss severity | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0 | 0.36 | |||
| Level 3 | CDOs and CLOs | Discount rate/yield | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.14 | 0.21 | |||
| Level 3 | CDOs and CLOs | Discount rate/yield | Maximum | |||||
| 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 | Discount rate/yield | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.26 | 0.24 | |||
| Level 3 | Residential mortgage-backed securities | Discounted cash flows | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned | $ 7,714,000 | ||||
| Level 3 | Residential mortgage-backed securities | Constant prepayment rate | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.20 | ||||
| Level 3 | Residential mortgage-backed securities | Loss severity | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.10 | ||||
| Level 3 | Residential mortgage-backed securities | Discount rate/yield | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.12 | ||||
| Level 3 | Commercial mortgage-backed securities | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned | 508,000 | ||||
| Level 3 | Commercial mortgage-backed securities | Estimated recovery percentage | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.28 | ||||
| Level 3 | Other ABS | Discounted cash flows, market approach, scenario analysis | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned | $ 98,172,000 | ||||
| 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 | $ 102,423,000 | ||||
| Level 3 | Other ABS | Price | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 100 | ||||
| Level 3 | Other ABS | Price | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 106 | ||||
| Level 3 | Other ABS | Price | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 127 | ||||
| Level 3 | Other ABS | Price | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 121 | ||||
| Level 3 | Other ABS | Estimated recovery percentage | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.92 | ||||
| Level 3 | Other ABS | Discount rate/yield | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.19 | 0.10 | |||
| Level 3 | Other ABS | Discount rate/yield | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.30 | 0.21 | |||
| Level 3 | Other ABS | Discount rate/yield | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.25 | 0.18 | |||
| Level 3 | Other ABS | Cumulative loss rate | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.17 | 0.09 | |||
| Level 3 | Other ABS | Cumulative loss rate | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.34 | 0.32 | |||
| Level 3 | Other ABS | Cumulative loss rate | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.24 | 0.25 | |||
| Level 3 | Other ABS | Duration (years) | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input, term | 10 months 24 days | 1 year 1 month 6 days | |||
| Level 3 | Other ABS | Duration (years) | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input, term | 1 year | 2 years 2 months 12 days | |||
| Level 3 | Other ABS | Duration (years) | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input, term | 27 days | 1 year 8 months 12 days | |||
| Level 3 | Loans and other receivables | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned | $ 152,586,000 | $ 130,101,000 | |||
| Level 3 | Loans and other receivables | Price | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 17 | 82 | |||
| Level 3 | Loans and other receivables | Price | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 106 | 157 | |||
| Level 3 | Loans and other receivables | Price | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 75 | 127 | |||
| Level 3 | Loans and other receivables | Estimated recovery percentage | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.03 | 0.07 | |||
| Level 3 | Loans and other receivables | Estimated recovery percentage | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 2.52 | 0.73 | |||
| Level 3 | Loans and other receivables | Estimated recovery percentage | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.50 | 0.40 | |||
| Level 3 | Options | Basis points upfront | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Derivative asset, measurement input | 0.3 | ||||
| Derivative liability, measurement input | 8.0 | 0.4 | |||
| Level 3 | Options | Basis points upfront | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Derivative liability, measurement input | 22.3 | 25.5 | |||
| Level 3 | Options | Basis points upfront | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Derivative liability, measurement input | 14.9 | 17.9 | |||
| Level 3 | Investments at fair value | Market approach | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned | $ 132,769,000 | $ 127,237,000 | |||
| Level 3 | Private equity securities | Price | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 1 | 1 | |||
| Level 3 | Private equity securities | Price | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 8,506 | 6,819 | |||
| Level 3 | Private equity securities | Price | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | $ / shares | 501 | 484 | |||
| Level 3 | Private equity securities | Discount rate/yield | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 0.28 | 0.28 | |||
| Level 3 | Private equity securities | Revenue | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments owned, measurement input | 29,908,372 | 30,538,979 | |||
| Level 3 | Loans | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Derivative liability | $ 16,864,000 | $ 1,521,000 | |||
| Level 3 | Loans | Price | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments sold, not yet purchased, measurement input | 101 | ||||
| Level 3 | Loans | Price | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments sold, not yet purchased, measurement input | 17 | ||||
| Level 3 | Loans | Price | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments sold, not yet purchased, measurement input | 100 | ||||
| Level 3 | Loans | Price | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments sold, not yet purchased, measurement input | 75 | ||||
| Level 3 | Loans | Estimated recovery percentage | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments sold, not yet purchased, measurement input | 0 | ||||
| Level 3 | Loans | Estimated recovery percentage | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments sold, not yet purchased, measurement input | 2.05 | ||||
| Level 3 | Loans | Estimated recovery percentage | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Financial instruments sold, not yet purchased, measurement input | 0.50 | ||||
| Level 3 | Equity options | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Derivative liability | $ 1,396,000 | $ 2,395,000 | |||
| Level 3 | Equity options | Basis points upfront | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Derivative asset, measurement input | 0.60 | ||||
| Derivative liability, measurement input | 0.28 | 0.31 | |||
| Level 3 | Equity options | Basis points upfront | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Derivative liability, measurement input | 1.02 | 0.87 | |||
| Level 3 | Equity options | Basis points upfront | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Derivative liability, measurement input | 0.49 | 0.42 | |||
| Level 3 | Other secured financings: | Price | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Other secured financings, measurement input | $ / shares | 117 | ||||
| Level 3 | Other secured financings: | Estimated recovery percentage | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Other secured financings, measurement input | 0.60 | 0.18 | |||
| Level 3 | Other secured financings: | Estimated recovery percentage | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Other secured financings, measurement input | 1 | 0.73 | |||
| Level 3 | Other secured financings: | Estimated recovery percentage | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Other secured financings, measurement input | 0.93 | 0.53 | |||
| Level 3 | Long-term debt | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Long-term debt | $ 821,903,000 | $ 744,597,000 | |||
| Level 3 | Long-term debt | Price | Minimum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Long-term debt, measurement input | 61 | 57 | 60 | ||
| Level 3 | Long-term debt | Price | Maximum | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Long-term debt, measurement input | 122 | 114 | 103 | ||
| Level 3 | Long-term debt | Price | Weighted Average | |||||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
| Long-term debt, measurement input | 96 | 78 | 84 | ||
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, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Financial instruments owned: | |||
| Loans and other receivables | $ (24,029) | $ 46,421 | $ (20,529) |
| Other secured financings: | |||
| Financial instruments sold, not yet purchased and Long-term debt | |||
| Other changes in fair value | (4,482) | (2,186) | 695 |
| Long-term debt | |||
| Financial instruments sold, not yet purchased and Long-term debt | |||
| Changes in instrument specific credit risk | (32,580) | (106,801) | 63,344 |
| Other changes in fair value | $ (115,912) | $ 21,373 | $ 345,050 |
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, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Financial instruments owned: | ||
| Loans and other receivables | $ 1,603,512 | $ 2,344,468 |
| Loans and other receivables on nonaccrual status and/or 90 days or greater past due | 132,838 | 259,354 |
| Long-term debt | 131,107 | 294,356 |
| Other secured financings | 459 | 1,377 |
| Loans and other receivables 90 days or greater past due | $ 48,800 | $ 187,400 |
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on a Non-recurring Basis (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Nov. 30, 2024
USD ($)
|
Nov. 30, 2023
USD ($)
|
Nov. 30, 2022
USD ($)
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Exchange ownership interest and registrations, impairment loss | $ (10) | $ (78) | |
| Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other expenses | Other expenses | Other expenses |
| Real Estate Property | Discount rate/yield | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Other real estate owned, measurement input | 0.120 | ||
| Minimum | Equity Method Investments | Discount rate/yield | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Equity method investments, measurement input | 0.100 | ||
| Maximum | Equity Method Investments | Discount rate/yield | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Equity method investments, measurement input | 0.230 | ||
| Maximum | Real Estate Property | Discount rate/yield | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Other real estate owned, measurement input | 0.140 | ||
| 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 | $ (10) | $ (78) | |
| Nonrecurring | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investments in and loans to related parties, impairment loss | 57,248 | $ 27,119 | |
| Premises and equipment impairment | 21,900 | 2,101 | 6,701 |
| Nonrecurring | Level 3 | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investments in and loans to related parties, fair value | 0 | 106,172 | |
| Other assets, fair value | 21,900 | 1,755 | 1,709 |
| Nonrecurring | Premises and equipment | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Exchange ownership interest and registrations, impairment loss | (1,323) | ||
| Nonrecurring | Premises and equipment | Level 3 | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Exchange ownership interest and registrations, fair value | 0 | ||
| 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 | (10) | (78) | (39) |
| 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 |
Derivative Financial Instruments - Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract (Details) $ in Thousands |
Nov. 30, 2024
USD ($)
Contract
|
Nov. 30, 2023
USD ($)
Contract
contract
|
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Net amounts per consolidated statements of financial condition, assets | $ 517,775 | $ 550,844 |
| Net amounts per consolidated statements of financial condition, liabilities | $ 710,314 | $ 1,145,777 |
| 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 |
| Exchange-traded | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 682,622 | $ 678,917 |
| Fair value, liabilities | 521,919 | 393,316 |
| Amounts offset in the consolidated statements of financial condition, assets | (476,364) | (384,392) |
| Amounts offset in the consolidated statements of financial condition, liabilities | (476,364) | (384,392) |
| Cleared OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | 1,065,726 | 1,194,983 |
| Fair value, liabilities | 1,069,382 | 1,230,060 |
| Amounts offset in the consolidated statements of financial condition, assets | (1,058,995) | (1,189,517) |
| Amounts offset in the consolidated statements of financial condition, liabilities | (1,066,232) | (1,189,513) |
| Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | 1,437,178 | 1,784,564 |
| Fair value, liabilities | 1,912,726 | 2,286,973 |
| Amounts offset in the consolidated statements of financial condition, assets | (1,132,392) | (1,533,711) |
| Amounts offset in the consolidated statements of financial condition, liabilities | (1,251,117) | (1,190,667) |
| Derivatives designated as accounting hedges: | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | 45,299 | 259 |
| Fair value, liabilities | 0 | 25,708 |
| Derivatives designated as accounting hedges: | Interest rate contracts: | Cleared OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 3,396 | $ 0 |
| Number of contracts, assets | Contract | 3 | 0 |
| Fair value, liabilities | $ 0 | $ 6,070 |
| Number of contracts, liabilities | Contract | 0 | 3 |
| Derivatives designated as accounting hedges: | Foreign exchange contracts: | Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 41,903 | $ 259 |
| Number of contracts, assets | Contract | 3 | 1 |
| Fair value, liabilities | $ 0 | $ 19,638 |
| Number of contracts, liabilities | Contract | 0 | 0 |
| Derivatives not designated as accounting hedges: | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 3,140,227 | $ 3,658,205 |
| Fair value, liabilities | 3,504,027 | 3,884,641 |
| Derivatives not designated as accounting hedges: | Interest rate contracts: | Exchange-traded | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 273 | $ 316 |
| Number of contracts, assets | Contract | 16,548 | 88,354 |
| Fair value, liabilities | $ 13 | $ 63 |
| Number of contracts, liabilities | Contract | 32,984 | 67,643 |
| Derivatives not designated as accounting hedges: | Interest rate contracts: | Cleared OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 1,030,842 | $ 1,156,937 |
| Number of contracts, assets | Contract | 6,663 | 4,415 |
| Fair value, liabilities | $ 1,030,671 | $ 1,185,503 |
| Number of contracts, liabilities | Contract | 6,891 | 4,544 |
| Derivatives not designated as accounting hedges: | Interest rate contracts: | Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 365,678 | $ 893,983 |
| Number of contracts, assets | Contract | 1,096 | 1,179 |
| Fair value, liabilities | $ 717,255 | $ 1,266,506 |
| Number of contracts, liabilities | Contract | 1,256 | 786 |
| 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 | 0 | |
| Fair value, liabilities | $ 0 | |
| Number of contracts, liabilities | Contract | 4 | |
| Derivatives not designated as accounting hedges: | Foreign exchange contracts: | Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 132,240 | $ 147,470 |
| Number of contracts, assets | Contract | 57,786 | 66,254 |
| Fair value, liabilities | $ 138,608 | $ 129,770 |
| Number of contracts, liabilities | Contract | 35,545 | 38,585 |
| Derivatives not designated as accounting hedges: | Equity contracts: | Exchange-traded | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 682,327 | $ 678,542 |
| Number of contracts, assets | Contract | 1,777,822 | 1,180,832 |
| Fair value, liabilities | $ 521,889 | $ 393,220 |
| Number of contracts, liabilities | Contract | 1,574,498 | 1,174,298 |
| Derivatives not designated as accounting hedges: | Equity contracts: | Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 855,169 | $ 715,754 |
| Number of contracts, assets | Contract | 33,516 | 31,116 |
| Fair value, liabilities | $ 1,024,129 | $ 850,088 |
| Number of contracts, liabilities | Contract | 20,587 | 16,234 |
| Derivatives not designated as accounting hedges: | Commodity contracts: | Exchange-traded | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 22 | $ 59 |
| Number of contracts, assets | Contract | 806 | 735 |
| Fair value, liabilities | $ 17 | $ 33 |
| Number of contracts, liabilities | Contract | 697 | 940 |
| Derivatives not designated as accounting hedges: | Commodity contracts: | Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 4,570 | $ 5,662 |
| Number of contracts, assets | 11,691 | 15,497 |
| Fair value, liabilities | $ 1,381 | $ 1,398 |
| Number of contracts, liabilities | 5,180 | 6,455 |
| Derivatives not designated as accounting hedges: | Credit contracts: | Cleared OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 31,488 | $ 38,046 |
| Number of contracts, assets | Contract | 66 | 133 |
| Fair value, liabilities | $ 38,711 | $ 38,487 |
| Number of contracts, liabilities | Contract | 32 | 81 |
| Derivatives not designated as accounting hedges: | Credit contracts: | Bilateral OTC | ||
| Derivatives, Fair Value [Line Items] | ||
| Fair value, assets | $ 37,618 | $ 21,436 |
| Number of contracts, assets | Contract | 16 | 22 |
| Fair value, liabilities | $ 31,353 | $ 19,573 |
| Number of contracts, liabilities | Contract | 32 | 29 |
Derivative Financial Instruments - Unrealized and Realized Gains (Losses) on Derivative Contracts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gains (losses) recognized in interest expense on fair value hedge | $ (63,142) | $ (57,128) | $ 6,863 |
| Net settlements | (62,300) | (55,600) | 1,400 |
| Unrealized and realized gains (losses) | (103,393) | 155,738 | (376,341) |
| Interest rate contracts | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Unrealized and realized gains (losses) | 108,192 | 215,856 | (154,378) |
| Foreign exchange contracts | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Unrealized and realized gains (losses) | 68,943 | 46,744 | (164,729) |
| Equity contracts | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Unrealized and realized gains (losses) | (295,662) | (99,968) | (29,740) |
| Commodity contracts | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Unrealized and realized gains (losses) | 33,384 | 4,089 | (43,106) |
| Credit contracts | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Unrealized and realized gains (losses) | (18,250) | (10,983) | 15,612 |
| Net investment hedging | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gains (losses) on net investment hedges recognized in other comprehensive income (loss) | (9,652) | (49,060) | 116,876 |
| Net investment hedging | Foreign exchange contracts | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gains (losses) on net investment hedges recognized in other comprehensive income (loss) | (9,652) | (49,060) | 116,876 |
| Long-term debt | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gains (losses) recognized in interest expense on fair value hedge | (50,407) | 21,638 | 219,143 |
| Interest rate swaps | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gains (losses) recognized in interest expense on fair value hedge | $ (12,735) | $ (78,766) | $ (212,280) |
Derivative Financial Instruments - Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities (Details) $ in Thousands |
Nov. 30, 2024
USD ($)
|
|---|---|
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | $ 537,119 |
| 1 – 5 Years | 212,020 |
| Greater Than 5 Years | 63,395 |
| Cross-Maturity Netting | (51,790) |
| Total OTC derivative assets, net of cross-maturity netting | 760,744 |
| Cross-product counterparty netting | (49,154) |
| Total OTC derivative assets included in Financial instruments owned | 711,590 |
| 0 – 12 Months | 450,344 |
| 1 – 5 Years | 392,290 |
| Greater Than 5 Years | 448,070 |
| Cross-Maturity Netting | (51,790) |
| Total OTC derivative liabilities, net of cross-maturity netting | 1,238,914 |
| Cross-product counterparty netting | (49,154) |
| Total OTC derivative liabilities included in Financial instruments sold, not yet purchased | 1,189,760 |
| Exchange traded derivative assets, with fair value | 206,300 |
| Exchange traded derivative liabilities, with fair value | 46,600 |
| Cash collateral received | 400,100 |
| Cash collateral pledged | 526,000 |
| Commodity swaps, options and forwards | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 4,566 |
| 1 – 5 Years | 0 |
| Greater Than 5 Years | 28,727 |
| Cross-Maturity Netting | 0 |
| Total OTC derivative assets, net of cross-maturity netting | 33,293 |
| 0 – 12 Months | 1,376 |
| 1 – 5 Years | 0 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | 0 |
| Total OTC derivative liabilities, net of cross-maturity netting | 1,376 |
| Equity options and forwards | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 176,159 |
| 1 – 5 Years | 948 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | (714) |
| Total OTC derivative assets, net of cross-maturity netting | 176,393 |
| 0 – 12 Months | 171,794 |
| 1 – 5 Years | 177,950 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | (714) |
| Total OTC derivative liabilities, net of cross-maturity netting | 349,030 |
| Credit default swaps | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 1,408 |
| 1 – 5 Years | 840 |
| Greater Than 5 Years | 9,106 |
| Cross-Maturity Netting | 0 |
| Total OTC derivative liabilities, net of cross-maturity netting | 11,354 |
| Total return swaps | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 196,636 |
| 1 – 5 Years | 34,197 |
| Greater Than 5 Years | 418 |
| Cross-Maturity Netting | (5,230) |
| Total OTC derivative assets, net of cross-maturity netting | 226,021 |
| 0 – 12 Months | 150,706 |
| 1 – 5 Years | 76,092 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | (5,230) |
| Total OTC derivative liabilities, net of cross-maturity netting | 221,568 |
| Foreign currency forwards, swaps and options | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 92,163 |
| 1 – 5 Years | 1,773 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | 0 |
| Total OTC derivative assets, net of cross-maturity netting | 93,936 |
| 0 – 12 Months | 53,608 |
| 1 – 5 Years | 1,073 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | 0 |
| Total OTC derivative liabilities, net of cross-maturity netting | 54,681 |
| Fixed income forwards | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 203 |
| 1 – 5 Years | 0 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | 0 |
| Total OTC derivative assets, net of cross-maturity netting | 203 |
| 0 – 12 Months | 21,997 |
| 1 – 5 Years | 0 |
| Greater Than 5 Years | 0 |
| Cross-Maturity Netting | 0 |
| Total OTC derivative liabilities, net of cross-maturity netting | 21,997 |
| Interest rate swaps, options and forwards | |
| Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
| 0 – 12 Months | 67,392 |
| 1 – 5 Years | 175,102 |
| Greater Than 5 Years | 34,250 |
| Cross-Maturity Netting | (45,846) |
| Total OTC derivative assets, net of cross-maturity netting | 230,898 |
| 0 – 12 Months | 49,455 |
| 1 – 5 Years | 136,335 |
| Greater Than 5 Years | 438,964 |
| Cross-Maturity Netting | (45,846) |
| Total OTC derivative liabilities, net of cross-maturity netting | $ 578,908 |
Derivative Financial Instruments - Counterparty Credit Quality with Respect to Fair Value of OTC Derivatives Assets (Details) $ in Thousands |
Nov. 30, 2024
USD ($)
|
|---|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| A- or higher | $ 178,391 |
| BBB- to BBB+ | 41,136 |
| BB+ or lower | 231,253 |
| Unrated | 260,810 |
| Total OTC derivative assets included in Financial instruments owned | $ 711,590 |
Derivative Financial Instruments - External Credit Ratings of Underlyings or Referenced Assets (Details) - Index credit default swaps - USD ($) $ in Millions |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Derivative [Line Items] | ||
| Notional amount | $ 948.6 | $ 2,345.4 |
| Investment Grade | ||
| Derivative [Line Items] | ||
| Notional amount | 395.2 | 1,451.5 |
| Non-investment Grade | ||
| Derivative [Line Items] | ||
| Notional amount | $ 553.4 | $ 893.9 |
Derivative Financial Instruments - Contingent Features (Details) - USD ($) $ in Millions |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
| Derivative instrument liabilities with credit-risk-related contingent features | $ 102.3 | $ 139.5 |
| Collateral posted | (50.6) | (97.6) |
| Collateral received | 296.1 | 71.0 |
| Return of and additional collateral required in the event of a credit rating downgrade below investment grade | $ 347.8 | $ 112.9 |
Collateralized Transactions - Collateral Pledged (Details) - USD ($) $ in Millions |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | $ 2,540.9 | $ 1,840.5 |
| Repurchase Agreements | 18,088.9 | 19,841.2 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 185.6 | 8.8 |
| Total | 20,815.4 | 21,690.5 |
| Corporate equity securities | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 2,059.8 | 1,221.4 |
| Repurchase Agreements | 1,394.2 | 627.0 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 3.9 | 4.4 |
| Total | 3,457.8 | 1,852.8 |
| Corporate debt securities | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 416.4 | 576.4 |
| Repurchase Agreements | 4,522.5 | 4,297.9 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | 4,938.9 | 4,874.3 |
| Mortgage-backed and asset-backed securities | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 0.0 | 0.0 |
| Repurchase Agreements | 2,384.8 | 1,950.9 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | 2,384.8 | 1,950.9 |
| U.S. government and federal agency securities | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 30.9 | 39.2 |
| Repurchase Agreements | 6,837.1 | 9,474.2 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 3.4 |
| Total | 6,868.0 | 9,516.8 |
| Municipal securities | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 0.0 | 0.0 |
| Repurchase Agreements | 212.1 | 141.1 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | 212.1 | 141.1 |
| Sovereign obligations | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 33.7 | 3.5 |
| Repurchase Agreements | 1,981.0 | 2,511.6 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 181.7 | 1.0 |
| Total | 2,196.4 | 2,516.1 |
| Loans and other receivables | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 0.0 | 0.0 |
| Repurchase Agreements | 757.4 | 838.5 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | $ 757.4 | $ 838.5 |
Collateralized Transactions - Contractual Maturity (Details) - USD ($) $ in Millions |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | $ 2,540.9 | $ 1,840.5 |
| Repurchase Agreements | 18,088.9 | 19,841.2 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 185.6 | 8.8 |
| Total | 20,815.4 | 21,690.5 |
| Overnight and Continuous | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 1,617.8 | 1,068.6 |
| Repurchase Agreements | 2,258.1 | 10,548.3 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 185.6 | 8.8 |
| Total | 4,061.5 | 11,625.7 |
| Up to 30 Days | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 154.3 | 0.0 |
| Repurchase Agreements | 7,055.1 | 2,442.4 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | 7,209.4 | 2,442.4 |
| 31-90 Days | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 250.4 | 244.2 |
| Repurchase Agreements | 4,182.8 | 1,939.9 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | 4,433.2 | 2,184.1 |
| Greater than 90 Days | ||
| Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
| Securities Lending Arrangements | 518.4 | 527.7 |
| Repurchase Agreements | 4,592.9 | 4,910.6 |
| Obligation to Return Securities Received as Collateral, at Fair Value | 0.0 | 0.0 |
| Total | $ 5,111.2 | $ 5,438.3 |
Collateralized Transactions - Narrative (Details) - USD ($) $ in Millions |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Investments, Debt and Equity Securities [Abstract] | ||
| Fair value of securities received as collateral | $ 37,630 | $ 33,990 |
Collateralized Transactions - Summary of Repurchase Agreements and Securities Borrowing and Lending Arrangements (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Securities borrowing arrangements | ||
| Gross Amounts | $ 7,213,400 | $ 7,192,100 |
| Netting in Consolidated Statements of Financial Condition | 0 | 0 |
| Net Amounts in Consolidated Statements of Financial Condition | 7,213,421 | 7,192,091 |
| Additional amounts available for setoff | (325,400) | (327,700) |
| Available collateral | (1,537,300) | (1,642,900) |
| Net amount | 5,350,700 | 5,221,400 |
| Reverse repurchase agreements | ||
| Gross Amounts | 11,930,700 | 14,871,100 |
| Netting in Consolidated Statements of Financial Condition | (5,751,000) | (8,920,600) |
| Net Amounts in Consolidated Statements of Financial Condition | 6,179,653 | 5,950,549 |
| Additional amounts available for setoff | (1,475,900) | (1,304,000) |
| Available collateral | (4,574,000) | (4,582,600) |
| Net amount | 129,800 | 63,900 |
| Securities lending arrangements | ||
| Gross Amounts | 2,540,900 | 1,840,500 |
| Netting in Consolidated Statements of Financial Condition | 0 | 0 |
| Net Amounts in Consolidated Statements of Financial Condition | 2,540,861 | 1,840,518 |
| Additional amounts available for setoff | (325,400) | (327,700) |
| Available collateral | (2,091,400) | (1,396,100) |
| Net amount | 124,100 | 116,700 |
| Repurchase agreements | ||
| Gross Amounts | 18,088,900 | 19,841,200 |
| Netting in Consolidated Statements of Financial Condition | (5,751,000) | (8,920,600) |
| Net Amounts in Consolidated Statements of Financial Condition | 12,337,935 | 10,920,606 |
| Additional amounts available for setoff | (1,475,900) | (1,304,000) |
| Available collateral | (10,274,600) | (9,035,400) |
| Net amount | 587,400 | 581,200 |
| Securities borrowing arrangements | 5,310,000 | 5,170,000 |
| Securities borrowing arrangements, collateral | 5,190,000 | 5,040,000 |
| Repurchase agreements | 645,000 | 505,000 |
| Repurchase agreements, pledged securities collateral | 656,900 | 520,400 |
| Obligation to return securities received as collateral, at fair value | ||
| Securities lending arrangements | ||
| Gross Amounts | 185,600 | 8,800 |
| Netting in Consolidated Statements of Financial Condition | 0 | 0 |
| Net Amounts in Consolidated Statements of Financial Condition | 185,600 | 8,800 |
| Additional amounts available for setoff | 0 | 0 |
| Available collateral | (185,600) | (8,800) |
| Net amount | 0 | 0 |
| Securities received as collateral, at fair value | ||
| Securities borrowing arrangements | ||
| Gross Amounts | 185,600 | 8,800 |
| Netting in Consolidated Statements of Financial Condition | 0 | 0 |
| Net Amounts in Consolidated Statements of Financial Condition | 185,600 | 8,800 |
| Additional amounts available for setoff | 0 | 0 |
| Available collateral | (185,600) | (8,800) |
| Net amount | $ 0 | $ 0 |
Collateralized Transactions - Cash and Securities Segregated (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Investments, Debt and Equity Securities [Abstract] | ||
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | $ 1,132,612 | $ 1,414,593 |
Securitization Activities - Activity Related to Securitizations Accounted for as Sales (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Transfers and Servicing [Abstract] | |||
| Transferred assets | $ 5,230.7 | $ 8,664.5 | $ 6,351.2 |
| Proceeds on new securitizations | 5,230.7 | 8,639.6 | 6,402.6 |
| Cash flows received on retained interests | $ 33.4 | $ 22.8 | $ 31.7 |
Securitization Activities - Summary of Retained Interests in SPEs (Details) - USD ($) $ in Millions |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Securitization Vehicles [Line Items] | ||
| Total RMBS securitization assets | $ 3,956.8 | $ 5,595.1 |
| Total CMBS securitization assets | 1,817.1 | 3,014.3 |
| CLOs | 9,001.9 | 6,323.8 |
| Consumer and other loans | 1,424.4 | 1,877.8 |
| U.S. government agency RMBS | ||
| Securitization Vehicles [Line Items] | ||
| Retained Interests | 105.7 | 417.3 |
| U.S. government agency CMBS | ||
| Securitization Vehicles [Line Items] | ||
| Retained Interests | 91.8 | 197.3 |
| CLOs | ||
| Securitization Vehicles [Line Items] | ||
| Retained Interests | 37.2 | 23.3 |
| Consumer and other loans | ||
| Securitization Vehicles [Line Items] | ||
| Retained Interests | $ 52.1 | $ 68.1 |
Variable Interest Entities - Assets and Liabilities of Consolidated VIEs Prior to Consolidation (Details) - USD ($) |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Financial instruments owned | $ 24,138,274,000 | $ 21,747,473,000 |
| Securities purchased under agreements to resell | 6,179,653,000 | 5,950,549,000 |
| Receivables from brokers | 2,666,591,000 | 2,380,732,000 |
| Assets held for sale | 51,885,000 | 1,545,472,000 |
| Other assets | 3,072,302,000 | 2,650,640,000 |
| Total assets | 64,360,309,000 | 57,905,161,000 |
| Financial instruments sold, not yet purchased | 11,007,328,000 | 11,251,154,000 |
| Other secured financings | 2,183,000,000 | 1,430,199,000 |
| Liabilities held for sale | 0 | 1,173,648,000 |
| Long-term debt | 13,530,565,000 | 9,698,752,000 |
| Total liabilities | 54,134,916,000 | 48,102,620,000 |
| VIEs, primary beneficiary | ||
| Variable Interest Entity [Line Items] | ||
| Assets held for sale | 181,900,000 | |
| Other assets | 429,347,000 | 244,604,000 |
| VIEs, primary beneficiary | Secured Funding Vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Cash | 0 | 0 |
| Financial instruments owned | 0 | 0 |
| Securities purchased under agreements to resell | 2,829,700,000 | 1,677,700,000 |
| Receivables from brokers | 0 | 0 |
| Other receivables | 0 | |
| Assets held for sale | 815,600,000 | |
| Other assets | 0 | 0 |
| Total assets | 2,829,700,000 | 2,493,300,000 |
| Financial instruments sold, not yet purchased | 0 | 0 |
| Other secured financings | 2,823,000,000 | 1,667,300,000 |
| Liabilities held for sale | 769,200,000 | |
| Other Liabilities | 6,700,000 | 10,500,000 |
| Long-term debt | 0 | 0 |
| Total liabilities | 2,829,700,000 | 2,447,000,000 |
| VIEs, primary beneficiary | Other | ||
| Variable Interest Entity [Line Items] | ||
| Cash | 1,600,000 | 1,100,000 |
| Financial instruments owned | 40,000,000.0 | 7,800,000 |
| Securities purchased under agreements to resell | 0 | 0 |
| Receivables from brokers | 23,500,000 | 18,000,000.0 |
| Other receivables | 3,000,000.0 | |
| Assets held for sale | 578,800,000 | |
| Other assets | 90,300,000 | 147,900,000 |
| Total assets | 158,400,000 | 753,600,000 |
| Financial instruments sold, not yet purchased | 7,600,000 | 6,400,000 |
| Other secured financings | 26,100,000 | 0 |
| Liabilities held for sale | 303,400,000 | |
| Other Liabilities | 23,100,000 | 249,700,000 |
| Long-term debt | 70,100,000 | 49,600,000 |
| Total liabilities | 126,900,000 | 609,100,000 |
| Consolidation, Eliminations | ||
| Variable Interest Entity [Line Items] | ||
| Receivables from brokers | 1,500,000 | 1,400,000 |
| Variable Interest Entity, Assets, Eliminated In Consolidation | ||
| Variable Interest Entity [Line Items] | ||
| Assets held for sale | 31,900,000 | |
| Other assets | 3,400,000 | 56,100,000 |
| Variable Interest Entity, Liabilities, Eliminated In Consolidation | ||
| Variable Interest Entity [Line Items] | ||
| Other secured financings | 719,000,000.0 | 681,000,000.0 |
| Liabilities held for sale | 5,300,000 | |
| Other Liabilities | $ 22,000,000.0 | $ 247,900,000 |
Variable Interest Entities - Variable Interests in Non-Consolidated Variable Interest Entities (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Assets | $ 64,360,309 | $ 57,905,161 |
| Liabilities | 54,134,916 | 48,102,620 |
| Nonconsolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 2,890,700 | 2,649,300 |
| Liabilities | 26,500 | 14,100 |
| Maximum Exposure to Loss | 8,837,200 | 6,323,600 |
| VIE Assets | 38,237,600 | 28,259,800 |
| Nonconsolidated VIEs | CLOs | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 951,800 | 913,300 |
| Liabilities | 26,500 | 14,100 |
| Maximum Exposure to Loss | 6,511,100 | 4,414,000 |
| VIE Assets | 14,872,400 | 9,455,500 |
| Nonconsolidated VIEs | Asset-backed vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 827,400 | 661,700 |
| Liabilities | 0 | 0 |
| Maximum Exposure to Loss | 946,300 | 661,700 |
| VIE Assets | 4,266,700 | 3,734,800 |
| Nonconsolidated VIEs | Related party private equity vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 3,700 | 3,100 |
| Liabilities | 0 | 0 |
| Maximum Exposure to Loss | 14,000 | 14,200 |
| VIE Assets | 34,400 | 10,300 |
| Nonconsolidated VIEs | Other investment vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Assets | 1,107,800 | 1,071,200 |
| Liabilities | 0 | 0 |
| Maximum Exposure to Loss | 1,365,800 | 1,233,700 |
| VIE Assets | $ 19,064,100 | $ 15,059,200 |
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Variable Interest Entity [Line Items] | ||
| Total assets | $ 64,360,309 | $ 57,905,161 |
| Nonconsolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Total assets | 2,890,700 | 2,649,300 |
| Related party private equity vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Equity investments | 1,000 | |
| Funded equity commitments | 500 | |
| Carrying amount of equity investment | 500 | |
| Related party private equity vehicles | Nonconsolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Total assets | 3,700 | 3,100 |
| Other investment vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Equity investments | 1,430,000 | 1,260,000 |
| Funded equity commitments | 1,170,000 | 1,100,000 |
| Carrying amount of equity investment | 1,110,000 | 1,070,000 |
| Other investment vehicles | Nonconsolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Total assets | 1,107,800 | 1,071,200 |
| Agency mortgage-backed securities | Nonconsolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Total assets | 1,840,000 | 1,890,000 |
| Non-agency mortgage and other asset-backed securities | Nonconsolidated VIEs | ||
| Variable Interest Entity [Line Items] | ||
| Total assets | 201,100 | 261,200 |
| JCP Entities | Related party private equity vehicles | ||
| Variable Interest Entity [Line Items] | ||
| Equity investments | 133,000 | 133,000 |
| Funded equity commitments | 123,200 | 122,600 |
| Carrying amount of equity investment | $ 3,200 | $ 3,100 |
Investments - Loans and Investments In Related Parties (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Equity Method Investments and Joint Ventures [Abstract] | |||
| Investments in and loans to related parties | $ 1,385,658 | $ 1,239,345 | |
| Total equity method pickup earnings (losses) recognized in Other revenues | $ 86,500 | $ (192,200) | $ (36,300) |
Investments - Jefferies Finance - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
|
| Guarantor Obligations [Line Items] | ||
| Other assets | $ 3,072,302 | $ 2,650,640 |
| Payables to customers | 4,073,975 | 3,960,557 |
| Jefferies Finance | ||
| Guarantor Obligations [Line Items] | ||
| Equity commitment | 750,000 | |
| Total committed equity capitalization of JFIN | 1,500,000 | |
| Unfunded portion of equity commitment to subsidiary | $ 15,400 | |
| Extension period | 1 year | |
| Termination notice period | 60 days | |
| Committed line of credit facility amount | $ 500,000 | |
| Funded portion of loan commitment | 0 | |
| Loan commitment | 250,000 | |
| Jefferies Finance | Corporate Joint Venture | ||
| Guarantor Obligations [Line Items] | ||
| Other assets | 1,900 | 3,500 |
| Payables to customers | $ 13,700 | $ 2,600 |
| Jefferies Finance | Jefferies Finance | ||
| Guarantor Obligations [Line Items] | ||
| Ownership percentage | 50.00% |
Investments - Summary of Selected Financial Information for Jefferies Finance (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Interest income | $ 3,100 | ||
| Total assets | 64,360,309 | $ 57,905,161 | |
| Total liabilities | 54,134,916 | 48,102,620 | |
| Net earnings (losses) | 716,019 | 262,388 | $ 781,710 |
| Jefferies Finance | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Total assets | 5,762,600 | 5,598,200 | |
| Total liabilities | 4,415,600 | 4,352,000 | |
| Net earnings (losses) | 73,000 | (12,500) | (129,400) |
| Jefferies Finance | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Interest income | 0 | 0 | 400 |
| Unfunded commitment fees | 1,200 | 1,200 | 1,200 |
| Our total equity balance | 666,300 | 630,100 | |
| Origination and syndication fee revenues | 252,300 | 133,700 | 194,700 |
| Origination fee expenses | 60,700 | 28,600 | 39,700 |
| CLO placement and structuring fee revenues | 1,100 | 2,100 | 4,600 |
| Investment fund placement fee revenues | 3,600 | 3,700 | 0 |
| Underwriting fees | 2,700 | 0 | 0 |
| Service fees | 100,700 | $ 100,100 | $ 94,700 |
| payment to acquire investment | $ 16,000 | ||
Investments - Berkadia - Narrative (Details) - USD ($) $ in Millions |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Berkadia | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Surety policy issued | $ 1,500.0 | |
| Berkadia | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Percentage of profits received from joint venture | 45.00% | |
| Commercial paper outstanding | $ 1,470.0 | |
| Purchase commitment amount | $ 21.8 | $ 77.5 |
Investments - Summary of Selected Financial Information for Berkadia (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Total assets | $ 64,360,309 | $ 57,905,161 | |
| Total liabilities | 54,134,916 | 48,102,620 | |
| Total noncontrolling interest | 68,215 | 92,308 | |
| Gross revenues | 10,515,069 | 7,441,399 | $ 7,149,263 |
| Net earnings | 716,019 | 262,388 | 781,710 |
| Our share of net earnings | 86,500 | (192,200) | (36,300) |
| Berkadia | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Total assets | 4,963,200 | 5,318,200 | |
| Total liabilities | 3,515,600 | 3,816,100 | |
| Total noncontrolling interest | 502,100 | 612,800 | |
| Gross revenues | 1,210,000 | 1,120,200 | 1,361,200 |
| Net earnings | 186,000 | 120,400 | 276,500 |
| Berkadia | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Our total equity balance | 427,700 | 400,900 | |
| Our share of net earnings | 85,300 | 52,500 | 124,400 |
| Distributions we received | 58,500 | 58,100 | 69,800 |
| Transaction referral fee revenue | 400 | 0 | 0 |
| Loan origination fees paid | $ 800 | $ 0 | $ 0 |
Investments - Real Estate Investments - Narrative (Details) |
12 Months Ended |
|---|---|
Nov. 30, 2024 | |
| 54 Madison Capital, LLC | |
| Schedule of Equity Method Investments [Line Items] | |
| Ownership percentage | 48.10% |
| Hotel | Brooklyn Renaissance Plaza Office | |
| Schedule of Equity Method Investments [Line Items] | |
| Ownership percentage | 25.40% |
| Office Building | Brooklyn Renaissance Plaza Office | |
| Schedule of Equity Method Investments [Line Items] | |
| Ownership percentage | 61.30% |
| Weighted average life of assets and liabilities | 39 years |
Investments - Summary of Selected Financial Information For Real Estate Investments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Total assets | $ 64,360,309 | $ 57,905,161 | |
| Liabilities | 54,134,916 | 48,102,620 | |
| Net earnings | 716,019 | 262,388 | $ 781,710 |
| Real Estate Investments | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Total assets | 326,000 | 329,500 | |
| Liabilities | 484,700 | 500,000 | |
| Net earnings | 5,100 | 2,200 | 17,700 |
| Real Estate Investments | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Our total equity balance | 97,800 | 90,000 | |
| Brooklyn Renaissance Hotel | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Distributions we received | 400 | 0 | 0 |
| 54 Madison Capital, LLC | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Distributions we received | $ 0 | $ 19,400 | $ 18,400 |
Investments - JCP Fund V - Narrative (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Jul. 31, 2024 |
Nov. 30, 2023 |
|---|---|---|---|
| Schedule of Equity Method Investments [Line Items] | |||
| Financial instruments owned | $ 24,138,274 | $ 21,747,473 | |
| 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% | ||
| JCP Fund V | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Ownership percentage | 35.10% | ||
| Financial instruments owned | $ 2,900 | 2,200 | |
| Equity investments | 85,000 | 85,000 | |
| Unfunded portion of equity commitment to subsidiary | $ 8,700 | $ 8,700 | |
| Hildene Insurance Holdings, LLC | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Ownership percentage | 9.26% | ||
| Equity investments | $ 25,000 |
Investments - Summary of Selected Financial Information for JCP Fund V (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Schedule of Equity Method Investments [Line Items] | |||||
| Total assets | $ 64,360,309 | $ 57,905,161 | |||
| Total liabilities | 54,134,916 | 48,102,620 | |||
| Total partners’ capital | 10,224,987 | 9,802,135 | $ 10,295,479 | ||
| Net increase (decrease) in net assets resulting from operations | 61,400 | (4,500) | |||
| JCP Fund V | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Total assets | $ 8,200 | $ 6,400 | |||
| Total liabilities | 100 | 100 | |||
| Total partners’ capital | $ 8,100 | $ 6,300 | |||
| JCP Fund V | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Net gains (losses) from our investments in JCP Fund V | $ 700 | $ (9,000) | $ 100 | ||
| Percent of financial information presented | 100.00% | ||||
| Ownership percentage | 35.10% | ||||
| Net increase (decrease) in net assets resulting from operations | $ 1,800 | ||||
| Hildene Insurance Holdings, LLC | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Percent of financial information presented | 100.00% | ||||
| Ownership percentage | 9.26% | ||||
| Net increase (decrease) in net assets resulting from operations | $ 34,100 | ||||
Investments - Other Asset Management Companies - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Feb. 29, 2024 |
Nov. 30, 2024 |
Jul. 31, 2024 |
Nov. 30, 2023 |
|
| Hildene Insurance Holdings, LLC | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Equity investments | $ 25.0 | |||
| Funded equity commitments | $ 27.5 | |||
| Percent of financial information presented | 100.00% | |||
| Ownership percentage | 9.26% | |||
| Monashee | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Ownership percentage | 50.00% | |||
| Our total equity balance | $ 15.8 | |||
| Percentage of profits received from joint venture | 47.50% | |||
| Gain upon nonmonetary exchange | $ 6.0 | |||
| payment to acquire investment | $ 5.2 | |||
| Monashee's Separate Managed Accounts | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Our total equity balance | $ 20.2 |
Investments - Summary of Selected Financial information for Other Asset Management Companies (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Sep. 30, 2024 |
|
| Schedule of Equity Method Investments [Line Items] | ||||
| Total assets | $ 64,360,309 | $ 57,905,161 | ||
| Total liabilities | 54,134,916 | 48,102,620 | ||
| Total members’ equity | 10,224,987 | 9,802,135 | $ 10,295,479 | |
| Net increase (decrease) in members’ equity resulting from operations | $ 61,400 | $ (4,500) | ||
| Hildene Insurance Holdings, LLC | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Net increase (decrease) in members’ equity resulting from operations | $ 34,100 | |||
| Hildene Insurance Holdings, LLC | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Total assets | $ 304,200 | |||
| Total liabilities | 200 | |||
| Total members’ equity | $ 304,000 | |||
Investments - Activity Related to these Separately Managed Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Investment losses | $ 10,515,069 | $ 7,441,399 | $ 7,149,263 |
| Management fees | 432,721 | 366,702 | 347,805 |
| Monashee's Separate Managed Accounts | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Management fees | 800 | 700 | |
| Principal transactions | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Investment losses | $ 1,816,963 | 1,413,283 | 833,757 |
| Principal transactions | Monashee's Separate Managed Accounts | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Investment losses | $ (100) | $ (3,200) | |
Investments - ApiJect - Narrative (Details) - USD ($) shares in Thousands, $ in Millions |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
May 31, 2024 |
Apr. 30, 2024 |
Dec. 31, 2023 |
Nov. 30, 2024 |
Nov. 30, 2023 |
|
| Schedule of Equity Method Investments [Line Items] | |||||
| Secured convertible promissory notes | $ 1.3 | $ 4.6 | |||
| Fair value of equity investment | $ 37.1 | ||||
| Term loan | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Loans, face amount | $ 30.0 | ||||
| ApiJect | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Ownership percentage | 33.60% | ||||
| Percentage of future revenue | 1.125% | ||||
| Interest income | $ 0.2 | ||||
| Cash consideration | $ 8.8 | ||||
| Gain on conversion of convertible promissory notes | 1.2 | ||||
| Fair value of equity investment | 116.1 | $ 116.1 | |||
| Equity securities, cost | $ 100.1 | 100.1 | |||
| Warrants purchased (in shares) | 950 | ||||
| ApiJect | Term loan | |||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Loans, face amount | $ 23.3 | ||||
| Loans, fair value | $ 23.3 | $ 30.4 | |||
Investments - SPAC (Details) - USD ($) $ in Millions |
1 Months Ended | |||
|---|---|---|---|---|
May 31, 2024 |
Nov. 30, 2024 |
Apr. 30, 2024 |
Nov. 30, 2023 |
|
| Schedule of Equity Method Investments [Line Items] | ||||
| Fair value of equity investment | $ 37.1 | |||
| SPAC | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Ownership percentage | 73.40% | |||
| Investments, voting rights percentage | 25.70% | |||
| Fair value of equity investment | $ 23.8 | |||
| Proceeds from investments | $ 24.3 |
Investments - Stratos - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Nov. 30, 2023 |
Sep. 14, 2023 |
|
| Stratos | ||
| Schedule of Equity Method Investments [Line Items] | ||
| Interest at fair value | 49.90% | |
| Acquisition of additional interests | 50.10% | |
| Stratos | ||
| Schedule of Equity Method Investments [Line Items] | ||
| payment to acquire investment | $ 20.0 |
Investments - Summary of Selected Financial Information For Stratos (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Net earnings (losses) | $ 716,019 | $ 262,388 | $ 781,710 |
| Stratos | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Net earnings (losses) | $ (36,400) | $ 39,000 | |
Investments - Aircadia Narrative (Details) $ in Thousands, € in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Nov. 30, 2024
USD ($)
|
Sep. 30, 2024
EUR (€)
|
Dec. 31, 2023
USD ($)
|
Nov. 30, 2023
USD ($)
|
|
| Schedule of Equity Method Investments [Line Items] | ||||
| Lease term | 42 months | |||
| Property and equipment | $ 57,700 | |||
| Operating lease income | $ 20,700 | |||
| Operating Lease Income Comprehensive Income Extensible List Not Disclosed Flag | operating lease income | |||
| Premises and equipment | $ 1,194,720 | $ 1,065,680 | ||
| Interest income | 3,100 | |||
| Fair value of equity investment | 37,100 | |||
| Arcadia Leasing II LLC | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Premises and equipment | 51,900 | |||
| Interest income | $ 400 | |||
| Term loan | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Loans, face amount | $ 30,000 | |||
| Additional loans, face amount | € | € 15.0 |
Investments - OpNet - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
May 07, 2024 |
|
| Schedule of Equity Method Investments [Line Items] | ||||
| Total equity method pickup earnings (losses) recognized in Other revenues | $ 86.5 | $ (192.2) | $ (36.3) | |
| OpNet | ||||
| Schedule of Equity Method Investments [Line Items] | ||||
| Increase (decrease) in ownership percentage | 57.50% | |||
| Increase (decrease) in voting percentage | 72.60% | |||
| Total equity method pickup earnings (losses) recognized in Other revenues | $ (254.1) | (59.0) | ||
| payment to acquire investment | $ 167.2 | |||
Investments - Summary of Selected Financial Information for OpNet (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Net losses attributable to noncontrolling interests | $ 716,019 | $ 262,388 | $ 781,710 |
| OpNet | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Net losses attributable to noncontrolling interests | $ (278,300) | $ (88,600) | |
Investments - Golden Queen Mining Company - Narrative (Details) - Golden Queen Mining Company - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Nov. 30, 2023 |
Nov. 30, 2024 |
|
| Schedule of Equity Method Investments [Line Items] | ||
| Ownership percentage | 50.00% | |
| Investment, other than temporary impairment | $ 57.2 | |
| Gain on sale | $ 1.7 |
Investments - Summary of Selected Financial Information For Golden Queen Mining Company (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Schedule of Equity Method Investments [Line Items] | |||
| Net losses attributable to noncontrolling interests | $ 716,019 | $ 262,388 | $ 781,710 |
| Golden Queen Mining Company | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Net losses attributable to noncontrolling interests | $ (300) | $ (15,200) | |
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, 2023 |
Nov. 30, 2022 |
|
| Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | $ 79,614 | $ 67,236 |
| Provision for doubtful accounts | 40,723 | 35,173 |
| Charge-offs, net of recoveries | (41,849) | (22,795) |
| Reclassified as held for sale | (78,488) | 0 |
| Ending balance | $ 0 | $ 79,614 |
Credit Losses on Financial Assets Measured at Amortized Cost - Narrative (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Nov. 30, 2024
USD ($)
| |
| Weiss Multi-Strategy Advisers | |
| Financing Receivable, Allowance for Credit Loss [Line Items] | |
| Provision for doubtful accounts | $ 26.2 |
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, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Accounting Policies [Abstract] | |||
| Beginning balance | $ 6,306 | $ 5,914 | $ 4,824 |
| Bad debt expense | 6,314 | 6,568 | 4,141 |
| Charge-offs | (2,720) | (3,246) | (910) |
| Recoveries collected | (4,623) | (2,930) | (2,141) |
| Ending balance | $ 5,277 | $ 6,306 | $ 5,914 |
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
|
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | $ 1,847,856 | $ 1,736,114 |
| Currency translation and other adjustments | (2,266) | 3,228 |
| Measurement period adjustment | (26,230) | |
| Goodwill relating to acquisitions by Tessellis | 8,578 | 132,514 |
| Goodwill reclassified as held for sale | (24,000) | |
| Goodwill, ending balance | 1,827,938 | 1,847,856 |
| Goodwill | 1,827,900 | 1,847,900 |
| Investment Banking and Capital Markets | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 1,532,172 | 1,552,944 |
| Currency translation and other adjustments | 841 | 3,228 |
| Measurement period adjustment | 0 | |
| Goodwill relating to acquisitions by Tessellis | 0 | 0 |
| Goodwill reclassified as held for sale | (24,000) | |
| Goodwill, ending balance | 1,533,013 | 1,532,172 |
| Asset Management | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 315,684 | 183,170 |
| Currency translation and other adjustments | (3,107) | 0 |
| Measurement period adjustment | (26,230) | |
| Goodwill relating to acquisitions by Tessellis | 8,578 | 132,514 |
| Goodwill reclassified as held for sale | 0 | |
| Goodwill, ending balance | 294,925 | 315,684 |
| Goodwill | 143,000 | 143,000 |
| Investment banking | ||
| Goodwill [Roll Forward] | ||
| Goodwill | 700,700 | 700,200 |
| Equities and wealth management | ||
| Goodwill [Roll Forward] | ||
| Goodwill | 255,400 | 255,300 |
| Fixed income | ||
| Goodwill [Roll Forward] | ||
| Goodwill | 576,900 | 576,600 |
| Other investments | ||
| Goodwill [Roll Forward] | ||
| Goodwill | $ 151,900 | $ 172,800 |
Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Feb. 29, 2024 |
Nov. 30, 2024 |
Nov. 30, 2023 |
|
| Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
| Assets Acquired - finite-lived intangible assets | $ 61,299 | $ 66,730 | |
| Impairment losses - indefinite lived intangible assets | (10) | (78) | |
| Accumulated amortization - finite lived intangible assets | (176,644) | (146,443) | |
| Total gross costs - intangible assets | 341,726 | 276,711 | |
| Total net carrying amount - intangible assets | $ 226,371 | 196,920 | |
| OpNet | |||
| Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
| Weighted Average Remaining Lives (Years) | 20 years | ||
| Intangible assets increase (decrease) | $ 39,300 | ||
| Exchange and clearing organization membership interests and registrations | |||
| Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
| Gross costs - indefinite lived intangible assets | $ 8,715 | 7,405 | |
| Assets Acquired - indefinite-lived intangible assets | 0 | 1,390 | |
| Impairment losses - indefinite lived intangible assets | (10) | (78) | |
| Net carrying amount - indefinite lived intangible assets | 8,705 | 8,717 | |
| Customer relationships | |||
| Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
| Gross costs - finite lived intangible assets | 136,049 | 126,449 | |
| Assets Acquired - finite-lived intangible assets | 26,450 | 9,801 | |
| Impairment losses - indefinite lived intangible assets | 0 | 0 | |
| Accumulated amortization - finite lived intangible assets | (104,539) | (93,966) | |
| Net carrying amount - finite lived intangible assets | $ 57,960 | $ 42,284 | |
| Weighted Average Remaining Lives (Years) | 5 years 7 months 6 days | 6 years 3 months 18 days | |
| Trademarks and trade names | |||
| Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
| Gross costs - finite lived intangible assets | $ 146,032 | $ 127,899 | |
| Assets Acquired - finite-lived intangible assets | 8,533 | 18,513 | |
| Impairment losses - indefinite lived intangible assets | 0 | 0 | |
| Accumulated amortization - finite lived intangible assets | (45,412) | (39,340) | |
| Net carrying amount - finite lived intangible assets | $ 109,153 | $ 107,072 | |
| Weighted Average Remaining Lives (Years) | 21 years 4 months 24 days | 23 years 6 months | |
| Other | |||
| Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
| Gross costs - finite lived intangible assets | $ 50,930 | $ 14,958 | |
| Assets Acquired - finite-lived intangible assets | 26,316 | 37,026 | |
| Impairment losses - indefinite lived intangible assets | 0 | 0 | |
| Accumulated amortization - finite lived intangible assets | (26,693) | (13,137) | |
| Net carrying amount - finite lived intangible assets | $ 50,553 | $ 38,847 | |
| Weighted Average Remaining Lives (Years) | 3 years 10 months 24 days | 5 years | |
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Aggregate amortization expense | $ 30,300 | $ 9,300 | $ 10,900 |
| Estimated future amortization expense | |||
| Year ending November 30, 2025 | 32,143 | ||
| Year ending November 30, 2026 | 31,485 | ||
| Year ending November 30, 2027 | 28,138 | ||
| Year ending November 30, 2028 | 26,541 | ||
| Year ending November 30, 2029 | $ 15,322 | ||
Revenues from Contracts with Customers - Components of Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | $ 4,858,025 | $ 3,233,208 | $ 4,742,858 |
| Revenues | 10,515,069 | 7,441,399 | 7,149,263 |
| Investment banking | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 3,302,664 | 2,169,366 | 2,807,822 |
| Revenues | 3,309,060 | 2,169,366 | 2,807,822 |
| Commissions and other fees | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 1,085,349 | 905,665 | 925,494 |
| Revenues | 1,085,349 | 905,665 | 925,494 |
| Asset management fees | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 50,700 | 33,867 | 23,525 |
| Revenues | 86,106 | 82,574 | 80,264 |
| Manufacturing revenues | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 0 | 0 | 412,605 |
| Oil and gas revenues | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 1,119 | 26,284 | 302,135 |
| Real estate revenues | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 119,050 | 44,825 | 223,323 |
| Internet connection and broadband revenues | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 240,874 | 0 | 0 |
| Other contracts with customers | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 58,269 | 53,201 | 47,954 |
| Revenues | 674,094 | 1,837 | 1,318,288 |
| Principal transactions | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues not from contracts with customers | 1,816,963 | 1,413,283 | 833,757 |
| Revenues | 1,816,963 | 1,413,283 | 833,757 |
| Revenues from strategic affiliates | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues not from contracts with customers | 41,802 | 48,707 | 56,739 |
| Interest | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues not from contracts with customers | 3,543,497 | 2,868,674 | 1,183,638 |
| Revenues | 3,543,497 | 2,868,674 | 1,183,638 |
| Other | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues not from contracts with customers | $ 254,782 | $ (122,473) | $ 332,271 |
Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | $ 4,858,025 | $ 3,233,208 | $ 4,742,858 |
| Investment Banking and Capital Markets | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 4,386,188 | 3,074,545 | 3,733,316 |
| Asset Management | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 471,837 | 158,663 | 1,009,542 |
| Americas | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 3,419,965 | 2,502,447 | 3,915,518 |
| Americas | Investment Banking and Capital Markets | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 3,196,908 | 2,349,161 | 2,910,318 |
| Americas | Asset Management | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 223,057 | 153,286 | 1,005,200 |
| Europe and the Middle East | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 1,057,351 | 488,078 | 577,607 |
| Europe and the Middle East | Investment Banking and Capital Markets | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 812,052 | 485,432 | 575,012 |
| Europe and the Middle East | Asset Management | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 245,299 | 2,646 | 2,595 |
| Asia-Pacific | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 380,709 | 242,683 | 249,733 |
| Asia-Pacific | Investment Banking and Capital Markets | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 377,228 | 239,952 | 247,986 |
| Asia-Pacific | Asset Management | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 3,481 | 2,731 | 1,747 |
| Investment banking - Advisory | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 1,811,633 | 1,198,915 | 1,778,003 |
| Investment banking - Advisory | Investment Banking and Capital Markets | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 1,811,633 | 1,198,915 | 1,778,003 |
| 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 | 1,491,030 | 970,451 | 1,029,819 |
| Investment banking - Underwriting | Investment Banking and Capital Markets | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 1,491,030 | 970,451 | 1,029,819 |
| 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 | 1,074,666 | 894,602 | 910,254 |
| Equities | Investment Banking and Capital Markets | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 1,074,666 | 894,602 | 910,254 |
| 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 | 8,859 | 10,577 | 15,240 |
| Fixed income | Investment Banking and Capital Markets | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 8,859 | 10,577 | 15,240 |
| 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 | 50,700 | 33,867 | 23,525 |
| 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 | 50,700 | 33,867 | 23,525 |
| Other investments | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 421,137 | 124,796 | 986,017 |
| Other investments | Investment Banking and Capital Markets | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | 0 | 0 | 0 |
| Other investments | Asset Management | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues from contracts with customers | $ 421,137 | $ 124,796 | $ 986,017 |
Revenues from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Revenue from Contract with Customer [Abstract] | |||
| Revenue related to performance obligations satisfied | $ 41.0 | $ 38.1 | $ 78.9 |
| Revenue associated with distribution services, a portion of which related to prior periods | 32.1 | 31.5 | 28.1 |
| Deferred revenue | 79.1 | 48.3 | |
| Revenue recognized | (34.6) | (22.7) | (48.7) |
| Receivables related to revenue from contracts with customers | 275.9 | 248.2 | |
| Capitalized contract cost | 5.8 | 5.3 | |
| Expenses to fulfill a contract | $ (3.6) | $ (1.8) | $ (1.6) |
| Revenues from the activation of broadband services period | 24 months | ||
| Deferred revenue service period | 24 months | ||
Compensation Plans - Equity Compensation Plan (Details) shares in Millions |
Nov. 30, 2024
shares
|
|---|---|
| Equity Compensation Plan | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Stock available for grant (in shares) | 14.6 |
Compensation Plans - Schedule Of Nonvested Restricted Stock Units And Performance Based Units Activity (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2021 |
|
| RSUs | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Grant date fair value | $ 18.0 | $ 11.7 | $ 13.1 | $ 16.4 |
| Vesting period (in years) | 3 years | 3 years | 3 years | 3 years |
| PSUs | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Grant date fair value | $ 18.0 | $ 8.8 | $ 13.1 | $ 16.4 |
| Service period (in years) | 3 years | 3 years | 3 years | 3 years |
| Target level of ROTE | 10.00% | 10.00% | 10.00% | 10.00% |
| PSUs | Minimum | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Target level of ROTE | 7.50% | 7.50% | 7.50% | 7.50% |
| ROTE threshold level | 7.50% | |||
| PSUs | Maximum | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Target level of ROTE | 15.00% | 15.00% | 15.00% | 15.00% |
| Percentage of target PSUs | 150.00% | |||
Compensation Plans - Senior Executive Compensation Plan (Details) |
1 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Jan. 31, 2023
$ / shares
shares
|
Dec. 31, 2021
USD ($)
|
Mar. 31, 2021
$ / shares
shares
|
Nov. 30, 2024
USD ($)
multiplierAmount
tranche
$ / shares
shares
|
Nov. 30, 2023
USD ($)
$ / shares
shares
|
Nov. 30, 2022
USD ($)
$ / shares
shares
|
Nov. 30, 2021
USD ($)
shares
|
Dec. 31, 2022
shares
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Compensation expense | $ | $ 4,000,000 | |||||||
| RSUs | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Vesting period (in years) | 3 years | 3 years | 3 years | 3 years | ||||
| Grant date fair value | $ | $ 18,000,000.0 | $ 11,700,000 | $ 13,100,000 | $ 16,400,000 | ||||
| Shares reserved for stock options and warrants (in shares) | 191,757 | |||||||
| PSUs | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Service period (in years) | 3 years | 3 years | 3 years | 3 years | ||||
| Grant date fair value | $ | $ 18,000,000.0 | $ 8,800,000 | $ 13,100,000 | $ 16,400,000 | ||||
| Senior executive compensation plan awards | RSUs | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Grants (in dollars per share) | $ / shares | $ 44.93 | $ 30.15 | $ 35.44 | |||||
| Grants (in shares) | 459,000 | 1,379,000 | 537,000 | |||||
| Forfeited (in shares) | 0 | 0 | 0 | |||||
| Senior executive compensation plan awards | PSUs | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Grants (in shares) | 64,369 | |||||||
| Forfeited (in shares) | 7,476 | |||||||
| Senior Executives | Stock options | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Stock options issued (in shares) | 2,506,266 | |||||||
| Stock options, exercise price (in dollars per share) | $ / shares | $ 23.75 | |||||||
| Number of vesting tranches | tranche | 3 | |||||||
| Common shares reserved issuance (in shares) | 5,100,000 | 5,100,000 | ||||||
| Senior Executives | Stock options | Jefferies Inc | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Exercisable (in shares) | 1,688,247 | |||||||
| Senior Executives | Stock options | Vitesse Energy | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Exercisable (in shares) | 152,622 | |||||||
| 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 | |||||||
| 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 | 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 | Senior executive compensation plan awards | Stock options | Jefferies Inc | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Stock options issued (in shares) | 2,532,370 | |||||||
| Stock options, exercise price (in dollars per share) | $ / shares | $ 22.69 | |||||||
| Senior Executives | Senior executive compensation plan awards | Stock options | Vitesse Energy | Dividend equivalents | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Stock options issued (in shares) | 228,933 | |||||||
| Stock options, exercise price (in dollars per share) | $ / shares | $ 8.97 | |||||||
| Senior Executives | Leadership Continuity Grant | ||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
| Service period (in years) | 5 years | |||||||
| Grant date fair value | $ | $ 25,000,000 | |||||||
| Holding period | 3 years | |||||||
Compensation Plans - Activity of Restricted Stock (Details) - Restricted stock - $ / shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Restricted Stock | |||
| Nonvested balance, beginning of period (in shares) | 2,102 | 2,139 | 1,584 |
| Grants (in shares) | 467 | 444 | 1,457 |
| Forfeited (in shares) | 0 | 0 | 0 |
| Fulfillment of vesting requirement (in shares) | (271) | (481) | (902) |
| Nonvested balance, end of period (in shares) | 2,298 | 2,102 | 2,139 |
| Weighted- Average Grant Date Fair Value | |||
| Nonvested balance, beginning of period (in dollars per share) | $ 29.83 | $ 27.85 | $ 23.78 |
| Grants (in dollars per share) | 37.09 | 33.16 | 29.91 |
| Forfeited (in dollars per share) | 0 | 0 | 0 |
| Fulfillment of vesting requirement (in dollars per share) | 25.65 | 24.09 | 24.03 |
| Nonvested balance, end of period (in dollars per share) | $ 31.80 | $ 29.83 | $ 27.85 |
Compensation Plans - Schedule of Activity in RSUs (Details) - $ / shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| RSUs | Senior executive compensation plan awards | |||
| Restricted Stock | |||
| Nonvested balance, beginning of period (in shares) | 912 | 1,971 | 2,867 |
| Grants (in shares) | 459 | 1,379 | 537 |
| Forfeited (in shares) | 0 | 0 | 0 |
| Fulfillment of vesting requirement (in shares) | 0 | (2,438) | (1,433) |
| Nonvested balance, end of period (in shares) | 1,371 | 912 | 1,971 |
| Weighted- Average Grant Date Fair Value | |||
| Nonvested balance, beginning of period (in dollars per share) | $ 35.64 | $ 28.16 | $ 25.43 |
| Grants (in dollars per share) | 44.93 | 30.15 | 35.44 |
| Forfeited (in dollars per share) | 0 | 0 | 0 |
| Fulfillment of vesting requirement (in dollars per share) | 0 | 26.49 | 25.43 |
| Nonvested balance, end of period (in dollars per share) | $ 38.75 | $ 35.64 | $ 28.16 |
| Restricted stock units with future service required | |||
| Restricted Stock | |||
| Nonvested balance, beginning of period (in shares) | 2,852 | 2,308 | 48 |
| Grants (in shares) | 972 | 553 | 2,299 |
| Distributions of underlying shares (in shares) | 0 | 0 | 0 |
| Forfeited (in shares) | 0 | 0 | 0 |
| Fulfillment of vesting requirement (in shares) | (32) | (9) | (39) |
| Nonvested balance, end of period (in shares) | 3,792 | 2,852 | 2,308 |
| Weighted- Average Grant Date Fair Value | |||
| Nonvested balance, beginning of period (in dollars per share) | $ 33.89 | $ 33.70 | $ 24.07 |
| Grants (in dollars per share) | 38.33 | 34.47 | 33.75 |
| 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) | 35.21 | 21.82 | 24.67 |
| Nonvested balance, end of period (in dollars per share) | $ 35.02 | $ 33.89 | $ 33.70 |
| Restricted stock units with no future service required | |||
| Restricted Stock | |||
| Vested balance, beginning of period (in shares) | 10,587 | 12,655 | 17,193 |
| Grants (in shares) | 448 | 732 | 472 |
| Distributions of underlying shares (in shares) | (1,849) | (5,485) | (6,453) |
| Forfeited (in shares) | 0 | 0 | 0 |
| Fulfillment of vesting requirement (in shares) | (32) | (2,685) | (1,443) |
| Vested balance, end of period (in shares) | 9,218 | 10,587 | 12,655 |
| Weighted- Average Grant Date Fair Value | |||
| Balance, beginning of period (in dollars per share) | $ 26.00 | $ 24.55 | $ 20.64 |
| Grants (in dollars per share) | 40.06 | 29.35 | 28.79 |
| Distribution of underlying shares (in dollars per share) | 26.74 | 23.35 | 14.65 |
| Forfeited (in dollars per share) | 0 | 0 | 0 |
| Fulfillment of vesting requirement (in dollars per share) | 35.21 | 26.50 | 25.38 |
| Balance, end of period (in dollars per share) | $ 26.57 | $ 26.00 | $ 24.55 |
Compensation Plans - Other Compensation Plan (Details) |
12 Months Ended |
|---|---|
|
Nov. 30, 2023
$ / shares
| |
| Other Stock-Based Plans | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Grants (in dollars per share) | $ 22.20 |
Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Compensation costs | $ 526.4 | $ 381.6 | $ 251.0 |
| Profit sharing plan | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Compensation costs | 12.7 | 11.6 | 10.5 |
| Restricted cash awards | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Compensation costs | 450.6 | 324.6 | 196.6 |
| Restricted stock and RSUs | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Compensation costs | 63.1 | 45.4 | 43.9 |
| Restricted stock and RSUs | Deferred Compensation Plan | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Compensation costs | $ 0.7 | $ 0.5 | $ 0.5 |
Compensation Plans - Remaining Unamortized Amounts (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended |
|---|---|---|
Dec. 31, 2024 |
Nov. 30, 2024 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Remaining Unamortized Amounts | $ 1,066.2 | |
| 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 | $ 109.8 | |
| Weighted Average Vesting Period (in Years) | 3 years | |
| Restricted cash awards | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Remaining Unamortized Amounts | $ 956.4 | |
| Weighted Average Vesting Period (in Years) | 3 years | |
| Restricted cash awards | Subsequent event | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Restricted cash awards | $ 384.5 |
Compensation Plans - Restricted Cash Awards (Details) - Restricted cash awards $ in Millions |
12 Months Ended |
|---|---|
|
Nov. 30, 2024
USD ($)
| |
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
| 2024 | $ 71.7 |
| 2025 | 77.5 |
| 2026 | 75.9 |
| Thereafter | 159.5 |
| Total | $ 384.6 |
Benefit Plans - Narrative (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Nov. 30, 2024
USD ($)
portfolio
|
Nov. 30, 2023
USD ($)
|
Nov. 30, 2022
USD ($)
|
|
| Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
| Defined contribution plan | $ 13,600,000 | $ 12,600,000 | $ 12,700,000 |
| WiTel Plan | |||
| Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
| Contribution amount | $ 3,500,000 | ||
| Number of portfolios | portfolio | 2 | ||
| U.S. Pension Plan | |||
| Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
| Contribution amount | $ 0 | ||
| United States | |||
| Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
| Accumulated other comprehensive (income) loss, before tax | 28,600,000 | 37,000,000 | |
| Liability, defined benefit pension plan | $ 13,400,000 | $ 22,700,000 | |
| 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% | 6.00% | |
| 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 | 4.30% | ||
| 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 | 0.00% | ||
| 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 | 1.00% | ||
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, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Change in projected benefit obligation: | |||
| Projected benefit obligation, beginning of year | $ 163,870 | $ 172,066 | |
| Interest cost | 7,986 | 7,981 | $ 5,805 |
| Actuarial (gains) losses | 3,455 | (5,289) | |
| Settlements | 0 | 0 | |
| Benefits paid | (12,238) | (10,888) | |
| Projected benefit obligation, end of year | 163,073 | 163,870 | 172,066 |
| Change in plan assets: | |||
| Fair value of plan assets, beginning of year | 141,177 | 147,272 | |
| Actual return on plan assets | 18,980 | 6,094 | |
| Employer contributions | 3,530 | 1,000 | |
| Benefits paid | (12,238) | (10,888) | |
| Settlements | 0 | 0 | |
| Administrative expenses paid | (1,778) | (2,301) | |
| Fair value of plan assets, end of year | 149,671 | 141,177 | $ 147,272 |
| Funded status at end of year | $ (13,402) | $ (22,693) | |
Benefit Plans - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| 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 | $ 7,986 | $ 7,981 | $ 5,805 |
| Expected return on plan assets | (5,796) | (6,411) | (7,311) |
| Amortization of net losses | 291 | 0 | 0 |
| Settlement losses | 0 | 370 | 833 |
| Actuarial losses | 193 | 413 | 3,348 |
| Net periodic pension cost | 2,674 | 2,353 | 2,675 |
| Net (gains) losses arising during the period | (7,951) | (2,670) | (211) |
| Settlement losses | 0 | 0 | (833) |
| Amortization of net losses | (485) | 782 | (3,348) |
| Total recognized in other comprehensive income (loss) | (8,436) | (1,888) | (4,392) |
| Net amount recognized in net periodic benefit cost and other comprehensive income (loss) | $ (5,762) | $ 465 | $ (1,717) |
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, 2024 |
Nov. 30, 2023 |
|
| Change in projected benefit obligation: | ||
| Discount rate used to determine benefit obligation | 4.90% | 5.20% |
| Weighted-average assumptions used to determine net pension cost: | ||
| Discount rate | 5.20% | 4.80% |
| 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 | 5.10% | 5.30% |
| Weighted-average assumptions used to determine net pension cost: | ||
| Discount rate | 5.30% | 4.90% |
| Expected long-term return on plan assets | 6.00% | 6.00% |
Benefit Plans - Expected Benefit Payments (Details) - United States $ in Thousands |
Nov. 30, 2024
USD ($)
|
|---|---|
| Expected Benefit Payments | |
| 2025 | $ 25,185 |
| 2026 | 13,357 |
| 2027 | 13,563 |
| 2028 | 13,100 |
| 2029 | 13,339 |
| Years 2030 - 2034 | $ 60,892 |
Leases - Finance Lease ROU Assets (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| Premises and equipment - ROU assets | $ 553,816 | $ 455,468 |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Premises and equipment | Premises and equipment |
| Remaining lease term (in years) | 9 years 7 months 6 days | 8 years 3 months 18 days |
| Discount rate | 5.10% | 3.50% |
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| 2024 | $ 0 | $ 97,744 |
| 2025 | 98,220 | 95,509 |
| 2026 | 107,298 | 88,535 |
| 2027 | 93,675 | 81,714 |
| 2028 | 87,802 | 74,965 |
| 2029 | 40,951 | 61,653 |
| 2030 and thereafter | 373,422 | 126,876 |
| Total undiscounted cash flows | 801,368 | 626,996 |
| Less: Difference between undiscounted and discounted cash flows | (168,165) | (83,029) |
| Operating leases amount in our Consolidated Statements of Financial Condition | $ 633,203 | $ 543,967 |
| Operating lease, liability, statement of financial position [Extensible List] | Operating leases amount in our Consolidated Statements of Financial Condition | Operating leases amount in our Consolidated Statements of Financial Condition |
| Finance leases amount in our Consolidated Statements of Financial Condition | $ 2,103 | $ 683 |
| Finance Lease, Liability, Statement of Financial Position [Extensible List] | Finance leases amount in our Consolidated Statements of Financial Condition | Finance leases amount in our Consolidated Statements of Financial Condition |
| Total amount in our Consolidated Statements of Financial Condition | $ 635,306 | $ 544,650 |
Leases - Narrative (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Nov. 30, 2024
USD ($)
| |
| Lessee, Lease, Description [Line Items] | |
| Lease not yet commenced, payments | $ 1.5 |
| Minimum | |
| Lessee, Lease, Description [Line Items] | |
| Lease not yet commenced, term | 5 years |
| Maximum | |
| Lessee, Lease, Description [Line Items] | |
| Lease not yet commenced, term | 7 years |
Leases - Lease Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Leases [Abstract] | |||
| Operating lease costs | $ 86,581 | $ 81,194 | $ 80,959 |
| Variable lease costs | 15,208 | 14,506 | 12,887 |
| Less: Sublease income | (3,940) | (5,545) | (4,507) |
| Total lease cost, net | $ 97,849 | $ 90,155 | $ 89,339 |
Leases - Supplemental Information of Cash Flows (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Leases [Abstract] | |||
| Cash outflows - lease liabilities | $ 92,355 | $ 81,831 | $ 81,082 |
| Non-cash - ROU assets recorded for new and modified leases | $ 154,903 | $ 56,968 | $ 87,977 |
Borrowings - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Short-term Debt [Line Items] | ||
| Short-term debt | $ 443,160 | $ 989,715 |
| Bank loans | ||
| Short-term Debt [Line Items] | ||
| Short-term debt | $ 443,160 | $ 989,715 |
Borrowings - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Debt Instrument [Line Items] | |||
| Interest rate on short-term borrowings outstanding | 6.25% | 6.06% | |
| Increase (decrease) of long-term debt | $ 3,830,000 | ||
| Long-term debt | 13,530,565 | $ 9,698,752 | |
| Paydown on a credit facility | 2,427,653 | 1,282,369 | $ 824,894 |
| Revolving Credit Facility | |||
| Debt Instrument [Line Items] | |||
| Paydown on a credit facility | 350,000 | ||
| Unsecured Debt | |||
| Debt Instrument [Line Items] | |||
| Long-term debt | 12,076,096 | 8,497,300 | |
| Net proceeds from long term debt | 3,980,000 | ||
| Net repayments | 720,500 | ||
| Unsecured Debt | Subsidiaries | |||
| Debt Instrument [Line Items] | |||
| Long-term debt | 31,892 | 0 | |
| Secured Debt | Subsidiaries | |||
| Debt Instrument [Line Items] | |||
| Long-term debt | 1,422,577 | $ 1,201,452 | |
| Net proceeds from long term debt | 254,800 | ||
| Structured notes | |||
| Debt Instrument [Line Items] | |||
| Net proceeds from long term debt | 487,000 | ||
| Structured notes | Subsidiaries | |||
| Debt Instrument [Line Items] | |||
| Net proceeds from long term debt | $ 175,700 | ||
Borrowings - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Debt Instrument [Line Items] | |||
| Total | $ 13,530,565 | $ 9,698,752 | |
| Long-term debt | $ 2,351,346 | $ 1,708,443 | |
| Weighted-average interest rate | 5.30% | 5.52% | |
| Gains (losses) recognized in interest expense on fair value hedge | $ (63,142) | $ (57,128) | $ 6,863 |
| Fair value, inputs, level 2 and level 3 | |||
| Debt Instrument [Line Items] | |||
| Long-term debt | 13,734,421 | 9,572,842 | |
| Long-term debt | |||
| Debt Instrument [Line Items] | |||
| Gains (losses) recognized in interest expense on fair value hedge | (50,407) | 21,638 | $ 219,143 |
| Unsecured Debt | |||
| Debt Instrument [Line Items] | |||
| Total | 12,076,096 | 8,497,300 | |
| Long-term debt gross | 2,040,000 | 1,990,000 | |
| Unsecured Debt | Subsidiaries | |||
| Debt Instrument [Line Items] | |||
| Total | 31,892 | 0 | |
| Unsecured Debt | Long-term debt | |||
| Debt Instrument [Line Items] | |||
| Gains (losses) recognized in interest expense on fair value hedge | $ (50,400) | $ 21,600 | |
| Unsecured Debt | Minimum | |||
| Debt Instrument [Line Items] | |||
| Interest rate range | 0.00% | 0.25% | |
| Unsecured Debt | Maximum | |||
| Debt Instrument [Line Items] | |||
| Interest rate range | 7.66% | 8.21% | |
| Secured Debt | Subsidiaries | |||
| Debt Instrument [Line Items] | |||
| Total | $ 1,422,577 | $ 1,201,452 | |
| Secured Debt | Secured Credit Facility | |||
| Debt Instrument [Line Items] | |||
| Total | 775,300 | 735,200 | |
| Fixed rate | Unsecured Debt | |||
| Debt Instrument [Line Items] | |||
| 2024 | 0 | 544,222 | |
| 2025 | 519,738 | 117,180 | |
| 2026 | 818,819 | 90,315 | |
| 2027 | 587,631 | 526,660 | |
| 2028 | 1,031,076 | 1,028,966 | |
| 2029 | 742,427 | 0 | |
| 2030 and Later | 4,561,814 | 2,715,503 | |
| Fixed rate | Unsecured Debt | Subsidiaries | |||
| Debt Instrument [Line Items] | |||
| 2029 | 4,310 | 0 | |
| 2030 and Later | 1,347 | 0 | |
| Fixed rate | Secured Debt | Subsidiaries | |||
| Debt Instrument [Line Items] | |||
| 2024 | 0 | 135,202 | |
| 2025 | 160,384 | 117,814 | |
| 2026 | 42,643 | 23,313 | |
| 2027 | 13,077 | 4,412 | |
| 2028 | 35,135 | 37,305 | |
| 2029 | 104,912 | 0 | |
| Variable rate | Unsecured Debt | |||
| Debt Instrument [Line Items] | |||
| 2025 | 0 | 350,000 | |
| 2026 | 41,230 | 42,417 | |
| 2027 | 570,432 | 562,833 | |
| 2029 | 1,311 | 0 | |
| 2030 and Later | 850,273 | 810,761 | |
| Variable rate | Unsecured Debt | Subsidiaries | |||
| Debt Instrument [Line Items] | |||
| 2026 | 26,235 | 0 | |
| Variable rate | Secured Debt | |||
| Debt Instrument [Line Items] | |||
| 2024 | 0 | 883,406 | |
| Variable rate | Secured Debt | Subsidiaries | |||
| Debt Instrument [Line Items] | |||
| 2026 | 792,400 | 0 | |
| 2027 | 274,026 | 0 | |
| Structured notes | Unsecured Debt | |||
| Debt Instrument [Line Items] | |||
| 2024 | 0 | 48,002 | |
| 2025 | 157,638 | 40,868 | |
| 2026 | 114,308 | 36,178 | |
| 2027 | 97,758 | 83,306 | |
| 2028 | 77,781 | 19,768 | |
| 2029 | 316,139 | 4,206 | |
| 2030 and Later | 1,587,721 | 1,476,115 | |
| Long-term debt | $ 2,351,346 | $ 1,708,443 | |
Total Equity - Narrative (Details) |
1 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Jun. 20, 2024
USD ($)
shares
|
Apr. 27, 2023
$ / shares
shares
|
Feb. 28, 2023
USD ($)
$ / shares
shares
|
Nov. 30, 2023
USD ($)
$ / shares
shares
|
Nov. 30, 2024
USD ($)
$ / shares
shares
|
Sep. 19, 2024
shares
|
Jun. 29, 2023
shares
|
Jun. 28, 2023
$ / shares
|
|
| Purchase Requirement [Line Items] | ||||||||
| Common shares, authorized (in shares) | 565,000,000 | 565,000,000 | 600,000,000 | |||||
| Common shares, issued (in shares) | 210,626,642 | |||||||
| Common shares, outstanding (in shares) | 210,626,642 | |||||||
| Share repurchase program, remaining authorized, amount | $ | $ 250,000,000 | |||||||
| Preferred shares, par value (in dollars per share) | $ / shares | $ 1.00 | $ 1 | $ 1 | |||||
| Preferred shares, authorized (in shares) | 70,000 | 70,000 | 70,000 | |||||
| Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 17,500 | |||||||
| Convertible preferred stock converted | 500 | |||||||
| Conversion period | 3 years | |||||||
| Exchange agreement, voting common stock to preferred stock ratio | 500 | |||||||
| Preferred stock, maximum shares (in shares) | 55,125 | |||||||
| Exchange agreement, payment per share of voting common stock exchanged (in dollars per share) | $ / shares | $ 1.50 | |||||||
| Proceeds from conversion of common to preferred shares | $ | $ 31,500,000 | |||||||
| Sumitomo Mitsui Banking Corporation Agreement | ||||||||
| Purchase Requirement [Line Items] | ||||||||
| Common stock, as-converted basis | 11.80% | |||||||
| Common stock, fully diluted, as-converted basis | 10.90% | |||||||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | ||||||||
| Purchase Requirement [Line Items] | ||||||||
| Common shares, issued (in shares) | 9,200,000 | |||||||
| Common stock, as-converted basis | 15.80% | |||||||
| Common stock, fully diluted, as-converted basis | 14.50% | |||||||
| Common Stock | ||||||||
| Purchase Requirement [Line Items] | ||||||||
| Callable preferred shares (in shares) | 6,600,000 | 4,654,362 | 21,000,000 | |||||
| Conversion of shares | $ | $ (21,000,000) | |||||||
| Preferred Stock | ||||||||
| Purchase Requirement [Line Items] | ||||||||
| Callable preferred shares (in shares) | 13,125 | 42,000 | ||||||
| Proceeds from conversion of common to preferred shares | $ | $ 9,800,000 | |||||||
| Conversion of shares | $ | $ 42,000 | |||||||
| Additional paid-in capital | ||||||||
| Purchase Requirement [Line Items] | ||||||||
| Conversion of shares | $ | $ 52,400,000 | |||||||
| Nonvoting Common Stock | ||||||||
| Purchase Requirement [Line Items] | ||||||||
| Common shares, authorized (in shares) | 35,000,000 | 35,000,000 | 35,000,000 | |||||
| Common shares, par value (in dollars per share) | $ / shares | $ 1 | $ 1 | $ 1.00 | |||||
| Common shares, issued (in shares) | 0 | 0 | ||||||
| Common shares, outstanding (in shares) | 0 | 0 | ||||||
| Voting Common Stock | ||||||||
| Purchase Requirement [Line Items] | ||||||||
| Common shares, authorized (in shares) | 565,000,000 | 565,000,000 | 565,000,000 | |||||
| Common shares, par value (in dollars per share) | $ / shares | $ 1 | $ 1.00 | ||||||
| Common shares, issued (in shares) | 210,626,642 | 205,504,272 | ||||||
| Common shares, outstanding (in shares) | 210,626,642 | 205,504,272 | ||||||
| Cumulative convertible preferred shares | ||||||||
| Purchase Requirement [Line Items] | ||||||||
| Callable preferred shares (in shares) | 125,000,000 | |||||||
| Mandatorily redeemable preferred shares callable price per share (in dollars per share) | $ / shares | $ 1,000 | |||||||
| Mandatorily redeemable preferred stock, number of shares in conversion (in shares) | 4,654,362 | |||||||
| Mandatorily redeemable convertible preferred shares redemption value | $ | $ 125,000,000 | |||||||
| Mandatorily redeemable preferred stock, effective conversion price per share (in dollars per share) | $ / shares | $ 26.82 |
Total Equity - Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Numerator for earnings per common share from continuing operations: | |||
| Net earnings from continuing operations | $ 712,352 | $ 262,388 | $ 781,710 |
| Less: Net losses attributable to noncontrolling interests | (24,367) | (15,300) | (3,739) |
| Mandatorily redeemable convertible preferred share dividends | 0 | (2,016) | (8,281) |
| Allocation of earnings to participating securities | (74,110) | (14,729) | (3,015) |
| Net earnings from continuing operations attributable to common shareholders for basic earnings per share | 662,609 | 260,943 | 774,153 |
| Adjustment to allocation of earnings to participating securities related to diluted shares | 0 | 0 | 29 |
| Mandatorily redeemable convertible preferred share dividends | 0 | 0 | 8,281 |
| Net earnings from continuing operations attributable to common shareholders for diluted earnings per share | 662,609 | 260,943 | 782,463 |
| Numerator for earnings per common share from discontinued operations: | |||
| Net earnings from discontinued operations (including gain on disposal), net of taxes | 3,667 | 0 | 0 |
| Less: Net losses attributable to noncontrolling interests | (2,997) | 0 | 0 |
| Net earnings from discontinued operations attributable to common shareholders for basic and diluted earnings per share | 6,664 | 0 | 0 |
| Net earnings from discontinued operations attributable to common shareholders for basic and diluted earnings per share | 6,664 | 0 | 0 |
| Net earnings attributable to common shareholders for basic earnings per share | 669,273 | 260,943 | 774,153 |
| Net earnings attributable to common shareholders for diluted earnings per share | $ 669,273 | $ 260,943 | $ 782,463 |
| Denominator for earnings per common share: | |||
| Weighted average common shares outstanding (in shares) | 208,873 | 222,325 | 234,258 |
| Weighted average basic common shares (in shares) | 217,079 | 232,609 | 247,378 |
| Preferred Shares and mandatorily redeemable convertible preferred shares (in shares) | 0 | 0 | 4,441 |
| Weighted average diluted common shares (in shares) | 223,650 | 236,620 | 255,571 |
| Earnings per common share: | |||
| Basic from continuing operations (in USD per share) | $ 3.05 | $ 1.12 | $ 3.13 |
| Basic from discontinued operations (in USD per share) | 0.03 | 0 | 0 |
| Basic (in USD per share) | 3.08 | 1.12 | 3.13 |
| Diluted from continuing operations (in USD per share) | 2.96 | 1.10 | 3.06 |
| Diluted from discontinued operations (in USD per share) | 0.03 | 0 | 0 |
| Diluted (in USD per share) | $ 2.99 | $ 1.10 | $ 3.06 |
| Weighted average shares of participating securities (in shares) | 24,100 | 8,900 | 1,000 |
| Dividends declared on participating securities | $ 32,000 | $ 2,100 | $ 1,100 |
| Percent of weighted average common shares outstanding | 13.20% | 9.50% | |
| 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) | (2,334) | (1,920) | (1,330) |
| 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) | 10,540 | 12,204 | 14,450 |
| Stock options | |||
| Denominator for earnings per common share: | |||
| Dilutive effect of share-based payment arrangements (in shares) | 3,638 | 2,085 | 1,518 |
| RSUs | |||
| Denominator for earnings per common share: | |||
| Dilutive effect of share-based payment arrangements (in shares) | 2,933 | 1,926 | 2,234 |
Total Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 28, 2025 |
Nov. 30, 2024 |
Aug. 31, 2024 |
May 31, 2024 |
Feb. 29, 2024 |
Nov. 30, 2023 |
Aug. 31, 2023 |
May 31, 2023 |
Feb. 28, 2023 |
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Jan. 08, 2025 |
|
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
| Dividends per common share (in dollars per share) | $ 0.35 | $ 0.35 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 1.30 | $ 1.20 | $ 1.20 | ||
| Common stock, dividends, cash paid (in dollars per share) | $ 0.35 | $ 0.35 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | |||||
| Dividends - preferred shares | $ 31.9 | $ 12.6 | |||||||||||
| Subsequent event | |||||||||||||
| Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
| Dividends per common share (in dollars per share) | $ 0.35 | ||||||||||||
| Dividends payable (in dollars per share) | $ 0.40 | ||||||||||||
Total Equity - Summary of Accumulated Other Comprehensive Income, Net of Taxes (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2021 |
|---|---|---|---|---|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Total accumulated other comprehensive loss, net of tax | $ 10,224,987 | $ 9,802,135 | $ 10,295,479 | |
| Total accumulated other comprehensive loss, net of tax | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Total accumulated other comprehensive loss, net of tax | (423,131) | (395,545) | (379,419) | $ (372,143) |
| Net unrealized gains (losses) on available-for-sale securities | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Total accumulated other comprehensive loss, net of tax | (2,406) | (4,595) | (5,892) | |
| Net currency translation adjustments and other | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Total accumulated other comprehensive loss, net of tax | (173,841) | (162,541) | (220,071) | |
| Net unrealized losses related to instrument-specific credit risk | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Total accumulated other comprehensive loss, net of tax | (206,664) | (181,946) | (104,526) | |
| Net minimum pension liability | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Total accumulated other comprehensive loss, net of tax | $ (40,220) | $ (46,463) | $ (48,930) |
Total Equity - Schedule of Accumulated Other Comprehensive Income Reclassifications (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Revenues | $ 10,515,069 | $ 7,441,399 | $ 7,149,263 |
| Compensation and benefits | (3,659,588) | (2,535,272) | (2,589,044) |
| Net earnings | 716,019 | 262,388 | 781,710 |
| Income tax expense | (293,194) | (91,881) | (273,852) |
| Principal transactions | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Revenues | 1,816,963 | 1,413,283 | 833,757 |
| Other contracts with customers | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Revenues | 674,094 | 1,837 | 1,318,288 |
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Net earnings | 4,457 | 16,708 | (2,612) |
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net unrealized gains (losses) on instrument-specific credit risk at fair value | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Income tax expense | (1,700) | 100 | (0) |
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net unrealized gains (losses) on instrument-specific credit risk at fair value | Principal transactions | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Revenues | 4,794 | (167) | (129) |
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Foreign currency translation adjustments | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Income tax expense | (5,400) | ||
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Foreign currency translation adjustments | Other contracts with customers | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Revenues | 0 | 17,506 | 0 |
| Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of defined benefit pension plan actuarial losses | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Compensation and benefits | (337) | (631) | (2,483) |
| Income tax expense | $ 100 | $ 200 | $ 800 |
Income Taxes - Schedule of Provision For Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Current: | |||
| U.S. Federal | $ 138,259 | $ 14,600 | $ 198,507 |
| U.S. state and local | 75,977 | 14,896 | 67,236 |
| Foreign | 83,089 | 51,923 | 78,505 |
| Total current | 297,325 | 81,419 | 344,248 |
| Deferred: | |||
| U.S. Federal | (9,453) | 10,380 | (61,303) |
| U.S. state and local | (2,912) | 3,112 | (17,010) |
| Foreign | 8,234 | (3,030) | 7,917 |
| Total deferred | (4,131) | 10,462 | (70,396) |
| Total income tax expense from continuing operations | $ 293,194 | $ 91,881 | $ 273,852 |
Income Taxes - Schedule of Income before Income Tax, U.S. and non-U.S. (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| U.S. | $ 703,981 | $ 177,595 | $ 801,047 |
| Non-U.S. | 301,565 | 176,674 | 254,515 |
| Earnings from continuing operations before income taxes | $ 1,005,546 | $ 354,269 | $ 1,055,562 |
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, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Amount | |||
| Computed expected federal income taxes | $ 211,165 | $ 74,396 | $ 221,668 |
| State and local income taxes, net of Federal income tax benefit | 47,642 | 17,071 | 47,364 |
| International operations (including foreign rate differential) | 19,567 | 7,306 | 18,711 |
| Foreign tax credits, net | (10,324) | (4,504) | (20,368) |
| Non-deductible executive compensation | 14,481 | 11,664 | 12,596 |
| Employee share-based awards | (12,044) | (16,136) | (37,988) |
| Regulatory Settlement | 0 | 0 | 20,184 |
| Change in unrecognized tax benefits related to prior years | (15,696) | (25,561) | (16,915) |
| Interest on unrecognized tax benefits | 26,257 | 18,988 | 13,902 |
| Other, net | 12,146 | 8,657 | 14,698 |
| Total income tax expense from continuing operations | $ 293,194 | $ 91,881 | $ 273,852 |
| Percent | |||
| Computed expected federal income taxes | 21.00% | 21.00% | 21.00% |
| State and local income taxes, net of Federal income tax benefit | 4.80% | 4.80% | 4.50% |
| International operations (including foreign rate differential) | 1.90% | 2.10% | 1.80% |
| Foreign tax credits, net | (1.00%) | (1.30%) | (1.90%) |
| Non-deductible executive compensation | 1.50% | 3.30% | 1.20% |
| Employee share-based awards | (1.20%) | (4.60%) | (3.60%) |
| Regulatory Settlement | 0.00% | 0.00% | 1.90% |
| Change in unrecognized tax benefits related to prior years | (1.60%) | (7.20%) | (1.70%) |
| Interest on unrecognized tax benefits | 0.026 | 0.054 | 0.013 |
| Other, net | 1.20% | 2.40% | 1.40% |
| Total income tax expense, percent | 29.20% | 25.90% | 25.90% |
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Reconciliation of Unrecognized Tax Benefits | |||
| Balance at beginning of period | $ 332,323 | $ 349,955 | $ 339,036 |
| Increases based on tax positions related to the current period | 29,454 | 1,555 | 30,690 |
| Increases based on tax positions related to prior periods | 8,022 | 10,134 | 5,902 |
| Decreases based on tax positions related to prior periods | (23,370) | (28,622) | (25,673) |
| Decreases related to settlements with taxing authorities | 0 | (699) | 0 |
| Balance at end of period | $ 346,429 | $ 332,323 | $ 349,955 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Valuation Allowance [Line Items] | |||
| Unrecognized tax benefits | $ 273,800 | $ 263,000 | |
| Net interest expense related to unrecognized tax benefits | 34,600 | 25,500 | $ 18,600 |
| Accrued interest on unrecognized tax benefits | 176,600 | 142,100 | $ 116,500 |
| Net deferred tax asset | 497,590 | 458,343 | |
| Decrease in unrecognized tax benefits is reasonably possible | $ 29,800 | ||
| Stratos | |||
| Valuation Allowance [Line Items] | |||
| Net deferred tax asset | 222,800 | ||
| Valuation allowance | $ 222,300 | ||
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Deferred tax assets: | ||
| Net operating loss carryover | $ 254,142 | $ 251,244 |
| Compensation and benefits | 221,395 | 189,928 |
| Accrued expenses and other | 195,216 | 175,360 |
| Operating lease liabilities | 150,665 | 128,805 |
| Long-term debt | 83,680 | 75,850 |
| Investments in associated companies | 73,211 | 93,952 |
| Sub-total | 978,309 | 915,139 |
| Valuation allowance | (240,231) | (228,074) |
| Total deferred tax assets | 738,078 | 687,065 |
| Deferred tax liabilities: | ||
| Operating lease right-of-use assets | 132,867 | 110,071 |
| Amortization of intangibles | 55,067 | 62,333 |
| Other | 52,554 | 56,318 |
| Total deferred tax liabilities | 240,488 | 228,722 |
| Net deferred tax asset, included in Other assets | $ 497,590 | $ 458,343 |
Commitments, Contingencies and Guarantees - Commitments and Contingencies (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Nov. 30, 2024
USD ($)
| |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | $ 10,150.2 |
| 2026 | 834.1 |
| 2027 and 2028 | 291.9 |
| 2029 and 2030 | 14.3 |
| 2031 and Later | 249.0 |
| Maximum Payout | $ 11,539.5 |
| Repurchase obligation settlement period | 3 days |
| Equity commitments | |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | $ 40.1 |
| 2026 | 2.5 |
| 2027 and 2028 | 32.4 |
| 2029 and 2030 | 0.1 |
| 2031 and Later | 243.8 |
| Maximum Payout | 318.9 |
| Loan commitments | |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | 254.4 |
| 2026 | 80.0 |
| 2027 and 2028 | 8.4 |
| 2029 and 2030 | 0.0 |
| 2031 and Later | 5.2 |
| Maximum Payout | 348.0 |
| Loan purchase commitments | |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | 3,661.2 |
| 2026 | 0.0 |
| 2027 and 2028 | 0.0 |
| 2029 and 2030 | 0.0 |
| 2031 and Later | 0.0 |
| Maximum Payout | 3,661.2 |
| Forward starting reverse repos | |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | 3,656.9 |
| 2026 | 0.0 |
| 2027 and 2028 | 0.0 |
| 2029 and 2030 | 0.0 |
| 2031 and Later | 0.0 |
| Maximum Payout | 3,656.9 |
| Forward starting repos | |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | 2,042.3 |
| 2026 | 0.0 |
| 2027 and 2028 | 0.0 |
| 2029 and 2030 | 0.0 |
| 2031 and Later | 0.0 |
| Maximum Payout | 2,042.3 |
| Other unfunded commitments | |
| Commitments And Guarantee Obligations [Line Items] | |
| 2025 | 495.3 |
| 2026 | 751.6 |
| 2027 and 2028 | 251.1 |
| 2029 and 2030 | 14.2 |
| 2031 and Later | 0.0 |
| Maximum Payout | 1,512.2 |
| Back-to-back committed sales contracts | |
| Commitments And Guarantee Obligations [Line Items] | |
| Maximum Payout | $ 3,510.0 |
Commitments, Contingencies and Guarantees - Narrative (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Nov. 30, 2024
USD ($)
| |
| Loss Contingencies [Line Items] | |
| Fair value of derivative contracts approximated deemed to meet the definition of a guarantee | $ (324.6) |
| HomeFed LLC | |
| Loss Contingencies [Line Items] | |
| Aggregate amount of infrastructure improvement bonds, outstanding | 46.9 |
| Standby letters of credit | |
| Loss Contingencies [Line Items] | |
| Letters of credit commitments | $ 301.2 |
| Standby letters of credit | Maximum | |
| Loss Contingencies [Line Items] | |
| Letters of credit commitments expiration period | 1 year |
| Outstanding loan commitments to clients | |
| Loss Contingencies [Line Items] | |
| Loan commitments outstanding to clients | $ 88.4 |
| Outstanding loan commitments to strategic affiliates | |
| Loss Contingencies [Line Items] | |
| Loan commitments outstanding to clients | 9.6 |
| Jefferies Capital Partners LLC | |
| Loss Contingencies [Line Items] | |
| Outstanding equity commitments | 9.8 |
| Strategic Affiliates | |
| Loss Contingencies [Line Items] | |
| Outstanding equity commitments | 250.7 |
| Other Investments | |
| Loss Contingencies [Line Items] | |
| Outstanding equity commitments | $ 43.0 |
Commitments, Contingencies and Guarantees - Schedule of Guarantees (Details) $ in Millions |
Nov. 30, 2024
USD ($)
|
|---|---|
| Derivative contracts—non-credit related | |
| Guarantor Obligations [Line Items] | |
| 2025 | $ 20,111.0 |
| 2026 | 18,614.5 |
| 2027 and 2028 | 4,433.4 |
| Notional/ Maximum Payout | 43,158.9 |
| Total derivative contracts | |
| Guarantor Obligations [Line Items] | |
| 2025 | 20,111.0 |
| 2026 | 18,614.5 |
| 2027 and 2028 | 4,433.4 |
| Notional/ Maximum Payout | $ 43,158.9 |
Regulatory Requirements - Schedule of Net Capital and Excess Net Capital (Details) $ in Thousands |
Nov. 30, 2024
USD ($)
|
|---|---|
| Jefferies LLC | |
| Net Capital Requirements [Line Items] | |
| Net Capital | $ 2,018,251 |
| Excess Net Capital | 1,879,220 |
| JFSI - SEC | |
| Net Capital Requirements [Line Items] | |
| Net Capital | 348,588 |
| Excess Net Capital | 325,511 |
| JFSI - CFTC | |
| Net Capital Requirements [Line Items] | |
| Net Capital | 348,588 |
| Excess Net Capital | $ 322,144 |
Regulatory Requirements- Narrative (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Net Capital Requirements [Line Items] | ||
| Amount of restricted net assets | $ 4,960,000 | $ 4,670,000 |
| Amount of restricted net assets for regulatory capital requirements | 4,540,000 | 4,430,000 |
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 1,132,612 | $ 1,414,593 |
| Jefferies LLC | ||
| Net Capital Requirements [Line Items] | ||
| Net capital | 2,018,251 | |
| Excess net capital | 1,879,220 | |
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 142,600 | |
| Jefferies Inc | ||
| Net Capital Requirements [Line Items] | ||
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 581,900 | |
| Jefferies International Limited | ||
| Net Capital Requirements [Line Items] | ||
| Net capital | 1,781,000 | |
| Excess net capital | $ 1,054,000 |
Segment Reporting - Narrative (Details) |
12 Months Ended |
|---|---|
|
Nov. 30, 2024
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 2 |
Segment Reporting - Net Revenues, Expenses and Total Assets by Segment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Net revenues | $ 7,034,803 | $ 4,700,417 | $ 5,978,838 |
| Non-interest expenses | 6,029,257 | 4,346,148 | 4,923,276 |
| Non-interest expenses | 6,029,300 | 4,346,100 | 4,923,200 |
| Earnings from continuing operations before income tax expense | 1,005,546 | 354,269 | 1,055,562 |
| Assets | 64,360,309 | 57,905,161 | |
| Operating Segments | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Net revenues | 7,008,000 | 4,692,700 | 5,984,800 |
| Non-interest expenses | 6,029,300 | 4,346,100 | 4,917,800 |
| Earnings from continuing operations before income tax expense | 978,700 | 346,600 | 1,067,000 |
| Segment Reconciling Items | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Net revenues | 26,800 | 7,700 | (6,000) |
| Non-interest expenses | 0 | 0 | 5,400 |
| Earnings from continuing operations before income tax expense | 26,800 | 7,700 | (11,400) |
| Investment Banking and Capital Markets | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Assets | 59,142,900 | 51,776,900 | |
| Investment Banking and Capital Markets | Operating Segments | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Net revenues | 6,204,300 | 4,504,400 | 4,741,300 |
| Non-interest expenses | 5,181,500 | 3,995,100 | 3,950,800 |
| Earnings from continuing operations before income tax expense | 1,022,800 | 509,300 | 790,500 |
| Asset Management | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Assets | 5,217,400 | 6,128,300 | |
| Asset Management | Operating Segments | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Net revenues | 803,700 | 188,300 | 1,243,500 |
| Non-interest expenses | 847,800 | 351,000 | 967,000 |
| Earnings from continuing operations before income tax expense | $ (44,100) | $ (162,700) | $ 276,500 |
Segment Reporting - Net Revenues by Geographic Region (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Revenues | |||
| Net revenues | $ 7,034,803 | $ 4,700,417 | $ 5,978,838 |
| Americas | |||
| Revenues | |||
| Net revenues | 4,952,300 | 3,625,600 | 4,815,400 |
| Europe and the Middle East | |||
| Revenues | |||
| Net revenues | 1,577,500 | 775,900 | 925,400 |
| Asia-Pacific | |||
| Revenues | |||
| Net revenues | $ 505,000 | $ 298,900 | $ 238,000 |
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Jan. 13, 2023 |
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Related Party Transaction [Line Items] | ||||
| Other assets | $ 3,072,302 | $ 2,650,640 | ||
| Investments in and loans to related parties | 1,385,658 | 1,239,345 | ||
| Revenues | 10,515,069 | 7,441,399 | $ 7,149,263 | |
| Officers And Employees | ||||
| Related Party Transaction [Line Items] | ||||
| Other assets | 29,400 | 31,800 | ||
| Director | ||||
| Related Party Transaction [Line Items] | ||||
| Investments in and loans to related parties | $ 5,000 | 3,000 | ||
| Subsidiaries | Vitesse Energy | ||||
| Related Party Transaction [Line Items] | ||||
| Sale of subsidiary | $ 30,600 | |||
| Related Party | Vitesse Energy | ||||
| Related Party Transaction [Line Items] | ||||
| Revenues | $ 3,000 | |||
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Assets | |||
| Cash and cash equivalents | $ 12,153,414 | $ 8,526,363 | |
| Financial instruments owned, at fair value | 24,138,274 | 21,747,473 | |
| Securities borrowed | 7,213,421 | 7,192,091 | |
| Securities purchased under agreements to resell | 6,179,653 | 5,950,549 | |
| Receivables: | |||
| Brokers, dealers and clearing organizations | 2,666,591 | 2,380,732 | |
| Fees, interest and other | 663,536 | 630,142 | |
| Other assets | 3,072,302 | 2,650,640 | |
| Total assets | 64,360,309 | 57,905,161 | |
| Liabilities | |||
| Financial instruments sold, not yet purchased, at fair value | 11,007,328 | 11,251,154 | |
| Securities loaned | 2,540,861 | 1,840,518 | |
| Securities sold under agreements to repurchase | 12,337,935 | 10,920,606 | |
| Payables: | |||
| Brokers, dealers and clearing organizations | 3,686,367 | 3,737,810 | |
| Accrued expenses and other liabilities | 3,510,831 | 2,546,211 | |
| Long-term debt | 13,530,565 | 9,698,752 | |
| Total liabilities | 54,134,916 | 48,102,620 | |
| Revenues | |||
| Revenues | 10,515,069 | 7,441,399 | $ 7,149,263 |
| Interest expense | 3,480,266 | 2,740,982 | 1,170,425 |
| Net revenues | 7,034,803 | 4,700,417 | 5,978,838 |
| Non-interest expenses | |||
| Business development | 283,459 | 177,541 | 150,500 |
| Total non-interest expenses | 6,029,257 | 4,346,148 | 4,923,276 |
| Principal transactions | |||
| Revenues | |||
| Revenues | 1,816,963 | 1,413,283 | 833,757 |
| Commissions and other fees | |||
| Revenues | |||
| Revenues | 1,085,349 | 905,665 | 925,494 |
| Interest | |||
| Revenues | |||
| Revenues | 3,543,497 | $ 2,868,674 | $ 1,183,638 |
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | |||
| Assets | |||
| Cash and cash equivalents | 542,212 | ||
| Financial instruments owned, at fair value | 1,539 | ||
| Securities borrowed | 20,403 | ||
| Securities purchased under agreements to resell | 381,568 | ||
| Receivables: | |||
| Brokers, dealers and clearing organizations | 3,012 | ||
| Fees, interest and other | 7,851 | ||
| Other assets | 175 | ||
| Total assets | 956,760 | ||
| Liabilities | |||
| Financial instruments sold, not yet purchased, at fair value | 1,830 | ||
| Securities loaned | 187 | ||
| Securities sold under agreements to repurchase | 631,390 | ||
| Payables: | |||
| Brokers, dealers and clearing organizations | 18,701 | ||
| Accrued expenses and other liabilities | 6,767 | ||
| Long-term debt | 0 | ||
| Total liabilities | 658,875 | ||
| Revenues | |||
| Revenues | 14,167 | ||
| Interest expense | 13,238 | ||
| Net revenues | 929 | ||
| Non-interest expenses | |||
| Business development | 7,274 | ||
| Total non-interest expenses | 7,274 | ||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | Investment banking | |||
| Revenues | |||
| Revenues | 5,066 | ||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | Principal transactions | |||
| Revenues | |||
| Revenues | (5,997) | ||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | Commissions and other fees | |||
| Revenues | |||
| Revenues | 895 | ||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | Interest | |||
| Revenues | |||
| Revenues | 14,203 | ||
| Sumitomo Mitsui Banking Corporation Agreement | Related Party | Revolving Credit Facility | Line of credit | |||
| Payables: | |||
| Paydown on a credit facility | $ 350,000 | ||
Schedule I (PARENT COMPANY ONLY) - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
|---|---|---|
| Assets | ||
| Financial instruments owned, at fair value | $ 24,138,274 | $ 21,747,473 |
| Investment in subsidiaries | 1,385,658 | 1,239,345 |
| Other assets | 3,072,302 | 2,650,640 |
| Total assets | 64,360,309 | 57,905,161 |
| Liabilities and Equity | ||
| Financial instruments sold, not yet purchased, at fair value | 11,007,328 | 11,251,154 |
| Accrued expenses and other liabilities | 3,510,831 | 2,546,211 |
| Long-term debt | 13,530,565 | 9,698,752 |
| Total liabilities | 54,134,916 | 48,102,620 |
| Equity | ||
| Preferred shares, par value of $1 per share, authorized 70,000 shares; 55,125 and 42,000 shares issued and outstanding; liquidation preference $$17,500 per share | 55 | 42 |
| Additional paid-in capital | 2,104,199 | 2,044,859 |
| Accumulated other comprehensive loss | (423,131) | (395,545) |
| Retained earnings | 8,270,145 | 7,849,844 |
| Total Jefferies Financial Group Inc. shareholders' equity | 10,156,772 | 9,709,827 |
| Total liabilities and equity | 64,360,309 | 57,905,161 |
| Nonvoting Common Stock | ||
| Equity | ||
| Common stock value | 0 | 0 |
| Parent company | ||
| Assets | ||
| Cash and cash equivalents | 1,862,275 | 2,455,437 |
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 68,076 | 68,076 |
| Financial instruments owned, at fair value | 117,941 | 80,567 |
| Investments in and loans to related parties | 682,637 | 630,705 |
| Investment in subsidiaries | 7,694,585 | 7,248,785 |
| Advances to subsidiaries | 7,644,604 | 4,393,104 |
| Subordinated notes receivable | 5,463,472 | 4,277,788 |
| Other assets | 1,012,283 | 1,025,140 |
| Total assets | 24,545,873 | 20,179,602 |
| Liabilities and Equity | ||
| Financial instruments sold, not yet purchased, at fair value | 5,135 | 690 |
| Advances from subsidiaries | 1,509,676 | 1,253,151 |
| Accrued expenses and other liabilities | 798,194 | 718,634 |
| Long-term debt | 12,076,096 | 8,497,300 |
| Total liabilities | 14,389,101 | 10,469,775 |
| Equity | ||
| Preferred shares, par value of $1 per share, authorized 70,000 shares; 55,125 and 42,000 shares issued and outstanding; liquidation preference $$17,500 per share | 55 | 42 |
| Common stock value | 205,504 | 210,627 |
| Additional paid-in capital | 2,104,199 | 2,044,859 |
| Accumulated other comprehensive loss | (423,131) | (395,545) |
| Retained earnings | 8,270,145 | 7,849,844 |
| Total Jefferies Financial Group Inc. shareholders' equity | 10,156,772 | 9,709,827 |
| Total liabilities and equity | 24,545,873 | 20,179,602 |
| Parent company | Nonvoting Common Stock | ||
| Equity | ||
| Common stock value | $ 0 | $ 0 |
Schedule I (PARENT COMPANY ONLY) - Condensed Statements of Financial Condition (Parenthetical) (Details) - $ / shares |
Nov. 30, 2024 |
Nov. 30, 2023 |
Jun. 29, 2023 |
Jun. 28, 2023 |
Apr. 27, 2023 |
|---|---|---|---|---|---|
| Condensed Balance Sheet Statements, Captions [Line Items] | |||||
| Preferred shares, par value (in dollars per share) | $ 1 | $ 1 | $ 1.00 | ||
| Preferred shares, authorized (in shares) | 70,000 | 70,000 | 70,000 | ||
| Preferred shares, issued (in shares) | 55,125 | 42,000 | |||
| Preferred shares, outstanding (in shares) | 55,125 | 42,000 | |||
| Preferred stock, liquidation preference per share (in dollars per share) | $ 17,500 | ||||
| Common shares, authorized (in shares) | 565,000,000 | 565,000,000 | 600,000,000 | ||
| Common shares, issued after deducting shares held in treasury (in shares) | 210,626,642 | ||||
| Common shares, outstanding after deducting shares held in treasury (in shares) | 210,626,642 | ||||
| Nonvoting Common Stock | |||||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||||
| Common shares, par value (in dollars per share) | $ 1 | $ 1 | $ 1.00 | ||
| Common shares, authorized (in shares) | 35,000,000 | 35,000,000 | 35,000,000 | ||
| Common shares, issued after deducting shares held in treasury (in shares) | 0 | 0 | |||
| Common shares, outstanding after deducting shares held in treasury (in shares) | 0 | 0 | |||
| Parent company | |||||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||||
| Preferred shares, par value (in dollars per share) | $ 1 | $ 1 | |||
| Preferred shares, authorized (in shares) | 70,000 | 70,000 | |||
| Preferred shares, issued (in shares) | 55,125 | 42,000 | |||
| Preferred shares, outstanding (in shares) | 55,125 | 42,000 | |||
| Preferred stock, liquidation preference per share (in dollars per share) | $ 17,500 | $ 17,500 | |||
| Common shares, par value (in dollars per share) | $ 1 | $ 1 | |||
| Common shares, authorized (in shares) | 565,000,000 | 565,000,000 | |||
| Common shares, issued after deducting shares held in treasury (in shares) | 205,504,272 | 210,626,642 | |||
| Common shares, outstanding after deducting shares held in treasury (in shares) | 205,504,272 | 210,626,642 | |||
| Treasury stock, shares (in shares) | 115,613,798 | 110,491,428 | |||
| Parent company | Nonvoting Common Stock | |||||
| Condensed Balance Sheet Statements, Captions [Line Items] | |||||
| Common shares, par value (in dollars per share) | $ 1 | $ 1 | |||
| Common shares, authorized (in shares) | 35,000,000 | 35,000,000 | |||
| Common shares, issued after deducting shares held in treasury (in shares) | 0 | 0 | |||
| Common shares, outstanding after deducting shares held in treasury (in shares) | 0 | 0 |
Schedule I (PARENT COMPANY ONLY) - Condensed Statements of Earnings and Comprehensive Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|||||||
| Revenues | |||||||||
| Revenues | $ 10,515,069 | $ 7,441,399 | $ 7,149,263 | ||||||
| Net revenues | 7,034,803 | 4,700,417 | 5,978,838 | ||||||
| Non-interest expenses | |||||||||
| Total non-interest expenses | 6,029,257 | 4,346,148 | 4,923,276 | ||||||
| Earnings (losses) before income taxes | 1,005,546 | 354,269 | 1,055,562 | ||||||
| Income tax expense (benefit) | 293,194 | 91,881 | 273,852 | ||||||
| Net earnings | 716,019 | 262,388 | 781,710 | ||||||
| Preferred stock dividends | 74,110 | 14,616 | 8,281 | ||||||
| Other comprehensive income (loss), net of tax: | |||||||||
| Currency translation adjustments and other | [1] | (11,300) | 57,530 | (53,572) | |||||
| Minimum pension liability adjustments | [2] | 6,243 | 2,467 | 3,311 | |||||
| Unrealized gain (losses) on available-for-sale securities | 2,189 | 1,297 | (6,161) | ||||||
| Total other comprehensive loss, net of tax | [3] | (27,586) | (16,126) | (7,276) | |||||
| Comprehensive income attributable to common shareholders | 641,687 | 246,946 | 769,892 | ||||||
| Parent company | |||||||||
| Revenues | |||||||||
| Principal transactions | (104,505) | (95,642) | (61,407) | ||||||
| Interest | 803,068 | 580,485 | 317,020 | ||||||
| Other | 66,438 | (3,654) | (66,539) | ||||||
| Revenues | 765,001 | 481,189 | 189,074 | ||||||
| Interest expense | 630,994 | 446,786 | 317,916 | ||||||
| Net revenues | 134,007 | 34,403 | (128,842) | ||||||
| Non-interest expenses | |||||||||
| Total non-interest expenses | 34,285 | 34,462 | 69,962 | ||||||
| Earnings (losses) before income taxes | 99,722 | (59) | (198,804) | ||||||
| Income tax expense (benefit) | 22,352 | (42,322) | (78,338) | ||||||
| Net earnings (losses) before undistributed earnings of subsidiaries | 77,370 | 42,263 | (120,466) | ||||||
| Undistributed earnings of subsidiaries from continuing operations | 662,346 | 235,425 | 905,915 | ||||||
| Undistributed earnings of subsidiaries from discontinued operations (including gain on disposal of $3,493 million, $—, $—), net of income taxes | 3,667 | 0 | 0 | ||||||
| Net earnings | 743,383 | 277,688 | 785,449 | ||||||
| Preferred stock dividends | 74,110 | 14,616 | 8,281 | ||||||
| Net earnings attributable to Jefferies Financial Group Inc. | 669,273 | 263,072 | 777,168 | ||||||
| Other comprehensive income (loss), net of tax: | |||||||||
| Currency translation adjustments and other | (11,300) | 57,530 | (53,572) | ||||||
| Change in fair value related to instrument-specific credit risk | (24,718) | (77,420) | 49,146 | ||||||
| Minimum pension liability adjustments | 6,243 | 2,467 | 3,311 | ||||||
| Unrealized gain (losses) on available-for-sale securities | 2,189 | 1,297 | (6,161) | ||||||
| Total other comprehensive loss, net of tax | (27,586) | (16,126) | (7,276) | ||||||
| Comprehensive income attributable to common shareholders | $ 641,687 | $ 246,946 | $ 769,892 | ||||||
| |||||||||
Schedule I (PARENT COMPANY ONLY) - Condensed Statements of Earnings and Comprehensive Income(Parenthetical) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Parent company | |||
| Condensed Income Statements, Captions [Line Items] | |||
| Gain on disposal | $ 3,493 | $ 0 | $ 0 |
Schedule I (PARENT COMPANY ONLY) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
|
| Cash flows from operating activities: | |||
| Net earnings | $ 716,019 | $ 262,388 | $ 781,710 |
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||
| Deferred income taxes | (4,131) | 10,462 | (70,396) |
| Share-based compensation | 63,119 | 45,360 | 43,919 |
| (Income) loss on investments in and loans to related parties | (86,466) | 192,197 | 36,287 |
| Other adjustments | 264,680 | (99,784) | (601,303) |
| Net change in assets and liabilities: | |||
| Financial instruments owned | (2,416,306) | (2,843,554) | (773,523) |
| Other assets | (339,141) | (551,926) | (230,722) |
| Financial instruments sold, not yet purchased | (234,747) | (8,894) | 1,875,957 |
| Accrued expenses and other liabilities | 925,006 | (318,798) | (715,434) |
| Net cash (used in) provided by operating activities from continuing operations | (140,466) | (1,933,626) | 1,804,847 |
| Cash flows from investing activities: | |||
| Contributions to investments in and loans to related parties | (1,080,358) | (251,751) | (351,645) |
| Capital distributions from investments and repayments of loans from related parties | 936,684 | 116,750 | 286,578 |
| Cash flows from financing activities: | |||
| Proceeds from short-term borrowings | 6,219,084 | 5,413,000 | 3,659,098 |
| Payments on short-term borrowings | (6,743,153) | (5,010,868) | (3,338,000) |
| Proceeds from issuance of long-term debt, net of issuance costs | 5,952,286 | 2,209,672 | 1,198,565 |
| Repayment of long-term debt | (2,427,653) | (1,282,369) | (824,894) |
| Purchase of common shares for treasury | (44,312) | (169,402) | (859,593) |
| Dividends paid | (302,964) | (278,595) | (280,104) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 3,348,078 | (830,795) | (1,121,060) |
| Cash, cash equivalents, and restricted cash at beginning of period | 9,830,758 | 10,707,244 | 11,828,304 |
| Cash and cash equivalents at end of period | 13,165,612 | 9,830,758 | 10,707,244 |
| Cash paid during the period for: | |||
| Interest | 3,440,878 | 2,348,061 | 1,164,093 |
| Income taxes, net | 257,503 | 159,359 | 214,066 |
| Parent company | |||
| Cash flows from operating activities: | |||
| Net earnings | 743,383 | 277,688 | 785,449 |
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||
| Deferred income taxes | 16,777 | 53,728 | (38,875) |
| Share-based compensation | 63,119 | 45,360 | 43,919 |
| Amortization | 7,046 | 1,040 | 1,322 |
| Undistributed earnings of subsidiaries | (666,013) | (235,425) | (905,915) |
| (Income) loss on investments in and loans to related parties | (36,403) | 6,808 | 71,405 |
| Other adjustments | 149,077 | (438,649) | (560,325) |
| Net change in assets and liabilities: | |||
| Financial instruments owned | (37,374) | 17,303 | 200,903 |
| Other assets | 175,338 | (67,626) | 129,322 |
| Financial instruments sold, not yet purchased | 4,445 | (4,183) | 1,382 |
| Income taxes receivable/payable, net | (179,259) | (189,608) | (158,732) |
| Accrued expenses and other liabilities | 79,561 | 49,916 | 233,217 |
| Net cash (used in) provided by operating activities from continuing operations | 319,697 | (483,648) | (196,928) |
| Cash flows from investing activities: | |||
| Contributions to investments in and loans to related parties | (950,123) | (211) | (118) |
| Capital distributions from investments and repayments of loans from related parties | 934,594 | 0 | 22 |
| Distribution (to) from subsidiaries, net | 190,919 | 887,895 | 2,921,528 |
| Net cash (used in) provided by operating activities from continuing operations | 175,390 | 887,684 | 2,921,432 |
| Net cash provided by investing activities from discontinued operations | 29,294 | 0 | 0 |
| Cash flows from financing activities: | |||
| Proceeds from short-term borrowings | 0 | 0 | 4,068 |
| Payments on short-term borrowings | 0 | (10,868) | 0 |
| Proceeds from issuance of long-term debt, net of issuance costs | 5,336,634 | 1,718,992 | 400,059 |
| Repayment of long-term debt | (1,936,085) | (813,182) | (202,172) |
| Advances (to) from subsidiaries, net | (4,180,659) | (828,114) | 30,428 |
| Issuances of common shares | 0 | 0 | 2,752 |
| Purchase of common shares for treasury | (44,313) | (169,402) | (859,593) |
| Proceeds from conversion of common to preferred shares | 9,844 | 31,500 | 0 |
| Dividends paid | (302,964) | (278,595) | (280,104) |
| Net cash used in financing activities from continuing operations | (1,117,543) | (349,669) | (904,562) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (593,162) | 54,367 | 1,819,942 |
| Cash, cash equivalents, and restricted cash at beginning of period | 2,523,513 | 2,469,146 | 649,204 |
| Cash and cash equivalents at end of period | 1,930,351 | 2,523,513 | 2,469,146 |
| Cash paid during the period for: | |||
| Interest | 632,040 | 176,981 | 484,349 |
| Income taxes, net | $ 186,177 | $ 95,634 | $ 124,516 |
Schedule I (PARENT COMPANY ONLY) - Condensed Statements of Cash Flows (Parenthetical) (Details) - USD ($) $ in Thousands |
Nov. 30, 2024 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2021 |
|---|---|---|---|---|
| Condensed Cash Flow Statements, Captions [Line Items] | ||||
| Cash and cash equivalents | $ 12,153,414 | $ 8,526,363 | ||
| Total cash, cash equivalents and restricted cash | 13,165,612 | 9,830,758 | $ 10,707,244 | $ 11,828,304 |
| Parent company | ||||
| Condensed Cash Flow Statements, Captions [Line Items] | ||||
| Cash and cash equivalents | 1,862,275 | 2,455,437 | ||
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 68,076 | 68,076 | ||
| Total cash, cash equivalents and restricted cash | $ 1,930,351 | $ 2,523,513 | $ 2,469,146 | $ 649,204 |
Schedule I (PARENT COMPANY ONLY) - Narrative (Details) $ in Millions |
Nov. 30, 2024
USD ($)
|
|---|---|
| Parent company | |
| Debt Instrument [Line Items] | |
| Maximum amount payable under guarantees | $ 1,100 |