Fair Value Disclosures (Tables)

12 Months Ended

Nov. 30, 2015

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis

The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on NAV of $36.7 million and $42.2 million at November 30, 2015 and November 30, 2014, respectively, by level within the fair value hierarchy (in thousands):

	November 30, 2015
	Level 1(1)		Level 2(1)		Level 3		Counterparty and Cash Collateral Netting (2)			Total
Assets:
Financial instruments owned:
Corporate equity securities	$	1,853,351	$	133,732	$	40,906	$	—		$	2,027,989
Corporate debt securities	—		2,867,165		25,876		—			2,893,041
Collateralized debt obligations	—		89,144		85,092		—			174,236
U.S. government and federal agency securities	2,555,018		90,633		—		—			2,645,651
Municipal securities	—		487,141		—		—			487,141
Sovereign obligations	1,251,366		1,407,955		120		—			2,659,441
Residential mortgage-backed securities	—		2,731,070		70,263		—			2,801,333
Commercial mortgage-backed securities	—		1,014,913		14,326		—			1,029,239
Other asset-backed securities	—		118,629		42,925		—			161,554
Loans and other receivables	—		1,123,044		189,289		—			1,312,333
Derivatives	1,037		4,395,704		19,785		(4,165,446		)	251,080
Investments at fair value	—		26,224		53,120		—			79,344
Total financial instruments owned, excluding     Investments at fair value based on NAV	$	5,660,772	$	14,485,354	$	541,702	$	(4,165,446	)	$	16,522,382
Cash and cash equivalents	$	3,510,163	$	—	$	—	$	—		$	3,510,163
Cash and securities segregated and on deposit for     regulatory purposes	$	751,084	$	—	$	—	$	—		$	751,084
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	1,382,377	$	36,518	$	38	$	—		$	1,418,933
Corporate debt securities	—		1,556,941		—		—			1,556,941
U.S. government and federal agency securities	1,488,121		—		—		—			1,488,121
Sovereign obligations	837,614		505,382		—		—			1,342,996
Residential mortgage-backed securities	—		117		—		—			117
Loans	—		758,939		10,469		—			769,408
Derivatives	364		4,446,639		19,543		(4,257,998		)	208,548
Total financial instruments sold, not yet      purchased	$	3,708,476	$	7,304,536	$	30,050	$	(4,257,998	)	$	6,785,064
Other secured financings	$	—	$	—	$	544	$	—		$	544

(1) There were no material transfers between Level 1 and Level 2 for the year ended November 30, 2015.

(2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.

	November 30, 2014
	Level 1 (1)		Level 2 (1)		Level 3			Counterparty and Cash Collateral Netting (2)			Total
Assets:
Financial instruments owned:
Corporate equity securities	$	2,178,837	$	226,441	$	20,964		$	—		$	2,426,242
Corporate debt securities	—		3,342,276		22,766		(4)	—			3,365,042
Collateralized debt obligations	—		306,218		124,650		(4)	—			430,868
U.S. government and federal agency securities	2,694,268		81,273		—			—			2,775,541
Municipal securities	—		590,849		—			—			590,849
Sovereign obligations	1,968,747		790,764		—			—			2,759,511
Residential mortgage-backed securities	—		2,879,954		82,557			—			2,962,511
Commercial mortgage-backed securities	—		966,651		26,655			—			993,306
Other asset-backed securities	—		137,387		2,294			—			139,681
Loans and other receivables	—		1,458,760		97,258			—			1,556,018
Derivatives	65,145		5,046,278		54,190			(4,759,345		)	406,268
Investments at fair value	—		73,148		53,224			—			126,372
Physical commodities	—		62,234		—			—			62,234
Total financial instruments owned, excluding     Investments at fair value based on NAV	$	6,906,997	$	15,962,233	$	484,558		$	(4,759,345	)	$	18,594,443
Cash and cash equivalents	$	4,079,968	$	—	$	—		$	—		$	4,079,968
Cash and securities segregated and on deposit for     regulatory purposes (3)	$	3,444,674	$	—	$	—		$	—		$	3,444,674
Securities received as collateral	$	5,418	$	—	$	—		$	—		$	5,418
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	1,911,145	$	74,681	$	38		$	—		$	1,985,864
Corporate debt securities	—		1,611,994		223			—			1,612,217
Collateralized debt obligations	—		4,557		—			—			4,557
U.S. government and federal agency securities	2,253,055		—		—			—			2,253,055
Sovereign obligations	1,217,075		574,010		—			—			1,791,085
Loans	—		856,525		14,450			—			870,975
Derivatives	52,778		5,117,803		49,552			(4,856,618		)	363,515
Total financial instruments sold, not yet      purchased	$	5,434,053	$	8,239,570	$	64,263		$	(4,856,618	)	$	8,881,268
Obligation to return securities received as collateral	$	5,418	$	—	$	—		$	—		$	5,418
Other secured financings	$	—	$	—	$	30,825		$	—		$	30,825
Embedded conversion option	$	—	$	—	$	693		$	—		$	693

(1) At December 1, 2013, equity options presented within Financial instruments owned and Financial instruments sold, not yet purchased of $6.1 million and $6.6 million, respectively, were transferred from Level 1 to Level 2 as adjustments were incorporated into the valuation approach for such contracts to estimate the point within the bid-ask range that meets the best estimate of fair value.

(2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.

(3) Cash and securities segregated and on deposit for regulatory purposes include U.S. government securities with a fair value of $453.7 million and CFTC approved money market funds with a fair value of $545.0 million.

(4) Level 3 Collateralized debt obligations increased by $33.2 million with a corresponding decrease in Level 3 Corporate debt securities from those previously reported to correct for the classification of certain positions. The total amount of Level 3 assets remained unchanged.

Investments Measured at Fair Value Based on Net Asset Value Per Share

The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands):

	November 30, 2015
	Fair Value (1)		Unfunded Commitments		Redemption Frequency (if currently eligible)
Equity Long/Short Hedge Funds (2)	$	78,083	$	—	Monthly, Quarterly
Fixed Income and High Yield Hedge Funds (3)	1,703		—		—
Fund of Funds (4)	287		94		—
Equity Funds (5)	42,111		20,791		—
Convertible Bond Funds (6)	326		—		At Will
Total	$	122,510	$	20,885

	November 30, 2014
	Fair Value (1)		Unfunded Commitments		Redemption Frequency (if currently eligible)
Equity Long/Short Hedge Funds (2)	$	44,983	$	—	Monthly, Quarterly
Fixed Income and High Yield Hedge Funds (3)(7)	2,704		—		—
Fund of Funds (4)	323		94		—
Equity Funds (5)	65,216		26,023		—
Convertible Bond Funds (6)	3,355		—		At Will
Total	$	116,581	$	26,117

(1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds’ capital statements.

(2) This category includes investments in hedge funds that invest, long and short, in primarily equity securities in domestic and international markets in both the public and private sectors. At November 30, 2015 and November 30, 2014, investments representing approximately 100% and 99%, respectively, of the fair value of investments in this category are redeemable with 30-90 days prior written notice.

(3) Includes investments in funds that invest in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. At November 30, 2015 and November 30, 2014, the underlying assets of 8% and 8%, respectively, of these funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated.

(4) Includes investments in fund of funds that invest in various private equity funds. At November 30, 2015 and November 30, 2014, approximately 95% and 95%, respectively, of the fair value of investments in this category are managed by us and have no redemption provisions, instead distributions are received through the liquidation of the underlying assets of the fund of funds, which are estimated to be liquidated in the next twelve months. For the remaining investments, we have requested redemption; however, we are unable to estimate when these funds will be received.

(5) At November 30, 2015 and November 30, 2014, approximately 100% and 99%, respectively, of the fair value of investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed, instead distributions are received through the liquidation of the underlying assets of the funds which are expected to liquidate in one to eight years.

(6) This category represents an investment in the Jefferies Umbrella Fund, an open-ended investment company managed by us that invests primarily in convertible bonds. The remaining investments are in liquidation and we are unable to estimate when the underlying assets will be fully liquidated.

(7) Fixed income and high yield hedge funds was revised by $2.5 million from that previously reported due to the inclusion of a fixed income fund, which has the characteristics of an investment company that is included in Investments at fair value within Financial instruments owned in the Consolidated Statement of Financial Condition. The total amount of Investments at fair value remained unchanged.

Summary of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the nine months ended November 30, 2013 (in thousands):

	Successor
	Nine Months Ended November 30, 2013
	Balance at February 28, 2013		Total gains/ losses (realized and  unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at November 30, 2013		Change in unrealized  gains/ (losses) relating to instruments still held at November 30, 2013 (1)
Assets:
Financial instruments     owned:
Corporate equity     securities	$	13,234	$	1,551		$	3,583		$	(7,141	)	$	—		$	—	$	(1,343	)	$	9,884	$	(419	)
Corporate debt     securities	31,820		(2,454		)	31,014			(34,125		)	—			—		(589		)	25,666		(2,749		)
Collateralized debt     obligations	24,736		(2,309		)	45,437			(32,874		)	—			—		2,226			37,216		(8,384		)
Residential     mortgage-backed     securities	169,426		(4,897		)	89,792			(150,807		)	(11,007		)	—		12,985			105,492		(6,932		)
Commercial     mortgage-backed     securities	17,794		(4,469		)	20,130			(13,538		)	(100		)	—		(2,249		)	17,568		(3,794		)
Other asset-backed     securities	1,292		(4,535		)	105,291			(104,711		)	—			—		15,274			12,611		(3,497		)
Loans and other     receivables	170,986		15,008			287,757			(115,231		)	(211,805		)	—		(825		)	145,890		13,402
Investments, at fair     value	39,693		(1,317		)	28,515			(102		)	(875		)	—		1,017			66,931		(1,290		)
Liabilities:
Financial instruments     sold, not yet purchased:
Corporate equity      securities	$	38	$	—		$	—		$	—		$	—		$	—	$	—		$	38	$	—
Residential mortgage-backed securities	1,542		(1,542		)	—			—			—			—		—			—		—
Net derivatives (2)	11,185		4,408			—			(300		)	(8,515		)	—		127			6,905		1,609
Loans	7,398		2,959			(16,027		)	28,065			67			—		—			22,462		(2,970		)
Other secured financings	—		—			—			—			—			8,711		—			8,711		—
Embedded conversion     option (3)	16,488		(6,914		)	—			—			—			—		—			9,574		6,914

(1) Realized and unrealized gains/losses are reported in Principal transaction revenues in the Consolidated Statements of Earnings.

(2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives.

(3) The embedded conversion option of $16.5 million is at March 1, 2013, upon completion of the Leucadia Transaction (See Note 13.)

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the year ended November 30, 2014 (in thousands):

	Successor
	Year Ended November 30, 2014
	Balance at November 30, 2013		Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at November 30, 2014			Change in unrealized gains/ (losses) relating to instruments still held at November 30, 2014 (1)
Assets:
Financial instruments     owned:
Corporate equity     securities	$	9,884	$	957		$	18,138		$	(12,826	)	$	—		$	—	$	4,811		$	20,964		$	2,324
Corporate debt     securities	25,666		6,629			38,316			(40,328		)	—			—		(7,517		)	22,766			8,982
Collateralized debt     obligations	37,216		(6,386		)	204,337			(181,757		)	(1,297		)	—		72,537			124,650			(1,141		)
U.S. government and federal agency securities	—		13			2,505			(2,518		)	—			—		—			—			—
Residential     mortgage-backed     securities	105,492		(9,870		)	42,632			(61,689		)	(1,847		)	—		7,839			82,557			(4,679		)
Commercial     mortgage-backed     securities	17,568		(4,237		)	49,159			(51,360		)	(782		)	—		16,307			26,655			(2,384		)
Other asset-backed     securities	12,611		1,784			4,987			(18,002		)	—			—		914			2,294			1,484
Loans and other     receivables	145,890		(31,311		)	130,169			(92,140		)	(60,390		)	—		5,040			97,258			(26,864		)
Investments at fair     value	66,931		13,781			32,493			(43,286		)	(1,243		)	—		(15,452		)	53,224			(1,876		)
Liabilities:
Financial instruments     sold, not yet     purchased:
Corporate equity     securities	$	38	$	—		$	—		$	—		$	—		$	—	$	—		$	38		$	—
Corporate debt securities	—		(149		)	(565		)	960			—			—		(23		)	223			(8		)
Net derivatives (2)	6,905		15,055			(24,682		)	1,094			322			—		(3,332		)	(4,638		)	(15,615		)
Loans	22,462		—			(18,332		)	11,338			—			—		(1,018		)	14,450			—
Other secured financings	8,711		—			—			—			(17,525		)	39,639		—			30,825			—
Embedded conversion     option	9,574		(8,881		)	—			—			—			—		—			693			8,881

(1) Realized and unrealized gains/losses are reported in Principal transaction revenues in the Consolidated Statements of Earnings.

(2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the year ended November 30, 2015 (in thousands):

	Successor
	Year Ended November 30, 2015
	Balance  at November 30, 2014			Total gains/ losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance  at November 30, 2015			Change in unrealized gains/ (losses) relating to instruments still held at November 30, 2015 (1)
Assets:
Financial instruments     owned:
Corporate equity     securities	$	20,964		$	11,154		$	21,385		$	(6,391	)	$	—		$	—	$	(6,206	)	$	40,906		$	11,424
Corporate debt     securities	22,766			(11,013		)	21,534			(14,636		)	—			—		7,225			25,876			(9,443		)
Collateralized debt     obligations	124,650			(66,332		)	104,998			(107,381		)	(5,754		)	—		34,911			85,092			(48,514		)
Municipal     securities	—			10			—			—			(21,551		)	—		21,541			—			—
Sovereign obligations	—			47			1,032			(1,031		)	—			—		72			120			39
Residential     mortgage-backed     securities	82,557			(12,951		)	18,961			(31,762		)	(597		)	—		14,055			70,263			(4,498		)
Commercial     mortgage-backed     securities	26,655			(3,813		)	3,480			(10,146		)	(6,861		)	—		5,011			14,326			(3,205		)
Other asset-backed     securities	2,294			(990		)	42,922			(1,299		)	(2		)	—		—			42,925			(254		)
Loans and other     receivables	97,258			(14,755		)	792,345			(576,536		)	(124,365		)	—		15,342			189,289			(16,802		)
Investments, at fair     value	53,224			64,380			5,510			(124,852		)	(4,093		)	—		58,951			53,120			(388		)
Liabilities:
Financial instruments sold,     not yet purchased:
Corporate equity     securities	$	38		$	—		$	—		$	—		$	—		$	—	$	—		$	38		$	—
Corporate debt     securities	223			(110		)	(6,804		)	6,691			—			—		—			—			—
Net derivatives (2)	(4,638		)	(7,310		)	(6,705		)	13,522			37			2,437		2,415			(242		)	4,754
Loans	14,450			(163		)	(2,059		)	229			—			—		(1,988		)	10,469			104
Other secured financings	30,825			—			—			—			(15,704		)	36,995		(51,572		)	544			—
Embedded conversion     option	693			(693		)	—			—			—			—		—			—			693

(1) Realized and unrealized gains/losses are reported in Principal transaction revenues in the Consolidated Statements of Earnings.

(2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased —Derivatives

Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements

The tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument (i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category.

For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. The disclosed inputs when compared with the inputs as disclosed in other periods should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period.

November 30, 2015
Financial Instruments Owned	Fair Value (in thousands)		Valuation Technique	Significant Unobservable  Input(s)	Input / Range	Weighted Average
Corporate equity securities	$	20,285
Non-exchange traded securities			Market approach	EBITDA (a) multiple	4.4	—
				Transaction level	$1	—
				Underlying stock price	$5-$102	$	19
Corporate debt securities	$	20,257
			Convertible bond model	Discount rate/yield	86%	—
			Market approach	Transaction level	$59	—
Collateralized debt obligations	$	49,923	Discounted cash flows
				Constant prepayment rate	5%-20%	13		%
				Constant default rate	2%-8%	2		%
				Loss severity	25%-90%	52		%
				Yield	6%-13%	10		%
Residential mortgage-backed      securities	$	70,263	Discounted cash flows	Constant prepayment rate	0%-50%	13		%
				Constant default rate	1%-9%	3		%
				Loss severity	25%-70%	39		%
				Yield	1%-9%	6		%
Commercial mortgage-backed       securities	$	14,326	Discounted cash flows	Yield	7%-30%	16		%
				Cumulative loss rate	2%-63%	23		%
Other asset-backed securities	$	21,463	Discounted cash flows	Constant prepayment rate	6%-8%	7		%
				Constant default rate	3%-5%	4		%
				Loss severity	55%-75%	62		%
				Yield	7%-22%	18		%
			Over-collateralization	Over-collateralization percentage	117%-125%	118		%
Loans and other receivables	$	161,470	Comparable pricing	Comparable loan price	$99-$100	$	99.7
			Market approach	Discount rate/yield	2%-17%	12		%
				EBITDA (a) multiple	10	—
			Scenario analysis	Estimated recovery percentage	6%-100%	83		%
Derivatives	19,785
Commodity forwards			Market approach	Discount rate/yield	47%	—
				Transaction level	$9,500,000	—
Unfunded commitments			Comparable pricing	Comparable loan price	$100	—
			Market approach	Credit spread	298 bps	—
Total return swaps			Comparable pricing	Comparable loan price	$91.7-$92.4	$	92.1
Investments at fair value
Private equity securities	$	7,693	Market approach	Transaction level	$64	—
				Enterprise value	$5,200,000	—
Liabilities
Financial Instruments Sold, Not Yet Purchased:
Derivatives	$	19,543
Equity options			Option model	Volatility	45%	—
			Default rate	Default probability	0%	—
Unfunded commitments			Comparable pricing	Comparable loan price	$79-$100	$	82.6
			Market approach	Discount rate/yield	3%-10%	10		%
			Discounted cash flows	Constant prepayment rate	20%	—
				Constant default rate	2%	—
				Loss severity	25%	—
				Yield	11%	—
Total return swaps			Comparable pricing	Comparable loan price	$91.7-92.4	$	92.1
Loans and other receivables	$	10,469	Comparable pricing	Comparable loan price	$100	—

(a) Earnings before interest, taxes, depreciation and amortization (“EBITDA”).

November 30, 2014
Financial Instruments Owned	Fair Value (in thousands)		Valuation Technique	Significant Unobservable   Input(s)	Input / Range	Weighted Average
Corporate equity securities	$	19,814
Non-exchange traded securities			Market approach	EBITDA multiple	3.4 to 4.7	3.6
			Scenario analysis	Estimated recovery percentage	24%	—
Corporate debt securities	$	22,766	Convertible bond model	Discount rate/yield	32%	—
Collateralized debt obligations	$	41,784	Discounted cash flows	Constant prepayment rate	0% to 20%	13		%
				Constant default rate	0% to 2%	2		%
				Loss severity	0% to 70%	39		%
				Yield	2% to 51%	16		%
Residential mortgage-backed      securities	$	82,557	Discounted cash flows	Constant prepayment rate	1% to 50%	13		%
				Constant default rate	1% to 100%	14		%
				Loss severity	20% to 80%	50		%
				Yield	3% to 13%	7		%
Commercial mortgage-backed      securities	$	26,655	Discounted cash flows	Yield	8% to 12%	11		%
				Cumulative loss rate	4% to 72%	15		%
			Scenario analysis	Estimated recovery percentage	90%	—
Other asset-backed securities	$	2,294	Discounted cash flows	Constant prepayment rate	8%	—
				Constant default rate	3%	—
				Loss severity	70%	—
				Yield	7%	—
Loans and other receivables	$	88,154	Comparable pricing	Comparable loan price	$100 to $101	$	100.3
			Market approach	Yield	3% to 5%	4		%
				EBITDA multiple	3.4 to 8.2	7.6
			Scenario analysis	Estimated recovery percentage	10% to 41%	36		%
Derivatives	$	54,190
Foreign exchange options			Option Model	Volatility	13% to 23%	17		%
Commodity forwards			Discounted cash flows	Discount rate	17%	—
Loan commitments			Comparable pricing	Comparable loan price	$100	—
Investments at fair value	$	8,500
Private equity securities			Market approach	Transaction level	$50	—
Liabilities
Financial Instruments Sold, Not Yet Purchased:
Derivatives	$	49,552
FX options			Option model	Volatility	13% to 23%	17		%
Unfunded commitments			Comparable pricing	Comparable loan price	$89 to $100	$	92.0
				Credit spread	45bps	—
			Market approach	Yield	5%	—
Loans and other receivables	$	14,450	Comparable pricing	Comparable loan price	$100	—
Other secured financings	$	30,825	Comparable pricing	Comparable loan price	$81 to $100	$	98.7
Embedded conversion option	$	693	Option valuation model	Historical volatility	19%	—

Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables

.

The following is a summary of gains (losses) due to changes in instrument specific credit risk on loans and other receivables and loan commitments measured at fair value under the fair value option (in thousands):

	Successor									Predecessor
	Year   Ended   November 30,   2015			Year   Ended   November 30,   2014			Nine Months   Ended   November 30,   2013			Three Months   Ended   February 28,   2013
Financial Instruments Owned:
Loans and other receivables	$	(17,389	)	$	(24,785	)	$	15,327		$	3,924
Financial Instruments Sold:
Loans	$	(162	)	$	(585	)	$	(32	)	$	—
Loan commitments	7,502			(15,459		)	(1,007		)	(2,746		)

The following is a summary of the amount by which contractual principal exceeds fair value for loans and other receivables measured at fair value under the fair value option (in thousands):

	November 30, 2015		November 30, 2014
Financial Instruments Owned:
Loans and other receivables (1)	$	408,369	$	403,119
Loans and other receivables greater than 90 days past due (1)	29,720		5,594
Loans and other receivables on nonaccrual status (1) (2)	54,652		(22,360		)

(1) Interest income is recognized separately from other changes in fair value and is included within Interest revenues on the Consolidated Statements of Earnings.

(2) Amounts include all loans and other receivables greater than 90 days past d

Assets and Liabilities 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. These assets include goodwill and intangible assets. The following table presents those assets measured at fair value on a non-recurring basis for which the Company recognized a non-recurring fair value adjustment during the years ended November 30, 2015 and November 30, 2014 (in thousands):

	Carrying Value at November 30, 2015		Level 2		Level 3		Impairment Losses  for the Year Ended November 30, 2015
Futures Reporting Unit (1):
Exchange ownership interests (2)	$	4,178	$	4,178	$	—	$	1,289

	Carrying Value at November 30, 2014		Level 2		Level 3		Impairment Losses for the Year Ended November 30, 2014
Futures Reporting Unit (1):
Exchange ownership interests (2)	$	5,608	$	5,608	$	—	$	178
Goodwill (3)	—		—		—		51,900
Intangible assets (4)	—		—		—		7,534
International Asset Management Reporting Unit (5):
Goodwill (6)	$	—	$	—	$	—	$	2,100
Intangible assets (7)	—		—		—		60

(1) Given management’s decision to pursue strategic alternatives for our Futures business, including possible disposal, as a result of recent operating performance and margin challenges experienced by the business, an impairment analysis of the carrying amounts of goodwill, intangible assets and certain other assets employed directly by the business was performed at November 30, 2015 and November 30, 2014, respectively. (See Note 11, Goodwill and Other Intangible Assets.)

(2) Exchange memberships, which represent ownership interests in market exchanges on which trading business is conducted, were written down to their fair value during the year ended November 30, 2015 and the year ended November 30, 2014 resulting in impairment losses of $1.3 million and $0.2 million, respectively, recognized in Other expenses. The fair value of these exchange memberships is based on observed quoted sales prices for each individual membership.

(3) An impairment loss for goodwill allocated to our Futures business with a carrying amount of $51.9 million was recognized for the year ended November 30, 2014. The fair value of the Futures business was estimated 1) by comparison to similar companies using publicly traded price-to-tangible book multiples as the basis for valuation and 2) by utilizing a discounted cash flow methodology based on internally developed forecasts of profitability and an appropriate risk-adjusted discount rate.

(4) Intangible assets relate primarily to customer relationship intangibles. An impairment loss for customer relationships within our Futures business with a carrying amount of $7.5 million was recognized in Other expenses for the year ended November 30, 2014. Fair value was estimated utilizing a discounted cash flow methodology based on projected future cash flows and operating margins and an appropriate risk-adjusted discount rate.

(5) Given management’s decision to liquidate our International Asset Management business, an impairment analysis of the carrying amounts of goodwill, intangible assets and certain other assets employed directly by the business was performed at November 30, 2014. (See Note 11, Goodwill and Other Intangible Assets.)

(6) An impairment loss for goodwill allocated to our International Asset Management business with a carrying amount of $2.1 million was recognized for the year ended November 30, 2014. Fair value was estimated by utilizing a discounted cash flow methodology based on internally developed forecasts of profitability and an appropriate risk-adjusted discount rate.

(7) Intangible assets relate to customer relationship intangibles. Impairment losses of $0.1 million were recognized in Other expenses for the year ended November 30, 2014. Fair values were estimated utilizing a discounted cash flow methodology based on projected future cash flows and operating margins and an appropriate risk-adjusted discount rate.