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Schedule I (PARENT COMPANY ONLY) - CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Nov. 30, 2019
Aug. 31, 2019
May 31, 2019
Feb. 28, 2019
Nov. 30, 2018
Aug. 31, 2018
May 31, 2018
Feb. 28, 2018
Nov. 30, 2019
Nov. 30, 2018
Nov. 30, 2017
Revenues:                      
Principal transactions                 $ 769,258 $ 524,296 $ 796,633
Revenue from contracts with customers                 2,222,257 2,594,887  
Interest                 1,496,529 1,207,095 905,601
Other                 93,422 103,359 74,553
Total revenues $ 1,073,536 $ 1,141,631 $ 1,314,493 $ 1,054,872 $ 1,097,943 $ 1,088,285 $ 1,156,809 $ 1,086,595 4,584,532 4,429,632 4,178,582
Interest expense                 1,472,002 1,246,256 980,473
Net revenues 747,802 777,159 901,851 685,718 761,958 777,615 822,557 821,246 3,112,530 3,183,376 3,198,109
Non-interest expenses:                      
Total non-interest expenses                 2,787,861 2,773,709 2,693,185
Earnings before income taxes $ 23,871 $ 83,075 $ 155,138 $ 62,585 $ 77,963 $ 87,101 $ 121,865 $ 122,738 324,669 409,667 504,924
Income tax expense (benefit)                 80,284 250,650 147,340
Net earnings                 244,385 159,017 357,584
Net earnings attributable to Jefferies Group LLC                 246,029 158,761 357,498
Other comprehensive income (loss), net of tax:                      
Currency translation and other adjustments [1]                 6,426 (85,554) 53,396
Change in instrument specific credit risk [2]                 (13,161) 22,160 (21,394)
Cash flow hedges [3]                 (470) 1,406 (936)
Minimum pension liability adjustments, net of tax [4]                 (1,318) 4,285 312
Unrealized gain on available-for-sale securities [5]                 487 311 0
Total other comprehensive income (loss), net of tax [6]                 (8,036) (57,392) 31,378
Comprehensive income attributable to Jefferies Group LLC                 237,993 101,369 388,876
Parent Company                      
Revenues:                      
Principal transactions                 13,746 20,875 576
Interest                 271,369 262,042 241,357
Other                 19,346 101,284 78,812
Total revenues                 304,564 384,201 322,011
Interest expense                 297,927 316,050 276,727
Net revenues                 6,637 68,151 45,284
Non-interest expenses:                      
Total non-interest expenses                 6,482 5,016 13,598
Earnings before income taxes                 155 63,135 31,686
Income tax expense (benefit)                 (3,316) 104,649 (21,292)
Net earnings                 3,471 (41,514) 52,978
Undistributed earnings of subsidiaries                 242,558 200,275 304,520
Net earnings attributable to Jefferies Group LLC                 246,029 158,761 357,498
Other comprehensive income (loss), net of tax:                      
Currency translation and other adjustments                 6,426 (85,554) 53,396
Change in instrument specific credit risk                 (13,161) 22,160 (21,394)
Cash flow hedges                 (470) 1,406 (936)
Minimum pension liability adjustments, net of tax                 (1,318) 4,285 312
Unrealized gain on available-for-sale securities                 487 311 0
Total other comprehensive income (loss), net of tax                 (8,036) (57,392) 31,378
Comprehensive income attributable to Jefferies Group LLC                 237,993 101,369 388,876
Asset management fees                      
Revenues:                      
Revenue from contracts with customers                 17,219 21,214  
Asset management fees | Parent Company                      
Revenues:                      
Revenue from contracts with customers                 0 0 1,266
Investment banking                      
Revenues:                      
Revenue from contracts with customers                 1,528,729 1,910,203 1,764,285
Investment banking | Parent Company                      
Revenues:                      
Revenue from contracts with customers                 $ 103 $ 0 $ 0
[1]
The amounts include income tax benefits (expenses) of approximately $(3.2) million and $8.9 million during the year ended November 30, 2019 and 2018, respectively, related to the impact of certain discrete items related to tax planning for our non-U.S. subsidiaries in connection with the Tax Cuts and Jobs Act (the “Tax Act”). The amount during the year ended November 30, 2018 also includes a gain of $20.5 million related to foreign currency gains, which was reclassified to Other revenues within the Consolidated Statements of Earnings.
[2] The amounts include income tax benefits (expenses) of approximately $4.5 million, $(15.5) million, and $13.2 million for the years ended November 30, 2019, 2018 and 2017, respectively. The amount for the year ended November 30, 2019 includes a gain of $0.4 million, net of taxes of $0.2 million, related to changes in instrument specific risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings. The amount during the year ended November 30, 2018 includes a gain of $0.9 million, net of taxes of $0.3 million, related to changes in instrument specific risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings and also includes $(6.5) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
[3] The amounts include income tax benefits (expenses) of approximately $0.2 million, $(0.8) million, and $0.6 million for the years ended November 30, 2019, 2018 and 2017, respectively. The cash flow hedge loss of $0.5 million during the year ended November 30, 2019 was reclassified to Other revenues within the Consolidated Statement of Earnings due to the sale of all of our common shares of Epic Gas Ltd. (“Epic Gas”). Refer to Note 9, Investments, for further information. The amount during the year ended November 30, 2018 also includes $(0.2) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
[4]
The amounts include income tax benefits (expenses) of $0.5 million, $(0.7) million and $0.1 million for the years ended November 30, 2019, 2018 and 2017, respectively. The amount during the year ended November 30, 2019 includes pension losses of $(0.1) million, which was reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings. The amount during the year ended November 30, 2018 includes $5.3 million related to the transfer of the German Pension Plan and $(0.3) million, net of taxes of $0.1 million, related to pension losses, which were reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and $(0.8) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
[5] The amounts for the years ended November 30, 2019 and 2018 include income tax expense of approximately $0.2 million and $0.1 million, respectively.
[6]
None of the components of other comprehensive income are attributable to noncontrolling interests.