| Summary of Offsetting Assets |
The following table provides information regarding derivative contracts, repurchase agreements and securities borrowing and lending arrangements that are recognized in the Consolidated Statements of Financial Condition and (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our consolidated financial position. | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | Gross Amounts | | Netting in Consolidated Statements of Financial Condition | | Net Amounts in Consolidated Statements of Financial Condition | | Additional Amounts Available for Setoff (1) | | Available Collateral (2) | | Net Amount (3) | Assets at February 28, 2019 | | | | | | | | | | | | Derivative contracts | $ | 2,508,271 |
| | $ | (2,296,080 | ) | | $ | 212,191 |
| | $ | — |
| | $ | — |
| | $ | 212,191 |
| Securities borrowing arrangements | $ | 7,231,073 |
| | $ | — |
| | $ | 7,231,073 |
| | $ | (529,874 | ) | | $ | (1,171,891 | ) | | $ | 5,529,308 |
| Reverse repurchase agreements | $ | 15,852,250 |
| | $ | (12,355,680 | ) | | $ | 3,496,570 |
| | $ | (328,449 | ) | | $ | (3,137,324 | ) | | $ | 30,797 |
| | | | | | | | | | | | | Liabilities at February 28, 2019 | |
| | |
| | |
| | |
| | |
| | |
| Derivative contracts | $ | 2,746,461 |
| | $ | (2,383,752 | ) | | $ | 362,709 |
| | $ | — |
| | $ | — |
| | $ | 362,709 |
| Securities lending arrangements | $ | 2,234,700 |
| | $ | — |
| | $ | 2,234,700 |
| | $ | (529,874 | ) | | $ | (1,681,346 | ) | | $ | 23,480 |
| Repurchase agreements | $ | 21,662,963 |
| | $ | (12,355,680 | ) | | $ | 9,307,283 |
| | $ | (328,449 | ) | | $ | (8,097,893 | ) | | $ | 880,941 |
| | | | | | | | | | | | | Assets at November 30, 2018 | |
| | |
| | |
| | |
| | |
| | |
| Derivative contracts | $ | 2,580,706 |
| | $ | (2,413,931 | ) | | $ | 166,775 |
| | $ | — |
| | $ | — |
| | $ | 166,775 |
| Securities borrowing arrangements | $ | 6,538,212 |
| | $ | — |
| | $ | 6,538,212 |
| | $ | (468,778 | ) | | $ | (1,193,986 | ) | | $ | 4,875,448 |
| Reverse repurchase agreements | $ | 11,336,175 |
| | $ | (8,550,417 | ) | | $ | 2,785,758 |
| | $ | (609,225 | ) | | $ | (2,126,730 | ) | | $ | 49,803 |
| | | | | | | | | | | | | Liabilities at November 30, 2018 | |
| | |
| | |
| | |
| | |
| | |
| Derivative contracts | $ | 3,640,703 |
| | $ | (2,513,050 | ) | | $ | 1,127,653 |
| | $ | — |
| | $ | — |
| | $ | 1,127,653 |
| Securities lending arrangements | $ | 1,838,688 |
| | $ | — |
| | $ | 1,838,688 |
| | $ | (468,778 | ) | | $ | (1,343,704 | ) | | $ | 26,206 |
| Repurchase agreements | $ | 17,193,486 |
| | $ | (8,550,417 | ) | | $ | 8,643,069 |
| | $ | (609,225 | ) | | $ | (7,070,967 | ) | | $ | 962,877 |
|
| | (1) | Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in the balance sheet because other netting provisions of GAAP are not met. Further, for derivative assets and liabilities, amounts netted include cash collateral paid or received. |
| | (2) | Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. |
| | (3) | At February 28, 2019, amounts include $5,495.4 million of securities borrowing arrangements, for which Jefferies Group has received securities collateral of $5,338.4 million, and $848.7 million of repurchase agreements, for which Jefferies Group has pledged securities collateral of $869.3 million, which are subject to master netting agreements, but Jefferies Group has not determined the agreements to be legally enforceable. At November 30, 2018, amounts include $4,825.7 million of securities borrowing arrangements, for which Jefferies Group has received securities collateral of $4,711.7 million, and $931.7 million of repurchase agreements, for which Jefferies Group has pledged securities collateral of $963.6 million, which are subject to master netting agreements, but Jefferies Group has not determined the agreements to be legally enforceable. |
|
| Summary of Offsetting Liabilities |
The following table provides information regarding derivative contracts, repurchase agreements and securities borrowing and lending arrangements that are recognized in the Consolidated Statements of Financial Condition and (1) the extent to which, under enforceable master netting arrangements, such balances are presented net in the Consolidated Statements of Financial Condition as appropriate under GAAP and (2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our consolidated financial position. | | | | | | | | | | | | | | | | | | | | | | | | | (In thousands) | Gross Amounts | | Netting in Consolidated Statements of Financial Condition | | Net Amounts in Consolidated Statements of Financial Condition | | Additional Amounts Available for Setoff (1) | | Available Collateral (2) | | Net Amount (3) | Assets at February 28, 2019 | | | | | | | | | | | | Derivative contracts | $ | 2,508,271 |
| | $ | (2,296,080 | ) | | $ | 212,191 |
| | $ | — |
| | $ | — |
| | $ | 212,191 |
| Securities borrowing arrangements | $ | 7,231,073 |
| | $ | — |
| | $ | 7,231,073 |
| | $ | (529,874 | ) | | $ | (1,171,891 | ) | | $ | 5,529,308 |
| Reverse repurchase agreements | $ | 15,852,250 |
| | $ | (12,355,680 | ) | | $ | 3,496,570 |
| | $ | (328,449 | ) | | $ | (3,137,324 | ) | | $ | 30,797 |
| | | | | | | | | | | | | Liabilities at February 28, 2019 | |
| | |
| | |
| | |
| | |
| | |
| Derivative contracts | $ | 2,746,461 |
| | $ | (2,383,752 | ) | | $ | 362,709 |
| | $ | — |
| | $ | — |
| | $ | 362,709 |
| Securities lending arrangements | $ | 2,234,700 |
| | $ | — |
| | $ | 2,234,700 |
| | $ | (529,874 | ) | | $ | (1,681,346 | ) | | $ | 23,480 |
| Repurchase agreements | $ | 21,662,963 |
| | $ | (12,355,680 | ) | | $ | 9,307,283 |
| | $ | (328,449 | ) | | $ | (8,097,893 | ) | | $ | 880,941 |
| | | | | | | | | | | | | Assets at November 30, 2018 | |
| | |
| | |
| | |
| | |
| | |
| Derivative contracts | $ | 2,580,706 |
| | $ | (2,413,931 | ) | | $ | 166,775 |
| | $ | — |
| | $ | — |
| | $ | 166,775 |
| Securities borrowing arrangements | $ | 6,538,212 |
| | $ | — |
| | $ | 6,538,212 |
| | $ | (468,778 | ) | | $ | (1,193,986 | ) | | $ | 4,875,448 |
| Reverse repurchase agreements | $ | 11,336,175 |
| | $ | (8,550,417 | ) | | $ | 2,785,758 |
| | $ | (609,225 | ) | | $ | (2,126,730 | ) | | $ | 49,803 |
| | | | | | | | | | | | | Liabilities at November 30, 2018 | |
| | |
| | |
| | |
| | |
| | |
| Derivative contracts | $ | 3,640,703 |
| | $ | (2,513,050 | ) | | $ | 1,127,653 |
| | $ | — |
| | $ | — |
| | $ | 1,127,653 |
| Securities lending arrangements | $ | 1,838,688 |
| | $ | — |
| | $ | 1,838,688 |
| | $ | (468,778 | ) | | $ | (1,343,704 | ) | | $ | 26,206 |
| Repurchase agreements | $ | 17,193,486 |
| | $ | (8,550,417 | ) | | $ | 8,643,069 |
| | $ | (609,225 | ) | | $ | (7,070,967 | ) | | $ | 962,877 |
|
| | (1) | Under master netting agreements with our counterparties, we have the legal right of offset with a counterparty, which incorporates all of the counterparty’s outstanding rights and obligations under the arrangement. These balances reflect additional credit risk mitigation that is available by a counterparty in the event of a counterparty’s default, but which are not netted in the balance sheet because other netting provisions of GAAP are not met. Further, for derivative assets and liabilities, amounts netted include cash collateral paid or received. |
| | (2) | Includes securities received or paid under collateral arrangements with counterparties that could be liquidated in the event of a counterparty default and thus offset against a counterparty’s rights and obligations under the respective repurchase agreements or securities borrowing or lending arrangements. |
| | (3) | At February 28, 2019, amounts include $5,495.4 million of securities borrowing arrangements, for which Jefferies Group has received securities collateral of $5,338.4 million, and $848.7 million of repurchase agreements, for which Jefferies Group has pledged securities collateral of $869.3 million, which are subject to master netting agreements, but Jefferies Group has not determined the agreements to be legally enforceable. At November 30, 2018, amounts include $4,825.7 million of securities borrowing arrangements, for which Jefferies Group has received securities collateral of $4,711.7 million, and $931.7 million of repurchase agreements, for which Jefferies Group has pledged securities collateral of $963.6 million, which are subject to master netting agreements, but Jefferies Group has not determined the agreements to be legally enforceable. |
|