Mezzanine Equity

6 Months Ended

May 31, 2019

Temporary Equity Disclosure [Abstract]

Mezzanine Equity

Mezzanine Equity

Redeemable Noncontrolling Interests

The following table rolls forward National Beef’s redeemable noncontrolling interests activity (prior to its deconsolidation in June 2018) during the six months ended June 30, 2018 (in thousands):

Balance, January 1, 2018	$	412,128
Income allocated to redeemable noncontrolling interests	37,141
Distributions to redeemable noncontrolling interests	(70,681		)
Increase in fair value of redeemable noncontrolling interests	21,404
Reversal of cumulative National Beef redeemable noncontrolling interests fair value adjustment prior to deconsolidation	(237,669		)
Deconsolidation of National Beef	(162,323		)
Balance, June 30, 2018	$	—

At May 31, 2019 and November 30, 2018, redeemable noncontrolling interests include other redeemable noncontrolling interests of $18.9 million and $19.8 million, respectively, primarily related to our oil and gas exploration and development businesses.

Mandatorily Redeemable Convertible Preferred Shares

In connection with our acquisition of Jefferies Group in March 2013, we issued a new series of 3.25% Cumulative Convertible Preferred Shares ("Preferred Shares") ($125.0 million at mandatory redemption value) in exchange for Jefferies Group's outstanding 3.25% Series A-1 Cumulative Convertible Preferred Stock. The Preferred Shares have a 3.25% annual, cumulative cash dividend and are currently convertible into 4,162,200 common shares, an effective conversion price of $30.03 per share. The holders of the Preferred Shares are also entitled to an additional quarterly payment in the event we declare and pay a dividend on our common stock in an amount greater than $0.0625 per common share per quarter. The additional quarterly payment would be paid to the holders of Preferred Shares on an as converted basis and on a per share basis would equal the quarterly dividend declared and paid to a holder of a share of common stock in excess of $0.0625 per share. In the third quarter of 2017, we increased our quarterly dividend from $0.0625 to $0.10 per common share. In the third quarter of 2018, we increased our quarterly dividend from $0.10 to $0.125 per common share. These increased the preferred stock dividend from $2.3 million for the six months ended June 30, 2018 to $2.6 million for the six months ended May 31, 2019. The Preferred Shares are callable beginning in 2023 at a price of $1,000 per share plus accrued interest and are mandatorily redeemable in 2038.