XML 55 R44.htm IDEA: XBRL DOCUMENT v3.19.2
Loans to and Investments In Associated Companies (Tables)
 6 Months Ended
May 31, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Loans to and Investments in Associated Companies

A summary of Loans to and investments in associated companies accounted for under the equity method of accounting during the six months ended May 31, 2019 and June 30, 2018 is as follows (in thousands):
 
Loans to and investments in associated companies as of beginning of period
 
Income (losses) related to associated companies
 
Income (losses) related to Jefferies Group's associated companies (1)
 
Contributions to (distributions from) associated companies, net
 
Other
 
Loans to and investments in associated companies as of end of period
 
 
 
 
 
 
 
 
 
 
 
 
2019
 
 
 
 
 
 
 
 
 
 
 
Jefferies Finance
$
728,560

 
$
—

 
$
7,936

 
$
(63,070
)
 
$
—

 
$
673,426

Berkadia (2)
245,228

 
—

 
47,945

 
(18,124
)
 
515

 
275,564

National Beef
653,630

 
62,051

 
—

 
(54,940
)
 
(9
)
 
660,732

FXCM (3)
75,031

 
(5,016
)
 
—

 
—

 
10

 
70,025

Linkem
165,157

 
(8,581
)
 
—

 
49,590

 
(3,973
)
 
202,193

HomeFed
337,542

 
(517
)
 
—

 
—

 
—

 
337,025

Other
212,184

 
1,546

 
(1,560
)
 
(16,122
)
 
881

 
196,929

Total
$
2,417,332

 
$
49,483

 
$
54,321

 
$
(102,666
)
 
$
(2,576
)
 
$
2,415,894

 
 
 
 
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
 
 
 
 
Jefferies Finance
$
655,467

 
$
—

 
$
30,566

 
$
31,461

 
$
—

 
$
717,494

Berkadia (2)
210,594

 
51,742

 
—

 
(17,853
)
 
(720
)
 
243,763

National Beef
—

 
24,401

 
—

 
(13,099
)
 
592,239

 
603,541

FXCM (3)
158,856

 
(15,040
)
 
—

 
—

 
(34
)
 
143,782

Garcadia companies (4)
179,143

 
20,955

 
—

 
(22,915
)
 
(177,183
)
 
—

Linkem
192,136

 
(12,764
)
 
—

 
542

 
(2,321
)
 
177,593

HomeFed
341,874

 
4,445

 
—

 
—

 
—

 
346,319

Other
328,759

 
(8,286
)
 
(5,732
)
 
(25,412
)
 
1,123

 
290,452

Total
$
2,066,829

 
$
65,453

 
$
24,834

 
$
(47,276
)
 
$
413,104

 
$
2,522,944



(1)
Primarily classified in Other revenues.
(2)
In the fourth quarter of 2018, we transferred our interest in Berkadia to Jefferies Group.
(3)
As further described in Note 3, our investment in FXCM includes both our equity method investment in FXCM and our term loan with FXCM. Our equity method investment is included in Loans to and investments in associated companies and our term loan is included in Trading assets, at fair value in our Consolidated Statements of Financial Condition.
(4)
During the third quarter of 2018, we sold 100% of our equity interests in Garcadia and our associated real estate to our former partners, the Garff family.

Income (losses) related to associated companies includes the following (in thousands):
 
For the Three Months Ended
 
For the Six Months Ended
 
May 31, 2019
 
June 30, 2018
 
May 31, 2019
 
June 30, 2018
National Beef
$
34,946

 
$
24,401

 
$
62,051

 
$
24,401

Berkadia
—

 
25,461

 
—

 
51,742

FXCM
(2,300
)
 
(6,816
)
 
(5,016
)
 
(15,040
)
Garcadia companies
—

 
9,572

 
—

 
20,955

Linkem
(6,960
)
 
(5,309
)
 
(8,581
)
 
(12,764
)
HomeFed
(2,500
)
 
(7,165
)
 
(517
)
 
4,445

Other
(1,016
)
 
(6,791
)
 
1,546

 
(8,286
)
Total
$
22,170

 
$
33,353

 
$
49,483

 
$
65,453


Income (losses) related to Jefferies Group's associated companies (primarily classified in Other revenues) includes the following (in thousands):
 
For the Three Months Ended
 
For the Six Months Ended
 
May 31, 2019
 
June 30, 2018
 
May 31, 2019
 
June 30, 2018
Jefferies Finance
$
14,935

 
$
20,733

 
$
7,936

 
$
30,566

Berkadia
25,296

 
—

 
47,945

 
—

Other
2,753

 
(1,504
)
 
(1,560
)
 
(5,732
)
Total
$
42,984

 
$
19,229

 
$
54,321

 
$
24,834
Schedule of Equity Method Investments
The following table provides required summarized data for certain equity method investments, including those accounted for under the fair value option. The table includes Jefferies Finance, Berkadia and Fiesta Restaurant Group, Inc. for the six months ended May 31, 2019 and June 30, 2018; HRG for the six month period ended June 30, 2018; and National Beef for the six months ended May 31, 2019 and for the period subsequent to the closing of the transaction with Marfrig on June 5, 2018 through June 30, 2018 (in thousands):
 
For the Six Months Ended
 
May 31,
2019
 
June 30,
2018
Revenues
$
4,736,971

 
$
2,899,221

Income from continuing operations before extraordinary items
$
360,966

 
$
330,849

Net income
$
360,966

 
$
832,349