Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Nov. 30, 2020

Selected Quarterly Financial Information [Abstract]

Schedule Of Selected Quarterly Financial Data

	First Quarter (1)		Second Quarter (2)		Third Quarter (3)		Fourth Quarter (4)
	(In thousands, except per share amounts)
2020
Net revenues	$	1,386,328	$	1,147,589	$	1,616,170	$	1,860,787
Income from continuing operations	112,021		43,545		304,839		308,005
Net loss attributable to the noncontrolling interest	2,129		2,580		324		238
Net loss attributable to the redeemable noncontrolling interests	282		198		650		428
Preferred stock dividends	(1,422)		(1,404)		(1,404)		(1,404)
Net income attributable to Jefferies Financial Group Inc. common shareholders	113,010		44,919		304,409		307,267
Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income	$	0.37	$	0.16	$	1.08	$	1.12
Number of shares used in calculation	302,406		286,764		280,695		272,901
Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income	$	0.37	$	0.16	$	1.07	$	1.11
Number of shares used in calculation	308,280		286,764		285,136		277,342
2019
Net revenues	$	828,443	$	1,101,657	$	856,778	$	1,106,098
Income from continuing operations	47,015		672,276		49,394		193,878
Net (income) loss attributable to the noncontrolling interest	(1,066)		191		116		2,606
Net (income) loss attributable to the redeemable noncontrolling interests	138		(427)		242		333
Preferred stock dividends	(1,276)		(1,276)		(1,275)		(1,276)
Net income attributable to Jefferies Financial Group Inc. common shareholders	44,811		670,764		48,477		195,541
Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income	$	0.14	$	2.17	$	0.16	$	0.63
Number of shares used in calculation	315,175		307,010		310,288		310,266
Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income	$	0.14	$	2.14	$	0.15	$	0.62
Number of shares used in calculation	318,752		312,527		311,897		316,566

(1)    The first quarter of 2020 includes a non-cash charge of $55.6 million to write off the value of HomeFed's RedSky JZ Fulton Mall joint venture investment related to a softening of the Brooklyn real estate market and a non-cash charge of $33.0 million to write down the value of our investment in JETX Energy to reflect the impact of oil price declines during the quarter. These decreases were partially offset by a gain of $61.5 million from effective short-term hedges against mark-to-market and fair value decreases in some of our other investments within Merchant Banking.

The first quarter of 2019 includes $27.1 million of equity income related to National Beef and a mark-to-market increase of $36.0 million in the value of our investment in Spectrum Brands.

(2)    The second quarter of 2020 includes a $44.2 million non-cash charge to write down the value of our investment in WeWork, a non-cash charge of $13.2 million to write down Vitesse Energy Finance's oil and gas assets in the DJ Basin, reflecting a significant decrease in oil and gas prices, $12.2 million in non-cash write-downs of HomeFed's interests in a hotel and a retail center significantly impacted by the external events of the second quarter and $19.3 million in mark-to-market unrealized decreases in the values of some of our investments in public companies.

The second quarter of 2019 includes a nonrecurring tax benefit of $544.6 million related to the closing of our available for sale portfolio, which triggered the realization of lodged tax benefits from earlier years and $34.9 million of equity income related to National Beef. These increases were partially offset by a $11.3 million mark-to-market decrease in the value of our investment in Spectrum Brands.    

(3)    The third quarter of 2020 includes record pre-tax income of $363.4 million from Jefferies Group, reflecting record quarterly total net revenues of $1,383.4 million, and $54.5 million in mark-to-market unrealized increases in the values of some of our investments in public companies.

The third quarter of 2019 includes a $72.1 million pre-tax gain related to the purchase of the remaining interest in HomeFed and $75.9 million of equity income related to National Beef. This increase was partially offset by a $146.0 million decrease in the estimated fair value of our investment in WeWork.

(4)    The fourth quarter of 2020 includes record pre-tax income of $405.8 million from Jefferies Group, reflecting record quarterly total net revenues of $1,609.0 million, and $14.9 million in mark-to-market unrealized increases in the values of some of our investments in public companies.

    The fourth quarter of 2019 includes a $205.0 million pre-tax gain on the sale of our 31% equity interest in National Beef and $94.1 million of equity income related to National Beef, prior to its sale. These increases were partially offset by a decrease in the estimated fair value of our investment in WeWork of $69.4 million.