Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 26, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | LEUCADIA NATIONAL CORP | |
Entity Central Index Key | 96,223 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Common Stock, Shares Outstanding | 358,635,534 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
ASSETS | |||
Cash and cash equivalents | $ 4,661,937 | $ 3,807,558 | |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 919,011 | 857,337 | |
Financial instruments owned, including securities pledged of $10,705,731 and $9,706,881: | |||
Trading assets, at fair value | 15,249,061 | 14,985,237 | |
Available for sale securities | 336,055 | 301,049 | |
Total financial instruments owned | 15,585,116 | 15,286,286 | |
Investments in managed funds | 503,294 | 515,318 | |
Loans to and investments in associated companies | 2,239,423 | 2,125,098 | |
Securities borrowed | 7,900,395 | 7,743,562 | |
Securities purchased under agreements to resell | 4,345,461 | 3,862,488 | |
Receivables | 5,874,580 | 4,425,178 | |
Property, equipment and leasehold improvements, net | 728,409 | 709,242 | |
Intangible assets, net and goodwill | 2,488,543 | 2,513,678 | |
Deferred tax asset, net | 1,322,443 | 1,461,815 | |
Assets held for sale | 0 | 128,083 | |
Other assets | 1,807,490 | 1,635,664 | |
Total assets | [1] | 48,376,102 | 45,071,307 |
LIABILITIES | |||
Short-term borrowings | 439,140 | 525,842 | |
Trading liabilities, at fair value | 9,122,566 | 8,388,619 | |
Securities loaned | 3,446,853 | 2,819,132 | |
Securities sold under agreements to repurchase | 8,621,427 | 6,791,676 | |
Other secured financings | 763,043 | 1,026,429 | |
Payables, expense accruals and other liabilities | 6,785,079 | 7,373,708 | |
Long-term debt | 8,084,886 | 7,380,443 | |
Total liabilities | [1] | 37,262,994 | 34,305,849 |
Commitments and contingencies | |||
MEZZANINE EQUITY | |||
Redeemable noncontrolling interests | 307,943 | 336,809 | |
Mandatorily redeemable convertible preferred shares | 125,000 | 125,000 | |
EQUITY | |||
Common shares, par value $1 per share, authorized 600,000,000 shares; 358,644,711 and 359,425,061 shares issued and outstanding, after deducting 57,748,307 and 56,947,654 shares held in treasury | 358,645 | 359,425 | |
Additional paid-in capital | 4,843,966 | 4,812,587 | |
Accumulated other comprehensive income | 350,442 | 310,697 | |
Retained earnings | 4,938,254 | 4,645,391 | |
Total Leucadia National Corporation shareholders’ equity | 10,491,307 | 10,128,100 | |
Noncontrolling interests | 188,858 | 175,549 | |
Total equity | 10,680,165 | 10,303,649 | |
Total | 48,376,102 | 45,071,307 | |
Variable interest entities [Member] | |||
Financial instruments owned, including securities pledged of $10,705,731 and $9,706,881: | |||
Total assets | 854,500 | 815,800 | |
LIABILITIES | |||
Total liabilities | $ 966,000 | $ 1,284,700 | |
[1] | Total assets include assets related to variable interest entities of $854.5 million and $815.8 million at June 30, 2017 and December 31, 2016, respectively, and Total liabilities include liabilities related to variable interest entities of $966.0 million and $1,284.7 million at June 30, 2017 and December 31, 2016, respectively. See Note 8 for additional information related to variable interest entities. |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Securities pledged | $ 10,705,731 | $ 9,706,881 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common shares, par value (USD per share) | $ 1 | $ 1 |
Common shares, authorized (in shares) | 600,000,000 | 600,000,000 |
Common shares, issued and outstanding after deducting shares held in treasury (in shares) | 358,644,711 | 359,425,061 |
Treasury stock (in shares) | 57,748,307 | 56,947,654 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Beef processing services | $ 1,874,495 | $ 1,797,380 | $ 3,433,518 | $ 3,428,751 |
Commissions | 152,643 | 146,157 | 298,465 | 301,981 |
Principal transactions | 226,035 | 262,347 | 642,536 | 159,864 |
Investment banking | 351,863 | 253,046 | 759,884 | 483,976 |
Interest income | 249,598 | 231,593 | 473,228 | 463,609 |
Net realized securities gains | 1,111 | 7,414 | 1,571 | 8,142 |
Other | 133,970 | 143,379 | 460,882 | 202,302 |
Total revenues | 2,989,715 | 2,841,316 | 6,070,084 | 5,048,625 |
Interest expense | 27,834 | 22,706 | 55,218 | 45,024 |
Net revenues | 2,732,380 | 2,625,358 | 5,600,362 | 4,640,464 |
Expenses: | ||||
Cost of sales | 1,820,551 | 1,776,370 | 3,353,645 | 3,424,422 |
Compensation and benefits | 491,573 | 458,091 | 995,756 | 847,498 |
Floor brokerage and clearing fees | 44,435 | 43,591 | 90,293 | 84,070 |
Interest | 27,834 | 22,706 | 55,218 | 45,024 |
Depreciation and amortization | 50,717 | 50,769 | 100,227 | 100,379 |
Selling, general and other expenses | 186,692 | 186,259 | 367,974 | 373,514 |
Total expenses | 2,621,802 | 2,537,786 | 4,963,113 | 4,874,907 |
Income (loss) before income taxes and income (loss) related to associated companies | 110,578 | 87,572 | 637,249 | (234,443) |
Income (loss) related to associated companies | 14,104 | 51,890 | (114,470) | 71,942 |
Income (loss) before income taxes | 124,682 | 139,462 | 522,779 | (162,501) |
Income tax provision (benefit) | 50,620 | 68,850 | 154,794 | (14,511) |
Net income (loss) | 74,062 | 70,612 | 367,985 | (147,990) |
Net loss attributable to the noncontrolling interests | 1,446 | 760 | 1,969 | 1,812 |
Net income attributable to the redeemable noncontrolling interests | (16,300) | (13,068) | (28,322) | (17,382) |
Preferred stock dividends | (1,015) | (1,015) | (2,031) | (2,031) |
Net income (loss) attributable to Leucadia National Corporation common shareholders | $ 58,193 | $ 57,289 | $ 339,601 | $ (165,591) |
Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: | ||||
Net income (loss) (in dollars per share) | $ 0.16 | $ 0.15 | $ 0.92 | $ (0.44) |
Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders: | ||||
Net income (loss) (in dollars per share) | 0.16 | 0.15 | 0.91 | (0.44) |
Dividends per common share (in dollars per share) | $ 0.0625 | $ 0.0625 | $ 0.1250 | $ 0.125 |
Investment Banking And Capital Markets Segment | ||||
Revenues: | ||||
Interest expense | $ 257,335 | $ 215,958 | $ 469,722 | $ 408,161 |
Expenses: | ||||
Interest | $ 257,335 | $ 215,958 | $ 469,722 | $ 408,161 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 74,062 | $ 70,612 | $ 367,985 | $ (147,990) |
Other comprehensive income (loss): | ||||
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $(203), $(776), $5,704 and $(1,298) | (346) | (1,298) | 9,797 | (2,238) |
Less: reclassification adjustment for net (gains) losses included in net income (loss), net of income tax provision (benefit) of $282, $(8), $271 and $6 | (485) | 17 | (467) | (9) |
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $(485), $(768), $5,433 and $(1,304) | (831) | (1,281) | 9,330 | (2,247) |
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $(10,066), $(1,910), $(8,555) and $1,326 | 37,893 | 22,185 | 37,875 | (21,736) |
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0, $1,097 and $0 | 0 | 0 | 5,290 | 0 |
Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $(10,066), $(1,910), $(9,652) and $1,326 | 37,893 | 22,185 | 43,165 | (21,736) |
Net unrealized gains (losses) on instrument specific credit risk arising during the period, net of income tax provision (benefit) of $(1,074), $(1,450), $(7,419) and $(1,450) | (2,683) | (2,003) | (12,378) | (2,305) |
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), net of income tax provision (benefit) of $0, $0, $0 and $0 | 0 | 0 | 0 | 0 |
Net change in unrealized instrument specific credit risk gains (losses), net of income tax provision (benefit) of $(1,074), $(1,450), $(7,419) and $(1,450) | (2,683) | (2,003) | (12,378) | (2,305) |
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $0, $0, $0 and $0 | 0 | 0 | 0 | 0 |
Less: reclassification adjustment for pension (gains) losses included in net income (loss), net of income tax provision (benefit) of $(199), $(173), $(1,634) and $(351) | 426 | 367 | (372) | 767 |
Net change in pension liability, net of income tax provision (benefit) of $199, $173, $1,634 and $351 | 426 | 367 | (372) | 767 |
Other comprehensive income (loss), net of income taxes | 34,805 | 19,268 | 39,745 | (25,521) |
Comprehensive income (loss) | 108,867 | 89,880 | 407,730 | (173,511) |
Comprehensive loss attributable to the noncontrolling interests | 1,446 | 760 | 1,969 | 1,812 |
Comprehensive (income) attributable to the redeemable noncontrolling interests | (16,300) | (13,068) | (28,322) | (17,382) |
Preferred stock dividends | (1,015) | (1,015) | (2,031) | (2,031) |
Comprehensive income (loss) attributable to Leucadia National Corporation common shareholders | $ 92,998 | $ 76,557 | $ 379,346 | $ (191,112) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit) | $ (203) | $ (776) | $ 5,704 | $ (1,298) |
Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit) | 282 | (8) | 271 | 6 |
Net change in unrealized holding gains (losses) on investments, tax provision (benefit) | (485) | (768) | 5,433 | (1,304) |
Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit) | (10,066) | (1,910) | (8,555) | 1,326 |
Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), tax provision (benefit) | 0 | 0 | 1,097 | 0 |
Net change in unrealized foreign exchange gains (losses), tax provision (benefit) | (10,066) | (1,910) | (9,652) | 1,326 |
Net unrealized gains (losses) on instrument specific credit risk arising during the period, tax provision (benefit) | (1,074) | (1,450) | (7,419) | (1,450) |
Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income (loss), tax provision (benefit) | 0 | 0 | 0 | 0 |
Net change in unrealized instrument specific credit risk gains (losses), tax provision (benefit) | (1,074) | (1,450) | (7,419) | (1,450) |
Net pension gains (losses) arising during the period, tax provision (benefit) | 0 | 0 | 0 | 0 |
Less: reclassification adjustment for pension (gains) losses included in net income (loss), tax provision (benefit) | (199) | (173) | (1,634) | (351) |
Net change in pension liability, tax provision (benefit) | $ 199 | $ 173 | $ 1,634 | $ 351 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net cash flows from operating activities: | ||
Net income (loss) | $ 367,985 | $ (147,990) |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operations: | ||
Deferred income tax provision (benefit) | 131,957 | (17,192) |
Depreciation and amortization of property, equipment and leasehold improvements | 69,825 | 70,770 |
Other amortization | 7,986 | 7,562 |
Share-based compensation | 20,375 | 16,055 |
Provision for doubtful accounts | 21,024 | 16,598 |
Net securities gains | (1,571) | (8,142) |
(Income) loss related to associated companies | 59,975 | (40,690) |
Distributions from associated companies | 34,463 | 71,858 |
Net (gains) losses related to property and equipment, and other assets | (833) | 11,566 |
Gain on sale of subsidiary | (178,236) | 0 |
Net change in: | ||
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | (61,097) | (85,446) |
Trading assets | (294,338) | 1,639,682 |
Investments in managed funds | 13,755 | 77,405 |
Securities borrowed | (143,554) | (604,046) |
Securities purchased under agreements to resell | (452,154) | 607,560 |
Receivables from brokers, dealers and clearing organizations | (969,962) | (310,748) |
Receivables from customers of securities operations | (379,669) | 86,026 |
Other receivables | (204,375) | (156,998) |
Other assets | (193,880) | (383,319) |
Trading liabilities | 687,415 | 1,214,045 |
Securities loaned | 616,701 | (28,625) |
Securities sold under agreements to repurchase | 1,818,042 | (1,548,353) |
Payables to brokers, dealers and clearing organizations | (969,230) | (239,760) |
Payables to customers of securities operations | 300,774 | (367,505) |
Trade payables, expense accruals and other liabilities | 85,517 | 76,697 |
Other | 22,156 | 16,853 |
Net cash provided by (used for) operating activities | 409,051 | (26,137) |
Net cash flows from investing activities: | ||
Acquisitions of property, equipment and leasehold improvements, and other assets | (87,552) | (159,866) |
Proceeds from disposals of property and equipment, and other assets | 22,792 | 24,644 |
Proceeds from sale of subsidiary, net of expenses and cash of operations sold | 289,767 | 0 |
Acquisitions, net of cash acquired | 0 | (9,673) |
Advances on notes, loans and other receivables | (34,377) | (190,019) |
Collections on notes, loans and other receivables | 169,570 | 20,274 |
Loans to and investments in associated companies | (2,756,274) | (329,840) |
Capital distributions and loan repayments from associated companies | 2,595,676 | 321,953 |
Purchases of investments (other than short-term) | (522,310) | (387,651) |
Proceeds from maturities of investments | 112,455 | 59,493 |
Proceeds from sales of investments | 409,881 | 174,405 |
Other | 1,250 | (3,247) |
Net cash provided by (used for) investing activities | 200,878 | (479,527) |
Net cash flows from financing activities: | ||
Issuance of debt, net of issuance costs | 1,096,817 | 413,645 |
Net change in short-term borrowings | (85,158) | 86,547 |
Repayment of debt | (424,455) | (635,176) |
Net change in other secured financings | (264,016) | 64,493 |
Net change in bank overdrafts | (1,544) | (54,508) |
Issuance of common shares | 1,084 | 734 |
Net distributions to redeemable noncontrolling interests | (17,247) | (6,859) |
Distributions to noncontrolling interests | (9,347) | (834) |
Contributions from noncontrolling interests | 24,669 | 115,801 |
Purchase of common shares for treasury | (32,126) | (34,357) |
Dividends paid | (45,409) | (45,899) |
Other | 0 | 278 |
Net cash provided by (used for) financing activities | 243,268 | (96,135) |
Effect of foreign exchange rate changes on cash | 4,318 | (5,913) |
Change in cash classified as assets held for sale | (3,136) | 0 |
Net increase (decrease) in cash and cash equivalents | 854,379 | (607,712) |
Cash and cash equivalents at January 1, | 3,807,558 | 3,638,648 |
Cash and cash equivalents at June 30, | $ 4,661,937 | $ 3,030,936 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Equity - USD ($) $ in Thousands | Total | Common Shares $1 Par Value [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Subtotal [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2015 | $ 10,465,890 | $ 362,617 | $ 4,986,819 | $ 438,793 | $ 4,612,982 | $ 10,401,211 | $ 64,679 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (167,403) | (165,591) | (165,591) | (1,812) | |||
Other comprehensive income, net of taxes | (25,521) | (25,521) | (25,521) | ||||
Contributions from noncontrolling interests | 116,180 | 0 | 116,180 | ||||
Distributions to noncontrolling interests | (834) | 0 | (834) | ||||
Deconsolidation of asset management entities | (385) | 0 | (385) | ||||
Change in interest in consolidated subsidiary | 0 | (369) | (369) | 369 | |||
Share-based compensation expense | 16,055 | 16,055 | 16,055 | ||||
Change in fair value of redeemable noncontrolling interests | (31,631) | (31,631) | (31,631) | ||||
Purchase of common shares for treasury | (59,227) | (3,565) | (55,662) | (59,227) | |||
Dividends ($.125 per common share) | (47,130) | (47,130) | (47,130) | ||||
Other | (1,436) | 1,353 | (2,632) | (1,279) | (157) | ||
Ending Balance at Jun. 30, 2016 | 10,264,558 | 360,405 | 4,912,580 | 413,272 | 4,400,261 | 10,086,518 | 178,040 |
Beginning Balance at Dec. 31, 2015 | 10,465,890 | 362,617 | 4,986,819 | 438,793 | 4,612,982 | 10,401,211 | 64,679 |
Ending Balance at Jun. 30, 2017 | 10,680,165 | 358,645 | 4,843,966 | 350,442 | 4,938,254 | 10,491,307 | 188,858 |
Beginning Balance at Dec. 31, 2016 | 10,303,649 | 359,425 | 4,812,587 | 310,697 | 4,645,391 | 10,128,100 | 175,549 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 337,632 | 339,601 | 339,601 | (1,969) | |||
Other comprehensive income, net of taxes | 39,745 | 39,745 | 39,745 | ||||
Contributions from noncontrolling interests | 24,669 | 0 | 24,669 | ||||
Distributions to noncontrolling interests | (9,347) | 0 | (9,347) | ||||
Change in interest in consolidated subsidiary | 0 | 44 | 44 | (44) | |||
Share-based compensation expense | 20,375 | 20,375 | 20,375 | ||||
Change in fair value of redeemable noncontrolling interests | 39,965 | 39,965 | 39,965 | ||||
Exercise of options to purchase common shares | 462 | 20 | 442 | 462 | |||
Purchase of common shares for treasury | (34,072) | (1,359) | (32,713) | (34,072) | |||
Dividends ($.125 per common share) | (46,738) | (46,738) | (46,738) | ||||
Other | 3,825 | 559 | 3,266 | 3,825 | |||
Ending Balance at Jun. 30, 2017 | $ 10,680,165 | $ 358,645 | $ 4,843,966 | $ 350,442 | $ 4,938,254 | $ 10,491,307 | $ 188,858 |
Consolidated Statements of Cha9
Consolidated Statements of Changes In Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends per common share (in dollars per share) | $ 0.0625 | $ 0.0625 | $ 0.1250 | $ 0.125 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Leucadia National Corporation (“Leucadia” or the “Company”) is a diversified holding company focused on long-term value creation to maximize shareholder value. We continuously review acquisitions of businesses, securities and assets that have the potential for significant long-term value creation, invest in a broad array of businesses, and evaluate the retention and disposition of our existing operations and holdings. Changes in the mix of our businesses and investments should be expected. Our financial services businesses and investments include Jefferies (investment banking and capital markets), Leucadia Asset Management (asset management), Berkadia (commercial mortgage banking, investment sales and servicing), FXCM (provider of online foreign exchange trading services), HomeFed (publicly traded real estate company) and Foursight Capital (vehicle finance). We also own and have investments in a diverse array of other businesses, including National Beef (beef processing), HRG Group (insurance and consumer products), Vitesse Energy and JETX Energy (oil and gas exploration and development), Garcadia (automobile dealerships), Linkem (fixed wireless broadband services in Italy), Idaho Timber (manufacturing company), and Golden Queen (gold and silver mining). The structure of each of our investments was tailored to the unique opportunity each transaction presented. Our investments may be reflected in our consolidated results as consolidated subsidiaries, equity investments, securities, or in other ways, depending on the structure of our specific holdings. Jefferies is a global full-service, integrated securities and investment banking firm. In March 2013, Jefferies became an indirect wholly-owned subsidiary of Leucadia, yet retains a separate credit rating and continues to be a separate SEC reporting company. Through Jefferies, we own 50% of Jefferies Finance LLC ("Jefferies Finance"), our joint venture with Barings, LLC and Massachusetts Mutual Life Insurance Company. Jefferies Finance is a commercial finance company whose primary focus is the origination and syndication of senior secured debt of middle market and growth companies in the form of term and revolving loans. Through Jefferies, we also own a 48.5% voting interest in Jefferies LoanCore, LLC ("Jefferies LoanCore"), a joint venture with the Government of Singapore Investment Corporation, the Canadian Pension Plan Investment Board and LoanCore, LLC. Jefferies LoanCore originates, purchases and securitizes commercial real estate loans throughout the U.S. Jefferies has a November 30 year-end, which it retains for standalone reporting purposes. We reflect Jefferies in our consolidated financial statements utilizing a one month lag. We have reviewed Jefferies business and internal operating results for the month of June 2017 for the purpose of evaluating whether financial statement disclosure or adjustments are required in this Quarterly Report on Form 10-Q, and we have concluded that no additional disclosures or adjustments are warranted. Berkadia Commercial Mortgage LLC ("Berkadia"), our 50-50 equity method joint venture with Berkshire Hathaway Inc., is a U.S. commercial real estate finance company providing capital solutions, investment sales advisory and mortgage servicing for multifamily and commercial properties. Leucadia Asset Management ("LAM") supports and develops focused alternative asset management businesses led by distinct management teams. These primarily include Folger Hill Asset Management LLC ("Folger Hill"), a multi-manager discretionary long/short equity hedge fund platform; Topwater Capital, a first-loss product; 54 Madison Capital, LLC ("54 Madison"), which invests in real estate projects; CoreCommodity Management LLC, an asset manager that focuses on commodities strategies; Tenacis Capital, a systematic macro investment platform; Lake Hill, an electronic trader in listed options and futures across asset classes; as well as several other smaller businesses. In addition, several investment management businesses, including Jefferies Strategic Investments Division, operate under Jefferies and are included under our marketing of the LAM platform. Our investment in FXCM Group, LLC ("FXCM") and associated companies consists of a senior secured term loan due January 2018 ( $122.1 million outstanding at June 30, 2017 ), a 49.9% common membership interest in FXCM and up to 65% of all distributions. FXCM's six -member board is comprised of three directors appointed by Leucadia and three directors appointed by Global Brokerage Holdings, LLC ("Global Brokerage Holdings" and formerly FXCM Holdings, LLC). See Notes 3 and 9 to our consolidated financial statements for additional information. We own an approximate 70% equity method interest in HomeFed, which owns and develops residential and mixed use real estate properties. HomeFed is a public company traded on the NASD OTC Bulletin Board. We own 100% of Foursight Capital, an auto loan originator and servicer, and 85% of Chrome Capital, which owns and manages a portfolio of leases on used Harley-Davidson motorcycles and is in the process of winding down. We own approximately 23% of HRG Group, Inc. ("HRG"), a publicly traded company (NYSE: HRG), and we reflect this investment at fair value based on quoted market prices. HRG primarily owns approximately 58% of Spectrum Brands, a publicly traded (NYSE: SPB) global consumer products company; an approximately 80% ownership stake in Fidelity & Guaranty Life ("FGL"), a publicly traded (NYSE: FGL) life insurance and annuity products company; and Front Street, a long-term reinsurance company. On May 24, 2017, FGL and CF Corporation entered into a definitive agreement and plan of merger pursuant to which CF Corporation will acquire FGL for $31.10 per share in cash. The transaction is expected to close in the fourth quarter of 2017. We own 78.9% of National Beef Packing Company. National Beef processes and markets fresh and chilled boxed beef, ground beef, beef by-products, consumer-ready beef and pork, and wet blue leather for domestic and international markets. National Beef operates two beef processing facilities, three further processing facilities and a wet blue tanning facility, all located in the U.S. National Beef operates one of the largest wet blue tanning facilities in the world that sells processed hides to tanners that produce finished leather for the automotive, luxury goods, apparel and furniture industries. National Beef owns Kansas City Steak Company, LLC, which sells portioned beef and other products directly to customers through the internet, direct mail and direct response television. National Beef also owns a refrigerated and livestock transportation and logistics company that provides transportation services for National Beef and third parties. Garcadia is an equity method joint venture that owns and operates 28 automobile dealerships in California, Texas, Iowa and Michigan. We own approximately 75% of Garcadia. We own approximately 42% of the common shares of Linkem, as well as convertible preferred shares which, if converted, would increase our ownership to approximately 53% of Linkem's common equity at June 30, 2017 . Linkem provides residential broadband services using LTE technologies deployed over the 3.5 GHz spectrum band. Linkem operates in Italy, which has few cable television systems and poor broadband alternatives. Linkem is accounted for under the equity method. Vitesse Energy, LLC ("Vitesse") is our 96% owned consolidated subsidiary that acquires and develops non-operated working and royalty oil and gas interests in the Bakken Shale oil field in North Dakota and Montana as well as the Denver-Julesburg Basin in Wyoming. JETX Energy, LLC ("JETX"), formerly Juneau Energy, LLC, is our 98% owned consolidated subsidiary that engages in the exploration, development and production of oil and gas from onshore, unconventional resource areas. JETX currently has non-operated working interests and acreage in the Texas Gulf Coast regions. Idaho Timber is our consolidated subsidiary engaged in the manufacture and distribution of various wood products, including the following principal activities: remanufacturing dimension lumber; remanufacturing, bundling and bar coding of home center boards for large retailers; and production of pine dimension lumber and 5/4” radius-edge pine decking. Golden Queen Mining Company, LLC ("Golden Queen") owns the Soledad Mountain project, an open pit, heap leach gold and silver mining project in Kern County, California, which commenced gold and silver production in March 2016. We and the Clay family have formed and made contributions to a limited liability company, controlled by us, through which we invested in Golden Queen for the development and operation of the project. Our effective ownership of Golden Queen is approximately 35% which is accounted for under the equity method. Conwed Plastics ("Conwed") was our consolidated subsidiary that manufactured and marketed lightweight plastic netting used for building and construction, erosion and sediment control, packaging, agricultural purposes, carpet padding, filtration, consumer products and other purposes. In January 2017, we sold 100% of Conwed to Schweitzer-Mauduit International, Inc., (NYSE: SWM) for $295 million in cash plus potential earn-out payments over five years of up to $40 million in cash to the extent the results of Conwed’s subsidiary, Filtrexx International, exceed certain performance thresholds. We recognized a $178.2 million pre-tax gain (including working capital adjustments) on the sale of Conwed in Other revenues during the six months ended June 30, 2017 . |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Our unaudited interim consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes which are normally included in our Annual Report on Form 10-K. These financial statements reflect all adjustments (consisting of normal recurring items or items discussed herein) that management believes are necessary to fairly state results for the interim periods presented. Results of operations for interim periods are not necessarily indicative of annual results of operations. For a detailed discussion about the Company’s significant accounting policies, see Note 2, Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended December 31, 2016. Other than the following, there were no significant updates made to the Company’s significant accounting policies. The accounting policy updates are attributable to the implementation of hedge accounting in connection with an interest rate swap entered into during the six months ended June 30, 2017 and the adoption of the Financial Accounting Standards Board (“FASB”) guidance on improvements to employee share-based payment accounting. The preparation of these financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts in the financial statements and disclosures of contingent assets and liabilities. On an on-going basis, we evaluate all of these estimates and assumptions. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, asset impairment, the ability to realize deferred tax assets, the recognition and measurement of uncertain tax positions and contingencies. Although these and other estimates and assumptions are based on the best available information, actual results could be different from these estimates. Principal Transactions Revenues Trading assets and trading liabilities (all of which are recorded on a trade-date basis) are carried at fair value with gains and losses reflected in Principal transaction revenues in our Consolidated Statements of Operations, except for derivatives accounted for as hedges (see “Hedge Accounting” section herein and Note 4). Fees received on loans carried at fair value are also recorded within Principal transaction revenues. Hedge Accounting Jefferies applies hedge accounting using interest rate swaps designated as fair value hedges of changes in the benchmark interest rate of fixed rate senior long-term debt. Jefferies interest rate swaps are included within Trading assets - Derivatives and Trading liabilities - Derivatives in the Consolidated Statements of Financial Condition. Jefferies uses regression analysis to perform ongoing prospective and retrospective assessments of the effectiveness of these hedging relationships. A hedging relationship is deemed effective if the change in fair value of the interest rate swap and the change in the fair value of the long-term debt due to changes in the benchmark interest rate offset within a range of 80% to 125% . The impact of valuation adjustments related to Jefferies own credit spreads and counterparty credit spreads are included in the assessment of effectiveness. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative and the change in fair value of the long-term debt provide offset of one another, and together with any resulting ineffectiveness, are recorded in Interest expense. See Note 4 for further information. Receivables At June 30, 2017 and December 31, 2016 , Receivables include receivables from brokers, dealers and clearing organizations of $3,041.4 million and $2,062.9 million , respectively, and receivables from customers of securities operations of $1,215.4 million and $843.1 million , respectively. Payables, expense accruals and other liabilities At June 30, 2017 and December 31, 2016 , Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $2,332.4 million and $3,290.4 million , respectively, and payables to customers of securities operations of $2,598.1 million and $2,297.3 million , respectively. Supplemental Cash Flow Information For the Six Months Ended June 30, 2017 2016 Cash paid during the year for: (In thousands) Interest $ 535,959 $ 465,861 Income tax payments (refunds), net $ 9,977 $ (14,653 ) During the six months ended June 30, 2017 and 2016 , we had $1.9 million and $24.9 million in non-cash financing activities related to purchases of common shares for treasury which settled subsequent to quarter end. Accounting Developments - Accounting Standards to be Adopted in Future Periods Revenue Recognition. In May 2014, the FASB issued new guidance that defines how companies report revenues from contracts with customers, and also requires enhanced disclosures. The core principle of this new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This guidance is effective for interim and annual periods beginning after December 15, 2017. We intend to adopt the new guidance with a cumulative-effect adjustment to opening retained earnings and our evaluation of the impact this new guidance will have on our consolidated financial statements is ongoing. Financial Instruments. In January 2016, the FASB issued new guidance that affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The guidance is effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact of the new guidance related to equity investments and the presentation and disclosure requirements of financial instruments on our consolidated financial statements. Early adoption was permitted for the accounting guidance on financial liabilities under the fair value option and we adopted this guidance in the first quarter of 2016. The adoption of the guidance on financial liabilities under the fair value option did not have a significant impact on our consolidated financial statements. Leases. In February 2016, the FASB issued new guidance that affects the accounting and disclosure requirements for leases. The FASB requires the recognition of lease assets and lease liabilities on the statement of financial condition. The guidance is effective for annual and interim periods beginning after December 15, 2018. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Financial Instruments - Credit Losses. In June 2016, the FASB issued new guidance for estimating credit losses on certain types of financial instruments by introducing an approach based on expected losses. The guidance is effective for annual and interim periods beginning after December 15, 2019. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Cash Flow Classifications. In August 2016, the FASB issued new guidance to reduce the diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for annual and interim periods beginning after December 15, 2017. In November 2016, the FASB issued new guidance on restricted cash. The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. The guidance is effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Goodwill. In January 2017, the FASB issued new guidance for simplifying goodwill impairment testing. The guidance is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Retirement Benefits. In March 2017, the FASB issued new guidance for improving the presentation of net periodic pension costs in the statement of operations. The update also allows the service cost to be eligible for capitalization, when applicable. The guidance is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Compensation. In May 2017, the FASB issued new guidance providing clarity and reducing diversity in practice and cost and complexity when accounting for a change to the terms or conditions of a share-based payment award. The guidance is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Accounting Developments - Adopted Accounting Standards Share-Based Payments to Employees. In January 2017, we adopted the FASB's new guidance that simplifies and improves accounting for share-based payments. The amendments include the recognition of all excess tax benefits and tax deficiencies as income tax expense or benefit in the statement of operations and changes to the timing of recognition of excess tax benefits, the accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of this guidance did not have a significant impact on our consolidated financial statements. We elected to account for forfeitures as they occur, which results in dividends and dividend equivalents originally charged against retained earnings for forfeited shares to be reclassified to compensation expense in the period in which the forfeiture occurs. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The following is a summary of our financial instruments, trading liabilities, short-term borrowings and long-term debt that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value ("NAV") (within trading assets) of $23.7 million and $24.3 million , respectively, by level within the fair value hierarchy at June 30, 2017 and December 31, 2016 (in thousands): June 30, 2017 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,932,334 $ 190,371 $ 20,548 $ — $ 3,143,253 Corporate debt securities — 2,922,772 24,727 — 2,947,499 Collateralized debt obligations and collateralized loan obligations — 23,519 48,208 — 71,727 U.S. government and federal agency securities 1,531,038 90,785 — — 1,621,823 Municipal securities — 600,039 — — 600,039 Sovereign obligations 1,326,731 1,055,853 — — 2,382,584 Residential mortgage-backed securities — 1,419,269 33,032 — 1,452,301 Commercial mortgage-backed securities — 433,958 16,263 — 450,221 Other asset-backed securities — 141,908 43,349 — 185,257 Loans and other receivables 1,677 1,681,753 49,365 — 1,732,795 Derivatives 45,986 3,013,731 6,860 (2,873,083 ) 193,494 Investments at fair value — — 315,297 — 315,297 FXCM term loan — — 129,050 — 129,050 Total trading assets, excluding investments at fair value based on NAV $ 5,837,766 $ 11,573,958 $ 686,699 $ (2,873,083 ) $ 15,225,340 Available for sale securities: Corporate equity securities $ 94,260 $ — $ — $ — $ 94,260 U.S. government securities 169,316 — — — 169,316 Residential mortgage-backed securities — 32,825 — — 32,825 Commercial mortgage-backed securities — 8,947 — — 8,947 Other asset-backed securities — 30,707 — — 30,707 Total available for sale securities $ 263,576 $ 72,479 $ — $ — $ 336,055 Liabilities: Trading liabilities: Corporate equity securities $ 1,492,792 $ 29,538 $ 354 $ — $ 1,522,684 Corporate debt securities — 1,786,165 522 — 1,786,687 U.S. government and federal agency securities 1,354,488 — — — 1,354,488 Sovereign obligations 1,502,643 1,194,090 — — 2,696,733 Residential mortgage-backed securities — 1,078 — — 1,078 Commercial mortgage-backed securities — — 70 — 70 Loans — 1,291,694 4,967 — 1,296,661 Derivatives 48,431 3,266,417 9,882 (2,860,565 ) 464,165 Total trading liabilities $ 4,398,354 $ 7,568,982 $ 15,795 $ (2,860,565 ) $ 9,122,566 Short-term borrowings $ — $ 28,044 $ — $ — $ 28,044 Long-term debt - structured notes $ — $ 392,807 $ — $ — $ 392,807 December 31, 2016 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,522,977 $ 92,839 $ 21,739 $ — $ 2,637,555 Corporate debt securities — 2,675,020 25,005 — 2,700,025 Collateralized debt obligations and collateralized loan obligations — 54,306 54,354 — 108,660 U.S. government and federal agency securities 2,389,397 56,726 — — 2,446,123 Municipal securities — 708,469 27,257 — 735,726 Sovereign obligations 1,432,556 990,492 — — 2,423,048 Residential mortgage-backed securities — 960,494 38,772 — 999,266 Commercial mortgage-backed securities — 296,405 20,580 — 316,985 Other asset-backed securities — 63,587 40,911 — 104,498 Loans and other receivables — 1,557,233 81,872 — 1,639,105 Derivatives 3,825 4,616,822 6,429 (4,255,998 ) 371,078 Investments at fair value — — 314,359 — 314,359 FXCM term loan — — 164,500 — 164,500 Total trading assets, excluding investments at fair value based on NAV $ 6,348,755 $ 12,072,393 $ 795,778 $ (4,255,998 ) $ 14,960,928 Available for sale securities: Corporate equity securities $ 79,425 $ — $ — $ — $ 79,425 Corporate debt securities — 179 — — 179 U.S. government securities 174,933 — — — 174,933 Residential mortgage-backed securities — 19,133 — — 19,133 Commercial mortgage-backed securities — 8,337 — — 8,337 Other asset-backed securities — 19,042 — — 19,042 Total available for sale securities $ 254,358 $ 46,691 $ — $ — $ 301,049 Liabilities: Trading liabilities: Corporate equity securities $ 1,593,548 $ 16,806 $ 313 $ — $ 1,610,667 Corporate debt securities — 1,718,424 523 — 1,718,947 U.S. government and federal agency securities 976,497 — — — 976,497 Sovereign obligations 1,375,590 1,253,754 — — 2,629,344 Loans — 801,977 378 — 802,355 Derivatives 2,566 4,867,586 9,870 (4,229,213 ) 650,809 Total trading liabilities $ 3,948,201 $ 8,658,547 $ 11,084 $ (4,229,213 ) $ 8,388,619 Other secured financings $ — $ 41,350 $ 418 $ — $ 41,768 Long-term debt - structured notes $ — $ 248,856 $ — $ — $ 248,856 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. The following is a description of the valuation basis, including valuation techniques and inputs, used in measuring our financial assets and liabilities that are accounted for at fair value on a recurring basis: Corporate Equity Securities • Exchange Traded Equity Securities: Exchange traded equity securities are measured based on quoted closing exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy, otherwise they are categorized within Level 2 of the fair value hierarchy. • Non-exchange Traded Equity Securities : Non-exchange traded equity securities are measured primarily using broker quotations, pricing data from external pricing services and prices observed for recently executed market transactions and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange traded equity securities are categorized within Level 3 of the fair value hierarchy and measured using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/Earnings before interest, taxes, depreciation and amortization ("EBITDA"), price/book value), discounted cash flow analyses and transaction prices observed for subsequent financing or capital issuance by Jefferies. When using pricing data of comparable companies, judgment must be applied to adjust the pricing data to account for differences between the measured security and the comparable security (e.g., issuer market capitalization, yield, dividend rate, geographical concentration). • Equity Warrants: Non-exchange traded equity warrants are measured primarily using pricing data from external pricing services, prices observed for recently executed market transactions and broker quotations and are categorized within Level 2 of the fair value hierarchy. Where such information is not available, non-exchange traded equity warrants are generally categorized within Level 3 of the fair value hierarchy and are measured using the Black-Scholes model with key inputs impacting the valuation including the underlying security price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Corporate Debt Securities • Corporate Bonds: Corporate bonds are measured primarily using pricing data from external pricing services and broker quotations, where available, prices observed for recently executed market transactions and bond spreads or credit default swap spreads of the issuer adjusted for basis differences between the swap curve and the bond curve. Corporate bonds measured using these valuation methods are categorized within Level 2 of the fair value hierarchy. If broker quotes, pricing data or spread data is not available, alternative valuation techniques are used including cash flow models incorporating interest rate curves, single name or index credit default swap curves for comparable issuers and recovery rate assumptions. Corporate bonds measured using alternative valuation techniques are categorized within Level 3 of the fair value hierarchy and are a limited portion of our corporate bonds. • High Yield Corporate and Convertible Bonds: A significant portion of our high yield corporate and convertible bonds are categorized within Level 2 of the fair value hierarchy and are measured primarily using broker quotations and pricing data from external pricing services, where available, and prices observed for recently executed market transactions of comparable size. Where pricing data is less observable, valuations are categorized within Level 3 and are based on pending transactions involving the issuer or comparable issuers, prices implied from an issuer’s subsequent financings or recapitalizations, models incorporating financial ratios and projected cash flows of the issuer and market prices for comparable issuers. Collateralized Debt Obligations and Collateralized Loan Obligations Collateralized debt obligations (“CDOs”) and collateralized loan obligations (“CLOs”) are measured based on prices observed for recently executed market transactions of the same or similar security or based on valuations received from third party brokers or data providers and are categorized within Level 2 or Level 3 of the fair value hierarchy depending on the observability and significance of the pricing inputs. Valuation that is based on recently executed market transactions of similar securities incorporates additional review and analysis of pricing inputs and comparability criteria including, but not limited to, collateral type, tranche type, rating, origination year, prepayment rates, default rates, and loss severity. U.S. Government and Federal Agency Securities • U.S. Treasury Securities: U.S. Treasury securities are measured based on quoted market prices and categorized within Level 1 of the fair value hierarchy. • U.S. Agency Issued Debt Securities: Callable and non-callable U.S. agency issued debt securities are measured primarily based on quoted market prices obtained from external pricing services and are generally categorized within Level 1 or Level 2 of the fair value hierarchy. Municipal Securities Municipal securities are measured based on quoted prices obtained from external pricing services and are generally categorized within Level 2 of the fair value hierarchy. Sovereign Obligations Foreign sovereign government obligations are measured based on quoted market prices obtained from external pricing services, where available, or recently executed independent transactions of comparable size. To the extent external price quotations are not available or recent transactions have not been observed, valuation techniques incorporating interest rate yield curves and country spreads for bonds of similar issuers, seniority and maturity are used to determine fair value of sovereign bonds or obligations. Foreign sovereign government obligations are classified in Level 1, Level 2 or Level 3 of the fair value hierarchy, primarily based on the country of issuance. Residential Mortgage-Backed Securities • Agency Residential Mortgage-Backed Securities: Agency residential mortgage-backed securities include mortgage pass-through securities (fixed and adjustable rate), collateralized mortgage obligations and interest-only and principal-only securities and are generally measured using market price quotations from external pricing services and categorized within Level 2 of the fair value hierarchy. • Agency Residential Interest-Only and Inverse Interest-Only Securities ("Agency Inverse IOs"): The fair value of Agency Inverse IOs is estimated using expected future cash flow techniques that incorporate prepayment models and other prepayment assumptions to amortize the underlying mortgage loan collateral. We use prices observed for recently executed transactions to develop market-clearing spread and yield curve assumptions. Valuation inputs with regard to the underlying collateral incorporate weighted average coupon, loan-to-value, credit scores, geographic location, maximum and average loan size, originator, servicer, and weighted average loan age. Agency Inverse IOs are categorized within Level 2 of the fair value hierarchy. We also use vendor data in developing our assumptions, as appropriate. • Non-Agency Residential Mortgage-Backed Securities: Fair values are determined primarily using discounted cash flow methodologies and securities are categorized within Level 2 or Level 3 of the fair value hierarchy based on the observability and significance of the pricing inputs used. Performance attributes of the underlying mortgage loans are evaluated to estimate pricing inputs, such as prepayment rates, default rates and the severity of credit losses. Attributes of the underlying mortgage loans that affect the pricing inputs include, but are not limited to, weighted average coupon; average and maximum loan size; loan-to-value; credit scores; documentation type; geographic location; weighted average loan age; originator; servicer; historical prepayment, default and loss severity experience of the mortgage loan pool; and delinquency rate. Yield curves used in the discounted cash flow models are based on observed market prices for comparable securities and published interest rate data to estimate market yields. Commercial Mortgage-Backed Securities • Agency Commercial Mortgage-Backed Securities: Government National Mortgage Association (“GNMA”) project loans are measured based on inputs corroborated from and benchmarked to observed prices of recent securitization transactions of similar securities with adjustments incorporating an evaluation for various factors, including prepayment speeds, default rates, and cash flow structures as well as the likelihood of pricing levels in the current market environment. Federal National Mortgage Association (“FNMA”) Delegated Underwriting and Servicing (“DUS”) mortgage-backed securities are generally measured by using prices observed for recently executed market transactions to estimate market-clearing spread levels for purposes of estimating fair value. GNMA project loan bonds and FNMA DUS mortgage-backed securities are categorized within Level 2 of the fair value hierarchy. • Non-Agency Commercial Mortgage-Backed Securities: Non-agency commercial mortgage-backed securities are measured using pricing data obtained from external pricing services and prices observed for recently executed market transactions and are categorized within Level 2 and Level 3 of the fair value hierarchy. Other Asset-Backed Securities Other asset-backed securities include, but are not limited to, securities backed by auto loans, credit card receivables, student loans and other consumer loans and are categorized within Level 2 and Level 3 of the fair value hierarchy. Valuations are primarily determined using pricing data obtained from external pricing services and broker quotes and prices observed for recently executed market transactions. Loans and Other Receivables • Corporate Loans: Corporate loans categorized within Level 2 of the fair value hierarchy are measured based on market price quotations where market price quotations from external pricing services are supported by transaction data. Corporate loans categorized within Level 3 of the fair value hierarchy are measured based on price quotations that are considered to be less transparent, market prices for debt securities of the same creditor, and estimates of future cash flow incorporating assumptions regarding creditor default and recovery rates and consideration of the issuer’s capital structure. • Participation Certificates in Agency Residential Loans: Valuations of participation certificates in agency residential loans are based on observed market prices of recently executed purchases and sales of similar loans. The loan participation certificates are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions and availability of data provider pricing. • Project Loans and Participation Certificates in GNMA Project and Construction Loans: Valuations of participation certificates in GNMA project and construction loans are based on inputs corroborated from and benchmarked to observed prices of recent securitizations of assets with similar underlying loan collateral to derive an implied spread. Securitization prices are adjusted to estimate the fair value of the loans incorporating an evaluation for various factors, including prepayment speeds, default rates, and cash flow structures as well as the likelihood of pricing levels in the current market environment. The measurements are categorized within Level 2 of the fair value hierarchy given the observability and volume of recently executed transactions. • Consumer Loans and Funding Facilities: Consumer and small business whole loans and related funding facilities are valued based on observed market transactions incorporating additional valuation inputs including, but not limited to, delinquency and default rates, prepayment rates, borrower characteristics, loan risk grades and loan age. These assets are categorized within Level 2 or Level 3 of the fair value hierarchy. • Escrow and Trade Claim Receivables: Escrow and trade claim receivables are categorized within Level 3 of the fair value hierarchy where fair value is estimated based on reference to market prices and implied yields of debt securities of the same or similar issuers. Escrow and trade claim receivables are categorized within Level 2 of the fair value hierarchy where fair value is based on recent trade activity in the same security. Derivatives • Listed Derivative Contracts: Listed derivative contracts that are actively traded are measured based on quoted exchange prices, which are generally obtained from external pricing services, and are categorized within Level 1 of the fair value hierarchy. Listed derivatives for which there is limited trading activity are measured based on incorporating the closing auction price of the underlying equity security, use similar valuation approaches as those applied to over-the-counter derivative contracts and are categorized within Level 2 of the fair value hierarchy. • OTC Derivative Contracts: Over-the-counter ("OTC") derivative contracts are generally valued using models, whose inputs reflect assumptions that we believe market participants would use in valuing the derivative in a current period transaction. Inputs to valuation models are appropriately calibrated to market data. For many OTC derivative contracts, the valuation models do not involve material subjectivity as the methodologies do not entail significant judgment and the inputs to valuation models do not involve a high degree of subjectivity as the valuation model inputs are readily observable or can be derived from actively quoted markets. OTC derivative contracts are primarily categorized within Level 2 of the fair value hierarchy given the observability and significance of the inputs to the valuation models. Where significant inputs to the valuation are unobservable, derivative instruments are categorized within Level 3 of the fair value hierarchy. OTC options include OTC equity, foreign exchange, interest rate and commodity options measured using various valuation models, such as the Black-Scholes, with key inputs impacting the valuation including the underlying security, foreign exchange spot rate or commodity price, implied volatility, dividend yield, interest rate curve, strike price and maturity date. Discounted cash flow models are utilized to measure certain OTC derivative contracts including the valuations of our interest rate swaps, which incorporate observable inputs related to interest rate curves, valuations of our foreign exchange forwards and swaps, which incorporate observable inputs related to foreign currency spot rates and forward curves and valuations of our commodity swaps and forwards, which incorporate observable inputs related to commodity spot prices and forward curves. Credit default swaps include both index and single-name credit default swaps. External prices are available as inputs in measuring index credit default swaps and single-name credit default swaps. For commodity and equity total return swaps, market prices are observable for the underlying asset and used as the basis for measuring the fair value of the derivative contracts. Total return swaps executed on other underlyings are measured based on valuations received from external pricing services. • National Beef Derivatives: National Beef uses futures contracts in order to reduce its exposure associated with entering into firm commitments to purchase live cattle at prices determined prior to the delivery of the cattle as well as firm commitments to sell certain beef products at sales prices determined prior to shipment. The futures contracts and their related firm purchase commitments are accounted for at fair value, which are classified as Level 1 or Level 2 within the fair value hierarchy. Certain firm commitments for live cattle purchases and all firm commitments for sales are treated as normal purchases and sales and therefore not marked to market. Fair values classified as Level 1 are calculated based on the quoted market prices of identical assets or liabilities compared to National Beef's cost of those same assets or liabilities. Fair values classified as Level 2 are calculated based on the difference between the contracted price for live cattle and the relevant quoted market price for live cattle futures. • Oil Futures Derivatives: Vitesse uses swaps and call and put options in order to reduce exposure to future oil price fluctuations. Vitesse accounts for the derivative instruments at fair value, which are classified as Level 2 within the fair value hierarchy. Fair values classified as Level 2 are determined under the income valuation technique using an option-pricing model that is based on directly or indirectly observable inputs. Investments at Fair Value Investments at fair value included in Trading assets on the Consolidated Statements of Financial Condition include direct equity investments in private companies, which are measured at fair value using valuation techniques involving quoted prices of or market data for comparable companies, similar company ratios and multiples (e.g., price/EBITDA, price/book value), discounted cash flow analysis and transaction prices observed for subsequent financing or capital issuance by the company. Direct equity investments in private companies are categorized within Level 2 or Level 3 of the fair value hierarchy. Additionally, investments at fair value include investments in insurance contracts relating to Jefferies defined benefit plan in Germany. Fair value for the insurance contracts are determined using a third party and is categorized within Level 3 of the fair value hierarchy. Investment in FXCM FXCM is an online provider of foreign exchange trading services. In January 2015, we entered into a credit agreement with FXCM, and provided FXCM a $300 million senior secured term loan due January 2017 (the term of which was subsequently extended by one year to January 2018), with rights to a variable proportion of certain future distributions in connection with an FXCM sale of assets or certain other events, and to require a sale of FXCM beginning in January 2018. The loan had an initial interest rate of 10% per annum, increasing by 1.5% per annum each quarter, not to exceed 20.5% per annum. During the six months ended June 30, 2017 , interest accrued at 20.5% per annum. During the six months ended June 30, 2017 , we received $50.8 million of principal and interest from FXCM and $122.1 million of principal remained outstanding under the term loan as of June 30, 2017 . Through September 1, 2016, the total amount of our investment in FXCM was reported within Trading assets, at fair value in our Consolidated Statements of Financial Condition, and unrealized and realized changes in value, including the component related to interest income on the loan, were included within Principal transactions in the Consolidated Statements of Operations. We recorded in Principal transactions an aggregate of $4.4 million and $15.3 million of gains during the three and six months ended June 30, 2017 , respectively, from our term loan and unrealized mark downs of $(47.9) million and $(101.1) million during the three and six months ended June 30, 2016 , respectively, from our term loan and related rights. On September 1, 2016, we, Global Brokerage Inc. ("Global Brokerage" and formerly FXCM Inc.) and Global Brokerage Holdings entered into an agreement that amended the terms of our loan and associated rights. Among other changes, the amendments extended the maturity of the term loan by one year to January 2018 to allow FXCM more time to optimize remaining asset sales; gave Leucadia a 49.9% common membership interest in FXCM, and up to 65% of all distributions; created a six -member board for FXCM, comprised of three directors appointed by Leucadia and three directors appointed by Global Brokerage Holdings; put in place a long-term incentive program for FXCM's senior management; and gave Global Brokerage Holdings the same right Leucadia has to require a sale of FXCM beginning in January 2018. Distributions to Leucadia under the amended agreements are now: 100% until amounts due under the loan are repaid; 45% of the next $350 million ; then 79.2% of the next $500 million ; and 51.6% of all amounts thereafter. During February 2017, Global Brokerage Holdings and FXCM's U.S. subsidiary, Forex Capital Markets LLC ("FXCM U.S.") settled complaints filed by the National Futures Association ("NFA") and the Commodity Futures Trading Commission ("CFTC") against FXCM U.S. and certain of its principals relating to matters that occurred between 2010 and 2014. The NFA settlement has no monetary fine and the CFTC settlement has a $7 million fine. As part of the settlements, FXCM U.S. withdrew from business and agreed to sell FXCM U.S.'s customer accounts to Gain Capital Holdings, Inc. FXCM U.S. generated approximately 20% of FXCM's revenue, but was not profitable. FXCM also announced the implementation of a restructuring plan that included the termination of approximately 170 employees, which represented approximately 22% of its global workforce. The proceeds from the sale of the U.S. accounts, net of closure and severance costs, as well as regulatory capital released after a sale, has been used to pay down the Leucadia term loan. As part of the settlement, Leucadia, Global Brokerage Holdings and FXCM have amended the management and incentive compensation agreements, giving any three directors of the FXCM board the right to terminate management and any unvested incentive compensation at any time. We do not hold any equity interest in Global Brokerage, a publicly traded company and an issuer of senior convertible notes. Global Brokerage holds an economic interest of 74.5% in Global Brokerage Holdings, which in turn holds 50.1% of FXCM. As more fully described above, we own the remaining 49.9% of FXCM, and our senior secured term loan is also with FXCM, which is a holding company for all of FXCM's affiliated operating subsidiaries. Net profits and proceeds generated by these subsidiaries, and from the sales of these subsidiaries, flow first to FXCM, where they are applied to the outstanding balance of our term loan and then, in accordance with the agreement described above, to us and Global Brokerage Holdings. A portion of the profits and proceeds that flow to Global Brokerage Holdings then flow to Global Brokerage, in accordance with its economic interest. Through the amendments on September 1, 2016, our derivative rights were exchanged for a 49.9% common membership interest in FXCM and up to 65% of all distributions. We gained the ability to significantly influence FXCM through our common membership interest and our seats on the board of directors. As a result, we classify our equity investment in FXCM in our June 30, 2017 Consolidated Statement of Financial Condition as Loans to and investments in associated companies. We account for our equity interest on a one month lag. As the amendments only extended the maturity of the term loan, we continue to use the fair value option and classify our term loan within Trading assets, at fair value. FXCM is considered a variable interest entity ("VIE") and our term loan and equity ownership are variable interests. We have determined that we are not the primary beneficiary of FXCM because we do not have the power to direct the activities that most significantly impact FXCM's performance. Therefore, we do not consolidate FXCM and we account for our equity interest as an investment in an associated company. Our maximum exposure to loss as a result of our involvement with FXCM is limited to the carrying value of the term loan ( $129.1 million ) and the investment in associated company ( $174.3 million ), which totaled $303.4 million at June 30, 2017 . We engaged an independent valuation firm to assist management in estimating the fair value of our loan to FXCM. Our estimate of fair value was determined using valuation models with inputs including management’s assumptions concerning the amount and timing of expected cash flows, the loan’s implied credit rating and effective yield. Because of these inputs and the degree of judgment involved, we have categorized our term loan in Level 3. Nonrecurring Fair Value Measurements As described further in Note 9, in the first quarter of 2017 we engaged an independent valuation firm to assist management in estimating the fair value of our equity investment in FXCM. Our first quarter estimate of fair value was based on a discounted cash flow and comparable public company analysis and is categorized within Level 3 of the fair value hierarchy. The discounted cash flow valuation model used inputs including management's projections of future FXCM cash flows and a discount rate of approximately 15% . The comparable public company model used market data for comparable companies including a price to EBITDA multiple of 5.4 and a price to revenue multiple of 1.5 . The estimated fair value of our equity investment in FXCM was $186.7 million , which was $130.2 million lower than the carrying value at the end of the first quarter 2017. As a result, an impairment charge of $130.2 million was recorded in the first quarter of 2017. Investments at Fair Value Based on NAV and Investments in Managed Funds Investments at fair value based on NAV and Investments in managed funds include investments in hedge funds, fund of funds, private equity funds and other funds, which are measured at the NAV of the funds, provided by the fund managers and are excluded from the fair value hierarchy. The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands). Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) June 30, 2017 Equity Long/Short Hedge Funds (2) $ 368,742 $ — (2) Fixed Income and High Yield Hedge Funds (3) 420 — — Fund of Funds (4) 183 — — Equity Funds (5) 32,878 20,040 — Multi-asset Funds (6) 124,792 — — Total $ 527,015 $ 20,040 December 31, 2016 Equity Long/Short Hedge Funds (2) $ 363,256 $ — (2) Fixed Income and High Yield Hedge Funds (3) 772 — — Fund of Funds (4) 230 — — Equity Funds (5) 42,179 20,295 — Multi-asset Funds (6) 133,190 — — Total $ 539,627 $ 20,295 (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements. (2) This category includes investments in hedge funds that invest, long and short, in primarily equity securities in domestic and international markets in both the public and private sectors. At June 30, 2017 and December 31, 2016 , the majority of these investments are redeemable with 10 business days or less prior written notice. (3) This category includes investments in funds that invest in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. (4) This category includes investments in fund of funds that invest in various private equity funds. The investments in this category are managed by us and have no redemption provisions. These investments are gradually being liquidated or we have requested redemption, however, we are unable to estimate when these funds will be received. (5) At June 30, 2017 and December 31, 2016 , the investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private com |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Off-Balance Sheet Risk Jefferies has contractual commitments arising in the ordinary course of business for securities loaned or purchased under agreements to resell, repurchase agreements, future purchases and sales of foreign currencies, securities transactions on a when-issued basis and underwriting. Each of these financial instruments and activities contains varying degrees of off-balance sheet risk whereby the fair values of the securities underlying the financial instruments may be in excess of, or less than, the contract amount. The settlement of these transactions is not expected to have a material effect upon our consolidated financial statements. Derivative Financial Instruments Derivative activities are recorded at fair value in the Consolidated Statements of Financial Condition in Trading assets and Trading liabilities, net of cash paid or received under credit support agreements and on a net counterparty basis when a legally enforceable right to offset exists under a master netting agreement. Predominantly, Jefferies and our Leucadia Asset Management businesses enter into derivative transactions to satisfy the needs of its clients and to manage its own exposure to market and credit risks resulting from its trading activities. In addition, Jefferies applies hedge accounting to an interest rate swap that has been designated as a fair value hedge of the changes in fair value due to the benchmark interest rate for certain fixed rate senior long-term debt. See Notes 3 and 20 for additional disclosures about derivative financial instruments. Derivatives are subject to various risks similar to other financial instruments, including market, credit and operational risk. The risks of derivatives should not be viewed in isolation, but rather should be considered on an aggregate basis along with our other trading-related activities. Jefferies manages the risks associated with derivatives on an aggregate basis along with the risks associated with proprietary trading as part of its firm wide risk management policies. In connection with Jefferies derivative activities, Jefferies may enter into International Swaps and Derivative Association, Inc. (“ISDA”) master netting agreements or similar agreements with counterparties. See Note 10 for additional information with respect to financial statement offsetting. The following tables present the fair value and related number of derivative contracts categorized by type of derivative contract as reflected in the Consolidated Statements of Financial Condition at June 30, 2017 and December 31, 2016 . The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding: 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands, except contract amounts): Assets Liabilities Fair Value Number of Contracts Fair Value Number of Contracts June 30, 2017 Derivatives designated as accounting hedges - interest rate contracts $ 10,448 1 $ — — Derivatives not designated as accounting hedges: Interest rate contracts $ 2,233,762 22,891 $ 2,151,955 52,954 Foreign exchange contracts 295,195 6,185 293,593 6,234 Equity contracts 470,327 2,028,244 817,737 1,724,541 Commodity contracts 5,924 8,482 6,447 8,681 Credit contracts 50,921 209 54,998 214 Total 3,056,129 3,324,730 Counterparty/cash-collateral netting (1) (2,873,083 ) (2,860,565 ) Total derivatives not designated as accounting hedges $ 183,046 $ 464,165 Total per Consolidated Statement of Financial Condition (2) $ 193,494 $ 464,165 December 31, 2016 Derivatives not designated as accounting hedges: Interest rate contracts $ 3,282,245 29,032 $ 3,159,457 34,845 Foreign exchange contracts 529,669 7,826 516,869 8,319 Equity contracts 786,987 2,843,329 1,169,201 2,414,715 Commodity contracts 1,906 2,766 6,430 7,289 Credit contracts 26,269 311 28,065 20,084 Total 4,627,076 4,880,022 Counterparty/cash-collateral netting (1) (4,255,998 ) (4,229,213 ) Total per Consolidated Statement of Financial Condition (2) $ 371,078 $ 650,809 (1) Amounts netted include both netting by counterparty and for cash collateral paid or received. (2) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition. The following table provides information related to gains (losses) recognized in Interest expense in the Consolidated Statements of Operations on a fair value hedge (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest rate swaps $ 12,352 $ — $ 7,743 $ — Long-term debt (10,295 ) — (4,890 ) — Total $ 2,057 $ — $ 2,853 $ — The following table presents unrealized and realized gains (losses) on derivative contracts which are primarily recognized in Principal transactions revenues in the Consolidated Statements of Operations, which are utilized in connection with our client activities and our economic risk management activities for the three and six months ended June 30, 2017 and 2016 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest rate contracts $ 362 $ (5,877 ) $ 10,040 $ (74,390 ) Foreign exchange contracts 357 4,067 2,860 4,903 Equity contracts 26,918 (97,570 ) (151,704 ) (321,852 ) Commodity contracts (8,791 ) (3,155 ) (1,543 ) (2,426 ) Credit contracts 3,888 10,779 14,080 (196 ) Total $ 22,734 $ (91,756 ) $ (126,267 ) $ (393,961 ) The net gains (losses) on derivative contracts in the table above are one of a number of activities comprising Jefferies business activities and are before consideration of economic hedging transactions, which generally offset the net gains (losses) included above. Jefferies substantially mitigates its exposure to market risk on its cash instruments through derivative contracts, which generally provide offsetting revenues, and Jefferies manages the risk associated with these contracts in the context of its overall risk management framework. OTC Derivatives. The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities as reflected in the Consolidated Statement of Financial Condition at June 30, 2017 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross- Maturity Netting (4) Total Commodity swaps, options and forwards $ 881 $ 689 $ — $ — $ 1,570 Equity swaps and options 4,049 4,275 173 — 8,497 Credit default swaps 3,671 1,515 10,562 (164 ) 15,584 Total return swaps 20,455 2,652 262 (822 ) 22,547 Foreign currency forwards, swaps and options 67,899 6,873 — (2,998 ) 71,774 Interest rate swaps, options and forwards 36,082 164,435 103,571 (65,569 ) 238,519 Total $ 133,037 $ 180,439 $ 114,568 $ (69,553 ) 358,491 Cross product counterparty netting (12,314 ) Total OTC derivative assets included in Trading assets $ 346,177 (1) At June 30, 2017 , we held exchange traded derivative assets and other credit agreements with a fair value of $13.9 million , which are not included in this table. (2) OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received in the Consolidated Statements of Financial Condition. At June 30, 2017 , cash collateral received was $166.6 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 1,021 $ — $ — $ — $ 1,021 Equity swaps and options 13,419 19,142 3,087 — 35,648 Credit default swaps 1,986 12,843 2,651 (164 ) 17,316 Total return swaps 18,801 4,075 203 (822 ) 22,257 Foreign currency forwards, swaps and options 70,140 3,065 — (2,998 ) 70,207 Fixed income forwards 1,687 — — — 1,687 Interest rate swaps, options and forwards 33,981 92,311 86,507 (65,569 ) 147,230 Total $ 141,035 $ 131,436 $ 92,448 $ (69,553 ) 295,366 Cross product counterparty netting (12,314 ) Total OTC derivative liabilities included in Trading liabilities $ 283,052 (1) At June 30, 2017 , we held exchange traded derivative liabilities and other credit agreements with a fair value of $335.2 million , which are not included in this table. (2) OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged in the Consolidated Statements of Financial Condition. At June 30, 2017 , cash collateral pledged was $154.1 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. At June 30, 2017 , the counterparty credit quality with respect to the fair value of our OTC derivative assets was as follows (in thousands): Counterparty credit quality (1): A- or higher $ 156,240 BBB- to BBB+ 56,371 BB+ or lower 74,164 Unrated 59,402 Total $ 346,177 (1) Jefferies utilizes internal credit ratings determined by the Jefferies Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. Contingent Features Certain of Jefferies derivative instruments contain provisions that require their debt to maintain an investment grade credit rating from each of the major credit rating agencies. If Jefferies debt were to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on Jefferies derivative instruments in liability positions. The aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a liability position at June 30, 2017 and December 31, 2016 is $122.5 million and $70.6 million , respectively, for which Jefferies has posted collateral of $80.9 million and $44.4 million , respectively, in the normal course of business. If the credit-risk-related contingent features underlying these agreements were triggered on June 30, 2017 and December 31, 2016 , Jefferies would have been required to post an additional $40.7 million and $26.1 million , respectively, of collateral to its counterparties. Other Derivatives National Beef uses futures contracts in order to reduce its exposure associated with entering into firm commitments to purchase live cattle at prices determined prior to the delivery of the cattle as well as firm commitments to sell certain beef products at sales prices determined prior to shipment. National Beef accounts for the futures contracts at fair value. Firm commitments for sales are treated as normal sales and therefore not marked to market. Certain firm commitments to purchase cattle, are marked to market when a price has been agreed upon, otherwise they are treated as normal purchases and, therefore, not marked to market. The gains and losses associated with the change in fair value of the futures contracts and offsetting gains and losses associated with changes in the market value of certain of the firm purchase commitments are recorded to income and expense in the period of change. Vitesse uses swaps and call and put options in order to reduce exposure to future oil price fluctuations. Vitesse accounts for the derivative instruments at fair value. The gains and losses associated with the change in fair value of the derivatives are recorded in income. |
Collateralized Transactions
Collateralized Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Collateralized Transactions [Abstract] | |
Collateralized Transactions | Collateralized Transactions Jefferies enters into secured borrowing and lending arrangements to obtain collateral necessary to effect settlement, finance inventory positions, meet customer needs or re-lend as part of dealer operations. Jefferies monitors the fair value of the securities loaned and borrowed on a daily basis as compared with the related payable or receivable, and requests additional collateral or returns excess collateral, as appropriate. Jefferies pledges financial instruments as collateral under repurchase agreements, securities lending agreements and other secured arrangements, including clearing arrangements. Jefferies agreements with counterparties generally contain contractual provisions allowing the counterparty the right to sell or repledge the collateral. Pledged securities owned that can be sold or repledged by the counterparty are included in Financial instruments owned and noted parenthetically as Securities pledged on our Consolidated Statements of Financial Condition. The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by class of collateral pledged and remaining contractual maturity (in thousands): Collateral Pledged Securities Lending Arrangements Repurchase Agreements Total June 30, 2017 Corporate equity securities $ 2,862,228 $ 217,080 $ 3,079,308 Corporate debt securities 572,028 2,135,355 2,707,383 Mortgage- and asset-backed securities — 2,612,660 2,612,660 U.S. government and federal agency securities 12,597 9,315,643 9,328,240 Municipal securities — 398,605 398,605 Sovereign obligations — 2,032,359 2,032,359 Loans and other receivables — 605,630 605,630 Total $ 3,446,853 $ 17,317,332 $ 20,764,185 December 31, 2016 Corporate equity securities $ 2,046,243 $ 66,291 $ 2,112,534 Corporate debt securities 731,276 1,907,888 2,639,164 Mortgage- and asset-backed securities — 2,171,480 2,171,480 U.S. government and federal agency securities 41,613 9,232,624 9,274,237 Municipal securities — 553,010 553,010 Sovereign obligations — 2,625,079 2,625,079 Loans and other receivables — 455,960 455,960 Total $ 2,819,132 $ 17,012,332 $ 19,831,464 Contractual Maturity Overnight and Continuous Up to 30 Days 30 to 90 Days Greater than 90 Days Total June 30, 2017 Securities lending arrangements $ 2,247,140 $ 37,112 $ 693,014 $ 469,587 $ 3,446,853 Repurchase agreements 9,215,374 3,994,002 2,666,364 1,441,592 17,317,332 Total $ 11,462,514 $ 4,031,114 $ 3,359,378 $ 1,911,179 $ 20,764,185 December 31, 2016 Securities lending arrangements $ 2,131,891 $ 39,673 $ 104,516 $ 543,052 $ 2,819,132 Repurchase agreements 9,147,176 2,008,119 3,809,533 2,047,504 17,012,332 Total $ 11,279,067 $ 2,047,792 $ 3,914,049 $ 2,590,556 $ 19,831,464 Jefferies receives securities as collateral under resale agreements, securities borrowing transactions and customer margin loans. Jefferies also receives securities as collateral in connection with securities-for-securities transactions in which it is the lender of securities. In many instances, Jefferies is permitted by contract to rehypothecate the securities received as collateral. These securities may be used to secure repurchase agreements, enter into securities lending transactions, satisfy margin requirements on derivative transactions or cover short positions. At June 30, 2017 and December 31, 2016 , the approximate fair value of securities received as collateral by Jefferies that may be sold or repledged was $26.0 billion and $25.5 billion , respectively. A substantial portion of these securities have been sold or repledged. |
Securitization Activities
Securitization Activities | 6 Months Ended |
Jun. 30, 2017 | |
Securitization Activities [Abstract] | |
Securitization Activities | Securitization Activities Jefferies engages in securitization activities related to corporate loans, commercial mortgage loans, consumer loans and mortgage-backed and other asset-backed securities. In securitization transactions, Jefferies transfers assets to special purpose entities ("SPEs") and acts as the placement or structuring agent for the beneficial interests sold to investors by the SPE. A significant portion of the securitization transactions are securitization of assets issued or guaranteed by U.S. government agencies. These SPEs generally meet the criteria of VIEs; however, the SPEs are generally not consolidated as Jefferies is not considered the primary beneficiary for these SPEs. Jefferies accounts for securitization transactions as sales provided it has relinquished control over the transferred assets. Transferred assets are carried at fair value with unrealized gains and losses reflected in Principal transactions revenues in the Consolidated Statements of Operations prior to the identification and isolation for securitization. Subsequently, revenues recognized upon securitization are reflected as net underwriting revenues. Jefferies generally receives cash proceeds in connection with the transfer of assets to an SPE. Jefferies may, however, have continuing involvement with the transferred assets, which is limited to retaining one or more tranches of the securitization (primarily senior and subordinated debt securities in the form of mortgage- and other asset-backed securities or CLOs), which are included in Trading assets and are generally initially categorized as Level 2 within the fair value hierarchy. Jefferies applies fair value accounting to the securities. The following table presents activity related to Jefferies securitizations that were accounted for as sales in which it had continuing involvement during the three and six months ended June 30, 2017 and 2016 (in millions): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Transferred assets $ 715.1 $ 1,183.9 $ 1,668.6 $ 3,132.8 Proceeds on new securitizations $ 723.6 $ 1,184.6 $ 1,686.1 $ 3,147.3 Cash flows received on retained interests $ 8.2 $ 13.1 $ 14.6 $ 22.5 Jefferies has no explicit or implicit arrangements to provide additional financial support to these SPEs, has no liabilities related to these SPEs and has no outstanding derivative contracts executed in connection with these securitization activities at June 30, 2017 and December 31, 2016 . The following table summarizes Jefferies retained interests in SPEs where it transferred assets and has continuing involvement and received sale accounting treatment (in millions): June 30, 2017 December 31, 2016 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 4,930.1 $ 8.6 $ 7,584.9 $ 31.0 U.S. government agency commercial mortgage-backed securities $ 2,292.5 $ 33.8 $ 1,806.3 $ 29.6 CLOs $ 2,759.5 $ 7.1 $ 4,102.2 $ 37.0 Consumer and other loans $ 365.3 $ 67.4 $ 395.7 $ 25.3 Total assets represent the unpaid principal amount of assets in the SPEs in which Jefferies has continuing involvement and are presented solely to provide information regarding the size of the transactions and the size of the underlying assets supporting its retained interests, and are not considered representative of the risk of potential loss. Assets retained in connection with a securitization transaction represent the fair value of the securities of one or more tranches issued by an SPE, including senior and subordinated tranches. Jefferies risk of loss is limited to this fair value amount which is included in total Trading assets in our Consolidated Statements of Financial Condition. Although not obligated, in connection with secondary market-making activities Jefferies may make a market in the securities issued by these SPEs. In these market-making transactions, Jefferies buys these securities from and sells these securities to investors. Securities purchased through these market-making activities are not considered to be continuing involvement in these SPEs. To the extent Jefferies purchased securities through these market-making activities and Jefferies is not deemed to be the primary beneficiary of the VIE, these securities are included in agency and non-agency mortgage- and asset-backed securitizations in the nonconsolidated VIEs section presented in Note 8. Foursight Capital also utilized SPEs to securitize automobile loans receivable. These SPEs are VIEs and our subsidiary is the primary beneficiary; the related assets and the secured borrowings are recognized in the Consolidated Statements of Financial Condition. These secured borrowings do not have recourse to our subsidiary’s general credit. See Note 8 for further information on securitization activities and VIEs. |
Available for Sale Securities
Available for Sale Securities | 6 Months Ended |
Jun. 30, 2017 | |
Investments [Abstract] | |
Available for Sale Securities | Available for Sale Securities The amortized cost, gross unrealized gains and losses and estimated fair value of investments classified as available for sale at June 30, 2017 and December 31, 2016 are as follows (in thousands): Amortized Gross Gross Estimated June 30, 2017 Bonds and notes: U.S. government securities $ 169,365 $ 5 $ 54 $ 169,316 Residential mortgage-backed securities 32,714 191 80 32,825 Commercial mortgage-backed securities 8,895 62 10 8,947 Other asset-backed securities 30,608 112 13 30,707 Total fixed maturities 241,582 370 157 241,795 Equity securities: Common stocks: Banks, trusts and insurance companies 35,071 23,699 — 58,770 Industrial, miscellaneous and all other 17,946 17,544 — 35,490 Total equity securities 53,017 41,243 — 94,260 $ 294,599 $ 41,613 $ 157 $ 336,055 December 31, 2016 Bonds and notes: U.S. government securities $ 174,938 $ 8 $ 13 $ 174,933 Residential mortgage-backed securities 19,129 108 104 19,133 Commercial mortgage-backed securities 8,275 64 2 8,337 Other asset-backed securities 18,918 124 — 19,042 All other corporates 180 — 1 179 Total fixed maturities 221,440 304 120 221,624 Equity securities: Common stocks: Banks, trusts and insurance companies 35,071 15,115 — 50,186 Industrial, miscellaneous and all other 17,946 11,293 — 29,239 Total equity securities 53,017 26,408 — 79,425 $ 274,457 $ 26,712 $ 120 $ 301,049 The amortized cost and estimated fair value of investments classified as available for sale at June 30, 2017 , by contractual maturity, are shown below. Expected maturities are likely to differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Estimated Fair Value (In thousands) Due within one year $ 169,365 $ 169,316 Due after one year through five years — — 169,365 169,316 Mortgage-backed and asset-backed securities 72,217 72,479 $ 241,582 $ 241,795 At June 30, 2017 , the unrealized losses on investments which have been in a continuous unrealized loss position for less than 12 months and 12 months or longer were not significant. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities VIEs are entities in which equity investors lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary. The primary beneficiary is the party who has both the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. Our variable interests in VIEs include debt and equity interests, equity interests in associated companies, commitments, guarantees and certain fees. Our involvement with VIEs arises primarily from the following activities, but also includes other activities discussed below: • Purchases of securities in connection with our trading and secondary market-making activities, • Retained interests held as a result of securitization activities, including the resecuritization of mortgage- and other asset-backed securities and the securitization of commercial mortgage, corporate and consumer loans, • Acting as placement agent and/or underwriter in connection with client-sponsored securitizations, • Financing of agency and non-agency mortgage- and other asset-backed securities, • Real estate investments, • Warehousing funding arrangements for client-sponsored consumer loan vehicles and CLOs through participation certificates and revolving loan and note commitments, and • Loans to, investments in and fees from various investment vehicles. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment. Our considerations in determining the VIE’s most significant activities and whether we have power to direct those activities include, but are not limited to, the VIE’s purpose and design and the risks passed through to investors, the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE’s initial design and the existence of explicit or implicit financial guarantees. In situations where we have determined that the power over the VIE’s significant activities is shared, we assess whether we are the party with the power over the most significant activities. If we are the party with the power over the most significant activities, we meet the "power" criteria of the primary beneficiary. If we do not have the power over the most significant activities or we determine that decisions require consent of each sharing party, we do not meet the "power" criteria of the primary beneficiary. We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires significant judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests. Consolidated VIEs The following table presents information about the assets and liabilities of our consolidated VIEs, which are presented in our Consolidated Statements of Financial Condition in the respective asset and liability categories, as of June 30, 2017 and December 31, 2016 (in millions). The assets and liabilities in the table below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. June 30, 2017 December 31, 2016 Securitization Vehicles Real Estate Investment Vehicles Securitization Vehicles Real Estate Investment Vehicles Cash $ 8.4 $ 1.3 $ 18.4 $ 2.2 Financial instruments owned 36.3 — 86.6 — Securities purchased under agreement to resell (1) 370.3 — 733.5 — Receivables 391.6 270.0 277.7 296.9 Loans to and investments in associated companies — 118.9 — 108.7 Other 21.3 6.8 14.5 10.8 Total assets $ 827.9 $ 397.0 $ 1,130.7 $ 418.6 Other secured financings (2) $ 781.1 $ — $ 1,083.8 $ — Long-term debt — 213.4 24.1 243.9 Other (3) 48.5 9.3 22.3 11.7 Total liabilities $ 829.6 $ 222.7 $ 1,130.2 $ 255.6 Noncontrolling interests $ — $ 104.9 $ — $ 98.7 (1) Securities purchased under agreement to resell represent an amount due under a collateralized transaction on a related consolidated entity, which is eliminated in consolidation. (2) Approximately $38.9 million and $57.6 million of the secured financing represents an amount held by Jefferies in inventory and eliminated in consolidation at June 30, 2017 and December 31, 2016 , respectively. (3) Includes $40.8 million and $20.0 million at June 30, 2017 and December 31, 2016 , respectively, of intercompany payables that are eliminated in consolidation. Securitization Vehicles. Jefferies is the primary beneficiary of mortgage-backed financing vehicles to which Jefferies sells agency and non-agency residential and commercial mortgage loans and mortgage-backed securities pursuant to the terms of a master repurchase agreement. Jefferies manages the assets within these vehicles. Jefferies variable interests in these vehicles consist of its collateral margin maintenance obligations under the master repurchase agreement and retained interests in securities issued. The assets of these VIEs consist of reverse repurchase agreements, which are available for the benefit of the vehicle’s debt holders. The creditors of these VIEs do not have recourse to Jefferies general credit and each such VIE’s assets are not available to satisfy any other debt. Jefferies is also the primary beneficiary of securitization vehicles associated with their financing of consumer and small business loans. In the creation of the securitization vehicles, Jefferies was involved in the decisions made during the establishment and design of the entities and holds variable interests consisting of the securities retained that could potentially be significant. The assets of the VIEs consist of the small business loans and term loans backed by consumer installment receivables, which are available for the benefit of the vehicles' beneficial interest holders. The creditors of the VIEs do not have recourse to Jefferies general credit and the assets of the VIEs are not available to satisfy any other debt. At June 30, 2017 and December 31, 2016 , Foursight Capital is the primary beneficiary of SPEs it utilized to securitize automobile loans receivable. Foursight Capital acts as the servicer for which it receives a fee, and owns an equity interest in the SPEs. The notes issued by the SPEs are secured solely by the assets of the SPEs and do not have recourse to Foursight Capital’s general credit and the assets of the VIEs are not available to satisfy any other debt. During the three months ended June 30, 2017 , a pool of automobile loan receivables aggregating $186.5 million was securitized by Foursight Capital in connection with a secured borrowing offering. The majority of the proceeds from issuance of the secured borrowing were used to pay down Foursight Capital’s two credit facilities. Real Estate Investment Vehicles. 54 Madison, which we consolidate through our control of the 54 Madison investment committee, has real estate investments in which it is the primary beneficiary. 54 Madison was involved in the decisions made during the establishment and design of the investment entities. 54 Madison variable interests consist of its investment in and management of the assets within these entities. The assets of these VIEs consist primarily of financing note receivables and investments in associated companies, which are available for the benefit of the VIEs' debt holders. The debt holders of these VIEs have recourse to 54 Madison's general credit and the assets of the VIEs are not available to satisfy any other debt. Nonconsolidated VIEs The following tables present information about our variable interests in nonconsolidated VIEs as of June 30, 2017 and December 31, 2016 (in millions): Financial Statement Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities June 30, 2017 CLOs $ 26.8 $ 1.0 $ 804.8 $ 2,914.5 Consumer loan vehicles 154.2 — 567.3 1,533.7 Related party private equity vehicles 28.0 — 50.7 103.2 Real estate investment vehicles 98.6 — 110.4 110.2 Other private investment vehicles 89.1 — 99.2 4,612.2 Total $ 396.7 $ 1.0 $ 1,632.4 $ 9,273.8 December 31, 2016 CLOs $ 264.7 $ 4.8 $ 930.0 $ 4,472.9 Consumer loan vehicles 90.3 — 219.6 985.5 Related party private equity vehicles 37.6 — 63.6 155.6 Real estate investment vehicles 90.3 — 101.8 85.6 Other private investment vehicles 84.0 — 95.8 4,529.7 Total $ 566.9 $ 4.8 $ 1,410.8 $ 10,229.3 Our maximum exposure to loss often differs from the carrying value of the variable interests. The maximum exposure to loss is dependent on the nature of the variable interests in the VIEs and is limited to the notional amounts of certain loan and equity commitments and guarantees. Our maximum exposure to loss does not include the offsetting benefit of any financial instruments that may be utilized to hedge the risks associated with its variable interests and is not reduced by the amount of collateral held as part of a transaction with a VIE. Collateralized Loan Obligations. Assets collateralizing the CLOs include bank loans, participation interests and sub-investment grade and senior secured U.S. loans. Jefferies underwrites securities issued in CLO transactions on behalf of sponsors and provides advisory services to the sponsors. Jefferies may also sell corporate loans to the CLOs. Jefferies variable interests in connection with CLOs where it has been involved in providing underwriting and/or advisory services consist of the following: • Forward sale agreements whereby Jefferies commits to sell, at a fixed price, corporate loans and ownership interests in an entity holding such corporate loans to CLOs, • Warehouse funding arrangements in the form of participation interests in corporate loans held by CLOs and commitments to fund such participation interests, • Trading positions in securities issued in a CLO transaction, • Investments in variable funding notes issued by CLOs, and • A guarantee to a CLO managed by Jefferies Finance, whereby Jefferies guarantees certain of the obligations of Jefferies Finance to the CLO. Consumer Loan Vehicles. Jefferies provides financing and lending related services to certain client-sponsored VIEs in the form of revolving funding note agreements, revolving credit facilities and forward purchase agreements. The underlying assets, which are collateralizing the vehicles, are primarily composed of unsecured consumer and small business loans. In addition, Jefferies may provide structuring and advisory services and act as an underwriter or placement agent for securities issued by the vehicles. Jefferies does not control the activities of these entities. Related Party Private Equity Vehicles. Jefferies committed to invest equity in private equity funds (the "JCP Funds") managed by Jefferies Capital Partners, LLC (the "JCP Manager"). Additionally, Jefferies committed to invest equity in the general partners of the JCP Funds (the "JCP General Partners") and the JCP Manager. Jefferies variable interests in the JCP Funds, JCP General Partners and JCP Manager (collectively, the "JCP Entities") consist of equity interests that, in total, provide Jefferies with limited and general partner investment returns of the JCP Funds, a portion of the carried interest earned by the JCP General Partners and a portion of the management fees earned by the JCP Manager. Jefferies total equity commitment in the JCP Entities was $148.1 million , of which $125.4 million and $125.1 million had been funded as of June 30, 2017 and December 31, 2016 , respectively. The carrying value of Jefferies equity investments in the JCP Entities was $28.0 million and $37.6 million at June 30, 2017 and December 31, 2016 , respectively. Jefferies exposure to loss is limited to the total of its carrying value and unfunded equity commitment. The assets of the JCP Entities primarily consist of private equity and equity related investments. Jefferies has also provided a guarantee of a portion of Energy Partners I, LP's obligations under a credit agreement (“Energy Partners Credit Agreement”). Energy Partners I, LP, is a private equity fund owned and managed by certain of our employees. The maximum exposure to loss of the guarantee was $3.0 million at December 31, 2016 . Energy Partners I, LP has assets consisting primarily of debt and equity investments. The Energy Partners Credit Agreement was terminated in April 2017. Real Estate Investment Vehicles. 54 Madison has committed to invest $108.0 million in real estate investment vehicles, of which $96.3 million was funded as of June 30, 2017 . 54 Madison's maximum exposure to loss is limited to its carrying value and unfunded equity commitment. 54 Madison is not the primary beneficiary of the investment vehicles as it does not have the power to control the most important activities of the VIEs. The assets of the VIEs consist primarily of investments in real estate projects. Other Private Investment Vehicles. We had commitments to invest $98.1 million and $111.4 million as of June 30, 2017 and December 31, 2016 , respectively, in various other private investment vehicles, of which $88.0 million and $99.6 million was funded as of June 30, 2017 and December 31, 2016 , respectively. The carrying amount of our equity investment was $89.1 million and $84.0 million at June 30, 2017 and December 31, 2016 , respectively. Our exposure to loss is limited to the total of our carrying value and unfunded equity commitment. These private investment vehicles have assets primarily consisting of private and public equity investments, debt instruments and various oil and gas assets. Mortgage- and Other Asset-Backed Securitization Vehicles. In connection with Jefferies secondary trading and market-making activities, Jefferies buys and sells agency and non-agency mortgage-backed securities and other asset-backed securities, which are issued by third party securitization SPEs and are generally considered variable interests in VIEs. Securities issued by securitization SPEs are backed by residential mortgage loans, U.S. agency collateralized mortgage obligations, commercial mortgage loans, CDOs and CLOs and other consumer loans, such as installment receivables, auto loans and student loans. These securities are accounted for at fair value and included in Trading assets in our Consolidated Statements of Financial Condition. Jefferies has no other involvement with the related SPEs and therefore does not consolidate these entities. Jefferies also engages in underwriting, placement and structuring activities for third-party-sponsored securitization trusts generally through agency (FNMA ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") or GNMA ("Ginnie Mae")) or non-agency-sponsored SPEs and may purchase loans or mortgage-backed securities from third parties that are subsequently transferred into the securitization trusts. The securitizations are backed by residential and commercial mortgage, home equity and auto loans. Jefferies does not consolidate agency-sponsored securitizations as it does not have the power to direct the activities of the SPEs that most significantly impact their economic performance. Further, Jefferies is not the servicer of non-agency-sponsored securitizations and therefore does not have power to direct the most significant activities of the SPEs and accordingly, does not consolidate these entities. Jefferies may retain unsold senior and/or subordinated interests at the time of securitization in the form of securities issued by the SPEs. Jefferies transfers existing securities, typically mortgage-backed securities, into resecuritization vehicles. These transactions in which debt securities are transferred to a VIE in exchange for new beneficial interests occur in connection with both agency and non-agency-sponsored VIEs. The consolidation analysis is largely dependent on Jefferies role and interest in the resecuritization trusts. Most resecuritizations in which Jefferies is involved are in connection with investors seeking securities with specific risk and return characteristics. As such, Jefferies has concluded that the decision-making power is shared between Jefferies and the investor(s), considering the joint efforts involved in structuring the trust and selecting the underlying assets as well as the level of security interests the investor(s) hold in the SPE; therefore, Jefferies does not consolidate the resecuritization VIEs. At June 30, 2017 and December 31, 2016 , Jefferies held $1,713.3 million and $1,002.2 million of agency mortgage-backed securities, respectively, and $248.8 million and $439.4 million of non-agency mortgage- and other asset-backed securities, respectively, as a result of its secondary trading and market-making activities, underwriting, placement and structuring activities and resecuritization activities. Jefferies maximum exposure to loss on these securities is limited to the carrying value of its investments in these securities. Mortgage- and other asset-backed securitization vehicles discussed within this section are not included in the above table containing information about Jefferies variable interests in nonconsolidated VIEs. We also have a variable interest in a nonconsolidated VIE consisting of our equity interest in an associated company, Golden Queen. See Note 9 for further discussion. In addition, we have a variable interest in a nonconsolidated VIE consisting of our senior secured term loan receivable and equity interest in FXCM. See Notes 3 and 9 for further discussion. |
Loans To And Investments In Ass
Loans To And Investments In Associated Companies | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Loans to and Investments in Associated Companies | 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 June 30, 2017 and 2016 is as follows (in thousands): Loans to and investments in associated companies as of January 1, Income (losses) related to associated companies Income (losses) related to associated companies classified as other revenues Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of June 30, 2017 Jefferies Finance $ 490,464 $ — $ 50,176 $ — $ — $ 540,640 Jefferies LoanCore 154,731 — 6,374 56,950 — 218,055 Berkadia 184,443 33,140 — (4,567 ) 32 213,048 FXCM 336,258 (162,015 ) — — 87 174,330 Garcadia Companies 185,815 25,971 — (29,407 ) — 182,379 Linkem 154,000 (17,024 ) — 31,996 22,765 191,737 HomeFed 302,231 9,684 — 31,316 — 343,231 Golden Queen (1) 111,302 (1,709 ) — (53 ) — 109,540 54 Madison (2) 161,400 (4,164 ) — 26,281 — 183,517 Other 44,454 1,647 (2,055 ) 38,900 — 82,946 Total $ 2,125,098 $ (114,470 ) $ 54,495 $ 151,416 $ 22,884 $ 2,239,423 2016 Jefferies Finance $ 528,575 $ — $ (38,481 ) $ (19,300 ) $ — $ 470,794 Jefferies LoanCore 288,741 — 8,014 (138,622 ) — 158,133 Berkadia 190,986 33,452 — (40,748 ) 207 183,897 Garcadia Companies 172,660 29,268 — (14,777 ) — 187,151 Linkem 150,149 (14,873 ) — 33,297 3,462 172,035 HomeFed 275,378 22,346 — — — 297,724 Golden Queen 114,323 (1,664 ) — — — 112,659 54 Madison — 2,483 — 115,499 3,642 121,624 Other 36,557 930 (785 ) 19 (3,401 ) 33,320 Total $ 1,757,369 $ 71,942 $ (31,252 ) $ (64,632 ) $ 3,910 $ 1,737,337 (1) At June 30, 2017 and December 31, 2016 , the balance reflects $32.3 million and $32.8 million , respectively, related to a noncontrolling interest. (2) At June 30, 2017 and December 31, 2016 , the balance reflects $107.7 million and $95.3 million , respectively, related to noncontrolling interests. Income (losses) related to associated companies includes the following for the three and six months ended June 30, 2017 and 2016 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Berkadia $ 16,186 $ 20,398 $ 33,140 $ 33,452 FXCM (12,115 ) — (162,015 ) — Garcadia companies 12,677 13,941 25,971 29,268 Linkem (8,876 ) (6,673 ) (17,024 ) (14,873 ) HomeFed 9,348 23,634 9,684 22,346 Golden Queen (412 ) (1,309 ) (1,709 ) (1,664 ) 54 Madison (3,556 ) 1,256 (4,164 ) 2,483 Other 852 643 1,647 930 Total $ 14,104 $ 51,890 $ (114,470 ) $ 71,942 Income (losses) related to associated companies classified as Other revenues includes the following for the three and six months ended June 30, 2017 and 2016 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Jefferies Finance $ 25,211 $ (15,675 ) $ 50,176 $ (38,481 ) Jefferies LoanCore 4,042 8,201 6,374 8,014 Other (1,021 ) (362 ) (2,055 ) (785 ) Total $ 28,232 $ (7,836 ) $ 54,495 $ (31,252 ) Jefferies Finance Jefferies Finance, a joint venture entity pursuant to an agreement with Massachusetts Mutual Life Insurance Company(“MassMutual”) and Barings, LLC, is a commercial finance company whose primary focus is the origination and syndication of senior secured debt to middle market and growth companies in the form of term and revolving loans. Loans are originated primarily through the investment banking efforts of Jefferies. Jefferies Finance may also originate other debt products such as second lien term, bridge and mezzanine loans, as well as related equity co-investments. Jefferies Finance also purchases syndicated loans in the secondary market and acts as an investment advisor for various loan funds. At June 30, 2017 , Jefferies and MassMutual each had equity commitments to Jefferies Finance of $600.0 million . At June 30, 2017 , $516.9 million of Jefferies commitment was funded. The investment commitment is scheduled to expire on March 1, 2018 with automatic one year extensions absent a 60 -day termination notice by either party. In July 2017, the Jefferies equity commitment to Jefferies Finance was increased by $150.0 million to $750.0 million , of which Jefferies contributed $74.8 million in July 2017. In addition, Jefferies and MassMutual have entered into a Secured Revolving Credit Facility, to be funded equally, to support loan underwritings by Jefferies Finance. The Secured Revolving Credit Facility bears interest based on the interest rates of the related Jefferies Finance underwritten loans and is secured by the underlying loans funded by the proceeds of the facility. The total Secured Revolving Credit Facility is for a total committed amount of $500.0 million at June 30, 2017 and December 31, 2016 . Advances are shared equally between Jefferies and MassMutual. The facility is scheduled to mature on March 1, 2018 with automatic one year extensions absent a 60 -day termination notice by either party. At both June 30, 2017 and December 31, 2016 , none of Jefferies $250.0 million commitment was funded. Jefferies engages in debt capital markets transactions with Jefferies Finance related to the originations and syndications of loans by Jefferies Finance. In connection with such services, Jefferies earned fees of $73.1 million and $3.7 million during the three months ended June 30, 2017 and 2016 , respectively, and $139.3 million and $23.1 million during the six months ended June 30, 2017 and 2016 , respectively, which are recognized in Investment banking revenues in the Consolidated Statements of Operations. In addition, Jefferies paid fees to Jefferies Finance in respect of certain loans originated by Jefferies Finance of $0.4 million and $1.6 million during the three months ended June 30, 2017 and 2016 , respectively, and $2.5 million and $1.6 million during the six months ended June 30, 2017 and 2016 , respectively, which are recognized within Selling, general and other expenses in the Consolidated Statement of Operations. Jefferies acts as a placement agent for CLOs managed by Jefferies Finance, for which Jefferies recognized fees of $1.2 million and $3.9 million during the three and six months ended June 30, 2017 , respectively, which are included in Investment banking revenues in the Consolidated Statement of Operations. At June 30, 2017 and December 31, 2016 , Jefferies held securities issued by CLOs managed by Jefferies Finance, which are included in Trading assets, and provided a guarantee, whereby Jefferies is required to make certain payments to a CLO in the event Jefferies Finance is unable to meet its obligations to the CLO. Additionally, Jefferies has entered into participation agreements and derivative contracts with Jefferies Finance based upon certain securities issued by the CLO. Gains (losses) related to the derivative contracts were not material. Under a service agreement, Jefferies charged Jefferies Finance $9.3 million and $7.5 million for services provided during the three months ended June 30, 2017 and 2016 , respectively, and $29.5 million and $28.6 million for services provided during the six months ended June 30, 2017 and 2016 , respectively. At June 30, 2017 , Jefferies had a receivable from Jefferies Finance, included in Other assets in the Consolidated Statement of Financial Condition, of $16.5 million . At December 31, 2016 , Jefferies had a payable to Jefferies Finance, included in Payables, expense accruals and other liabilities in the Consolidated Statement of Financial Condition, of $5.8 million . Jefferies LoanCore Jefferies LoanCore, a commercial real estate finance company, is a joint venture with the Government of Singapore Investment Corporation, the Canada Pension Plan Investment Board and LoanCore, LLC. Jefferies LoanCore originates and purchases commercial real estate loans throughout the U.S. and Europe. Jefferies LoanCore aggregate equity commitment was $400.0 million at June 30, 2017 and December 31, 2016 . At June 30, 2017 and December 31, 2016 , Jefferies had funded $141.0 million and $70.1 million , respectively, of its $194.0 million equity commitment, and has a 48.5% voting interest in Jefferies LoanCore. Jefferies LoanCore has entered into master repurchase agreements with Jefferies. Jefferies recognized interest income and fees related to these agreements of $2.3 million and $5.1 million , during the three and six months ended June 30, 2016 , respectively. Amounts for the 2017 periods were not material. In connection with such master repurchase agreements, at December 31, 2016 , Jefferies had securities purchased with agreements to resell from Jefferies LoanCore of $68.1 million . Jefferies also enters into OTC foreign exchange contracts with Jefferies LoanCore. In connection with these contracts, Jefferies had $4.8 million and $8.3 million at June 30, 2017 and December 31, 2016 , respectively, recorded in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. Berkadia Berkadia is a commercial mortgage banking and servicing joint venture formed in 2009 with Berkshire Hathaway. We and Berkshire Hathaway each contributed $217.2 million of equity capital to the joint venture and each have a 50% equity interest in Berkadia. Through June 30, 2017 , cumulative cash distributions received by Leucadia from this investment aggregated $499.2 million . Berkadia originates commercial/multifamily real estate loans that are sold to U.S. government agencies, and originates and brokers commercial/multifamily mortgage loans which are not part of government agency programs. Berkadia is an investment sales advisor focused on the multifamily industry. Berkadia is a servicer of commercial real estate loans in the U.S., performing primary, master and special servicing functions for U.S. government agency programs, commercial mortgage-backed securities transactions, banks, insurance companies and other financial institutions. Berkadia uses all of the proceeds from the commercial paper sales of an affiliate of Berkadia to fund new mortgage loans, servicer advances, investments and other working capital requirements. Repayment of the commercial paper is supported by a $1.5 billion surety policy issued by a Berkshire Hathaway insurance subsidiary and corporate guaranty, and we have agreed to reimburse Berkshire Hathaway for one-half of any losses incurred thereunder. As of June 30, 2017 , the aggregate amount of commercial paper outstanding was $1.47 billion . FXCM As discussed more fully in Note 3, at June 30, 2017 , Leucadia has a 49.9% common membership interest in FXCM and a senior secured term loan to FXCM due January 2018. On September 1, 2016, we gained the ability to significantly influence FXCM through our common membership interest and our seats on the board of directors. As a result, we classify our equity investment in FXCM in our Consolidated Statements of Financial Condition as Loans to and investments in associated companies. Our term loan remains classified within Trading assets, at fair value. We account for our equity interest in FXCM on a one month lag. We are amortizing our basis difference between the estimated fair value and the underlying book value of FXCM customer relationships, technology, trade name, leases and long-term debt over their respective useful lives. Based on the February 2017 actions described further in Note 3, we evaluated in the first quarter of 2017 whether our equity method investment was fully recoverable. We engaged an independent valuation firm to assist management in estimating the fair value of FXCM. Our estimate of fair value was based on a discounted cash flow and comparable public company analysis. The result of our analysis indicated that the estimated fair value of our equity interest in FXCM was lower than our carrying value by $130.2 million . We concluded based on the regulatory actions, FXCM's restructuring plan described further in Note 3, investor perception and declines in the trading price of Global Brokerage's common shares and convertible debt, that the decline in fair value of our equity interest was other than temporary. As such, we impaired our equity investment in FXCM in the first quarter of 2017 by $130.2 million . FXCM is considered a VIE and our term loan and equity interest are variable interests. We have determined that we are not the primary beneficiary of FXCM because we do not have the power to direct the activities that most significantly impact FXCM's performance. Therefore, we do not consolidate FXCM. Garcadia Garcadia is a joint venture between us and Garff Enterprises, Inc. ("Garff") that owns and operates 28 automobile dealerships comprised of domestic and foreign automobile makers. The Garcadia joint venture agreement specifies that we and Garff shall have equal board representation and equal votes on all matters affecting Garcadia, and that all cash flows from Garcadia will be allocated 65% to us and 35% to Garff, with the exception of one dealership from which we receive 83% of all cash flows and four other dealerships from which we receive 71% of all cash flows. Garcadia’s strategy is to acquire automobile dealerships in primary or secondary market locations meeting its specified return criteria. Linkem We own approximately 42% of the common shares of Linkem, a fixed wireless broadband services provider in Italy. In addition, we own 5% convertible preferred stock, which is automatically convertible to common shares in 2020. If all of our convertible preferred stock was converted, it would increase our ownership to approximately 53% of Linkem’s common equity at June 30, 2017 . The excess of our investment in Linkem’s common shares over our share of underlying book value is being amortized to expense over 12 years. HomeFed At June 30, 2017 , we own 10,838,115 shares of HomeFed’s common stock, representing approximately 70% of HomeFed’s outstanding common shares; however, we have agreed to limit our voting rights such that we will not be able to vote more than 45% of HomeFed’s total voting securities voting on any matter, assuming all HomeFed shares not owned by us are voted. HomeFed develops and owns residential and mixed-use real estate properties. HomeFed is a public company traded on the NASD OTC Bulletin Board (Symbol: HOFD). As a result of a 1998 distribution to all of our shareholders, approximately 4.8% of HomeFed is beneficially owned by our Chairman at June 30, 2017 . Our Chairman also serves as HomeFed’s Chairman, and our President is a Director of HomeFed. Since we do not control HomeFed, our investment in HomeFed is accounted for as an investment in an associated company. Golden Queen Mining Company During 2014 and 2015, we invested $83.0 million , net in cash in a limited liability company (Gauss LLC) to partner with the Clay family and Golden Queen Mining Co. Ltd., to jointly fund, develop and operate the Soledad Mountain gold and silver mine project. Previously 100% owned by Golden Queen Mining Co. Ltd., the project is a fully-permitted, open pit, heap leach gold and silver project located in Kern County, California, which commenced gold and silver production in March 2016. In exchange for a noncontrolling ownership interest in Gauss LLC, the Clay family contributed $34.5 million , net in cash. Gauss LLC invested both our and the Clay family’s net contributions totaling $117.5 million to the joint venture, Golden Queen, in exchange for a 50% ownership interest. Golden Queen Mining Co. Ltd. contributed the Soledad Mountain project to the joint venture in exchange for the other 50% interest. As a result of our consolidating Gauss LLC, our Loans to and investments in associated companies reflects Gauss LLC’s net investment of $117.5 million in the joint venture, which includes both the amount we contributed and the amount contributed by the Clay family. The joint venture, Golden Queen, is considered a VIE as the voting rights of the investors are not proportional to their obligations to absorb the expected losses and their rights to receive the expected residual returns, given the provision of services to the joint venture by Golden Queen Mining Co. Ltd. Golden Queen Mining Co. Ltd. has entered into an agreement with the joint venture for the provision of executive officers, financial, managerial, administrative and other services, and office space and equipment. We have determined that we are not the primary beneficiary of the joint venture and are therefore not consolidating its results. Our maximum exposure to loss as a result of our involvement with the joint venture is limited to our investment. The excess of Gauss LLC's investment in Golden Queen's underlying book value is being amortized to expense over the estimated life of mine gold and silver sales. 54 Madison We own approximately 48.1% of 54 Madison, which we consolidate through our control of the 54 Madison investment committee. 54 Madison seeks long-term capital appreciation through investment in real estate development and similar projects. 54 Madison invests both in projects which they consolidate and projects where they have significant influence and utilize the equity method of accounting. Through June 30, 2017 , 54 Madison invested an aggregate net amount of $183.4 million in projects accounted for under the equity method and $107.7 million of that was contributed from noncontrolling interests. |
Financial Statement Offsetting
Financial Statement Offsetting | 6 Months Ended |
Jun. 30, 2017 | |
Offsetting [Abstract] | |
Financial Statement Offsetting | Financial Statement Offsetting In connection with Jefferies derivative activities and securities financing activities, Jefferies may enter into master netting agreements and collateral arrangements with counterparties. Generally, transactions are executed under standard industry agreements, including, but not limited to: derivative transactions – ISDA master netting agreements; securities lending transactions – master securities lending agreements; and repurchase transactions – master repurchase agreements. A master agreement creates a single contract under which all transactions between two counterparties are executed allowing for trade aggregation and a single net payment obligation. Master agreements provide protection in bankruptcy in certain circumstances and, where legally enforceable, enable receivables and payables with the same counterparty to be settled or otherwise eliminated by applying amounts due to a counterparty against all or a portion of an amount due from the counterparty or a third party. Under Jefferies derivative ISDA master netting agreements, Jefferies typically will also execute credit support annexes, which provide for collateral, either in the form of cash or securities, to be posted by or paid to a counterparty based on the fair value of the derivative receivable or payable based on the rates and parameters established in the credit support annex. In the event of the counterparty’s default, provisions of the master agreement permit acceleration and termination of all outstanding transactions covered by the agreement such that a single amount is owed by, or to, the non-defaulting party. In addition, any collateral posted can be applied to the net obligations, with any excess returned; and the collateralized party has a right to liquidate the collateral. Any residual claim after netting is treated along with other unsecured claims in bankruptcy court. The conditions supporting the legal right of offset may vary from one legal jurisdiction to another and the enforceability of master netting agreements and bankruptcy laws in certain countries or in certain industries is not free from doubt. The right of offset is dependent both on contract law under the governing arrangement and consistency with the bankruptcy laws of the jurisdiction where the counterparty is located. Industry legal opinions with respect to the enforceability of certain standard provisions in respective jurisdictions are relied upon as a part of managing credit risk. In cases where Jefferies has not determined an agreement to be enforceable, the related amounts are not offset. Master netting agreements are a critical component of Jefferies risk management processes as part of reducing counterparty credit risk and managing liquidity risk. Jefferies is also a party to clearing agreements with various central clearing parties. Under these arrangements, the central clearing counterparty facilitates settlement between counterparties based on the net payable owed or receivable due and, with respect to daily settlement, cash is generally only required to be deposited to the extent of the net amount. In the event of default, a net termination amount is determined based on the market values of all outstanding positions and the clearing organization or clearing member provides for the liquidation and settlement of the net termination amount among all counterparties to the open contracts or transactions. 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 June 30, 2017 Derivative contracts $ 3,066,577 $ (2,873,083 ) $ 193,494 $ — $ — $ 193,494 Securities borrowing arrangements $ 7,900,395 $ — $ 7,900,395 $ (765,075 ) $ (1,291,875 ) $ 5,843,445 Reverse repurchase agreements $ 13,041,366 $ (8,695,905 ) $ 4,345,461 $ (587,698 ) $ (3,698,540 ) $ 59,223 Liabilities at June 30, 2017 Derivative contracts $ 3,324,730 $ (2,860,565 ) $ 464,165 $ — $ — $ 464,165 Securities lending arrangements $ 3,446,853 $ — $ 3,446,853 $ (765,075 ) $ (2,622,311 ) $ 59,467 Repurchase agreements $ 17,317,332 $ (8,695,905 ) $ 8,621,427 $ (587,698 ) $ (6,617,668 ) $ 1,416,061 Assets at December 31, 2016 Derivative contracts $ 4,627,076 $ (4,255,998 ) $ 371,078 $ — $ — $ 371,078 Securities borrowing arrangements $ 7,743,562 $ — $ 7,743,562 $ (710,611 ) $ (647,290 ) $ 6,385,661 Reverse repurchase agreements $ 14,083,144 $ (10,220,656 ) $ 3,862,488 $ (176,275 ) $ (3,591,654 ) $ 94,559 Liabilities at December 31, 2016 Derivative contracts $ 4,880,022 $ (4,229,213 ) $ 650,809 $ — $ — $ 650,809 Securities lending arrangements $ 2,819,132 $ — $ 2,819,132 $ (710,611 ) $ (2,064,299 ) $ 44,222 Repurchase agreements $ 17,012,332 $ (10,220,656 ) $ 6,791,676 $ (176,275 ) $ (5,780,909 ) $ 834,492 (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 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 June 30, 2017 , amounts include $5,793.7 million of securities borrowing arrangements, for which we have received securities collateral of $5,620.1 million , and $1,396.9 million of repurchase agreements, for which we have pledged securities collateral of $1,438.0 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. At December 31, 2016 , amounts include $6,337.5 million of securities borrowing arrangements, for which we have received securities collateral of $6,146.0 million , and $810.4 million of repurchase agreements, for which we have pledged securities collateral of $834.2 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. |
Intangible Assets, Net and Good
Intangible Assets, Net and Goodwill | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net And Goodwill | Intangible Assets, Net and Goodwill A summary of Intangible assets, net and goodwill at June 30, 2017 and December 31, 2016 is as follows (in thousands): June 30, 2017 December 31, 2016 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 8,766 $ 9,041 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $213,894 and $198,674 363,400 378,136 Trademarks and tradename, net of accumulated amortization of $86,924 and $78,778 301,726 309,382 Supply contracts, net of accumulated amortization of $52,469 and $47,867 91,131 95,733 Other, net of accumulated amortization of $3,398 and $2,914 5,188 5,672 Total intangible assets, net 770,211 797,964 Goodwill: National Beef 14,991 14,991 Jefferies 1,699,482 1,696,864 Other operations 3,859 3,859 Total goodwill 1,718,332 1,715,714 Total Intangible assets, net and goodwill $ 2,488,543 $ 2,513,678 Amortization expense on intangible assets was $14.5 million and $15.6 million for the three months ended June 30, 2017 and 2016 , respectively, and $28.2 million and $31.4 million for the six months ended June 30, 2017 and 2016 , respectively. The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows: 2017 (for the remaining six months) - $30.1 million ; 2018 - $58.5 million ; 2019 - $58.5 million ; 2020 - $58.5 million ; and 2021 - $58.1 million . |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2017 | |
Inventory, Net [Abstract] | |
Inventory | Inventory A summary of inventory at June 30, 2017 and December 31, 2016 which is classified as Other assets is as follows (in thousands): June 30, 2017 December 31, 2016 Finished goods $ 246,110 $ 243,488 Work in process 40,617 35,714 Raw materials, supplies and other 29,974 30,733 $ 316,701 $ 309,935 |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Short-Term Borrowings Jefferies short-term borrowings at June 30, 2017 and December 31, 2016 are as follows (in thousands): June 30, 2017 December 31, 2016 Bank loans (1) $ 308,757 $ 372,301 Secured revolving loan facilities — 57,086 Floating rate puttable notes 102,339 96,455 Equity-linked notes 28,044 — Total short-term borrowings $ 439,140 $ 525,842 (1) Bank loans are payable on demand and must be repaid in one year or less. At June 30, 2017 and December 31, 2016 , the weighted average interest rate on short-term borrowings outstanding is 2.21% and 1.77% per annum, respectively. During the six months ended June 30, 2017 , Jefferies issued equity-linked notes due July 18, 2017 with a principal amount of $30.6 million . See Note 3 for further information. The Bank of New York Mellon agrees to make revolving intraday credit advances (“Intraday Credit Facility”) for an aggregate committed amount of $250.0 million . The Intraday Credit Facility contains a financial covenant, which includes a minimum regulatory net capital requirement for Jefferies. Interest is based on the higher of the Federal funds effective rate plus 0.5% or the prime rate. At June 30, 2017 , Jefferies was in compliance with debt covenants under the Intraday Credit Facility. In October 2015, Jefferies entered into a secured revolving loan facility (“First Secured Revolving Loan Facility”) whereby the lender agreed to make available a revolving loan facility in a maximum principal amount of $50.0 million to purchase eligible receivables that met certain requirements as defined in the First Secured Revolving Loan Facility agreement. Interest was based on an annual rate equal to the lesser of the LIBOR rate plus 3.75% or the maximum rate as defined in the First Secured Revolving Loan Facility agreement. In December 2015, Jefferies entered into a second secured revolving loan facility (“Second Secured Revolving Loan Facility”) whereby the lender agreed to make available a revolving loan facility in a maximum principal amount of $50.0 million to purchase eligible receivables that met certain requirements as defined in the Second Secured Revolving Loan Facility agreement. Interest was based on an annual rate equal to the lesser of the LIBOR rate plus 4.25% or the maximum rate as defined in the Second Secured Revolving Loan Facility agreement. The First Secured Revolving Loan Facility was terminated with an effective date of December 6, 2016. The Second Secured Revolving Loan Facility was terminated with an effective date of January 24, 2017. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2017 | |
Aggregate Indebtedness [Abstract] | |
Long-Term Debt | Long-Term Debt The principal amount (net of unamortized discounts and premiums), stated interest rate and maturity date of outstanding debt at June 30, 2017 and December 31, 2016 are as follows (dollars in thousands): June 30, 2017 December 31, 2016 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 741,798 $ 741,264 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,650 246,627 Total long-term debt – Parent Company 988,448 987,891 Subsidiary Debt (non-recourse to Parent Company): Jefferies: 5.125% Senior Notes, due April 13, 2018, $744,500 and $800,000 principal 755,058 817,813 8.50% Senior Notes, due July 15, 2019, $684,000 and $700,000 principal 746,551 778,367 2.375% Euro Medium Term Notes, due May 20, 2020, $562,300 and $529,975 principal 560,726 528,250 6.875% Senior Notes, due April 15, 2021, $750,000 principal 816,063 823,797 2.25% Euro Medium Term Notes, due July 13, 2022, $4,498 and $4,240 principal 4,116 3,848 5.125% Senior Notes, due January 20, 2023, $600,000 principal 617,044 618,355 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 749,134 — 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 376,813 377,806 3.875% Convertible Senior Debentures, due November 1, 2029, $345,000 principal 345,535 346,163 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 512,220 512,396 6.50% Senior Notes, due January 20, 2043, $400,000 principal 421,164 421,333 Structured Notes (2) 399,556 255,203 National Beef Reducing Revolver Loan 275,000 — National Beef Revolving Credit Facility 4,531 — National Beef Term Loan — 273,811 54 Madison Term Loans 343,112 406,028 Foursight Capital Credit Facilities 49,384 97,138 Other 120,431 132,244 Total long-term debt – subsidiaries 7,096,438 6,392,552 Long-term debt $ 8,084,886 $ 7,380,443 (1) Amount includes $4.9 million associated with an interest rate swap based on its designation as a fair value hedge. See Notes 2 and 4 for further information. (2) Includes $392.8 million and $248.9 million at fair value at June 30, 2017 and December 31, 2016 , respectively. Subsidiary Debt : Jefferies 3.875% Convertible Senior Debentures due 2029 are convertible into our common shares; each $1,000 are convertible into 22.8717 common shares (equivalent to a conversion price of approximately $43.72 per share). The debentures are convertible at the holders’ option any time beginning on August 1, 2029 and convertible at any time if: 1) our common stock price is greater than or equal to 130% of the conversion price for at least 20 trading days in a period of 30 consecutive trading days; 2) if the trading price per debenture is less than 95% of the price of our common stock times the conversion ratio for any 10 consecutive trading days; 3) if the debentures are called for redemption; or 4) upon the occurrence of specific corporate actions. The debentures may be redeemed for par, plus accrued interest, on or after November 1, 2012 if the price of our common stock is greater than 130% of the conversion price for at least 20 days in a period of 30 consecutive trading days and we may redeem the debentures for par, plus accrued interest, at our election any time on or after November 1, 2017. Holders may require us to repurchase the debentures for par, plus accrued interest, on November 1, 2017, 2019 and 2024. In addition to ordinary interest, commencing November 1, 2017, contingent interest will accrue at 0.375% if the average trading price of a debenture for 5 trading days ending on and including the third trading day immediately preceding a six-month interest period equals or exceeds $1,200 per $1,000 debenture. During the six months ended June 30, 2017 , Jefferies issued structured notes with a total principal amount of approximately $125.6 million . Structured notes of $392.8 million and $248.9 million at June 30, 2017 and December 31, 2016 , respectively, contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument specific credit risk presented in Accumulated other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transaction revenues. In January 2017, Jefferies issued 4.85% senior notes with a principal amount of $750.0 million , due 2027. In June 2017, National Beef entered into a Third Amended and Restated Credit Agreement (the "Debt Agreement"). The Debt Agreement matures in June 2022 and includes a $275.0 million reducing revolver loan and a $275.0 million revolving credit facility. The reducing revolver loan commitment decreases by $13.8 million on each annual anniversary of the Debt Agreement. The Debt Agreement is secured by a first priority lien on substantially all of the assets of National Beef and its subsidiaries and includes customary covenants including a single financial covenant that requires National Beef to maintain a minimum tangible net worth; at June 30, 2017 , National Beef was in compliance with the covenants. At June 30, 2017 , National Beef’s outstanding debt under the Debt Agreement consisted of a reducing revolver loan with an outstanding balance of $275.0 million and $8.1 million drawn on the revolving credit facility. The reducing revolving loan and the revolving credit facility bear interest at the Base Rate or the LIBOR Rate (as defined in the Debt Agreement), plus a margin ranging from 0.75% to 2.75% depending upon certain financial ratios and the rate selected. At June 30, 2017 , the interest rate on the outstanding reducing revolving loan was 2.94% and the interest rate on the outstanding revolving credit facility was 5.00% . Borrowings under the reducing revolver loan and the revolving credit facility are available for National Beef’s working capital requirements, capital expenditures and other general corporate purposes. Unused capacity under the revolving credit facility can also be used to issue letters of credit; letters of credit aggregating $14.0 million were outstanding at June 30, 2017 . Amounts available under the revolving credit facility are subject to a borrowing base calculation primarily comprised of receivable and inventory balances; amounts available under the reducing revolver facility are constrained only by the annual reduction in the commitment amount. At June 30, 2017 , after deducting outstanding amounts and issued letters of credit, $249.1 million of the unused revolving credit facility and $0.0 million of the reducing revolver commitment was available to National Beef. 54 Madison seeks long-term capital appreciation through real estate development and similar projects. Many of these development projects are funded through long-term debt at the project level. The debt holders do not have recourse to the Leucadia parent company. At June 30, 2017 , 54 Madison had $59.1 million of 6.0% term loan debt maturing in January 2018, $129.8 million of 5.5% term loan debt maturing in February 2019, $0.5 million of 3.5% term loan debt maturing in March 2019, $51.9 million of 4.15% term loan debt maturing in April 2019, $101.3 million of 5.5% term loan debt maturing in January 2020 and $0.5 million of 3.5% term loan debt maturing in January 2020. As discussed further in Note 23, the majority of the debt holders are also investors in 54 Madison. At June 30, 2017 , Foursight Capital's credit facilities consisted of two warehouse credit commitments aggregating $200.0 million , which mature in December 2018 and March 2019. The 2018 credit facility bears interest based on the one-month LIBOR plus a credit spread fixed through its maturity and the 2019 credit facility bears interest based on the three-month LIBOR plus a credit spread fixed through its maturity. As a condition of the 2019 credit facility, Foursight Capital is obligated to maintain cash reserves in an amount equal to the quoted price of an interest rate cap sufficient to meet the hedging requirements of the credit commitment. The credit facilities are secured by first priority liens on auto loan receivables owed to Foursight Capital of approximately $65.0 million at June 30, 2017 . |
Mezzanine Equity
Mezzanine Equity | 6 Months Ended |
Jun. 30, 2017 | |
Temporary Equity Disclosure [Abstract] | |
Mezzanine Equity | Mezzanine Equity Redeemable Noncontrolling Interests Redeemable noncontrolling interests primarily relate to National Beef and are held by its minority owners, USPB, NBPCo Holdings and the chief executive officer of National Beef. The holders of these interests share in the profits and losses of National Beef on a pro rata basis with us. However, the minority owners have the right to require us to purchase their interests under certain specified circumstances at fair value (put rights), and we also have the right to purchase their interests under certain specified circumstances at fair value (call rights). Each of the holders of the put rights has the right to make an election that requires us to purchase up to one-third of their interests on December 30, 2016, one-third on December 30, 2018, and the remainder on December 30, 2021. In addition, USPB may elect to exercise their put rights following the termination of the cattle supply agreement, and the chief executive officer following the termination of his employment. Holders of the put rights had from December 30, 2016 through January 29, 2017 to make an election that would require us to purchase up to one-third of their interests. The holders of the put rights did not make such election. Our call rights with respect to USPB may be exercised following the termination of the cattle supply agreement or after USPB’s ownership interest is less than 20% of their interest held at the time we acquired National Beef. Our call rights with respect to other members may be exercised after the ten year anniversary of our acquisition of National Beef if such member’s ownership interest is less than 50% of the interest held at the time we acquired National Beef. Additionally, we may acquire the chief executive officer’s interest following the termination of his employment. Redeemable noncontrolling interests in National Beef are reflected in the Consolidated Statements of Financial Condition at fair value. The following table reconciles National Beef’s redeemable noncontrolling interests activity during the six months ended June 30, 2017 and 2016 (in thousands): For the Six Months Ended June 30, 2017 2016 As of January 1, $ 321,962 $ 189,358 Income allocated to redeemable noncontrolling interests 28,458 17,501 Distributions to redeemable noncontrolling interests (17,062 ) (6,850 ) Increase (decrease) in fair value of redeemable noncontrolling interests (39,965 ) 31,631 Balance, June 30, $ 293,393 $ 231,640 At acquisition, we prepared a projection of future cash flows of National Beef, which was used along with other information to allocate the purchase price to National Beef’s individual assets and liabilities. At June 30, 2017 , we calculated the fair value of the redeemable noncontrolling interests by updating our estimate of future cash flows. The projected future cash flows consider estimated revenue growth, cost of sales changes, capital expenditures and other unobservable inputs. However, the most significant unobservable inputs affecting the estimate of fair value are the discount rate ( 11.6% ) and the terminal growth rate ( 2.0% ) used to calculate the capitalization rate of the terminal value. The table below is a sensitivity analysis which shows the fair value of the redeemable noncontrolling interests using the assumed discount and the terminal growth rates and fair values under different rate assumptions as of June 30, 2017 (dollars in millions): Discount Rates Terminal Growth Rates 11.35% 11.60% 11.85% 1.75% $ 297.5 $ 290.0 $ 282.8 2.00% $ 301.2 $ 293.4 $ 286.0 2.25% $ 305.0 $ 297.0 $ 289.3 The projection of future cash flows is updated with input from National Beef personnel. The estimate is reviewed by personnel at our corporate office as part of the normal process for the preparation of our quarterly and annual financial statements. At June 30, 2017 and December 31, 2016 , redeemable noncontrolling interests also include other redeemable noncontrolling interests of $14.6 million and $14.8 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 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 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 Preferred Shares are callable beginning in 2023 at a price of $1,000 per share plus accrued interest and are mandatorily redeemable in 2038. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2017 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans Restricted Stock and Restricted Stock Units. Restricted stock and restricted stock units (“RSUs”) may be granted to new employees as “sign-on” awards, to existing employees as “retention” awards and to certain executive officers as awards for multiple years. Sign-on and retention awards are generally subject to annual ratable vesting over a four -year service period and are amortized as compensation expense on a straight-line basis over the related four years. Restricted stock and RSUs are granted to certain senior executives with market, performance and service conditions. Market conditions are incorporated into the grant-date fair value of senior executives' awards using a Monte Carlo valuation model. Compensation expense for awards with market conditions is recognized over the service period and is not reversed if the market condition is not met. Awards with performance conditions are amortized over the service period if it is determined that it is probable that the performance condition will be achieved. Senior Executive Compensation Plan. In January 2017, the Compensation Committee of our Board of Directors approved an executive compensation plan for our CEO and our President (together, our "Senior Executives") in respect of 2017 that is based on performance metrics achieved over a three -year period from 2017 through 2019. This executive compensation plan is identical to the 2016 executive compensation plan where cash incentive bonuses were eliminated. 100% of each of our CEO and President's compensation beyond their base salaries is composed entirely of performance based RSUs that will vest at the end of 2019 if certain performance criteria are met. Any vested RSUs will be subject to a post-vesting, three -year holding period such that no vested RSUs can be sold or transferred until the first quarter of 2023. Performance-vesting of the award is based equally on the compound annual growth rates of Leucadia's Total Shareholder Return ("TSR"), which will be measured from the December 30, 2016 stock price of $23.25 , and Leucadia's Return on Tangible Deployable Equity ("ROTDE"), the annual, two- and three-year results of which will be used to determine vesting. TSR is based on annualized rate of return reflecting price appreciation plus reinvestment of dividends and distributions to shareholders. ROTDE is net income adjusted for amortization of intangible assets divided by tangible book value at the beginning of year adjusted for intangible assets and deferred tax assets. If Leucadia's TSR and ROTDE annual compound growth rates are less than 4% , our Senior Executives will not receive any incentive compensation. If Leucadia's TSR and ROTDE grow between 4% and 8% on a compounded basis over the three -year measurement period, each of our Senior Executives will be eligible to receive between 537,634 and 1,075,268 RSUs. If TSR and ROTDE growth rates are greater than 8% , our Senior Executives are eligible to receive up to 50% additional incentive compensation on a pro rata basis up to 12% growth rates. When determining whether RSUs will vest, the calculation will be weighted equally between TSR and ROTDE. If TSR growth was below minimum thresholds, but ROTDE growth was above minimum thresholds, our Senior Executives would still be eligible to receive some number of vested RSUs based on ROTDE growth. The TSR award contains a market condition and compensation expense is recognized over the service period and will not be reversed if the market condition is not met. The ROTDE award contains a performance condition and compensation expense is recognized over the service period if it is determined that it is probable that the performance condition will be achieved. Former Stock-Based Compensation Plans. Prior to the acquisition of Jefferies, we had a fixed stock option plan, which provided for the issuance of stock options and stock appreciation rights to non-employee directors and certain employees at not less than the fair market value of the underlying stock at the date of grant. Options granted to employees under this plan were intended to qualify as incentive stock options to the extent permitted under the Internal Revenue Code and became exercisable in five equal annual installments starting one year from date of grant. Options granted to non-employee directors became exercisable in four equal annual installments starting one year from date of grant. No stock appreciation rights have been granted. In March 2014, we ceased issuing options and rights under our option plan. No shares remain available for future issuances under this plan. At June 30, 2017 , 331,312 of our common shares were reserved for stock options. Stock-Based Compensation Expense. Compensation and benefits expense included $10.4 million and $9.1 million for the three months ended June 30, 2017 and 2016 , respectively, and $20.4 million and $16.1 million for the six months ended June 30, 2017 and 2016 , respectively, for share-based compensation expense relating to grants made under our share-based compensation plans. Total compensation cost includes the amortization of sign-on, retention and senior executive awards, less forfeitures and clawbacks. The total tax benefit recognized in results of operations related to share-based compensation expenses was $3.6 million and $3.3 million for the three months ended June 30, 2017 and 2016 , respectively, and $7.3 million and $5.9 million for the six months ended June 30, 2017 and 2016 , respectively. As of June 30, 2017 , total unrecognized compensation cost related to nonvested share-based compensation plans was $78.6 million ; this cost is expected to be recognized over a weighted average period of 2.0 years. At June 30, 2017 , there were 1,304,000 shares of restricted stock outstanding with future service required, 5,659,000 RSUs outstanding with future service required (including target RSUs issuable under the senior executive compensation plan), 10,412,000 RSUs outstanding with no future service required and 695,000 shares issuable under other plans. Excluding shares issuable pursuant to outstanding stock options, the maximum potential increase to common shares outstanding resulting from these outstanding awards is 16,766,000 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Activity in accumulated other comprehensive income is reflected in the Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Changes in Equity but not in the Consolidated Statements of Operations. A summary of accumulated other comprehensive income, net of taxes at June 30, 2017 and December 31, 2016 is as follows (in thousands): June 30, 2017 December 31, 2016 Net unrealized gains on available for sale securities $ 570,827 $ 561,497 Net unrealized foreign exchange losses (141,664 ) (184,829 ) Net change in instrument specific credit risk (18,872 ) (6,494 ) Net minimum pension liability (59,849 ) (59,477 ) $ 350,442 $ 310,697 For the six months ended June 30, 2017 and 2016 , significant amounts reclassified out of accumulated other comprehensive income to net income (loss) are as follows (in thousands): Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Operations 2017 2016 Net unrealized gains (losses) on available for sale securities, net of income tax provision (benefit) of $271 and $6 $ 467 $ 9 Net realized securities gains Net unrealized foreign exchange losses, net of income tax provision of $1,097 and $0 (5,290 ) — Other income Amortization of defined benefit pension plan actuarial gains (losses), net of income tax benefit of $(403) and $(351) (859 ) (767 ) Compensation and benefits, which includes pension expense. Other pension, net of income tax benefit of $(1,231) and $0 1,231 — Income tax provision (benefit) Total reclassifications for the period, net of tax $ (4,451 ) $ (758 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The aggregate amount of gross unrecognized tax benefits related to uncertain tax positions at June 30, 2017 was $210.5 million (including $52.7 million for interest), of which $159.4 million related to Jefferies. The aggregate amount of gross unrecognized tax benefits related to uncertain tax positions at December 31, 2016 was $196.5 million (including $47.7 million for interest), of which $148.8 million related to Jefferies. If recognized, such amounts would lower our effective tax rate. Accrued interest is included in Payables, expense accruals and other liabilities in the Consolidated Statements of Financial Condition. No material penalties were accrued for the six months ended June 30, 2017 and the year ended December 31, 2016. The statute of limitations with respect to our federal income tax returns has expired for all years through 2012. Our 2013 federal tax return is currently under examination by the Internal Revenue Service. Our New York State and New York City income tax returns are currently being audited for the 2012 to 2014 period and 2011 to 2012 period, respectively. Prior to becoming a wholly-owned subsidiary, Jefferies filed a consolidated U.S. federal income tax return with its qualifying subsidiaries and was subject to income tax in various states, municipalities and foreign jurisdictions. Jefferies is currently under examination by the Internal Revenue Service and other major tax jurisdictions. The statute of limitations with respect to Jefferies federal income tax returns has expired for all years through 2006. We do not expect that resolution of these examinations will have a significant effect on our consolidated financial position, but could have a significant impact on the consolidated results of operations for the period in which resolution occurs. Our provision for income taxes for the six months ended June 30, 2017 was reduced by a $31.9 million benefit resulting from the repatriation of Jefferies earnings from certain of its foreign subsidiaries, along with their associated foreign tax credits. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share Basic and diluted earnings (loss) per share amounts were calculated by dividing net income (loss) by the weighted average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings (loss) per share are as follows for the three and six months ended June 30, 2017 and 2016 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Numerator for earnings (loss) per share: Net income (loss) attributable to Leucadia National Corporation common shareholders $ 58,193 $ 57,289 $ 339,601 $ (165,591 ) Allocation of earnings to participating securities (1) (219 ) (772 ) (1,338 ) — Net income (loss) attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share 57,974 56,517 338,263 (165,591 ) Adjustment to allocation of earnings to participating securities related to diluted shares (1) (2 ) (9 ) 5 — Mandatorily redeemable convertible preferred share dividends — — 2,031 — Net income (loss) attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share $ 57,972 $ 56,508 $ 340,299 $ (165,591 ) Denominator for earnings (loss) per share: Denominator for basic earnings (loss) per share – weighted average shares 369,212 372,556 369,206 372,448 Stock options 25 — 20 — Warrants — — — — Senior executive compensation plan awards 2,315 — 2,296 — Mandatorily redeemable convertible preferred shares — — 4,162 — 3.875% Convertible Senior Debentures — — — — Denominator for diluted earnings (loss) per share 371,552 372,556 375,684 372,448 (1) Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 1,435,400 and 5,105,700 for the three months ended June 30, 2017 and 2016 , respectively, and 1,467,500 and 4,784,200 for the six months ended June 30, 2017 and 2016 , respectively. Dividends declared on participating securities were not material during three and six months ended June 30, 2017 and 2016 . Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. Options to purchase 661,300 and 661,300 weighted average shares of common stock were outstanding during the three and six months ended June 30, 2016 , respectively, but were not included in the computation of diluted per share amounts as the effect was antidilutive. Amounts for the three and six months ended June 30, 2017 were not material. In the table above, the denominator for diluted earnings (loss) per share does not include weighted average common shares of 1,714,300 during the six months ended June 30, 2016 , related to outstanding warrants to purchase common shares at $33.33 per share, as the effect was antidilutive. The warrants expired in the first quarter of 2016. For the three and six months ended June 30, 2017 and 2016 , shares related to the 3.875% Convertible Senior Debentures were not included in the computation of diluted per share amounts as the conversion price exceeded the average market price. For the three months ended June 30, 2017 and the three and six months ended June 30, 2016 , shares related to the mandatorily redeemable convertible preferred shares were not included in the computation of diluted per share amounts as the effect was antidilutive. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies And Guarantees | Commitments, Contingencies and Guarantees Commitments The following table summarizes commitments associated with certain business activities (in millions): Expected Maturity Date 2017 2018 2019 and 2020 2021 and 2022 2023 and Later Maximum Payout Equity commitments (1) $ 18.7 $ 33.0 $ 12.3 $ — $ 149.0 $ 213.0 Loan commitments (1) 54.3 269.4 15.6 54.9 — 394.2 Mortgage-related and other purchase commitments — — 191.2 — — 191.2 Forward starting reverse repos (2) 4,768.1 — — — — 4,768.1 Forward starting repos (2) 2,464.5 — — — — 2,464.5 Other unfunded commitments (1) 90.0 133.9 142.3 37.7 12.3 416.2 $ 7,395.6 $ 436.3 $ 361.4 $ 92.6 $ 161.3 $ 8,447.2 (1) Equity commitments, loan commitments and other unfunded commitments are presented by contractual maturity date. The amounts are however mostly available on demand. (2) At June 30, 2017 , all of the forward starting securities purchased under agreements to resell and Securities sold under agreements to repurchase (collectively “repos”) settled within three business days. Equity Commitments. Equity commitments include commitments to invest in Jefferies joint ventures, Jefferies Finance and Jefferies LoanCore, and commitments to invest in private equity funds and in Jefferies Capital Partners, LLC, the manager of the private equity funds, which consists of a team led by Brian P. Friedman, our President and a Director. As of June 30, 2017 , Jefferies outstanding commitments relating to Jefferies Capital Partners, LLC and its private equity funds were $22.9 million . See Note 9 for additional information regarding Jefferies investments in Jefferies Finance and Jefferies LoanCore. Our equity commitments also include our commitment to invest in 54 Madison, a fund which targets real estate projects. We plan to invest a cumulative total of $202.5 million to this fund, of which we have already contributed $134.4 million . Capital commitments are contingent upon approval of the related investment by the investment committee, which we control. Through June 30, 2017 , approved unfunded commitments totaled $38.5 million . Additionally, as of June 30, 2017 , we have other equity commitments to invest up to $15.4 million in various other investments. Loan Commitments. From time to time Jefferies makes commitments to extend credit to investment banking and other clients in loan syndication, acquisition finance and securities transactions and to SPE sponsors in connection with the funding of CLO and other asset-backed transactions. These commitments and any related drawdowns of these facilities typically have fixed maturity dates and are contingent on certain representations, warranties and contractual conditions applicable to the borrower. As of June 30, 2017 , Jefferies has $127.4 million of outstanding loan commitments to clients. Loan commitments outstanding as of June 30, 2017 , also include Jefferies portion of the outstanding secured revolving credit facility provided to Jefferies Finance to support loan underwritings by Jefferies Finance. At June 30, 2017 , none of Jefferies $250.0 million commitment was funded. In August 2014, we and Solomon Kumin established Folger Hill; we committed to provide Folger Hill with a three -year, $20.0 million revolving credit facility to fund its start-up and initial operating expenses. As of June 30, 2017 , $10.7 million has been provided to Folger Hill under the revolving credit facility. Mortgage-Related and Other Purchase Commitments. Jefferies enters into forward contracts to purchase mortgage participation certificates, mortgage-backed securities and consumer loans. The mortgage participation certificates evidence interests in mortgage loans insured by the Federal Housing Administration and the mortgage-backed securities are insured or guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. Jefferies frequently securitizes the mortgage participation certificates and mortgage-backed securities. The fair value of mortgage-related and other purchase commitments recorded in the Consolidated Statement of Financial Condition at June 30, 2017 was $36.4 million . Forward Starting Reverse Repos and Repos. Jefferies enters into commitments to take possession of securities with agreements to resell on a forward starting basis and to sell securities with agreements to repurchase on a forward starting basis that are primarily secured by U.S. government and agency securities. Other Unfunded Commitments. Other unfunded commitments include obligations in the form of revolving notes to provide financing to asset-backed and CLO vehicles. Upon advancing funds, drawn amounts are collateralized by the assets of an entity. Contingencies We and our subsidiaries are parties to legal and regulatory proceedings that are considered to be either ordinary, routine litigation incidental to their business or not significant to our consolidated financial position. We and our subsidiaries are also involved, from time to time, in other exams, investigations and similar reviews (both formal and informal) by governmental and self-regulatory agencies regarding our businesses, certain of which may result in judgments, settlements, fines, penalties or other injunctions. We do not believe that any of these actions will have a significant adverse effect on our consolidated financial position or liquidity, but any amounts paid could be significant to results of operations for the period. Guarantees Derivative Contracts. Jefferies dealer activities cause it to make markets and trade in a variety of derivative instruments. Certain derivative contracts that Jefferies has entered into meet the accounting definition of a guarantee under GAAP, including credit default swaps, written foreign currency options and written equity put options. On certain of these contracts, such as written interest rate caps and foreign currency options, the maximum payout cannot be quantified since the increase in interest or foreign exchange rates are not contractually limited by the terms of the contract. As such, we have disclosed notional values as a measure of Jefferies maximum potential payout under these contracts. The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under GAAP as of June 30, 2017 (in millions): Expected Maturity Date Guarantee Type 2017 2018 2019 and 2020 2021 and 2022 2023 and Later Notional/ Maximum Payout Derivative contracts – non-credit related $ 20,314.7 $ 2,621.4 $ 35.2 $ — $ 447.6 $ 23,418.9 Written derivative contracts – credit related — 54.0 12.5 1,007.7 — 1,074.2 Total derivative contracts $ 20,314.7 $ 2,675.4 $ 47.7 $ 1,007.7 $ 447.6 $ 24,493.1 The external credit ratings of the underlying or referenced assets for our credit related derivatives contracts as of June 30, 2017 is as follows (in millions): External Credit Rating AAA/ Aaa AA/ Aa A BBB/Baa Below Investment Grade Notional/ Maximum Payout Credit related derivative contracts: Index credit default swaps $ — $ — $ 757.0 $ — $ 107.3 $ 864.3 Single name credit default swaps $ — $ — $ 15.3 $ 44.3 $ 150.3 $ 209.9 The derivative contracts deemed to meet the definition of a guarantee under GAAP are before consideration of hedging transactions and only reflect a partial or "one-sided" component of any risk exposure. Written equity options and written credit default swaps are often executed in a strategy that is in tandem with long cash instruments (e.g., equity and debt securities). Jefferies substantially mitigates its exposure to market risk on these contracts through hedges, such as other derivative contracts and/or cash instruments and Jefferies manages the risk associated with these contracts in the context of its overall risk management framework. Jefferies believes notional amounts overstate its expected payout and that fair value of these contracts is a more relevant measure of its obligations. The fair value of derivative contracts meeting the definition of a guarantee is approximately $149.4 million as of June 30, 2017 . Berkadia. We have agreed to reimburse Berkshire Hathaway for up to one-half of any losses incurred under a $1.5 billion surety policy securing outstanding commercial paper issued by an affiliate of Berkadia. As of June 30, 2017 , the aggregate amount of commercial paper outstanding was $1.47 billion . Loan Guarantee . Jefferies has provided a guarantee to Jefferies Finance that matures in January 2021, whereby Jefferies is required to make certain payments to a SPE sponsored by Jefferies Finance in the event that Jefferies Finance is unable to meet its obligations to the SPE. The maximum amount payable under the guarantee is $0.2 million at June 30, 2017 . Other Guarantees. Jefferies is a member of various exchanges and clearing houses. In the normal course of business Jefferies provides guarantees to securities clearinghouses and exchanges. These guarantees generally are required under the standard membership agreements, such that members are required to guarantee the performance of other members. Additionally, if a member becomes unable to satisfy its obligations to the clearinghouse, other members would be required to meet these shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral. Jefferies obligations under such guarantees could exceed the collateral amounts posted. Jefferies maximum potential liability under these arrangements cannot be quantified; however, the potential for Jefferies to be required to make payments under such guarantees is deemed remote. Accordingly, no liability has been recognized for these arrangements. Indemnification. In connection with the 2013 sale of Empire Insurance Company, we agreed to indemnify the buyer for certain of Empire’s lease obligations that were assumed by another subsidiary of ours as part of the sale of Empire. Our subsidiary was subsequently sold in 2014 to HomeFed as part of the real estate transaction with HomeFed. Although HomeFed has agreed to indemnify us for these lease obligations, our indemnification obligation under the Empire transaction remains. The primary lease expires in 2018 and the aggregate amount of lease obligation as of June 30, 2017 was approximately $15.7 million . Substantially all of the space under the primary lease has been sublet to various third-party tenants for the full length of the lease term in amounts in excess of the obligations under the primary lease. Standby Letters of Credit. At June 30, 2017 , Jefferies provided guarantees to certain counterparties in the form of standby letters of credit in the amount of $58.1 million . Standby letters of credit commit Jefferies to make payment to the beneficiary if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Since commitments associated with these collateral instruments may expire unused, the amount shown does not necessarily reflect the actual future cash funding requirement. Other subsidiaries of ours have outstanding letters of credit aggregating $15.1 million at June 30, 2017 . Primarily all letters of credit expire within one year. |
Net Capital Requirements
Net Capital Requirements | 6 Months Ended |
Jun. 30, 2017 | |
Net Capital Requirements [Abstract] | |
Net Capital Requirements | Net Capital Requirements Jefferies operates broker-dealers registered with the SEC and member firms of the Financial Industry Regulatory Authority ("FINRA"). Jefferies LLC and Jefferies Execution are subject to the Securities and Exchange Commission Uniform Net Capital Rule ("Rule 15c3-1"), which requires the maintenance of minimum net capital and have elected to calculate minimum capital requirements under the alternative method as permitted by Rule 15c3-1 in calculating net capital. Jefferies LLC is also registered as a futures commission merchant ("FCM") and is subject to Rule 1.17 of the CFTC which sets forth minimum financial requirements. The minimum net capital requirement in determining excess net capital for a dually-registered U.S. broker-dealer and FCM is equal to the greater of the requirement under Rule 15c3-1 or CFTC Rule 1.17. Jefferies LLC and Jefferies Execution’s net capital and excess net capital as of June 30, 2017 were as follows (in thousands): Net Capital Excess Net Capital Jefferies LLC $ 1,388,388 $ 1,302,034 Jefferies Execution $ 6,837 $ 6,587 FINRA is the designated self-regulatory organization (“DSRO”) for Jefferies U.S. broker-dealers and the National Futures Association is the DSRO for Jefferies LLC as an FCM. Certain other U.S. and non-U.S. subsidiaries of Jefferies are subject to capital adequacy requirements as prescribed by the regulatory authorities in their respective jurisdictions, including Jefferies International Limited which is authorized and regulated by the Financial Conduct Authority in the United Kingdom. The regulatory capital requirements referred to above may restrict our ability to withdraw capital from Jefferies regulated subsidiaries. Some of our other consolidated subsidiaries also have credit agreements which may restrict the payment of cash dividends, or the ability to make loans or advances to the parent company. |
Other Fair Value Information
Other Fair Value Information | 6 Months Ended |
Jun. 30, 2017 | |
Other Fair Value Information [Abstract] | |
Other Fair Value Information | Other Fair Value Information The carrying amounts and estimated fair values of our principal financial instruments that are not recognized at fair value on a recurring basis are as follows (in thousands): June 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Receivables: Notes and loans receivable (1) $ 951,289 $ 943,707 $ 962,938 $ 958,377 Financial Liabilities: Short-term borrowings (2) $ 411,096 $ 411,096 $ 525,842 $ 525,842 Long-term debt (3) $ 7,692,079 $ 8,051,953 $ 7,131,587 $ 7,221,459 (1) Notes and loans receivable: The fair values are estimated principally based on a discounted future cash flows model using market interest rates for similar instruments. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. (2) Short-term borrowings: The fair values of short-term borrowings are estimated to be the carrying amount due to their short maturities. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. (3) Long-term debt: The fair values are estimated using quoted prices, pricing information obtained from external data providers and, for certain variable rate debt, is estimated to be the carrying amount. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 and Level 3. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Jefferies Capital Partners Related Funds. Jefferies has equity investments in the JCP Manager and in private equity funds, which are managed by a team led by Brian P. Friedman, our President and a Director ("Private Equity Related Funds"). Reflected in our Consolidated Statements of Financial Condition at June 30, 2017 and December 31, 2016 are Jefferies equity investments in Private Equity Related Funds of $28.0 million and $37.7 million , respectively. Net gains (losses) aggregating $(8.1) million and $(5.1) million for the three months ended June 30, 2017 and 2016 , respectively, and $(9.4) million and $(7.7) million for the six months ended June 30, 2017 and 2016 , respectively, were recorded in Other revenues related to the Private Equity Related Funds. For further information regarding our commitments and funded amounts to the Private Equity Related Funds, see Notes 8 and 20 . Berkadia Commercial Mortgage, LLC. At June 30, 2017 and December 31, 2016 , Jefferies has commitments to purchase $797.4 million and $817.0 million , respectively, in agency commercial mortgage-backed securities from Berkadia. Officers, Directors and Employees. We have $49.7 million and $41.2 million of loans outstanding to certain employees (none of whom are an executive officer or director of the Company) at June 30, 2017 and December 31, 2016 , respectively. Receivables from and payables to customers include balances arising from officers, directors and employees individual security transactions. These transactions are subject to the same regulations as all customer transactions and are provided on substantially the same terms. At December 31, 2016 , Jefferies provided a guarantee of a credit agreement for a private equity fund owned by Jefferies employees and in April 2017 this guarantee was terminated. National Beef. National Beef participates in a cattle supply agreement with a minority owner and holder of a redeemable noncontrolling interest in National Beef. Under this agreement National Beef has agreed to purchase 735,385 head of cattle each year (subject to adjustment), from the members of the minority owner, with prices based on those published by the U.S. Department of Agriculture, subject to adjustments for cattle performance. National Beef obtained approximately 25% and 30% of its cattle requirements under this agreement during the six months ended June 30, 2017 and 2016 , respectively. National Beef also enters into transactions with an affiliate of another minority owner and holder of a redeemable noncontrolling interest in National Beef to buy and sell a limited number of beef products. During the six months ended June 30, 2017 , sales to this affiliate were $14.7 million and purchases were $5.5 million . During the six months ended June 30, 2016 , sales to this affiliate were $14.6 million and purchases were $7.1 million . At June 30, 2017 and December 31, 2016 , amounts due from and payable to these related parties were not significant. HomeFed. During 2014, we sold to HomeFed substantially all of our then-owned real estate properties and operations as well as cash of approximately $14.0 million , in exchange for 7,500,000 newly issued unregistered HomeFed common shares. As discussed in Note 9, as a result of a 1998 distribution to all of our shareholders, approximately 4.8% of HomeFed is beneficially owned by our Chairman at June 30, 2017 . Our Chairman also serves as HomeFed’s Chairman and our President is a Director of HomeFed. 54 Madison. At June 30, 2017 and December 31, 2016 , approximately $198.9 million and $230.2 million , respectively, of long-term debt held by 54 Madison is owed to minority owners of 54 Madison. The interest rate on these long-term notes range between 4.2% and 6.0% . The employees of the asset manager of 54 Madison and employees of certain asset managers of 54 Madison's investments are also employees of Leucadia. These employees are also minority owners of 54 Madison. See Note 9 for information on transactions with Jefferies Finance and Jefferies LoanCore. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our operating segments consist of our consolidated businesses, which offer different products and services and are managed separately. Our reportable segments, based on qualitative and quantitative requirements, are Jefferies, National Beef, and Corporate and other. Jefferies is a global full-service, integrated securities and investment banking firm. National Beef processes and markets fresh boxed beef, case-ready beef, beef by-products and wet blue leather for domestic and international markets. Corporate and other assets primarily consist of financial instruments owned, the deferred tax asset (exclusive of Jefferies deferred tax asset), cash and cash equivalents and Corporate and other revenues primarily consist of interest, other income and net realized securities gains and losses. We do not allocate Corporate and other revenues or overhead expenses to the operating units. All other consists of our other financial services businesses and investments and our other merchant banking businesses and investments. Our other financial services businesses and investments include the Leucadia Asset Management platform, Foursight Capital, and our investments in Berkadia, HomeFed and FXCM. Our other merchant banking businesses and investments primarily include Idaho Timber, Conwed, Vitesse, JETX, real estate, and our investments in HRG, Linkem, Garcadia and Golden Queen. Certain information concerning our segments for the three and six months ended June 30, 2017 and 2016 is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired. As discussed above, Jefferies is reflected in our consolidated financial statements utilizing a one month lag. For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Net Revenues: Reportable Segments: Jefferies $ 781,672 $ 720,930 $ 1,579,058 $ 1,021,716 National Beef 1,875,519 1,798,634 3,436,975 3,433,085 Corporate and other 2,336 10,492 10,026 77,348 Total net revenues related to reportable segments 2,659,527 2,530,056 5,026,059 4,532,149 All other 72,853 95,302 574,303 108,315 Total consolidated net revenues $ 2,732,380 $ 2,625,358 $ 5,600,362 $ 4,640,464 Income (loss) before income taxes: Reportable Segments: Jefferies $ 122,712 $ 107,480 $ 254,982 $ (138,317 ) National Beef 78,425 62,855 135,528 84,264 Corporate and other (17,258 ) (7,191 ) (31,762 ) 40,545 Income (loss) before income taxes related to reportable segments 183,879 163,144 358,748 (13,508 ) All other (44,463 ) (8,963 ) 193,495 (119,560 ) Parent Company interest (14,734 ) (14,719 ) (29,464 ) (29,433 ) Total consolidated income (loss) before income taxes $ 124,682 $ 139,462 $ 522,779 $ (162,501 ) Depreciation and amortization expenses: Reportable Segments: Jefferies $ 15,348 $ 14,633 $ 30,949 $ 29,223 National Beef 24,459 22,785 46,858 45,411 Corporate and other 867 944 1,734 1,887 Total depreciation and amortization expenses related to reportable segments 40,674 38,362 79,541 76,521 All other 10,043 12,407 20,686 23,858 Total consolidated depreciation and amortization expenses $ 50,717 $ 50,769 $ 100,227 $ 100,379 Interest expense classified as a component of Net revenues relates to Jefferies. For the three months ended June 30, 2017 and 2016 , interest expense classified as a component of Expenses was primarily comprised of National Beef ( $2.3 million and $3.8 million , respectively), parent company interest ( $14.7 million and $14.7 million , respectively) and all other ( $10.8 million and $4.2 million , respectively). For the six months ended June 30, 2017 and 2016 , interest expense classified as a component of Expenses was primarily comprised of National Beef ( $4.1 million and $7.8 million , respectively), parent company interest ( $29.5 million and $29.4 million , respectively) and all other ( $21.7 million and $7.8 million , respectively). |
Basis of Presentation and Sig34
Basis of Presentation and Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Principal Transactions Revenues | Principal Transactions Revenues Trading assets and trading liabilities (all of which are recorded on a trade-date basis) are carried at fair value with gains and losses reflected in Principal transaction revenues in our Consolidated Statements of Operations, except for derivatives accounted for as hedges (see “Hedge Accounting” section herein and Note 4). Fees received on loans carried at fair value are also recorded within Principal transaction revenues. |
Hedge Accounting | Hedge Accounting Jefferies applies hedge accounting using interest rate swaps designated as fair value hedges of changes in the benchmark interest rate of fixed rate senior long-term debt. Jefferies interest rate swaps are included within Trading assets - Derivatives and Trading liabilities - Derivatives in the Consolidated Statements of Financial Condition. Jefferies uses regression analysis to perform ongoing prospective and retrospective assessments of the effectiveness of these hedging relationships. A hedging relationship is deemed effective if the change in fair value of the interest rate swap and the change in the fair value of the long-term debt due to changes in the benchmark interest rate offset within a range of 80% to 125% . The impact of valuation adjustments related to Jefferies own credit spreads and counterparty credit spreads are included in the assessment of effectiveness. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative and the change in fair value of the long-term debt provide offset of one another, and together with any resulting ineffectiveness, are recorded in Interest expense. See Note 4 for further information. |
Receivables | Receivables At June 30, 2017 and December 31, 2016 , Receivables include receivables from brokers, dealers and clearing organizations of $3,041.4 million and $2,062.9 million , respectively, and receivables from customers of securities operations of $1,215.4 million and $843.1 million , respectively. |
Payables, expense accruals and other liabilities | Payables, expense accruals and other liabilities At June 30, 2017 and December 31, 2016 , Payables, expense accruals and other liabilities include payables to brokers, dealers and clearing organizations of $2,332.4 million and $3,290.4 million , respectively, and payables to customers of securities operations of $2,598.1 million and $2,297.3 million , respectively. |
Accounting Developments | Accounting Developments - Accounting Standards to be Adopted in Future Periods Revenue Recognition. In May 2014, the FASB issued new guidance that defines how companies report revenues from contracts with customers, and also requires enhanced disclosures. The core principle of this new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. This guidance is effective for interim and annual periods beginning after December 15, 2017. We intend to adopt the new guidance with a cumulative-effect adjustment to opening retained earnings and our evaluation of the impact this new guidance will have on our consolidated financial statements is ongoing. Financial Instruments. In January 2016, the FASB issued new guidance that affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The guidance is effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact of the new guidance related to equity investments and the presentation and disclosure requirements of financial instruments on our consolidated financial statements. Early adoption was permitted for the accounting guidance on financial liabilities under the fair value option and we adopted this guidance in the first quarter of 2016. The adoption of the guidance on financial liabilities under the fair value option did not have a significant impact on our consolidated financial statements. Leases. In February 2016, the FASB issued new guidance that affects the accounting and disclosure requirements for leases. The FASB requires the recognition of lease assets and lease liabilities on the statement of financial condition. The guidance is effective for annual and interim periods beginning after December 15, 2018. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Financial Instruments - Credit Losses. In June 2016, the FASB issued new guidance for estimating credit losses on certain types of financial instruments by introducing an approach based on expected losses. The guidance is effective for annual and interim periods beginning after December 15, 2019. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Cash Flow Classifications. In August 2016, the FASB issued new guidance to reduce the diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for annual and interim periods beginning after December 15, 2017. In November 2016, the FASB issued new guidance on restricted cash. The guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. The guidance is effective for annual and interim periods beginning after December 15, 2017. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Goodwill. In January 2017, the FASB issued new guidance for simplifying goodwill impairment testing. The guidance is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted. We are currently evaluating the impact this new guidance will have on our consolidated financial statements. Retirement Benefits. In March 2017, the FASB issued new guidance for improving the presentation of net periodic pension costs in the statement of operations. The update also allows the service cost to be eligible for capitalization, when applicable. The guidance is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Compensation. In May 2017, the FASB issued new guidance providing clarity and reducing diversity in practice and cost and complexity when accounting for a change to the terms or conditions of a share-based payment award. The guidance is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Accounting Developments - Adopted Accounting Standards Share-Based Payments to Employees. In January 2017, we adopted the FASB's new guidance that simplifies and improves accounting for share-based payments. The amendments include the recognition of all excess tax benefits and tax deficiencies as income tax expense or benefit in the statement of operations and changes to the timing of recognition of excess tax benefits, the accounting for forfeitures, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of this guidance did not have a significant impact on our consolidated financial statements. We elected to account for forfeitures as they occur, which results in dividends and dividend equivalents originally charged against retained earnings for forfeited shares to be reclassified to compensation expense in the period in which the forfeiture occurs. |
Basis of Presentation and Sig35
Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Supplemental cash flow information | For the Six Months Ended June 30, 2017 2016 Cash paid during the year for: (In thousands) Interest $ 535,959 $ 465,861 Income tax payments (refunds), net $ 9,977 $ (14,653 ) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Measured On Recurring Basis At Fair Value | The following is a summary of our financial instruments, trading liabilities, short-term borrowings and long-term debt that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value ("NAV") (within trading assets) of $23.7 million and $24.3 million , respectively, by level within the fair value hierarchy at June 30, 2017 and December 31, 2016 (in thousands): June 30, 2017 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,932,334 $ 190,371 $ 20,548 $ — $ 3,143,253 Corporate debt securities — 2,922,772 24,727 — 2,947,499 Collateralized debt obligations and collateralized loan obligations — 23,519 48,208 — 71,727 U.S. government and federal agency securities 1,531,038 90,785 — — 1,621,823 Municipal securities — 600,039 — — 600,039 Sovereign obligations 1,326,731 1,055,853 — — 2,382,584 Residential mortgage-backed securities — 1,419,269 33,032 — 1,452,301 Commercial mortgage-backed securities — 433,958 16,263 — 450,221 Other asset-backed securities — 141,908 43,349 — 185,257 Loans and other receivables 1,677 1,681,753 49,365 — 1,732,795 Derivatives 45,986 3,013,731 6,860 (2,873,083 ) 193,494 Investments at fair value — — 315,297 — 315,297 FXCM term loan — — 129,050 — 129,050 Total trading assets, excluding investments at fair value based on NAV $ 5,837,766 $ 11,573,958 $ 686,699 $ (2,873,083 ) $ 15,225,340 Available for sale securities: Corporate equity securities $ 94,260 $ — $ — $ — $ 94,260 U.S. government securities 169,316 — — — 169,316 Residential mortgage-backed securities — 32,825 — — 32,825 Commercial mortgage-backed securities — 8,947 — — 8,947 Other asset-backed securities — 30,707 — — 30,707 Total available for sale securities $ 263,576 $ 72,479 $ — $ — $ 336,055 Liabilities: Trading liabilities: Corporate equity securities $ 1,492,792 $ 29,538 $ 354 $ — $ 1,522,684 Corporate debt securities — 1,786,165 522 — 1,786,687 U.S. government and federal agency securities 1,354,488 — — — 1,354,488 Sovereign obligations 1,502,643 1,194,090 — — 2,696,733 Residential mortgage-backed securities — 1,078 — — 1,078 Commercial mortgage-backed securities — — 70 — 70 Loans — 1,291,694 4,967 — 1,296,661 Derivatives 48,431 3,266,417 9,882 (2,860,565 ) 464,165 Total trading liabilities $ 4,398,354 $ 7,568,982 $ 15,795 $ (2,860,565 ) $ 9,122,566 Short-term borrowings $ — $ 28,044 $ — $ — $ 28,044 Long-term debt - structured notes $ — $ 392,807 $ — $ — $ 392,807 December 31, 2016 Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (1) Total Assets: Trading assets, at fair value: Corporate equity securities $ 2,522,977 $ 92,839 $ 21,739 $ — $ 2,637,555 Corporate debt securities — 2,675,020 25,005 — 2,700,025 Collateralized debt obligations and collateralized loan obligations — 54,306 54,354 — 108,660 U.S. government and federal agency securities 2,389,397 56,726 — — 2,446,123 Municipal securities — 708,469 27,257 — 735,726 Sovereign obligations 1,432,556 990,492 — — 2,423,048 Residential mortgage-backed securities — 960,494 38,772 — 999,266 Commercial mortgage-backed securities — 296,405 20,580 — 316,985 Other asset-backed securities — 63,587 40,911 — 104,498 Loans and other receivables — 1,557,233 81,872 — 1,639,105 Derivatives 3,825 4,616,822 6,429 (4,255,998 ) 371,078 Investments at fair value — — 314,359 — 314,359 FXCM term loan — — 164,500 — 164,500 Total trading assets, excluding investments at fair value based on NAV $ 6,348,755 $ 12,072,393 $ 795,778 $ (4,255,998 ) $ 14,960,928 Available for sale securities: Corporate equity securities $ 79,425 $ — $ — $ — $ 79,425 Corporate debt securities — 179 — — 179 U.S. government securities 174,933 — — — 174,933 Residential mortgage-backed securities — 19,133 — — 19,133 Commercial mortgage-backed securities — 8,337 — — 8,337 Other asset-backed securities — 19,042 — — 19,042 Total available for sale securities $ 254,358 $ 46,691 $ — $ — $ 301,049 Liabilities: Trading liabilities: Corporate equity securities $ 1,593,548 $ 16,806 $ 313 $ — $ 1,610,667 Corporate debt securities — 1,718,424 523 — 1,718,947 U.S. government and federal agency securities 976,497 — — — 976,497 Sovereign obligations 1,375,590 1,253,754 — — 2,629,344 Loans — 801,977 378 — 802,355 Derivatives 2,566 4,867,586 9,870 (4,229,213 ) 650,809 Total trading liabilities $ 3,948,201 $ 8,658,547 $ 11,084 $ (4,229,213 ) $ 8,388,619 Other secured financings $ — $ 41,350 $ 418 $ — $ 41,768 Long-term debt - structured notes $ — $ 248,856 $ — $ — $ 248,856 (1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty. |
Investments Measured At Fair Value Based On Net Asset Value | The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands). Fair Value (1) Unfunded Commitments Redemption Frequency (if currently eligible) June 30, 2017 Equity Long/Short Hedge Funds (2) $ 368,742 $ — (2) Fixed Income and High Yield Hedge Funds (3) 420 — — Fund of Funds (4) 183 — — Equity Funds (5) 32,878 20,040 — Multi-asset Funds (6) 124,792 — — Total $ 527,015 $ 20,040 December 31, 2016 Equity Long/Short Hedge Funds (2) $ 363,256 $ — (2) Fixed Income and High Yield Hedge Funds (3) 772 — — Fund of Funds (4) 230 — — Equity Funds (5) 42,179 20,295 — Multi-asset Funds (6) 133,190 — — Total $ 539,627 $ 20,295 (1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements. (2) This category includes investments in hedge funds that invest, long and short, in primarily equity securities in domestic and international markets in both the public and private sectors. At June 30, 2017 and December 31, 2016 , the majority of these investments are redeemable with 10 business days or less prior written notice. (3) This category includes investments in funds that invest in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments. There are no redemption provisions. (4) This category includes investments in fund of funds that invest in various private equity funds. The investments in this category are managed by us and have no redemption provisions. These investments are gradually being liquidated or we have requested redemption, however, we are unable to estimate when these funds will be received. (5) At June 30, 2017 and December 31, 2016 , the investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries. These investments cannot be redeemed; instead distributions are received through the liquidation of the underlying assets of the funds, which are expected to liquidate in one to six years. (6) This category includes investments in hedge funds that invest, long and short, primarily in multiple classes of securities in domestic and international markets in both the public and private sectors. At June 30, 2017 and December 31, 2016 , investments representing approximately 17% and 12% , respectively, of the fair value of investments in this category are redeemable with 30 to 90 days prior written notice. |
Summary Of Changes In Fair Value Of Financial Assets And Liabilities Classified As Level 3 | The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended June 30, 2016 (in thousands): Three Months Ended June 30, 2016 Balance, March 31, 2016 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance, June 30, 2016 Changes in unrealized gains/ losses relating to instruments still held at June 30, 2016 (1) Assets: Trading assets: Corporate equity securities $ 30,540 $ (927 ) $ 200 $ (508 ) $ (2,455 ) $ — $ 21,966 $ 48,816 $ (849 ) Corporate debt securities 25,634 474 15 (789 ) — — (1,221 ) 24,113 347 CDOs and CLOs 67,348 1,797 943 (21,233 ) — — 3,855 52,710 2,534 Sovereign obligations 119 1 — — — — — 120 1 Residential mortgage-backed securities 68,019 (4,915 ) 3,422 (2,837 ) (122 ) — (259 ) 63,308 (2,233 ) Commercial mortgage-backed securities 21,994 (1,140 ) — — (311 ) — 4,440 24,983 (1,306 ) Other asset-backed securities 33,124 (7,284 ) 3,549 (1,068 ) (52 ) — 14,764 43,033 (7,275 ) Loans and other receivables 155,442 (7,792 ) 20,836 (13,347 ) (55,541 ) — 4,801 104,399 (6,231 ) Investments at fair value 275,389 (1,375 ) 3,540 — (283 ) — (4,000 ) 273,271 193 Investment in FXCM 564,800 (47,853 ) — — (8,547 ) — — 508,400 (47,853 ) Liabilities: Trading liabilities: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ (38 ) $ — $ — Net derivatives (2) 11,757 3 — — (83 ) 451 (7,704 ) 4,424 (3 ) Loans 7,744 (261 ) — — (71 ) — (5,516 ) 1,896 261 Other secured financings 538 (70 ) — — — — — 468 70 (1) Realized and unrealized gains (losses) are reported in Principal transactions in the Consolidated Statements of Operations. (2) Net derivatives represent Trading assets - Derivatives and Trading liabilities - Derivatives. The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the three months ended June 30, 2017 (in thousands): Three months ended June 30, 2017 Balance, March 31, 2017 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance at June 30, 2017 Changes in unrealized gains/ losses relating to instruments still held at June 30, 2017 (1) Assets: Trading assets: Corporate equity securities $ 20,580 $ (1,198 ) $ 490 $ (1,263 ) $ (281 ) $ — $ 2,220 $ 20,548 $ (1,428 ) Corporate debt securities 33,467 (1,420 ) 8,789 (9,181 ) (6,986 ) — 58 24,727 (1,983 ) CDOs and CLOs 45,354 (1,668 ) 16,334 (19,103 ) — — 7,291 48,208 (745 ) Municipal securities 26,554 (70 ) — (26,484 ) — — — — — Residential mortgage-backed securities 39,259 (2,188 ) 3,176 (6,636 ) (4 ) — (575 ) 33,032 (1,024 ) Commercial mortgage-backed securities 20,653 98 534 (4,111 ) (1 ) — (910 ) 16,263 (546 ) Other asset-backed securities 37,702 (3,663 ) 13,476 — (2,241 ) — (1,925 ) 43,349 (3,642 ) Loans and other receivables 53,172 3,226 20,054 (19,378 ) (7,181 ) — (528 ) 49,365 1,687 Investments at fair value 307,830 4,940 2,800 — (273 ) — — 315,297 4,940 FXCM term loan 132,800 4,430 — — (8,180 ) — — 129,050 (1,801 ) Liabilities: Trading liabilities: Corporate equity securities $ 324 $ 30 $ — $ — $ — $ — $ — $ 354 $ (30 ) Corporate debt securities 523 (1 ) — — — — — 522 1 Commercial mortgage-backed securities — 70 — — — — — 70 (70 ) Net derivatives (2) 6,413 (3,617 ) — — (3 ) 218 11 3,022 (147 ) Loans 1,036 3,867 — — — — 64 4,967 (3,867 ) Other secured financings 87 (87 ) — — — — — — — (1) Realized and unrealized gains (losses) are reported in Principal transactions in the Consolidated Statements of Operations. (2) Net derivatives represent Trading assets - Derivatives and Trading liabilities - Derivatives. The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the six months ended June 30, 2016 (in thousands): Six Months Ended June 30, 2016 Balance, December 31, 2015 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance, June 30, 2016 Changes in unrealized gains/ losses relating to instruments still held at June 30, 2016 (1) Assets: Trading assets: Corporate equity securities $ 40,906 $ 1,571 $ 2,287 $ (508 ) $ (2,455 ) $ — $ 7,015 $ 48,816 $ 2,080 Corporate debt securities 25,876 (2,378 ) 16,564 (16,613 ) (245 ) — 909 24,113 (2,474 ) CDOs and CLOs 85,092 (20,455 ) 24,024 (43,696 ) (473 ) — 8,218 52,710 (12,002 ) Sovereign obligations 120 — — — — — — 120 — Residential mortgage-backed securities 70,263 (8,337 ) 1,483 (4,843 ) (235 ) — 4,977 63,308 (4,011 ) Commercial mortgage-backed securities 14,326 (2,589 ) 2,951 (2,023 ) (1,208 ) — 13,526 24,983 (3,140 ) Other asset-backed securities 42,925 (202 ) 64,833 (74,690 ) (4,713 ) — 14,880 43,033 (7,134 ) Loans and other receivables 189,289 (13,376 ) 203,990 (127,944 ) (150,975 ) — 3,415 104,399 (15,693 ) Investments at fair value 199,794 59,242 4,727 — (555 ) — 10,063 273,271 66,243 Investment in FXCM 625,689 (101,056 ) — — (16,233 ) — — 508,400 (101,056 ) Liabilities: Trading liabilities: Corporate equity securities $ 38 $ — $ — $ — $ — $ — $ (38 ) $ — $ — Net derivatives (2) (242 ) 10,075 — — (46 ) 1,005 (6,368 ) 4,424 (11,008 ) Loans 10,469 (541 ) (2,240 ) 1,033 (1,149 ) — (5,676 ) 1,896 250 Other secured financings 544 (76 ) — — — — — 468 76 (1) Realized and unrealized gains (losses) are reported in Principal transactions in the Consolidated Statements of Operations. (2) Net derivatives represent Trading assets - Derivatives and Trading liabilities - Derivatives. The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the six months ended June 30, 2017 (in thousands): Six Months Ended June 30, 2017 Balance, December 31, 2016 Total gains/ losses (realized and unrealized) (1) Purchases Sales Settlements Issuances Net transfers into (out of) Level 3 Balance at June 30, 2017 Changes in unrealized gains/losses relating to instruments still held at June 30, 2017 (1) Assets: Trading assets: Corporate equity securities $ 21,739 $ (489 ) $ 1,056 $ (1,117 ) $ (1,907 ) $ — $ 1,266 $ 20,548 $ (1,215 ) Corporate debt securities 25,005 (3,300 ) 15,133 (15,295 ) (1,693 ) — 4,877 24,727 (3,571 ) CDOs and CLOs 54,354 (8,709 ) 24,741 (35,044 ) — — 12,866 48,208 (9,431 ) Municipal securities 27,257 (1,547 ) — (25,710 ) — — — — — Residential mortgage-backed securities 38,772 (3,000 ) 5,886 (11,750 ) (16 ) — 3,140 33,032 (1,667 ) Commercial mortgage-backed securities 20,580 (1,119 ) 534 (4,523 ) (2 ) — 793 16,263 (907 ) Other asset-backed securities 40,911 (5,489 ) 17,029 (300 ) (5,576 ) — (3,226 ) 43,349 (5,461 ) Loans and other receivables 81,872 10,062 63,616 (61,423 ) (17,017 ) — (27,745 ) 49,365 (3,679 ) Investments at fair value 314,359 8,796 2,800 (10,119 ) (539 ) — — 315,297 10,820 FXCM term loan 164,500 15,308 — — (50,758 ) — — 129,050 1,471 Liabilities: Trading liabilities: Corporate equity securities $ 313 $ 41 $ — $ — $ — $ — $ — $ 354 $ (41 ) Corporate debt securities 523 (1 ) — — — — — 522 1 Commercial mortgage-backed securities — 70 — — — — — 70 (70 ) Net derivatives (2) 3,441 (6,154 ) — — 1,534 404 3,797 3,022 (614 ) Loans 378 4,091 (364 ) — — — 862 4,967 (4,091 ) Other secured financings 418 (418 ) — — — — — — — (1) Realized and unrealized gains (losses) are reported in Principal transactions in the Consolidated Statements of Operations. (2) Net derivatives represent Trading assets - Derivatives and Trading liabilities - Derivatives. |
Quantitative Information About Significant Unobservable Inputs Used In Level 3 Fair Value Measurements | June 30, 2017 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Corporate equity securities $ 17,196 Non-exchange traded securities Market approach Price $3 to $75 $44.0 Underlying stock price $6 — Comparable pricing Comparable asset price $6 — Corporate debt securities $ 24,727 Convertible bond model Discount rate/yield 8% — Volatility 40% — Market approach Price $9 to $20 $18.0 CDOs and CLOs $ 40,818 Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% to 12% 3 % Loss severity 25% to 30% 27 % Discount rate/yield 11% to 21% 15 % Scenario analysis Estimated recovery percentage 4% to 45% 27 % Residential mortgage-backed securities $ 33,032 Discounted cash flows Cumulative loss rate 0% to 30% 14 % Duration (years) 3 to 17 7 Discount rate/yield 5% to 10% 8 % Commercial mortgage-backed securities $ 16,263 Discounted cash flows Cumulative loss rate 15% to 35% 25 % Duration (years) 1 to 5 3 Discount rate/yield 5% to 45% 12 % Other asset-backed securities $ 43,349 Discounted cash flows Cumulative loss rate 0% to 24% 19 % Duration (years) 1 to 11 2 Discount rate/yield 4% to 18% 12 % Market approach Price $100 — Scenario analysis Estimated recovery percentage 30% — Loans and other receivables $ 46,309 Market approach EBITDA (a) multiple 1.6 — Price $42 to $100 $79.0 Estimated recovery percentage 35% — Scenario analysis Estimated recovery percentage 13% to 40% 31 % Price $66 — Derivatives $ 6,860 Unfunded commitments Market approach Price $92 to $98 $96.0 Credit default swaps Market approach Credit spread 265 bps — Interest rate swaps Market approach Credit spread 800 bps — Investments at fair value Private equity securities $ 97,527 Market approach Transaction level $3 to $250 $110.0 Discount rate 15% to 30% 23 % Investment in FXCM Term loan $ 129,050 Discounted cash flows Term based on the pay off 0 months to .5 years 0.3 years Trading Liabilities Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Loans $ 4,967 Market approach Estimated recovery percentage 35% — Derivatives $ 9,882 Equity options Option model/default rate Default probability 0% — Unfunded commitments Market approach Price $92 to $98 $93.0 Variable funding note swaps Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25% — Discount rate/yield 21% — December 31, 2016 Financial Instruments Owned Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Corporate equity securities $ 19,799 Non-exchange traded securities Market approach Underlying stock price $3 to $75 $15.0 Comparable pricing Underlying stock price $218 — Comparable asset price $11 — Present value Average silver production (tons per day) 666 — Corporate debt securities $ 25,005 Convertible bond model Discount rate/yield 9% — Volatility 40% — Market approach Transaction level $30 — CDOs and CLOs $ 33,016 Discounted cash flows Constant prepayment rate 10% to 20% 19 % Constant default rate 2% to 4% 2 % Loss severity 25% to 70% 40 % Yield 7% to 17% 12 % Scenario analysis Estimated recovery percentage 28% to 38% 31 % Residential mortgage-backed securities $ 38,772 Discounted cash flows Constant prepayment rate 0% to 11% 5 % Constant default rate 1% to 7% 3 % Loss severity 35% to 100% 62 % Yield 2% to 10% 6 % Commercial mortgage-backed securities $ 20,580 Discounted cash flows Yield 6% to 11% 8 % Cumulative loss rate 5% to 95% 39 % Other asset-backed securities $ 40,911 Discounted cash flows Constant prepayment rate 4% to 20% 14 % Constant default rate 0% to 31% 13 % Loss severity 0% to 100% 90 % Yield 4% to 17% 15 % Market approach Price $72 — Loans and other receivables $ 54,347 Market approach Discount rate/yield 2% to 4% 3 % EBITDA (a) multiple 3.3 — Transaction level $0.42 — Present value Average silver production (tons per day) 666 — Scenario analysis Estimated recovery percentage 6% to 50% 37 % Derivatives $ 6,429 Equity swaps Comparable pricing Comparable asset price $102 — Credit default swaps Market approach Credit spread 265 bps — Investments at fair value Private equity securities $ 67,383 Market approach Transaction level $250 — Price $25,815,720 — Discount rate 15% to 30% 23 % Investment in FXCM Term loan $ 164,500 Discounted cash flows Term based on the pay off 0 months to .5 years 0.4 years Trading Liabilities Fair Value (in thousands) Valuation Technique Significant Unobservable Input(s) Input/Range Weighted Average Derivatives $ 9,870 Equity options Option model Volatility 45% — Default rate Default probability 0% — Equity swaps Comparable pricing Comparable asset price $102 — Unfunded commitments Market approach Discount rate/yield 4% — Variable funding note swaps Discounted cash flows Constant prepayment rate 20% — Constant default rate 2% — Loss severity 25% — Yield 16% — (a) Earnings before interest, taxes, depreciation and amortization (“EBITDA”). |
Summary Of Gains (Losses) Due To Changes In Instrument Specific Credit Risk For Loans and Other Receivables And Loan Commitments Measured At Fair Value Under Fair Value Option | The following is a summary of Jefferies gains (losses) due to changes in instrument specific credit risk on loans, other receivables and debt instruments and gains (losses) due to other changes in fair value on long-term debt measured at fair value under the fair value option for the three and six months ended June 30, 2017 and 2016 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Financial Instruments Owned: Loans and other receivables $ (4,282 ) $ (10,564 ) $ (11,094 ) $ (24,901 ) Financial Instruments Sold: Loans $ (1,734 ) $ 407 $ (1,761 ) $ 405 Loan commitments $ 3,332 $ 1,173 $ 4,203 $ (2,573 ) Long-term Debt: Changes in instrument specific credit risk (1) $ (3,757 ) $ (3,453 ) $ (19,797 ) $ (3,755 ) Other changes in fair value (2) $ 1,516 $ 3,893 $ 4,933 $ 10,751 (1) Changes in instrument specific credit risk related to structured notes are included in the Consolidated Statements of Comprehensive Income (Loss), net of tax. (2) Other changes in fair value are principally included within Principal transactions revenues in the Consolidated Statements of Operations. |
Summary Of Amount By Which Contractual Principal Exceeds Fair Value For Loans And Other Receivables Measured At Fair Value Under Fair Value Option | The following is a summary of the amount by which contractual principal exceeds fair value for loans and other receivables and long-term debt measured at fair value under the fair value option (in thousands): June 30, 2017 December 31, 2016 Financial Instruments Owned: Loans and other receivables (1) $ 649,320 $ 1,325,938 Loans and other receivables on nonaccrual status and/or greater than 90 days past due (1) (2) $ 170,969 $ 205,746 Long-term Debt $ 5,116 $ 20,202 (1) Interest income is recognized separately from other changes in fair value and is included within Interest income in the Consolidated Statements of Operations. (2) Amounts include all loans and other receivables greater than 90 days past due of $68.2 million and $64.6 million at June 30, 2017 and December 31, 2016 , respectively. |
Derivative Financial Instrume37
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure | The following tables present the fair value and related number of derivative contracts categorized by type of derivative contract as reflected in the Consolidated Statements of Financial Condition at June 30, 2017 and December 31, 2016 . The fair value of assets/liabilities represents our receivable/payable for derivative financial instruments, gross of counterparty netting and cash collateral received and pledged. The following tables also provide information regarding: 1) the extent to which, under enforceable master netting arrangements, such balances are presented net in our Consolidated Statements of Financial Condition as appropriate under U.S. GAAP and 2) the extent to which other rights of setoff associated with these arrangements exist and could have an effect on our financial position (in thousands, except contract amounts): Assets Liabilities Fair Value Number of Contracts Fair Value Number of Contracts June 30, 2017 Derivatives designated as accounting hedges - interest rate contracts $ 10,448 1 $ — — Derivatives not designated as accounting hedges: Interest rate contracts $ 2,233,762 22,891 $ 2,151,955 52,954 Foreign exchange contracts 295,195 6,185 293,593 6,234 Equity contracts 470,327 2,028,244 817,737 1,724,541 Commodity contracts 5,924 8,482 6,447 8,681 Credit contracts 50,921 209 54,998 214 Total 3,056,129 3,324,730 Counterparty/cash-collateral netting (1) (2,873,083 ) (2,860,565 ) Total derivatives not designated as accounting hedges $ 183,046 $ 464,165 Total per Consolidated Statement of Financial Condition (2) $ 193,494 $ 464,165 December 31, 2016 Derivatives not designated as accounting hedges: Interest rate contracts $ 3,282,245 29,032 $ 3,159,457 34,845 Foreign exchange contracts 529,669 7,826 516,869 8,319 Equity contracts 786,987 2,843,329 1,169,201 2,414,715 Commodity contracts 1,906 2,766 6,430 7,289 Credit contracts 26,269 311 28,065 20,084 Total 4,627,076 4,880,022 Counterparty/cash-collateral netting (1) (4,255,998 ) (4,229,213 ) Total per Consolidated Statement of Financial Condition (2) $ 371,078 $ 650,809 (1) Amounts netted include both netting by counterparty and for cash collateral paid or received. (2) We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in the Consolidated Statements of Financial Condition. |
Unrealized And Realized Gains (Losses) On Derivative Contracts | The following table provides information related to gains (losses) recognized in Interest expense in the Consolidated Statements of Operations on a fair value hedge (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest rate swaps $ 12,352 $ — $ 7,743 $ — Long-term debt (10,295 ) — (4,890 ) — Total $ 2,057 $ — $ 2,853 $ — The following table presents unrealized and realized gains (losses) on derivative contracts which are primarily recognized in Principal transactions revenues in the Consolidated Statements of Operations, which are utilized in connection with our client activities and our economic risk management activities for the three and six months ended June 30, 2017 and 2016 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Interest rate contracts $ 362 $ (5,877 ) $ 10,040 $ (74,390 ) Foreign exchange contracts 357 4,067 2,860 4,903 Equity contracts 26,918 (97,570 ) (151,704 ) (321,852 ) Commodity contracts (8,791 ) (3,155 ) (1,543 ) (2,426 ) Credit contracts 3,888 10,779 14,080 (196 ) Total $ 22,734 $ (91,756 ) $ (126,267 ) $ (393,961 ) |
Remaining Contract Maturity Of Fair Value Of OTC Derivative Assets And Liabilities | The following tables set forth by remaining contract maturity the fair value of OTC derivative assets and liabilities as reflected in the Consolidated Statement of Financial Condition at June 30, 2017 (in thousands): OTC Derivative Assets (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross- Maturity Netting (4) Total Commodity swaps, options and forwards $ 881 $ 689 $ — $ — $ 1,570 Equity swaps and options 4,049 4,275 173 — 8,497 Credit default swaps 3,671 1,515 10,562 (164 ) 15,584 Total return swaps 20,455 2,652 262 (822 ) 22,547 Foreign currency forwards, swaps and options 67,899 6,873 — (2,998 ) 71,774 Interest rate swaps, options and forwards 36,082 164,435 103,571 (65,569 ) 238,519 Total $ 133,037 $ 180,439 $ 114,568 $ (69,553 ) 358,491 Cross product counterparty netting (12,314 ) Total OTC derivative assets included in Trading assets $ 346,177 (1) At June 30, 2017 , we held exchange traded derivative assets and other credit agreements with a fair value of $13.9 million , which are not included in this table. (2) OTC derivative assets in the table above are gross of collateral received. OTC derivative assets are recorded net of collateral received in the Consolidated Statements of Financial Condition. At June 30, 2017 , cash collateral received was $166.6 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. OTC Derivative Liabilities (1) (2) (3) 0-12 Months 1-5 Years Greater Than 5 Years Cross-Maturity Netting (4) Total Commodity swaps, options and forwards $ 1,021 $ — $ — $ — $ 1,021 Equity swaps and options 13,419 19,142 3,087 — 35,648 Credit default swaps 1,986 12,843 2,651 (164 ) 17,316 Total return swaps 18,801 4,075 203 (822 ) 22,257 Foreign currency forwards, swaps and options 70,140 3,065 — (2,998 ) 70,207 Fixed income forwards 1,687 — — — 1,687 Interest rate swaps, options and forwards 33,981 92,311 86,507 (65,569 ) 147,230 Total $ 141,035 $ 131,436 $ 92,448 $ (69,553 ) 295,366 Cross product counterparty netting (12,314 ) Total OTC derivative liabilities included in Trading liabilities $ 283,052 (1) At June 30, 2017 , we held exchange traded derivative liabilities and other credit agreements with a fair value of $335.2 million , which are not included in this table. (2) OTC derivative liabilities in the table above are gross of collateral pledged. OTC derivative liabilities are recorded net of collateral pledged in the Consolidated Statements of Financial Condition. At June 30, 2017 , cash collateral pledged was $154.1 million . (3) Derivative fair values include counterparty netting within product category. (4) Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories. |
Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets | At June 30, 2017 , the counterparty credit quality with respect to the fair value of our OTC derivative assets was as follows (in thousands): Counterparty credit quality (1): A- or higher $ 156,240 BBB- to BBB+ 56,371 BB+ or lower 74,164 Unrated 59,402 Total $ 346,177 (1) Jefferies utilizes internal credit ratings determined by the Jefferies Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies. |
Collateralized Transactions (Ta
Collateralized Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Collateralized Transactions [Abstract] | |
Schedule of Collateralized Financing Transactions | The following tables set forth the carrying value of securities lending arrangements and repurchase agreements by class of collateral pledged and remaining contractual maturity (in thousands): Collateral Pledged Securities Lending Arrangements Repurchase Agreements Total June 30, 2017 Corporate equity securities $ 2,862,228 $ 217,080 $ 3,079,308 Corporate debt securities 572,028 2,135,355 2,707,383 Mortgage- and asset-backed securities — 2,612,660 2,612,660 U.S. government and federal agency securities 12,597 9,315,643 9,328,240 Municipal securities — 398,605 398,605 Sovereign obligations — 2,032,359 2,032,359 Loans and other receivables — 605,630 605,630 Total $ 3,446,853 $ 17,317,332 $ 20,764,185 December 31, 2016 Corporate equity securities $ 2,046,243 $ 66,291 $ 2,112,534 Corporate debt securities 731,276 1,907,888 2,639,164 Mortgage- and asset-backed securities — 2,171,480 2,171,480 U.S. government and federal agency securities 41,613 9,232,624 9,274,237 Municipal securities — 553,010 553,010 Sovereign obligations — 2,625,079 2,625,079 Loans and other receivables — 455,960 455,960 Total $ 2,819,132 $ 17,012,332 $ 19,831,464 Contractual Maturity Overnight and Continuous Up to 30 Days 30 to 90 Days Greater than 90 Days Total June 30, 2017 Securities lending arrangements $ 2,247,140 $ 37,112 $ 693,014 $ 469,587 $ 3,446,853 Repurchase agreements 9,215,374 3,994,002 2,666,364 1,441,592 17,317,332 Total $ 11,462,514 $ 4,031,114 $ 3,359,378 $ 1,911,179 $ 20,764,185 December 31, 2016 Securities lending arrangements $ 2,131,891 $ 39,673 $ 104,516 $ 543,052 $ 2,819,132 Repurchase agreements 9,147,176 2,008,119 3,809,533 2,047,504 17,012,332 Total $ 11,279,067 $ 2,047,792 $ 3,914,049 $ 2,590,556 $ 19,831,464 |
Securitization Activities (Tabl
Securitization Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Securitization Activities [Abstract] | |
Activity Related To Securitizations Accounted For As Sales | The following table presents activity related to Jefferies securitizations that were accounted for as sales in which it had continuing involvement during the three and six months ended June 30, 2017 and 2016 (in millions): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Transferred assets $ 715.1 $ 1,183.9 $ 1,668.6 $ 3,132.8 Proceeds on new securitizations $ 723.6 $ 1,184.6 $ 1,686.1 $ 3,147.3 Cash flows received on retained interests $ 8.2 $ 13.1 $ 14.6 $ 22.5 |
Summary Of Retained Interests In SPEs | The following table summarizes Jefferies retained interests in SPEs where it transferred assets and has continuing involvement and received sale accounting treatment (in millions): June 30, 2017 December 31, 2016 Securitization Type Total Assets Retained Interests Total Assets Retained Interests U.S. government agency residential mortgage-backed securities $ 4,930.1 $ 8.6 $ 7,584.9 $ 31.0 U.S. government agency commercial mortgage-backed securities $ 2,292.5 $ 33.8 $ 1,806.3 $ 29.6 CLOs $ 2,759.5 $ 7.1 $ 4,102.2 $ 37.0 Consumer and other loans $ 365.3 $ 67.4 $ 395.7 $ 25.3 |
Available for Sale Securities (
Available for Sale Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments [Abstract] | |
Amortized Cost, Gross Unrealized Gains And Losses And Estimated Fair Value Of Available For Sale Investments | The amortized cost, gross unrealized gains and losses and estimated fair value of investments classified as available for sale at June 30, 2017 and December 31, 2016 are as follows (in thousands): Amortized Gross Gross Estimated June 30, 2017 Bonds and notes: U.S. government securities $ 169,365 $ 5 $ 54 $ 169,316 Residential mortgage-backed securities 32,714 191 80 32,825 Commercial mortgage-backed securities 8,895 62 10 8,947 Other asset-backed securities 30,608 112 13 30,707 Total fixed maturities 241,582 370 157 241,795 Equity securities: Common stocks: Banks, trusts and insurance companies 35,071 23,699 — 58,770 Industrial, miscellaneous and all other 17,946 17,544 — 35,490 Total equity securities 53,017 41,243 — 94,260 $ 294,599 $ 41,613 $ 157 $ 336,055 December 31, 2016 Bonds and notes: U.S. government securities $ 174,938 $ 8 $ 13 $ 174,933 Residential mortgage-backed securities 19,129 108 104 19,133 Commercial mortgage-backed securities 8,275 64 2 8,337 Other asset-backed securities 18,918 124 — 19,042 All other corporates 180 — 1 179 Total fixed maturities 221,440 304 120 221,624 Equity securities: Common stocks: Banks, trusts and insurance companies 35,071 15,115 — 50,186 Industrial, miscellaneous and all other 17,946 11,293 — 29,239 Total equity securities 53,017 26,408 — 79,425 $ 274,457 $ 26,712 $ 120 $ 301,049 |
Amortized Cost And Estimated Fair Value Of Investments Classified As Available For Sale By Contractual Maturity | The amortized cost and estimated fair value of investments classified as available for sale at June 30, 2017 , by contractual maturity, are shown below. Expected maturities are likely to differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Estimated Fair Value (In thousands) Due within one year $ 169,365 $ 169,316 Due after one year through five years — — 169,365 169,316 Mortgage-backed and asset-backed securities 72,217 72,479 $ 241,582 $ 241,795 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Variable Interest Entities [Abstract] | |
Assets And Liabilities Of Consolidated VIEs | The following table presents information about the assets and liabilities of our consolidated VIEs, which are presented in our Consolidated Statements of Financial Condition in the respective asset and liability categories, as of June 30, 2017 and December 31, 2016 (in millions). The assets and liabilities in the table below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation. June 30, 2017 December 31, 2016 Securitization Vehicles Real Estate Investment Vehicles Securitization Vehicles Real Estate Investment Vehicles Cash $ 8.4 $ 1.3 $ 18.4 $ 2.2 Financial instruments owned 36.3 — 86.6 — Securities purchased under agreement to resell (1) 370.3 — 733.5 — Receivables 391.6 270.0 277.7 296.9 Loans to and investments in associated companies — 118.9 — 108.7 Other 21.3 6.8 14.5 10.8 Total assets $ 827.9 $ 397.0 $ 1,130.7 $ 418.6 Other secured financings (2) $ 781.1 $ — $ 1,083.8 $ — Long-term debt — 213.4 24.1 243.9 Other (3) 48.5 9.3 22.3 11.7 Total liabilities $ 829.6 $ 222.7 $ 1,130.2 $ 255.6 Noncontrolling interests $ — $ 104.9 $ — $ 98.7 (1) Securities purchased under agreement to resell represent an amount due under a collateralized transaction on a related consolidated entity, which is eliminated in consolidation. (2) Approximately $38.9 million and $57.6 million of the secured financing represents an amount held by Jefferies in inventory and eliminated in consolidation at June 30, 2017 and December 31, 2016 , respectively. (3) Includes $40.8 million and $20.0 million at June 30, 2017 and December 31, 2016 , respectively, of intercompany payables that are eliminated in consolidation. |
Non-Consolidated Variable Interest Entities | The following tables present information about our variable interests in nonconsolidated VIEs as of June 30, 2017 and December 31, 2016 (in millions): Financial Statement Carrying Amount Maximum Exposure to Loss VIE Assets Assets Liabilities June 30, 2017 CLOs $ 26.8 $ 1.0 $ 804.8 $ 2,914.5 Consumer loan vehicles 154.2 — 567.3 1,533.7 Related party private equity vehicles 28.0 — 50.7 103.2 Real estate investment vehicles 98.6 — 110.4 110.2 Other private investment vehicles 89.1 — 99.2 4,612.2 Total $ 396.7 $ 1.0 $ 1,632.4 $ 9,273.8 December 31, 2016 CLOs $ 264.7 $ 4.8 $ 930.0 $ 4,472.9 Consumer loan vehicles 90.3 — 219.6 985.5 Related party private equity vehicles 37.6 — 63.6 155.6 Real estate investment vehicles 90.3 — 101.8 85.6 Other private investment vehicles 84.0 — 95.8 4,529.7 Total $ 566.9 $ 4.8 $ 1,410.8 $ 10,229.3 |
Loans To And Investments In A42
Loans To And Investments In Associated Companies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and 2016 is as follows (in thousands): Loans to and investments in associated companies as of January 1, Income (losses) related to associated companies Income (losses) related to associated companies classified as other revenues Contributions to (distributions from) associated companies, net Other, including foreign exchange and unrealized gains (losses) Loans to and investments in associated companies as of June 30, 2017 Jefferies Finance $ 490,464 $ — $ 50,176 $ — $ — $ 540,640 Jefferies LoanCore 154,731 — 6,374 56,950 — 218,055 Berkadia 184,443 33,140 — (4,567 ) 32 213,048 FXCM 336,258 (162,015 ) — — 87 174,330 Garcadia Companies 185,815 25,971 — (29,407 ) — 182,379 Linkem 154,000 (17,024 ) — 31,996 22,765 191,737 HomeFed 302,231 9,684 — 31,316 — 343,231 Golden Queen (1) 111,302 (1,709 ) — (53 ) — 109,540 54 Madison (2) 161,400 (4,164 ) — 26,281 — 183,517 Other 44,454 1,647 (2,055 ) 38,900 — 82,946 Total $ 2,125,098 $ (114,470 ) $ 54,495 $ 151,416 $ 22,884 $ 2,239,423 2016 Jefferies Finance $ 528,575 $ — $ (38,481 ) $ (19,300 ) $ — $ 470,794 Jefferies LoanCore 288,741 — 8,014 (138,622 ) — 158,133 Berkadia 190,986 33,452 — (40,748 ) 207 183,897 Garcadia Companies 172,660 29,268 — (14,777 ) — 187,151 Linkem 150,149 (14,873 ) — 33,297 3,462 172,035 HomeFed 275,378 22,346 — — — 297,724 Golden Queen 114,323 (1,664 ) — — — 112,659 54 Madison — 2,483 — 115,499 3,642 121,624 Other 36,557 930 (785 ) 19 (3,401 ) 33,320 Total $ 1,757,369 $ 71,942 $ (31,252 ) $ (64,632 ) $ 3,910 $ 1,737,337 (1) At June 30, 2017 and December 31, 2016 , the balance reflects $32.3 million and $32.8 million , respectively, related to a noncontrolling interest. (2) At June 30, 2017 and December 31, 2016 , the balance reflects $107.7 million and $95.3 million , respectively, related to noncontrolling interests. Income (losses) related to associated companies includes the following for the three and six months ended June 30, 2017 and 2016 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Berkadia $ 16,186 $ 20,398 $ 33,140 $ 33,452 FXCM (12,115 ) — (162,015 ) — Garcadia companies 12,677 13,941 25,971 29,268 Linkem (8,876 ) (6,673 ) (17,024 ) (14,873 ) HomeFed 9,348 23,634 9,684 22,346 Golden Queen (412 ) (1,309 ) (1,709 ) (1,664 ) 54 Madison (3,556 ) 1,256 (4,164 ) 2,483 Other 852 643 1,647 930 Total $ 14,104 $ 51,890 $ (114,470 ) $ 71,942 Income (losses) related to associated companies classified as Other revenues includes the following for the three and six months ended June 30, 2017 and 2016 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Jefferies Finance $ 25,211 $ (15,675 ) $ 50,176 $ (38,481 ) Jefferies LoanCore 4,042 8,201 6,374 8,014 Other (1,021 ) (362 ) (2,055 ) (785 ) Total $ 28,232 $ (7,836 ) $ 54,495 $ (31,252 ) |
Financial Statement Offsetting
Financial Statement Offsetting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Offsetting [Abstract] | |
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 June 30, 2017 Derivative contracts $ 3,066,577 $ (2,873,083 ) $ 193,494 $ — $ — $ 193,494 Securities borrowing arrangements $ 7,900,395 $ — $ 7,900,395 $ (765,075 ) $ (1,291,875 ) $ 5,843,445 Reverse repurchase agreements $ 13,041,366 $ (8,695,905 ) $ 4,345,461 $ (587,698 ) $ (3,698,540 ) $ 59,223 Liabilities at June 30, 2017 Derivative contracts $ 3,324,730 $ (2,860,565 ) $ 464,165 $ — $ — $ 464,165 Securities lending arrangements $ 3,446,853 $ — $ 3,446,853 $ (765,075 ) $ (2,622,311 ) $ 59,467 Repurchase agreements $ 17,317,332 $ (8,695,905 ) $ 8,621,427 $ (587,698 ) $ (6,617,668 ) $ 1,416,061 Assets at December 31, 2016 Derivative contracts $ 4,627,076 $ (4,255,998 ) $ 371,078 $ — $ — $ 371,078 Securities borrowing arrangements $ 7,743,562 $ — $ 7,743,562 $ (710,611 ) $ (647,290 ) $ 6,385,661 Reverse repurchase agreements $ 14,083,144 $ (10,220,656 ) $ 3,862,488 $ (176,275 ) $ (3,591,654 ) $ 94,559 Liabilities at December 31, 2016 Derivative contracts $ 4,880,022 $ (4,229,213 ) $ 650,809 $ — $ — $ 650,809 Securities lending arrangements $ 2,819,132 $ — $ 2,819,132 $ (710,611 ) $ (2,064,299 ) $ 44,222 Repurchase agreements $ 17,012,332 $ (10,220,656 ) $ 6,791,676 $ (176,275 ) $ (5,780,909 ) $ 834,492 (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 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 June 30, 2017 , amounts include $5,793.7 million of securities borrowing arrangements, for which we have received securities collateral of $5,620.1 million , and $1,396.9 million of repurchase agreements, for which we have pledged securities collateral of $1,438.0 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. At December 31, 2016 , amounts include $6,337.5 million of securities borrowing arrangements, for which we have received securities collateral of $6,146.0 million , and $810.4 million of repurchase agreements, for which we have pledged securities collateral of $834.2 million , which are subject to master netting agreements but we have 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 June 30, 2017 Derivative contracts $ 3,066,577 $ (2,873,083 ) $ 193,494 $ — $ — $ 193,494 Securities borrowing arrangements $ 7,900,395 $ — $ 7,900,395 $ (765,075 ) $ (1,291,875 ) $ 5,843,445 Reverse repurchase agreements $ 13,041,366 $ (8,695,905 ) $ 4,345,461 $ (587,698 ) $ (3,698,540 ) $ 59,223 Liabilities at June 30, 2017 Derivative contracts $ 3,324,730 $ (2,860,565 ) $ 464,165 $ — $ — $ 464,165 Securities lending arrangements $ 3,446,853 $ — $ 3,446,853 $ (765,075 ) $ (2,622,311 ) $ 59,467 Repurchase agreements $ 17,317,332 $ (8,695,905 ) $ 8,621,427 $ (587,698 ) $ (6,617,668 ) $ 1,416,061 Assets at December 31, 2016 Derivative contracts $ 4,627,076 $ (4,255,998 ) $ 371,078 $ — $ — $ 371,078 Securities borrowing arrangements $ 7,743,562 $ — $ 7,743,562 $ (710,611 ) $ (647,290 ) $ 6,385,661 Reverse repurchase agreements $ 14,083,144 $ (10,220,656 ) $ 3,862,488 $ (176,275 ) $ (3,591,654 ) $ 94,559 Liabilities at December 31, 2016 Derivative contracts $ 4,880,022 $ (4,229,213 ) $ 650,809 $ — $ — $ 650,809 Securities lending arrangements $ 2,819,132 $ — $ 2,819,132 $ (710,611 ) $ (2,064,299 ) $ 44,222 Repurchase agreements $ 17,012,332 $ (10,220,656 ) $ 6,791,676 $ (176,275 ) $ (5,780,909 ) $ 834,492 (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 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 June 30, 2017 , amounts include $5,793.7 million of securities borrowing arrangements, for which we have received securities collateral of $5,620.1 million , and $1,396.9 million of repurchase agreements, for which we have pledged securities collateral of $1,438.0 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. At December 31, 2016 , amounts include $6,337.5 million of securities borrowing arrangements, for which we have received securities collateral of $6,146.0 million , and $810.4 million of repurchase agreements, for which we have pledged securities collateral of $834.2 million , which are subject to master netting agreements but we have not determined the agreements to be legally enforceable. |
Intangible Assets, Net and Go44
Intangible Assets, Net and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Intangible Assets, Net And Goodwill | A summary of Intangible assets, net and goodwill at June 30, 2017 and December 31, 2016 is as follows (in thousands): June 30, 2017 December 31, 2016 Indefinite-lived intangibles: Exchange and clearing organization membership interests and registrations $ 8,766 $ 9,041 Amortizable intangibles: Customer and other relationships, net of accumulated amortization of $213,894 and $198,674 363,400 378,136 Trademarks and tradename, net of accumulated amortization of $86,924 and $78,778 301,726 309,382 Supply contracts, net of accumulated amortization of $52,469 and $47,867 91,131 95,733 Other, net of accumulated amortization of $3,398 and $2,914 5,188 5,672 Total intangible assets, net 770,211 797,964 Goodwill: National Beef 14,991 14,991 Jefferies 1,699,482 1,696,864 Other operations 3,859 3,859 Total goodwill 1,718,332 1,715,714 Total Intangible assets, net and goodwill $ 2,488,543 $ 2,513,678 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory, Net [Abstract] | |
Summary Of Inventory | A summary of inventory at June 30, 2017 and December 31, 2016 which is classified as Other assets is as follows (in thousands): June 30, 2017 December 31, 2016 Finished goods $ 246,110 $ 243,488 Work in process 40,617 35,714 Raw materials, supplies and other 29,974 30,733 $ 316,701 $ 309,935 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Borrowings | Jefferies short-term borrowings at June 30, 2017 and December 31, 2016 are as follows (in thousands): June 30, 2017 December 31, 2016 Bank loans (1) $ 308,757 $ 372,301 Secured revolving loan facilities — 57,086 Floating rate puttable notes 102,339 96,455 Equity-linked notes 28,044 — Total short-term borrowings $ 439,140 $ 525,842 (1) Bank loans are payable on demand and must be repaid in one year or less. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Aggregate Indebtedness [Abstract] | |
Schedule Of Indebtedness | The principal amount (net of unamortized discounts and premiums), stated interest rate and maturity date of outstanding debt at June 30, 2017 and December 31, 2016 are as follows (dollars in thousands): June 30, 2017 December 31, 2016 Parent Company Debt: Senior Notes: 5.50% Senior Notes due October 18, 2023, $750,000 principal $ 741,798 $ 741,264 6.625% Senior Notes due October 23, 2043, $250,000 principal 246,650 246,627 Total long-term debt – Parent Company 988,448 987,891 Subsidiary Debt (non-recourse to Parent Company): Jefferies: 5.125% Senior Notes, due April 13, 2018, $744,500 and $800,000 principal 755,058 817,813 8.50% Senior Notes, due July 15, 2019, $684,000 and $700,000 principal 746,551 778,367 2.375% Euro Medium Term Notes, due May 20, 2020, $562,300 and $529,975 principal 560,726 528,250 6.875% Senior Notes, due April 15, 2021, $750,000 principal 816,063 823,797 2.25% Euro Medium Term Notes, due July 13, 2022, $4,498 and $4,240 principal 4,116 3,848 5.125% Senior Notes, due January 20, 2023, $600,000 principal 617,044 618,355 4.85% Senior Notes, due January 15, 2027, $750,000 principal (1) 749,134 — 6.45% Senior Debentures, due June 8, 2027, $350,000 principal 376,813 377,806 3.875% Convertible Senior Debentures, due November 1, 2029, $345,000 principal 345,535 346,163 6.25% Senior Debentures, due January 15, 2036, $500,000 principal 512,220 512,396 6.50% Senior Notes, due January 20, 2043, $400,000 principal 421,164 421,333 Structured Notes (2) 399,556 255,203 National Beef Reducing Revolver Loan 275,000 — National Beef Revolving Credit Facility 4,531 — National Beef Term Loan — 273,811 54 Madison Term Loans 343,112 406,028 Foursight Capital Credit Facilities 49,384 97,138 Other 120,431 132,244 Total long-term debt – subsidiaries 7,096,438 6,392,552 Long-term debt $ 8,084,886 $ 7,380,443 (1) Amount includes $4.9 million associated with an interest rate swap based on its designation as a fair value hedge. See Notes 2 and 4 for further information. (2) Includes $392.8 million and $248.9 million at fair value at June 30, 2017 and December 31, 2016 , respectively. |
Mezzanine Equity (Tables)
Mezzanine Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Temporary Equity Disclosure [Abstract] | |
Schedule Of Redeemable Noncontrolling Interests | The following table reconciles National Beef’s redeemable noncontrolling interests activity during the six months ended June 30, 2017 and 2016 (in thousands): For the Six Months Ended June 30, 2017 2016 As of January 1, $ 321,962 $ 189,358 Income allocated to redeemable noncontrolling interests 28,458 17,501 Distributions to redeemable noncontrolling interests (17,062 ) (6,850 ) Increase (decrease) in fair value of redeemable noncontrolling interests (39,965 ) 31,631 Balance, June 30, $ 293,393 $ 231,640 |
Sensitivity Analysis Of Fair Value Of Redeemable Noncontrolling Interests Using Discount And Terminal Growth Rates | The table below is a sensitivity analysis which shows the fair value of the redeemable noncontrolling interests using the assumed discount and the terminal growth rates and fair values under different rate assumptions as of June 30, 2017 (dollars in millions): Discount Rates Terminal Growth Rates 11.35% 11.60% 11.85% 1.75% $ 297.5 $ 290.0 $ 282.8 2.00% $ 301.2 $ 293.4 $ 286.0 2.25% $ 305.0 $ 297.0 $ 289.3 |
Accumulated Other Comprehensi49
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary Of Accumulated Other Comprehensive Income, Net Of Taxes | A summary of accumulated other comprehensive income, net of taxes at June 30, 2017 and December 31, 2016 is as follows (in thousands): June 30, 2017 December 31, 2016 Net unrealized gains on available for sale securities $ 570,827 $ 561,497 Net unrealized foreign exchange losses (141,664 ) (184,829 ) Net change in instrument specific credit risk (18,872 ) (6,494 ) Net minimum pension liability (59,849 ) (59,477 ) $ 350,442 $ 310,697 |
Schedule Of Accumulated Other Comprehensive Income Reclassifications | For the six months ended June 30, 2017 and 2016 , significant amounts reclassified out of accumulated other comprehensive income to net income (loss) are as follows (in thousands): Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Operations 2017 2016 Net unrealized gains (losses) on available for sale securities, net of income tax provision (benefit) of $271 and $6 $ 467 $ 9 Net realized securities gains Net unrealized foreign exchange losses, net of income tax provision of $1,097 and $0 (5,290 ) — Other income Amortization of defined benefit pension plan actuarial gains (losses), net of income tax benefit of $(403) and $(351) (859 ) (767 ) Compensation and benefits, which includes pension expense. Other pension, net of income tax benefit of $(1,231) and $0 1,231 — Income tax provision (benefit) Total reclassifications for the period, net of tax $ (4,451 ) $ (758 ) |
Earnings (Loss) Per Common Sh50
Earnings (Loss) Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The numerators and denominators used to calculate basic and diluted earnings (loss) per share are as follows for the three and six months ended June 30, 2017 and 2016 (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Numerator for earnings (loss) per share: Net income (loss) attributable to Leucadia National Corporation common shareholders $ 58,193 $ 57,289 $ 339,601 $ (165,591 ) Allocation of earnings to participating securities (1) (219 ) (772 ) (1,338 ) — Net income (loss) attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share 57,974 56,517 338,263 (165,591 ) Adjustment to allocation of earnings to participating securities related to diluted shares (1) (2 ) (9 ) 5 — Mandatorily redeemable convertible preferred share dividends — — 2,031 — Net income (loss) attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share $ 57,972 $ 56,508 $ 340,299 $ (165,591 ) Denominator for earnings (loss) per share: Denominator for basic earnings (loss) per share – weighted average shares 369,212 372,556 369,206 372,448 Stock options 25 — 20 — Warrants — — — — Senior executive compensation plan awards 2,315 — 2,296 — Mandatorily redeemable convertible preferred shares — — 4,162 — 3.875% Convertible Senior Debentures — — — — Denominator for diluted earnings (loss) per share 371,552 372,556 375,684 372,448 (1) Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 1,435,400 and 5,105,700 for the three months ended June 30, 2017 and 2016 , respectively, and 1,467,500 and 4,784,200 for the six months ended June 30, 2017 and 2016 , respectively. Dividends declared on participating securities were not material during three and six months ended June 30, 2017 and 2016 . Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed. |
Commitments, Contingencies an51
Commitments, Contingencies and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The following table summarizes commitments associated with certain business activities (in millions): Expected Maturity Date 2017 2018 2019 and 2020 2021 and 2022 2023 and Later Maximum Payout Equity commitments (1) $ 18.7 $ 33.0 $ 12.3 $ — $ 149.0 $ 213.0 Loan commitments (1) 54.3 269.4 15.6 54.9 — 394.2 Mortgage-related and other purchase commitments — — 191.2 — — 191.2 Forward starting reverse repos (2) 4,768.1 — — — — 4,768.1 Forward starting repos (2) 2,464.5 — — — — 2,464.5 Other unfunded commitments (1) 90.0 133.9 142.3 37.7 12.3 416.2 $ 7,395.6 $ 436.3 $ 361.4 $ 92.6 $ 161.3 $ 8,447.2 (1) Equity commitments, loan commitments and other unfunded commitments are presented by contractual maturity date. The amounts are however mostly available on demand. (2) At June 30, 2017 , all of the forward starting securities purchased under agreements to resell and Securities sold under agreements to repurchase (collectively “repos”) settled within three business days. |
Guarantees | The following table summarizes the notional amounts associated with our derivative contracts meeting the definition of a guarantee under GAAP as of June 30, 2017 (in millions): Expected Maturity Date Guarantee Type 2017 2018 2019 and 2020 2021 and 2022 2023 and Later Notional/ Maximum Payout Derivative contracts – non-credit related $ 20,314.7 $ 2,621.4 $ 35.2 $ — $ 447.6 $ 23,418.9 Written derivative contracts – credit related — 54.0 12.5 1,007.7 — 1,074.2 Total derivative contracts $ 20,314.7 $ 2,675.4 $ 47.7 $ 1,007.7 $ 447.6 $ 24,493.1 |
External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts | The external credit ratings of the underlying or referenced assets for our credit related derivatives contracts as of June 30, 2017 is as follows (in millions): External Credit Rating AAA/ Aaa AA/ Aa A BBB/Baa Below Investment Grade Notional/ Maximum Payout Credit related derivative contracts: Index credit default swaps $ — $ — $ 757.0 $ — $ 107.3 $ 864.3 Single name credit default swaps $ — $ — $ 15.3 $ 44.3 $ 150.3 $ 209.9 |
Net Capital Requirements (Table
Net Capital Requirements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Net Capital Requirements [Abstract] | |
Net Capital, Adjusted Net Capital And Excess Net Capital | Jefferies LLC and Jefferies Execution’s net capital and excess net capital as of June 30, 2017 were as follows (in thousands): Net Capital Excess Net Capital Jefferies LLC $ 1,388,388 $ 1,302,034 Jefferies Execution $ 6,837 $ 6,587 |
Other Fair Value Information (T
Other Fair Value Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Other Fair Value Information [Abstract] | |
Methods And Assumptions Used To Estimate The Fair Values | The carrying amounts and estimated fair values of our principal financial instruments that are not recognized at fair value on a recurring basis are as follows (in thousands): June 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Receivables: Notes and loans receivable (1) $ 951,289 $ 943,707 $ 962,938 $ 958,377 Financial Liabilities: Short-term borrowings (2) $ 411,096 $ 411,096 $ 525,842 $ 525,842 Long-term debt (3) $ 7,692,079 $ 8,051,953 $ 7,131,587 $ 7,221,459 (1) Notes and loans receivable: The fair values are estimated principally based on a discounted future cash flows model using market interest rates for similar instruments. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. (2) Short-term borrowings: The fair values of short-term borrowings are estimated to be the carrying amount due to their short maturities. If measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy. (3) Long-term debt: The fair values are estimated using quoted prices, pricing information obtained from external data providers and, for certain variable rate debt, is estimated to be the carrying amount. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 and Level 3. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | Certain information concerning our segments for the three and six months ended June 30, 2017 and 2016 is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired. As discussed above, Jefferies is reflected in our consolidated financial statements utilizing a one month lag. For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Net Revenues: Reportable Segments: Jefferies $ 781,672 $ 720,930 $ 1,579,058 $ 1,021,716 National Beef 1,875,519 1,798,634 3,436,975 3,433,085 Corporate and other 2,336 10,492 10,026 77,348 Total net revenues related to reportable segments 2,659,527 2,530,056 5,026,059 4,532,149 All other 72,853 95,302 574,303 108,315 Total consolidated net revenues $ 2,732,380 $ 2,625,358 $ 5,600,362 $ 4,640,464 Income (loss) before income taxes: Reportable Segments: Jefferies $ 122,712 $ 107,480 $ 254,982 $ (138,317 ) National Beef 78,425 62,855 135,528 84,264 Corporate and other (17,258 ) (7,191 ) (31,762 ) 40,545 Income (loss) before income taxes related to reportable segments 183,879 163,144 358,748 (13,508 ) All other (44,463 ) (8,963 ) 193,495 (119,560 ) Parent Company interest (14,734 ) (14,719 ) (29,464 ) (29,433 ) Total consolidated income (loss) before income taxes $ 124,682 $ 139,462 $ 522,779 $ (162,501 ) Depreciation and amortization expenses: Reportable Segments: Jefferies $ 15,348 $ 14,633 $ 30,949 $ 29,223 National Beef 24,459 22,785 46,858 45,411 Corporate and other 867 944 1,734 1,887 Total depreciation and amortization expenses related to reportable segments 40,674 38,362 79,541 76,521 All other 10,043 12,407 20,686 23,858 Total consolidated depreciation and amortization expenses $ 50,717 $ 50,769 $ 100,227 $ 100,379 |
Nature of Operations (Details)
Nature of Operations (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |||||
Jan. 31, 2017USD ($) | Jun. 30, 2017USD ($)Dealershipfacilitydirector | Jun. 30, 2016USD ($) | May 24, 2017$ / shares | Dec. 31, 2016 | Sep. 01, 2016director | Jan. 31, 2015USD ($) | |
Nature Of Operations [Line Items] | |||||||
Pre-tax gain from sale of subsidiary | $ 178,236 | $ 0 | |||||
HomeFed Corporation [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage of ownership owned | 70.00% | ||||||
Foursight Capital [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage interest owned in subsidiary | 100.00% | ||||||
Chrome Capital [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage interest owned in subsidiary | 85.00% | ||||||
National Beef [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage interest owned in subsidiary | 78.90% | ||||||
HRG [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage of outstanding common stock owned | 23.00% | 23.00% | |||||
Garcadia [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage of ownership owned | 75.00% | ||||||
Number of automobile dealerships | Dealership | 28 | ||||||
Jefferies LoanCore [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage of ownership owned | 48.50% | ||||||
Jefferies Finance [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage of ownership owned | 50.00% | ||||||
FXCM [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Senior secured term loan receivable | $ 122,100 | $ 300,000 | |||||
Percentage interest owned in subsidiary | 50.10% | ||||||
Berkadia [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage of ownership owned | 50.00% | ||||||
Linkem [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage of ownership owned | 42.00% | ||||||
Percentage of ownership upon conversion of note | 53.00% | ||||||
Golden Queen Mining Company, LLC [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage of ownership owned | 35.00% | ||||||
Vitesse Energy, LLC [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage interest owned in subsidiary | 96.00% | ||||||
JETX Energy, LLC [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage interest owned in subsidiary | 98.00% | ||||||
Tanning Facility [Member] | National Beef [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Domestic facilities | facility | 1 | ||||||
Beef Processing Facility [Member] | National Beef [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Domestic facilities | facility | 2 | ||||||
Consumer-Ready Facility [Member] | National Beef [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Domestic facilities | facility | 3 | ||||||
Product Segment [Member] | Spectrum Brands [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage of outstanding common stock owned | 58.00% | ||||||
Insurance Segment [Member] | Fidelity & Guaranty Life [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage of outstanding common stock owned | 80.00% | ||||||
CF Corporation [Member] | Fidelity & Guaranty Life [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Business acquisition, share price (in USD per share) | $ / shares | $ 31.10 | ||||||
Investment in FXCM [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage of ownership owned | 49.90% | 49.90% | |||||
Maximum percentage of all distributions | 65.00% | 65.00% | |||||
Number of directors appointed | director | 6 | 6 | |||||
Number of directors appointed by Company | director | 3 | 3 | |||||
Number of directors appointed by Co-Investee | director | 3 | 3 | |||||
Disposed of by Sale [Member] | Conwed [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Percentage interest owned in subsidiary | 100.00% | ||||||
Cash from sale of subsidiary | $ 295,000 | ||||||
Potential earn-out payment to be received from sale of subsidiary, period | 5 years | ||||||
Pre-tax gain from sale of subsidiary | $ 178,200 | ||||||
Maximum [Member] | Disposed of by Sale [Member] | Conwed [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Potential earn-out payment to be received from sale of subsidiary | $ 40,000 |
Basis of Presentation and Sig56
Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Receivables from brokers, dealers and clearing organizations | $ 3,041,400 | $ 2,062,900 | |
Receivables from customers of securities operations | 1,215,400 | 843,100 | |
Payables to brokers, dealers and clearing organizations | 2,332,400 | 3,290,400 | |
Payables to customers of securities operations | 2,598,100 | $ 2,297,300 | |
Cash paid during the year for: | |||
Interest | 535,959 | $ 465,861 | |
Income tax payments (refunds), net | 9,977 | (14,653) | |
Purchase of common shares for treasury settled subsequent to quarter end | $ 1,900 | $ 24,900 | |
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Derivative hedging relationship effective percentage | 80.00% | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Derivative hedging relationship effective percentage | 125.00% |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Measured On Recurring Basis At Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value based on NAV | $ 23,700 | $ 24,300 |
Counterparty/cash-collateral netting, Assets | (2,873,083) | (4,255,998) |
Total trading assets, excluding investments at fair value based on NAV | 15,225,340 | 14,960,928 |
Total available for sale securities | 336,055 | 301,049 |
Counterparty/cash-collateral netting, Liabilities | (2,860,565) | (4,229,213) |
Total trading liabilities | 9,122,566 | 8,388,619 |
Other secured financings | 41,768 | |
Short-term borrowings | 28,044 | |
Long-term debt - structured notes | 392,807 | 248,856 |
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 919,011 | 857,337 |
Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 1,522,684 | 1,610,667 |
Corporate debt securities | 1,786,687 | 1,718,947 |
U.S. government and federal agency securities | 1,354,488 | 976,497 |
Sovereign obligations | 2,696,733 | 2,629,344 |
Loans | 1,296,661 | 802,355 |
Derivatives | 464,165 | 650,809 |
Counterparty/cash-collateral netting, Liabilities | (2,860,565) | (4,229,213) |
Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 3,143,253 | 2,637,555 |
Corporate debt securities | 2,947,499 | 2,700,025 |
Collateralized debt obligations and collateralized loan obligations | 71,727 | 108,660 |
U.S. government and federal agency securities | 1,621,823 | 2,446,123 |
Municipal securities | 600,039 | 735,726 |
Sovereign obligations | 2,382,584 | 2,423,048 |
Loans and other receivables | 1,732,795 | 1,639,105 |
Derivatives | 193,494 | 371,078 |
Counterparty/cash-collateral netting, Assets | (2,873,083) | (4,255,998) |
Investments at fair value | 315,297 | 314,359 |
FXCM term loan | 129,050 | 164,500 |
Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 94,260 | 79,425 |
Corporate debt securities | 179 | |
U.S. government and federal agency securities | 169,316 | 174,933 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading assets, excluding investments at fair value based on NAV | 5,837,766 | 6,348,755 |
Total available for sale securities | 263,576 | 254,358 |
Total trading liabilities | 4,398,354 | 3,948,201 |
Other secured financings | 0 | |
Short-term borrowings | 0 | |
Long-term debt - structured notes | 0 | 0 |
Level 1 [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 1,492,792 | 1,593,548 |
Corporate debt securities | 0 | 0 |
U.S. government and federal agency securities | 1,354,488 | 976,497 |
Sovereign obligations | 1,502,643 | 1,375,590 |
Loans | 0 | 0 |
Derivatives | 48,431 | 2,566 |
Level 1 [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations | 99,800 | 99,900 |
Level 1 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 2,932,334 | 2,522,977 |
Corporate debt securities | 0 | 0 |
Collateralized debt obligations and collateralized loan obligations | 0 | 0 |
U.S. government and federal agency securities | 1,531,038 | 2,389,397 |
Municipal securities | 0 | 0 |
Sovereign obligations | 1,326,731 | 1,432,556 |
Loans and other receivables | 1,677 | 0 |
Derivatives | 45,986 | 3,825 |
Investments at fair value | 0 | 0 |
FXCM term loan | 0 | 0 |
Level 1 [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 94,260 | 79,425 |
Corporate debt securities | 0 | |
U.S. government and federal agency securities | 169,316 | 174,933 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading assets, excluding investments at fair value based on NAV | 11,573,958 | 12,072,393 |
Total available for sale securities | 72,479 | 46,691 |
Total trading liabilities | 7,568,982 | 8,658,547 |
Other secured financings | 41,350 | |
Short-term borrowings | 28,044 | |
Long-term debt - structured notes | 392,807 | 248,856 |
Level 2 [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 29,538 | 16,806 |
Corporate debt securities | 1,786,165 | 1,718,424 |
U.S. government and federal agency securities | 0 | 0 |
Sovereign obligations | 1,194,090 | 1,253,754 |
Loans | 1,291,694 | 801,977 |
Derivatives | 3,266,417 | 4,867,586 |
Level 2 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 190,371 | 92,839 |
Corporate debt securities | 2,922,772 | 2,675,020 |
Collateralized debt obligations and collateralized loan obligations | 23,519 | 54,306 |
U.S. government and federal agency securities | 90,785 | 56,726 |
Municipal securities | 600,039 | 708,469 |
Sovereign obligations | 1,055,853 | 990,492 |
Loans and other receivables | 1,681,753 | 1,557,233 |
Derivatives | 3,013,731 | 4,616,822 |
Investments at fair value | 0 | 0 |
FXCM term loan | 0 | 0 |
Level 2 [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 0 | 0 |
Corporate debt securities | 179 | |
U.S. government and federal agency securities | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total trading assets, excluding investments at fair value based on NAV | 686,699 | 795,778 |
Total available for sale securities | 0 | 0 |
Total trading liabilities | 15,795 | 11,084 |
Other secured financings | 418 | |
Short-term borrowings | 0 | |
Long-term debt - structured notes | 0 | 0 |
Level 3 [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 354 | 313 |
Corporate debt securities | 522 | 523 |
U.S. government and federal agency securities | 0 | 0 |
Sovereign obligations | 0 | 0 |
Loans | 4,967 | 378 |
Derivatives | 9,882 | 9,870 |
Level 3 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 20,548 | 21,739 |
Corporate debt securities | 24,727 | 25,005 |
Collateralized debt obligations and collateralized loan obligations | 48,208 | 54,354 |
U.S. government and federal agency securities | 0 | 0 |
Municipal securities | 0 | 27,257 |
Sovereign obligations | 0 | 0 |
Loans and other receivables | 49,365 | 81,872 |
Derivatives | 6,860 | 6,429 |
Investments at fair value | 315,297 | 314,359 |
FXCM term loan | 129,050 | 164,500 |
Level 3 [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate equity securities | 0 | 0 |
Corporate debt securities | 0 | |
U.S. government and federal agency securities | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available for sale securities | 32,825 | 19,133 |
Residential Mortgage-Backed Securities [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities | 1,078 | |
Residential Mortgage-Backed Securities [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 1,452,301 | 999,266 |
Residential Mortgage-Backed Securities [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 32,825 | 19,133 |
Residential Mortgage-Backed Securities [Member] | Level 1 [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities | 0 | |
Residential Mortgage-Backed Securities [Member] | Level 1 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | Level 1 [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | Level 2 [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities | 1,078 | |
Residential Mortgage-Backed Securities [Member] | Level 2 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 1,419,269 | 960,494 |
Residential Mortgage-Backed Securities [Member] | Level 2 [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 32,825 | 19,133 |
Residential Mortgage-Backed Securities [Member] | Level 3 [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities | 0 | |
Residential Mortgage-Backed Securities [Member] | Level 3 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 33,032 | 38,772 |
Residential Mortgage-Backed Securities [Member] | Level 3 [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available for sale securities | 8,947 | 8,337 |
Commercial Mortgage-Backed Securities [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities | 70 | |
Commercial Mortgage-Backed Securities [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 450,221 | 316,985 |
Commercial Mortgage-Backed Securities [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 8,947 | 8,337 |
Commercial Mortgage-Backed Securities [Member] | Level 1 [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities | 0 | |
Commercial Mortgage-Backed Securities [Member] | Level 1 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Level 1 [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Level 2 [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities | 0 | |
Commercial Mortgage-Backed Securities [Member] | Level 2 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 433,958 | 296,405 |
Commercial Mortgage-Backed Securities [Member] | Level 2 [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 8,947 | 8,337 |
Commercial Mortgage-Backed Securities [Member] | Level 3 [Member] | Trading Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage-backed securities | 70 | |
Commercial Mortgage-Backed Securities [Member] | Level 3 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 16,263 | 20,580 |
Commercial Mortgage-Backed Securities [Member] | Level 3 [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 0 | 0 |
Other Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available for sale securities | 30,707 | 19,042 |
Other Asset-Backed Securities [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 185,257 | 104,498 |
Other Asset-Backed Securities [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 30,707 | 19,042 |
Other Asset-Backed Securities [Member] | Level 1 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 0 | 0 |
Other Asset-Backed Securities [Member] | Level 1 [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 0 | 0 |
Other Asset-Backed Securities [Member] | Level 2 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 141,908 | 63,587 |
Other Asset-Backed Securities [Member] | Level 2 [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 30,707 | 19,042 |
Other Asset-Backed Securities [Member] | Level 3 [Member] | Trading Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | 43,349 | 40,911 |
Other Asset-Backed Securities [Member] | Level 3 [Member] | Available For Sale Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage- and asset-backed securities, assets | $ 0 | $ 0 |
Fair Value Disclosures (Investm
Fair Value Disclosures (Investment in FXCM Narrative) (Details) | Sep. 01, 2016USD ($)director | Feb. 28, 2017USD ($)directorEmployee | Jun. 30, 2017USD ($)director | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)director | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 31, 2015USD ($) |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
Senior secured term loan, receivable extension term | 1 year | |||||||||
Unrealized and realized gains (losses), interest income and fees | $ 226,035,000 | $ 262,347,000 | $ 642,536,000 | $ 159,864,000 | ||||||
Investment in associated company | 2,239,423,000 | 1,737,337,000 | $ 2,239,423,000 | 1,737,337,000 | $ 2,125,098,000 | $ 1,757,369,000 | ||||
Discount rate | 11.60% | |||||||||
FXCM [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
Senior secured term loan receivable | 122,100,000 | $ 122,100,000 | $ 300,000,000 | |||||||
Loan receivable interest rate percentage | 10.00% | |||||||||
Increase in Interest rate per annum each quarter | 1.50% | |||||||||
Accrued interest rate | 20.50% | |||||||||
Principal and interest payments received | $ 50,800,000 | |||||||||
Unrealized and realized gains (losses), interest income and fees | $ 4,400,000 | $ (47,900,000) | $ 15,300,000 | $ (101,100,000) | ||||||
Expected number of positions eliminated | Employee | 170 | |||||||||
Expected number of positions eliminated, as percentage of global workforce | 22.00% | |||||||||
Percentage of ownership owned | 50.10% | 50.10% | ||||||||
Investment in associated company | $ 174,300,000 | $ 174,300,000 | ||||||||
Investment in FXCM | $ 303,400,000 | $ 303,400,000 | ||||||||
Global Brokerage Holdings [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
Percentage of ownership owned | 74.50% | 74.50% | ||||||||
Maximum [Member] | FXCM [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
Loan receivable interest rate percentage | 20.50% | |||||||||
Investment in FXCM [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
Percentage of ownership owned | 49.90% | 49.90% | 49.90% | |||||||
Maximum percentage of all distributions | 65.00% | 65.00% | 65.00% | |||||||
Number of directors appointed | director | 6 | 6 | 6 | |||||||
Number of directors appointed by Company | director | 3 | 3 | 3 | |||||||
Number of directors appointed by Co-Investee | director | 3 | 3 | 3 | |||||||
Percentage of distributions from sale of assets or certain other events until loan repayment | 100.00% | |||||||||
Percentage of distributions from sale of assets or certain other events until next milestone amount | 45.00% | |||||||||
Distributions milestone after loan repayment | $ 350,000,000 | |||||||||
Percentage of distributions from sale of assets or certain other events until milestone two | 79.20% | |||||||||
Distributions milestone two after loan repayment | $ 500,000,000 | |||||||||
Percentage of distributions from sale of assets or certain other events thereafter | 51.60% | |||||||||
Number of directors with right to terminate management and any unvested incentive compensation | director | 3 | |||||||||
Equity method investments, fair value | $ 186,700,000 | |||||||||
Equity method investment impairment | $ 130,200,000 | |||||||||
FXCM Term Loan Receivable [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
Senior secured loan, extension term | 1 year | |||||||||
National Futures Association [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
Settlement amount | $ 0 | |||||||||
Commodity Futures Trading Commission [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
Settlement amount | $ 7,000,000 | |||||||||
United States [Member] | FXCM [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
Revenue, by geographical area, percentage | 20.00% | |||||||||
Trading Securities [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
FXCM term loan | $ 129,050,000 | $ 129,050,000 | 164,500,000 | |||||||
Level 3 [Member] | Investment in FXCM [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
Discount rate | 15.00% | |||||||||
EBITDA multiple | 5.4 | |||||||||
Revenue multiple | 1.5 | |||||||||
Level 3 [Member] | Trading Securities [Member] | ||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||||||
FXCM term loan | $ 129,050,000 | $ 129,050,000 | $ 164,500,000 |
Fair Value Disclosures (Inves59
Fair Value Disclosures (Investments Measured At Fair Value Based On Net Asset Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 527,015 | $ 539,627 |
Unfunded Commitments | 20,040 | 20,295 |
Equity Long/Short Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 368,742 | 363,256 |
Unfunded Commitments | 0 | 0 |
Fixed Income and High Yield Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 420 | 772 |
Unfunded Commitments | 0 | 0 |
Fund of Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 183 | 230 |
Unfunded Commitments | 0 | 0 |
Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 32,878 | 42,179 |
Unfunded Commitments | 20,040 | 20,295 |
Multi-asset Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 124,792 | 133,190 |
Unfunded Commitments | $ 0 | $ 0 |
Fair Value Disclosures (Inves60
Fair Value Disclosures (Investments Measured At Fair Value Based On Net Asset Value) (Additional Information) (Details) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Equity Long/Short Hedge Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Notice period redemption of investments prior written notice period | 10 days | |
Multi-asset Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Percentage of investments redeemable | 17.00% | 12.00% |
Minimum [Member] | Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Estimated period for the liquidation of the underlying assets | 1 year | |
Minimum [Member] | Multi-asset Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Notice period redemption of investments prior written notice period | 30 days | |
Maximum [Member] | Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Estimated period for the liquidation of the underlying assets | 6 years | |
Maximum [Member] | Multi-asset Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Notice period redemption of investments prior written notice period | 90 days |
Fair Value Disclosures (Summary
Fair Value Disclosures (Summary Of Changes In Fair Value Of Financial Assets And Liabilities Classified As Level 3) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Assets: | ||||
Total gains (losses) (realized and unrealized) | $ 2,500 | $ (69,000) | $ 10,500 | $ (87,600) |
Liabilities: | ||||
Total gains (losses) (realized and unrealized) | (300) | 300 | 2,400 | (9,500) |
Corporate Equity Securities [Member] | ||||
Liabilities: | ||||
Beginning Balance | 324 | 38 | 313 | 38 |
Total gains (losses) (realized and unrealized) | 30 | 0 | 41 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 0 | (38) | 0 | (38) |
Ending Balance | 354 | 0 | 354 | 0 |
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held | (30) | 0 | (41) | 0 |
Corporate Debt Securities [Member] | ||||
Liabilities: | ||||
Beginning Balance | 523 | 523 | ||
Total gains (losses) (realized and unrealized) | (1) | (1) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Issuances | 0 | 0 | ||
Net transfers into (out of) Level 3 | 0 | 0 | ||
Ending Balance | 522 | 522 | ||
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held | 1 | 1 | ||
Commercial Mortgage-Backed Securities [Member] | ||||
Liabilities: | ||||
Beginning Balance | 0 | 0 | ||
Total gains (losses) (realized and unrealized) | 70 | 70 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Issuances | 0 | 0 | ||
Net transfers into (out of) Level 3 | 0 | 0 | ||
Ending Balance | 70 | 70 | ||
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held | (70) | (70) | ||
Net Derivatives [Member] | ||||
Liabilities: | ||||
Beginning Balance | 6,413 | 11,757 | 3,441 | (242) |
Total gains (losses) (realized and unrealized) | (3,617) | 3 | (6,154) | 10,075 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (3) | (83) | 1,534 | (46) |
Issuances | 218 | 451 | 404 | 1,005 |
Net transfers into (out of) Level 3 | 11 | (7,704) | 3,797 | (6,368) |
Ending Balance | 3,022 | 4,424 | 3,022 | 4,424 |
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held | (147) | (3) | (614) | (11,008) |
Loans [Member] | ||||
Liabilities: | ||||
Beginning Balance | 1,036 | 7,744 | 378 | 10,469 |
Total gains (losses) (realized and unrealized) | 3,867 | (261) | 4,091 | (541) |
Purchases | 0 | 0 | (364) | (2,240) |
Sales | 0 | 0 | 0 | 1,033 |
Settlements | 0 | (71) | 0 | (1,149) |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 64 | (5,516) | 862 | (5,676) |
Ending Balance | 4,967 | 1,896 | 4,967 | 1,896 |
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held | (3,867) | 261 | (4,091) | 250 |
Other Secured Financings [Member] | ||||
Liabilities: | ||||
Beginning Balance | 87 | 538 | 418 | 544 |
Total gains (losses) (realized and unrealized) | (87) | (70) | (418) | (76) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Net transfers into (out of) Level 3 | 0 | 0 | 0 | 0 |
Ending Balance | 0 | 468 | 0 | 468 |
Fair value, Liabilities, change in unrealized gains/(losses) relating to instruments still held | 0 | 70 | 0 | 76 |
Corporate Equity Securities [Member] | ||||
Assets: | ||||
Beginning Balance | 20,580 | 30,540 | 21,739 | 40,906 |
Total gains (losses) (realized and unrealized) | (1,198) | (927) | (489) | 1,571 |
Purchases | 490 | 200 | 1,056 | 2,287 |
Sales | (1,263) | (508) | (1,117) | (508) |
Settlements | (281) | (2,455) | (1,907) | (2,455) |
Net transfers into (out of) Level 3 | 2,220 | 21,966 | 1,266 | 7,015 |
Ending Balance | 20,548 | 48,816 | 20,548 | 48,816 |
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held | (1,428) | (849) | (1,215) | 2,080 |
Corporate Debt Securities [Member] | ||||
Assets: | ||||
Beginning Balance | 33,467 | 25,634 | 25,005 | 25,876 |
Total gains (losses) (realized and unrealized) | (1,420) | 474 | (3,300) | (2,378) |
Purchases | 8,789 | 15 | 15,133 | 16,564 |
Sales | (9,181) | (789) | (15,295) | (16,613) |
Settlements | (6,986) | 0 | (1,693) | (245) |
Net transfers into (out of) Level 3 | 58 | (1,221) | 4,877 | 909 |
Ending Balance | 24,727 | 24,113 | 24,727 | 24,113 |
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held | (1,983) | 347 | (3,571) | (2,474) |
CDOs and CLOs [Member] | ||||
Assets: | ||||
Beginning Balance | 45,354 | 67,348 | 54,354 | 85,092 |
Total gains (losses) (realized and unrealized) | (1,668) | 1,797 | (8,709) | (20,455) |
Purchases | 16,334 | 943 | 24,741 | 24,024 |
Sales | (19,103) | (21,233) | (35,044) | (43,696) |
Settlements | 0 | 0 | 0 | (473) |
Net transfers into (out of) Level 3 | 7,291 | 3,855 | 12,866 | 8,218 |
Ending Balance | 48,208 | 52,710 | 48,208 | 52,710 |
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held | (745) | 2,534 | (9,431) | (12,002) |
Municipal securities [Member] | ||||
Assets: | ||||
Beginning Balance | 26,554 | 27,257 | ||
Total gains (losses) (realized and unrealized) | (70) | (1,547) | ||
Purchases | 0 | 0 | ||
Sales | (26,484) | (25,710) | ||
Settlements | 0 | 0 | ||
Net transfers into (out of) Level 3 | 0 | 0 | ||
Ending Balance | 0 | 0 | ||
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held | 0 | 0 | ||
Sovereign Obligations [Member] | ||||
Assets: | ||||
Beginning Balance | 119 | 120 | ||
Total gains (losses) (realized and unrealized) | 1 | 0 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Net transfers into (out of) Level 3 | 0 | 0 | ||
Ending Balance | 120 | 120 | ||
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held | 1 | 0 | ||
Residential Mortgage-Backed Securities [Member] | ||||
Assets: | ||||
Beginning Balance | 39,259 | 68,019 | 38,772 | 70,263 |
Total gains (losses) (realized and unrealized) | (2,188) | (4,915) | (3,000) | (8,337) |
Purchases | 3,176 | 3,422 | 5,886 | 1,483 |
Sales | (6,636) | (2,837) | (11,750) | (4,843) |
Settlements | (4) | (122) | (16) | (235) |
Net transfers into (out of) Level 3 | (575) | (259) | 3,140 | 4,977 |
Ending Balance | 33,032 | 63,308 | 33,032 | 63,308 |
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held | (1,024) | (2,233) | (1,667) | (4,011) |
Commercial Mortgage-Backed Securities [Member] | ||||
Assets: | ||||
Beginning Balance | 20,653 | 21,994 | 20,580 | 14,326 |
Total gains (losses) (realized and unrealized) | 98 | (1,140) | (1,119) | (2,589) |
Purchases | 534 | 0 | 534 | 2,951 |
Sales | (4,111) | 0 | (4,523) | (2,023) |
Settlements | (1) | (311) | (2) | (1,208) |
Net transfers into (out of) Level 3 | (910) | 4,440 | 793 | 13,526 |
Ending Balance | 16,263 | 24,983 | 16,263 | 24,983 |
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held | (546) | (1,306) | (907) | (3,140) |
Other Asset-Backed Securities [Member] | ||||
Assets: | ||||
Beginning Balance | 37,702 | 33,124 | 40,911 | 42,925 |
Total gains (losses) (realized and unrealized) | (3,663) | (7,284) | (5,489) | (202) |
Purchases | 13,476 | 3,549 | 17,029 | 64,833 |
Sales | 0 | (1,068) | (300) | (74,690) |
Settlements | (2,241) | (52) | (5,576) | (4,713) |
Net transfers into (out of) Level 3 | (1,925) | 14,764 | (3,226) | 14,880 |
Ending Balance | 43,349 | 43,033 | 43,349 | 43,033 |
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held | (3,642) | (7,275) | (5,461) | (7,134) |
Loans and other receivables [Member] | ||||
Assets: | ||||
Beginning Balance | 53,172 | 155,442 | 81,872 | 189,289 |
Total gains (losses) (realized and unrealized) | 3,226 | (7,792) | 10,062 | (13,376) |
Purchases | 20,054 | 20,836 | 63,616 | 203,990 |
Sales | (19,378) | (13,347) | (61,423) | (127,944) |
Settlements | (7,181) | (55,541) | (17,017) | (150,975) |
Net transfers into (out of) Level 3 | (528) | 4,801 | (27,745) | 3,415 |
Ending Balance | 49,365 | 104,399 | 49,365 | 104,399 |
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held | 1,687 | (6,231) | (3,679) | (15,693) |
Investments at Fair Value [Member] | ||||
Assets: | ||||
Beginning Balance | 307,830 | 275,389 | 314,359 | 199,794 |
Total gains (losses) (realized and unrealized) | 4,940 | (1,375) | 8,796 | 59,242 |
Purchases | 2,800 | 3,540 | 2,800 | 4,727 |
Sales | 0 | 0 | (10,119) | 0 |
Settlements | (273) | (283) | (539) | (555) |
Net transfers into (out of) Level 3 | 0 | (4,000) | 0 | 10,063 |
Ending Balance | 315,297 | 273,271 | 315,297 | 273,271 |
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held | 4,940 | 193 | 10,820 | 66,243 |
FXCM term loan [Member] | ||||
Assets: | ||||
Beginning Balance | 132,800 | 164,500 | ||
Total gains (losses) (realized and unrealized) | 4,430 | 15,308 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (8,180) | (50,758) | ||
Net transfers into (out of) Level 3 | 0 | 0 | ||
Ending Balance | 129,050 | 129,050 | ||
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held | $ (1,801) | $ 1,471 | ||
Investment in FXCM [Member] | ||||
Assets: | ||||
Beginning Balance | 564,800 | 625,689 | ||
Total gains (losses) (realized and unrealized) | (47,853) | (101,056) | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (8,547) | (16,233) | ||
Net transfers into (out of) Level 3 | 0 | 0 | ||
Ending Balance | 508,400 | 508,400 | ||
Fair value, Assets, change in unrealized gains/(losses) relating to instruments still held | $ (47,853) | $ (101,056) |
Fair Value Disclosures (Analysi
Fair Value Disclosures (Analysis of Level 3 Assets and Liabilities Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | $ 29,400 | $ 107,100 | $ 41,000 | $ 155,900 | |
Transfers of assets from Level 3 to Level 2 | 23,800 | 62,700 | 49,000 | 92,900 | |
Net gains (losses) on Level 3 assets (realized and unrealized) | 2,500 | (69,000) | 10,500 | (87,600) | |
Net gains (losses) on Level 3 liabilities (realized and unrealized) | (300) | 300 | 2,400 | (9,500) | |
Excluded assets from unobservable quantitative information | 231,600 | 231,600 | $ 325,000 | ||
Excluded liabilities from unobservable quantitative information | 900 | 900 | $ 1,600 | ||
Non-Agency Residential Mortgage-Backed Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 21,700 | ||||
Transfers of assets from Level 3 to Level 2 | 19,500 | 16,700 | |||
Commercial Mortgage-Backed Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Net gains (losses) on Level 3 assets (realized and unrealized) | 98 | (1,140) | (1,119) | (2,589) | |
Other Asset-Backed Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 30,700 | 28,000 | |||
Transfers of assets from Level 3 to Level 2 | 16,000 | ||||
Net gains (losses) on Level 3 assets (realized and unrealized) | (3,663) | (7,284) | (5,489) | (202) | |
Residential Mortgage-Backed Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 12,000 | 19,300 | 11,500 | ||
Transfers of assets from Level 3 to Level 2 | 12,600 | ||||
Net gains (losses) on Level 3 assets (realized and unrealized) | (2,188) | (4,915) | (3,000) | (8,337) | |
Municipal securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Net gains (losses) on Level 3 assets (realized and unrealized) | (70) | (1,547) | |||
Loans and other receivables [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 15,900 | 20,200 | |||
Transfers of assets from Level 3 to Level 2 | 30,800 | 16,800 | |||
Net gains (losses) on Level 3 assets (realized and unrealized) | 3,226 | (7,792) | 10,062 | (13,376) | |
Corporate Debt Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Net gains (losses) on Level 3 assets (realized and unrealized) | (1,420) | 474 | (3,300) | (2,378) | |
CDOs and CLOs [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 12,400 | 30,600 | |||
Transfers of assets from Level 3 to Level 2 | 22,300 | ||||
Net gains (losses) on Level 3 assets (realized and unrealized) | (1,668) | 1,797 | (8,709) | (20,455) | |
Corporate Equity Securities [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 22,000 | ||||
Net gains (losses) on Level 3 assets (realized and unrealized) | (1,198) | (927) | (489) | 1,571 | |
Investments at Fair Value [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Transfers of assets from Level 2 to Level 3 | 26,100 | ||||
Transfers of assets from Level 3 to Level 2 | 16,100 | ||||
Net gains (losses) on Level 3 assets (realized and unrealized) | 4,940 | (1,375) | 8,796 | 59,242 | |
Other Secured Financings [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Net gains (losses) on Level 3 liabilities (realized and unrealized) | (87) | (70) | (418) | (76) | |
Loans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Net gains (losses) on Level 3 liabilities (realized and unrealized) | $ 3,867 | $ (261) | $ 4,091 | $ (541) |
Fair Value Disclosures (Quantit
Fair Value Disclosures (Quantitative Information About Significant Unobservable Inputs Used In Level 3 Fair Value Measurements) (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017USD ($)$ / shares$ / Asset$ / Bond$ / Transaction | Dec. 31, 2016USD ($)T / d$ / shares$ / Asset$ / Bond$ / Transaction | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Discount rate | 11.60% | |||||
Loans [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Trading Liabilities | $ 4,967 | $ 378 | $ 1,036 | $ 1,896 | $ 7,744 | $ 10,469 |
Corporate Equity Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 20,548 | 21,739 | 20,580 | 48,816 | 30,540 | 40,906 |
Corporate Debt Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 24,727 | 25,005 | 33,467 | 24,113 | 25,634 | 25,876 |
CDOs and CLOs [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 48,208 | 54,354 | 45,354 | 52,710 | 67,348 | 85,092 |
Residential Mortgage-Backed Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 33,032 | 38,772 | 39,259 | 63,308 | 68,019 | 70,263 |
Commercial Mortgage-Backed Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 16,263 | 20,580 | 20,653 | 24,983 | 21,994 | 14,326 |
Other Asset-Backed Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 43,349 | 40,911 | 37,702 | 43,033 | 33,124 | 42,925 |
Loans and other receivables [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 49,365 | 81,872 | 53,172 | 104,399 | 155,442 | 189,289 |
Investments at Fair Value [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 315,297 | 314,359 | 307,830 | $ 273,271 | $ 275,389 | $ 199,794 |
FXCM term loan [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 129,050 | 164,500 | $ 132,800 | |||
Financial Instruments Owned [Member] | Corporate Equity Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 17,196 | 19,799 | ||||
Financial Instruments Owned [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 24,727 | 25,005 | ||||
Financial Instruments Owned [Member] | CDOs and CLOs [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 40,818 | 33,016 | ||||
Financial Instruments Owned [Member] | Residential Mortgage-Backed Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 33,032 | 38,772 | ||||
Financial Instruments Owned [Member] | Commercial Mortgage-Backed Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 16,263 | 20,580 | ||||
Financial Instruments Owned [Member] | Other Asset-Backed Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 43,349 | 40,911 | ||||
Financial Instruments Owned [Member] | Loans and other receivables [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 46,309 | 54,347 | ||||
Financial Instruments Owned [Member] | FXCM term loan [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 129,050 | 164,500 | ||||
Securities Sold, Not yet Purchased [Member] | Loans [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Trading Liabilities | 4,967 | |||||
Derivative [Member] | Financial Instruments Owned [Member] | Derivatives, Assets [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | 6,860 | 6,429 | ||||
Derivative [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Trading Liabilities | 9,882 | 9,870 | ||||
Private Equity Securities [Member] | Financial Instruments Owned [Member] | Investments at Fair Value [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value of Financial Instruments Owned | $ 97,527 | $ 67,383 | ||||
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Transaction level | $ / Transaction | 30 | |||||
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Debt Securities [Member] | Minimum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 9 | |||||
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Debt Securities [Member] | Maximum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 20 | |||||
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Debt Securities [Member] | Weighted Average [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 18 | |||||
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Other Asset-Backed Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 100 | 72 | ||||
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
EBITDA (a) multiple | 1.6 | 3.3 | ||||
Estimated recovery percentage | 35.00% | |||||
Transaction level | $ / Transaction | 0.42 | |||||
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Minimum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 42 | |||||
Discount rate/yield | 2.00% | |||||
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Maximum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 100 | |||||
Discount rate/yield | 4.00% | |||||
Level 3 [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Weighted Average [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 79 | |||||
Discount rate/yield | 3.00% | |||||
Level 3 [Member] | Market Approach [Member] | Securities Sold, Not yet Purchased [Member] | Loans [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Estimated recovery percentage | 35.00% | |||||
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member] | Minimum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Estimated recovery percentage | 4.00% | 28.00% | ||||
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member] | Maximum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Estimated recovery percentage | 45.00% | 38.00% | ||||
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member] | Weighted Average [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Estimated recovery percentage | 27.00% | 31.00% | ||||
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | Other Asset-Backed Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Estimated recovery percentage | 30.00% | |||||
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 66 | |||||
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Minimum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Estimated recovery percentage | 13.00% | 6.00% | ||||
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Maximum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Estimated recovery percentage | 40.00% | 50.00% | ||||
Level 3 [Member] | Scenario Analysis [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | Weighted Average [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Estimated recovery percentage | 31.00% | 37.00% | ||||
Level 3 [Member] | Convertible Bond Model [Member] | Financial Instruments Owned [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Volatility | 40.00% | 40.00% | ||||
Discount rate/yield | 8.00% | 9.00% | ||||
Level 3 [Member] | Present Value [Member] | Financial Instruments Owned [Member] | Loans and other receivables [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Average silver production (tons per day) | T / d | 666 | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Constant prepayment rate | 20.00% | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member] | Minimum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Constant prepayment rate | 10.00% | |||||
Discount rate/yield | 11.00% | |||||
Constant default rate | 2.00% | 2.00% | ||||
Loss severity | 25.00% | 25.00% | ||||
Yield | 7.00% | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member] | Maximum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Constant prepayment rate | 20.00% | |||||
Discount rate/yield | 21.00% | |||||
Constant default rate | 12.00% | 4.00% | ||||
Loss severity | 30.00% | 70.00% | ||||
Yield | 17.00% | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | CDOs and CLOs [Member] | Weighted Average [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Constant prepayment rate | 19.00% | |||||
Discount rate/yield | 15.00% | |||||
Constant default rate | 3.00% | 2.00% | ||||
Loss severity | 27.00% | 40.00% | ||||
Yield | 12.00% | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Residential Mortgage-Backed Securities [Member] | Minimum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Constant prepayment rate | 0.00% | |||||
Discount rate/yield | 5.00% | |||||
Constant default rate | 1.00% | |||||
Cumulative loss rate | 0.00% | |||||
Duration (years) | 3 years | |||||
Loss severity | 35.00% | |||||
Yield | 2.00% | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Residential Mortgage-Backed Securities [Member] | Maximum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Constant prepayment rate | 11.00% | |||||
Discount rate/yield | 10.00% | |||||
Constant default rate | 7.00% | |||||
Cumulative loss rate | 30.00% | |||||
Duration (years) | 17 years | |||||
Loss severity | 100.00% | |||||
Yield | 10.00% | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Residential Mortgage-Backed Securities [Member] | Weighted Average [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Constant prepayment rate | 5.00% | |||||
Discount rate/yield | 8.00% | |||||
Constant default rate | 3.00% | |||||
Cumulative loss rate | 14.00% | |||||
Duration (years) | 7 years | |||||
Loss severity | 62.00% | |||||
Yield | 6.00% | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Commercial Mortgage-Backed Securities [Member] | Minimum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Discount rate/yield | 5.00% | |||||
Cumulative loss rate | 15.00% | 5.00% | ||||
Duration (years) | 1 year | |||||
Yield | 6.00% | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Commercial Mortgage-Backed Securities [Member] | Maximum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Discount rate/yield | 45.00% | |||||
Cumulative loss rate | 35.00% | 95.00% | ||||
Duration (years) | 5 years | |||||
Yield | 11.00% | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Commercial Mortgage-Backed Securities [Member] | Weighted Average [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Discount rate/yield | 12.00% | |||||
Cumulative loss rate | 25.00% | 39.00% | ||||
Duration (years) | 3 years | |||||
Yield | 8.00% | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Other Asset-Backed Securities [Member] | Minimum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Constant prepayment rate | 4.00% | |||||
Discount rate/yield | 4.00% | |||||
Constant default rate | 0.00% | |||||
Cumulative loss rate | 0.00% | |||||
Duration (years) | 1 year | |||||
Loss severity | 0.00% | |||||
Yield | 4.00% | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Other Asset-Backed Securities [Member] | Maximum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Constant prepayment rate | 20.00% | |||||
Discount rate/yield | 18.00% | |||||
Constant default rate | 31.00% | |||||
Cumulative loss rate | 24.00% | |||||
Duration (years) | 11 years | |||||
Loss severity | 100.00% | |||||
Yield | 17.00% | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | Other Asset-Backed Securities [Member] | Weighted Average [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Constant prepayment rate | 14.00% | |||||
Discount rate/yield | 12.00% | |||||
Constant default rate | 13.00% | |||||
Cumulative loss rate | 19.00% | |||||
Duration (years) | 2 years | |||||
Loss severity | 90.00% | |||||
Yield | 15.00% | |||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | FXCM term loan [Member] | Minimum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Term based on the pay off | 0 months | 0 months | ||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | FXCM term loan [Member] | Maximum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Term based on the pay off | 6 months | 6 months | ||||
Level 3 [Member] | Discounted Cash Flows [Member] | Financial Instruments Owned [Member] | FXCM term loan [Member] | Weighted Average [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Term based on the pay off | 120 days | 4 months 24 days | ||||
Level 3 [Member] | Derivative [Member] | Equity Option [Member] | Option Model [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Volatility | 45.00% | |||||
Level 3 [Member] | Derivative [Member] | Equity Option [Member] | Default Rate [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Default probability | 0.00% | |||||
Level 3 [Member] | Derivative [Member] | Equity Option [Member] | Option Model/Default Rate [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Default probability | 0.00% | |||||
Level 3 [Member] | Derivative [Member] | Equity Swap [Member] | Comparable Pricing [Member] | Financial Instruments Owned [Member] | Derivatives, Assets [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Comparable asset price | $ / Asset | 102 | |||||
Level 3 [Member] | Derivative [Member] | Equity Swap [Member] | Comparable Pricing [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Comparable asset price | $ / Asset | 102 | |||||
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Derivatives, Assets [Member] | Minimum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 92 | |||||
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Derivatives, Assets [Member] | Maximum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 98 | |||||
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Derivatives, Assets [Member] | Weighted Average [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 96 | |||||
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Discount rate/yield | 4.00% | |||||
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Securities Sold, Not yet Purchased [Member] | Minimum [Member] | Derivatives, Liabilities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 92 | |||||
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Securities Sold, Not yet Purchased [Member] | Maximum [Member] | Derivatives, Liabilities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 98 | |||||
Level 3 [Member] | Derivative [Member] | Unfunded Commitments [Member] | Market Approach [Member] | Securities Sold, Not yet Purchased [Member] | Weighted Average [Member] | Derivatives, Liabilities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Price | $ / Bond | 93 | |||||
Level 3 [Member] | Derivative [Member] | Credit Default Swap [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Derivatives, Assets [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Credit spread | 2.65% | 2.65% | ||||
Level 3 [Member] | Derivative [Member] | Variable Funding Note Swaps [Member] | Discounted Cash Flows [Member] | Securities Sold, Not yet Purchased [Member] | Derivatives, Liabilities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Constant prepayment rate | 20.00% | 20.00% | ||||
Discount rate/yield | 21.00% | |||||
Constant default rate | 2.00% | 2.00% | ||||
Loss severity | 25.00% | 25.00% | ||||
Yield | 16.00% | |||||
Level 3 [Member] | Derivative [Member] | Interest Rate Swap [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Derivatives, Assets [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Credit spread | 8.00% | |||||
Level 3 [Member] | Non Exchange Traded Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Equity Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Underlying stock price | $ / shares | $ 6 | |||||
Level 3 [Member] | Non Exchange Traded Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Equity Securities [Member] | Minimum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Underlying stock price | $ / shares | 3 | $ 3 | ||||
Level 3 [Member] | Non Exchange Traded Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Equity Securities [Member] | Maximum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Underlying stock price | $ / shares | 75 | 75 | ||||
Level 3 [Member] | Non Exchange Traded Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Corporate Equity Securities [Member] | Weighted Average [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Underlying stock price | $ / shares | $ 44 | 15 | ||||
Level 3 [Member] | Non Exchange Traded Securities [Member] | Comparable Pricing [Member] | Financial Instruments Owned [Member] | Corporate Equity Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Underlying stock price | $ / shares | $ 218 | |||||
Comparable asset price | $ / Asset | 6 | 11 | ||||
Level 3 [Member] | Non Exchange Traded Securities [Member] | Present Value [Member] | Financial Instruments Owned [Member] | Corporate Equity Securities [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Average silver production (tons per day) | T / d | 666 | |||||
Level 3 [Member] | Private Equity Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Investments at Fair Value [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Underlying stock price | $ / shares | $ 25,815,720 | |||||
Transaction level | $ / Transaction | 250 | |||||
Level 3 [Member] | Private Equity Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Investments at Fair Value [Member] | Minimum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Discount rate | 15.00% | 15.00% | ||||
Transaction level | $ / Transaction | 3 | |||||
Level 3 [Member] | Private Equity Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Investments at Fair Value [Member] | Maximum [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Discount rate | 30.00% | 30.00% | ||||
Transaction level | $ / Transaction | 250 | |||||
Level 3 [Member] | Private Equity Securities [Member] | Market Approach [Member] | Financial Instruments Owned [Member] | Investments at Fair Value [Member] | Weighted Average [Member] | ||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||||
Discount rate | 23.00% | 23.00% | ||||
Transaction level | $ / Transaction | 110 |
Fair Value Disclosures (Summa64
Fair Value Disclosures (Summary Of Gains (Losses) Due To Changes In Instrument Specific Credit Risk For Loans and Other Receivables And Loan Commitments Measured At Fair Value Under Fair Value Option) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financial Instruments [Line Items] | ||||
Loans and other receivables | $ (4,282) | $ (10,564) | $ (11,094) | $ (24,901) |
Financial Instruments Sold [Member] | ||||
Financial Instruments [Line Items] | ||||
Loans | (1,734) | 407 | (1,761) | 405 |
Loan commitments | 3,332 | 1,173 | 4,203 | (2,573) |
Long-term Debt [Member] | ||||
Financial Instruments [Line Items] | ||||
Loan commitments | (3,757) | (3,453) | (19,797) | (3,755) |
Other changes in fair value | $ 1,516 | $ 3,893 | $ 4,933 | $ 10,751 |
Fair Value Disclosures (Summa65
Fair Value Disclosures (Summary Of Amount By Which Contractual Principal Exceeds Fair Value For Loans And Other Receivables Measured At Fair Value Under Fair Value Option) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Loans and other receivables | $ 649,320 | $ 1,325,938 |
Loans and other receivables on nonaccrual status | 170,969 | 205,746 |
Long-term Debt | 5,116 | 20,202 |
Loans and other receivables greater than 90 days past due | $ 68,200 | $ 64,600 |
Fair Value Disclosures (Fair Va
Fair Value Disclosures (Fair Value Option Election Narrative) (Details) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2017USD ($)shares | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)directorshares | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Apr. 30, 2017$ / shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||||||
Aggregate fair value of loans and other receivables on nonaccrual status | $ 36,200 | $ 36,200 | $ 29,800 | ||||||
90 days or more past due | 28,500 | 28,500 | 18,900 | ||||||
Securities borrowed | 7,900,395 | 7,900,395 | 7,743,562 | ||||||
Securities loaned | 3,446,853 | 3,446,853 | 2,819,132 | ||||||
Investment in associated company | 2,239,423 | $ 1,737,337 | 2,239,423 | $ 1,737,337 | 2,125,098 | $ 1,757,369 | |||
Financial instruments owned trading assets, at fair value | 15,249,061 | 15,249,061 | 14,985,237 | ||||||
KCG Holdings [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||||||
Changes in fair value of investments reflected as principal transactions | 95,800 | 55,800 | 91,200 | 18,500 | |||||
Securities borrowed | 3,100 | 3,100 | 9,200 | ||||||
Securities loaned | 1,000 | 1,000 | $ 9,200 | ||||||
Business acquisition, share price (in USD per share) | $ / shares | $ 20 | ||||||||
HRG [Member] | |||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||||||
Changes in fair value of investments reflected as principal transactions | $ (75,000) | $ (9,300) | $ 100,200 | $ 7,900 | |||||
Percentage of outstanding common stock owned | 23.00% | 23.00% | 23.00% | ||||||
Shares owned, number | shares | 46.6 | 46.6 | 46.6 | ||||||
Financial instruments owned trading assets, at fair value | $ 825,300 | $ 825,300 | $ 725,100 | ||||||
Cash consideration paid for shares | $ 475,600 | $ 475,600 | |||||||
Revenue of investee | $ 2,405,700 | $ 2,476,700 | |||||||
Net income from continuing operations of investee | 5,000 | 73,000 | |||||||
Net income (loss) of investee | 209,400 | 22,900 | |||||||
Net income (loss) attributable to HRG | $ 130,100 | $ (58,600) | |||||||
Number of directors appointed | director | 2 |
Derivative Financial Instrume67
Derivative Financial Instruments (Fair Value And Related Number Of Derivative Contracts Categorized By Predominant Risk Exposure) (Details) $ in Thousands | Jun. 30, 2017USD ($)Contract | Dec. 31, 2016USD ($)Contract |
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 3,066,577 | $ 4,627,076 |
Fair Value, Liabilities | 3,324,730 | 4,880,022 |
Counterparty/cash-collateral netting, Assets | (2,873,083) | (4,255,998) |
Counterparty/cash-collateral netting, Liabilities | (2,860,565) | (4,229,213) |
Net Amounts in Consolidated Statements of Financial Condition | 193,494 | 371,078 |
Net Amounts in Consolidated Statements of Financial Condition | 464,165 | 650,809 |
Designated as Accounting Hedges [Member] | Interest Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 10,448 | |
Number of Contracts, Assets | Contract | 1 | |
Fair Value, Liabilities | $ 0 | |
Number of Contracts, Liabilities | Contract | 0 | |
Not Designated as Accounting Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 3,056,129 | 4,627,076 |
Fair Value, Liabilities | 3,324,730 | 4,880,022 |
Counterparty/cash-collateral netting, Assets | (2,873,083) | (4,255,998) |
Counterparty/cash-collateral netting, Liabilities | (2,860,565) | (4,229,213) |
Net Amounts in Consolidated Statements of Financial Condition | 183,046 | 371,078 |
Net Amounts in Consolidated Statements of Financial Condition | 464,165 | 650,809 |
Not Designated as Accounting Hedges [Member] | Interest Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 2,233,762 | $ 3,282,245 |
Number of Contracts, Assets | Contract | 22,891 | 29,032 |
Fair Value, Liabilities | $ 2,151,955 | $ 3,159,457 |
Number of Contracts, Liabilities | Contract | 52,954 | 34,845 |
Not Designated as Accounting Hedges [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 295,195 | $ 529,669 |
Number of Contracts, Assets | Contract | 6,185 | 7,826 |
Fair Value, Liabilities | $ 293,593 | $ 516,869 |
Number of Contracts, Liabilities | Contract | 6,234 | 8,319 |
Not Designated as Accounting Hedges [Member] | Equity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 470,327 | $ 786,987 |
Number of Contracts, Assets | Contract | 2,028,244 | 2,843,329 |
Fair Value, Liabilities | $ 817,737 | $ 1,169,201 |
Number of Contracts, Liabilities | Contract | 1,724,541 | 2,414,715 |
Not Designated as Accounting Hedges [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 5,924 | $ 1,906 |
Number of Contracts, Assets | Contract | 8,482 | 2,766 |
Fair Value, Liabilities | $ 6,447 | $ 6,430 |
Number of Contracts, Liabilities | Contract | 8,681 | 7,289 |
Not Designated as Accounting Hedges [Member] | Credit Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Assets | $ 50,921 | $ 26,269 |
Number of Contracts, Assets | Contract | 209 | 311 |
Fair Value, Liabilities | $ 54,998 | $ 28,065 |
Number of Contracts, Liabilities | Contract | 214 | 20,084 |
Derivative Financial Instrume68
Derivative Financial Instruments (Unrealized And Realized Gains (Losses) On Derivative Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in Interest expense on fair value hedge | $ 2,057 | $ 0 | $ 2,853 | $ 0 |
Unrealized and realized gains (losses) | 22,734 | (91,756) | (126,267) | (393,961) |
Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | 362 | (5,877) | 10,040 | (74,390) |
Foreign Exchange Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | 357 | 4,067 | 2,860 | 4,903 |
Equity Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | 26,918 | (97,570) | (151,704) | (321,852) |
Commodity Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | (8,791) | (3,155) | (1,543) | (2,426) |
Credit Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized and realized gains (losses) | 3,888 | 10,779 | 14,080 | (196) |
Interest rate swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in Interest expense on fair value hedge | 12,352 | 0 | 7,743 | 0 |
Long-term Debt [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in Interest expense on fair value hedge | $ (10,295) | $ 0 | $ (4,890) | $ 0 |
Derivative Financial Instrume69
Derivative Financial Instruments (Remaining Contract Maturity Of Fair Value Of OTC Derivative Assets And Liabilities) (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | $ 133,037 |
OTC derivative assets having maturity period of 1 to 5 years | 180,439 |
OTC derivative assets having maturity period of greater than 5 years | 114,568 |
OTC derivative assets cross-maturity netting | (69,553) |
Total OTC derivative assets, net of cross-maturity netting | 358,491 |
Cross product counterparty netting | (12,314) |
Total OTC derivative assets included in Trading assets | 346,177 |
OTC derivative liabilities having maturity period of 0 to 12 months | 141,035 |
OTC derivative liabilities having maturity period of 1 to 5 years | 131,436 |
OTC derivative liabilities having maturity period of greater than 5 years | 92,448 |
OTC derivative liabilities cross-maturity netting | (69,553) |
Total OTC derivative liabilities, net of cross-maturity netting | 295,366 |
Cross product counterparty netting | (12,314) |
Total OTC derivative liabilities included in Trading liabilities | 283,052 |
Exchange traded derivative assets and other credit agreements | 13,900 |
Cash collateral received | 166,600 |
Exchange traded derivative liabilities and other credit agreements | 335,200 |
Cash collateral pledged | 154,100 |
Commodity Swaps, Options And Forwards [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | 881 |
OTC derivative assets having maturity period of 1 to 5 years | 689 |
OTC derivative assets having maturity period of greater than 5 years | 0 |
OTC derivative assets cross-maturity netting | 0 |
Total OTC derivative assets, net of cross-maturity netting | 1,570 |
OTC derivative liabilities having maturity period of 0 to 12 months | 1,021 |
OTC derivative liabilities having maturity period of 1 to 5 years | 0 |
OTC derivative liabilities having maturity period of greater than 5 years | 0 |
OTC derivative liabilities cross-maturity netting | 0 |
Total OTC derivative liabilities, net of cross-maturity netting | 1,021 |
Equity Swaps And Options [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | 4,049 |
OTC derivative assets having maturity period of 1 to 5 years | 4,275 |
OTC derivative assets having maturity period of greater than 5 years | 173 |
OTC derivative assets cross-maturity netting | 0 |
Total OTC derivative assets, net of cross-maturity netting | 8,497 |
OTC derivative liabilities having maturity period of 0 to 12 months | 13,419 |
OTC derivative liabilities having maturity period of 1 to 5 years | 19,142 |
OTC derivative liabilities having maturity period of greater than 5 years | 3,087 |
OTC derivative liabilities cross-maturity netting | 0 |
Total OTC derivative liabilities, net of cross-maturity netting | 35,648 |
Credit Default Swap [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | 3,671 |
OTC derivative assets having maturity period of 1 to 5 years | 1,515 |
OTC derivative assets having maturity period of greater than 5 years | 10,562 |
OTC derivative assets cross-maturity netting | (164) |
Total OTC derivative assets, net of cross-maturity netting | 15,584 |
OTC derivative liabilities having maturity period of 0 to 12 months | 1,986 |
OTC derivative liabilities having maturity period of 1 to 5 years | 12,843 |
OTC derivative liabilities having maturity period of greater than 5 years | 2,651 |
OTC derivative liabilities cross-maturity netting | (164) |
Total OTC derivative liabilities, net of cross-maturity netting | 17,316 |
Total Return Swap [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | 20,455 |
OTC derivative assets having maturity period of 1 to 5 years | 2,652 |
OTC derivative assets having maturity period of greater than 5 years | 262 |
OTC derivative assets cross-maturity netting | (822) |
Total OTC derivative assets, net of cross-maturity netting | 22,547 |
OTC derivative liabilities having maturity period of 0 to 12 months | 18,801 |
OTC derivative liabilities having maturity period of 1 to 5 years | 4,075 |
OTC derivative liabilities having maturity period of greater than 5 years | 203 |
OTC derivative liabilities cross-maturity netting | (822) |
Total OTC derivative liabilities, net of cross-maturity netting | 22,257 |
Foreign Currency Forwards, Swaps And Options [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | 67,899 |
OTC derivative assets having maturity period of 1 to 5 years | 6,873 |
OTC derivative assets having maturity period of greater than 5 years | 0 |
OTC derivative assets cross-maturity netting | (2,998) |
Total OTC derivative assets, net of cross-maturity netting | 71,774 |
OTC derivative liabilities having maturity period of 0 to 12 months | 70,140 |
OTC derivative liabilities having maturity period of 1 to 5 years | 3,065 |
OTC derivative liabilities having maturity period of greater than 5 years | 0 |
OTC derivative liabilities cross-maturity netting | (2,998) |
Total OTC derivative liabilities, net of cross-maturity netting | 70,207 |
Fixed Income Forwards [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative liabilities having maturity period of 0 to 12 months | 1,687 |
OTC derivative liabilities having maturity period of 1 to 5 years | 0 |
OTC derivative liabilities having maturity period of greater than 5 years | 0 |
OTC derivative liabilities cross-maturity netting | 0 |
Total OTC derivative liabilities, net of cross-maturity netting | 1,687 |
Interest Rate Swap [Member] | |
Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Line Items] | |
OTC derivative assets having maturity period of 0 to 12 months | 36,082 |
OTC derivative assets having maturity period of 1 to 5 years | 164,435 |
OTC derivative assets having maturity period of greater than 5 years | 103,571 |
OTC derivative assets cross-maturity netting | (65,569) |
Total OTC derivative assets, net of cross-maturity netting | 238,519 |
OTC derivative liabilities having maturity period of 0 to 12 months | 33,981 |
OTC derivative liabilities having maturity period of 1 to 5 years | 92,311 |
OTC derivative liabilities having maturity period of greater than 5 years | 86,507 |
OTC derivative liabilities cross-maturity netting | (65,569) |
Total OTC derivative liabilities, net of cross-maturity netting | $ 147,230 |
Derivative Financial Instrume70
Derivative Financial Instruments (Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets) (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
A- or higher | $ 156,240 |
BBB- to BBB | 56,371 |
BB or lower | 74,164 |
Unrated | 59,402 |
Total OTC derivative assets included in Trading assets | $ 346,177 |
Derivative Financial Instrume71
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair value of derivative instruments in a liability position | $ 122.5 | $ 70.6 |
Collateral posted for derivative instruments in a liability position | 80.9 | 44.4 |
Potential additional collateral required for derivative instruments in a liability position | $ 40.7 | $ 26.1 |
Collateralized Transactions (Co
Collateralized Transactions (Collateral Pledged) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | $ 3,446,853 | $ 2,819,132 |
Repurchase agreements | 17,317,332 | 17,012,332 |
Total | 20,764,185 | 19,831,464 |
Corporate equity securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 2,862,228 | 2,046,243 |
Repurchase agreements | 217,080 | 66,291 |
Total | 3,079,308 | 2,112,534 |
Corporate Debt Securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 572,028 | 731,276 |
Repurchase agreements | 2,135,355 | 1,907,888 |
Total | 2,707,383 | 2,639,164 |
Mortgage- and asset-backed securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 0 | 0 |
Repurchase agreements | 2,612,660 | 2,171,480 |
Total | 2,612,660 | 2,171,480 |
U.S. government and federal agency securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 12,597 | 41,613 |
Repurchase agreements | 9,315,643 | 9,232,624 |
Total | 9,328,240 | 9,274,237 |
Municipal securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 0 | 0 |
Repurchase agreements | 398,605 | 553,010 |
Total | 398,605 | 553,010 |
Sovereign obligations [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 0 | 0 |
Repurchase agreements | 2,032,359 | 2,625,079 |
Total | 2,032,359 | 2,625,079 |
Loans and other receivables [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 0 | 0 |
Repurchase agreements | 605,630 | 455,960 |
Total | $ 605,630 | $ 455,960 |
Collateralized Transactions (73
Collateralized Transactions (Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | $ 3,446,853 | $ 2,819,132 |
Repurchase agreements | 17,317,332 | 17,012,332 |
Total | 20,764,185 | 19,831,464 |
Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 2,247,140 | 2,131,891 |
Repurchase agreements | 9,215,374 | 9,147,176 |
Total | 11,462,514 | 11,279,067 |
Up to 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 37,112 | 39,673 |
Repurchase agreements | 3,994,002 | 2,008,119 |
Total | 4,031,114 | 2,047,792 |
30 to 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 693,014 | 104,516 |
Repurchase agreements | 2,666,364 | 3,809,533 |
Total | 3,359,378 | 3,914,049 |
Greater than 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending arrangements | 469,587 | 543,052 |
Repurchase agreements | 1,441,592 | 2,047,504 |
Total | $ 1,911,179 | $ 2,590,556 |
Collateralized Transactions (Na
Collateralized Transactions (Narrative) (Details) - USD ($) $ in Billions | Jun. 30, 2017 | Dec. 31, 2016 |
Collateralized Transactions [Abstract] | ||
Fair value of securities received as collateral that may be sold or repledged | $ 26 | $ 25.5 |
Securitization Activities (Acti
Securitization Activities (Activity Related To Securitizations Accounted For As Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Securitization Activities [Abstract] | ||||
Transferred assets | $ 715.1 | $ 1,183.9 | $ 1,668.6 | $ 3,132.8 |
Proceeds on new securitizations | 723.6 | 1,184.6 | 1,686.1 | 3,147.3 |
Cash flows received on retained interests | $ 8.2 | $ 13.1 | $ 14.6 | $ 22.5 |
Securitization Activities (Summ
Securitization Activities (Summary Of Retained Interests In SPEs) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Residential Mortgage-Backed Securities [Member] | ||
Securitization Activities [Line Items] | ||
U.S. government agency residential mortgage-backed securities | $ 4,930.1 | $ 7,584.9 |
Retained Interests | 8.6 | 31 |
Commercial Mortgage-Backed Securities [Member] | ||
Securitization Activities [Line Items] | ||
U.S. government agency commercial mortgage-backed securities | 2,292.5 | 1,806.3 |
Retained Interests | 33.8 | 29.6 |
CLOs [Member] | ||
Securitization Activities [Line Items] | ||
CLOs | 2,759.5 | 4,102.2 |
Retained Interests | 7.1 | 37 |
Consumer and Other Loans [Member] | ||
Securitization Activities [Line Items] | ||
Retained Interests | 67.4 | 25.3 |
Consumer and Other Loans Securitization Assets | $ 365.3 | $ 395.7 |
Available for Sale Securities77
Available for Sale Securities (Amortized Cost, Gross Unrealized Gains and Losses and Estimated Fair Value of Available for Sale Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 294,599 | $ 274,457 |
Gross Unrealized Gains | 41,613 | 26,712 |
Gross Unrealized Losses | 157 | 120 |
Estimated Fair Value | 336,055 | 301,049 |
U.S. Government Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 169,365 | 174,938 |
Gross Unrealized Gains | 5 | 8 |
Gross Unrealized Losses | 54 | 13 |
Estimated Fair Value | 169,316 | 174,933 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 32,714 | 19,129 |
Gross Unrealized Gains | 191 | 108 |
Gross Unrealized Losses | 80 | 104 |
Estimated Fair Value | 32,825 | 19,133 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 8,895 | 8,275 |
Gross Unrealized Gains | 62 | 64 |
Gross Unrealized Losses | 10 | 2 |
Estimated Fair Value | 8,947 | 8,337 |
Other Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 30,608 | 18,918 |
Gross Unrealized Gains | 112 | 124 |
Gross Unrealized Losses | 13 | 0 |
Estimated Fair Value | 30,707 | 19,042 |
All Other Corporates [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 180 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 1 | |
Estimated Fair Value | 179 | |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 241,582 | 221,440 |
Gross Unrealized Gains | 370 | 304 |
Gross Unrealized Losses | 157 | 120 |
Estimated Fair Value | 241,795 | 221,624 |
Common Stocks: Banks, Trusts And Insurance Companies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 35,071 | 35,071 |
Gross Unrealized Gains | 23,699 | 15,115 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 58,770 | 50,186 |
Common Stocks: Industrial, Miscellaneous And All Other [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 17,946 | 17,946 |
Gross Unrealized Gains | 17,544 | 11,293 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 35,490 | 29,239 |
Corporate Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 53,017 | 53,017 |
Gross Unrealized Gains | 41,243 | 26,408 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 94,260 | $ 79,425 |
Available for Sale Securities78
Available for Sale Securities (Amortized Cost and Estimated Fair Value of Investments Classified as Available for Sale By Contractual Maturity) (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Amortized Cost | |
Due within one year | $ 169,365 |
Due after one year through five years | 0 |
Fixed maturities investments excluding mortgage-backed and asset-backed securities | 169,365 |
Mortgage-backed and asset-backed securities | 72,217 |
Amortized Cost | 241,582 |
Estimated Fair Value | |
Due within one year | 169,316 |
Due after one year through five years | 0 |
Fixed maturities investments excluding mortgage-backed and asset-backed securities | 169,316 |
Mortgage-backed and asset-backed securities | 72,479 |
Total fixed maturities investments, Estimated Fair Value | $ 241,795 |
Variable Interest Entities (Ass
Variable Interest Entities (Assets And Liabilities Of Consolidated VIEs) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | |||||
Cash | $ 4,661,937 | $ 3,807,558 | $ 3,030,936 | $ 3,638,648 | |
Financial instruments owned | 15,585,116 | 15,286,286 | |||
Securities purchased under agreement to resell | 4,345,461 | 3,862,488 | |||
Receivables | 5,874,580 | 4,425,178 | |||
Loans to and investments in associated companies | 2,239,423 | 2,125,098 | |||
Other | 1,807,490 | 1,635,664 | |||
Total assets | [1] | 48,376,102 | 45,071,307 | ||
Other secured financings | 763,043 | 1,026,429 | |||
Long-term debt | 8,084,886 | 7,380,443 | |||
Total liabilities | [1] | 37,262,994 | 34,305,849 | ||
Noncontrolling interests | 188,858 | 175,549 | |||
Securitization Vehicles [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash | 8,400 | 18,400 | |||
Financial instruments owned | 36,300 | 86,600 | |||
Securities purchased under agreement to resell | 370,300 | 733,500 | |||
Receivables | 391,600 | 277,700 | |||
Loans to and investments in associated companies | 0 | 0 | |||
Other | 21,300 | 14,500 | |||
Total assets | 827,900 | 1,130,700 | |||
Other secured financings | 781,100 | 1,083,800 | |||
Long-term debt | 0 | 24,100 | |||
Other | 48,500 | 22,300 | |||
Total liabilities | 829,600 | 1,130,200 | |||
Noncontrolling interests | 0 | 0 | |||
Real Estate Investment Vehicles [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash | 1,300 | 2,200 | |||
Financial instruments owned | 0 | 0 | |||
Securities purchased under agreement to resell | 0 | 0 | |||
Receivables | 270,000 | 296,900 | |||
Loans to and investments in associated companies | 118,900 | 108,700 | |||
Other | 6,800 | 10,800 | |||
Total assets | 397,000 | 418,600 | |||
Other secured financings | 0 | 0 | |||
Long-term debt | 213,400 | 243,900 | |||
Other | 9,300 | 11,700 | |||
Total liabilities | 222,700 | 255,600 | |||
Noncontrolling interests | 104,900 | 98,700 | |||
Jefferies [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Secured financings eliminated in consolidation | 38,900 | 57,600 | |||
Consolidation, Eliminations [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Intercompany payables | $ 40,800 | $ 20,000 | |||
[1] | Total assets include assets related to variable interest entities of $854.5 million and $815.8 million at June 30, 2017 and December 31, 2016, respectively, and Total liabilities include liabilities related to variable interest entities of $966.0 million and $1,284.7 million at June 30, 2017 and December 31, 2016, respectively. See Note 8 for additional information related to variable interest entities. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | ||
Automobile loan receivables securitized | $ 186.5 | |
Maximum exposure to loss | 1,632.4 | $ 1,410.8 |
Carrying Amount | 396.7 | 566.9 |
Private Equity Vehicles [Member] | Energy Partners I, LP [Member] | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 3 | |
Real Estate Investment Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity commitments | 108 | |
Funded equity commitments | 96.3 | |
Maximum exposure to loss | 110.4 | 101.8 |
Carrying Amount | 98.6 | 90.3 |
Other Private Investment Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity commitments | 98.1 | 111.4 |
Funded equity commitments | 88 | 99.6 |
Carrying amount of equity investment | 89.1 | 84 |
Maximum exposure to loss | 99.2 | 95.8 |
Carrying Amount | 89.1 | 84 |
Agency Mortgage-Backed Securitizations [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 1,713.3 | 1,002.2 |
Nonagency Mortgage- And Asset-Backed Securitizations [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 248.8 | 439.4 |
JCP Entities [Member] | Private Equity Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity commitments | 148.1 | 148.1 |
Funded equity commitments | 125.4 | 125.1 |
Carrying amount of equity investment | $ 28 | $ 37.6 |
Variable Interest Entities (Non
Variable Interest Entities (Non-Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Financial Statement Carrying Amount, Assets | $ 396.7 | $ 566.9 |
Financial Statement Carrying Amount, Liabilities | 1 | 4.8 |
Maximum Exposure to Loss | 1,632.4 | 1,410.8 |
VIE Assets | 9,273.8 | 10,229.3 |
CLOs [Member] | ||
Variable Interest Entity [Line Items] | ||
Financial Statement Carrying Amount, Assets | 26.8 | 264.7 |
Financial Statement Carrying Amount, Liabilities | 1 | 4.8 |
Maximum Exposure to Loss | 804.8 | 930 |
VIE Assets | 2,914.5 | 4,472.9 |
Consumer Loan Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Financial Statement Carrying Amount, Assets | 154.2 | 90.3 |
Financial Statement Carrying Amount, Liabilities | 0 | 0 |
Maximum Exposure to Loss | 567.3 | 219.6 |
VIE Assets | 1,533.7 | 985.5 |
Related Party Private Equity Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Financial Statement Carrying Amount, Assets | 28 | 37.6 |
Financial Statement Carrying Amount, Liabilities | 0 | 0 |
Maximum Exposure to Loss | 50.7 | 63.6 |
VIE Assets | 103.2 | 155.6 |
Real Estate Investment Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Financial Statement Carrying Amount, Assets | 98.6 | 90.3 |
Financial Statement Carrying Amount, Liabilities | 0 | 0 |
Maximum Exposure to Loss | 110.4 | 101.8 |
VIE Assets | 110.2 | 85.6 |
Other Private Investment Vehicles [Member] | ||
Variable Interest Entity [Line Items] | ||
Financial Statement Carrying Amount, Assets | 89.1 | 84 |
Financial Statement Carrying Amount, Liabilities | 0 | 0 |
Maximum Exposure to Loss | 99.2 | 95.8 |
VIE Assets | $ 4,612.2 | $ 4,529.7 |
Loans To And Investments In A82
Loans To And Investments In Associated Companies (Schedule Of Loans to and Investments In Associated Companies) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Loans to and Investments in Associated Companies Rollforward [Roll Forward] | |||||
Loans to and investments in associated companies, beginning balance | $ 2,125,098 | $ 1,757,369 | |||
Income (losses) related to associated companies | $ 14,104 | $ 51,890 | (114,470) | 71,942 | |
Income (losses) related to associated companies classified as other revenues | 28,232 | (7,836) | 54,495 | (31,252) | |
Contributions to (distributions from) associated companies, net | 151,416 | (64,632) | |||
Other, including foreign exchange and unrealized gains (losses) | 22,884 | 3,910 | |||
Loans to and investments in associated companies, ending balance | 2,239,423 | 1,737,337 | 2,239,423 | 1,737,337 | |
Noncontrolling interests | 188,858 | 188,858 | $ 175,549 | ||
Jefferies Finance [Member] | |||||
Loans to and Investments in Associated Companies Rollforward [Roll Forward] | |||||
Loans to and investments in associated companies, beginning balance | 490,464 | 528,575 | |||
Income (losses) related to associated companies | 0 | 0 | |||
Income (losses) related to associated companies classified as other revenues | 25,211 | (15,675) | 50,176 | (38,481) | |
Contributions to (distributions from) associated companies, net | 0 | (19,300) | |||
Other, including foreign exchange and unrealized gains (losses) | 0 | 0 | |||
Loans to and investments in associated companies, ending balance | 540,640 | 470,794 | 540,640 | 470,794 | |
Jefferies LoanCore [Member] | |||||
Loans to and Investments in Associated Companies Rollforward [Roll Forward] | |||||
Loans to and investments in associated companies, beginning balance | 154,731 | 288,741 | |||
Income (losses) related to associated companies | 0 | 0 | |||
Income (losses) related to associated companies classified as other revenues | 4,042 | 8,201 | 6,374 | 8,014 | |
Contributions to (distributions from) associated companies, net | 56,950 | (138,622) | |||
Other, including foreign exchange and unrealized gains (losses) | 0 | 0 | |||
Loans to and investments in associated companies, ending balance | 218,055 | 158,133 | 218,055 | 158,133 | |
Berkadia [Member] | |||||
Loans to and Investments in Associated Companies Rollforward [Roll Forward] | |||||
Loans to and investments in associated companies, beginning balance | 184,443 | 190,986 | |||
Income (losses) related to associated companies | 16,186 | 20,398 | 33,140 | 33,452 | |
Income (losses) related to associated companies classified as other revenues | 0 | 0 | |||
Contributions to (distributions from) associated companies, net | (4,567) | (40,748) | |||
Other, including foreign exchange and unrealized gains (losses) | 32 | 207 | |||
Loans to and investments in associated companies, ending balance | 213,048 | 183,897 | 213,048 | 183,897 | |
FXCM [Member] | |||||
Loans to and Investments in Associated Companies Rollforward [Roll Forward] | |||||
Loans to and investments in associated companies, beginning balance | 336,258 | ||||
Income (losses) related to associated companies | (12,115) | 0 | (162,015) | 0 | |
Income (losses) related to associated companies classified as other revenues | 0 | ||||
Contributions to (distributions from) associated companies, net | 0 | ||||
Other, including foreign exchange and unrealized gains (losses) | 87 | ||||
Loans to and investments in associated companies, ending balance | 174,330 | 174,330 | |||
Garcadia [Member] | |||||
Loans to and Investments in Associated Companies Rollforward [Roll Forward] | |||||
Loans to and investments in associated companies, beginning balance | 185,815 | 172,660 | |||
Income (losses) related to associated companies | 12,677 | 13,941 | 25,971 | 29,268 | |
Income (losses) related to associated companies classified as other revenues | 0 | 0 | |||
Contributions to (distributions from) associated companies, net | (29,407) | (14,777) | |||
Other, including foreign exchange and unrealized gains (losses) | 0 | 0 | |||
Loans to and investments in associated companies, ending balance | 182,379 | 187,151 | 182,379 | 187,151 | |
Linkem [Member] | |||||
Loans to and Investments in Associated Companies Rollforward [Roll Forward] | |||||
Loans to and investments in associated companies, beginning balance | 154,000 | 150,149 | |||
Income (losses) related to associated companies | (8,876) | (6,673) | (17,024) | (14,873) | |
Income (losses) related to associated companies classified as other revenues | 0 | 0 | |||
Contributions to (distributions from) associated companies, net | 31,996 | 33,297 | |||
Other, including foreign exchange and unrealized gains (losses) | 22,765 | 3,462 | |||
Loans to and investments in associated companies, ending balance | 191,737 | 172,035 | 191,737 | 172,035 | |
HomeFed Corporation [Member] | |||||
Loans to and Investments in Associated Companies Rollforward [Roll Forward] | |||||
Loans to and investments in associated companies, beginning balance | 302,231 | 275,378 | |||
Income (losses) related to associated companies | 9,348 | 23,634 | 9,684 | 22,346 | |
Income (losses) related to associated companies classified as other revenues | 0 | 0 | |||
Contributions to (distributions from) associated companies, net | 31,316 | 0 | |||
Other, including foreign exchange and unrealized gains (losses) | 0 | 0 | |||
Loans to and investments in associated companies, ending balance | 343,231 | 297,724 | 343,231 | 297,724 | |
Golden Queen Mining Company, LLC [Member] | |||||
Loans to and Investments in Associated Companies Rollforward [Roll Forward] | |||||
Loans to and investments in associated companies, beginning balance | 111,302 | 114,323 | |||
Income (losses) related to associated companies | (412) | (1,309) | (1,709) | (1,664) | |
Income (losses) related to associated companies classified as other revenues | 0 | 0 | |||
Contributions to (distributions from) associated companies, net | (53) | 0 | |||
Other, including foreign exchange and unrealized gains (losses) | 0 | 0 | |||
Loans to and investments in associated companies, ending balance | 109,540 | 112,659 | 109,540 | 112,659 | |
Noncontrolling interests | 32,300 | 32,300 | 32,800 | ||
54 Madison [Member] | |||||
Loans to and Investments in Associated Companies Rollforward [Roll Forward] | |||||
Loans to and investments in associated companies, beginning balance | 161,400 | 0 | |||
Income (losses) related to associated companies | (3,556) | 1,256 | (4,164) | 2,483 | |
Income (losses) related to associated companies classified as other revenues | 0 | 0 | |||
Contributions to (distributions from) associated companies, net | 26,281 | 115,499 | |||
Other, including foreign exchange and unrealized gains (losses) | 0 | 3,642 | |||
Loans to and investments in associated companies, ending balance | 183,517 | 121,624 | 183,517 | 121,624 | |
Noncontrolling interests | 107,700 | 107,700 | $ 95,300 | ||
Other [Member] | |||||
Loans to and Investments in Associated Companies Rollforward [Roll Forward] | |||||
Loans to and investments in associated companies, beginning balance | 44,454 | 36,557 | |||
Income (losses) related to associated companies | 852 | 643 | 1,647 | 930 | |
Income (losses) related to associated companies classified as other revenues | (1,021) | (362) | (2,055) | (785) | |
Contributions to (distributions from) associated companies, net | 38,900 | 19 | |||
Other, including foreign exchange and unrealized gains (losses) | 0 | (3,401) | |||
Loans to and investments in associated companies, ending balance | $ 82,946 | $ 33,320 | $ 82,946 | $ 33,320 |
Loans To And Investments In A83
Loans To And Investments In Associated Companies (Jefferies Finance) (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Investments In Associated Companies [Line Items] | ||||||
Investment banking | $ 351,863,000 | $ 253,046,000 | $ 759,884,000 | $ 483,976,000 | ||
Other | 1,807,490,000 | 1,807,490,000 | $ 1,635,664,000 | |||
Payables, expense accruals and other liabilities | 6,785,079,000 | 6,785,079,000 | 7,373,708,000 | |||
Jefferies [Member] | ||||||
Investments In Associated Companies [Line Items] | ||||||
Investment banking | 73,100,000 | 3,700,000 | 139,300,000 | 23,100,000 | ||
Origination fees | 400,000 | 1,600,000 | 2,500,000 | 1,600,000 | ||
Placement Agent Fees | 1,200,000 | 3,900,000 | ||||
Jefferies Finance [Member] | ||||||
Investments In Associated Companies [Line Items] | ||||||
Equity commitment | 600,000,000 | 600,000,000 | ||||
Funded equity commitments | 516,900,000 | $ 516,900,000 | ||||
Investment commitment extension | 1 year | |||||
Termination notice | 60 days | |||||
Total line of credit facility commitment under joint venture | 500,000,000 | $ 500,000,000 | 500,000,000 | |||
Extension period | 1 year | |||||
Line of credit facility, commitment of Jefferies, funded | 0 | $ 0 | 0 | |||
Line of credit facility commitment of Jefferies | 250,000,000 | 250,000,000 | 250,000,000 | |||
Service fee income | 9,300,000 | $ 7,500,000 | 29,500,000 | $ 28,600,000 | ||
Other | $ 16,500,000 | $ 16,500,000 | ||||
Payables, expense accruals and other liabilities | $ 5,800,000 | |||||
Subsequent Event [Member] | Jefferies [Member] | ||||||
Investments In Associated Companies [Line Items] | ||||||
Equity Commitment Contribute | $ 74,800,000 | |||||
Subsequent Event [Member] | Jefferies Finance [Member] | ||||||
Investments In Associated Companies [Line Items] | ||||||
Equity commitment | 750,000,000 | |||||
Increase of equity commitment | $ 150,000,000 |
Loans To And Investments In A84
Loans To And Investments In Associated Companies (Jefferies LoanCore) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | |
Investments In Associated Companies [Line Items] | ||||
Securities purchased under agreements to resell | $ 4,345,461 | $ 3,862,488 | ||
Payables to brokers, dealers and clearing organizations | 2,332,400 | 3,290,400 | ||
Jefferies LoanCore [Member] | ||||
Investments In Associated Companies [Line Items] | ||||
Aggregate equity commitment | 400,000 | 400,000 | ||
Funded equity commitments | 141,000 | 70,100 | ||
Equity commitment | $ 194,000 | $ 194,000 | ||
Percentage of voting interest | 48.50% | 48.50% | ||
Securities purchased under agreements to resell | $ 68,100 | |||
Jefferies [Member] | ||||
Investments In Associated Companies [Line Items] | ||||
Interest income and fees related to master repurchase agreement | $ 2,300 | $ 5,100 | ||
Payables to brokers, dealers and clearing organizations | $ 4,800 | $ 8,300 |
Loans To And Investments In A85
Loans To And Investments In Associated Companies (Berkadia) (Narrative) (Details) - Berkadia [Member] - USD ($) $ in Millions | 12 Months Ended | 102 Months Ended |
Dec. 31, 2009 | Jun. 30, 2017 | |
Investments In Associated Companies [Line Items] | ||
Capital contributed | $ 217.2 | |
Percentage of ownership owned | 50.00% | |
Distributions received | $ 499.2 | |
Surety policy issued | $ 1,500 | |
Reimbursement of losses incurred, maximum percentage | 50.00% | |
Commercial paper | $ 1,470 |
Loans To And Investments In A86
Loans To And Investments In Associated Companies (FXCM) (Narrative) (Details) - Investment in FXCM [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Jun. 30, 2017 | Sep. 01, 2016 | |
Investments In Associated Companies [Line Items] | |||
Percentage of ownership owned | 49.90% | 49.90% | |
Equity method investment impairment | $ 130.2 |
Loans To And Investments In A87
Loans To And Investments In Associated Companies (Garcadia) (Narrative) (Details) | Jun. 30, 2017Dealership |
Garcadia [Member] | |
Investments In Associated Companies [Line Items] | |
Number of automobile dealerships | 28 |
Plan One [Member] | Garcadia [Member] | |
Investments In Associated Companies [Line Items] | |
Percentage of cash F\flows allocated from joint venture | 65.00% |
Plan One [Member] | Garff Enterprises, Inc [Member] | |
Investments In Associated Companies [Line Items] | |
Percentage of cash F\flows allocated from joint venture | 35.00% |
Plan Two [Member] | Garcadia [Member] | |
Investments In Associated Companies [Line Items] | |
Number of automobile dealerships | 1 |
Percentage of cash F\flows allocated from joint venture | 83.00% |
Plan Three [Member] | Garcadia [Member] | |
Investments In Associated Companies [Line Items] | |
Number of automobile dealerships | 4 |
Percentage of cash F\flows allocated from joint venture | 71.00% |
Loans To And Investments In A88
Loans To And Investments In Associated Companies (Linkem) (Narrative) (Details) - Linkem [Member] | 6 Months Ended |
Jun. 30, 2017 | |
Investments In Associated Companies [Line Items] | |
Percentage of ownership owned | 42.00% |
Stated interest rate on convertible notes | 5.00% |
Percentage of ownership upon conversion of note | 53.00% |
Excess investment amortization period, years | 12 years |
Loans To And Investments In A89
Loans To And Investments In Associated Companies (HomeFed) (Narrative) (Details) - HomeFed Corporation [Member] | 6 Months Ended |
Jun. 30, 2017shares | |
Investments In Associated Companies [Line Items] | |
Shares of common stock owned | 10,838,115 |
Percentage of ownership owned | 70.00% |
Maximum voting rights as a percentage of total voting securities voting | 45.00% |
Company Chairman [Member] | |
Investments In Associated Companies [Line Items] | |
Ownership percentage of company | 4.80% |
Loans To And Investments In A90
Loans To And Investments In Associated Companies (Golden Queen Mining Company) (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 24 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | |
Investments In Associated Companies [Line Items] | ||||
Contributions from noncontrolling interests | $ 24,669 | $ 116,180 | ||
Gauss LLC [Member] | ||||
Investments In Associated Companies [Line Items] | ||||
Cash invested in Limited Liability Company | $ 83,000 | |||
Clay Family [Member] | ||||
Investments In Associated Companies [Line Items] | ||||
Contributions from noncontrolling interests | $ 34,500 | |||
Golden Queen Mining Company, LLC [Member] | ||||
Investments In Associated Companies [Line Items] | ||||
Equity method investment, ownership percentage | 35.00% | |||
Golden Queen Mining Company, LLC [Member] | Gauss LLC [Member] | ||||
Investments In Associated Companies [Line Items] | ||||
Total investment in associated company | $ 117,500 | |||
Equity method investment, ownership percentage | 50.00% | |||
Golden Queen Mining Co, Ltd [Member] | ||||
Investments In Associated Companies [Line Items] | ||||
Percentage of ownership owned | 50.00% | 100.00% |
Loans To And Investments in A91
Loans To And Investments in Associated Companies (54 Madison) (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 18 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | |
Investments In Associated Companies [Line Items] | |||
Equity Method Investment attributed from noncontrolling interest | $ 24,669 | $ 116,180 | |
54 Madison [Member] | |||
Investments In Associated Companies [Line Items] | |||
Equity method investments | $ 183,400 | $ 183,400 | |
Percentage of ownership owned | 48.10% | 48.10% | |
Equity Method Investment attributed from noncontrolling interest | $ 107,700 |
Financial Statement Offsettin92
Financial Statement Offsetting (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative contracts, Assets | ||
Gross Amounts | $ 3,066,577 | $ 4,627,076 |
Netting in Consolidated Statements of Financial Condition | (2,873,083) | (4,255,998) |
Net Amounts in Consolidated Statements of Financial Condition | 193,494 | 371,078 |
Additional Amounts Available for Setoff | 0 | 0 |
Available Collateral | 0 | 0 |
Net Amount | 193,494 | 371,078 |
Securities borrowing arrangements, Assets | ||
Gross Amounts | 7,900,395 | 7,743,562 |
Netting in Consolidated Statements of Financial Condition | 0 | 0 |
Net Amounts in Consolidated Statements of Financial Condition | 7,900,395 | 7,743,562 |
Additional Amounts Available for Setoff | (765,075) | (710,611) |
Available Collateral | (1,291,875) | (647,290) |
Net Amount | 5,843,445 | 6,385,661 |
Reverse repurchase agreements, Assets | ||
Gross Amounts | 13,041,366 | 14,083,144 |
Netting in Consolidated Statements of Financial Condition | (8,695,905) | (10,220,656) |
Net Amounts in Consolidated Statements of Financial Condition | 4,345,461 | 3,862,488 |
Additional Amounts Available for Setoff | (587,698) | (176,275) |
Available Collateral | (3,698,540) | (3,591,654) |
Net Amount | 59,223 | 94,559 |
Derivative contracts, Liabilities | ||
Gross Amounts | 3,324,730 | 4,880,022 |
Netting in Consolidated Statements of Financial Condition | (2,860,565) | (4,229,213) |
Net Amounts in Consolidated Statements of Financial Condition | 464,165 | 650,809 |
Additional Amounts Available for Setoff | 0 | 0 |
Available Collateral | 0 | 0 |
Net Amount | 464,165 | 650,809 |
Securities lending arrangements, Liabilities | ||
Gross Amounts | 3,446,853 | 2,819,132 |
Netting in Consolidated Statements of Financial Condition | 0 | 0 |
Net Amounts in Consolidated Statements of Financial Condition | 3,446,853 | 2,819,132 |
Additional Amounts Available for Setoff | (765,075) | (710,611) |
Available Collateral | (2,622,311) | (2,064,299) |
Net Amount | 59,467 | 44,222 |
Repurchase agreements, Liabilities | ||
Gross Amounts | 17,317,332 | 17,012,332 |
Netting in Consolidated Statements of Financial Condition | (8,695,905) | (10,220,656) |
Net Amounts in Consolidated Statements of Financial Condition | 8,621,427 | 6,791,676 |
Additional Amounts Available for Setoff | (587,698) | (176,275) |
Available Collateral | (6,617,668) | (5,780,909) |
Net Amount | 1,416,061 | 834,492 |
Securities borrowing agreement, subject to review | 5,793,700 | 6,337,500 |
Securities borrowing agreement, collateral received, subject to review | 5,620,100 | 6,146,000 |
Repurchase agreement, net amount, subject to review | 1,396,900 | 810,400 |
Repurchase agreements, collateral pledged, subject to review | $ 1,438,000 | $ 834,200 |
Intangible Assets, Net and Go93
Intangible Assets, Net and Goodwill (Schedule of Intangible Assets, Net And Goodwill) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Intangible Assets [Line Items] | ||
Intangible assets, net (excluding goodwill) | $ 770,211 | $ 797,964 |
Goodwill | 1,718,332 | 1,715,714 |
Total Intangible assets, net and goodwill | 2,488,543 | 2,513,678 |
Exchange And Clearing Organization Membership Interests And Registrations [Member] | ||
Intangible Assets [Line Items] | ||
Indefinite lived intangibles | 8,766 | 9,041 |
Customer And Other Relationships [Member] | ||
Intangible Assets [Line Items] | ||
Intangible assets, net (excluding goodwill) | 363,400 | 378,136 |
Intangibles, accumulated amortization | 213,894 | 198,674 |
Trademarks And Tradename [Member] | ||
Intangible Assets [Line Items] | ||
Intangible assets, net (excluding goodwill) | 301,726 | 309,382 |
Intangibles, accumulated amortization | 86,924 | 78,778 |
Supply Contracts [Member] | ||
Intangible Assets [Line Items] | ||
Intangible assets, net (excluding goodwill) | 91,131 | 95,733 |
Intangibles, accumulated amortization | 52,469 | 47,867 |
Other Intangible Assets [Member] | ||
Intangible Assets [Line Items] | ||
Intangible assets, net (excluding goodwill) | 5,188 | 5,672 |
Intangibles, accumulated amortization | 3,398 | 2,914 |
Other Operations [Member] | ||
Intangible Assets [Line Items] | ||
Goodwill | 3,859 | 3,859 |
National Beef [Member] | ||
Intangible Assets [Line Items] | ||
Goodwill | 14,991 | 14,991 |
Jefferies [Member] | ||
Intangible Assets [Line Items] | ||
Goodwill | $ 1,699,482 | $ 1,696,864 |
Intangible Assets, Net and Go94
Intangible Assets, Net and Goodwill (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense on intangible assets | $ 14.5 | $ 15.6 | $ 28.2 | $ 31.4 |
Future amortization expense, 2017 remaining nine months | 30.1 | 30.1 | ||
Future amortization expense, 2018 | 58.5 | 58.5 | ||
Future amortization expense, 2019 | 58.5 | 58.5 | ||
Future amortization expense, 2020 | 58.5 | 58.5 | ||
Future amortization expense, 2021 | $ 58.1 | $ 58.1 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory, Net [Abstract] | ||
Finished goods | $ 246,110 | $ 243,488 |
Work in process | 40,617 | 35,714 |
Raw materials, supplies and other | 29,974 | 30,733 |
Inventory, net | $ 316,701 | $ 309,935 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Jun. 30, 2017 | Dec. 31, 2016 | Oct. 31, 2015 | |
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 439,140,000 | $ 525,842,000 | ||
Interest rates on short-term borrowings outstanding | 2.21% | 1.77% | ||
Floating Rate Puttable Notes [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 102,339,000 | $ 96,455,000 | ||
Equity-linked Notes [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | 28,044,000 | 0 | ||
Proceeds from debt | 30,600,000 | |||
Bank loans [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | 308,757,000 | 372,301,000 | ||
Revolving Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 0 | |||
Revolving Credit Facility [Member] | Secured Revolving Loan Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 57,086,000 | |||
Credit facility maximum amount | $ 50,000,000 | |||
Revolving Credit Facility [Member] | Secured Revolving Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt instrument, basic spread on variable rate | 3.75% | |||
Revolving Credit Facility [Member] | Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt instrument, basic spread on variable rate | 4.25% | |||
Line of Credit [Member] | Loan Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Credit facility maximum amount | $ 50,000,000 | |||
Line of Credit [Member] | Intraday Credit Facility [Member] | ||||
Short-term Debt [Line Items] | ||||
Credit facility maximum amount | $ 250,000,000 | |||
Line of Credit [Member] | Intraday Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt instrument, basic spread on variable rate | 0.50% |
Long-Term Debt (Schedule Of Ind
Long-Term Debt (Schedule Of Indebtedness) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 8,084,886 | $ 7,380,443 |
Long-term debt, fair value | 392,807 | 248,856 |
5.50% Senior Notes due October 18, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 741,798 | $ 741,264 |
Interest rate | 5.50% | 5.50% |
Principal | $ 750,000 | $ 750,000 |
6.625% Senior Notes due October 23, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 246,650 | $ 246,627 |
Interest rate | 6.625% | 6.625% |
Principal | $ 250,000 | $ 250,000 |
5.125% Senior Notes, due April 13, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 755,058 | $ 817,813 |
Interest rate | 5.125% | 5.125% |
Principal | $ 744,500 | $ 800,000 |
8.5% Senior Notes, due July 15, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 746,551 | $ 778,367 |
Interest rate | 8.50% | 8.50% |
Principal | $ 684,000 | $ 700,000 |
2.375% Euro Senior Notes, due May 20, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 560,726 | $ 528,250 |
Interest rate | 2.375% | 2.375% |
Principal | $ 562,300 | $ 529,975 |
6.875% Senior Notes, due April 15, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 816,063 | $ 823,797 |
Interest rate | 6.875% | 6.875% |
Principal | $ 750,000 | $ 750,000 |
2.25% Euro Medium Term Notes, due July 13, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 4,116 | $ 3,848 |
Interest rate | 2.25% | 2.25% |
Principal | $ 4,498 | $ 4,240 |
5.125% Senior Notes, due January 20, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 617,044 | $ 618,355 |
Interest rate | 5.125% | 5.125% |
Principal | $ 600,000 | $ 600,000 |
4.85% Senior Notes, due January 15, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 749,134 | $ 0 |
Interest rate | 4.85% | 0.00% |
Principal | $ 750,000 | $ 0 |
6.45% Senior Debentures, due June 8, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 376,813 | $ 377,806 |
Interest rate | 6.45% | 6.45% |
Principal | $ 350,000 | $ 350,000 |
3.875% Convertible Senior Debentures, due November 1, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 345,535 | $ 346,163 |
Interest rate | 3.875% | 3.875% |
Principal | $ 345,000 | $ 345,000 |
6.25% Senior Debentures, due January 15, 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 512,220 | $ 512,396 |
Interest rate | 6.25% | 6.25% |
Principal | $ 500,000 | $ 500,000 |
6.50% Senior Notes, due January 20, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 421,164 | $ 421,333 |
Interest rate | 6.50% | 6.50% |
Principal | $ 400,000 | $ 400,000 |
Structured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 399,556 | 255,203 |
Long-term debt, fair value | 392,800 | 248,900 |
Foursight Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 49,384 | 97,138 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 120,431 | 132,244 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 988,448 | 987,891 |
National Beef [Member] | Reducing Revolver Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 275,000 | 0 |
Interest rate | 2.94% | |
National Beef [Member] | National Beef Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 4,531 | 0 |
Interest rate | 5.00% | |
National Beef [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | 273,811 |
54 Madison [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 198,900 | 230,200 |
54 Madison [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 343,112 | 406,028 |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 7,096,438 | $ 6,392,552 |
Interest Rate Swap [Member] | 4.85% Senior Notes, due January 15, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 4,900 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 6 Months Ended | ||
Jun. 30, 2017USD ($)Contract$ / sharesshares | Jan. 01, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 392,807,000 | $ 248,856,000 | |
Long-term debt | 8,084,886,000 | $ 7,380,443,000 | |
National Beef [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate outstanding letters of credit | $ 14,000,000 | ||
3.875% Convertible Senior Debentures, due November 1, 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.875% | 3.875% | |
Incremental principal amount of notes | $ 1,000 | ||
Shares issuable upon conversion per $1000 debenture | shares | 22.8717 | ||
Conversion price per common share for convertible notes | $ / shares | $ 43.72 | ||
Common stock price as a percent of conversion price minimum | 130.00% | ||
Earliest period of conversion price | 20 days | ||
Consecutive trading days | 30 days | ||
Trading price per debenture related to common stock, maximum | 95.00% | ||
Consecutive trading days | 10 days | ||
Contingent interest rate percent | 0.375% | ||
Trading period for contingent interest | 5 days | ||
Minimum average trading price for 5 trading days per $1,000 debenture | $ 1,200 | ||
Long-term debt | 345,535,000 | $ 346,163,000 | |
Structured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, fair value | 392,800,000 | 248,900,000 | |
Long-term debt | 399,556,000 | 255,203,000 | |
Structured Notes [Member] | Jefferies [Member] | |||
Debt Instrument [Line Items] | |||
Debt issuance, principal amount | 125,600,000 | ||
Long-term debt, fair value | $ 392,800,000 | 248,900,000 | |
Revolving Credit Facility [Member] | National Beef [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.00% | ||
Credit facility maximum amount | $ 275,000,000 | ||
Long-term debt | 4,531,000 | 0 | |
Amount drawn from credit facility | 8,100,000 | ||
Amount of revolver available | $ 249,100,000 | ||
Reducing Revolver Loan [Member] | National Beef [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.94% | ||
Credit facility maximum amount | $ 275,000,000 | ||
Decrease of loan commitment on each annual anniversary of debt agreement | 13,800,000 | ||
Long-term debt | 275,000,000 | 0 | |
Amount of revolver available | $ 0 | ||
6% Term Loan Due January 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.00% | ||
Long-term debt | $ 59,100,000 | ||
5.5% Term Loan Due February 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.50% | ||
Long-term debt | $ 129,800,000 | ||
3.5% Term Loan Due March 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.50% | ||
Long-term debt | $ 500,000 | ||
5.5% Term Loan Due April 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.15% | ||
Long-term debt | $ 51,900,000 | ||
5.5% Term Loan Due January 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.50% | ||
Long-term debt | $ 101,300,000 | ||
3.5% Term Loan Due January 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.50% | ||
Long-term debt | $ 500,000 | ||
Foursight Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 49,384,000 | $ 97,138,000 | |
Minimum [Member] | Revolving Credit Facility And Reducing Revolver Loan [Member] | National Beef [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basic spread on variable rate | 0.75% | ||
Maximum [Member] | Revolving Credit Facility And Reducing Revolver Loan [Member] | National Beef [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basic spread on variable rate | 2.75% | ||
Secured Debt [Member] | Foursight Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility maximum amount | $ 200,000,000 | ||
Number of warehouse credit commitment | Contract | 2 | ||
Senior Notes [Member] | Senior Notes Due 2027 [Member] | Jefferies [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.85% | ||
Debt face amount | $ 750,000,000 | ||
Line of Credit [Member] | Foursight Credit Facilities [Member] | Foursight Capital [Member] | |||
Debt Instrument [Line Items] | |||
Assets pledged for indebtedness | $ 65,000,000 |
Mezzanine Equity (Narrative) (D
Mezzanine Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2017 | Dec. 30, 2021 | Dec. 30, 2018 | Jan. 29, 2017 | Dec. 31, 2016 | Dec. 30, 2016 | |
Purchase Requirement [Line Items] | ||||||
Discount rate | 11.60% | |||||
Terminal growth rate used to calculate the capitalization rate | 2.00% | |||||
Redeemable noncontrolling interests | $ 307,943 | $ 336,809 | ||||
Mandatorily redeemable convertible preferred shares redemption value | $ 125,000 | 125,000 | ||||
3.25% Cumulative Convertible Preferred Shares [Member] | ||||||
Purchase Requirement [Line Items] | ||||||
Dividend rate on preferred stock | 3.25% | |||||
Mandatorily redeemable convertible preferred shares redemption value | $ 125,000 | |||||
Mandatorily redeemable preferred stock, number of shares in conversion | 4,162,200 | |||||
Mandatorily redeemable preferred stock, effective conversion price per share | $ 30.03 | |||||
Mandatorily redeemable preferred shares callable price per share | $ 1,000 | |||||
Other [Member] | ||||||
Purchase Requirement [Line Items] | ||||||
Redeemable noncontrolling interests | $ 14,600 | $ 14,800 | ||||
National Beef [Member] | Put Rights [Member] | ||||||
Purchase Requirement [Line Items] | ||||||
Put right interest percentage | 33.30% | 33.30% | ||||
USPB [Member] | Maximum [Member] | Call Rights [Member] | ||||||
Purchase Requirement [Line Items] | ||||||
Ownership interests as a percent of original interest | 20.00% | |||||
Other Members [Member] | Maximum [Member] | Call Rights [Member] | ||||||
Purchase Requirement [Line Items] | ||||||
Ownership interests as a percent of original interest | 50.00% | |||||
Other Members [Member] | Minimum [Member] | Call Rights [Member] | ||||||
Purchase Requirement [Line Items] | ||||||
Anniversary of acquisition | 10 years | |||||
Forecast [Member] | National Beef [Member] | Put Rights [Member] | ||||||
Purchase Requirement [Line Items] | ||||||
Put right interest percentage | 33.30% | 33.30% |
Mezzanine Equity (Schedule Of R
Mezzanine Equity (Schedule Of Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Redeemable Noncontrolling Interest [Roll Forward] | ||||
Beginning Balance | $ 336,809 | |||
Income allocated to redeemable noncontrolling interests | $ 16,300 | $ 13,068 | 28,322 | $ 17,382 |
Net distributions to redeemable noncontrolling interests | (17,247) | (6,859) | ||
Increase (decrease) in fair value of redeemable noncontrolling interests | 39,965 | (31,631) | ||
Ending Balance | 307,943 | 307,943 | ||
National Beef [Member] | ||||
Redeemable Noncontrolling Interest [Roll Forward] | ||||
Beginning Balance | 321,962 | 189,358 | ||
Income allocated to redeemable noncontrolling interests | 28,458 | 17,501 | ||
Net distributions to redeemable noncontrolling interests | (17,062) | (6,850) | ||
Increase (decrease) in fair value of redeemable noncontrolling interests | (39,965) | 31,631 | ||
Ending Balance | $ 293,393 | $ 231,640 | $ 293,393 | $ 231,640 |
Mezzanine Equity (Sensitivity A
Mezzanine Equity (Sensitivity Analysis Of Fair Value Of Redeemable Noncontrolling Interests Using Discount And Terminal Growth Rates) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Terminal growth rate assumed in determining fair value | 11.60% |
Terminal growth rate used to calculate the capitalization rate | 2.00% |
Rate 1.75% Terminal Growth Rates [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Terminal growth rate used to calculate the capitalization rate | 1.75% |
Rate 2.00% Terminal Growth Rates [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Terminal growth rate used to calculate the capitalization rate | 2.00% |
Rate 2.25% Terminal Growth Rates [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Terminal growth rate used to calculate the capitalization rate | 2.25% |
Rate 11.35% Discount Rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Terminal growth rate assumed in determining fair value | 11.35% |
Rate 11.35% Discount Rate [Member] | Rate 1.75% Terminal Growth Rates [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of redeemable noncontrolling interests | $ 297.5 |
Rate 11.35% Discount Rate [Member] | Rate 2.00% Terminal Growth Rates [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of redeemable noncontrolling interests | 301.2 |
Rate 11.35% Discount Rate [Member] | Rate 2.25% Terminal Growth Rates [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of redeemable noncontrolling interests | $ 305 |
Rate 11.60% Discount Rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Terminal growth rate assumed in determining fair value | 11.60% |
Rate 11.60% Discount Rate [Member] | Rate 1.75% Terminal Growth Rates [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of redeemable noncontrolling interests | $ 290 |
Rate 11.60% Discount Rate [Member] | Rate 2.00% Terminal Growth Rates [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of redeemable noncontrolling interests | 293.4 |
Rate 11.60% Discount Rate [Member] | Rate 2.25% Terminal Growth Rates [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of redeemable noncontrolling interests | $ 297 |
Rate 11.85% Discount Rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Terminal growth rate assumed in determining fair value | 11.85% |
Rate 11.85% Discount Rate [Member] | Rate 1.75% Terminal Growth Rates [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of redeemable noncontrolling interests | $ 282.8 |
Rate 11.85% Discount Rate [Member] | Rate 2.00% Terminal Growth Rates [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of redeemable noncontrolling interests | 286 |
Rate 11.85% Discount Rate [Member] | Rate 2.25% Terminal Growth Rates [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of redeemable noncontrolling interests | $ 289.3 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2017shares | Jun. 30, 2017USD ($)shares | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Installmentshares | Jun. 30, 2016USD ($) | Dec. 30, 2016$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares reserved for stock options and warrants | 331,312 | 331,312 | ||||
Share-based compensation | $ | $ 10,400 | $ 9,100 | $ 20,375 | $ 16,055 | ||
Tax benefit for issuance of share-based awards | $ | 3,600 | $ 3,300 | 7,300 | $ 5,900 | ||
Total unrecognized compensation cost related to nonvested share-based awards | $ | $ 78,600 | $ 78,600 | ||||
Employee service share-based compensation, unrecognized compensation costs on nonvested awards, weighted average period of recognition | 2 years | |||||
Potential maximum increase to common shares outstanding from restricted stock and other shares | 16,766,000 | 16,766,000 | ||||
Sign-on and Retention Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 4 years | |||||
Amortization period | 4 years | |||||
Stock Appreciation Rights (SARs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock appreciation right granted (in shares) | 0 | |||||
Other Shares Issuable [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Other shares issuable | 695,000 | 695,000 | ||||
Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of annual installments | Installment | 4 | |||||
Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of annual installments | Installment | 5 | |||||
Future Service Required [Member] | Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares, nonvested, number | 5,659,000 | 5,659,000 | ||||
Future Service Required [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares, nonvested, number | 1,304,000 | 1,304,000 | ||||
No Future Service Required [Member] | Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares, vested, number | 10,412,000 | 10,412,000 | ||||
Senior Executive Compensation Plan [Member] | Senior Executives [Member] | Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance measurement period | 3 years | |||||
Percentage of compensation beyond base salary will be performance-based | 100.00% | |||||
Employee service share-based compensation, holding period | 3 years | |||||
Stock price | $ / shares | $ 23.25 | |||||
Performance measurement benchmark, percentage | 8.00% | |||||
Fixed stock option plan and senior executive warrant plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares available for grant | 0 | 0 | ||||
Minimum [Member] | Senior Executive Compensation Plan [Member] | Senior Executives [Member] | Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance measurement benchmark, percentage | 4.00% | |||||
Number of performance-based award eligible | 537,634 | |||||
Maximum [Member] | Senior Executive Compensation Plan [Member] | Senior Executives [Member] | Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance measurement benchmark, percentage | 12.00% | |||||
4% to 8% [Member] | Senior Executive Compensation Plan [Member] | Senior Executives [Member] | Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of performance-based award eligible | 1,075,268 | |||||
Greater than 8% [Member] | Senior Executive Compensation Plan [Member] | Senior Executives [Member] | Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Additional incentive compensation, percentage | 50.00% |
Accumulated Other Comprehens103
Accumulated Other Comprehensive Income (Summary Of Accumulated Other Comprehensive Income, Net Of Taxes) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity, including portion attributable to noncontrolling interest | $ 10,680,165 | $ 10,303,649 | $ 10,264,558 | $ 10,465,890 |
Net unrealized gains on available for sale securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity, including portion attributable to noncontrolling interest | 570,827 | 561,497 | ||
Net unrealized foreign exchange losses [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity, including portion attributable to noncontrolling interest | (141,664) | (184,829) | ||
Net change in instrument specific credit risk [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity, including portion attributable to noncontrolling interest | (18,872) | (6,494) | ||
Amortization of defined benefit pension plan actuarial gains (losses) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity, including portion attributable to noncontrolling interest | (59,849) | (59,477) | ||
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity, including portion attributable to noncontrolling interest | 350,442 | 310,697 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' equity, including portion attributable to noncontrolling interest | $ 350,442 | $ 310,697 | $ 413,272 | $ 438,793 |
Accumulated Other Comprehens104
Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income Reclassifications) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net realized securities gains | $ 1,111 | $ 7,414 | $ 1,571 | $ 8,142 |
Other income | $ 133,970 | $ 143,379 | 460,882 | 202,302 |
Compensation and benefits, which includes pension expense. | (4,451) | (758) | ||
Net unrealized gains on available for sale securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification for the period, tax | 271 | 6 | ||
Net unrealized foreign exchange losses [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification for the period, tax | 1,097 | 0 | ||
Amortization of defined benefit pension plan actuarial gains (losses) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Compensation and benefits, which includes pension expense. | (859) | (767) | ||
Reclassification for the period, tax | (403) | (351) | ||
Other pension [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification for the period, tax | (1,231) | 0 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net unrealized gains on available for sale securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net realized securities gains | 467 | 9 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net unrealized foreign exchange losses [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income | $ (5,290) | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | ||
Unrecognized tax benefits | $ 210.5 | $ 196.5 |
Interest included in unrecognized tax benefits | 52.7 | 47.7 |
Tax benefit from repatriation of foreign earnings | 31.9 | |
Jefferies [Member] | ||
Income Taxes [Line Items] | ||
Unrecognized tax benefits | $ 159.4 | $ 148.8 |
Earnings (Loss) Per Common S106
Earnings (Loss) Per Common Share (Earnings Per Share Computation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Numerator for earnings (loss) per share: | ||||
Net income (loss) attributable to Leucadia National Corporation common shareholders | $ 58,193 | $ 57,289 | $ 339,601 | $ (165,591) |
Allocation of earnings to participating securities | (219) | (772) | (1,338) | 0 |
Net income (loss) attributable to Leucadia National Corporation common shareholders for basic earnings (loss) per share | 57,974 | 56,517 | 338,263 | (165,591) |
Adjustment to allocation of earnings to participating securities related to diluted shares | (2) | (9) | 5 | 0 |
Mandatorily redeemable convertible preferred share dividends | 0 | 0 | 2,031 | 0 |
Net income (loss) attributable to Leucadia National Corporation common shareholders for diluted earnings (loss) per share | $ 57,972 | $ 56,508 | $ 340,299 | $ (165,591) |
Denominator for earnings (loss) per share: | ||||
Denominator for basic earnings (loss) per share – weighted average shares (in shares) | 369,212,000 | 372,556,000 | 369,206,000 | 372,448,000 |
Dilutive effect of share-based payment awards (in shares) | 25,000 | 0 | 20,000 | 0 |
Warrants (in shares) | 0 | 0 | 0 | 0 |
Mandatorily redeemable convertible preferred shares (in shares) | 0 | 0 | 4,162,000 | 0 |
Denominator for diluted earnings (loss) per share (in shares) | 371,552,000 | 372,556,000 | 375,684,000 | 372,448,000 |
Weighted average shares of participating securities (in shares) | 1,435,400 | 5,105,700 | 1,467,500 | 4,784,200 |
3.875% Convertible Senior Debentures, due November 1, 2029 [Member] | ||||
Denominator for earnings (loss) per share: | ||||
Convertible Senior Debenture (in shares) | 0 | 0 | 0 | 0 |
Senior Executive Compensation Plan [Member] | ||||
Denominator for earnings (loss) per share: | ||||
Dilutive effect of share-based payment awards (in shares) | 2,315,000 | 0 | 2,296,000 | 0 |
Earnings (Loss) Per Common S107
Earnings (Loss) Per Common Share (Narrative) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | |
Employee Stock Option [Member] | ||||
Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share amount (in shares) | 661,300 | 661,300 | ||
Warrants [Member] | ||||
Earnings Per Share [Line Items] | ||||
Securities excluded from computation of earnings per share amount (in shares) | 1,714,300 | |||
Exercise price (in dollars per share) | $ 33.33 | |||
3.875% Convertible Senior Debentures, due November 1, 2029 [Member] | ||||
Earnings Per Share [Line Items] | ||||
Convertible notes interest rate | 3.875% | 3.875% | ||
3.875% Convertible Senior Debentures, due November 1, 2029 [Member] | Convertible Debt Securities [Member] | ||||
Earnings Per Share [Line Items] | ||||
Convertible notes interest rate | 3.875% | 3.875% | 3.875% |
Commitments, Contingencies a108
Commitments, Contingencies and Guarantees (Commitments and Contingencies) (Details) $ in Millions | Jun. 30, 2017USD ($) |
Commitments And Guarantee Obligations [Line Items] | |
2,017 | $ 7,395.6 |
2,018 | 436.3 |
2019 and 2020 | 361.4 |
2021 and 2022 | 92.6 |
2023 and Later | 161.3 |
Maximum Payout | 8,447.2 |
Equity Commitments [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
2,017 | 18.7 |
2,018 | 33 |
2019 and 2020 | 12.3 |
2021 and 2022 | 0 |
2023 and Later | 149 |
Maximum Payout | 213 |
Loan Commitments [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
2,017 | 54.3 |
2,018 | 269.4 |
2019 and 2020 | 15.6 |
2021 and 2022 | 54.9 |
2023 and Later | 0 |
Maximum Payout | 394.2 |
Mortgage-Related And Other Purchase Commitments [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
2,017 | 0 |
2,018 | 0 |
2019 and 2020 | 191.2 |
2021 and 2022 | 0 |
2023 and Later | 0 |
Maximum Payout | 191.2 |
Forward Starting Reverse Repos [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
2,017 | 4,768.1 |
2,018 | 0 |
2019 and 2020 | 0 |
2021 and 2022 | 0 |
2023 and Later | 0 |
Maximum Payout | 4,768.1 |
Forward Starting Repos [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
2,017 | 2,464.5 |
2,018 | 0 |
2019 and 2020 | 0 |
2021 and 2022 | 0 |
2023 and Later | 0 |
Maximum Payout | 2,464.5 |
Other Unfunded Commitments [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
2,017 | 90 |
2,018 | 133.9 |
2019 and 2020 | 142.3 |
2021 and 2022 | 37.7 |
2023 and Later | 12.3 |
Maximum Payout | $ 416.2 |
Commitments, Contingencies a109
Commitments, Contingencies and Guarantees (Narrative) (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |
Aug. 31, 2014 | Jun. 30, 2017 | Dec. 31, 2016 | |
Commitments Contingencies And Guarantees [Line Items] | |||
Loan commitments outstanding to clients | $ 127,400,000 | ||
Fair value of mortgage-related and other purchase commitments | 36,400,000 | ||
Fair value of derivative contracts meeting the definition of a guarantee | 149,400,000 | ||
54 Madison [Member] | |||
Commitments Contingencies And Guarantees [Line Items] | |||
Maximum amount committed to invest as per agreement | 202,500,000 | ||
Amount of contributed commitment | 134,400,000 | ||
Approved unfunded commitment | 38,500,000 | ||
Berkadia [Member] | |||
Commitments Contingencies And Guarantees [Line Items] | |||
Surety policy issued | $ 1,500,000,000 | ||
Reimbursement of losses incurred, maximum percentage | 50.00% | ||
Aggregate amount of commercial paper outstanding | $ 1,470,000,000 | ||
Jefferies Finance [Member] | |||
Commitments Contingencies And Guarantees [Line Items] | |||
Line of credit facility, commitment of Jefferies, funded | 0 | $ 0 | |
Line of credit facility commitment of Jefferies | 250,000,000 | $ 250,000,000 | |
Maximum amount payable under guarantee | 200,000 | ||
Jefferies [Member] | Standby Letters Of Credit [Member] | |||
Commitments Contingencies And Guarantees [Line Items] | |||
Letters of credit | 58,100,000 | ||
Other Subsidiaries [Member] | |||
Commitments Contingencies And Guarantees [Line Items] | |||
Letters of credit | 15,100,000 | ||
Jefferies Capital Partners LLC And Its Private Equity Funds [Member] | |||
Commitments Contingencies And Guarantees [Line Items] | |||
Equity commitments | 22,900,000 | ||
Other Investments [Member] | |||
Commitments Contingencies And Guarantees [Line Items] | |||
Equity commitments | 15,400,000 | ||
Folger Hill Asset Management Llc [Member] | |||
Commitments Contingencies And Guarantees [Line Items] | |||
Revolving credit facility term | 3 years | ||
Entity line of credit facility | $ 20,000,000 | ||
Funded revolving credit facility | 10,700,000 | ||
Empire Insurance Company [Member] | |||
Commitments Contingencies And Guarantees [Line Items] | |||
Contractual obligations | $ 15,700,000 | ||
Standby Letters of Credit [Member] | |||
Commitments Contingencies And Guarantees [Line Items] | |||
Expiration period maximum | 1 year |
Commitments, Contingencies a110
Commitments, Contingencies and Guarantees (Guarantees) (Details) $ in Millions | Jun. 30, 2017USD ($) |
Guarantee Obligations [Line Items] | |
Maximum Payout | $ 8,447.2 |
Derivative Contracts - Non-Credit Related [Member] | Derivative Notional Amount [Member] | |
Guarantee Obligations [Line Items] | |
2,017 | 20,314.7 |
2,018 | 2,621.4 |
2019 and 2020 | 35.2 |
2021 and 2022 | 0 |
2023 and Later | 447.6 |
Maximum Payout | 23,418.9 |
Written Derivative Contracts - Credit Related [Member] | Derivative Notional Amount [Member] | |
Guarantee Obligations [Line Items] | |
2,017 | 0 |
2,018 | 54 |
2019 and 2020 | 12.5 |
2021 and 2022 | 1,007.7 |
2023 and Later | 0 |
Maximum Payout | 1,074.2 |
Derivative [Member] | Derivative Notional Amount [Member] | |
Guarantee Obligations [Line Items] | |
2,017 | 20,314.7 |
2,018 | 2,675.4 |
2019 and 2020 | 47.7 |
2021 and 2022 | 1,007.7 |
2023 and Later | 447.6 |
Maximum Payout | $ 24,493.1 |
Commitments, Contingencies a111
Commitments, Contingencies and Guarantees (External Credit Ratings of Underlying or Referenced Assets for Credit Related Derivatives Contracts) (Details) $ in Millions | Jun. 30, 2017USD ($) |
Commitments And Guarantee Obligations [Line Items] | |
Maximum Payout | $ 8,447.2 |
Below Investment Grade [Member] | Index credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
Credit related derivative contracts by external credit ratings | 107.3 |
Below Investment Grade [Member] | Single name credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
Credit related derivative contracts by external credit ratings | 150.3 |
AAA/Aaa [Member] | Index credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
Credit related derivative contracts by external credit ratings | 0 |
AAA/Aaa [Member] | Single name credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
Credit related derivative contracts by external credit ratings | 0 |
AA/Aa [Member] | Index credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
Credit related derivative contracts by external credit ratings | 0 |
AA/Aa [Member] | Single name credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
Credit related derivative contracts by external credit ratings | 0 |
A [Member] | Index credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
Credit related derivative contracts by external credit ratings | 757 |
A [Member] | Single name credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
Credit related derivative contracts by external credit ratings | 15.3 |
BBB/Baa [Member] | Index credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
Credit related derivative contracts by external credit ratings | 0 |
BBB/Baa [Member] | Single name credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
Credit related derivative contracts by external credit ratings | 44.3 |
Notional/Maximum Payout [Member] | Index credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
Maximum Payout | 864.3 |
Notional/Maximum Payout [Member] | Single name credit default swaps [Member] | |
Commitments And Guarantee Obligations [Line Items] | |
Maximum Payout | $ 209.9 |
Net Capital Requirements (Detai
Net Capital Requirements (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Jefferies LLC [Member] | |
Net Capital Requirements [Line Items] | |
Net Capital | $ 1,388,388 |
Excess Net Capital | 1,302,034 |
Jefferies Execution [Member] | |
Net Capital Requirements [Line Items] | |
Net Capital | 6,837 |
Excess Net Capital | $ 6,587 |
Other Fair Value Information (D
Other Fair Value Information (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term borrowings | $ 439,140 | $ 525,842 |
Long-term debt | 8,084,886 | 7,380,443 |
Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes and loans receivable | 951,289 | 962,938 |
Short-term borrowings | 411,096 | 525,842 |
Long-term debt | 7,692,079 | 7,131,587 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes and loans receivable | 943,707 | 958,377 |
Short-term borrowings | 411,096 | 525,842 |
Long-term debt | $ 8,051,953 | $ 7,221,459 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)cattle | Jun. 30, 2016USD ($) | Dec. 31, 2014USD ($)shares | Dec. 31, 2016USD ($) | |
Related Party Transaction [Line Items] | ||||||
Head of cattle to be purchased per year from members of USPB, actual number | cattle | 735,385 | |||||
Percentage of cattle requirements obtained through USPB | 25.00% | 30.00% | ||||
Sales to related party | $ 14,700 | $ 14,600 | ||||
Purchases from related party | 5,500 | 7,100 | ||||
Long-term debt | $ 8,084,886 | 8,084,886 | $ 7,380,443 | |||
HomeFed Corporation [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Cash paid on acquisition of common shares | $ 14,000 | |||||
Common shares acquired | shares | 7,500,000 | |||||
54 Madison [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Long-term debt | 198,900 | 198,900 | 230,200 | |||
Private Equity Related Funds [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Loans to and/or equity investments in related funds | 28,000 | 28,000 | 37,700 | |||
Net gains (losses) from private equity related funds | (8,100) | $ (5,100) | (9,400) | $ (7,700) | ||
Berkadia [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Purchase commitment | 797,400 | 797,400 | 817,000 | |||
Employees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Loans outstanding to related party | $ 49,700 | $ 49,700 | $ 41,200 | |||
Company Chairman [Member] | HomeFed Corporation [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage of company | 4.80% | 4.80% | ||||
Minimum [Member] | 54 Madison [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest rate | 4.20% | 4.20% | ||||
Maximum [Member] | 54 Madison [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest rate | 6.00% | 6.00% |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net Revenues | $ 2,732,380 | $ 2,625,358 | $ 5,600,362 | $ 4,640,464 |
Total consolidated pre-tax income from continuing operations | 124,682 | 139,462 | 522,779 | (162,501) |
Depreciation and amortization | 50,717 | 50,769 | 100,227 | 100,379 |
Parent Company interest [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total consolidated pre-tax income from continuing operations | (14,734) | (14,719) | (29,464) | (29,433) |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 2,659,527 | 2,530,056 | 5,026,059 | 4,532,149 |
Total consolidated pre-tax income from continuing operations | 183,879 | 163,144 | 358,748 | (13,508) |
Depreciation and amortization | 40,674 | 38,362 | 79,541 | 76,521 |
Operating Segments [Member] | Jefferies [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 781,672 | 720,930 | 1,579,058 | 1,021,716 |
Total consolidated pre-tax income from continuing operations | 122,712 | 107,480 | 254,982 | (138,317) |
Depreciation and amortization | 15,348 | 14,633 | 30,949 | 29,223 |
Operating Segments [Member] | National Beef [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 1,875,519 | 1,798,634 | 3,436,975 | 3,433,085 |
Total consolidated pre-tax income from continuing operations | 78,425 | 62,855 | 135,528 | 84,264 |
Depreciation and amortization | 24,459 | 22,785 | 46,858 | 45,411 |
Operating Segments [Member] | Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 2,336 | 10,492 | 10,026 | 77,348 |
Total consolidated pre-tax income from continuing operations | (17,258) | (7,191) | (31,762) | 40,545 |
Depreciation and amortization | 867 | 944 | 1,734 | 1,887 |
All other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Revenues | 72,853 | 95,302 | 574,303 | 108,315 |
Total consolidated pre-tax income from continuing operations | (44,463) | (8,963) | 193,495 | (119,560) |
Depreciation and amortization | $ 10,043 | $ 12,407 | $ 20,686 | $ 23,858 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Interest expense | $ 27,834 | $ 22,706 | $ 55,218 | $ 45,024 |
Parent Company interest [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | 14,700 | 14,700 | 29,500 | 29,400 |
All other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | 10,800 | 4,200 | 21,700 | 7,800 |
National Beef [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | $ 2,300 | $ 3,800 | $ 4,100 | $ 7,800 |