Fair Value Disclosures (Tables)

6 Months Ended

May 31, 2018

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis

The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value (“NAV”) of $333.2 million and $215.4 million at May 31, 2018 and November 30, 2017, respectively, by level within the fair value hierarchy (in thousands):

	May 31, 2018
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)			Total
Assets:
Financial instruments owned:
Corporate equity securities	$	1,567,962	$	70,011	$	42,901	$	—		$	1,680,874
Corporate debt securities	821		2,710,178		28,066		—			2,739,065
Collateralized debt obligations and collateralized loan obligations	—		82,399		30,603		—			113,002
U.S. government and federal agency securities	1,971,180		40,450		—		—			2,011,630
Municipal securities	—		827,478		—		—			827,478
Sovereign obligations	1,332,770		1,129,682		—		—			2,462,452
Residential mortgage-backed securities	—		2,037,431		3,655		—			2,041,086
Commercial mortgage-backed securities	—		941,432		27,239		—			968,671
Other asset-backed securities	—		281,821		55,535		—			337,356
Loans and other receivables	—		1,771,853		64,036		—			1,835,889
Derivatives (2)	10,298		3,354,899		5,743		(3,095,476		)	275,464
Investments at fair value	—		—		79,488		—			79,488
Total financial instruments owned, excluding Investments at fair value based on NAV	$	4,883,031	$	13,247,634	$	337,266	$	(3,095,476	)	$	15,372,455
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	1,412,707	$	4,313	$	87	$	—		$	1,417,107
Corporate debt securities	—		1,627,990		522		—			1,628,512
U.S. government and federal agency securities	1,704,473		—		—		—			1,704,473
Sovereign obligations	1,518,030		1,079,417		—		—			2,597,447
Loans	—		1,106,907		12,881		—			1,119,788
Derivatives	10,818		3,657,065		11,617		(3,231,934		)	447,566
Total financial instruments sold, not yet purchased	$	4,646,028	$	7,475,692	$	25,107	$	(3,231,934	)	$	8,914,893
Short-term borrowings	$	—	$	68,818	$	—	$	—		$	68,818
Long-term debt	$	—	$	547,630	$	160,626	$	—		$	708,256

(1) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.

(2) During the six months ended May 31, 2018, we transferred from Level 1 to Level 2 $20.8 million of listed options included in Financial instruments owned—Derivatives, which are measured based on broker quotes or mid-market valuations. There were no other material transfers of our financial assets and liabilities between Level 1 and Level 2 for the three and six months ended May 31, 2018 and 2017.

	November 30, 2017
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)			Total
Assets:
Financial instruments owned:
Corporate equity securities	$	1,801,453	$	57,091	$	22,009	$	—		$	1,880,553
Corporate debt securities	—		3,261,300		26,036		—			3,287,336
Collateralized debt obligations and collateralized loan obligations	—		139,166		30,004		—			169,170
U.S. government and federal agency securities	1,269,230		39,443		—		—			1,308,673
Municipal securities	—		710,513		—		—			710,513
Sovereign obligations	1,381,552		1,035,907		—		—			2,417,459
Residential mortgage-backed securities	—		1,453,294		26,077		—			1,479,371
Commercial mortgage-backed securities	—		508,115		12,419		—			520,534
Other asset-backed securities	—		217,111		61,129		—			278,240
Loans and other receivables	—		1,620,581		47,304		—			1,667,885
Derivatives	160,168		3,248,586		9,295		(3,254,216		)	163,833
Investments at fair value	—		946		93,454		—			94,400
Total financial instruments owned, excluding Investments at fair value based on NAV	$	4,612,403	$	12,292,053	$	327,727	$	(3,254,216	)	$	13,977,967
Securities received as collateral	$	103	$	—	$	—	$	—		$	103
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	1,456,675	$	32,122	$	48	$	—		$	1,488,845
Corporate debt securities	—		1,688,825		522		—			1,689,347
U.S. government and federal agency securities	1,430,737		—		—		—			1,430,737
Sovereign obligations	1,216,643		956,992		—		—			2,173,635
Commercial mortgage-backed securities	—		—		105		—			105
Loans	—		1,148,824		3,486		—			1,152,310
Derivatives	247,919		3,399,239		16,041		(3,426,249		)	236,950
Total financial instruments sold, not yet purchased	$	4,351,974	$	7,226,002	$	20,202	$	(3,426,249	)	$	8,171,929
Short-term borrowings	$	—	$	23,324	$	—	$	—		$	23,324
Long-term debt	$	—	$	606,956	$	—	$	—		$	606,956
Obligation to return securities received as collateral	$	103	$	—	$	—	$	—		$	103

(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 Per Share

The following tables present information about our investments in entities that have the characteristics of an investment company (in thousands):

	May 31, 2018
	Fair Value (1)		Unfunded Commitments		Redemption Frequency (if currently eligible)
Equity Long/Short Hedge Funds (2)	$	35,559	$	—	Monthly, Quarterly
Fixed Income and High Yield Hedge Funds (3)	342		—		—
Fund of Funds (4)	176		—		—
Equity Funds (5)	35,991		20,696		—
Multi-asset Funds (6)	261,134		—		—
Total	$	333,202	$	20,696

	November 30, 2017
	Fair Value (1)		Unfunded Commitments		Redemption Frequency (if currently eligible)
Equity Long/Short Hedge Funds (2)	$	33,176	$	—	Monthly, Quarterly
Fixed Income and High Yield Hedge Funds (3)	417		—		—
Fund of Funds (4)	189		—		—
Equity Funds (5)	26,798		19,084		—
Multi-asset Funds (6)	154,805		—		—
Total	$	215,385	$	19,084

(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, primarily in equity securities in domestic and international markets in both the public and private sectors. At both May 31, 2018 and November 30, 2017, approximately 1% of the fair value of investments in this category are classified as being in liquidation.

(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 May 31, 2018 and November 30, 2017, 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 be liquidated in one to ten years.

(6) This category includes investments in hedge funds that invest, long and short, primarily in multi-asset securities in domestic and international markets in both the public and private sectors. At May 31, 2018 and November 30, 2017, investments representing approximately 17% and 12%, respectively, of the fair value of investments in this category are redeemable with 30 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 May 31, 2017 (in thousands):

	Three Months Ended May 31, 2017
	Balance at February 28, 2017		Total gains/losses (realized and unrealized) (1)			Purchases		Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at May 31, 2017		Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2017 (1)
Assets:
Financial instruments owned:
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		(2,721		)	16,334		(33,546		)	—			—		1,834			27,255		(131		)
Municipal securities	26,554		(70		)	—		(26,484		)	—			—		—			—		—
RMBS	39,259		(2,188		)	3,176		(6,636		)	(4		)	—		(575		)	33,032		(1,024		)
CMBS	20,653		98			534		(4,111		)	(1		)	—		(910		)	16,263		(546		)
Other ABS	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	83,785		5,194			300		—			(273		)	—		—			89,006		5,194
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	324	$	30		$	—	$	—		$	—		$	—	$	—		$	354	$	(30	)
Corporate debt securities	523		(1		)	—		—			—			—		—			522		1
CMBS	—		70			—		—			—			—		—			70		(70		)
Loans	1,036		3,867			—		—			—			—		64			4,967		(3,867		)
Net derivatives (2)	6,413		(3,617		)	—		—			(3		)	218		11			3,022		(147		)
Other secured financings	87		(87		)	—		—			—			—		—			—		—

(1) Realized and unrealized gains/losses are reported in Principal transaction revenues in our Consolidated Statements of Earnings.

(2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—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 May 31, 2018 (in thousands):

	Three Months Ended May 31, 2018
	Balance at February 28, 2018		Total gains/losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/  (out of) Level 3			Balance at May 31, 2018		Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2018 (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	35,412	$	1,322		$	1,485		$	(75	)	$	(110	)	$	—	$	4,867		$	42,901	$	1,612
Corporate debt securities	26,103		923			17,058			(13,481		)	—			—		(2,537		)	28,066		543
CDOs and CLOs	26,433		(2,350		)	251			(1,905		)	(431		)	—		8,605			30,603		(2,422		)
RMBS	21,762		(5,416		)	112			(13,113		)	(35		)	—		345			3,655		423
CMBS	15,103		(2,213		)	—			—			(1,924		)	—		16,273			27,239		(2,706		)
Other ABS	51,288		(4,001		)	59,057			(62,905		)	(3,846		)	—		15,942			55,535		(2,670		)
Loans and other receivables	62,043		(6,051		)	19,029			(16,237		)	(1,940		)	—		7,192			64,036		(5,185		)
Investments at fair value	79,879		(82		)	2,001			(2,310		)	—			—		—			79,488		(82		)
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	61	$	26		$	—		$	—		$	—		$	—	$	—		$	87	$	(26	)
Corporate debt securities	522		—			—			—			—			—		—			522		—
CMBS	35		(35		)	—			—			—			—		—			—		—
Loans	10,323		(3,416		)	(10,543		)	8,685			(29		)	—		7,861			12,881		3,231
Net derivatives (2)	6,882		(1,580		)	—			—			569			—		3			5,874		(115		)
Long-term debt	—		(20,838		)	—			—			—			23,362		158,102			160,626		20,838

(1) Realized and unrealized gains/losses are reported in Principal transaction revenues in our Consolidated Statements of Earnings.

(2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—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 May 31, 2017 (in thousands):

	Six Months Ended May 31, 2017
	Balance at November 30, 2016		Total gains/losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at May 31, 2017		Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2017 (1)
Assets:
Financial instruments owned:
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		(10,102		)	24,741			(44,725		)	—			—		2,987			27,255		(204		)
Municipal securities	27,257		(1,547		)	—			(25,710		)	—			—		—			—		—
RMBS	38,772		(3,000		)	5,886			(11,750		)	(16		)	—		3,140			33,032		(1,667		)
CMBS	20,580		(1,119		)	534			(4,523		)	(2		)	—		793			16,263		(907		)
Other ABS	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	96,369		2,995			300			(10,119		)	(539		)	—		—			89,006		5,019
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	313	$	41		$	—		$	—		$	—		$	—	$	—		$	354	$	(41	)
Corporate debt securities	523		(1		)	—			—			—			—		—			522		1
CMBS	—		70			—			—			—			—		—			70		(70		)
Loans	378		4,091			(364		)	—			—			—		862			4,967		(4,091		)
Net derivatives (2)	3,441		(6,154		)	—			—			1,534			404		3,797			3,022		(614		)
Other secured financings	418		(418		)	—			—			—			—		—			—		—

(1) Realized and unrealized gains/losses are reported in Principal transaction revenues in our Consolidated Statements of Earnings.

(2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—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 May 31, 2018 (in thousands):

	Six Months Ended May 31, 2018
	Balance at November 30, 2017		Total gains/losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/  (out of) Level 3			Balance at May 31, 2018		Change in unrealized gains/ (losses) relating to instruments still held at May 31, 2018 (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	22,009	$	13,343		$	5,383		$	(520	)	$	(1,779	)	$	—	$	4,465		$	42,901	$	12,710
Corporate debt securities	26,036		434			19,304			(15,704		)	(2,049		)	—		45			28,066		(1,048		)
CDOs and CLOs	30,004		(2,961		)	568			(2,374		)	(3,765		)	—		9,131			30,603		(5,375		)
RMBS	26,077		(4,193		)	112			(10,959		)	(88		)	—		(7,294		)	3,655		419
CMBS	12,419		(2,292		)	1,208			(487		)	(3,209		)	—		19,600			27,239		(3,176		)
Other ABS	61,129		(5,476		)	132,291			(124,787		)	(7,622		)	—		—			55,535		(2,498		)
Loans and other receivables	47,304		(201		)	46,682			(25,456		)	(11,648		)	—		7,355			64,036		(1,756		)
Investments at fair value	93,454		418			2,240			(17,570		)	—			—		946			79,488		(176		)
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	48	$	39		$	—		$	—		$	—		$	—	$	—		$	87	$	(39	)
Corporate debt securities	522		—			—			—			—			—		—			522		—
CMBS	105		(105		)	—			—			—			—		—			—		—
Loans	3,486		1,226			(5,100		)	12,092			—			—		1,177			12,881		106
Net derivatives (2)	6,746		(668		)	(6		)	—			(494		)	296		—			5,874		535
Long-term debt	—		(28,082		)	—			—			—			81,284		107,424			160,626		20,082

(1) Realized and unrealized gains/losses are reported in Principal transaction revenues in our Consolidated Statements of Earnings.

(2) Net derivatives represent Financial instruments owned—Derivatives and Financial instruments sold, not yet purchased—Derivatives.

Quantitative Information about Significant Unobservable Inputs Used in Level 3 Fair Value Measurements

The tables below present information on the valuation techniques, significant unobservable inputs and their ranges for our financial assets and liabilities, subject to threshold levels related to the market value of the positions held, measured at fair value on a recurring basis with a significant Level 3 balance. The range of unobservable inputs could differ significantly across different firms given the range of products across different firms in the financial services sector. The inputs are not representative of the inputs that could have been used in the valuation of any one financial instrument (i.e., the input used for valuing one financial instrument within a particular class of financial instruments may not be appropriate for valuing other financial instruments within that given class). Additionally, the ranges of inputs presented below should not be construed to represent uncertainty regarding the fair values of our financial instruments; rather, the range of inputs is reflective of the differences in the underlying characteristics of the financial instruments in each category.

For certain categories, we have provided a weighted average of the inputs allocated based on the fair values of the financial instruments comprising the category. We do not believe that the range or weighted average of the inputs is indicative of the reasonableness of uncertainty of our Level 3 fair values. The range and weighted average are driven by the individual financial instruments within each category and their relative distribution in the population. The disclosed inputs when compared with the inputs as disclosed in other periods should not be expected to necessarily be indicative of changes in our estimates of unobservable inputs for a particular financial instrument as the population of financial instruments comprising the category will vary from period to period based on purchases and sales of financial instruments during the period as well as transfers into and out of Level 3 each period.

May 31, 2018
Financial Instruments Owned:	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range	Weighted Average
Corporate equity securities	$	38,212
Non-exchange-traded securities			Market approach	Price	$0-$75	$	18
				Underlying stock price	$3-$11	$	9
			Comparable pricing	Comparable asset price	$9	—
Corporate debt securities	$	24,869	Market approach	Discount rate/yield	4%	—
				Estimated recovery percentage	40%	—
				Price	$10-$89	$	78
CDOs and CLOs	$	30,603	Discounted cash flows	Constant prepayment rate	20%	—
				Constant default rate	1%-2%	2		%
				Loss severity	25%-30%	26		%
				Discount rate/yield	11%-37%	18		%
			Scenario analysis	Estimated recovery percentage	6%-40%	23		%
RMBS	$	3,655	Discounted cash flows	Cumulative loss rate	46%	—
				Duration (years)	8	—
				Discount rate/yield	4%	—
CMBS	$	27,239	Discounted cash flows	Cumulative loss rate	7%-81%	39		%
				Duration (years)	1-3	1
				Discount rate/yield	4%-15%	9		%
			Scenario analysis	Estimated recovery percentage	26%	—
				Price	$49	—
Other ABS	$	55,535	Discounted cash flows	Cumulative loss rate	0%-28%	21		%
				Duration (years)	1-6	2
				Discount rate/yield	5%-12%	8		%
			Market approach	Price	$100	—
Loans and other receivables	$	64,036	Market approach	Estimated recovery percentage	0%	—
				Price	$13-$101	$	84
			Scenario analysis	Estimated recovery percentage	57%-107%	88		%
Derivatives	$	5,743
Credit default swaps			Market approach	Credit spread	225 bps	—
Total return swaps			Market approach	Price	$101-$103	$	102
Investments at fair value	$	79,488
Private equity securities			Market approach	Price	$3-$250	$	172
				Transaction level	$7	—
Financial Instruments Sold, Not Yet Purchased:
Loans	$	12,881	Market approach	Estimated recovery percentage	0%	—
				Price	$13-$101	$	62
Derivatives	$	11,617
Equity options			Option model/default rate	Default probability	0%	—
Unfunded commitments			Market approach	Price	$98	—
Total return swaps			Market approach	Price	$101-$103	$	102
Variable funding note swaps			Discounted cash flows	Constant prepayment rate	20%	—
				Constant default rate	2%	—
				Loss severity	25%	—
				Discount rate/yield	37%	—
Long-term debt
Structured notes	$	160,626	Market approach	Price	$71-$99	$	80
				Price	€79-€110	€ 96

November 30, 2017
Financial Instruments Owned:	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range	Weighted Average
Corporate equity securities	$	18,109
Non-exchange-traded securities			Market approach	Price	$3-$75	$	33
				Underlying stock price	$6	—
			Comparable pricing	Comparable asset price	$7	—
Corporate debt securities	$	26,036	Convertible bond model	Discount rate/yield	8%	—
				Volatility	40%	—
			Market approach	Estimated recovery percentage	17%	—
				Price	$10	—
CDOs and CLOs	$	30,004	Discounted cash flows	Constant prepayment rate	20%	—
				Constant default rate	2%	—
				Loss severity	25%-30%	26		%
				Discount rate/yield	3%-26%	12		%
			Scenario analysis	Estimated recovery percentage	8%-40%	22		%
RMBS	$	26,077	Discounted cash flows	Cumulative loss rate	3%-19%	10		%
				Duration (years)	2-4	3
				Discount rate/yield	6%-10%	8		%
CMBS	$	12,419	Discounted cash flows	Cumulative loss rate	8%-65%	44		%
				Duration (years)	1-3	2
				Discount rate/yield	2%-26%	12		%
			Scenario analysis	Estimated recovery percentage	26%-32%	28		%
				Price	$52-$56	$	54
Other ABS	$	61,129	Discounted cash flows	Cumulative loss rate	0%-33%	23		%
				Duration (years)	1-6	2
				Discount rate/yield	5%-39%	9		%
			Market approach	Price	$100	—
			Scenario analysis	Estimated recovery percentage	14%	—
Loans and other receivables	$	46,121	Market approach	Estimated recovery percentage	76%	—
				Price	$54-$100	$	95
			Scenario analysis	Estimated recovery percentage	13%-107%	78		%
Derivatives	$	9,295
Total return swaps			Market approach	Price	$101-$106	$	103
Interest rate swaps			Market approach	Credit spread	800 bps	—
Investments at fair value	$	77,423
Private equity securities			Market approach	Transaction level	$3-$250	$	172
				Price	$7	—
Financial Instruments Sold, Not Yet Purchased:
Derivatives	$	16,041
Equity options			Option model/default rate	Default probability	0%	—
Unfunded commitments			Market approach	Price	$99	—
Total return swaps			Market approach	Price	$101-$106	$	103
Variable funding note swaps			Discounted cash flows	Constant prepayment rate	20%	—
				Constant default rate	2%	—
				Loss severity	25%	—
				Discount rate/yield	26%	—

Summary of Gains (Losses) Due to Changes in Instrument Specific Credit Risk and Summary of Contractual Principal Exceeds Fair Value for Loans and Other Receivables

The following is a summary of 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 and Short-term borrowings measured at fair value under the fair value option (in thousands):

	Three Months Ended   May 31,						Six Months Ended   May 31,
	2018			2017			2018			2017
Financial instruments owned:
Loans and other receivables	$	(8,754	)	$	(4,282	)	$	(6,428	)	$	(11,094	)
Financial instruments sold:
Loans	$	1		$	(1,734	)	$	260		$	(1,761	)
Loan commitments	26			3,332			(103		)	4,203
Long-term debt:
Changes in instrument specific credit risk (1)	$	34,787		$	(3,757	)	$	18,585		$	(19,797	)
Other changes in fair value (2)	(175		)	1,516			40,979			4,933
Short-term borrowings:
Changes in instrument specific credit risk (1)	$	27		$	—		$	27		$	—
Other changes in fair value (2)	1,636			—			1,636			—

(1) Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statements of Comprehensive Income, net of tax.

(2) Other changes in fair value are included in Principal transactions revenues in our Consolidated Statements of Earnings.

The following is a summary of the amount by which contractual principal exceeds fair value for loans and other receivables, long-term debt and short-term borrowings measured at fair value under the fair value option (in thousands):

	May 31, 2018		November 30, 2017
Financial instruments owned:
Loans and other receivables (1)	$	992,124	$	752,076
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)	193,097		159,462
Long-term debt and short-term borrowings	96,576		32,839

(1) Interest income is recognized separately from other changes in fair value and is included in Interest revenues in our Consolidated Statements of Earnings.

(2) Amounts include loans and other receivables 90 days or greater past due by which contractual principal exceeds fair value of $33.6 million and $38.7 million at May 31, 2018 and November 30, 2017, respectively.