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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
May 31, 2018
May 31, 2017
May 31, 2018
May 31, 2017
Statement of Comprehensive Income [Abstract]        
Net earnings $ 98,008 $ 69,790 $ 37,189 $ 183,810
Other comprehensive income (loss), net of tax:        
Currency translation and other adjustments (61,188) 25,882 (45,169) [1] 23,352 [1]
Changes in instrument specific credit risk [2] 26,017 (2,683) 7,904 (12,378)
Cash flow hedges 251 0 1,297 [3] 0 [3]
Total other comprehensive income (loss), net of tax [4] (34,920) 23,199 (35,968) 10,974
Comprehensive income 63,088 92,989 1,221 194,784
Net earnings attributable to noncontrolling interests 4 39 3 40
Comprehensive income attributable to Jefferies Group LLC $ 63,084 $ 92,950 $ 1,218 $ 194,744
[1] The amount during the six months ended May 31, 2018 includes $5.3 million related to the transfer of the German Pension Plan, which was reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and ($0.8) million related to the Tax Cuts and Jobs Act (the “Tax Act”), which was reclassified to Member’s paid-in capital. Refer to Note 3, Accounting Developments for further information. The amounts during the three and six months ended May 31, 2018 include a gain of $20.5 million related to foreign currency gains, which was reclassified to Other income within the Consolidated Statements of Earnings.
[2] The amount includes income tax expense of approximately $8.8 million and $10.7 million for the three and six months ended May 31, 2018 and income tax benefit of approximately $1.1 million and $7.4 million for the three and six months ended May 31, 2017. The amounts during the three and six months ended May 31, 2018 also include a gain of $0.3 million related to changes in instrument specific credit risk, which was reclassified to Principal transaction revenues within the Consolidated Statements of Earnings. The amount during the six months ended May 31, 2018 includes ($6.5) million related to the Tax Act, which was reclassified to Member’s paid-in capital. Refer to Note 3, Accounting Developments for further information.
[3] The amount during the six months ended May 31, 2018 includes ($0.2) million related to the Tax Act, which was reclassified to Member’s paid-in capital. Refer to Note 3, Accounting Developments for further information.
[4] None of the components of other comprehensive income (loss) are attributable to noncontrolling interests.