Fair Value Disclosures (Tables)

9 Months Ended

Aug. 31, 2019

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 $573.5 million and $322.9 million at August 31, 2019 and November 30, 2018, respectively, by level within the fair value hierarchy (in thousands):

	August 31, 2019
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)			Total
Assets:
Financial instruments owned:
Corporate equity securities	$	2,388,213	$	162,382	$	50,600	$	—		$	2,601,195
Corporate debt securities	—		2,892,471		9,288		—			2,901,759
Collateralized debt obligations and collateralized loan obligations	—		114,045		21,135		—			135,180
U.S. government and federal agency securities	2,115,452		204,076		—		—			2,319,528
Municipal securities	—		706,375		—		—			706,375
Sovereign obligations	1,521,540		1,088,927		—		—			2,610,467
Residential mortgage-backed securities	—		1,405,246		17,929		—			1,423,175
Commercial mortgage-backed securities	—		373,319		5,462		—			378,781
Other asset-backed securities	—		490,055		34,598		—			524,653
Loans and other receivables	—		1,460,982		75,563		—			1,536,545
Derivatives	9,258		2,954,937		16,024		(2,494,475		)	485,744
Investments at fair value	—		41,548		132,505		—			174,053
Total financial instruments owned, excluding Investments at fair value based on NAV	$	6,034,463	$	11,894,363	$	363,104	$	(2,494,475	)	$	15,797,455
Securities purchased under agreements to resell	$	—	$	—	$	25,000	$	—		$	25,000
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	2,750,131	$	7,097	$	211	$	—		$	2,757,439
Corporate debt securities	—		1,803,666		1,202		—			1,804,868
U.S. government and federal agency securities	1,922,145		—		—		—			1,922,145
Sovereign obligations	1,281,332		853,882		—		—			2,135,214
Commercial mortgage-backed securities	—		—		35		—			35
Loans	—		1,097,178		16,630		—			1,113,808
Derivatives	7,327		3,087,898		66,787		(2,599,206		)	562,806
Total financial instruments sold, not yet purchased	$	5,960,935	$	6,849,721	$	84,865	$	(2,599,206	)	$	10,296,315
Long-term debt	$	—	$	666,446	$	348,063	$	—		$	1,014,509

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

	November 30, 2018
	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)			Total
Assets:
Financial instruments owned:
Corporate equity securities	$	1,907,945	$	118,681	$	51,040	$	—		$	2,077,666
Corporate debt securities	—		2,683,180		9,484		—			2,692,664
Collateralized debt obligations and collateralized loan obligations	—		72,949		25,815		—			98,764
U.S. government and federal agency securities	1,789,614		56,592		—		—			1,846,206
Municipal securities	—		894,253		—		—			894,253
Sovereign obligations	1,769,556		1,043,409		—		—			2,812,965
Residential mortgage-backed securities	—		2,163,629		19,603		—			2,183,232
Commercial mortgage-backed securities	—		819,406		10,886		—			830,292
Other asset-backed securities	—		239,381		53,175		—			292,556
Loans and other receivables	—		2,056,593		46,985		—			2,103,578
Derivatives	12,186		2,524,988		5,922		(2,412,486		)	130,610
Investments at fair value	—		—		113,831		—			113,831
Total financial instruments owned, excluding Investments at fair value based on NAV	$	5,479,301	$	12,673,061	$	336,741	$	(2,412,486	)	$	16,076,617
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	1,685,071	$	1,444	$	—	$	—		$	1,686,515
Corporate debt securities	—		1,505,618		522		—			1,506,140
U.S. government and federal agency securities	1,384,295		—		—		—			1,384,295
Sovereign obligations	1,735,242		661,095		—		—			2,396,337
Loans	—		1,371,630		6,376		—			1,378,006
Derivatives	26,471		3,585,249		27,536		(2,511,605		)	1,127,651
Total financial instruments sold, not yet purchased	$	4,831,079	$	7,125,036	$	34,434	$	(2,511,605	)	$	9,478,944
Long-term debt	$	—	$	485,425	$	200,745	$	—		$	686,170

(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):

	August 31, 2019
	Fair Value (1)		Unfunded Commitments
Equity Long/Short Hedge Funds (2)	$	292,205	$	—
Equity Funds (3)	33,891		19,154
Commodity Funds (4)	15,212		—
Multi-asset Funds (5)	231,991		—
Other Funds (6)	158		—
Total	$	573,457	$	19,154

	November 30, 2018
	Fair Value (1)		Unfunded Commitments
Equity Long/Short Hedge Funds (2)	$	15,338	$	—
Equity Funds (3)	40,070		20,996
Commodity Funds (4)	10,129		—
Multi-asset Funds (5)	256,972		—
Other Funds (6)	400		—
Total	$	322,909	$	20,996

(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 August 31, 2019 and November 30, 2018, approximately 94% and 0%, respectively, of the fair value of investments in this category cannot be redeemed because these investments include restrictions that do not allow for redemption in the first 36 months after acquisition. At August 31, 2019 and November 30, 2018, approximately 6% and 97%, respectively, of the fair value of investments in this category are redeemable quarterly with 60 days prior written notice.

(3) At August 31, 2019 and November 30, 2018, 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 primarily expected to be liquidated in approximately one to nine years.

(4) This category includes investments in a hedge fund that invests, long and short, primarily in commodities. Investments in this category are redeemable quarterly with 60 days prior written notice.

(5) 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 August 31, 2019 and November 30, 2018, investments representing approximately 4% and 15%, respectively, of the fair value of investments in this category are redeemable monthly with 30 days prior written notice.

(6)

This category includes investments in a fund that invests 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 and there are no redemption provisions. This category also includes investments in a fund of funds that invests in various private equity funds that are managed by us and have no redemption provisions. Investments in the fund of funds are gradually being liquidated, however, the timing of when the proceeds will be received is uncertain.

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 August 31, 2018 (in thousands):

	Three Months Ended August 31, 2018
	Balance at May 31, 2018		Total gains/losses (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into/ (out of) Level 3			Balance at August 31, 2018		For instruments still held at August 31, 2018, changes in unrealized gains/(losses) included in:
																						earnings (1)			other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	42,901	$	12,128		$	17,652		$	(23,010	)	$	(302	)	$	—	$	(1,324	)	$	48,045	$	9,468		$	—
Corporate debt securities	28,066		1,057			507			(21,403		)	(59		)	—		1,483			9,651		(165		)	—
CDOs and CLOs	30,603		567			238,281			(240,002		)	(2,127		)	—		(3,721		)	23,601		(2,338		)	—
RMBS	3,655		(66		)	72			(1,597		)	(1		)	—		2,891			4,954		90			—
CMBS	27,239		(222		)	8			—			(1,156		)	—		(1,953		)	23,916		(288		)	—
Other ABS	55,535		(2,269		)	307,358			(290,838		)	(4,356		)	—		3,875			69,305		(1,124		)	—
Loans and other receivables	64,036		(1,353		)	14,932			(23,700		)	(3,453		)	—		(1,477		)	48,985		1,007			—
Investments at fair value	79,488		—			51			—			—			—		—			79,539		—			—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	87	$	326		$	—		$	—		$	—		$	—	$	—		$	413	$	(326	)	$	—
Corporate debt securities	522		39			—			—			996			—		—			1,557		(39		)	—
Sovereign obligations	—		3			(598		)	629			—					21			55		(124		)	—
CMBS	—		70			—			—			—			—		—			70		(70		)	—
Loans	12,881		(148		)	(4,871		)	1,787			—			—		(988		)	8,661		149			—
Net derivatives (2)	5,874		1,107			—			—			1,990			—		26			8,997		(2,090		)	—
Long-term debt	160,626		3,004			—			—			—			—		—			163,630		(2,953		)	(51		)

(1) Realized and unrealized gains/losses are reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statement of Comprehensive Income, net of tax.

(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 nine months ended August 31, 2019 (in thousands):

	Nine Months Ended August 31, 2019
			Total gains/losses (realized and unrealized) (1)														Net transfers into/  (out of) Level 3					For instruments still held at August 31, 2019, changes in unrealized gains/(losses) included in:
	Balance at November 30, 2018					Purchases			Sales			Settlements			Issuances					Balance at August 31, 2019		Earnings (1)			Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	51,040	$	16,381		$	23,172		$	(25,431	)	$	(669	)	$	—	$	(13,893	)	$	50,600	$	14,953		$	—
Corporate debt securities	9,484		(4,904		)	6,080			(10,544		)	(553		)	—		9,725			9,288		(5,325		)	—
CDOs and CLOs	25,815		(5,892		)	48,112			(43,230		)	(275		)	—		(3,395		)	21,135		(5,614		)	—
RMBS	19,603		(2,573		)	2,166			(2,022		)	(171		)	—		926			17,929		(2,166		)	—
CMBS	10,886		(2,196		)	11			(2,023		)	(6,638		)	—		5,422			5,462		(4,326		)	—
Other ABS	53,175		(929		)	14,698			(2,494		)	(30,623		)	—		771			34,598		(961		)	—
Loans and other receivables	46,985		3,933			178,069			(166,496		)	(8,379		)	—		21,451			75,563		682			—
Investments at fair value	113,831		(3,971		)	31,583			(296		)	—			—		(8,642		)	132,505		(3,971		)	—
Securities purchased under agreements to resell	—		—			—			—			—			25,000		—			25,000		—			—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	—	$	401		$	—		$	—		$	(190	)	$	—	$	—		$	211	$	(35	)	$	—
Corporate debt securities	522		(867		)	—			—			(524		)	—		2,071			1,202		867			—
CMBS	—		—			—			35			—			—		—			35		—			—
Loans	6,376		(1,342		)	(8,553		)	9,929			—			—		10,220			16,630		1,583			—
Net derivatives (2)	21,614		(48,746		)	(2,829		)	16,313			1,609			—		62,802			50,763		40,052			—
Long-term debt	200,745		(5,286		)	—			—			(11,250		)	204,710		(40,856		)	348,063		(4,517		)	9,804

(1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statements of Comprehensive Income, net of tax.

(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 August 31, 2019 (in thousands):

	Three Months Ended August 31, 2019
			Total gains/losses (realized and unrealized) (1)														Net transfers into/  (out of) Level 3					For instruments still held at August 31, 2019, changes in unrealized gains/(losses) included in:
	Balance at May 31, 2019					Purchases			Sales			Settlements			Issuances					Balance at August 31, 2019		Earnings (1)			Other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	59,307	$	12,542		$	16,508		$	(17,502	)	$	—		$	—	$	(20,255	)	$	50,600	$	12,062		$	—
Corporate debt securities	7,429		(3,072		)	1,175			(1,942		)	(85		)	—		5,783			9,288		(3,047		)	—
CDOs and CLOs	16,195		(1,514		)	—			—			—			—		6,454			21,135		(1,503		)	—
RMBS	17,266		(1,917		)	—			(65		)	(22		)	—		2,667			17,929		(1,435		)	—
CMBS	12,530		(2,003		)	—			(1,703		)	(3,362		)	—		—			5,462		(3,143		)	—
Other ABS	43,185		(1,689		)	13,497			(6,975		)	(5,500		)	—		(7,920		)	34,598		(1,068		)	—
Loans and other receivables	98,484		(2,847		)	26,921			(33,409		)	(1,287		)	—		(12,299		)	75,563		(2,392		)	—
Investments at fair value	103,833		(6,407		)	240			(296		)	—			—		35,135			132,505		(6,407		)	—
Securities purchased under agreements to resell	25,000		—			—			—			—			—		—			25,000		—			—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	221	$	401		$	(221	)	$	—		$	(190	)	$	—	$	—		$	211	$	(35	)	$	—
Corporate debt securities	669		(650		)	(34		)	—			(369		)	—		1,586			1,202		649			—
CMBS	—		—			—			35			—			—		—			35		—			—
Loans	9,428		(520		)	(10,281		)	5,384			—			—		12,619			16,630		531			—
Net derivatives (2)	47,449		(19,519		)	—			6,766			(14		)	—		16,081			50,763		18,507			—
Long-term debt	236,562		7,455			—			—			—			114,641		(10,595		)	348,063		(8,162		)	706

(1) Realized and unrealized gains/losses are primarily reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statements of Comprehensive Income, net of tax.

(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 nine months ended August 31, 2018 (in thousands):

	Nine Months Ended August 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 August 31, 2018		For instruments still held at August 31, 2018, changes in unrealized gains/(loses) included in:
																						earnings (1)			other comprehensive income (1)
Assets:
Financial instruments owned:
Corporate equity securities	$	22,009	$	30,098		$	35,993		$	(39,008	)	$	(2,082	)	$	—	$	1,035		$	48,045	$	25,475		$	—
Corporate debt securities	26,036		1,090			22,204			(38,553		)	(2,066		)	—		940			9,651		(1,738		)	—
CDOs and CLOs	30,004		(2,323		)	242,864			(249,691		)	(5,859		)	—		8,606			23,601		(5,533		)	—
RMBS	26,077		(7,334		)	2,018			(12,621		)	(6		)	—		(3,180		)	4,954		316			—
CMBS	12,419		(1,236		)	1,720			(548		)	(5,415		)	—		16,976			23,916		(2,272		)	—
Other ABS	61,129		(7,528		)	523,045			(495,055		)	(12,281		)	—		(5		)	69,305		(3,307		)	—
Loans and other receivables	47,304		(2,812		)	104,009			(98,733		)	(14,610		)	—		13,827			48,985		(3,769		)	—
Investments at fair value	93,454		417			2,291			(17,569		)	—			—		946			79,539		(177		)	—
Liabilities:
Financial instruments sold, not yet purchased:
Corporate equity securities	$	48	$	365		$	—		$	—		$	—		$	—	$	—		$	413	$	(365	)	$	—
Corporate debt securities	522		39			—			—			996			—		—			1,557		(39		)	—
Sovereign obligations	—		3			(598		)	629			—					21			55		(124		)	—
CMBS	105		(35		)	—			—			—			—		—			70		(70		)	—
Loans	3,486		(1,059		)	(15,702		)	19,409			—			—		2,527			8,661		1,059			—
Net derivatives (2)	6,746		(1,034		)	(6		)	—			2,984			296		11			8,997		(2,660		)	—
Long-term debt	—		(25,078		)	—			—			—			81,284		107,424			163,630		13,235			11,843

(1) Realized and unrealized gains/losses are reported in Principal transactions revenues in our Consolidated Statements of Earnings. Changes in instrument-specific credit risk related to structured notes are included in our Consolidated Statement of Comprehensive Income, net of tax.

(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.

August 31, 2019
Financial Instruments Owned:	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range	Weighted Average
Corporate equity securities	$	45,344
Non-exchange-traded securities			Market approach	Price	$3-$177	$	143
				Underlying stock price	$3-$5	$	4
Corporate debt securities	$	9,288	Scenario analysis	Estimated recovery percentage	38%-49%	42		%
				Volatility	44%	—
				Credit Spread	750	—
				Underlying stock price	£0.4	—
CDOs and CLOs	$	21,135	Discounted cash flows	Constant prepayment rate	15%-20%	19		%
				Constant default rate	1%-2%	2		%
				Loss severity	25%-30%	27		%
				Discount rate/yield	13%-16%	14		%
RMBS	$	17,929	Discounted cash flows	Cumulative loss rate	2%	—
				Duration (years)	7	—
				Discount rate/yield	3%	—
CMBS	$	5,462	Discounted cash flows	Cumulative loss rate	80%	—
				Duration (years)	1	—
				Discount rate/yield	5%	—
			Scenario analysis	Estimated recovery percentage	44%	—
Other ABS	$	34,598	Discounted cash flows	Cumulative loss rate	7%-31%	18		%
				Duration (years)	1-3	2
				Discount rate/yield	7%-12%	11		%
Loans and other receivables	$	74,057	Market approach	Price	$41-$100	$	81
			Scenario analysis	Estimated recovery percentage	1%-117%	68		%
Derivatives	$	13,538
Interest rate swaps			Market approach	Basis points upfront	0-7	3
Investments at fair value	$	106,386
Private equity securities			Market approach	Price	$8-$250	$	125
			Scenario analysis	Discount rate/yield	20%	—
				Revenue growth	0%	—
Securities purchased under agreements to resell	$	25,000	Market approach	Spread to 6 month LIBOR	500	—
				Duration (years)	2	—
Financial Instruments Sold, Not Yet Purchased:
Loans	$	16,630	Market approach	Price	$50-$98	$	78
			Scenario analysis	Estimated recovery percentage	1%-75%	27		%
Derivatives	$	65,927
Equity options			Volatility benchmarking	Volatility	29%-59%	42		%
Interest rate swaps			Market approach	Basis points upfront	0-10	4
Cross currency swaps				Basis points upfront	2	—
Unfunded commitments				Price	$90	—
Long-term debt
Structured notes	$	348,063	Market approach	Price	$89-$102	$	97
				Price	€70-€103	€	89

November 30, 2018
Financial Instruments Owned:	Fair Value (in thousands)		Valuation Technique	Significant Unobservable Input(s)	Input / Range	Weighted Average
Corporate equity securities	$	43,664
Non-exchange-traded securities			Market approach	Price	$1-$75	$	12
				Transaction level	$47	—
Corporate debt securities	$	9,484	Market approach	Estimated recovery percentage	46%	—
				Transaction level	$80	—
CDOs and CLOs	$	25,815	Discounted cash flows	Constant prepayment rate	10%-20%	18		%
				Constant default rate	1%-2%	2		%
				Loss severity	25%-30%	26		%
				Discount rate/yield	11%-16%	14		%
			Scenario analysis	Estimated recovery percentage	2%	—
RMBS	$	19,603	Discounted cash flows	Cumulative loss rate	4%	—
				Duration (years)	13	—
				Loss severity	0%	—
				Discount rate/yield	3%	—
			Market approach	Price	$100	—
CMBS	$	9,444	Discounted cash flows	Cumulative loss rate	8%-85%	45		%
				Duration (years)	1-3	1
				Loss severity	64%	—
				Discount rate/yield	2%-15%	6		%
			Scenario analysis	Estimated recovery percentage	26%	—
				Price	$49	—
Other ABS	$	53,175	Discounted cash flows	Cumulative loss rate	12%-30%	22		%
				Duration (years)	1-2	1
				Discount rate/yield	6%-12%	8		%
			Market approach	Price	$100	—
Loans and other receivables	$	46,078	Market approach	Price	$50-$100	$	96
			Scenario analysis	Estimated recovery percentage	13%-117%	105		%
Derivatives	$	4,602
Total return swaps			Market approach	Price	$97	—
Investments at fair value	$	113,831
Private equity securities			Market approach	Price	$3-$250	$	108
				Transaction level	$169	—
			Scenario analysis	Discount rate/yield	20%	—
				Revenue growth	0%	—
Financial Instruments Sold, Not Yet Purchased:
Loans	$	6,376	Market approach	Price	$50-$101	$	74
Derivatives	$	27,536
Equity options			Option model/default rate	Default probability	0%	—
			Volatility benchmarking	Volatility	39%-62%	50		%
Interest rate swaps			Market approach	Price	$20	—
Total return swaps			Market approach	Price	$97	—
Long-term debt
Structured notes	$	200,745	Market approach	Price	$78-$94	$	86
				Price	€68-€110	€	96

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 measured at fair value under the fair value option (in thousands):

	Three Months Ended   August 31,						Nine Months Ended   August 31,
	2019			2018			2019			2018
Financial instruments owned:
Loans and other receivables	$	2,040		$	14,002		$	(5,458	)	$	7,495
Financial instruments sold, not yet purchased:
Loans	$	—		$	(2,708	)	$	—		$	(2,467	)
Loan commitments	(443		)	(1,695		)	(1,200		)	(1,964		)
Long-term debt:
Changes in instrument specific credit risk (1)	$	6,922		$	1,401		$	34,414		$	19,986
Other changes in fair value (2)	(46,003		)	(6,842		)	(93,311		)	33,626

(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 and long-term debt measured at fair value under the fair value option (in thousands):

	August 31, 2019		November 30, 2018
Financial instruments owned:
Loans and other receivables (1)	$	1,356,508	$	961,554
Loans and other receivables on nonaccrual status and/or 90 days or greater past due (1) (2)	139,795		158,392
Long-term debt	59,370		114,669

(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 $20.9 million and $20.5 million at August 31, 2019 and November 30, 2018, respectively.