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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Nov. 30, 2019
Nov. 30, 2018
Nov. 30, 2017
Statement of Comprehensive Income [Abstract]      
Net earnings $ 244,385 $ 159,017 $ 357,584
Other comprehensive income (loss), net of tax:      
Currency translation adjustments [1] 6,426 (85,554) 53,396
Changes in instrument specific credit risk [2] (13,161) 22,160 (21,394)
Cash flow hedges [3] (470) 1,406 (936)
Minimum pension liability adjustments [4] (1,318) 4,285 312
Unrealized gain on available-for-sale securities [5] 487 311 0
Total other comprehensive income (loss), net of tax [6] (8,036) (57,392) 31,378
Comprehensive income 236,349 101,625 388,962
Net earnings (loss) attributable to noncontrolling interests (1,644) 256 86
Comprehensive income attributable to Jefferies Group LLC $ 237,993 $ 101,369 $ 388,876
[1]
The amounts include income tax benefits (expenses) of approximately $(3.2) million and $8.9 million during the year ended November 30, 2019 and 2018, respectively, related to the impact of certain discrete items related to tax planning for our non-U.S. subsidiaries in connection with the Tax Cuts and Jobs Act (the “Tax Act”). The amount during the year ended November 30, 2018 also includes a gain of $20.5 million related to foreign currency gains, which was reclassified to Other revenues within the Consolidated Statements of Earnings.
[2] The amounts include income tax benefits (expenses) of approximately $4.5 million, $(15.5) million, and $13.2 million for the years ended November 30, 2019, 2018 and 2017, respectively. The amount for the year ended November 30, 2019 includes a gain of $0.4 million, net of taxes of $0.2 million, related to changes in instrument specific risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings. The amount during the year ended November 30, 2018 includes a gain of $0.9 million, net of taxes of $0.3 million, related to changes in instrument specific risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings and also includes $(6.5) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
[3] The amounts include income tax benefits (expenses) of approximately $0.2 million, $(0.8) million, and $0.6 million for the years ended November 30, 2019, 2018 and 2017, respectively. The cash flow hedge loss of $0.5 million during the year ended November 30, 2019 was reclassified to Other revenues within the Consolidated Statement of Earnings due to the sale of all of our common shares of Epic Gas Ltd. (“Epic Gas”). Refer to Note 9, Investments, for further information. The amount during the year ended November 30, 2018 also includes $(0.2) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
[4]
The amounts include income tax benefits (expenses) of $0.5 million, $(0.7) million and $0.1 million for the years ended November 30, 2019, 2018 and 2017, respectively. The amount during the year ended November 30, 2019 includes pension losses of $(0.1) million, which was reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings. The amount during the year ended November 30, 2018 includes $5.3 million related to the transfer of the German Pension Plan and $(0.3) million, net of taxes of $0.1 million, related to pension losses, which were reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and $(0.8) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
[5] The amounts for the years ended November 30, 2019 and 2018 include income tax expense of approximately $0.2 million and $0.1 million, respectively.
[6]
None of the components of other comprehensive income are attributable to noncontrolling interests.