Revenues from Contracts with Customers (Tables)

6 Months Ended

May 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands):

	Three Months Ended   May 31,					Six Months Ended   May 31,
	2020			2019		2020			2019
Revenues from contracts with customers:
Commissions and other fees (1)	$	243,267		$	167,698	$	422,802		$	322,840
Investment banking	387,491			430,087		979,493			715,683
Asset management fees	2,237			4,550		6,641			11,219
Total revenue from contracts with customers	632,995			602,335		1,408,936			1,049,742
Other sources of revenue:
Principal transactions	467,283			248,831		839,185			483,129
Revenues from arrangements with strategic partners	2,339			549		9,655			911
Interest	211,941			418,451		506,609			779,426
Other	(47,275		)	44,327		(17,546		)	56,157
Total revenues	$	1,267,283		$	1,314,493	$	2,746,839		$	2,369,365

(1)

During the third quarter of 2019, we have reclassified the presentation of certain other fees, primarily related to prime brokerage services offered to clients. These fees were previously presented as Other revenues in our Consolidated Statements of Earnings and are now presented within Commissions and other fees. There is no impact on Total revenues as a result of this change in presentation. Previously reported results are presented on a comparable basis.

The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands):

	Three Months Ended May 31,												Six Months Ended May 31,
	2020						2019						2020						2019
	Reportable Segment						Reportable Segment						Reportable Segment						Reportable Segment
	Investment Banking and Capital Markets		Asset Management		Total		Investment Banking and Capital Markets		Asset Management		Total		Investment Banking and Capital Markets		Asset Management		Total		Investment Banking and Capital Markets		Asset Management		Total
Major business activity:
Equities (1)	$	236,683	$	—	$	236,683	$	164,169	$	—	$	164,169	$	412,932	$	—	$	412,932	$	316,243	$	—	$	316,243
Fixed income (1)	6,584		—		6,584		3,529		—		3,529		9,870		—		9,870		6,597		—		6,597
Investment banking - Advisory	182,081		—		182,081		178,554		—		178,554		525,239		—		525,239		359,036		—		359,036
Investment banking - Underwriting	205,410		—		205,410		251,533		—		251,533		454,254		—		454,254		356,647		—		356,647
Asset management	—		2,237		2,237		—		4,550		4,550		—		6,641		6,641		—		11,219		11,219
Total	$	630,758	$	2,237	$	632,995	$	597,785	$	4,550	$	602,335	$	1,402,295	$	6,641	$	1,408,936	$	1,038,523	$	11,219	$	1,049,742
Primary geographic region:
Americas	$	524,627	$	566	$	525,193	$	487,674	$	3,500	$	491,174	$	1,173,696	$	1,546	$	1,175,242	$	811,063	$	6,881	$	817,944
Europe	68,082		1,671		69,753		91,510		1,050		92,560		147,520		5,095		152,615		191,715		4,338		196,053
Asia	38,049		—		38,049		18,601		—		18,601		81,079		—		81,079		35,745		—		35,745
Total	$	630,758	$	2,237	$	632,995	$	597,785	$	4,550	$	602,335	$	1,402,295	$	6,641	$	1,408,936	$	1,038,523	$	11,219	$	1,049,742

(1)

Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.