CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2020	May 31, 2019
Cash flows from operating activities:
Net earnings	$ 300,261	$ 156,184
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	31,056	12,145
Goodwill impairment	3,000	0
(Income) loss on loans to and investments in related parties	26,186	(54,321)
Distributions received on investments in related parties	35,949	94,041
Other adjustments	124,607	79,143
Net change in assets and liabilities:
Securities deposited with clearing and depository organizations	(61,212)	(3)
Receivables:
Brokers, dealers and clearing organizations	(1,221,248)	(680,585)
Customers	413,489	228,919
Fees, interest and other	(13,663)	(107,883)
Securities borrowed	1,142,449	(1,192,513)
Financial instruments owned	(1,862,147)	279,277
Securities purchased under agreements to resell	(14,988)	(1,253,866)
Other assets	(238,505)	(128,689)
Payables:
Brokers, dealers and clearing organizations	471,213	25,116
Customers	(153,116)	(38,618)
Securities loaned	438,246	500,307
Financial instruments sold, not yet purchased	(809,925)	654,851
Securities sold under agreements to repurchase	1,159,948	233,115
Accrued expenses and other liabilities	294,139	(302,050)
Net cash provided by (used in) operating activities	65,739	(1,495,430)
Cash flows from investing activities:
Contributions to loans to and investments in related parties	(1,334,785)	(18,648)
Capital distributions from investments and repayments of loans from related parties	1,307,239	24,629
Net payments on premises and equipment	(66,953)	(48,655)
Net cash used in investing activities	(94,499)	(42,674)
Cash flows from financing activities:
Proceeds from short-term borrowings	1,226,800	950,000
Payments on short-term borrowings	(1,114,871)	(812,000)
Proceeds from issuance of long-term debt, net of issuance costs	440,951	144,250
Repayment of long-term debt	(647,489)	(58,506)
Distributions to Jefferies Financial Group Inc.	(12,580)	(153,687)
Net proceeds from (payments on) other secured financings	(369,685)	384,953
Net change in bank overdrafts	(3,126)	(14,352)
Proceeds from contributions of noncontrolling interests	17,405	6,600
Payments on distributions to noncontrolling interests	(216)	(2,481)
Net cash provided by (used in) financing activities	(462,811)	444,777
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(13,547)	(3,892)
Net decrease in cash, cash equivalents and restricted cash	(505,118)	(1,097,219)
Cash, cash equivalents and restricted cash at beginning of period	6,329,712	5,819,027
Cash, cash equivalents and restricted cash at end of period	5,824,594	4,721,808
Cash paid during the period for
Interest	543,337	764,693
Income taxes, net	$ 37,449	$ 40,151