Segment Information

3 Months Ended

Mar. 31, 2015

Segment Information [Abstract]

Segment Information

Note 26. Segment Information

Our operating segments consist of our consolidated businesses, which offer different products and services and are managed separately. Our reportable segments, based on qualitative and quantitative requirements, are Jefferies, National Beef, and Corporate and other. Jefferies is a global full-service, integrated securities and investment banking firm. National Beef processes and markets fresh boxed beef, case-ready beef, beef by-products and wet blue leather for domestic and international markets. All other consists of our other financial services businesses and our other merchant banking businesses. Our other financial services businesses include the Leucadia asset management platform, specialty finance companies, the commercial mortgage banking investment, the investment in HomeFed and the investment in FXCM. Our other merchant banking businesses primarily include manufacturing, oil and gas exploration and development, real estate, and our investments in fixed wireless broadband services, automobile dealerships, and our gold and silver mining project.

Corporate and other assets primarily consist of financial instruments owned, the deferred tax asset (exclusive of Jefferies deferred tax asset), cash and cash equivalents and corporate and other revenues primarily consist of interest, other income and net realized securities gains and losses. We do not allocate Corporate and other revenues or overhead expenses to the operating units.

Certain information concerning our segments for the three months ended March 31, 2015 and 2014 is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired. As discussed above, Jefferies is reflected in our consolidated financial statements utilizing a one month lag.

		2015			2014
		(In thousands)
Net Revenues:
Reportable Segments:
Jefferies	$	591,441		$	930,512
National Beef		1,856,019			1,887,378
Corporate and other		20,316			13,684
Total net revenues related to reportable
segments		2,467,776			2,831,574
All other		737,907			110,950
Intercompany eliminations		(21,000	)		–
Total consolidated net revenues	$	3,184,683		$	2,942,524
Pre-tax income (loss) from continuing
operations:
Reportable Segments:
Jefferies	$	12,924		$	196,370
National Beef		(33,585	)		(28,013	)
Corporate and other		(9,864	)		(19,231	)
Pre-tax income (loss) from continuing
operations related to reportable segments		(30,525	)		149,126
All other		641,932			33,147
Parent Company interest		(24,300	)		(25,177	)
Total consolidated pre-tax income from
continuing operations	$	587,107		$	157,096
Depreciation and amortization expenses:
Reportable Segments:
Jefferies	$	22,250		$	17,031
National Beef		21,787			20,760
Corporate and other		970			1,337
Total depreciation and amortization
expenses related to reportable segments		45,007			39,128
All other		7,433			2,359
Total consolidated depreciation and
amortization expenses	$	52,440		$	41,487

All other revenue and pre-tax income from continuing operations in the above table include $686.6 million of unrealized and realized gains relating to our investment in FXCM for the three months ended March 31, 2015.

Interest expense classified as a component of Net revenues relates to Jefferies. For the three months ended March 31, 2015 and 2014, interest expense classified as a component of Expenses was primarily comprised of National Beef ($4.2 million and $3.1 million, respectively) and parent company interest ($24.3 million and $25.2 million, respectively).