Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

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. 

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.

All other consists of our other financial services businesses and investments and our other merchant banking businesses and investments.  Our other financial services businesses and investments 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 and investments primarily include manufacturing, oil and gas exploration and development, real estate, and our investments in HRG, fixed wireless broadband services, automobile dealerships, and our gold and silver mining project.

Certain information concerning our segments for the years ended December 31, 2015, 2014 and 2013 is presented in the following table.  Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired.  As discussed above, Jefferies became our wholly-owned subsidiary on March 1, 2013 and is reflected in our consolidated financial statements utilizing a one month lag. 

	2015			2014			2013
				(In thousands)
Net Revenues:
Reportable Segments:
Jefferies	$	2,476,133		$	2,986,325		$	2,134,002
National Beef	7,402,419			7,832,424			7,487,724
Corporate and other	78,122			60,720			50,190
Total net revenues related to reportable segments	$	9,956,674		$	10,879,469		$	9,671,916
All other (1)	950,784			607,016			753,830
Intercompany eliminations (2)	(21,000		)	—			—
Total consolidated net revenues	$	10,886,458		$	11,486,485		$	10,425,746
Pre-tax income (loss) from continuing operations:
Reportable Segments:
Jefferies	$	119,165		$	358,396		$	260,984
National Beef	(123,915		)	(40,303		)	(42,358		)
Corporate and other	(45,592		)	(144,508		)	(91,917		)
Pre-tax income (loss) from continuing operations related to reportable segments	(50,342		)	173,585			126,709
All other (1)	492,762			305,752			491,093
Parent Company interest	(85,884		)	(98,115		)	(72,217		)
Total consolidated pre-tax income from continuing operations	$	356,536		$	381,222		$	545,585
Depreciation and amortization expenses:
Reportable Segments:
Jefferies	$	92,165		$	78,566		$	59,631
National Beef	89,317			85,305			88,484
Corporate and other	3,744			5,627			9,924
Total depreciation and amortization expenses related to reportable segments	$	185,226		$	169,498		$	158,039
All other	38,907			16,495			9,386
Total consolidated depreciation and amortization expenses	$	224,133		$	185,993		$	167,425
Identifiable assets employed:
Reportable Segments:
Jefferies (3)	$	38,608,956		$	44,563,808		$	40,168,572
National Beef	1,516,130			1,718,521			1,703,662
Corporate and other	1,778,987			3,240,561			4,515,768
Identifiable assets employed related to reportable segments	41,904,073			49,522,890			46,388,002
All other	4,585,462			3,154,423			1,561,997
Intercompany eliminations	(149,723		)	(53,405		)	(83,218		)
Total consolidated assets	$	46,339,812		$	52,623,908		$	47,866,781

(1) All other revenue and pre-tax income from continuing operations include $491.3 million of realized and unrealized gains relating to our investment in in FXCM for the year ended December 31, 2015.

(2) Revenue intercompany elimination relates to investment banking and advisory fee paid to Jefferies in connection with our entering into the agreement with FXCM.

(3) At December 31, 2015, 2014 and 2013, includes $320.2 million, $399.6 million and $524.8 million, respectively, of Jefferies deferred tax asset, net.

Net revenues for Jefferies are recorded in the geographic region in which the position was risk-managed, in the case of investment banking, in which the senior coverage banker is located, or for asset management, according to the location of the investment advisor.  Net revenues by geographic region for Jefferies for the years ended December 31, 2015 and 2014 and for the period from the Jefferies acquisition through December 31, 2013 were as follows (in thousands):

	For the year ended December 31, 2015		For the year ended December 31, 2014		For the period  from the Jefferies acquisition through December 31, 2013
Americas (1)	$	1,887,899	$	2,257,870	$	1,645,110
Europe (2)	510,044		634,358		441,795
Asia	78,190		94,097		47,097
	$	2,476,133	$	2,986,325	$	2,134,002

(1) Substantially all relates to United States results.

(2) Substantially all relates to United Kingdom results.

Consolidated net revenues exclusive of Jefferies principally relate to the United States for 2015, 2014 and 2013.

Net realized securities gains for Corporate and other aggregated $63.0 million, $30.4 million and $16.0 million during 2015, 2014 and 2013, respectively.  In 2013, All other includes realized security gains of $227.6 million related to the sale of Inmet. 

Interest expense classified as a component of Net revenues relates to Jefferies.  For the years ended December 31, 2015, 2014 and 2013, interest expense classified as a component of Expenses was primarily comprised of National Beef ($16.0 million, $14.5 million and $12.3 million, respectively) and parent company interest ($85.9 million, $98.1 million and $72.2 million, respectively).