Segment Information

3 Months Ended

Mar. 31, 2016

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 three months ended March 31, 2016 and 2015 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.

		For the   Three Months Ended   March 31,
		2016			2015
	(In thousands)
Net Revenues:
Reportable Segments:
Jefferies		$	300,786		$	591,441
National Beef		1,634,451			1,856,019
Corporate and other		66,856			20,316
Total net revenues related to reportable segments		2,002,093			2,467,776
All other (1)		13,013			737,907
Intercompany eliminations (2)		—			(21,000		)
Total consolidated net revenues		$	2,015,106		$	3,184,683
Income (loss) before income taxes:
Reportable Segments:
Jefferies		$	(245,797	)	$	12,924
National Beef		21,409			(33,585		)
Corporate and other		47,736			(9,429		)
Income (loss) before income taxes related to reportable segments		(176,652		)	(30,090		)
All other (1)		(110,597		)	641,932
Parent Company interest		(14,714		)	(24,735		)
Total consolidated income (loss) before income taxes		$	(301,963	)	$	587,107
Depreciation and amortization expenses:
Reportable Segments:
Jefferies		$	14,590		$	22,250
National Beef		22,626			21,787
Corporate and other		943			970
Total depreciation and amortization expenses related to reportable segments		38,159			45,007
All other		11,451			7,433
Total consolidated depreciation and amortization expenses		$	49,610		$	52,440

(1) All other revenue and income (loss) before income taxes include realized and unrealized gains (losses) relating to our investment in FXCM of $(53.2) million and $686.6 million for the three months ended March 31, 2016 and 2015, respectively.

(2) Revenue intercompany elimination for the three months ended March 31, 2015 relates to investment banking and advisory fee paid to Jefferies in connection with our entering into the agreement with FXCM.

Interest expense classified as a component of Net revenues relates to Jefferies.  For the three months ended March 31, 2016 and 2015, interest expense classified as a component of Expenses was primarily comprised of National Beef ($4.0 million and $4.4 million, respectively) and parent company interest ($14.7 million and $24.7 million, respectively).