Segment Information

3 Months Ended

Mar. 31, 2017

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, Foursight Capital, and our investments in Berkadia, HomeFed and FXCM.  Our other merchant banking businesses and investments primarily include Idaho Timber, Conwed, Vitesse, JETX, real estate, and our investments in HRG, Linkem, Garcadia and Golden Queen.

Certain information concerning our segments for the three months ended March 31, 2017 and 2016 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,
	2017			2016
	(In thousands)
Net Revenues:
Reportable Segments:
Jefferies	$	797,386		$	300,786
National Beef	1,561,456			1,634,451
Corporate and other	7,690			66,856
Total net revenues related to reportable segments	2,366,532			2,002,093
All other	501,450			13,013
Total consolidated net revenues	$	2,867,982		$	2,015,106
Income (loss) before income taxes:
Reportable Segments:
Jefferies	$	132,270		$	(245,797	)
National Beef	57,103			21,409
Corporate and other	(14,504		)	47,736
Income (loss) before income taxes related to reportable segments	174,869			(176,652		)
All other	237,958			(110,597		)
Parent Company interest	(14,730		)	(14,714		)
Total consolidated income (loss) before income taxes	$	398,097		$	(301,963	)
Depreciation and amortization expenses:
Reportable Segments:
Jefferies	$	15,601		$	14,590
National Beef	22,399			22,626
Corporate and other	867			943
Total depreciation and amortization expenses related to reportable segments	38,867			38,159
All other	10,643			11,451
Total consolidated depreciation and amortization expenses	$	49,510		$	49,610

Interest expense classified as a component of Net revenues relates to Jefferies.  For the three months ended March 31, 2017 and 2016, interest expense classified as a component of Expenses was primarily comprised of National Beef ($1.8 million and $4.0 million, respectively), parent company interest ($14.7 million and $14.7 million, respectively) and all other ($10.8 million and $3.6 million, respectively).