Basis of Presentation and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2018

Supplemental Cash Flow Information



	For the Nine Months Ended September 30,
	For the Nine Months Ended September 30,
	2018		2017
Cash paid during the year for:	(In thousands)
Interest	$	1,059,139	$	837,020
Income tax payments (refunds), net	$	28,204	$	9,183

Schedule of Impact of Applying New Revenue Recognition Standard

The table below presents the impact of applying the new revenue recognition standard to the Consolidated Statements of Operations for the three and nine months ended September 30, 2018 as a result of the change in presentation of investment banking expenses (in thousands):



	For the Three Months Ended September 30, 2018						For the Nine Months Ended September 30, 2018
	As Reported		Impact of Adoption of Revenue Recognition Standard		Financial Results Prior to Adoption of Revenue Recognition Standard		As Reported		Impact of Adoption of Revenue Recognition Standard		Financial Results Prior to Adoption of Revenue Recognition Standard
Revenues:
Commissions and other fees	$	155,417	$	—	$	155,417	$	461,023	$	—	$	461,023
Principal transactions	116,204		—		116,204		315,622		—		315,622
Investment banking	460,043		36,319		423,724		1,400,331		101,146		1,299,185
Interest income	336,736		—		336,736		939,272		—		939,272
Manufacturing revenues	94,029		—		94,029		307,129		—		307,129
Other	296,548		—		296,548		440,537		—		440,537
Total revenues	1,458,977		36,319		1,422,658		3,863,914		101,146		3,762,768
Interest expense of Jefferies Group	308,131		—		308,131		906,474		—		906,474
Net revenues	1,150,846		36,319		1,114,527		2,957,440		101,146		2,856,294

Expenses:
Compensation and benefits	461,265		—		461,265		1,429,439		—		1,429,439
Cost of sales	84,876		—		84,876		257,501		—		257,501
Floor brokerage and clearing fees	44,570		—		44,570		131,792		—		131,792
Interest expense	28,837		—		28,837		74,614		—		74,614
Depreciation and amortization	32,295		—		32,295		92,360		—		92,360
Selling, general and other expenses	245,178		36,319		208,859		708,084		101,146		606,938
Total expenses	897,021		36,319		860,702		2,693,790		101,146		2,592,644

Income from continuing operations before income taxes and income (loss) related to associated companies	$	253,825	$	—	$	253,825	$	263,650	$	—	$	263,650