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Loans to and Investments in Associated Companies (Tables)
 12 Months Ended
Nov. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]  
Schedule Of Loans To And Investments In Associated Companies
A summary of Loans to and investments in associated companies for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 accounted for under the equity method of accounting is as follows (in thousands):
 
Loans to and investments in associated companies as of November 30, 2018
 
Income (losses) related to associated companies
 
Income (losses) related to Jefferies Group associated companies (1)
 
Contributions to (distributions from) associated companies, net
 
Other, including foreign exchange and unrealized gains (losses)
 
Loans to and investments in associated companies as of November 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Jefferies Finance
$
728,560

 
$
—

 
$
(1,286
)
 
$
(53,407
)
 
$
—

 
$
673,867

Berkadia (2)
245,228

 
—

 
88,174

 
(65,045
)
 
592

 
268,949

National Beef (3)
653,630

 
232,042

 
—

 
(300,248
)
 
(585,424
)
 
—

FXCM (4)
75,031

 
(8,212
)
 
—

 
3,500

 
(96
)
 
70,223

Linkem (5)
165,157

 
(27,956
)
 
—

 
66,996

 
(9,350
)
 
194,847

HomeFed (6)
337,542

 
7,902

 
—

 
—

 
(345,444
)
 
—

Real estate associated companies (6)
87,074

 
(353
)
 
—

 
(29,685
)
 
198,273

 
255,309

Golden Queen (5) (7)
63,956

 
6,740

 
—

 
7,500

 
—

 
78,196

Other
61,154

 
(7,168
)
 
(1,719
)
 
58,432

 
867

 
111,566

Total
$
2,417,332

 
$
202,995

 
$
85,169

 
$
(311,957
)
 
$
(740,582
)
 
$
1,652,957


 
Loans to and investments in associated companies as of December 31, 2017
 
Income (losses) related to associated companies
 
Income (losses) related to Jefferies Group associated companies (1)
 
Contributions to (distributions from) associated companies, net
 
Other, including foreign exchange and unrealized gains (losses)
 
Loans to and investments in associated companies as of November 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Jefferies Finance
$
655,467

 
$
—

 
$
59,138

 
$
13,955

 
$
—

 
$
728,560

Berkadia (2)
210,594

 
80,092

 
20,001

 
(65,197
)
 
(262
)
 
245,228

National Beef (3)
—

 
110,049

 
—

 
(48,656
)
 
592,237

 
653,630

FXCM (4)
158,856

 
(83,174
)
 
—

 
—

 
(651
)
 
75,031

Garcadia Companies (8)
179,143

 
21,646

 
—

 
(26,962
)
 
(173,827
)
 
—

Linkem
192,136

 
(20,534
)
 
—

 
542

 
(6,987
)
 
165,157

HomeFed
341,874

 
(4,332
)
 
—

 
—

 
—

 
337,542

Real estate associated companies
123,010

 
11,288

 
—

 
(47,224
)
 
—

 
87,074

Golden Queen (7)
105,005

 
(51,990
)
 
—

 
10,941

 
—

 
63,956

Other
100,744

 
(6,022
)
 
(5,477
)
 
(18,275
)
 
(9,816
)
 
61,154

Total
$
2,066,829

 
$
57,023

 
$
73,662

 
$
(180,876
)
 
$
400,694

 
$
2,417,332


 
Loans to and investments in associated companies as of December 31, 2016
 
Income (losses) related to associated companies
 
Income (losses) related to Jefferies Group associated companies (1)
 
Contributions to (distributions from) associated companies, net
 
Other, including foreign exchange and unrealized gains (losses)
 
Loans to and investments in associated companies as of December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Jefferies Finance
$
490,464

 
$
—

 
$
90,204

 
$
74,799

 
$
—

 
$
655,467

Jefferies LoanCore (9)
154,731

 
—

 
22,368

 
(3,994
)
 
(173,105
)
 
—

Berkadia
184,443

 
93,801

 
—

 
(67,384
)
 
(266
)
 
210,594

FXCM (4)
336,258

 
(177,644
)
 
—

 
—

 
242

 
158,856

Garcadia Companies
185,815

 
48,198

 
—

 
(54,870
)
 
—

 
179,143

Linkem
154,000

 
(32,561
)
 
—

 
31,996

 
38,701

 
192,136

HomeFed
302,231

 
7,725

 
—

 
31,918

 
—

 
341,874

Real estate associated companies (10) (11)
161,400

 
(6,224
)
 
—

 
35,204

 
(67,370
)
 
123,010

Golden Queen (7)
111,302

 
(7,733
)
 
—

 
1,436

 
—

 
105,005

Other
44,454

 
(463
)
 
(3,177
)
 
31,837

 
28,093

 
100,744

Total
$
2,125,098

 
$
(74,901
)
 
$
109,395

 
$
80,942

 
$
(173,705
)
 
$
2,066,829


(1)
Primarily classified in Other revenues.
(2)
In the fourth quarter of 2018, we transferred our interest in Berkadia to Jefferies Group.
(3)
As discussed more fully in Notes 1 and 27, in June 2018, we completed the sale of 48% of National Beef to Marfrig, reducing our then ownership in National Beef to 31%. As of the closing of the sale on June 5, 2018, we deconsolidated our investment in National Beef and accounted for our remaining interest under the equity method of accounting. The carrying value of our retained 31% interest was adjusted to a fair value of $592.3 million on the date of sale. On November 29, 2019, we sold our remaining 31% equity interest in National Beef to Marfrig and other shareholders.
(4)
As further described in Note 5, our investment in FXCM includes both our equity method investment in FXCM and our term loan with FXCM. Our equity method investment is included as Loans to and investments in associated companies and our term loan is included as Trading assets, at fair value in the Consolidated Statements of Financial Condition.
(5)
Loans to and investments in associated companies at November 30, 2019 include loans and debt securities aggregating $70.2 million related to Linkem and Golden Queen.
(6)
As further described in Note 1, during the third quarter of 2019, we completed a merger with HomeFed by which we acquired the remaining common stock of HomeFed. From July 1, 2019, the results of HomeFed are reflected on a consolidated basis. From July 1, 2019, HomeFed's equity method investments are included in Real estate associated companies.
(7)
At November 30, 2019 and 2018, and December 31, 2017, the balance reflects $15.7 million, $15.1 million and $30.5 million, respectively, related to a noncontrolling interest.
(8)
As more fully discussed in Note 1, during the third quarter of 2018, we sold 100% of our equity interests in Garcadia and our associated real estate to our former partners, the Garff family.
(9)
On October 31, 2017, Jefferies Group sold all of its membership interests in Jefferies LoanCore for approximately $173.1 million.
(10)
On November 30, 2017, we sold our interest in the general partner of the 54 Madison fund and as a result no longer control the 54 Madison investment committee. We retained two of the four seats on the investment committee and continue to have significant influence over the fund. We therefore deconsolidated the 54 Madison fund and account for our interest under the equity method of accounting.
(11)
At December 31, 2016, the balance reflects $95.3 million related to noncontrolling interests.
Schedule Of Summarized Data For Investments In Associated Companies
The following table provides summarized data for our equity method investments as of November 30, 2019 and 2018 and for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the twelve months ended December 31, 2017 (in thousands):
 
November 30, 2019
 
November 30, 2018
 
 
 
 
 
 
 
 
Assets
$
14,699,672

 
$
17,050,564

 
 
Liabilities
10,146,142

 
11,752,273

 
 
Noncontrolling interest
209,518

 
154,963

 
 
 
 
 
 
 
 
 
Twelve Months Ended November 30, 2019
 
Eleven Months Ended November 30, 2018
 
Twelve Months Ended December 31, 2017
 
 
 
 
 
 
Revenues
$
10,589,489

 
$
7,694,612

 
$
4,883,063

Income from continuing operations before extraordinary items
732,575

 
852,649

 
503,489

Net income
749,649

 
798,615

 
438,881

The Company's income related to associated companies
248,693

 
130,685

 
34,494