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Segment Information
 6 Months Ended
May 31, 2020
Segment Reporting [Abstract]  
Segment Information Segment Information
We are a diversified financial services company engaged in investment banking and capital markets, asset management and direct investing. During the first quarter of 2020, we changed our internal structure with regard to our operating segments. Previously, our segments consisted of: 1) Investment Banking, Capital Markets and Asset Management, which included all of the financial results of Jefferies Group; 2) Merchant Banking; and 3) Corporate. In the first quarter of 2020, we appointed co-Presidents of Asset Management and created a separate operating segment that consists of the asset management activity previously included in our Investment Banking, Capital Markets and Asset Management segment, together with asset management activity previously included in our Merchant Banking segment. In order to compare results with prior periods, we have recast our segment results for the three and six months ended May 31, 2019.

The Investment Banking and Capital Markets segment includes investment banking, capital markets and other related services. Investment banking provides underwriting and financial advisory services to clients across most industry sectors in the Americas, Europe and Asia. Capital markets businesses operate across the spectrum of equities, fixed income and foreign exchange products. Related services include, among other things, prime brokerage and equity finance, research and strategy, corporate lending and real estate finance.
Our Asset Management segment includes both the operations of LAM as well as the asset management operations within Jefferies Group. Within Asset Management, we manage, invest in and provide services to a diverse group of alternative asset management platforms across a spectrum of investment strategies and asset classes. Asset Management offers institutional clients an innovative range of investment strategies through its affiliated managers.
Merchant Banking consists of our various merchant banking businesses and investments, primarily including Linkem, Vitesse Energy Finance and JETX Energy, real estate, Idaho Timber, FXCM and The We Company. Our Merchant Banking businesses and investments also included National Beef, prior to its sale in November 2019 and Spectrum Brands, prior to its distribution to shareholders in October 2019.

Corporate assets primarily consist of cash and cash equivalents, financial instruments owned and the deferred tax asset (exclusive of Jefferies Group's deferred tax asset). Corporate revenues primarily include interest income.
Certain information concerning our segments is presented in the following table. Consolidated subsidiaries are reflected as of the date a majority controlling interest was acquired.
For the Three Months EndedFor the Six Months Ended
 May 31, 2020May 31, 2019May 31, 2020May 31, 2019
(In thousands)
Net revenues:
Reportable Segments:
Investment Banking and Capital Markets$1,028,832  $859,275  $2,177,661  $1,517,522  
Asset Management7,391  44,362  27,720  75,107  
Merchant Banking 107,162  185,379  311,721  318,071  
Corporate1,525  8,974  11,317  13,167  
Total net revenues related to reportable
segments		1,144,910  1,097,990  2,528,419  1,923,867  
Consolidation adjustments2,679  3,667  5,498  6,233  
Total consolidated net revenues$1,147,589  $1,101,657  $2,533,917  $1,930,100  
Income (loss) before income taxes:
    
Reportable Segments:    
Investment Banking and Capital Markets$214,534  $142,581  $464,491  $197,698  
Asset Management(41,553) 8,230  (62,482) 9,414  
Merchant Banking (74,716) 57,529  (128,339) 83,918  
Corporate(12,854) (13,885) (20,608) (35,228) 
Income before income taxes related to reportable segments
85,411  194,455  253,062  255,802  
Parent Company interest(12,878) (14,766) (25,659) (29,528) 
Consolidation adjustments2,974  3,790  5,898  6,522  
Total consolidated income before income taxes
$75,507  $183,479  $233,301  $232,796  
Depreciation and amortization expenses:    
Reportable Segments:    
Investment Banking and Capital Markets$19,981  $18,588  $39,097  $35,918  
Asset Management2,133  505  2,758  960  
Merchant Banking17,378  16,826  36,219  32,120  
Corporate874  867  1,762  1,722  
Total consolidated depreciation and amortization expenses
$40,366  $36,786  $79,836  $70,720  
May 31,
2020		November 30, 2019
Identifiable Assets Employed:
Reportable Segments:
Investment Banking and Capital Markets$42,118,661  $40,523,223  
Asset Management3,322,559  3,313,716  
Merchant Banking3,146,713  3,285,671  
Corporate1,972,155  2,432,119  
Identifiable assets employed related to
reportable segments		50,560,088  49,554,729  
Consolidation adjustments(276,873) (94,495) 
Total consolidated assets$50,283,215  $49,460,234  
Interest expense classified as a component of Net revenues relates to Jefferies Group. For the three months ended May 31, 2020 and 2019, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($12.9 million and $14.8 million, respectively) and Merchant Banking ($8.3 million and $8.4 million, respectively). For the six months ended May 31, 2020 and 2019, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($25.7 million and $29.5 million, respectively) and Merchant Banking ($17.1 million and $16.6 million, respectively).