Revenues from Contracts with Customers (Tables)

6 Months Ended

May 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands):

	For the Three Months Ended				For the Six Months Ended
	May 31, 2020		May 31, 2019		May 31, 2020		May 31, 2019
Revenues from contracts with customers:
Commissions and other fees (1)	$	242,972	$	167,610	$	422,402	$	322,560
Investment banking	387,491		430,087		979,493		715,683
Manufacturing revenues	85,379		90,237		162,986		165,662
Other	34,077		62,080		97,854		116,109
Total revenues from contracts with customers	749,919		750,014		1,662,735		1,320,014
Other sources of revenue:
Principal transactions	393,338		240,189		798,202		486,371
Interest income	236,732		445,967		563,098		832,811
Other	(2,458)		74,201		45,760		66,187
Total revenues from other sources	627,612		760,357		1,407,060		1,385,369
Total revenues	$	1,377,531	$	1,510,371	$	3,069,795	$	2,705,383

(1) During the third quarter of 2019, we have reclassified the presentation of certain other fees, primarily related to prime brokerage services offered to clients. These fees were previously presented as Other revenues in the Consolidated Statements of Operations and are now presented within Commissions and other fees. There is no impact on Total revenues as a result of this change in presentation. Previously reported results are presented on a comparable basis.

The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands):

	Reportable Segments
	Investment Banking and Capital Markets (1)		Asset Management (1)		Merchant Banking (1)		Corporate		Consolidation Adjustments		Total
Three Months Ended May 31, 2020
Major Business Activity:
Equities (2)	$	236,683	$	—	$	—	$	—	$	(295)	$	236,388
Fixed Income (2)	6,584		—		—		—		—		6,584
Investment Banking - Underwriting	205,410		—		—		—		—		205,410
Investment Banking - Advisory	182,081		—		—		—		—		182,081
Asset Management	—		3,496		—		—		—		3,496
Manufacturing revenues	—		—		85,379		—		—		85,379
Oil and gas revenues	—		—		15,544		—		—		15,544
Other revenues	—		—		15,037		—		—		15,037
Total revenues from contracts with customers	$	630,758	$	3,496	$	115,960	$	—	$	(295)	$	749,919
Primary Geographic Region:
Americas	$	524,627	$	1,825	$	115,620	$	—	$	(295)	$	641,777
Europe, Middle East and Africa	68,082		1,671		299		—		—		70,052
Asia	38,049		—		41		—		—		38,090
Total revenues from contracts with customers	$	630,758	$	3,496	$	115,960	$	—	$	(295)	$	749,919
Three Months Ended May 31, 2019
Major Business Activity:
Equities (2)	$	164,169	$	—	$	—	$	—	$	(88)	$	164,081
Fixed Income (2)	3,529		—		—		—		—		3,529
Investment Banking - Underwriting	251,533		—		—		—		—		251,533
Investment Banking - Advisory	178,554		—		—		—		—		178,554
Asset Management	—		6,175		—		—		—		6,175
Manufacturing revenues	—		—		90,237		—		—		90,237
Oil and gas revenues	—		—		47,652		—		—		47,652
Other revenues	—		—		8,253		—		—		8,253
Total revenues from contracts with customers	$	597,785	$	6,175	$	146,142	$	—	$	(88)	$	750,014
Primary Geographic Region:
Americas	$	487,674	$	5,125	$	145,880	$	—	$	(88)	$	638,591
Europe, Middle East and Africa	91,510		1,050		223		—		—		92,783
Asia	18,601		—		39		—		—		18,640
Total revenues from contracts with customers	$	597,785	$	6,175	$	146,142	$	—	$	(88)	$	750,014

	Reportable Segments
	Investment Banking and Capital Markets (1)		Asset Management (1)		Merchant Banking (1)		Corporate		Consolidation Adjustments		Total
Six months ended May 31, 2020
Major Business Activity:
Equities (2)	$	412,932	$	—	$	—	$	—	$	(400)	$	412,532
Fixed Income (2)	9,870		—		—		—		—		9,870
Investment Banking - Underwriting	454,254		—		—		—		—		454,254
Investment Banking - Advisory	525,239		—		—		—		—		525,239
Asset Management	—		9,587		—		—		—		9,587
Manufacturing revenues	—		—		162,986		—		—		162,986
Oil and gas revenues	—		—		57,758		—		—		57,758
Other revenues	—		—		30,509		—		—		30,509
Total revenues from contracts with customers	$	1,402,295	$	9,587	$	251,253	$	—	$	(400)	$	1,662,735
Primary Geographic Region:
Americas	$	1,173,696	$	4,492	$	250,399	$	—	$	(400)	$	1,428,187
Europe, Middle East and Africa	147,520		5,095		659		—		—		153,274
Asia	81,079		—		195		—		—		81,274
Total revenues from contracts with customers	$	1,402,295	$	9,587	$	251,253	$	—	$	(400)	$	1,662,735
Six months ended May 31, 2019
Major Business Activity:
Equities (2)	$	316,243	$	—	$	—	$	—	$	(280)	$	315,963
Fixed Income (2)	6,597		—		—		—		—		6,597
Investment Banking - Underwriting	356,647		—		—		—		—		356,647
Investment Banking - Advisory	359,036		—		—		—		—		359,036
Asset Management	—		14,493		—		—		—		14,493
Manufacturing revenues	—		—		165,662		—		—		165,662
Oil and gas revenues	—		—		84,017		—		—		84,017
Other revenues	—		—		17,599		—		—		17,599
Total revenues from contracts with customers	$	1,038,523	$	14,493	$	267,278	$	—	$	(280)	$	1,320,014
Primary Geographic Region:
Americas	$	811,063	$	10,155	$	266,758	$	—	$	(280)	$	1,087,696
Europe, Middle East and Africa	191,715		4,338		457		—		—		196,510
Asia	35,745		—		63		—		—		35,808
Total revenues from contracts with customers	$	1,038,523	$	14,493	$	267,278	$	—	$	(280)	$	1,320,014

(1) We now present Asset Management as a separate reporting segment. Prior year amounts have been reclassified to conform to current segment disclosure. See Note 23 for further information.

(2) Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.