Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Aug. 31, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Activity in accumulated other comprehensive income (loss) is reflected in the Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Changes in Equity but not in the Consolidated Statements of Operations. A summary of accumulated other comprehensive income (loss), net of taxes is as follows (in thousands):

	August 31, 2020		November 30, 2019
Net unrealized gains on available for sale securities	$	552	$	141
Net unrealized foreign exchange losses	(156,894)		(192,709)
Net unrealized gains (losses) on instrument specific credit risk	19,586		(18,889)
Net minimum pension liability	(59,651)		(61,582)
	$	(196,407)	$	(273,039)

Amounts reclassified out of accumulated other comprehensive income (loss) to net income are as follows (in thousands):

Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from  Accumulated Other  Comprehensive Income (Loss)				Affected Line Item in the Consolidated Statements of Operations
	For the Nine Months Ended
	August 31, 2020		August 31, 2019
Net unrealized gains on available for sale securities, net of income tax provision (benefit) of $0 and $(545,054)	$	—	$	543,178	Other revenues and Income tax provision (benefit)
Net unrealized gains (losses) on instrument specific credit risk, net of income tax provision (benefit) of $306 and $(166)	898		(493)		Principal transactions revenues
Net unrealized gains on cash flow hedges, net of income tax provision of $0 and $161	—		470		Other revenues
Amortization of defined benefit pension plan actuarial losses, net of income tax benefit of $(658) and $(361)	(1,931)		(1,063)		Selling, general and other expenses, which includes pension expense
Total reclassifications for the period, net of tax	$	(1,033)	$	542,092

During the second quarter of 2019, we completed the sale of our available for sale portfolio. In connection therewith, we recognized a tax benefit of $544.6 million during the nine months ended August 31, 2019. Unrealized gains and losses on available for sale securities, and their associated tax impacts, are recorded directly to equity as part of the Accumulated other comprehensive income (loss) balance. Following the portfolio approach, when unrealized gains and losses and their associated tax impacts are recorded at a then current tax rate, and then realized later at a different tax rate, the difference between the tax impact initially recorded in Accumulated other comprehensive income (loss) and the tax impact removed from Accumulated other comprehensive income (loss) upon realization remains in Accumulated other comprehensive income (loss) until the disposal of the portfolio and is referred to as a "lodged tax effect." Large changes in the fair value of our available for sale securities, primarily during 2008 through 2010, combined with fluctuations in our tax rate during those periods, generated a lodged tax benefit of $544.6 million. As a result of steps to improve our Corporate investment management efforts, we sold the remaining portion of our available for sale portfolio in the second quarter of 2019, which resulted in the realization of the $544.6 million tax benefit. While this realization did not impact total equity, it resulted in a tax benefit reflected in the Consolidated Statement of Operations of $544.6 million and, as a result, Retained earnings increased and Accumulated other comprehensive income (loss) decreased by corresponding amounts. The remaining net unrealized gains (losses) on available for sale securities at August 31, 2020 and November 30, 2019 represents Jefferies Group's share of Berkadia's net unrealized gains on available for sale securities recorded under the equity method of accounting.