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Segment Information
 9 Months Ended
Aug. 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 nine months ended August 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 Nine Months Ended
 August 31, 2020August 31, 2019August 31, 2020August 31, 2019
(In thousands)
Net revenues:
Reportable Segments:
Investment Banking and Capital Markets$1,274,115 $757,362 $3,451,776 $2,274,884 
Asset Management118,558 20,341 146,278 95,448 
Merchant Banking 220,887 73,754 532,608 391,825 
Corporate591 8,967 11,908 22,134 
Total net revenues related to reportable
segments		1,614,151 860,424 4,142,570 2,784,291 
Consolidation adjustments2,019 (3,646)7,517 2,587 
Total consolidated net revenues$1,616,170 $856,778 $4,150,087 $2,786,878 
Income (loss) before income taxes:
    
Reportable Segments:    
Investment Banking and Capital Markets$281,323 $86,194 $745,814 $283,892 
Asset Management87,604 (7,403)25,122 2,011 
Merchant Banking 70,747 (35,381)(57,592)48,537 
Corporate(15,618)(11,779)(36,226)(47,007)
Income before income taxes related to reportable segments
424,056 31,631 677,118 287,433 
Parent Company interest(14,114)(14,770)(39,773)(44,298)
Consolidation adjustments2,300 (3,598)8,198 2,924 
Total consolidated income before income taxes
$412,242 $13,263 $645,543 $246,059 
Depreciation and amortization expenses:    
Reportable Segments:    
Investment Banking and Capital Markets$22,225 $20,754 $61,322 $56,672 
Asset Management2,018 512 4,776 1,472 
Merchant Banking14,408 17,784 50,627 49,904 
Corporate869 830 2,631 2,552 
Total consolidated depreciation and amortization expenses
$39,520 $39,880 $119,356 $110,600 
August 31,
2020		November 30, 2019
(In thousands)
Identifiable Assets Employed:
Reportable Segments:
Investment Banking and Capital Markets$43,887,885 $40,523,223 
Asset Management3,192,277 3,313,716 
Merchant Banking3,225,735 3,285,671 
Corporate1,927,243 2,432,119 
Identifiable assets employed related to
reportable segments		52,233,140 49,554,729 
Consolidation adjustments(459,152)(94,495)
Total consolidated assets$51,773,988 $49,460,234 
Interest expense classified as a component of Net revenues relates to Jefferies Group. For the three months ended August 31, 2020 and 2019, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($14.1 million and $14.8 million, respectively) and Merchant Banking ($7.4 million and $8.9 million, respectively). For the nine months ended August 31, 2020 and 2019, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($39.8 million and $44.3 million, respectively) and Merchant Banking ($24.5 million and $25.5 million, respectively).