XML 53 R40.htm IDEA: XBRL DOCUMENT

Variable Interest Entities (Tables)

9 Months Ended

Aug. 31, 2020

Variable Interest Entity, Measure of Activity [Abstract]

The following table presents information about our consolidated VIEs (in millions). The assets and liabilities in the table below are presented prior to consolidation and thus a portion of these assets and liabilities are eliminated in consolidation.


	August 31, 2020						November 30, 2019
	Secured Funding Vehicles		Other		Secured Funding Vehicles		Other
Cash (1)	$	—	$	1.2	$	—	$	1.2
Financial instruments owned, at fair value	—		3.6		—		0.3
Securities purchased under agreements to resell (2)	2,919.8		—		2,467.3		—

Receivables	581.9		13.5		605.6		—

Other	37.8		0.1		38.7		—
Total assets	$	3,539.5	$	18.4	$	3,111.6	$	1.5

Financial instruments sold, not yet purchased, at fair value	$	—	$	2.1	$	—	$	—
Other secured financings (3)	3,502.9		—		3,068.6		—

Other liabilities (4)	3.7		0.4		20.1		0.2
Total liabilities	$	3,506.6	$	2.5	$	3,088.7	$	0.2

(1)Approximately $0.6 million of the cash amount at August 31, 2020 represents cash on deposit with a related consolidated entity and is eliminated in consolidation.

(2)Securities purchased under agreements to resell primarily represent amounts due under collateralized transactions on related consolidated entities, which are eliminated in consolidation.

(3)Approximately $130.1 million of the other secured financings amount at August 31, 2020 is with related consolidated entities, which is eliminated in consolidation.

(4)Includes $1.8 million and $17.9 million at August 31, 2020 and November 30, 2019, respectively, of intercompany payables that are eliminated in consolidation.

The following table presents information about our variable interests in nonconsolidated VIEs (in millions):


	Carrying Amount						Maximum Exposure to Loss		VIE Assets
	Assets		Liabilities
August 31, 2020
CLOs	$	66.3	$	1.4	$	470.4	$	6,509.5
Consumer loan and other asset-backed vehicles	308.4		—		435.0		2,300.4
Related party private equity vehicles	18.6		—		29.6		50.7

Other investment vehicles	853.9		—		1,053.4		16,210.4
Total	$	1,247.2	$	1.4	$	1,988.4	$	25,071.0

November 30, 2019
CLOs	$	152.6	$	0.6	$	505.3	$	7,845.0
Consumer loan and other asset-backed vehicles	358.3		—		490.6		2,354.8
Related party private equity vehicles	23.0		—		34.3		71.4

Other investment vehicles	574.0		—		766.1		9,255.0
Total	$	1,107.9	$	0.6	$	1,796.3	$	19,526.2

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details