2019 Q2 Form 10-Q Financial Statement

#000009622319000033 Filed on July 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $1.510B $1.244B
YoY Change 21.43% 11.63%
Cost Of Revenue $80.42M $90.69M
YoY Change -11.33% 29.59%
Gross Profit $1.430B $1.153B
YoY Change 24.01% 10.43%
Gross Profit Margin 94.68% 92.71%
Selling, General & Admin $739.6M $715.1M
YoY Change 3.43% 8.6%
% of Gross Profit 51.72% 62.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.79M $31.91M
YoY Change 15.3% 212.79%
% of Gross Profit 2.57% 2.77%
Operating Expenses $776.5M $747.0M
YoY Change 3.95% 2.44%
Operating Profit $653.5M $406.1M
YoY Change 60.9% 28.93%
Interest Expense $23.14M $24.28M
YoY Change -4.7% -5.09%
% of Operating Profit 3.54% 5.98%
Other Income/Expense, Net
YoY Change
Pretax Income $183.5M $37.52M
YoY Change 389.08% -18.9%
Income Tax -$488.8M $9.598M
% Of Pretax Income -266.4% 25.58%
Net Earnings $670.8M $725.5M
YoY Change -7.55% 1146.76%
Net Earnings / Revenue 44.41% 58.33%
Basic Earnings Per Share $2.17 $2.05
Diluted Earnings Per Share $2.14 $2.03
COMMON SHARES
Basic Shares Outstanding 307.0M shares 352.0M shares
Diluted Shares Outstanding 312.5M shares 356.1M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.394B $4.741B
YoY Change 13.77% 1.69%
Cash & Equivalents $5.394B $4.741B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $12.31B $10.62B
YoY Change 15.9% -2.18%
LONG-TERM ASSETS
Property, Plant & Equipment $353.6M
YoY Change -51.46%
Goodwill $1.701B $1.706B
YoY Change -0.25% -0.74%
Intangibles $181.6M $195.7M
YoY Change -7.21% -74.59%
Long-Term Investments $2.416B $2.523B
YoY Change -4.24% 12.66%
Other Assets $1.015B $1.497B
YoY Change -32.2% -33.2%
Total Long-Term Assets $36.22B $38.78B
YoY Change -6.62% 3.37%
TOTAL ASSETS
Total Short-Term Assets $12.31B $10.62B
Total Long-Term Assets $36.22B $38.78B
Total Assets $48.52B $49.40B
YoY Change -1.78% 2.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.029B $7.497B
YoY Change -6.24% 10.49%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $510.4M $506.2M
YoY Change 0.83% 15.27%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.73B $19.33B
YoY Change -3.12% 0.21%
LONG-TERM LIABILITIES
Long-Term Debt $9.786B $9.305B
YoY Change 5.17% 3.7%
Other Long-Term Liabilities $10.11B $10.18B
YoY Change -0.69% 11.62%
Total Long-Term Liabilities $19.90B $19.49B
YoY Change 2.11% 7.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.73B $19.33B
Total Long-Term Liabilities $19.90B $19.49B
Total Liabilities $38.50B $38.70B
YoY Change -0.5% 3.84%
SHAREHOLDERS EQUITY
Retained Earnings $6.247B $5.523B
YoY Change 13.1% 11.85%
Common Stock $3.850B $4.700B
YoY Change -18.09% -9.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 26.36M shares 83.56M shares
Shareholders Equity $9.854B $10.54B
YoY Change
Total Liabilities & Shareholders Equity $48.52B $49.40B
YoY Change -1.78% 2.12%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $670.8M $725.5M
YoY Change -7.55% 1146.76%
Depreciation, Depletion And Amortization $36.79M $31.91M
YoY Change 15.3% 212.79%
Cash From Operating Activities -$656.4M -$118.8M
YoY Change 452.53% -114.56%
INVESTING ACTIVITIES
Capital Expenditures -$56.40M -$198.6M
YoY Change -71.6% 1096.39%
Acquisitions
YoY Change
Other Investing Activities $184.4M $463.4M
YoY Change -60.21% 432.64%
Cash From Investing Activities $127.9M $264.9M
YoY Change -51.72% 276.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 206.1M -675.6M
YoY Change -130.51% 139.24%
NET CHANGE
Cash From Operating Activities -656.4M -118.8M
Cash From Investing Activities 127.9M 264.9M
Cash From Financing Activities 206.1M -675.6M
Net Change In Cash -322.4M -529.5M
YoY Change -39.11% -187.68%
FREE CASH FLOW
Cash From Operating Activities -$656.4M -$118.8M
Capital Expenditures -$56.40M -$198.6M
Free Cash Flow -$600.0M $79.80M
YoY Change -851.88% -90.41%

Facts In Submission

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us-gaap Revenues
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2705383000 USD
us-gaap Revenues
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2404937000 USD
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1806594000 USD
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us-gaap Labor And Related Expense
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us-gaap Labor And Related Expense
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us-gaap Cost Of Goods And Services Sold
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147336000 USD
us-gaap Cost Of Goods And Services Sold
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172625000 USD
CY2019Q2 us-gaap Floor Brokerage Exchange And Clearance Fees
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45046000 USD
us-gaap Floor Brokerage Exchange And Clearance Fees
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112255000 USD
us-gaap Floor Brokerage Exchange And Clearance Fees
FloorBrokerageExchangeAndClearanceFees
87222000 USD
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us-gaap Interest Expense
InterestExpense
46156000 USD
us-gaap Interest Expense
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36786000 USD
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31905000 USD
us-gaap Depreciation Depletion And Amortization
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70720000 USD
us-gaap Depreciation Depletion And Amortization
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60065000 USD
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229062000 USD
CY2018Q2 us-gaap General And Administrative Expense
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236562000 USD
us-gaap General And Administrative Expense
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450168000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
462906000 USD
CY2019Q2 us-gaap Costs And Expenses
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940348000 USD
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CostsAndExpenses
906997000 USD
us-gaap Costs And Expenses
CostsAndExpenses
1746787000 USD
us-gaap Costs And Expenses
CostsAndExpenses
1796769000 USD
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161309000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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4162000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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183313000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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9825000 USD
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22170000 USD
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33353000 USD
us-gaap Income Loss From Equity Method Investments
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49483000 USD
us-gaap Income Loss From Equity Method Investments
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183479000 USD
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37515000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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232796000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
75278000 USD
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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672276000 USD
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27917000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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0 USD
CY2018Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
0 USD
us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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0 USD
CY2018Q2 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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643921000 USD
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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0 USD
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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643921000 USD
CY2019Q2 us-gaap Profit Loss
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ProfitLoss
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us-gaap Profit Loss
ProfitLoss
719291000 USD
us-gaap Profit Loss
ProfitLoss
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CY2018Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
136000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2019Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
427000 USD
CY2018Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
22108000 USD
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
289000 USD
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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36904000 USD
CY2019Q2 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2018Q2 us-gaap Preferred Stock Dividends Income Statement Impact
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1171000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2552000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2343000 USD
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CY2018Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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IncomeLossFromContinuingOperationsPerBasicShare
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us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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us-gaap Income Loss From Continuing Operations Per Basic Share
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0.31
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0
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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CY2018Q2 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax Per Basic Share
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us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax Per Basic Share
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us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax Per Basic Share
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
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us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax Per Diluted Share
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2.03
us-gaap Earnings Per Share Diluted
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CY2018Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxAttributableToParent
0 USD
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643921000 USD
jef Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax Attributable To Parent
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0 USD
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643921000 USD
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NetIncomeLoss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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ProfitLoss
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ProfitLoss
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ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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62000 USD
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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818000 USD
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379000 USD
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544307000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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118000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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103000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2018Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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0 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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20459000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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20459000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2018Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax
2616000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Unrealized Gain Loss Arising During Period After Tax
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26287000 USD
us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Unrealized Gain Loss Arising During Period After Tax
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20151000 USD
us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Unrealized Gain Loss Arising During Period After Tax
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14718000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Reclassification Adjustment From Aoci For Derecognition After Tax
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-199000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Reclassification Adjustment From Aoci For Derecognition After Tax
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax
270000 USD
us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Reclassification Adjustment From Aoci For Derecognition After Tax
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax
-493000 USD
us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Reclassification Adjustment From Aoci For Derecognition After Tax
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax
270000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option After Tax And Reclassification Adjustment
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment
2815000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option After Tax And Reclassification Adjustment
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment
26017000 USD
us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option After Tax And Reclassification Adjustment
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment
20644000 USD
us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option After Tax And Reclassification Adjustment
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment
14448000 USD
CY2019Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
251000 USD
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
251000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
1499000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1961344000 USD
jef Proceeds From Maturities Of Investments
ProceedsFromMaturitiesOfInvestments
531067000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
470000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
470000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
0 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-219000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
251000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-470000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
1499000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
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CY2018Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
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0 USD
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CY2018Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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6263000 USD
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CY2018Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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136000 USD
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875000 USD
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427000 USD
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289000 USD
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2552000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
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2343000 USD
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184465000 USD
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203493000 USD
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26872000 USD
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518671000 USD
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us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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us-gaap Net Cash Provided By Used In Investing Activities
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8121000 USD
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1281000 USD
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
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us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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5939012000 USD
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13073000 USD
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10156791000 USD
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Nature of Operations<div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Jefferies Financial Group Inc. ("Jefferies" or the "Company") is a diversified financial services company engaged in investment banking and capital markets, asset management and direct investing. Jefferies Group LLC ("Jefferies Group"), our largest subsidiary, is the largest independent full-service global investment banking firm headquartered in the U.S. </span></div><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Jefferies Group operates in </span><span style="font-family:inherit;font-size:10pt;"><span>two</span></span><span style="font-family:inherit;font-size:10pt;"> business segments: Capital Markets and Asset Management. Capital Markets includes investment banking, sales and trading and other related services. Investment banking provides capital markets and financial advisory services to clients across most industry sectors in the Americas, Europe and Asia. Sales and trading 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, as well as other principal and corporate investing activities. Asset Management provides investment management services to investors in the U.S. and overseas and makes capital investments in managed funds and accounts. In March 2013, Jefferies Group became an indirect wholly-owned subsidiary of Jefferies, yet retains a separate credit rating and continues to be a separate U.S. Securities and Exchange Commission ("SEC") reporting company. </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"> Merchant Banking is where we invest in unique long-term opportunities. Our current Merchant Banking businesses and investments include National Beef Packing Company, LLC ("National Beef") (beef processing), Spectrum Brands Holdings, Inc. ("Spectrum Brands") (consumer products), Linkem (fixed wireless broadband services in Italy), Vitesse Energy, LLC ("Vitesse Energy Finance") and JETX Energy, LLC ("JETX Energy") (oil and gas production and development), WeWork (global network of workspaces), HomeFed Corporation ("HomeFed") (real estate), Idaho Timber (manufacturing) and FXCM Group, LLC ("FXCM") (provider of online foreign exchange trading services). Our Merchant Banking businesses and investments also included Leucadia Asset Management ("LAM") (asset management) and Berkadia Commercial Mortgage Holding LLC ("Berkadia") (commercial mortgage banking, investment sales and servicing), prior to their transfer to Jefferies Group in the fourth quarter of 2018 and Garcadia (automobile dealerships), prior to its sale in August 2018. The structure of each of our investments was tailored to the unique opportunity each transaction presented. Our investments may be reflected in our consolidated results as consolidated subsidiaries, equity investments, securities or in other ways, depending on the structure of our specific holdings.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We own </span><span style="font-family:inherit;font-size:10pt;"><span>31%</span></span><span style="font-family:inherit;font-size:10pt;"> of National Beef, one of the largest beef processing companies in the U.S. On June 5, 2018, we completed the sale of </span><span style="font-family:inherit;font-size:10pt;"><span>48%</span></span><span style="font-family:inherit;font-size:10pt;"> of National Beef to Marfrig Global Foods S.A. ("Marfrig") reducing our ownership in National Beef from </span><span style="font-family:inherit;font-size:10pt;"><span>79%</span></span><span style="font-family:inherit;font-size:10pt;"> to </span><span style="font-family:inherit;font-size:10pt;"><span>31%</span></span><span style="font-family:inherit;font-size:10pt;">. As of the closing of the sale on June 5, 2018, we deconsolidated our investment in National Beef and account for our remaining </span><span style="font-family:inherit;font-size:10pt;"><span>31%</span></span><span style="font-family:inherit;font-size:10pt;"> interest in National Beef under the equity method of accounting. We classified the results of National Beef prior to June 5, 2018 as discontinued operations in the Consolidated Statements of Operations. See Note 23 for more information.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We own approximately </span><span style="font-family:inherit;font-size:10pt;"><span>15%</span></span><span style="font-family:inherit;font-size:10pt;"> of Spectrum Brands, a publicly traded global consumer products company on the NYSE (NYSE: SPB), and we reflect this investment at fair value based on quoted market prices. </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We own approximately </span><span style="font-family:inherit;font-size:10pt;"><span>42%</span></span><span style="font-family:inherit;font-size:10pt;"> of the common shares of Linkem, as well as convertible preferred shares which, if converted, would increase our ownership to approximately </span><span style="font-family:inherit;font-size:10pt;"><span>54%</span></span><span style="font-family:inherit;font-size:10pt;"> of Linkem's common equity at </span><span style="font-family:inherit;font-size:10pt;">May 31, 2019</span><span style="font-family:inherit;font-size:10pt;">. Linkem provides residential broadband services in Italy using LTE technologies deployed over the 3.5 GHz spectrum band. Linkem is accounted for under the equity method. </span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Vitesse Energy Finance is our </span><span style="font-family:inherit;font-size:10pt;"><span>97%</span></span><span style="font-family:inherit;font-size:10pt;"> owned consolidated subsidiary that acquires and invests in non-operated working interests and royalties predominantly in the Bakken Shale oil field in North Dakota. JETX Energy is our </span><span style="font-family:inherit;font-size:10pt;"><span>98%</span></span><span style="font-family:inherit;font-size:10pt;"> owned consolidated subsidiary that currently has non-operated working interests and acreage in east Texas.</span></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We invested </span><span style="font-family:inherit;font-size:10pt;"><span>$9.0 million</span></span><span style="font-family:inherit;font-size:10pt;"> in 2013 in WeWork, which creates collaborative office communities. Currently we own less than </span><span style="font-family:inherit;font-size:10pt;"><span>1%</span></span><span style="font-family:inherit;font-size:10pt;"> of the company. Our interest in WeWork is reflected in Trading assets in our financial statements at fair value.</span></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Through June 30, 2019, we owned an approximate </span><span style="font-family:inherit;font-size:10pt;"><span>70%</span></span><span style="font-family:inherit;font-size:10pt;"> equity interest of HomeFed, which owns and develops residential and mixed-use real estate properties and accounted for our interest under the equity method. On July 1, 2019, we completed a merger with HomeFed by which we acquired the remaining common stock of HomeFed. From July 1, 2019, the results of HomeFed will be reflected on a consolidated basis. In connection with the merger, HomeFed stockholders received </span><span style="font-family:inherit;font-size:10pt;"><span>two</span></span><span style="font-family:inherit;font-size:10pt;"> shares of our common stock for each share of HomeFed common stock. A total of </span><span style="font-family:inherit;font-size:10pt;"><span>9.3 million</span></span><span style="font-family:inherit;font-size:10pt;"> shares were issued. As an offset to these issued shares, our Board of Directors has authorized the repurchase of </span><span style="font-family:inherit;font-size:10pt;"><span>9.25 million</span></span><span style="font-family:inherit;font-size:10pt;"> shares in the open market.</span></div>
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1800000 USD
CY2018Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1200000 USD
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
3400000 USD
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1300000 USD
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
260000000.0 USD
CY2019Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
61600000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
251400000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
54100000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-486500000 USD
jef Recognition Of Accumulated Other Comprehensive Income Lodged Taxes
RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes
544600000 USD
CY2019Q1 jef Lodged Tax Effect
LodgedTaxEffect
544600000 USD
CY2019Q2 jef Recognition Of Accumulated Other Comprehensive Income Lodged Taxes
RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes
544600000 USD
CY2019Q2 jef Recognition Of Accumulated Other Comprehensive Income Lodged Taxes
RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes
544600000 USD
jef Tax Cuts And Jobs Actof2017 Measurement Period Adjustment Income Tax Expense Benefit
TaxCutsAndJobsActof2017MeasurementPeriodAdjustmentIncomeTaxExpenseBenefit
-6700000 USD
jef Income Tax Expense Benefit From Reversalof Valuation Allowance
IncomeTaxExpenseBenefitFromReversalofValuationAllowance
-43900000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
670764000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
725529000 USD
us-gaap Net Income Loss
NetIncomeLoss
715575000 USD
us-gaap Net Income Loss
NetIncomeLoss
850054000 USD
CY2019Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
4086000 USD
CY2018Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
3870000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
4241000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
3831000 USD
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
666678000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
721659000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
711334000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
846223000 USD
CY2019Q2 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
43000 USD
CY2018Q2 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
37000 USD
us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
34000 USD
us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
29000 USD
CY2019Q2 us-gaap Convertible Preferred Dividends Net Of Tax
ConvertiblePreferredDividendsNetOfTax
1276000 USD
CY2018Q2 us-gaap Convertible Preferred Dividends Net Of Tax
ConvertiblePreferredDividendsNetOfTax
0 USD
us-gaap Convertible Preferred Dividends Net Of Tax
ConvertiblePreferredDividendsNetOfTax
2552000 USD
us-gaap Convertible Preferred Dividends Net Of Tax
ConvertiblePreferredDividendsNetOfTax
0 USD
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
667997000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
721696000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
713920000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
846252000 USD
CY2019Q2 jef Weighted Average Common Shares Outstanding
WeightedAverageCommonSharesOutstanding
293600000 shares
CY2018Q2 jef Weighted Average Common Shares Outstanding
WeightedAverageCommonSharesOutstanding
342719000 shares
jef Weighted Average Common Shares Outstanding
WeightedAverageCommonSharesOutstanding
299067000 shares
jef Weighted Average Common Shares Outstanding
WeightedAverageCommonSharesOutstanding
349647000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
307010000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
352049000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
311108000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
359237000 shares
CY2019Q2 jef Incremental Common Shares Attributable To Redeemable Convertible Preferred Shares
IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares
4162000 shares
CY2018Q2 jef Incremental Common Shares Attributable To Redeemable Convertible Preferred Shares
IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares
0 shares
jef Incremental Common Shares Attributable To Redeemable Convertible Preferred Shares
IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares
4162000 shares
jef Incremental Common Shares Attributable To Redeemable Convertible Preferred Shares
IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares
0 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
312527000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
356075000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
317736000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
362685000 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
1881600 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
1887100 shares
us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
1856400 shares
us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
1603500 shares
CY2019Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000.0 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
17350000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
344500000 USD
CY2019Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
155500000 USD
CY2019Q2 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
7446200000 USD
CY2019Q2 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
380400000 USD
CY2019Q2 jef Contractual Obligation Due In Third And Fourth Years
ContractualObligationDueInThirdAndFourthYears
199100000 USD
CY2019Q2 jef Contractual Obligation Due In Fifth And Sixth Years
ContractualObligationDueInFifthAndSixthYears
5600000 USD
CY2019Q2 jef Contractual Obligation Due In Seventh Year And Thereafter
ContractualObligationDueInSeventhYearAndThereafter
23900000 USD
CY2019Q2 us-gaap Contractual Obligation
ContractualObligation
8055200000 USD
CY2019Q2 jef Outstanding Loan Commitmentsto Clients
OutstandingLoanCommitmentstoClients
60600000 USD
CY2019Q2 jef Derivative Contracts Meeting Definitionof A Guarantee
DerivativeContractsMeetingDefinitionofAGuarantee
239300000 USD
CY2018Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax Attributable To Parent
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTaxAttributableToParent
85500000 USD
us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax Attributable To Parent
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTaxAttributableToParent
140000000.0 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2019Q2 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
1101657000 USD
CY2018Q2 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
911159000 USD
us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
1930100000 USD
us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
1806594000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
183479000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
37515000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
232796000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
75278000 USD
CY2019Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
36786000 USD
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
31905000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
70720000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
60065000 USD

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