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Section 1: 10-Q (10-Q)

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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 28, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 1-14947
 
JEFFERIES GROUP LLC
(Exact name of registrant as specified in its charter)
 
Delaware
95-4719745
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
 
520 Madison Avenue, New York, New York
10022
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (212) 284-2550
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  
The Registrant is a wholly-owned subsidiary of Jefferies Financial Group Inc. and meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with a reduced disclosure format as permitted by Instruction H(2).
 



Table of Contents

JEFFERIES GROUP LLC
INDEX TO QUARTERLY REPORT ON FORM 10-Q
February 28, 2019
 
Page
 
 
 


1

Table of Contents

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
(In thousands)
 
February 28, 2019
 
November 30, 2018
ASSETS
 
 
 
Cash and cash equivalents ($1,101 and $1,096 at February 28, 2019 and November 30, 2018, respectively, related to consolidated VIEs)
$
4,131,932

 
$
5,145,886

Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations
763,213

 
707,960

Financial instruments owned, at fair value (including securities pledged of $14,322,307 and $13,059,802 at February 28, 2019 and November 30, 2018, respectively; and $323,854 and $380 at February 28, 2019 and November 30, 2018, respectively, related to consolidated VIEs)
16,899,559

 
16,399,526

Loans to and investments in related parties
924,975

 
997,524

Securities borrowed
7,231,073

 
6,538,212

Securities purchased under agreements to resell
3,496,570

 
2,785,758

Receivables:
 
 
 
Brokers, dealers and clearing organizations
4,529,641

 
3,218,984

Customers
1,597,046

 
2,017,090

Fees, interest and other
347,185

 
327,083

Premises and equipment
307,604

 
304,026

Goodwill
1,645,435

 
1,642,170

Other assets ($2 at both February 28, 2019 and November 30, 2018, related to consolidated VIEs)
1,259,515

 
1,084,554

Total assets
$
43,133,748

 
$
41,168,773

LIABILITIES AND EQUITY
 
 
 
Short-term borrowings
$
530,484

 
$
387,492

Financial instruments sold, not yet purchased, at fair value
10,277,724

 
9,478,944

Collateralized financings:
 
 
 
Securities loaned
2,234,700

 
1,838,688

Securities sold under agreements to repurchase
9,307,283

 
8,643,069

Other secured financings (includes $932,544 and $881,472 at February 28, 2019 and November 30, 2018, respectively, related to consolidated VIEs)
933,169

 
881,472

Payables:
 
 
 
Brokers, dealers and clearing organizations
2,767,623

 
2,448,059

Customers
3,389,623

 
3,176,727

Accrued expenses and other liabilities ($583 and $642 at February 28, 2019 and November 30, 2018, respectively, related to consolidated VIEs)
954,941

 
1,585,635

Long-term debt (includes $750,978 and $686,170 at fair value at February 28, 2019 and November 30, 2018, respectively)
6,581,019

 
6,546,283

Total liabilities
36,976,566

 
34,986,369

EQUITY
 
 
 
Member’s paid-in capital
6,299,653

 
6,376,662

Accumulated other comprehensive loss:
 
 
 
Currency translation adjustments
(155,766
)
 
(185,804
)
Changes in instrument specific credit risk
12,101

 
(5,728
)
Cash flow hedges
219

 
470

Additional minimum pension liability
(4,739
)
 
(4,761
)
Available-for-sale securities
(200
)
 
(346
)
Total accumulated other comprehensive loss
(148,385
)
 
(196,169
)
Total Jefferies Group LLC member’s equity
6,151,268

 
6,180,493

Noncontrolling interests
5,914

 
1,911

Total equity
6,157,182

 
6,182,404

Total liabilities and equity
$
43,133,748

 
$
41,168,773

See accompanying notes to consolidated financial statements.

2

Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(In thousands)
 
Three Months Ended 
 February 28,
 
2019
 
2018
Revenues:
 
 
 
Commissions and other fees
$
147,326

 
$
147,902

Principal transactions
234,298

 
217,473

Investment banking
285,596

 
439,991

Asset management fees
6,669

 
4,930

Interest
360,975

 
257,816

Other
20,008

 
18,483

Total revenues
1,054,872

 
1,086,595

Interest expense
369,154

 
265,349

Net revenues
685,718

 
821,246

Non-interest expenses:
 
 
 
Compensation and benefits
371,685

 
455,633

Non-compensation expenses:
 
 
 
Floor brokerage and clearing fees
51,977

 
43,819

Technology and communications
79,170

 
69,077

Occupancy and equipment rental
28,539

 
24,591

Business development
30,555

 
42,107

Professional services
36,927

 
30,408

Underwriting costs
8,575

 
14,275

Other
15,705

 
18,598

Total non-compensation expenses
251,448

 
242,875

Total non-interest expenses
623,133

 
698,508

Earnings before income taxes
62,585

 
122,738

Income tax expense
16,220

 
183,557

Net earnings (loss)
46,365

 
(60,819
)
Net earnings (loss) attributable to noncontrolling interests
384

 
(1
)
Net earnings (loss) attributable to Jefferies Group LLC
$
45,981

 
$
(60,818
)
See accompanying notes to consolidated financial statements.

3

Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)
 
Three Months Ended 
 February 28,
 
2019

2018
Net earnings (loss)
$
46,365

 
$
(60,819
)
Other comprehensive income (loss), net of tax:
 
 
 
Currency translation and other adjustments (1)
30,060

 
16,019

Changes in instrument specific credit risk (2)
17,829

 
(18,113
)
Cash flow hedges (3)
(251
)
 
1,046

Unrealized gain on available-for-sale securities (4)
146

 

Total other comprehensive income (loss), net of tax (5)
47,784

 
(1,048
)
Comprehensive income (loss)
94,149

 
(61,867
)
Net earnings (loss) attributable to noncontrolling interests
384

 
(1
)
Comprehensive income (loss) attributable to Jefferies Group LLC
$
93,765

 
$
(61,866
)

(1)
The amount during the three months ended February 28, 2019 includes $7.4 million related to the impact of certain discrete items related to tax planning for our non-U.S. subsidiaries in connection with the Tax Cuts and Jobs Act (the “Tax Act”). The amount during the three months ended February 28, 2018 include $5.3 million related to the transfer of the German Pension Plan, which was reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and ($0.8) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
(2)
The amounts include income tax expense of approximately $6.0 million and $1.9 million for the three months ended February 28, 2019 and 2018, respectively. The amount during the three months ended February 28, 2019 includes a gain of $0.3 million, net of taxes of $0.1 million, related to changes in instrument specific risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings. The amount during the three months ended February 28, 2018 includes ($6.5) million related to the Tax Act, which was reclassified to Member’s paid-in capital. Refer to Note 3, Accounting Developments for further information.
(3)
The amount during the three months ended February 28, 2019 includes income tax benefit of approximately $0.1 million. The amount during the three months ended February 28, 2018 includes income tax expense of $1.0 million and ($0.2) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
(4)
The amount includes income tax expense of approximately $0.1 million.
(5)
None of the components of other comprehensive income (loss) are attributable to noncontrolling interests.
See accompanying notes to consolidated financial statements.

4

Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(In thousands)
 
Three Months Ended 
 February 28,
 
2019
 
2018
Member’s paid-in capital:
 
 
 
Balance, beginning of period
$
6,376,662

 
$
5,895,601

Cumulative effect of the adoption of the new revenue standard, net of tax

 
(6,121
)
Net earnings (loss) attributable to Jefferies Group LLC
45,981

 
(60,818
)
Distribution to Jefferies Financial Group Inc.
(122,990
)
 
(200,000
)
Tax Cuts and Jobs Act adjustment

 
7,150

Balance, end of period
$
6,299,653

 
$
5,635,812

Accumulated other comprehensive income (loss), net of tax:
 
 
 
Balance, beginning of period
$
(196,169
)
 
$
(136,779
)
Currency adjustments and other
30,060

 
16,019

Changes in instrument specific credit risk
17,829

 
(18,113
)
Cash flow hedges
(251
)
 
1,046

Unrealized gain on available-for-sale securities
146

 

Balance, end of period
$
(148,385
)
 
$
(137,827
)
Total Jefferies Group LLC member’s equity
$
6,151,268

 
$
5,497,985

Noncontrolling interests:
 
 
 
Balance, beginning of period
$
1,911

 
$
737

Net earnings (loss) attributable to noncontrolling interests
384

 
(1
)
Contributions
4,600

 

Distributions
(981
)
 

Balance, end of period
$
5,914

 
$
736

Total equity
$
6,157,182

 
$
5,498,721



See accompanying notes to consolidated financial statements.

5

Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
 
Three Months Ended 
 February 28,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net earnings (loss)
$
46,365

 
$
(60,819
)
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:
 
 
 
Depreciation and amortization
5,367

 
1,843

Income on loans to and investments in related parties
(11,337
)
 
(5,605
)
Distributions received on investments in related parties
94,041

 

Other adjustments
28,745

 
(38,250
)
Net change in assets and liabilities:
 
 
 
Securities deposited with clearing and depository organizations
12

 
64,861

Receivables:
 
 
 
Brokers, dealers and clearing organizations
(1,285,635
)
 
(1,314,557
)
Customers
420,048

 
(33,216
)
Fees, interest and other
(18,352
)
 
71,275

Securities borrowed
(674,484
)
 
427,310

Financial instruments owned
(395,921
)
 
(1,102,846
)
Securities purchased under agreements to resell
(660,842
)
 
716,157

Other assets
(178,830
)
 
50,756

Payables:
 
 
 
Brokers, dealers and clearing organizations
301,741

 
814,852

Customers
212,895

 
222,603

Securities loaned
378,261

 
(476,725
)
Financial instruments sold, not yet purchased
704,478

 
1,442,571

Securities sold under agreements to repurchase
632,686

 
(418,052
)
Accrued expenses and other liabilities
(650,084
)
 
(679,748
)
Net cash used in operating activities
(1,050,846
)
 
(317,590
)
Cash flows from investing activities:
 
 
 
Contributions to loans to and investments in related parties
(10,370
)
 
(1,778,386
)
Distributions from loans to and investments in related parties

 
1,639,300

Net payments on premises and equipment
(19,606
)
 
(16,953
)
Net cash used in investing activities
(29,976
)
 
(156,039
)
Continued on next page.

6

Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS – CONTINUED (UNAUDITED)
(In thousands)
 
Three Months Ended 
 February 28,
 
2019
 
2018
Cash flows from financing activities:
 
 
 
Proceeds from short-term borrowings
405,000

 
275,000

Payments on short-term borrowings
(254,000
)
 
(248,323
)
Proceeds from issuance of long-term debt, net of issuance costs
92,375

 
1,138,705

Repayment of long-term debt
(50,695
)
 
(334,978
)
Dividend distribution
(130,697
)
 
(200,000
)
Net proceeds from (payments on) other secured financings
51,697

 
(19,752
)
Net change in bank overdrafts
(8,360
)
 
2,360

Proceeds from contributions of noncontrolling interests
4,600

 

Payments on distributions to noncontrolling interests
(981
)
 

Net cash provided by financing activities
108,939

 
613,012

Effect of exchange rate changes on cash, cash equivalents and restricted cash
13,194

 
2,528

Net increase (decrease) in cash, cash equivalents and restricted cash
(958,689
)
 
141,911

Cash, cash equivalents and restricted cash at beginning of period
5,819,027

 
5,642,776

Cash, cash equivalents and restricted cash at end of period
$
4,860,338

 
$
5,784,687

 
 
 
 
Supplemental disclosures of cash flow information:
 
 
 
Cash paid (received) during the period for:
 
 
 
Interest
$
391,674

 
$
314,921

Income taxes, net
37,168

 
(2,184
)
The following presents our cash, cash equivalents and restricted cash by category within the Consolidated Statements of Financial Condition (in thousands):
 
February 28, 2019
 
November 30, 2018
Cash and cash equivalents
$
4,131,932

 
$
5,145,886

Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations
728,406

 
673,141

Total cash, cash equivalents and restricted cash
$
4,860,338

 
$
5,819,027

See accompanying notes to consolidated financial statements.

7

Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Index
Note
Page

8

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JEFFERIES GROUP LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)

Note 1. Organization and Basis of Presentation
Organization
Jefferies Group LLC is the largest independent U.S.-headquartered global full service, integrated securities and investment banking firm. The accompanying Consolidated Financial Statements represent the accounts of Jefferies Group LLC and all our subsidiaries (together “we” or “us”). The subsidiaries of Jefferies Group LLC include Jefferies LLC, Jefferies International Limited, Jefferies Hong Kong Limited, Jefferies Financial Services, Inc., Jefferies Funding LLC, Jefferies Leveraged Credit Products, LLC and all other entities in which we have a controlling financial interest or are the primary beneficiary.
Jefferies Group LLC is a direct wholly owned subsidiary of publicly traded Jefferies Financial Group Inc. (“Jefferies”). Jefferies does not guarantee any of our outstanding debt securities. Jefferies Group LLC is a Securities and Exchange Commission (“SEC”) reporting company, filing annual, quarterly and periodic financial reports. Richard Handler, our Chief Executive Officer and Chairman, is the Chief Executive Officer of Jefferies, as well as a Director of Jefferies. Brian P. Friedman, our Chairman of the Executive Committee, is Jefferies’ President and a Director of Jefferies.
In connection with the acquisition of Jefferies Bache from Prudential on July 1, 2011, we acquired a defined benefits pension plan located in Germany (the “German Pension Plan”) for the benefit of eligible employees of Jefferies Bache in that territory. On December 28, 2017, a Liquidation Insurance Contract was entered into between Jefferies Bache Limited and Generali Lebensversicherung AG (“Generali“) to transfer the defined benefit pension obligations and insurance contracts to Generali, for
approximately 6.5 million, which was paid in January 2018 and released us from any and all obligations under the German Pension Plan. This transaction was completed in the first quarter of 2018. In addition, on December 28, 2017, we entered into an agreement with Prudential under which we received $3.25 million as consideration for the release of Prudential by us from their indemnity relating to the German Pension Plan defined benefit pension obligations.
On October 1, 2018, Jefferies transferred its 50% interest in Berkadia Commercial Mortgage Holding LLC (“Berkadia”) and investments in certain separately managed accounts and funds to us. On November 1, 2018, we purchased Leucadia Investment Management Limited, an investment advisory company, from Leucadia Asset Management Holding LLC, a subsidiary of Jefferies. These transfers were accomplished as capital contributions from Jefferies of approximately $598.2 million and total cash payments of $76.0 million to Jefferies during the fourth quarter of 2018. In connection with these transfers, related deferred tax liabilities of approximately $50.9 million were transferred to us, for which Jefferies has indemnified us.
We operate in two reportable business segments, Capital Markets and Asset Management. For further information on our reportable business segments, refer to Note 18, Segment Reporting.
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended November 30, 2018. Certain footnote disclosures included in our Annual Report on Form 10-K for the year ended November 30, 2018 have been condensed or omitted from the consolidated financial statements as they are not required for interim reporting under U.S. GAAP. The Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results presented in the Consolidated Financial Statements for interim periods are not necessarily indicative of the results for the entire year.
We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, goodwill and intangible assets, the ability to realize certain deferred tax assets and the recognition and measurement of uncertain tax positions. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.

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JEFFERIES GROUP LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)

Consolidation
Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that meet the definition of a variable interest entity (“VIE”) for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly owned, the third party’s holding of equity interest is presented as Noncontrolling interests in our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings (loss) attributable to noncontrolling interests in our Consolidated Statements of Earnings.
In situations in which we have significant influence, but not control, of an entity that does not qualify as a VIE, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under U.S. GAAP, with our portion of net earnings or gains and losses recorded in Other revenues or Principal transactions revenues, respectively. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. We act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or “kick-out” rights.
Intercompany accounts and transactions are eliminated in consolidation.

Note 2. Summary of Significant Accounting Policies
For a detailed discussion about the Company’s significant accounting policies, see Note 2, Summary of Significant Accounting Policies, in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2018.

Note 3. Accounting Developments
Accounting Standards to be Adopted in Future Periods
Consolidation. In October 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-17, Consolidation: Targeted Improvements to Related Party Guidance for Variable Interest Entities. The guidance requires indirect interests held through related parties under common control arrangements be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements.
Internal-Use Software. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. The guidance amends the definition of a hosting arrangement and requires that the customer in a hosting arrangement that is a service contract capitalize certain implementation costs as if the arrangement was an internal-use software project. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements.
Defined Benefit Plans. In August 2018, the FASB issued ASU No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General: Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. The objective of the guidance is to improve the effectiveness of disclosure requirements on defined benefit pension plans and other postretirement plans. The guidance is effective in the first quarter of fiscal 2021. We do not believe the new guidance will have a material impact on our consolidated financial statements.
Derivatives and Hedging. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The objective of the guidance is to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. The guidance is effective in the first quarter of fiscal 2020. We do not believe the new guidance will have a material impact on our consolidated financial statements.

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JEFFERIES GROUP LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)

Goodwill. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies goodwill impairment testing. The guidance is effective in the first quarter of fiscal 2021. We do not believe the new guidance will have a material impact on our consolidated financial statements.
Financial Instruments—Credit Losses. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. The guidance provides for estimating credit losses on certain types of financial instruments by introducing an approach based on expected losses. The guidance is effective in the first quarter of fiscal 2021. We are currently evaluating the impact of the new guidance on our consolidated financial statements.
Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). The guidance affects the accounting for leases and provides for a lessee model that brings substantially all leases that are longer than one year onto the balance sheet, which will result in the recognition of a right of use asset and a corresponding lease liability. The right of use asset and lease liability will be measured initially using the present value of the remaining rental payments. A significant portion of the population of contracts that will be subject to recognition on our Consolidated Statements of Financial Condition have been identified; however, their initial measurement still remains under evaluation. We are currently modifying our lease accounting systems to enable us to comply with the accounting requirements of this guidance. In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements. The guidance allows an entity to recognize a cumulative-effect adjustment to the opening balance of retained earnings upon adoption of ASU 2016-02. We plan on adopting both lease ASUs in the first quarter of fiscal 2020 with a cumulative-effect adjustment to opening member’s equity in the period of adoption. We are currently evaluating the impact of the new guidance on our consolidated financial statements.



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JEFFERIES GROUP LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)

Note 4. Fair Value Disclosures
The following is a summary of our financial assets and liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on net asset value (“NAV”) of $557.8 million and $322.9 million at February 28, 2019 and November 30, 2018, respectively, by level within the fair value hierarchy (in thousands):
 
February 28, 2019
 
Level 1
 
Level 2
 
Level 3
 
Counterparty and
Cash Collateral
Netting (1)
 
Total
Assets:
 
 
 
 
 
 
 
 
 
Financial instruments owned:
 
 
 
 
 
 
 
 
 
Corporate equity securities
$
2,250,523

 
$
132,546

 
$
54,766

 
$

 
$
2,437,835