Long-Term Debt
 6 Months Ended
May 31, 2016
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt
The following summarizes our long-term debt carrying values (including unamortized discounts and premiums and valuation adjustment, where applicable) at May 31, 2016 and November 30, 2015 (in thousands):
 
May 31, 
 2016
 
November 30, 2015
Unsecured long-term debt
 
 
 
5.5% Senior Notes, due March 15, 2016 (effective interest rate of 2.52%)
$
—

 
$
353,025

5.125% Senior Notes, due April 13, 2018 (effective interest rate of 3.46%)
824,109

 
830,298

8.5% Senior Notes, due July 15, 2019 (effective interest rate of 4.00%)
792,385

 
806,125

2.375% Euro Medium Term Notes, due May 20, 2020 (effective rate of 2.42%)
554,219

 
526,436

6.875% Senior Notes, due April 15, 2021 (effective interest rate of 4.40%)
831,363

 
838,765

2.25% Euro Medium Term Notes, due July 13, 2022 (effective rate of 4.08%)
4,007

 
3,779

5.125% Senior Notes, due January 20, 2023 (effective interest rate of 4.55%)
619,637

 
620,890

6.45% Senior Debentures, due June 8, 2027 (effective interest rate of 5.46%)
378,771

 
379,711

3.875% Convertible Senior Debentures, due November 1, 2029 (effective interest rate of 3.50%) (1)
346,814

 
347,307

6.25% Senior Debentures, due January 15, 2036 (effective interest rate of 6.03%)
512,566

 
512,730

6.50% Senior Notes, due January 20, 2043 (effective interest rate of 6.09%)
421,497

 
421,656

Floating Rate Puttable Notes, due May 4, 2018
6,644

 
—

Fixed to Floating Rate Structured Notes, due February 26, 2019
10,859

 
—

Fixed to Floating Rate Structured Notes, due May 6, 2026
4,978

 
—

Fixed Rate Step-Up Callable Notes, due May 26, 2026
47,055

 
—

Variable Rate Structured Notes, due February 18, 2028
30,101

 
—

Total unsecured long-term debt
5,385,005

 
5,640,722

Secured long-term debt
 
 
 
Class A Notes, due 2022 (effective interest rate of 6.75%)
14,382

 
—

Class B Notes, due 2022 (effective interest rate of 13.45%)
7,237

 
—

Total secured long-term debt
21,619

 
—

Total long-term debt
$
5,406,624

 
$
5,640,722

(1)
The change in fair value of the conversion feature, which is included within Principal transaction revenues in the Consolidated Statements of Earnings, was not material for the three and six months ended May 31, 2016 and 2015.
We issued the following notes during the six months ended May 31, 2016:
 
Issued
 
Principal
 
Maturity
Variable Rate Structured Notes (1) (2)
February 18, 2016
 
€30.0 million
 
February 18, 2028
Fixed to Floating Rate Structured Notes (1) (2)
February 26, 2016
 
€10.0 million
 
February 26, 2019
Floating Rate Puttable Notes (2)
May 4, 2016
 
€6.0 million
 
May 4, 2018
Fixed to Floating Rate Structured Notes (1) (2)
May 6, 2016
 
€5.0 million
 
May 6, 2026
Fixed Rate Step-Up Callable Notes (1)
May 26, 2016
 
$50.0 million
 
May 26, 2026
(1)
These notes are carried at fair value with changes in fair value resulting from a change in the instrument-specific credit risk presented in other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transaction revenues and contain various interest rate payment terms.
(2)
Issued under our $2.0 billion Euro Medium Term Note Program.
In addition, on January 21, 2016, we issued $15.0 million of Class A Notes, due 2022, which bear interest at 6.75% per annum and $7.5 million of Class B Notes, due 2022, which bear interest at 13.45% per annum, secured by aircraft and related operating leases and which are non-recourse to us. In June 2016, the Class A Notes, due 2022, and the Class B Notes, due 2022, were repurchased and retired.
Our 3.875% convertible debentures due 2029 (principal amount of $345.0 million) (the “debentures”) remain issued and outstanding and are convertible into common shares of Leucadia. At June 9, 2016, each $1,000 debenture is currently convertible into 22.6288 shares of Leucadia’s common stock (equivalent to a conversion price of approximately $44.19 per share of Leucadia’s common stock). The debentures are convertible at the holders’ option any time beginning on August 1, 2029 and convertible at any time if: 1) Leucadia’s common stock price is greater than or equal to 130% of the conversion price for at least 20 trading days in a period of 30 consecutive trading days; 2) if the trading price per debenture is less than 95% of the price of the common stock times the conversion ratio for any 10 consecutive trading days; 3) if the debentures are called for redemption; or 4) upon the occurrence of specific corporate actions. The debentures may be redeemed for par, plus accrued interest, on or after November 1, 2012 if the price of Leucadia’s common stock is greater than 130% of the conversion price for at least 20 days in a period of 30 consecutive trading days and we may redeem the debentures for par, plus accrued interest, at our election any time on or after November 1, 2017. Holders may require us to repurchase the debentures for par, plus accrued interest, on November 1, 2017, 2019 and 2024. In addition to ordinary interest, commencing November 1, 2017, contingent interest will accrue at 0.375% if the average trading price of a debenture for five trading days ending on and including the third trading day immediately preceding a six-month interest period equals or exceed $1,200 per $1,000 debenture. At March 1, 2013, the conversion option to Leucadia common shares embedded within the debentures meets the definition of a derivative contract, does not qualify to be accounted for within member’s equity and is not clearly and closely related to the economic interest rate or credit risk characteristics of our debt. Accordingly, the conversion option is accounted for on a standalone basis at fair value with changes in fair value recognized in Principal transaction revenues and is presented within Long-term debt in the Consolidated Statements of Financial Condition. At May 31, 2016 and November 30, 2015, the fair value of the conversion option was not material.