Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
May 31, 2016 |
May 31, 2015 |
| Cash flows from operating activities: |
|
|
| Net earnings (loss) |
$ (112,827)
|
$ 72,735
|
| Adjustments to reconcile net earnings (loss) to net cash used in operating activities: |
|
|
| Depreciation and amortization |
(2,945)
|
6,144
|
| (Income) loss on loans to and investments in related parties |
31,252
|
(49,146)
|
| Distributions received on investments in related parties |
8,108
|
58,408
|
| Other adjustments |
17,085
|
(74,394)
|
| Net change in assets and liabilities: |
|
|
| Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations |
(85,446)
|
1,046,324
|
| Receivables: |
|
|
| Brokers, dealers and clearing organizations |
(339,496)
|
(322,270)
|
| Customers |
94,471
|
33,933
|
| Fees, interest and other |
(89,147)
|
(140,263)
|
| Securities borrowed |
(604,046)
|
(988,097)
|
| Financial instruments owned |
1,388,017
|
(228,076)
|
| Investments in managed funds |
(124,398)
|
16,525
|
| Securities purchased under agreements to resell |
612,660
|
137,998
|
| Other assets |
(346,691)
|
(58,691)
|
| Payables: |
|
|
| Brokers, dealers and clearing organizations |
(246,180)
|
(728,172)
|
| Customers |
(367,505)
|
(1,785,772)
|
| Securities loaned |
(28,625)
|
1,098,339
|
| Financial instruments sold, not yet purchased |
1,201,318
|
325,114
|
| Securities sold under agreements to repurchase |
(1,531,853)
|
463,962
|
| Accrued expenses and other liabilities |
82,055
|
(144,355)
|
| Net cash used in operating activities |
(444,193)
|
(1,259,754)
|
| Cash flows from investing activities: |
|
|
| Contributions to loans to and investments in related parties |
(163,560)
|
(916,094)
|
| Distributions from loans to and investments in related parties |
313,411
|
934,313
|
| Net payments on premises and equipment |
(35,181)
|
(32,433)
|
| Payment on purchase of aircraft |
(27,500)
|
0
|
| Deconsolidation of asset management entity |
(39)
|
0
|
| Cash received from contingent consideration |
826
|
1,706
|
| Net cash provided by (used in) investing activities |
87,957
|
(12,508)
|
| Cash flows from financing activities: |
|
|
| Excess tax benefits from the issuance of share-based awards |
277
|
423
|
| Proceeds from short-term borrowings |
4,840,438
|
9,700,000
|
| Payments on short-term borrowings |
(4,753,891)
|
(9,350,000)
|
| Proceeds from secured credit facility |
0
|
903,000
|
| Payments on secured credit facility |
0
|
(873,000)
|
| Net proceeds from (payments on) other secured financings |
(122,789)
|
103,743
|
| Net proceeds from issuance of long-term debt, net of issuance costs |
127,941
|
0
|
| Repayment of long-term debt |
(350,600)
|
0
|
| Net change in bank overdrafts |
(54,508)
|
0
|
| Net proceeds from noncontrolling interests |
3,937
|
0
|
| Net cash provided by (used in) financing activities |
(309,195)
|
484,166
|
| Effect of exchange rate changes on cash and cash equivalents |
(5,903)
|
(3,114)
|
| Net decrease in cash and cash equivalents |
(671,334)
|
(791,210)
|
| Cash and cash equivalents at beginning of period |
3,510,163
|
4,079,968
|
| Cash and cash equivalents at end of period |
2,838,829
|
3,288,758
|
| Cash paid (received) during the period for: |
|
|
| Interest |
422,558
|
396,667
|
| Income taxes, net |
$ (7,596)
|
$ 1,425
|