Segment Information
 6 Months Ended
May 31, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
We are engaged in investment banking and capital markets, and asset management. We also own a legacy portfolio of businesses and investments that we historically denominated as our "Merchant Banking" business.
On December 1, 2021, we made a $477 million contribution of net assets, including both Merchant Banking and Asset Management investments, to Jefferies Group. The transferred Merchant Banking investments are now being managed by a different management team, while the Asset Management investments continue to be managed by the co-Presidents of Asset Management who oversee all asset management activities across the Company. As a result, we transferred $194 million of net assets out of our Merchant Banking segment: $139 million of these net assets, including $48 million of net assets relating to Foursight, were transferred into our Investment Banking and Capital Markets segment; the remaining $55 million of net assets transferred are now managed by the co-Presidents of Asset Management and are included in our Asset Management segment. Prior year amounts have been reclassified to conform to current segment reporting.
The Investment Banking and Capital Markets reportable segment includes investment banking, capital markets and other related services. Investment banking provides underwriting and financial advisory services to clients across most industry sectors in the Americas, Europe, the Middle East and Africa, and Asia Pacific. Capital markets businesses operate across the spectrum of equities and fixed income products.
Within Asset Management, we manage, invest in and provide services to a diverse group of alternative asset management platforms across a spectrum of investment strategies and asset classes. Asset Management offers institutional clients an innovative range of investment strategies through its affiliated managers.
Our Merchant Banking reportable segment consists of our various merchant banking businesses and investments, primarily including Linkem, Vitesse Energy and JETX Energy, real estate, Idaho Timber and FXCM.
Corporate assets primarily consist of cash and cash equivalents. Corporate revenues primarily include interest income.
Certain information concerning our segments is presented in the following tables (in thousands):

For the Three Months Ended May 31,For the Six Months Ended May 31,
 2022202120222021
Net revenues:
Reportable Segments:
Investment Banking and Capital Markets$1,098,378 $1,598,862 $2,580,196 $3,586,358 
Asset Management31,147 50,675 91,103 279,877 
Merchant Banking 238,255 296,815 427,790 563,819 
Corporate1,818 724 2,564 1,314 
Total net revenues related to reportable segments1,369,598 1,947,076 3,101,653 4,431,368 
Reconciling items - Consolidation adjustments(516)3,431 (656)6,081 
Total consolidated revenues$1,369,082 $1,950,507 $3,100,997 $4,437,449 
Income (loss) before income taxes:
    
Reportable Segments:    
Investment Banking and Capital Markets$188,063 $435,015 $608,948 $991,246 
Asset Management973 7,148 16,982 191,080 
Merchant Banking (3,628)54,448 (28,035)146,650 
Corporate(10,126)(12,099)(21,890)(32,576)
Income before income taxes related to reportable segments
175,282 484,512 576,005 1,296,400 
Reconciling items - Parent Company interest(8,385)(13,829)(16,776)(27,731)
Reconciling items - Consolidation adjustments(356)3,456 (356)6,255 
Total consolidated income before income taxes$166,541 $474,139 $558,873 $1,274,924 
Depreciation and amortization expenses:    
Reportable Segments:    
Investment Banking and Capital Markets$22,766 $20,805 $46,321 $41,515 
Asset Management467 489 829 968 
Merchant Banking16,655 17,268 38,251 33,982 
Corporate419 878 843 1,742 
Total consolidated depreciation and amortization expenses$40,307 $39,440 $86,244 $78,207 
May 31,
2022		November 30, 2021
Identifiable Assets Employed:
Reportable Segments:
Investment Banking and Capital Markets$49,754,402 $52,903,374 
Asset Management3,461,539 3,205,799 
Merchant Banking2,323,547 2,263,050 
Corporate1,902,875 2,432,927 
Identifiable assets related to reportable segments57,442,363 60,805,150 
Reconciling items - Consolidation adjustments(228,553)(401,040)
Total consolidated assets$57,213,810 $60,404,110 

Interest expense classified as a component of Net revenues relates to Jefferies Group. For the three months ended May 31, 2022 and 2021, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($8.4 million and $13.8 million, respectively) and Merchant Banking ($0.9 million and $0.8 million, respectively). For the six months ended May 31, 2022 and 2021, interest expense classified as a component of Expenses was primarily comprised of parent company interest ($16.8 million and $27.7 million, respectively) and Merchant Banking ($1.6 million and $1.8 million, respectively). Additionally, for the three and six months ended May 31, 2021, interest expense classified as a component of Expenses in the Investment Banking and Capital Markets reportable segment includes $5.3 million and $10.8 million, respectively, related to Foursight.