Derivative Financial Instruments (Tables)
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9 Months Ended |
Aug. 31, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Fair Value and Related Number of Derivative Contracts Categorized by Type of Derivative Contract |
| | | | | | | | | | | | | | | | | August 31, 2026 (1) | | | Assets | Liabilities | | | $ in thousands | Fair Value | Number of Contracts (2) | Fair Value | Number of Contracts (2) | | | Derivatives designated as accounting hedges: | | | | | | | Interest rate contracts: | | | | | | | Cleared OTC | $ | — | | — | | $ | 910 | | 3 | | | | Bilateral OTC | 346 | | 1 | | — | | — | | | | Foreign exchange contracts: | | | | | | | Bilateral OTC | 1,069 | | 1 | | 43,625 | | 17 | | | | Total derivatives designated as accounting hedges | 1,415 | | | 44,535 | | | | | Derivatives not designated as accounting hedges: | | | | | | | Interest rate contracts: | | | | | | | Exchange-traded | 876 | | 4,273 | | 233 | | 15,193 | | | | Cleared OTC | 1,073,315 | | 9,404 | | 1,059,366 | | 9,147 | | | | Bilateral OTC | 267,397 | | 745 | | 800,746 | | 1,533 | | | | Foreign exchange contracts: | | | | | | | Exchange-traded | 885 | | 627 | | 641 | | 1,879 | | | | | | | | | | Bilateral OTC | 155,131 | | 32,332 | | 109,282 | | 11,914 | | | | Equity contracts: | | | | | | | Exchange-traded | 1,438,125 | | 2,277,967 | | 1,209,793 | | 1,411,012 | | | | | | | | | | Bilateral OTC | 2,044,367 | | 33,276 | | 2,313,733 | | 32,037 | | | | Commodity contracts: | | | | | | | Exchange-traded | 247 | | 640 | | 578 | | 377 | | | | | | | | | | Bilateral OTC | 6,620 | | 12,125 | | 2,044 | | 5,597 | | | | Credit contracts: | | | | | | | | | | | | | Cleared OTC | 8,197 | | 89 | | 10,420 | | 35 | | | | Bilateral OTC | 28,223 | | 16 | | 7,193 | | 25 | | | | Total derivatives not designated as accounting hedges | 5,023,383 | | | 5,514,029 | | | | | Total gross derivative assets/liabilities: | | | | | | | Exchange-traded | 1,440,133 | | | 1,211,245 | | | | | Cleared OTC | 1,081,512 | | | 1,070,696 | | | | | Bilateral OTC | 2,503,153 | | | 3,276,623 | | | | | Amounts offset in our Consolidated Statements of Financial Condition (3): | | | | | | | Exchange-traded | (878,475) | | | (878,475) | | | | | Cleared OTC | (1,067,959) | | | (1,070,696) | | | | | Bilateral OTC | (2,129,081) | | | (2,366,966) | | | | | Net amounts per Consolidated Statements of Financial Condition (4) | $ | 949,283 | | | $ | 1,242,427 | | | |
(1)Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2)The number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations. (3)Amounts netted include both netting by counterparty and for cash collateral paid or received. (4)We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition.
| | | | | | | | | | | | | | | | | November 30, 2025 (1) | | | Assets | Liabilities | | | $ in thousands | Fair Value | Number of Contracts (2) | Fair Value | Number of Contracts (2) | | | Derivatives designated as accounting hedges: | | | | | | | Interest rate contracts: | | | | | | | Cleared OTC | $ | — | | — | | $ | 2,519 | | 4 | | | | Foreign exchange contracts: | | | | | | | Bilateral OTC | 40,444 | | 7 | | 574 | | 2 | | | | Total derivatives designated as accounting hedges | 40,444 | | | 3,093 | | | | | Derivatives not designated as accounting hedges: | | | | | | | Interest rate contracts: | | | | | | | Exchange-traded | 232 | | 33,107 | | 24 | | 36,811 | | | | Cleared OTC | 806,009 | | 8,148 | | 804,799 | | 8,325 | | | | Bilateral OTC | 285,053 | | 1,576 | | 614,104 | | 823 | | | | Foreign exchange contracts: | | | | | | | | | | | | | | | | | | | Bilateral OTC | 115,068 | | 34,418 | | 103,297 | | 12,028 | | | | Equity contracts: | | | | | | | Exchange-traded | 2,776,601 | | 3,275,468 | | 2,156,730 | | 2,298,561 | | | | Bilateral OTC | 1,367,089 | | 57,254 | | 1,670,215 | | 36,481 | | | | Commodity contracts: | | | | | | | Exchange-traded | 452 | | 627 | | 73 | | 668 | | | | Bilateral OTC | 6,381 | | 18,497 | | 7,293 | | 15,417 | | | | Credit contracts: | | | | | | | Cleared OTC | 10,960 | | 58 | | 17,120 | | 13 | | | | Bilateral OTC | 121,557 | | 17 | | 98,456 | | 15 | | | | Total derivatives not designated as accounting hedges | 5,489,402 | | | 5,472,111 | | | | | Total gross derivative assets/liabilities: | | | | | | | Exchange-traded | 2,777,285 | | | 2,156,827 | | | | | Cleared OTC | 816,969 | | | 824,438 | | | | | Bilateral OTC | 1,935,592 | | | 2,493,939 | | | | | Amounts offset in our Consolidated Statements of Financial Condition (3): | | | | | | | Exchange-traded | (1,600,969) | | | (1,600,969) | | | | | Cleared OTC | (815,810) | | | (819,548) | | | | | Bilateral OTC | (1,288,985) | | | (1,564,670) | | | | | Net amounts per Consolidated Statements of Financial Condition (4) | $ | 1,824,082 | | | $ | 1,490,017 | | | |
(1)Exchange-traded derivatives include derivatives executed on an organized exchange. Cleared OTC derivatives include derivatives executed bilaterally and subsequently novated to and cleared through central clearing counterparties. Bilateral OTC derivatives include derivatives executed and settled bilaterally without the use of an organized exchange or central clearing counterparty. (2)The number of exchange-traded contracts may include open futures contracts. The unsettled fair value of these futures contracts is included in Receivables from/Payables to brokers, dealers and clearing organizations. (3)Amounts netted include both netting by counterparty and for cash collateral paid or received. (4)We have not received or pledged additional collateral under master netting agreements and/or other credit support agreements that is eligible to be offset beyond what has been offset in our Consolidated Statements of Financial Condition. |
| Schedule of Unrealized and Realized Gains (Losses) on Derivative Contracts |
Gains (losses) recognized in Interest expense related to fair value hedges: | | | | | | | | | | | | | | | | $ in thousands | Three Months Ended August 31, | Nine Months Ended August 31, | | Gains (Losses) | 2026 | 2025 | 2026 | 2025 | | Interest rate swaps (1) | $ | (15,702) | | $ | 8,902 | | $ | (43,986) | | $ | 2,859 | | | Long-term debt | 5,672 | | (21,388) | | 14,153 | | (40,047) | | | Total | $ | (10,030) | | $ | (12,486) | | $ | (29,833) | | $ | (37,188) | |
(1)Includes net settlements of $9.7 million and $28.9 million for the three and nine months ended August 31, 2026, respectively, and $12.3 million and $36.4 million for the three and nine months ended August 31, 2025, respectively. Gains (losses) on our net investment hedges recognized in Currency translation and other adjustments, a component of OCI, in our Consolidated Statements of Comprehensive Income: | | | | | | | | | | | | | | | | $ in thousands | Three Months Ended August 31, | Nine Months Ended August 31, | | Gains (Losses) | 2026 | 2025 | 2026 | 2025 | | Foreign exchange contracts | $ | (12,988) | | $ | (3,238) | | $ | (20,519) | | $ | (77,370) | | | Total | $ | (12,988) | | $ | (3,238) | | $ | (20,519) | | $ | (77,370) | |
Unrealized and realized gains (losses) on derivative contracts recognized primarily in Principal transactions revenues, which are utilized in connection with our client activities and our economic risk management activities: | | | | | | | | | | | | | | | | $ in thousands | Three Months Ended August 31, | Nine Months Ended August 31, | | Gains (Losses) | 2026 | 2025 | 2026 | 2025 | | Interest rate contracts | $ | (53,618) | | $ | 242 | | $ | (133,707) | | $ | (30,970) | | | Foreign exchange contracts | 11,928 | | (15,402) | | 13,377 | | 1,309 | | | Equity contracts | 1,002,699 | | 444,317 | | 662,026 | | 1,762,483 | | | Commodity contracts | 9,626 | | 3,476 | | 28,504 | | 16,932 | | | Credit contracts | (59) | | (9,105) | | (11,773) | | (7,401) | | | Total | $ | 970,576 | | $ | 423,528 | | $ | 558,427 | | $ | 1,742,353 | |
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| Schedule of Accumulated Other Comprehensive Income (Loss) |
Gains (losses) on our cash flow hedge recognized as a component of Other comprehensive income (loss) (“OCI”), in our Consolidated Statements of Comprehensive Income: | | | | | | | | | | | | | | | | $ in thousands | Three Months Ended August 31, | Nine Months Ended August 31, | | Gains (Losses) | 2026 | 2025 | 2026 | 2025 | | Interest rate contracts | | | | | | Recognized in OCI | $ | 600 | | $ | — | | $ | 346 | | $ | — | | | | | | | | Net change included within AOCI | $ | 600 | | $ | — | | $ | 346 | | $ | — | |
Accumulated Other Comprehensive Income (Loss) | | | | | | | | | | | $ in thousands | August 31,
2026 | November 30,
2025 | | | Net unrealized losses on available-for-sale securities | $ | 298 | | $ | (1,796) | | | | Net currency translation adjustments and other | (143,336) | | (145,280) | | | | Net unrealized losses related to instrument-specific credit risk | (182,717) | | (200,688) | | | | Net cash flow hedges | 263 | | — | | | | Net minimum pension liability | (36,430) | | (36,670) | | | | Total accumulated other comprehensive loss, net of tax | $ | (361,922) | | $ | (384,434) | | |
Amounts reclassified out of accumulated other comprehensive income (loss) to net earnings: | | | | | | | | | | | | | | | | | | | | | Three Months Ended
August 31, | Nine Months Ended
August 31, | | | | $ in thousands | 2026 | 2025 | 2026 | 2025 | | | | Net unrealized gains on instrument-specific credit risk at fair value (1) | $ | 3,135 | | $ | 2,304 | | $ | 8,925 | | $ | 9,962 | | | | | | | | | | | | Amortization of defined benefit pension plan actuarial losses (2) | (155) | | (124) | | (466) | | (950) | | | | | Total reclassifications for the period, net of tax | $ | 2,980 | | $ | 2,180 | | $ | 8,459 | | $ | 9,012 | | | |
(1)The amounts include income tax expense of $1.0 million and $2.8 million for the three and nine months ended August 31, 2026, respectively, compared with income tax expense of $0.8 million and $3.4 million for the three and nine months ended August 31, 2025, respectively, which were reclassified to Principal transactions revenues. (2)The amount includes income tax benefit of $0.1 million for the nine months ended August 31, 2026, compared with an income tax benefit of $0.3 million for nine months ended August 31, 2025, which were reclassified to Compensation and benefits expenses.
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| Schedule of Remaining Contract Maturity of Fair Value of OTC Derivative Assets and Liabilities |
Remaining contract maturities at August 31, 2026: | | | | | | | | | | | | | | | | | | | OTC Derivative Assets (1) (2) (3) | | $ in thousands | 0 – 12 Months | 1 – 5
Years | Greater
Than 5 Years | Cross-Maturity
Netting (4) | Total | | Commodity swaps, options and forwards | $ | 6,619 | | $ | — | | $ | — | | $ | — | | $ | 6,619 | | | Equity options and forwards | 61,747 | | 248,300 | | — | | — | | 310,047 | | | Credit default swaps | — | | 26,483 | | — | | — | | 26,483 | | | Total return swaps | 286,327 | | 174,318 | | — | | (80,225) | | 380,420 | | | Foreign currency forwards, swaps and options | 98,927 | | 335 | | — | | (126) | | 99,136 | | | | | | | | | Interest rate swaps, options and forwards | 45,145 | | 158,279 | | 27,964 | | (35,655) | | 195,733 | | | Total | $ | 498,765 | | $ | 607,715 | | $ | 27,964 | | $ | (116,006) | | 1,018,438 | | | Cross-product counterparty netting | | | | | (61,347) | | | Total OTC derivative assets included in Financial instruments owned | | | | | $ | 957,091 | |
| | | | | | | | | | | | | | | | | | | OTC Derivative Liabilities (1) (2) (3) | | $ in thousands | 0 – 12 Months | 1 – 5 Years | Greater Than 5 Years | Cross-Maturity Netting (4) | Total | | Commodity swaps, options and forwards | $ | 2,043 | | $ | — | | $ | — | | $ | — | | $ | 2,043 | | | Equity options and forwards | 176,494 | | 204,010 | | 11,965 | | — | | 392,469 | | | Credit default swaps | 41 | | 3,408 | | — | | — | | 3,449 | | | Total return swaps | 259,892 | | 388,799 | | 5 | | (80,225) | | 568,471 | | | Foreign currency forwards, swaps and options | 89,653 | | 6,314 | | — | | (126) | | 95,841 | | | Fixed income forwards | 6,935 | | — | | — | | — | | 6,935 | | | Interest rate swaps, options and forwards | 45,246 | | 173,263 | | 529,029 | | (35,655) | | 711,883 | | | Total | $ | 580,304 | | $ | 775,794 | | $ | 540,999 | | $ | (116,006) | | 1,781,091 | | | Cross-product counterparty netting | | | | | (61,347) | | | Total OTC derivative liabilities included in Financial instruments sold, not yet purchased | | | | | $ | 1,719,744 | |
(1)At August 31, 2026, we held net exchange-traded derivative assets and liabilities with a fair value of $561.7 million and $332.8 million, respectively, which are not included in these tables. (2)OTC derivative assets and liabilities in the tables above are gross of collateral pledged. OTC derivative assets and liabilities are recorded net of collateral pledged in our Consolidated Statements of Financial Condition. At August 31, 2026, cash collateral received and pledged was $569.5 million and $810.1 million, respectively. (3)Derivative fair values include counterparty netting within product category. (4)Amounts represent the netting of receivable balances with payable balances for the same counterparty within product category across maturity categories.
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| Schedule of Fair Value of OTC Derivatives Assets |
OTC derivative assets at August 31, 2026: | | | | | | | Counterparty credit quality (1): | $ in thousands | | A- or higher | $ | 294,515 | | | BBB- to BBB+ | 74,645 | | | BB+ or lower | 330,152 | | | Unrated | 257,779 | | | Total | $ | 957,091 | |
(1)We utilize internal credit ratings determined by our Risk Management department. Credit ratings determined by Risk Management use methodologies that produce ratings generally consistent with those produced by external rating agencies.
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| Schedule of Credit Related Derivative Contracts |
External credit ratings of the underlyings or referenced assets for our written credit related derivative contracts: | | | | | | | | | | | | | | August 31, 2026 | | External Credit Rating | | | | $ in millions | Investment Grade | Non-investment Grade | | Total Notional | | Credit protection sold: | | | | | | Index credit default swaps | $ | 422.4 | | $ | 744.6 | | | $ | 1,167.0 | | | | | | | | | | | |
| | | | | | | | | | | | | | November 30, 2025 | | External Credit Rating | | | | $ in millions | Investment Grade | Non-investment Grade | | Total Notional | | Credit protection sold: | | | | | | Index credit default swaps | $ | 51.4 | | $ | 873.2 | | | $ | 924.6 | | | | | | |
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| Schedule of Derivative Instruments with Contingent Features |
The following table presents the aggregate fair value of all derivative instruments with such credit-risk-related contingent features that are in a net liability position, the collateral amounts we have posted or received in the normal course of business and the potential collateral we could have been required to return and/or post additionally to our counterparties if the credit-risk-related contingent features underlying these agreements were triggered: | | | | | | | | | | $ in millions | August 31, 2026 | November 30, 2025 | | Derivative instrument liabilities with credit-risk-related contingent features | $ | 231.2 | | $ | 107.3 | | | Collateral posted | (44.2) | | (70.0) | | | Collateral received | 176.6 | | 343.3 | | | Return of and additional collateral required in the event of a credit rating downgrade below investment grade (1) | 363.5 | | 380.5 | |
(1)These potential outflows include initial margin received from counterparties at the execution of the derivative contract. The initial margin will be returned if counterparties elect to terminate the contract after a downgrade.
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