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Borrowings (Tables)
 9 Months Ended
Aug. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings
$ in thousandsAugust 31,
2024		November 30,
2023
Bank loans$1,118,783 $989,715 
Fixed rate callable note599,751 — 
Total short-term borrowings (1)$1,718,534 $989,715 
(1)Short-term borrowings, which mature in one year or less and are recorded at cost, which is a reasonable approximation of their fair values due to their liquid and short-term nature.
Schedule of Maturities of Long-Term Debt
Long-Term Debt
$ in thousandsMaturity (Fiscal Years)August 31,
2024		November 30,
2023
Parent Co. unsecured borrowings
Fixed rate2024$— $544,222 
202574,924 117,180 
2026871,569 90,315 
2027383,792 526,660 
20281,030,332 1,028,966 
2029 and Later4,698,975 2,715,503 
Variable rate2025— 350,000 
202643,062 42,417 
2027721,781 562,833 
2029 and Later1,346,811 810,761 
Structured notes (1)20245,508 48,002 
2025100,231 40,868 
202666,166 36,178 
202761,794 83,306 
202838,019 19,768 
2029 and Later1,851,173 1,480,321 
Total Parent Co. unsecured borrowings (2)11,294,137 8,497,300 
Subsidiaries secured borrowings
Fixed rate2024200,969 135,202 
202581,264 117,814 
202648,859 23,313 
20277,098 4,412 
202834,923 37,305 
2029 and Later100,858 — 
Variable rate2024— 883,406 
2026856,545 — 
2027263,949 — 
Total Subsidiaries secured borrowings1,594,465 1,201,452 
Subsidiaries unsecured borrowings
Fixed rate20296,662 — 
Variable rate202426,748 — 
Total Subsidiaries unsecured borrowings33,410 — 
Total long-term debt (3)$12,922,012 $9,698,752 
Fair value$13,090,184 $9,572,842 
Weighted-average interest rate (4)5.61 %5.52 %
Interest rate range (4)
0.25% - 7.97%
0.25% - 8.21%
(1)Structured notes have various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from non-credit components recognized in Principal transactions revenues. The structured notes are classified as Level 2 or Level 3 in the fair value hierarchy. All of our long-term debt with exception of certain of the structured notes would be classified as Level 2 in the fair value hierarchy.
(2)Carrying values of certain unsecured borrowings, totaling $2.05 billion and $1.99 billion for August 31, 2024 and November 30, 2023, respectively, include net losses of $62.1 million and net gains of $23.1 million for the nine months ended August 31, 2024 and 2023, respectively, associated with interest rate swaps based on designation as fair value hedges. Refer to Note 7, Derivative Financial Instruments for further information.
(3)Carrying values include unamortized discounts and premiums, valuation adjustments and debt issuance costs. At August 31, 2024 and November 30, 2023, our borrowings under several credit facilities classified within Long-term debt amounted to $788.9 million and $735.2 million, respectively. Interest on these credit facilities is based on an adjusted Secured Overnight Financing Rate (“SOFR”) plus a spread or other adjusted rates, as defined in the various credit agreements. Additionally, certain of our borrowings are under agreements containing covenants that, among other things, require us to maintain specified levels of tangible net worth and liquidity amounts, certain credit and rating levels and impose certain restrictions on future indebtedness of and require specified levels of regulated capital and cash reserves for certain of our subsidiaries. At August 31, 2024, we were in compliance with all covenants under these credit agreements.
(4)Interest rates exclude structured notes and include the effect of the associated derivative instruments used in the hedge accounting relationships.