Item 8.01. Other Events.
Jefferies Financial Group Inc. ("we" "our" or the "Company") is filing this Current Report on Form 8-K to retrospectively revise certain financial information and related disclosures included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2019 ("2019 10-K"), which was filed with the Securities and Exchange Commission on January 29, 2020, to conform with the segment reporting change described below.
As disclosed in the Company’s Quarterly Report on Form 10-Q for the quarter ended February 29, 2020 ("February 29, 2020 10-Q"), during the three months ended February 29, 2020, we changed our internal structure with regard to our operating segments. Previously, our segments consisted of: 1) Investment Banking, Capital Markets and Asset Management, which included all of the financial results of Jefferies Group, LLC; 2) Merchant Banking; and 3) Corporate. In the first quarter of 2020, we appointed co-Presidents of Asset Management and created a separate operating segment that consists of the asset management activity previously included in our Investment Banking, Capital Markets and Asset Management segment, together with asset management activity previously included in our Merchant Banking segment.
To reflect the change in segment reporting, the following Items of the 2019 10-K have been revised retrospectively (which Items as revised are presented in Exhibit 99.1 hereto and incorporated by reference herein):
• Part I Item 1. Business
• Part II Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
• Part II Item 7A. Quantitative and Qualitative Disclosures About Market Risk
• Part II Item 8. Financial Statements and Supplementary Data
• Part IV Item 15 (a) (1) Financial Statements
The segment presentation in these retrospectively revised Items of the 2019 10-K is consistent with the segment presentation set forth in the financial information and related disclosures included in the February 29, 2020 10-Q, which was filed with the Securities and Exchange Commission on April 8, 2020. The recast consolidated financial statements presented in Exhibit 99.1 do not represent a restatement of previously issued financial statements.
This Current Report does not reflect changes, activities or events occurring subsequent to the original filing date of the 2019 10-K and does not modify or update the disclosures therein in any way, other than as required to retrospectively reflect the change in segment reporting as described above. All other information in the 2019 10-K remains unchanged. The information in this Current Report, including Exhibit 99.1, should be read in conjunction with the 2019 10-K. Accordingly, references in Exhibit 99.1 to “this Annual Report on Form 10-K” are to the 2019 10-K, as retrospectively revised by the information in Exhibit 99.1.
For information on developments since the filing of the 2019 10-K, please refer to the Company’s filings with the Securities and Exchange Commission subsequent to January 29, 2020.