Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Nov. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Resulting from Leucadia Transaction Attributable to Reportable Segments and Summary of Changes to Goodwill

Goodwill attributed to our reportable segments are as follows (in thousands):

	November 30,
	2016		2015
Capital Markets (1)	$	1,637,653	$	1,653,588
Asset Management (1)	3,000		3,000
Total goodwill	$	1,640,653	$	1,656,588

(1) Accumulated goodwill impairments related to the Capital Markets segment were $51.9 million at December 1, 2016 and 2015, and goodwill prior to these impairments was $1,689.6 million and $1,705.5 million at December 1, 2016 and 2015, respectively. Accumulated goodwill impairments related to the Asset Management segment were $2.1 million at December 1, 2016 and 2015, and goodwill prior to these impairments was $5.1 million at both December 1, 2016 and 2015.

The following table is a summary of the changes to goodwill (in thousands):

	Year Ended November 30,
	2016			2015
Balance, at beginning of period	$	1,656,588		$	1,662,636
Purchase accounting adjustments (1)	—			(1,959		)
Translation adjustments	(15,935		)	(4,089		)
Balance, at end of period	$	1,640,653		$	1,656,588

(1) During the year ended November 30, 2015, we made correcting adjustments to decrease goodwill by $2.0 million. Goodwill had been overstated in the historical financial statements since we became an indirect wholly owned subsidiary of Leucadia on March 1, 2013. Financial instruments owned and Accrued expenses and other liabilities had been understated, while the net deferred tax asset and net income tax receivable, both of which are presented within Other assets on the face of the consolidated statements of financial condition, had been overstated. We do not believe this misstatement is material to our financial statements for any previously reported period.

Summary of Finite-Lived Intangible Assets

The following tables present the gross carrying amount, changes in carrying amount, net carrying amount and weighted average amortization period of identifiable intangible assets at November 30, 2016 and 2015 (in thousands):

	November 30, 2016													Weighted average remaining lives (years)
	Gross cost		Disposals (1)			Impairment losses			Accumulated amortization			Net carrying amount
Customer relationships	$	125,381	$	—		$	—		$	(42,283	)	$	83,098	12.1
Trade name	128,052		—			—			(13,720		)	114,332		31.3
Exchange and clearing organization membership interests and registrations	11,704		(1,379		)	(1,284		)	—			9,041		N/A
Total	$	265,137	$	(1,379	)	$	(1,284	)	$	(56,003	)	$	206,471

	November 30, 2015													Weighted average remaining lives (years)
	Gross cost		Disposals (1)			Impairment losses			Accumulated amortization			Net carrying amount
Customer relationships	$	127,667	$	—		$	—		$	(34,754	)	$	92,913	12.9
Trade name	131,288		—			—			(10,315		)	120,973		32.3
Exchange and clearing organization membership interests and registrations	14,413		(1,227		)	(1,289		)	—			11,897		N/A
Total	$	273,368	$	(1,227	)	$	(1,289	)	$	(45,069	)	$	225,783

(1) Activity is primarily related to the sale of certain exchange and clearing organization membership interests in the Futures reporting unit due to the exit of the business.

Schedule of Indefinite-Lived Intangible Assets

The following tables present the gross carrying amount, changes in carrying amount, net carrying amount and weighted average amortization period of identifiable intangible assets at November 30, 2016 and 2015 (in thousands):

	November 30, 2016													Weighted average remaining lives (years)
	Gross cost		Disposals (1)			Impairment losses			Accumulated amortization			Net carrying amount
Customer relationships	$	125,381	$	—		$	—		$	(42,283	)	$	83,098	12.1
Trade name	128,052		—			—			(13,720		)	114,332		31.3
Exchange and clearing organization membership interests and registrations	11,704		(1,379		)	(1,284		)	—			9,041		N/A
Total	$	265,137	$	(1,379	)	$	(1,284	)	$	(56,003	)	$	206,471

	November 30, 2015													Weighted average remaining lives (years)
	Gross cost		Disposals (1)			Impairment losses			Accumulated amortization			Net carrying amount
Customer relationships	$	127,667	$	—		$	—		$	(34,754	)	$	92,913	12.9
Trade name	131,288		—			—			(10,315		)	120,973		32.3
Exchange and clearing organization membership interests and registrations	14,413		(1,227		)	(1,289		)	—			11,897		N/A
Total	$	273,368	$	(1,227	)	$	(1,289	)	$	(45,069	)	$	225,783

(1) Activity is primarily related to the sale of certain exchange and clearing organization membership interests in the Futures reporting unit due to the exit of the business.

Future Amortization Expense Related to Intangible Assets

The estimated future amortization expense for the five succeeding fiscal years is as follows (in thousands):

Year ended November 30, 2017	$	12,198
Year ended November 30, 2018	12,198
Year ended November 30, 2019	12,198
Year ended November 30, 2020	12,198
Year ended November 30, 2021	12,198