Goodwill and Other Intangible Assets

3 Months Ended

Feb. 28, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

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



	February 28, 2018		November 30, 2017
Capital Markets	$	1,645,886	$	1,644,089
Asset Management	3,000		3,000
Total goodwill	$	1,648,886	$	1,647,089

The following table is a summary of the changes to goodwill for the three months ended February 28, 2018 (in thousands):



Balance at November 30, 2017	$	1,647,089
Translation adjustments	1,797
Balance at February 28, 2018	$	1,648,886

Intangible Assets

Intangible assets are included in Other assets in our Consolidated Statements of Financial Condition. 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 February 28, 2018 and November 30, 2017 (dollars in thousands):



	February 28, 2018							Weighted average remaining lives (years)
	Gross cost		Accumulated amortization			Net carrying amount		Weighted average remaining lives (years)
Customer relationships	$	126,673	$	(53,180	)	$	73,493	11.1
Trade name	129,762		(18,538		)	111,224		30.0
Exchange and clearing organization membership interests and registrations	8,619		—			8,619		N/A
Total	$	265,054	$	(71,718	)	$	193,336



	November 30, 2017							Weighted average remaining lives (years)
	Gross cost		Accumulated amortization			Net carrying amount		Weighted average remaining lives (years)
Customer relationships	$	126,412	$	(50,983	)	$	75,429	11.3
Trade name	129,370		(17,557		)	111,813		30.3
Exchange and clearing organization membership interests and registrations	8,551		—			8,551		N/A
Total	$	264,333	$	(68,540	)	$	195,793

Amortization Expense

For finite life intangible assets, aggregate amortization expense amounted to $3.0 million for both the three months ended February 28, 2018 and 2017. These expenses are included in Other expenses in our Consolidated Statements of Earnings.

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



Remainder of fiscal 2018	$	9,148
Year ending November 30, 2019	12,198
Year ending November 30, 2020	12,198
Year ending November 30, 2021	12,198
Year ending November 30, 2022	12,198

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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