Goodwill and Intangible Assets

6 Months Ended

May 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

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

	May 31, 2019		November 30, 2018
Capital Markets	$	1,638,243	$	1,638,778
Asset Management	3,388		3,392
Total goodwill	$	1,641,631	$	1,642,170

The following table is a summary of the changes to goodwill for the six months ended May 31, 2019 (in thousands):

Balance at November 30, 2018	$	1,642,170
Translation adjustments	(539		)
Balance at May 31, 2019	$	1,641,631

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 May 31, 2019 and November 30, 2018 (dollars in thousands):

	May 31, 2019							Weighted average remaining lives (years)
	Gross cost		Accumulated amortization			Net carrying amount
Customer relationships	$	125,523	$	(62,986	)	$	62,537	10.2
Trade name	128,210		(22,895		)	105,315		28.8
Exchange and clearing organization membership interests and registrations	8,555		—			8,555		N/A
Total	$	262,288	$	(85,881	)	$	176,407

	November 30, 2018							Weighted average remaining lives (years)
	Gross cost		Accumulated amortization			Net carrying amount
Customer relationships	$	125,574	$	(58,892	)	$	66,682	10.6
Trade name	128,348		(21,086		)	107,262		29.3
Exchange and clearing organization membership interests and registrations	8,524		—			8,524		N/A
Total	$	262,446	$	(79,978	)	$	182,468

Amortization Expense

For finite life intangible assets, aggregate amortization expense amounted to $3.0 million and $6.0 million for the three and six months ended May 31, 2019 and 2018, respectively. 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 2019	$	6,099
Year ending November 30, 2020	12,198
Year ending November 30, 2021	12,198
Year ending November 30, 2022	9,256
Year ending November 30, 2023	8,268