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Goodwill and Intangible Assets (Tables)
 12 Months Ended
Nov. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Goodwill attributed to our reportable business segments are as follows (in thousands):
 
November 30,
 
2019
 
2018
Investment Banking and Capital Markets (1)
$
1,640,201

 
$
1,638,778

Asset Management (1)
3,398

 
3,392

Total goodwill
$
1,643,599

 
$
1,642,170


(1)
Accumulated goodwill impairments related to the Investment Banking and Capital Markets business segment were $51.9 million at both December 1, 2019 and 2018, and goodwill prior to these impairments was $1,692.1 million and $1,690.7 million at December 1, 2019 and 2018, respectively. Accumulated goodwill impairments related to the Asset Management business segment were $2.1 million at both December 1, 2019 and 2018, and goodwill prior to these impairments was $5.5 million at both December 1, 2019 and 2018.
The following table is a summary of the changes to goodwill (in thousands):
 
Year Ended November 30,
 
2019
 
2018
Balance, at beginning of period
$
1,642,170

 
$
1,647,089

Translation adjustments
1,325

 
(5,319
)
Goodwill acquired during the period (1)
104

 
400

Balance, at end of period
$
1,643,599

 
$
1,642,170


(1)
Goodwill acquired in the year ended November 30, 2019 was in connection with our purchase of an entity in Australia and relates to our Investment Banking and Capital Markets business segment. Goodwill acquired in the year ended November 30, 2018 was in connection with our purchase of LIML and relates to our Asset Management business segment.
Schedule 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, 2019 and 2018 (dollars in thousands):
 
November 30, 2019
 
Weighted average remaining lives (years)
 
Gross cost
 
Impairment losses
 
Accumulated amortization
 
Net carrying amount
 
Customer relationships
$
125,736

 
$
—

 
$
(67,257
)
 
$
58,479

 
9.9
Trade name
128,590

 
—

 
(24,800
)
 
103,790

 
28.3
Exchange and clearing organization membership interests and registrations
8,564

 
(291
)
 
—

 
8,273

 
N/A
Total
$
262,890

 
$
(291
)
 
$
(92,057
)
 
$
170,542

 
 
 
November 30, 2018
 
Weighted average remaining lives (years)
 
Gross cost
 
Disposals (1)
 
Impairment losses
 
Accumulated amortization
 
Intangible Assets Acquired (2)
 
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
8,450

 
(93
)
 
(9
)
 
—

 
176

 
8,524

 
N/A
Total
$
262,372

 
$
(93
)
 
$
(9
)
 
$
(79,978
)
 
$
176

 
$
182,468

 
 
(1)
Activity is primarily related to the disposal of certain exchange membership interests in the Investment Banking and Capital Markets business segment due to the closing of a branch location in Dubai.
(2)
Intangible assets were acquired in connection with our purchase of LIML and relates to our Asset Management business segment.
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, 2019 and 2018 (dollars in thousands):
 
November 30, 2019
 
Weighted average remaining lives (years)
 
Gross cost
 
Impairment losses
 
Accumulated amortization
 
Net carrying amount
 
Customer relationships
$
125,736

 
$
—

 
$
(67,257
)
 
$
58,479

 
9.9
Trade name
128,590

 
—

 
(24,800
)
 
103,790

 
28.3
Exchange and clearing organization membership interests and registrations
8,564

 
(291
)
 
—

 
8,273

 
N/A
Total
$
262,890

 
$
(291
)
 
$
(92,057
)
 
$
170,542

 
 
 
November 30, 2018
 
Weighted average remaining lives (years)
 
Gross cost
 
Disposals (1)
 
Impairment losses
 
Accumulated amortization
 
Intangible Assets Acquired (2)
 
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
8,450

 
(93
)
 
(9
)
 
—

 
176

 
8,524

 
N/A
Total
$
262,372

 
$
(93
)
 
$
(9
)
 
$
(79,978
)
 
$
176

 
$
182,468

 
 
(1)
Activity is primarily related to the disposal of certain exchange membership interests in the Investment Banking and Capital Markets business segment due to the closing of a branch location in Dubai.
(2)
Intangible assets were acquired in connection with our purchase of LIML and relates to our Asset Management business segment.
Future Amortization Expense Related to Intangible Assets
The estimated future amortization expense for the five succeeding fiscal years is as follows (in thousands):
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

Year ending November 30, 2024
7,770