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Goodwill and Intangible Assets
 6 Months Ended
May 31, 2020
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, 2020
 
November 30, 2019
Investment Banking and Capital Markets
$
1,636,732

 
$
1,640,201

Asset Management
379

 
3,398

Total goodwill
$
1,637,111

 
$
1,643,599

The following table is a summary of the changes to goodwill for the six months ended May 31, 2020 (in thousands):
Balance at November 30, 2019
$
1,643,599

Translation adjustments
(3,488
)
Impairment losses (1)
(3,000
)
Balance at May 31, 2020
$
1,637,111

(1)    Impairment losses are related to our wind down of an asset management platform.
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, 2020 and November 30, 2019 (dollars in thousands):
 
May 31, 2020
 
Weighted average remaining lives (years)
 
Gross cost
 
Impairment losses
 
Accumulated amortization
 
Net carrying amount
 
Customer relationships (1)
$
125,125

 
$
(26
)
 
$
(71,023
)
 
$
54,076

 
9.6
Trade name (1)
127,822

 
(274
)
 
(26,477
)
 
101,071

 
27.8
Exchange and clearing organization membership interests and registrations
8,215

 
(146
)
 
—

 
8,069

 
N/A
Total
$
261,162

 
$
(446
)
 
$
(97,500
)
 
$
163,216

 
 
(1)    Impairment losses are related to our wind down of an asset management platform.
 
November 30, 2019
 
Weighted average remaining lives (years)
 
Gross cost
 
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
8,273

 
—

 
8,273

 
N/A
Total
$
262,599

 
$
(92,057
)
 
$
170,542

 
 

Our annual impairment testing date for our intangible assets with an indefinite useful life, which consists of exchange and clearing organization membership interests and registrations, is August 1. We deemed it appropriate to consider the impact of the global novel coronavirus pandemic as a triggering event and performed an interim impairment test for our indefinite-lived intangible assets at May 31, 2020. We elected to perform a quantitative assessment of membership interests and registrations that have available quoted sales prices as well as certain other membership interests and registrations that have declined in utilization. A qualitative assessment was performed on the remainder of our indefinite-life intangible assets. In applying our quantitative assessment at May 31, 2020, we recognized an impairment loss on certain exchange membership interests and registrations. With regard to our qualitative assessment of the remaining indefinite-life intangible assets, based on our assessment of market conditions, the utilization of the assets and the replacement costs associated with the assets, we have concluded that it is not more likely than not that the intangible assets are impaired.
Amortization Expense
For finite life intangible assets, aggregate amortization expense amounted to $3.3 million and $6.3 million for the three and six months ended May 31, 2020, respectively, and $3.0 million and $6.0 million for the three and six months ended May 31, 2019, 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 2020
$
6,091

Year ending November 30, 2021
12,181

Year ending November 30, 2022
9,239

Year ending November 30, 2023
8,258

Year ending November 30, 2024
8,258