Goodwill and Intangible Assets (Tables)

12 Months Ended

Nov. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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

	November 30,
	2020		2019
Investment Banking and Capital Markets (1)	$	1,646,523	$	1,640,201
Asset Management (1)	410		3,398
Total goodwill	$	1,646,933	$	1,643,599

(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,
	2020		2019
Balance, at beginning of period	$	1,643,599	$	1,642,170
Currency translation and other adjustments	6,334		1,325
Goodwill acquired during the period (1)	—		104
Impairment losses (2)	$	(3,000)	$	—
Balance, at end of period	$	1,646,933	$	1,643,599

(1)Goodwill acquired was in connection with our purchase of an entity in Australia and relates to our Investment Banking and Capital Markets business segment.

(2)Impairment losses are related to our wind down of our quantPORT asset management platform.

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, 2020 and 2019 (dollars in thousands):

	November 30, 2020								Weighted average remaining lives (years)
	Gross cost		Impairment losses		Accumulated amortization		Net carrying amount
Customer relationships (1)	$	126,106	$	(26)	$	(75,776)	$	50,304	9.4
Trade name (1)	129,114		(274)		(28,585)		100,255		27.3
Exchange and clearing organization membership interests and registrations	8,352		(468)		—		7,884		N/A
Total	$	263,572	$	(768)	$	(104,361)	$	158,443

(1)    Impairment losses are related to our wind down of our quantPORT asset management platform.

	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

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, 2020 and 2019 (dollars in thousands):

	November 30, 2020								Weighted average remaining lives (years)
	Gross cost		Impairment losses		Accumulated amortization		Net carrying amount
Customer relationships (1)	$	126,106	$	(26)	$	(75,776)	$	50,304	9.4
Trade name (1)	129,114		(274)		(28,585)		100,255		27.3
Exchange and clearing organization membership interests and registrations	8,352		(468)		—		7,884		N/A
Total	$	263,572	$	(768)	$	(104,361)	$	158,443

(1)    Impairment losses are related to our wind down of our quantPORT asset management platform.

	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

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, 2021	$	12,181
Year ending November 30, 2022	9,239
Year ending November 30, 2023	8,258
Year ending November 30, 2024	8,258
Year ending November 30, 2025	8,258