Intangible Assets, Net and Goodwill

3 Months Ended

Feb. 29, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

A summary of Intangible assets, net and goodwill is as follows (in thousands):



	February 29, 2020		November 30, 2019
Indefinite-lived intangibles:
Exchange and clearing organization membership interests and registrations	$	8,269	$	8,273

Amortizable intangibles:
Customer and other relationships, net of accumulated amortization of $113,077 and $111,060	57,426		59,575
Trademarks and tradenames, net of accumulated amortization of $25,682 and $24,800	102,729		103,790
Other, net of accumulated amortization of $6,333 and $5,366	10,349		11,316
Total intangible assets, net	178,773		182,954

Goodwill:
Investment Banking and Capital Markets (1) (2)	1,556,125		1,556,810
Asset Management (1)	143,000		143,000
Real estate	36,711		36,711
Other operations	3,459		3,459
Total goodwill	1,739,295		1,739,980

Total intangible assets, net and goodwill	$	1,918,068	$	1,922,934

(1)

As discussed further in Note 23, during the three months ended February 29, 2020, we changed our internal structure with regard to our operating segments. As a result, we created a separate operating segment that consists of the asset management activity previously included within our Investment Banking, Capital Markets and Asset Management segment. In order to reallocate goodwill that was previously contained in our Investment Banking, Capital Markets and Asset Management segment to the newly created Investment Banking and Capital Markets segment and the Asset Management segment, we performed a fair value analysis of the components.

Estimated fair values were determined based on valuation techniques that we believe market participants would use and included price-to-earnings, price-to-book multiples and discounted cash flow techniques. Based on the relative fair values of each of the components, $143.0 million of the total $1,699.8 million goodwill within the historical Investment Banking, Capital Markets and Asset Management segment was allocated to the new Asset Management segment. In order to compare results with prior periods, we have recast November 30, 2019 goodwill in the same manner. We performed an impairment test immediately before and after the reallocation of goodwill between the new segments and the results of the impairment test did not indicate any goodwill impairment.


(2)	The decrease in Investment Banking and Capital Markets goodwill during the three months ended February 29, 2020, primarily relates to translation adjustments.

Amortization expense on intangible assets included in Income from continuing operations was $3.8 million and $3.3 million for the three months ended February 29, 2020 and February 28, 2019, respectively.

The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows (in thousands):



Remainder of current year	$	11,123
2021	$	14,509
2022	$	11,215
2023	$	9,960
2024	$	9,198