Goodwill and Other Intangible Assets

3 Months Ended

Feb. 28, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

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



	February 28, 2017		November 30, 2016
Capital Markets	$	1,637,202	$	1,637,653
Asset Management	3,000		3,000
Total goodwill	$	1,640,202	$	1,640,653

The following table is a summary of the changes to goodwill for the three months ended February 28, 2017 (in thousands):



Balance at November 30, 2016	$	1,640,653
Translation adjustments	(451		)
Balance at February 28, 2017	$	1,640,202

Intangible Assets

Intangible assets are included in Other assets in the 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 February 28, 2017 and November 30, 2016 (dollars in thousands):



	February 28, 2017										Weighted average remaining lives (years)
	Gross cost		Impairment losses			Accumulated amortization			Net carrying amount		Weighted average remaining lives (years)
Customer relationships	$	125,357	$	—		$	(44,325	)	$	81,032	11.9
Trade name	127,928		—			(14,620		)	113,308		31.0
Exchange and clearing organization membership interests and registrations	9,059		(357		)	—			8,702		N/A
Total	$	262,344	$	(357	)	$	(58,945	)	$	203,042



	November 30, 2016							Weighted average remaining lives (years)
	Gross cost		Accumulated amortization			Net carrying amount		Weighted average remaining lives (years)
Customer relationships	$	125,381	$	(42,283	)	$	83,098	12.1
Trade name	128,052		(13,720		)	114,332		31.3
Exchange and clearing organization membership interests and registrations	9,041		—			9,041		N/A
Total	$	262,474	$	(56,003	)	$	206,471

Amortization Expense

For finite life intangible assets, aggregate amortization expense amounted to $3.0 million for both the three months ended February 28, 2017 and February 29, 2016. These expenses are included in Other expenses on the Consolidated Statements of Earnings.

The estimated future amortization expense for the five succeeding fiscal years is as follows (in thousands):



Remainder of fiscal 2017	$	9,148
Year ended November 30, 2018	12,198
Year ended November 30, 2019	12,198
Year ended November 30, 2020	12,198
Year ended November 30, 2021	12,198

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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