Goodwill and Intangible Assets

3 Months Ended

Feb. 28, 2021

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):

	February 28, 2021		November 30, 2020
Investment Banking and Capital Markets	$	1,650,213	$	1,646,523
Asset Management	429		410
Total goodwill	$	1,650,642	$	1,646,933

The following table is a summary of the changes to goodwill for the three months ended February 28, 2021 (in thousands):

Balance at November 30, 2020	$	1,646,933
Currency translation and other adjustments	3,709
Balance at February 28, 2021	$	1,650,642

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 February 28, 2021 and November 30, 2020 (dollars in thousands):

	February 28, 2021						Weighted average remaining lives (years)
	Gross cost		Accumulated amortization		Net carrying amount
Customer relationships	$	126,608	$	(78,216)	$	48,392	9.3
Trade name	129,604		(29,680)		99,924		27.0
Exchange and clearing organization membership interests and registrations	7,923		—		7,923		N/A
Total	$	264,135	$	(107,896)	$	156,239

	November 30, 2020						Weighted average remaining lives (years)
	Gross cost		Accumulated amortization		Net carrying amount
Customer relationships	$	126,080	$	(75,776)	$	50,304	9.4
Trade name	128,840		(28,585)		100,255		27.3
Exchange and clearing organization membership interests and registrations	7,884		—		7,884		N/A
Total	$	262,804	$	(104,361)	$	158,443

Amortization Expense

For finite life intangible assets, aggregate amortization expense amounted to $3.0 million for both the three months ended February 28, 2021 and February 29, 2020. 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 2021	$	9,136
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