Goodwill and Intangible Assets

6 Months Ended

May 31, 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):

	May 31, 2021		November 30, 2020
Investment Banking and Capital Markets	$	1,651,725	$	1,646,523
Asset Management	—		410
Total goodwill	$	1,651,725	$	1,646,933

The following table is a summary of the changes to goodwill for the six months ended May 31, 2021 (in thousands):

Balance at November 30, 2020	$	1,646,933
Currency translation and other adjustments	5,192
Impairment losses	(400)
Balance at May 31, 2021	$	1,651,725

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

	May 31, 2021						Weighted average remaining lives (years)
	Gross cost		Accumulated amortization		Net carrying amount
Customer relationships	$	126,839	$	(80,462)	$	46,377	9.2
Trade name	129,929		(30,682)		99,247		26.8
Exchange and clearing organization membership interests and registrations	7,928		—		7,928		N/A
Total	$	264,696	$	(111,144)	$	153,552

	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 and $6.0 million for the three and six months ended May 31, 2021, respectively, and $3.3 million and $6.3 million for the three and six months ended May 31, 2020, 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 2021	$	6,091
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