Goodwill and Intangible Assets (Tables)

12 Months Ended

Nov. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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

	November 30,
	2021		2020
Investment Banking and Capital Markets (1)	$	1,645,317	$	1,646,523
Asset Management (1)	—		410
Total goodwill	$	1,645,317	$	1,646,933

(1)Accumulated goodwill impairments related to the Investment Banking and Capital Markets business segment were $51.9 million at both December 1, 2020 and 2019, and goodwill prior to these impairments was $1.70 billion and $1.69 billion at December 1, 2020 and 2019, respectively. Accumulated goodwill impairments related to the Asset Management business segment were $5.1 million and $2.1 million at December 1, 2020 and 2019, respectively, and goodwill prior to these impairments was $5.5 million at both December 1, 2020 and 2019.

The following table is a summary of the changes to goodwill (in thousands):

	Year Ended November 30,
	2021		2020
Balance, at beginning of period	$	1,646,933	$	1,643,599
Currency translation and other adjustments	(1,216)		6,334
Impairment losses (1)	(400)		(3,000)
Balance, at end of period	$	1,645,317	$	1,646,933

(1)Impairment losses in 2020 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, 2021 and 2020 (dollars in thousands):

	November 30, 2021								Weighted average remaining lives (years)
	Gross cost		Impairment losses		Accumulated amortization		Net carrying amount
Customer relationships	$	125,921	$	—	$	(83,979)	$	41,942	9.0
Trade name	128,753		—		(32,244)		96,509		26.3
Exchange and clearing organization membership interests and registrations	7,798		(66)		—		7,732		N/A
Total	$	262,472	$	(66)	$	(116,223)	$	146,183

	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 in 2020 are related to our wind down of our quantPORT asset management platform.

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, 2021 and 2020 (dollars in thousands):

	November 30, 2021								Weighted average remaining lives (years)
	Gross cost		Impairment losses		Accumulated amortization		Net carrying amount
Customer relationships	$	125,921	$	—	$	(83,979)	$	41,942	9.0
Trade name	128,753		—		(32,244)		96,509		26.3
Exchange and clearing organization membership interests and registrations	7,798		(66)		—		7,732		N/A
Total	$	262,472	$	(66)	$	(116,223)	$	146,183

	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 in 2020 are related to our wind down of our quantPORT asset management platform.

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, 2022	$	9,239
Year ending November 30, 2023	8,258
Year ending November 30, 2024	8,258
Year ending November 30, 2025	8,258
Year ending November 30, 2026	8,258