Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Aug. 31, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill from Merger Transaction Attributable to Reportable Segments

The following table presents goodwill resulting from the Merger Transaction attributed to our reportable segments:

	August 31, 2013
Capital Markets	$	1,707,315
Asset Management		10,800
Total goodwill	$	1,718,115

Summary of Goodwill

The following table is a summary of the changes to goodwill for the three and six months ended August 31, 2013, three months ended February 28, 2013 and twelve months ended November 30, 2012 (in thousands):

	Successor					Predecessor
	Three Months Ended August 31, 2013		Six Months Ended August 31, 2013			Three Months Ended February 28, 2013			Twelve Months Ended November 30, 2012
Balance, at beginning of period	$	1,713,776	$	1,715,986	(2)	$	365,670		$	365,574
Add: Contingent consideration		—		—			2,394			—
Add: Translation adjustments		4,339		2,129			(1,287)			96
Balance, at end of period	$	1,718,115	$	1,718,115		$	366,777	(1)	$	365,670

(1) Predecessor Company goodwill as of February 28, 2013 was reduced to $-0- as of March 1, 2013, as a result of purchase accounting adjustments.

(2) The balance of goodwill as March 1, 2013 has been adjusted from the prior presentation in our Quarterly Report on Form 10-Q for the three months ended May 31, 2013 based on refinements to the purchase price allocation for additional information obtained regarding the fair values of the assets acquired and liabilities assumed. See Note 4, Leucadia Merger and Related Transactions for further information.

Intangible Assets

The following tables present the gross carrying amount, accumulated amortization, net carrying amount and weighted average amortization period of identifiable intangible assets as of August 31, 2013 and November 30, 2012 (in thousands):

	Successor
	August 31, 2013
	Gross cost		Impairment losses			Accumulated amortization			Net carrying amount		Weighted average remaining lives (years)
Customer relationships	$	136,311	$	—		$	(11,711	)	$	124,600		14.6
Trade name		131,609		—			(1,876	)		129,733		34.5
Exchange and clearing organization membership interests and registrations		15,492		(378	)		—			15,114		N/A
	$	283,412	$	(378	)	$	(13,587	)	$	269,447
	Predecessor
	November 30, 2012
	Gross cost		Impairment losses			Accumulated amortization			Net carrying amount		Weighted average remaining lives (years)
Customer relationships	$	10,542	$	—		$	(4,107	)		6,435		7.9
Trade name		1,680		—			(1,287	)		393		3.5
Other		100		—			(15	)		85		12.8
Exchange and clearing organization membership interests and registrations		11,219		(2,873	)		—		$	8,346		N/A
	$	23,541	$	(2,873	)	$	(5,409	)	$	15,259

Future Amortization Expense Related to Intangible Assets

Estimated future amortization expense for the next five fiscal years are as follows (in thousands):

Fiscal year	Estimated future amortization expense
Remainder of 2013	$	6,767
2014		12,668
2015		12,668
2016		12,668
2017		12,668

Mortgage Servicing Rights

The following presents the activity in the balance of these servicing rights for the three and six months ended August 31, 2013, three months ended February 28, 2013 and year ended November 30, 2012 (in thousands):

				Predecessor
	Six Months Ended August 31, 2013			Three Months Ended February 28, 2013			Twelve Months Ended November 30, 2012
Balance, beginning of period	$	2,000		$	805		$	8,202
Add: Acquisition		—			—			162
Less: Sales, net		(2,000	)		—			(6,959	)
Less: Pay down		—			—			(211	)
Less: Amortization		—			(10	)		(389	)
Balance, end of period	$	—		$	795		$	805