Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Nov. 30, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Resulting from Merger Attributable to Reportable Segments

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

	November 30, 2013		November 30, 2012
Capital Markets	$	1,717,246	$	365,670
Asset Management		5,100		-
Total goodwill	$	1,722,346	$	365,670

Summary of Goodwill

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

	Successor			Predecessor
	Nine Months Ended   November 30, 2013			Three Months Ended   February 28, 2013			Year Ended       November 30, 2012
Balance, at beginning of period	$	1,720,380		$	365,670		$	365,574
Less: Disposal		(5,700)	(2)
Add: Contingent consideration		-			2,394			-
Add: Translation adjustments		7,666			(1,287)			96
Balance, at end of period	$	1,722,346		$	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) During the nine months ended November 2013, we restructured our commodity asset management business and no longer have a controlling financial interest and accordingly do not consolidate. In addition, we sold Jefferies International Management Limited to Leucadia. Accordingly, goodwill associated with these entities was included in the net assets disposed of in the transactions.

Summary of 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 November 30, 2013 and 2012 (in thousands):

	Successor
	November 30, 2013
	Gross cost		Impairment     losses		Accumulated  amortization		Net carrying  amount		Weighted average remaining  lives (years)
Customer relationships (1)	$	136,740	$	-	$	(17,567)	$	119,173		14.8
Trade name		132,967		-		(2,966)		130,001		34.3
Exchange and clearing organization membership interests and registrations (2)		15,294		(378)		-		14,916		N/A
	$	285,001	$	(378)	$	(20,533)	$	264,090

	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

(1) The gross cost and accumulated amortization of customer relationships has been reduced by $132,000 and $5,500 respectively, as these customer relationships related to our commodity asset management business, which we restructured in September 2013 and for which we no longer own a controlling financial interest and do not consolidate at November 30, 2013.

(2) The gross cost of exchange and clearing organization membership interests and registrations has been reduced by $255,000 as these registrations relate to asset management businesses which we restructured or sold during the nine months ended November 30, 2013.

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
2014	$	12,668
2015		12,668
2016		12,668
2017		12,668
2018		12,668

Mortgage Servicing Rights

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

	Successor		Predecessor
	Nine Months Ended     November 30, 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