Goodwill and Other Intangible Assets (Tables)

6 Months Ended

May 31, 2014

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Resulting from Leucadia Transaction Attributable to Reportable Segments and Summary of Changes to Goodwill

Goodwill resulting from the Leucadia Transaction attributed to our reportable segments are as follows (in thousands):


	May 31, 2014		November 30, 2013
Capital Markets	$	1,720,017	$	1,717,246
Asset Management		5,100		5,100

Total goodwill	$	1,725,117	$	1,722,346

The following table is a summary of the changes to goodwill for the three and six months ended May 31, 2014, the nine months ended November 30, 2013 and three months ended February 28, 2013 (in thousands):


	Successor							Predecessor
	Three Months Ended May 31, 2014		Six Months Ended May 31, 2014		Nine Months Ended November 30, 2013			Three Months Ended February 28, 2013
Balance, at beginning of period	$	1,724,883	$	1,722,346	$	1,720,380		$	365,670
Less: Disposal		—		—		(5,700	)(1)		—
Add: Contingent consideration		—		—		—			2,394	(2)
Add: Translation adjustments		234		2,771		7,666			(1,287	)

Balance, at end of period	$	1,725,117	$	1,725,117	$	1,722,346		$	366,777	⁽³⁾

(1)

As a result of a restructuring of our ownership interest in the commodities asset management business, we no longer hold a controlling interest and accordingly do not consolidate this business. In addition, we sold Jefferies International Management Limited to Leucadia. Goodwill associated with these entities was included in the net assets disposed of in the transactions.

(2)	Contingent consideration recorded during the three months ended February 28, 2013 relates to the lapse of certain conditions as specified in the purchase agreements associated with an acquisition in 2007.

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

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 May 31, 2014 and November 30, 2013 (in thousands):


	May 31, 2014
	Gross cost		Accumulated amortization			Net carrying amount		Weighted average remaining lives (years)
Customer relationships	$	137,205	$	(22,095	)	$	115,110		14.3
Trade name		133,468		(4,930	)		128,538		33.8
Exchange and clearing organization membership interests and registrations		14,979		—			14,979		N/A

	$	285,652	$	(27,025	)	$	258,627


	November 30, 2013
	Gross cost		Impairment losses			Accumulated amortization			Net carrying amount		Weighted average remaining lives (years)
Customer relationships	$	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		15,294		(378	)		—			14,916		N/A

	$	285,001	$	(378	)	$	(20,533	)	$	264,090

Future Amortization Expense Related to Intangible Assets

The estimated future amortization expense for the five succeeding fiscal years are as follows (in thousands):


Remainder of fiscal 2014	$	6,334
Year ended November 30, 2015		12,668
Year ended November 30, 2016		12,668
Year ended November 30, 2017		12,668
Year ended November 30, 2018		12,668