Intangible Assets, Net And Goodwill

6 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net and Goodwill

A summary of Intangible assets, net and goodwill at June 30, 2016 and December 31, 2015 is as follows (in thousands):



	June 30, 2016		December 31, 2015
Indefinite-lived intangibles:
Exchange and clearing organization membership interests and registrations	$	10,548	$	11,897

Amortizable intangibles:
Customer and other relationships, net of accumulated amortization of $209,093 and $191,761	439,998		456,222
Trademarks and tradename, net of accumulated amortization of $72,398 and $64,052	321,081		330,172
Supply contracts, net of accumulated amortization of $45,714 and $40,684	104,281		109,311
Other, net of accumulated amortization of $5,659 and $5,216	7,976		4,419
Total intangible assets, net	883,884		912,021

Goodwill:
National Beef	14,991		14,991
Jefferies	1,709,478		1,712,799
Other operations	13,280		8,551
Total goodwill	1,737,749		1,736,341

Total Intangible assets, net and goodwill	$	2,621,633	$	2,648,362

Amortization expense on intangible assets was $15.6 million and $16.2 million for the three months ended June 30, 2016 and 2015, respectively, and $31.4 million and $32.5 million for the six months ended June 30, 2016 and 2015, respectively. The estimated aggregate future amortization expense for the intangible assets for each of the next five years is as follows: 2016 (for the remaining six months) - $32.4 million; 2017 - $64.1 million; 2018 - $64.3 million; 2019 - $64.1 million; and 2020 - $63.9 million.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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