Goodwill and Intangible Assets (Tables)

6 Months Ended

May 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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

	May 31, 2023		November 30, 2022
Investment Banking and Capital Markets	$	1,555,020	$	1,552,944
Asset Management	183,170		183,170
Total goodwill	$	1,738,190	$	1,736,114

The following table is a summary of the changes to goodwill for the six months ended May 31, 2023 (in thousands):

Balance at November 30, 2022	$	1,736,114
Currency translation and other adjustments	2,076
Balance at May 31, 2023	$	1,738,190

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 May 31, 2023 and November 30, 2022 (dollars in thousands):

	May 31, 2023						Weighted average remaining lives (years)
	Gross cost		Accumulated amortization		Net carrying amount
Customer relationships	$	126,325	$	(91,601)	$	34,724	7.7
Trade name	127,645		(37,438)		90,207		24.8
Exchange and clearing organization membership interests and registrations	7,428		—		7,428		N/A
Other	14,958		(12,383)		2,575		4.4
Total	$	276,356	$	(141,422)	$	134,934

	November 30, 2022						Weighted average remaining lives (years)
	Gross cost		Accumulated amortization		Net carrying amount
Customer relationships	$	126,028	$	(89,109)	$	36,919	8.2
Trade name	127,185		(35,486)		91,699		25.3
Exchange and clearing organization membership interests and registrations	7,408		—		7,408		N/A
Other	14,957		(11,521)		3,436		4.7
Total	$	275,578	$	(136,116)	$	139,462

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 May 31, 2023 and November 30, 2022 (dollars in thousands):

	May 31, 2023						Weighted average remaining lives (years)
	Gross cost		Accumulated amortization		Net carrying amount
Customer relationships	$	126,325	$	(91,601)	$	34,724	7.7
Trade name	127,645		(37,438)		90,207		24.8
Exchange and clearing organization membership interests and registrations	7,428		—		7,428		N/A
Other	14,958		(12,383)		2,575		4.4
Total	$	276,356	$	(141,422)	$	134,934

	November 30, 2022						Weighted average remaining lives (years)
	Gross cost		Accumulated amortization		Net carrying amount
Customer relationships	$	126,028	$	(89,109)	$	36,919	8.2
Trade name	127,185		(35,486)		91,699		25.3
Exchange and clearing organization membership interests and registrations	7,408		—		7,408		N/A
Other	14,957		(11,521)		3,436		4.7
Total	$	275,578	$	(136,116)	$	139,462

Future Amortization Expense Related to Intangible Assets

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

Remainder of fiscal year 2023	$	4,940
Year ending November 30, 2024	9,259
Year ending November 30, 2025	8,693
Year ending November 30, 2026	8,655
Year ending November 30, 2027	8,620