Goodwill and Intangible Assets

3 Months Ended

Feb. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The following table is a summary of the changes to goodwill by reportable segment (in thousands):

	Three Months Ended
	February 29, 2024						February 28, 2023
	Investment Banking and Capital Markets		Asset Management		Total		Investment Banking and Capital Markets		Asset Management		Total
Balance, at beginning of period	$	1,532,172	$	315,684	$	1,847,856	$	1,552,944	$	183,170	$	1,736,114
Currency translation and other adjustments	(231)		—		(231)		(249)		—		(249)
Measurement period adjustment (1)	—		(26,954)		(26,954)		—		—		—
Goodwill relating to acquisitions by Tessellis	—		3,366		3,366		—		—		—
Balance, at end of period	$	1,531,941	$	292,096	$	1,824,037	$	1,552,695	$	183,170	$	1,735,865

(1)Refer to Note 4, Business Acquisitions for further information.

Intangible Assets

Intangible assets are included in Other assets in our Consolidated Statements of Financial Condition. 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 February 29, 2024 and November 30, 2023 (dollars in thousands):

	February 29, 2024								Weighted Average Remaining Lives (Years)
	Gross Cost		Assets Acquired (1)		Accumulated Amortization		Net carrying Amount
Customer relationships	$	136,240	$	30,505	$	(96,707)	$	70,038	6.2
Trademarks and trade names	146,399		3,856		(40,543)		109,712		22.6
Exchange and clearing organization membership interests and registrations	8,707		—		—		8,707		N/A
Other	51,985		14,457		(14,980)		51,462		4.8
Total	$	343,331	$	48,818	$	(152,230)	$	239,919

(1)Includes a $39.3 million measurement period adjustment related to the OpNet acquisition. Refer to Note 4, Business Acquisitions for further information.

	November 30, 2023										Weighted Average Remaining Lives (Years)
	Gross Cost		Assets Acquired (1)		Impairment Losses		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	126,449	$	9,801	$	—	$	(93,966)	$	42,284	6.3
Trademarks and trade names	127,899		18,513		—		(39,340)		107,072		23.5
Exchange and clearing organization membership interests and registrations	7,405		1,390		(78)		—		8,717		N/A
Other	14,958		37,026		—		(13,137)		38,847		5.0
Total	$	276,711	$	66,730	$	(78)	$	(146,443)	$	196,920

(1)Refer to Note 4, Business Acquisitions for further information.

Amortization Expense

For finite life intangible assets, we recognized aggregate amortization expense of $5.6 million and $2.4 million for the three months ended February 29, 2024 and February 28, 2023, respectively. These expenses are included in Depreciation and amortization in our Consolidated Statements of Earnings.

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

Remainder of fiscal year 2024	$	21,097
Year ending November 30, 2025	27,811
Year ending November 30, 2026	27,773
Year ending November 30, 2027	26,827
Year ending November 30, 2028	26,794